Slovakia’s ‘staggering’ growth

Slovakia's economic outlook for the next few years is ‘positive’, according to a new report by the World Bank on new EU members...

This comes as no surprise given Slovakia’s continued economic growth. Petra Gajdosikova, Managing Director of Slovakia Investment Property, commented: “After 9.4% growth in the third quarter of 2007, economic growth in the last quarter reached a staggering 14.1%.  The Ministry of Finance estimates the GDP growth in 2007 at 8.9- 9%”.

Recent IMF and OECD reports praise the Slovak economy and rate it third best in business climate within the EU, just behind Ireland and the UK. A Government spokesman recently commented: “The government expects to decrease the fiscal deficit below 2% of GDP in 2008, as compared to the original target of 2.3%. It is likely that the deficit in 2008 will be around 2% or below. Our ambition is to decrease the deficit below 2% of GDP.

In other good news, the Slovak crown reached a historical high against the euro, with the SKK/EUR exchange rate at 32.44, as of Feb 29 2008.