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Economic Growth Registered in Slovakia in Q4 2016

Economic-Growth-Registered-in Slovakia-in-Q4-in-2016.jpgSlovakia recovered quite fast the settled GDP for 2016, in the last quarter of the year, due to foreign and local demands. With strong investments and low use of EU funds, Slovakia was above expectations. The same situation seems to develop this year, according to specialists in the international economy. If you are interested in investing in Slovakia or you want to open a company in the country, you can solicit information and guidelines from our Slovak lawyers.

Improved economy in Slovakia in Q4 in 2016

Stronger national and foreign demands helped Slovakia recover the economic growth that stood under a question mark before the analysis on the last quarter of 2016. The investments in the most important sectors like manufacturing, tourism, health, education, IT and engineering seemed to be suitable options for the country to bloom after a severe economic crisis which lasted quite much, according to specialists. The good news is that Slovakia refused the EU (European Union) funds and used its own resources to boost the economy in the country. It looks like there are positive trends for 2017, and the expectations might be exceeded if the government continues the good reforms.
The GDP (gross domestic product) for 2016 in Slovakia grew by 3.1%, the final quarter counting pretty much compared to the previous periods of the same year. As a reminder, it is good to know that you can receive complete information about the taxation system in Slovakia, and especially about the taxes you need to pay as a company with activities in the country, from our Slovak solicitors.

How can the GDP be boosted in 2017?

The household consumptions seem to get back on the right track and to maintain the same levels for the first quarter in 2017 because the labor market develops quite fast, making the unemployment rate to fall down this year. The final quarter of 2016 registered a good economic growth, of around 1.8%, getting aligned with the other countries in Europe, with fruitful economic developments. According to experts, the authorities in Slovakia should focus on many other investments in 2017, considering the public sector, an important area to keep an eye on.
Please feel free to get in touch with our law firm in Slovakia, if you need information about how the needed legal services for your company or for personal matters.