Analysts are optimistic. They say economy may grow after this year's fall

Slovak economy is expected to fall in constant prices by 7 percent this year, the latest prognosis suggests.

Illustrative stock photoIllustrative stock photo (Source: Unsplash)

The Slovak economy should drop in constant prices by 7 percent. However, it should rise again next year.

This stems from the recent macroeconomic prognosis of selected banks, published by the National Bank of Slovakia (NBS).

Unlike the August prediction, analysts are more optimistic. They revised their forecast of the economic drop for this year, from the original 7.6 percent to 7 percent.

In addition, the economy should grow by 5.8 percent in 2021. However, this prediction is 0.6 percentage points worse than in August, the TASR newswire reported.

Unemployment and salaries forecast changed, too

A piece of good news: Slovak economy may not fall as steeply as expected Read more 

The unemployment rate is expected to reach 7.3 percent by the end of this year. Back in August, analysts expected it to hit 8.2 percent.

Their forecast for growth in nominal salaries was revised in September. It should represent 2 percent, instead of the 1.6 percent presented last month.

The September forecast of bank analysts is more pessimistic than the recent macroeconomic prognosis issued by the Institute for Financial Policy, operated under the Financial Ministry. It expects the Slovak economy to contract by 6.7 percent this year.

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