Slovakia's Macroeconomic Analysis:
Nominal GDP of USD 133 billion in 2023.
Nominal GDP of USD 115 billion in 2022.
GDP per capita of USD 21,205 compared to the global average of USD 10,589.
GDP per capita of USD 24,458 compared to the global average of USD 10,589.
Average real GDP growth of 2.3% over the last decade.
Average real GDP growth of 2.2% over the last decade.
Sector Analysis
In 2021, services accounted for 71% of overall GDP, manufacturing 19%, other industrial activity 8%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 58% of GDP in 2021, government consumption 22%, fixed investment 21%, and net exports -1%.International trade
In 2021, manufactured products made up 90% of total merchandise exports, mineral fuels 3%, food 4%, ores and metals 2% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 80% of total merchandise imports, mineral fuels 8%, food 6%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 102 billion in 2022, while total imports were USD 108 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.2% in the decade to 2022. To read more about GDP growth in Slovakia, go to our dedicated page.
Fiscal policy
Slovakia's fiscal deficit averaged 2.9% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 9.3% in the decade to 2022. For more information on Slovakia's unemployment click here.
Inflation
Inflation averaged 2.5% in the decade to 2022. Go to our Slovakia inflation page for extra insight.
Monetary Policy
Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Slovakia monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
Economic situation in Slovakia
A second release confirmed that annual GDP growth decelerated to 1.2% in Q3 (Q2: +2.0% yoy), marking the softest increase since Q1 2023. The slowdown was broad-based, as all GDP subcomponents posted weaker readings. Turning to Q4, our panelists expect annual GDP growth to almost double from Q3. Laxer financing conditions likely buoyed fixed investment, and retail sales growth picked up from Q3 in October, hinting at healthier private consumption. That said, industrial production growth cooled from Q3 in October, and economic sentiment deteriorated and averaged in pessimistic territory in October–November. In other news, in early December, Moody’s cut Slovakia’s sovereign credit score by one notch to ’A3’—aligning with Fitch Ratings’ A- grade, which was lowered a year ago—citing concerns over political tensions and worsening fiscal metrics.Slovakia Economic Forecasts
Projections out to 2034.57 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 24 expert analysts.
Want to get insight on the economic outlook for Slovakia in the coming years? FocusEconomics collects projections out to 2034 on 57 economic indicators for Slovakia from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Slovakia economy. To download a sample report on the Slovakia's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.