Slovak Economy
Economy - overview: Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) in 2004 and the Eurozone in 2009. The country’s banking sector is sound. Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.
GDP (purchasing power parity): $152.6 billion (2014 est.)
GDP (official exchange rate): $99.97 billion (2014 est.)
GDP - real growth rate: 2.4% (2014 est.)
GDP - per capita (PPP): $28,200 (2014 est.)
GDP - composition by sector: agriculture: 3.4%
industry: 22.5%
services: 74.1% (2014 est.)
Labor force: 2.363 million (2014 est.)
Labor force - by occupation: agriculture: 3.5%
industry: 25.9%
services: 70.6% (2014)
Unemployment rate: 13.2% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 4.4%
highest 10%: 26% (2013 est.)
Investment (gross fixed): 24.5% of GDP (2009 est.)
Budget: revenues: $36.45 billion
expenditures: $39.36 billion (2014 est.)
Public debt: 54.1% of GDP (2014 est.)
Inflation rate (consumer prices): -0.1% (2014 est.)
Central bank discount rate: 0.3% (10 September 2014)
Commercial bank prime lending rate: 3.2% (31 December 2014 est.)
Agriculture - products: grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
Industries: metal and metal products; food and beverages; electricity, gas, coke, oil, nuclear fuel; chemicals and manmade fibers; machinery; paper and printing; earthenware and ceramics; transport vehicles; textiles; electrical and optical apparatus; rubber products
Industrial production growth rate: 3.2% (2014 est.)
Electricity - production: 28.59 billion kWh (2013 est.)
Electricity - consumption: 28.68 billion kWh (2013 est.)
Electricity - exports: 11.86 billion kWh (2014 est.)
Electricity - imports: 12.93 billion kWh (2014 est.)
Oil - production: 5,200 bbl/day (2013 est.)
Oil - consumption: 84,990 bbl/day (2008 est.)
Oil - exports: 201.4 bbl/day (2012 est.)
Oil - imports: 106,800 bbl/day (2012 est.)
Oil - proved reserves: 9 million bbl (1 January 2014 est.)
Natural gas - production: 95 million cu m (2013 est.)
Natural gas - consumption: 5.1 billion cu m (2013 est.)
Natural gas - exports: 15 million cu m (2013 est.)
Natural gas - imports: 5.579 billion cu m (2013 est.)
Natural gas - proved reserves: 14.16 billion cu m (1 January 2014 est.)
Current account balance: $58.62 million (2014 est.)
Exports: $85.94 billion (2014 est.)
Exports - commodities: vehicles and related parts 25%, machinery and electrical equipment 21%, nuclear reactors and furnaces 12%, iron and steel 5%, mineral oils and fuels 5% (2014 est.)
Exports - partners: Germany 23.3%, Czech Republic 13.6%, Poland 8.8%, Hungary 6.6%, Austria 6.5%, UK 5.4%, France 5.2%, Italy 4.8% (2014)
Imports: $79.78 billion (2014 est.)
Imports - commodities: machinery and electrical equipment 19%, vehicles and related parts 13%, nuclear reactors and furnaces 12%, fuel and mineral oils 11% (2014 est.)
Imports - partners: Germany 19%, Czech Republic 16.9%, Austria 9.3%, Russia 7.9%, Poland 6.2%, Hungary 6.2%, South Korea 4.2%, China 4% (2014)
Reserves of foreign exchange and gold: $2.878 billion (31 December 2014 est.)
Debt - external: $106.6 billion (31 December 2012 est.)
Stock of direct foreign investment - at home: $69.76 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $13.09 billion (31 December 2014 est.)
Exchange rates: euros (EUR) per US dollar - 0.7489 (2014 est.), 0.7634 (2013 est.), 0.78 (2012 est.), 0.7185 (2011 est.), 0.755 (2010 est.)
economic climate  
Background: The government is stable and reforms are going on all the time, however the global financial crisis in 2009 slowed down growth. A return to modest positive growth is expected as demand picks up in 2010.
The Slovak Republic adopted the Euro on 1 January 2009.
Export opportunities:  
Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. http://www.austrade.gov.au
3. DIBNC Experts Team