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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.

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