Structural Reforms and Economic Outlook of Slovakia
Transformation Success Story
Small and effective government
✓ High share of investment to GDP
ARDAL
✓
Sustainable and robust GDP growth
✓ Export-oriented economy
✓ Commitment to fiscal discipline
✓
Economic costs of COVID-19 are comparable within
the region
2015
2016
2017
2018
2019
2020
2021e
2022e
SLOVAKIA
Real GDP Growth (in %)
4.8
2.1
3.0
3.7
2.5
(4.8)
3.7
4.2
Private Consumption
2.8
3.9
4.7
4.2
2.6
(1.1)
0.1
2.4
Public Consumption
Gross fixed capital formation
5.3
1.9
1.3
0.1
4.6
0.3
4.9
4.1
21.6
(9.3)
3.0
2.7
6.6
(12.0)
(0.3)
16.7
Exports (goods and services)
6.6
5.0
3.6
5.2
0.8
(7.5)
10.5
3.1
Imports (goods and services)
8.5
4.8
3.9
5.0
2.1
(8.3)
10.9
3.9
GNI (real growth p.c. in %, adjusted by GDP deflator)
2.9
3.8
3.8
4.2
2.1
(4.7)
4.8
5.3
Employment Growth (% p.a.)
2.0
2.4
2.2
2.0
1.0
(1.9)
(0.8)
0.8
Unemployment rate (% of labour Force)
11.5
9.6
8.1
6.5
5.8
6.7
7.0
6.7
Inflation (HICP) (% p.a.)
(0.3)
(0.5)
1.4
2.5
2.8
2.0
2.3
4.0
General government balance (% of GDP)
(2.7)
(2.6)
(1.0)
(1.0)
(1.3)
(6.2)
(9.9)*
(5.1)*
*General government balance estimates from Stability Programme of SR from May 2021.
Sources: Eurostat, MoF September forecast for 2021, EC for GNI in current prices per head of population.
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