Slovakia’s economic growth improved further in the three months ended March, supported by strong domestic demand conditions, preliminary figures from the Statistical Office of the Slovak Republic showed Tuesday.
Gross domestic product grew an unadjusted 3.1 percent year-on-year in the first quarter, faster than previous quarter’s 1.4 percent increase.
On a seasonally adjusted basis, annual GDP growth accelerated to 3.0 percent in the March quarter from 1.2 percent in the December quarter.
The annual growth in GDP was mainly supported by domestic demand formed by both consumer and investment requirements, while foreign demand declined.
Compared to the previous quarter, the Slovakian economy expanded at a steady pace of 0.4 percent in the first quarter.
Data also showed that total employment rose by 2.1 percent in the first quarter compared to last year. After seasonal adjustments, total employment grew 1.9 percent yearly and 0.4 percent quarterly in the March quarter.