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.