Economic growth slows down
The Slovak economy will expand by just 3.5% this year, forecasts the central bank NBS. Its previous forecast was 4.2% and last year, the economy rose 4.1%. This is the most pessimistic assessment of the economic outlook so far—bank analysts predict a 4.1% tempo and the Finance Ministry 4%. The NBS points at weak foreign demand, due to low growth in Germany. The production launch in the new Jaguar Land Rover car plant will also be slower. While employment and wage growth will also ease, domestic demand will remain strong. The average wage should grow 6.6% to €1,080.