Slovakia Economic Outlook
June 2, 2020
The economy shrank at the fastest pace in over a decade in the first quarter. Covid-19-induced containment measures and depressed global demand constrained both consumer spending and activity in the important car industry in Q1, as in March, industrial output contracted at the fastest rate since May 2009. Turning to the second quarter, the scenario has further soured: In April, consumer sentiment plunged to an over one-decade low, while confidence among firms in the industrial sector nosedived to a series low amid falling output and downbeat export expectations. Meanwhile, to reboot the economy, the last stage of reopening was launched on 20 May, allowing restaurants, and accommodation and shopping facilities, among others, to resume activity again. Moreover, although border controls were prolonged to 26 June, the country has opened its borders to Hungary and Czech Republic as of 27 May.Slovakia Economic Growth
The economy will contract this year. Containment measures to halt the spread of Covid-19 will constrain private consumption, while a weak European trading environment and severed global value chains will cripple exports. Although fiscal and liquidity-boosting measures should mitigate the fallout, a potential re-emergence of the virus is a downside risk. FocusEconomics panelists see the economy contracting 7.1% in 2020, which is down 0.6 percentage points from last month’s forecast. For 2021, the panel sees GDP growth at 6.1% in 2021.Slovakia Economy Data
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Slovakia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.13 | -4.12 % | Dec 31 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Slovakia Economic News
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Slovakia: Inflation falls to over one-year low in May
June 15, 2020
Consumer prices rose 0.3% in May over the previous month, following April's flat result.
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Slovakia: Industrial production contracts at sharpest pace on record in April
June 10, 2020
Industrial production dropped 42.0% year-on-year in April (March: -19.6% year-on-year).
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Slovakia: Economy contracts at sharpest rate in over a decade in Q1
June 5, 2020
A second estimate revealed the economy shrank 3.7% on an annual basis (previously reported: -3.9% year-on-year) in the first quarter, contrasting the fourth quarter’s 2.1% expansion.
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Slovakia: Inflation declines to lowest level since December 2018 in April
May 20, 2020
Consumer prices remained unchanged in April, matching March’s flat reading.
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Slovakia: GDP contracts at fastest pace since Q4 2009 in Q1
May 15, 2020
According to a preliminary GDP estimate, the economy contracted in the first quarter, with GDP decreasing 3.9% (Q4: +2.1% year-on-year) as the Covid-19 pandemic and its associated confinement measures delivered a heavy blow.
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