Slovakia GDP

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Slovakia: Economic growth accelerates in Q1 2015

June 5, 2015

In the first quarter, GDP grew 3.1% over the same period last year, according to official data released by the Statistical Office of the Slovak Republic (SOSR) on 5 June. The print matched the preliminary estimate and overshot the 2.4% increase tallied in Q4. On a sequential basis, the economy grew a seasonally-adjusted 0.8% in Q1, which was up from the 0.7% expansion observed in Q4

Q1’s expansion mainly reflected that a deceleration in both private and government consumption was more than offset by strong total investment. Growth in private consumption moderated to 1.5% in Q1 (Q4: +2.2% year-on-year), while government spending slowed to a 1.6% increase (Q4: +4.0% yoy). Although growth in gross fixed capital formation declined slightly to 6.6% (Q4: +6.8% yoy), total investment accelerated to 6.4% (Q1: +1.5% yoy).

On the external front, exports accelerated from Q4’s 0.3% growth to a 4.4% increase in Q1. Imports followed suit and expanded 4.3% (Q4: -0.2% yoy). As a result, the external sector’s net contribution to overall economic growth remained at the previous quarter’s 0.5 percentage points in Q1.

The National Bank of Slovakia (NBS) projects that GDP will grow 3.2% in 2015 and 3.8% in 2016. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 2.7% in 2015, which is up 0.1 percentage points from last month’s forecast. For 2016, the panel projects that economic growth will accelerate to 3.0%.


Author: Ricard Torné, Lead Economist

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Slovakia GDP Q1 2015 1

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


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