slovakia growth in slight q3 drop
News Posted On: 12 November 2010
Slovakia, the fastest growing economy in the EU this year saw growth slow in the third quarter according to preliminary data. Unadjusted data from the Statistical Office of the Slovak Republic showed that Slovakian Gross Domestic Product grew 3.7% year on year in the third quarter, compared to the 4.7% growth recorded in Q2, and 4.8% in Q1, which was the first growth seen since Q4 2008.
When the data was adjusted for seasonal trends the growth went up to 4.1% year on year in the third quarter. The office also recorded a 0.7% drop in unemployment compared to last year. September saw the Slovak Finance Ministry increase its forecast for economic growth this year from the June estimate of 3.2% to 4%, on the basis that the country's main trading partners are experiencing faster-than-expected recoveries, and that this would boost Slovakian exports.
This was tempered by news that the slowdown in the recovery next year could be more pronounced than previously thought, with most European nations going into deep austerity and adopting tighter fiscal policies. Because of the expected drop in demand and consumption this will cause, the Slovak finance ministry lowered its 2011 forecast from 3.8% to 3.3%.
The forecasts of the finance ministry are similar to those of the Central Bank, but in reverse. The Central Bank forecasts a growth of 3.7% for 2010 and 4.3% for 2011. Fate would seem to be on the side of the Finance Ministry, the austerity measures set to be adopted throughout Europe next year can only dent consumer confidence, and with it demand and imports, hurting countries like Slovakia, but time will tell.
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