Spectator on facebook

Spectator on facebook

OECD predicts Slovak GDP will grow by 3 percent in 2013

Slovakia’s economy will be driven mainly by exports and company investments this year, while consumer expenditure should stay low due to the high jobless rate and negative impacts of fiscal consolidation, according to a prognosis presented by the Organisation for Economic Cooperation and Development (OECD), the TASR newswire reported.

Slovakia’s economy will be driven mainly by exports and company investments this year, while consumer expenditure should stay low due to the high jobless rate and negative impacts of fiscal consolidation, according to a prognosis presented by the Organisation for Economic Cooperation and Development (OECD), the TASR newswire reported.

The forecast estimates that Slovakia’s GDP will grow by 2.6 percent in 2012, while next year the economy is expected to grow by 3 percent. On the other hand, Slovakia cannot hope to see an improvement in the situation on the labour market since companies are striving for increased productivity in order to remain competitive.

Moreover, the government will try to reduce the budget deficit to below 3 percent of GDP by 2013, which means that it will have to pass austerity measures. The OECD warns that the cabinet will have to proceed with caution when consolidating the public finances in order to maintain the economy’s potential for growth.

The OECD also predicts that the country’s budget deficit will decrease only slightly, to 4.6 percent, this year from the 4.8 percent recorded in 2011, and that it will fall to 2.9 percent in 2013, TASR wrote.

Source: 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

Fico: Women need protection, especially as more migrants arrive in Europe

The prime minister repeated that he refuses to allow the emergence of "compact Muslim communities in Slovakia" as he announced Slovakia will not ratify the Istanbul Convention as a whole.

Robert Fico

Slovakia’s story of economic success

The country marks 25th anniversary of its existence as an independent state

Bratislava

Populists are more creative than liberals

The essence of creativity and good governance is about finding a coherent story. When every city gets smart, being a stupid city will be an advantage, says a strategic management expert.

Maciej Kisilowski

Slovak biathletes surprise in women’s relay Photo

Though they were not considered favourites, Slovak biathletes fought bravely for medal positions but ended fifth.

Ivona Fialková of Slovakia crosses the finish line.