Slovakia's economy shrank 8.3 percent on quarter in the three months to June 2020, following a 5.2 percent decline in the previous period. It was the second consecutive quarterly contraction and the sharpest since the first quarter of 2009, officially entering a recession as the coronavirus pandemic hit the economy. source: Statistical Office of the Slovak Republic

GDP Growth Rate in Slovakia averaged 0.81 percent from 1995 until 2020, reaching an all time high of 7.40 percent in the fourth quarter of 1998 and a record low of -9.10 percent in the first quarter of 2009. This page provides - Slovakia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Slovakia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Growth Rate in Slovakia is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Slovakia to stand at 1.10 in 12 months time. In the long-term, the Slovakia GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 1.00 percent in 2022, according to our econometric models.

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Slovakia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.30 -5.20 7.40 -9.10 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-15 07:00 AM QoQ Prel Q1 -5.4% 0.6% -2.8%
2020-06-05 07:00 AM QoQ Final Q1 -5.2% 0.6% -5.4%
2020-08-14 07:00 AM QoQ Prel Q2 -8.3% -5.2% -9.5%
2020-09-04 07:00 AM QoQ Final Q2 -8.3% -5.2% -8.3%
2020-11-13 08:00 AM QoQ Prel Q3 -8.3% 5.5%
2020-12-04 08:00 AM QoQ Final Q3 -8.3% 5.5%


Slovakia GDP Growth Rate
Slovakia has been one of the fastest growing economies in Europe. Foreign direct investment, especially in the automotive and electronic sectors, fueled much of the growth. 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.