GDP in Slovakia

Slovakia GDP | Economic News & Forecasts

Slovakia - GDP

GDP growth accelerates in Q1

Annual growth more than doubled at the outset of this year, coming in at 3.1% in Q1, compared to a 1.4% year-on-year increase in Q4 2021. The upturn was chiefly driven by stronger domestic demand thanks to upbeat consumer spending and healthy investment activity growth. This contrasted softening foreign demand. Looking at the production side, the wholesale and retail trade, and accommodation and catering services sectors posted stronger outturns, more than offsetting a contraction in the all-important automotive sector.

On a seasonally-adjusted quarter-on-quarter basis, economic growth remained unchanged at 0.4% in Q1, marking the third consecutive period of stable growth.

Commenting on the GDP outlook, Matej Hornák, economist at Erste Bank, painted a somewhat downbeat picture:

“Given the elevated uncertainty and changeable situation, we expect GDP growth to reach 2.0% in 2022, revised to the downside by 1pp owing to the Russian invasion of Ukraine. Economic performance will be dampened by imposed sanctions, supply-side tensions as well as rising inflation, affecting household consumption, willingness to invest and trade flows. In 2023, we expect growth stimulus from EU funds to arrive, which could contribute significantly to the economic growth, in the light of hampered economic activity.”

FocusEconomics panelists see the economy growing 2.6% in 2022, which is down 0.4 percentage points from last month’s forecast. In 2023, the panel sees GDP growth at 3.7%.

Slovakia - GDP Data

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)4.8  2.1  3.0  4.0  2.3  

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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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