Healy Consultants sees growth in Slovakia’s economy

Dec. 16, 2015 - PRLog -- Slovakia’s economy has gained a momentum in growth when it increased by 3.6% during the third quarter of 2015, based on the flash estimate of the Slovak Statistics Office. Economic analysts have pegged this growth on domestic demand, positive development on the labour market and decreasing prices.

“We expect that the domestic demand which includes consumption of households and especially investments supported by the improvement on the labour market and due to EU funds remained to be the main driving force of the growth,” Katarína Muchová, analyst at Slovenská Sporiteľňa, said. “The development of foreign trade was again lukewarm during the third quarter of 2015, thus we do not expect a significant influence of foreign trade on economic growth.”

The gross domestic product (GDP) increased 0.9% at constant prices when compared with the previous quarter and thus it maintained the growth dynamics from the previous quarter, the Statistics Office informed on November 13. The office also revised the economic growth during the previous two quarters in annualised terms, up to 3.4% for the second quarter and down to 2.9% for the first quarter.

The volume of GDP at current prices in the third quarter of 2015 reached €20.592 billion which represented an increase of 3.3% in comparison with the same period of the previous year.

Total employment increased by 2.2% during the third quarter of 2015, while consumer prices decreased by 0.6% in October. Economic analysts maintain or moderately increase their forecasts for Slovakia’s economy to be between 3.2-3.5% for all of 2015.

Economic growth is important if businesses are to grow and prosper. It relates to growth in the output of the economy as a whole. Over time Slovakia’s real economic growth will lead to major improvements in living standards, expanding existing markets and opening new ones. The real economic growth of one country relative to another is an important indicator of business opportunity.

About Healy Consultants

For over a decade, the incorporation experts at Healy Consultants Pte Ltd., with their branch in Moldova, have been assisting investors worldwide to set up the optimum corporate structure for doing business in the country. The services offered include company registration, banking solutions, accounting and tax and legal services and corporate support services.

Contact us

To inquire more about Slovakia company setup options and schedule a conference call, email us at email@healyconsultants or call us on +65 6735 0120.