Fastest GDP growth since Q1 2022 in Q3

According to a preliminary estimate, GDP growth gained momentum to 2.0% year on year in the third quarter from 1.2% in the second quarter. Q3's reading marked the best result since Q1 2022. On a seasonally adjusted quarter-on-quarter basis, economic growth picked up to 1.1% in Q3, following the previous period's 0.5% growth. Q3's reading marked the best result since Q2 2021.

A full breakdown will not be available until 5 December. However, the statistical office said that net trade had driven growth in Q3; in contrast, domestic demand decreased due to a slowdown in private spending and a fall in inventories.

Marian Kociš, analyst at Erste Group, said: “For 2023, we expect GDP growth will be around 1.3% year on year thanks to the expected fiscal stimulus of EUR 5 billion from EU funds (approximately 5% of GDP). The determining factor remains the country's ability to efficiently and quickly absorb these resources.”

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