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Economy

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Economy

Slovak Government Seeks Measures to Address Rising Prices as Everything Gets More Expensive

Slovakia is grappling with widespread price increases across the economy, prompting Prime Minister Robert Fico to request action proposals from employers to address the rising costs. The government is seeking measures to combat inflation that is affecting all sectors of the economy. Fico's administration, which returned to power in October 2023 leading a coalition of Smer-SD, Hlas-SD, and the Slovak National Party, is under pressure to respond to economic pressures that are impacting Slovak households and businesses.

SME
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Economy

Business Group Opposes Regional Chamber's Appeal to Government on High Tatras Zoning

A group of entrepreneurs has rejected an appeal by the High Tatras Regional Chamber of Commerce to the Slovak government regarding zoning plans for the Tatra National Park (TANAP). The Environment Ministry says the proposed zoning aims to establish clear and predictable rules based on sustainable financing for the protected mountain region. The dispute highlights tensions between business interests and environmental protection measures in one of Slovakia's most important natural areas and tourist destinations.

TASR/Teraz
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Economy

TANAP Zoning Plan Divides High Tatras Business Community Over Tourism Access

A proposed zoning plan for the Tatra National Park (TANAP) has split the business community in the High Tatras region, with some entrepreneurs rejecting their trade association's official position on the matter. The dispute centers around an open letter issued by the business association, which some members claim contains misleading information. TANAP, Slovakia's oldest national park covering the High Tatras mountain range, faces ongoing tensions between conservation efforts and tourism development. The park's zoning regulations determine where commercial activities can operate and how tourists can access different areas of the protected mountain territory.

Korzár
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Economy

Former Finance Minister Warns of Growing Business-Government Divide in Slovakia

Former Finance Minister Ivan Mikloš has raised concerns about the deepening disconnect between Slovakia's government and business community, warning that the country cannot prosper when the ruling coalition celebrates policies that the private sector views as threats. Writing in the newspaper SME, Mikloš criticized what he described as the government's tendency to frame controversial measures as historic victories while businesses express alarm about their potential economic impact. The commentary reflects broader tensions between the current government, led by Prime Minister Robert Fico's Smer-SD party, and Slovakia's business sector over economic policy direction. Mikloš, who served as finance minister in previous center-right governments and is known for his pro-market policies, has been a frequent critic of the current administration's approach to economic governance.

SME
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Economy

Former Finance Minister Criticizes Government's Economic Policies

Former Finance Minister Ivan Mikloš has criticized the current Slovak government's economic approach, arguing that the administration is celebrating policies that the business community views as threats. Mikloš, who served as finance minister in previous center-right governments, warned that a country cannot succeed when its government celebrates developments that businesses consider harmful. The commentary reflects ongoing tensions between Slovakia's current ruling coalition, led by the populist Smer-SD party under Prime Minister Robert Fico, and the business sector over economic policy direction. Mikloš's intervention highlights broader concerns about the government's relationship with the private sector and its impact on Slovakia's economic competitiveness.

SME
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Economy

Banská Bystrica Collects Record 18.4 Million Euros in Local Taxes Despite Economic Crisis

Banská Bystrica, a major city in central Slovakia, collected over 18 million euros in local taxes and fees in 2023, achieving a 100 percent collection rate without imposing penalties or late payment interest. The record collection occurred despite ongoing economic pressures, and city officials announced they will not raise local taxes and fees for residents. Banská Bystrica serves as the regional capital of central Slovakia and is the country's sixth-largest city, making its tax collection performance a significant indicator of local government fiscal health during challenging economic conditions.

Aktuality
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Economy

Three New Sections of R2 Highway Near Final Preparation Stage

Three new sections of Slovakia's R2 highway are in the final stages of preparation, with tender announcements expected within weeks, according to Transport Minister Jozef Ráž. The R2 is a major expressway project connecting western and eastern Slovakia, designed to improve transportation links across the country. The announcement signals progress on Slovakia's ongoing highway infrastructure development, which has been a priority for improving domestic connectivity and economic development.

SME
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Economy

Bolt drivers announce nationwide protest over working conditions

Drivers for the ride-hailing company Bolt have announced a nationwide protest across Slovakia, demanding improved working conditions and better pay. The drivers are seeking changes to their employment terms with the Estonian-based transportation platform, which operates in multiple Slovak cities. Bolt is one of the main ride-hailing services in Slovakia, competing with traditional taxi services and other app-based transportation companies in the country's urban centers.

SME
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Economy

New Budget Airlines Launch Regular Service Between Bratislava and Warsaw

Budget airlines have launched new regular flight connections between Bratislava and Warsaw, offering passengers a total of twelve flights per week between the two capital cities. The new service provides faster travel connections between Slovakia's capital and Poland's largest city, expanding air travel options in the region. The launch of these routes represents an increase in low-cost carrier operations connecting Central European capitals, giving travelers more affordable alternatives to ground transportation between the neighboring countries.

Aktuality
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Economy

First Flight Departs Warsaw on New Air Route to Bratislava

The inaugural flight of a new air connection between Warsaw and Bratislava departed from the Polish capital, marking the launch of expanded service between the two cities. Budget airlines WizzAir and Ryanair will operate a combined 12 flights per week on the route starting Sunday. The new service strengthens air connectivity between Slovakia's capital and one of Central Europe's major aviation hubs, providing travelers with more frequent options for business and leisure travel between the neighboring countries.

SMETASR/Teraz
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Economy

Rising Costs End Food Price Decline in Slovakia

Slovakia's period of declining food prices has come to an end as increased production and distribution costs begin to affect consumer prices. The shift reflects broader inflationary pressures hitting various sectors of the economy. Construction materials have experienced particularly sharp price increases, rising by as much as 6.5 percent, indicating that cost pressures are spreading beyond the food sector to affect building and infrastructure projects across the country.

SME
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Economy

Slovak Online Market Continues to Resist Major International Shopping Platforms

Slovakia's e-commerce landscape remains dominated by independent online stores rather than major international shopping platforms. The Slovak online retail market has shown resilience against the expansion of global e-commerce giants, with domestic and independent e-shops maintaining their leading position in the country's digital commerce sector. This trend distinguishes Slovakia from other markets where large multinational platforms have captured significant market share, suggesting that local online retailers have successfully adapted to consumer preferences and maintained competitive advantages in their home market.

SME
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Economy

Independent e-shops continue to dominate over online marketplaces in Slovakia and Czech Republic

Independent online stores maintain their dominance over marketplace platforms in Slovakia and the Czech Republic, according to recent analysis. Customer behavior patterns represent a key factor preventing marketplace platforms from achieving the market dominance they have established in other European markets. The preference for standalone e-commerce sites reflects distinct shopping habits in the Central European region, where consumers continue to favor direct relationships with individual retailers rather than consolidated marketplace experiences offered by platforms like Amazon or Allegro.

TASR/Teraz
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Economy

Average Slovak Pension Insufficient for Most Citizens as Income Drops by Nearly Half Upon Retirement

Slovak workers face a dramatic reduction in income upon retirement, with those earning the average wage seeing their monthly income drop from approximately 1,300 euros to 703 euros when they begin receiving state pensions. This represents a decline of nearly half of their working income, highlighting concerns about the adequacy of Slovakia's pension system. The significant gap between working wages and retirement benefits suggests that most Slovaks will struggle to maintain their standard of living after leaving the workforce, raising questions about the sustainability and sufficiency of the country's social security framework for an aging population.

SME
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Economy

Slovak Tax Authority to Accept Tax Returns from Mobile Units

Slovakia's Financial Administration will begin accepting tax returns through mobile tax offices starting Monday. The service will be available in Bratislava's Petržalka district and in Košice, expanding access to tax filing services for residents in these areas. The mobile units represent an effort to make tax administration more accessible to citizens who may have difficulty reaching traditional tax office locations.

SME
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Economy

Slovak Dairy Farms Recover from Foot-and-Mouth Disease Outbreak

Dairy farms in the Slovak villages of Medveďov and Ňárad are returning to normal operations after recovering from a foot-and-mouth disease outbreak that occurred last year. The livestock herds have been rebuilt and milk production is expected to increase starting this summer. Foot-and-mouth disease is a highly contagious viral infection affecting cattle and other cloven-hoofed animals that can devastate agricultural operations, requiring the culling of infected herds and strict quarantine measures to prevent spread.

Aktuality
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Economy

R4 Highway Construction Near Prešov Advances with Bridge and Tunnel Work

Construction of the R4 highway near Prešov in eastern Slovakia is progressing, with bridge construction and tunnel work dominating this year's activities. The project, known as the Northern Bypass of Prešov, aims to speed up traffic flow and reduce congestion in the city. Prešov, Slovakia's third-largest city and the administrative center of eastern Slovakia, has long struggled with traffic passing through its center, making the bypass a key infrastructure priority for the region.

Aktuality
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Economy

Raiffeisen Bank acquires Romanian Garanti Bank for 591 million euros

Austrian banking group Raiffeisen Bank International has agreed to purchase Romanian bank Garanti for 591 million euros. The acquisition will make the Austrian company the third-largest bank in Romania's financial market. Raiffeisen Bank International, headquartered in Vienna, operates across Central and Eastern Europe and has been expanding its presence in the region through strategic acquisitions and organic growth.

SME
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Economy

German Stock Market Giants See Third Consecutive Year of Revenue Decline

Germany's largest publicly traded companies experienced falling revenues for the third straight year in 2023, continuing a troubling trend for Europe's biggest economy. The decline was particularly pronounced in Asian markets, where revenues dropped by nine percent, while North American operations saw a four percent decrease. The sustained revenue decline among major German corporations reflects broader challenges facing the country's export-dependent economy, including weakened global demand, supply chain disruptions, and increased competition in key international markets.

SME
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Economy

Prešov Region Collects Investment Priorities for New Programming Period

The Prešov Self-Governing Region is gathering investment priorities for an upcoming programming period, working in partnership with municipalities and companies. The regional government, which oversees the northeastern area of Slovakia including major cities like Prešov and Košice, is consulting with local stakeholders to identify key development projects and funding needs. This process typically precedes the allocation of European Union structural funds and national resources for regional development programs that support infrastructure, economic growth, and social projects across the region.

Korzár
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