The Slovak Republic overview

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Cityscape at night

In the Slovak Republic we focus on:

Deepening financial intermediation and support for SMEs. The EBRD’s engagement in the financial institutions sector is focussed on further enhancement of the availability of credit finance to small and medium-sized local enterprises as well as to small municipalities with an emphasis on deepening financial intermediation to SMEs in the less developed regions of the country. The EBRD also seeks to expand programmes implemented through commercial banks providing funding and expert assistance for small energy efficiency and renewable energy investments. We are also pursuing opportunities with financial intermediaries on equity and mezzanine financing.

Supporting investments in infrastructure, energy security and energy efficiency. The EBRD is supporting the development of viable financing structures to secure long term financing for projects in the commercial infrastructure sector through co-operation with other IFIs and private sector participants. We are promoting the diversification of energy supply with a focus on renewable energy sources and energy efficiency throughout sectors to enhance energy security, reduce energy intensity and meet EU environmental targets.

Support cross border co-operation and investments of leading local entities in other countries of EBRD operations in order to enhance their regional presence.

As well as being a country where the EBRD works, the Slovak Republic is also an EBRD donor. In 2013 the Slovak Republic confirmed a replenishment of €3.5 million to its bilateral fund to support transport, MEI, energy efficiency and public procurement projects. Geographically, the Western Balkans remains a priority both bilaterally as well as in the context of the Western Balkans Investment Framework.

The EBRD’s latest strategy for the Slovak Republic was adopted on 13 November 2012

Current EBRD forecast for the Slovak Republic’s real GDP growth in 2015 2.6%

Current EBRD forecast for the Slovak Republic’s real GDP growth in 2016 3.3%

After a significant slowdown in 2013, growth in the Slovak Republic last year recovered to 2.4 per cent. As in the other economies in the region household consumption, buoyed by real wage growth (up by 2.9 per cent over the year), and a further slight drop in unemployment (to 12.3 per cent in February 2015), accounted for the largest contribution to growth. This year the depreciation in the euro should boost exports (for which growth had fallen to a five year low of 4.6 per cent last year), and prospects for exports have further brightened with the announcement of capacity expansion in the car industry. The Slovak Republic has not managed to disburse a large share of EU structural funds allocated to the country. Unless paid out to final beneficiaries, funds previously committed by the EU will need to be paid back at end-2015. The government has therefore markedly stepped up its investment programme this year. Against this background, we expect a pickup in growth to 2.8 and 3.3 per cent in 2015 and 2016, respectively.

Slovak Republic in the EBRD’s 2014 Transition Report

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