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Financial News: Slovakia Economy Exits Recession In Q1

Slovakia Economy Exits Recession In Q1

05/18/2021 - 12:49:00 (RTTNews)

(RTTNews) - Slovakia's economy exited a severe recession in the first quarter of the year, preliminary estimates from the Statistical Office of the Slovak Republic showed Tuesday. Gross domestic product grew a non-adjusted 0.3 percent year-on-year following a 2.1 percent contraction in the fourth quarter of 2020. On a seasonally adjusted basis, GDP rose 0.5 percent in the first quarter after a 2.3 percent decline in the previous three months. Compared to the same quarter last year, GDP fell a seasonally adjusted 1.8 percent after a 0.8 percent growth in the previous quarter.

An increase in activity in industry, especially in the automobile sector, contributed to growth in the first quarter. External demand for cars and related products led to a significantly positive balance of the foreign trade that substantially contributed to gradual return to normal. Meanwhile, domestic demand dampened growth due mainly to weaker final household consumption amid pandemic measures and increased caution of households related to their expenditures.

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