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Statistical Office of the Slovak Republic : Gross domestic product in the 3rd quarter of 2012

12/06/2012 | 04:19am US/Eastern

A year-on-year economic growth was recorded in the SR in the third quarter of this year too, however, the dynamics of the growth moderated at constant prices to 2,1 %. After data revision, the GDP increased by 2,9 % in the 1st quarter and by 2,6 % in the 2nd quarter. In quarter-on-quarter comparison (the 3rd quarter compared with 2nd quarter), the volume of GDP increased really by 0,6 % after seasonal adjustment. In absolute terms, the GDP amounted to EUR 18 879 million and it rose, year-on-year, by 3,7 % at current prices.

In the 3rd quarter, performance of economy increased mostly as a result of continuing increase of the foreign demand. Export of goods and services increased by 11,6 %, year-on-year, which constituted by 1,4 p.p. more than in the 3rd quarter 2011. Import of goods and services also increased by 5,7 %. All the expenditure items contributed to the decline of domestic demand by 3,3 %. The production of gross capital decreased the most significantly, by 10,2 % (of which gross fixed capital decreased by 3,7 %). Final consumption of households decreased by 0,6 %, final consumption of public administration by 0,4 % and consumption of non-profit associations for households by 0,3 %.

Added value represented EUR 17 377,4 million of the produced gross domestic product in the 3rd quarter. The highest volume of the total added value was produced by industry 27,2 % (of which manufacturing 22 %). A significant share was also reached in the following sectors: trade; transportation and storage; accommodation and food service activities and accounted for 20,8 %, public administration; education; human health and social work activities constituted 12,2 %. Compared with the 3rd quarter of 2011, the share of manufacturing increased most by 1,3 p.p., the sharpest decline was recorded in sector of construction by 0,7 p.p.

The volume of added value increased by 2,8 %, compared with the 3rd quarter of 2011. In terms of individual sectoral groupings, positive development was registered in industry by 10,4 % (of which in manufacturing by 13,3 %). Higher added value was recorded in real estate activities by 11,2 %, information and communication as well as arts, entertainment and recreation; other service activities equally by 4,2 %, public administration, defence, compulsory social security; education; human health and social work activities by 1,7 %. In the other sectors, the added value did not reach the last year´s level. The highest relative decrease was in wholesale and retail trade, repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities by 4,6 % and in financial and insurance activities by 3 %.

Gross operation surplus and mixed incomes represented EUR 11 026,5 million of the produced gross domestic product by income approach 1), there was a year-on-year increase by 7,1 %. Remuneration of employees 2) in the amount of EUR 6 528,5 million increased by 1,7 %. The volume of collected taxes on production and on import increased by 0,6 % to EUR 1 786 million. Value of subsidies was higher by 59,7 % and reached EUR 461,9 million.

In the 1st - 3rd quarter, the volume of gross domestic product amounted to EUR 53 251 million. Compared with the corresponding period last year, it rose by 3,9 % at current prices. It increased at constant prices by 2,5 %.

___________________________________
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

Macroeconomic Statistics Section

Mileti

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