Czech economy slips into recession

Prague: The Czech Republic’s Statistics Office says the country’s economy shrank by a 0.3 percent in the final three months of 2011 to slip into recession after a brief recovery.

The economy contracted for the second consecutive quarter after it was down by 0.1 percent in the third quarter - the technical definition of a recession.

The Czech Statistics Office also said on Wednesday the economy grew by 1.7 percent for the last year as a whole, according to preliminary figures.

The economy contracted by 4.7 percent in 2009, during the previous global economic downturn, before it recorded a 2.7 percent growth in 2010.

The Czech Republic does not use the common European currency but eurozone nations, including Germany, are its major trading partners.

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AP