The Slovak economy sharply accelerated in the second quarter of 2021, growth reached 9.6 %

The Gross Domestic Product (GDP) in chain-linking volumes ¹⁾ in second quarter of 2021 increased inter-annually by 9.6 %. After seasonal adjustments the GDP increased inter-annually by 10.2 % and inter-quarterly by 2 %. ^{2) 3)}

In second quarter of 2021 the GDP in current prices amounted to EUR 23,977.2 million, it represents inter-annual increase by 11.8 %.

Slovak economy recorded highest increase since last quarter of 2007. High increase can be attributed mainly to low previous basis, since there was significant economic slowdown in 2^nd quarter of 2020 caused by radical measures adopted by government during first wave of COVID-19 pandemic. Despite that, inter-annual economic development significantly pushed value of GDP almost up to pre-pandemic level of 2019 (inter-annual decrease of GDP in 2^nd quarter of 2020 was up to 10,9%).

Strong growth of value added in current quarter largely compensated slump caused by pandemic in second quarter of 2020. Increased production was observed in key sectors of the economy, mainly in industry, namely in car production and manufacture of basic metals. Value added growth was supported by external demand, but in comparison with previous quarters, domestic demand also contributed significantly, where we observed growth in consumer as well as investment demand.

Overall employment in reference period reached 2,373.8 thousands of persons. In comparison with second quarter of 2020 it decreased by 0.4 %. After seasonal adjustment the overall employment decreased in comparison with second quarter of 2020 by 0.4 % and in comparison with first quarter of 2021 increased by 0.8 %. 

Flash estimate of Gross Domestic Product and Employment will be precised on the basis of next available statistical and administrative data and complemented by structures for individual indicators and published on September 3, 2021 at 9,00 h on the SO SR website (in the INFORMATION REPORTS CATALOGUE) and subsequently also in publication Štatistická správa o základných vývojových tendenciách v hospodárstve SR v 2. štvrťroku 2021 published in the CATALOGUE OF PUBLICATONS of the SO SR.