GDP in Slovakia
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 |
Slovakia GDP Chart
Source: Slovakia Statistical Office (SOSR) and FocusEconomics calculations.
Slovakia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.13 | -4.12 % | Dec 31 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Slovakia: Center-right coalition takes office in the midst of Covid-19 crisis
March 27, 2020
On 21 March, President Zuzana Caputova swore in the new center-right coalition government, led by Igor Matovic from the Ordinary People and Independent Personalities (OLANO) party, which won over one-third of parliamentary seats in the 28 February election on an anti-corruption platform.
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Slovakia: Inflation stable in February
March 13, 2020
Consumer prices increased 0.1% in February from the previous month, following January’s 1.2% rise.
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Slovakia: Industrial production rises for first time in six months in January
March 10, 2020
Industrial production rose 0.5% in January, contrasting December’s revised 6.9% contraction in December (previously reported: -7.1% year-on-year) and marking the first expansion since July last year.
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Slovakia: Economic growth picks up in Q4 2019
March 6, 2020
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.
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Slovakia: Election outcome highly uncertain but unlikely to affect economic outlook
February 28, 2020
On 29 February, Slovakia will elect its new Parliament.
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