Slovakia’s Economy Grew More Slowly Than First Estimated, New Data Shows

Slovakia’s economy expanded at a slightly slower pace in 2024 than previously estimated, according to the latest update from the national statistics office. The autumn review, part of the country’s regular twice-yearly assessment of economic data, found that overall growth was weaker than earlier projections suggested.

The revised figures show that economic output increased by 1.9% in 2024, down from the earlier estimate of 2.1%. In total, the Slovak economy generated around €104 billion in constant prices, a modest adjustment from previous calculations. Officials said the changes reflect more detailed data gathered from annual surveys and updated information from businesses and public institutions.

The review also made smaller adjustments to previous years. Growth for 2023 was trimmed slightly to 2.1%, while 2022 saw a marginal upward revision to 0.5%. The 2021 figure was unchanged. Analysts said the overall differences are minor but offer a more accurate picture of economic activity and household consumption.

Quarterly data showed a similar trend, with small downward adjustments to most 2024 results, except the second quarter, which remained stable. The last quarter of 2022, initially reported as a slight decline, has now been revised to show a small gain, suggesting a steadier performance than previously thought.

These updates form part of Slovakia’s ongoing effort to refine its national economic accounts in line with European standards. Revisions such as this, carried out each spring and autumn, incorporate new sources and statistical improvements to ensure consistency with other EU countries.

Alongside the GDP update, the statistics office also introduced a new system for classifying household spending, expanding the number of expenditure categories and updating their definitions. The change affects long-term data sets dating back to the mid-1990s, offering a more detailed view of how Slovak households allocate their budgets.

While the revisions indicate slightly weaker growth, economists say the broader trend remains stable. Slovakia’s economy continues to expand moderately, supported by manufacturing, services, and household demand, even as global headwinds and tighter financing conditions weigh on output.

Source: SOSR