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Gross domestic product in the 2nd quarter of 2021
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Gross domestic product in the 2nd quarter of 2021

Last update: 03.09.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 03.09.2021

The economy grew by 9.6 %, in addition to exports, it was also affected by higher investment and domestic consumption

A year-on-year growth of economic performance was recorded in most sectors, but to reach the level of the corresponding period of the pre-pandemic year of 2019 the economy was still short of 2.3 %.

The recovery of the Slovak economy, which was already indicated by the values ​​from the 1st quarter, was fully realized in the second quarter. In the second quarter of 2021, gross domestic product (GDP) of the SR increased by 9.6 % year-on-year (at constant prices, not seasonally adjusted), which was the highest value recorded in the last thirteen years (since the 4th quarter of 2007). This sharp increase was expected, because a comparative base for the development of the current quarter was the last year's second quarter affected by pandemic with a significant decrease by 10.9 %.

Compared to the 1st quarter of 2021, seasonally adjusted GDP was higher by 2 % in real terms.

The volume of GDP reached EUR 24 billion at current prices, which is 11.8 % higher than GDP in the 2nd quarter of 2020.

Illustration image - Graph

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

Production method

Economic activity was very strong in the 2nd quarter, with a total gross value added in the amount of EUR 21.4 billion. A growth of this decisive component of GDP was 9.3 %, higher level of increase was last recorded in the 1st quarter of 2008. Economic performance almost reached the level before the pandemic, compared to the second quarter of 2019, it was only 2.7 % lower.

In total, as for the 10 groups of sectors, a year-on-year increase in gross value added reached 7, only three sectors surpassing the pre-covid level. Wholesale, retail; transportation and storage; accommodation and food service activities achieved not only a high year-on-year growth (12.9 %), but they also surpassed the year 2019 by almost 12 %, mostly owing to increases in internal trade. Higher performances were also recorded in real estate activities by 3 % year-on-year, exceeding the pre-covid level by 1.2 %. Public administration was also over the level of 2019.

A year-on-year decline in financial and insurance service activities remained by 14.3 %; arts, entertainment and recreation by 1.1 %; professional, scientific and technical service activities by 0.5 %.

A year-on-year double-digit growth in value added was recorded by significant sector of industry by 26.8 %, but compared with the pre-pandemic level (compared to the 2nd quarter of 2019), the performance was still lower by more than a tenth. In the 2nd quarter, the share of industry in GDP was 19 %, a growth in value added was recorded in almost all sectors. As for the significant sectors, a year-on-year increase was recorded in manufacture of motor vehicles by more than 76 %, manufacture of fabricated metal products except machinery and equipment by more than 36 %, manufacture of electrical equipment by more than 36 % and in manufacture of rubber and plastic products by more than 30 %. In ​​services, a significant rise of more than 34 % was recorded in wholesale and retail trade and in repair of motor vehicles and motorcycles.

The collection of net taxes on products was 12.6 % higher year-on-year.

Expenditure method

In the 2nd quarter of 2021, economic activity exceeded the level of the previous year and significantly approached the level of 2019. Compared to the first quarter, not only high growth in foreign demand contributed to the significant positive development (it was still considerably affected by automotive products), but also revived domestic demand. Foreign demand, which was growing for the past year, increased by even 40 % in the 2nd quarter of 2021.

Imports of goods and services also continued to rise highly, exceeding the level of the previous year by 39.6 %. The balance of foreign trade in goods and services thus reached EUR 10.6 million.

A positive development was recorded in domestic demand, which grew by 9.2 % after four quarters of drop. The development of domestic demand was again significantly influenced by increasing final consumption by 5.9 %, for which all components rose. The overall growth was mainly affected by higher final consumption of households by 5 %, but also final consumption of public administration by 8.7 % and non-profit institutions serving households by 3.9 %. In addition to final consumption, investment activities were also put in motion, after six quarters of declines, the growth rate of gross capital formation reached double-digit increase by 23.5 %, of which a rise in gross fixed capital formation was higher by 5.6 %.

Income method

As for the generated GDP1), remuneration of employees represented the amount of EUR 10,5 billion. Compared to the 2nd quarter of 2020, their volume increased by 7.6 %. Gross operating surplus and mixed income in the amount of EUR 10.9 billion increased by 17.8 %. The volume of taxes collected from production and imports increased by 8.2 % to EUR 2.9 billion. The value of subsidies was higher by 25.4 % and reached EUR 408.5 million.

Gross domestic product for the first half of 2021

In the 1st half of 2021, the nominal volume of GDP reached EUR 45.6 billion. It increased by 6.3 % year on year at current prices. It increased by 4.9 % at constant prices, while in the 1st half of 2020 it decreased by 7.4 %, it still lag behind 2.8 % compared to the pre-covid period (1st half of 2019).

In the 1st half of 2021, gross value added increased by 4.6 % year on year. Compared to the 1st half of 2020, an increase was recorded in all significant sectors, at most industry by 16.2 %, financial and insurance service activities by 13.6 %, wholesale and retail trade; transportation and storage; accommodation and food service activities by 4.7 % as well as real estate activities by 2.2 %. A decrease continued in construction by 2.8 %, value added in arts, entertainment and recreation; other activities was lower by 13.7 %, in professional, scientific and technical service activities by 7.1 %. The collection of net taxes on products was 7.6 % higher year-on-year.

Foreign demand was 23 % higher year-on-year. Domestic demand increased by 2.5 % due to a rise in gross capital formation by 10.8 % (of which gross fixed capital formation was still decreasing by 1.9 %). Final consumption expenditure of households also decreased by 0.5 % and public administration expenditure increased by 3.5 %. Expenditures in non-profit institutions serving households recorded a growth, increasing by 7.3%. Total consumption was higher by 0.6 %.



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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