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Highest Growth for Five Years in Slovakia

The Slovakian economy grew by 4.2% in the final quarter of last year compared to the same period of 2014, surpassing analysts’ expectations. 

It is the highest growth rate in the country for five years with 2014 being 2.5%.

Full details of the statistics will not be released until March. However, it is understood that the main driver of growth in the country has been very healthy consumer demand. In addition, Slovakia had until the end of last year to spend the remainder of its European Union 2007-2013 structural funds, also contributing to demand.

Katarina Muchova, an analyst at Slovak Savings Bank told a newspaper in the country, “our forecast growth this year will be 3.5%, but we see a slight downward risks.”

The Slovak Finance Ministry expects a slightly lower growth rate of 3.2% for 2016.

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