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%|
|--non-profit institutions serving households||-1.3%||-1.0%||-1.9%||-0.9%||-1.3%|
|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|
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