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Slovakia records trade balance surplus in 2016

Staff Writer |
Slovakia recorded a foreign trade surplus in 2016 of 3.731 billion euros ($3.982 billion), the Slovak Statistics Office reported.

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Total exports rose by 3.6 percent year-on-year to 70.118 billion euros, while total imports grew by 3.1 percent to 66.387 billion euros, the agency added.

According to Unicredit Bank analyst Lubomir Korsnak, net exports are the most important engine of the gross domestic product (GDP) growth in Slovak economy.

"We still expect the trade surplus around 4.5 to 4.7 percent of GDP in the next months.

During the second half of the year, this trend will be temporarily alleviated due to imports of technologies, particularly with regard to large investments in the automotive industry like Jaguar Land Rover in the Western Slovakia," said Korsnak.

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