Analysts say Czech economy grows by 1.6% in Q3 2011.

By bne IntelliNews November 15, 2011
Czech economy grew by 1.6% y/y in the third quarter of 2011, driven by foreign demand, analysts polled by CTK newswire said. Growth in the countrys gross domestic product (GDP) is expected to ease for the second quarter in a row after in April-June it expanded by 2.2% y/y following a 2.8% rise in the first quarter. In quarterly terms, the GDP is seen growing by 0.2% in July to September 2011, slightly faster than the 0.1% growth in the second quarter. The Czech statistics office will publish preliminary third-quarter GDP data later today (November 15). Europes deepening debt crisis damped demand for exports, the country's main driver for expansion and as a result the government cut in October its estimate for next years growth to 1% from 2.5%. Earlier this month, the central bank also lowered its GDP forecast for 2012 to 1.2% from 2.2%.

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