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Slovakia’s economy continues growing

SLOVAKIA’S economic growth also continued in the third quarter of this year. It stood at 2.4 percent of GDP, which is 0.9 percentage points more than last year, confirming the flash estimate from November. Compared to the previous quarter, the volume of the GDP, after seasonal adjustment, rose by 0.6 percent.

SLOVAKIA’S economic growth also continued in the third quarter of this year. It stood at 2.4 percent of GDP, which is 0.9 percentage points more than last year, confirming the flash estimate from November. Compared to the previous quarter, the volume of the GDP, after seasonal adjustment, rose by 0.6 percent.

In absolute terms, the GDP reached the €19.8462 billion, the data published by the Statistics Office (ŠÚ) on December 3 suggest.

In the structure of the combined demand, the domestic demand increased by 2.8 percent and foreign demand by 1.6 percent in 3Q. The domestic demand was affected mostly by higher gross capital formation representing an increase by 5.3 percent (of which gross fixed capital formation by 7.7 percent). The expenditures on final consumption grew by 2 percent year-on-tear in total, of which final consumption of public administration increased by 3.3 percent, final consumption of households by 1.6 percent and final consumption of non-profit associations for households by 1.1 percent. The growth dynamics in the export of goods and services, however, slowed down by 1.7 percentage points y/y to 1.6 percent, while the growth rate of imports of goods and services speeded up by 0.3 percentage points to 1.7 percent, according to ŠÚ.

Real growth of gross domestic product was generated by higher added value in agriculture by 8 percent y/y; public administration, education, human health and social work activities by 5.9 percent y/y; in wholesale and retail trade, repair of motor vehicles and motorcycles; transportation and storage, and accommodation and food service activities by 4.3 percent y/y; real estate activities by 3.5 percent y/y; information and communication by 2.1 percent y/y; industry by 1.6 percent (of which in manufacturing by 2.1 percent); arts, entertainment and recreation and in other service activities by 0.3 percent y/y.

A decline of added value was recorded in professional, scientific and technical activities, and administrative services by 3.1 percent y/y; financial and insurance activities by 1.5 percent y/y and in construction by 0.9 percent y/y. The growth of GDP was also positively affected by net taxes on products which increased by 1.1 percent y/y.

Gross operation surplus and mixed incomes represented €10.9694 billion of the produced gross domestic product by income approach. Compared with the 3Q of 2013, their volume grew by 0.6 percent. Remunerations of employees at €7.1097 billion increased by 5.5 percent, while the volume of collected taxes on production and on import decreased by 0.4 percent to €2.0026 billion. The value of subsidies was lower by 8.2 percent and amounted to €235.5 million.

In the 1Q-3Q of 2014, the production of the GDP amounted to €55.9418 billion. It rose by 2 percent at current prices, compared with the same period of 2013. At constant prices, an annual growth rate of GDP speeded up by 1.2 percentage points to 2.4 percent, ŠÚ data suggest.

Source: Statistics Office website

Compiled by Radka Minarechová from press reports

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