
Slovakia Economic Outlook
May 31, 2022
GDP 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 Growth
Our 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
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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: Harmonized inflation rises in November
December 16, 2022
Harmonized inflation rose to 15.1% in November, following October’s 14.5%.
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Slovakia: Decline in industrial activity worsens in October
December 9, 2022
Industrial output dropped 2.6% year on year in October (September: -1.9% yoy).
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Slovakia: GDP growth improves moderately in Q3
December 6, 2022
GDP growth accelerated to 1.4% year on year in the third quarter, from 1.3% in the second quarter, according to comprehensive data.
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Slovakia: Harmonized inflation comes in at highest level since May 2000 in October
November 16, 2022
Harmonized inflation surged to 14.5% in October, above September’s 13.6%.
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Slovakia: GDP growth moderates in Q3 after H1’s downw
November 15, 2022
After a downward revision over H1, flash GDP data shows that year-on-year growth moderated slightly in Q3, coming in at 1.2% (Q2: 1.3%).