Slovakia: GDP growth records best result since Q1 2022 in the second quarter
GDP growth accelerated to 1.5% year on year in the second quarter, from 1.0% in the first quarter. Q2’s reading marked the strongest expansion since Q1 2022.
Household spending contracted 3.6% in Q2, marking the steepest decline since Q1 2021 (Q1: -2.1% yoy). Government consumption declined at a slower rate of 2.2% in Q2 (Q1: -5.8% yoy). Meanwhile, fixed investment growth fell to 5.2% in Q2, marking the worst reading since Q2 2022 (Q1: +5.7% yoy).
On the external front, exports of goods and services rebounded, growing 0.1% in Q2 (Q1: -4.7% yoy). In addition, imports of goods and services dropped at a more moderate rate of 8.3% in Q2 (Q1: -13.3% yoy).
On a seasonally-adjusted quarter-on-quarter basis, economic growth edged up to 0.5% in Q2, compared to the previous quarter’s 0.3% expansion. Q2’s reading marked the best result since Q3 2021.