Slovakia: GDP drops less sharply in Q3
November 13, 2020
According to a preliminary estimate, the economy contracted at a softer pace in Q3, with GDP declining 2.4% year-on-year (Q2 2020: -12.1% year-on-year) as the easing of Covid-19 restrictions from May allowed activity to resume.
Although a detailed breakdown is not yet available, consumption and investment likely fell at a softer pace in the quarter, while higher activity in the automotive industry in Q3 helped to cushion the downturn.
Meanwhile, on a seasonally-adjusted quarter-on-quarter basis, activity bounced back, growing 11.7% in Q3 (Q2 2020: -8.3% s.a. qoq) and logging the best result on record.
More detailed data will be released on 4 December.
Author: Alexandros Petropoulos,