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Economic growth forecast upgraded

Slovakia as well as the European Commission have improved their economic forecasts.

Finance Minister Peter Kažimír(Source: TASR)

Growth in Slovakia’s GDP should reach 3.2 percent this year and 3.4 percent in 2017, according to the latest economic forecast for Slovakia that the European Commission (EC) published on February 4. It upgraded the economic growth forecast by 0.3 percentage points for 2016 and by 0.1 point for 2017.

“Economic revival in the Eurozone and the European Union is to continue at a moderate pace for the fourth consecutive year, while the main incentive for growth is domestic consumption,” stated the forecast, as cited by the TASR newswire. “Low petrol prices, favourable conditions for financing and the low rate of the euro are supporting economic growth, and their influence appears to be more long-term than in previous prognoses.”

The Slovak Finance Ministry’s forecast for economic growth in 2016 is the same as that of the EC while for the year of 2017 it is more optimistic, forecasting growth of 3.6 percent. The ministry also upgraded the forecast for 2015 to 3.6 percent, while Finance Minister Peter Kažimír ascribes the improvement to the acceleration of investments in 2015 and higher exports.  

The ministry has improved its forecast for 2016 especially because of the investments of carmakers Land Rover Jaguar and Volkswagen Slovakia.

“All carmakers operating in Slovakia have announced investments amounting to billions of euro,” said Kažimír as cited by TASR, adding that in 2018 and 2018 the economic growth should accelerate to 4.1 percent and 4.6 percent. 

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