Recently much attention has been paid to the analysis of relations between wage development and labour productivity in transitional economies; this relation constitutes one of the factors of possible danger to their competitiveness. Attention is being paid not only by the relevant countries themselves, but also by various international institutions. This paper to a certain extent follows up these analyses. The paper has two basic aims: to present a concise but at the same time relatively complex review of methodical procedures used for the quantification of the relation between wages development and labour productivity and its international comparison, and to characterize the position of the Slovak economy in this relevant field on the basis of the particular analysis of the development tendencies of this economy. Attention is focused not only on the investigation of the dynamics of the parameters followed, but also on the identification of their achieved level in comparison with other countries. In the first - methodical - part of the paper the indicator of the unit cost of work (JNP) is the basic starting point for the quantification of the relation of wages and labour productivity. At the same time input data applicable for its quantification and various possible methods of their construction are characterized. Current monitoring of JNP dynamics does not provide sufficient information necessary for an evaluation of how JNP development influences the competitiveness of the economy. Only the quantification of the dynamics of internationally comparable JNP (JNP(MP)) and detecting their relative dynamics (in relation to other, usually competing countries) after the method presented in this paper enables evaluation, whether the position of the monitored economy improves or deteriorates as for its competitiveness. Considering the sizeable lag of the transitional economies behind the economically developed economies in wages as well as in labour productivity levels, and also systematically faster growth of JNP(MP) in transitional economies compared to economically developed economies, the paper focuses its attention also on the methodical problems linked with the recognition of the internationally comparable level of JNP. The determination of an internationally comparable level of labour productivity is especially problematic. Adherence to the universally established principle - to express labour productivity for JNP quantification in comparable prices - is ensured in this case by the use of an indicator of purchasing power parity (PPP). The results reached on the basis of PPP utilization should be considered, however, as certain estimated values, which nevertheless approximate reality much more than the indicators based on currency exchange rates. Gradual changes of the relative level of JNP (calculated on the basis of the recognized relative JNP level and continued monitoring of the JNP(MP) dynamics) can relatively comprehensively evaluate the intensity of the growing JNP influence on competitiveness. They do not reflect only actual changes in relative JNP(MP), but also initial relations of their level. In the second part of the paper presented methodical procedures are applied to the particular analysis of the JNP development in the Slovak economy, both on the national economy level and within the frame of the manufacturing industry. Based on the approximate calculations one discovered that in the national economy of the Slovak Republic the JNP in 1997 reached about one third of the Austrian level, which is about 6 per cent points more than in the year 1993. The obtained results confirm to a certain extent that the Slovak economy has, above all in relation to the economically strongest partners, still a relatively large space for an increase of the relative level of JNP. One can estimate that Slovakia will, at the current relative JNP growth rate, reach 70% of the Austrian JNP roughly around the year 2010. Analysis of the development of JNP in manufacturing industry is of primary importance for an appraisal of the influence of wage increase on competitiveness, since the manufacturing industry directly enters the foreign trade exchange. The paper characterizes JNP development in the Slovak Republic in the years 1993-1997 and compares it with the development in selected CEFTA countries; at the same time it traces the JNP(MP) level in monitored countries compared to the Austrian level. Some results follow. The difference between Slovakia and, the economically developed countries measured by the levels of comprehensive hourly labour costs (UNP) in the manufacturing industry still remains extraordinarily wide - in the year 1996 the hourly UNP in Slovakia compared to Germany reached only one tenth, compared to the EU average about 15%, compared to Portugal (EU country with the lowest hourly UNP) somewhat more than 50%. In the year 1993 in the Slovak manufacturing industry compared to Austrian manufacturing industry (after the calculations of P. Havlik [16]) labour productivity reached 39%, yearly wages 6.7% and JNP 17.2%; our calculations suggested that during the years 1994-1997 relative JNP in this branch increased by 50% and in the year 1997 reached roughly 26% of the Austrian level. The growth of relative JNP can be witnessed also in the Czech Republic (34%) and in Poland (18%). In Hungary, on the other hand, relative JNP in manufacturing industry dropped during the monitored period, also due to currency exchange rate changes, by almost 30%. In all monitored CEFTA countries the relative level of JNP in manufacturing industry, which was fairly differentiated in 1993 (17.2% in Slovakia and 36.9% in Hungary) reached during the years 1994-1997 virtually the same level - about one quarter of the Austrian value. Irrespective of the necessary approximation, the analysis of the relative level of JNP for the Slovak national economy and particularly for the manufacturing industry shows that wages development at the existing relative level of JNP should not endanger competitiveness of the Slovak economy to such an extent that could lead to an external unbalance. The hot-bed for the latent external unbalance creates a whole complex of problems and limitations which prevent particular subjects to assert themselves in the international trade exchange. One can hardly solve these problems by the attenuation of wage increases only. The focal point in the process of Increasing Slovak export performance definitely lies in a long term economic policy aimed at the support of structural adaptation processes and application of technical and technological innovations as the basis for the acceleration of labour productivity growth. The pressure to maintain low levels of wages can obstruct this process to a certain extent - thanks to this, entrepreneuring subjects can assert themselves in the foreign markets, at least momentarily, without systematic efforts to innovate production and to invest in human capital.
