Bloomberg News

Slovak GDP Growth Decelerates as Euro Crisis Weigh on Economy

November 15, 2011

Nov. 15 (Bloomberg) -- Slovak economic growth slowed in the third quarter as Europe’s debt crisis damped demand for exports from the euro region’s second poorest member.

The economy expanded 2.9 percent from the same period last year, compared with a 3.5 percent advance in the second quarter, the Slovak Statistical Office said on its website, citing a flash estimate. The result compares with a median estimate of six economists for a 3 percent increase.

The Slovak economy relies on exports to drive growth, which makes it vulnerable to a slowdown in western Europe, its main trading partner. The Finance Ministry expects the economy to grow 3 percent in 2011, slowing from a 4.2 percent expansion in the previous year.

On a quarterly basis, the economy grew 0.7 percent from the second quarter, compared with 0.9 percent advance in the previous period. The office didn’t provide details on growth in a preliminary report today. It will release a final report on Dec. 6.

--Editors: Alan Crosby, Douglas Lytle

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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