Spectator on facebook

Spectator on facebook

Moody's revises downward its assessment of Slovakia’s 2009 GDP

Moody's Investors Service said on July 24 that it expects Slovakia's GDP to fall over this year after seeing the country's economic outlook sharply worsen within a short period of time, the TASR newswire reported, with the GDP decline affecting both corporations and households. “Even though Slovak banks were not hit by the first phase of the ongoing global economic crisis due to their limited exposure to crisis-distressed assets and to the bankrupt financial houses, the pressure on banks is building as the crisis spills over into the real economy (goods and services rather than the paper, financial economy),” said Gabriel Kadaši, chief analyst with Moody's, to TASR.

Moody's Investors Service said on July 24 that it expects Slovakia's GDP to fall over this year after seeing the country's economic outlook sharply worsen within a short period of time, the TASR newswire reported, with the GDP decline affecting both corporations and households.

“Even though Slovak banks were not hit by the first phase of the ongoing global economic crisis due to their limited exposure to crisis-distressed assets and to the bankrupt financial houses, the pressure on banks is building as the crisis spills over into the real economy (goods and services rather than the paper, financial economy),” said Gabriel Kadaši, chief analyst with Moody's, to TASR.

Kadaši pointed out that Moody's in May had downgraded its outlook on the banking sector from stable to negative only to be criticised by Slovakia’s central bank (NBS) for being controversial – failing to reflect current developments and the then condition of Slovakia.

“NBS finds it important to make it clear that Slovakia's banking sector is sound, profitable and sufficiently equipped with capital,” according to the statement from the central bank in May. TASR

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

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

How rock music helped bring down the totalitarian regime Video

A new film shows that Rock & Roll, forbidden in the Soviet Union, helped to end the Cold War.

Illustrative Stock Photo

Movies under an open sky feel differently than in an air-conditioned cinema Photo

The popularity of outdoor cinemas is increasing in Bratislava

Bažant Kinematograf on the Magio Pláž beach

Peter Sagan announces split with his wife Katarína

The Slovak cycling star who has a young son said “It will be much better this way”.

Peter Sagan marries Katarína, November 2015.

Top 3 news from Last Week in Slovakia Video

Slovakia to buy 14 American fighter jets.

This archive picture from 2014 shows an older model of the F-16 fighter jets.