Slovakia: GDP growth records best reading since Q2 2021 in the first quarter
GDP growth gained traction to 3.1% year on year in the first quarter, from 1.4% in the fourth quarter of last year. Q1’s reading marked the fastest expansion since Q2 2021.
Household spending growth sped up to 9.1% year-on-year in Q1 from a 2.8% expansion in Q4. Government consumption, meanwhile, dropped, contracting 0.4% in Q1 (Q4 2021: +2.1% yoy). Meanwhile, fixed investment growth hit an over two-year high of 6.4% in the first quarter, up from the fourth quarter’s 6.0%.
On the external front, exports of goods and services contracted 4.5% in Q1 (Q4 2021: +1.6% yoy). In addition, imports of goods and services deteriorated, contracting 1.3% in Q1 (Q4 2021: +3.5% yoy), marking the worst reading since Q3 2020.
On a seasonally-adjusted quarter-on-quarter basis, economic growth was stable at 0.4% in the first quarter. Q1’s reading marked the strongest increase since Q2 2021.