Slovak recession the third worst in the EU
The drop in Slovakia’s GDP in the first quarter (-5.2% when compared to the previous quarter), before the pandemic’s full impact, was the 3rd worst in the EU after France and Italy (-5.3%), according to Eurostat data. Similarly, the Slovak drop in employment (-0.5% under a quarterly comparison) was the 3rd highest in the EU after Spain (-1%) and Bulgaria (-0.9%).
The pandemic hit the Slovak economy the most in April. Slovak exports were down 43% annually in April, and imports were down 37%. In January-April, Slovakia posted a foreign trade deficit of €776m (€1.1bn surplus for all of 2019). German exports were down a third in April.