Macroeconomic aspects of the development of Slovak regions in the post-accession period

Abstract

The objective of this paper is the analysis of the macroeconomic aspects of regional development inthe Slovak Republic. Regional development is a much frequented topic recently. In the pre-accession period, Slovak regions had the opportunity of benefiting from the pre-accession funds and competing for finances through projects and strategies. The EU support did not stop with the accession, it continues with the increasing intensity and variability at present. The real challenge is how efficiently is this support used and if it goes to the destinations where it is most needed. For the purposes of the identification of regional development tendencies, we have tried to analyze the selected macroeconomic characteristics for Slovak regions at the NUTS III level. We analyze the following indicators: GDP per capita, labor productivity, foreign direct investment, so that we can explore the situation of living standards in the regions and the determinants. We use the cluster analysis approach in order to specify and identify the regions with similar development characteristics. Based on our findings, we make some recommendations on the support and development strategies for Slovak regions.