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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Get daily Slovak news directly to your inbox

Top stories

News digest: Slovakia still dealing with the loss of its talent

Economy minister promises extensive support for hydrogen technologies in Slovakia. Far-right supporters protested in front of PM’s house during the weekend.

The far-right ĽSNS organised a protest in front of PM Igor Matovič's house in Trnava.

Hospital manners expose the toxicity of Kollár

Unjustified privileges overshadow some good news of the coalition's work. Halloween testing will not be repeated during advent time.

PM Igor Matovič (l) and Speaker of Parliament Boris Kollár

Sulík’s party benefits from the dispute with PM Matovič

The Hlas party of former PM Pellegrini is rising, too.

Economy Minister Richard Sulík (l) was charged by PM Igor Matovič (r) to purchase millions of antigen tests.

Anyone can publish a book. Authors often avoid publishers

Self-publishing is setting a new trend.

Nikoleta Kováčová has published two cookbooks without the aid of a publishing house.