Slovakia Economic Outlook
May 31, 2022GDP 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 GrowthOur 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
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 16, 2022
Harmonized inflation rose to 15.1% in November, following October’s 14.5%.
December 9, 2022
Industrial output dropped 2.6% year on year in October (September: -1.9% yoy).
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.
November 16, 2022
Harmonized inflation surged to 14.5% in October, above September’s 13.6%.
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%).