EC forecasts positive economic developments for Slovakia

Slovakia is likely to have modest employment growth, weak inflation and a current account surplus, the European Commission (EC) predicts in its autumn prognosis of the estimated economic developments in the 28 EU-member states published on November 5.

Slovakia is likely to have modest employment growth, weak inflation and a current account surplus, the European Commission (EC) predicts in its autumn prognosis of the estimated economic developments in the 28 EU-member states published on November 5.


Employment in Slovakia will grow at a moderate pace but it’s highly likely that the unemployment rate in 2014 and 2015 will remain above 13 percent, the TASR newswire quoted the Commission's forecast. The EC also expects that despite the large number of unemployed people, employees’ wages will increase by 2 percent in 2013, with faster growth potential in the subsequent years.

Inflation in Slovakia fell significantly in 2013 (from 3.7 percent in 2012 to 1.7 percent) and the Commission estimates that inflation will remain below 2 percent in the next two years (1.6 percent in 2014 and 1.9 percent in 2015). This is due to falling commodity prices and the buffering effect of price regulation in the energy sector.

According to EC estimates, the deficit will stand at 3 percent of GDP in 2013, which is about 1.5 percentage points less than in 2012. It also forecasts that the current account balance will record a surplus. While in 2012 the current account amounted to 1.6 percent of GDP, this year it should reach 4.3 percent, and in 2015 it should reach 5.4 percent of GDP.

In the case of Slovakia, the economic risks are broadly balanced, TASR wrote, citing the document. Downside risks come mainly from a possible delay in the execution of large infrastructure projects. On the other hand, a positive surprise can come from a continued recovery in household consumption and also from a modest recovery in the construction sector in 2014.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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