Slovakia's economy expands by 3.8% y/y in Q3.

By bne IntelliNews December 3, 2010
Slovakia's economy expanded by 3.8% y/y in real terms in Q3, continuing to recover from the economic crisis, preliminary GDP figures released by the statistics office (SUSR) showed. As in the previous quarters, net exports had the largest contribution to the registered trend. The exports' growth of 14.8% y/y was outpaced by the increase of imports by 16.6% y/y. The investment activity contributed significantly to the domestic demand in Q3 as gross fixed capital formation increased by 4.8% y/y, the highest growth since the beginning of the year. Meanwhile, inventories had a positive contribution to GDP growth for the quarter. Final consumption remained flat y/y, recovering from 1.3% y/y drop in Q2. Private spending declined by 0.3% y/y despite real wage growth during the period as it was likely depressed by the decline in employment. Public consumption, on the contrary, expanded by 0.9% y/y despite the austerity measures undertaken by the government. On the supply side, total output in the economy expanded by 8.5% y/y with a 3.9% y/y growth in gross value added. The largest sector in terms of value added, the industry, boosted value added by 4.9% y/y while the highest 14.8% y/y growth was observed in public administration, education and healthcare services. Value added in Q3 swelled by 5.6% y/y in financial intermediation and by 1.9% y/y in trade and transport. Agriculture declined significantly by 25% y/y. The SUSR also revised the figures for Q1 and Q2 2010. According to the new estimates, the economy expanded by 4.7% y/y in Q1 and by 4.2% y/y in Q2.

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