Slovakia's gross domestic product grew 0.2 percent year-on-year in the first quarter of 2021, below a preliminary estimate of a 0.3 percent expansion and following a 2.1 percent contraction in the previous quarter. Despite the pandemics and the unfavorable epidemiological situation, a return to a slight economic recovery was visible during Q1, following the declines in all four quarters of last year, only due to foreign demand (especially in the field of automotive products). On the contrary, domestic demand had a dampening effect on the economic growth (down 4 percent), with household consumption falling 5.8 percent and government expenditure decreasing 1.8 percent. In addition gross fixed capital formation was lower by 10 percent. On a seasonally adjusted quarterly basis, the economy shrank 2 percent, more than earlier estimates of a 1.8 percent drop. source: Statistical Office of the Slovak Republic

GDP Annual Growth Rate in Slovakia averaged 3.48 percent from 1996 until 2021, reaching an all time high of 13.60 percent in the fourth quarter of 2007 and a record low of -10.90 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 July of 2021.

GDP Annual Growth Rate in Slovakia is expected to be 10.00 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 7.50 in 12 months time. In the long-term, the Slovakia GDP Annual Growth Rate is projected to trend around 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
0.20 -2.10 13.60 -10.90 1996 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-02-16 08:00 AM YoY Prel Q4 -2.7% -2.4% -4.3% -5%
2021-03-05 08:00 AM YoY Final Q4 -2.7% -2.4% -2.7% -2.7%
2021-05-18 07:00 AM YoY Prel Q1 0.3% -2.1% -2% -1.8%
2021-06-04 07:00 AM YoY Final Q1 0.2% -2.7% 0.3%
2021-08-13 07:00 AM YoY Prel Q2 0.2% 10%
2021-09-03 07:00 AM YoY Final Q2 0.2%
2021-11-12 08:00 AM YoY Prel Q3 4.2%
2021-12-03 08:00 AM YoY Final Q3


News Stream
Slovak Q1 GDP Growth Revised Lower to 0.2%
Slovakia's gross domestic product grew 0.2 percent year-on-year in the first quarter of 2021, below a preliminary estimate of a 0.3 percent expansion and following a 2.1 percent contraction in the previous quarter. Despite the pandemics and the unfavorable epidemiological situation, a return to a slight economic recovery was visible during Q1, following the declines in all four quarters of last year, only due to foreign demand (especially in the field of automotive products). On the contrary, domestic demand had a dampening effect on the economic growth (down 4 percent), with household consumption falling 5.8 percent and government expenditure decreasing 1.8 percent. In addition gross fixed capital formation was lower by 10 percent. On a seasonally adjusted quarterly basis, the economy shrank 2 percent, more than earlier estimates of a 1.8 percent drop.
2021-06-04
Slovak GDP Unexpectedly Rebounds in Q1
Slovakia's gross domestic product rose 0.3 percent year-on-year in the first quarter of 2021, following a downwardly revised 2.1 percent contraction in the previous three-month period and defying market expectations of a 2 percent fall, a preliminary estimate showed. It was the first economic expansion after four consecutive quarters of declines amid the pandemic crisis, mainly driven by the key car industry. On a seasonally adjusted quarterly basis, the economy shrank 1.8 percent, following an upwardly revised 0.8 percent growth in the fourth quarter of 2020.
2021-05-18
Slovak GDP Contraction Confirmed in Q4
Slovakia's gross domestic product shrank 2.7 percent year-on-year in the fourth quarter of 2020, matching the preliminary estimate and following a 2.4 percent contraction in the previous three-month period. There were declines in both household consumption (-2.4 percent vs 1.0 percent in Q3) and fixed investment (-15.4 percent vs -8.2 percent). Meanwhile, net external demand contributed positively to the GDP, as exports rose 1.8 percent and imports increased at a slower 0.6 percent. On a seasonally adjusted basis, the economy grew by only 0.2 percent, easing from an 11.7 percent jump in the third quarter.
2021-03-05
Slovak GDP Contracts Less than Forecast in Q4
Slovakia's gross domestic product shrank 2.7 percent year-on-year in the fourth quarter of 2020, following a 2.4 percent contraction in the previous three-month period and compared with market expectations of a 4.3 percent fall, a preliminary estimate. On a seasonally adjusted basis, the economy grew by only 0.2 percent, easing from an 11.7 percent jump in the third quarter.
2021-02-16

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.