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The performance of the Slovak economy in 2018 was refined to 4,0 %

The performance of the Slovak economy in 2018 was refined to 4,0 %

Last update: 08.10.2019
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Publish Date: 08.10.2019

In 2018, the Slovak economy increased by 4 %. The Statistical Office of the SR have released today the preliminary estimate of annual economic performance which refined the first estimate of quarterly data. The impact of the large benchmark revision of the entire system of national accounts was exceptionally incorporated into the estimate. At the same time, the SO SR started releasing all the revised information, including GDP, since 1995. The change in the real GDP in individual years ranges from -1,0 percentage points to +0,7 p.p..

In 2018, the year-on-year growth of the gross domestic product (GDP) of the Slovak Republic reached 4,0 % at constant prices calculated by the chain of volumes. The SO SR publishes the specification of the first estimate of GDP always in autumn of the following year, after the previously known results of quarterly data supplemented with information from annual surveys. The current refinement for 2018 also includes adjustments resulting from the major benchmark revision which has been reflected in the entire system of quarterly national accounts since 1995.

"The major benchmark revision is the result of dozens of different refinements and methodological adjustments. The revision is carried out by all EU countries, most of them in 2019. The aim is to refine data on the most important macroeconomic indicators monitoring the performance of individual economies according to the latest available information" stated Alena Illiťová, the General Director of the Macroeconomic Statistics Section of the SO SR.

More than 40 employees of the Statistical Office of the SR have been working on the revision since the previous benchmark revision in 2014, with the demanding finalization over the last three months.

In individual years, the impact of the revision on other current GDP figures in ranges from -1,0 p.p. to +0,7 p.p. at constant prices by chaining volumes and at current prices from -1,0 p.p. to +0,6 p.p.

The aim of the major revision was the incorporation of the updated data sources and methodological refinements for various national accounts indicators.

When converting the data into constant prices by chaining volumes, the base year changed from 2010 to 2015.

The adjustments were made in accordance with the Harmonized European Review Policy for Macroeconomic Statistics and the national review policy. Thousands of revised data will be gradually released from Tuesday 8 October to Friday 18 October 2019.

This benchmark revision has an impact both on the Gross National Income (GNI) and the autumn so-called EDP notifications (Excessive Deficit Procedure) which assesses the general government outcome. This information will be released on 21 October 2019, at the website of the SO SR www.statistics.sk.

More information can be found in the methodological notes.

 

Revised data published in October 2019::

Original data before benchmark revision stored in archive::


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  • Statistical Office of the SR
  • Miletičova 3
  • 824 67 Bratislava
  • Slovak Republic
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While publishing of the whole information report or its parts, please state the source of information, the Statistical Office of the Slovak Republic

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