The growth of the Slovak economy slowed down in the 2nd quarter, employment continued to decline
The performance of the Slovak economy maintained a growth, but it was lower than at the beginning of the year. Gross domestic product (GDP) at constant prices1) in the second quarter of 2024 rose by 1.9% year-on-year. After seasonal adjustment, GDP increased by 2.1% year-on-year and by 0.4% quarter-on-quarter.2)
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During the second quarter of 2024, the value of GDP at current prices reached EUR 32.4 billion, which represented a year-on-year increase by EUR 2 billion. After converting to constant prices, the value of GDP reached EUR 24 billion and year-on-year growth in constant prices thus reached EUR 449 million.
The growth of the gross domestic product in the 2nd quarter of 2024 at constant prices was mainly affected by domestic demand, and in particular by the final consumption of households and public administration.
Total employment in the reference period reached 2 million 426 thousand persons and it decreased by 0.3% year-on-year. After seasonal adjustment, the number of employed dropped by 0.2% year-on-year and quarter-on-quarter (compared to Q1 2024) it remained at the same level.
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