Slovakia GDP Q2 2021

Slovakia

Slovakia: GDP growth records best result since Q4 2007 in the second quarter

September 3, 2021

A second reading confirmed 17 August’s flash estimate of 9.6% GDP growth year-on-year in the second quarter, up from 0.2% in the first quarter. Q2's reading marked the fastest growth since Q4 2007. Loosened restrictions at home and abroad were key factors behind the large growth figure. That said, a base effect also played a part.

The upturn reflected improvements in private consumption, public spending, fixed investment and exports. Household spending bounced back, growing 5.0% year-on-year in the second quarter, which marked the best reading since Q4 2008 (Q1: -5.8% yoy). Government consumption rebounded, growing 8.7% in Q2 (Q1: -1.8% yoy). Fixed investment was up 5.6% in Q2, from the 10.0% contraction logged in the prior quarter.

Exports of goods and services increased 40.0% on an annual basis in the second quarter, which was above the first quarter's 10.0% expansion. In addition, imports of goods and services growth sped up, growing 39.6% in Q2 (Q1: +5.4% yoy).

On a seasonally-adjusted quarter-on-quarter basis, economic growth bounced back, with GDP increasing 2.0% in Q2, contrasting the previous period's 1.4% fall.

Looking at H2, GDP is expected to continue growing at a brisk pace, supported by a solid expansion in domestic activity, while firming foreign demand amid the gradual removal of restrictions should support the all-important car industry. However, the less favorable base effect will see annual growth rates ebb relative to Q2.

Our panel sees GDP growing 4.3% in 2021, which is up 0.1 percentage points from last month’s forecast. For 2022, the panel projects GDP to expand 4.7%.


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Slovakia GDP Q2  2021 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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