Slovakia: GDP decelerates slightly in Q3
December 3, 2014
In the third quarter, GDP grew 2.4% over the same period of the previous year, according to official data released by the Statistical Office of the Slovak Republic (SOSR) on 3 December. The print matched the preliminary estimate and came in slightly below the 2.6% expansion registered in Q2.
Q3’s deceleration was mainly driven by a slight slowdown in domestic demand. Domestic demand increased 3.3% over the same quarter of the previous year, which was slightly below the 3.6% rise tallied in Q2. Private consumption rose 1.6%, which was notably down from the 2.3% expansion recorded in Q2. Government consumption also decelerated markedly, posting a 3.3% rise in Q3 (Q2: +5.6% year-over-year). Conversely, growth in fixed investment picked up from Q2’s 5.3% to 7.7% in Q3.
On the external front, exports decelerated from Q2’s 4.9% growth to a 1.6% increase in Q3. Imports also slowed down from Q2’s 6.7% rise to 1.7% growth in Q3. Since imports decelerated faster than exports, the external sector’s net contribution to economic growth went from minus 1.1 percentage points in Q2 to a flat reading in Q3.
On a sequential basis, the economy grew a seasonally-adjusted 0.6% in Q3, which mirrored the expansion recorded in Q2.