Posted by on Aug 14 2012. Filed under Politics, The Daily .cz. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Czech Economy Joins Hungary in Recession

Hungary and the Czech Republic both entered recession as Romania’s economy grew following two consecutive quarters in decline.

Both Czech and Hungarian economies, the second and third largest post communist EU members, shrank 0.2% in the first 3 months of the year. The GDP of both countries also shrank by 1.2% from the same time in the previous year.

The Hungarian economy has slipped into recession for a second time in four years before the recommencement of talks with the IMF and EU over a bailout loan package.

Exports from car manufactures including Skoda, Daimler and Audi continue to support the economies of the two nations, even with a weakening demand from their main markets in the euro area.

Leave a Reply

Photo Gallery

The Daily.CZ
The Daily.CZ - Jana Uhra 4 - 60200 Brno - Ceska Republica