GDP Flash estimate for Q1 2014 stands at 2.4 percent

IN THE first quarter of 2014, the gross domestic product at constant prices increased by 2.4 percent, as compared year-on-year. After seasonal adjustment, GDP rose by 2 percent as compared to the first quarter of 2013 and by 0.6 percent in comparison with the previous quarter, the Slovak Statistics Office (ŠÚ) wrote.

IN THE first quarter of 2014, the gross domestic product at constant prices increased by 2.4 percent, as compared year-on-year. After seasonal adjustment, GDP rose by 2 percent as compared to the first quarter of 2013 and by 0.6 percent in comparison with the previous quarter, the Slovak Statistics Office (ŠÚ) wrote.

The volume of GDP at current prices in Q1 2014 reached €17,022 million, which represented an increase by 1.9 percent compared to the same period of the previous year.

The total number of employmed in Q1 grew to 2.2 million. In annual terms it increased by 0.5 percent. Seasonally adjusted total employment rose by 0.3 percent as compared to Q1 2013 and by 0.2 percent as compared to Q4 2013, ŠÚ wrote.

The flash estimate is a positive surprise, the TASR newswire quoted economic analysts as saying. “The GDP in constant prices rose 0.6 percent compared to the previous quarter, while the dynamics of y/y growth sped up from 1.5 percent by the end of year to 2.4 percent,” UniCredit Bank Czech Republic and Slovakia analyst Ľubomír Koršňák said. “Based on the monthly statistics, we can suppose that the GDP growth has been boosted to a big extent by reviving household consumption, and private investments could, too, gradually have started lifting up from the bottom…”. Koršňák added that net exports probably also contributed to GDP growth.

“The growth of real GDP was stronger in Q1 2014 than expected, and it shows that the year-round growth can rather amount to around 2 percent, or even slightly above this number,” Slovenská Sporiteľňa bank analyst Martin Baláž told TASR. “The slow growth of nominal GDP represents, however, negative news for the public finances, as it will be reflected in the lower growth of tax revenues. The still positive economic sentiment in the eurozone hints that the economic revival should also continue in the upcoming quarters. The growth of the economies of our main business partners should have a positive impact on our economy, too,” he concluded.

(Source: ŠÚ, TASR)
Compiled by Zuzana Vilikovská from press reports
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