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UPDATE 1-Weak trade prospects prompt cut to Slovak 2017 growth forecast
February 6, 2017 / 12:41 PM / 6 months ago

UPDATE 1-Weak trade prospects prompt cut to Slovak 2017 growth forecast

2 Min Read

(Adds details, table)
    BRATISLAVA, Feb 6 (Reuters) - Slovakia's Finance Ministry
cut its outlook for the country's 2017 gross domestic product
(GDP) growth to 3.3 percent from 3.5 percent.
    The new forecast would match 2016.
    In an update of its economic forecasts released on Monday,
the ministry said weaker global trade would slow down imports by
key trade partners. Slovakia's economy is mostly driven by
exports of cars and electronics.
    This year's growth will be fuelled by highway construction,
the building of a Jaguar Land Rover plant expected to
come online in 2018, and other car plants ramping up production.
    Unemployment should fall to 8.4 percent this year and could
drop further in 2018, when the ministry estimates the economy to
grow by 4.0 percent, and accelerate to 4.4 percent in 2019.
    The ministry also raised its inflation outlook for 2017 to
1.1 percent from 0.9 percent on higher oil prices.  
    
    ***    
    The following table lists the ministry's updated outlook
with previous forecasts from September 19 in brackets.
    
  INDICATOR                   2017      2018      2019
  GDP (pct, y/y)           3.3 (3.5)  4.0 (3.9)  4.4 (4.4)
  AVERAGE CPI (pct, y/y)   1.1 (0.9)  1.7 (1.6)  1.9 (1.9)
  UNEMPLOYMENT RATE (pct)  8.4 (8.5)  7.6 (7.4)  6.9 (6.4)
  REAL WAGES (pct, y/y)    2.4 (2.6)  2.6 (2.7)  2.9 (2.8)
   NOTE.
 - GDP - real gross domestic product, real terms 
 - AVERAGE CPI - domestic-norm inflation
 - Unemployment rate - Labour Force survey
 - Wages - annual average wage, real terms

 (Reporting By Tatiana Jancarikova; Editing by Jan
Lopatka/Jeremy Gaunt)

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