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Rising oil prices might slow down Slovak economy

RISING oil prices are having a negative influence on the Slovak economy and could result in a slow down of economic growth by some tenths of a percent of GDP, according to the Slovak Finance Minister Ivan Mikloš.

"Of course, rising oil prices influence the global economy, including the Slovak economy, which is influenced even more than the European one because Slovakia still has relatively high input (oil import) expenses," he told journalists at the EU Finance Ministers meeting.

According to the Finance Ministry's macroeconomic prognosis, made in late June, a 5.1-percent GDP growth is expected in 2005 in Slovakia, the TASR news wire reported.

Other EU finance ministers also expressed their concern about the rising oil prices, lowering the expected EU economic growth from 1.6 to 1.3 percent of GDP.

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

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