Slovakia GDP Annual Growth Rate

Last Release

Mar 31, 2023

Actual

0.9

Units In

1.1

Frequency

Quarterly

Next Release

Sep 06, 2023

Time to Release

2 Months 30 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
13.6 Dec 2007	-10.9 Jun 2020	3.42 %	1996-2023	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 gross domestic product expanded 1% year-on-year in the first quarter of 2023, revised slightly higher than the flash estimate of 0.9% but easing from a 1.2% rise in the previous period. It was the slowest economic growth in eight quarters, due to the decline in private consumption (-2.1% vs 5.2% in the prior quarter) and government spending (-5.8% vs -3.3%). Moreover, a smaller rise was seen on fixed investments (5.7% vs 10.6%), driven mainly by increased corporate investment activities. Meanwhile, foreign trade contributed positively to the GDP, as imports dropped by 13.3% (vs 7.5%), while exports fell at a softer 4.7% (vs 3%). On a seasonally adjusted quarterly basis, the economy expanded 0.3%, the same as in the previous two quarters.