The Czech central bank governor Miroslav Singer has told journalists that while the primary inflation indicators in the country are running roughly at expected levels, he’s unable to explain the low level of economic growth. Consumer prices grew 3.7% on annual basis in February, but this has been attributed to increased VAT charges now in place. Singer gave no real hope of improvement in the near term for the Czech economy, which is currently in recession, saying that GDP would remain near zero through the end of the year.
