Second pandemic wave has milder economic effect but lasts longer

Labour market remains stable, impact on household consumption should be minimal, according to the IFP analysts.

Stricter lockdown rules were adopted in the second half of December.Stricter lockdown rules were adopted in the second half of December. (Source: TASR)

The second pandemic wave has had a more moderate impact on the economy compared with the first one. However, it lasts longer.

Everything you need to know about the Slovak business environment. For more details visit you need to know about the Slovak business environment. For more details visit

The impact of the extended lockdown from late December to late February may amount to 1.1 percent of gross domestic product from 2019, according to analysts from the Institute of Financial Policy (IFP), running under the Finance Ministry.

Situation remains serious

If the measures had been lifted in late December to the same extent as in the early summer of 2020, the GDP would have risen by 3.5 percent in the first quarter of 2021 compared with the final quarter of 2020. If the measures were lifted only in late February, the GDP would remain the same.

The difference is created by the lockdown effect worth some €800 million, plus the impact during the last 11 days in December 2020 at €230 million, according to the IFP.

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

Top stories

News digest: New travel rules become effective, more foreigners can sign up for vaccination

The appellate proceeding in the Kuciak murder case starts tomorrow. Travel map changes. Registration for Covid vaccine now open to more foreigners.

6 h
Jan Herak

Slovakia’s “me too” moment? OĽaNO MP quits parliament

Ján Herák faces a series of serious sexual abuse allegations, while a similar case hits a rising star of Czech politics.

10 h
Robert Fico surrounded by his Smer MPs.

Robert Fico's Smer has gained its best result since last summer (+graphs)

Several coalition parties struggle with support, unlike the opposition, according to the June poll by Focus.

13 h
Branislav Zurian

Charges against former elite police head dropped

The prosecutor found the decision to prosecute Branislav Zurian unlawful, unfounded and premature.

12 h