Year-on-year gross domestic product (GDP) increased by 0.3 percent, for the whole of last year it increased by 2.5 percent. These numbers are a tenth of a percentage point better than CZSO stated at the beginning of March. According to statistics, real incomes and expenses of Czech households fell in the fourth quarter and for the whole of last year.
Economists define a recession as a quarter-on-quarter decline in seasonally adjusted real quarterly GDP in at least two consecutive periods. In the third quarter of last year, the economy fell by 0.3 percent compared to the previous quarter.
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