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Gross domestic product in the 1st quarter of 2019

Gross domestic product in the 1st quarter of 2019

Last update: 06.09.2019
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 06.06.2019

The Slovak economy started the year 2019 with the same strength as in the previous year. In the 1st quarter of 2019, production of real gross domestic products (GDP) increased, year-on-year, by 3,7 % at constant prices, i.e. the same year-on-year growth as in the 1st quarter of 2018. The GDP volume increased by 6,7 % at current prices and amounted to EUR 21 794,4 million. It increased by 0,9 % in real terms after seasonal adjustment, compared with the 4th quarter of 2018.

Development of gross domestic product

In the 1st quarter of 2019, the economic productivity was mostly supported by foreign demand, which increased by 5,9 p.p. to 7,2 % compared with the 1st quarter of 2018. Import of products and services rose by 5,3 p.p. to the level of 6,4 %. Domestic demand increased as well, but its rise was by 2,3 % slighter compared with the last four quarters. Increase of gross capital production reached 6,6%, of which gross fixed capital production rose by 2,1 %. Final consumption expenditures increased, year-on-year, only slightly, in total by 1,2 %, including final consumption of households by 1 %, final consumption in public administration by 1,5 % and final consumption of non-profit institutions serving households by 2,7 %.

In the 1st quarter of 2019, gross added value increased by 3,5 %, year-on-year. The productivity increase was recorded in all sectors, mostly in agriculture by 9,6 %, public administration; education; health and social work activities by 7,5 % and in construction by 5,4 %. Higher added value was also produced by sectors of information and communication activities by 4,6 %, industry by 4,1 %, arts, entertainment and recreation; other activities by 2,9 %, professional, scientific and technical activities by 2,3 %. A long-term positive trend was recorded in collection of net taxes on products, their increase reached 5,1 % in the 1st quarter.

Gross operation surplus and mixed incomes represented EUR 10 586,8 million of the generated GDP by income approach.1) Compared with the 1st quarter of 2018, their volume increased by 5,5 % Remunerations of employees  2) in the amount of EUR 9 277,9 million increased by 8,3 %. The volume of collected taxes on production and imports increased by 8,2 % to EUR 2 421,6 million. The value of subsidies increased by 18,2 % and amounted to EUR 491,9 million.  

 Note: 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 2010
1) absolute values and data on year-on-year development are at current prices
2) remunerations of employees (residents or non-residents) are paid off by residential employers
p.p. percentage point
Source: SOSR, DATAcube. [nu0002qs, nu0003qs, nu0004qs, nu0005qs, nu0006qs]

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