Spectator on facebook

Spectator on facebook

GDP jumps 9.8% in third quarter

THE ECONOMY grew by a record 9.8 percent in real terms in the third quarter of 2006, according to a flash estimate from the Slovak Statistics Bureau.

In nominal terms, the gross domestic product grew by 13.9 percent in 3Q06 from the same period a year ago to Sk424.9 billion.

The growth was connected largely to a rise in added value in industry and to higher taxes on consumer goods, as well as to continued strong foreign demand and an increase in stores of materials and finished products.

The figures exceeded even the most optimistic forecasts. “This is much higher than we expected,” said VÚB bank analyst Martin Lenko.

The GDP figure also booted the Slovak crown to another historic maximum of 35.715 SKK/EUR, which is over eight percent higher than the exchange rate when Slovakia entered the ERM II “waiting room” for euro adoption on November 24, 2005.

“I think the market players have sensed for several days what the [GDP] numbers were going to be like, which is why the crown has been strengthening since yesterday,” said Unibanka analyst Patrik Malec.

Lenko said that the current growth, following 6.7 percent in the second quarter, makes Slovakia the unequivocal regional leader.

“This kind of growth can only be compared to that of the quickly expanding economies in Asia and the Baltics,” he said.

Top stories

Old Market Hall will host Christmas Bazaar on Sunday

One of the events which presents diplomatic communities residing in Slovakia to the wider public is the traditional Christmas Bazaar, which focuses on gastronomy and charity.

Christmas Bazaar 2016

Messerschmidt created most of his character heads in Pressburg

Bratislava will name a square after the prominent artist

A replica of one head from the series Character Heads by F. X. Messerschmidt; ownership of the Slovak National Gallery

Blog: The wanderer returns home

The places you visit, people you befriend, experiences that leave their mark, they all become a part of you.

Go east for real morality, Jean-Marc Barr says Photo

The French American actor/director, who plays in a Slovak co-production film, said during a recent visit to Bratislava that eastern Europe, and other eastern countries still have what America has already and what…

Jean-Marc Barr during IFF Bratislava 2017