Slovakia Economic Outlook
May 31, 2022GDP growth improved in the first quarter of this year. The acceleration was spearheaded by stronger domestic demand: Eased Covid-19 restrictions pushed up average annual retail sales growth to 16.0% in Q1 from 2.4% in Q4, pointing to healthier private spending growth. Less positively, the external sector weakened in Q1, weighing on the overall result. Turning to Q2, available data paints a mixed picture. Both business and consumer confidence improved in April, suggesting that private sector was broadly resilient to a slowing global economy and supply bottlenecks arising from the war in Ukraine and lockdowns in China. That said, inflation shot up to a record high in April and will likely remain at all-time highs in the coming months, in turn hurting household consumption in Q2. Meanwhile, on 23 May, S&P Global Ratings slashed the outlook of Slovakia’s A+ rating from stable to negative.
Slovakia Economic GrowthOur panel sees growth easing this year, with the economy again one of the worst performers in the Euro area. The importance of the automotive sector and dependence on Russian energy imports makes the country especially vulnerable to the fallout of the Russia-Ukraine war, which will hit export and manufacturing activity, private spending and investment. FocusEconomics panelists see the economy growing 2.4% in 2022, which is down 0.2 percentage points from last month’s forecast. In 2023, the panel sees GDP growth at 3.7%.
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
September 16, 2022
Harmonized inflation increased to 13.4% in August, above July’s 12.8%.
September 9, 2022
Industrial output declined 6.4% year on year in July (June: -5.6% yoy).
September 6, 2022
GDP growth waned to 1.8% year on year in the second quarter, from 3.1% in the first quarter.
August 16, 2022
Flash GDP data shows that year-on-year growth almost halved in Q2, coming in at 1.7%, compared to the 3.1% increase in Q1.
August 15, 2022
Consumer prices rose 0.80% in July over the previous month, slowing down from June's 1.20% increase.