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Statistics Office reports Slovak GDP grew by 3.3 percent in Q2

Growth in the Slovak economy in the second quarter of 2011 slowed to 3.3 percent, from its previous 3.5 percent in Q1, according to Slovakia’s Statistics Office as reported by the TASR. Statisticians ascribe the results to growth in foreign demand and a decline in domestic demand. Exports of goods and services increased by 12.4 percent while imports increased by 9 percent. On the other hand, domestic demand was 0.8 percent lower than the previous quarter.

Growth in the Slovak economy in the second quarter of 2011 slowed to 3.3 percent, from its previous 3.5 percent in Q1, according to Slovakia’s Statistics Office as reported by the TASR. Statisticians ascribe the results to growth in foreign demand and a decline in domestic demand. Exports of goods and services increased by 12.4 percent while imports increased by 9 percent. On the other hand, domestic demand was 0.8 percent lower than the previous quarter.

ING bank analyst Eduard Hagara stressed that investment activities have increased but a slowdown in global growth is a signal that investment growth will not be sustained. Domestic consumption was negatively influenced by the government’s austerity measures and the job market has not improved, prompting Slovaks to buy more, according to Hagara, who also warned that the outlook for the Slovak economy has worsened in the recent months along with worse news from abroad, specifically from Germany, a crucial trade partner.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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