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Finance Ministry unit predicts GDP growth of 2.3 percent

The Financial Policy Institute (IFP) of the Finance Ministry has re-evaluated the possible growth of Slovakia's GDP for 2012 and wrote that GDP is expected to increase between 1.9 and 2.6 percent, the TASR newswire reported. "It is 2.3-percent growth that seems most likely at the moment," the institute reported on March 21, adding that even after taking the lower revenues from excise taxes into account, the more dynamic economic growth could bring in €53 million more in comparison with the original estimates. IFP chose to draft a new prognosis due to more positive results of Slovakia's economy recorded in 4Q11 as well as better prospects for the eurozone economy in the first half of 2012.

The Financial Policy Institute (IFP) of the Finance Ministry has re-evaluated the possible growth of Slovakia's GDP for 2012 and wrote that GDP is expected to increase between 1.9 and 2.6 percent, the TASR newswire reported.

"It is 2.3-percent growth that seems most likely at the moment," the institute reported on March 21, adding that even after taking the lower revenues from excise taxes into account, the more dynamic economic growth could bring in €53 million more in comparison with the original estimates. IFP chose to draft a new prognosis due to more positive results of Slovakia's economy recorded in 4Q11 as well as better prospects for the eurozone economy in the first half of 2012.

"The positive result was recorded in late 2011 mostly by Slovak exports, which managed to see significant gains despite the worsening economic situation of our major trading partners," states the document, as quoted by TASR. This as well as more positive German economic indicators and more optimism seen on European bond and stock markets influenced the decision made by IFP to re-evaluate its forecasts.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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