Slovak economy enters recession in Q2

Figures

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.

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