Slovakia’s growth to continue exceeding 3%

The Slovakian economy is expected to be driven by growth in domestic demand and investments. According to a recent macroeconomics projection made available by the finance ministry on September 21st, domestic demand is projected to grow at 3.2 % and 3.1% in the year 2016. The TASR Neswire quoted Peter Kažimír, the Slovakian Finance Minister saying that ‘Slovakia should anticipate stable growth in the economy this year as well as the foreseeable future’ the minister added that ‘there is growth in the local economy despite the factors from the external economy, the major propelling force for local economic growth is domestic consumption as well as the labour market and investments from larger public investments, in conclusion, the minister was quoted as saying that ‘if nothing had been done at home, our local growth would have been zero, at the present, the external environment is inconsequential to the Slovakian economy’

In the previous years, foreign demand was the driving force of internal growth. However, in 2016, the economic growth may be slightly reduce to 3.1%. Also, there will be decline in export growth because of slowdowns in the economies of the country’s leading trading partners.   This may not have much impact on the Slovakian economy because of cheaper crude oil. Initially, the finance ministry had estimated the growth rate of 2016 at 3.7%

 Continue Kažimír,   “Out of the pro-growth factors, we identify the positive influences of foreign demand and mainly concentrate on the development of the local economy, instead,”

The possible arrival of the British car producer Jaguar Land Rover, into the economy could also notch up the numbers.
“A significant positive economic injection it is the biggest possible investment in the past era – car producer Jaguar Land Rover,” Kažimír said. “Talks are still ongoing, and based on the information that is available to us, if we succeed in bringing this car maker to Slovakia, then, there is every chance that economic growth next year might surpass the 4% threshold.

The labour market is also expected to produce positive developments.  This year, additional 41,000 jobs are expected. A new record for the post crisis era, said the finance ministry. The unemployment is expected to reduce to 11.5% this year, and come next year, a minimum of 25,000 new jobs will be created, thus further bringing down the unemployment rate to a single digit in the year 2017.

Cesport helps Sporting goods manufacturers and service providers find Local Partners such as distributors or Agents in Central European countries such Poland, Czech, Germany, Slovakia, Austria, Hungary, Switzerland, Slovenia, Croatia and further into the Cee region (Central Eastern Europe).