European Commission prognosis: Slovak economic growth to slow down

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European Commission prognosis: Slovak economic growth to slow down

11. 07. 2019 14:30

The European Commission on Wednesday published a summer economic prognosis for 2019 in which it reported that economic growth in Slovakia remained solid. At the same time, they presume that the 4.1-percent growth seen in 2018 will drop to 3.6 percent this year and to 3.3 percent in 2020. According to the data, conditions in Slovakia remain favourable in terms of domestic demand, which will support growth in GDP, with private consumption being the key driving force behind growth until next year. Nevertheless, an expected slowdown in the employment rate could negatively impact strong growth in the disposable incomes of households. The data also state that the Slovak mix of exported products, and in particular high-value cars, has been shown to be relatively resistant to volatility on the global market. The Commission finds it probable that investment activity in Slovakia will start adapting to a milder growth rate this year once the construction of new capacities in the car industry is completed.

Zuzana Botiková, Photo: AP/TASR

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