Slovakia GDP Q2 2016


Slovakia: Economic growth picks up steam in Q2

August 12, 2016

In the second quarter, GDP grew 3.7% over the same period last year, according to preliminary data released by the Statistical Office of the Slovak Republic (SOSR) on 12 August. The print came in above the 3.3% increase tallied in Q1 and overshot the 3.1% expansion that FocusEconomics analysts had expected last month. Regarding Q2’s robust expansion, Lubomir Korsnak, Chief Economist at UniCredit Bank Czech Republic and Slovakia, stated that, “stronger than expected economic growth in the second quarter could be impacted by the combination of Easter effect, accelerating household consumption and better external development which helped mostly the exports of Slovak carmakers.”

On a sequential basis, the economy grew a seasonally-adjusted 0.9% in Q2, which was above the 0.7% rise tallied in Q1. More detailed data will be released on 6 September.

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 projects that economic growth will increase 3.0%.

Author:, Economist

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Slovakia GDP Chart

Slovakia GDP Q2 2016 0

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

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