Drawings from the state budget
The Government of the Slovak Republic published a report in which it was stated that budget income for the first nine months of this year was 114,349 millions Sk (70% of total yearly expenditures). The state budget as for 30 September 1995 shows a deficit of 2,877 millions Slovak crowns.
Proposal on the state budget for the next year
On 14 November 1995 The Slovak Government approved the proposed state budget for the next year concerning a budget deficit of 27 billions Sk. The proposal is to be approved by Parliament. The new proposal foresees at least a 5% increase of GDP, inflation from 6 to 8 % and unemployment rate of a maximum 13%. Net repayment of state debts will be 19 billions Sk.
Tax income to the state budget will amount to 145.1 billions Sk (89.4% of total budget income of the next year). According to prime minister Meeiar the government will think over zero custom duties for import of high-tech technologies following the politics of support of exports.
Balance of foreign trade
Balance of foreign trade for the first 9 months of 1995 reached a positive 2.8 billions Sk which means a 21.6% rise compared to the same period of the previous year. In spite of this fact, there is still not a satisfactory structure of Slovak exports since the most exported items are iron and steel. Most exports go to Germany and the Czech Republic, while the most important partners for Slovak imports remain Russia and the Czech Republic.
Foreign investments to Slovak Republic
During the first nine months of 1995 foreign investments in Slovakia amounted to 20 billions Sk. The highest investments were located in industrial production, commerce, finance and insurance.
Decrease of interest rates
After interest rates were lowered in October by Slovenska sporite 3/4 oa a.s. and some other Slovak banks, there are now more banks following the same policy. Vseobecna uverova banka a.s. and Investiena a rozvojova banka a.s. decreased basic interest rates for loans as well as interest rates for deposits with maturity longer than 12 months.
The information is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.
Please address any questions to:
Tax and business advisory services:
Ruth Clamp/Antonin Masaryk/Paul Suchar
Audit and accounting services:
Santiago Pardo, Arthur Andersen Czech Republic, Tel: +42 7 5340 545, or enter text search 'Arthur Andersen' and 'Business Monitor'.
The Government of the Slovak Republic published a report in which it was stated that budget income for the first nine months of this year was 114,349 millions Sk (70% of total yearly expenditures). The state budget as for 30 September 1995 shows a deficit of 2,877 millions Slovak crowns.
Proposal on the state budget for the next year
On 14 November 1995 The Slovak Government approved the proposed state budget for the next year concerning a budget deficit of 27 billions Sk. The proposal is to be approved by Parliament. The new proposal foresees at least a 5% increase of GDP, inflation from 6 to 8 % and unemployment rate of a maximum 13%. Net repayment of state debts will be 19 billions Sk.
Tax income to the state budget will amount to 145.1 billions Sk (89.4% of total budget income of the next year). According to prime minister Meeiar the government will think over zero custom duties for import of high-tech technologies following the politics of support of exports.
Balance of foreign trade
Balance of foreign trade for the first 9 months of 1995 reached a positive 2.8 billions Sk which means a 21.6% rise compared to the same period of the previous year. In spite of this fact, there is still not a satisfactory structure of Slovak exports since the most exported items are iron and steel. Most exports go to Germany and the Czech Republic, while the most important partners for Slovak imports remain Russia and the Czech Republic.
Foreign investments to Slovak Republic
During the first nine months of 1995 foreign investments in Slovakia amounted to 20 billions Sk. The highest investments were located in industrial production, commerce, finance and insurance.
Decrease of interest rates
After interest rates were lowered in October by Slovenska sporite 3/4 oa a.s. and some other Slovak banks, there are now more banks following the same policy. Vseobecna uverova banka a.s. and Investiena a rozvojova banka a.s. decreased basic interest rates for loans as well as interest rates for deposits with maturity longer than 12 months.
The information is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.
Please address any questions to:
Tax and business advisory services:
Ruth Clamp/Antonin Masaryk/Paul Suchar
Audit and accounting services:
Santiago Pardo, Arthur Andersen Czech Republic, Tel: +42 7 5340 545, or enter text search 'Arthur Andersen' and 'Business Monitor'.
