Slovakia GDP


Slovakia: GDP accelerates slightly in Q2 and expands at fastest pace in over two years

September 3, 2014

In the second quarter, GDP matched the preliminary estimate and grew 2.5% over the same period of the previous year, according to official data released by the Statistical Office of the Slovak Republic (SOSR) on 3 September. This result came in slightly above the 2.4% expansion recorded in Q1 and represented the largest expansion rate since Q1 2012.

Q2’s mild acceleration was driven by an improvement in domestic demand. Domestic demand increased 4.0% over the same quarter of the previous year (Q1: +3.6% year-on-year), which marked the largest expansion since Q3 2008. Total consumption rose 3.3%, which was slightly down from the 3.6% expansion recorded in Q1, and private consumption increased 2.7% (Q1: +3.4% yoy). Government consumption marked the highest growth rate since Q1 2010 and rose to a 5.3% expansion (Q1: +4.4% yoy). Growth in fixed investment picked up from Q1’s 3.6% to 6.2% in Q2.

On the external front, exports decelerated from Q1’s 9.6% growth to a 3.4% increase in Q2. Imports also slowed down from Q1’s 10.8% rise to 5.5% growth in Q2. As a result, the external sector’s net contribution to economic growth decreased from plus 0.5 percentage points in Q1 to minus 1.3 percentage points in Q2.

On a quarterly basis, GDP rose a seasonally-adjusted 0.6%, mirroring Q1’s result, which had marked the highest quarterly growth rate since Q4 2009.

The National Bank of Slovakia (NBS) projects that GDP will grow 2.4% in 2014 and 3.2% in 2015. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 2.5% this year, which is unchanged from last month’s forecast. For 2015, the panel projects that economic growth will accelerate to 3.0%.

Author: Teresa Kersting, Economist

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Slovakia GDP Chart

Slovakia GDP Q2 2014 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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