Figures reveal Czechs have been cautious over finance all year

New figures cited by the website aktualne.cz reveal that Czechs have been wary of the effects of the global financial crisis for far longer than was initially believed. While household spending for 2007 climbed by 15% on the previous year, this year’s figures show a large trail-off to only 2%. When adjusted for inflation, the figures in fact reveal that Czechs bought less goods and services than last year. Despite being more isolated from the effects of the global financial crisis than much of Western Europe, the Czech National Bank has decreased the growth forecast for the Czech Republic for 2009, but so far, talk of an actual recession has been minimal.