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Flash estimate of Gross domestic product and Total employment by ESA 2010 in the 2nd quarter of 2020

Flash estimate of Gross domestic product and Total employment by ESA 2010 in the 2nd quarter of 2020

Last update: 18.08.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 14.08.2020

In the second quarter of 2020 the gross domestic product (GDP) at constant prices 1) decreased by 12.1 % as compared to the same quarter of 2019. After seasonal adjustment GDP decreased by 12.1 % as compared to the second quarter of 2019 and by 8.3 % in comparison with the previous quarter. 2) 3)

The volume of GDP at current prices in the second quarter of 2020 reached EUR 21,210.5 million what represented the decrease by 10.4 % in comparison with the same quarter of 2019.

The year-on-year development of value added shows a slighter decline than we expected given the general situation caused by the pandemic situation COVID-19. This situation was caused by increased activity in the last month of the second quarter in key industries, especially car manufacturing, as well as small businesses. The positive foreign trade balance also contributed to the moderation of the decline in GDP.

Total employment in the reference period reached 2,387.3 thousand persons. In comparison with the second quarter of 2019 it decreased by 2.6 %. Seasonally adjusted total employment decreased by 2.3 % as compared to the second quarter of 2019 and by 1.1 % as compared to the first quarter of 2020.

Please note that due to the current exceptional situation with regard to COVID-19, the data may be revised to a greater extent than usual. This is due to the higher share of estimates due to the limited availability of information from data sources. We would like to thank all the companies that, in the current difficult situation, provided the Statistical Office of the Slovak Republic with the primary data needed to compile GDP and employment.

Flash estimate of gross domestic product and total employment will be updated and supplemented with other structures of the indicators on the basis of subsequent available statistical and administrative data. The data will be published in the Statistical report on basic development tendencies in economy of the Slovak Republic in the second quarter of 2020. The updated results will be published on September 4, 2020 at 9,00 am on the web page of the SO SR (www.statistics.sk).

Eurostat also publishes the results of the EU's quick estimate of GDP on its website on 14 August.


Notice: the flash estimate is compiled in accordance with the ESA 2010 methodology and is based on the first processed results for the total economy; total employment (according to ESA 2010) is presented as the number of employed persons (employees and self-employed); 1) chain-linked volumes with reference year 2015 2) seasonally adjusted results are revised each quarter along the whole time series 3) In accordance with Eurostat's guidance on treatment of COVID-19 crisis effects on time series data, both values for 1Q2020 and 2Q2020 were modelled as additive outliers, which seems to be the most optimal solution. When the following quarters become available, the type of outliers may be changed either to level shift or transitory change, depending on the type of economic impact of the COVID-19 crisis on the 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 2nd quarter of 2020 Z6_Q7I8BB1A00BL30IJKSNHCF2GU5 /Štatistický úrad SR - Home /Products /Information reports Catalogue /Detail