Slovakia Economic Forecast

Slovakia Economic Outlook

February 27, 2018

Annual economic growth sped up slightly in Q4, according to a recent flash estimate. Although a breakdown by components is not yet available, high-frequency indicators suggest solid household consumption was again behind the positive performance. The unemployment rate declined throughout the fourth quarter of last year and retail sales were strong throughout the quarter. Looking at the start of 2018, survey-based data indicates that consumer sentiment strengthened in January, which bodes well for household spending. However, business confidence declined in the same month, mainly dragged down by lower confidence in the industry and construction sectors. In order to address the problem of rising shortages of skilled labor, parliament approved a law in mid-February that simplifies conditions for hiring professionals from non-EU countries. The measure will help employers find qualified workers and should reduce capacity constraints.

Slovakia Economic Growth

The economy is on track to record another year of sustained growth. The industrial sector is expected to expand robustly, benefiting from increasing demand from the Eurozone. This should underpin fixed investment, which will likely also be supported by increased EU funds, while tighter labor market conditions and solid wage growth should continue to spur consumer spending. Moreover, healthy GDP growth and a prudent fiscal stance will keep the public debt-to-GDP ratio on a downward trend. FocusEconomics panelists project GDP to expand 3.6% in 2018, which is unchanged from last month’s estimate, and 3.5% in 2019.

Slovakia Economy Data

Population (million)
GDP per capita (EUR)13,45413,70714,02314,51514,920
GDP (EUR bn)72.774.275.978.781.0
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)-0.4-
Investment (annual variation in %)-9.0-
Industrial Production (annual variation in %)
Retail Sales (annual variation in %)-
Unemployment Rate14.
Fiscal Balance (% of GDP)-4.3-2.7-2.7-2.7-1.7
Public Debt (% of GDP)52.254.753.652.551.9
Money (annual variation in %)
Inflation Rate (CPI, annual variation in %, eop)3.20.4-0.1-0.50.2
Inflation Rate (HICP, annual variation in %)3.81.5-0.1-0.3-0.5
Inflation (PPI, annual variation in %)3.9-0.1-3.5-4.3-0.2
Policy Interest Rate (%)0.750.250.05-  -  
Exchange Rate (vs USD)1.321.381.21-  -  
Exchange Rate (vs USD, aop)1.291.331.33-  -  
Current Account (% of GDP)
Current Account Balance (EUR bn)
Trade Balance (EUR billion)
Exports (EUR billion)60.262.462.666.168.3
Imports (EUR billion)57.759.559.864.166.0
Exports (annual variation in %)
Imports (annual variation in %)

Sample Report

5 years of Slovakia economic forecasts for more than 30 economic indicators.


Sample Report

Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.


Slovakia Facts

Bond Yield0.37-4.12 %Mar 15
Exchange Rate1.230.65 %Mar 15
Stock Market3350.0 %Mar 15

Start Your Free Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Slovakia Economic News