April 28 (SeeNews) - The European Commission on Monday cut its forecast for Slovenia’s economic growth this year to a real 4.2% from 4.6% projected in the autumn of 2007, mainly due to expected lower investments. The commission expects Slovenia’s economy to slow further to show real growth of 3.8% in 2009. The country reported economic growth of 6.1% in 2007. “This slowdown to slightly below the average of 4.3% recorded in 1998-2007 is linked mainly to a projected significant deceleration of gross fixed capital formation, which, after last year's exceptional growth, is set to increase by around 6.5 % in 2008,” the commission said in its report with spring economic forecasts for 2008 and 2009. “With a projected GDP (gross domestic product) growth rate of slightly below 4.0%, the slowdown of GDP growth is expected to continue in 2009, mainly due to further deceleration of capital formation,” the Commission added. It expects Slovenia’s harmonised index of consumer prices (HICP) to rise by 5.4% in 2008, up from 3.7% projected earlier. “From a high of 6.5% in the first quarter, HICP inflation is projected to decelerate in the course of 2008, leading to an elevated average rate of about 5.4% for the year as a whole,” the report said. The inflation rate is projected to fall further to 3.3% in 2009.
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