Exports in Slovakia
The Slovakian economy recorded average exports growth of 3.8% in the decade to 2022, in line with the 3.8% average for the Euro Area. In 2022, exports growth was 3.0%. For more exports information, visit our dedicated page.
Slovakia Exports Chart
Slovakia Exports Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Exports (G&S, ann. var. %) | 1.4 | -6.4 | 10.7 | 2.8 | -0.7 |
Economic growth slows to 18-month low in Q3
Growth decelerates: A second release confirmed that yearly GDP growth decelerated to 1.2% in the third quarter (Q2: +2.0% yoy), marking the softest result since Q1 2023. On a seasonally adjusted quarter-on-quarter basis, economic growth accelerated to 0.3% in Q3 from the previous period's 0.2% growth.
Broad-based decline drives the downtick: Looking at the details of the release, the annual downturn was broad-based, with all GDP expenditure subcomponents posting weaker readings. Domestically, household spending growth fell to 1.5% in Q3 (Q2: +2.5% yoy), marking the weakest result since Q4 2023. In addition, public consumption growth cooled to 0.9% (Q2: +5.6% yoy). Moreover, fixed investment contracted 8.0% in Q3 (Q2: +4.4% yoy)—dragged on by a high base of comparison—posting the first decline in two years. On the external front, exports of goods and services contracted 0.2% on an annual basis in Q3, contrasting the second quarter's 3.6% expansion. Meanwhile, imports of goods and services deteriorated, contracting 0.3% in Q3 (Q2: +7.0% yoy).
Stable growth in 2025: In Q4, our panelists expect GDP growth to strengthen. Turning to 2025, our Consensus is for the economy to expand at a similar pace to 2024’s projected figure. A recovery in fixed investment, supported by lower interest rates and EU funds, along with rising exports growth driven by stronger EU demand, will offset weaker growth in both private and public spending.
Panelist insight: Commenting on the reading, Matej Hornak, analyst at Erste Bank, stated: “Cost-increasing measures for companies, stemming from consolidation efforts announced by the government a few weeks ago, are expected to negatively impact investment activity and GDP growth in the coming years. Due to these consolidation efforts, GDP could weaken by half a percentage point in each of the next two years, as reduced consumption and investment activity may dampen growth over a longer horizon. The pressure on corporate budgets will also affect the ability to raise wages, although a relatively tight labor market will still favor employees.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovak exports projections for the next ten years from a panel of 12 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exports forecast available for Slovak exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovak exports projections.
Want to get access to the full dataset of Slovak exports forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
Argentina: GDP rebounds in the third quarter GDP reading: GDP rebounded 3.9% on a seasonally adjusted quarter on quarter basis in the third quarter, contrasting the 1.7%... -
New Zealand: GDP contracts steeply in the third quarter GDP reading: GDP contracted 1.0% on a seasonally adjusted quarter on quarter basis in the third quarter, above the 1.1%... -
United Kingdom: Economy shrinks mildly in October GDP reading: GDP decreased 0.1% month-on-month in seasonally adjusted terms in October (September: -0.1% mom), contrasting market expectations for an... -
Luxembourg: Slowest GDP growth since Q4 2023 in Q3 Economy decelerates, falling short of market expectations: GDP growth slowed to 0.2% on a seasonally adjusted quarter-on-quarter basis in Q3... -
Saudi Arabia: Second reading confirms that economy recorded best result since Q1 2023 in Q3 GDP growth matches preliminary reading: GDP rebounded in Q3, expanding 2.8% year on year, matching the preliminary reading, above the... -
Euro Area: GDP growth records fastest upturn in two years in Q3 Economic growth accelerates in Q3: A detailed release confirmed that GDP growth improved to 0.4% on a seasonally adjusted quarter-on-quarter... -
Greece: GDP growth slows in the third quarter Growth eases in Q3: GDP growth slowed to 0.3% on a seasonally adjusted quarter-on-quarter basis in the third quarter, down...