Slovakia Economic Outlook
June 2, 2020The economy shrank at the fastest pace in over a decade in the first quarter. Covid-19-induced containment measures and depressed global demand constrained both consumer spending and activity in the important car industry in Q1, as in March, industrial output contracted at the fastest rate since May 2009. Turning to the second quarter, the scenario has further soured: In April, consumer sentiment plunged to an over one-decade low, while confidence among firms in the industrial sector nosedived to a series low amid falling output and downbeat export expectations. Meanwhile, to reboot the economy, the last stage of reopening was launched on 20 May, allowing restaurants, and accommodation and shopping facilities, among others, to resume activity again. Moreover, although border controls were prolonged to 26 June, the country has opened its borders to Hungary and Czech Republic as of 27 May.
Slovakia Economic GrowthThe economy will contract this year. Containment measures to halt the spread of Covid-19 will constrain private consumption, while a weak European trading environment and severed global value chains will cripple exports. Although fiscal and liquidity-boosting measures should mitigate the fallout, a potential re-emergence of the virus is a downside risk. FocusEconomics panelists see the economy contracting 7.1% in 2020, which is down 0.6 percentage points from last month’s forecast. For 2021, the panel sees GDP growth at 6.1% in 2021.
Slovakia Economy Data
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Slovakia Economic News
June 15, 2020
Consumer prices rose 0.3% in May over the previous month, following April's flat result.
June 10, 2020
Industrial production dropped 42.0% year-on-year in April (March: -19.6% year-on-year).
June 5, 2020
A second estimate revealed the economy shrank 3.7% on an annual basis (previously reported: -3.9% year-on-year) in the first quarter, contrasting the fourth quarter’s 2.1% expansion.
May 20, 2020
Consumer prices remained unchanged in April, matching March’s flat reading.
May 15, 2020
According to a preliminary GDP estimate, the economy contracted in the first quarter, with GDP decreasing 3.9% (Q4: +2.1% year-on-year) as the Covid-19 pandemic and its associated confinement measures delivered a heavy blow.