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
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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
July 14, 2021
Consumer prices rose 0.60% over the previous month in June, moderating from May's 0.80% rise.
July 9, 2021
Industrial output grew 36.7% in year-on-year terms in May, which followed April's 69.1% increase.
June 15, 2021
Consumer prices rose 0.80% over the previous month in May, picking up from the 0.20% increase recorded in April.
June 10, 2021
Industrial output expanded 69.0% compared to the same month a year earlier in April, which was above March's 24.6% increase.
June 4, 2021
A second reading confirmed that GDP bounced back in the first quarter, expanding 0.2% year-on-year (previously reported: +0.3% year-on-year) and contrasting the 2.1% contraction logged in Q4 2020.