Slovakia prepares for hard Brexit

Slovak institutions are preparing for the possibility of a hard Brexit in case of failed negotiations between Great Britain and the European Union.

editor: REMIX NEWS

According to Igor Skoček, the spokesperson of the ministry, the body is solving the issue at the level of state secretaries. He believes Brexit mostly affects travel, the unfinished customs-related operations and the free movement of capital and workers.

In the case of Slovakia the effect of Brexit could cause a loss in the level of 0.4 percent of the country’s GDP, which is better than the union average of 1.5 percent. Katarína Muchová, an analyst of Slovenska sporitelna described the outcome as “not drastic nor negligible.” Muchová pointed out that in 2017 Great Britain absorbed 6 percent of the total Slovak export and contributed 2.5 percent to imported goods. That makes the country the sixth biggest market Slovakia is exporting to. The changes affect the automobile and electronics industry, where every seventh car made in Slovakia is for the purposes of the British market, mostly produced by Kia Motors Slovakia in Žilina. The agriculture industry will not be affected by the changes. According to the predictions the prices of airline tickets should rise, logistics and transport will be significantly more complicated.


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