Slovak economy predicted to leap by 4.2 percent this year

The Slovak economy should grow by 4.2 percent this year, while in 2019 it should accelerate to 4.7 percent, according to the latest medium-term prognosis of the Slovak Central Bank (NBS). Subsequently, in 2020 the growth of Slovakia's GDP is expected to reach 4 percent. Compared to its previous forecast, NBS has slightly lowered its prediction for the growth of the economy for this year, as it originally predicted the growth at 4.3 percent. "Compared to the previous forecast, there were only slight adjustments related to the lower prices of oil and food, and to stronger foreign demand," NBS governor Jozef Makúch told a press conference on Tuesday. The current high, but downgraded prediction was influenced by the fact that production by the new carmaker Jaguar Land Rover in Slovakia may be postponed. Makúch went on to say that NBS's prediction was further influenced by the lower prices of commodities, especially that of oil. The changes in the Labour Code related to the introduction of the 13th and 14th salaries as well as to the hikes in bonuses for working at night, during weekends and holidays have also been reflected in the latest prediction.