Slovak GDP up on household spending, investments increase

GMT 19:36 2015 Friday ,04 December

Arab Today, arab today Slovak GDP up on household spending, investments increase

Bratislava - XINHUA

Investments and domestic demand were the main factors that contributed to a 3.7-percent GDP growth in Slovakia in the third quarter of 2015.

"The economy is doing really well. It appears that it has quite a good potential to finish the entire 2015 successfully," pointed out Home Credit analyst Michal Kozub on Friday.

Investments saw growth mainly because the economy had been torpid for quite a long time.

"The need for investments accumulated and now, when the economy has accelerated, companies have begun investing as well. Investment activities have now geared up to the max, pulling the entire economy along," added Kozub.

Nevertheless, the economy can't rely on the investment boom forever.

"As quickly as investments came, they also can fade away. They'll return to normal, and the main driver of the economy will disappear. So, it's necessary that the growth is anchored in more spheres," expressed Kozub.

Meanwhile, household consumption rose to its highest level this year in the third quarter of this year.

"Consumers are currently enjoying a relatively good situation, with prices being flat and salaries rising," said Kozub.

Due to the good results in Q3, Kozub has increased the estimate of growth to reach 3.4 percent y-o-y in 2015 and 3.5 percent in 2016.

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