Slovakia's economy registered growth of 2.7%, making it one of the best performers in the Eurozone. The positive result is also reflected in increased wages and employee demand.
Economic growth in the first quarter was mainly due to increased consumption by households and municipalities
– explained Marian Kocsis, Analyst of Slovak Savings Bank (SLSP).
This can be attributed to the gradual decline in inflation, which has now fallen instead of last year's double-digit values to a more tolerable level. “The inflation rate fell to 2.1%, the lowest value since February 2023,” said Jana Murhačová, spokeswoman for the Statistics Office.
At the same time, the number of unemployed is also low, and this has also contributed to improving economic indicators – nearly two and a half million people worked in the first three months of the year.
Wages are rising faster than the rate of inflation, and this is true across the board
Morháčová added.
The only problem is that many countries in Europe, including Germany, Italy and France, which are the continent's economic engine, performed much lower than expected, so Slovakia's data should be treated with caution.
(Yo)
