By Anna Grybel-Kloc

As a small and export-orientated economy Slovakia cannot possibly remain immune to the global crisis. But there were only a few signs in 2008 of the slowdown hitting this dynamic economy. The inevitable, however, will happen in 2009.

GDP grew at a very high rate during 2008 (Q1, 8.7%, Q2,7.6%, Q3, 7.1%) driven by strong export and domestic consumption. However, the slow down was evident from October, when production orders fell. 6-6.5% GDP growth is forecast for Q4.

The Ministry of Finance projects 4.6% economic growth in 2009, 5.3% in 2010 and 6.1% in 2011. These figures now seem optimistic for 2009 and 2010 and 3-4% seems more likely.

Despite the slow down, the Slovakian economy will still remain among the top performers in 2009 within the EU.