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Gross domestic product in the 1st quarter of 2021
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Gross domestic product in the 1st quarter of 2021

Last update: 04.06.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 04.06.2021

The performance of the economy remained just above zero, mainly due to the dynamics of exports and the better performance of major industries

Out of a total of 10 sectoral components of economy, up to 6 showed lower year-on-year value added, while 4 sectors recorded an increase in value added, including a significant industry and real estate activities.

In the first quarter of 2021, the gross domestic product (GDP) of the Slovak Republic increased by 0,2 % year-on-year (at constant prices, not seasonally adjusted). The performance of the economy in the first quarter thus did not deteriorate year-on-year, but still did not reach the level of the pre-pandemic year 2019.

The main contributor to the result was mainly the growth in foreign demand, the dynamics of which from the two previous quarters, accelerated to the value of year-on-year growth by 10 %. Despite the pandemics and the unfavorable epidemiological situation, a return to a slight economic recovery was visible during the first quarter, following the declines in all four quarters of last year.

Compared with the fourth quarter, seasonally adjusted GDP was lower by 2 % in real terms.

At current prices, the volume of GDP reached EUR 21,7 billion which is by 0,8 % higher than GDP in the first quarter of 2020.

Development of gross domestic product - graph

According to the ESA 2010 methodology, GDP is quantified in three ways. Given the available sources of information, the production method is decisive for the SR.

Production method

In total, all industries produced gross value added in the 1st  quarter of 2021 in the amount of EUR 19,5 billion. The decline in this major component of GDP mitigated markedly year-on -year, reaching only 0,1 %. The year-on-year change of the development indicates higher sectoral performance, however, the activity of the majority of sectors continued to be affected by the pandemic.

Out of a total of 10 sectoral components of the economy (monitored groups of economic activities), up to 6 showed lower year-on-year value added, while 4 sectors recorded an increase in value added.

A significant, even double-digit, year-on-year decrease in value added was recorded, especially in arts, entertainment and recreation by 21,9 %, as well as in professional, scientific and technical activities by 14,7 %, but also in construction by 11,6 %.

A year-on-year growth in value added was recorded in the largest sector, industry – 7,4 %, where an increase was recorded in e.g. in manufacture of motor vehicles by more than 35 %, in manufacture of metals by more than 22 %, in electricity, gas, steam and air-conditioning supply by more than 7 %. The decline in value added slowed down in several industries, the highest, by more than 4 %, was recorded in the manufacture of other non-metallic mineral products.

In the field of services, a significant, more than 12 % growth was recorded in the wholesale sector, except for motor vehicles and motorcycles and retail trade, by more than 4 %. Given the long-term validity of the measures to prevent the spread of coronavirus, the expected negative development in the activities of travel agencies as well as in the accommodation and food service sector was confirmed, in which the gross value added was lower by 66 %.

The collection of net taxes on products was higher by 2,4 %, year-on-year.

Expenditure method

Although, the economic activity in the first quarter of 2021 reached the level of the previous year, but only due to foreign demand (especially in the field of ​​automotive products). After the restart in the second half of 2020, it rose year-on-year at an accelerating pace for the third month in a row, in the 1st quarter of 2021, even by 10 %.

Imports of goods and services also remained in positive values, exceeding the level of the previous year by 5,4 %. The balance of foreign trade (products and services) thus reached EUR 362,8 million.

On the contrary, domestic demand had a dampening effect on the economic growth, while in the first months of last year it was not yet affected by the pandemic, in the 1st quarter of 2021, it recorded a decline by 4 %. The decisive impact on the development of domestic demand was due to declining total final consumption by 4,6 %, which was mainly influenced by a decrease in household final consumption by up to 5,8 %. Government final consumption also decreased by 1,8 %. In addition, investment activity was still not moving sufficiently, although the pace of decline in gross capital formation is slowing down, but remained below the last year's level by 1,3 %, of which gross fixed capital formation was lower by up to 10 %.

Income method

As for he generated GDP 1), the remuneration of employees 2) was almost EUR 9,9 billion. Compared to the 1st quarter of 2020, their volume increased by 0,6 %. Gross operating surplus and mixed income in the amount of more than EUR 9,8 billion rose by 1,2 %. The volume of collected taxes on production and imports decreased by 0,9 % to EUR 2,6 billion. The value of subsidies was lower by 5,8 % and reached EUR 542,6 million.


Note: ESA 2010 methodology; unless otherwise stated, absolute values and structure are at current prices, data on year-on-year development are calculated from constant prices by chain procedure of volumes to the reference year 2015
1) absolute values and data on year-on-year development are at current prices
2) remunerations of employees (residents or non-residents) are paid off by residential employers
p.p. percentage point 

Source: SO SR, DATAcube (nu0002qs, nu0003qs, nu0004qs, nu0005qs, nu0006qs)

 

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