Skyline of Bratislava, Slovakia

Slovakia Private consumption

Slovakia Private consumption

Private Consumption in Slovakia

The Slovakian economy recorded an average growth rate of 2.6% in private consumption in the decade to 2022, above the 1.0% average for the Euro Area. In 2022, private consumption growth was 5.7%. For more private consumption information, visit our dedicated page.

Slovakia Private consumption Chart

Note: This chart displays Private Consumption (annual variation in %) for Slovakia from 2014 to 2023.
Source: Slovakia Statistical Office.

Slovakia Private consumption Data

2018 2019 2020 2021 2022
Private Consumption (ann. var. %) 4.2 2.6 -1.1 2.7 5.7

GDP grows at softer-than-expected pace in Q3

A second national accounts release revealed the Slovak economy expanded at a slower rate than initially estimated in the third quarter, with GDP growing 1.1% year on year. The result was a deterioration from both the 1.5% expansion tallied in the second quarter and from the preliminary estimate of a 2.0% increase. On a seasonally adjusted quarter-on-quarter basis, economic growth waned to 0.2% in Q3, following the previous period's 0.4% increase.

Household spending dropped at a slower pace of 1.8% year-on-year in Q3 from a 3.6% contraction in Q2. Public spending, meanwhile, rebounded, growing 2.9% in Q3 (Q2: -2.2% yoy). That said, fixed investment growth fell to 2.8% in Q3 (Q2: +12.4% yoy), marking the weakest reading since Q2 2022. On the external front, exports of goods and services rebounded, growing 0.1% year on year in the third quarter (Q2: -0.8% yoy). In addition, imports of goods and services slid at a milder rate of 4.0% in Q3 (Q2: -8.0% yoy). Both results marked the best readings since Q4 2022. Overall, net trade grew in Q3.

Domestic demand likely benefited from lower average inflation in Q3, which fell to the lowest since Q4 2021. However, higher interest rates and slower nominal wage growth capped the overall improvement in private spending. Our Consensus is for the economy to post a stronger year-on-year expansion in Q4, but tally only a moderate increase in 2023 as a whole.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovak private consumption projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Slovak private consumption.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovak private consumption projections.

Want to get access to the full dataset of Slovak private consumption forecasts? Send an email to info@focus-economics.com.

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