Slovakia's gross domestic product (GDP) increased by 0.3 percent year-on-year in fixed prices in the first quarter of this year, according to a preliminary estimate released by the Slovak Statistics Office on Tuesday. According to the Statistics Office, year-on-year developments in added value turned a falling trend into a slightly increasing one, indicating a gradual return to the growth seen before the pandemic.
The significantly positive foreign trade balance was driven mainly by foreign demand for automotive products and is thereby contributing considerably to a gradual return to normal. Slight growth in added value continued to be dampened by domestic demand, in particular household final consumption as a result of pandemic measures and increased household savings.
The Statistics Office will release updated GDP growth and employment figures based on further available data on June 4. The office noted that due to the current exceptional situation caused by the coronavirus pandemic, the data may be revised to a greater extent than usual.
