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Experts expect Slovak economy to be in good shape in 2016

Xinhua, January 29, 2016 Adjust font size:

The Slovak economy is expected to be in good condition both in terms of public finances and basic macroeconomic parameters, announced Slovak Trade and Industry Chamber (SOPK) chair Peter Mihok at a press conference on Thursday.

"The business mood is improving, which has translated into the growth of investment activities both in state and private sectors. However, the quality of business environment still fails to achieve the parameters necessary for more pronounced growth," said Mihok, adding that the legislative stability required for strategic business decisions, too, has some ways to go still.

According to Slovak Central Bank (NBS) governor Jozef Makuch, the Slovak economy is expected to continue its growth also in 2016.

"GDP growth is estimated to reach more than 3 percent. Public investments will experience a slowdown due to the effect last year in the culmination of the European funds for 2007-13. Private investments will see positive developments by virtue of the Jaguar Land Rover investment," said Makuch.

The new carmaker will likely contribute towards the creation of 9,000 new jobs in Slovakia by 2020.

"This year, the unemployment rate will drop to 10.2 percent and is expected to decrease to 9.3 percent in 2017," added Makuch.

The growth of Slovakia's GDP at 3.1 percent this year is also expected by the Finance Ministry.

"The consumption of households will accelerate in the wake of real growth in disposable income. Hence, the economic growth is well-balanced. It is no longer driven solely by export because domestic consumption is growing as well, as a result of a combination of different factors," explained Slovak Finance Ministry state secretary Radko Kuruc, adding that the average nominal wage is set to exceed the threshold of 900 euros (981 U.S. dollars) for the first time ever in Slovakia. Endit