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Gross domestic product in the 1st quarter of 2020

Gross domestic product in the 1st quarter of 2020

Last update: 05.06.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 05.06.2020

After growing since 2010, real gross domestic product at constant prices declined by 3,7 % year-on-year.

After ten years of continuous growth, the development of the Slovak economy began in negative numbers in 2020. We recorded a decrease in the performance of some key sectors in the first months of the year. The declaration of a nationwide emergency situation in connection with the outbreak of the COVID 19 pandemic weakened the economy even further, which was subsequently reflected in a drop of the main macroeconomic indicators.

Real gross domestic product (GDP) at constant prices decreased by 3,7 % year-on-year.

After seasonal adjustment, it was lower by 5,2 % in real terms compared to the 4th quarter of 2019.

At current prices, the volume of GDP decreased by 0.8% and reached EUR 21 485,3 mil..

Development of gross domestic product - graph

According to the ESA 2010 methodology, GDP is quantified in three ways. Due to the available sources of information, the production method is decisive for the Slovak Republic.

Production method

Gross value added fell by 3,5 %, year on year, in the 1st quarter of 2020. A decrease in the performance was recorded in many sectors, of which the key industry sector by 3,5 %. Several services did not avoid a decline, most notably in financial and insurance activities by 42,1 %, construction by 25,2 %, arts, entertainment and recreation; other activities by 6,8 %, professional, scientific and technical activities by 5,7 %. Higher added value was maintained by sectors of public administration; education; health and social assistance by 5,5 %, information and communication activities by 5,3 %, agriculture by 1,8 % year-on-year. For the first time since 2016, the collection of net taxes on products also decreased; in the 1st quarter, their fall reached 4,8 %.

Expenditure method

In the 1st quarter of 2020, domestic demand maintained a growth, but its pace remained modest, compared to the 1st quarter of 2019, it increased by 0.9 p. p. to 2%. Expenditure items of final consumption increased only slightly by 1,1 % in total, year-on-year. However, all its components grew, final consumption of households increased by 1 %, final consumption of public administration by 1,1 % and final consumption of non-profit institutions serving households by 4,2 %.

A growth in gross capital formation reached 5,1 %, but gross fixed capital formation fell by 4,8 %.

The negative economic development was significantly affected by a deepening decrease in foreign demand for the fourth consecutive quarter, falling by 6,8 % in the 1st quarter of 2020. Import of goods and services was also slightly lower by 1,5 %.

Income method

Gross operating surplus and mixed incomes of the generated GDP by income method1)   amounted to EUR 9 995,7 million.  Compared to the 1st quarter of 2019, their volume decreased by 6 %. Remuneration of employees 2) in the amount of EUR 9 841 mil. increased by 4,7 %. The volume of collected taxes on production and imports decreased by 1,9 % to EUR 2 560,4 mil. The value of subsidies was lower by 7,6 % and reached EUR 911,8 mil..


Note: ESA 2010 methodology; unless otherwise stated, absolute values and structure are at current prices, data on year-on-year development are calculated from constant prices by chain procedure of volumes to the reference year 2015
1) absolute values and data on year-on-year development are at current prices
2) remunerations of employees (residents or non-residents) are paid off by residential employers p.p. percentage point
Source: SOSR, DATAcube (nu0002qs, nu0003qs, nu0004qs, nu0005qs, nu0006qs)

 

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