Skyline of Bratislava, Slovakia

Slovakia GDP Q1 2018

Slovakia: GDP growth ticks up in Q1 on surging fixed investment and resilient consumer spending

The economy continued to grow at a solid pace in the first quarter, according to more complete data released by the Statistical Office of the Slovak Republic (SOSR) on 7 June. GDP growth was confirmed at 3.6% annually, marginally above the fourth quarter’s 3.5% print. It expanded at a slightly faster pace on the back of a stronger contribution from the domestic economy, while the external sector lost steam on weaker demand from EU countries.

Private consumption grew 3.5% over the same period last year in Q1 (Q4: +3.6% year-on-year), supported by tightening labor market conditions and substantial wage growth. Moreover, fixed investment jumped (Q1: +12.5% yoy; Q4: +6.1% yoy), sustained by rising inflows of EU structural funds and increasing business confidence. Lastly, government consumption increased 3.1%, matching Q4’s reading.

Export growth decelerated notably from 5.7% in Q4 to 2.4% in Q1, weighed down by cooling demand from EU countries. Meanwhile, import growth remained broadly unchanged at 3.2% (Q4: +3.3% yoy), which translated into a weaker overall contribution to growth from the external sector.

On a quarter-on-quarter basis, the economy grew a seasonally-adjusted 0.9% in Q1, matching Q4’s pace of expansion.

Slovakia GDP Forecast

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