European and Czech figures showed a 1.0 percent drop in Czech GDP during the first quarter of the year compared with the previous quarter and the same period in 2011. The shock contraction was explained by a series of special factors by the local statistics office with many analysts expecting upward revisions following the gloomy figures.

After hitting a high for the year so far in March of 3.8 percent, annual inflation fell back in April to 3.5 percent as the rate of price increases for food and non-alcoholic drinks slackened slightly.

Czech state bodies and institutions’ key financial statements will be used to calculate the debt and deficit of public finances. Such highly sensitive information helps the markets predict whether the state can meet its commitments — but not all the data are wholly reliable, the Supreme Audit Office (NKÚ) warns. Clear definitions of basic accounting concepts are missing, which can lead to different interpretations of these categories and thus incomparable data. Look to Greece to understand what that can mean.

The Czech government has repeatedly declared the upmost importance and policy priority of supporting Czech exports to countries outside the EU. It is apparently concerned about the quality of services provided by the state to Czech exporters attempting to penetrate into new world markets. The reality is, however, somewhat different: it appears the prime concern is securing lucrative jobs in the state sphere and control of billions of crowns.