Slovakia's gross domestic product should grow by more than 2 percent on an annual basis this year, expects rector of the University of Economics in Bratislava Rudolf Sivak on Tuesday.

He pointed to risks for Slovakia's economic growth represented by the current geopolitical situation and the threat of deflation.

An escalation in the tension between Ukraine and Russia as well as between Russia and the European Union could disrupt mutual trade, said the rector.

Furthermore, a potential cut in energy supplies from Russia would impact Slovakia in negative fashion. "On the other hand, Slovakia exported goods worth 3 billion euros (4.14 million dollars) to Russia and Ukraine in 2013, which accounts for almost five percent of Slovakia's total exports," said Sivak.

The Slovak Economic growth was driven by domestic demand along with exports in 4Q13 for the first time in two-and-a-half years.

"In the final quarter of 2013, we recorded a change, when in addition to net exports, domestic demand was a driving force behind the economy," said general director of the Slovak Statistics Office's macro-economics studies department Frantisek Bernadic.

Sivak predicts, unlike in the past two years, the growth of national economy will be spurred on by domestic demand as well. "We base our assumption on the fact that both private demand and public administration consumption should contribute to it," said Sivak.

He added that household consumption, for its part, should be fuelled by moderate growth in employment levels as well as an acceleration in the growth of real salaries.