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NBS reduces 2013 growth forecast to 0.6 percent

Slovakia’s central bank has revised its predictions for economic growth this year, saying that the economy will rise at slower pace this year as well as next.

Slovakia’s central bank has revised its predictions for economic growth this year, saying that the economy will rise at slower pace this year as well as next.

Compared to March, the National Bank of Slovakia (NBS) downgraded its prediction from 0.7 percent to 0.6 percent. At the beginning of the year the bank had forecast that the economy would grow by 1.3 percent, the SITA newswire reported.

The NBS also revised its prediction for 2014, saying that GDP would grow by 2.3 percent, down from the 2.8 percent it forecast in March. In 2015 growth should accelerate to 3.3 percent, down from the 3.8 percent predicted in March.

The main reason given for the downgrades was weakened external as well as domestic demand, SITA wrote.

The NBS also expects inflation to be lower, forecasting a rate of 1.7 percent for 2013 (down from 1.9 percent), and 1.6 percent in 2014 (unchanged). In 2015 prices are expected to rise by 2 percent, the TASR newswire reported.

According to the forecast, the Slovak labour market will be affected by slower economic activity and a lower employment rate, which should fall by 0.8 percent year-on-year. In 2014 it would grow by 0.2 percent and in 2015 by 0.5 percent. The unemployment rate is expected to drop by 0.5 percentage points to 14.4 percent in 2013, then to 14.1 percent in 2014 and at 13.5 percent in 2015, TASR wrote.

Sources: SITA, TASR

Compiled by Radka Minarechová from press reports
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