Slovakia’s economy advanced 2.0% year-on-year in the second quarter of 2019, slowing from a 3.7% expansion in the previous period and higher than a preliminary estimates of 1.9%. On the production side, total industry output fell (-0.3% vs 4.1% in Q1), particularly manufacturing (-1.1% vs 4.2%) while public administration and defence; compulsory social security; education; human health and social work activities production advanced at a softer pace (6.5% vs 7.5%). On the other hand, wholesale and retail trade output increased faster (1.5% vs 0.5%). On the expenditure approach, gross fixed capital formation fell (-3.8% vs 2.1 %) while both household (1.9% vs 1.0%) and government consumption rose faster (4.2% vs 1.5%). Regarding net trade, exports dropped 1.9% (from 7.2% in Q1) while imports advanced 0.8% (from 6.4% in Q1). On a seasonally adjusted quarterly basis, the economy grew 0.5%, easing from a 0.7% rise in the previous quarter but higher than a preliminary estimates of 0.4%. GDP Annual Growth Rate in Slovakia averaged 3.94 percent from 1996 until 2019, reaching an all time high of 13.50 percent in the fourth quarter of 2007 and a record low of -6 percent in the second quarter of 2009.
GDP Annual Growth Rate in Slovakia is expected to be 2.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Slovakia to stand at 2.30 in 12 months time. In the long-term, the Slovakia GDP Annual Growth Rate is projected to trend around 2.70 percent in 2020, according to our econometric models.