Statistics Office: Czech economy contracted 0.4 percent in 2023

The Czech economy contracted last year by 0.4 percent, according to a preliminary estimate issued by the Czech Statistics Office on Tuesday. That followed growth in gross domestic product of 2.4 percent in 2022.

Analysts said last year’s contraction was caused by high inflation. However, data from the fourth quarter of 2023, when there was marginal growth, give hope for a turnaround, they said.