August 18, 2023
In the 2nd quarter of 2023, the Slovak economy slightly accelerated
Gross domestic product (GDP) at constant prices1) increased by 1.5% year-on-year in the second quarter of 2023. After adjusting the results for seasonal effects, GDP increased by 1.3% year-on-year and by 0.4% quarter-on-quarter.2) High inflation continued to significantly reduce the value of GDP at constant prices compared to its nominal value.
During the second quarter of 2023, GDP at current prices in the amount of 30.3 billion EUR was created, which represented a year-on-year increase of 3.1 billion EUR. After converting to constant prices, GDP reached 23.4 billion EUR and year-on-year growth in constant prices thus reached 345 million EUR.
The growth of the Slovak economy was no longer supported by consumption, but above all by the growth of corporate investments in the procurement of constructions and also by a significant surplus in foreign trade, to which the export of cars contributed.
Total employment in the reference period reached 2 million 432 thousand persons and increased by 0.1% year-on-year. Seasonally adjusted, employment increased by 0.2% compared to 2nd quarter of 2022 and remained at the same level quarter-on-quarter (compared to 1st quarter of 2023).
Source: Statistical Office of the Slovak Republic
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