Hospitality sector kept falling, but industry showed resistance towards the second wave

Take a look at what the February 2021 statistics show about the economic situation in Slovakia.

The automotive industry contributed to good industrial production numbers.The automotive industry contributed to good industrial production numbers. (Source: TASR)

The anti-pandemic measures adopted just before Christmas had a significant impact on consumer prices. Although they did not drop, the inflation tempo was the lowest in the past four years.

Retail revenues dropped only mildly, which cannot be said about the revenues in the hospitality sector.

On the other hand, the foreign trade balance ended in surplus in December, which is quite unusual considering this time of the year in the past. Industrial production was also a surprise with its dynamic growth.

Some statistics from the turn of the year thus show that the economy is more resistant towards the second pandemic wave than towards the first wave, according to observers.

Investment Advisory Guide - your key to understanding the Slovak business environmentInvestment Advisory Guide - your key to understanding the Slovak business environment

Find more in our overview of selected economic statistics published in February 2021.

Prices dropped to four-year low

The annual inflation rate fell to a four-year minimum in January 2021. It amounted to only 0.7 percent in total, while in December 2020, the annual inflation rate was as high as 1.6 percent.

Compared with December 2020, the prices grew by 0.3 percent in total, though, the Statistics Office reported.

The calculation of the consumer price index was significantly affected by the coronavirus crisis. The traditional field price survey was influenced by the closure of selected stores and service operations. Undiscovered prices were replaced by prices from other sources, e.g. websites, telephone and e-mail inquiries. Some prices were resolved by post-imputation, according to the Statistics Office.

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