The COVID-19 pandemic and a related severe lockdown hit the Slovak economy in the second quarter of 2020, when GDP contracted by 12.1% year on year. There was a rapid recovery in the automotive industry, with production and exports growing again by July. However, with the number of infections rising again since September, a sustainable recovery is in doubt. We expect GDP to drop by 7.3% in 2020, and to recover in 2021 by 4.1%.

map Slovakia
Main Economic Indicators201720182019202020212022
Population, 1000 persons543954475454...
GDP, real change in %
GDP per capita (EUR at PPP)206702140021860...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average8.
Average gross monthly wages, EUR95410131092...
Consumer prices, % p.a.
Fiscal balance in % of GDP-0.9-1.0-1.4...
Public debt in % of GDP51.749.948.5...
Current account in % of GDP-1.9-2.2-2.7-3.9-2.9-3.2
FDI inflow, EUR mn374919062067...
Gross external debt in % of GDP108.3114.0112.4...

Basic data are continuously updated.

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


SLOVAKIA: Second wave threatens recovery

Doris Hanzl-Weiss
in: No Quick Recovery in Sight, with Coronavirus Risks Looming Large
wiiw Forecast Report No. Autumn 2020, November 2020 , pp. 113-116
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Monthly Report No. 5/2020

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Hermine Vidovic
wiiw Monthly Report No. 5, May 2020
96 pages including 27 Tables and 39 Figures