Bank of Slovenia cuts 2023 growth forecast to 1.3 pct

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LJUBLJANA, Dec. 20 (Xinhua) -- The Bank of Slovenia on Wednesday cut its forecast for gross domestic product (GDP) growth in 2023 to 1.3 percent, down from the 2 percent it forecast in June. The revised growth forecast is due to lower household spending and exports than expected.

The Bank said the average annual inflation rate will this year reach 7.2 percent, compared to the 7.5 percent forecast in June, before falling to 3 percent in 2024. Despite a drop in energy prices, inflation remains high this year due to very low unemployment in the country, which in turn leads to wage increases.

"The key message of our forecast is moderate optimism regarding what we can expect in the next year," the Bank's Governor Bostjan Vasle told Radio Slovenia.

GDP growth is expected to reach 2.2 percent in 2024, and 2.3 percent in 2025.

Household spending this year is expected to rise by 0.5 percent, versus 3.6 percent in 2022, and the bank expects it to increase by 1.4 percent in 2024.

Exports of goods and services in real terms will this year fall by 2.5 percent, but are due to increase by 1.8 percent next year. Meanwhile, imports will this year fall by 6.2 percent, before increasing by 3.8 percent in 2024.

Export-oriented Slovenia saw GDP growth of 2.5 percent in 2022, when its average annual inflation rate reached 9.3 percent. Enditem

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