Slovak economy sped up at the end of 2019

But the prediction for 2020 remains gloomy.

Illustrative stock photoIllustrative stock photo (Source: TASR)

The growth of Slovakia’s economy came as a positive surprise to analysts.

The gross domestic product at constant prices increased in the final quarter of 2019 by 2.1 percent year-on-year. After seasonal adjustment, GDP rose by 1.9 percent y-o-y and 0.6 percent compared to the previous quarter.

Related articleSlovak economy keeps decelerating Read more 

The volume of GDP at current prices in the fourth quarter of 2019 amounted to €24.2942 billion, up by 5.1 percent y-o-y, according to the flash estimate published by the Statistics Office on February 14.

“The growth was slightly higher than we expected,” Mária Valachyová, chief economist at Slovenská Sporiteľňa, wrote in a memo. Their expectation was 1.8 percent y-o-y.

She also considers the increase in the quarterly growth tempo a good signal, particularly after previous indicators showed a relatively weaker industrial performance.

Domestic demand and services

Since the Statistics Office will publish updated results on March 6, 2020, it is not clear what helped the growth.

The rest of this article is premium content at Spectator.sk
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on Spectator.sk
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on Sme.sk and Korzar.sk

Get daily Slovak news directly to your inbox

Theme: Economics

Read more articles by the topic

Top stories

He was almost murdered. Instead, he is to become general prosecutor

It was not clear whether the election would take place on December 3 until the very last moment.

Maroš Žilinka

News digest: No skiing in Slovakia at least until January

The coalition should meet to discuss the opening of schools, former police corps president travelled to Slovakia to be detained.

First snow appeared in Bratislava and caused traffic problems

Fico and Kotleba have not been fined for being maskless yet

The police are dealing with violent protesters, but no politician has been penalized for calling on people not to wear masks.

Ex-police chief Lučanský in handcuffs

He is one of the eight people facing charges after Operation Judas.

Milan Lučanský