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Recent Economic Situation in Slovakia

Recent Economic Situation in Slovakia. IndustriAll Europe Eastern Region Gdansk, 07.04. 2014. Indicators of Slovak Economic development and Future Prognosis. Consolidation measures. Changes in income tax (progressive taxation)

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Recent Economic Situation in Slovakia

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  1. Recent Economic Situation in Slovakia IndustriAll Europe Eastern Region Gdansk, 07.04. 2014

  2. Indicators of Slovak Economic development and Future Prognosis

  3. Consolidation measures • Changes in income tax (progressive taxation) • Income tax of legal persons 23% (since 2015 decline to 22% + tax licenses for business companies) • Income tax of natural persons 19% and 25% • Self employed person (SZČO) • Change in definition SZČO • Increase of minimum survey base (1/2 average wage) • Change in calculation of survey base (always number of months per year + coefficient) • Restriction of lump sum expenditures (420 EUR per month, max 5040 EUR per year) • Increase of payment ceilings to quintuple of average wage • Implementation of payments in case of contracts for work • Payment holidays 1 year in case of employment of long-term unemployed person • Amendment of Labour Code since 1.1. 2013 • Changes in second pension pillar • Changes in payment of unemployment benefits and sickness benefits • Changes in valorization of pensions and Christmas bonus • Higher taxation of tobacco products • Extraordinary payment for banks • Extraordinary payment for regulated companies • Public services reform ESO

  4. GDP Increase development in mil. EUR and in % In common prices In constant prices 3Q-2013 GDP 53 741,2 3Q-2013 GDP 48 739,6

  5. Unemployment development in %

  6. Inflation rate development in %HICP (Eurostat) vs. CPI (ŠÚSR)

  7. Development in wages in eur Minimum monthly wage Average monthly wage Data for 2013 and 2014 is estimation based on approved State budget for 2014

  8. Proportion of minimum monthly wage on average monthly wage in % Data about AMW for 2013 and 2014 is estimation based on approved State budget for 2014

  9. Proportion of wages on GDP in Slovakia and eu 27 Source: Eurostat + own calculations

  10. Development metal – Average nominal monthly wage

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