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| Economy grows, but policies lacking |
| Bratislava, 02.03.2016 |
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| Just a few days before the parliamentary elections it is clear that economy-related issues, whether domestic or international, are not a topic of heated pre-election discussion.
SLOVAKIA is heading towards the March 5 parliamentary election amid sound macroeconomic conditions. And even though analysts, economists and others keep calling for the need to increase the competitiveness of Slovakia’s economy there are few economic issues with urgency.
The Slovak economy grew by 3.6 percent year on year in 2015 when its growth accelerated to 4.2 percent y/y during the final quarter of 2015. The growth was one of the factors behind the upgrade of the prognosis for collection of taxes and levies for 2015-2019, increasing revenues by about €400 million for each year. The jobless rate continues to fall too, and Slovakia closed 2015 with an average registered unemployment rate of 11.5 percent – 1.29 percentage points less than in 2014. Real wages are rising and the Finance Ministry estimates they will increase by 3.1 percent in 2016.
Amidst these positive economic indicators, the development of Slovakia’s small and open economy remains highly dependent on outside factors and developments in the economies of its main trade partners. Economic analysts and representatives of employers calling for reforms to increase competitiveness of the country point out that the Robert Fico government has failed to carry them out. While they praise the consolidation of public finances, they are critical that it has largely been done by boosting revenues and not cutting spending.
While the ruling Smer party is expected to win the next parliamentary election, some public opinion polls indicate that it would need a coalition partner to form the cabinet. This may be a reason why opposition parties in their election programmes have been vague. Smer held a programme conference just 21 days before the elections, a reaction to falling poll numbers, analysts say.
Spectator |
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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