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.
GDP Annual Growth Rate in Slovakia averaged 3.80 percent from 1996 until 2020, 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. 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 May of 2020. source: Statistical Office of the Slovak Republic
GDP Annual Growth Rate in Slovakia is expected to be -12.30 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 0.20 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.