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Slovakia Economic Outlook |
Bratislava, 10.09.2019 |
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Economic growth decelerated sharply in the second quarter, likely dragged on by the external sector and weaker domestic demand. Industrial activity, led by the all-important automotive sector, deteriorated in the quarter, shrinking for the first time in 15 months in June, while exports fell for the first time in four-and-a-half years in Q2 as Germany, the country’s biggest export market, grapples with a marked downturn. Meanwhile, retail sales swung to decline in the quarter, pointing to a further loss of momentum in private consumption despite households turning less pessimistic. Moreover, business confidence was more downbeat on average, hinting at a continued fall in fixed investment growth. Meanwhile, prospects remained relatively grim at the outset of Q3: Business sentiment dived sharply into negative territory in July, while consumer confidence also lost ground in the month.Slovakia Economic Growth
The economy is seen losing traction this year, mainly owing to tapering investment growth. That said, sustained wage and credit growth should keep private consumption expanding at a healthy pace. The primary risk for the highly open economy stems from a prolonged downturn in the German car industry and a challenging trade environment. Our panel sees growth of 3.3% in 2019, which is down 0.1 percentage points from last month’s forecast, and 3.0% in 2020.
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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