SLOVAKIA
A small big country in the heart of Europe with beautiful scenery, tourism and hospitable people
Total area: 48,845 sq km
Population: 5.44 million
Government type: Parliamentary democracy
Administrative division: 8 regions (called kraj)
Capital + other major cities: Bratislava (550,000) + Kosice (230,000), Banska Bystrica (110,000)
Currency: Euro (since January 2009)
Languages: Slovak 84% (official), Hungarian 11%, Roma 2%, Ukrainian 1%
Ethnicity: Slovak 85.8%, Hungarian 9.7%, Roma 1.7%, Ruthenian/Ukrainian 1%, other and unspecified 1.8%
Religion: Roman Catholic 69%, Protestant 11%, Greek Catholic 4%, other 3%, none 13%
President: (Mr.) Ivan GASPAROVIC (since 15 June 2004)
Prime Minister:(Ms.) Iveta RADICOVA (since 8 July 2010)
Date of EU accession: 1 May 2004 |
 |
MACROECONOMIC OVERVIEW
Slovakia's economy saw 15 consecutive years of growth from 1994 to 2008 - starting just after the year when former Czechoslovakia split into the Czech Republic and Slovakia in 1993, and averaging 4.7% per year over the whole period.
The growth became especially rapid since 2002, in 2007 it peaked at 10.4 %, highest in all of the EU.
Slovakia is one of the most attractive European countries for foreign investment - offering a 19% flat tax rate, highly skilled workforce, liberal labour code, political and economic stability, and strong engineering tradition among other advantages.
Robust rates of GDP growth experienced by Slovakia in recent years are attributed to strong foreign demand for Slovak products as well as strong domestic demand and investments, and new production capacities, primarily in the automotive and electronic sectors. Exports grew by 25% in 2007 and were mainly driven by the automotive industry. The economy of Slovakia is very open to foreign trade.
Unemployment rate was constantly decreasing for five years, from 18.1% in 2004 to 9.5% in 2008, but then increased again with the global economic crisis as high as 14.5_in 2010.
Slovakia adopted the Euro on 1 January 2009 - as historically only the second country in Central & Eastern Europe.
Slovakia is gradually becoming one of the leaders in the automotive industry as well as a European leader in the electronic industry (namely LCD production).
Selected economic indicators, Slovakia, 2005 - 2011
| |
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
| GDP |
|
|
|
|
|
|
|
|
| Real GDP growth |
% |
6.1 |
8.3 |
10.4 |
5.8 |
-4.8 |
4.1 |
3.0 |
| GDP at current prices |
% |
|
|
|
64.57 |
63.05 |
65.97 |
69.81 |
| Foreign trade |
|
|
|
|
|
|
|
|
| Exports |
bn |
|
|
|
53.7 |
44.5 |
51.8 |
56.7 |
| Imports |
bn |
|
|
|
55.3 |
44.8 |
52.0 |
56.0 |
| Balance |
bn |
|
|
|
-1.5 |
-0.3 |
-0.2 |
0.6 |
| Prices |
|
|
|
|
|
|
|
|
| CPI - average inflation rate |
% |
2.7 |
3.0 |
2.2 |
3.9 |
0.9 |
0.7 |
|
| Employment |
|
|
|
|
|
|
|
|
| Registered unemployment |
% |
15.4 |
13.4 |
11.0 |
9.5 |
12.0 |
14.5 |
|
| Average monthly gross wage |
|
443 |
504 |
596 |
712 |
|
|
|
| Exchange rates |
|
|
|
|
|
|
|
|
| SKK/USD average |
|
31.9 |
29.7 |
25.5 |
23.3 |
|
|
|
| SKK/EUR average |
|
37.8 |
37.2 |
33.5 |
30.2 |
|
|
|
Source: Eurostat 2011; * 2011 data - forecast
KEY SECTORS
Slovakia has gradually become a European leader in the automotive industry as well as in the electronic industry (namely LCD production).
STRUCTURE OF ECONOMY
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KEY SECTORS
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| Source: Slovak National Bank, Ministry of Finance, Slovak Statistical Office, 2009 |
Source: Slovak National Bank, Ministry of Finance, Slovak Statistical Office, 2009 |
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