Macro Analysis /

Slovakia: GDP growth accelerates to lower-than-expected 9.6% y/y in Q2 - flash estimate

    17 August 2021
    • Annual GDP growth broadly in line with that of budget responsibility council RRZ, lower than that of government, but strongest since Q4 2007
    • Economic activity up by 2% q/q, stronger than market, RRZ forecasts, in line with central bank's
    • Employment continues to contract, at slower pace thanks to government support, lifting of restrictions
    • High-frequency indicators overall support flash estimates, recovery driven by domestic, foreign demand, as well as industry, construction
    • Q3 GDP growth to remain strong on favourable epidemiological situation, but to moderate on exhaustion of low base effects