Even the Hungarians without Eurofunds overtook us. Economy is not beneficial, we are on the tail of the EU

12. June 2025 at 17:14

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The Slovak economy is one of the worst prosperous among the EU countries. In the so -called prosperity index, which compiles a joint analytical team of the Slovak and Česká sporiteľňa, she took 24th place.

They just turned out worse BulgariaRomania and Greece. By comparison, the Czech Republic occupied the 15th and Slovenia fourth position. The top three in the prosperity index is made up of Sweden, Ireland and the Netherlands.

However, the unflattering position of Slovakia is not only caused by the fact that after a period of solid growth before and shortly after joining the European Union in 2004, its dynamics are gradually slowing down.

“It seems that our model of a small and open economy is starting to encounter its limits,” explains Mária Valachyová, the chief economist of Slovenská sporiteľňa.

We are lagging behind Poland and Romania

The gross domestic product (GDP) of Slovakia increased by eight percent between 2019 and 2024. The average of the EU was only five percent, but to a large extent the stagnation of the great economies of Germany and France, which have a higher weight in the calculation, contributed to this.

Growth of Slovakia’s GDP was significantly dragged by household consumption, which have long been postponing the below -average part of the income. The gross savings rate in the EU 27 reached 14.5 percent last year, while in Slovakia it was only 5.9 percent.

We treat savings conservatively. Almost half of the financial property is held by the Slovaks in cash or at of current accounts.

Investment products use more rarely than residents in the West of the continent, thereby impovering the long -term revenues that offer financial markets.

On the other hand, household consumption has been declining in recent months. It follows from data An indicator of economic sentiment issued by the Statistically Office. In May he recorded the highest slump in 19 months.

Consumers and entrepreneurs expect deterioration of the economic environment. The reason is the impact of the government’s consolidation measures Robert Fico (Direction), especially transaction tax and higher VAT rate, but also uncertainty in foreign trade it brought US President Donald Trump.

In addition, more than with the EU average, it is advisable to compare the growth of Slovak GDP by eight percent over five years with equally pro -export -oriented countries.

Economy of Poland, Romania, Bulgaria and Croatia It grew by 15 percent because they had a better tax mix, attracted new investments, or focused on more promising sectors.

On the laces of Trump’s pants

Foreign trade is the largest advantage and at the same time Achilles heel of Slovakia.