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.