01.07.2011

The current issue focuses on the recent release of the preliminary Q1 2011 GDP data, pointing to an upward revision compared to the flash estimates. GDP growth in Q1 2011 has been revised upwards to 3.4% yoy (s.a. data) compared to the 2.5% flash estimate released a month ago. GDP growth has proved higher than 2.5% yoy EU average as well. Latest projections of some independent analytical groups are also largely in line with the government forecasts of 3.6% real GDP growth in 2011 and even by up to 0.5 pps more positive than the 4.1% government projection for 2012.

Export was the most important growth engine, though there were also signs of recovery on the domestic market with the positive contribution of private consumption. Labour productivity further increased in Q1, thus supporting the continuing decrease in real ULC and cost-related competitiveness sustainment in the tradable sector.

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