Odhadovanie potenciálneho produktu malej otvorenej ekonomiky na príklade Slovenska.

The aim of this paper is to highlight the fact that in the case of small open economies is not sufficient to estimate the potential output only with respect to domestic macroeconomic variables. This is case of estimating potential output, for example, by using the Hodrick -Prescott filter. Small open economies output depends largely on the development of foreign demand, and therefore decrease of real GDP growth may have nothing to do with the actual potential of the economy. We will try to propose a way to take account of fluctuations in foreign demand and adjusted time series of GDP of a small open economy in the shape appropriate to use tools such as HP filter and so on. [ABSTRACT FROM AUTHOR]