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Banks revise Slovakia’s GDP growth estimates downward

Negative reports about the global economy have already impacted on the prognoses of growth in the Slovak economy. Several banks have lowered their expectations of the country's economic growth for 2011 and 2012, the SITA newswire reported.

Negative reports about the global economy have already impacted on the prognoses of growth in the Slovak economy. Several banks have lowered their expectations of the country's economic growth for 2011 and 2012, the SITA newswire reported.

Slovakia’s GDP is expected to grow by 3.1 percent in 2011 according to the August report by the National Bank of Slovakia’s based on its regular survey of bank analysts. This represents a month-on-month decrease in the GDP forecast by 0.5 percentage points.

But the bank analysts cut their estimates of Slovakia's economic growth for 2012 by even more. In July they had forecast the country’s economy to grow by 4.3 percent in 2012 and in August they forecast only 2.9-percent growth.

The lowered rate of economic growth brought a reduction in the forecasted rate of inflation. The analysts decreased the forecast for this year's harmonised inflation rate by 0.4 percentage points to 4.3 percent while inflation calculated according to the national methodology should fall 0.3 percentage points to 4.2 percent. Forecasts for the inflation rate for 2012 fell as well.

Source: SITA

Compiled by Michaela Terenzani from press reports
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