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Slovakia's economy contracted during 2009
The Slovakian economy contracted by 5.6 per cent during the first quarter of 2009 when compared with the same period last year, new figures showed.
Findings from Slovakia''s Statistics Office showed that the year-on-year fall in GDP was slightly more than the anticipated 5.4 per cent.
Previous figures for the final quarter of 2008 showed GDP grew by 2.5 per cent compared to the same period in 2007.
Analysts suggested that the state was not immediately hit by the global economic crisis but has been affected by falling foreign demand with a decrease of 23.4 per cent recorded during the first quarter of 2009.
Juraj Valachy, an analyst at Tatra Banka in Bratislava, told Reuters: "The key was the fall in external demand, and this will continue.
"We''ve also started to see significant secondary effects on the Slovak economy, as household consumption declines, as well as investments and others."
Household consumption in Slovakia also fell by 1.2 per cent year-on-year after a 4.7 per cent rise was recorded in the last three months of 2008. 
