In the third quarter the flash estimate of the economic development confirmed a slowdown in its growth

In the 3rd quarter, the Slovak economy maintained a growth above 1%, but significantly weakened from the beginning of the year. The growth rate of the economy was the slowest in the last five quarters.

Gross domestic product (GDP) at constant prices¹⁾ increased by 1.2% year-on-year in the 3rd quarter of 2024. After seasonal adjustment, GDP rose by 1.7% year-on-year, up 0.3% from the previous quarter²⁾. This follows from data released as a flash estimate of GDP for the third quarter.

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During the 3rd quarter of 2024, the value of GDP at current prices reached EUR 33.5 billion which represented a year-on-year increase by EUR 1 billion. After converting to constant prices, GDP reached EUR 27 billion and a year-on-year growth thus reached EUR 330 million.

The growth of the gross domestic product at constant prices was mainly affected by domestic demand in the 3rd quarter of 2024. It maintained positive values due to the ever-increasing final consumption of households and public administration, however both items recorded a significant weakening of dynamics. On the contrary, the performance of the economy rose due to the year-on-year slowdown in investment activity.

Total employment in the reference period reached almost EUR 2 436 000 persons and decreased by an insignificant 0.1% year-on-year. After seasonal adjustment, the number of employed both year-on-year and quarter-on-quarter (compared to the 2nd quarter of 2024) remained at the same level.

The Statistical Office of the SR points out that the data on the performance of the economy for the previous quarters of 2024, as well as the quarterly and annual data of the national accounts since 1995, were revised and released as of October 18, 2024 as part of a major benchmark revision. This planned revision is carried out once every 5 years. More information in the news The benchmark revision will precise the GDP data for thirty years, and in the informative report The revision confirmed the better performance of the economy this year.