Slovak economy grows by 1.8% in Q4 2024, driven by domestic demand

Slovakia’s economy continued its growth trajectory in the final quarter of 2024, recording a 1.8% year-on-year increase in gross domestic product (GDP) at constant prices, according to a flash estimate by the Statistical Office of the Slovak Republic. The growth rate was higher than in the previous quarter, signaling continued economic resilience.

After seasonal adjustments, GDP increased by 1.7% year-on-year and 0.5% compared to Q3 2024. The nominal GDP at current prices reached EUR 33.9 billion, while GDP at constant prices stood at EUR 26.9 billion, reflecting an annual growth of EUR 468.5 million.

For the entire year 2024, Slovakia’s economy expanded by 2% year-on-year.

The primary driver of GDP growth in Q4 2024 was domestic demand, particularly household and public sector consumption. However, economic expansion was partially offset by a decline in investment activity, which slowed the overall performance.

Total employment in Slovakia reached 2.439 million people, marking a 0.2% year-on-year decline. Seasonally adjusted employment figures remained unchanged compared to Q3 2024 but reflected the same 0.2% year-on-year drop.

The Statistical Office of the SR noted that past economic data for 2024, as well as historical GDP figures since 1995, were revised as part of a major benchmark revision conducted on October 18, 2024. The updated figures confirm stronger economic performance than previously reported.

This flash estimate provides an early indication of economic trends, with detailed GDP data for Q4 2024 expected in the upcoming official release.

Source: Statistical Office of the Slovakia