Czech economy now in technical recession

The Czech economy is in a technical recession, after two consecutive quarters of declining economic output. According to preliminary data from the Czech Statistics Office, gross domestic product fell by 0.3 percent in the final quarter of 2022.

By contrast, the economy grew by 0.4 percent year on year in the same period.

Officials also said that GDP expansion for the entire year was likely to be 2.5 percent. However, that is a comparison with 2021, a year greatly affected by Covid measures.