Economy of the Slovak Republic in the second quarter of 2022 slowed down, GDP rose by 1.7% year-on-year

The Gross domestic product (GDP) in chain-linking volumes¹⁾ increased in the second quarter of 2022 by 1.7% year-on-year. After seasonal adjustments²⁾, the GDP increased by 1.6% year-on-year and by 0.4% quarter-on-quarter. In the current prices, the second quarter of 2022 the GDP amounted to EUR 26.45 billion, representing a year-on-year increase by 9.9%.

The GDP values in chain-linking volumes thus almost reached the approximately the same values as in the corresponding period of the pre-crisis year 2019, it was short of 0.2%. The growth of the Slovak economy was supported mainly by domestic demand formed by consumer demand, the decrease of foreign demand continued, but was lower than in the first quarter.

The growth of value added in the second quarter was positively affected mainly due to the manufacture of rubber and plastic products, to the wholesale trade, retail trade and warehousing and support activities for transportation. On the contrary, the decline was recorded in the most important industry, the manufacture of motor vehicles.

Total employment in the reference period reached 2.43 million people. Compared with the second quarter of 2021, it increased by 2.4%. After seasonal adjustments, total employment increased by 2.1% year-on-year and by 0.7% quarter-on-quarter.