Spectator on facebook

Spectator on facebook

TOP 500 of CEE region includes 45 from Slovakia

In 2015, Slovak top ten recorded turnover growth only in automotive sector.

Production in Volkswagen Slovakia.(Source: Sme)

While the total number of Slovak companies increased by six to 45, the first, Volkswagen Slovakia with a turnover of €7.2 billion and year-on-year growth of more than 17 percent, jumped by one position to ninth place, the TASR newswire reported based on the ranking CEE Top 500 of Coface Slovakia consulting company.

“Slovak companies strengthened  their position y-o-y and the estimate for 2016 confirms the positive outlook for employment, growth and total output expressed in sales volume,” said Coface’s CEO Juraj Janči.

All the  top 500 companies from central and eastern Europe achieved a turnover of €593 billion. While 218 companies improved their rank, 66 are completely new including Slovak Tesco, Tate & Lyle Slovakia, IKEA, Strabag, Slovalco and ZF Slovakia.

In the Slovak top ten, only the automotive companies Volkswagen Slovakia (17.1 percent), second Kia Motors Slovakia (10.6 percent), fifth PCA Slovakia (17 percent) and tenth Mobis Slovakia (11 percent) increased turnover last year. The Slovak top three Slovnaft paid for a drop in sales and at the regional level it fell by three places to  22nd, TASR wrote.

Read also: Read also:VW trade unions rally against newcomers’ benefits

Janči also expects that industry in 2016 will be driven by the automotive sector followed by the production of electronics and electrical equipment.

“We are pleased that despite the limitations of quality indicators such as scale, number of workforce and so on, the sales volume per employee has risen,” said Janči, as quoted by TASR.

In particular, the planned arrival of the Jaguar Land Rover automotive company, which wants to start Slovak production in 2018 and invest at least €1 billion will cause even greater dependence by Slovakia on vehicle sales, said Grzegorz Sielewicz, Coface’s main analyst for CEE. The country is the largest producer of vehicles per number of residents, 184 vehicles per 1000 persons, in the world.

Moreover, Coface pointed out that the better performance of Slovak companies has benefited from the positive development of the economy for which 2015 with 3.6 percent growth was the most powerful of the last four years, mainly due to drawing out EU funds and the increase in domestic consumption.

The largest number of companies in TOP 500 of CEE are based in Poland (167), the Czech Republic (71) and Hungary (69), TASR reported.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Czech PM files lawsuit against Slovakia at ECHR

Czech Premier Andrej Babiš sues his homeland in the European Court for Human Rights in connection with records proving his collaboration with the communist-era secret police.

Andrej Babiš

Revitalised industrial building offers work, entertainment and housing

Mlynica is an excellent example of successful conversion of unused industrial building.

Mlynica

Youngest Slovak village is a "communist dream come true” Photo

Dedina Mládeže (The Youth Village) was a mere experiment during the communist era. Now, the still inhabited village has morphed into an open-air museum.

Dedina Mládeže

What are the reasons behind low wages in Slovakia?

The average wage costs per Slovak employee accounts for only 44 percent of the EU average.