Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

Slovakia’s productivity highest in V4

ALTHOUGH industrial production in Slovakia has been growing since the end of the 2008-09 economic crisis, companies based in the country have not yet hired as many employees as they earlier dismissed. This has resulted in Slovakia having the highest unemployment rate among the Visegrad Group (V4) countries, according to UniCredit Bank analyst, Dávid Dereník. However, it also has the highest labour productivity in the V4 – a group which also includes the Czech Republic, Hungary and Poland – the TASR newswire reported.

ALTHOUGH industrial production in Slovakia has been growing since the end of the 2008-09 economic crisis, companies based in the country have not yet hired as many employees as they earlier dismissed. This has resulted in Slovakia having the highest unemployment rate among the Visegrad Group (V4) countries, according to UniCredit Bank analyst, Dávid Dereník. However, it also has the highest labour productivity in the V4 – a group which also includes the Czech Republic, Hungary and Poland – the TASR newswire reported.

“We produce more, but with a lower employment rate, so labour productivity has significantly increased,” Dereník said, as quoted by TASR, adding that the largest numbers of people were laid off in the textile and wood industries and in the production of electronics.

“When it comes to productivity, we produce up to 79 percent of what an average EU citizen does, but if our unemployment rate equalled that of Austria, our current productivity would not be enough to reach their living standards,” he added.

Luboš Sirota from the recruitment agency Trenkwalder said that the situation in unemployment does not look good.

“In comparison with global economies this evaluation seems very negative,” he said, as quoted by TASR.
Sirota said he believes that if the crisis affects the automobile industry, the impact on the economy and its unemployment rate will be damaging for Slovakia.

Top stories

PAS: Slovakia's business environment ranking declines

Slovakia slipped three places in the latest global Superindex PAS ranking of countries that evaluates the conditions in which businesses operate.

Peter Kremský of PAS

Impressive archaeological site revealed under planned Bratislava ring road Photo

Archaelogists uncover the region's most extensive discovery of the past 80 years.

The discovery close to Podunajské Biskupice

Police deal with increasing number of bomb threats

By the end of May 2017, there were 44 cases of false alarms; for the whole of 2016, there were 54 such cases.

Košice courts were searched for bomb on November 30, with nothing found.

Strike at Volkswagen could prompt others Photo

The recent strike at the biggest carmaker in Slovakia may serve as a lesson for some, trade unionists in other companies agree.