Slovakia GDP Q3 2020

Slovakia

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.

FocusEconomics panelists see the economy expanding 6.0% in 2021, which is down 0.2 percentage points from last month’s forecast. For 2022, the panel sees GDP growth at 3.8%.


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Slovakia GDP Q3  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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