Spectator on facebook

Spectator on facebook

EC predicts Slovakia’s economy will grow by 1.8 percent

In spite of the economic weakening in the eurozone as a whole, the European Commission has confidence in Slovakia’s economic growth, predicting it will rise by 1.8 percent year-on-year, according to the EC’s latest spring prognosis. If the commission’s expectations are fulfilled, the Slovak economy would post the fastest growth among all eurozone members and the fourth fastest pace among all EU countries, the SITA newswire reported.

In spite of the economic weakening in the eurozone as a whole, the European Commission has confidence in Slovakia’s economic growth, predicting it will rise by 1.8 percent year-on-year, according to the EC’s latest spring prognosis. If the commission’s expectations are fulfilled, the Slovak economy would post the fastest growth among all eurozone members and the fourth fastest pace among all EU countries, the SITA newswire reported.

The deceleration from last year’s 3.3-percent growth to 1.8 percent this year in Slovakia will primarily be the result of a slowdown in economic activity by Slovakia’s main trade partners.

“With an 80-percent portion of export to the common European market, where economic activity will remain subdued, exports will grow slower than long-term trends suggest,” the prognosis stated, as quoted by SITA.

SITA also wrote that Slovakia’s economic growth will be hampered by weak local demand.

The EC wrote that the economic growth will be accompanied with faster growth of consumer prices. Last fall Brussels’ prognosis was for a harmonized inflation rate of 1.7 percent and it now anticipates 2.9-percent inflation. The inflation prognosis for 2013 was revised downward from 2.1 percent to 1.9 percent.

The EC noted that Slovakia managed to push its public deficit from 7.7 percent of GDP in 2010 to 4.7 percent last year. The Commission is sticking to its earlier estimate of a budget deficit of 4.7 percent of GDP in 2012, the TASR newswire reported.

Due to the lack of clearly visible public policies in Slovakia for 2013, the budget deficit prognosis states there could be a slight increase in the deficit to 4.9 percent in that year. The EC wrote that it expects Slovakia’s public debt to reach 53.5 percent of GDP in 2013.

Source: SITA, TASR

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

Preparation of young journalists lags

Editors and students complain about the lack of practical training at journalism schools and missing links with the realities of the media market.

International students travel to attend world leading universities. So they did in the past.

Raslavice village creates jobs; constructs wellness centre

By using eurofunds and state aid new Mayor of Raslavice Marek Rakoš thus created some 80 jobs in two years.

Fico: We are ready to discuss the 13th salary

The prime minister also presented reasons why Slovakia should be in the EU core.

PM Robert Fico

Bratislava hotels used 570 kilograms of contaminated eggs

The use of the contaminated batch was stopped, inspections of imported poultry products continue.

Illustrative stock photo