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Slovakia's Q1 GDP growth exceeds central bank expectations

The Slovak economy grew more strongly in the first quarter than the National Bank of Slovakia (NBS) had expected. The central bank also registered a more positive development on the labour market, the SITA newswire wrote.

The Slovak economy grew more strongly in the first quarter than the National Bank of Slovakia (NBS) had expected. The central bank also registered a more positive development on the labour market, the SITA newswire wrote.

"The GDP growth rate as well as the labour market's recovery surpassed NBS expectations for the January-March period," the central bank's Bank Council concluded on Tuesday, May 31, after discussing a report on economic development so far in 2011. According to the flash estimate of the Statistics Office, gross domestic product grew by 3.5 percent year-on-year in the first quarter of this year, which is the same rate as in the last three months of last year. Quarter-on-quarter the country's economy grew in Q1 by 1 percent according to seasonally adjusted data, while in the fourth quarter of last year it grew by 0.9 percent.

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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