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Czech economy contracts for third consecutive quarter

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The Czech economy remains in recession. According to preliminary figures released by the Czech Statistical Office on Tuesday, the gross domestic product fell by 0.2% in the second quarter of this year, and the economy contracted by 1.2% compared to the same period last year. Exports are still the main driving force but slowing industrial output and depressed domestic demand continue to undermine economic growth. “Domestic factors are to blame for the mild but lengthy recession,” says Patria Finance’s economist David Marek.

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