Slovak GDP (gross domestic product) in 2016 increased by 3.3 percent on an annual basis, according to a preliminary estimate released by the Slovak Statistics Office on Tuesday.
According to UniCredit bank analyst Lubomir Korsnak, the key driver of growth was Slovak exports. “The Slovak industry performed very strongly last year, especially in the last quarter. It has taken advantage of the fast growth of demand, mainly in Europe,” he said.
J&T Banka analyst Stanislav Panis pointed out that household consumption continued to grow for 12 quarters in a row. “Households were boosted by a further drop in unemployment and continuing growth of real disposable incomes in a low-inflation environment with low interest rates and relaxed credit standards, while consumer trust was reaching pre-crisis levels,” he said.
Both economists expect that Slovakia’s GDP should increase by 3.2 percent this year, driven by a restart of investments, continuing growth in household consumption reacting to a strong labor market, and a revival of European economies as indicated by recent economic sentiment indicators across the continent. Enditem