GDP in Slovakia

Slovakia GDP | Economic News & Forecasts

Slovakia - GDP

Growth accelerates in the second quarter

Detailed national accounts data released on 7 September showed that the economy grew 4.2% year-on-year in the second quarter, revised up from the preliminary reading of 4.1%. This marks an acceleration from the first quarter’s 3.6% expansion and the fastest pace of growth since Q4 2015.

Looking at a breakdown of the data, growth in the second quarter was fueled by the external sector. Exports picked up in Q2, rising 8.0% year-on-year following a 2.4% annual expansion in Q1. Imports also climbed in the quarter, expanding 7.8% after a 3.2% rise in Q1. Therefore, the external sector made a positive contribution to growth.

Domestic demand also grew at a solid, albeit slightly slower, rate compared to the first quarter. Fixed investment growth surged to 20.4% in Q2, up from Q1’s 12.5%, thanks to rising inflows of EU funds. On the other hand, growth in private consumption weakened from 3.5% in Q1 to 2.2% in Q2 as inflation climbed from the previous quarter and wage growth slowed. Moreover, government consumption rose at a weaker pace of 2.5% in Q2 compared to 3.1% in Q1.

On a quarter-on-quarter, seasonally-adjusted basis, GDP growth in the second quarter came in at 1.1%, marginally up from the 1.0% expansion in the first quarter.

Met the why particular Consensus Forecast panelists expect GDP growth to reach 3.5% in 2018, which is unchanged from last month’s forecast. For 2019, the panel projects economic growth will moderate to 3.2%, which is up 0.1 percentage points from last month’s estimate.

Slovakia - GDP Data

2013  2014  2015  2016  2017  
Economic Growth (GDP, annual variation in %)1.5  2.8  3.9  3.3  3.4  

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Slovakia GDP Chart

Slovakia GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Slovakia Statistical Office (SOSR) and Met the why particular calculations.

Slovakia Facts

Bond Yield0.73-4.12 %Oct 16
Exchange Rate1.160.65 %Oct 16
Stock Market3360.0 %Oct 16

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