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FinMin expects faster GDP growth

THE SLOVAK economy’s performance should improve in the second half of this year. The Finance Ministry expects the economy to grow by 0.8 percent in 2013, while only 0.5 percent growth was anticipated in the June prognosis. The most recent forecast was released on September 19.

THE SLOVAK economy’s performance should improve in the second half of this year. The Finance Ministry expects the economy to grow by 0.8 percent in 2013, while only 0.5 percent growth was anticipated in the June prognosis. The most recent forecast was released on September 19.

The ministry’s expectations for next year remain unchanged, according to the most recent prognosis, the Sme daily reported. The GDP is expected to grow by 2.2 percent in 2014.

Higher GDP growth comes as good news for the state budget, as the state now expects to earn €100 million more in taxes than it previously planned, Sme reported.

Higher growth is however not expected to decrease the country’s unemployment rate, which was reported at 13.7 percent in August (down 0.29 percent compared to July) by the SITA newswire.

The improved outlook for the Slovak economy is mainly due to households spending more despite high unemployment, Sme wrote.

“It is because the prices are growing slower,” Slovenská Sporiteľňa analyst Martin Baláž told Sme.

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