Slovakia GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

1.2

Units In

1.1

Frequency

Quarterly

Next Release

Jun 06, 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 %	1996-2023	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 grew by 1.3% year-on-year in the fourth quarter of 2023, slightly above a preliminary estimate of 1.2% and following a 1.1% growth in the previous three-month period. It was the twelfth consecutive period of expansion, mainly supported by higher fixed investment (15.9% vs 2.8% in Q3). At the same time, foreign trade contributed positively to the country's GDP, as exports (-1.3%) declined less than imports (-7.4%). Meanwhile, household consumptions (-2.3% vs -1.8%) continued to fall, while government spending (2% vs 2.9%) grew at a slower rate. On a seasonally adjusted quarterly basis, the economy edged up to 0.3% in Q4 of 2023 from 0.2% gain in the preceding period.