Prague - The Czech economy expanded while the country's chief export market, the 15-member eurozone, officially fell into recession, a government estimate showed Friday. The Czech Republic's gross domestic product (GDP) grew by 4.7 per cent year-on-year in the third quarter of 2008, according to the Czech Statistical Office's early estimate.
Czech statisticians released their preliminary data on the day when their EU counterparts said the eurozone's economy had shrunk 0.2 per cent for the second time in a row.
The Czech Republic has been so far largely spared the effects of the turmoil on the global financial markets but the country's economy is expected to slow down owing to falling demand in Western Europe.
The Czech statisticians plan to release a revised estimate on December 10.
