Slovakia gross domestic product decreased by 3.9%

In the first quarter of 2020 the gross domestic product (GDP) at constant prices decreased by 3.9% as compared to the same quarter of 2019. After seasonal adjustment, GDP decreased by 4.1% as compared to the first quarter of 2019 and by 5.4% in comparison with the previous quarter.

At current prices, GDP in the first quarter of 2020 amounted to 21,433.7 mil. EUR, which represents a decrease of 1 % compared to the 1st quarter of 2019.

The unfavourable economic development is due to the decline in value added in key industries, especially in car production and in several service sectors.

External demand made a significant contribution to the decreasing GDP, and the dynamics of its year-on-year decline accelerated. Due to the current situation, the growth of domestic demand is insufficient, with final consumption expenditures in the general government sector growing the most. Investment demand has declined in comparison with previous quarters.

Total employment in the reference period reached 2,425.8 thousand persons. In com­pa­rison with the first quarter of 2019 it decreased by 0.5%.

Seasonally adjusted total employment decreased by 0.4% as compared to the first quarter of 2019 and by 0.5% as com­pa­red to the fourth quarter of 2019.

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