Industrial orders in Slovakia decline slightly in April 2025

In April 2025, the value of new industrial orders in Slovakia fell by 0.8% year-on-year, reaching EUR 5.66 billion. This marks the first annual decline in new orders this year, following three consecutive months of growth. However, when adjusted for seasonal effects, orders increased by 1.8% compared to March 2025.

The annual decrease was recorded in seven out of twelve industrial sectors monitored monthly. Key contributors to the decline included significant drops in the manufacture of metal structures excluding machinery and equipment (down 22.9%), electrical equipment (down 25.4%), and chemicals and chemical products (down 12.7%).

Despite these declines, some segments continued to show growth. Orders in the manufacture of motor vehicles, trailers, and semi-trailers increased by 4.1% year-on-year, representing the strongest positive contributor to overall performance. Additional gains were seen in the manufacture of computer, electronic and optical products (up 21.8%) and in the manufacture and processing of metals (up 8.5%). Nonetheless, these gains were not sufficient to offset the broader downturn in the industrial sector for the month.

Poles prioritize health spending as healthcare sector sees debt decline

In 2025, a growing number of Poles are choosing not to cut back on health-related expenses, with 61% reporting satisfaction with their overall health. A recent study commissioned by BIG InfoMonitor revealed that 14% of respondents plan to increase their spending on specialist visits, health-focused diets, and physical fitness. This is nearly matched by the 16% who intend to reduce their health expenditures, while almost half (48%) aim to maintain spending levels from the previous year.

The trend is particularly visible among older adults aged 65 and above (20%) and younger adults between 25 and 34 (17%), while the average across other age groups stands at around 12%. Regional differences are also notable, with the highest intent to increase spending observed in the Łódź (25%), Silesian (20%), Lower Silesian, and Lubusz (17%) voivodeships. The lowest levels were seen in Podlaskie (4%), West Pomeranian (5%), and Opole (6%).

Alongside this shift in consumer behavior, the financial condition of healthcare institutions has improved. According to data from BIG InfoMonitor and the BIK credit database, the total amount of outstanding debt among private healthcare providers decreased by PLN 35.4 million (6%) in the latest reporting period. The number of entities with unresolved debts also dropped by 91. By contrast, the previous year had seen a PLN 53.4 million increase in arrears and 71 more institutions facing financial difficulties.

As of the end of April 2025, private healthcare debt stood at over PLN 560 million, affecting 4,108 entities. The most notable reductions in debt were recorded among hospitals (down 33% to PLN 34 million), dental practices (down nearly 16% to PLN 79.1 million), and specialist medical practices (down 14% to PLN 133.6 million). Physiotherapy clinics, however, saw their debts increase by 25%, reaching nearly PLN 119 million.

Regionally, the sharpest declines in healthcare sector debt occurred in the Lublin voivodeship (down 53% to PLN 20.2 million), Łódź (down 45% to PLN 35.2 million), and Małopolska (down 29% to PLN 36.2 million). In contrast, the largest increases were observed in Mazowieckie (up 32% to PLN 174.2 million), Warmińsko-Mazurskie (up 12% to PLN 9.3 million), and Świętokrzyskie (up 11% to PLN 8.8 million).

The increase in health-related spending is driven by multiple factors, including an ageing population, rising demand for medical services, technological advances in diagnostics and treatment, and improved public awareness of health and wellness. According to Dr. Waldemar Rogowski, Chief Analyst at BIG InfoMonitor, the financial outlook for the healthcare sector is improving, supported by a more engaged population and increased willingness to invest in private care.

Despite growing demand and costs, Poles remain largely positive about their health. A CBOS survey showed that 61% rated their health as at least good, while 29% described it as average, and only 10% considered it poor. Compared to 2016, there has been a noticeable improvement in self-perceived health, with satisfaction rising by six percentage points.

The majority of healthcare providers listed in the BIG InfoMonitor register fall under private ownership or operate as limited liability companies. These include general and specialist medical practices, dental clinics, hospitals, and physiotherapy centers. As health awareness and spending continue to grow, the sector appears poised for further financial stabilization.

Growth continues in Poland’s non-bank loan market in May 2025

The Polish non-bank loan market showed continued growth in May 2025, driven by increased activity across both cash and installment loan segments. The sector remains characterized by two primary product categories: cash loans, which provide direct funds for any use, and installment loans, which are typically granted for specific purchases.

Within the cash loan segment, two subcategories are evident—short-term loans of up to 60 days and long-term loans extending beyond 60 days. In May 2025, the average value of short-term cash loans rose to PLN 2,673, marking a 13.2% year-on-year increase. The total value of these loans reached PLN 1.13 billion, up 28.4% from May 2024. A total of 468,000 loans were issued in this category, a 13.7% rise compared to the same period last year. Short-term cash loans accounted for 73.6% of the total value and 87.5% of the number of all cash loans issued during the month.

For cash loans exceeding 60 days, the average loan value rose to PLN 6,089—8.8% higher than in May 2024. A total of 67,000 such loans were granted, amounting to PLN 406 million in value. Compared to the previous year, this represents a 2.5% increase in the number of loans issued and an 11.7% rise in total value.

The installment loan segment, defined by loans granted for specific purchases rather than direct cash disbursement, also recorded notable growth. The average value of a new installment loan in May 2025 was PLN 654, a 9.0% decrease from the previous year, reflecting a shift toward smaller loan amounts. However, the number of installment loans granted rose by 28.8% year-on-year, totaling 930,000 contracts, with a combined value of PLN 608 million—up 17.1% from May 2024.

As in previous months, installment loans dominated the market by number, while cash loans made up the majority of the total loan value. This pattern continues to define the structure of the Polish non-bank lending sector.

Over the first five months of 2025, compared to the same period in 2024, the market saw a 17.3% increase in the number of cash loans with terms up to 60 days, a 17.5% increase in long-term cash loans, and a 23.3% rise in installment loans. In terms of value, short-term cash loans grew by 31.6%, long-term loans by 28.0%, and installment loans by 15.4%, indicating broad-based growth across all categories. These results reflect the ongoing expansion and demand within Poland’s non-bank loan sector.

Source: BIK

CTP to develop 9,500 sqm production facility for DEHN at CTPark Pitești

CTP has signed a long-term agreement with German technology company DEHN to develop a 9,500 sqm production facility at CTPark Pitești in Southern Romania. Construction is scheduled to begin this summer, with delivery expected in the second quarter of 2026.

This marks DEHN’s first production unit in Romania. The facility will be custom-built and integrated into DEHN’s broader international production network. The project is intended to support the company’s supply operations to Germany and strengthen its presence in European markets.

DEHN, headquartered in Neumarkt, Germany, specializes in electrical engineering solutions for infrastructure protection, including lightning and surge protection, as well as safety equipment. The company distributes more than 4,000 products across over 70 countries and employs more than 2,500 people globally.

The Pitești location was selected for its access to the A1/E70 motorway, its proximity to Romania’s automotive and technology clusters, and the availability of skilled labour. The facility is being developed through CTP’s integrated platform, which covers land acquisition, permitting, construction, and long-term property management. CBRE Romania brokered the transaction.

The new production unit reflects DEHN’s broader strategy to expand manufacturing capabilities in key European locations and improve supply chain resilience. Romania’s growing appeal as a nearshoring destination is supported by its technical workforce, English proficiency, and integration with EU infrastructure networks.

CTP remains the largest developer and owner of industrial and logistics real estate in Romania, with over 3 million sqm of space across cities such as Bucharest, Timișoara, Brașov, Sibiu, and Cluj-Napoca.

South Bohemian region ranked best place to live in the Czech Republic

The South Bohemian Region has been named the best place to live in the Czech Republic, according to the latest results of the “Place for Life” comparative study conducted by the Datank agency. The findings, presented in Prague, mark the first time in three years that the capital city of Prague did not top the ranking. Hradec Králové Region, last year’s runner-up, placed second this year, while the Zlín Region moved up to third place.

Now in its fifteenth edition, the study combines data analysis with a public satisfaction survey to assess living conditions across the country’s regions. This year’s assessment drew on data from 23 sources, unified and evaluated by analysts, and included the responses of 1,600 residents representing all Czech regions. Data collection took place in March 2025.

Regions were evaluated across 88 indicators within eight categories: safety, leisure and tourism, civil society and tolerance, childcare and education, infrastructure development, employment, healthcare and social services, and environmental quality.

The South Bohemian Region scored highly in several areas, including a high number of beds in social facilities, a low number of traffic accidents, strong residential construction figures, and a relatively large number of grammar schools. Governor Martin Kuba expressed his pride in the achievement, stating that the region offers a strong future for younger generations and continues to be one of the most beautiful parts of the country.

Hradec Králové Region earned second place thanks to factors such as the highest number of pharmacies, a low student-to-teacher ratio, ample hospital bed availability, and low levels of waste production. The Zlín Region, in third place, was recognized for having the fewest children per primary school class, the lowest municipal waste output, high enrollment in primary art schools, strong crime resolution rates, and low youth unemployment.

At the bottom of the rankings were the Ústí nad Labem Region and the Karlovy Vary Region, which swapped positions compared to last year. Prague, which had topped the list for the past two years, fell to seventh place. The study attributed the capital’s decline mainly to safety concerns, including the highest crime rate per 1,000 residents, the lowest crime resolution rate, and a high number of traffic accidents per road distance. Other issues included limited urban green spaces, unaffordable housing relative to income, a shortage of social care beds, overcrowded primary school classrooms, and the country’s largest gender pay gap.

According to the study’s authors, the purpose of the annual comparison is to inspire governments, non-profits, businesses, and residents to improve factors that influence overall quality of life.

Source: CTK and Datank

President von der Leyen attends G7 Summit focused on Global Economic Security and Geopolitics

President Ursula von der Leyen participated in this year’s G7 Summit in Kananaskis, Canada, where global economic security, geopolitical tensions, and strategic partnerships dominated the agenda. The summit took place amid heightened global instability, including Russia’s ongoing war against Ukraine, growing tensions in the Middle East, and increasing concerns over China’s role in the global economy.

At the opening press conference alongside European Council President António Costa, von der Leyen outlined the EU’s key priorities, including reducing economic dependencies, addressing aggressive trade practices, and responding to global conflicts. She emphasized the interconnected nature of current crises, noting that Iranian-designed drones and missiles are now being used in both Ukraine and Israel, illustrating the link between European and Middle Eastern conflicts.

Von der Leyen also held a bilateral meeting with U.S. President Donald Trump, where both leaders discussed the state of EU-U.S. trade negotiations and instructed their teams to intensify efforts toward a fair agreement.

During summit discussions, von der Leyen led debates on the global economic outlook and called for more stability in trade relations among G7 members. She warned of China’s continued distortion of global markets, criticizing its reliance on subsidies and disregard for intellectual property protections. While she rejected the idea of full decoupling from China, she advocated for a strategy of “de-risking” by reducing dependencies in critical sectors such as rare earths.

She highlighted how China’s strategic investments in mining and manufacturing since the 1980s enabled it to dominate global supply chains, especially in key materials like magnets. Von der Leyen stressed that no single country should control such a high share of essential raw materials.

The summit concluded with G7 leaders adopting a series of joint statements on topics ranging from wildfire management and critical minerals to AI, quantum technologies, and countering migrant smuggling and transnational repression. These principles will guide future cooperation among member states.

On the geopolitical front, the leaders reiterated their support for Ukraine, with von der Leyen noting that the EU has contributed nearly €150 billion in aid. She called for continued pressure on Russia and discussed the EU’s proposed 18th sanctions package. Regarding the Middle East, the G7 issued a statement supporting regional peace, Israel’s security, and efforts to prevent Iran from acquiring nuclear weapons. The leaders also called for de-escalation in Gaza.

Von der Leyen’s bilateral engagements included meetings with Canadian Prime Minister Mark Carney to prepare for the upcoming EU-Canada summit, and with UN Secretary-General António Guterres to reaffirm EU support for the UN’s global role. She also met with South Korea’s President Lee Jae-myung to reaffirm their Security and Defence Partnership, and with Mexican President Claudia Sheinbaum to discuss climate cooperation and progress on a modernised EU-Mexico Global Agreement.

Further talks with Indian Prime Minister Narendra Modi reaffirmed a shared ambition to strengthen EU-India trade ties, while a meeting with Australian Prime Minister Anthony Albanese led to the announcement of negotiations for a new Security and Defence Partnership. The EU and Australia also renewed their commitment to concluding a bilateral trade agreement, underscoring the strength of their longstanding relationship.

CapMan acquires stake in CAERUS to launch real asset debt investment platform

CapMan Plc has entered into a strategic partnership with CAERUS Debt Investments AG by acquiring a 51% stake in the German real estate debt manager. The move marks the launch of CapMan’s new investment area, CapMan Real Asset Debt, as part of its broader focus on expanding real asset investment strategies.

Founded in 2014, CAERUS is a specialist in private real estate debt with a strong presence in Germany and the wider DACH and Benelux regions. The firm has raised €2.6 billion to date and currently manages around €700 million in assets across seven active funds. Its 12-member investment team structures tailored financing solutions across a broad range of real estate segments, often in cases where traditional bank financing is limited.

CapMan, a Nordic private asset management firm with €6.4 billion in assets under management, aims to reach €10 billion through growth across its real estate, infrastructure, and natural capital platforms. The addition of Real Asset Debt complements CapMan’s portfolio and aligns with its strategy of launching new products and entering new markets. CapMan’s real estate division alone manages €3.5 billion and includes over 80 professionals across multiple markets.

The private real estate debt sector continues to grow as borrowers seek alternative financing options and institutional investors look for stable, risk-adjusted returns. Through this acquisition, CapMan gains a foothold in the German market while CAERUS benefits from CapMan’s broader platform and Nordic asset management capabilities.

CapMan CEO Pia Kåll highlighted the strategic value of the partnership: “This is a significant step that strengthens our real asset platform and opens up new opportunities in Germany. CAERUS’ track record and entrepreneurial spirit align well with CapMan’s values and ambitions.”

Michael Morgenroth, founder and CEO of CAERUS, added: “We are excited to join forces with CapMan. Their presence in the Nordics and our expertise in DACH and Benelux will allow us to grow together and provide clients with stronger market access.”

Upon completion of the deal, expected in Q3 2025 pending standard closing conditions, Morgenroth will join CapMan’s Management Group as Managing Partner of the new Real Asset Debt division.

Photo: Michael Morgenroth, founder and CEO of CAERUS

Top destinations for Polish workers: Highest earnings abroad revealed

Economic emigration remains a strong trend among Polish workers, with around 1.55 million citizens living temporarily abroad, according to the latest data from Poland’s Central Statistical Office. Personnel Service experts have examined where Poles can expect the highest wages and which sectors offer the best employment prospects.

Construction continues to be the most lucrative industry, particularly in Scandinavian countries. In Norway and Sweden, Polish workers in this field can earn up to €3,800 net per month. In Germany, wages in the construction sector range from €2,600 to €2,700 gross per month, while in the Czech Republic they reach around €2,100 gross.

The report also highlights high earnings in healthcare and welding. Welders in Scandinavia can earn as much as €4,200 net monthly. In Germany, their salaries are about €2,900 gross, while in the Czech Republic, they range from €2,100 to €2,200 gross. Healthcare workers, particularly elderly carers, are in high demand across Europe. In Sweden, monthly earnings range from €2,600 to €3,000 net, followed by €2,300 in Germany and €2,100 to €2,200 gross in the Czech Republic.

According to Personnel Service founder and labour market expert Krzysztof Inglot, interest in working in Scandinavian countries has risen significantly over the past two years. He attributes this to both the high earnings and the strong work culture in the region. Norway and Sweden have become especially attractive not only for their wages but also for their professional environments.

Sectors that require fewer qualifications, such as hospitality, catering, and cleaning, also offer solid earning potential, particularly for students and seasonal workers. In Germany, hospitality workers can earn about €2,300 gross per month, while the Czech Republic offers around €2,000. Cleaning jobs in Germany are especially well-paid, reaching up to €3,100 gross per month. In Scandinavia, similar roles offer about €2,500 net per month, and the Czech Republic again offers around €2,000 gross.

Higher salaries are typically linked to specialized qualifications and professional experience. In industries like welding and construction, employers often require official certifications and experience in handling specific techniques or machinery. Similarly, in the healthcare sector, especially for positions involving elder care, language skills and formal training are often necessary.

While Scandinavia remains the leading destination in terms of salary and working conditions, Inglot notes that other countries are gaining in popularity. Austria, Belgium, and Spain are becoming viable alternatives, not only because of competitive pay but also due to their climate, lifestyle, and niche job opportunities. He adds that Polish workers are now placing greater emphasis on job stability, social benefits, and career development, not just salary figures—a shift that could shape migration trends in the years ahead.

Real Estate Monitor: Slower growth and cost pressures increase negative outlook for U.S. Sector

S&P Global Ratings has warned that persistent cost pressures and weaker economic growth could result in a higher negative rating bias across the U.S. real estate sector. The agency recently lowered its baseline forecast for U.S. GDP growth to 1.5% in 2025 and 1.7% in 2026, citing elevated tariffs, policy uncertainty, and continued high interest rates that are reducing consumer demand and investor confidence.

Housing Market Softens, Margins Under Pressure

The U.S. housing market continues to cool, particularly for first-time buyers, as affordability remains strained. The 30-year mortgage rate hovers near 7%, and with unemployment projected to peak at 4.7% by mid-2026, consumer sentiment is likely to remain cautious. In markets like Florida and Texas, a growing supply of resale homes is outpacing demand, leading to increased use of sales incentives by homebuilders and putting further pressure on margins.

Builders have slowed the pace of new starts and are focusing on reducing inventory, often prioritizing sales volume over pricing. As a result, while overall revenue and deliveries may see modest year-over-year growth in 2025, S&P anticipates a 2% decline in EBITDA across its rated homebuilder portfolio due to shrinking gross margins.

Despite this, positive rating actions among homebuilders have outnumbered downgrades in 2025, with several companies—including Toll Brothers, Five Point Holdings, and Brookfield Residential—receiving upgrades. Conversely, Adams Homes and LGI Homes have seen their ratings lowered due to weaker financial results.

Building Materials Sector Feels the Squeeze

High interest rates, softening housing starts, and persistent cost pressures are also weighing on the building materials sector. S&P forecasts a modest decline in housing starts to 1.35 million units in 2025, with both residential and nonresidential construction activity expected to contract slightly.

While companies are attempting to offset tariff-related costs through price adjustments and operational efficiencies, the outlook remains cautious. The agency expects negative rating pressure to increase, especially for companies that undertook debt-financed acquisitions in 2024. Currently, 17% of issuers in this segment carry negative outlooks.

Recent rating actions reflect this trend, including a downgrade for Oscar AcquisitionCo and a negative outlook revision for BlueLinx Holdings. QXO Inc. received a ‘BB-’ rating after its acquisition of Beacon Roofing Supply.

Commercial Real Estate Services Show Signs of Recovery

CRE services companies benefited from a steady rebound in transaction activity during the first quarter of 2025, supported by improved financing conditions. Leasing activity, particularly in the office segment, has seen notable growth as companies continue to return to the office. The industrial and multifamily sectors led transaction volumes, and new mandates in property and project management contributed to stable revenue.

While S&P upgraded Cushman & Wakefield’s outlook to stable due to improved credit metrics, it maintained a negative outlook on Avison Young, reflecting ongoing liquidity concerns. Merger and acquisition activity may accelerate as companies take advantage of improved balance sheets to expand capabilities.

CRE Finance Firms Stabilize, But Caution Remains

Commercial mortgage REITs showed stable performance in early 2025, supported by a recovery in CRE markets and increased loan originations. Although high interest rates continue to impact legacy loans, loan losses were contained within the 2%–6% range across rated lenders.

S&P does not expect widespread deterioration in CRE portfolios, but warns that lenders will remain selective with new originations while focusing on asset resolution and liquidity preservation.

Equity REITs Maintain Resilience Across Property Types

Operating performance for equity REITs generally met expectations in the first quarter. Leasing activity picked up across most sectors, with the exception of West Coast office markets, which remain under pressure. East Coast and Sun Belt office markets are showing stronger signs of recovery, and net effective rents are rising despite continued incentives.

Multifamily REITs remain supported by favorable rental dynamics, as high mortgage rates continue to make renting more affordable than buying. Retail REITs are showing resilience, with tenants increasingly focused on physical store expansion. Meanwhile, industrial REITs may face some near-term softness due to tariff uncertainty and economic slowdown, but stable credit metrics are expected to hold, supported by tenant retention and rent growth potential.

Among recent rating actions, Sun Communities was upgraded to ‘BBB+’ following a divestment and debt reduction. Hudson Pacific Properties was downgraded due to continued deterioration in credit metrics and refinancing challenges. The outlooks for Invitation Homes and American Homes 4 Rent were revised to positive, reflecting the favorable prospects for the single-family rental market.

Outlook

Across the U.S. real estate landscape, high financing costs, persistent inflationary pressures, and cautious consumer sentiment are creating mixed conditions. While homebuilders and materials companies face mounting margin pressure, commercial real estate and REITs are proving more resilient. Nevertheless, S&P warns that elevated refinancing risk and weaker macroeconomic indicators could lead to a broader increase in negative rating actions throughout 2025.

Fitch revises 2025 outlooks for key corporate sectors amid global trade war

Fitch Ratings has downgraded its 2025 outlooks for global leveraged finance, North American corporates, and 12 industry sectors—mostly global or North America-focused—from ‘neutral’ to ‘deteriorating’ in its latest mid-year update. The revisions are primarily driven by the ongoing global trade war and expectations of weakening macroeconomic conditions in the second half of the year.

According to Fitch, persistent trade tensions, uncertainty around future U.S. policy direction, and the risk of retaliatory measures from other regions are expected to exert significant pressure on various corporate sectors. The challenges are particularly acute in industries with high international exposure, cross-border trade reliance, or complex supply chains.

Notable downgrades include sectors tied to consumer spending, such as global alcoholic beverages and U.S. retail, restaurants, and consumer products. Fitch also lowered its outlook for sectors tied to natural resources, including global oil and gas, as well as chemicals. In healthcare, the global medical devices and diagnostic products sector, along with pharmaceuticals and biotech, also saw outlooks move to ‘deteriorating.’

The outlook for global leveraged finance was revised downward due to increasing risk for lower-rated companies. However, Fitch noted that most corporate sector outlooks remain ‘neutral’ for now, as the impact of higher tariffs has been gradual and partially mitigated by corporate responses. Still, the agency warned that additional downgrades could follow in the second half of 2025 if tariffs rise further or policy instability continues to weigh on profitability and revenue growth.

Source: Fitch Ratings

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