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European Commission: Slovak economy will grow fast

THE EUROPEAN Commission expects economic growth of around five percent in Slovakia in 2005 and 2006, the Pravda daily reported.

Prospects are not as favourable for the 12 countries using the common currency - the euro. The Commission now estimates that economic growth in the Eurozone will be 1.6 percent this year, down from the 2 percent originally expected.

Slovakia's economic growth should continue to be driven by household consumption, which is positively influenced by real income growth and a decrease in inflation.

In 2004, household expenditures rose by 7.5 percent. This year's growth in household consumption is expected to slow to 4 percent, and in 2006, it is expected to be 3 percent.

The European Commission expects Slovakia's foreign trade balance to remain negative.

Compiled by Beata Balogová from press reports
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