Economy - overview:
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia to consolidate its budget and get on track to join the EU in 2004 and to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies such as labor market liberalization and a 19% flat tax. Foreign investment in the automotive and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-08 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 7.7% in 2008 but remains the economy's Achilles heel. FICO's cabinet was careful to keep a lid on spending in order to meet euro adoption criteria and has focused on regulating energy and food prices instead. To maintain a stable operating environment for investors, the European Bank for Reconstruction and Development advised the Slovak government to refrain from intervening in important sectors of the economy. However, Bratislava's approach to mitigating the economic slowdown has included substantial government intervention and the option to nationalize strategic companies. Slovakia was admitted to the euro zone in January 2009. RADICOVA's government, in power since July 2010, has allowed the budget deficit to rise slightly, to 8.2% of GDP in 2010. GDP fell nearly 5% in 2009 before gaining back 4% in 2010, and unemployment rose above 12% in 2010, as the global recession impacted many segments of the economy.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: The information regarding Slovakia on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Slovakia Economy 2011 information contained here. All suggestions for corrections of any errors about Slovakia Economy 2011 should be addressed to the CIA.
$121.3 billion (2010 est.)
country comparison to the world: 62
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$86.26 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
4% (2010 est.)
country comparison to the world: 82
[see also: GDP - real growth rate country ranks ]
$22,200 (2010 est.)
country comparison to the world: 57
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 2.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
35.6%
[see also: GDP - composition by sector - industry country ranks ]
services:
61.8%
[see also: GDP - composition by sector - services country ranks ]
2.673 million (2009 est.)
country comparison to the world: 107
[see also: Labor force country ranks ]
agriculture: 3.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
27%
[see also: Labor force - by occupation - industry country ranks ]
services:
69.4% (December 2009)
[see also: Labor force - by occupation - services country ranks ]
12.5% (2010 est.)
country comparison to the world: 133
[see also: Unemployment rate country ranks ]
21% (2002)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
20.9% (1996)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
26 (2005)
country comparison to the world: 130
[see also: Distribution of family income - Gini index country ranks ]
22.2% of GDP (2009 est.)
country comparison to the world: 65
[see also: Investment (gross fixed) country ranks ]
revenues: $28.45 billion
[see also: Budget - revenues country ranks ]
expenditures:
$35.01 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
41% of GDP (2010 est.)
country comparison to the world: 66
[see also: Public debt country ranks ]
1.2% (2010 est.)
country comparison to the world: 28
[see also: Inflation rate (consumer prices) country ranks ]
1% (31 December 2009)
country comparison to the world: 124
note:
this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks from the euro area; as of 1 January 2009 Slovakia became a member of the Economic and Monetary Union (EMU)
[see also: Central bank discount rate country ranks ]
NA% (31 December 2009 est.)
[see also: Commercial bank prime lending rate country ranks ]
$34.37 billion (31 December 2010 est)
note:
this figure represents the US dollar value of Slovak koruny in circulation prior to Slovakia joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]
$52.63 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$65.09 billion (31 December 2010 est.)
country comparison to the world: 58
[see also: Stock of domestic credit country ranks ]
$4.672 billion (31 December 2009)
country comparison to the world: 81
[see also: Market value of publicly traded shares country ranks ]
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
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
7.5% (2009 est.)
country comparison to the world: 35
[see also: Industrial production growth rate country ranks ]
25.9 billion kWh (2009 est.)
country comparison to the world: 65
[see also: Electricity - production country ranks ]
28.75 billion kWh (2009 est.)
country comparison to the world: 61
[see also: Electricity - consumption country ranks ]
8.891 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]
9.412 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]
4,114 bbl/day (2009 est.)
country comparison to the world: 96
[see also: Oil - production country ranks ]
79,930 bbl/day (2009 est.)
country comparison to the world: 85
[see also: Oil - consumption country ranks ]
75,110 bbl/day (2008 est.)
country comparison to the world: 72
[see also: Oil - exports country ranks ]
144,000 bbl/day (2008 est.)
country comparison to the world: 56
[see also: Oil - imports country ranks ]
9 million bbl (1 January 2010 est.)
country comparison to the world: 91
[see also: Oil - proved reserves country ranks ]
103 million cu m (2009 est.)
country comparison to the world: 78
[see also: Natural gas - production country ranks ]
6.493 billion cu m (2009 est.)
country comparison to the world: 54
[see also: Natural gas - consumption country ranks ]
15 million cu m (2009 est.)
country comparison to the world: 44
[see also: Natural gas - exports country ranks ]
6.974 billion cu m (2009 est.)
country comparison to the world: 28
[see also: Natural gas - imports country ranks ]
14.16 billion cu m (1 January 2010 est.)
country comparison to the world: 78
[see also: Natural gas - proved reserves country ranks ]
-$1.93 billion (2010 est.)
country comparison to the world: 156
[see also: Current account balance country ranks ]
$64.18 billion (2010 est.)
country comparison to the world: 46
[see also: Exports country ranks ]
machinery and electrical equipment 35.9%, vehicles 21%, base metals 11.3%, chemicals and minerals 8.1%, plastics 4.9% (2009 est.)
Germany 20.1%, Czech Republic 12.9%, France 7.8%, Poland 7.2%, Hungary 6.3%, Italy 6.1%, Austria 5.8%, UK 4.8% (2009)
$62.43 billion (2010 est.)
country comparison to the world: 41
[see also: Imports country ranks ]
machinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.)
Germany 16.8%, Czech Republic 12.3%, Russia 9%, South Korea 6.8%, China 5.8%, Hungary 5.3%, Poland 4% (2009)
$NA (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$59.33 billion (30 June 2010 est.)
country comparison to the world: 50
[see also: Debt - external country ranks ]
$52.2 billion (31 December 2010 est.)
country comparison to the world: 53
[see also: Stock of direct foreign investment - at home country ranks ]
$2.643 billion (31 December 2010 est.)
country comparison to the world: 63
[see also: Stock of direct foreign investment - abroad country ranks ]
Slovak koruny (SKK) per US dollar - 0.774 (2010), 0.718 (2009), 21.05 (2008), 24.919 (2007), 29.611 (2006)
This page was last modified 09-Feb-11