Slovakia Economic Forecast

Slovakia Economic Outlook

March 3, 2020

Growth picked up steam in Q4 2019, after falling to a near six-year low in Q3. Robust wage growth and tight labor market conditions should have buttressed private consumption, while healthy credit growth to non-financial corporations amid improved economic sentiment ought to have supported capital spending in the quarter. Meanwhile, industrial activity contracted at a quicker rate in Q4 compared to Q3, hampered by shriveling production in the all-important car sector amid muted external demand. Meanwhile, in politics, on 29 February the opposition Ordinary People party unexpectedly won Slovakia’s parliamentary election. The pro-EU and pro-NATO party, which ran on a firm anti-corruption agenda, won over one-third of parliamentary seats and is likely to form a center-right coalition ahead. The short-term economic outlook is unlikely to be significantly affected by changes in government, however.

Slovakia Economic Growth

The economy is expected to grow at a robust pace this year, underpinned by healthy domestic demand amid buoyant private consumption and a tight labor market. However, key risks to the outlook are the industrial sector’s high dependence on diesel-related technologies, as consumers switch to electric vehicles, and sluggish global demand. FocusEconomics panelists see growth of 2.3% in 2020, down 0.1 percentage points from last month’s forecast, and 2.6% in 2021.

Slovakia Economy Data

2014 2015 2016 2017 2018
Population (million)
GDP per capita (EUR)14,04914,71314,93515,55116,484
GDP (EUR bn)76.179.881.084.589.7
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)3.021.6-
Industrial Production (annual variation in %)
Retail Sales (annual variation in %)
Unemployment Rate13.
Fiscal Balance (% of GDP)-2.7-2.7-2.5-1.0-1.1
Public Debt (% of GDP)53.551.952.051.349.4
Money (annual variation in %)
Inflation Rate (CPI, annual variation in %, eop)-0.1-
Inflation Rate (HICP, annual variation in %)-0.1-0.3-
Inflation (PPI, annual variation in %)-3.5-4.3-
Policy Interest Rate (%)-  -  -  -  -  
Exchange Rate (vs USD)-  -  -  -  -  
Exchange Rate (vs USD, aop)-  -  -  -  -  
Current Account (% of GDP)1.0-1.7-2.1-2.1-2.4
Current Account Balance (EUR bn)0.9-1.4-1.8-1.7-2.3
Trade Balance (EUR billion)2.9-
Exports (EUR billion)62.462.667.271.576.4
Imports (EUR billion)59.563.665.570.876.4
Exports (annual variation in %)
Imports (annual variation in %)

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Slovakia Facts

Value Change Date
Bond Yield0.13-4.12 %Dec 31
Exchange Rate1.120.65 %Dec 31

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