PRAGUE - The Czech Statistics Office says the country remained stuck in recession as its economy suffered a sharper downturn than expected and shrank by 1.0 per cent.
The economy contracted for the third consecutive quarter after it was down by 0.3 per cent in the 2011 fourth quarter and by 0.1 per cent the previous quarter. Analysts predicted a slight growth.
The office also said Tuesday the economy contracted by 1.0 per cent year on year, according to preliminary figures.
According to the government prediction, the economy was expected to stagnate overall this year after recording a 1.7 per cent growth last year.
The Czech Republic does not use the common European currency but eurozone nations, including Germany, are its major trading partners.
