Slovakia GDP Q2 2017

Slovakia

Slovakia: GDP growth picks up slightly in Q2

September 5, 2017

The economy made some gains in the second quarter, according to data released by the Statistical Office of the Slovak Republic (SOSR) on 5 September. GDP growth edged up to 3.3% annually, above the first quarter’s 3.1% print. The economy expanded at a faster pace on the back of a rise in domestic demand underpinned by strong private consumption.

Led by a healthy labor market, private consumption grew 3.6% in Q2 (Q1: +3.4% year-on-year), the fastest pace since Q4 2008. Also, the slowdown in government consumption eased to a 0.1% contraction (Q1: -0.7% yoy). However, fixed investment declined significantly, slumping a notable 6.7% (Q1: +0.9% yoy) as ongoing worker shortages derail the auto industry’s expansion.

On the external front, export growth plummeted to 0.2% in Q2 (Q1: 8.6% yoy), also caused by the slowdown in the all-important automotive industry. Meanwhile, imports contracted 0.2% following two years of growth and a stellar expansion in Q1 (Q1: 8.3% yoy).

On a quarter-on-quarter basis, the economy grew a seasonally-adjusted 0.8% in Q2, which matched the previous quarter’s print.

The National Bank of Slovakia (NBS) projects that GDP will grow 3.2% in 2017 and 4.2% in 2018. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.2% in 2017, which is unchanged from last month’s forecast. For 2018, the panel projects that economic growth will reach 3.5%, which is up 0.1 percentage points from last month.


Author:, Economist

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Slovakia GDP Q2 2017 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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