Slovakia: Economic growth slows to over six-year low in Q3
November 14, 2019
The economy expanded 1.3% year-on-year in the third quarter, down from the second quarter’s revised 2.2% expansion (previously reported: +2.0% year-on-year) and marking the lowest reading since Q2 2013, according to a preliminary GDP estimate released on 14 November. On a seasonally-adjusted quarter-on-quarter basis, economic activity rose 0.4% in Q3,up from the downwardly revised 0.3% in Q2 (previously reported: +0.5% quarter-on-quarter, seasonally adjusted).
While a breakdown by components is not yet available, industrial production contracted in the quarter, likely weighed on by the all-important automotive sector. Moreover, retail sales shrank at a sharper pace in Q3 than in Q2, while consumer sentiment deteriorated further, hinting that household consumption likely faltered. Meanwhile, merchandise exports fell, on average, more rapidly in Q3 than in the previous quarter, dragged on by weak dynamics in the EU.
More detailed data will be released on 5 December.
Author: Hanna Andersson, Economist