BRATISLAVA, June 14, (WEBNOVINY) — The National Bank of Slovakia (NBS) has revised its outlook for the development of Slovak economy upward. According to the latest prognosis disclosed on Tuesday, the central bank expects the gross domestic product to grow by 3.6 percent, while three months ago it increased its projection from three percent to 3.3 percent. Next year, the bank estimates the economy to grow 4.7 percent, while three months ago its prognosis for 2012 spoke of 4.5 percent. Economic growth should accelerate to 5.3 percent in 2013.
NBS Governor Jozef Makuch commented that in 2011, exports are expected to be the main driving source of economic growth. The contribution of local demand should be minimal. The only negative factor for economic growth should be consumption of the general government due to the government’s consolidation measures.
According to the latest survey among bank analysts, they project 3.6 percent GDP growth for Slovakia this year. The Finance Ministry is a little more pessimistic, with an estimate of 3.4 percent. Finance Minister Ivan Miklos suggested at the end of May that GDP growth could be more positive this year, thus the ministry will probably update its estimate in June. According to Miklos, risks to the economic growth in Slovakia are rather on the positive side, and therefore the economy may grow by 3.5-4 percent.
In general, economic growth this year is not expected to reach the 4-percent level from last year, after a contraction in the crisis year of 2009. The growth is expected to accelerate again in 2012.