Spectator on facebook

Spectator on facebook

Slovakia was Eurozone's fastest-growing economy in 3Q13

Slovakia achieved the highest economic growth in the eurozone in the third quarter of 2013 on 0.7 percent of GDP year-on-year, the European Union’s statistics office Eurostat announced December 4. “Slovakia’s economic growth [in 3Q13] was 0.2 percent [of GDP] quarter-on-quarter which was the fifth-highest figure in the eurozone," according to a statement from Slovakia’s Finance Ministry. A detailed estimate of the Slovak Statistics Office (ŠÚ) released earlier in the day said that Slovakia’s GDP growth in the third quarter was close to figures from previous quarters. “The main factor behind the positive development of economic activities overall was the contribution of net exports,” said the Finance Ministry, as quoted by the TASR newswire. “This is a result of ongoing growth in exports and a simultaneous decline in imports.”

Slovakia achieved the highest economic growth in the eurozone in the third quarter of 2013 on 0.7 percent of GDP year-on-year, the European Union’s statistics office Eurostat announced December 4.

“Slovakia’s economic growth [in 3Q13] was 0.2 percent [of GDP] quarter-on-quarter which was the fifth-highest figure in the eurozone," according to a statement from Slovakia’s Finance Ministry. A detailed estimate of the Slovak Statistics Office (ŠÚ) released earlier in the day said that Slovakia’s GDP growth in the third quarter was close to figures from previous quarters.

“The main factor behind the positive development of economic activities overall was the contribution of net exports,” said the Finance Ministry, as quoted by the TASR newswire. “This is a result of ongoing growth in exports and a simultaneous decline in imports.”

However, the country's GDP growth in fixed prices went down slightly by 1 percentage point year-on-year to 0.9 percent, standing at 1.1 percent y-o-y in current prices, the ŠÚ announced. When seasonal influences are taken into account, the volume of GDP in the third quarter of the year increased by 0.2 percent q-o-q. Slovak GDP totalled €18.996 billion.

Trends in July and September were saw growth in foreign trade and reductions in domestic demand. Exports of goods and services went up by 1.9 percent, while imports were down 0.4 percent. A drop in domestic demand of 1.2 percent was caused by a fall in the gross capital formation marker of 6.4 percent, with gross fixed capital formation shrinking by 9.8 percent. A decrease was also recorded in the end consumption of non-profit institutions serving households - 1 percent. The end consumption of the public administration sector grew by 2.8 percent, while end consumption of households rose by 0.1 percent.

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

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Tom Odell surprised Slovak band in Bratislava Video

The British artist was wearing a T-shirt, presented to him by the Tolstoys, from start to finish at his Bratislava concert.

Tom Odell

El País: Female professor openly fights high gender pay gap in Slovakia

The major Spanish daily portrays Slovakia as one of the EU countries with the highest level of gender inequality through the story of Svetlana Fialová.

5 most significant results of the municipal elections Photo

A slightly higher turnout and more independent candidates. Some results in the municipal elections came as a surprise.