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Slovak economy growth declines in Q3

Figures

Photo by Feng Yu / Shutterstock.com

Slovakia's gross domestic product (GDP) advanced by 1.3% year-on-year in the third quarter of 2021, following a 9.6% growth in the previous three-month, a preliminary estimate from the Slovak Statistical Office (SÚSR) showed on Tuesday.

The slight expansion of the Slovak economy was driven solely by domestic demand, while foreign demand declined. On the production side, growth was supported, except for the automotive industry sector, more significantly by the manufacture of metal structures sector, machinery and equipment sector, and warehousing and support activities for the transportation sector.

On the contrary, a decline was recorded mainly in construction and land transport. On a seasonally adjusted quarterly basis, the economy expanded 0.4%, following a downwardly revised 1.9% rise in the second quarter of 2021. 

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