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Czech Republic Economy Restarts Growth On Increased Exports

News Posted On: 25 August 2009

Apparently the Czech Republic was one of the several countries that popped their economic head out of the recession in the second quarter with a 0.3% growth. This comes from the Times of Malta, which quoted "official figures".

Eurostat releases the figures on second quarter gross domestic product for the second quarter last week, and there was a big fuss because France and Germany emerged from recession. We have read the pdf, and it gives a blank space for the Czech GDP figure, and that is why we did not mention the Czech Republic when we reported on Greece and Slovakia's having avoided recession with second quarter growth.

According to the same Times of Malta report the restart to Czech Republic growth comes on the back of a revitalised export sector owing to the cash-for-clunkers schemes being set up in neighbouring countries. This would certainly make sense; thousands of jobs have been created in the UK because of similar schemes.

The Czech Republic's economy is very much based on industrial production and exports, and industrial new orders were up 6 percentage points in June according to more recent figures from Eurostat.

Overall Czech Republic's manufacturing industry has seen continued growth in the last few years; the Eurostat index of total manufacturing working on orders base year 2005 is at 108.1 points, the gross index is at 120.2 points.

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