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Gross domestic product in the 3rd quarter of 2019

Gross domestic product in the 3rd quarter of 2019

Last update: 05.03.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 05.12.2019

The growth of Slovak economy slowed, productivity of key sectors and also foreign demand fell

The slowdown in the growth of the Slovak economy indicated by developments in the previous quarter depended further in the 3rd quarter of 2019. Gross domestic products (GDP) at constant prices reached 1,3 % and growth rate slowed by 3,3 p.p. compared with the 3rd quarter of 2018. It is the lowest GDP growth since the 4th  quarter of 2013.

In the course of 2019, GDP rose by 3,8 % in the 1st quarter and by 2,2 % in the 2nd quarter, year-on-year. Values of the previous quarters were adjusted within a great benchmark data revision conducted in October this year.

In quarter-on-quarter comparison (3rd quarter compared to 2nd quarter), the GDP volume increased by 0,4 % in real terms after seasonal adjustment.

The total GDP volume at current prices amounted to EUR 24 561,3 million and it rose by 3,4 %.

Gross domestic product in the 3rd quarter of 2019

According to ESA 2010 methodology, GDP is quantified in three ways. Given the available sources of information the production method is decisive for Slovakia.

Production method

In the 3rd quarter, the volume of value added of the generated gross domestic product represented EUR 22 063,9 million with a 0,7 % year-on-year increase. Value added rose mainly in information and communication by 7,6 %, public administration; education; health and social work activities by 6,7 %, real estate activities by 6,3 %, agriculture by 2,8 %, in construction and in arts, entertainment and recreation; other service activities equally by 2,5 % and in professional, scientific and technical activities by 2 %. A fall was recorded in the sectors of financial and insurance activities by 23,8 %, industry by 3,2 % and in wholesale and retail trade, repair of motor vehicles and motorcycles; transportation and storage; accommodation and catering services by 0,9 %.  Collection of net taxes on products rose by 6,3 %.

Expenditure method

In the 3rd quarter of 2019, economic development remained positive and was supported mostly by domestic demand; compared with the 3rd quarter of 2018, it rose by 4,3 %. Gross capital formation with a 9,6 % increase, of which  gross fixed capital formation by 7,8 %, had a decisive impact on its growth. 

Except for capital, all final consumption expenditure also increased, growing by 2,3 % in total. Final consumption of households rose by 1,8 %, public administration by 3,7 % and non-profit institutions serving households by 10,5 %.

Foreign trade decreased for the second consecutive quarter, its drop slowed to 0,2 % in the 3rd quarter. Imports of goods and services increased by 3,3 %, its dynamics of growth fell by 0,9 p.p..

Income method

Gross operating surplus and mixed incomes of the generated GDP by income method 1)   amounted to EUR 12 324,9 million. Compared with the 3rd quarter of 2018, their volume increased by 1,4 % Remunerations of employees  2) in the amount of EUR 9 815,3 million increased by 7 %. The volume of collected taxes on production and imports increased by 5,3 % to EUR 2 887,1 million. The value of subsidies increased by 46,6 % and amounted to EUR 466 million.  

In the 1st – 3rd quarter of 2019, the production of gross domestic product reached EUR 69 909 million. Compared with the corresponding period in 2018, it increased by 4,9 % at current prices. It increased by 2,4 % at constant prices, which was by 1,8 p.p. less than in the 1st – 3rd quarter of 2018.

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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