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Czechia: GDP fell significantly in 2nd quarter

Erste, -7% expected in 2020

31 July, 13:26
(ANSA) - BELGRADE, 31 JUL - The GDP growth arrived at -8.4% quarter on quarter and - 10.7% in the second quarter of 2020, according to the preliminary estimate of the Czech Statistical Office, Erste Group Research said in a statement today. The economic problems observed in spring are connected to the coronavirus crisis, in particularly as "household consumption decreased as a result quarantine restrictions," Erste noted in an 'instant comment'. "Investment expenditures fell due to negative sentiment and expectations. Foreign trade also contributed adversely as a result of shutting down economies around the world," analysts from Erste said. According to Erste Group Research, the economic growth in Czechia will significantly deteriorate this year, with the GDP growth to arrive at -7% in 2020 mainly due to considerable decline in investment activity and exports. (ANSA).

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