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Slovak economy growing fast

SLOVAKIA has maintained its position of the fastest growing economy in the region in the first three months of 2005. According to the data published yesterday by the Slovak Statistics Office, the gross domestic product (GDP) in the first quarter exceeded Sk330 billion (€8.5 billion), which represents a 5.1 percent growth year-on-year, business daily Hospodárske noviny wrote.

"Our economy is running in fifth gear. Gradually we are catching up on the Czech Republic and the old EU member states," said Finance Minister Ivan Mikloš.

The economic growth was especially driven by growing investments and household consumption. Corporate and household investments recorded a 6 percent growth year-on-year.

The statistics office predicts that the annual GDP growth should reach 5.3 percent.

Compiled by Martina Jurinová from press reports
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