Slovakia: Revised figures show GDP slowing to nearly three-year low
December 6, 2012
In the third quarter, GDP expanded 2.1% over the same period the previous year, which was down from the 2.6% rise tallied in the second quarter. In addition, the print undershot the 2.2% rise initially reported in the flash estimate released by the Statistical Office of the Slovak Republic (SOSR) on 15 November and marked, in fact, the slowest growth rate recorded since Q4 2009.
Private consumption fell 0.6% in the third quarter (Q2: -0.3% year-on-year), while government spending retreated 0.4% (Q2: -2.1% yoy). Moreover, fixed investment contracted 3.7% (Q2: -2.5% yoy).
Exports of goods and services expanded 11.6% in the third quarter, up from the 10.8% increase registered in Q2, while imports rose 5.7% (Q2: +1.6% yoy). As a result, the external sector's net contribution to overall economic growth fell from 8.6 percentage points in the second quarter to 5.3 percentage points in the third.
A quarter-on-quarter comparison does not fully corroborate the deceleration suggested by annual data as GDP rose a seasonally adjusted 0.6% over the previous quarter, matching the increase recorded in Q2.