Slovakia’s central bank said economy performed better than expected in 1Q10

Developments in Slovakia’s economy in the first quarter of 2010 were slightly more favourable than the country's central bank (NBS) had expected but, in turn, a year-on-year drop in the employment rate was greater than NBS had foreseen, according to NBS’s latest monthly report on the Slovak economy released on May 25 and reported by the SITA newswire.

Developments in Slovakia’s economy in the first quarter of 2010 were slightly more favourable than the country's central bank (NBS) had expected but, in turn, a year-on-year drop in the employment rate was greater than NBS had foreseen, according to NBS’s latest monthly report on the Slovak economy released on May 25 and reported by the SITA newswire.

The Slovak Statistics Office said recently in its preliminary estimate that gross domestic product grew by 4.6 percent year-on-year in the first three months of 2010 and by 0.8 percent quarter-on-quarter. The Statistics Office also reported that the total employment rate fell by 3 percent compared to the first quarter of 2009 and by 0.6 percent compared to the fourth quarter of 2009.

According to NBS, the industrial production index recorded an increase in March in annual terms, which was triggered by the gradual revival of production of Slovakia’s business partners and an overall positive economic sentiment. However, the overall indicator of economic sentiment fell in April month-on-month following months of increases, TASR wrote. This was mainly due to a drop in confidence in industry, which was particularly connected to expectations of lower growth in industrial production.

Source: 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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