GDP in Slovakia

Slovakia GDP | Economic News & Forecasts

Slovakia - GDP

Economic growth picks up in Q4 2019

A second estimate revealed the economy grew 2.0% year-on-year in the fourth quarter of last year (previously reported: +2.1% year-on-year), up from the 1.3% expansion in the third quarter which had marked the lowest result since Q2 2013. On a quarter-on-quarter basis, the economy grew 0.6% in Q4 (Q3: +0.4% quarter-on-quarter). Taking the year as a whole, growth decelerated to 2.3%, markedly down from 4.0% in 2018.

The fourth-quarter acceleration largely reflected improving domestic demand. Household spending gathered momentum in Q4 on the back of healthy wage growth and a tight labor market (Q4: +2.1% yoy; Q3: +1.8% yoy), while government consumption increased 3.9%, up from 3.7% in Q3. On the flipside, fixed investment growth moderated to 6.2% in Q4 (Q3: +7.8% yoy), likely as subdued economic activity in Germany weighed on the all-important automotive sector.

On the external front, exports contracted for the third consecutive quarter in Q4 amid the gloomy economic backdrop in the EU (Q4: -0.5% yoy; Q2: -0.2% yoy). Similarly, imports fell 0.5% after Q3’s 3.3% increase.

The economy is expected to grow at a robust pace this year, underpinned by healthy domestic demand amid buoyant private consumption and a tight labor market. However, key risks to the outlook are the industrial sector’s high dependence on diesel-related technologies, as consumers switch to electric vehicles, and sluggish global demand.

Our panel sees growth of 2.6% in 2020, which is unchanged from last month’s forecast, and 2.6% again in 2021.

Slovakia - GDP Data

2014   2015   2016   2017   2018  
Economic Growth (GDP, annual variation in %)2.8  4.8  2.1  3.0  4.0  

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Slovakia GDP Chart

Slovakia GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Slovakia Statistical Office (SOSR) and FocusEconomics calculations.

Slovakia Facts

Value Change Date
Bond Yield0.13-4.12 %Dec 31
Exchange Rate1.120.65 %Dec 31

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