Slovakia Economic Outlook
October 27, 2020Available 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 GrowthThe 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
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
February 15, 2021
Consumer prices rose 0.30% month-on-month in January, contrasting December’s 0.10% decline and logging the highest reading since May 2020.
February 10, 2021
Industrial production expanded 6.8% in annual terms in December 2020, above November’s 2.2% increase and the fastest pace in nearly two years.
January 14, 2021
Consumer prices edged down 0.10% in December, contrasting November’s 0.10% rise and dropping for the first time since August.
January 11, 2021
Industrial production rebounded 2.2% in annual terms in November, contrasting October’s 2.6 drop, and logging the best reading since May 2019.
December 14, 2020
Consumer prices inched up 0.10% in November, matching October’s increase.