Slovakia GDP Q3 2019

Slovakia

Slovakia: Economic growth slows to over six-year low in Q3

November 14, 2019

The economy expanded 1.3% year-on-year in the third quarter, down from the second quarter’s revised 2.2% expansion (previously reported: +2.0% year-on-year) and marking the lowest reading since Q2 2013, according to a preliminary GDP estimate released on 14 November. On a seasonally-adjusted quarter-on-quarter basis, economic activity rose 0.4% in Q3,up from the downwardly revised 0.3% in Q2 (previously reported: +0.5% quarter-on-quarter, seasonally adjusted).

While a breakdown by components is not yet available, industrial production contracted in the quarter, likely weighed on by the all-important automotive sector. Moreover, retail sales shrank at a sharper pace in Q3 than in Q2, while consumer sentiment deteriorated further, hinting that household consumption likely faltered. Meanwhile, merchandise exports fell, on average, more rapidly in Q3 than in the previous quarter, dragged on by weak dynamics in the EU.

More detailed data will be released on 5 December.

FocusEconomics Consensus Forecast panelists expect growth of 2.6% in 2020, which is down 0.3 percentage points from last month’s forecast. For 2021, the panel projects the economy will expand 2.7%.


Author:, Economist

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Slovakia GDP Q3  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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