Slovakia: Economic growth accelerates in the fourth quarter
March 6, 2012
In the fourth quarter, GDP expanded 3.4% over the same quarter the previous year, beating the 3.0% increase tallied in the third quarter. The result was in line with the flash estimate released by the Statistical Office of the Slovak Republic (SOSR) on 15 February. In seasonally adjusted terms, GDP rose by 0.9% over the previous quarter, up from the 0.8% increase recorded in the third quarter. Fixed investment increased 8.4% year-on-year in the fourth quarter, up from the 5.9% growth recorded in the third quarter. Although private consumption contracted 0.4% in the fourth quarter, it slightly improved on the 0.9% decrease tallied in the third. Meanwhile, government consumption fell 3.7% (Q3: -3.2% year-on-year). Exports of goods and services expanded 7.5% in the fourth quarter (Q3: +6.8% yoy), while imports declined 1.0%, up from the 1.8% drop registered in the third quarter. As a result, the external sector's net contribution to overall economic growth improved further, from plus 6.8 percentage points in the third quarter to plus 7.7 percentage points in the fourth. The Central Bank expects GDP to grow 3.4% in 2012 and 3.8% in 2013.
Author: Armando Ciccarelli, Head of Data Solutions