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NBS: Slovak economy should grow by 3.6 percent this year

The National Bank of Slovakia (NBS), Slovakia's central bank, slightly improved its forecast for the country's economic performance in a statement on Tuesday, June 14. The NBS currently thinks that Slovakia's GDP will grow by 3.6 percent this year, while its previous estimate in March was only 3.3 percent.

The National Bank of Slovakia (NBS), Slovakia's central bank, slightly improved its forecast for the country's economic performance in a statement on Tuesday, June 14. The NBS currently thinks that Slovakia's GDP will grow by 3.6 percent this year, while its previous estimate in March was only 3.3 percent.

"GDP growth is now expected to be higher than what was estimated back in March," NBS monetary policy head Renáta Konečná told the TASR newswire. Among the main factors behind the updated prediction are higher oil prices and slightly improved figures for foreign demand. NBS says that the government's plan to consolidate public finances had no impact on the corrected estimate. "Net exports should continue to be the main driving force behind this year's economic growth, while domestic demand will contribute to GDP growth only minimally," commented NBS governor Jozef Makúch.

Cuts in government spending seem to be the only negative factor affecting economic growth this year, the NBS said. The national economy's outlook for the next two years has also improved, said the central bank, which now predicts that Slovakia's GDP growth will reach 4.7 percent in 2012, while its March estimate was 4.5 percent.

In 2013, the national economy is expected to grow even faster – by 5.3 percent, which is also a slight improvement on the figure predicted three months ago, 5.2 percent.

The NBS also released its latest inflation estimate for this year, raising it to 4.1 percent from the more optimistic 3.8 percent envisaged back in March. The central bank said the inflation rate is largely being influenced by current hikes in consumer prices. The inflation estimate for next year is now 3.3 percent, up from the 2.9 percent predicted three months ago.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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