Regarding the fresh Czech GDP details, they have unveiled that the economy grew even faster in the fourth quarter of 2013 than estimated three weeks ago (1.9% Q/Q, 1.3% Y/Y). Despite getting out of recession, the economy fell by 0.9% in 2013. Though the headline figure is indeed impressive (especially in Q/Q terms), a closer look at details show that the growth was mainly driven by inventory built (which is also suggested by wide difference between gross value added that picked up by 0.6 % Y/Y and GDP). Still, positive is the fact that investment and consumption contributed positively to growth as well, although this might have been to some extent caused by one-off factors such as CNB intervention or extremely mild weather which supported construction. To sum up, the longest recession has been over and the Czech economy is back on growth path thanks to exports and competitive manufacturing.