Slovakia Economy
Is Slovakia a wealthy country?
A general economic overview of Slovakia. Please note that economic conditions can change, and checking more recent sources for the latest information is advisable. As of that time:
1. Economic Structure: Slovakia has a market-oriented economy and is part of the European Union and the Eurozone, using the euro (EUR) as its official currency. The country underwent significant economic reforms after gaining independence in 1993, transitioning from a centrally planned economy to a more open and market-oriented system.
2. GDP and Growth: Slovakia has experienced relatively strong economic growth, driven by foreign direct investment (FDI), manufacturing, and exports. Industries like automotive manufacturing, electronics, and machinery have played a crucial role in the country's economic development.
3. Automotive Industry: The automotive sector is a crucial driver of Slovakia's economy. The country has become a significant hub for automobile production, with several international automotive companies having manufacturing plants in Slovakia.
4. Foreign Direct Investment (FDI): Slovakia has attracted significant foreign direct investment, particularly in manufacturing. The business-friendly environment, skilled workforce, and strategic location within Europe have contributed to FDI inflows.
5. Export-Oriented Economy: Slovakia has an export-oriented economy, focusing on machinery, vehicles, electrical machinery, and pharmaceuticals. The country's geographical location in the heart of Europe facilitates trade with other European countries.
6. European Union Membership: Slovakia's membership in the European Union has provided access to a larger market and opportunities for economic integration. It has also benefited from EU structural funds.
7. Unemployment and Labor Market: Unemployment rates in Slovakia have generally decreased, but challenges such as skills mismatches persist. The labor market is dynamic, and efforts are made to address workforce development needs.
8. Challenges: Slovakia faces challenges related to regional disparities, with differences in economic development between the capital city, Bratislava, and other regions. Strengthening innovation and research and development efforts is an ongoing goal to enhance the country's competitiveness.
9. Banking and Finance: Slovakia has a stable banking sector, and the country's financial institutions are integrated into the broader European financial system.
10. Renewable Energy: Slovakia has tried diversifying its energy sources, focusing on increasing the share of renewable energy in its energy mix.
11. Tourism: While not as prominent as in some other European countries, tourism is growing in Slovakia, driven by its historical sites, natural beauty, and cultural attractions.
Slovakia Economy Data
What is the GDP of Slovakia?
| Currency Name and Code | Euro (EUR) |
| GDP - Gross Domestic Product (PPP) | $165,570,000,000 (USD) |
| GDP - official exchange rate | $86,200,000,000 (USD) |
| GDP - real growth rate | 3.2% |
| GDP Per Capita | $29,500.00 (USD) |
| GDP by Sector- agriculture | 3.4% |
| GDP by Sector- Industry | 30.4% |
| GDP by Sector- services | 66.2% |
| GDP - composition, by end use |
household consumption: 56.8% government consumption: 18.2% investment in fixed capital: 22.2% investment in inventories: -0.5% exports of goods and services: 101.2% imports of goods and services: -97.9% |
| Population Below Poverty Line | 21% |
| Inflation Rate | 1% |
| Labor Force | 2,673,000 |
| Labor Force By Occupation- agriculture | 3.5% |
| Labor Force By Occupation- industry | 27% |
| Labor Force By Occupation- services | 69.4% |
| Unemployment Rate | 13.5% |
| Fiscal Year | calendar year |
| Annual Budget | $28,450,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -3.4% |
| Public Debt (% of GDP) | 16.9% |
| Taxes and other revenues - percent of GDP | 33.4% |
| Major 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 Growth Rate | 7.5% |
| Agriculture Products | grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products |
| Exchange Rate per US Dollar | euro (EUR) |
| Commercial Bank Prime Lending Rate | 3.3% |