Slovakia Economic Outlook
May 31, 2022GDP growth improved in the first quarter of this year. The acceleration was spearheaded by stronger domestic demand: Eased Covid-19 restrictions pushed up average annual retail sales growth to 16.0% in Q1 from 2.4% in Q4, pointing to healthier private spending growth. Less positively, the external sector weakened in Q1, weighing on the overall result. Turning to Q2, available data paints a mixed picture. Both business and consumer confidence improved in April, suggesting that private sector was broadly resilient to a slowing global economy and supply bottlenecks arising from the war in Ukraine and lockdowns in China. That said, inflation shot up to a record high in April and will likely remain at all-time highs in the coming months, in turn hurting household consumption in Q2. Meanwhile, on 23 May, S&P Global Ratings slashed the outlook of Slovakia’s A+ rating from stable to negative.
Slovakia Economic GrowthOur panel sees growth easing this year, with the economy again one of the worst performers in the Euro area. The importance of the automotive sector and dependence on Russian energy imports makes the country especially vulnerable to the fallout of the Russia-Ukraine war, which will hit export and manufacturing activity, private spending and investment. FocusEconomics panelists see the economy growing 2.4% in 2022, which is down 0.2 percentage points from last month’s forecast. In 2023, the panel sees GDP growth at 3.7%.
Slovakia Economy Data
5 years of Slovakia economic forecasts for more than 30 economic indicators.
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|Bond Yield||0.13||-4.12 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Slovakia Economic News
June 17, 2022
GDP growth gained traction to 3.1% year on year in the first quarter, from 1.4% in the fourth quarter of last year.
May 17, 2022
Annual growth more than doubled at the outset of this year, coming in at 3.1% in Q1, compared to a 1.4% year-on-year increase in Q4 2021.
May 13, 2022
Consumer prices rose 1.50% in April over the previous month, which was below March's 1.70% rise.
May 10, 2022
Industrial output plunged 7.3% in year on year terms in March, which was a deterioration from February's 0.2% decrease.
April 18, 2022
Consumer prices rose 1.70% over the previous month in March, accelerating from February's 0.90% rise.