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Statistics Office's GDP growth estimate unchanged

The Statistics Office of the Slovak Republic expects real growth of gross domestic product (GDP) at 8.8 percent this year.

This information comes from the latest prognosis of macroeconomic development, which confirms the office's previous expectations from three months ago.

The Statistics Office is not changing its estimates of GDP formation in absolute terms, either. Those are expected to reach Sk1,830.1 billion at the end of this year.

The Institute of Informatics and Statistics (Infostat) moderately decreased its GDP real growth estimate from the previous quarter by 0.1 percentage points to 9.2 percent, the Statistics Office reported on September 4.

The Statistics Office expects more favourable prospects for inflation development. It reduced its previous estimate of the average inflation for all of 2007 by 0.2 percentage points, to 2.5 percent, and inflation in December by 0.3 percentage points, to 2.3 percent. Infostat predicts the same development.

According to the Statistics Office, the jobless rate will likely reach 10.8 percent, which is 0.2 percentage points above the estimate from three months ago. Infostat predicts a jobless rate of 11 percent at the end of the year.

This year, 2.22 million people are expected work in the national economy, which would meant a 2.4-percent year-on-year growth in the average employment rate.

The average monthly wage in the national economy is expected to grow 7.2 percent this year to Sk20,120, which is slightly less than its original expectations. The real wage growth is projected to reach 4.6 percent year-on-year this year.

-SITA

Compiled by Zuzana Vilikovská from press reports
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