\u010cesko a Slovensko predstavuj\u00fa u\u017e dlh\u0161\u00ed \u010das dva kontrastn\u00e9 pr\u00edklady pr\u00edstupu k investi\u010dnej a spotrebnej aktivite. \u010cesk\u00e1 ekonomika dosahuje aj v eur\u00f3pskom porovnan\u00ed pozoruhodn\u00e9 parametre investi\u010dnej aktivity. Slovensko s \u010ceskom mo\u017eno a\u017e trochu prekvapuj\u00faco dr\u017e\u00ed krok v \u00farovni spotreby. <\/p>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tKarol Morvay, ekon\u00f3m, NHF EUBA a E\u00da SAV<\/p>\n
\t\t\t\t\t\t\t\t20.02.2026 12:00 \t\t\t\t\t\t\t<\/p>\n
Z\u00e1sadn\u00fd rozdiel je v\u0161ak v\u00a0invest\u00edci\u00e1ch. Na Slovensku sa v\u00a0ostatnom viac ako desa\u0165ro\u010d\u00ed posilnila orient\u00e1cia na spotrebu, v\u00a0\u010cesku pretrv\u00e1va v\u00fdraznej\u0161\u00ed \u0165ah na tvorbu kapit\u00e1lu. Aj v\u00a0tom m\u00f4\u017ee by\u0165 jedna z\u00a0pr\u00ed\u010din nezbli\u017eovania sa \u00farovn\u00ed ekonom\u00edk. Je tu zjavn\u00fd rozdiel v\u00a0snahe tvori\u0165 fixn\u00fd kapit\u00e1l\u00a0\u2013 ten je jedn\u00fdm z\u00a0\u0165ah\u00fa\u0148ov\u00a0rastu.<\/p>\n
Krajina bez \u00faspor, nepom\u00e1ha ani inf\u00fazia<\/p>\n
Za\u010dnime pr\u00edbeh od \u00faspor, tie maj\u00fa by\u0165 zdrojom tvorby kapit\u00e1lu. M\u00e1me tu dlhodobej\u0161\u00ed, ale \u010doraz naliehavej\u0161\u00ed probl\u00e9m: Slovensku sa na rozdiel od ostatn\u00fdch ekonom\u00edk v\u00a0regi\u00f3ne nedar\u00ed postavi\u0165 na vlastn\u00e9 nohy v\u00a0tvorbe \u00faspor. A\u00a0tie maj\u00fa d\u00e1va\u0165 z\u00e1klad pre roz\u0161irovanie kapit\u00e1lu ako podmienky bud\u00facej prosperity. Bez schopnosti tvori\u0165 vlastn\u00fd objem \u00faspor pre bohatnutie tejto spolo\u010dnosti vyznievaj\u00fa hrd\u00e9 vyhl\u00e1senia o\u00a0suver\u00e9nnych politik\u00e1ch trochu ironicky.<\/p>\n
U\u017e p\u00e4\u0165 rokov m\u00e1me v\u00a0kol\u00f3nke \u010dist\u00e9 \u00faspory za ekonomiku ako celok iba z\u00e1porn\u00e9 \u010d\u00edsla. Priemerne je to\u00a0\u2013304,5\u00a0eura ro\u010dne v\u00a0prepo\u010dte na obyvate\u013ea (naozaj je tam m\u00ednus, to nie je poml\u010dka). \u010cesk\u00fd \u00fadaj je 1\u00a0342,7\u00a0eura, s\u00a0kladn\u00fdm znamienkom. To kladn\u00e9 znamienko m\u00e1 cel\u00e1 V4 okrem\u00a0n\u00e1s.<\/p>\n
Pozor, tu nejde o\u00a0\u00faspory v\u00a0zmysle neminut\u00fdch zdrojov dom\u00e1cnost\u00ed. \u010cist\u00e9 \u00faspory odr\u00e1\u017eaj\u00fa t\u00fa \u010das\u0165 disponibiln\u00fdch pr\u00edjmov celej spolo\u010dnosti, ktor\u00e1 sa nepou\u017eila na spotrebu ani na tzv. odpisy (teda na krytie obnovy opotrebovan\u00e9ho majetku). T\u00fdkaj\u00fa sa nielen dom\u00e1cnost\u00ed (vznikaj\u00fa aj v\u00a0podnikoch a mohli by aj vo verejnej spr\u00e1ve). \u010cist\u00e9 \u00faspory maj\u00fa sl\u00fa\u017ei\u0165 na bohatnutie: na tvorbu nov\u00e9ho kapit\u00e1lu, roz\u0161irovanie kapac\u00edt\u00a0\u2013 nov\u00e9 stavby, stroje a zariadenia, hardv\u00e9r, softv\u00e9r, dopravn\u00e9 prostriedky (v\u0161etky veci potrebn\u00e9 pre produkciu a rast \u00farovne ekonomiky). Sme medzi stredoeur\u00f3pskymi \u0161t\u00e1tmi jedinou krajinou, ktor\u00e1 u\u017e dlhodobej\u0161ie nedok\u00e1\u017ee tvori\u0165 vlastn\u00e9 \u010dist\u00e9 \u00faspory. Niekto ich tvor\u00ed, ale in\u00ed s\u00fa v\u00a0takom m\u00ednuse, \u017ee do m\u00ednusu dost\u00e1vaj\u00fa cel\u00fa ekonomiku.<\/p>\n
\t My sme trvalo na inf\u00fazii zvonku a a\u017e pr\u00edli\u0161 sme si na \u0148u zvykli. Ak nie\u010do treba vytvori\u0165, za\u010dneme ot\u00e1zkou, \u010di s\u00fa na to eurofondy. <\/p>\n
Jasn\u00e9, \u017ee m\u00f4\u017eeme pou\u017e\u00edva\u0165 zdroje cudzie\u00a0\u2013 ve\u010f aj sme od nich permanentne z\u00e1visl\u00ed. Len\u017ee na\u0161i susedia u\u017e maj\u00fa schopnos\u0165 si \u010das\u0165 zdrojov na invest\u00edcie vytvori\u0165 aj sami. My sme trvalo na inf\u00fazii zvonku a a\u017e pr\u00edli\u0161 sme si na \u0148u zvykli. Ak nie\u010do treba vytvori\u0165, za\u010dneme ot\u00e1zkou, \u010di s\u00fa na to eurofondy.<\/p>\n
Pr\u00edli\u0161 si u\u017e\u00edvame, m\u00e1lo investujeme<\/p>\n
Vyjadrime pomer, v\u00a0akom pou\u017e\u00edvame zdroje na spotrebu a na investovanie do fixn\u00e9ho kapit\u00e1lu. V\u00a0\u010cesku na jedno euro invest\u00edci\u00ed do fixn\u00e9ho kapit\u00e1lu pripad\u00e1 iba 2,2\u00a0a\u017e 2,5\u00a0eura kone\u010dnej spotreby, a to dlhodobo. Aj na pomery E\u00da je to pomerne n\u00edzka hodnota: pomerne m\u00e1lo spotreby na jedno euro tvorby kapit\u00e1lu alebo pomerne ve\u013ea tvorby kapit\u00e1lu na jedno euro spotreby. V\u00a0ka\u017edom pr\u00edpade to znamen\u00e1 vych\u00fdlenie smerom k\u00a0investi\u010dn\u00e9mu pou\u017eitiu.<\/p>\n
Na Slovensku sa pohybujeme na \u00farovni takmer \u0161tyroch eur kone\u010dnej spotreby na jedno euro tvorby fixn\u00e9ho kapit\u00e1lu. U\u00a0n\u00e1s sme sa odch\u00fdlili viac smerom k\u00a0spotrebnej orient\u00e1cii. Medzi mnoh\u00fdmi pr\u00ed\u010dinami by sme na\u0161li vy\u0161\u0161\u00ed sklon k\u00a0spotrebe v\u00a0sektore dom\u00e1cnost\u00ed u\u00a0n\u00e1s (ako dlhodob\u00e1 tendencia odr\u00e1\u017eaj\u00faca v\u00fdvoj \u017eivotn\u00e9ho \u0161t\u00fdlu), slab\u0161\u00ed rast disponibiln\u00fdch pr\u00edjmov v\u00a0sektore podnikov po glob\u00e1lnej finan\u010dnej kr\u00edze alebo verejn\u00e9 politiky viac podporuj\u00face spotrebu (napr\u00edklad n\u00e1rast podielu v\u00fddavkov na soci\u00e1lnu starostlivos\u0165).<\/p>\n
\u010cesko patr\u00ed ku krajin\u00e1m E\u00da s\u00a0najvy\u0161\u0161ou mierou investovania (to je podiel tvorby fixn\u00e9ho kapit\u00e1lu na HDP). V\u00a0obdob\u00ed pred finan\u010dnou kr\u00edzou (2009) boli \u010desk\u00e9 a slovensk\u00e9 hodnoty podobn\u00e9\u00a0\u2013 na eur\u00f3pske pomery s\u00a0vysokou mierou investovania. N\u00e1sledne sa tendencie tohto parametra zna\u010dne odl\u00ed\u0161ili. V\u00a0\u010cesku sa pohybuje v\u00a0ostatnom obdob\u00ed na \u00farovniach okolo 24\u201327 %, u\u00a0n\u00e1s okolo 20\u00a0%. Aj samotn\u00fd \u0161t\u00e1tny (lep\u0161ie verejn\u00fd) sektor prispieva k\u00a0probl\u00e9mu: vo verejn\u00fdch v\u00fddavkoch je v\u00a0\u010cesku podstatne vy\u0161\u0161\u00ed podiel v\u00fddavkov na tvorbu kapit\u00e1lu. To znovu preukazuje preferenciu spotrebne orientovan\u00fdch v\u00fddavkov u\u00a0n\u00e1s.<\/p>\n
Zauj\u00edmav\u00fdm v\u00fdsledkom tak\u00fdchto rozdielov je, \u017ee zdanlivo \u013eahko dr\u017e\u00edme krok s\u00a0\u010ceskom v\u00a0\u00farovni spotreby dom\u00e1cnost\u00ed (v\u00a0prepo\u010dte na obyvate\u013ea). Pri vyjadren\u00ed v\u00a0parite k\u00fapnej sily (aby sme odstr\u00e1nili vplyv rozdielov v\u00a0cenov\u00fdch hladin\u00e1ch), je \u00farove\u0148 spotreby na obyvate\u013ea pribli\u017ene v\u00a0pomere 1\u00a4:\u00a41. A\u00a0to aj napriek skuto\u010dnosti, \u017ee v\u00fdkonnos\u0165 ekonom\u00edk nie je rovnak\u00e1.<\/p>\n
V\u00fdrazn\u00fd rozdiel v\u0161ak, celkom logicky, vznik\u00e1 na \u00farovni invest\u00edci\u00ed na obyvate\u013ea\u00a0\u2013 v\u00a0tvorbe fixn\u00e9ho kapit\u00e1lu sme v\u00a0ostatnom obdob\u00ed len na \u00farovni okolo 60\u00a0% \u010deskej \u00farovne. Sklon udr\u017eiava\u0165 \u00farove\u0148 ekonomicky vyspelej\u0161ieho suseda v\u00a0spotrebe, pri odlo\u017een\u00ed invest\u00edci\u00ed, mus\u00ed nevyhnutne znamena\u0165 zaost\u00e1vanie v\u00a0tom, \u010do vy\u017eaduje ve\u013ek\u00e9 invest\u00edcie. Zjednodu\u0161ene: na stoloch m\u00e1me skoro to ist\u00e9, ale \u017eelezni\u010dn\u00e9 koridory alebo diverzifikovan\u00e9 siete dod\u00e1vok energi\u00ed funguj\u00fa v\u00a0\u010cesku. Pokra\u010dovanie by viedlo k\u00a0tomu, \u017ee aj t\u00e1 podobnos\u0165 v\u00a0\u00farovniach spotreby by sa udr\u017eiavala \u010doraz \u0165a\u017e\u0161ie.<\/p>\n
N\u00e1zory extern\u00fdch prispievate\u013eov nemusia vyjadrova\u0165 n\u00e1zor redakcie.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010cesko a Slovensko predstavuj\u00fa u\u017e dlh\u0161\u00ed \u010das dva kontrastn\u00e9 pr\u00edklady pr\u00edstupu k investi\u010dnej a spotrebnej aktivite. \u010cesk\u00e1 ekonomika…\n","protected":false},"author":2,"featured_media":1850,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[1438,588,43,40,44,39,42,1441,45,41,1440,1439,1442],"class_list":["post-1849","post","type-post","status-publish","format-standard","has-post-thumbnail","category-slovensko","tag-investicie","tag-nazory","tag-sk","tag-slovak","tag-slovak-republic","tag-slovakia","tag-slovencina","tag-slovenska-ekonomika","tag-slovenska-republika","tag-slovensko","tag-spotreba-domacnosti","tag-uspory","tag-zahranicne-investicie"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/1849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/comments?post=1849"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/1849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media\/1850"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media?parent=1849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/categories?post=1849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/tags?post=1849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}