The Slovak economy grew 0.9 percent year-on-year in the second quarter of 2013, the Slovak Statistics Office (ŠÚ) informed, which thus confirmed its economic growth flash estimate from mid August. Compared to the first quarter, GDP growth accelerated by 0.3 percentage points. Seasonally adjusted GDP growth in real terms compared to the first three months of this year was 0.3 percentage points.
At current prices, the economy in the first quarter increased by 2.4 percent year-on- year, while the generated GDP was €18.255 billion, the SITA newswire reported, quoting the ŠÚ. For the first half of this year, Slovakia's GDP reached €35.066 billion. At current prices, this meant annual growth of 2 percent.
At constant prices, the economy grew 0.8 percent, representing a slowdown compared to last year by 1.9 percentage points. While external demand continued to drive economic growth in the second quarter, as was expected, domestic demand declined. Exports of goods and services increased by 4.7 percent, while growth in imports of goods and services rose by 1.3 percent.
Domestic demand fell 3.3 percent due to a reduction in a majority of expenditure components. Of these, the largest annual decline was recorded in gross capital formation by 18.5 percent, while gross fixed capital formation decreased by 6.4 percent. Government consumption was also lower, which fell by 0.1 percent, and final consumption of non-profit institutions serving households, which decreased 2.6 percent. However, there was a turnaround in the final consumption of households, which increased by 1.5 percent. This was the first increase since the third quarter of 2009, SITA wrote.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
4. Sep 2013 at 14:00