World Economy

Auto Sector Boosts Slovak Growth

Auto Sector Boosts Slovak Growth	Auto Sector Boosts Slovak Growth

Slovakia’s Foreign Ministry issued a statement explaining how the country’s expanding car sector will give a boost to economic growth in the coming years to levels last seen before the global financial crisis. “These are the reasons why our economy is returning to the 2005-2007 levels,” Finance Minister Peter Kazimir told a press conference. As reported by the Reuters news agency, the country of 5.4 million is home to three car plants and is expecting a fourth to come online in 2018 after the government signed a deal with Jaguar Land Rover last year for a €1.4 billion ($1.56 billion) factory that is expected to boost foreign investment and Slovakian exports. Slovakia achieved growth of 6-10% over the four years before the 2009 global downturn. The country, which last year made more than one million cars, exports most of its output and its focus on smaller, cheaper vehicles has helped it to weather the post-crisis years.