Skyline of Bratislava, Slovakia

Slovakia GDP

Slovakia GDP

Economic Growth in Slovakia

Slovakia recorded an average real GDP growth rate of 2.3% in the decade up to 2022, which is above the 1.4% Euro Area average. In 2022, Slovakian real GDP growth was 1.8%. For more GDP information, visit our dedicated page.

Slovakia GDP Chart

Note: This chart displays Economic Growth (GDP, ann. var. %) for Slovakia from 2014 to 2023.
Source: Slovakia Statistical Office.

Slovakia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 4.0 2.5 -3.3 4.8 1.8
GDP (USD bn) 106 106 107 119 115
GDP (EUR bn) 89.9 94.4 93.4 100.3 109.6
Economic Growth (Nominal GDP, ann. var. %) 6.1 5.1 -1.0 7.3 9.4

GDP grows at softer-than-expected pace in Q3

A second national accounts release revealed the Slovak economy expanded at a slower rate than initially estimated in the third quarter, with GDP growing 1.1% year on year. The result was a deterioration from both the 1.5% expansion tallied in the second quarter and from the preliminary estimate of a 2.0% increase. On a seasonally adjusted quarter-on-quarter basis, economic growth waned to 0.2% in Q3, following the previous period's 0.4% increase.

Household spending dropped at a slower pace of 1.8% year-on-year in Q3 from a 3.6% contraction in Q2. Public spending, meanwhile, rebounded, growing 2.9% in Q3 (Q2: -2.2% yoy). That said, fixed investment growth fell to 2.8% in Q3 (Q2: +12.4% yoy), marking the weakest reading since Q2 2022. On the external front, exports of goods and services rebounded, growing 0.1% year on year in the third quarter (Q2: -0.8% yoy). In addition, imports of goods and services slid at a milder rate of 4.0% in Q3 (Q2: -8.0% yoy). Both results marked the best readings since Q4 2022. Overall, net trade grew in Q3.

Domestic demand likely benefited from lower average inflation in Q3, which fell to the lowest since Q4 2021. However, higher interest rates and slower nominal wage growth capped the overall improvement in private spending. Our Consensus is for the economy to post a stronger year-on-year expansion in Q4, but tally only a moderate increase in 2023 as a whole.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovak GDP projections for the next ten years from a panel of 21 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Slovak GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovak GDP projections.

Want to get access to the full dataset of Slovak GDP forecasts? Send an email to info@focus-economics.com.

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