Czech economy hit hard by eurozone recession

The Czech Republic’s trade surplus in 2008 fell by 661 million euros from the 2007 level as full-year exports dropped by 0.7 percent and imports rose by 0.1 percent, the Czech Statistical Office said on Thursday. December exports fell at a double-digit pace and this decline is expected to deepen in the months to come. Analysts say the figures prove the extremely negative impact of the eurozone recession on the Czech economy.