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Slovak economy to grow over 3 pct in 2016-2019 period

Xinhua, December 14, 2016 Adjust font size:

Slovakia's economy is expected to grow by more than three percent in the four years starting 2016, the country's central bank said Tuesday in a report.

The economy is forecast to expand by 3.3 percent year on year in 2016, and is likely to slow down to 3.1 percent next year, the Slovak central bank (NBS) said in the latest medium-term forecast.

The growth rate is predicted to pick up to 4.2 percent in 2018 and 4.6 percent in 2019.

"There is a more significant slump in investments than estimated, which is caused mainly by the higher base effect of EU funds drawing last year.

"As a result, there will be a temporary slowdown in GDP growth this year as well as next year," NBS governor Jozef Makuch told reporters.

However, Slovakia's economic growth should be positively influenced by domestic demand and increased exports, mainly thanks to the automotive industry production.

The NBS report also said the situation on the labor market is expected to positively develop.

"New jobs are expected to be created on the labor market. Both nominal and real salaries will grow," NBS Vice-Governor Jan Toth said. Endit