Macroeconomic Forecast Slovakia

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According to the Statistical Office of the Slovak Republic, retails sales continued to fall during October, dropping in y-o-y terms by 10.3%, down from a 9.2% drop in September, brining the year-to-date average to -10.5%. This further deterioration in the headline print came chiefly from falls in the automotive fuels and household equipment components, which fell by 13.1% and 35.0%, respectively. Furthermore, with the unemployment rate remaining at 12.4% in November, we expect the ability of the Slovak consumer to pull the economy out of recession will remain limited for the time being.