Slovakia's annual economic growth accelerated to 2.4% in the first quarter of 2014 from 1.5% in the previous three months, flash estimates of the statistics office showed on May 15. On a seasonally-adjusted basis, the Q1 gross domestic product (GDP) grew by 2% y/y and by 0.6% q/q, compared to a revised seasonally-adjusted  annual growth of 1.6% and a 0.5% quarterly rise in the last quarter of 2013.

The volume of the GDP at current prices reached EUR 17.02bn in Q1, up 1.9% from a year ago. The statistics office said it will publish more detailed GDP figures on June 4.

IntelliNews comment:: Slovakia’s economy grew by 0.9% last year and growth is expected to pick up this year and in 2015 supported by an increasing domestic demand and a recovery in the euro zone, the country’s main trading partner. Private consumption has already shown signs of recovery. In March, Slovak retail sales increased for the fifth straight month with the annual growth speeding up 5.7% y/y from 4% y/y the month before, according to data from the country’s statistics office showed. The European Commission said earlier this month that it expects Slovakia’s domestic demand to recover further and become the driving force behind the projected 3.1% economic growth next year. The European Commission expects a 2.2% economic growth this year. The European Bank for Reconstruction and Development said on May 14 it expects Slovakia’s economy to grow by 2% this year and by 2.2% in 2015.