Skyline of Bratislava, Slovakia

GDP in Slovakia

Slovakia GDP

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 Chart

This chart displays Economic Growth (GDP, annual variation in %) for Slovakia from 2013 to 2022.

Slovakia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 4.0 2.5 -3.3 4.9 1.7
GDP (USD bn) 106 106 107 119 115
GDP (EUR bn) 89.9 94.4 93.4 100.3 109.7
Economic Growth (Nominal GDP, ann. var. %) 6.1 5.1 -1.0 7.4 9.3

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