Slovakia's economy shrank 12.1 percent year-on-year in the second quarter of 2020, following a 3.7 percent decline in the previous period and matching a preliminary estimate. It was the second consecutive contraction and the sharpest on record, officially entering a recession as the coronavirus pandemic hit the economy. Gross fixed capital formation plunged by 14.6 percent, government spending dropped by 10.4 percent and household consumption fell by 4.2 percent. Additionally, exports slumped 26.8 percent, and imports tumbled by 27 percent. On a quarterly basis, the economy shrank 8.3 percent, the most since the first quarter of 2009.

GDP Annual Growth Rate in Slovakia averaged 3.63 percent from 1996 until 2020, reaching an all time high of 13.60 percent in the fourth quarter of 2007 and a record low of -12.10 percent in the second quarter of 2020. This page provides - Slovakia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Slovakia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Statistical Office of the Slovak Republic

GDP Annual Growth Rate in Slovakia is expected to be -7.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Slovakia to stand at 13.80 in 12 months time. In the long-term, the Slovakia GDP Annual Growth Rate is projected to trend around 5.50 percent in 2021 and 3.90 percent in 2022, according to our econometric models.

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Slovakia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-12.10 -3.70 13.60 -12.10 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-15 07:00 AM YoY Prel Q1 -3.9% 2.1% -1.5%
2020-06-05 07:00 AM YoY Final Q1 -3.7% 2.1% -3.9%
2020-08-14 07:00 AM YoY Prel Q2 -12.1% -3.7% -15.5% -12.3%
2020-09-04 07:00 AM YoY Final Q2 -12.1% -3.7% -12.1% -12.3%
2020-11-13 08:00 AM YoY Prel Q3 -12.1% -7.2%
2020-12-04 08:00 AM YoY Final Q3 -12.1% -7.2%


News Stream
Slovak Economy Enters Recession
Slovakia's economy shrank 12.1 percent year-on-year in the second quarter of 2020, following a 3.7 percent decline in the previous period and matching a preliminary estimate. It was the second consecutive contraction and the sharpest on record, officially entering a recession as the coronavirus pandemic hit the economy. Gross fixed capital formation plunged by 14.6 percent, government spending dropped by 10.4 percent and household consumption fell by 4.2 percent. Additionally, exports slumped 26.8 percent, and imports tumbled by 27 percent. On a quarterly basis, the economy shrank 8.3 percent, the most since the first quarter of 2009.
2020-09-04
Slovak Economy Enters Recession
Slovakia's economy shrank 12.1 percent from a year earlier in the second quarter of 20020, following a 3.7 percent contraction in the previous period and compared with maker expectations of a 15.5 percent slump, a preliminary estimate showed. It was the steepest contraction on record as the COVID-19 hit the economy. On a seasonally adjusted quarterly basis, the country’s gross domestic product shrank 8.3 percent, the most since 2009, after contracting 5.2 percent in the prior period.
2020-08-14
Slovak Economy Contracts Most in a Decade
Slovakia's gross domestic product shrank 3.7 percent from a year earlier in the first quarter of 2020, the steepest contraction since the last three months of 2009 and compared with a preliminary estimate of a 3.9 percent decline, as the coronavirus crisis hit activity and demand. Gross fixed capital formation slumped 4.8 percent and net external demand contributed negatively as exports plunged 6.8 percent and imports fell 1.5 percent. At the same time, both household consumption and government spending rose at softer 1.1 percent. On a quarterly basis, the economy shrank 5.2 percent, the most since 2009.
2020-06-05
Slovak Economy Posts 1st Contraction since 2009
Slovakia's gross domestic product declined by 3.9 percent from a year earlier in the first quarter of 2020, compared to an upwardly revised 2.1 percent growth in the previous three-month period, a preliminary estimate showed. This was the first economic contraction since the fourth quarter of 2009, as the coronavirus outbreak hit domestic consumption, investment and external demand. Output declined primarily in key industries, especially in car production and in several service sectors. On a seasonally adjusted quarterly basis, the economy shrank 5.4 percent, the most since the first quarter of 2009, after advancing 0.6 percent in the previous period.
2020-05-15

Slovakia GDP Annual Growth Rate
In Slovakia, the most important industries are engineering, chemical, electrotechnical engineering, wood-processing and food industry. On the expenditure side, household consumption is the main component of GDP and accounts for 57 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (19 percent). Exports of goods and services account for 92 percent of GDP while imports account for 88 percent, adding 4 percent of total GDP.