The Slovak finance ministry raised on June 16 its 2014 GDP growth forecast to 2.4% from 2.3% expected in February thanks to improving conditions on the labour market and a better-than-expected revival of exports. It retained its 2015 growth forecast at 3.0%.
The ministry now expects household consumption to grow 2.4% this year, up from 1.2% projected in February, thanks to increasing employment and higher real wages. It raised its export growth outlook to 6.7% from 4.0%, citing positive developments in its main trading partners, chiefly Germany.
Inflation is expected to remain low thanks to lower production costs and last year’s good harvest which led to a decline in food prices on the domestic market. The finance ministry forecasts inflation to reach 0.3% this year and accelerate to 1.6% next year.
Slovakia's central bank also sees the GDP growing by 2.4% this year. Earlier this year, the European Commission said it expects Slovakia’s economy to expand by 2.2% in 2014. The International Monetary Fund (IMF) sees a 2.3% growth in 2014.
Slovakia's annual economic growth accelerated to 2.4% in the first quarter of 2014 from 1.5% in the previous three months, supported by rising exports and domestic demand. In 2013, the country’s economy rose by 0.9%.
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