Economic growth slows to 5.3 percent in first quarter

The Czech economy grew by 5.3 percent year-on-year in the first quarter of 2008, according to revised estimates released on Tuesday. That represents the slowest GDP growth since the end of 2004. The slowdown has been attributed to reduced domestic demand. Analysts expect GDP growth for the whole of 2008 to fall to around 4 percent due to high inflation, which limits household spending.