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.

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

Top stories

Illustrative stock photo

Christmas with curfew, family visits will not be an exception

Stricter measures will come back if hospitalisations reach a critical level.


5 h

News digest: Slovak government eases measures but closes schools

First wave of easing the measures starts on Friday. President Čaputová listed among 100 most powerful women. Districts in western and central Slovakia should prepare for heavy snowfall.


4 h
Illustrative stock photo

Booster or bust: Foreigners still face vaccine barriers in Slovakia

How to have your Covid vaccine doses received abroad recognised in Slovakia.


7. dec

Pandemic dominated Google searches in Slovakia in 2021

In the category of foreign personalities, Slovaks searched Lady Gaga the most.


11 h
Skryť Close ad