Slovakia

Saving in CEE Becomes More Important

Poles and Slovaks are CEE's savings champions, putting aside 15% resp. 12% of their monthly income. Austrians, Germans and Czechs follow suit with 9%.

October 29, 2012

Slovak Deficit to Reach 2.9% of GDP in 2013

The Slovak government approved the 2013 state budget. The deficit will be reduced step by step in the next years.

October 12, 2012

Slovakia: Employment and Nominal Wages Growing

The highest wage increase was observed in the manufacturing and automotive industries. Employment was down in the construction sector and grew in the service sector.

October 12, 2012

Alpine Needs Help from Banks

The Austrian construction company faces liquidity constraints. Talks with banks were started already.

October 11, 2012

IMF Issues Optimistic Forecast for Slovakia

According to IMF, Slovakia´s economy will grow by 3.3% this year. However, the forecast had to be reduced compared to the prior forecast.

October 10, 2012

Moderate Growth in Slovak Foreign Trade

Increasing foreign trade development in August and over the first eight months of 2012.

October 9, 2012

Slovakia: Growing Industrial Output, Declining Construction Sector

The Slovak Industrial production index (IPI) increased by 17 % in August 2012 compared to August 2011.The, construction output decreased, year-on-year, by 13,7 %.

October 9, 2012

Flat Tax in Austria?

The Austrian opposition party presented a “fair tax” model. The other parties criticized the proposal fiercely.

October 6, 2012

Czech Republic: Industrial Sector Most Important

Among the EU members, the Czech Republic shows the highest percentage of people working in the industrial sector.

October 6, 2012

Slovakia´s Growth Still Driven by Exports

The industrial sector still shows dynamics. However, government spending and consumption is falling further.

October 5, 2012

CEE Countries Must Work Upon Economic Convergence

CEE countries are struggling with weaker external demand and uncertain consumers, whereas in most cases fiscal policy is under control. Labour productivity, costs and competitiveness of CEE region give reason for optimism.

October 5, 2012

Romania: Lowest Importance of Service Sector in EU

Almost 70% of employed persons in the EU27 worked in the service sector in 2011. The scope ranges from 43% in Romania to 85% in Luxembourg.

October 5, 2012

ESM: Slovakia Pays € 264m

In October, the Slovak government will transfer € 264m to ESM. This will be the first two installments.

October 4, 2012

Nine Prime Minister Discuss EU Budget in Bratislava

The Prime Ministers of nine countries of Central and Eastern Europe will meet in the Slovak capital on October 5.

October 3, 2012

Slovakia Abolishes Flat Tax

Because of the austerity pressure, Slovakia gives up its flat tax. The corporation income tax rate increases to 23% from 19%.

October 3, 2012

Slovakia: Budget Deficit Decreased Slightly

Last month, the Slovak state deficit was down to € 2.59bn. In August, the deficit stood at € 2.68bn.

October 2, 2012

Raiffeisen Brand to be Introduced in Slovakia

The Austrian bank will open its first branches in November.

October 2, 2012

Slovak Foreign Trade Activity Growing Remarkably

In 2011, goods in the amount of € 56 959,9m were exported from the Slovak Republic. Compared with 2010, the total export increased by 18%.

October 1, 2012

Slovak Business Atmosphere Aggravates

Results of business survey and economic sentiment indicator in September 2012: mood in the Slovak economy worsens for the fourth time in a row.

October 1, 2012

MOL Announces Massive Investments in Hungary

The Hungarian oil group plans to make investments of € 1.1bn in the next three years.

September 25, 2012

Public Debt: New EU Members Are More Flexible

Compared to old EU member states, the new member states have more fiscal leeway to overcome the crisis.

September 24, 2012

EU: Germany Biggest Net Payer, Poland Biggest Net Recipient

In 2011, Poland received EU-aids of € 11bn. Among the new EU members, Hungary ranks second. In terms of GDP, Hungary is the biggest beneficiary.

September 21, 2012

Slovakia: Saving Grows Despite Falling Real Income

On average, deposits come at € 4,379. Against 2011, this is an increase by 6.1%.

September 21, 2012

National Bank of Slovakia Adapts GDP Growth Forecast

According to NBS, the Slovak economic growth is expected to reach 2.7%. This is higher by 0.2 percentage points than NBS forecasted in June.

September 19, 2012

Slovakia´s Inflation at 3.7%

In August, the inflation rate reached 3.7% in Slovakia, the Slovak Statistical Office announced.

September 15, 2012

Hungary Becomes Tax Haven for Czech and Slovak Enterprises

In the last three years, the number of Czech enterprises with head office in Hungary was up by 41%.

September 15, 2012

Slovak Leasing Industry Shrinks

In the first half of 2012, sales in the Slovak leasing market were down by 5%.

September 15, 2012

Slovakia´s Economy Still Performs Well

In the second quarter of 2012, GDP growth came at 2.8% after 3.0% in the first quarter.

September 15, 2012

Austria Second-Largest Investor in Slovakia

Foreign Minister Spindelegger opens new Austrian Embassy premises in Bratislava and underlines the close economic ties between Slovakia and Austria.

September 14, 2012

OMV Sells 15% Stake in CEGH to Slovak Eurstream

The Austrian oil company reduced its share in Central European Gas Hub from 80% to 65%.

September 14, 2012

Slovakia: Declining Construction Production in July 2012

In July, the Slovakian construction output decreased, year-on-year, by 11,2 % to € 459,9m.

September 11, 2012

Slovakia: Increasing Employment in Industrial Sector

The highest salaries were recorded in the IT industry, followed by the manufacturing industry.

September 11, 2012

World Economic Forum: Slovakia´s Performance Worsens

According to the World Economic Forum Competitiveness Report, Slovakia´s competitiveness slipped again.

September 10, 2012

Slovakian Industrial Production on the Rise

Industrial production index (IPI) increased by 18,5 % in July 2012, compared with July 2011. The development was mainly affected by a rise in manufacturing by 22,6 %.

September 10, 2012

Slovakia: Rising Unemployment Despite 2.8% GDP Growth

In the second quarter of 2012, Slovakia´s GDP moved up by 2.8%. The unemployment rate reached 13.6%.

September 6, 2012

Slovakia Records Growing Current Account Surplus

In the first five months of 2012, Slovakia´s current account surplus reached € 1.24bn. Against the reference period of 2011, this is an increase by € 350m.

September 4, 2012

Austrian Government and National Bank Against Return to Shillling

Federal Chancellor Werner Faymann and Governor Ewald Nowotny oppose to the idea of returning to Austria´s former currency.

September 1, 2012

Goldman Sachs Lowers Expectations for Austrian Banks

The U.S. investment bank anticipates decreasing earnings.

August 27, 2012

Slovakian Unemployment on the Rise

In July, Slovakia´s unemployment quota rose by 0.12 percentage points to 13.27%.

August 21, 2012

Slovakia Aims to Lower Budget Deficit Below 3.0% of GDP

The Slovakian government presented the draft state budget for 2013. The budget deficit should not exceed 2.9% of GDP, the Finance Ministry announced.

August 21, 2012

Slovakia Fights Against Budget Deficit

In order to comply with the EU Stability Pact, Slovakia needs to cut public expenses by € 630m.

August 16, 2012

Hungary: Most Foreign Firms from Austria

In Hungary, foreign companies employ 25% of the workforce. However, the share of foreign companies only reaches 3.3%

August 7, 2012

Slovakia: Rating Confirmed by S&P

The U.S. rating agency Standard & Poor´s reiterates Slovakia´s A/A-1 rating. The outlook is is still „stable“. Slovakia´s labor market data are less promising, however.

August 6, 2012

Erste Group: Concerns Despite Profits

Yesterday, the Austrian banking group published its results for the first half year. The business in Romania, Hungary and Ukraine causes worries.

August 1, 2012

CESEE: Still High Degree of Corruption

According to Transparency International, „political influence over independent institutions is a systemic corruption risk in the Czech Republic, Hungary, Poland and Slovakia“.

July 31, 2012

Poland as CESEE´s Locomotive

This year, the CESEE region should record a growth rate of 1.7%. However, the situation is highly different.

July 25, 2012

Slovakia: Bank Tax Should Reach € 1.0bn

The Slovakian government raised the bank tax up to 0.4% on deposits. Once the tax intake totals € 1.0bn, the tax should be abolished.

July 21, 2012

IMF: New Central and Eastern European Constituency

Austria, Belarus, the Czech Republic, Hungary, Kosovo, the Slovak Republic, Slovenia and Turkey have established a Central and Eastern European Constituency at the International Monetary Fund.

July 11, 2012

Slovakia: Flat Tax to be Abolished

This summer, the Slovakian government will resolve a package of 22 measures in order to fight public debt.

July 10, 2012

Purchasing Power in CEE Region: Czech Republic Ranks First

Among Poland, Slovakia and the Czech Republic, Bratislava records the biggest regional purchasing power. In total, the Czech Republic ranks first.

July 7, 2012
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