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Economy of Slovakia

Economy - overview:Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government made excellent progress during 2001-04 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely 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 sector has been strong. Slovakia's economic growth exceeded expectations in 2001-06 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 10.2% in 2006 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.
GDP (purchasing power parity):$99.19 billion (2006 est.)
GDP (official exchange rate):$47.72 billion (2006 est.)
GDP - real growth rate:8.3% (2006 est.)
GDP - per capita (PPP):$18,200 (2006 est.)
GDP - composition by sector:agriculture: 3.8%
industry: 31.4%
services: 64.8% (2006 est.)
Labor force:2.629 million (2006 est.)
Labor force - by occupation:agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003)
Unemployment rate:10.2% (2006 est.)
Population below poverty line:21% (2002)
Household income or consumption by percentage share:lowest 10%: 3.1%
highest 10%: 20.9% (1996)
Distribution of family income - Gini index:25.8 (1996)
Inflation rate (consumer prices):4.4% (2006 est.)
Investment (gross fixed):27.6% of GDP (2006 est.)
Budget:revenues: $24.57 billion
expenditures: $26.14 billion; including capital expenditures of $NA (2006 est.)
Public debt:36.1% of GDP (2006 est.)
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:7.8% (2006 est.)
Electricity - production:31.29 billion kWh (2005)
Electricity - production by source:fossil fuel: 30.3%
hydro: 16%
nuclear: 53.6%
other: 0% (2001)
Electricity - consumption:28.57 billion kWh (2005)
Electricity - exports:11.29 billion kWh (2005)
Electricity - imports:8.57 billion kWh (2005)
Oil - production:11,480 bbl/day (2005 est.)
Oil - consumption:74,000 bbl/day (2004 est.)
Oil - exports:77,660 bbl/day (2004)
Oil - imports:138,200 bbl/day (2004)
Oil - proved reserves:9 million bbl (1 January 2006)
Natural gas - production:135 million cu m (2005 est.)
Natural gas - consumption:6 billion cu m (2005 est.)
Natural gas - exports:1 million cu m (2005 est.)
Natural gas - imports:6.5 billion cu m (2005 est.)
Natural gas - proved reserves:15.01 billion cu m (1 January 2005 est.)
Current account balance:-$3.781 billion (2006 est.)
Exports:$39.64 billion f.o.b. (2006 est.)
Exports - commodities:vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4% (2004)
Exports - partners:Germany 23.7%, Czech Republic 14.1%, Italy 6.5%, Poland 6.2%, Austria 6%, Hungary 5.8%, France 4.3%, Netherlands 4.2% (2006)
Imports:$41.84 billion f.o.b. (2006 est.)
Imports - commodities:machinery and transport equipment 41.1%, intermediate manufactured goods 19.3%, fuels 12.3%, chemicals 9.8%, miscellaneous manufactured goods 10.2% (2003)
Imports - partners:Germany 23.6%, Czech Republic 18.2%, Russia 11%, Hungary 6%, Austria 5.5%, Poland 4.9%, Italy 4.4% (2006)
Reserves of foreign exchange and gold:$15.75 billion (2006 est.)
Debt - external:$31.5 billion (30 June 2006 est.)
Economic aid - recipient:$12.67 billion in available EU structural adjustment and cohesion funds (2007-13)
Currency (code):Slovak koruna (SKK)
Currency code:SKK
Exchange rates:koruny per US dollar - 29.611 (2006), 31.018 (2005), 32.257 (2004), 36.773 (2003), 45.327 (2002)
Fiscal year:calendar year

Slovakia Quickstats

  • Population: 5,447,502 (July 2007 est.)
  • Area: 48,845 sq km
  • Density: 111 /km² (88th)
  • GDP (total): $99.19 billion (61st)
  • GDP (per capita): $19,171 (46th)
  • Literacy: 99.6%

Languages of Slovakia

Useful to know

  • Currency: Slovak koruna (SKK)
  • Dial code: +421³

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