Slovakia‘s economy grew by 0.9% year-on-year in the first quarter of 2025, the slowest rate of growth for two years, the Slovak statistics office reported.
The quarter marks the first time in two years that the economy grew at a rate of 1.0%. In the corresponding period last year, i.e Q1 2024, the economy grew by 3.3% on a year-on-year basis.
Seasonally-adjusted data indicated a modest quarter-on-quarter increase of 0.2% in Q1. The volume of GDP at current prices reached €31.1 billion.
Household and public sector
Household and public sector consumption were the biggest contributors to economic growth in the first quarter, however, both components slowed compared to previous periods.
Manufacturing also posted moderate year-on-year growth (+0.8%) in the quarter, with strong performances recorded in sectors such as rubber and plastics, transport equipment, and machinery production, and offset by declines in the production of computers, electronics and optical products, as well as metals.
Other important sectors that contributed positively included trade, transport, accommodation, and food services, which collectively grew by 0.9%, primarily through gains in internal trade and hospitality.
Elsewhere, public administration grew by 0.9%, construction was up 2.9% and the information and communication sector reported a decline of 2.5%.
Domestic consumption
‘GDP growth by expenditure component was also decisively supported by domestic consumption in the 1st quarter of 2025,’ the statistics office said. ‘This was due to households and the public sector, but consumption growth in both components significantly lost dynamics.
‘A more visible spending cut was recorded in households – their consumption rose by only 0.5%, while last year it exceeded 2%. Spending was also moderated by the public sector, but the pace of consumption growth was still above 1%, currently by 1.2%.’
Finally, exports increased by 6.2% in the first quarter – the highest growth for the past two-and-a-half years – while the volume of imports of products and services was up 8.9%. Read more here.
