UPDATED:'The Slovak economy will be below its potential during the upcoming period,' according to documents published in various Slovak governement websites. 'The production gap has started to narrow given the current recovery, we expect the economy will only be slightly below its potential by 2012.
The latest estimate sees GDP growth at 4.8 percent, within the next 20-25 months.Slovakia's foreign trade posted a surplus of €49.4 million in July 2009, the Statistics Office announced on Friday, September 11.
As a very open economy Slovakia exhibits tendencies similar to states such as Singapore or Hong Kong. All this means that Slovakia's economy is very affected by external trade particularly with partners such as Germany and Austria. A little known fact is that of the huge number of cars now produced in Slovakia, 97% are exported!
The overall imports of goods dropped year-on-year by 26.2 percent to €3.026 billion, while total imports fell even more - by 29.6 percent to €2.976 billion.
The July surplus in foreign trade came as a surprise to analysts. "The market expected a deficit of €61.8 million," VÚB Banka analyst Martin Lenko told the TASR newswire.
The most likely outcome is that this trend will continue as long as the recovery holds sway.
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