Slovak unemployment rate falls two percent

The annual decline in October's unemployment rate in Slovakia from 12.7 percent to 10.7 percent is the second most significant across the European Union. The number of people out of work went down faster only in Spain - from 23.9 percent in October last year to 21.6 percent in October this year. Despite this success, Slovakia considerably lags behind the neighbouring Czech Republic. Our north western neighbour has the second lowest unemployment throughout the European Union - it currently stands at 4.7 percent. "We expect that the unemployment rate in Slovakia should continue to decrease next year", said chief economist of Slovenská sporiteľňa Mária Valachyová.