The Slovak economy should contract this year by 6.8 percent year-on-year in fixed prices, according to a macroeconomic prognosis made by selected bank analysts that was released by the Slovak central bank (NBS) on Tuesday. At the same time, even though the analysts foresee a drop in 2020, their prognosis for next year is optimistic, as they expect Slovakia's GDP to grow again. According to their estimates, the economy should start to grow at a tempo of 5.7 percent in 2021, which represents a drop of 0.1 percent as compared to the prognosis from September.
While in September unemployment was expected to stand at 7.3 percent at the end of the year, the analysts now estimate that it should reach only 7 percent. Meanwhile, growth in nominal salaries should reach 2.2 percent year-on-year, an improvement of 0.2 percentage points on the estimate from September.
