Slovakia's economy accelerated sharply in the second quarter of this year, with year-on-year growth of GDP at fixed prices reaching 9.6 percent, according to a preliminary estimate released by the Statistics Office on Tuesday. This rate of growth has been the most rapid since the final quarter of 2007. The rapid growth can be attributed mainly to a low comparison base, as there was a significant economic slowdown in the second quarter of 2020 caused by the radical measures imposed during the first wave of the COVID-19 pandemic. In spite of this, the year-on-year economic development significantly shifted GDP values almost back to the level seen in the pre-crisis period of 2019.
The statisticians noted that the increased production was reflected in key sectors of the economy - mainly in industry, and particularly in the manufacture of motor vehicles and base metals. The growth in added value was supported by foreign demand, but in contrast to previous quarters, domestic demand also made a significant contribution to the growth, with increases in both consumer and investment demand.
