Dávka - Your daily dose of Slovak news
♥ Support DávkaNewsletter
Last refreshed: 07/06/2026 05:36 · 18 articles added
Stories are refreshed at 05:30, 10:30, 15:30, and 21:30 UTC.

Economy

View all1460 stories
Economy

Slovak Business Owner Transferred Assets to New Company While Leaving 1.5 Million Euro Tax Debt

A Slovak businessman transferred his operations to a newly created subsidiary while leaving substantial tax debts in his original company, which was subsequently forced into bankruptcy. Ladislav Godzsák, the 60-year-old sole owner and manager of lumber wholesale company Zeppelin, owes the state over 614,000 euros in taxes, prompting tax authorities in Žilina to file for the company's bankruptcy in April. Despite the company's financial troubles, Godzsák owns residential properties and land in the Liptov region of northern Slovakia. The tax issues stem from a 2015 tax audit that identified irregularities in the company's operations, leading to the current debt situation that forced the business restructuring.

Dennik N
|
Economy

Slovakia borrows over 5 billion euros in first four months of 2024

Slovakia borrowed more than 5 billion euros through government bond sales during the first four months of 2024, according to the country's debt management agency. The borrowing represents half of the agency's planned bond issuances for the entire year, which are projected to reach approximately 10 billion euros. The significant debt financing comes as Slovakia, like other European Union member states, manages its public finances amid ongoing economic pressures and the need to fund government operations and investments.

SME
|
Economy

Oil Traders Skeptical of Trump's Plans as Prices May Surge to $200 per Barrel

Oil traders are expressing doubt about Donald Trump's energy plans, warning that global oil prices could surge dramatically in the coming weeks. Industry experts suggest that crude oil prices may climb to between $150 and $200 per barrel, representing a significant increase from current levels. The traders indicate there is approximately a four-week window before oil prices could experience this sharp upward trajectory. The skepticism centers on whether Trump's proposed energy policies will be sufficient to prevent or mitigate the anticipated price increases in global oil markets.

Dennik N
|
Economy

Slovakia's Finance Minister Claims Budget Consolidation Efforts Are Working

Slovakia's Finance Minister Ladislav Kamenický defended the government's budget consolidation measures, stating that claims the policy is ineffective are false. Kamenický said the budget deficit has improved by more than two percentage points of gross domestic product compared to the state inherited from the previous government. The minister's comments come as Slovakia continues efforts to reduce its fiscal deficit through various consolidation measures implemented by the current administration.

SMETASR/Teraz
|
Economy

Slovak Mortgage Market Sees Rush as Rates Rise Following Middle East Tensions

Mortgage rates in Slovakia increased by several tenths of a percentage point following tensions in the Middle East, prompting a surge in loan applications as borrowers rush to secure financing before rates climb further. Banks are experiencing increased demand as people attempt to lock in current rates ahead of potential additional increases. The real estate market is showing signs of slowing as buyers become more cautious, though housing prices remain elevated due to a shortage of available properties. The greatest concern is among borrowers whose fixed-rate periods are expiring, who face significantly higher monthly payments and are considering refinancing options to manage the increased costs. Slovakia's mortgage market reflects broader European trends where interest rates have risen substantially from historic lows. The country's housing market has experienced rapid price growth in recent years, making affordability a growing challenge for first-time buyers and those seeking to refinance existing loans.

Dennik N
|
Economy

Slovak Post Required to Present Recovery Plan Due to Past Losses

Slovenská pošta, Slovakia's state-owned postal service, must submit a proposal for recovery measures following accumulated losses from previous years. The company's financial difficulties have prompted an extraordinary meeting to address the mounting deficits. The state enterprise, which handles mail delivery and postal services across the country, faces pressure to implement corrective measures to restore financial stability and ensure continued operations.

SME
|
Economy

German automotive industry sentiment continues to deteriorate

The mood in Germany's automotive sector has further worsened as uncertainty continues to grow among both businesses and households. The deteriorating sentiment reflects ongoing challenges facing one of Europe's most important industrial sectors, which has significant implications for Slovakia given the country's deep integration into German automotive supply chains through major manufacturers like Volkswagen, BMW, and Mercedes-Benz operating production facilities there.

SME
|
Economy

Kia Reports Slight Sales Increase in April Driven by Domestic Demand

South Korean automaker Kia reported a modest increase in sales volume during April, with domestic demand serving as the primary driver of growth. The company experienced a slight decline in overseas sales during the same period, offsetting some of the gains from its home market. The mixed performance reflects varying regional market conditions affecting the global automotive industry.

SME
|
Economy

Slovakia's New Construction Law Fails to Speed Up Building Permits, Ministry Prepares Amendment

Slovakia's new construction law, which took effect in April 2023, has failed to accelerate building permit processes despite being designed to reform the construction sector after nearly 50 years. The legislation was intended to streamline procedures and reduce bureaucratic delays that have long plagued Slovakia's construction industry. However, representatives from cities and municipalities report that building permits remain complicated to obtain, with conditions becoming particularly stricter for small-scale construction projects. Several developers surveyed by Denník N indicated that the changes have been in effect for too short a time to properly evaluate their impact. The Ministry of Transport and Construction is now preparing amendments to address the shortcomings identified since implementation.

Dennik N
|
Economy

Poprad Hospital Records Major Loss Despite Previous Profitable Years

Poprad Hospital, long considered a model of efficient management in Slovakia's state healthcare system, reported a record loss of 2.4 million euros last year. The financial setback comes as the hospital undergoes modernization funded by the European Union's recovery plan, with construction work taking place while the facility continues normal operations. The hospital had previously been profitable and is expected to offset the current losses with accumulated gains from earlier years. The modernization project represents part of Slovakia's broader efforts to upgrade its healthcare infrastructure using EU funds following the pandemic.

Aktuality
|
Economy

Slovakia Would Fall into Recession Without EU Funds, Analysis Shows

Slovakia's economy would slip into recession without the support of European Union funds, according to new economic analysis. The warning comes as the European economy faces mounting pressure from the ongoing energy crisis and potential new trade tensions with the United States. President Donald Trump announced Friday that he plans to increase tariffs on cars imported from the EU, claiming the bloc is not fulfilling trade agreements, though he provided no specific details about alleged violations. The threat of higher tariffs would particularly impact European automakers, a crucial sector for Slovakia's economy, potentially exacerbating the challenges facing the country's economic growth amid reduced EU funding flows.

Dennik N
|
Economy

TOMARK Reports Continued Stable Growth Through Strategic Planning

TOMARK, a Slovak company, announced continued growth based on what it describes as strategic decision-making aimed at ensuring long-term stability. The company emphasized that its expansion has been consistent and measured, suggesting a focus on sustainable development rather than rapid scaling. TOMARK's leadership indicated that careful strategic planning remains central to securing the company's future position in the market.

Korzár
|
Economy

U.S. Steel Employees Get Modern Medical Clinic After 60 Years Through AGEL Healthcare Partnership

Employees of U.S. Steel in Slovakia have received access to a modern medical clinic after waiting 60 years for upgraded healthcare facilities. The healthcare group AGEL secured the new polyclinic, which offers high-level sports medicine services among other medical care. The development represents a significant improvement in healthcare access for workers at the American steel company's Slovak operations, ending a decades-long wait for modern medical facilities at the industrial site.

Korzár
|
Economy

Slovak Real Estate Market Shows Signs of Stabilization as Developer Rankings Released

The Slovak real estate market has stabilized after a period of volatility, according to new data ranking the country's leading residential developers. The rankings track which companies are constructing and selling the most apartments, providing insight into the current state of Slovakia's housing sector. The stabilization comes after the market experienced significant fluctuations in recent years, affected by factors including rising interest rates, construction costs, and changing demand patterns that impacted both developers and homebuyers across the country.

SME
|
Economy

Majority of Vehicles with Rolled-Back Odometers Come from Germany, Causing Hundreds of Millions in Damages

Most vehicles with manipulated odometers entering the Slovak market originate from Germany, according to new data revealing widespread fraud in the used car trade. The practice of rolling back mileage readings to inflate vehicle values is causing damages estimated at hundreds of millions of euros. The odometer manipulation scheme affects thousands of imported used vehicles, with German cars representing the largest share of fraudulent imports, significantly impacting Slovak consumers who unknowingly purchase vehicles with hidden wear and reduced actual value.

SME
|
Economy

PepsiCo Signs Decade-Long Agreement to Purchase Wind Power from Spain

PepsiCo has entered into a ten-year agreement to purchase wind-generated electricity from Spain. The electricity will be sourced from a modernized wind power project, marking a significant long-term renewable energy commitment by the multinational food and beverage company. The deal represents PepsiCo's continued efforts to secure sustainable energy sources for its operations through direct power purchase agreements with renewable energy providers.

SME
|
Economy

Slovakia Travel Expects Strong Tourist Interest in Traditional Regions

Slovakia's tourism industry anticipates the highest visitor interest in regions that have historically dominated the country's tourist sector. Tourism, wellness, and spa treatments continue to be the long-term drivers of visitor demand in these established destinations. The tourism agency Slovakia Travel expects these traditional strongholds to maintain their leading position in attracting both domestic and international visitors.

SME
|
Economy

Developer proposes rent-to-own model to improve housing access in Slovakia

A Slovak developer has suggested that combining rental agreements with future ownership opportunities could help address housing accessibility issues in the country. Under the proposed cooperative housing model, members would contribute to paying off the housing cooperative's loan while gaining the right to use their apartment. This arrangement would allow residents to build toward eventual ownership while initially renting, potentially making housing more accessible to those who cannot afford immediate purchase but want long-term security.

SME
|
Economy

New bus routes added to industrial park near Rimavská Sobota

Transportation authorities have expanded bus services to the industrial park in Rimavská Sobota, a town in southern Slovakia. The changes include two completely new bus route pairs and modifications to ten existing connections. Rimavská Sobota, located in the Banská Bystrica region near the Hungarian border, has been developing its industrial sector as part of efforts to boost employment in the economically disadvantaged area.

TASR/Teraz
|
Economy

Majority of Slovak and Czech companies want data stored only within EU borders

A new survey reveals that most Slovak and Czech companies prefer to have their data stored exclusively within European Union borders, with some willing to pay additional costs for this assurance. What was once considered a purely technical question about the location of cloud data centers has now become a strategic priority for top corporate management. The preference reflects growing concerns about data sovereignty and security in an increasingly digital business environment.

SMETASR/Teraz
|