Kazimir: European Commission’s Prognosis Positive for Slovakia

(Stock photo by TASR/AP)

Bratislava, May 3 (TASR) – The European Commission’s latest (spring) prognosis for Slovakia is very positive, said Finance Minister Peter Kazimir on Tuesday, noting that Slovakia’s actual economic growth in the next few years could be even higher.

According to the Commission, Slovakia’s GDP should rise by 3.2 percent in 2016, and by 3.3 percent in 2017. “According to our own estimates, economic growth in 2017 and 2018 should be even more robust. It’s typical for Slovakia in this period for its economic growth to be based on domestic consumption and domestic investments,” said Kazimir, adding that in the years immediately following the economic crisis exports were the main workhorse.

“We also expect a revival in exports, but at the same time we can rely on a very healthy structure of growth and household consumption, which is driven by high growth in nominal and real salaries, and it’s also due to the situation on the labour market,” said Kazimir.

Slovakia can also enjoy the trust shown by the arrival of new carmaker Jaguar Land Rover in Nitra and a drop in unemployment, which should soon fall below 10 percent.

Meanwhile, the Commission expects Slovakia’s budget deficit to fall to 2.4 percent of GDP in 2016. The country’s public debt should stand at around 53 percent of GDP in 2017.