Spectator on facebook

Spectator on facebook

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

Top stories

Emergency declared in Prešov after Sunday storm Video

A powerful storm swept through the city on July 23.

Strong storm hit prešov on July 23.

Slovak water slalom racers won seven medals

Young Slovak talents made the hearts of sports fans race with their performance at the World Championship in water slalom.

Marko Mirgorodský

Austrian Ambassador: The normalisation of our relations has grown

Most people want the EU to exist in the future – we just have to mobilise this majority and not take things for granted, says Austrian Ambassador to Slovakia Helfried Carl in an interview with The Slovak Spectator.

Austrian Ambassador Helfried Carl

Fico for better fish fingers

It’s true that in the past four months, Mr Fico has been comparatively less busy than his Visegrad Group partners.

Austrian fish fingers angered PM Fico.