BRATISLAVA, January 5, (WEBNOVINY) — Foreign demand remains the major driving force behind the Slovak economy. Last year confirmed this trend maybe even more strongly than in previous years. Foreign demand underpinned GDP growth, while local demand again stagnated. Households and public administration behaved thriftier than in 2010.
Bank analysts prognosticate real GDP growth for 2011 at 3 percent, which would mean a slowdown from 4.2 percent in 2010. Stronger growth was expected at the beginning but events from mid-2011 deteriorated the outlook considerably. Real growth of GDP beat its pre-crisis maximum in Q1 2011, signs of eurozone’s downturn became more apparent in the remaining months,” analyst with Slovenska sporitelna Sona Muzikarova elaborated.
This was the reason why y/y growth of the Slovak economy slowed down in H2 2011. In Q1 2011, the economic activity bolstered 3.4 percent and 3.5 percent in Q2, Q3 brought about a slowdown to 3 percent of GDP. The Slovak economy maintained a relatively solid expansion on a quarterly basis, 0.8 percent. Bank analysts project GDP growth for Q4 2011 at a mere 2.4 percent.
SITA
