Page 32 - CE Outlook Regions 2024

2.4 Macroeconomy - Slovakia
Slovakia key economic figures and forecasts
2016 2017 2018 2019 2020 2021 2022
Nominal GDP (EUR bn) 89.9 94.4 93.4 100.3 109.6
Real GDP (% y/y) 1.9 2.9 4 2.5 -3.3 4.8 1.8
Industrial output (% y/y) 3.5 4.1 6 0.8 -8.5 10.3 -4
Unemployment rate (avg, %) 9.7 8.1 6.54 5.75 6.69 6.83 6.09
Nominal industrial wages (% y/y)
Producer prices (avg, % y/y)
Consumer prices (avg, % y/y) -0.5 1.4 2.5 2.7 2 2.8 12.13
Consumer prices (eop, % y/y) 0.3 2.1 2 3.3 1.7 5 15
General budget balance (% of GDP) -2.6 -1 -1 -1.2 -5.4 -5.4 -2
Public debt (% of GDP) 52.3 51.5 49.4 48 58.9 61.1 57.8
Current account balance (% of GDP) -2.7 -1.9 -2.2 -3.3 0.6 -4 -7.3
Official FX reserves (EUR bn)
Gross foreign debt (% of GDP)
EUR/LC(avg) 1111111
USD/LC (avg) 1.05 1.2 1.14 1.12 1.22 1.14 1.07 Source: Thomson Reuters, RBI/Raiffeisen RESEARCH, Focus Economics, IMF
2.4.1 GDP growth
Slovak GDP grew by 1.1% y/y in Q3 2023, reaching €32.2bn. The 1.1% y/y growth is also what local analysts estimate to be the overall figure for 2023. In its autumn forecast, EC projected 1.3% y/y growth for 2023, which matches the outlook of the previous technocratic cabinet, and 1.7% y/y growth for 2024. Raiffeisenbank expects 1.5% y/y growth for 2024.
The economy has been dragged down by dampened domestic consumption, which registered a 3% drop y/y in Q3, while strong international trade figures have been the main factor behind maintaining GDP growth.
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