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Boom of Slovak economy

6. March, 2008

The Slovak economy is holding the leading position within the dynamic Central European Region as it continues to grow at a record speed. 4th quarter 2007 saw a record GDP growth of 14.3 % on year to year basis. Strong prospects are ahead also for 2008.

Annual growth for 2007 was a striking 10.4%, thus stronger than any other country in Central Europe. These final figures now published by the Slovak Office for Statistics were even slightly adjusted upwards and lie above the original forecasts of financial experts. The sustained high growth in 2007 results from a rise in exports (+16%) as well as a considerable increase in output. Likewise the employment rose by a solid 2.4%. The Office for Statistics forecasts a solid growth also for 2008, namely by 7.5%. This value underlines the leading position of Slovakia as one of the strongest growing economies in Europe. Slovakia remains thus one of the preferred destinations for foreign-direct investments and expansions from abroad – not least due to the likely adoption of the Euro early next year.