|Slovakias economy grew by 3.3% y/y in the second quarter of 2011, slowing down from 3.5% in the previous quarter, the statistics office said in a flash estimate on its website. The growth was below market expectations of 3.5%. On a quarterly basis, the GDP rose by a seasonally adjusted 0.9%, the same as in the previous three months. Employment increased by 2.1% y/y to 2.19mn in the second quarter. Compared to the previous three months, the employment rose by 0.4%. The statistics office will release detailed GDP data on September 6, 2011. The central bank said on its website that the GDP and employment growth were slightly above its forecasts. IntelliNews comment : Slovak economy is driven by exports, while household consumption remains subdued due to the government austerity measures. The second-quarter slowdown is mainly a result of weak economic growth of its main trading partners, Germany in particular, whose economy almost stalled in Q2.
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