Slovakia: Economic growth decelerates in the third quarter
December 6, 2011
In the third quarter, GDP expanded 3.0% over the same quarter the previous year, below the 3.5% increase tallied in the second quarter. The result was revised 0.1 percentage points upwards from the flash estimate released by the Statistical Office of the Slovak Republic (SOSR) on 15 November. In seasonally adjusted terms, GDP rose by 0.8% over the previous quarter, the same pace as in the second quarter. According to the SOSR, external demand helped to prop up growth in the third quarter. Fixed investment increased 5.9% year-on-year in the third quarter, down from the 6.4% growth recorded in the second quarter. Private consumption contracted 0.9% in the third quarter, more than the 0.1% decrease tallied in the second. Moreover, government consumption fell 3.3% (Q2: -5.1% year-on-year). Exports of goods and services expanded 6.8% in the third quarter (Q2: +13.1% yoy), while imports declined 1.8%, contrasting the 10.9% increase registered in the second quarter. As a result, the external sector's net contribution to overall economic growth improved from plus 2.5 percentage points in the second quarter to plus 6.8 percentage points in the third. The Central Bank expects GDP to grow 3.4% in 2011 and 3.8% in 2012.