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Financial News: Slovakia Q3 GDP Expands More Than Estimated

Slovakia Q3 GDP Expands More Than Estimated

12/06/2022 - 08:53:00 (RTTNews)

(RTTNews) - The Slovakian economy advanced more than initially estimated in the three months ended September, underpinned by consumer, investment, and foreign demand, the latest figures from the Statistical Office of the Slovak Republic showed on Tuesday.

Gross domestic product grew an unadjusted 1.4 percent year-on-year in the third quarter, slightly above the previous quarter's 1.3 percent increase.

That was also above the 1.2 percent rise estimated initially on November 15.

On the expenditure side, foreign demand, or exports, climbed 8.8 percent in the third quarter, while imports grew at a slower pace. As a consequence, net exports powered the economy, and domestic demand remained unchanged annually due to household consumption, which rose by 3.0 percent despite double-digit inflation.

Gross fixed capital formation increased notably by 8.2 percent, while the government consumption expenditure logged a slight decline.

On a quarterly basis, GDP rose a seasonally adjusted 0.4 percent from the second quarter, when it expanded by 0.3 percent. In the flash report, the growth rate for the September quarter was 0.3 percent.

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