Macroeconomic performance of the Slovak economy in the years 1995 – 2017

Ján Haluška, INFOSTAT, Slovak Republic
Jaroslav Dolinič, Statistical Office of the Slovak Republic, Slovak Republic

Pages: 57 – 76

Abstract

Official statistics show that, while in 1995, the real GDP was € 35,2 bill. €, in 2017 it was 81,7 bill. €. In 2017, therefore, the performance of the Slovak economy was more than twice as high as in 1995. Primarily, it has grown due to aggregate demand, which is the main source of the growth of an open economy. Aggregate demand was three times higher in 2017 than in 1995, as it increased almost continuously in the previous 23-year period. The drop of aggregate demand was recorded only in 1999 and 2009. While in 1999 it was due to a decline in domestic demand, in 2009 by the global economic crisis, which resulted in the decline of the domestic and external demand declining. Therefore, the fall in aggregate demand in 2009 (by 11,3 %) was deeper than in 1999 (by 1,7 %). From the perspective of the GDP development in purchasing power parity, the Slovak Republic significantly approached the EU average in the analyzed period.

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