Slovakia GDP


Slovakia: Economic growth accelerates in Q2 on strong domestic demand

September 4, 2015

In the second quarter, GDP grew 3.2% over the same period last year, according to official data released by the Statistical Office of the Slovak Republic (SOSR) on 3 September. The print matched the preliminary estimate and slightly overshot the 3.1% increase tallied in Q1. Growth in Q2 represented the fastest expansion since Q4 2010. On a sequential basis, the economy grew a seasonally-adjusted 0.8% in Q2, which matched the result observed in Q1.

Q2’s expansion mainly reflected an acceleration in domestic demand, while the external sector deteriorated. Growth in private consumption accelerated to 2.7% in Q2 (Q1: +1.5% year-on-year), while government spending picked-up to a 4.1% increase (Q1: +1.6% yoy). Gross fixed capital formation accelerated to a 14-quarter high in Q2, expanding 10.0% (Q1: +6.6% yoy).

On the external front, growth in exports was stable at Q1’s 4.4% in Q2, while imports accelerated to a 6.0% increase (Q1: +4.3% yoy). As a result, the external sector’s net contribution to overall economic growth swung from plus 0.5 percentage points in Q1 to minus 1.1 percentage points in Q2.

The National Bank of Slovakia (NBS) projects that GDP will grow 3.2% in 2015 and 3.8% in 2016. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.0% in 2015, which is unchanged from last month’s forecast. For 2016, the panel projects that economic growth will accelerate to 3.2%.

Author: Ricard Torné, Lead Economist

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Slovakia GDP Chart

Slovakia GDP Q2 2015

Note: Year-on-year changes of GDP in %.
Source: Statistical Office of the Slovak Republic (SOSR) and FocusEconomics Consensus Forecast.

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