Russia’s ban on importing agricultural products from the European Union could mean an annual loss of six million euro for Slovakia. Despite this seemingly high figure, from among the member countries Slovakia ranks among those that should be hit the least by the embargo.
The estimate was based on export statistics for the previous year and released by the European Parliament. The impact will still be felt, however, according to the Finance Ministry, which warns that Slovakia’s economy may expand at a slower pace next year due to the Russian-Ukrainian conflict. The SME daily reports that in September the ministry slashed its growth estimate from 3 down to 2.6 percent. However, despite the ongoing crisis, at this moment companies which were asked are not reporting problems with orders in Russia or Ukraine, therefore the conflict may have more of an indirect impact on the Slovak economy.
