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

In praise of concrete

It was once notorious for its drab tower blocks and urban crime, but Petržalka now epitomises modern Slovakia.

Petržalka is the epitome of communist-era architecture.

Slow down, fashion

Most people are unaware that buying too many clothes too harms the environment.

In shallow waters, experts are expendable

Mihál says that it is Sulík, the man whom his political opponents mocked for having a calculator for a brain, who “is pulling the party out of liberal waters and towards somewhere completely different”.

Richard Sulík is a man of slang.

Blog: Exploring 20th century military sites in Bratislava

It seems to be the fate of military sites and objects in Bratislava that none of them were ever used for the purposes they were built for - cavernas from WWI, bunkers from WWII, nuclear shelters or the anti-aircraft…

One nuclear shelter with a capacity for several hundred people now serves as a music club with suitable name Subclub (formerly U-club).