Slovakia's annual economic growth accelerated to 0.9% in the third quarter of 2013 from a revised 0.8% yearly rise in the previous three months, flash estimates of the statistics office showed. On a seasonally-adjusted basis, the Q3 gross domestic product (GDP) grew by 0.7% y/y and by 0.2% q/q, compared to a seasonally-adjusted 0.7% annual growth and a 0.3% quarterly rise in Q2. The volume of the GDP at current prices reached EUR 18.996bn in Q3, up 1.1% from a year ago. The statistics office said it would publish more detailed GDP figures on December 4.
IntelliNews comment: Slovakia’s economy grew 2% last year, achieving one of the highest growth rates in the EU, thanks to a record increase in the production and export of cars, while the rest of the economy stagnated. Economic growth this year will likely ease to slightly below 1% as foreign demand is expected to remain soft, in line with a slowdown in the eurozone, the country’s main trading partner. Household consumption, which has been a major drawback to Slovakia’s export-driven economic growth in 2010-12, is seen staying subdued amid persistently high unemployment.
| GDP, constant prices | Q4 2012, y/y change | Q1 2013 y/y change | Q2 2013 y/y change | Q3 2013 y/y change | Q4 2012, q/q change | Q1 2013, q/q change | Q2 2013, q/q change | Q3 2013, q/q change |
| non-seasonally adjusted | 0.4% | 0.5% | 0.8% | 0.9% | -- | -- | -- | -- |
| seasonally adjusted | 0.8% | 0.7% | 0.7% | 0.7% | 0.0% | 0.2% | 0.3% | 0.2% |
| Source: Satistical Office of the Slovak Republic |
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