Economic growth prevents higher unemployment figures

Unemployment went up slightly in January, stopping at 4.98 percent.

Illustrative stock photoIllustrative stock photo (Source: TASR)

Although more seasonal workers, mostly from the construction industry, usually come to labour offices at the start of the year to be registered as unemployed, their number was lower this January than in the past.

Labour offices registered 13.2 percent, or 2,900, less jobless people compared to last year.

“After taking the traditional season into account, the lowest number of the new unemployed were registered in January,” Ľubomír Koršňák, analyst with UniCredit Bank Czech Republic and Slovakia, wrote in a memo, adding this is 8 percent less than the average in 2019.

Read alsoSlovak economy sped up at the end of 2019 Read more 

This was not caused by a smaller number of construction workers coming to labour offices because they are active in the construction industry in wintertime, though. Instead, the year-on-year decrease seems to have been caused by the slower transition from economic inactivity to economic activity, Koršňák added.

Economic growth plays a role

The unemployment rate in January grew at a slower pace than expected. It rose by 0.06 percentage points to 4.98 percent. The year-on-year decline in unemployment thus increased after a long time, from 0.11 to 0.28 percentage points, or to 7,000 unemployed, according to the data of the Central Office of Labour, Social Affairs and Family (ÚPSVaR).

Excluding seasonal effects, unemployment rose to 4.92 percent in January.

The rest of this article is premium content at
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on and

Top stories

News digest: Slovakia marks anniversary of one of its biggest accidents in water transport

People are obliged to show Covid passes, the Bratislava's Old Town promotes its most beautiful trees and construction of the traditional ice house in the High Tatras has started.

13 h
Opening of the time capsule of Michael's Tower.

Time capsule stored in Bratislava's St Michael statue 176 years ago reveals its secrets

The public can see the items found in the box in the Bratislava City Museum at the Old Town Hall this weekend.

15 h
About 100 to 110 Tatra chamois live in the NAPANT national park, central Slovakia, but only two are white.

New Low Tatras attraction fascinates and worries hikers

Two white chamois have been observed in the national park, but their colour exposes them to danger.

21. okt
Skryť Close ad