Slovakia Economic Forecast

Slovakia Economic Outlook

January 30, 2018

According to leading data, the economy seems to have maintained a healthy pace of growth in the last stretch of 2017, underpinned by robust demand from the EU. Merchandise exports recorded another robust year-on-year expansion in November. Healthy external demand buttressed growth in industrial production, which accelerated further in November mainly on the back of a remarkable performance in the automotive sector. The strong year-on-year expansions in retail sales in October and November suggest household spending, driven by declining unemployment and robustly rising wages, also continued to spur growth. Further positive news came from the construction sector, which expanded at nearly a double-digit rate in November, registering the fifth consecutive month of growth. The construction sector, which contracted markedly last year due to the drying out of EU funds, recovered in H2, likely benefiting from the new cycle of EU-funded investment.

Slovakia Economic Growth

This year the Slovak economy should continue to benefit from solid momentum in Eurozone economies, which will spur industrial production. Moreover, rising inflows of EU funds and accommodative financing conditions will buttress fixed investment. A further tightening in the labor market, together with healthily growing wages, are expected to sustain consumer spending. Met the why particular panelists project GDP will expand 3.6% in 2018, which is unchanged from last month’s estimate, and 3.5% in 2019.

Slovakia Economy Data

20122013201420152016
Population (million)5.45.45.45.45.4
GDP per capita (EUR)13,45413,70714,02314,51514,920
GDP (EUR bn)72.774.275.978.781.0
Economic Growth (GDP, annual variation in %)1.71.52.63.83.3
Consumption (annual variation in %)-0.4-0.81.42.22.9
Investment (annual variation in %)-9.0-0.91.216.9-9.3
Industrial Production (annual variation in %)8.03.93.67.44.7
Retail Sales (annual variation in %)-0.90.13.61.72.1
Unemployment Rate14.014.213.211.59.7
Fiscal Balance (% of GDP)-4.3-2.7-2.7-2.7-1.7
Public Debt (% of GDP)52.254.753.652.551.9
Money (annual variation in %)7.36.25.211.15.2
Inflation Rate (CPI, annual variation in %, eop)3.20.4-0.1-0.50.2
Inflation Rate (HICP, annual variation in %)3.81.5-0.1-0.3-0.5
Inflation (PPI, annual variation in %)3.9-0.1-3.5-4.3-0.2
Policy Interest Rate (%)0.750.250.05-  -  
Exchange Rate (vs USD)1.321.381.21-  -  
Exchange Rate (vs USD, aop)1.291.331.33-  -  
Current Account (% of GDP)1.01.91.00.2-0.7
Current Account Balance (EUR bn)0.71.40.90.1-0.6
Trade Balance (EUR billion)2.52.92.82.02.3
Exports (EUR billion)60.262.462.666.168.3
Imports (EUR billion)57.759.559.864.166.0
Exports (annual variation in %)11.03.70.35.63.3
Imports (annual variation in %)5.43.20.57.13.0

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Slovakia Facts

ValueChangeDate
Bond Yield0.50-4.12 %Feb 20
Exchange Rate1.230.65 %Feb 20
Stock Market3280.0 %Feb 20

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