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8 September, 2015
What’s happening around the world. ESLOVAQUIA and CHEQUIA august 2015

A relevant selection of Slovaquia and Czech Republic news


GDP growth in the Czech Republic in the 2nd quarter of 2015 reached 4.4% over the figure for the same quarter of last year, making it the highest percentage in the EU. One of the main reasons is the booming industrial fabric, based on production in the machine tool, electrotechnical, capital equipment, automotive, aerospace and other sectors. The Czech Republic is one of the most industrialised countries in the EU: Industry accounts for 38% of local GDP (processing industry alone, without construction, is 25% of GDP), while the European average is 15%. This fact, together with the existence of a very stable local financial sector, has helped the country to overcome the crisis. Year on year growth of Czech industry has been 8.1% and the country has recently received significant foreign investment, not only in the automotive sector. Another reason for growth is the increase in domestic demand. One sign of stability is the recent sale of government bonds with negative yield. That means that the Czech Republic joins the group of countries such as Germany, Switzerland and Sweden where investors pay to buy government securities. Added to that is a strong local currency and another set of indicators, such as 6.3% unemployment, 42.6% public debt and 0.5% inflation.

SLOVAKIA: pre-agreement to install a Jaguar Land Rover plant

Jaguar Land Rover (JLR) has signed a pre-agreement with the Government of the Slovak Republic on the construction of a production plant in Slovakia. The reason for the JLR group decision is the existence of an important supplier framework, good infrastructure and the experience of the local sector in manufacturing for luxury car brands. The VOLKSWAGEN Bratislava plant alone manufactures the VW Tuareg, Audi Q7 and the body for the Porsche Cayenne. The fact that Slovakia has been inside the eurozone since 2009 is also an important factor. Other potential destinations considered by JLR included Mexico, the USA or Turkey, for instance. The planned investment will be 1,500 million euros and up to 6,000 direct jobs will be created. The number of indirect jobs, among suppliers, could reach another 6,000. The expected production capacity of the plant will be 300,000 cars per year. At present, Slovakia, with almost 1 million cars produced annually, is the first country in the world in production of cars per capita, with the neighbouring Czech Republic ranked second.

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