In the 4th quarter of 2023, the Slovak economy remained in the growth
The volume of GDP in the 4th quarter of 2023 increased slightly both year-on-year and quarter-on-quarter, which kept the economic growth above 1% for the entire year.
Gross domestic product (GDP) at constant prices1) increased by 1.2% year-on-year in the fourth quarter of 2023. After adjusting the results for seasonal effects, GDP increased by 1.2% year-on-year and by 0.3% quarter-on-quarter.2)
During the fourth quarter of 2023, GDP at current prices in the amount of 32 billion EUR was created, which represented a year-on-year increase of 3.1 billion EUR. After converting to constant prices, GDP reached 24.2 billion EUR.
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In summary, the economy of the Slovak Republic grew by 1.1% year-on-year for the entire year 2023.
The growth of the gross domestic product in the 4th quarter of 2023 at constant prices was supported mainly by the year-on-year increase in investments. In summary for the whole year, the economic performance was driven by investments and a positive foreign trade balance. Final household consumption remained depressed.
Total employment in the reference period reached 2 million 443 thousand persons and increased by 0.3% year-on-year. Seasonally adjusted, employment increased by 0.2% compared to 4th quarter of 2022 and increased by 0.1% quarter-on-quarter (compared to 3rd quarter of 2023).
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