The Czech Republic's unemployment rate is close to peaking, according to a financial analyst in the European county.

Vladimir Pikora, chief economist at Next Finance, claimed continuing rises in joblessness in the Czech Republic are beginning to end, as a recovery in labor market lags a turnaround in the economy.

He was speaking after Labor and Social Affairs announced that the national unemployment rate increased to 9.9 per cent in February, which is a rise of 2.5 per cent year-on-year.

The government department disclosed that the number of jobseekers grew by 8,909 last month - with 18.2 candidates for every available employment vacancy, the Prague Post reported.

Mr Pikora described the figure, which is the highest recorded using the current method introduced in 2004, as disappointing.

However, he remained convinced that labor market declines are coming to an end.

"If unemployment hasn't peaked in February, it will do so in March," he told the newspaper.

Earlier this month, the International Monetary Fund predicted that the recovery in the Czech Republic's economy will be "gradual" in 2010.