Stats Office: Slovakia’s GDP Down by 2.4 percent Y-o-Y in 3Q20

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(Stock photo by TASR/AP)

Bratislava, December 4 (TASR) – Slovakia’s GDP, measured in constant prices and without seasonal adjustments, fell by 2.4 percent year-on-year in the third quarter of 2020, the Statistics Office reported on Friday.

The Stats Office has thus confirmed the figure from its quick estimate released in mid-November.

Compared to the previous quarter, GDP rose by 11.6 percent, after seasonal adjustments.
The annual drop was more moderate than in the previous two quarters of 2020, which were both strongly affected by COVID-19. The most significant contribution to a relatively better performance of Slovakia’s economy in 3Q20 was made by foreign demand, which rose by 0.7 percent y-o-y.

In current prices, GDP in 3Q20 amounted to €24.5 billion, down by 0.3 percent y-o-y.
The gross added value (GVA) fell by 2.8 percent y-o-y, but the Stats Office recorded a significant deceleration in its slump seen in 2Q20. This relative improvement concerned especially industry and services.

Nevertheless, only some of the sectors managed to record an annual growth in 3Q20. This concerned wholesale, retail, transport and warehousing, and hospitality industry – all up by 1.7 percent y-o-y; and the public sector, education, health care and social assistance – up by 4.8 percent y-o-y. Conversely, construction saw the deepest plunge among all sectors on 25.3 percent y-o-y in 3Q20.