Slovakia Economy 2023, CIA World Factbook

high-income, EU-member European economy; major electronics and automobile exporter; new anticorruption and judiciary reforms; low unemployment; low regional innovation; strong financial sector

Real GDP (purchasing power parity)

$173.582 billion (2021 est.)

$168.503 billion (2020 est.)

$174.388 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.01% (2021 est.)

-3.37% (2020 est.)

2.52% (2019 est.)

Real GDP per capita

$31,900 (2021 est.)

$30,900 (2020 est.)

$32,000 (2019 est.)

note: data are in 2017 dollars

Inflation rate (consumer prices)

3.15% (2021 est.)

1.94% (2020 est.)

2.66% (2019 est.)

Credit ratings

Fitch rating: A (2020)

Moody's rating: A2 (2012)

Standard & Poors rating: A+ (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3.8% (2017 est.)

industry: 35% (2017 est.)

services: 61.2% (2017 est.)

household consumption: 54.7% (2017 est.)

government consumption: 19.2% (2017 est.)

investment in fixed capital: 21.2% (2017 est.)

investment in inventories: 1.2% (2017 est.)

exports of goods and services: 96.3% (2017 est.)

imports of goods and services: -92.9% (2017 est.)

Agricultural products

wheat, maize, sugar beets, milk, barley, rapeseed, potatoes, sunflower seeds, soybeans, pork

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

2.46% (2021 est.)

Labor force

2.766 million (2021 est.)

Labor force - by occupation

agriculture: 3.9%

industry: 22.7%

services: 73.4% (2015)

Unemployment rate

6.74% (2021 est.)

6.69% (2020 est.)

5.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 21.5%

male: 19.6%

female: 24.6% (2021 est.)

Population below poverty line

11.9% (2018 est.)

Gini Index coefficient - distribution of family income

23.2 (2019 est.)

Average household expenditures

on food: 18.4% of household expenditures (2018 est.)

on alcohol and tobacco: 5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.3%

highest 10%: 19.3% (2015 est.)

Budget

revenues: $43.495 billion (2019 est.)

expenditures: $44.914 billion (2019 est.)

Budget surplus (+) or deficit (-)

-1% (of GDP) (2017 est.)

Public debt

77.36% of GDP (2020 est.)

61.99% of GDP (2019 est.)

62.29% of GDP (2018 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

Taxes and other revenues

18.5% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.875 billion (2021 est.)

$671.914 million (2020 est.)

-$3.532 billion (2019 est.)

Exports

$107.43 billion (2021 est.) note: data are in current year dollars

$90.546 billion (2020 est.) note: data are in current year dollars

$96.859 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 22%, Czechia 11%, Poland 7%, France 7%, Hungary 6%, Austria 5%, United Kingdom 5% (2019)

Exports - commodities

cars and vehicle parts, video displays, broadcasting equipment, tires, refined petroleum (2019)

Imports

$107.358 billion (2021 est.) note: data are in current year dollars

$88.214 billion (2020 est.) note: data are in current year dollars

$96.755 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 18%, Czechia 18%, Poland 8%, Hungary 7%, Russia 5% (2019)

Imports - commodities

cars and vehicle parts, broadcasting equipment, crude petroleum, natural gas, insulated wiring (2019)

Reserves of foreign exchange and gold

$9.61 billion (31 December 2021 est.)

$9.344 billion (31 December 2020 est.)

$7.169 billion (31 December 2019 est.)

Debt - external

$115.853 billion (2019 est.)

$114.224 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.876 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)

NOTE: The information regarding Slovakia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Slovakia 2023 information contained here. All suggestions for corrections of any errors about Slovakia 2023 should be addressed to the CIA or the source cited on each page.

Slovakia Economy - 2023

Economic overview