Slovakia: Economic growth gains speed in Q4
February 14, 2020
The economy picked up pace in the final quarter of 2019. According to a preliminary GDP estimate released on 14 February, economic growth accelerated to 2.1% year-on-year in the fourth quarter, up from Q3’s 1.3% expansion. On a seasonally-adjusted quarter-on-quarter basis, economic activity rose 0.6% in Q4, up from Q3’s 0.4% rise.
While a breakdown by components is not yet available, tight labor market conditions and robust wage growth should have supported household consumption in the quarter. Meanwhile, solid credit growth to non-financial corporations amid improved economic sentiment suggest fixed investment was robust in the period. Meanwhile, industrial production contracted at a faster pace in Q4, likely weighed on by falling activity in the all-important automotive sector amid subdued external demand.
More detailed data will be released on 6 March.
Author: Hanna Andersson, Economist