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%.
Carmaker Jaguar Land Rover Slovakia on October 2 launched a recruitment campaign amid a low unemployment environment in which ... more
Slovakia rose six places to 59th place in the World Economic Forum’s 2017-18 Global Competitiveness Report, the fourth year it has climbed the ... more
Slovakia’s government crisis was definitively brought to an end on September 11 when the governing coalition’s three party leaders inked an amendment to their deal to rule together. The crisis ... more