EconomyOther Economy

Growth in Slovakia\'s Industrial Output Slowed in July to 16.82 percent Y-o-Y

Bratislava, September 8 (TASR) - Slovakia's industrial output rose by 16.82 percent on the year, compared with annual growth of 23.52 percent in June, the Slovak Statistics Office said on Wednesday. Output was largely driven by the key manufacturing segment, which was up by 21.5 percent, and a 0.3-percent rise in the delivery of electricity, steam, natural gas and cold… read more

NBS Blames Crisis for Decline in Banks Profits in Report

Bratislava, September 8 (TASR) - Last year saw the global economic crisis spilling over into Slovakia's banking sector, with the profits of domestic banks sinking by 50 percent year-on-year to €250 million, partly as an adverse effect of euro-adoption, wrote the Slovak central bank (NBS) in its 'Report on the State of Financial Market for 2009', which was approved in Parliament… read more

FinMIn: Deficit Will Exceed €5 bn and Reach 7.8 percent of GDP in 2010

Bratislava, September 8 (TASR) - The current estimate for the this year's public-finance deficit stands at 7.8 percent of GDP, meaning that it will be €1.403 billion higher than the originally-planned 5.5 percent, reaching €5.109 billion, the Finance Ministry stated in its report on the state and development of public finances, which was approved by the Government on Wednesday.… read more

Tax Changes to Bring In Additional €600 Million to State Budget

Bratislava, September 7 (TASR) - Planned tax changes and non-tax incomes are estimated to bring an additional €598 million into the state coffers next year, amounting to 0.9 percent of GDP, reports the Finance Ministry on Tuesday. The ministry representatives added that the impact of the prepared changes to the deduction system is still being calculated and is due to… read more

Miklos: EU Will Try to Change Our Minds on Greece, But We Won\'t Budge

Brussels, September 7 (TASR-CORRESPONDENT) - Finance Minister Ivan Miklos's meeting with EU Commissioner for Economic and Monetary Affairs Olli Rehn in Brussels on Tuesday showed that the European Union isn't laying down its arms in response to the Slovak Government's decision not to provide Greece with a bilateral loan and it will probably try to change it. The Slovak… read more

Gov\'t Wants Makeshift VAT Rate at 20 Percent as of Next Year

Bratislava, September 6 (TASR) - As of next year, Slovakia's VAT tax rate will go up from the current 19-percent flat rate to 20 percent, Prime Minister Iveta Radicova said after the Coalition Council session on Monday. Radicova added that the lowered VAT rates on books and medicaments won't change and will stay on 10 percent. The VAT rate is planned to be higher only… read more

Employers: Radicova Promised Not to Raise Levies Long Term

Bratislava, September 6 (TASR) - Prime Minister Iveta Radicova has made a promise to us that the Government won't raise social contributions long term, head of the Association of Employers' Unions (AZZZ) Tomas Malatinsky said following his meeting with Radicova on Monday. "The overall objective is to cut contributions. Measures that may raise some items within contributions… read more

Slovak Wines and Mineral Waters Attract Interest at EXPO 2010

Shanghai, September 4 (TASR correspondent) - Slovakia's mineral waters, wines and glass products have attracted the largest number of investors to the Slovak exposition at the World EXPO in the Chinese city of Shanghai, TASR learnt on Saturday. General Commissioner of Slovakia's representation at the event Ivana Magatova said that several contracts have to this day been… read more

Slovaks Resume Departure Abroad in Search of Work

Bratislava, September 2 (TASR) - Two years of reductions in the number of Slovaks leaving the country to work abroad have come to an end, the Slovak Statistics Office said on Thursday. "In the second quarter of 2010, we registered a 4.7-percent jump in the number of labour migrants abroad, especially in the Czech Republic and Austria," said Ivan Chrappa of the Office's… read more

Analysts: Slovak Economy Fuelled by Higher Inventories and Exports

Bratislava, September 2 (TASR) - Foreign demand and the revision of inventories have led the expansion of Slovakia's economy, which grew by 4.7 percent year-on-year and by 1.2 percent on the previous quarter in the second quarter of this year, analysts concur. "After inventories fell last year by close to €2 billion in Slovakia, we expected them to rise again along… read more

Three-fifths of Slovaks See Deterioration in Slovakia\'s Economy

Bratislava, September 2 (TASR) - No fewer than three-fifths of Slovaks believe that their country's economic situation has deteriorated in the last 12 months, whereas 8 percent and 30 percent, respectively, see it as improving or unaltered, according to a survey presented to the Government on Thursday. Of the respondents, 21 percent see a favourable outlook for the country's… read more

Slovakia\'s Economy Slowed Slightly to 4.7 percent Y-o-Y in 2Q10

Bratislava, September 2 (TASR) - Slovakia's economic growth eased to 4.7 percent year-on-year in the second quarter of 2010, down slightly from the 4.8 percent recorded in 1Q10, said the Statistics Office on Thursday, after revising its preliminary estimate of 4.6 percent. Between April and June, Slovakia's gross domestic product (GDP) grew to €16.36 billion worth… read more

Average Monthly Salary Rose by 3.6 percent to €758 in 2Q10

Bratislava, September 2 (TASR) - The average monthly salary in Slovakia increased by 3.6 percent on the year to €758 in the second quarter of 2010, the Statistics Office announced on Thursday. Compared to the previous quarter, the figure rose by 0.9 percent. The average nominal salary for the first six months of 2010, meanwhile, went up by 2.8 percent year-on-year… read more

FinMin: Public Deficit to Exceed €5 Billion and Reach 7.8 Percent of GDP

Bratislava, August 31 (TASR) - The deficit in public finances this year is currently estimated to reach 7.8 percent of GDP compared to the originally planned 5.5 percent, a Finance Ministry report on development of public finances indicates. This means that the deficit will be €1.403 billion higher than the original estimate, and will reach €5.109 billion this year.… read more

Minimum Wage to Go Up to €317 Per Month as of January 2011

Bratislava, August 31 (TASR) - The minimum wage is expected to go up by almost €10 a month as of January 2011 and reach €317, reads a Labour, Social Affairs and Family Ministry proposal released on Tuesday. The hourly wage was set at €1.822. Used in the calculation was the year-on-year growth of the nominal monthly wage in 2009, which according to the Statistics… read more