Slovak GDP growth slows down to 1.9% y/y in Q2

Slovak GDP growth slows down to 1.9% y/y in Q2

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By Albin Sybera August 14, 2024

Slovakia’s gross domestic product (GDP) grew by 1.9% year-on-year at constant prices and by 0.4% quarter-on-quarter in the second quarter of this year. This is down on the 2.7% y/y growth in Q1.

It is an increase of 2.1% y/y after seasonal adjustment.

“The growth of the gross domestic product in the Q2 of 2024 at constant prices was mainly affected by domestic demand, and in particular by the final consumption of households and public administration,” Slovak statisticians reported.

GDP output in Q2 amounted to €32.4bn at current prices, an increase of €2bn y/y. At constant prices, GDP amounted to €24bn with y/y growth reaching €449mn.

Slovak National Bank (NBS) analysts pointed out that Slovakia’s export-oriented economy is feeling the impact of the gloomy industry in Europe.

The key automotive sector “joined” the poor performance, NBS stated.

NBS also praised the return of inflation to low levels in recent months which helped boost domestic consumption. Slovak inflation has returned to a three-year low of 2.1% y/y growth in June.

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