Tuesday, 21 October 2025
The latest update from the Statistical Office of the Slovak Republic shows that the country’s economy expanded more modestly in 2024 than previously estimated. The revised figures, published as part of the regular autumn review of national accounts, indicate a slightly weaker growth pace across the past two years.
According to the updated data, Slovakia’s economy grew by 1.9% in 2024, down from the 2.1% estimated in the spring. In real terms, gross domestic product reached €104.3 billion, a revision of around €114 million compared with earlier figures. The adjustments are based on new annual survey data and refined statistical inputs gathered over recent months.
The revised data also made smaller changes to previous years. Growth in 2023 was adjusted from 2.2% to 2.1%, while 2022 saw a marginal upward revision from 0.4% to 0.5%. The figures for 2021 remain unchanged. Officials said these adjustments reflect the integration of new business data and other verified economic indicators, which help improve accuracy and comparability across years.
Quarterly results were also slightly modified. Three of the four quarters in 2024 were revised down by 0.2 percentage points, with the second quarter unchanged. For 2023, only the first quarter showed a marginal improvement, while two others were revised slightly lower. The most notable change came in late 2022, where a previously recorded decline of 0.1% was corrected to show a mild increase of 0.2%.
The revisions form part of Slovakia’s biannual data refinement process, conducted each spring and autumn in coordination with Eurostat and the European Central Bank. These reviews ensure that Slovakia’s economic statistics meet EU standards and reflect the most up-to-date information available.
In addition to the GDP update, the Statistical Office also introduced an updated classification for household spending, known as COICOP 2018, which expands the number of expenditure categories from 12 to 13 and refines their definitions. The update affects the entire historical data series dating back to 1995, providing a clearer picture of household consumption trends over time.
While the revisions show slightly slower economic growth, analysts say the overall picture remains stable. The Slovak economy continues to show resilience, supported by domestic demand and industrial output, even amid tightening financial conditions and slower growth in key trading partners.
Source: SOSR
