Volvo car plant will increase Slovakia's GDP by 1.3%

The fifth car plant will increase Slovakia's GDP by 1.3%, estimates the Institute of Financial Policy. The Swedish Volvo will invest €1.2bn in Košice by 2026 and gradually create 3,300 jobs. After production launch, it will generate €500m added value annually. Suppliers will create 2.5-3 jobs for each Volvo employee and their added value will come to €1bn a year. Also, via increased competition on the labor market, Volvo will improve working conditions for other employees in eastern Slovakia. Foreigners will take up some of the jobs.

(IFP)