Skip to main content link using access key S. Statistical Office SR
PortalMenuPortlet
Gross domestic product in the 3rd quarter of 2020

Gross domestic product in the 3rd quarter of 2020

Last update: 04.12.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 04.12.2020

Gross domestic product decreased only by 2,4 % in the third quarter, the economy was driven by exports and household consumption

In the third quarter of 2020, the gross domestic product (GDP) of the Slovak Republic decreased by 2,4 % year-on-year (at constant prices, not seasonally adjusted). As expected, a decline was the slightest compared to the decline in the first and especially the second quarter of 2020, which was significantly marked by the COVID-19 pandemic. In the 3rd quarter, a performance of the economy thus approached the last year's level, but it did not reach positive numbers. A decisive share in the result recorded the foreign demand, which managed to start so much that it achieved a year-on-year growth of 0,7 %.

Compared to the 2nd quarter, seasonally adjusted GDP was higher by 11,6 % in real terms.

The volume of GDP at current prices reached almost 24,5 billion EUR, which is by 0,3 % lower than GDP in the 3rd quarter of 2019.

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 a decisive for the Slovak Republic.

Production method

The gross added value as a decisive component of the GDP was by 2,8 % lower at constant prices year-on-year. Compared to the second quarter of 2020, we record a significant slowdown in a decrease in added value in both industry and services. Most branches thus corrected a rate of decline in gross added value from the 2nd quarter, but only a part of them recorded a growth year-on-year.

In the third quarter, the most significant year-on-year decrease in added value was recorded in construction by 25,3 %. A year-on-year slight decrease in added value was recorded in industry by 2,2 %, in professional, scientific and technical activities by 5,8 %, in real estate activities by 1 %. As for the smaller components, information and communication activities recorded a decline by 3,2 %, arts, entertainment and recreation, other activities by 7,6 %.

An increase in added value was kept in wholesale, retail trade; transportation and storage; accommodation and food service activities by 1,7 %. Higher added value was also in public administration; education; health care and social assistance by 4,8 % year-on-year. A significant positive growth trend was reflected in less significant components - in financial and insurance activities by 16,9 %, as well as in collection of net taxes on products by 0,9 %.

In significant component of GDP in industry, we recorded an increase in added value in manufacture of motor vehicles by more than 9 %, manufacture of food by more than 13 % and manufacture of electrical equipment by more than 11 %. However, some branches related to the manufacture of motor vehicles recorded a decrease in added value, e.g. manufacture of metals by more than 33 %, manufacture of rubber and plastic products by more than 5 %. As for ​​services, we recorded the most significant growth in the wholesale by more than 9 %, retail trade by more than 8 % and land transport by more than 5 %. A significant decline in services was recorded in the travel agencies and tour operator activities.

Expenditure method

Thanks to a recovery in the economic performance in the 3rd quarter, some major expenditure components recorded a positive turnover. The milder economic downturn was largely due to a sharp rise in foreign demand, while exports even showed a year-on-year increase of 0,7 % (in the 2nd quarter it was down by 26 %).

Imports of goods and services also improved, but did not reach the last year's level, it was by 6 % lower year-on-year. The balance of foreign trade (goods and services) thus reached a high level, more than EUR 1 billion.

On the other hand, domestic demand failed to recover so quickly from the adopted anti-pandemic measures and remained weakened by 8,1 %.

As for its components, final consumption returned to positive values, in total it was higher by 0,7 % year-on-year. Household consumption was higher by 1 % year-on-year, consumption of non-profit institutions by 6,2 %. Only final consumption of public administration remained in a slight decrease, it fell by 0,3 % year-on-year. Gross fixed capital formation, which reflects investment activity, dropped by 8,2 %.

Income method

As for the generated GDP 1), the remuneration of employees was almost EUR 10 billion. Compared to the 2nd quarter of 2019, their volume decreased by 0,1 %. Gross operating surplus and mixed income in the amount of EUR almost 12 billion fell by 1,2 %. The volume of collected taxes on production and imports increased by 4,2 % to more than EUR 3 billion. The value of subsidies was higher by 11,3 % and reached EUR 388 million.

In the 1st up to 3rd quarter of 2020, the nominal volume of the generated GDP reached more than EUR 67 billion, which represents a decrease of 6,1 % in real terms.


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)

 

  • Issued by :

  • Statistical Office of the SR
  • Lamačská cesta 3/C
  • 840 05 Bratislava 45
  • Slovak Republic
  • Information Services :

  • tel. +421 2 50 236 339
  • +421 2 50 236 335
  • e-mail: info@statistics.sk

While publishing of the whole information report or its parts, please state the source of information, the Statistical Office of the Slovak Republic


/wps/portal/ext/products/informationmessages/inf_sprava_detail Gross domestic product in the 3rd quarter of 2020 Z6_Q7I8BB1A00BL30IJKSNHCF2GU5 /Štatistický úrad SR - Home /Products /Information reports Catalogue /Detail