Study: Slovakia has good prospects for future growth of its ‘internet economy’

Slovakia has the potential to develop an above-average internet-driven economy, according to the results of a study carried out by the Boston Consulting Group and Google Slovensko.

Slovakia has the potential to develop an above-average internet-driven economy, according to the results of a study carried out by the Boston Consulting Group and Google Slovensko.

With the internet contributing around 3.3 percent of GDP (€2.3 billion) in Slovakia, it is among relatively well-established countries such as the United Kingdom, Germany, France and the Czech Republic. The figure is even higher than for the telecommunications and banking sectors and is expected to reach 4.5 percent as of 2016, the TASR newswire reported on September 25.

Slovakia is a small country dependent on foreign cooperation, with the internet economy possibly set to play an important role in the development of the entire Slovak economy in the near future, said Finance Ministry State Secretary Peter Pellegrini, commenting on the fndings.

Prospects for future growth can be secured in two principal areas, the study found. First, there is a need to focus on eliminating weak spots such as the unsatisfactory engagement of consumers, companies and the public sector. Second, Slovakia could benefit from exports with high added value such as information and communications technology services and software. These are mainly influenced by the quality of technology education, centralised innovation policy and support for research and development in both the private and public sectors, TASR wrote.

Source: TASR

Compiled by Radka Minarechová from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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