Prague, April 1 The gross domestic product (GDP) of the Czech Republic fell by 0.4 per cent quarter-on-quarter in the fourth quarter of 2022, according to data published by the Czech Statistical Office (CSU) on Friday.
As this is the second quarter in a row that the country has seen negative growth, it now fits the technical definition of a recession, reports Xinhua news agency.
However, in year-on-year terms, the GDP rose by 0.3 per cent, and by 2.5 for 2022.
In an analysis published on March 23, the CSU pinned slowing economic growth on a reduction in household consumption due to a fall in real earnings spurred by rising costs.
The latest national inflation report published in March for the month of February saw year-on-year inflation come in at 16.7 per cent, well above the upper band of the Czech National Bank's tolerance threshold.
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