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Gross domestic product in the 2nd quarter of 2019

Gross domestic product in the 2nd quarter of 2019

Last update: 06.09.2019
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 06.09.2019

The growth of Slovak economy slowed down a rate and reached 2 % affected by decline of industry and export

While at the beginning of the year the Slovak economy was still moving at a significant rate, its development in the 2nd quarter of 2019 showed a slowdown. Gross domestic products (GDP) growth remained unchanged, but its dynamics fell to 2 % compared to the 2nd quarter of 2018. Growth dynamics at constant prices thus decreased by 2,5 p.p. compared with the 2nd quarter of 2018. GDP growth below 2 % level was last recorded in the 3rd quarter of 2013. After seasonal adjustment, it increased by 0,5 % in real terms compared to the 1st quarter of 2019.

GDP volume at current prices increased, year-on-year, by 4,7 % to EUR 23 718,6 million.

Gross domestic product in the 2nd quarter of 2019

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

Production method

In the 2nd quarter of 2019, value added of the generated GDP represented EUR 21 304,9 million and increased, year-on-year, by 2,3 %. Almost all of the ten monitored groupings of economic activity recorded growth, most of which were at a lower level than a year ago.

Value added fell by 0,3 % year-on-year in the sector of industry, it is one of the most important components of GDP in terms of share in the long-term. Since the beginning of last year, the year-on-year indices of industry have been growing from +0,6 % (in the 1st quarter of 2018) to + 4,9 % (in the 4th quarter of 2018). Another important component of GDP - wholesale, retail trade and repair of motor vehicles increased by 1,5 % at constant prices in the 2nd quarter of 2019 (in the same period last year the growth was 4,5 %).

The overall year-on-year development at 2 % level was supported by public administration; education; health and social assistance, which produced a higher value added of 6,5 % (4,6 % a year ago). It is the third strongest component in GDP share.

Growth rate was supported by higher growth dynamics in sectors with a smaller share in the GDP, especially financial and insurance activities with year-on-year growth of 7,8 % in April-June, real estate activities by 5,6 %, information and communication by 4,3 %, agriculture by 3,5 % and construction by 1,6 %.

Collection of net taxes on products fell by 0,1 %.

Expenditure method

In the 2nd quarter of 2019, economic growth was the result of domestic demand. Its increase was affected by gross capital formation increase by 11,9 % (at constant prices). However, gross fixed capital formation fell by 3,8 %.

All final consumption expenditure also increased, growing by 2,5 % year-on-year, in total. Final consumption of non-profit institutions serving households was higher by 5,7 %, public administration by 4,2 % and households by 1,9 %.

The balance of foreign trade of goods and services was in surplus (exports exceeded imports), but foreign demand showed a decline of 1,9 %, which was the last time in the 4th quarter of 2014. Imports of goods and services increased by 0,8 % year-on-year.

Income method

Gross operating surplus and mixed incomes of the generated GDP by income method1)   amounted to EUR 11 169,6 million. Compared with the 2nd quarter of 2018, their volume increased by 0,9 % Remunerations of employees  2) in the amount of EUR 10 064,5 million increased by 10 %. The volume of collected taxes on production and imports increased by 2,6 % to EUR 2 666,4 million. The value of subsidies increased by 9,1 % and amounted to EUR 182 million.  

In the first half of 2019, the nominal volume of generated GDP reached EUR 45 513,1 million. At current prices, it increased, year-on-year, by 5,7 %. At constant prices, it increased by 2,8 %, which was by 1,3 p.p. less than in the 1st half of 2018.

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 2010
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: SOSR, DATAcube. [nu0002qs, nu0003qs, nu0004qs, nu0005qs, nu0006qs]

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