The growth rate of the Slovak economy should accelerate this year to 2.3 percent, according to the latest prognosis compiled by the Finance Ministry’s Financial Policy Institute.
It thus revised upward its 2014 economic growth expectations. It raised its outlook for growth from September 2013 by 0.1 percentage points. The institute however leaves the 2015 prognosis at 3 percent, but raised the 2016 forecast by 0.1 percentage points to 3.2 percent. Behind the moderate upward revision is primarily the improving outlook for Slovak exports following a gradual recovery in the eurozone, says the Institute. The latest estimate of the Financial Policy Institute at the Ministry of Finance projects that the number of unemployed people will fall by 7,000 individuals in 2014. Unemployment, which currently affects some 380,000 Slovaks is expected to come down from last year’s 14.3% to 14% and gradually sink to 11% by 2017.
