Slovakia GDP Q4 2020

Slovakia

Slovakia: GDP drops more sharply in Q4

February 16, 2021

GDP contracted at a somewhat more pronounced pace of 2.7% year-on-year in Q4 according to a preliminary estimate (Q3: 2020: -2.4% yoy). The economy was largely dragged down by the continuous extension of Covid-19 restrictions throughout the quarter, amid soaring new infections.

Although a detailed breakdown is not yet available, strong activity in the automotive and construction industries in Q4 helped to cushion the downturn.

Meanwhile, on a seasonally-adjusted quarter-on-quarter basis, GDP expanded 0.2%, marking a significantly softer rise than Q3’s record-breaking 11.7% jump.

More detailed data will be released on 5 March.

Tomas Dvorak, economist at Oxford Economics said:

“We have cut our 2021 GDP outlook again by 0.3ppts to 4.3% due to persistent high levels of coronavirus infections, the extension of containment measures, and a slow rollout of the vaccination programme. We still expect a strong recovery once the virus is brought under control, and continue to forecast a 5.1% GDP increase in 2022.”

FocusEconomics panelists see the economy expanding 4.8% in 2021, which is down 0.3 percentage points from last month’s forecast. For 2022, the panel sees GDP growth at 4.3%.


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Slovakia GDP Q4  20 20 0

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


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