IMF keeps Slovakia’s 2014 economic growth forecast at 2.3%, sees it speeding up to 3% in 2015

By bne IntelliNews April 9, 2014

The International Monetary Fund (IMF) left unchanged its 2014 economic growth forecast for Slovakia at 2.3% in the April edition of its World Economic Outlook (WEO). The fund also projected the Slovak economic growth to speed up to 3% next year.

The Central European country remains an outperformer in the eurozone, where the GDP is expected to grow by an average of 1.2% this year and tick up to 1.5% in 2015. 

The IMF lowered its inflation forecast for Slovakia for 2014 to 0.7% from previously expected 2%. The consumer price inflation is projected at 1.6% in 2015.

The IMF expects Slovakia's labour market to start improving this year, estimating that the unemployment rate will fall to 13.9% in 2014 and to 13.6% the next year. However, the Slovak jobless rate will stay significantly above the projected eurozone average of 11.9% and 11.6% for this and next year, respectively.

Slovakia's macroeconomic indicators 2013 2014 2015
Real GDP growth 0.9% 2.3% 3.0%
Average annual inflation 1.5% 0.7% 1.6%
Current account balance, % of GDP 2.4% 2.7% 2.9%
Unemployment 14.2% 13.9% 13.6%
Source: IMF's April WEO      

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