Economic performance from the end of 2020 a pleasant surprise

Economic recovery will be mainly influenced by the success of the vaccination strategy and the effectiveness of vaccines.

Illustrative stock photoIllustrative stock photo (Source: TASR)

The gross domestic product (GDP) went down in constant prices by 2.7 percent in the final quarter of 2020, compared with the fourth quarter of 2019.

Foreign trade breaks records, revenues in hospitality fall significantly Read more 

After seasonal adjustment, GDP decreased by 2.7 percent year-on-year, but went up by 0.2 percent compared with the previous quarter, according to the flash estimate published by the Statistics Office on February 16.

The volume of GDP at current prices in the fourth quarter of 2020 amounted to €24.0828 billion, down by 0.4 percent y-o-y.

“Despite the second Covid-19 pandemic wave, which hit the population harder than the first one, the Slovak economy did quite well and the performance of several industries was surprising,” the Statistics Office wrote in its statement, naming car industry and construction.

The result was a year-on-year development of GDP comparable to the 3rd quarter of 2020, which was much better than the 2nd quarter, when the first pandemic wave broke out. The external balance of goods and services was also positive in the 4th quarter of 2020, and the external demand related to car industry products played an important role.

The Statistics Office will publish revised GDP data with more detailed statistics on March 5.

A pleasant surprise

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

Kindergartens and the first stage of primary schools open for all children from Monday

Ministry promises more information on April 12, when it will announce how schools should operate from April 19.

8. apr
Andrew Giarelli

If Bratislava had “talking statues”, they would gossip about Sputnik

Andrew Giarelli’s novel explores Rome’s centuries-long tradition of putting social commentary on statues.

17 h
Illustrative stock photo

Another age group can now register for vaccination

The Health Ministry opened the registration for people older than 45 years.

10. apr
PM Eduard Heger

Heger: The decision to make Matovič discuss Sputnik V was pragmatic

The prime minister also commented on the recent statements of an OĽaNO MP.

10. apr