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NBS: Economy Did Better than Expected in 1Q10 but Not Job Growth
Tuesday 25 May 2010 Zoom in | Print page
Bratislava, May 25 (TASR) - Developments in Slovak economy in the first quarter of 2010 were slightly more favourable than the country's central bank NBS expected but, in turn, a year-on-year drop in the employment rate was greater than NBS had foreseen, according to NBS's latest monthly report on the Slovak economy released on Tuesday.
The Slovak Statistics Office said recently in its preliminary estimate that the gross domestic product grew by 4.6 percent year-on-year in the first three months of 2010 and by 0.8 percent quarter-on-quarter. The Stats Office also reported that the total employment rate fell by 3 percent compared to the first quarter of 2009 and by 0.6 percent compared to the fourth quarter of 2009.
According to NBS, the industrial production index recorded an increase in March in annual terms, which was triggered by the gradual revival of production of Slovakia's business partners and an overall positive economic sentiment.
However, the overall indicator of economic sentiment fell in April month-on-month following months of increases. This is mainly due to a drop in confidence in industry, which was particularly connected to expectations of lower growth in industrial production.
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