IMF lowers outlook for Slovakias 2011 GDP growth to 3.3%.

By bne IntelliNews September 21, 2011
Slovakias economy is to expand by 3.3% in 2011, the International Monetary Fund (IMF) said in the September edition of its World Economic Outlook (WEO), revising downward its projection from an earlier expected growth of 3.8%. The countrys economic growth will stay at 3.3% in 2012, down from a previously expected 4.2%. Nevertheless, the country will outpace the average euro zone growth by 1.7pps in 2011 and by 2.2pps in 2012. Slovakias consumer price inflation will accelerate to 3.6% y/y in 2011 reflecting the austerity measures of the government but will ease to 1.8% y/y next year. The IMF expects the current account deficit to narrow to 1.3% of the GDP in 2011 and further to 1.1% in 2012 after standing at 3.5% in 2010. The labour market will remain tense as the unemployment rate is to stay high at 13.4% in 2011 and slightly lower to 12.3% in 2012, well above the average for the euro area. The IMF cut its forecast for global growth to 4% for this and next year and said European leaders should stand by their commitments to do whatever it takes to preserve trust in national policies and the euro. We remind that in August 2011, Slovakias finance ministry revised down its economic growth forecasts for the period 2011-2014. The ministry expects the countrys economy to expand by 3.3% this year, compared to an earlier expected growth of 3.6%. Next years forecast was lowered by 1pt to 3.4%. The central bank of the country also warned that it may lower the 3.6% growth forecast in line with the ECBs revisions. The central bank will release its new medium-term forecast on September 27, 2011.

Related Articles

Slovakia one of possible locations for new BMW plant.

German car maker BMW considers building a new plant in eastern Europe and Slovakia is one of the potential locations, Hospodarske Noviny business daily reported citing BMW's board member Ian ... more

Slovakia jobless rate edges down to 14.7% in February 2013.

Slovakia's unemployment rate in February 2013 fell for the first time in six months going down to 14.7% from 14.8% in January when it reached its highest level in more than 8.5 years, data from ... more

Frances CCN Group considers new plant in Slovakia - report.

France-based CCN Group, a supplier of components for turbines and automobiles, considers building a new plant in Slovakia in the town of Belusa, Hospodarske Noviny daily reported citing unnamed ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss