The Statistical Office of the SR published revised data on GDP from 1995 to 2024

Last year, the economy gained only +1.4%, on the contrary, at the beginning of this year, the performance exceeded 3%. Planned revisions of national accounts improve the quality of data of the economy, which are the basis for the creation of important policies and measures.

The performance of the Slovak economy in the first two quarters of 2024 was higher than previous information released. In the first quarter of 2024, the Slovak economy grew up by 3.3% (originally by 2.7%), in the second quarter the performance was revised from the original 1.9% to an updated 2%.

On Friday, 18th of October 2024, the Statistical Office of the SR published new values of GDP data and its structures for the period from 1995 to 2024 as part of the planned benchmark revision of national accounts. This is a major revision carried out every five years, which affects the entire time series of the most important indicators about the economy.

The revision confirmed that the Slovak economy grew more slowly in 2022 and 2023 than previously published data indicated. The gross domestic product of the SR increased by 1.4% year-on-year in 2023, GDP growth by 1.6% was originally published in the spring. Similarly, in 2022, the Slovak economy gained only +0.4%, data published so far indicated a growth of 1.9%. At the same time, the performances in 2020 and 2021 were higher, the GDP in 2021 grew up to 5.7% (originally 4.8%) and the decline in 2020 eased from the original -3.3% to the current -2.6%.

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The revision rewrote the annual cumulative values of GDP growth or decline (in constant prices) in the range from -0.6 percentage points (p.p.) to +0.9 p.p. Data for individual quarters were adjusted from -1.4 p.p. up to +1.0 p.p.

Data revisions of national accounts are carried out regularly twice a year (in April and October) and their dates and scope are published in advance in the Calendar of revisions for the calendar year.

Revisions, and especially large benchmark revision, are a planned tool for improving the quality of statistical data. They refine the numbers based on new data sources, additional input information and changes in methodological procedures. Revisions of national accounts thus respond to changing user needs and legislative changes. The result is more accurate data on the economy. The content, deadlines and implementation of the revision are coordinated in cooperation with Eurostat, the European Central Bank, national statistical offices and national central banks of the EU countries. To ensure comparability, major revisions are performed over long time series.

At the same time as the current revision in October 2024, the transition to a new base period - from 2015 to 2020 - was incorporated into the data. This change was reflected in all indicators presented in constant prices calculated by chaining volumes.