Slovak Republic: Staff Report for the 2005 Article IV Consultation
IMF Staff Country Reports, March 21, 2006
Source details
- Canonical URL
- Slovak Republic: Staff Report for the 2005 Article IV Consultation
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Bibliographic details
- Published: March 21, 2006
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451835533.002
Overview
- Sound macroeconomic management and a wide range of fundamental structural reforms are supporting nominal convergence with European Union norms.
- Real GDP growth accelerated to 6 percent in 2005, driven by an improvement in the contribution of net foreign demand while domestic demand growth maintained momentum.
- The external current account deficit doubled to about 7¼ percent of GDP, owing to a deterioration in the terms of trade and higher reinvested earnings on foreign investment.
Growth, demand, and external sector
- Real GDP growth: 6 percent in 2005.
- Growth drivers:
- Improvement in the contribution of net foreign demand.
- Continued momentum in domestic demand growth.
- External current account:
- Deficit doubled to about 7¼ percent of GDP.
- Causes cited: deterioration in the terms of trade and higher reinvested earnings on foreign investment.
Policy context and structural reforms
- The report emphasizes:
- Sound macroeconomic management.
- A wide range of fundamental structural reforms.
- Objective stated: supporting nominal convergence with European Union norms.
Subjects and keywords (as provided)
- Subjects: Budget planning and preparation, External debt, Inflation, Labor, Labor costs, Prices, Public debt, Public financial management (PFM).
- Keywords: Budget planning and preparation, CR, enterprise, fiscal policy, headline consumer price inflation, Inflation, ISCR, koruna appreciation, Labor costs, labor market, Maastricht deficit criterion, market share, output gap, price, short-term debt, unemployment rate.
Source: Slovak Republic: Staff Report for the 2005 Article IV Consultation (IMF Staff Country Report, March 21, 2006).