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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Slovakia one of possible locations for new BMW plant.

German car maker BMW considers building a new plant in eastern Europe and Slovakia is one of the potential locations, Hospodarske Noviny business daily reported citing BMW's board member Ian ... more

Slovakia jobless rate edges down to 14.7% in February 2013.

Slovakia's unemployment rate in February 2013 fell for the first time in six months going down to 14.7% from 14.8% in January when it reached its highest level in more than 8.5 years, data from ... more

Frances CCN Group considers new plant in Slovakia - report.

France-based CCN Group, a supplier of components for turbines and automobiles, considers building a new plant in Slovakia in the town of Belusa, Hospodarske Noviny daily reported citing unnamed ... more

Most Read

  1. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    8 hours ago
  2. Wildfires hit Croatia and Montenegro’s Adriatic coast
    7 days ago
  3. EU allows Gazprom to use an additional 40% of OPAL gas pipeline's capacity
    1 day ago
  4. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    5 days ago
  5. Bosnia’s ruling coalition collapses
    3 days ago
  1. CHINA RISING: When sleeping giants meet
    14 days ago
  2. Belarus’ retail king Euroopt goes on the road
    20 days ago
  3. STOLYPIN: Russia’s cyber-challenge cuts both ways
    22 days ago
  4. Siemens considers quitting Russia
    11 days ago
  5. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    11 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss