ŠÚSR revises '97 trade deficit

Slovakia's 1997 foreign trade deficit is likely to sustain a revised increase by almost one third due to changes in the method used to calculate the figures, Štefan Condík, ŠÚSR Chairman, was quoted as saying by the Národná Obroda daily on June 30. "My personal estimate is that...the final results will mean an increase in the trade deficit by around 15 billion Sk," Condík said. ŠÚSR said earlier this year that the preliminary 1997 trade deficit totalled 49.475 billion Sk ($1.401 billion), representing 7.6% of the country's GDP. The 15 billion Sk increase would raise the overall shortfall to around 10% of GDP. Condík also said the change in the trade data would decrease Slovakia's GDP by "just under 0.8 percentage points." Previously, imported products were not registered as imports if they were to be used as parts for other products subsequently to be exported. The new methodology brings Slovakia closer to European Union standards.