GDP growth cools in 1Q08

The Slovak economy grew by 8.7% in the first quarter of 2008, down from a scorching 14.3% in the fourth quarter of 2007, according to the Slovak Statistics Bureau.

(Source: Horspodafiské noviny, Graph: SPEX)

The Slovak economy grew by 8.7% in the first quarter of 2008, down from a scorching 14.3% in the fourth quarter of 2007, according to the Slovak Statistics Bureau.

The growth figure shows that the economy is cooling from a record 10.4% rate of expansion in 2007, which was driven by the country’s two new auto plants, Peugeot Citroen in Trnava and Kia Motors in Žilina, ramping up production. Rising real wages have also sparked strong consumer demand.
The Slovak central bank has forecast a GDP growth rate of 7.4% in 2008.

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