The Czech National Bank (CNB) has released a press report concerning the state of the Czech economy in Q4 of the year 2012. The GDP has decreased over 1.7 per cent from year to year (0.2 per cent from Q3 to Q4). The CNB explains the drop of the GDP by smaller amount of foreign trade, although still prevailing as the main source of the Czech GDP growth. As the CNB concludes, it expects even more dramatic stagnation of the Czech economy in 2013. Further analyses reveal that domestic demand has been steadily decreasing. The CNB also announces that the governmental demand has partially substituted the private spending, but in smaller extent. 
For further information, click here (press release).
In addition to that, the European Council has emphasized the promotion of the economic growth. The Council has stressed the necessity of structural reforms and public budgets consolidation.
For further information, click here the “Czech transposition” of the Council’s conclusion.