BUSINESS IN SHORT

2010 GDP growth forecast improves

THE Finance Ministry has revised upwards its estimate of the country's economic growth for 2010 to 4 percent. In its previous prognosis, released in June 2010, it had forecast growth of 3.2 percent.

THE Finance Ministry has revised upwards its estimate of the country's economic growth for 2010 to 4 percent. In its previous prognosis, released in June 2010, it had forecast growth of 3.2 percent.

The ministry at the same time decreased its estimate of GDP growth in 2011 from 3.8 percent to 3.3 percent, the SITA newswire reported.

The revisions take into account the planned consolidation efforts of the new government, the improved outlook for the development of the external environment, and positive first half results both in Slovakia and in the eurozone, the report of the Financial Policy Institute at the Finance Ministry states.

Slower anticipated GDP growth in 2011 is the result of the higher growth expected in 2010, higher inflation and, in particular, fiscal consolidation. ING Bank analyst Eduard Hagara stated that the current forecast of the ministry is realistic and that this is important to avoid overestimation of forecast revenue.

Former finance minister Ján Počiatek said that the updated prognosis proves his assertion that current minister Ivan Mikloš is lying when he tries to compare Slovakia to Greece and portray an image of a devastated economy.


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