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Tag: slovakia gdp

  • Erste Group expects an economic upturn for CEE countries in 2021

    Erste Group expects an economic upturn for CEE countries in 2021

    The corona pandemic caused the CEE economies to enter into recession in 2020, although that economic contraction has turned out to be less severe than had been originally assumed.

    While the impact on Serbia was comparatively mild with a GDP decline of -1.1% in 2020, the Croatian economy plunged by -8.5% compared with 2019.

    In Austria, the GDP decline in the past year was also comparatively strong at -7.2%.

    According to preliminary data, the GDP downturn in 2020 amounted to -5.6% in the Czech Republic, -5.2% in Slovakia, -5.1% in Hungary and -3.9% in Romania.

    Erste Group sees a turnaround in 2021, with the strongest GDP growth expected in Hungary (+5.5%) and Serbia (+5.0%).

    The economies of Croatia, Romania and Slovakia should all also grow by more than 4%, with the Czech Republic very close behind with an expected rise of 3.9%.

    The GDP dynamic that some CEE countries evidenced in the final quarter of 2020 gives reason for optimism: the Hungarian, Slovak and Romanian economies unexpectedly posted growth in Q4 2020 compared with the preceding quarter.

  • Slovakia: Tourism industries accounted for a share of 2,74 % of GDP in 2018

    Slovakia: Tourism industries accounted for a share of 2,74 % of GDP in 2018

    In 2018, the tourism industries produced a total value of EUR 9,9 billion and accounted for a share of 2,74 % of total GDP in Slovak economy and slightly increased year-on-year.

    The tourism direct gross domestic product reached the value of EUR 2,4 billion, which represented a year-on-year higher value of 10,8 %, the Statistical Office of the Slovak Republic reported.

    The number of people employed in tourism has been growing continuously since 2013, in 2018 there were 180,7 thousand. Most of them worked in food and beverage services and in passenger transport.

    In total, tourism participants spent almost EUR 5,9 billion (expenditures of domestic and foreigners in the territory of the Slovak Republic as well as expenditures of Slovak citizens on trips abroad).

    Total expenditures increased by 10,2 % year-on-year. The highest part of expenditures of visitors in the territory of the Slovak Republic (domestic and foreign visitors in the Slovak Republic) went to the payments for accommodation and food and beverage services (38 % of expenditures).

    The total number of holiday and business trips within the domestic, inbound and outbound tourism reached the value of 60.9 million trips and increased by 9,5 % year-on-year.

    In Slovakia, domestic visitors and foreigners made a total of 52,6 million trips, of which almost three quarters were same day trips.

  • Slovakia GDP decreased by 12.1% in the second quarter of 2020

    Slovakia GDP decreased by 12.1% in the second quarter of 2020

    In the second quarter of 2020 the gross domestic product (GDP) at constant prices decreased by 12.1% as compared to the same quarter of 2019.

    After seasonal adjustment GDP decreased by 12.1% as compared to the second quarter of 2019 and by 8.3% in comparison with the previous quarter.

    The volume of GDP at current prices in the second quarter of 2020 reached EUR 21,210.5 million what represented the decrease by 10.4% in comparison with the same quarter of 2019.

    The GDP slighter decline than expected was caused by increased activity in the last month of the second quarter in key industries, especially car manufacturing, as well as small businesses.

    The positive foreign trade balance also contributed to the moderation of the decline in GDP.

  • Slovakia gross domestic product decreased by 3.9%

    Slovakia gross domestic product decreased by 3.9%

    In the first quarter of 2020 the gross domestic product (GDP) at constant prices decreased by 3.9% as compared to the same quarter of 2019. After seasonal adjustment, GDP decreased by 4.1% as compared to the first quarter of 2019 and by 5.4% in comparison with the previous quarter.

    At current prices, GDP in the first quarter of 2020 amounted to 21,433.7 mil. EUR, which represents a decrease of 1 % compared to the 1st quarter of 2019.

    The unfavourable economic development is due to the decline in value added in key industries, especially in car production and in several service sectors.

    External demand made a significant contribution to the decreasing GDP, and the dynamics of its year-on-year decline accelerated. Due to the current situation, the growth of domestic demand is insufficient, with final consumption expenditures in the general government sector growing the most. Investment demand has declined in comparison with previous quarters.

    Total employment in the reference period reached 2,425.8 thousand persons. In com­pa­rison with the first quarter of 2019 it decreased by 0.5%.

    Seasonally adjusted total employment decreased by 0.4% as compared to the first quarter of 2019 and by 0.5% as com­pa­red to the fourth quarter of 2019.