Consumption in Slovakia

Slovakia Consumption | Economic News & Forecasts

Slovakia - Consumption

Growth ticks up in Q1 on upbeat external demand

The economy got off to a good start in the first quarter of the year, amid upbeat external demand and despite an across-the-board slowdown in the domestic economy. GDP rose 3.7% year-on-year in Q1, edging up from Q4 2018’s 3.6% outturn, according to detailed national accounts data released on 6 June.

Domestic demand lost stride in the first quarter. Household spending reported the slowest expansion in over five years, against the backdrop of higher inflation and lower consumer sentiment (Q1: +1.0% year-on-year; Q4 2018: +3.4% yoy). Meanwhile, fixed investment growth plunged (Q1: +2.0% yoy; Q4: +9.0% yoy), owing to finished projects in the auto sector, while government consumption growth also more than halved (Q1: +3.8% yoy; Q4: +1.5% yoy).

The external sector, conversely, strengthened in the quarter on strengthening export growth and slumping import growth. Export growth accelerated to 7.2% year-on-year (Q4: +4.7% yoy), thanks to upbeat external demand and strong industrial production in the auto sector, while import growth slowed to 6.4% (Q4: +7.8% yoy).

On a quarter-on-quarter, seasonally-adjusted basis, GDP growth in the first quarter came in at 0.9%, up from the 0.8% expansion logged in Q4.

FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.4% in 2019, which is unchanged from last month’s forecast, before moderating to 3.1% in 2020.

Slovakia - Consumption Data

2013  2014  2015  2016  2017  
Consumption (annual variation in %)-0.8  1.4  2.3  2.9  3.5  

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Slovakia Facts

Bond Yield0.0-4.12 %Jul 11
Exchange Rate1.130.65 %Jul 11
Stock Market3430.0 %Jul 11

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