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

Man from Bojnice hospital probably first coronavirus-related death in Slovakia (news digest)

Aid for businesses goes to parliament, along with a measure about the residency of foreigners. Read your overview of news from Slovakia on March 31.

A medical worker eats during his break.

Prediction of coronavirus in Slovakia: New model counts with fewer infected cases

On the peak day (110th) 1,030 patients will need ventilators.

Igor Matovič (left) and Martin Smatana (right) presenting new model of coronavirus development in Slovakia.

Former minister Lajčák set to return to the Balkans

The former foreign affairs minister is one of Slovakia's top diplomats.

Miroslav Lajčák

Coronavirus measures work. Very few severe cases in Slovakia so far

Experts expect the peak in early July, but fewer infections than originally expected. Measures will need to last for more weeks, they say.

People waiting in front of the garden shop in Košice.