Slovakia: July 2009

Price development We expect annual consumer inflation to continue slowly declining in June, from 2.2% seen in May to 2.1% in June. On the month, we assume price growth by 0.2%, due to higher prices of gasoline and services. We expect prices of food to stay unchanged as compared to May. Harmonized inflation is likewise to decline, we expect it to shrink to below 1% y/y. Real economy Industrial production figure kicks out the monthly data package today. We expect slight improvement on an annual