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Slovakia's growth bucks EU downturn

The European Union’s gross domestic product (GDP) fell slightly in the second quarter of 2008 compared to the first quarter, but Slovakia bucked the trend, posting quarter-on-quarter (q/q) growth of 1.9 percent.

The European Union’s gross domestic product (GDP) fell slightly in the second quarter of 2008 compared to the first quarter, but Slovakia bucked the trend, posting quarter-on-quarter (q/q) growth of 1.9 percent.

EU GDP fell 0.1 percent from Q1, while the eurozone saw a 0.2 percent decline, the SITA newswire wrote. The figures were the first estimates of Eurostat, the EU Statistical Office, based on seasonally adjusted data. In a year-on-year (y/y) comparison, GDP grew 1.6 percent in the EU and 1.4 percent in the eurozone. By comparison, the U.S. economy grew 2.2 percent y/y and 0.8 percent q/q.

Slovakia's economy grew 7.6 percent y/y in the second quarter of this year, based on data that do not take seasonal influences into account. This was the second highest increase among the EU states that provided data to Eurostat. Romania led with 9.3 percent GDP growth, while Poland was third (6.1 percent). In a q/q comparison, Slovakia’s GDP grew 1.9 points, which was the strongest growth among the EU states that made their data available to Eurostat. Poland was second with 1.5 percent and Lithuania and the Czech Republic were joint third, with 0.9 percent. SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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