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Slovak PM says EC's autumn outlook is good news for Slovakia

Slovakia should achieve the fastest economic growth in the whole of European Union next year Prime Minister Robert Fico predicted on Tuesday, November 3. Commenting on the European Commission’s autumn outlook report 2009 he said it was good news for Slovakia, adding: “I'd rather be careful and will not talk about a definite end to the crisis, but if we take the European Commission's evaluation as being objective, Slovakia looks very good in that light.”

Slovakia should achieve the fastest economic growth in the whole of European Union next year Prime Minister Robert Fico predicted on Tuesday, November 3. Commenting on the European Commission’s autumn outlook report 2009 he said it was good news for Slovakia, adding: “I'd rather be careful and will not talk about a definite end to the crisis, but if we take the European Commission's evaluation as being objective, Slovakia looks very good in that light.”

He continued by saying that, taking in to account the budgeted consolidated deficit of 5.5 percent of GDP next year, Slovakia is well on its way to gradually overcoming the worst elements of the crisis. In its autumn outlook report, the European Commission forecasts a 5.8 percent contraction in Slovakia's economy this year. The commission thus revised its previous prognosis, published in the spring, deepening the anticipated decline by an additional 3.2 percentage points.

In 2010, Slovakia's GDP is predicted to grow by 1.9 percent and in 2011 GDP growth this should accelerate to 2.6 percent. While positive, these figures are much lower than those recorded during the pre-crisis boom. The commission did not rule out a further rise in unemployment. According to its autumn prognosis, Slovakia's jobless rate should reach 12.3 percent this year and rise to 12.8 percent in 2010. A modest drop is expected in 2011, when unemployment should fall to 12.6 percent.

Compiled by Zuzana Vilikovská from press reports
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