Slovak economy is accelerating. Third quarter may bring a slight increase

The Council for Budget Responsibility has offered revised economic predictions in its July prognosis.

Illustrative stock photoIllustrative stock photo (Source: Pixabay)

Slovakia’s economy is accelerating again. After hitting bottom in April, when it fell 20 percent year-on-year, it already halved its loss in June.

The development is even better than in other developed economies whose condition is improving only moderately.

Related articleToo early for rose-coloured glasses. Why Slovakia's industry dropped the most in Europe Read more 

“We expect that despite the accelerating economy, the domestic capacities in industry and services will not be fully used during the whole year,” the Council for Budget Responsibility (RRZ) stated in its short-term economic prognosis from July 2020.

At the same time, although the sentiment indicators abroad indicate certain acceleration of demand, the recovery is uncertain due to the worsening epidemiological situation across the globe.

Better 2Q GDP forecast

RRZ improved its prognosis for the economic drop in the second quarter of the year. While in June, the gross domestic product (GDP) is expected to fall 13.7 percent quarter-on-quarter and 17.3 percent y-o-y, it now forecasts that the economy will fall by only 11 percent q-o-q and 14.8 percent y-o-y.

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

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on
  • 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 and

Get daily Slovak news directly to your inbox

Theme: Economics

Read more articles by the topic

Top stories

Cabinet agrees on COVID screening

More details will be presented tomorrow.


More tips for outings in Bratislava during the lockdown

Walks along the Danube bank offer a feeling of being far from the city rush.

This place, part of Ovsištské Lúky (Ovsište Meadows) in Petržalka, is still Bratislava.

Roundup: Fairytale app that makes children read

An award-winning design by a Slovak architect and a trip to Zádielska dolina valley. Here’s your latest roundup.

A man wearing a face covering sits in an armchair on the snow-covered Main Street in Košice on January 13, 2021.

Police investigate surveillance of journalist, IPI calls for utmost seriousness

Police launch criminal prosecution after Denník N reporter said she was followed and opposition MP Robert Fico wrote about her private life.

l-r: Head of Let's Stop Corruption Foundation Zuzana Petková, journalist Monika Tódová, journalist Adam Valček, and Xénia Makarová of the Let's Stop Corruption Foundation