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Moody’s issues 3% target warning

THE RATING agency Moody’s has followed Slovakia’s central bank in warning that slower economic growth might put pressure on the country’s public finances, the SITA newswire reported on April 3.

THE RATING agency Moody’s has followed Slovakia’s central bank in warning that slower economic growth might put pressure on the country’s public finances, the SITA newswire reported on April 3.

Moody’s also decreased its prognosis of Slovakia’s economic growth this year from 1.4 percent to 0.9 percent, while the Finance Ministry still counts with 1.2-percent growth, SITA reported. The rating agency did not make any changes to the country’s current A2 rating.

With the current setting, however, the government might have trouble maintaining the 3-percent deficit, Moody’s noted.

“While we expect the government to take further corrective measures to close the gap created by lower-than-budgeted revenue, we believe that fiscal slippage related to the weakening economy will prevent the government from achieving its deficit target,” Moody’s commented, as quoted by SITA.

The National Bank of Slovakia (NBS) has almost halved its prediction of GDP growth for 2013. In the latest of a series of downward revisions, the NBS on March 26 cut its forecast for growth this year from 1.3 percent to 0.7 percent.

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