Slovakia GDP

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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.

The National Bank of Slovakia (NBS) projects that GDP will grow 2.6% in 2015 and 3.3% in 2016. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 2.6% in 2015, which is unchanged from last month’s forecast. For 2015, the panel projects that economic growth will accelerate to 2.9%.


Author: Teresa Kersting, Economist

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Slovakia GDP Q3 2014

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


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