Slovakia's annual economic growth was confirmed at 3.7 percent in the first quarter of 2019, slightly above the previous three-month period's expansion of 3.6 percent. Net external demand was the main contributor to the expansion as exports rose 7.2 percent (vs 4.7 percent in Q4 2018), faster than a 6.4 percent increase in imports (vs 7.8 percent in Q4). On the other hand, domestic demand growth slowed to 2.3 percent from 5.8 percent, in particular household consumption (1.0 percent vs 3.4 percent), fixed investment (2.1 percent vs 9.0 percent) and government spending (1.5 percent vs 3.8 percent). On a seasonally adjusted quarterly basis, the economy grew 0.9 percent. GDP Annual Growth Rate in Slovakia averaged 3.96 percent from 1996 until 2019, reaching an all time high of 13.50 percent in the fourth quarter of 2007 and a record low of -6 percent in the second quarter of 2009.
GDP Annual Growth Rate in Slovakia is expected to be 3.50 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 3.40 in 12 months time. In the long-term, the Slovakia GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.