Slovak economy enters recession in Q2
Photo by Natanael Ginting / Shutterstock.com
Slovakia’s economy shrank 12.1% year-on-year in the second quarter of 2020, following a 3.7% decline in the previous period, due to the impact of the COVID-19 pandemic, and matching a preliminary estimate, latest figures from the Statistical Office of the Slovak Republic (SÚSR) show.
Photo by Natanael Ginting / Shutterstock.com
Gross domestic product decreased a seasonally adjusted 12.1% year-on-year, which was the biggest decline since 1996, the Bratislava-based agency said. This was also the worst performance since the second quarter of 2009, during the global financial crisis, when GDP fell 6%. In the first quarter, the economy contracted 3.8%.
Gross fixed capital formation plunged by 14.6%, government spending dropped by 10.4% and household consumption fell by 4.2%. Additionally, exports slumped 26.8%, and imports tumbled by 27%.
Employment fell 2.5% year-on-year, which was the biggest fall since 2010. Unemployment grew by 14.7% y.o.y., which was the largest gain since 2010. The jobless rate rose to 6.6%, the highest level since the second quarter of 2018, SÚSR said on September 4.
ADVERTISEMENT
SMEs More Pessimistic
India's G20 Presidency, Dawn of New Multilateralism - Narend...
Production Resumes at Ganz's Szolnok Plant
TikTok Commits to Improved Consumer Communication in Hungary
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
