Skyline of Bratislava, Slovakia

GDP Per Capita in Slovakia

Slovakia GDP Per Capita

GDP growth records slowest increase since Q4 2020 in the first quarter

According to a second release, GDP growth edged down to 1.0% year on year in the first quarter (flash reading: +0.9% yoy), from 1.2% in the fourth quarter of last year. Q1’s reading marked the slowest growth since Q4 2020.

The downturn was broad-based, with private consumption, public spending, and exports all weakening, and fixed investment growth slowing. Household spending contracted 2.1% in Q1, marking the worst result since Q1 2021 (Q4 2022: +5.2% yoy). Public consumption dropped at the sharpest pace since Q2 2022, contracting 5.8% (Q4 2022: -3.3% yoy). Meanwhile, fixed investment growth fell to 5.7% in Q1, marking the worst reading since Q2 2022 (Q4 2022: +10.6% yoy).

On the external front, exports of goods and services plunged at the steepest rate in over two years, contracting 4.7% in the first quarter (Q4 2022: +3.0% yoy). In addition, imports of goods and services deteriorated, contracting 13.3% in Q1 (Q4 2022: +7.5% yoy), marking the worst reading since Q2 2020.

On a seasonally-adjusted quarter-on-quarter basis, economic growth was unchanged at 0.3% in Q1, compared to the previous period’s 0.3% growth. Q1’s reading marked the joint-worst reading since Q2 2022.

On the outlook, Marián Kociš from Erste Group commented:

“[Households’ savings] reached a historic low by the end of 2022, which indicated a weakening of household spending in 2023. However, Slovakia still has a chance to avoid a technical recession, as approximately EUR 5 billion of expected fiscal stimulus is set to come from EU funds (approximately 5% of GDP). The crucial factor will be the country’s ability to efficiently and promptly utilize these sources, mainly through the Recovery and Resilience Plan. “

Slovakia GDP Per Capita Chart

This chart displays GDP per capita (EUR) for Slovakia from 2013 to 2022.

Slovakia GDP Per Capita Data

2018 2019 2020 2021 2022
GDP per capita (EUR) 16,512 17,326 17,120 18,374 20,175
GDP per capita (USD) 19,482 19,394 19,517 21,720 21,206

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