Slovakia Economy - 2024

Economic overview

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

GDP (official exchange rate)

$105.388 billion (2019 est.)

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.)

GDP - composition, by end use

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.)

Unemployment rate

6.74% (2021 est.)
6.69% (2020 est.)
5.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 21.5% (2021 est.)

male: 19.6%

female: 24.6%

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.)

Remittances

1.92% of GDP (2021 est.)
2.31% of GDP (2020 est.)
2.41% of GDP (2019 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 -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)