Slovakia’s gross domestic product (GDP) increased at constant prices by 2% in 2024. It was the highest GDP growth since 2021, Slovak statisticians reported following the confirmation of the 2024 final quarter figures.

The volume of nominal GDP was close to €130bn, while at constant prices GDP exceeded the value of €100bn for the third straight year.

The country’s “economy and the GDP indicators in the last quarter and in total for the year 2024 were significantly helped by household and government administration consumption. On the contrary, it was hampered by the slump in investment activities,” Slovak statisticians' report highlights.

“Moderate growth in industry and trade with transportation and tourism” helped carry the growth, the report reads, noting that “all ten sectors managed to increase performance compared to 2023.”

Gross added value increased by 1.4%. Lower investments resulted in a drop of production of fixed capital in 2024 by 4.1%. Overall 2024 foreign trade surplus of €780mn contributed positively.

Industry sector grew by 1.7%, with metal production up by 7.7%, transportation equipment by 3.8% and food production by 5.8%. Rubber and plastic production fell by 2.3%, coke and oil production by 12.9% and computer components by 5.4%.  

In the 4Q, GDP increased by 1.8% year on year and by 0.5% quarter on quarter. It was the second lowest quarterly result last year, which had a stronger first half. The volume of GDP amounted to €33.9bn, which was by 4.8% higher y/y.

Last month, the country’s Ministry of Finance’s Institute of Financial Policy (IFP) lowered its GDP growth projection for 2025 to 1.9%, as did the Council for Budget Responsibility (RRF) amid the impact of the consolidation package and the looming trade tariffs signalled by US President Donald Trump’s administration.