William Malcolm

Slovakia’s GDP Drops Less Than Expected

According to preliminary data from Slovakia’s Statistical Office, the country’s GDP fell by 8.3 percent in the second quarter compared to the previous three months, and by 12.1 percent year-on-year.

The second-quarter economy was mainly helped by the recovery in the country’s dominant industry, as well as the improvement in the situation of small businesses.

Analysts in a Reuters poll estimated a quarter-on-quarter decline of 12 percent and a year-on-year decline of 15.5 percent.

In the first quarter, gross domestic product (GDP) decreased by 5.2 percent compared to the previous three months, and by 3.7 percent year on year. It was the first economic downturn since the global financial crisis in 2009.