Economy - overview:
Slovakia’s economy suffered from a slow start in the first years after its separation from the Czech Republic in 1993, due to the country’s authoritarian leadership and high levels of corruption, but economic reforms implemented after 1998 have placed Slovakia on a path of strong growth. With a population of 5.4 million, the Slovak Republic has a small, open economy driven mainly by automobile and electronics exports, which account for more than 80% of GDP. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound and predominantly foreign owned.

Slovakia has been a regional FDI champion for several years, attractive due to a relatively low-cost yet skilled labor force, and a favorable geographic location in the heart of Central Europe. Exports and investment have been key drivers of Slovakia’s robust growth in recent years. The unemployment rate fell to historical lows in 2017, and rising wages fueled increased consumption, which played a more prominent role in 2017 GDP growth. A favorable outlook for the Eurozone suggests continued strong growth prospects for Slovakia during the next few years, although inflation is also expected to pick up.

Among the most pressing domestic issues potentially threatening the attractiveness of the Slovak market are shortages in the qualified labor force, persistent corruption issues, and an inadequate judiciary, as well as a slow transition to an innovation-based economy. The energy sector in particular is characterized by unpredictable regulatory oversight and high costs, in part driven by government interference in regulated tariffs. Moreover, the government’s attempts to maintain low household energy prices could harm the profitability of domestic energy firms while undercutting energy efficiency initiatives.

GDP (purchasing power parity):
$179.7 billion (2017 est.)
$173.8 billion (2016 est.)
$168.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 69
[see also: GDP country ranks ]

GDP (official exchange rate):
$95.96 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.4% (2017 est.)
3.3% (2016 est.)
3.9% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 102
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$33,100 (2017 est.)
$32,000 (2016 est.)
$31,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 61
[see also: GDP - per capita country ranks ]

Gross national saving:
20.6% of GDP (2017 est.)
21.1% of GDP (2016 est.)
22.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 54.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.2% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 96.3% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -92.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.8% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products

Industries:
automobiles; metal and metal products; electricity, gas, coke, oil, nuclear fuel; chemicals, synthetic fibers, wood and paper products; machinery; earthenware and ceramics; textiles; electrical and optical apparatus; rubber products; food and beverages; pharmaceutical

Industrial production growth rate:
2.7% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 114
[see also: Industrial production growth rate country ranks ]

Labor force:
2.758 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 110
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 73.4% (2015)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.1% (2017 est.)
9.7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: Unemployment rate country ranks ]

Population below poverty line:
12.3% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 19.3% (2015 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
23.7 (2015)
26.1 (2014)
country comparison to the world (CIA rank, may be based on non-current data): 155
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 37.79 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 38.79 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
39.4% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 47
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 81
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
50.9% of GDP (2017 est.)
51.8% of GDP (2016 est.)
note: data cover general Government Gross Debt and include debt instruments issued (or owned) by Government entities, including sub-sectors of central, state, local government, and social security funds
country comparison to the world (CIA rank, may be based on non-current data): 98
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.3% (2017 est.)
-0.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 74
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0% (31 December 2017 est.)
0% (31 December 2016 est.)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks from the euro area; Slovakia became a member of the Economic and Monetary Union (EMU) on 1 January 2009
country comparison to the world (CIA rank, may be based on non-current data): 160
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.44% (31 December 2017 est.)
2.7% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 182
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$56.46 billion (31 December 2017 est.)
$45.63 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
country comparison to the world (CIA rank, may be based on non-current data): 51
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$56.46 billion (31 December 2017 est.)
$45.63 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 51
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$85.56 billion (31 December 2017 est.)
$70.84 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 57
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4.567 billion (31 December 2016 est.)
$4.634 billion (31 December 2015 est.)
$4.732 billion (31 December 2014 est.)
country comparison to the world (CIA rank, may be based on non-current data): 86
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.005 billion (2017 est.)
-$1.309 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 164
[see also: Current account balance country ranks ]

Exports:
$80.8 billion (2017 est.)
$75.53 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 40
[see also: Exports country ranks ]

Exports - partners:
Germany 20.7%, Czech Republic 11.6%, Poland 7.7%, France 6.3%, Italy 6.1%, UK 6%, Hungary 6%, Austria 6% (2017)

Exports - commodities:
vehicles and related parts 27%, machinery and electrical equipment 20%, nuclear reactors and furnaces 12%, iron and steel 4%, mineral oils and fuels 5% (2015 est.)

Imports:
$80.07 billion (2017 est.)
$72.51 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 42
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment 20%, vehicles and related parts 14%, nuclear reactors and furnaces 12%, fuel and mineral oils 9% (2015 est.)

Imports - partners:
Germany 19.1%, Czech Republic 16.3%, Austria 10.3%, Poland 6.5%, Hungary 6.4%, South Korea 4.5%, Russia 4.5%, France 4.3%, China 4.2% (2017)

Reserves of foreign exchange and gold:
$3.622 billion (31 December 2017 est.)
$2.892 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 102
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$75.04 billion (31 March 2016 est.)
$74.19 billion (31 March 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$69.92 billion (31 December 2017 est.)
$54.03 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$21.29 billion (31 December 2017 est.)
$15.06 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 51
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)