Slovakia: GDP growth improves moderately in Q3
GDP growth accelerated to 1.4% year on year in the third quarter, from 1.3% in the second quarter, according to comprehensive data. The figure was up slightly from the flash estimate of 1.2% growth. Solid increases in net exports and investment, and a softer decline in public spending, were behind the reading.
Household spending growth fell to 3.0% in Q3, marking the weakest expansion since Q1 2021 (Q2: +4.3% yoy). Public spending contracted at a slower rate of 2.1% in Q3 (Q2: -7.1% yoy). Meanwhile, fixed investment growth accelerated to 8.2% in Q3, from the 0.5% increase logged in the previous quarter.
On the external front, exports of goods and services growth hit an over one-year high of 8.8% in the third quarter, rebounding from the second quarter’s 0.9% contraction. In addition, imports of goods and services bounced back, growing 6.9% in Q3 (Q2: -1.4% yoy), marking the best reading since Q2 2021.
On a seasonally-adjusted quarter-on-quarter basis, economic growth was steady at 0.4% in Q3.