As expected, the growth rate of the Slovak economy slowed during the second quarter of 2012. The Slovak Statistics Office (ŠÚ) reported on Thursday, September 6 that in constant prices gross domestic product (GDP) grew by 2.8 percent year-on-year in real terms during the second quarter, down from 3 percent in the first quarter. Quarter-on-quarter, the Slovak economy grew 0.7 percent. GDP grew to €17.85 billion in current prices during the second quarter.
As in previous quarters, economic growth was driven by higher external demand. Exports of products and services went up by 8.9 percent, the SITA newswire reported, citing the ŠÚ. Imports of products and services increased by 3.2 percent.
"A fall in local demand of 1.6 percent was mainly caused by a drop in formation of gross capital by 4.6 percent and in final general government consumption by 2.1 percent. Final consumption of households was lower by 0.3 percent too,” explained the ŠÚ. Only consumption of non-profit organisations providing services to households exceeded last year's levels.
Compiled by Zuzana Vilikovská from press reports
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