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Economic Overview of Slovakia

economic-overview-of-slovakia.jpgThe Slovakian economy increased with 3.7% in the second quarter of the current year, according to studies published in August, with numerous profitable industries. It was estimated that there would be a further increase in the second quarter of the year and that the country’s economy would develop smoothly in the context of the current global growth and vagueness of the Eurozone. A member of the European Union since 2004 and an adept of the Euro currency since 2009, Slovakia and its capital Bratislava register an unemployment rate of 10.2% in March 2016. Our Slovak lawyers can offer more information on this matter. 
 

A few numbers on the economy of Slovakia

 
Slovakia has a cautious regulatory framework in the financial sector and competitive taxations, which transformed it into a vibrant and malleable market-based economy. When it comes to a few significant figures on the economy of Slovakia, we mention:
 
A population of 5.4 million;
A GDP (PPP) of $ 152.6 billion, with an increase of 2.4% and a $ 28,175 per capita. Our solicitors in Slovakia can provide further information in this regard;
An inflation (CPI) of -0.1%;
An FDI (Foreign Direct Investment) inflow of $ 803 million in 2015.
 

The FDI in Slovakia

 
The FDI in Slovakia has grown significantly. Talented and cheap labor, with a 19% tax rate for private individuals as well as companies, no taxation on dividends, an advantageous labor code and its geographical position conferred Slovakia an edge when it comes to foreign investments. 
 
The FDI inflow increased with in excess of 600% since 2000 and it cumulatively stretched to an all-time high of USD 17.3 billion in 2006, or approximately $ 18,000 per capita by the end of the same year. The entire inflow of FDI in 2006 was of $ 2.54 billion.
 
Our law firm in Slovakia can provide more details on the more recent FDI growth in this country.
 

Economic activity in Slovakia

 
After a rapid growth in 2015, the economic activity in Slovakia is expected to slow down a little as the boost from absorption of EU funds starts to weaken. However, there is an expected yearly increase of 3% because of the strong local demand. Household consumption is projected to increase even more, due to the improved labor market results, low inflation and increasing disposable income.
 
If you are a foreign investor interested to open a company in the country, our lawyers in Slovakia can guide you through the entire procedures and legal aspects of setting up a business; please contact us

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