Slovak economy expanded by 1.1% in 2023, the slowest growth pace since 2013
The Slovak economy expanded by 1.1% annually last year, the slowest growth pace since 2013. GDP was 1.3% higher in the last quarter, ŠÚ reported. The growth was driven by investments, courtesy of EU funds, as well as exports, thanks to the automotive sector. On a less positive note, the economy was held back by a fall in household consumption as high inflation depressed real wages.
The economic growth is expected to accelerate above 2% this year, but a possible freeze on EU funds due to the new government's actions (changes to penal code and ignorance of spending limits) may cut the growth rate.
