Business News

Govt: Economy to Grow 2.2% This Year

Ljubljana, 31 March (STA) - Slovenia's economy is forecast to expand by 2.2% this year in line with projections in the Spring Report of the Institute for Macroeconomic Analysis and Development (IMAD), which the government adopted at Thursday's session.

In its spring forecast, the think-tank has somewhat downgraded its forecast from last autumn, when it projected growth of 2.5% for this year.

But IMAD expects that the economy will keep gaining momentum, with growth for 2012 expected to stand at 2.6%.

IMAD director Bostjan Vasle told the press after the cabinet session that growth will not be fuelled as much by exports this year as it had been in the past.

Domestic spending will therefore be a greater contributor to growth this year. Moreover, IMAD expects a revival in capital formation.

Slovenia's economy is recovering, said Prime Minister Borut Pahor, adding that the recovery could be faster if the country adopted structural reforms more expediently.

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