Slovakia Economic Outlook
September 28, 2021A second reading of national accounts data confirmed buoyant growth in Q2, with sharp increases in all GDP components. The upbeat economic performance was partly due to a low base effect, but was also grounded in the gradual easing of restrictions abroad, which boosted the external sector, and of those domestically, which set the stage for a resurgence in demand at home. Looking at Q3, economic momentum has slowed somewhat. Retail sales growth moderated in July amid deeply negative consumer sentiment, while business confidence fell in July–August, pointing towards the negative effect of the relatively slow vaccination rate on domestic activity. Meanwhile, export growth dropped to a five-month low in July amid ongoing semiconductor shortages. That said, substantial EU recovery funds should support activity heading into the final quarter of the year.
Slovakia Economic GrowthThe economy should grow strongly in 2021 and 2022, as resurgent external demand couples with a strengthening of domestic consumer activity. EU funds—over 6.0% of GDP during 2021–26—should further buttress the recovery. However, disagreements among leading members of the governing coalition could potentially impede economic policymaking, posing a downside risk. FocusEconomics panelists see the economy growing 4.2% in 2021. In 2022, the panel sees GDP growth at 4.6%, which is down 0.1 percentage points from last month’s forecast.
Slovakia Economy Data
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Slovakia Economic News
September 17, 2021
Consumer prices rose 0.38% in August over the previous month, a smaller increase than the 0.50% rise seen in July.
September 10, 2021
Industrial output rose 7.8% year-on-year in July (June: +13.8% yoy).
September 3, 2021
A second reading confirmed 17 August’s flash estimate of 9.6% GDP growth year-on-year in the second quarter, up from 0.2% in the first quarter.
August 17, 2021
Economic growth picked up markedly in the second quarter, with GDP increasing 9.6% on an annual basis according to a preliminary estimate (Q1: +0.2% year-on-year).
August 13, 2021
Consumer prices increased 0.50% over the previous month in July, below the 0.60% rise logged in June.