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Large drop in Slovakian vehicle sales and repair
January saw a large fall in the vehicle business, the latest official figures have revealed.
Turnover for sales and maintenance in the motor industry totalled €238.4 million (£212.2 million), a 34 per cent drop on the same month in 2008.
Retail sales in Slovakia also dropped by 3.3 per cent year-on-year during the month and commentators blamed the credit crunch for the poor figures.
"The crisis has started to hurt retail and consumers," Tatra Banka analyst Juraj Valachy told Reuters.
"Coming months will show similar trends, I don''t expect the drop to intensify but no recovery should be expected before the second quarter."
According to estimates from the Statistical Office of the Slovak Republic, the country''s GDP reached €17.4 billion in the fourth quarter of last year.
This is 2.7 per cent higher than in the same quarter in 2007, but marks the slowest growth in the economy since 2001.
