Spectator on facebook

Spectator on facebook

EC forecasts Slovak deficit to reach 2.8 percent

THE EUROPEAN Commission forecast, published on February 5, says that Slovakia’s 2014 budget deficit reached 3 percent of GDP. This year it is estimated at 2.8 percent.

(Source: Sme)

Despite a slowdown in exports, Slovakia’s economy grew faster in 2014 because of a recovery in domestic demand, which is expected to remain the motor of growth in 2015 and 2016, according to the forecast.

Unemployment should gradually decrease in line with the improvement in economic activity. Inflation dropped sharply in 2014 and is projected to recover only slowly. The government’s fiscal position is also expected to improve.

Exports dropped sharply in the second and third quarters of 2014, mainly due to weak demand from Slovakia’s main trading partners. Export growth is projected to have slowed down to 4.4 percent in 2014 and is expected to decline further in 2015, before rebounding the year after.

Imports are likely to have grown faster than exports in 2014 due to the recovery in domestic consumption and investment, which would mean that net exports were a drag on GDP growth in 2014. From 2015, however, imports are forecast to evolve more in line with exports and Slovakia is expected to continue running a current account surplus over the forecast horizon, according to the European Commission. 

Topic: European Union


Top stories

EU roaming fees to end on June 15 – in theory

Slovak customers still waiting to find out how mobile operators will implement change.

Archaeologist pieces together early history of what is now western Slovakia Photo

For an archaeologist, the most important thing is his most recent rare discovery, says Július Vavák.

Students visited Svätý Jur as part of their European Wanderer project

How to sell Slovak books to English readers

Slovak literature makes it to the big bookstores of London, but it is unlikely to become a bestseller yet.

On Wednesday, Slovak literature will be presented in one of the biggest bookstores in London. Among the new books translated into English is also the anthology of current Slovak prose selected and translated by Magdalena Mullek and Júlia Sherwood.

General Prosecutor filed a motion for the dissolution of ĽSNS

The Slovak Supreme Court received a motion to dissolve the extreme right ĽSNS party founded and led by Marian Kotleba.

Jaromír Čižnár