Slovakia Economic Outlook
December 23, 2021After a significantly softer GDP expansion in Q3, Q4 growth has likely been constrained by a surge in Covid-19 infections and the arrival of the Omicron variant. New restrictions were introduced in October and a lockdown was implemented in November, although restrictions on vaccinated citizens were eased somewhat in December. Looking at key indicators, retail sales growth fell in October, while consumer confidence declined through November. Expanding the country’s meager vaccination rate is vital for the recovery to gain pace. While recent progress has been slow, ongoing restrictions on non-vaccinated people and the recent move to offer cash handouts for seniors in return for their vaccination will likely provide a boost ahead. On a more positive note, October data indicated improved industrial and export momentum, suggesting a slight easing of semiconductor shortages.
Slovakia Economic GrowthGrowth should pick up somewhat next year as vaccination coverage expands, boosting spending. Loose monetary policy and hefty EU funds should further aid the recovery. Nonetheless, the Omicron variant, disagreements within the governing coalition and a prolongation of supply bottlenecks pose risks to the outlook. FocusEconomics panelists see the economy growing 4.3% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the panel sees GDP growth at 4.1%.
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
December 17, 2021
Consumer prices rose 0.54% from the previous month in November, broadly stable from October's 0.59% increase.
December 10, 2021
Industrial output slid 0.6% year-on-year in October (September: -4.8% yoy).
December 3, 2021
A second reading confirmed that GDP growth moderated to 1.3% year-on-year in the third quarter from 9.6% in the second quarter, thus marking one of the weakest growth figures in the Euro area. The downturn was broad-based, with private consumption, public spending, fixed investment and exports all weakening.
November 16, 2021
According to a preliminary estimate, GDP growth moderated to 1.3% year-on-year in the third quarter from 9.6% in the second quarter, undershooting market expectations.
November 15, 2021
Consumer prices rose 0.59% in October over the previous month, slowing down from September's 0.82% increase.