Slovakia´s GDP growth of 4.6% in 3Q18 driven mostly by non-domestic demand

Slovakia´s GDP growth of 4.6% in 3Q18 driven mostly by non-domestic demand
#Slovak economy expands at fastest pace since end of 2015 up 4.6% in 3Q18
By bne IntelliNews December 10, 2018

The Slovak economy expanded at its fastest rate since the end of 2015 in the third quarter of this year, up by 1.6 percentage points to 4.6%, driven up mostly by non-domestic demand, Slovak Statistics Office shows on December 7.

In 1Q18, Slovakia´s GDP increased by 3.7% y/y and in 2Q18 by 4.5% y/y.  The growth volume after seasonal adjustment grew by 1.1% in real terms quarter-on-quarter. The total GDP volume at current prices increased by 7% to €23,798.9mn.

In 3Q18, positive economic development was affected mostly by non-domestic demand with a 5.6% increase.

In the structure of domestic demand, final consumption expenditures increased by 2.7% in total. Final consumption expenditures in households grew by 3.2%, final consumption expenditures in public administration by 1.6% and final consumption expenditures of non-profit institutions serving households by 0.9%. Production of gross capital increased by 6.3%, including production of gross fixed capital with a 5.7% decrease. Import of products and services rose by 5.4%.

The added value amounted to €21,520mn of the generated GDP, with a 4.5% y/y increase. It rose in all sectors, including financial and insurance activities by 16%, construction by 9.5%, agriculture by 8.5%, information and communication by 6.4%, industry and real estate activities equally by 4.2%, wholesale and retail trade, repair of motor vehicles and motorcycles, transportation, accommodation and food service by 2.4%. Increasing trend was also seen in collection of net taxes on products by 5.8%.

In 9M18, production of gross domestic product reached the value of €66,877.1mn, an increase by 6.7% y/y.