Slovak Republic : 1998-1999 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development Staff, Corporate Author.

Contributor:

Organisation for Economic Co-operation and Development, contributor.

Series:

OECD Economic surveys (Series)

OECD Economic Surveys

Language:

English

Subjects (All):

Economic history.

Slovakia--Economic conditions.

Slovakia.

Slovakia--Economic policy.

Physical Description:

1 online resource (146 pages).

Edition:

1st ed.

Place of Publication:

Paris : OECD Publishing, [1999]

Language Note:

English

Summary:

Assessment and recommendations I. Main economic developments -The years 1996-98: growth and imbalances -The current account problem -Other economic developments -The new government programme -Economic outlook II. Macroeconomic policies -Introduction: an unbalanced stance of monetary and fiscal policies -Fiscal policy -Monetary policy III. The banking sector -Introduction -Recent trends in banking structure and activity: the declining share of state banks -How serious is the problem of non-performing loans? -Restructuring of the state-controlled banks is still required IV. Enterprise restructuring and development -A mixed picture -Enterprise restructuring: the facts -Policy trends -Establishing the links between facts and policies Bibliography Annexes -I. How far can a current-account deficit be sustained? -II. Energy prices in Slovakia -III. Regional dimensions -IV. Chronology of recent events 1998-99 -V. Statistical Annex.

Contents:

Intro

Table of contents

Assessment and recommendations

I. Main economic developments

The years 1996-98: growth and imbalances

Strong growth continued...

Figure 1. Contributions to GDP growth

Figure 2. OECD import cycles for main export items of Slovakia

Figure 3. Real effective exchange rate

... but macroeconomic imbalances also grew...

... and in 1998 the economy reached a turning point

The current account problem

The persistent external deficits are linked to the structure of the economy

Table 1. A strong dependency on the external sector

Table 2. Consolidated balance of payments

The deficits have been mainly financed by corporate borrowing

Table 3. Foreign debt and reserves

How far can a current account deficit be sustained?

Figure 4. The sustainability of the current account deficit

Other economic developments

Structural change

Table 4. Sectoral components of GDP

Figure 5. Labour productivity

Labour market

Figure 6. Unemployment rate

Figure 7. Evolution of unemployment turnover

Table 5. Wages and employment, 1997

Prices and exchange rate

Figure 8. CPI trends

Figure 9. Effective exchange rate

The new government programme

Box 1. The programme of the new Slovak government

Economic outlook

Table 6. Slovakia: economic outlook

II. Macroeconomic policies

Introduction: an unbalanced stance of monetary and fiscal policies

Fiscal policy

A strong expansion in 1997 and 1998...

Table 7. Consolidated general government accounts

Box 2. Reform of budgeting and control systems

... and significant contraction targeted for 1999

The state budget

Table 8. State budget

Revenues

Table 9. Tax arrears

State expenditures

The social security system

Table 10. Contribution rates for social security funds, 1998.

Table 11. Social security funds

State funds and investment projects

Table 12. Public investment projects

Funding the government deficit

Figure 10. Domestic credit expansion

Monetary policy

Monetary developments in 1996-1997

Figure 11. Average interest rates

Figure 12. Broad money: M2

Figure 13. Nominal exchange rates (national currency/SKK)

Table 13. Turnover in the foreign exchange market

Monetary developments in 1998 and current policy issues

Table 14. Monetary Programmes of the National Bank of Slovakia, 1998-99

Box 3. Capital account liberalisation

Box 4. Foreign Direct Investment

III. The banking sector

Introduction

Recent trends in banking structure and activity: the declining share of state banks

Box 5. The Investment and Development Bank

Table 15. The Slovak banking sector: selected indicators

Figure 14. Lending and deposit rates

How serious is the problem of non-performing loans?

Table 16. Classified claims, provisions and reserves as of September 1998

Restructuring of the state-controlled banks is still required

IV. Enterprise restructuring and development

A mixed picture

Enterprise restructuring: the facts

Ownership structure

Table 17. Number of enterprises by branches and by forms of ownership

Physical indicators

Changes in the size structure of enterprises

Table 18. Overall change in corporate size structure

Table 19. Changes in the aggregated size distribution of industrial enterprises

Changes in enterprise operations by firm size

Table 20. Changes in employment in the years 1993-1996

Table 21. Selected indicators by size of enterprises

A closer look at the industry sector

Table 22. Selected indicators by sector of industry

Overall financial performance.

Table 23. Basic indicators in non-financial and financial organisations

Table 24. Claims and liabilities of non-financial organisations

Table 25. Additional indicators of financial performance

Entry and exit of firms

Table 26. Entry and exit of profit-oriented organisations

Policy trends

Privatisation and its problems

Box 6. Slovnaft and Colorin

A new Law on bankruptcy

Table 27. Bankruptcy and settlements

The Revitalisation Act was not a solution for restructuring

Establishing the links between facts and policies

Figure 15. A schematic view of the restructuring process

Box 7. Investment, financial intermediation and enterprise development

Notes

Bibliography

Annexe I - How far can a current-account deficit be sustained?

Figure A1. Net external debt and sustainability of current account deficits

Annex II - Energy prices in Slovakia

Figure A2. Energy prices

Figure A2. Energy prices (cont.)

Annex III - Regional dimensions

Table A1. Regional unemployment rate in Slovak Republic

Table A2. Regional industrial structures

Table A3. Business entities in Slovak Republic by region, 1997

Table A4. Regional distribution of sole-proprietors (SP), 1997

Table A5. Sectoral breakdown of sole-proprietors (SP) and Legal Entities (LE) by region. 1997

Table A6. Mobility of workers in Slovak regions, 1997

Table A7. Budget for selected State funds, 1997

Box A1. Legislative framework for regional governance

Annex IV - Chronology of recent events 1998-99

Annex V - Statistical annex

Table A8. GDP by expenditure

Table A9. Trade by partner country

Table A10. Trade structure of the Slovak economy, 1997

Table A11. Monetary survey

Table A12. Employment, output and productivity growth, 1993-1996

Table A13. Net job creation and destruction by enterprise size, 1993-96.

Table A14. Production of goods

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

BOXES

Annex

TABLES

Table 10. Contribution rates for social security funds, 1998

Table 11. Social security funds

Table 23. Basic indicators in non-financial and financial organisations.

Table 24. Claims and liabilities of non-financial organisations

Annexe

Table A13. Net job creation and destruction by enterprise size, 1993-96

Table A14. Production of goods

FIGURES

Figure A2. Energy prices (cont.).

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-16748-X

OCLC:

1132391784