map Slovakia
Compared to its annual GDP growth of 1.7% in 2022, Slovakia’s performance in early 2023 was weak: GDP grew by only 1% year on year in Q1. This was driven by positive net exports and investments: in real terms, exports fell by around 5%, but imports dropped by as much as 13%. Due to a reduction in inventories, gross capital formation declined by nearly 30%. Household consumption dropped by 2%, as consumers became more cautious in the face of high inflation and as the savings that they drew on last year started to dry up. Industrial production declined in Q1, though trends in the important automotive industry were positive. For this year as a whole, growth will remain low, reaching just 0.6%. Household consumption will be supported by government measures, but will nevertheless be adversely affected by inflation. This was still close to 15% in April, but it should drop to single figures in the second half of 2023 and average about 10% for the year as a whole. Some growth impetus will come from the influx of EU funds this year. Downside risks stem from Slovakia’s main export market of Germany, which entered a recession in Q1. Political chaos continues ahead of the parliamentary elections due on 30 September. Growth will pick up in 2024 and 2025, thanks to recovering household consumption and a good trade performance.
Main Economic Indicators202020212022202320242025
Population, 1000 persons545954475432...
GDP, real change in %-
GDP per capita (EUR at PPP)215602292024060...
Gross industrial production, real change in %-8.310.2-4.0...
Unemployment rate - LFS, in %, average6.
Average gross monthly wages, EUR113312111304...
Consumer prices, % p.a.2.02.812.
Fiscal balance in % of GDP-5.4-5.4-2.0-6.0-4.4-4.5
Public debt in % of GDP58.961.057.8...
Current account in % of GDP0.6-2.5-8.2-5.0-3.1-2.6
FDI inflow, EUR m-9348183876...
Gross external debt in % of GDP119.6132.6103.1...

Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.


Monthly Report No. 7-8/2023

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Meryem Gökten, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2023
51 pages including 3 Tables, 24 Figures and 1 Box



Executive summary

Olga Pindyuk
in: Sailing Through Rough Waters
wiiw Forecast Report No. Spring 2023, April 2023 , pp. I-VI