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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)


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