BRATISLAVA, August 13, (WEBNOVINY) — The Slovak economy continued to grow in the second quarter of this year, though at a slightly slower pace compared with the first quarter. While in the first quarter the economy grew 4.8 percent year-on-year, in the second quarter it was by 4.6 percent, according to a flash estimate of the Statistics Office released on Friday. Overall GDP formed in the second quarter totaled EUR 16.340 billion, which represents y/y growth in current prices 4.8 percent.
Net of seasonal influences, GDP in the second quarter at constant prices totaled EUR 12.507 billion, which is 4.9 percent more than in the same period last year. The flash estimate of G2 GDP growth will be updated on September 2. As the first half of the year already showed, the Slovak economy has returned to growth. The National Bank expects GDP growth for the current year of 3.7 percent and in 2011 of 4.3 percent. The latest projections of the Ministry of Finance forecasts economic growth for this year at 3.2 percent and 3.8 percent next year.
After years of high economic growth Slovakia experienced a contraction last year as a result of the global economic crisis and rapid decline in foreign demand. While in 2008, Slovakia’s economy grew by more than six percent, last year it contracted by 4.7 percent.
SITA
