Slovak GDP growth improves after revision to 3.3% in 1Q and 2% in 2Q 2024

Slovak GDP growth improves after revision to 3.3% in 1Q and 2% in 2Q 2024

Slovak GDP growth improves after revision to 3.3% in 1Q and 2% in 2Q 2024 / bne IntelliNews

By bne IntelliNews October 22, 2024

Slovakia’s gross domestic product (GDP) growth was revised to 3.3% in the first quarter (up from 2.7%) and to 2% in the second quarter (up from 1.9%) of this year.

“Planned revisions of national account improve the quality of data of the economy, which are the basis for the creation of important policies and measures,” Slovak statisticians highlighted in their report about a revision carried out every five years, which “affects the entire time series of the most important indicators about the economy”

The revisions give higher precision data “based on new sources of figures, additional information and methodological changes,” commented Alzbeta Ridzonova, head of the macroeconomic statistics at the Statistical Office of the Slovak Republic.

The revisions also lowered the overall GDP performance in the previous two years. The Slovak economy grew by 1.4% year on year in 2023 (down from 1.6%) and in 2022 it grew by 0.4% (down from 1.9%). The GDP in 2021 grew by 5.7% (up from 4.8%), while the 2020 slump is now -2.6% (easing from -3.3%).

The revision of the national accounts is coordinated with Eurostat, the European Central Bank and other central banks in the EU.

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