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Central bank cuts its GDP growth forecast for 2013

The Slovak economy will grow by only 1.3 percent this year, less than the 1.6 percent previously predicted, according to an updated mid-term prognosis issued by the National Bank of Slovakia, the country’s central bank.

The Slovak economy will grow by only 1.3 percent this year, less than the 1.6 percent previously predicted, according to an updated mid-term prognosis issued by the National Bank of Slovakia, the country’s central bank.

“After estimating that Slovak GDP growth reached 2.4 percent in 2012, we predict that growth will slow to 1.3 percent in 2013,” said NBS representatives, as quoted by the TASR newswire, adding that growth should rebound to 3.3 percent in 2014.

The NBS downgraded its predictions based on two factors: a moderate drop in the growth of foreign demand that will affect export performance, and worse-than-expected indicators from the domestic economy. The bank foresees a renewal in market confidence and gradual acceleration in foreign demand from the latter half of 2013.

Meanwhile, the NBS also modified its inflation rate prediction, saying inflation should drop from 3.7 percent in 2012 to 2.2 percent in 2013 and 1.9 percent in 2014, TASR wrote.

Source: TASR

Compiled by Radka Minarechová from press reports
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