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East European GDP growth slows

08-18-2011 13:58 BJT

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Economic growth in East European countries slowed in the second quarter of this year. The ongoing eurozone debt woes and recent financial market turmoil have further clouded their economic recovery.

Figures show that from April to June, Slovakia grew 0.9 percent, the Czech Republic 0.2 percent Bulgaria 0.1 percent, over the previous period. Notably, the Hungarian economy projected zero growth.

Analysts say that's mainly because growth of eurozone economies slowed sharply in the second quarter. Germany, Europe's largest economy, expanded only 0.1 percent. That greatly impacted export-oriented East European nations such as the Czech Republic.

Czech Vice Trade Minister Martin Tlapa said, "Yes, I think it will hurt the Czech economy because we export 32 percent to Germany and this is a major market and overall the European market is an essential one for the Czech export. So, it will harm definitely and slow down the growth, unfortunately, of the Czech economy."

Editor:Li Wanran |Source: CNTV.CN

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