Economy grew slightly in beginning of the year, analysts pleasantly surprised

Slovak economy remained above zero in the first quarter of 2021, growth reached 0.3 percent.

Illustrative stock photoIllustrative stock photo (Source: TASR)

The Gross Domestic Product (GDP) in chain-linking volumes in the first quarter of 2021 increased y-o-y by 0.3 percent. After seasonal adjustments, the GDP increased y-o-y by 0.5 percent and decreased m-o-m by 1.8 percent.

“After a year spent in recession, our economy succeeded to progress to green numbers again,” said Jana Glasová, an analyst for 365 bank.

Slovakia should experience swift economic recovery Read more 

Analyst Ľubomír Koršňák from UniCredit Bank said that the flash estimate is a pleasant surprise and confirmed better than expected monthly figures, especially in the last month of the quarter, in March.

In the first quarter of 2021, the GDP in current prices amounted to €21,700 million, which represents a y-o-y increase of 1 percent.

“The y-o-y development changed the decreasing trend into a slightly increasing one and indicates a gradual return towards the growth trend occurring before the Covid pandemic,” the Statistics Office stated in a press release.

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