BUSINESS IN SHORT

Economic growth in Slovakia slows to 7.6 percent in Q2

SLOVAKIA reported real gross domestic product (GDP) growth of 7.6 percent year-on-year (y/y) in the second quarter of 2008. The figure comes from the Statistics Office of the Slovak Republic, which confirmed its flash estimate from the middle of August, the SITA newswire wrote. Q2 GDP growth was thus 1.7 percent slower y/y and 1.1 percent slower quarter-on-quarter.

SLOVAKIA reported real gross domestic product (GDP) growth of 7.6 percent year-on-year (y/y) in the second quarter of 2008. The figure comes from the Statistics Office of the Slovak Republic, which confirmed its flash estimate from the middle of August, the SITA newswire wrote. Q2 GDP growth was thus 1.7 percent slower y/y and 1.1 percent slower quarter-on-quarter.

In the April-June period, the Slovak economy generated GDP of Sk507 billion (€16.829 billion). According to the updated figures, the GDP generated over the first half of 2008 amounted to Sk979.5 billion (€32.51 billion).

Investments in particular, growing by 9.6 percent y/y, propelled economic growth during the second quarter of 2008. Growth in foreign trade slowed compared with the first quarter of the year. Exports rose 8.7 percent and imports increased by 9 percent. Public consumption jumped by 8.9 percent and household consumption rose by 5.7 percent, the ČTK newswire wrote.

The Statistics Office retained its estimate of economic growth for 2008 at 7.9 percent and inflation at 4.1 percent. It slightly increased its estimate of the unemployment rate from 9.8 percent to 10 percent for the end of the year.


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