Slovakia’s GDP growth speeds up to 1.5% y/y in Q4 2013, matches flash estimate

By bne IntelliNews March 5, 2014

Slovakia's annual GDP growth speeded up to 1.5% in the fourth quarter of 2013 from 0.9% in Q3, supported by exports and domestic demand, the country’s statistics office said on March 5, confirming its flash estimate released last month. Domestic demand contributed positively to the economic growth for the first time in 10 quarters.

In nominal terms, the GDP amounted to EUR 18.393bn in Q4, up 1.5% y/y. Slovakia's GDP grew by a seasonally-adjusted 0.4% q/q in Q4, following a 0.2% growth the previous quarter.

Exports rose 6.6% y/y in Q4, speeding up from a 1.9% growth in Q3. Imports also increased, by 7.4% y/y, after falling by 0.4% y/y in Q3. Domestic demand increased by 2.2% y/y in Q4, after falling 1.2% y/y in the previous quarter, affected mainly by rising investments, the statistics office said.

Gross capital formation, which shrank for seven quarters in a row, grew for the first time in Q4, going up by 7.7% y/y, following a 6.4% annual decline in Q3. Gross fixed capital formation increased by 4% y/y in Q4, following a 9.8% annual decline in the previous quarter. Government consumption grew 2.5% in Q4 after rising 2.8% in the previous quarter, and household consumption rose by 0.4% y/y, slightly faster than the 0.1% growth in Q3.

Looking at the breakdown by sectors, the fourth-quarter GDP growth was supported mainly by an 11.7% rise in the information and communication sector, a 9.4% growth in the financial and insurance sector and by a 5.4% growth in the real estate sector. The deepest annual decline of 3.5% y/y. was recorded in the construction sector.

For the full 2013, Slovakia’s economy expanded by 0.9% y/y at current prices.

y/y change Q4 2013 Q3 2013 Q2 2013 Q1 2013 full-year 2013
GROSS DOMESTIC PRODUCT 1.5% 0.9% 0.8% 0.5% 0.9%
Final consumption, total 0.8% 0.7% 0.8% -1.3% 0.3%
--households 0.4% 0.1% 0.9% -1.6% -0.1%
--non-profit institutions serving households -1.3% -1.0% -1.9% -0.9% -1.3%
--government 2.5% 2.8% 0.4% -0.3% 1.4%
Gross capital formation 7.7% -6.4% -13.8% -6.5% -5.1%
--gross fixed capital formation 4.0% -9.8% -4.8% -7.9% -4.3%
Exports of goods and services 6.6% 1.9% 4.4% 4.9% 4.5%
Imports of goods and services 7.4% -0.4% 1.9% 2.5% 2.9%
Source: Statistical Office of the Slovak Republic          

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Slovak celebration of decent grain harvest marred by sheep’s milk protest

Slovakia’s grain harvest is this year likely to amount to 2.5mn tonnes, 20% down year on year, but comfortably enough to cover domestic needs and leave a million tonnes for export, SITA newswire ... more

Central European and Baltic economies shrugging off political uncertainty

Medium-term economic growth forecasts for Central Europe and the Baltics have been raised by The Vienna Institute for International Economic Studies (wiiw) in a report issued on June 29. The most ... more