Spectator on facebook

Spectator on facebook

ECONOMIC BRIEFS

Inflation 6.2% Y-o-Y in October

On November 30, the National Bank of Slovakia (NBS) revealed that the current account of the balance of payments for the January-August period ended with a deficit of 49.1 billion Sk ($1.36 billion), mostly caused by a trade balance deficit of 51.3 billion Sk. The surplus on the capital and financial account was 64.9 billion Sk.

The cumulative volume of loans in the Slovak Republic at the end of October was 394.3 billion Sk, an increase of 0.7 billion Sk from September. The year-on-year growth of the volume of loans was 3.4%. The average interest rate on loans drawn in September jumped 7.04 points to 24.36% p.a., while the average interest rate on the cumulative volume of loans was 17.07%.

In October, the M2 monetary aggregate in the Slovak economy grew 2.5 billion Sk from September to hit 449.2 billion Sk, a 5.8% rise year-on-year. The annual M2 growth target of the National Bank of Slovakia for 1998 is 9.4%. Crown deposits as part of the M2 aggregate went up 1.1 billion Sk in October.

The foreign exchange reserves of the NBS dropped in October by $123.6 million compared with September, to $2.98 billion, which covered only 2.4 months of imports. This was one of the reasons the NBS decided to abandon the fixed exchange rate regime of the Slovak currency and switch to a floating exchange rate on October 1.

Consumer prices in October went up 1.1% from September. The year-on-year inflation rate was at 6.2% in October.

Top stories

Wooden toothbrushes prompt small-scale industrial revival in Bratislava Photo

To begin with, young enthusiast Roman Kovács just wanted to change his local environment for the better, and to help people.

Roman Kovács wants to renew production of wooden toothbrushes in Bratislava.

Blog: HR Marketing: Not everybody can be Google!

It is important to know who your target audience is and the position you aspire to achieve as an employer on the market.

Illustrative stock photo

The idea of Slovakia

What does this country stand for? Slovaks could – and should – shout a little louder about what they have achieved, and where they want to go.

D1 highway, illutsrative stock photo

Amazon chose Slovakia for its top returns centre Photo

The online retainer lures its future workers by wages and benefits.