Skyline of Bratislava, Slovakia

Slovakia GDP Q4 2020

Slovakia: GDP contracts at faster pace in Q4

A second GDP release confirmed that the economy contracted 2.7% on an annual basis in Q4, matching the preliminary release and decreasing at a quicker pace than last quarter (Q3: -2.4% yoy). For the year as a whole, the economy shrank 5.2%, contrasting the 2.3% expansion logged in 2019.

The fourth quarter’s faster annual fall largely reflected a swing to decline in private consumption. Household spending fell 2.1% in annual terms in the fourth quarter, contrasting Q3’s 1.0% rise. Moreover, fixed investment fell 16.3% in annual terms (Q3: -10.8% yoy), marking the sharpest decline since Q4 2016 and the fourth successive quarter of contraction. Meanwhile, public spending ticked up 0.2% on an annual basis in Q4, rebounding from Q3’s 0.2% decrease.

On the external front, exports of goods and services slightly accelerated in Q4, rising 0.4% in annual terms (Q3: +0.2% yoy), while imports of goods and services decreased at a slower rate of 0.9% (Q3: -6.5% yoy).

On a seasonally-adjusted quarter-on-quarter basis, economic activity slowed considerably in Q4, expanding 0.2%, following the 11.7% surge posted in the prior quarter.

GDP is seen bouncing back from 2020’s dive and growing solidly in 2021 on the back of gradually firming foreign demand, which should bolster the crucial automotive industry, and recovering consumer and capital spending. However, still-surging Covid-19 cases nationally, coupled with a slower-than-expected vaccine rollout, cloud the outlook.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest