Spectator on facebook

Spectator on facebook

Slovak economy grew by 3 percent in the first quarter of 2012

The Slovak economy grew by 3 percent in the first quarter of this year. The Slovak Statistics Office (ŠÚ) reported the result on Wednesday, June 6, and thus slightly - by 0.1 percentage points - revised downward its flash estimate of GDP growth reported last month. Nevertheless, the Slovak economy maintained a sound momentum from last year, when its growth for the full year was 3.3 percent. In a quarterly comparison, after seasonal adjustment, the real gross domestic product grew by 0.7 percent.

The Slovak economy grew by 3 percent in the first quarter of this year. The Slovak Statistics Office (ŠÚ) reported the result on Wednesday, June 6, and thus slightly - by 0.1 percentage points - revised downward its flash estimate of GDP growth reported last month. Nevertheless, the Slovak economy maintained a sound momentum from last year, when its growth for the full year was 3.3 percent. In a quarterly comparison, after seasonal adjustment, the real gross domestic product grew by 0.7 percent.

At current prices, the GDP in the first quarter of this year rose by 4.4 percent. In financial terms, the volume of GDP in Q1 reached €16.556 billion. Compared to the first quarter of 2011, however, the dynamics of GDP growth slipped by 0.4 percent. According to the ŠÚ, this can be particularly attributed to a notable slowdown in external demand.

The growth figures for the first three months of 2012 were a surprise for bank analysts after the flash estimate was published. They estimated in March that the economy in Q1 would only grow by 1.5 percent. After a series of positive data, they updated their forecasts to 1.8 percent, but the actual outcome was significantly better. The data for the first quarter forced banks to increase their growth forecasts for the entire year to nearly 2 percent. The European Commission predicts similar growth in the Slovak economy, the SITA newsiwre wrote. In May, it revised its estimate to 1.8 percent. This would mean that the Slovak economy this year would grow the fastest among the euro area countries. The Slovak Finance Ministry currently expects growth this year at 2.3 percent and the central bank at 2.1 percent.

Source: SITA

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

Top stories

President to appoint missing Constitutional Court justices

The court will have its full complement of judges after three years.

President Andrej Kiska

Austrian natural gas station close to Slovak border exploded Video

The incident, which claimed one fatality and at least 18 injuries, also created an emergency in a Slovak village close to the Austrian border.

The explosion of Austrian natural gas station in Baumgarten, December 12.

Blog: Environmental sustainability is the future for sustainability in business

A great example of how you can make a difference by sharing your passion with others: Ivana Maleš, co-founder of the Institute for Circular Economy, describes her journey to a sustainability consultant.

Illustrative stock photo

Slovak film won the main prize of Silk Road IFF in China Photo

The Little Harbour, which was already shown at Berlinale where it received the Children’s Jury Award, continues its worldwide success.

Director Iveta Grófová receives the prize in Tallin