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 

Top stories

Opening of the time capsule of Michael's Tower.

Time capsule stored in Bratislava's St Michael statue 176 years ago reveals its secrets

The public can see the items found in the box in the Bratislava City Museum at the Old Town Hall this weekend.

22. okt
Bratislava's Old Town presents its most beautiful trees

Bratislava’s Old Town introduces most beautiful trees via game

One of the spotlighted trees is a majestic European beech in the evangelical cemetery Kozia Brána (Goat Gate).

22. okt
Renáta Kamenárová teaches Slovak at the University of Pittsburgh. She has also co-written several "Krížom krážom" textbooks, which are used by those teaching Slovak to foreigners.

‘Speaking English is almost like having a hot potato stuck in your mouth the entire time you talk’

But in Slovak, your tongue actually works, says an American who learns Slovak.

22. okt
“My Sunny Maad”, a Czech-French-Slovak animated drama about a Czech woman married to an Afghan who decide to live in post-Taliban Afghanistan, is now screened in Slovak cinemas.

Weekend: German adventurer is walking to Iran, with his stubborn donkey

Jazz music is taking over Bratislava this weekend.

22. okt
Skryť Close ad