Slovakia GDP Q1 2016


Growth decelerates at the outset of 2016

The Slovak economy started the year on weaker footing as drawing of European Union funds and feeble industrial production activity took their toll on growth. This situation contrasted the country’s dynamic job market, with the unemployment rate falling to multi-year lows in Q1. In the first quarter, GDP grew 3.3% over the same period last year, according to preliminary data released by the Statistical Office of the Slovak Republic (SOSR) on 13 May. The print came in below the 4.3% increase tallied in Q4 and undershot the 3.5% expansion that FocusEconomics analysts had expected.

On a sequential basis, the economy grew a seasonally-adjusted 0.7% in Q1, which was below the 1.0% rise tallied in Q4. More detailed data will be released on 7 June.

The National Bank of Slovakia (NBS) projects that GDP will grow 3.2% in 2016 and 3.3% in 2017. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.2% in 2016, which is unchanged from last month’s forecast. For 2017, the panel also projects that economic growth will increase 3.2%.

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Slovakia GDP Chart

Slovakia GDP Q1 2016

Note: Year-on-year changes of GDP in %.
Source: Statistical Office of the Slovak Republic (SOSR) and FocusEconomics Consensus Forecast.

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