Slovakia's GDP grew by 0.7 percent year-on-year in the final quarter of 2012, which represents a year-on-year deceleration of 3.1 percentage points, the Slovak Statistics Office (ŠÚ) announced on Wednesday, March 6.

GDP was up by 0.2 percent quarter-on-quarter in 4Q12 when seasonal influences are taken into consideration. "In current prices, GDP volume grew by 2 percent year-on-year to €18.212 billion," the TASR newswire quoted the Statistics Office. The Office's chair Ľudmila Benkovičová pointed out at a press conference in Bratislava on the same day that growth in the Slovak economy gradually decelerated over 2012. "While GDP grew by 2.9 percent year-on-year in the first quarter, it went up by 2.6 percent in the second, by 2.1 percent in the third, and 0.7 percent in the final one," she said.

Slovakia's economic growth was, as always, first and foremost driven by foreign demand. Exports of goods and services increased by 7.1 percent year-on-year, which was 2.9 percentage points more than the increase in imports. Domestic demand went down even further, by 1.1 percentage points to 1.9 percent year-on-year as a result of a drop in almost all sectors. Gross national product (GNP) fell by 5.8 percent year-on-year, while gross fixed capital was down 5 percent. Household consumption was lower as well - by 1.2 percent - and the end consumption of public administration decreased by 0.3 percent year-on-year. In the final quarter of 2012, Slovakia's gross output reached a value of €44.55 billion, with immediate consumption at €27.899 billion and added value at €16.56 billion.

"Compared to the final quarter of 2011, gross output stayed at the same level, immediate consumption dropped by 1.7 percent, and added value increased by 3 percent," said Benkovičová. For the whole of 2012, Slovakia's GDP reached €71.463 billion, which was 3.4-percent more in current prices than in 2011. The pace of year-on-year GDP growth weakened by 1.2 percentage points to 2 percent in fixed prices.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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