Macroeconomic Forecast Slovakia

Slovakia's current account deficit came in at EUR250mn in March, significantly down on the EUR576mn deficit recorded back in March 2009. This dynamic has primarily been driven by the country's trade account which flipped from a deficit of EUR46.7mn last year into a surplus of EUR308.8mn this year. This supports our view that the country's current account deficit will narrow significantly this year, to 2.1% of GDP by end-2010 down from 3.1% at the end of last year.

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