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International Monetary Fund
In this paper, the following statistical data are presented in detail: GDP at current and constant prices, GDP by sectors at current and constant prices, employment by sector, average monthly wages, unemployment and vacancies, profit and losses of enterprises, number of enterprises, GDP deflator, consumer price index, producer energy prices, central government assets and financial liabilities, monetary survey and base, interest rates, balance of payments, foreign trade, commodity composition of trade, fiscal operations of state budget, fund and social security funds.
Antonis Adam, Mr. James McHugh, and Mr. Theodora Kosma
This paper explores the effectiveness of the Central European Free Trade Area (CEFTA) and the Baltic Free Trade Area (BFTA). Estimates from a gravity model and bilateral trade data support the view that both CEFTA and BFTA helped expand regional trade and limit the emergence of a "hub-and-spoke" relationship between the CEECs and the European Union (EU). These empirical conclusions carry some important policy implications for the "second wave" of prospective EU members among Southeastern European Countries (SEECs). The paper argues that the SEECs should reconsider their bilateral approach to trade liberalization and move towards a multilateral free-trade area as exemplified by both the CEFTA and BFTA.
Antonis Adam, Mr. James McHugh, and Mr. Theodora Kosma

Trade Area; BFTA denotes the Baltic Free Trade Area; and SEE denotes Southeastern European countries. 1/ Exports of CEFTA member countries to other CEFTA members 2/ Exports of BFTA and SEE to CEFTA members Table 5. Central and Eastern Europe: Market Share of CEFTA Countries’ Imports, 1993–2001 1993 1994 1995 1996 1997 1998 1999 2000 2001 (exports as a percent of total CEFTA imports) Intraregional trade 11.1 11.7 11.8 10.7 10.1 9.8 9.2 9.5 9

Mr. Perry James Perone

products were abolished as of January 1, 1996. All trade in industrial goods (with a few exceptions) between CEFTA members will be free by January 1, 2000, and trade in agricultural goods will be liberalized substantially. Hungary had also applied, since 1973, three different kinds of foreign trade-related fees (viz., a 1 percent licensing fee, a 2 percent customs fee, and a 3 percent statistical fee). These fees have been progressively reduced, and were eliminated early in 1997. Despite this progress, there were some setbacks. The most important one was the

International Monetary Fund

the Central European Free Trade Agreement (CEFTA), but also some bilateral trade agreements—has reduced trade barriers within Eastern Europe. 25 These export markets have grown faster than either the EU market or markets in the rest of the world, reflecting a return to some of the trade patterns that prevailed during the socialist era. 46. Not surprisingly, some of the fastest rates of export growth to the CEFTA area have been enjoyed by CEFTA member countries themselves ( Table 6 ). For example, since 1993 the Czech Republic and Slovenia have almost doubled

International Monetary Fund

16 13 14 Sources: Data provided by the Slovak authorities; and IMF staff estimates. 1 / EU-15 for all years. 2 / The European Free Trade Association (EFTA) consists of Iceland, Liechtenstein, Norway, and Switzerland. 3 / OECD members as of end-1993 (i.e., excludes CEFTA members). 4 / All formerly centrally planned economies. 5 / The Central European Free Trade Association (CEFTA) includes the Bulgaria, Czech Republic, Hungary, Poland, Romania Slovak Republic, and Slovenia. However, trade with Romania is not

International Monetary Fund

.9 percent in 2000 from 9.6 percent in 1995. Customs duties on industrial imports from the EU and EFTA into Hungary have been gradually lowered and will be abolished by December 31, 2000, at the latest. 110 Under the Agreement with the CEFTA countries, duties for more than 80 percent of industrial products were abolished as of January 1, 1996. All trade in industrial goods, with a few exceptions, between CEFTA members will be free by January 1, 2000 and trade in agricultural goods will be liberalized substantially. 133. In 1997, in addition to the removal of the import

International Monetary Fund

Other transition economies 97 110 161 176 46 56 Others and nonspecified 7 6 13 16 14 74 Sources: Data provided by the Slovak authorities; and staff estimates. 1/ EU-15 for all years. 2/ OECD members as of end-1993 (i.e., excludes CEFTA members). 3/ All formerly centrally planned economies. 4/ Excluding Romania. Table A28. Slovak Republic: Shares of Partners in Foreign Trade, 1993-98 (In percent of total) 1993 1994 1995 1996 1997 1998 Prelim. Market

International Monetary Fund
This paper reviews economic developments in the Slovak Republic during 1994–97. In 1996, a large current account deficit emerged as domestic demand surged by more than 20 percent. At the same time, fiscal policy became expansionary, with the fiscal position turning from surplus to deficit. These imbalances persisted into 1997. In an effort to reverse the deterioration in the external accounts, monetary policy was tightened, but its effectiveness in slowing down domestic demand was undermined by a fiscal policy that became even more expansionary.