IMF lowers estimate for Slovakias 2011 GDP growth to 3.8%.

By bne IntelliNews April 12, 2011
Slovakias economy is to expand by 3.8% in 2011, the International Monetary Fund (IMF) said in its April 2011 World Economic Outlook revising downward its projection from an earlier expected growth of 4.3%. The countrys economic growth will further speed up to 4.2% y/y in 2012 thus outpacing the average euro zone growth by 2.2pps in 2011 and by 2.4pps in 2012. The GDP rise will be driven by exports. The consumer price inflation will accelerate to 3.4% y/y in 2011 reflecting the austerity measures of the government but will ease to 2.7% y/y in 2012. The IMF expects the current account deficit to narrow to 2.8% of the GDP in 2011 and further to 2.7% in 2012 after standing at 3.4% in 2010. The labour market will remain tense as the unemployment rate is to stay high at 13.3% in 2011 and slightly lower to 12.1% in 2012, well above the average for the euro area. Earlier in March, the National Bank of Slovakia (NBS) forecast that the economy will expand by 3.3% in 2011, revising up its forecast from previously expected growth of 3%. The bank also improved its expectations for 2012, when the GDP is to grow by 4.5%.

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