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.