Slovak Industry Struggles for Over a Year as EU Prepares Trade Protection Measures

Slovakia's industrial sector has been experiencing difficulties for more than a year, primarily due to its energy-intensive nature and rising energy costs in global markets. The country's manufacturing base faces pressure from expensive energy supplies, compounded by recent increases linked to American-Iranian tensions. The European Union plans to implement protective measures against cheaper steel imports from Asia, with additional sectors expected to receive similar protection. Slovakia's industrial challenges have been worsened by government fiscal consolidation measures and the prospect of higher interest rates if inflation remains elevated. The industrial downturn follows a period of weak performance, highlighting the vulnerability of Slovakia's energy-dependent manufacturing sector to external economic shocks and geopolitical developments.