Bratislava  - The Slovak Statistical Office confirmed Tuesday that the Slovak economy slowed down to 8.7 per cent year-on-year in the first quarter of 2008 compared to a record 14.3 per cent in the previous quarter.

Real wages grew 6.2 per cent in the first three months of 2008, the statisticians said.

The average monthly salary reached 20,443 Slovak koruny (1,287 dollars) in the first quarter, in nominal terms a hike of 10.4 per cent year-on-year.

The unemployment rate was 10.5 per cent in the first three months of 2008, up from 10.3 per cent in the previous quarter but one percentage point down from the same period the previous year.

The statisticians also said Tuesday they expect the Slovak economy to grow 7.9 per cent in 2008, or at a slower pace than the 10.4 per cent recorded last year.

Inflation, which has accelerated to 4.3 per cent year-on-year in April, is to slow down to 4.1 per cent by the end of the year, according to the forecast.

The statisticians expect Slovakia's unemployment rate to decrease to 9.8 per cent in 2008 from 11 per cent last year.

Slovakia's fast-paced growth has been fuelled by foreign automotive investors.

The country, once part of the former Soviet bloc and a member of NATO and the European Union since 2004, is on track to adopt the European common currency, the euro, on January 1. In Luxembourg on Tuesday, EU finance ministers agreed that Slovakia was on track for fulfilling the criteria for it to join the euro group in 2009. (dpa)