The Slovak economy in the fourth quarter of 2020 did not deepen the drop more significantly, by the flash estimate, the year-on-year decrease of GDP reached 2,7 %
In the fourth quarter of 2020, the gross domestic product (GDP) at constant prices 1) decreased by 2.7 % as compared to the same quarter of 2019. After seasonal adjustment GDP decreased by 2.7 % as compared to the fourth quarter of 2019 and increased by 0.2 % in comparison with the previous quarter. 2) 3)
The volume of GDP at current prices in the fourth quarter of 2020 reached EUR 24,082.8 million what represented the decrease by 0.4 % in comparison with the same quarter of 2019.
Despite second wave of COVID-19 pandemic, which hit population harder than the first one, the economy of the SR did quite well and performance of several industries was surprising (car industry, construction). The result was year-on-year development of GDP comparable to the 3rd Quarter of 2020, which was at the same time much better in comparison with the 2nd Quarter of 2020, when first wave of pandemic occurred. External balance of goods and services was positive also in the 4th Quarter of 2020, important role played external demand related to products of car industry.
Total employment in the reference period reached 2,401.6 thousand persons. In comparison with the fourth quarter of 2019 it decreased by 2 %. Seasonally adjusted total employment decreased by 2.1 % as compared to the fourth quarter of 2019 and increased by 0.2 % as compared to the third quarter of 2020. 4)
Please note that due to the current exceptional situation with regard to COVID-19, the data may be revised to a greater extent than usual. This is due to the higher share of estimates due to the limited availability of information from data sources. We would like to thank to all the companies that, in the current difficult situation, provided the Statistical Office of the Slovak Republic with the primary data needed to compile GDP and employment.
Flash estimate of gross domestic product and total employment will be updated and supplemented with other structures of the indicators on the basis of subsequent available statistical and administrative data. The data will be published on March 5, 2021 at 9,00 am on the web page of the SO SR and in the publication Statistical report on basic development tendencies in economy of the Slovak Republic in the fourth quarter of 2020.
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