SURVEY RESULTS: Slovakia 2026 Business Survey - Economic sentiment at historic low since 2020 - The Netherlands Chamber of Commerce in Slovakia

Dear Members,

We would like to share with you the press release from the Slovakia 2026 Business Survey executed by the AHK Slowakei with support of a selection of chambers of commerce including The Netherlands Chamber of Commerce in the Slovak Republic.

Press release, 21 April 2026, Bratislava (translation from the Slovak original)

Slovakia 2026 Business Survey Economic sentiment at historic low since 2020 – four in ten European investors would no longer invest in Slovakia today (Bratislava – April 21, 2026) The sentiment among European investors in Slovakia is the worst in recent years. Expectations regarding overall economic development have fallen almost to the level of March 2020 and investment activity remains subdued. Of particular concern is the fact that up to 40% of the companies surveyed would no longer decide to invest in Slovakia today. The survey results also show a significant need for improvements in economic policy.

Expectations remain subdued: The assessment of the overall economy has deteriorated further compared to last year’s survey. While some stabilization is visible in expectations of one’s own business situation, the impetus for investment is still lacking.
Economic policy is perceived negatively: Business uncertainty regarding tax and regulatory conditions remains high.
The country’s attractiveness under pressure: Most investors would choose Slovakia again, but the share of those who would not do so today has increased to 40%.

Economic situation and expectations

The assessment of the current economic situation in Slovakia is significantly negative. Only 4% of the companies surveyed rate it as good, 35% as satisfactory and up to 61% as bad. Expectations of economic development are even more pessimistic: only 3% of companies expect an improvement, while 77% expect it to deteriorate. “Expectations of economic development have reached the level we last saw when the Covid-19 pandemic broke out,” comments the results, AHK Slowakei President Pavel Lakatos. “This shows how strongly the perception of companies is influenced by the current uncertainty.” At the level of individual companies, the picture is somewhat more differentiated. Although the expectations of their own businesses have improved slightly compared to last year, they remain cautious overall and the balance between positive and negative expectations is still negative. 22% of companies expect their situation to improve, 45% expect stagnation and 33% to deteriorate. Although operational indicators show some stabilization, cautious to negative expectations still prevail for employment and investments.

31% of companies expect sales to grow, 34% to decline.
24% plan to increase the number of employees, 25% to reduce them.
28% want to increase investments, 32% plan to limit them.

“Despite the fact that the assessment of one’s own situation is less pessimistic than the view of the entire economy, it is not yet possible to speak of a real turnaround,” Lakatos emphasizes.

Labor costs

Although employment in Slovakia stagnated in 2025, companies expect further growth in labor costs in 2026 – by an average of 7.2%. This is a continuation of the trend from previous years. The shortage of qualified labor, which is felt by almost half of the respondents (47%), also contributes to the pressure on costs. “The continued growth in labor costs shows that structural problems in the labor market will not be eliminated even in a period of weaker economy,” says Bettina Trojer, an Austrian business advisor in Slovakia. At the same time, 59% of companies consider the growth in labor costs to be a significant risk to further development.

Risks: Economic policy, labor market and demand

The biggest risk for businesses is economic policy conditions (60%). “Stable and predictable conditions are key for businesses. The results clearly show that this is where investors see a growing need for improvement,” Lakatos emphasizes. Other major risks include wage costs (59%), demand developments (56%) and labor shortages (47%). These factors reinforce each other and increase pressure on businesses. The survey also shows that the influence of geopolitical factors is growing. As many as 63% of businesses are experiencing rising costs due to tariffs, logistics or regulatory requirements. “Businesses are increasingly adapting their strategies to a more complex geopolitical environment,” says Trojer. “Diversification of supply chains and the search for new markets are coming to the fore.”

Slovakia as an investment location: strengths, but also growing criticism

Despite the unfavorable situation, businesses continue to perceive several strengths of Slovakia. They evaluate in particular the EU membership, infrastructure and quality of local suppliers positively. Energy infrastructure and payment discipline also receive relatively good evaluations. On the other hand, areas such as the predictability of economic policy, the efficiency of public administration, the transparency of public procurement and the fight against corruption are strongly criticized. The tax burden and access to sources of public finance and European funds are also perceived negatively. “Slovakia still has important competitive advantages. However, it is also clear that these are not enough if investors’ confidence in economic policy is declining,” says Lakatos. “It is now up to politics to strengthen investors’ confidence again.” Despite this, Slovakia remains a relevant investment destination for many companies – 59% of businesses would choose it again. At the same time, however, the share of critical voices is growing: four out of ten would not make this choice today.

Technical parameters of the survey

Survey period: March 2026
Participants: companies operating in Slovakia, of which 91% are owned by entities from other European countries
Number of participants: 112 companies
Participation by sector: industry (51%), trade (11%), services (38%)

Organizers: