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Statistics Office: GDP grew by 9.4 percent

Slovakia's gross domestic product (GDP) grew in real terms by 9.4 percent year-on-year in the third quarter of 2007, the Statistics Office reported in a preliminary estimate on November 13.

In this period, the country's GDP reached Sk482.5 billion (€14.664 billion), which in current prices represents an increase of 12 percent. In the first three quarters of 2007, meanwhile, GDP grew by 9 percent (by 11.6 percent in current prices).

According to the Statistics Office, the acceleration of GDP growth was related to increases in added value in industrial production, particularly in the manufacture of machines, electrical devices and means of transport. On the consumption side, GDP growth was chiefly influenced by continuing high foreign demand along with persisting growth in domestic demand.

Economic analysts are said to be positively surprised by the preliminary estimate on the country's GDP growth in the third quarter of 2007, which was released by the Statistics Office on November 13.

While they expected the GDP to grow by 8.5 percent, Slovakia's gross domestic product (GDP) rose in real terms by 9.4 percent. Among the reasons might have been better-than-expected figures on Slovakia's foreign trade.

They think the downwards revaluation of growth in 3Q06, which subsequently reduced the comparative base for this year, is behind this unexpected growth, too. The acceleration of GDP production was influenced by the growth of added value in industrial production, especially in the production of machines, electric appliances and transport means, according to them. According to analysts, the estimate of the GDP growth for the whole year is moving just under 9 percent. TASR

Compiled by Zuzana Vilikovská from press reports
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