Slovakia’s economy expected to drop by more than 9 percent

Although May indicators imply a slight improvement, negative risks endure, NBS analyst said.

NBS building in BratislavaNBS building in Bratislava (Source: Sme)

The novel coronavirus pandemic will have quite a large impact on Slovakia’s economy in the second quarter of this year. It is expected to drop by 9.3 percent quarter-on-quarter, analysts from the monetary section of the National Bank of Slovakia (NBS), country’s central bank, forecast.

Their expectations that the pandemic would be fully reflected in the monthly drop in the April figures and thus worsen the economic development forecast have been confirmed.

Related articleKažimír: Slovak economy is in free fall Read more 

“An improvement in the economic performance in the first quarter of 2020 compared with the flash estimate of the Statistics Office was slightly positive,” said NBS analysts, as quoted by the SITA newswire, adding that ‘soft’ indicators from May imply a careful mood improvement following the gradual lifting of the coronavirus measures.

However, the question is how these indicators will be reflected in economic parameters, which is why negative risks to future development endure, the analysts concluded.

Related articleInvestmet Guide: Your key to understanding the Slovak business environment Read more 

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