Q3 2021 Slovakia’s economy was going through a challenging period, with the Omicron variant driving a surge in cases. Restrictions remained in place, given the low uptake in vaccination However, once infection rates subside, a relatively swift recovery is expected.
The biggest impact from this situation is to be borne by consumption, which is anticipated to increase only slightly. Shuttered services and a fall in consumer confidence are among the main drivers, although some spending is forecasted to shift into goods NBS estimates that consumption will rebound
swiftly once COVID 19 rates subside with GDP growing by 3.5% in 2022.
In Q3 2021 unemployment level decreased to 7.1 with the average monthly wage at 1,185€ Labour market is expected to keep improving in future Inflation
rate reached 5.8% in December 2021. An upwards rise in prices is expected to persist with an average figure for 2022 stabilizing at 6.0%.
