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Economy

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Economy

Slovak Business Leaders Demand Less Bureaucracy, Lower Taxes and Stable Regulations

Slovak entrepreneurs have called on the government to reduce bureaucratic burdens, lower taxes, and establish stable regulatory frameworks. The business community is also proposing reforms to create a more efficient and cost-effective state administration apparatus. The demands reflect ongoing tensions between the private sector and government over regulatory complexity and tax policy, as businesses seek to improve competitiveness and operational efficiency in Slovakia's economic environment.

SME
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Economy

Million-Euro Creative Center Investment Reduced to Shell as Original Plans Collapse in Eastern Slovakia

A major investment project in eastern Slovakia has been significantly scaled back, with only a fraction of the original plans coming to fruition. The regional government invested one million euros into a creative center housed in a building on Strojárenska Street, but the ambitious development fell far short of expectations. Local authorities are now actively seeking tenants for the underutilized facility, highlighting the gap between the project's initial scope and its current reality. The setback represents a substantial loss of public investment and raises questions about the planning and execution of regional development initiatives.

Korzár
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Economy

Slovakia Faces Water Infrastructure Crisis as EU Funding Ends

Slovakia's water management system faces a critical infrastructure crisis that can no longer be postponed. The investment deficit runs into billions of euros, with parts of the water infrastructure beyond their operational lifespan and hundreds of municipalities still lacking proper connections to water supply or sewage systems. With European Union funding for water infrastructure projects coming to an end, the Slovak government is looking toward public-private partnership (PPP) projects as a potential solution to address the massive investment gap. The deteriorating state of water infrastructure represents a significant challenge for the country's development and public health standards.

Aktuality
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Economy

IKEA Announces Layoffs of 850 Employees

Swedish furniture retailer IKEA announced plans to cut 850 jobs from its global workforce as part of a restructuring initiative aimed at simplifying the company's organizational structure. The layoffs represent approximately three percent of IKEA's total workforce of 27,700 employees. The company is implementing the job cuts as it seeks to streamline operations across its international network of stores and facilities.

SME
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Economy

Rental Prices Fall Across Slovakia, with Largest Drops in Bratislava and Košice

Average rental prices in Slovakia declined by 1.7 percent during the first three months of 2024, with year-over-year decreases also recorded across the country. Bratislava, the capital, experienced the steepest drop compared to the previous year, while Košice, Slovakia's second-largest city, also saw significant rental price reductions. The rental market trends contrast sharply with the property purchase sector, where Slovaks face increasingly expensive real estate prices and costly mortgage rates. The rental market has so far avoided the dramatic price pressures affecting property sales, though analysts suggest the ongoing Middle East conflict could potentially impact future rental demand patterns.

Dennik N
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Economy

Slovakia Opens New Unmanned 24-Hour Store with Self-Service Payment

Slovakia has opened another round-the-clock store that operates without staff during nighttime hours. Customers can access the shop outside regular business hours, pay for their purchases themselves, and security is maintained through a camera surveillance system. The automated retail concept allows shoppers to enter and complete transactions independently when no employees are present.

Aktuality
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Economy

Economy Ministry Denies Growth Measures Will Come at Expense of Employees

Slovakia's Ministry of Economy has clarified that it is not planning pro-growth measures that would negatively impact employees. The ministry stated that various information circulated in the media does not represent final or approved policy proposals. The clarification comes amid apparent speculation about potential economic reforms that could affect workers' rights or conditions.

SME
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Economy

Slovakia Added Nearly 16,000 Solar Power Sources in 2023

Slovakia installed almost 16,000 new photovoltaic energy sources last year, significantly expanding the country's solar power capacity. More than 70,000 households now generate their own electricity from solar panels, reflecting growing adoption of renewable energy among Slovak residents. The increase demonstrates Slovakia's shift toward decentralized energy production as households seek energy independence and reduced electricity costs amid ongoing concerns about energy security in Central Europe.

SME
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Economy

Court Rejects Suspension Request for D1 Highway Tender Between Turany and Hubová

Slovakia's administrative court has rejected a request to suspend the tender process for a section of the D1 highway between Turany and Hubová. The National Highway Company, the state-owned entity responsible for highway construction and maintenance, will now cancel the original public procurement process. The tender is currently ongoing, with officials declining to provide additional comments while the process remains active. The D1 is Slovakia's main east-west highway corridor, connecting Bratislava with eastern regions of the country, and this section represents part of ongoing efforts to complete missing segments of the highway network.

SMETASR/Teraz
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Economy

Bratislava Tax Authority Offers Six-Week Vacation Package to Attract New Employees

The Financial Administration office in Bratislava is offering prospective employees six weeks of annual vacation as part of its recruitment drive. The tax authority, which is responsible for collecting government revenues and enforcing tax compliance, is using the generous leave package as an incentive to attract new staff members to fill vacant positions in the Slovak capital.

Bratislavak
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Economy

Penta Investment Group Expands Banking Operations, Rebrands Privatbanka as Penta Bank

Slovak investment group Penta is expanding its banking operations by rebranding Privatbanka as Penta Bank, marking a significant move in the country's financial sector. The transformation represents part of a broader strategy by Penta founders Jaroslav Haščák and Dušan Dospiva to build another branch of their investment empire. Penta Group, one of Slovakia's largest private investment firms, has been active across multiple sectors including healthcare, real estate, and media, and the banking expansion signals the group's ambition to strengthen its position in the financial services market.

SME
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Economy

Slovak unions and employers demand consultation on government's economic measures

Slovak trade unions and employers are criticizing the government for preparing economic measures without consulting them through the country's tripartite dialogue process. Economy Minister Denisa Saková is set to present the first package of measures on Wednesday, but neither the Confederation of Trade Unions (KOZ) nor employer representatives have seen the proposals. Labor Minister Erik Tomáš confirmed that meal vouchers and shorter lunch breaks will not be included in the measures, and said tripartite negotiations would take place before parliamentary debate. The measures are aimed at reducing economic burdens, but both social partners remain excluded from the preparation process. The dispute highlights ongoing tensions over the government's approach to economic policy-making. Slovakia's tripartite system traditionally involves government, trade unions, and employers in major economic decisions, but the current administration has faced criticism for bypassing this consultation mechanism on several occasions. The exclusion of social partners from the preparation of economic measures risks undermining the collaborative approach that has historically been used to build consensus on labor and economic policies in the country.

Dennik N
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Economy

Slovakia's Last Major Employee-Owned Company Chemosvit Reports Heavy Losses Despite Electric Film Success

Chemosvit Folie, a packaging film printing company and part of Slovakia's Chemosvit chemical group, has lost nearly 8 million euros over the past two years. The company's struggles reflect declining demand for confectionery packaging, its primary business line. However, the firm's joint venture with Finnish partners in electric film production has shown strong growth, benefiting from the expansion of the electric vehicle market. Chemosvit represents Slovakia's last major example of employee privatization, a process that transferred state-owned companies to their workers during the post-communist transition. Unlike other major Slovak industrial firms that were sold to foreign investors, Chemosvit has remained under employee ownership, making its financial difficulties particularly significant for this rare ownership model in the country.

Dennik N
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Economy

Standard Chartered Bank to Cut Nearly 8,000 Jobs, Replace with Artificial Intelligence

Standard Chartered announced Tuesday it will eliminate approximately 8,000 jobs by the end of 2030, replacing them with artificial intelligence systems. The British multinational bank plans to reduce corporate positions by about 15 percent of its total workforce as part of efforts to strengthen competitiveness and boost profitability. The job cuts represent a significant restructuring as the banking sector increasingly turns to automation and AI technology to reduce costs and improve operational efficiency.

SMETASR/Teraz
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Economy

Major Home Improvement Chain Posts Another Significant Loss in Slovakia

Mountfield, a well-known home improvement and garden center chain operating in Slovakia, has reported another substantial financial loss, prompting intervention from its Czech parent company. The retailer's continued poor performance represents ongoing challenges in Slovakia's retail sector, where the chain has struggled to achieve profitability despite its presence in the market. The Czech ownership had to step in to address the mounting financial difficulties, highlighting the pressures facing international retail chains operating in the Slovak market.

SME
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Economy

Slovakia's unemployment rate drops to 3.96% in April, falling across all regions

Slovakia's unemployment rate declined to 3.96% in April, marking the third consecutive month of decreasing joblessness across the country. The improvement was widespread, with unemployment falling in 12 of the 15 districts that previously had the highest jobless rates. The number of available job positions reached 130,634 in April, representing an increase of 6,481 openings compared to March. The continued decline in unemployment reflects strengthening labor market conditions throughout Slovakia, with all eight regions of the country recording improvements in their employment figures.

SMETASR/Teraz
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Economy

Slovak Power Company Reports Billion-Euro Profit Despite Expectations of Decline

Slovenské elektrárne, Slovakia's state-owned electricity company, achieved another billion-euro profit in 2023 despite management expectations that earnings would decline after two exceptionally successful years. The company reached record profits through cheaper borrowing costs and the launch of a new reactor block at the Mochovce nuclear power plant. The utility also successfully addressed its debt problems, with shareholders' equity doubling as the difference between assets and liabilities improved significantly. Over the past two years combined, Slovenské elektrárne has earned 1.4 billion euros in profits. Company management had anticipated a modest decline in earnings as electricity prices normalized from the exceptionally high levels seen following recent market disruptions, but the strong performance continued nonetheless.

Dennik N
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Economy

Broker Consulting Strengthens Strategic Partnership with Direct Real Through Equity Connection

Slovak real estate companies Broker Consulting and Direct Real have elevated their strategic partnership to a new level through an equity connection between the two firms. The move represents a deepening of ties between the companies in Slovakia's real estate sector. The partnership enhancement comes as real estate firms in the country seek to strengthen their market positions through closer business relationships and shared ownership structures.

Aktuality
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Economy

Construction Defects at Prešov Hospital Could Increase Costs by 90 Million Euros

Leaked photographs have revealed substandard concrete in structural pillars at the Prešov hospital construction project, potentially adding 90 million euros to the project's cost. The hospital project has received new contractors after the original builders lost hundreds of millions on the troubled construction. Major construction companies had previously refused to bid on the project, but contractors have now been awarded the work directly without a tender process and at higher prices than originally planned.

Aktuality
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Economy

Expert warns against fraud schemes targeting bank customers through manipulation

Financial security experts are warning Slovak bank customers about a dramatic shift in fraud tactics, with manipulation-based scams now accounting for 90% of customer financial losses. These schemes have largely replaced traditional phishing emails and messages as the primary threat to banking customers. The fraudulent operations typically involve criminals advising victims to lie to their own banks, which constitutes fraud under Slovak law. Financial institutions are reporting that these manipulation tactics represent a fundamental change in how criminals target banking customers, moving away from technical attacks toward psychological manipulation designed to trick customers into voluntarily providing access to their accounts or transferring money.

Aktuality
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