Slovakian economy continues to improve

Rents on the rise in the Czech Republic

India’s domestic airlines offer 8,600 more flights than last year

$500m project planned for Mazatlan, Mexico

Slovakian economy continues to improve

Slovakia’s GDP grew by 8.9% year-on-year in the first quarter of 2007. The fast expansion of the economy is expected to continue with GDP growth this year predicted (by the OECD) to be 8.7%, which will make it the best performing economy in Central Europe.

The registered unemployment rate fell to 8.50% in April, a new record low level, according to the Slovak labor office. The fall represents a 0.39% drop compared to March and a strong 2.54% fall year-on-year. However, Eurostat the Statistical Office for the European Communities reports that the unemployment level has fallen from 13.8% to 10.5% during the same period.

At the end of April the National Bank of Slovakia (NBS) cut interest rates by 0.25% to 4.25% p.a.

Rents on the rise in the Czech Republic

Some 760,000 Czech households with regulated rents are about to start paying an average of 19.2% more this year compared to 2006. The rent adjustment, overseen by the Ministry for Regional Development, will be implemented at the beginning of July this year and similar rent rises are expected every July until 2010.

India’s domestic airlines offer 8,600 more flights than last year

The expansion of the low cost flight sector in India shows no sign of slowing down and now accounts for 44% of all flights within India, compared to 22% in the UK and 19% in the US. Low cost domestic flights have grown by 62% over the past 12 months alone, offering 8,600 more flights and 1.7m more seats.

This ranks India in third place in the Top 10 list of countries with the highest number of additional flights in May 2007 compared to the same month in 2006, behind China and the USA.

Internationally, India continues to show steady year on year growth, with a 7% increase in the number of flights into and out of India (an additional 835 flights and more than 200,000 seats a month).  The number of international flights per month has almost doubled from 6,800 in May 2001 to 13,200 in May 2007.

The fastest growing airport hubs in India are Bangalore, which showed an increase in passenger seats of 48% compared to the previous year, Calcutta (33%), Chennai and Delhi (both 32%).

The figures are revealed in the latest OAG Quarterly Airline Traffic Statistics, a regular snapshot of airline activity around the world. 

$500m project planned for Mazatlan, Mexico

The UAE's Hydra Properties has launched a $500m project in Mazatlan, Mexcio called Hydra Waves. The development will consist of a 500 room five-star hotel, 1,000 sea view apartments, a conference centre with a capacity of 1,000 people, a 100,000 sq ft shopping centre and a ballroom. Mazatlan is situated on the northern Pacific coast of Mexico.

Dr Sulaiman Al Fahim, CEO at Hydra Properties, said, “Mazatlan is positioned as an ideal, affordable vacation choice for tourists in its variety of activities such as aquatic sports, kid’s activities, fishing, bird-watching, golf, tennis, horse-riding, fine dining, shopping and nightlife.”