Slovakia GDP

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Slovakia: Slovak economy shifts to higher gear on resilient domestic demand

December 4, 2015

In the third quarter, GDP grew 3.7% over the same period last year, according to official data released by the Statistical Office of the Slovak Republic (SOSR) on 4 November. The print was a notch above the 3.6% growth reported in the preliminary estimate and overshot the 3.4% increase tallied in Q2. Growth in Q3 represented the largest expansion since Q4 2010. On a sequential basis, the economy grew a seasonally-adjusted 0.9% in Q3, which was above the 0.8% increase tallied in Q2.

Q3’s expansion reflected an acceleration in domestic demand, while the external sector deteriorated. Growth in private consumption accelerated to 2.7% in Q3 (Q2: +2.3% year-on-year), while government spending logged a 5.2% increase (Q2: +3.6% yoy). Gross fixed capital formation accelerated to the fastest pace since 2005 in Q3, expanding 17.3% annually (Q2: +9.6% yoy).

On the external front, growth in exports accelerated to 7.3% in Q3 (Q2: +6.1% yoy), while imports expanded a stronger 9.9% increase (Q2: +7.3% yoy). As a result, the external sector’s net contribution to overall economic growth deteriorated from minus 0.6 percentage points in Q2 to minus 1.7 percentage points in Q3.

The National Bank of Slovakia (NBS) projects GDP to grow 3.2% in 2015 and 3.4% in 2016. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.2% in 2015, which is up 0.1 percentage points from last month’s forecast. For 2016, the panel projects that economic growth will increase to 3.2%, which is also up 0.1 percentage points from last month’s projection.


Author: Ricard Torné, Head of Economic Research

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Slovakia GDP Q3 2015

Note: Year-on-year changes of GDP in %.
Source: Statistical Office of the Slovak Republic (SOSR) and FocusEconomics Consensus Forecast.


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