The Slovak economy improved in the second quarter similarly to the European Union average, being held back by industry and construction and helped by services, the Finance Ministry’s Financial Policy Institute analysts stated on Wednesday, commenting on the data released by the Statistics Office earlier in the day. The development of the Slovak economy is in line with the expectations of the Finance Ministry’s forecast and is heading towards annual growth above 2 percent. The IFP analysts pointed out that euro area GDP grew by 0.3 percent quarter-on-quarter in the second quarter, similar to Slovakia, with service-oriented economies outperforming, and industrial ones facing weaker demand. The unfavourable development of industrial economies contributed to the persistent decline in Slovakia’s industry, according to the economists. Since the pandemic, the industry has been suffering from the energy crisis, high interest rates and loss of competitiveness.
Source: TASR
