BUSINESS IN SHORT

GDP growth meets expectations in Q3

THE FLASH estimate of the gross domestic product in Slovakia in the third quarter of 2009 released by the Statistics Office cane as no surprise to the central bank but the drop in overall employment was steeper than the National Bank of Slovakia (NBS) had predicted, the SITA newswire reported.

THE FLASH estimate of the gross domestic product in Slovakia in the third quarter of 2009 released by the Statistics Office cane as no surprise to the central bank but the drop in overall employment was steeper than the National Bank of Slovakia (NBS) had predicted, the SITA newswire reported.

GDP in constant prices fell by 4.9 percent in the third quarter compared with the same period of 2008 and overall employment was down 3.7 percent compared to the previous year.

“The development of GDP was in line with expectations and the fall in employment was slightly higher than expected,” said the bank in its assessment of the month’s development.

According to the Statistics Office, the volume of GDP formation from July to September reached €16.6 billion.

Slovakia’s GDP fell by 5.3 percent in the second quarter of 2009 and by 5.6 percent in the first quarter. On a current price basis the decline in GDP in the third quarter was 5.7 percent.

The NBS is expected to update the GDP flash estimate in December. The detailed figures and structure of GDP development for the third quarter of 2009 will be released on December 3.


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