In the 3rd quarter of 2023, the Slovak economy maintained the growth, but it was milder than in the spring period
Gross domestic product (GDP) at constant prices1) increased by 1,1% year-on-year in the third quarter of 2023. After adjusting the results for seasonal effects, GDP increased by 1,1% year-on-year and by 0.2% quarter-on-quarter.2)
During the third quarter of 2023, GDP at current prices in the amount of 32.2 billion EUR was created, which represented a year-on-year increase of 3.2 billion EUR. After converting to constant prices, GDP reached 24.4 billion EUR and year-on-year growth in constant prices thus reached 266 million EUR.
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The growth of the Slovak economy was supported mainly by surplus in foreign trade. On the contrary, domestic demand decreased year-on-year, thanks to the persistence of the slowdown in final consumption of households and the decrease in the stock level.
Total employment in the reference period reached 2 million 437 thousand persons and increased by 0.2% year-on-year. Seasonally adjusted, employment increased by 0.2% compared to 3rd quarter of 2022 and increased by 0.1% quarter-on-quarter (compared to 2nd quarter of 2023).
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