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Slovakia economy grows strongly in Q2

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Slovakia's economy growth improved sharply in the second quarter, mainly due to the low base effect, preliminary estimates from the Slovak Statistical Office (SÚSR) showed Tuesday.

Gross domestic product (GDP) grew a non-seasonally adjusted 9.6% year-on-year after a 0.2% increase in the first quarter, which was revised from 0.3%.

On a seasonally adjusted basis, GDP grew 10.2% annually after a 0.3% rise in the first three months of the year, revised from 0.5%. Compared to the previous quarter, the economy grew a seasonally adjusted 2.0% in the second quarter following a 1.4% fall in the Q1, revised from 1.8%. "Slovak economy recorded the highest increase since the last quarter of 2007," the Bratislava-based statistical office said.

The agency attributed the increase mainly to low previous basis, since there was significant economic slowdown in second quarter of 2020 caused by measures adopted by the government during the first wave of the COVID-19 pandemic. In the Q2 last year, GDP fell almost an annual 11%.

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