Slovakia GDP Q2 2020

Slovakia

Slovakia: GDP contracts at fastest pace on record in Q2

August 14, 2020

According to a preliminary GDP estimate, the economy collapsed in the second quarter, with GDP nosediving 12.1% (Q1 2020: -3.7% year-on-year) as the pandemic and related measures took their toll on activity. Q2’s reading marked the sharpest contraction on record. On a seasonally-adjusted quarter-on-quarter basis, the economy shrank 8.3% (Q1 2020: -5.2%).

Although a detailed breakdown is not yet available, consumption and investment likely fell sharply in the quarter, while the recovery of the car manufacturing sector in June cushioned the downturn somewhat.

More detailed data will be released on 4 September.

FocusEconomics panelists see the economy contracting 8.0% in 2020, which is down 0.2 percentage points from last month’s forecast. For 2021, the panel sees GDP growth at 6.5%.


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Slovakia GDP Q2  20 20

Note: Year-on-year changes of GDP in %.
Source: Statistical Office of the Slovak Republic (SOSR) and FocusEconomics Consensus Forecast.


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