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Slovak Economy Growing Again, Gaining 4.8 percent in 1Q10
Friday 04 June 2010 Zoom in | Print page
Bratislava, June 4 (TASR) - Following last year's period of slumps, Slovakia's economy grew by 4.8 percent year-on-year in the first quarter of 2010, the Slovak Stats Office reported on Friday, revising its preliminary estimate of 4.6 percent. Gross domestic product (GDP) grew by 0.8 percent quarter-on-quarter.
Over the first three months this year, the Slovak economy, driven mainly by foreign demand, produced a volume of €15.07 billion. Exports rose by 16.8 percent, and domestic demand was 0.9 percent higher on a y-o-y basis.
Official prognoses state that Slovakia's economy should revive, achieving among the most rapid levels of growth in the European Union. According to the current mid-term prediction published by Slovakia's central bank (NBS), the national economy will expand by 3.2 percent this year. NBS's prediction is more optimistic than that of the Finance Ministry at 2.8 percent.
Hit by the global economic recession last year, Slovakia's economy plummeted by 4.7 percent in 2009, a development seen mainly as the result of a sharp decrease in foreign demand. This followed marked growth of 6.2 percent in 2008.
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