Business News
Slovak economy falls 2.7 per cent in fourth quarter
Feb 12, 2010, 11:52 GMT
Bratislava - The contraction of Slovakia's gross domestic product (GDP) slowed to 2.7 per cent year-on-year in the fourth quarter of 2009, according to preliminary data released Friday.
In the third quarter of 2009, the economy shrank 4.9 per cent, year-on-year, according to a revision of earlier data.
The GDP fell 4.7 per cent in the whole of 2009 compared to the previous year, the office said in its flash estimate.
The Slovak economy's performance heavily relies on its car industry. Car scrapping incentives introduced in a number of European countries last year, including Slovakia itself, likely gave a boost to the ailing export-dependent economy.
Slovakia was spared the meltdown on the global financial markets, but its economy has been troubled by dropping demand from its export markets.
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