Spectator on facebook

Spectator on facebook

Slovak economy grew by 3.3 percent in Q4 2011

The Slovak economy grew by 3.3 percent year-on-year in the final quarter of 2011, although the pace of growth slowed compared to last year, when final-quarter growth was 4.2 percent, according to data presented by the Statistics Office. Compared to the third quarter of 2011, Slovakia’s GDP, net of seasonal influences, grew by 0.9 percentage points, the SITA newswire reported.

The Slovak economy grew by 3.3 percent year-on-year in the final quarter of 2011, although the pace of growth slowed compared to last year, when final-quarter growth was 4.2 percent, according to data presented by the Statistics Office. Compared to the third quarter of 2011, Slovakia’s GDP, net of seasonal influences, grew by 0.9 percentage points, the SITA newswire reported.

The general director of the Macroeconomic Statistics Section of the Statistics Office, František Bernadič, said that GDP growth in the final quarter of 2011 had been surprisingly high.

“I think that all analysts predicted a lower figure,” he said, as quoted by SITA.

GDP generated in Slovakia during the last three months of 2011 amounted to €17.756 billion. Net taxes contributed most to bolstering economic activity because the state collected nearly €174 million in value added tax (VAT) on public-private partnership (PPP) projects in Q4 2011.

On the other hand, foreign demand eased slightly due to the weaker economic growth of Slovakia’s main trading partners. Exports grew by 7.5 percent, while imports dropped by 1 percent. Net exports of, for example, cars, electronics, motor fuels and lubricants remained the key source of Slovakia’s GDP growth, according to Bernadič.

The Statistics Office predicted that economic growth this year would fall to 1.1 percent, SITA wrote.

Source: SITA

Compiled by Radka Minarechová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Socialism elections were parody of free vote

After the revolution in 1989 the number of people participating in elections fell from 99 percent to around 60 percent.

Elections during socialism regime.

Foreigners: Top 10 events in Bratislava Video

Tips for the top 10 events in the capital between November 17 and November 26, plus regular services in different languages, training, temporary exhibitions and highlights of the year.

Lúčnica

Top 3 stories from Last Week in Slovakia Video

Chinese could produce e-cars in Slovakia - PM Robert Fico does not see election defeat - Poliačik leaves the strongest opposition party

PM Robert Fico

Ecocide! How Slovakia destroys its national parks

Officially, the number of forests in Slovakia keeps growing but satellite shots of the national parks evoke horrors.

logging at Muránska Planina