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Increased tax revenue to help state budget

SLOVAKIA’s economy should grow by 2.6 percent of GDP next year, according to the latest estimate by the Finance Ministry out September 18.

SLOVAKIA’s economy should grow by 2.6 percent of GDP next year, according to the latest estimate by the Finance Ministry out September 18.

Finance Ministry confirmed that the direct impact of the sanctions against Russia by the EU on Slovakia is low. More significant is declining business trust within the EU, fanned by uncertainty about developments in Ukraine and low inflation. Thus, the ministry decreased its estimate for the economic growth for the next year from 3 to 2.6 percent, but kept the outlook for this year which is increase by 2.4 percent GDP, the Sme daily reported.

“This is due to the situation in our key trading partners ... it comes down to the indirect impact of sanctions [against Russia],” said Finance Minister Peter Kažimír, as quoted by the TASR newswire.

As far as the drop in the latest projection when compared to the one in June is concerned, Kažimír said that he does not expect that additional measures will be needed to offset lower expectations. The ministry has aimed for a better collection of taxes for three years now, which could make up for potential negative consequences in terms of macroeconomic developments, according to TASR.

Increased growth comes via positive trends in consumption and investments in first half of 2014, while the household consumption was supported even by growth of salaries and employment rate, according to Sme.

The ministry expects 22,000 new jobs to have been created this year. Thanks to positive developments vis-a-vis economic growth and the labour market, the jobless rate should drop to 13.5 percent, TASR reported.

“The recovery in the labour market surpassed our expectations,” Kažimír said as quoted by
Sme.

(Source: TASR, Sme)

Compiled by Roman Cuprik from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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