Slovak Republic: Staff Report for the 2004 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 071

Publication date: March 2005

ISBN: 9781451835496

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , authority , deficit , State treasury system , core inflation , authorities' strategy , medium-term projection , NBS policy rate , government's term , current account , Inflation , Western Europe , Central and Eastern Europe

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Summary

This 2004 Article IV Consultation highlights that Slovakia’s economic performance has improved since the 2003 Article IV Consultation. Output has expanded strongly, and fiscal and external balances have narrowed substantially in recent years. These developments were assisted by large foreign direct investments and an improved business climate following important reforms—including to taxation, welfare, pensions, healthcare, and the labor market—that are supporting convergence to western European income levels. Economic activity was entirely export driven in 2003; real GDP increased by 4.5 percent despite a contraction in domestic demand.