Slovak GDP contraction confirmed in Q4

Figures

Slovakia's gross domestic product (GDP) shrank 2.7% year-on-year in the fourth quarter of 2020, matching the preliminary estimate and following a 2.4% contraction in the previous three-month period, the Slovak Statistical Office (SÚSR) said in a statement on Friday.

On a seasonally adjusted basis, the economy grew by only 0.2%, easing from an 11.7% jump in the third quarter.

In a separate report, the Bratislava-based agency said that unemployment rose to 6,7% in 2020, and the number of unemployed did not increase significantly in the last quarter, compared to the third quarter. In general, there was 189,800 unemployed people in the fourth quarter. Employment fell by 2% in both 2020 and in its last quarter, with a drop of more than 50,000 employees compared to 2019. Meanwhile, average wages continued to increase in the last quarter and also in 2020 as a whole, and exceeded EUR 1,100 per month annually.

The average nominal monthly wage reached EUR 1,245 in the Q4 of 2020, and it was by 5,8% higher year-on-year. After taking into account the real inflation rate, the wage rose by 4,2% in the Q4 last year. In 2020, the average nominal monthly wage in Slovakia rose by 3,8% to EUR 1,133. In real terms, the wage increased by 1,9% year-on-year. 

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