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Slovakia had lowest budget deficit in history in 2016

Xinhua, April 25, 2017 Adjust font size:

Slovakia recorded the lowest budget deficit in history last year. Eurostat confirmed on Tuesday.

The budget deficit stood at 1.68 percent of GDP in 2016, below the expected level of 1.93 percent.

"This is clear proof that, along with the falling unemployment rate and rising employment rate, we're successfully rewriting the history of the Slovak economy," announced Slovak Prime Minister Robert Fico on Tuesday.

GDP growth equalled 3.3 percent in 2016. The average unemployment rate for the whole of 2016 amounted to 9.48 percent, meaning a drop of 2.02 percentage points from 2015. In March 2017, it fell further to 8.04 percent.

According to Fico, Slovakia is well-placed to become part of the EU's new integration processes, which would ultimately secure the country a place in the EU's new "core."

"Slovakia would also become increasingly attractive to foreign investors," stressed Fico.

Slovak Finance Minister Peter Kazimir concurred that 2016 was a good year for Slovakia.

"We have the lowest deficit ever, the lowest debt in five years. We're pleased about developments on the labour market, and we also have the lowest unemployment rate ever. None of that can be taken for granted. The results are better than we expected," expressed Kazimir. Endit