Slovakia: Economy Stagnating

BusinessEconomy ♦ Published: March 4, 2013; 10:45 ♦ (Vindobona)

On February 22, the European Commission anounced its modifications concerning the annual prognosis of the eurozone’s economic outlook for 2013. While the majority of the countries are in recession, Slovakia’s economy is forecast to grow by 1.1 %

Slovakia: Economy Stagnating / Picture: ©

Despite of the good news of a rather positive prospect, the estimates of November 2012 had to be lowered by 0.9% and now stand at 1.1 %. The NBS (National Bank of Slovakia) and the Financy Ministry too have both dropped their estimates for economic growth to 1.3 % and 1.2 % respectively.

The main reason for this decline is because of Slovakia’s open economy being dependant on…