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NBS revises its economic growth forecasts for 2012-2014

Slovakia’s economy will grow by 2.7 percent in 2012, according to the latest prognoses published by the National Bank of Slovakia (NBS), the country’s central bank. The figure is 0.2 percentage points higher than the NBS predicted in June. However, the bank simultaneously slashed its GDP growth forecast for next year from 3.1 percent to 2.0 percent,.

Slovakia’s economy will grow by 2.7 percent in 2012, according to the latest prognoses published by the National Bank of Slovakia (NBS), the country’s central bank. The figure is 0.2 percentage points higher than the NBS predicted in June. However, the bank simultaneously slashed its GDP growth forecast for next year from 3.1 percent to 2.0 percent,.

The slight increase in predicted growth in 2012 is mainly related to higher demand for Slovak-made products abroad; domestic demand continues to be subdued. However, Slovakia cannot expect to benefit from an increase in car production next year similar to that which has propelled this year's figures, the SITA newswire reported.

In the next few years the economy is expected to experience weaker foreign demand, while domestic demand should make only a slight contribution to growth. The economy is now expected to grow by 3.5 percent in 2014, rather than the previous prediction of 4.3 percent.

Continuing uncertainty and decelerating foreign demand mean that the overall economic growth outlook has been revised downward, said NBS governor Jozef Makúch, as quoted by SITA.

Source: SITA

Compiled by Radka Minarechová from press reports
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