The Finance Ministry cut its 2019 growth outlook earlier on Monday to 4.0 percent from 4.5 percent as foreign demand weakens, the first outlook downgrade since September, 2013.

The ministry also lowered its forecast for 2020, expecting growth to ease to 3.7 percent, down from an earlier estimate of 3.9 percent.

The economy reached its peak last year when it grew by 4.3 percent instead of the expected 4.1 percent, the ministry said.

"So far we don't have enough data to be able to say whether it's a reversal of the economic cycle or just a slowdown," Kazimir told reporters.

"The fundamentals of the domestic economy are healthy, the downgrade reflects the situation of our biggest trade partners including Germany. We have to be cautious and realistic but there is no reason to panic," he added.

The expected slowdown in foreign demand will be offset by rising output at the Slovak factory of British-based Jaguar Land Rover which launched operations late last year, the ministry said.

Germany's Volkswagen, South Korea's Kia and French company Peugeot also produce cars in Slovakia, which manufactured more than a million vehicles last year, mostly for export.

(Reporting by Tatiana Jancarikova, Editing by Michael Kahn and Ed Osmond)