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Flash estimate of Gross domestic product and Total employment by ESA 2010 in the 3rd quarter of 2020

Flash estimate of Gross domestic product and Total employment by ESA 2010 in the 3rd quarter of 2020

Last update: 13.11.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 13.11.2020

In the third quarter, the Slovak economy was more efficient than expected, the flash estimate of GDP indicated a year-on-year drop only by 2,4 %

In the third quarter of 2020 the gross domestic product (GDP) at constant prices 1) decreased by 2.4 % as compared to the same quarter of 2019. After seasonal adjustment, GDP decreased by 2.2 % as compared to the third quarter of 2019 and increased by 11.7 % in comparison with the previous quarter. 2) 3)

The volume of GDP at current prices in the third quarter of 2020 reached EUR 24,442.2 million what represented the decrease by 0.3 % in comparison with the same quarter of 2019.

The year-on-year development of value added indicates a gradual return to the previous trend before the pandemic situation caused by the coronavirus. Increased activity in the last month of the second quarter in key industries, especially automotive, continued in the third quarter. The significantly positive balance of foreign trade was driven mainly by foreign demand in the area of automotive statements and thus significantly contributes to a gradual return to normal.

Total employment in the reference period reached 2,391.1 thousand persons. In comparison with the third quarter of 2019 it decreased by 2.5 %. Seasonally adjusted total employment decreased by 2.1 % as compared to the third quarter of 2019 and by 0.3 % as compared to the second quarter of 2020.

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 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 December 4, 2020 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 third quarter of 2020.


Notice: the flash estimate is compiled in accordance with the ESA 2010 methodology and is based on the first processed results for the total economy; total employment (according to ESA 2010) is presented as the number of employed persons (employees and self-employed);
1) chain-linked volumes with reference year 2015
2) seasonally adjusted results are revised each quarter along the whole time series
3) In accordance with Eurostat's guidance on treatment of COVID-19 crisis effects on time series data, the values for 1Q2020, 2Q2020 and 3Q2020 were modelled as additive outliers. The sharp increase in seasonally adjusted GDP compared to the previous quarter is due to the economic recovery and the lifting of restrictive measures in the third quarter of 2020. When the following quarters become available, the type of outliers may be changed, depending on the economic impact of the COVID-19 crisis on the time series.

 

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