Slovakia Economic Outlook
March 3, 2020Growth picked up steam in Q4 2019, after falling to a near six-year low in Q3. Robust wage growth and tight labor market conditions should have buttressed private consumption, while healthy credit growth to non-financial corporations amid improved economic sentiment ought to have supported capital spending in the quarter. Meanwhile, industrial activity contracted at a quicker rate in Q4 compared to Q3, hampered by shriveling production in the all-important car sector amid muted external demand. Meanwhile, in politics, on 29 February the opposition Ordinary People party unexpectedly won Slovakia’s parliamentary election. The pro-EU and pro-NATO party, which ran on a firm anti-corruption agenda, won over one-third of parliamentary seats and is likely to form a center-right coalition ahead. The short-term economic outlook is unlikely to be significantly affected by changes in government, however.
Slovakia Economic GrowthThe economy is expected to grow at a robust pace this year, underpinned by healthy domestic demand amid buoyant private consumption and a tight labor market. However, key risks to the outlook are the industrial sector’s high dependence on diesel-related technologies, as consumers switch to electric vehicles, and sluggish global demand. FocusEconomics panelists see growth of 2.3% in 2020, down 0.1 percentage points from last month’s forecast, and 2.6% in 2021.
Slovakia Economy Data
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Slovakia Economic News
March 27, 2020
On 21 March, President Zuzana Caputova swore in the new center-right coalition government, led by Igor Matovic from the Ordinary People and Independent Personalities (OLANO) party, which won over one-third of parliamentary seats in the 28 February election on an anti-corruption platform.
March 13, 2020
Consumer prices increased 0.1% in February from the previous month, following January’s 1.2% rise.
March 10, 2020
Industrial production rose 0.5% in January, contrasting December’s revised 6.9% contraction in December (previously reported: -7.1% year-on-year) and marking the first expansion since July last year.
March 6, 2020
A second estimate revealed the economy grew 2.0% year-on-year in the fourth quarter of last year (previously reported: +2.1% year-on-year), up from the 1.3% expansion in the third quarter which had marked the lowest result since Q2 2013.
February 28, 2020
On 29 February, Slovakia will elect its new Parliament.