Ministry: Economy will grow, price rises to slow

The Financial Policy Institute (IFP) at the Slovak Finance Ministry published its macroeconomic prognosis for 2014 February 6, foreseeing an acceleration of the economy, decline in unemployment and slower growth of prices.

The Financial Policy Institute (IFP) at the Slovak Finance Ministry published its macroeconomic prognosis for 2014 February 6, foreseeing an acceleration of the economy, decline in unemployment and slower growth of prices.

This year, the economy should grow at 2.3 percent – as the eurozone environment also improves the outlook for Slovak exports. Industrial production has already been growing. Domestic demand should begin to revive, thanks to slower increases in prices. Investments projects in automotive industry and highway construction will also spur growth.

The labour market is also reviving. The increase in job vacancies in Q4 2013 show that the bottom of the labour market has already improved. Economic growth this year should also be reflected in the employment growth, IFP wrote. The main source of this will be industry and market services and unemployment will fall.

Prices will grow more moderately this year; the expected year-on-year increase in consumer prices stands at 0.8 percent, according to IFP.

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