0.7-1.1% of GDP - possible Slovak toll from hard Brexit

According to Slovenska Sporitelna macro-analyst Katarina Muchova, a hard Brexit is poised to scrunch down the Slovak GDP, with the Slovak Central Bank estimating the cumulative GDP downtick somewhere between 0.7 and 1.1 percent by 2023 - mostly due to reduced foreign trade. The United Kingdom is the eighth largest partner for Slovak exports and Bratislava exported 4.5 percent of overall Slovak exports there in 2018 alone. However, there might be also indirect impacts via other trade partners due to the openness of the Slovak economy and its interconnection with European and global chains, added the macro-analyst.