Macroeconomic Forecast Slovakia

According to latest balance of payments data from the National Bank of Slovakia, Slovakia's current account deficit came in at EUR1.2bn through the first seven months of the year, with the goods trade deficit expanding to EUR250mn from EUR196mn through June. Going forward, we maintain our view that the current account deficit is set to narrow considerably through 2009 as the ongoing recession and slowdown in fixed investments throughout the economy weighs on import demand. We project the current account deficit coming in at 3.1% of GDP in 2009, before narrowing further to 2.9% in 2010.

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