EconomyOther Economy

Analysts Increase Estimate for 2010 GDP Growth to 4.1 percent

Bratislava, September 24 (TASR) - The bank analysts that are regularly approached by Slovakia's central bank (NBS) for their predictions have increased their estimates for the country's GDP growth in 2010 to 4.1 percent year-on-year in fixed prices, TASR learnt on Friday. The latest assessment represents a 0.1-percentage point increase on the figure expected in August.… read more

Kazimir: Consolidation Package Cynical, Hitting Hardest Less Well-off

Bratislava, September 23 (TASR) - The Government's consolidation package is cynical, as it will mainly affect the most vulnerable groups of society, Opposition Smer-SD MP and former Finance Ministry state secretary Peter Kazimir said at a press conference on Thursday. "The only good news is that we have the budget (for 2011)," said Kazimir. The opposition lawmaker… read more

Analyst: \'Hayek Group Case\' May Result in Coalition Horse Trading

Bratislava, September 23 (TASR) - The 'Hayek Group case' may result in some horse trading within the governing Coalition or cause a rupture, political analyst Rastislav Toth told TASR on Thursday. "If Freedom and Solidarity (SaS) chairman Richard Sulik doesn't receive anything interesting [in compensation for sacking his nominee], he will want to keep him [Economy Ministry… read more

Governments OKs Higher Tax on Tobacco; Envisages Plus €16m in 2011

Bratislava, September 22 (TASR) - Government on Wednesday gave a green light to the planned increase in the consumer-tax rate on tobacco products. This move is expected to bring an extra €15.9 million into the state budget next year, and another €21.2 million in 2012. The relevant law has been decided to be amended in view of meeting the requirement by the European… read more

Next Year\'s State Budget Deficit Set at €3.8 bn (UPDATE)

Bratislava, September 22 (TASR) - The state budget should feature revenues on €13.1 billion and expenditures €16.936 billion next year, meaning that the deficit will be €3.836 billion, according to the budget proposal published by the Finance Ministry on Wednesday. The essential parameters of Slovakia's state budget for 2011, okayed by the Coalition Council late… read more

Government: VAT Rate to Rise to 20 percent as of Next Year

Bratislava, September 22 (TASR) - The basic VAT rate will rise on a temporary basis from the current 19-percent flat rate to 20 percent as of next year, while the 6-percent VAT rate for produce sold from farms will be abolished, the Government decided on Wednesday. The VAT increase is part of the Government package designed to restore the health of public finances. The… read more

Trade Unions Set Country-wide Protest Against Government Package

Bratislava, September 22 (TASR) - A country-wide protest by trade unions against the Government's austerity package will take place in Bratislava on October 12, the presidium of the Trade Union Confederation (KOZ) decided on Wednesday. According to KOZ spokesman Otto Ewiak, individual unions will organise protests in several regions of Slovakia on the same day. KOZ will… read more

Labour Unions Ready to Stage Protests Over Tax Hikes

Bratislava, September 21 (TASR) - The labour unionists plan to organise protests against the upcoming hikes in taxes, with the Confederation of Labour Unions (KOZ) executives to decide on what kind of protests will take place on their Wednesday's (September 22) session. This is because the labour unionists failed to reach any agreement with the Government at the Tuesday's… read more

Mihal: Increase in Retirement Age Would Be Unethical

Bratislava, September 21 (TASR) - An increase in the age of retirement (currently 62) would be an unethical move, as the life expectancy of men in Slovakia is only 71, Labour Minister Jozef Mihal (Freedom and Solidarity/SaS) said on Tuesday. "I personally don't agree with increasing the retirement age ... as currently men enjoy their pensions for only nine years (on average).… read more

Ben-Zvi: Slovak-Israeli Co-operation Good, But More Could Be Done

Bratislava, September 20 (TASR) – One of the ways to intensify Slovak-Israeli economic co-operation is to exchange business delegations, according to the new man in the post of Israeli ambassador to Slovakia, Alexander Ben-Zvi, who took office just a few days ago. "One of the problems in the economic co-operation, in my opinion, is the fact that we don't know enough… read more

Seasonal Work Contributes to Short-term Decline in Joblessness

Bratislava, September 20 (TASR) - Seasonal works, according to analysts, contributed to unemployment easing in August. "Unemployment benefited from seasonal works as typical in the summer and have offset the lay-offs in companies," said Postova Banka analyst Eva Sadovska on Monday. Analysts described the August drop in Slovak unemployment to 12.19 percent from 12.33… read more

FinMin Drafts Bill to Cap Guaranteed Deposit Amount in Banks

Bratislava, September 20 (TASR) - Pursuant to a new European Union guideline, the Finance Ministry has announced that it has drafted an amendment to the law on protection of deposits in banks, which caps the guaranteed amount at €100,000 – with effect from December 31. The bill also cuts the three-month deadline for the repayment of unavailable deposits in banks… read more

National Unemployment Rate Dropped to 12.19 percent in August

Bratislava, September 20 (TASR) - Slovakia's unemployment rate dropped slightly (by 0.14 percentage points) month-on-month to 12.19 percent in August, the Labour, Social Affairs and the Family Office (UPSVaR) announced on Monday. A total of 370,671 job-seekers were registered at job centres in August. Even though their number was 3,758 lower than in July, the same figure… read more

Average National Pension Seen Up €14 in August Year-on-Year

Bratislava, September 20 (TASR) - Slovakia's average old-age pension rose by €14.02 year-on-year in August to €352, Social Insurance Company said on its website on Monday. Most of Slovakia's one million pensioners draw this old-age monthly pension, which by its amount ranks second among pensions. The early old-age pension is the highest, at €366.12, while the disability… read more

Chren: None of Hayek Consulting Scandals Are True

Bratislava, September 19 (TASR) - Economy Ministry State Secretary Martin Chren (Freedom and Solidarity/SaS) rejects any accusation that he violated the law when the company called Hayek Consulting was awarded state commissions, he said at a press conference held on Sunday. "Recently, my name has been associated with several purpose-built scandals like the notice-board… read more