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EU funding bears significant influence on GDP growth in Slovakia: central bank

Xinhua, April 14, 2017 Adjust font size:

European Union (EU) funds have significant influence on gross domestic product (GDP) growth in Slovakia, accounting for around 1.5 percentage points of Slovakia's real GDP growth of 3.8 percent in 2015, the Slovak Central Bank (NBS) on Friday.

Slovakia is a net recipient of funding from the EU budget, as the amount of money that it receives from the EU is lower than its payments into it. Of every euro of EU funding, 59 euro cents (63 U.S. dollar cents) support the country's GDP growth.

"The high export performance of the Slovak economy puts Slovakia in a position that the realization of EU-funded projects in the countries that are Slovakia's trading partners also has a positive effect on Slovakia's exports. Of Slovak GDP generated by EU funds, some 8 percent is attributed to the contribution generated by EU-funded projects in other countries," NBS said in an analysis.

Analysts also noted that EU funds represent a significant source of funds to develop public infrastructure in Slovakia, especially in transport and the environment. Endit