Slovakia

map Slovakia
On 1 January 2023, amidst some turbulence, Slovakia marked its 30th birthday. In 2022, weakening household consumption meant that GDP year-on-year growth rates headed south: from 2.9% in Q1 to 1.3% in Q2 and 1.4% in Q3. The important automotive industry contracted by about 2% in 2022. While the semiconductor shortage will still hamper the sector in 2023, there are slightly better prospects ahead. In 2023, real GDP is expected to rise by only 0.6% because of the war in Ukraine, the energy crisis, continued high inflation and political uncertainty (the Slovak government fell in December). Nevertheless, it proved possible to pass the 2023 budget by the end of the year – an essential step to support households, businesses and municipalities in countering the high energy prices. The budget deficit is expected to reach 6.4% of GDP, although household consumption may still decline. On the positive side, the increased influx of EU funds should provide growth impetus, although the political chaos could undermine their successful drawing. In 2024 and 2025, growth should pick up to 2.3% and 2.4%, respectively, backed by a recovery in household consumption and improved trade performance.
        FORECAST*
Main Economic Indicators202020212022202320242025
Population, 1000 persons54595447....
GDP, real change in %-3.43.01.70.62.32.4
GDP per capita (EUR at PPP)2155022510....
Gross industrial production, real change in %-9.010.4....
Unemployment rate - LFS, in %, average6.76.86.15.96.26.0
Average gross monthly wages, EUR11331211....
Consumer prices, % p.a.2.02.812.18.05.03.0
Fiscal balance in % of GDP-5.4-5.5-5.1-6.4-4.4-3.7
Public debt in % of GDP58.962.2....
Current account in % of GDP0.6-2.5-7.4-6.4-5.7-5.2
FDI inflow, EUR m-934818....
Gross external debt in % of GDP119.6135.0....


Basic data are continuously updated.

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

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Monthly Report No. 1/2023

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, 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. 1, January 2023
44 pages including 4 Tables and 16 Figures

Details

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Executive summary

Branimir Jovanović
in: Bracing for the Winter
wiiw Forecast Report No. Autumn 2022, October 2022 , pp. I-VIII
Details


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