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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 to consolidate its budget and get on track to join the EU in 2004 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 such as labor market liberalization and a 19% flat tax. Foreign investment in the automotive and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-08 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 7.7% in 2008 but remains the economy's Achilles heel. Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been careful to keep a lid on spending in order to meet euro adoption criteria and has focused on regulating energy and food prices instead. To maintain a stable operating environment for investors, the European Bank for Reconstruction and Development advised the Slovak government to refrain from intervening in important sectors of the economy. However, Bratislava's approach to mitigating the economic slowdown includes substantial government intervention and the option to nationalize strategic companies. GDP fell nearly 5% in 2009 and unemployment rose above 12%, as the global recession impacted many segments of the economy.
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$115.1 billion (2009 est.)
country comparison to the world: 62
$120.8 billion (2008 est.)
$113.7 billion (2007 est.)
note:
data are in 2009 US dollars
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$88.21 billion (2009 est.)
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-4.7% (2009 est.)
country comparison to the world: 182
6.2% (2008 est.)
10.6% (2007 est.)
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$21,100 (2009 est.)
country comparison to the world: 58
$22,100 (2008 est.)
$20,900 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 2.6%
industry:
34.4%
services:
63%
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2.641 million (2009 est.)
country comparison to the world: 108
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agriculture: 3.5%
industry:
27%
services:
69.4% (December 2009)
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11.4% (2009)
country comparison to the world: 125
7.7% (2008)
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21% (2002)
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lowest 10%: 3.1%
highest 10%:
20.9% (1996)
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26 (2005)
country comparison to the world: 130
26.3 (1996)
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23.6% of GDP (2009 est.)
country comparison to the world: 57
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revenues: $30.01 billion
expenditures:
$35.99 billion (2009 est.)
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37.1% of GDP (2009 est.)
country comparison to the world: 71
28.7% of GDP (2008 est.)
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1.6% (2009)
country comparison to the world: 61
4.6% (2008)
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1% (31 December 2008)
country comparison to the world: 116
4.25% (31 December 2007)
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NA%
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$847.3 million (31 December 2008)
country comparison to the world: 117
$868.8 million (31 December 2007)
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 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders
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$23.15 billion (31 December 2008)
country comparison to the world: 50
$17.16 billion (31 December 2007)
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$46.59 billion (31 December 2009)
country comparison to the world: 54
$42.96 billion (31 December 2008)
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$4.672 billion (31 December 2009)
country comparison to the world: 79
$5.079 billion (31 December 2008)
$6.971 billion (31 December 2007)
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grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
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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
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-8.3% (2009 est.)
country comparison to the world: 134
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25.9 billion kWh (2009 est.)
country comparison to the world: 65
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28.75 billion kWh (2009 est.)
country comparison to the world: 61
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8.891 billion kWh (2008 est.)
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9.412 billion kWh (2008 est.)
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4,114 bbl/day (2009 est.)
country comparison to the world: 96
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79,930 bbl/day (2009 est.)
country comparison to the world: 85
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74,070 bbl/day (2008 est.)
country comparison to the world: 72
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148,600 bbl/day (2008 est.)
country comparison to the world: 54
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9 million bbl (1 January 2009 est.)
country comparison to the world: 90
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103 million cu m (2009 est.)
country comparison to the world: 78
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6.493 billion cu m (2009 est.)
country comparison to the world: 54
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15 million cu m (2009 est.)
country comparison to the world: 44
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6.974 billion cu m (2009 est.)
country comparison to the world: 29
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14.16 billion cu m (1 January 2009 est.)
country comparison to the world: 78
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-$2.906 billion (2009 est.)
country comparison to the world: 159
-$6.195 billion (2008 est.)
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$55.32 billion (2009 est.)
country comparison to the world: 43
$72.57 billion (2008 est.)
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machinery and electrical equipment 35.9%, vehicles 21%, base metals 11.3%, chemicals and minerals 8.1%, plastics 4.9% (2009 est.)
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Germany 19.91%, Czech Republic 13.02%, France 7.72%, Poland 7.26%, Hungary 6.48%, Italy 6.06%, Austria 5.88%, UK 4.71% (2009)
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$53.67 billion (2009 est.)
country comparison to the world: 44
$73.62 billion (2008 est.)
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machinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.)
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Germany 16.8%, Czech Republic 12.3%, Russia 9%, South Korea 6.8%, China 5.8%, Hungary 5.3%, Poland 4% (2009)
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$1.16 billion (31 January 2010 est.)
country comparison to the world: 125
$18.78 billion (31 December 2008 est.)
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$69.55 billion (31 December 2009 est.)
country comparison to the world: 41
$52.53 billion (31 December 2008)
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$45.88 billion (31 December 2009 est.)
country comparison to the world: 54
$45.93 billion (31 December 2008 est.)
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$2.334 billion (31 December 2009 est.)
country comparison to the world: 62
$1.901 billion (31 December 2008 est.)
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Slovak koruny (SKK) per US dollar - 0.734 (2009), 21.05 (2008), 24.919 (2007), 29.611 (2006), 31.018 (2005)
note:
on 1 January 2009 Slovakia adopted the euro as legal tender
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