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BUSINESS IN SHORT

Banks lower their growth estimate

NEXT year’s revival of Slovakia’s economic growth will probably be more moderate than originally expected, according to the May edition of a regular survey by the National Bank of Slovakia (NBS) among analysts of commercial banks, who lowered their average estimate of economic growth for 2014 by 0.5 percentage points to 2.5 percent, the SITA newswire reported.

NEXT year’s revival of Slovakia’s economic growth will probably be more moderate than originally expected, according to the May edition of a regular survey by the National Bank of Slovakia (NBS) among analysts of commercial banks, who lowered their average estimate of economic growth for 2014 by 0.5 percentage points to 2.5 percent, the SITA newswire reported.

Banks, however, left their economic growth predictions for 2013 unchanged at 0.9 percent. At the moment bank analysts are still modestly more optimistic than the central bank in predicting the development of economic growth. The NBS revised its estimate of this year’s growth of GDP down to 0.7 percent from the original 1.3 percent, SITA wrote.

On the other hand, the Finance Ministry estimates economic growth this year at 1.2 percent, but it is expected to update its forecast in June.

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