Page last updated on February 5, 2013
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 consolidate its budget and get on track to join the EU in 2004 after a period of relative stagnation in the early and mid 1990s 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. Slovakia's economic growth exceeded expectations in 2001-08 despite a general European slowdown. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap and skilled labor, low taxes, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors. The economy contracted 5% in 2009 primarily as a result of smaller inflows of FDI and reduced demand for Slovakia's exports before rebounding in 2010-11, but growth slowed in 2012 due to weakening external demand. The government of Prime Minister Robert FICO in 2012 implemented tax increases on higher-earning individuals and corporations, effectively scrapping Slovakia's flat tax to help meet budget deficit targets of 4.9% of GDP in 2012 and 3% of GDP in 2013.
GDP (purchasing power parity):
$132.4 billion (2012 est.)
country comparison to the world: 64
$129 billion (2011 est.)
$124.8 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$91.19 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.6% (2012 est.)
country comparison to the world: 128
3.3% (2011 est.)
4.2% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$24,300 (2012 est.)
country comparison to the world: 57
$23,700 (2011 est.)
$23,000 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 3.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
36.4%
services:
59.8% (2012 est.)
Labor force:
2.724 million (2012 est.)
country comparison to the world: 106
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 3.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
27%
services:
69.4% (December 2009)
Unemployment rate:
12.8% (2012 est.)
country comparison to the world: 132
13.2% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
21% (2002)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 4.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
22.4% (2009 est.)
Distribution of family income - Gini index:
26 (2005)
country comparison to the world: 131
26.3 (1996)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
22.2% of GDP (2012 est.)
country comparison to the world: 67
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $31.39 billion
[see also: Budget revenues country ranks ]
expenditures:
$35.85 billion (2012 est.)
Taxes and other revenues:
34.4% of GDP (2012 est.)
country comparison to the world: 74
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-4.9% of GDP (2012 est.)
country comparison to the world: 153
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
48.6% of GDP (2012 est.)
country comparison to the world: 65
43.3% of GDP (2011 est.)
note:
data cover general Government Gross Debt, and includes debt instruments issued (or owned) by Government entities, including sub-sectors of central government, state government, local government, and social security funds.
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
3.6% (2012 est.)
country comparison to the world: 106
3.9% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
1.75% (31 December 2011 est.)
country comparison to the world: 130
1.75% (31 December 2010 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
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
3.5% (31 December 2012 est.)
country comparison to the world: 172
3.7% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$35.31 billion (31 December 2012 est.)
country comparison to the world: 56
$36.49 billion (31 December 2011 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 17 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 ]
Stock of broad money:
$52.73 billion (31 December 2012 est.)
country comparison to the world: 68
$52.99 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$63.87 billion (31 December 2012 est.)
country comparison to the world: 61
$67.93 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$4.736 billion (31 December 2011)
country comparison to the world: 85
$4.15 billion (31 December 2010)
$4.672 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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:
6.9% (2011 est.)
country comparison to the world: 45
[see also: Industrial production growth rate country ranks ]
Current account balance:
$535.2 million (2012 est.)
country comparison to the world: 46
$52.86 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$77.82 billion (2012 est.)
country comparison to the world: 47
$78.5 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
machinery and electrical equipment 35.9%, vehicles 21%, base metals 11.3%, chemicals and minerals 8.1%, plastics 4.9% (2009 est.)
Exports - partners:
Germany 21.4%, Czech Republic 15.1%, Poland 7.9%, Hungary 7.8%, Austria 7.5%, France 6.7%, Italy 5.2% (2011)
Imports:
$74.29 billion (2012 est.)
country comparison to the world: 41
$75.1 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
machinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.)
Imports - partners:
Germany 19.3%, Czech Republic 18.5%, Russia 11.4%, Hungary 7%, Poland 5.5%, Austria 4.6%, Italy 4.1%, China 4% (2011)
Reserves of foreign exchange and gold:
$2.676 billion (31 December 2012 est.)
country comparison to the world: 112
