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Slovak Q1 economy contracts most in a decade

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Photo by xtock/Shutterstock.com

Slovakia’s gross domestic product at constant prices shrank 3.7% from a year earlier in the first quarter of 2020, compared with a preliminary estimate of a 3.9% decline, the Slovak Statistical Office (SÚSR) says. 

Photo by xtock/Shutterstock.com

It is the steepest contraction since the last three months of 2009, as the coronavirus crisis hit activity and demand. Gross fixed capital formation slumped 4.8% and net external demand contributed negatively as exports plunged 6.8% and imports fell 1.5%.

At the same time, both household consumption and government spending rose at softer 1.1%. On a quarterly basis, the economy shrank 5.2%, the most since 2009, SÚSR said on June 5.

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