The growth of Slovakia’s economy came as a positive surprise to analysts.
The gross domestic product at constant prices increased in the final quarter of 2019 by 2.1 percent year-on-year. After seasonal adjustment, GDP rose by 1.9 percent y-o-y and 0.6 percent compared to the previous quarter.
The volume of GDP at current prices in the fourth quarter of 2019 amounted to €24.2942 billion, up by 5.1 percent y-o-y, according to the flash estimate published by the Statistics Office on February 14.
“The growth was slightly higher than we expected,” Mária Valachyová, chief economist at Slovenská Sporiteľňa, wrote in a memo. Their expectation was 1.8 percent y-o-y.
She also considers the increase in the quarterly growth tempo a good signal, particularly after previous indicators showed a relatively weaker industrial performance.
Domestic demand and services
Since the Statistics Office will publish updated results on March 6, 2020, it is not clear what helped the growth.
17. Feb 2020 at 12:54 | Compiled by Spectator staff