Slovakia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

1.2

Units In

1.9

Frequency

Quarterly

Next Release

Mar 07, 2025

Time to Release

2 Months 29 Days 8 Hours

Highest	Lowest	Average	Date Range	Source
13.6 Dec 2007	-10.9 Jun 2020	3.33 %	1996-2024	Statistical Office of the Slovak Republic

In Slovakia, the most important industries are engineering, chemical, electrotechnical engineering, wood-processing and food industry. On the expenditure side, household consumption is the main component of GDP and accounts for 57 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (19 percent). Exports of goods and services account for 92 percent of GDP while imports account for 88 percent, adding 4 percent of total GDP.

Latest Updates

Slovakia’s economy grew by 1.2% year-on-year in the third quarter of 2024, consistent with preliminary estimates, slowing from a revised 2% expansion in the previous period. This marked the slowest growth since Q1 2023, primarily due to a sharp moderation in domestic demand (0.9% vs. 5.2% in Q2). Household spending (1.5% vs. 2.5%) and public administration expenditures (0.9% vs. 5.6%) both saw significant slowdowns. Additionally, gross fixed capital formation fell by 8% (vs 4.4%), its first decline in nearly two years. Net trade also weighed on GDP growth, as exports fell by 0.2% while imports rose by 0.3%. On a seasonally adjusted quarterly basis, the economy grew by 0.3%, up from a revised 0.2% expansion in the previous period.