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Statistical Office of the Slovak Republic : Gross domestic product in the 4th quarter of 2012

03/06/2013 | 04:31am US/Eastern

In the 4th quarter, gross domestic product increased actually by 0,7 %. This growth was more moderate by 3,1 p.p. than in the 4th quarter of 2011. In quarter-on-quarter comparison (the 4th quarter of 2012 compared with 3rd quarter of 2012), it increased by 0,2 % after seasonal adjustment. The volume of GDP rose by 2 %, year-on-year, at current prices to EUR 18 212,1 million.

In the 4th quarter, similarly to the previous quarters, the economic growth was affected exclusively by the growth of the foreign demand. Export of goods and services increased by 7,1 %, year-on-year, which constituted by 2,9 p.p. more than the increase in imports of goods and services. Domestic demand deepened its year-on-year decline by 1,1 p.p. to 1,9 % as a result of reducing almost in all of its expenditure components. Production of gross capital recorded the deepest a year-on-year decline by 5,8 % and production of gross fixed capital decreased by 5 %. Final consumption of households was also lower by 1,2 % and final consumption of public administration by 0,3 %. Final consumption of non-profit associations for households remained at the last year´s level.

In the 4th quarter, gross production was generated in the amount of EUR 44 549,7 million, of which intermediate consumption accounted for EUR 27 898,8 million and added value amounted to EUR 16 650,9 million. Net taxes on products amounted to 1 561,2 million. Compared with the 4th quarter of 2011, the gross production remained at the same level, intermediate consumption decreased by 1,7 % and added value increased by 3 %. The volume of net taxes on products decreased by 19 %. The share of intermediate consumption in gross production fell by 0,8 p.p. to 62,6 %, the share of added value in gross production increased by 0,8 p.p. to 37,4 %.

The total level of added value was affected most by industry which represented 26,9 % (of which manufacturing 21,1 %). There was a significant share of sectoral groupings, such as trade; transportation and storage; accommodation and food service activities 19,3 %, public administration; education; human health and social work activities 14,7 %. Compared with the 4th quarter of 2011, the share of manufacturing increased the most by 1 p.p., the deepest decline was registered in construction by 1,3 p.p.

In terms of production, the development of GDP in the 4th quarter was affected by the added value growth, mostly in sector of information and communication by 11,2 %. Higher added value was also registered in industry by 10,6 % (of which manufacturing by 13,3 %), professional, scientific and technical activities; administrative service activities by 7 %, wholesale and retail trade, repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities by 2,4 %, real estate activities by 2 %, public administration, defence and compulsory social security; education; human health and social work activities by 1,5 %, financial and insurance activities by 1,1 %. In other sectors, the added value did not reach the last year´s level. The deepest relative decline was recorded in agriculture, forestry and fishing and in construction equally by 9,2 %.

Gross operation surplus and mixed incomes represented EUR 9 490 million of the produced gross domestic product by income approach 1) with a year-on-year growth by 5,9 %. Remunerations of employees 2) in the amount of EUR 7 276,3 million increased by 3,1 %. The volume of collected taxes on production and on import decreased by 13,6 % to EUR 1 832,9 million. The value of subsidies was higher by 36,6 % and amounted to EUR 387,2 million.

In 2012, the volume of gross domestic product amounted to EUR 71 463 million. Compared with 2011, it rose by 3,4 % at current prices. A year-on-year growth rate of GDP moderated by 1,2 p.p. to 2 % at constant prices.

Note: by ESA 95 methodology; unless otherwise stated, absolute values and structure are at current prices, data on year-on-year development are calculated from constant prices by chain procedure of volumes to the reference year 2005
1) absolute values and data on year-on-year development are at current prices
2) bonuses of employees (residents or non-residents) are paid off by residential employers
p.p. percentage point

Issued by:

More detailed information:

Statistical Office of the SR

Section of National Accounts


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