Slovakia GDP Annual Growth Rate

Last Release

Mar 31, 2024

Actual

2.7

Units In

1.2

Frequency

Quarterly

Next Release

Sep 05, 2024

Time to Release

2 Months 28 Days 22 Hours

Highest	Lowest	Average	Date Range	Source
13.6 Dec 2007	-10.9 Jun 2020	3.36 %	1996-2024	Statistical Office of the Slovak Republic

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.

Latest Updates

Slovakia’s economy expanded by 2.7% year-on-year in the first quarter of 2024, consistent with preliminary estimates and up from a 2.2% growth in the previous period. It marked the sharpest economic expansion since the first quarter of 2022, as domestic demand rose for the first time (4.1%), after stalling for four-quarter periods amid increased household consumption (3.6%) driven by falling inflation. Also, government spending surged 6.5%, the steepest rise in almost a year, while fixed investment went up 1.37%, though investment was a lot less dynamic than in the previous six quarters. Meanwhile, net trade contributed negatively to the GDP, as imports rose faster than exports. On a seasonally adjusted quarterly basis, the GDP rose 0.7%, slightly up from a 0.6% growth.