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Central bank predicts higher economic growth in 2004

THE NATIONAL Bank of Slovakia estimates economic growth at between 3.8 and 4.4 percent this year. This is an improvement from the original estimate of 3.7 to 4.3 percent. The bank updated its GDP prognosis in response to the development of domestic demand and the increased influence of net exports.

The bank increased the middle interval of estimated GDP growth by 0.1 percentage points to 4.1 percent in fixed prices, according to the up-to-date NBS monetary program for 2004, the news agency SITA wrote.

The bank has decreased the estimate of the current account deficit for 2004 to Sk15.7 billion (€392 million) from the original Sk30.4 billion (€759 million). When updating the estimate, the bank took into consideration the current account development in 2003 and the beginning of 2004.

Nominal wages should rise by 7.9 to 9.5 percent this year. The bank originally predicted an increase in the average nominal monthly wage between 7.2 and 8.2 percent. Under the expected average inflation rate of 7.5 percent, real wages should increase by between 0.4 to 1.9 percent this year.

Compiled by Marta Ďurianová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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