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Deficit down by €1.3 billion

THE CURRENT account of Slovakia’s balance of payments ended in a deficit of €837.1 million after the first half of 2009.

THE CURRENT account of Slovakia’s balance of payments ended in a deficit of €837.1 million after the first half of 2009.

This figure indicated a significant improvement from the same period last year, when the deficit reached €2.157 billion. The current account deficit’s share of GDP thus fell from last year’s 6.7 percent to 2.8 percent this year, the SITA newswire reported.

According to the National Bank of Slovakia (NBS), the lower deficit was largely due to a trade surplus and drop in the balance of receipts deficit.

The balance of trade switched from last year’s mid-year deficit of €198.4 million to a surplus this year of €294.7 million and the balance of receipts deficit fell by €1.053 billion to €274.7 million.

“While the drop in the deficit balance of receipts was in line with expectations stemming from the economic crisis due to the lower profitability of the economy and subsequent lower payout of dividends and reinvested earnings, last year’s trade-balance development improved despite negative expectations,” NBS stated, as quoted by SITA.

A significant drop in demand for Slovak products was expected to be reflected in a deepening of the deficit.

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