Slovakias economic growth slows to 0.7% y/y in Q4 flash estimate.

By bne IntelliNews February 15, 2013
Slovakia's annual economic growth slowed down to 0.7% in the fourth quarter of 2012 from a revised 2.1% yearly rise in the previous three months, flash estimates of the statistics office showed. On a seasonally-adjusted basis, the Q4 gross domestic product (GDP) grew by 1.2% y/y and by 0.2% q/q, compared to a seasonally-adjusted 2.0% annual growth and a 0.3% quarterly rise in Q3. The volume of the GDP at current prices reached EUR 18.212bn in Q4, up 2% from a year ago. The statistics office said it would publish more detailed GDP figures on March 6. IntelliNews comment: The export-driven Slovak economy maintained growth momentum in Q4, surprising analysts who had expected a slight quarterly decline in GDP. However, other major economic indicators, including industrial output and sales and exports data, suggest a substantial economic slowdown in the last month of 2012, which does not bode well for this years developments. Slovakias economic growth last year, which we estimate to have reached slightly above 2%, was fuelled solely by exports, while domestic demand and household consumption shrank. Exports were driven mainly by booming car production. But in December, both output and sales of the auto manufacturing sector fell in annual terms for the first time since October 2009, indicating that the economy has lost steam. Foreign demand is expected to remain soft this year, which coupled with the government's austerity drive, will dent Slovakias economic growth to about 1.2%-1.3% this year.
GDP, constant prices Q1 2012, y/y change Q2 2012, y/y change Q3 2012, y/y change Q4 2012, y/y change Q1 2012, q/q change Q2 2012, q/q change Q3 2012, q/q change Q4 2012, q/q change
non-seasonally adjusted 2.9% 2.6% 2.1% 0.7% -- -- -- --
seasonally adjusted 2.7% 2.3% 2.0% 1.2% 0.3% 0.4% 0.3% 0.2%
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