Slovakia Economic Outlook
October 27, 2020
Available data points to a gradual recovery in Q3, following the unprecedented GDP drop in Q2. In August, the decline in industrial production softened for the fifth consecutive month, while merchandise exports rose at the strongest pace in over a year. Additionally, goods imports dropped at a softer pace in the same month, while retail sales rebounded in July–August, largely due to increased sales of electronics and recreational goods. This, coupled with consumers turning less pessimistic on average in Q3 compared to Q2, bodes well for household consumption. Nonetheless, a surge in Covid-19 cases prompted the reinstatement of the state of emergency on 1 October, which could lead to new restrictions and thus hamper activity in Q4. Lastly, on 14 October, the government approved its 2021 draft budget, based on a 5.5% growth forecast and envisioning a fiscal deficit of 7.4% of GDP.Slovakia Economic Growth
The economy is seen contracting at a record pace this year before rebounding strongly in 2021. The gradual easing of pandemic-associated restrictions, coupled with EU funding, should ramp up domestic activity, while reviving foreign demand is expected to bolster the external sector. However, the unpredictable course of the pandemic poses a key downside risk. FocusEconomics panelists see the economy growing 6.0% in 2021, which is down 0.2 percentage points from last month’s forecast. In 2022, the panel sees GDP growth at 3.8%.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 hits three-month high in March
April 15, 2021
Consumer prices rose 0.50% from the previous month in March, accelerating from the 0.30% increase seen in February.
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Slovakia: Industrial output rebounds in February
April 9, 2021
Industrial output expanded 1.0% in year-on-year terms in February, which contrasted January's 3.9% decrease.
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Slovakia: Inflation hits two-month high in February
March 15, 2021
Consumer prices increased 0.30% over the previous month in February, matching January's reading.
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Slovakia: Industrial output drops at sharpest rate since June 2020 in January
March 10, 2021
Industrial production dropped 3.9% in January (December: +6.7% yoy).
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Slovakia: GDP contracts at faster pace in Q4
March 5, 2021
A second GDP release confirmed that the economy contracted 2.7% on an annual basis in Q4, matching the preliminary release and decreasing at a quicker pace than last quarter (Q3: -2.4% yoy).
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