Slovakia: 1Q09 GDP decline

Economy contracted by 5.6% in 1Q09 largely due to investments and stock adjustment The Statistical Office slightly revised its estimate of real GDP decline in 1Q09 downwards from preliminary – 5.4% y/y to -5.6% y/y. The structure of GDP did not look that scary as the headline figure. Lower investment inventories were the main culprit behind the decline (contributed around 3pp to the y/y decline). Industrial factories, facing sharp drop in foreign demand at the end of 2008 were adjusting the

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