Slovakia Economy

Slovakia’s gdp growth annual decreased to -2.4 by -80.17% on July 2020 from -12.1 in the previous Quarterly. On a year on year basis Slovakia’s gdp growth annual decreased by -170.59%. Slovakia’s gdp growth annual trend is down since the current value of -2.4 is lower than the 12 month moving average of 0.858333.Slovakia’s inflation cpi decreased to 1.5 by -6.25% on November 2020 from 1.6 in the previous Monthly. On a year on year basis Slovakia’s inflation cpi decreased by -50.0%. Slovakia’s inflation cpi trend is down since the current value of 1.5 is lower than the 12 month moving average of 2.06667.Slovakia’s unemployment rate On a year on year basis Slovakia’s unemployment rate increased by 49.8%. Slovakia’s unemployment rate trend is down since the current value of 7.4 is lower than the 12 month moving average of 6.36833.

Slovakia Macroeconomic model

MacroVar Slovakia Macro model analyzes economic growth and inflation to assess the current economic conditions. Economic growth and inflation expectations are the two most important economic indicators used to assess economic conditions, forecast financial market returns and policymaker response. Slovakia’s current macroeconomic conditions are summarized below the chart. Click here to learn more about MacroVar Slovakia macroecononic model and the leading economic indicators used for analysis.

Slovakia Macro Model

 

Slovakia News

Slovakia Economy

Economic Activity Overview Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
gdp growth annual 0.2 -2.1 -1.09524 -0.944444 1.0 -1.0 0.216667 2021-01-01
inflation cpi 2.9 2.2 0.318182 0.611111 1.0 1.0 0.8 2021-06-30
unemployment rate 7.8 7.9 -0.0126582 0.0540541 1.0 1.0 0.766667 2021-06-30
Business & Consumer Forecast Overview Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
ESI - Economic Composite 103.3 84.7 0.219599 0.724541 1.0 1.0 1 2021-04-01
ESI - Economic Composite 103.3 84.7 0.219599 0.724541 1.0 1.0 1 2021-04-01
Reserves & Outstanding Debt Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
government debt 53212 52923 0.00546076 0.259426 1.0 1.0 0.55 2021-01-01
government debt to gdp 60.6 48.2 0.257261 1.12632 1.0 1.0 0 2020-01-31
external debt 109.1 110.93 -0.0164969 0.13498 1.0 1.0 0 2021-01-01
foreign exchange reserves 7682 7626.9 0.00722443 -0.00145583 -1.0 -1.0 0.166667 2021-06-30
gold reserves 31.69 31.7 -0.000315457 0 -1.0 -1.0 0.641667 2020-07-01
Trade Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
current account -113 -64.3 0.757387 61.7778 -1.0 -1.0 1 2021-05-31
current account to gdp -2.9 -2.6 0.115385 -0.508475 -1.0 1.0 0 2019-01-01
Monetary Policy Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
central bank balance sheet 63355 63287 0.00107447 0.179861 1.0 1.0 0.3 2021-05-31
banks balance sheet 95290 94536 0.0079758 0.101071 1.0 1.0 1 2021-02-28
money supply m2 77.6 77.1 0.00648508 0.0868347 1.0 1.0 0.816667 2021-05-31
Fiscal Policy Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Government budget 65.2 -855 -1.07626 -1.08428 1.0 1.0 0.0333333 2021-06-30
government revenues 7583.9 5514.5 0.375265 0.286781 1.0 1.0 0.983333 2021-06-30
fiscal expenditure 11001.9 8997.7 0.222746 0.122242 -1.0 1.0 0.666667 2021-06-30

Slovakia’s gdp growth annual decreased to -2.4 by -80.17% on July 2020 from -12.1 in the previous Quarterly. On a year on year basis Slovakia’s gdp growth annual decreased by -170.59%. Slovakia’s gdp growth annual trend is down since the current value of -2.4 is lower than the 12 month moving average of 0.858333.Slovakia’s inflation cpi decreased to 1.5 by -6.25% on November 2020 from 1.6 in the previous Monthly. On a year on year basis Slovakia’s inflation cpi decreased by -50.0%. Slovakia’s inflation cpi trend is down since the current value of 1.5 is lower than the 12 month moving average of 2.06667.Slovakia’s unemployment rate On a year on year basis Slovakia’s unemployment rate increased by 49.8%. Slovakia’s unemployment rate trend is down since the current value of 7.4 is lower than the 12 month moving average of 6.36833.Slovakia’s business confidence decreased to -0.3 by -104.29% on December 2020 from 7.0 in the previous Monthly. On a year on year basis Slovakia’s business confidence decreased by -95.0%. Slovakia’s business confidence trend is down since the current value of -0.3 is lower than the 12 month moving average of -7.26667.Slovakia’s consumer confidence decreased to -32.6 by -5.78% on December 2020 from -34.6 in the previous Monthly. On a year on year basis Slovakia’s consumer confidence increased by 213.46%. Slovakia’s consumer confidence trend is down since the current value of -32.6 is lower than the 12 month moving average of -28.6167.

Slovakia Business activity

Business Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
business confidence 10 0.3 32.3333 -2 1.0 1.0 0.233333 2021-06-30
ESI - Economic Composite 103.3 84.7 0.219599 0.724541 1.0 1.0 1 2021-04-01
ESI - Economic Composite 103.3 84.7 0.219599 0.724541 1.0 1.0 1 2021-04-01
Manufacturing sector 10.9 -3.8 -3.86842 -1.25768 1.0 1.0 0.4 2021-04-01
Consumer sector -17.1 -27.8 -0.384892 -0.428094 1.0 1.0 0.0166667 2021-04-01
Construction sector -25.8 -48.2 -0.46473 -0.422819 1.0 1.0 0.383333 2021-04-01
Retail sector 9.3 3.7 1.51351 -2.89796 1.0 1.0 0.0166667 2021-04-01
Services sector 20.9 -9 -3.32222 -1.4248 1.0 1.0 0.35 2021-04-01

Slovakia’s business confidence decreased to -0.3 by -104.29% on December 2020 from 7.0 in the previous Monthly. On a year on year basis Slovakia’s business confidence decreased by -95.0%. Slovakia’s business confidence trend is down since the current value of -0.3 is lower than the 12 month moving average of -7.26667.Slovakia’s ESI – Economic Composite decreased to 84.6 by -298.0% on January 2021 from 87.2 in the previous . On a year on year basis Slovakia’s ESI – Economic Composite decreased by -1582.0%. Slovakia’s ESI – Economic Composite trend is down since the current value of 84.6 is lower than the 12 month moving average of 83.6583.Slovakia’s ESI – Economic Composite decreased to 84.6 by -298.0% on January 2021 from 87.2 in the previous . On a year on year basis Slovakia’s ESI – Economic Composite decreased by -1582.0%. Slovakia’s ESI – Economic Composite trend is down since the current value of 84.6 is lower than the 12 month moving average of 83.6583.Slovakia’s Manufacturing sector icnreased to 6.0 by 5789.0% on January 2021 from 3.8 in the previous . On a year on year basis Slovakia’s Manufacturing sector decreased by -56154.0%. Slovakia’s Manufacturing sector trend is down since the current value of 6.0 is lower than the 12 month moving average of -7.75833.Slovakia’s Consumer sector decreased to -24.2 by -202.0% on January 2021 from -24.7 in the previous . On a year on year basis Slovakia’s Consumer sector increased by 17816.0%. Slovakia’s Consumer sector trend is down since the current value of -24.2 is lower than the 12 month moving average of -19.8333.Slovakia’s Construction sector decreased to -48.0 by -400.0% on January 2021 from -50.0 in the previous . On a year on year basis Slovakia’s Construction sector increased by 43333.0%. Slovakia’s Construction sector trend is down since the current value of -48.0 is lower than the 12 month moving average of -31.3333.Slovakia’s Retail sector On a year on year basis Slovakia’s Retail sector decreased by -9259.0%. Slovakia’s Retail sector trend is down since the current value of 2.2 is lower than the 12 month moving average of 9.9.Slovakia’s Services sector icnreased to -28.7 by 14530.0% on January 2021 from -11.7 in the previous . On a year on year basis Slovakia’s Services sector decreased by -39588.0%. Slovakia’s Services sector trend is down since the current value of -28.7 is lower than the 12 month moving average of -15.775.

Slovakia Consumer activity

Consumer Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
consumer confidence -18.4 -21.1 -0.127962 -0.48169 1.0 1.0 0.116667 2021-06-30
car registrations 8223 8037 0.023143 0.0961077 1.0 1.0 0.7 2021-06-30
Consumer - General economic situation (next 12 months) -26 -46.3 -0.438445 -0.525547 1.0 1.0 0.0666667 2021-04-01
Consumer - Financial situation (next 12 months) -4.1 -13.6 -0.698529 -0.834677 1.0 1.0 0.2 2021-04-01
Consumer - Price trends (next 12 months) 40.4 42.6 -0.0516432 -0.233397 -1.0 -1.0 0.183333 2021-04-01
Consumer - Unemployment expectations (next 12 months) 46.1 58.9 -0.217317 -0.350704 -1.0 -1.0 0.466667 2021-04-01
Consumer - Major purchases (next 12 months) -18.4 -28.8 -0.361111 -0.425 1.0 1.0 0.0166667 2021-04-01
Consumer - Savings (next 12 months) -16.4 -21.6 -0.240741 -0.359375 1.0 1.0 0.05 2021-04-01
Consumer - Households Financial situation 14.4 11.2 0.285714 -0.00689655 1.0 -1.0 0.283333 2021-04-01

Slovakia’s consumer confidence decreased to -32.6 by -5.78% on December 2020 from -34.6 in the previous Monthly. On a year on year basis Slovakia’s consumer confidence increased by 213.46%. Slovakia’s consumer confidence trend is down since the current value of -32.6 is lower than the 12 month moving average of -28.6167.Slovakia’s car registrations icnreased to 6927.0 by 3.48% on November 2020 from 6694.0 in the previous Monthly. On a year on year basis Slovakia’s car registrations decreased by -13.41%. Slovakia’s car registrations trend is down since the current value of 6927.0 is lower than the 12 month moving average of 6411.83.Slovakia’s Consumer – General economic situation (next 12 months) icnreased to -43.8 by 282.0% on January 2021 from -42.6 in the previous . On a year on year basis Slovakia’s Consumer – General economic situation (next 12 months) increased by 21064.0%. Slovakia’s Consumer – General economic situation (next 12 months) trend is down since the current value of -43.8 is lower than the 12 month moving average of -34.5667.Slovakia’s Consumer – Financial situation (next 12 months) decreased to -12.9 by -77.0% on January 2021 from -13.0 in the previous . On a year on year basis Slovakia’s Consumer – Financial situation (next 12 months) increased by 107273.0%. Slovakia’s Consumer – Financial situation (next 12 months) trend is down since the current value of -12.9 is lower than the 12 month moving average of -10.125.Slovakia’s Consumer – Price trends (next 12 months) decreased to 41.2 by -550.0% on January 2021 from 43.6 in the previous . On a year on year basis Slovakia’s Consumer – Price trends (next 12 months) increased by 1381.0%. Slovakia’s Consumer – Price trends (next 12 months) trend is down since the current value of 41.2 is lower than the 12 month moving average of 44.75.Slovakia’s Consumer – Unemployment expectations (next 12 months) icnreased to 56.0 by 546.0% on January 2021 from 53.1 in the previous . On a year on year basis Slovakia’s Consumer – Unemployment expectations (next 12 months) increased by 50215.0%. Slovakia’s Consumer – Unemployment expectations (next 12 months) trend is down since the current value of 56.0 is lower than the 12 month moving average of 43.4083.Slovakia’s Consumer – Major purchases (next 12 months) decreased to -24.6 by -646.0% on January 2021 from -26.3 in the previous . On a year on year basis Slovakia’s Consumer – Major purchases (next 12 months) increased by 5000.0%. Slovakia’s Consumer – Major purchases (next 12 months) trend is down since the current value of -24.6 is lower than the 12 month moving average of -23.2417.Slovakia’s Consumer – Savings (next 12 months) decreased to -22.0 by -45.0% on January 2021 from -22.1 in the previous . On a year on year basis Slovakia’s Consumer – Savings (next 12 months) increased by 6667.0%. Slovakia’s Consumer – Savings (next 12 months) trend is down since the current value of -22.0 is lower than the 12 month moving average of -19.0.Slovakia’s Consumer – Households Financial situation decreased to 12.5 by -741.0% on January 2021 from 13.5 in the previous . On a year on year basis Slovakia’s Consumer – Households Financial situation decreased by -2038.0%. Slovakia’s Consumer – Households Financial situation trend is down since the current value of 12.5 is lower than the 12 month moving average of 14.275.

Slovakia Manufacturing activity

Manufacturing Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Manufacturing sector 10.9 -3.8 -3.86842 -1.25768 1.0 1.0 0.4 2021-04-01
Manufacturing - Order Books -0.9 -18.5 -0.951351 -0.987179 1.0 1.0 0.216667 2021-04-01
Manufacturing - Selling Price expectations (next months) 9.9 7.1 0.394366 -2.11236 1.0 1.0 0.233333 2021-04-01
Manufacturing - Production trend (recent months) 34.4 17.2 1 -1.46051 1.0 1.0 0.383333 2021-04-01
Manufacturing - Export Order Books 5.8 -6.8 -1.85294 -1.08567 1.0 1.0 0.183333 2021-04-01
Manufacturing - Finished Products (Stock Levels) 8.1 8 0.0125 -2.47273 1.0 1.0 0.166667 2021-04-01
Manufacturing - Production expectations (next months) 41.5 15 1.76667 -1.6672 1.0 1.0 0.283333 2021-04-01
industrial production 36.7 69.1 -0.468886 -2.1021 1.0 1.0 0.2 2021-05-31
industrial production mom -1 0.5 -3 -0.963504 -1.0 1.0 0.55 2021-04-30
capacity utilization 83.2 81.4 0.022113 -0.0359212 -1.0 -1.0 0.4 2020-08-01

Slovakia’s Manufacturing sector icnreased to 6.0 by 5789.0% on January 2021 from 3.8 in the previous . On a year on year basis Slovakia’s Manufacturing sector decreased by -56154.0%. Slovakia’s Manufacturing sector trend is down since the current value of 6.0 is lower than the 12 month moving average of -7.75833.Slovakia’s Manufacturing – Order Books decreased to -14.0 by -3913.0% on January 2021 from -23.0 in the previous . On a year on year basis Slovakia’s Manufacturing – Order Books decreased by -604.0%. Slovakia’s Manufacturing – Order Books trend is down since the current value of -14.0 is lower than the 12 month moving average of -30.9083.Slovakia’s Manufacturing – Selling Price expectations (next months) icnreased to 2.1 by 20000.0% on January 2021 from 0.7 in the previous . On a year on year basis Slovakia’s Manufacturing – Selling Price expectations (next months) decreased by -15122.0%. Slovakia’s Manufacturing – Selling Price expectations (next months) trend is down since the current value of 2.1 is lower than the 12 month moving average of -6.23333.Slovakia’s Manufacturing – Production trend (recent months) decreased to 23.1 by -4077.0% on January 2021 from 39.0 in the previous . On a year on year basis Slovakia’s Manufacturing – Production trend (recent months) increased by 24478.0%. Slovakia’s Manufacturing – Production trend (recent months) trend is down since the current value of 23.1 is lower than the 12 month moving average of -10.9.Slovakia’s Manufacturing – Export Order Books decreased to -14.4 by -3425.0% on January 2021 from -21.9 in the previous . On a year on year basis Slovakia’s Manufacturing – Export Order Books decreased by -1864.0%. Slovakia’s Manufacturing – Export Order Books trend is down since the current value of -14.4 is lower than the 12 month moving average of -28.525.Slovakia’s Manufacturing – Finished Products (Stock Levels) decreased to -0.4 by -16667.0% on January 2021 from 0.6 in the previous . On a year on year basis Slovakia’s Manufacturing – Finished Products (Stock Levels) decreased by -3333.0%. Slovakia’s Manufacturing – Finished Products (Stock Levels) trend is down since the current value of -0.4 is lower than the 12 month moving average of 2.65833.Slovakia’s Manufacturing – Production expectations (next months) decreased to 31.5 by -974.0% on January 2021 from 34.9 in the previous . On a year on year basis Slovakia’s Manufacturing – Production expectations (next months) increased by 20288.0%. Slovakia’s Manufacturing – Production expectations (next months) trend is down since the current value of 31.5 is lower than the 12 month moving average of 10.3.Slovakia’s industrial production icnreased to -2.5 by 1150.0% on October 2020 from -0.2 in the previous Monthly. On a year on year basis Slovakia’s industrial production decreased by -32.43%. Slovakia’s industrial production trend is down since the current value of -2.5 is lower than the 12 month moving average of -10.2167.Slovakia’s industrial production mom decreased to -1.1 by -133.33% on November 2020 from 3.3 in the previous Monthly. On a year on year basis Slovakia’s industrial production mom decreased by -283.33%. Slovakia’s industrial production mom trend is down since the current value of -1.1 is lower than the 12 month moving average of 1.225.Slovakia’s capacity utilization icnreased to 79.7 by 1.79% on June 2020 from 78.3 in the previous Quarterly. On a year on year basis Slovakia’s capacity utilization decreased by -3.98%. Slovakia’s capacity utilization trend is down since the current value of 79.7 is lower than the 12 month moving average of 84.1417.

Slovakia Services activity

Services Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Services sector 20.9 -9 -3.32222 -1.4248 1.0 1.0 0.35 2021-04-01
Services - Demand Expectations (next 3 months) 45.7 17.7 1.58192 -1.96008 1.0 1.0 0.166667 2021-04-01
Services - Prices expectations (next 3 months) 20.1 -0.2 -101.5 0.322368 1.0 1.0 0.683333 2021-04-01
Services - Business activity (past 3 months) 2 -23.5 -1.08511 -1.03384 1.0 1.0 0.316667 2021-04-01
Services - Demand (past 3 months) 14.8 -21.3 -1.69484 -1.36186 1.0 1.0 0.533333 2021-04-01
Services - Employment (past 3 months) -29.7 -28.7 0.0348432 1.62832 -1.0 -1.0 0.833333 2021-04-01
Services - Employment (next 3 months) -26.9 -38.1 -0.293963 1.53774 -1.0 -1.0 0.85 2021-04-01

Slovakia’s Services sector icnreased to -28.7 by 14530.0% on January 2021 from -11.7 in the previous . On a year on year basis Slovakia’s Services sector decreased by -39588.0%. Slovakia’s Services sector trend is down since the current value of -28.7 is lower than the 12 month moving average of -15.775.Slovakia’s Services – Demand Expectations (next 3 months) icnreased to -20.6 by 45676.0% on January 2021 from -3.7 in the previous . On a year on year basis Slovakia’s Services – Demand Expectations (next 3 months) decreased by -28559.0%. Slovakia’s Services – Demand Expectations (next 3 months) trend is down since the current value of -20.6 is lower than the 12 month moving average of -5.19167.Slovakia’s Services – Prices expectations (next 3 months) decreased to -4.6 by -12347.0% on January 2021 from 19.6 in the previous . On a year on year basis Slovakia’s Services – Prices expectations (next 3 months) decreased by -12500.0%. Slovakia’s Services – Prices expectations (next 3 months) trend is down since the current value of -4.6 is lower than the 12 month moving average of 12.225.Slovakia’s Services – Business activity (past 3 months) icnreased to -32.3 by 125.0% on January 2021 from -31.9 in the previous . On a year on year basis Slovakia’s Services – Business activity (past 3 months) increased by 52115.0%. Slovakia’s Services – Business activity (past 3 months) trend is down since the current value of -32.3 is lower than the 12 month moving average of -28.875.Slovakia’s Services – Demand (past 3 months) decreased to -33.3 by -565000.0% on January 2021 from 0.6 in the previous . On a year on year basis Slovakia’s Services – Demand (past 3 months) decreased by -28398.0%. Slovakia’s Services – Demand (past 3 months) trend is down since the current value of -33.3 is lower than the 12 month moving average of -13.25.Slovakia’s Services – Employment (past 3 months) icnreased to -25.4 by 3583.0% on January 2021 from -18.7 in the previous . On a year on year basis Slovakia’s Services – Employment (past 3 months) increased by 44043.0%. Slovakia’s Services – Employment (past 3 months) trend is down since the current value of -25.4 is lower than the 12 month moving average of -20.1833.Slovakia’s Services – Employment (next 3 months) decreased to -27.2 by -653.0% on January 2021 from -29.1 in the previous . On a year on year basis Slovakia’s Services – Employment (next 3 months) decreased by -58571.0%. Slovakia’s Services – Employment (next 3 months) trend is down since the current value of -27.2 is lower than the 12 month moving average of -13.5083.

Slovakia Retail Sector

Retail Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Retail sector 9.3 3.7 1.51351 -2.89796 1.0 1.0 0.0166667 2021-04-01
Retail - Orders Expectations (next 3 months) 21.2 12.8 0.65625 -1.78519 1.0 1.0 0.0333333 2021-04-01
Retail - Prices expectations (next 3 months) 12.5 16.6 -0.246988 -4.37838 1.0 1.0 0.05 2021-04-01
Retail - Business activity (past 3 months) 7.9 6.8 0.161765 -0.518293 1.0 -1.0 0.233333 2021-04-01
Retail - Stock Levels 6.3 8.5 -0.258824 0.5 1.0 1.0 0.883333 2021-04-01
Retail - Business activity expectations (next 3 months) 26.3 12.9 1.03876 -1.97407 1.0 1.0 0.0166667 2021-04-01
Retail - Employment expectations (next 3 months) 5 5.6 -0.107143 -1.64935 1.0 1.0 0.0166667 2021-04-01
retail sales 11.5 0.3 37.3333 -1.8042 1.0 1.0 0.233333 2021-04-30
retail sales MoM 1.4 3 -0.533333 -0.5 1.0 -1.0 0.65 2021-05-31

 

Slovakia’s Retail sector On a year on year basis Slovakia’s Retail sector decreased by -9259.0%. Slovakia’s Retail sector trend is down since the current value of 2.2 is lower than the 12 month moving average of 9.9.Slovakia’s Retail – Orders Expectations (next 3 months) icnreased to 17.4 by 7938.0% on January 2021 from 9.7 in the previous . On a year on year basis Slovakia’s Retail – Orders Expectations (next 3 months) decreased by -5573.0%. Slovakia’s Retail – Orders Expectations (next 3 months) trend is down since the current value of 17.4 is lower than the 12 month moving average of 18.7583.Slovakia’s Retail – Prices expectations (next 3 months) decreased to 3.8 by -5128.0% on January 2021 from 7.8 in the previous . On a year on year basis Slovakia’s Retail – Prices expectations (next 3 months) decreased by -8348.0%. Slovakia’s Retail – Prices expectations (next 3 months) trend is down since the current value of 3.8 is lower than the 12 month moving average of 10.775.Slovakia’s Retail – Business activity (past 3 months) decreased to 0.9 by -9302.0% on January 2021 from 12.9 in the previous . On a year on year basis Slovakia’s Retail – Business activity (past 3 months) decreased by -9770.0%. Slovakia’s Retail – Business activity (past 3 months) trend is down since the current value of 0.9 is lower than the 12 month moving average of 16.1667.Slovakia’s Retail – Stock Levels decreased to 1.4 by -7200.0% on January 2021 from 5.0 in the previous . On a year on year basis Slovakia’s Retail – Stock Levels decreased by -7667.0%. Slovakia’s Retail – Stock Levels trend is down since the current value of 1.4 is lower than the 12 month moving average of 4.15833.Slovakia’s Retail – Business activity expectations (next 3 months) decreased to 7.0 by -68333.0% on January 2021 from -1.2 in the previous . On a year on year basis Slovakia’s Retail – Business activity expectations (next 3 months) decreased by -8750.0%. Slovakia’s Retail – Business activity expectations (next 3 months) trend is down since the current value of 7.0 is lower than the 12 month moving average of 17.6667.Slovakia’s Retail – Employment expectations (next 3 months) icnreased to -3.3 by 645.0% on January 2021 from -3.1 in the previous . On a year on year basis Slovakia’s Retail – Employment expectations (next 3 months) decreased by -11078.0%. Slovakia’s Retail – Employment expectations (next 3 months) trend is down since the current value of -3.3 is lower than the 12 month moving average of 9.36667.Slovakia’s retail sales decreased to 2.8 by -51.72% on October 2020 from 5.8 in the previous Monthly. On a year on year basis Slovakia’s retail sales decreased by -184.85%. Slovakia’s retail sales trend is down since the current value of 2.8 is lower than the 12 month moving average of -1.49167.Slovakia’s retail sales MoM decreased to -1.4 by -207.69% on October 2020 from 1.3 in the previous Monthly. On a year on year basis Slovakia’s retail sales MoM decreased by -450.0%. Slovakia’s retail sales MoM trend is down since the current value of -1.4 is lower than the 12 month moving average of -0.0916667.

Slovakia Construction Sector

Construction Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Construction sector -25.8 -48.2 -0.46473 -0.422819 1.0 1.0 0.383333 2021-04-01
Construction - Current Order Books -47.4 -68.4 -0.307018 0.0533333 1.0 -1.0 0.45 2021-04-01
Construction - Prices over next 3 months 15.4 -5.4 -3.85185 -1.58113 1.0 1.0 0.133333 2021-04-01
Construction - Employment over next 3 months -4.3 -28 -0.846429 -0.903371 1.0 1.0 0.366667 2021-04-01
Construction - Building Activity (past 3 months) -1.1 -29.7 -0.962963 -0.892157 1.0 1.0 0.216667 2021-04-01
Construction - Factors Limiting (None) 18.2 16.2 0.123457 0.263889 1.0 1.0 0.866667 2021-04-01
Construction - Factors Limiting (Insufficient Demand) 32.8 34.3 -0.0437318 0.0154799 -1.0 1.0 0.75 2021-04-01
Construction - Factors Limiting (Weather) 15.9 8.5 0.870588 0.06 -1.0 1.0 0.5 2021-04-01
Construction - Factors Limiting (Shortage of labour force) 22.7 26.7 -0.149813 -0.0809717 1.0 -1.0 0.216667 2021-04-01
Construction - Factors Limiting (Shortage of material - equipment) 9.7 12.6 -0.230159 -0.422619 1.0 -1.0 0.15 2021-04-01
Construction - Factors Limiting (Other) 22.8 25.8 -0.116279 -0.0988142 1.0 -1.0 0.216667 2021-04-01
Construction - Factors Limiting (Financial Constraints) 38.6 43.7 -0.116705 0.109195 1.0 1.0 0.8 2021-04-01

Slovakia’s Construction sector decreased to -48.0 by -400.0% on January 2021 from -50.0 in the previous . On a year on year basis Slovakia’s Construction sector increased by 43333.0%. Slovakia’s Construction sector trend is down since the current value of -48.0 is lower than the 12 month moving average of -31.3333.Slovakia’s Construction – Current Order Books On a year on year basis Slovakia’s Construction – Current Order Books increased by 45385.0%. Slovakia’s Construction – Current Order Books trend is down since the current value of -72.0 is lower than the 12 month moving average of -43.0.Slovakia’s Construction – Prices over next 3 months icnreased to -13.0 by 6250.0% on January 2021 from -8.0 in the previous . On a year on year basis Slovakia’s Construction – Prices over next 3 months decreased by -36000.0%. Slovakia’s Construction – Prices over next 3 months trend is down since the current value of -13.0 is lower than the 12 month moving average of -2.83333.Slovakia’s Construction – Employment over next 3 months decreased to -25.0 by -1071.0% on January 2021 from -28.0 in the previous . On a year on year basis Slovakia’s Construction – Employment over next 3 months increased by 31667.0%. Slovakia’s Construction – Employment over next 3 months trend is down since the current value of -25.0 is lower than the 12 month moving average of -19.6667.Slovakia’s Construction – Building Activity (past 3 months) decreased to -29.0 by -2162.0% on January 2021 from -37.0 in the previous . On a year on year basis Slovakia’s Construction – Building Activity (past 3 months) decreased by -18788.0%. Slovakia’s Construction – Building Activity (past 3 months) trend is down since the current value of -29.0 is lower than the 12 month moving average of -6.91667.Slovakia’s Construction – Factors Limiting (None) icnreased to 16.0 by 3333.0% on January 2021 from 12.0 in the previous . On a year on year basis Slovakia’s Construction – Factors Limiting (None) decreased by -2727.0%. Slovakia’s Construction – Factors Limiting (None) trend is down since the current value of 16.0 is lower than the 12 month moving average of 18.3333.Slovakia’s Construction – Factors Limiting (Insufficient Demand) decreased to 39.0 by -1136.0% on January 2021 from 44.0 in the previous . On a year on year basis Slovakia’s Construction – Factors Limiting (Insufficient Demand) increased by 5000.0%. Slovakia’s Construction – Factors Limiting (Insufficient Demand) trend is down since the current value of 39.0 is lower than the 12 month moving average of 35.8333.Slovakia’s Construction – Factors Limiting (Weather) decreased to 22.0 by -1200.0% on January 2021 from 25.0 in the previous . On a year on year basis Slovakia’s Construction – Factors Limiting (Weather) decreased by -1200.0%. Slovakia’s Construction – Factors Limiting (Weather) trend is down since the current value of 22.0 is lower than the 12 month moving average of 18.3333.Slovakia’s Construction – Factors Limiting (Shortage of labour force) decreased to 20.0 by -476.0% on January 2021 from 21.0 in the previous . On a year on year basis Slovakia’s Construction – Factors Limiting (Shortage of labour force) decreased by -3939.0%. Slovakia’s Construction – Factors Limiting (Shortage of labour force) trend is down since the current value of 20.0 is lower than the 12 month moving average of 24.9167.Slovakia’s Construction – Factors Limiting (Shortage of material / equipment) icnreased to 5.0 by 2500.0% on January 2021 from 4.0 in the previous . On a year on year basis Slovakia’s Construction – Factors Limiting (Shortage of material / equipment) increased by 6667.0%. Slovakia’s Construction – Factors Limiting (Shortage of material / equipment) trend is down since the current value of 5.0 is lower than the 12 month moving average of 7.08333.Slovakia’s Construction – Factors Limiting (Other) icnreased to 25.0 by 1905.0% on January 2021 from 21.0 in the previous . On a year on year basis Slovakia’s Construction – Factors Limiting (Other) increased by 52500.0%. Slovakia’s Construction – Factors Limiting (Other) trend is down since the current value of 25.0 is lower than the 12 month moving average of 15.5833.Slovakia’s Construction – Factors Limiting (Financial Constraints) icnreased to 38.0 by 857.0% on January 2021 from 35.0 in the previous . On a year on year basis Slovakia’s Construction – Factors Limiting (Financial Constraints) increased by 3103.0%. Slovakia’s Construction – Factors Limiting (Financial Constraints) trend is down since the current value of 38.0 is lower than the 12 month moving average of 33.5833.

Slovakia GDP

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Real GDP 22.359 22.654 -0.013022 0.0252189 1.0 1.0 0.0666667 2020-10-01
gdp growth annual 0.2 -2.1 -1.09524 -0.944444 1.0 -1.0 0.216667 2021-01-01
gdp 105.422 105.821 -0.00377052 0.219398 1.0 1.0 0 2019-01-31
gdp growth -2 0.8 -3.5 -3 -1.0 -1.0 0.0833333 2021-01-01

Slovakia’s Real GDP icnreased to 22.654 by 15.02% on July 2020 from 19.695 in the previous Quarterly. On a year on year basis Slovakia’s Real GDP increased by 3.32%. Slovakia’s Real GDP trend is down since the current value of 22.654 is lower than the 12 month moving average of 21.7139.Slovakia’s gdp growth annual decreased to -2.4 by -80.17% on July 2020 from -12.1 in the previous Quarterly. On a year on year basis Slovakia’s gdp growth annual decreased by -170.59%. Slovakia’s gdp growth annual trend is down since the current value of -2.4 is lower than the 12 month moving average of 0.858333.Slovakia’s gdp decreased to 105.422 by -0.38% on January 2019 from 105.821 in the previous Yearly. On a year on year basis Slovakia’s gdp increased by 21.94%. Slovakia’s gdp trend is down since the current value of 105.422 is lower than the 12 month moving average of 96.486.Slovakia’s gdp growth decreased to 11.6 by -239.76% on July 2020 from -8.3 in the previous Quarterly. On a year on year basis Slovakia’s gdp growth increased by 1188.89%. Slovakia’s gdp growth trend is down since the current value of 11.6 is lower than the 12 month moving average of 0.4.

Slovakia inflation

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
inflation cpi 2.9 2.2 0.318182 0.611111 1.0 1.0 0.8 2021-06-30
core inflation rate 3.5 2.6 0.346154 0.944444 1.0 1.0 0.833333 2021-06-30
consumer price index cpi 181.8 180.8 0.00553097 0.0288625 1.0 1.0 0.9 2021-06-30
Producer Price Index 111.4 109.6 0.0164234 0.0489642 1.0 1.0 1 2021-05-31
PPI Index 0.9 -0.4 -3.25 -0.571429 1.0 -1.0 0.533333 2021-04-30

Slovakia’s inflation cpi decreased to 1.5 by -6.25% on November 2020 from 1.6 in the previous Monthly. On a year on year basis Slovakia’s inflation cpi decreased by -50.0%. Slovakia’s inflation cpi trend is down since the current value of 1.5 is lower than the 12 month moving average of 2.06667.Slovakia’s core inflation rate decreased to 1.4 by -6.67% on November 2020 from 1.5 in the previous Monthly. On a year on year basis Slovakia’s core inflation rate decreased by -48.15%. Slovakia’s core inflation rate trend is down since the current value of 1.4 is lower than the 12 month moving average of 2.08333.Slovakia’s consumer price index cpi icnreased to 177.1 by 0.06% on November 2020 from 177.0 in the previous Monthly. On a year on year basis Slovakia’s consumer price index cpi increased by 1.49%. Slovakia’s consumer price index cpi trend is down since the current value of 177.1 is lower than the 12 month moving average of 176.517.Slovakia’s Producer Price Index decreased to 106.0 by -0.38% on November 2020 from 106.4 in the previous Monthly. On a year on year basis Slovakia’s Producer Price Index decreased by -0.84%. Slovakia’s Producer Price Index trend is down since the current value of 106.0 is lower than the 12 month moving average of 106.942.Slovakia’s PPI Index decreased to 0.1 by -75.0% on August 2020 from 0.4 in the previous Monthly. On a year on year basis Slovakia’s PPI Index decreased by -95.24%. Slovakia’s PPI Index trend is down since the current value of 0.1 is lower than the 12 month moving average of 1.24167.

Slovakia Government Policy

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
government budget -6.2 -1.3 3.76923 1.48 -1.0 -1.0 0 2020-01-31
Government budget 65.2 -855 -1.07626 -1.08428 1.0 1.0 0.0333333 2021-06-30
government revenues 7583.9 5514.5 0.375265 0.286781 1.0 1.0 0.983333 2021-06-30
fiscal expenditure 11001.9 8997.7 0.222746 0.122242 -1.0 1.0 0.666667 2021-06-30

Slovakia’s Government budget icnreased to -461.0 by 319.85% on November 2020 from -109.8 in the previous Monthly. On a year on year basis Slovakia’s Government budget decreased by -74.54%. Slovakia’s Government budget trend is down since the current value of -461.0 is lower than the 12 month moving average of -619.833.Slovakia’s government revenues icnreased to 13309.7 by 15.75% on November 2020 from 11498.8 in the previous Monthly. On a year on year basis Slovakia’s government revenues decreased by -1.36%. Slovakia’s government revenues trend is down since the current value of 13309.7 is lower than the 12 month moving average of 7342.44.Slovakia’s fiscal expenditure icnreased to 18546.2 by 13.96% on November 2020 from 16274.4 in the previous Monthly. On a year on year basis Slovakia’s fiscal expenditure increased by 21.19%. Slovakia’s fiscal expenditure trend is down since the current value of 18546.2 is lower than the 12 month moving average of 10386.3.

Slovakia Monetary Policy

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
central bank balance sheet 63355 63287 0.00107447 0.179861 1.0 1.0 0.3 2021-05-31
banks balance sheet 95290 94536 0.0079758 0.101071 1.0 1.0 1 2021-02-28
money supply m0 14.88 14.77 0.00744753 0.0940372 1.0 1.0 0.6 2021-05-31
money supply m1 68 67.4 0.00890208 0.137124 1.0 1.0 0.916667 2021-05-31
money supply m2 77.6 77.1 0.00648508 0.0868347 1.0 1.0 0.816667 2021-05-31
money supply m3 77.4 76.9 0.00650195 0.085554 1.0 1.0 0.8 2021-05-31

Slovakia’s central bank balance sheet decreased to 55522.0 by -1.85% on October 2020 from 56566.0 in the previous Monthly. On a year on year basis Slovakia’s central bank balance sheet increased by 18.49%. Slovakia’s central bank balance sheet trend is down since the current value of 55522.0 is lower than the 12 month moving average of 51541.5.Slovakia’s banks balance sheet icnreased to 91455.0 by 1.67% on August 2020 from 89952.0 in the previous Monthly. On a year on year basis Slovakia’s banks balance sheet increased by 7.37%. Slovakia’s banks balance sheet trend is down since the current value of 91455.0 is lower than the 12 month moving average of 87584.4.Slovakia’s money supply m2 icnreased to 74.0 by 0.68% on October 2020 from 73.5 in the previous Monthly. On a year on year basis Slovakia’s money supply m2 increased by 8.03%. Slovakia’s money supply m2 trend is down since the current value of 74.0 is lower than the 12 month moving average of 71.125.

Slovakia Employment

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
EEI - Employment Composite 101.1 92.6 0.0917927 0.16609 1.0 1.0 1 2021-04-01
EEI - Employment Composite 101.1 92.6 0.0917927 0.16609 1.0 1.0 1 2021-04-01
unemployment rate 7.8 7.9 -0.0126582 0.0540541 1.0 1.0 0.766667 2021-06-30
youth unemployment rate 23.4 20.8 0.125 0.147059 1.0 1.0 0.716667 2021-05-31
long term unemployment rate 3.3 3.2 0.03125 -0.25 -1.0 -1.0 0.55 2021-01-01

Slovakia’s EEI – Employment Composite icnreased to 92.1 by 222.0% on January 2021 from 90.1 in the previous . On a year on year basis Slovakia’s EEI – Employment Composite decreased by -1328.0%. Slovakia’s EEI – Employment Composite trend is down since the current value of 92.1 is lower than the 12 month moving average of 95.925.Slovakia’s EEI – Employment Composite icnreased to 92.1 by 222.0% on January 2021 from 90.1 in the previous . On a year on year basis Slovakia’s EEI – Employment Composite decreased by -1328.0%. Slovakia’s EEI – Employment Composite trend is down since the current value of 92.1 is lower than the 12 month moving average of 95.925.Slovakia’s unemployment rate On a year on year basis Slovakia’s unemployment rate increased by 49.8%. Slovakia’s unemployment rate trend is down since the current value of 7.4 is lower than the 12 month moving average of 6.36833.Slovakia’s youth unemployment rate icnreased to 18.8 by 2.17% on October 2020 from 18.4 in the previous Monthly. On a year on year basis Slovakia’s youth unemployment rate increased by 10.59%. Slovakia’s youth unemployment rate trend is down since the current value of 18.8 is lower than the 12 month moving average of 18.325.Slovakia’s long term unemployment rate decreased to 2.9 by -17.14% on February 2020 from 3.5 in the previous Quarterly. On a year on year basis Slovakia’s long term unemployment rate decreased by -43.14%. Slovakia’s long term unemployment rate trend is down since the current value of 2.9 is lower than the 12 month moving average of 3.81667.

Slovakia Trade & Capital Flows

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
current account -113 -64.3 0.757387 61.7778 -1.0 -1.0 1 2021-05-31
current account to gdp -2.9 -2.6 0.115385 -0.508475 -1.0 1.0 0 2019-01-01
exports 6916.9 7286.5 -0.0507239 0.515867 -1.0 1.0 0.983333 2021-05-31
imports 6774.2 7085.1 -0.0438808 0.551936 1.0 1.0 0.983333 2021-05-31
balance of trade 142.7 201.4 -0.29146 -0.279293 -1.0 -1.0 0.433333 2021-05-31

Slovakia’s current account decreased to 274.8 by -8.12% on October 2020 from 299.1 in the previous Monthly. On a year on year basis Slovakia’s current account decreased by -725.97%. Slovakia’s current account trend is down since the current value of 274.8 is lower than the 12 month moving average of -70.1.Slovakia’s current account to gdp icnreased to -2.9 by 11.54% on January 2019 from -2.6 in the previous Yearly. On a year on year basis Slovakia’s current account to gdp decreased by -50.85%. Slovakia’s current account to gdp trend is down since the current value of -2.9 is lower than the 12 month moving average of -2.325.Slovakia’s exports icnreased to 7870.0 by 6.96% on November 2020 from 7358.0 in the previous Monthly. On a year on year basis Slovakia’s exports increased by 7.06%. Slovakia’s exports trend is down since the current value of 7870.0 is lower than the 12 month moving average of 6195.25.Slovakia’s imports icnreased to 7063.0 by 6.21% on October 2020 from 6650.0 in the previous Monthly. On a year on year basis Slovakia’s imports decreased by -5.64%. Slovakia’s imports trend is down since the current value of 7063.0 is lower than the 12 month moving average of 5995.67.Slovakia’s balance of trade icnreased to 707.9 by 111.31% on September 2020 from 335.0 in the previous Monthly. On a year on year basis Slovakia’s balance of trade increased by 444.54%. Slovakia’s balance of trade trend is down since the current value of 707.9 is lower than the 12 month moving average of 170.542.

Slovakia Reserves

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
foreign exchange reserves 7682 7626.9 0.00722443 -0.00145583 -1.0 -1.0 0.166667 2021-06-30
gold reserves 31.69 31.7 -0.000315457 0 -1.0 -1.0 0.641667 2020-07-01

Slovakia’s foreign exchange reserves decreased to 7736.2 by -4.14% on November 2020 from 8070.6 in the previous Monthly. On a year on year basis Slovakia’s foreign exchange reserves increased by 14.51%. Slovakia’s foreign exchange reserves trend is down since the current value of 7736.2 is lower than the 12 month moving average of 7423.36.Slovakia’s gold reserves decreased to 31.69 by -0.03% on July 2020 from 31.7 in the previous Quarterly. Slovakia’s gold reserves trend is down since the current value of 31.69 is lower than the 12 month moving average of 31.6967.Slovakia’s government debt icnreased to 53268.0 by 1.08% on July 2020 from 52698.0 in the previous Quarterly. On a year on year basis Slovakia’s government debt increased by 27.95%. Slovakia’s government debt trend is down since the current value of 53268.0 is lower than the 12 month moving average of 44789.2.Slovakia’s government debt to gdp decreased to 48.0 by -2.83% on January 2019 from 49.4 in the previous Yearly. On a year on year basis Slovakia’s government debt to gdp increased by 59.47%. Slovakia’s government debt to gdp trend is down since the current value of 48.0 is lower than the 12 month moving average of 46.8917.Slovakia’s external debt decreased to 111.37 by -1.46% on May 2020 from 113.02 in the previous Quarterly. On a year on year basis Slovakia’s external debt increased by 36.43%. Slovakia’s external debt trend is down since the current value of 111.37 is lower than the 12 month moving average of 103.353.

Slovakia Debt

Debt Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
government debt 53212 52923 0.00546076 0.259426 1.0 1.0 0.55 2021-01-01
government debt to gdp 60.6 48.2 0.257261 1.12632 1.0 1.0 0 2020-01-31
external debt 109.1 110.93 -0.0164969 0.13498 1.0 1.0 0 2021-01-01

Slovakia’s government debt icnreased to 53268.0 by 1.08% on July 2020 from 52698.0 in the previous Quarterly. On a year on year basis Slovakia’s government debt increased by 27.95%. Slovakia’s government debt trend is down since the current value of 53268.0 is lower than the 12 month moving average of 44789.2.Slovakia’s government debt to gdp decreased to 48.0 by -2.83% on January 2019 from 49.4 in the previous Yearly. On a year on year basis Slovakia’s government debt to gdp increased by 59.47%. Slovakia’s government debt to gdp trend is down since the current value of 48.0 is lower than the 12 month moving average of 46.8917.Slovakia’s external debt decreased to 111.37 by -1.46% on May 2020 from 113.02 in the previous Quarterly. On a year on year basis Slovakia’s external debt increased by 36.43%. Slovakia’s external debt trend is down since the current value of 111.37 is lower than the 12 month moving average of 103.353.

Slovakia Banking activity

Fiscal Policy Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
bank lending rate 2.47 2.58 -0.0426357 0.0786026 1.0 1.0 1 2021-05-31
loans to private sector 20757 20654 0.00498693 0.0000481788 -1.0 1.0 0.05 2021-05-31

Slovakia’s bank lending rate decreased to 2.35 by -1.26% on September 2020 from 2.38 in the previous Monthly. On a year on year basis Slovakia’s bank lending rate decreased by -14.55%. Slovakia’s bank lending rate trend is down since the current value of 2.35 is lower than the 12 month moving average of 2.55333.Slovakia’s loans to private sector decreased to 21064.0 by -0.81% on October 2020 from 21236.0 in the previous Monthly. On a year on year basis Slovakia’s loans to private sector increased by 2.97%. Slovakia’s loans to private sector trend is down since the current value of 21064.0 is lower than the 12 month moving average of 20735.5.

 

Slovakia macroeconomic model analysis

The two most important economic indicators of the Slovakia economy are real economic growth expectations and inflation. MacroVar uses Slovakia Manufacturing ESI Order Books to gauge economic growth expectations and Slovakia Manufacturing ESI Selling Price expectations of next months to gauge inflation expectations. Slovakia’s economy is healthy when it generates stable economic growth with low inflation. Policymakers (the government and the central bank) use fiscal and monetary policy to inject liquidity during slowdowns (to solve weak economic growth) and withdraw liquidity from an overheating economy (to solve high inflation).

The four economic environments

There are 4 economic environments based on economic growth and inflationary conditions. Financial assets are affected by economic growth and inflation expectations as explained in the diagram below.
MacroVar Growth Inflation Model

  • Inflation boom: Accelerating Economic growth with Rising inflation – Monetary Policy response: Hawkish
  • Stagflation: Slowing Economic Growth with Rising Inflation – Monetary Policy response: Dilemma
  • Disinflation boom: Accelerating Economic growth with Slowing Inflation – Monetary Policy response: Neutral
  • Deflation Bust: : Slowing Economic Growth with Falling Inflation – Monetary Policy response: Dovish
Read more on how to analyze a country’s macroeconomics in detail. MacroVar also provides a detailed analysis of  the global economy and the 40 largest economic in the world.Click here to learn more.

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