Slovakia Economic Outlook
October 27, 2020
Available 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 Growth
The 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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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: Inflation edges down in November
December 14, 2020
Consumer prices inched up 0.10% in November, matching October’s increase.
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Slovakia: Industrial output drops more sharply in October
December 10, 2020
Industrial output contracted 2.5% in annual terms in October, dropping at a sharper pace than September’s 0.2% decline.
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Slovakia: GDP contracts at softer pace in Q3
December 4, 2020
A second estimate confirmed that the economy shrank 2.4% on an annual basis in Q3, matching the preliminary release and softening markedly from the record-breaking 12.1% dive tallied in Q2.
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Slovakia: GDP drops less sharply in Q3
November 13, 2020
According to a preliminary estimate, the economy contracted at a softer pace in Q3, with GDP declining 2.4% year-on-year (Q2 2020: -12.1% year-on-year) as the easing of Covid-19 restrictions from May allowed activity to resume.
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Slovakia: Inflation picks up in October
November 12, 2020
Consumer prices ticked up 0.10% over the previous month in October, after flatlining in September.
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