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National Bank confirms economy is 'cooling off'

The results of the Slovak economy for the last quarter of 2008 confirm that the economy is cooling off, said the governor of the National Bank of Slovakia (NBS), Ivan Šramko, as quoted by the SITA newswire.

The results of the Slovak economy for the last quarter of 2008 confirm that the economy is cooling off, said the governor of the National Bank of Slovakia (NBS), Ivan Šramko, as quoted by the SITA newswire.

According to a flash estimate published by the Statistics Office, GDP growth in the last quarter was 2.7 percent. Šramko did not want to be more specific about the figure, since the central bank wants to wait for a detailed structure. Nevertheless, the fourth quarter could indicate a lot about further development of the economy, he said.

“I said already last year that the fourth quarter will say a lot about further economic development,” SITA quoted Šramko as saying.

He did not rule out further revisions of forecasts by the central bank, which recently lowered its estimate of Slovakia’s GDP growth for this year from 4.7 percent to 2.1 percent.

Compiled by Michaela Stanková from press reports
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