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Last refreshed: 05/06/2026 21:42 · 44 articles added
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Economy

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Economy

Slovakia's Budget Council Lowers Deficit Forecast But Warns of Overspending Risk

The Council for Budget Responsibility, Slovakia's independent fiscal watchdog, has slightly reduced its estimate for the country's budget deficit. However, the council warned that significant risks remain that actual government spending could exceed planned targets. The Council for Budget Responsibility monitors government fiscal policy and provides independent assessments of budget proposals and economic forecasts to ensure fiscal discipline and transparency in public finances.

SME
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Economy

Fuel Prices in Slovakia May Drop as US-Iran Tensions Over Strait of Hormuz Develop

Fuel prices at Slovak gas stations are expected to decrease soon, according to market analysts. The extent of price reductions will depend on ongoing tensions between the United States and Iran regarding the opening of the Strait of Hormuz, a critical shipping route for global oil supplies. The Strait of Hormuz, located between Iran and the Arabian Peninsula, is one of the world's most important oil transit chokepoints, with approximately one-fifth of global petroleum liquids passing through the waterway. Any disruption or agreement affecting passage through the strait directly impacts global oil prices and subsequently fuel costs for consumers across Europe, including Slovakia.

Aktuality
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Economy

Household Appliance Failures Caused More Insurance Claims Than Weather in Slovakia

Slovak households filed more insurance claims for broken appliances than for weather-related damage in 2025, according to data from KOOPERATIVA insurance company. The insurance data reveals that domestic appliance failures became a more frequent source of insurance claims than traditional weather events such as storms or floods. This shift in claim patterns suggests that equipment malfunctions posed a greater financial risk to Slovak families than natural weather phenomena during the year.

Aktuality
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Economy

26-year-old becomes youngest store manager for COOP Jednota retail chain in region

Barbora Barboríková has become the youngest store manager for COOP Jednota in her region at just 26 years old, leading a retail outlet in Svätý Jur, a town near Bratislava. Starting from entry-level positions, Barboríková worked her way up through the ranks of the cooperative retail chain and now manages the store she says she loves. COOP Jednota is Slovakia's largest retail cooperative network, operating hundreds of stores across the country, particularly in smaller towns and rural areas where it serves as a primary source of groceries and household goods for local communities.

Aktuality
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Economy

US-Iran Ceasefire Deal Hopes Drive American Stocks to Record Highs

American stock markets reached new record highs after reports emerged that the United States and Iran are close to agreeing on a 60-day extension of a ceasefire agreement. The S&P 500, the main US stock index, climbed to a historic peak following the publication of the news by Axios and continued rising throughout the session. The positive developments regarding Middle East tensions also affected commodity markets, with Brent crude oil prices falling to $94 per barrel as investors reduced their risk premiums on energy supplies. The reported diplomatic progress came after heightened tensions in the Middle East earlier in the week, offering markets relief from geopolitical concerns that had previously weighed on investor sentiment.

Dennik N
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Economy

Slovak Prime Minister Fico Seeks to Bypass Budget Rules Using Legal Loophole

Prime Minister Robert Fico announced plans to circumvent Slovakia's balanced budget requirements by invoking an escape clause in existing legislation. The move would allow the government to avoid strict fiscal rules that require balanced public finances. Fico leads Smer-SD, the ruling social-democratic party that returned to power following elections last year. Slovakia, like other European Union members, faces pressure to maintain fiscal discipline under EU budgetary frameworks, though the country has struggled with budget deficits in recent years. Financial experts have expressed skepticism about the legal basis for Fico's proposed strategy, with the specific grounds for invoking the escape clause remaining unclear. The development highlights ongoing tensions between political priorities and fiscal constraints facing the Slovak government.

Aktuality
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Economy

EU Exports to United States Drop Over 30 Percent in First Quarter

European Union exports to the United States fell by more than 30 percent during the first quarter of this year, according to trade data. Despite the significant decline in export value, the United States remained the European Union's most important export destination during the period. The sharp drop in trade flows highlights ongoing economic challenges affecting transatlantic commerce between the world's two largest trading blocs.

SME
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Economy

Agriculture Minister Warns EU Payment Cap Would Devastate Slovak Farming

Slovakia's Agriculture Minister Richard Takáč warned that proposed European Union caps on direct agricultural payments would devastate the country's farming sector. Takáč particularly criticized plans to create a so-called 'superfund' that would redistribute agricultural subsidies. Direct payments are a key component of the EU's Common Agricultural Policy, providing income support to farmers across member states. The minister's opposition reflects broader concerns among some EU countries about reforms that could reduce funding for larger agricultural operations, which play a significant role in Slovakia's rural economy.

SME
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Economy

EU Funds Distributed to Over 700 Small Construction Projects Across Slovakia

The Slovak government is distributing European Union funding to more than 700 small construction projects across the country. The funding allocation has been described using imagery of money being thrown from a helicopter, suggesting concerns about the distribution method or criteria for these projects. The reference to 'Hunger Games' in the original Slovak title implies potential competition or controversy surrounding how these EU funds are being allocated among various local construction initiatives.

SME
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Economy

Slovakia Cannot Rely Solely on Auto Industry and European Markets, Says Economy Minister

Slovakia's Economy Minister Peter Raši warned that the country's economy cannot continue to depend exclusively on its automotive sector and European export markets. The minister emphasized the need for Slovakia to develop new export engines to diversify its economic base. Slovakia's economy has been heavily reliant on car manufacturing, with major plants from Volkswagen, Peugeot, Kia, and Jaguar Land Rover making it one of the world's largest per-capita car producers. The automotive industry accounts for a significant portion of the country's industrial output and exports, primarily to European Union markets, making the economy vulnerable to disruptions in either the auto sector or European demand.

SME
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Economy

Slovak Agriculture Ministry Plans New Forest Liming Program Despite Previous Disappointing Results

Slovakia's Ministry of Agriculture plans to allocate 25 million euros from EU funds for a new forest liming program, despite criticism of previous efforts. The National Forest Centre has described the results of the last forest liming campaign as "very unconvincing," raising questions about the effectiveness of the proposed initiative. The previous liming program reportedly benefited individuals connected to prominent businessmen Fafokán and Malanta, adding controversy to the ministry's renewed push for the practice.

Dennik N
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Economy

Slovakia's Social Insurance Agency spending exceeded 1.3 billion euros by year-end

The Social Insurance Agency (PPA), Slovakia's public pension and social insurance administrator, spent 1.352 billion euros by the end of 2024, significantly exceeding its originally approved budget of 756 million euros. The agency's approved revenue budget was adjusted during the year through budgetary measures totaling nearly 1.3 billion euros. The Social Insurance Agency manages the country's pension system and various social insurance benefits, making it one of Slovakia's largest public expenditure items.

SMETASR/Teraz
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Economy

European Central Bank Minutes Signal Interest Rate Increases

The European Central Bank indicated it may raise interest rates in upcoming decisions, according to recently released meeting minutes. The central bank's primary focus remains stabilizing inflation at its target level of two percent. The ECB, which sets monetary policy for the 20-country eurozone including Slovakia, has been grappling with persistent inflationary pressures across the currency union. Interest rate adjustments represent the bank's primary tool for managing inflation, with higher rates typically used to cool economic activity and reduce price pressures when inflation exceeds target levels.

SME
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Economy

Košice Business Day Brings Together Companies, Academia and Public Administration

A business networking event in Košice aimed to foster regional development, create new commercial opportunities, and strengthen cooperation between different sectors. The SARIO Business Day - In the Regions 2026 event brought together representatives from private companies, academic institutions, and public administration to promote collaboration across eastern Slovakia's economic landscape.

TASR/Teraz
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Economy

Slovak Trade Union Leader Criticizes 15-Minute Lunch Break Proposal as 'Smokescreen'

The head of Slovakia's main trade union confederation KOZ has dismissed a proposed 15-minute lunch break policy as a "smokescreen," according to local media reports. The union leader made the criticism while discussing broader labor policy issues. The statement comes amid ongoing debates over workers' rights and labor conditions in Slovakia, where trade unions traditionally play a significant role in negotiating employment standards and workplace protections.

SME
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Economy

Alzheimer's Research Firm Loses Major Government Grant but Receives Alternative Funding

Axon Neuroscience, a pharmaceutical company researching Alzheimer's disease treatments, has lost a government innovation grant worth nearly 15 million euros. The company, owned by debt-ridden businessman Maroš Hoffmann, was removed from controversial innovation support programs previously managed by former economy minister Richard Sulík. However, shortly after losing the major grant, Axon Neuroscience secured at least 300,000 euros from alternative innovation support schemes under current Economy Minister Denisa Saková. The company represents Hoffmann's last major business venture after multiple previous corporate failures, though it has significantly downsized compared to its past operations. The case highlights ongoing questions about the allocation of state innovation funding and the screening of grant recipients in Slovakia's economic development programs.

Dennik N
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Economy

Slovak Government Approves 28 Million Euro Aid Package for Two Companies to Create 300 Jobs

The Slovak government approved financial assistance exceeding 28 million euros for two companies that committed to creating 300 new jobs. One company is located in Veľká Ida, while the other operates in Michalovce, both in eastern Slovakia. The aid package represents part of Slovakia's efforts to stimulate economic development and employment growth in the region, which has historically faced higher unemployment rates compared to western parts of the country.

Korzár
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Economy

Electric Vehicle Sales Surge as Prices Fall Closer to Traditional Cars

One in four new cars sold globally last year was electric, marking a significant milestone in the automotive industry's transition away from fossil fuels. The electric vehicle market has experienced dramatic growth, with the selection of electric and plug-in hybrid vehicles doubling over the past five years. The expansion of electric mobility continued throughout the previous year, driven by increasingly diverse model offerings and stricter emissions regulations. Industry analysts expect further acceleration in 2024, supported by the introduction of more affordable electric models and rising fuel prices linked to Middle Eastern conflicts. Price gaps between electric vehicles and comparable gasoline-powered models are also narrowing, particularly in markets like China where electric SUVs are approaching price parity with traditional combustion engine vehicles.

Dennik N
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Economy

Uber Increases Stake in Delivery Hero to Nearly 25 Percent

American ride-hailing company Uber has increased its ownership stake in German food delivery platform Delivery Hero to nearly 25 percent. The move comes as investment fund Aspex reduced its holdings in the Berlin-based company, cutting its stake from 14.55 percent to 7.56 percent. Delivery Hero operates food delivery services across multiple international markets and has been expanding its presence in various regions including Asia and the Middle East.

SMETASR/Teraz
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