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Financial News: Slovakia GDP Falls Most Since 1996

Slovakia GDP Falls Most Since 1996

09/04/2020 - 11:25:00 (RTTNews)

(RTTNews) - Slovakia's economy shrank at the fastest pace in over two decades and entered a recession in the second quarter of this year, due to the impact of the coronavirus, or Covid-19, pandemic, latest figures from the Statistical Office of the Slovak Republic showed on Friday.

Gross domestic product decreased a seasonally adjusted 12.1 percent year-on-year, which was the biggest decline since 1996, the statistical office said. The flash estimate released earlier was confirmed.

This was also the worst performance since the second quarter of 2009, during the global financial crisis, when GDP fell 6 percent.

In the first quarter, the economy contracted 3.8 percent.

Two consecutive quarters of GDP decline qualifies as a technical recession. On a non-adjusted basis, GDP fell 12.1 percent annually after a 3.7 percent decline in the first three months of the year.

Most sectors of the economy recorded declines with industry, arts, entertainment and recreation, and other activities logging falls of more than 20 percent.

Double-digit declines were recorded in construction, trade, transportation and storage, accommodation and food service, and information and communication activities. Value added grew in financial and insurance activities and in the real estate sector.

External demand dropped 26.8 percent and imports fell 27 percent. Domestic demand shrunk by 12.1 percent led by a 32.3 percent slump in investments. Consumption decreased 5.7 percent. Compared to the previous quarter, GDP decreased a seasonally adjusted 8.3 percent in the second quarter after a 5.2 percent slump in the previous three months.

Employment fell 2.5 percent year-on-year, which was the biggest fall since 2010. Unemployment grew by 14.7 percent year-on-year, which was the largest gain since 2010.

The jobless rate rose to 6.6 percent, the highest level since the second quarter of 2018.

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