Skyline of Bratislava, Slovakia

Slovakia Economy

Slovakia's economy in numbers:

Nominal GDP of USD 115 billion in 2022.

GDP per capita of USD 21,205 compared to the global average of USD 10,589.

Average real GDP growth of 2.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 71% of overall GDP, manufacturing 19%, other industrial activity 8%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 58% of GDP in 2021, government consumption 22%, fixed investment 21%, and net exports -1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 90% of total merchandise exports, mineral fuels 3%, food 4%, ores and metals 2% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 80% of total merchandise imports, mineral fuels 8%, food 6%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 102 billion in 2022, while total imports were USD 108 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.2% in the decade to 2022. To read more about GDP growth in Slovakia, go to our dedicated page.

Fiscal policy:

Slovakia's fiscal deficit averaged 2.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 9.3% in the decade to 2022. For more information on Slovakia's unemployment click here.

Inflation:

Inflation averaged 2.5% in the decade to 2022. Go to our Slovakia inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Slovakia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
Economic growth slowed year on year in Q3, weighed on by a steep fall in fixed investment growth—which recorded the worst reading in over a year. That said, rebounds in public spending and exports of goods and services capped the overall downturn. Our panel expects momentum to have picked up in Q4, and available data largely corroborates this picture. Retail trade contracted at a softer annual clip in October–November than in Q3, signaling improved private spending. Additionally, the industrial sector expanded year on year in the same two-month period, contrasting the third quarter’s contraction. In politics, the government has recently faced mounting protests and international scrutiny over proposed reforms to the criminal code and plans to scrap an anti-graft office; if the reforms are approved, they could threaten EU funding and investment and stoke further social unrest.
Projections out to 2033.

54 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 22 expert analysts.

Want to get insight on the economic outlook for Slovakia in the coming years? FocusEconomics collects projections out to 2033 on 54 economic indicators for Slovakia from a panel of 22 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Slovakia economy. To download a sample report on the Slovakia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Slovakia Economic Data

2018 2019 2020 2021 2022
Population (million) 5.4 5.5 5.5 5.5 5.4
GDP (USD bn) 106 106 107 119 115
GDP per capita (USD) 19,482 19,394 19,518 21,706 21,205
GDP (EUR bn) 89.9 94.4 93.4 100.3 109.6
GDP per capita (EUR) 16,512 17,327 17,121 18,362 20,174
Economic Growth (Nominal GDP, ann. var. %) 6.1 5.1 -1.0 7.3 9.4
Economic Growth (GDP, ann. var. %) 4.0 2.5 -3.3 4.8 1.8
Domestic Demand (ann. var. %) 3.7 3.9 -5.1 5.9 2.9
Private Consumption (ann. var. %) 4.2 2.6 -1.1 2.7 5.7
Government Consumption (ann. var. %) 0.5 4.5 -0.6 4.2 -4.2
Fixed Investment (ann. var. %) 2.8 6.7 -10.9 3.5 4.5
Exports (G&S, ann. var. %) 5.1 0.8 -6.3 10.5 3.0
Imports (G&S, ann. var. %) 4.8 2.2 -8.1 11.7 4.2
Industrial Production (ann. var. %) 6.0 0.8 -8.5 10.3 -4.0
Retail Sales (ann. var. %) 3.6 -1.3 -1.2 1.3 4.2
Wages (ann. var. %) 6.2 7.8 3.8 6.8 7.8
Unemployment (% of active population, aop) 6.5 5.7 6.7 6.8 6.2
Fiscal Balance (% of GDP) -1.0 -1.2 -5.4 -5.2 -2.0
Public Debt (% of GDP) 49.4 48.0 58.9 61.1 57.8
Money (ann. var. of M2 %) 6.5 8.9 9.1 7.6 1.9
Inflation (CPI, ann. var. %, eop) 1.9 3.0 1.6 5.8 15.4
Inflation (HICP, ann. var. %, eop) 1.9 3.2 1.6 5.1 15.0
Inflation (HICP, ann. var. %, aop) 2.5 2.8 2.0 2.8 12.1
Inflation (PPI, ann. var. %, aop) 2.6 1.9 -0.4 6.8 29.3
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
10-Year Bond Yield (%, eop) 0.91 0.14 -0.50 0.12 3.64
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) -2.0 -3.2 0.5 -4.0 -8.0
Current Account Balance (% of GDP) -2.2 -3.3 0.6 -4.0 -7.3
Merchandise Trade Balance (EUR bn) -0.2 -1.1 1.0 -0.3 -6.1
Merchandise Exports (EUR bn) 75.1 75.5 70.0 83.1 96.9
Merchandise Imports (EUR bn) 75.4 76.7 69.0 83.4 103.0
Merchandise Exports (ann. var. %) 6.6 0.5 -7.3 18.7 16.7
Merchandise Imports (ann. var. %) 7.8 1.7 -10.0 20.9 23.5
Foreign Direct Investment (EUR bn) 1.5 2.2 -2.0 0.1 2.7

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