Czech economy contracts year-on-year

The Czech economy contracted by 0.4 percent year-on-year in the second quarter of 2023, according to a revised estimate from the Czech Statistics Office published on Tuesday. However, the economy grew slightly compared to the first quarter of the year.

In addition, the economy did better in the second quarter than economists at the Czech National Bank had expected.

The year-on-year contraction has been attributed to Czech households, which attempted to save money and reduced consumption in the period in question.