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Unemployment in Slovakia is growing due to layoffs in public administration

The unemployment rate in Slovakia is being pushed up by redundancies in the public sector, while the private sphere is bringing it down, Michal Mušák, an analyst with Slovenská Sporiteľňa bank, told the TASR newswire.

The unemployment rate in Slovakia is being pushed up by redundancies in the public sector, while the private sphere is bringing it down, Michal Mušák, an analyst with Slovenská Sporiteľňa bank, told the TASR newswire.

The number of unemployed should continue to grow in the winter months. "But I expect a gradual decrease in the unemployment rate as of March," said Mušák.

"In view of the relatively moderate speed of economic recovery, we can be justifiably concerned that the unemployment rate will decrease rather more slowly than it increased between the summer of 2008 and the spring of 2010," Volksbank analyst Vladimír Vaňo told TASR.

UniCredit analyst David Dereník thinks that Slovakia's unemployment rate could reach a record-low level of 7.3 percent in 2017. "Effective and active reforms in labour legislation and support for re-qualifying the long-time unemployed could help to accelerate this process," he added.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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