Slovakia Economic Outlook
July 23, 2019The economy likely lost some momentum in the second quarter, after the auto sector propelled an acceleration in the first quarter. Softer industrial production and falling business confidence due to the wider pullback in the EU indicate a moderation of private sector activity. Nevertheless, consumer spending seemingly remained healthy in Q2: The unemployment rate dropped, wages rose robustly in April-May and consumer confidence improved. That said, employment dropped in May for the first time since September 2012, signaling employers face intensifying skill mismatch problems. Meanwhile, the IMF recently noted wage growth is outpacing productivity, and warned against risks associated with an overdependence on the automotive sector. However, it also highlighted the country’s continued robust growth trajectory and effective macro-prudential measures.
Slovakia Economic GrowthGrowth is set to soften in 2019, as last year’s strong investment activity in the auto industry tapers off. However, the economy will expand robustly, as sustained wage and credit growth buttress consumer spending. The main downside risks for the highly open economy stem from reigniting global trade tensions, a hard Brexit, and a marked weakening in the German car industry. Our panel sees growth of 3.4% in 2019, which is down 0.1 percentage points from last month’s forecast, and 3.1% in 2020.
Slovakia Economy Data
5 years of Slovakia economic forecasts for more than 30 economic indicators.
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|Bond Yield||-0.12||-4.12 %||Jul 31|
|Exchange Rate||1.11||0.65 %||Jul 31|
|Stock Market||344||0.0 %||Jul 31|
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Slovakia Economic News
August 19, 2019
Consumer prices rose 0.1% month-on-month in July, matching June’s result.
August 14, 2019
The economy grew 1.9% year-on-year in the second quarter, marking a notable slowdown from the 3.7% expansion in Q1 and the lowest reading since September 2013.
July 17, 2019
Consumer prices rose 0.1% month-on-month in June, down from May’s 0.3% increase.
July 10, 2019
Industrial production fell 2.1% year-on-year in June, an over-two-year low, which contrasted May’s 4.7% increase.
June 18, 2019
Consumer prices rose 0.3% month-on-month in May, up from April’s 0.2% increase.