16 November 2011 15:07 [Source: ICIS news]
LONDON (ICIS)--A fall-off in exports amid the eurozone sovereign debt crisis was probably the key factor behind the deceleration of Czech Republic GDP growth to zero in the third quarter of 2011 compared with the second quarter, Raiffeisen Bank International said on Wednesday.
The Czech economy stagnated for the first time since the 2009 recession, according to the latest figures from the Czech Statistical Office (CSU).
“For 2012 we expected negligible 0.3% growth but recent developments within the eurozone show every day there is a higher and higher probability that the Czech economy will slip into a full-year minus in 2012,” Austrian bank Raiffeisen added.
On 8 November, the CSU reported a 0.4% year-on-year September decline in Czech chemical output.
Exports account for 80% of Czech GDP.
Earlier on Wednesday, the Bank of England said that UK GDP looks set to weaken in the fourth quarter of 2011.
On Tuesday, official statistics agency Eurostat said third-quarter GDP rose by 0.2% in both the eurozone and the EU from the previous three-month period, according to initial estimates.
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