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Gross domestic product in the 3rd quarter of 2022
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Gross domestic product in the 3rd quarter of 2022

Last update: 06.12.2022
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 06.12.2022

The Slovak economy continued to grow moderately in the summer, but the performance trend over the last five years is decreasing

Economic performance in the 3rd quarter was driven by the growing industry, developments in real estate market and transportation, including storage. Out of ten sectors of the economy, eight rose year-on-year. The growth of the Slovak economy was supported by consumer, investment and foreign demand.

Gross domestic product (GDP) in the 3rd quarter of 2022 rose by 1.4% year-on-year (at constant prices, not seasonally adjusted). The Slovak economy maintained its growth rate at the level of the second quarter of the year, though it was lower compared to the first quarter. The volume of GDP at current prices increased by 9.5% year-on-year and reached EUR 28.5 billion.

On a quarter-on-quarter comparison (3rd quarter 2022 compared to 2nd quarter 2022), GDP creation after seasonal adjustment was higher by 0.4% in real terms.

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According to the ESA 2010 methodology, GDP is quantified in three ways (production method, expenditure method, income method). Considering the available sources of information, the production method is decisive for the SR.

Production method

Even in the 3rd quarter, the production activity of individual sectors remained in moderate growth. Gross value added reached a total volume of EUR 25.5 billion which represented a growth of this key component of GDP by 2%. Industry performance exceeded the pre-pandemic level (Q3 2019) by 1.1%.

In total, out of the 10 sectors 8 achieved a year-on-year increase in gross value added, 5 sectors exceeded the pre-Covid level.

As one of the most important sectors with a quarter share of total value added, manufacturing recorded a year-on-year growth by 3.7%, but performance still lagged behind by 4.7% compared to pre-pandemic levels (compared to 3rd quarter 2019). The development in manufacturing positively influenced the increase in manufacture of motor vehicles by 19.5%, but also sectors such as manufacture of machinery and equipment n.e.c. by 24.6% and manufacture of rubber and plastic products by 2.6%. On the contrary, a decrease was recorded in the manufacture of metal structures, except machinery and equipment, by 4.1%.

The growth by 1.8% in the group of internal trade (wholesale, retail), transportation with storage and accommodation and catering services also had a significant impact on GDP, while the growth trend mainly supported development in transportation.

The year-on-year performance of the construction industry by 5.1% and of companies operating in the field of real estate by 2.3% also had a positive impact on GDP, and the overall growth of GDP was slightly influenced by year-on-year growth in the proportionally weaker sectors of economy - art; entertainment and recreation; other service activities.

GDP growth was hindered by a persistent significant decrease in value added in financial and insurance activities (by 11.3%) and a slight decrease in public administration, including education, health and social assistance (by 0.3%).

Expenditure method

The development of economic activity continued in the 3rd quarter of 2022 with a positive result. It was influenced mainly by the foreign demand, domestic demand stagnated year-on-year.

After declines in the first half of the year, foreign demand (exports) rose by 8.8% in 3rd quarter of 2022, with imports growing at a slower pace. The economy was thus driven by the contribution of net exports and domestic demand remained at the same year-on-year level thanks to consumption by households which rose by 3% despite double-digit inflation. The final consumption of public administration recorded a slight decrease. Investment activity increased and was reflected in the year-on-year growth of gross fixed capital formation by 8.2%.

GDP for the 1st - 3rd quarter of 2022

In summary, for the first three quarters of 2022, the nominal volume of created GDP reached EUR 79.4 billion. At constant prices, it rose by 1.9% and exceeded the pre-Covid period (1 st quarter-3rd quarter of 2019) by 1%.

In summary, for the 1st - 3rd quarter of 2022, gross value added at constant prices achieved year-on-year growth by 1.5%. In total, out of the 10 sectors, 7 achieved a year-on-year increase in gross added value. Pandemic losses were overcome by 6 sectors. It mostly concerned public administration, defense, compulsory social security by 11.4%, wholesale, retail trade; transportation and storage; accommodation and catering services by 7.3% and real estate activities by 8.4%.

Foreign demand was higher by 0.4% year-on-year. Domestic demand increased by 2.6% due to the growth of household final consumption by 5.3% and gross capital formation by 1.6% (of which gross fixed capital formation was higher by 5%). Expenditures in public administration dropped by 3.7%.

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