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Central bank: Efficiency of Slovakia's economy approaching EU average

Performance efficiency of Slovakia's economy has again begun approaching the EU average, with individual indicators improving more quickly than in most European Union member countries, according to the Analysis of Slovakia's Economy Convergence drawn up by the central bank, the National Bank of Slovakia.

Performance efficiency of Slovakia's economy has again begun approaching the EU average, with individual indicators improving more quickly than in most European Union member countries, according to the Analysis of Slovakia's Economy Convergence drawn up by the central bank, the National Bank of Slovakia.

"Growth of Slovakia's economy remains among the fastest in the entire EU," reads the report.

Despite a deceleration in domestic labour performance efficiency, Slovakia will retain the level of growth above the EU average. Last year, Slovakia reached 82.7 percent of the EU average in this sphere.

In terms of the purchasing power parity, Slovakia's economy boosted to 74.8 percent of the EU average last year, while the performance of a number of countries continued to decline, TASR reported.

"According to our estimates based on current macro-economic prognoses, the ratio of GDP per capita in Slovakia and the EU should go beyond 80 percent in 2013," said the NBS.

The central bank stressed that the current Government (which assumed power in the summer of 2010) has relaunched reform processes in the fiscal and structural spheres.

"In medium term, the processes should contribute to bolstering domestic economic growth and boosting Slovakia's competitiveness," according to the central bank.

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