According to the latest flash estimate of the Financial Policy Institute (IFP) of the Ministry of Finance, the Slovak economy looks set to enjoy more favourable growth this year than previously projected.
A press release of the Financial Policy Institute (IFP) provided to The Daily.sk yesterday, now puts the likely GDP growth of the country at between 1.9% – 2.6% with the mid-ground of 2.3% being given as the most likely scenario. The resulting effect of this will be only a slight increase of EUR 53 million in public finance revenues, however, due also to weaker excise tax collections.
The new forecast was boosted by positive growth in exports at the end of 2011, as well as by favourable outlooks for Slovakia’s main trading partner Germany and signs of revival on the European bond and stock markets. Slovakia enjoyed 0.9% growth in 4Q 2011, which translates as 3.4% year-on-year growth. The full report in Slovak can be viewed here.