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Gross domestic product in the 4th quarter of 2019

Gross domestic product in the 4th quarter of 2019

Last update: 06.03.2020
ESA 2010 - Európsky systém národných účtov
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 06.03.2020

The performance of the key sectors continues to decline, as foreign demand and imports of goods and services decreased.

In the 4th quarter of 2019, the slowing economic development, which started at the beginning of the year, eased and did not fall below 2 %. The year-on-year increase of the gross domestic product (GDP) at constant prices reached 2 %, but it was by 1,5 p.p. lower than in the 4th quarter of 2018.

In quarter-on-quarter comparison (4th quarter compared to 3rd quarter), the GDP volume increased by 0,6 % in real terms after seasonal adjustment.

The total GDP volume at current prices amounted to EUR 24 268 million and it year-on-year rose by 5 %.

Development of gross domestic product - graph

According to ESA 2010 methodology, GDP is quantified in three ways. In view of the available sources of information, the production method is decisive for Slovakia.

Production method

In the 4th quarter, the value added of the generated gross domestic product represented EUR 21 574,9 million with a 1,9 % year-on-year increase. The value added mainly rose in most sectors: financial and insurance activities by 35,3 %, in information and communication by 8,2 %, real estate activities by 4 %, public administration; education; health and social work activities by 3,9 %, agriculture by 1,5 % and in professional, scientific and technical activities by 0,1 %. A fall was recorded in wholesale and retail trade, repair of motor vehicles and motorcycles; transportation and storage; accommodation and catering services by 1,8 %, construction by 0,7 % arts, entertainment and recreation; other service activities by 0,6 % and in industry by 0,5 %. Collection of net taxes on products rose by 3,2 %.

Expenditure method

As in the previous two quarters, in the last quarter of 2019 economic growth was mainly affected by domestic demand, which rose by 2.1%.

As in the previous two quarters, in the last quarter of 2019 economic growth was mainly affected by domestic demand, which rose by 2,1 %. In its structure, all expenditure items of final consumption rose by 2,7 % in total. Final consumption of households increased by 2,1 %, public administration by 3,9 % and non-profit institutions serving households by 7,3 %.

Gross capital formation remained the same year-on-year, of which gross fixed capital formation increased by 6,2 %.

Foreign trade decreased for the third consecutive quarter, compared with 4th quarter of 2018 it dropped by 0,5 %. For the first time in 2019 import of products and services recorded a drop, it decreased by 0,5 % year-on-year.

Income method

Gross operating surplus and mixed incomes of the generated GDP by income method1)   amounted to EUR 10 754,9 million. Compared with the 4th quarter of 2018, it increased by 4,2 % Remunerations of employees  2) in the amount of EUR 10 892,5 million increased by 5,8 %. The volume of collected taxes on production and imports increased by 7,5 % to EUR 3 084,4 million. The value of subsidies increased by 23,3 % and amounted to EUR 463,8 million.  

In 2019, the gross domestic product formation reached EUR 94 177 million. Compared with the corresponding period in 2018, it increased by 5 % at current prices. It increased by 2,3 % at constant prices, which was by 1,7 p.p. less than in 2018.

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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