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Gross domestic product in the 2nd quarter of 2020

Gross domestic product in the 2nd quarter of 2020

Last update: 04.09.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 04.09.2020

Gross domestic product decreased by 12,1 % year-on-year, the Slovak economy achieved its highest historical decline since 1996

The Slovak economy has reached negative numbers this year after ten years of continuous growth since the financial crisis in 2009. The impact of the Covid-19 pandemic was significant in the 2nd quarter of 2020.

Real gross domestic product (GDP) decreased by 12,1 % year-on-year at constant prices. The lowest decline in economic performance so far was reflected in the 2nd quarter of 2009, when a decrease in GDP reached 6 %.

After seasonal adjustments, GDP was by 8,3 % lower in real terms compared with the 1st quarter of 2020.

At current prices, the volume of GDP decreased by 10,4 % and reached the volume of EUR 21 200,1 million.

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 decisive for the SR.

Production method

In the 2nd quarter of 2020, value added of the generated gross domestic product amounted to EUR 18 953,6 million at current prices and decreased by 12,2 %, year-on-year, in real terms. A decline was recorded in most sectors of the economy, some of them by more than 20 %, e.g. industry by 25,4 %, arts, entertainment and recreation; other activities by 22,3 %. We recorded a double-digit year-on-year decline in construction by 18,1 %, trade; transportation and storage; accommodation and food service activities by 15,7 %, information and communication activities by 14,8 %. However, we also recorded an increase in value added, namely in financial and insurance activities by 20,5 % and in real estate activities by 4,7 %. The collection of net taxes on products recorded a significant decrease of 12,1 %.

In industry, as the significant component of GDP, we recorded a high drop in manufacture of motor vehicle by more than 50 %, also some sectors related to the manufacture of motor vehicles fell by an average of 30 %. A decrease of 14,1 % was recorded in services in the sector of wholesale. However, we also record a growth in value added in the sector of real estate by 4,7 %.

Expenditure method

In the 2nd quarter of 2020, almost all major expenditure components were in negative numbers. The significant weakening of the economic performance of our economy was the result of a historical slump in not only foreign but also domestic demand, and we have not seen such a decline since 1996.

External demand decreased by 26,8 %, while imports of goods and services were lower by 27 %.

The decisive factor in a decline in domestic demand by 12,1 % was lower gross capital formation by 32,3 %, of which gross fixed capital formation fell by 14,6 %.

Final consumption expenditure also decreased by 5,7 % in total. As for its components, final consumption fell sharply in public administration by 10,4 % and in households by 4,2 %. The exception was a growth of final consumption of non-profit institutions serving households by 8,4 %.

Income method

As for the generated GDP 1), employees' remuneration 2) amounted to EUR 9 548,8 million. Compared to the 2nd  quarter of 2019, their volume decreased by 6,3 %. Gross operating surplus and mixed income in the amount of EUR 9 367,8 million decreased by 14,3 %. The volume of taxes collected from production and import decreased by 8,6 % to EUR 2 668,9 million. The value of subsidies was higher by 4,5 % and reached EUR 385,4 million.

In the first half of 2020, the nominal volume of the generated GDP reached EUR 42 685,3 million, which represents a decrease of 8,1 % 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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