Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

GDP up 3.5 percent y-o-y in Q1

THE SLOVAK economic output was 3.5 percent larger in the first quarter of 2011 compared to the same quarter last year, according to inflation-adjusted data released by the Statistics Office, which confirmed its earlier May 2011 estimates.

THE SLOVAK economic output was 3.5 percent larger in the first quarter of 2011 compared to the same quarter last year, according to inflation-adjusted data released by the Statistics Office, which confirmed its earlier May 2011 estimates.

Nominal GDP in the first three months of 2011 reached €15.83 billion in current prices, 4.5 percent more than the first quarter of 2010.

Overall growth was fuelled mainly by foreign demand, the SITA newswire reported.

Slovakia’s export of products and services grew by 15.8 percent in the quarter, which was 2.5 percentage points less than in the first quarter of 2010. Imports grew by 11.3 percent.

Total domestic demand fell by 0.2 percent year-on-year, mainly due to a 2.5-percent drop in public administration consumption and a 0.1 percent drop in household consumption.

“From the point of view of the structure [of GDP] it can be seen that the economic growth of Slovakia continues to be driven mainly by exports,” Eduard Hagara, an ING Bank analyst, told SITA when commenting on the statistics.

Domestic demand is lagging behind other drivers of economic growth and Hagara attributed this to the fall-off in government spending as well as a slowdown in investment growth.

“The more significant growth of investment in the previous months probably reflected some catching-up of investment for renewal of technologies, which had been neglected during the crisis, rather than an inflow of new investment,” Hagara told SITA.


Top stories

End of investigative show a cause for concern

Media freedom watchdogs believe the scrapping of the only investigative show on public-service television is a threat to its independence.

Jaroslav Rezník

Proxy for Roma criticises minister Kaliňák for ethnical and group discrimination

The government proxy slammed Interior Minister Robert Kaliňák for the draft law on repressing criminality in Roma settlements, for populist discrimination and preferring repression to prevention.

Roma communities, illustrative stock photo

Slovak racer Svitko finished at Dakar Video

After a serious fall in the tenth leg, Slovak motorcyclist Štefan Svitko resigned from the 40th year of the Dakar Rally due to pain in his upper body.

Štefan Svitko

Carmakers in Slovakia produced more than one million cars last year

2018 will be critical for Slovakia’s automotive industry, claim sector’s representatives.

Most cars produced in Slovakia head for export.