According to Finance Minister Sergej Kozlík, the Slovak economy is chugging along just fine, though lower-than-expected revenues from corporate income taxes have affected the budget.
"The development of the Slovak economy is stable," Kozlík said. "We expect 5-6 percent GDP growth and a 7 percent rise in real wages this year. The lower revenue from corporate income taxes is being partially compensated by higher value-added tax revenues."
"We expect to keep the planned budget deficit," the finance minister continued. "Slovakia does not have problems with the volume of the state debt, but with its financing. Slovak banks are not able to cover the debt with one, five, or ten-year securities.
That is why we want to offer state securities to citizens and corporations, and we are thinking about offering a certain amount on foreign markets as well." (See story on page 1).
11. Sep 1997 at 0:00 | From press reports of TASR and SITA