Slovakia Economic Outlook
September 1, 2020
The economy fell into recession in Q2, with GDP nosediving at a record-breaking year-on-year pace as the full brunt of the pandemic was felt. Industrial output contracted by over 25% in the quarter, reflecting weakened manufacturing activity amid temporary lockdown restrictions in the all-important car industry. Moreover, retail sales declined sharply in Q2, while the unemployment rate climbed to a two-year high in June, spelling trouble for household spending. On a brighter note, however, both consumer and industrial sector business sentiment improved in July–August amid the lifting of containment measures, with firms expecting an uptick in production in the three months ahead. Moreover, the country is poised to receive a EUR 631 million loan under the SURE scheme to help cover the costs of unemployment spending, according to an EC proposal released on 24 August.Slovakia Economic Growth
GDP is expected to shrink sharply this year due to the Covid-19 pandemic. Domestic containment measures will constrain private consumption and investment activity, while severed global value chains and weak European demand are set to hammer exports. Although fiscal and monetary stimulus should provide support, the risk of new virus flare-ups clouds the outlook. FocusEconomics panelists see the economy contracting 7.7% in 2020, which is up 0.3 percentage points from last month’s forecast. For 2021, the panel sees GDP growth at 6.4% in 2021.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: GDP contracts at fastest pace on record in Q2
August 14, 2020
According to a preliminary GDP estimate, the economy collapsed in the second quarter, with GDP nosediving 12.1% (Q1 2020: -3.7% year-on-year) as the pandemic and related measures took their toll on activity.
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Slovakia: Inflation falls for fifth consecutive month in July
August 13, 2020
Consumer prices edged up 0.10% over the last month in July, bouncing back from June’s 0.10% drop.
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Slovakia: Decline in industrial activity softens in June
August 10, 2020
Industrial output fell 8.5% compared to the same month of the previous year in June, which was far above May's 33.3% decrease.
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Slovakia: Inflation falls to over two-year low in June
July 17, 2020
Consumer prices fell 0.10% in June over the previous month, swinging from the 0.30% increase seen in May.
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Slovakia: Industrial activity drops again in May
July 10, 2020
Industrial production slumped 33.5% year-on-year in May, following April’s 42.0% nosedive, which had marked the sharpest decline on record.
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