Slovak GDP increased by 1.5% y/y in Q2

Slovak GDP increased by 1.5% y/y in Q2

/ bne IntelliNews

By Albin Sybera August 16, 2023

Slovak gross domestic product (GDP) increased by 1.5% year-on-year in the second quarter of 2023, the Statistical Office of the Slovak Republic reported.

After adjusting the figures to seasonal effects, GDP increased by 1.3% y-o-y and by 0.4% q-o-q. “High inflation continued to significantly reduce the value of GDP at constant prices compared to its nominal value,” statisticians noted.

In the 2Q, GDP at current prices reached €30.3bn, which is €3.1bn increase y-o-y. At constant prices, GDP was €23.4bn, and y-o-y growth reached €345mn.

“The growth of the Slovak economy was no longer supported by consumption, but above all by the growth of corporate investments in the procurement of constructions and also by a significant surplus in foreign trade, to which the export of cars contributed,” statisticians report reads.

Slovakia’s foreign trade surplus rose to €817.2mn in June, which is a €927.5mn better result y-o-y and the third-highest since 2010. In May, the balance was in surplus of €686.1mn. Foreign trade has also benefited from the lower value of energy imports.

Statisticians also noted that total employment in the 2Q reached 2.432mn persons and increased by 0.1% y-o-y.

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