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National Bank confirms 0.9 percent growth in 2013, forecasts 2.2 percent in 2014

Slovakia’s gross domestic product (GDP) will grow by 0.9 percent in 2013, the Slovak central bank (NBS) said in its estimate for the final quarter of the year, which confirms its September forecast. “With regard to the basic numbers concerning economic development, the prognosis is very, very similar to the previous forecast,” NBS Vice-governor Ján Tóth said on December 10, a quoted by the TASR newswire. The latest update slightly modifies the GDP growth forecast for the coming years. For 2014 it expects economic growth of 2.2 percent of GDP, while it originally predicted 2.1 percent. In 2015, the forecasted growth decreased from 3.2 to 3.1 percent. According to Tóth, the small changes in expectations for the next year are mainly due to one-off budget savings measures implemented by the government that surpass what was foreseen in the previous forecast. “As for 2015, we expect slightly slower external demand,” Tóth said.

Slovakia’s gross domestic product (GDP) will grow by 0.9 percent in 2013, the Slovak central bank (NBS) said in its estimate for the final quarter of the year, which confirms its September forecast.

“With regard to the basic numbers concerning economic development, the prognosis is very, very similar to the previous forecast,” NBS Vice-governor Ján Tóth said on December 10, a quoted by the TASR newswire.

The latest update slightly modifies the GDP growth forecast for the coming years. For 2014 it expects economic growth of 2.2 percent of GDP, while it originally predicted 2.1 percent. In 2015, the forecasted growth decreased from 3.2 to 3.1 percent. According to Tóth, the small changes in expectations for the next year are mainly due to one-off budget savings measures implemented by the government that surpass what was foreseen in the previous forecast. “As for 2015, we expect slightly slower external demand,” Tóth said.

The European Commission (EC) agrees with the NBS, as this year, it predicts growth of the Slovak economy at 0.9 percent of GDP. The EC forecasts 2.1 percent growth in in 2014 and a 2.9 percent a year later. According to the Ministry of Finance, however, the economy this year will grow slightly less than estimated by the NBS. Its latest forecast expects an increase of 0.8 percent of GDP.

The NBS’s forecast for inflation this year changed from 1.7 percent to 1.5 percent. The inflation for 2014 was originally estimated at 1.5 percent but according to the latest estimates, it is expected to drop to 1.3 percent. The forecast for 2015 remains unchanged at 1.8 percent.

“The relatively low increase in prices should reflect weak consumer demand, a drop in energy prices and the stabilisation of food prices, and inflation should also be dampened be the economic cycle,” said NBS Governor Jozef Makúch, according to TASR.

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