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Flash estimate of Gross domestic product and Total employment by ESA 2010 in the 1st quarter of 2021

Flash estimate of Gross domestic product and Total employment by ESA 2010 in the 1st quarter of 2021

Last update: 19.05.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 18.05.2021

The Slovak economy remained above zero in the first quarter of 2021, growth reached 0.3 %

The Gross Domestic Product (GDP) in chain-linking volumes 1) in first quarter of 2021 increased inter-annually by 0.3 %. After seasonal adjustments the GDP increased inter-annually by 0.5 % and decreased by 1.8 % in comparison with the previous quarter . 2) 3)

In first quarter of 2021 the GDP in current prices amounted to 21,700 mil. Eur, it represents inter-annual increase by 1 %.

Inter-annual development for value added ruptured decreasing trend into slightly increasing one and indicates gradual return towards growth trend occurring before COVID pandemic. Increased activity, similarly to the end of year 2020, manifested in various branches of industry, and key role was played by car making industry. Significantly positive balance of the foreign trade was mainly due to external demand for cars and related products and substantially contributes to gradual return to normal. Slight increase of value added was moderated by domestic demand, mainly by final household consumption due to pandemic measures and increased caution of households related to their expenditures.

Overall employment in reference period reached 2,360.3 thousands of persons. In comparison with first quarter of 2020 it decreased by 2.5 %. After seasonal adjustment the overall employment decreased in comparison with first quarter of 2020 by 2.8 % and in comparison with fourth quarter of 2020 by 1,1 %. 

Please be noted that due to current exceptional situation related to Covid-19 the data can be revised in a more significant way than usual. The reason for this is higher portion of estimates caused by limited availability of information from data sources. We thank all enterprises, which supplied data to the Statistical Office of the Slovak Republic in this difficult situation for the purposes of compilation of GDP and Employment.

Flash estimate of Gross Domestic Product and Employment will be precised on the basis of next available statistical and administrative data and complemented by structures for individual indicators and published on June 4, 2021 at 9,00 h on the SO SR website (in the INFORMATION REPORTS CATALOGUE) and subsequently also in publication Štatistická správa o základných vývojových tendenciách v hospodárstve SR v 1. štvrťroku 2021 published in the CATALOGUE OF PUBLICATONS of the SO SR.

Notice: Flash estimate is compiled under ESA 2010 methodology based on first compilation of results for total economy; overall employment (under ESA 2010 methodology) is expressed as number of employed persons (employees and self-employed persons)
1) Constant prices calculated as chain-linking volumes for reference year
2) Seasonally adjusted results are precised every quarter in the whole time series
3) Due to COVID-19 the extreme values were adjusted for the end of time series of GDP. Value of 1st Quarter of 2020 is modelled as trend break (level shift), values for 2nd Quarter of 2020 and 1st Quarter of 2021 are modelled as one-of extremes (additive outliers). After addition of following quarters the extremes may be adjusted due to review of impact of the crisis for time series.

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/wps/portal/ext/products/informationmessages/inf_sprava_detail Flash estimate of Gross domestic product and Total employment by ESA 2010 in the 1st quarter of 2021 Z6_Q7I8BB1A00BL30IJKSNHCF2GU5 /Štatistický úrad SR - Home /Products /Information reports Catalogue /Detail