The Slovak economy improved its performance at the beginning of 2024, it grew by 2.7% year-on-year

The volume of GDP in the 1st quarter of 2024 grew more dynamically both quarter-on-quarter and year-on-year, the economic growth was the fastest in the last eight quarters.

Gross domestic product (GDP) at constant prices¹⁾ increased by 2.7% year-on-year in the first quarter of 2024. After adjusting the results for seasonal effects, GDP increased by 2.7% year-on-year and by 0.7% quarter-on-quarter.²⁾

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The value of GDP in current prices reached EUR 29.8 billion, which represented a year-on-year increase of more than EUR 2.2 billion. After converting to constant prices, the value of GDP reached EUR 21.9 billion and was higher by EUR 583 million year-on-year.

The growth of the gross domestic product in the 1^st quarter of 2024 at constant prices was mainly supported by the year-on-year increase in the final consumption of households and public administration.

At the same time, total employment in Slovakia in the first three months of 2024 reached 2 million 419 thousand persons what means a year-on-year decrease by 0.2%. Seasonally adjusted, the number of employed persons fell by 0.3% both, quarter-on-quarter (compared to the 4^th quarter of 2023) and year-on-year.