Slovakia's GDP increased by 1.3% year-on-year in the 3Q19, far below expectations, driven mainly by lower foreign demand. Growth increased by 1.8% y/y after seasonal adjustments, and by 0.4% quarter-on-quarter, according to preliminary data published by the Statistics Office on November 14.
“Slovakia's economy decelerated significantly for the second time this year, and it seems that the economic slowdown in the Eurozone, particularly in Germany, has been affecting it strongly,” said VUB Banka analyst Michal Lehuta, the Slovak News Agency quoted.
In 3Q19 the country produced GDP of €24.561bn at current prices, up by 3.4% y/y.
According to Slovenska Sporitelna bank analyst Katarina Muchova, Slovakia's GDP growth could drop to 2.5% y/y in 2019 and to 2.3% in 2020, or even lower due to uncertain developments in industry and foreign trade.
She also stressed a possible negative impact of external threats to Slovakia's economic performance, most notably Brexit, a slowdown in Germany, the Eurozone and China.