Bank analysts forecast economic growth of 0.9 percent in 2013

The economic growth predictions of Slovak bank analysts stabilised in April following months of downward revisions. In the April round of the regular survey by the National Bank of Slovakia, commercial bank analysts said that the Slovak economy would expand by 0.9 percent in 2013 and 3 percent in 2014.

The economic growth predictions of Slovak bank analysts stabilised in April following months of downward revisions. In the April round of the regular survey by the National Bank of Slovakia, commercial bank analysts said that the Slovak economy would expand by 0.9 percent in 2013 and 3 percent in 2014.

Such a result would mean a slowdown of over half compared to last year's GDP growth of more than 2 percent. New automotive projects were the main driving force last year but they will not contribute so much to growth in economic output this year.

Expectations of consumer price growth changed slightly in April. The bank analysts assume that harmonized inflation and inflation measured by the national consumer price index will reach 2.2 percent this year. This is a downward revision of the March estimate by 0.1 percentage points, the SITA newswire wrote. Price growth in 2014 is expected to accelerate to 2.8 percent.

Bank analysts are presently slightly more bullish in their prognoses than the central bank, which slashed its 2013 outlook from 1.3 percent to 0.7 percent a month ago. The Finance Ministry estimates that GDP growth this year will be 1.2 percent.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
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