PRAGUE, March 31 (Xinhua) -- The gross domestic product (GDP) of the Czech Republic fell by 0.4 percent 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.
However, in year-on-year terms, GDP rose by 0.3 percent, 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 percent, well above the upper band of the Czech National Bank's tolerance threshold.
In its quarterly sectoral accounts report also published on Friday, the CSU noted that the real income of households fell by 5.4 percent in 2022, while real consumption per capita decreased by 0.8 percent year-on-year.