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Economy

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Economy

Slovakia Plans Road Widening Through Soroška Pass as Tunnel Project Remains Stalled After 30 Years

The Slovak Road Administration is preparing to widen the road through Soroška Pass, a key transportation route connecting central and southern Slovakia. The widening project comes as residents of the Gemer region in southern Slovakia continue waiting for a tunnel through the pass that has been promised for three decades. The Soroška Pass serves as a crucial link between different regions of Slovakia, but the challenging mountain terrain has long posed transportation difficulties. While the road widening may provide some relief for traffic congestion and safety concerns, the more ambitious tunnel project that would provide a permanent solution to the area's transportation challenges remains indefinitely delayed.

Aktuality
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Economy

Slovakia Uncovers Widespread Illegal Employment in 2025 Labor Inspections

Slovak labor inspectorates conducted more than 16,600 inspections focused on illegal employment in 2025, uncovering nearly 700 employers who illegally hired over 1,200 workers. The Association of Personnel Agencies of Slovakia (APAS) warned that using cheap personnel agencies can prove costly for companies, as violations can result in significant financial penalties. Labor inspectorates, which operate under Slovakia's Ministry of Labor and are responsible for monitoring workplace compliance and employment law violations, have intensified their crackdown on illegal employment practices. The high number of violations discovered suggests that illegal employment remains a persistent problem in the Slovak labor market, with companies potentially facing substantial fines for using unlicensed or non-compliant staffing services.

TASR/Teraz
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Economy

Trenčín to Add 17 Electric Vehicle Charging Stations

The western Slovak city of Trenčín will install 17 new electric vehicle charging stations as part of the country's expanding EV infrastructure. Each charging station will be equipped with a payment terminal, touchscreen control panel, emergency shutdown button, type B electrical protection, and two CCS 2 charging connectors. The expansion reflects Slovakia's broader push to develop electric vehicle infrastructure to support the transition to cleaner transportation.

TASR/Teraz
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Economy

IMF cuts global economic growth forecast to 3.1%, warns of recession risk

The International Monetary Fund lowered its global economic growth forecast for this year to 3.1 percent, down from its January prediction of 3.3 percent. The Washington-based institution warned that the world economy faces a challenging year with the potential for recession, citing a possible military conflict with Iran as the primary risk factor. The IMF indicated that without escalation of Middle East conflicts, it would have revised global growth projections upward by 0.1 percentage points instead.

SMEAktualityTASR/Teraz
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Economy

Slovak Corporate Profits Fall for Second Consecutive Year Despite Wage Growth

Slovak companies experienced declining profits for the second straight year in 2023, reflecting continued economic challenges facing the business sector. Despite the weak corporate performance, wages in Slovakia grew faster than inflation during the same period, providing some relief to workers amid broader economic headwinds. The combination of falling business profits and rising labor costs highlights the complex economic pressures facing Slovakia's economy as companies struggle with reduced profitability while employees see modest improvements in their purchasing power.

SME
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Economy

Battery Factory in Šurany to Proceed Despite Minister's Doubts, Says Project Manager

A major battery manufacturing project in Šurany will proceed as planned despite recent skepticism from Slovakia's Environment Minister Tomáš Taraba about whether the factory will ever be built. Pavol Krokoš, executive director of the Chinese-Slovak consortium Gotion InoBat Batteries, confirmed the investment remains on track with only minor delays to the trial operations phase. The company still plans to begin commercial production between 2027 and 2028. The Šurany battery factory represents a significant foreign investment in Slovakia's automotive sector, which has become a key pillar of the country's economy. The project has faced scrutiny amid broader debates about foreign investment and environmental concerns surrounding large-scale industrial developments.

Dennik N
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Economy

Slovaks Trust COOP Jednota as Leading Domestic Food Retailer

COOP Jednota, Slovakia's largest domestic retail chain, continues to serve as a trusted source for Slovak-origin food products among consumers. The cooperative retail network has established itself as a carrier of Slovak culinary traditions, with customers viewing it as a reliable option for purchasing domestically-produced groceries. The chain's position as the country's biggest homegrown retailer has allowed it to maintain strong consumer confidence in an increasingly competitive market dominated by international retail chains.

Aktuality
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Economy

Slovak Refractory Materials Producer Recovers Without Government Aid After Losing Russian Contracts

Slovmag, a Slovak manufacturer of fire-resistant refractory materials, successfully recovered from financial difficulties without government assistance by replacing lost Russian contracts with new Western orders. The company, based in the economically disadvantaged Revúca district, significantly increased its revenue and reduced losses in the past year. Former Soviet markets now represent only 3 percent of the company's sales, down from much higher levels previously. The government had planned to provide state aid to the company as recently as November, recognizing its importance as a major employer in one of Slovakia's poorest regions. However, Slovmag managed to stabilize its operations independently by diversifying its customer base toward Western markets following the loss of Russian business.

Dennik N
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Economy

Orlen Begins Natural Gas Production from New Wells in Poland

Polish energy giant Orlen has started extracting natural gas from newly drilled wells at the Sieroslaw deposit in Poland's Lublin Voivodeship. The company deployed mobile containerized technology for the extraction process, which includes specialized modules for gas separation, dehydration, and measurement. The development represents part of Poland's efforts to diversify its energy sources and reduce dependence on energy imports, particularly in the context of regional energy security concerns following the war in Ukraine.

TASR/Teraz
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Economy

Slovak Post Reduces Planned Loss to Nearly 1.7 Million Euros

Slovenská pošta, Slovakia's state postal service, reduced its annual loss to nearly 1.7 million euros last year, marking the lowest deficit since 2020. The company plans to present a rescue plan as it works toward its goal of achieving profitability by 2028. The reduced loss represents progress for the struggling postal operator, which has faced ongoing financial challenges in recent years as traditional mail services decline and competition increases in the logistics sector.

SMETASR/Teraz
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Economy

Slovakia's Financial Administration Receives Over One Million Income Tax Returns

Slovakia's Financial Administration has recorded more than one million submitted income tax returns as the tax filing season continues. The tax authority is processing the submitted returns on an ongoing basis. The milestone reflects the progress of the annual tax collection process, with Slovak taxpayers required to file their income tax declarations by the statutory deadline. The Financial Administration, which serves as the country's central tax collection agency, handles income tax filings from individuals and businesses across Slovakia.

SME
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Economy

EU Institutions Agree on New Steel Sector Protection Measures

European Union institutions have reached agreement on new measures to protect the European steel industry from unfair global trade practices. The new regulation establishes duty-free import quotas of 18.3 million tons annually for 30 categories of steel products entering the EU, with imports beyond these quotas subject to a 50 percent tariff. The measure is designed to address the negative trade effects of global overcapacity in steel production, which has put pressure on European steelmakers through artificially cheap imports that undercut domestic production.

SMETASR/Teraz
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Economy

Slovak Banks Feel Competition from Brokers, Consider Lower Investment Fees

Slovak banks are responding to growing competition from investment brokers by developing their own trading solutions, though financial analysts do not expect significant reductions in investment fees in the near term. The competitive pressure has prompted banks to explore direct securities trading services as brokers gain market share with lower-cost investment options. Market observers are monitoring whether additional financial institutions will introduce direct trading platforms to compete with existing brokerage services that have attracted customers with reduced fees and streamlined investment processes.

Aktuality
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Economy

Government's Budget Consolidation Hurts Families and Penalizes Work, Says Former Labor Minister

Slovakia's government budget consolidation measures are particularly harming multi-child families and single-income households, according to former Labor Minister Jozef Mihál. The former minister criticized the government for penalizing work and effort, citing the removal of tax bonuses for breadwinners who take on second jobs to support their families. Mihál argued that the government is stripping away benefits from struggling families while maintaining support from voters who approve of these policies. The consolidation package represents the current government's efforts to reduce the budget deficit through spending cuts and tax changes, but critics argue it disproportionately affects vulnerable households rather than addressing structural economic issues.

Aktuality
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Economy

European stocks close lower amid Strait of Hormuz blockade concerns

European stock markets ended trading in negative territory as investor sentiment was dampened by developments involving a blockade in the Strait of Hormuz region. The strategic waterway, which handles about one-fifth of global oil transit, has become a focal point of concern for international markets. Market analysts attributed the decline in European equities to fears about potential disruptions to energy supplies and broader geopolitical tensions in the Middle East that could affect global trade flows.

SME
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Economy

AT&T to Lay Off Over 200 Workers at Košice Office

American telecommunications giant AT&T is preparing mass layoffs at its office in Košice, eastern Slovakia's largest city, with more than 200 employees expected to lose their jobs. The layoffs primarily affect workers who handle incoming calls and their managers, according to a trade union confirmation. The company cited multiple reasons for the workforce reduction, including the implementation of artificial intelligence technology and the effects of corporate consolidation. AT&T operates a customer service center in Košice, one of several international companies that established operations in Slovakia's second-largest city to take advantage of lower labor costs and skilled workforce. The layoffs represent a significant blow to the local economy, as Košice has positioned itself as a major hub for shared service centers and business process outsourcing for multinational corporations.

Dennik N
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Economy

European Commission Conducts Antitrust Inspections at Unnamed Chocolate Company

The European Commission has conducted antitrust inspections at an unnamed company in the chocolate products sector. The Commission emphasized that it respects the right of defense in the matter. The inspections are part of the EU's ongoing efforts to monitor competition practices in European markets, though the Commission has not disclosed the identity of the company under investigation or the specific nature of the suspected antitrust violations.

SME
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Economy

Swiss-Ukrainian Company Plans Water Treatment Chemical Plant in Štúrovo

A Swiss company with Ukrainian capital plans to build a factory in Štúrovo that will produce chemicals for treating drinking water and wastewater. The facility represents an expansion of similar operations in Ukraine, where the company employs over 100 people. The new plant will be located in Štúrovo's industrial park near the Danube River, on land previously occupied by a defunct and remediated wastewater treatment facility. Štúrovo is a town in southern Slovakia on the border with Hungary, strategically positioned along the Danube for industrial operations requiring water access.

Dennik N
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Economy

Slovak Exporters Expect Negotiations Over Druzhba Pipeline Dispute

Slovak exporters anticipate negotiations regarding the ongoing dispute over the Druzhba oil pipeline, with companies emphasizing that stabilizing supplies must be the primary objective of any talks. The Druzhba pipeline, one of the world's longest oil pipeline systems, transports crude oil from Russia through several Eastern European countries including Slovakia to refineries in Central Europe. The pipeline has become a focal point of energy security concerns amid broader geopolitical tensions, as disruptions could significantly impact Slovakia's oil supply and refining operations. Slovak exporters are calling for dialogue to resolve whatever issues are affecting the pipeline's operations and ensure reliable energy flows continue.

SME
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Economy

Police Operation at Eastern Slovakia Dairy Results in Charges Over Subsidy Fraud

Police have filed charges against one person following an ongoing investigation at a dairy facility in eastern Slovakia. The operation uncovered evidence of subsidy fraud, with authorities alleging improper handling of government financial support. The investigation represents part of broader efforts by Slovak law enforcement to combat misuse of public funds in the agricultural sector.

Korzár
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