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NBS reduces its 2012 economic growth estimate to 2.1 percent

The National Bank of Slovakia (NBS), the country’s central bank, has decreased its forecast of Slovakia’s economic growth this year. In December 2011 it predicted that GDP would rise by 2.3 percent this year, but now says it expects growth to be only 2.1 percent, the SITA newswire reported.

The National Bank of Slovakia (NBS), the country’s central bank, has decreased its forecast of Slovakia’s economic growth this year. In December 2011 it predicted that GDP would rise by 2.3 percent this year, but now says it expects growth to be only 2.1 percent, the SITA newswire reported.

The governor of the NBS, Jozef Makúch, told a press conference held on March 27 that the prediction was prepared during a period when uncertainty on financial markets was not growing, but in which foreign demand was gradually declining. Moreover, he said that the mid-term prognosis was affected by positive data on Slovak economic development in the last quarter of 2011 as well as the start of negative developments on the labour market.

Makúch added that there are several risks attached to the new prediction, such as the need for continued fiscal consolidation whose structure and impact on economic development is not yet known. Another risk is a potential tightening of lending conditions with an impact on foreign demand and investment formation in Slovakia, SITA wrote.

The NBS also predicted that the economy will grow by 3.1 percent in 2013 and by 4.2 percent in 2014.

Source: SITA

Compiled by Radka Minarechová from press reports
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