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Slovak economy growing fast

Slovak economy growing fast

THE SLOVAK economy is experiencing its greatest rate of growth in the past decade. The Slovak Statistics Bureau yesterday confirmed its forecasts and announced that in the third quarter of 2005 the gross domestic product (GDP) grew by 6.2 percent year-on-year. Slovakia thus ranks as the fastest growing economy in the region, the SME daily wrote.

Economic growth is being driven by exports and increased household consumption. Economists have warned, however, that this GDP growth structure carries the risk of economic overheating. In particular, rising domestic consumption could result in growing prices.

According to VÚB bank analyst Mária Valachyová, the Slovak central bank could try to tame local consumption by increasing key interest rates.

The growth of the economy has had a positive impact on the creation of new jobs. In the third quarter of the year, 2.24 million people in Slovakia had jobs, a rise of 36,000 year-on-year. The unemployment rate decreased 1.9 percent year-on-year to 15.6 percent.

The average wage in the national economy increased by 7.6 percent in real terms to Sk16,816 (€441.7) a month.

Compiled by Martina Jurinová from press reports
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