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Gross domestic product in the 2nd quarter of 2022
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Gross domestic product in the 2nd quarter of 2022

Last update: 06.09.2022
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 06.09.2022

The growth of the Slovak economy slowed down in the 2nd quarter, the GDP is at a similar level as before the outbreak of the pandemic

For the fourth consecutive quarter, the economic performance was primarily affected by the domestic demand, namely the higher household consumption. Although foreign demand (exports) still remained in year-on-year decline but only at a minimal level. Out of the 10 sectors of the economy, 8 rose year-on-year, but the most significant industry lagged behind the pre-pandemic situation, it deepened to almost 16%.

Gross domestic product (GDP) in the 2nd quarter of 2022 rose by 1.8% year-on-year (at constant prices, not seasonally adjusted). The Slovak economy also increased in the second quarter, but the growth rate slowed down compared to the first quarter. The volume of GDP in current prices reached EUR 26.5 billion and was higher by 10%, year-on-year.

On a quarter-on-quarter (Q2 2022 compared to Q1 2022), seasonally adjusted GDP was higher by 0.5% in real terms. However, compared to the values in the 2nd quarter of 2019, it can be seen that the economy has reached a comparable level as before the pandemic.

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According to the ESA 2010 methodology, GDP is quantified in three ways (production method, expenditure method, income method). Given the available sources of information, the production method is decisive for the SR.

Production method

The production activity of individual industries in the 2nd quarter remained in moderate growth. Gross value added reached a total volume of EUR 23.5 billion which represented the growth of this key component of GDP by 0.9%. Performance of sectors did not reach pre-pandemic levels, still lagging behind Q2 2019 values by 1.4%.

In total, out of 10 sectors, 8 achieved year-on-year increase in gross value added, 7 sectors exceeded the pre-Covid level.

The sectors which had the most significant impact on the GDP growth were- wholesale and retail trade; transportation and storage; accommodation and catering services with year-on-year growth by 9.7%, while a higher growth was mainly manifested in transportation by 15.8%. The components of internal trade - wholesale and retail trade achieved a growth by 5.9%. The entire group of sectors simultaneously achieved a 7% higher gross value added than in the corresponding period before the pandemic.

GDP positively affected the year-on-year higher performance of public administration, defense, and compulsory social security; education; healthcare and social assistance by 2.7% and construction by 7%. The year-on-year growth of relatively smaller sectors in the structure of the economy also had a lower impact on the overall growth, in terms of the growth dynamic, mainly arts, entertainment and recreation; other activities (a growth by 6.4%).

On the contrary, the results of industry, as the most important sector with a fifth share of the gross added value in the economy, had a significantly dampening effect on the growth of the economy. The year-on-year decrease of 4.1% deepened the lag behind the pre-pandemic level (compared to the 2nd quarter of 2019) by 15.7%. As for the structure of the industry, the year-on-year decrease in the most important manufacture of motor vehicles by more than 11% had a significant effect. The development of industry was positively influenced by increases in manufacture of rubber and plastics products by more than 19.4%, as well as in manufacture of machinery and equipment by 15.5%. Collection of net taxes from products was by 9.5% higher year-on-year.

A continuing significant year-on-year decrease in added value in financial and insurance activities by 33.2% also had a negative effect on the overall result.

Expenditure method

In the 2nd quarter of 2022, positive economic activity was also affected mostly by domestic demand, which continued to rise for the fifth consecutive quarter and reached an increase of 2.1%. Final consumption had a decisive effect on the development of domestic demand, with a growth of 1.1%, which was mainly the result of higher year-on-year consumption by households by 4.3%. The other two components of final consumption were in decline, while the drop in final consumption of public administration continued in the second quarter and deepened to 7.2%. An increase at constant prices was also achieved by the gross capital formation by 5.7%, of which the gross fixed capital formation by 0.4%.

Foreign demand was also lower year-on-year in the 2nd quarter of 2022, but the decrease was more moderate than in the 1st quarter. Despite the decline, however, we can see that the volume of exports of products and services was the highest. The import of products and services remained at the same year-on-year level.

GDP for the first half of 2022

In summary, for the first half of 2022, GDP rose by 2.4% (at constant prices, not seasonally adjusted). The nominal volume at current prices reached EUR 50.3 billion.

In summary, for the first half of 2022, the gross added value at constant prices reached a year-on-year growth of 1.2%. In total, out of the 10 sectors, the year-on-year increase in gross added value reached 6, but pandemic losses (compared with the first half of 2019) were exceeded by only 4 of them. The result of the economy was most significantly affected by the increase in wholesale and retail trade; transportation and storage; and also accommodation and food service activities by 12.1%. On the contrary, the most significant dampening effect on the performance of the economy had a decrease in the sector of financial and insurance activities by 31.3%.

Foreign demand (exports) was by 2.4% lower year-on-year. Domestic demand increased by 4.2% due to the growth of gross capital formation by 5.9% (of which the gross fixed capital formation was higher by 3.1%). Expenditures of final consumption by households increased significantly by 6.6%, on the other hand, expenditures of public administration decreased by 4%.

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