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FinMin: Growth in Slovak Economy to Reach 4% in 2010 and 3.3% in 2011
Tuesday 14 September 2010 Zoom in | Print page
Bratislava, September 14 (TASR) - The Finance Ministry reported on Tuesday that its estimate for growth in the Slovak economy this year has significantly increased - to 4 percent.
In its June prognosis the ministry was expecting an increase of only 3.2 percent. Conversely, the estimate for next year has been lowered from 3.8 to 3.3 percent.
"The main reasons behind the current changes in the prognosis are consolidation measures, more optimistic estimates concerning the external environment and the positive results seen in Slovakia and within the Eurozone in early 2010," reads a statement published by the ministry's Financial Policy Institute (IFP).
According to the ministry analysts, growth in the Slovak economy will accelerate due to foreign demand and reserves in the period between 2010-12, and a revival in household consumption in the wake of an improved situation on the labour market after 2012. Negative risks stem from the development of financial markets and the potential impact of significantly restrictive fiscal policy implemented within the EU in 2011.
The Finance Ministry is more optimistic than Slovakia's central bank, whose estimate for this year stands at 3.7 percent. Analysts from commercial banks as well as of the International Monetary Fund concur on 4-percent growth.
The Slovak economy contracted by 4.7 percent in 2009 due to the global economic crisis.
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