In the third quarter of this year, Slovakia’s gross domestic product increased by 1.2 percent year-on-year.
The Statistics Office published the GDP flash estimate on Tuesday, adding that the GDP rose by 0.3 percent quarter-to quarter. The GDP created in the third quarter amounted to €28.3 billion, up by 8.8 percent year-on-year.
The volume of GDP exceeded a pre-crisis level from the same period in 2019 by 1.6 percent.
It was most likely households that supported the Slovak economy in the first place. Nevertheless, experts opine that rising inflation will force households to spend less.
In October 2022, consumer prices increased by 14.9 percent year-on-year. Food prices alone increased by 26.8 percent, the Statistics Office recently announced, the highest value in 22 years. In September, the inflation rate stood at 14.2 percent.
As the Statistics Office pointed out, car production also positively influenced the country’s economic performance after a long time. Conversely, a decrease in added value was recorded in the production of metals and metal structures due to the energy crisis.