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Gross domestic product in the 3rd quarter of 2021
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Gross domestic product in the 3rd quarter of 2021

Last update: 01.03.2022
Ilustračný obrázok
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 03.12.2021

The economy rose by 1,3 %, it was driven mainly by domestic consumption, exports fell after a year of increase

The performance of the Slovak economy approached the pre-pandemic level, but it still lacked 0,7 % to reach the values of the corresponding period in 2019.

In the 3rd quarter of 2021, the Gross Domestic Product (GDP) of the Slovak Republic increased year-on-year by 1,3 % (at constant prices, not seasonally adjusted). It maintained positive numbers also because the comparable base, - the last year's pandemic-affected 3rd quarter was in a decline of 2 %. The current insignificant year-on-year growth was mainly influenced by the decline in foreign demand, which had been one of the driving forces of the Slovak economy over the last year. GDP was affected by the increased domestic demand, especially higher household consumption.

On a quarter-on-quarter basis (compared with the second quarter of 2021), seasonally adjusted GDP rose by 0,4 % in real terms. At current prices, the volume of GDP reached EUR 25,64 billion. However, in order to conclude that the economy has already overcome the damage caused by the pandemic, GDP values should be compared ​​at constant prices. These ones show that the economy still lacked approximately EUR 170 million to achieve comparable performance as in the summer of 2019.

Development of gross domestic product - graph

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

Production method

The performance of individual industries was almost identical as a year ago, gross value added reached EUR 22,8 billion. Growth of this most important component of GDP was low, at only 0,3 %, last time such modest growth was recorded in the first and second quarters of 2013. Sectoral performance did not reach pre-pandemic levels, lagging by 1,8 % compared to the 3rd quarter of 2019.

The development of the economy was volatile and the overall growth is a consequence of the situation, when higher growths of individual components of the economy were heavily offset by more significant drops in some sectors. Out of a total of 10 groups of industries, the growth of gross value added reached by six, and five have already exceeded the pre-pandemic level. The second most important group of industries - wholesale, retail; transportation and storage; accommodation and food service activities rose by 5,7 % year-on- year exceeding by 7,5 % the corresponding period before the pandemic. Higher performance was also registered in real estate activities, they rose by 0,7 % year-on-year, exceeding the pre-pandemic level by 1,3 %. Public administration has already reached the level of the 3rd quarter of 2019.

The most important Manufacturing industry, which represented a quarter of value added in the 3rd quarter, recorded year-on-year growth by 3,3 %, though the performance was still more than 6 % lower than before the pandemic (compared with the third quarter of 2019). Among manufacturing divisions, it was a year-on-year growth in, for example, manufacture of motor vehicles by 27,4 %, manufacture of fabricated metal products, except machinery and equipment by 43,1 %, manufacture of machinery and equipment by 78,4 %. In the field of ​​services, we recorded a significant growth by more than 27,3 %, in wholesale and retail trade and in repair of motor vehicles and motorcycles and a more than 38,6 % growth in warehouse and support activities for transport.

Sectors with a more significant year-on-year decline in value added by more than 15 %, i.e. construction and financial and insurance activities, had a dampening effect on GDP growth. While, the construction industry lagged behind the performances from the 3rd quarter of 2019 by more than a quarter. Professional, scientific and technical activities also recorded a slight year-on-year drop (by 0,4 %), although visibly exceeded the pre-pandemic level.

Expenditure method

While foreign demand (exports) maintained higher economic performance over the last four quarters, in the 3rd quarter of 2021 only the domestic demand contributed to GDP growth.

Final consumption of households, which rose by 2,5 %, had a significant impact on the development of domestic demand. The final consumption of non-profit institutions serving households also developed favourably by 1,6 %, but the final consumption of public administration ended in a decrease by 1 %. The growth of investment activities from the last quarter stopped, gross fixed capital formation dropped by 1,9 % year-on-year.

Foreign demand - exports of goods and services - fell by 3 %, while imports maintained a modest increase of 3,5 %. Due to this development, the foreign trade balance dropped to a level of minus EUR 499 million.

Income method

As for the generated GDP 1), remuneration of employees represented the amount of EUR 10,4 billion. Compared to the 3rd quarter of 2020, their volume increased by 5,3 %. Gross operating surplus and mixed income in the amount of EUR 12,4 billion increased by 2,1 %. The volume of taxes collected from production and imports increased by 8,8 % to EUR 3,2 billion. The value of subsidies was higher by 5,7 % and reached EUR 385,8 million.

Gross domestic product over the 1st - 3rd quarter of 2021

In the 1st-3rd quarter of 2021,the nominal volume of GDP reached EUR 71,5 billion. It rose by 3,6 % year-on-year at current prices, while it dropped by 5,3 % in the corresponding period in 2020. The total value of GDP at constant prices over the first nine months of this year, even lagged behind the pre-pandemic period (1st-3rd quarter) by 1,8 %.

GDP production was associated with the year-on-year value added growth by 3,1 %. Year-on-year, a total of 6 groups of industries recorded a growth, the most important was industry 11,8 %, wholesale, retail; transportation and storage; accommodation and food service activities 4,9 % as well as real estate activities by 1 %. Construction and arts, entertainment and recreation sectors also remained in decline.

Exports of goods and services rose by 13,6 % year-on-year. Domestic demand increased by 4,1 % due to an increase in gross capital formation by 16,8 % (of which, however, gross fixed capital formation fell by 1,7 %). All components of final consumption rose, expenditure of final consumption of households increased by 0,6 %, public administration expenditure by 1,8 % and expenditure in non-profit institutions serving households by 6,8 %.

  • - 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) compensation of employees (residents and non-residents) paid off by residential employers
  • - p.p. percentage point 

Data source-DATAcube. Database:

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  • 840 05 Bratislava 45
  • Slovak Republic
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