Friday, Mar 29 2024 | Time 15:01 Hrs(IST)
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World


Brexit to slow Slovak economy, finance ministry says

Bratislava, Jul 15 (Reuters) Growth in the Slovak economy will slow by 0.1-0.2 percentage points this year and by up to 0.3 percentage points in 2017 as a result of Britain's decision to exit the European Union, the Finance Ministry said on Friday.
An expanding car sector is a major driver for the central European country and Britain is Slovakia's seventh biggest trade partner, with cars making up almost half of its exports.
The ministry last forecast economic growth of 3.2 percent this year, accelerating to 3.7 percent in 2017 and 4.1 percent in 2018. It will present an updated outlook in September.In the report on Friday, it said a British departure from the EU will slash between 0.1 and 0.9 percentage points off growth by 2019, depending on different scenarios.An optimistic scenario expects the situation to calm down and current trade relations with Britain to continue.A more realistic one sees the creation of trade barriers, prolonged uncertainty and worsened economic sentiment in the EU.
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