The growth of the Slovak economy accelerated in the last quarter of 2011, according to the latest flash estimate of the Slovak Statistics Office. It reported that the year-on-year pace of real growth in gross domestic product (GDP) over the last three months of 2011 reached 3.4 percent, compared to 3 percent in the previous quarter. In quarterly terms, the Slovak economy maintained its solid pace of growth, increasing in size by 0.9 percent quarter-on-quarter. In the third quarter, the economy grew by 0.8 percent. Net of seasonal influences, GDP in the fourth quarter of last year went up 3.3 percent year-on-year.
In current prices, GDP worth €17.806 billion was generated in the fourth quarter, the flash estimate stated, as quoted by the SITA newswire. Statisticians will disclose updated results for the Slovak economy for the last quarter of 2011 on March 6, 2012. The development of the Slovak economy at the end of last year was much more positive than bank analysts had predicted. According to a regular survey of the NBS, Slovakia’s central bank, analysts estimated that GDP would grow 2.3 percent year-on-year in the last quarter and 3 percent for the whole of 2011. Analysts predict a significant slowdown this year. Banks are anticipating growth of around 0.8 percent, while the Finance Ministry forecasts 1.1-percent growth.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.