Slovakia GDP Q4 2019


Slovakia: Economic growth gains speed in Q4

February 14, 2020

The economy picked up pace in the final quarter of 2019. According to a preliminary GDP estimate released on 14 February, economic growth accelerated to 2.1% year-on-year in the fourth quarter, up from Q3’s 1.3% expansion. On a seasonally-adjusted quarter-on-quarter basis, economic activity rose 0.6% in Q4, up from Q3’s 0.4% rise.

While a breakdown by components is not yet available, tight labor market conditions and robust wage growth should have supported household consumption in the quarter. Meanwhile, solid credit growth to non-financial corporations amid improved economic sentiment suggest fixed investment was robust in the period. Meanwhile, industrial production contracted at a faster pace in Q4, likely weighed on by falling activity in the all-important automotive sector amid subdued external demand.

More detailed data will be released on 6 March.

FocusEconomics Consensus Forecast panelists estimate growth of 2.4% in 2020, which is down 0.1 percentage points from last month’s forecast. For 2021, the panel projects the economy will expand 2.6%.

Author:, Economist

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Slovakia GDP Chart

Slovakia GDP Q4  2019

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

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