Finance Ministry boosts GDP growth estimate

THE FINANCE Ministry boosted its GDP growth estimate in comparison with its previous September estimate by 0.3 percentage point to 3.2 percent of GDP for 2015 and by 0.1 percentage point to 3.7 percent of GDP for 2016. 

Finance Minister Peter Kažimír Finance Minister Peter Kažimír (Source: TASR)

The similar growth is expected even in 2017 and 2018 both by 3.6 percent, according to ministry’s press release.

“It’s the highest growth estimate since 2010,” Finance Minister Peter Kažimír told the press on June 17, as quoted by the TASR newswire. “Today we have healthy combination of export recovery and domestic consumption. It means the [higher] consumption of households and recovery of investments.”

The significant growth in first quarter of 2015 resulting from higher export of automotive industry is behind the boost, according to TASR.

The numbers are result of positive external factors as well as domestic policy of the government. The progress of Slovak economy will allow government to continue in its policy of social packages, according to Prime Minister Robert Fico.  

“Slovakia is doing well therefore no one should by surprised that government has ambition to share good economic results with citizens,” Fico told the press.

The rise of employment rate should also continue and ministry’s analysts boosted the expected growth from 0.6 percentage point to 1.2 percentage point therefore unemployment rate should decline from 13.2 in 2014 to 12.1 in 2015.

“After last year - marked by external risks in development - the exports will rapidly increase and significant growth of employment rate will prevail,” ministry writes, as quoted by TASR.

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