Business News

Ernst & Young Forecasts 0.9% Growth for Slovenia

Ljubljana, 17 April (STA) - International business consultants Ernst & Young predict Slovenia's economy will grow by 0.9% this year. They say that the growth in Slovenia will be closely connected to the recovery in the eurozone.

The growth in Slovenia will be similar to that of the eurozone in general, where Ernst & Young predicts the economy will grow by 1%.

According to its forecasts, growth in the eurozone will not reach pre-2008 levels before 2013.

The 8.1% contraction in Slovenia's economy in 2009 was a result of Slovenia's heavy dependence on international trade. Likewise Slovenia's recovery will be hindered due to its dependence on the eurozone, which will continue to see sluggish growth.

Nevertheless, growth is expected to pick up to 2% in 2011 and to as much as 4% in 2012, when capital formations start to pick up again.

Ernst & Young adds that inflation in Slovenia is expected to stand at 2% in 2010 and rise to 2.5% in 2011.

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