Slovakia GDP Growth Eases in Q2

Analysis

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Slovakia's economic growth slowed in the three months ended June, after improving in the previous two quarters, preliminary figures from the Slovak Statistical Office (SÚSR) showed Tuesday.

Gross domestic product (GDP) grew an unadjusted 1.7% year-on-year in the second quarter, slower than the previous quarter's 3.1% increase.

On a seasonally adjusted basis, annual GDP growth eased to 1.6% in the June quarter from 3% in the March quarter.

The overall growth of the Slovak economy was supported mainly by domestic demand, driven by consumer demand, while the decrease in foreign demand continued, but was lower than in the first quarter, the Bratislava-based statistical office said.

Compared to the previous quarter, GDP expanded at a steady pace of 0.4% in the second quarter. Data also showed that total employment rose by 2.4% in the second quarter compared to last year.

After seasonal adjustments, total employment grew 2.1% yearly and 0.7% quarterly in the June quarter.

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