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Analysts: Developments in Jobless Rate Uncertain
Monday 21 June 2010 Zoom in | Print page
Bratislava, June 21 (TASR) - The latest data on Slovakia's unemployment rate indicate a revival in industrial production, as the jobless rate fell from 12.52 percent in April to 12.24 percent in May, analysts told TASR on Monday.
The unemployment rate is predicted to continue to drop in the months ahead. "This should be partly thanks to seasonal jobs and the continuing economic revival. We estimate this year's lowest unemployment rate to be at around 11.5 percent," said Slovenska Sporitelna bank analyst Maria Valachyova.
Despite positive develpments in the past three months, the outlook for the future unemployment rate remains uncertain. This is because the number of jobless is closely tied to industrial production and Slovakia's dependence on industrial developments in its largest business partners, most notably Germany.
"The latest figures regarding economic expectations in Germany point to the possibility that growth in industry may slow down at the end of the year. Next year's predicted slowdown is obviously linked to austerity measures in various eurozone countries," said UniCredit Bank analyst David Derenik.
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