The Slovak economy preliminary grew by 1.1% in the 4th quarter of 2022, it was significantly influenced by rising prices

The Gross domestic product (GDP) in chain-linking volumes¹⁾ increased in the fourth quarter of 2022 by 1.1% year-on-year. After seasonal adjustments²⁾, the GDP increased by 1.2% year-on-year and by 0.3 % quarter-on-quarter. High inflation caused a more significant difference between the value of GDP at current and constant prices. In the current prices, the fourth quarter of 2022 the GDP amounted to EUR 28.3 billion, representing  in comparison with fourth quarter 2021 increase by EUR 2.4 billion. After recalculation to constant prices, GDP reached EUR 23.5 billion.

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For the entire year 2022 the economy increased by 1.7%.

Gross domestic product at constant prices exceeded GDP values for the same period before crisis (4th quarter 2019).The currently, the growth of the Slovak economy was mainly supported by the growth of final consumption, i.e. household expenses, as well as the year-on-year increase in investments, which was reflected in the growth of gross fixed capital. Although exports grew, imports had a higher dynamic of year-on-year growth, and therefore foreign trade ended with a significant negative balance.

Total employment in the reference period reached 2 million 435 thousand persons and increased by 1.1% year-on-year. After seasonally adjustments, the number of employed persons increased by 1.5% compared to the 4th quarter of 2021 and by 0.2% quarter-on-quarter (compared to the 3rd quarter of 2022).