Sharp economic slowdown

The economy substantially slowed down its growth pace in the second quarter to 1.9%, the slowest pace since 3Q13, according to the statistics office ŠÚ’s flash estimate. The slowdown comes on the back of weak industrial production (the German economy only expanded by 0.4%), while household consumption remained strong. The economy was pulled by the Ice Hockey World Championship in Bratislava and Košice and the launch of travel vouchers that moved part of the tourism sector out of the shadow economy.

Trade war with the USA and Brexit will keep slowing the economy. The growth pace will likely fall under 3% this year.

(HN/1)