PRAGUE, Sept. 3 (Xinhua) -- The economy recession in the Czech Republic has ended in the second quarter, according to the data on gross domestic product (GDP) released by the Czech Statistical Office (CSU) on Tuesday.
But analysts think the Czech economy is still quite far from real growth, saying that Czech economic development will depend above all on the development of economies in Czech's main trading partners. As a result, they still expect GDP to shrink by about 1 percent in the entire year of 2013.
According to Jiri Moser, managing partner from consulting company PwC Ceska republika, "The decisive factor will be the revival of demand abroad, above all in our western neighbors. The latest figures indicate that an overall drop will be recorded this year, but next year we should start to grow again even on a year-on-year level."
David Marek, chief economist of company Patria Finance, said recession would not end if foreign trade did not help.
"As expected, the Czech economy was hauled out of recession by a recovery in the euro zone, above all in Germany," he said, "The pre-crisis level will not probably be reached earlier than in 2015."
In his opinion, the economic performance will be about 2.5 percent lower compared with the pre-crisis peak in 2008.
Overall, the result confirms the cyclical recovery of the Czech economy.