| People | Slovakia |
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Economy - overview:
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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 2001-07 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.6% in 2007 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004 and will be the second of the new EU member states to adopt the euro in 2009 if it continues to meet euro adoption criteria in 2008. 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. The FICO government is pursuing a state-interventionist economic policy, however, and has pushed to regulate energy and food prices. |
GDP (purchasing power parity):
|
$107.6 billion (2007 est.) |
GDP (official exchange rate):
|
$71.57 billion (2007 est.) |
GDP - real growth rate:
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8.8% (2007 est.) |
GDP - per capita (PPP):
|
$19,800 (2007 est.) |
GDP - composition by sector:
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agriculture: 3.4%
industry: 32.8%
services: 63.8% (2007 est.) |
Investment (gross fixed):
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26.3% of GDP (2007 est.) |
Population below poverty line:
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21% (2002) |
Household income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 20.9% (1996) |
Distribution of family income - Gini index:
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26 (2005) |
Inflation rate (consumer prices):
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2.7% (2007 est.) |
Labor force:
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2.661 million (2007 est.) |
Labor force participation rate:
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48.78 % of population |
Labor force - by occupation:
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agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003) |
Unemployment rate:
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8.6% (2007 est.) |
Budget:
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revenues: $33.07 billion
expenditures: $35.13 billion (2007 est.) |
Budget revenues per capita:
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6,062 USD per capita |
Public debt:
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34.8% of GDP (2007 est.) |
Industries:
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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 |
Industrial production growth rate:
|
12% (2007 est.) |
Electricity - production:
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29.89 billion kWh (2005) |
Electricity - production per capita:
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5,479 kWh per capita |
Electricity - consumption:
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24.93 billion kWh (2005) |
Electricity - consumption - per capita:
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4,570 kWh per capita |
Electricity - exports:
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11.27 billion kWh (2005) |
Electricity - imports:
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8.005 billion kWh (2005) |
Oil - production:
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12,840 bbl/day (2005 est.) |
Oil - production per capita:
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2,354 bbl/day per capita |
Oil - consumption:
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79,350 bbl/day (2005 est.) |
Oil - consumption - per capita:
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5.31 bbl/year per capita |
Oil - exports:
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77,660 bbl/day (2004) |
Oil - imports:
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138,200 bbl/day (2004) |
Oil - proved reserves:
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9 million bbl (1 January 2006 est.) |
Natural gas - production:
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141.9 million cu m (2005 est.) |
Natural gas - production per capita:
|
27 cu m per capita |
Natural gas - consumption:
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6.231 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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1,143 cu m per capita |
Natural gas - exports:
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354.9 million cu m (2005 est.) |
Natural gas - imports:
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6.396 billion cu m (2005) |
Natural gas - proved reserves:
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14.39 billion cu m (1 January 2006 est.) |
Agriculture - products:
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grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products |
Current account balance:
|
-$3.119 billion (2007 est.) |
Current account balance - per capita:
|
-571 USD per capita |
Exports:
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$55.31 billion f.o.b. (2007 est.) |
Exports per capita:
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10,139 USD per capita |
Exports - commodities:
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vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4% (2004) |
Exports - partners:
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Germany 23.5%, Czech Republic 13.8%, Italy 6.5%, Poland 6.2%, Hungary 6.1%, Austria 6.1%, France 4.3%, Netherlands 4.3% (2006) |
Imports:
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$57.06 billion f.o.b. (2007 est.) |
Imports per capita:
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10,460 USD per capita |
Imports - commodities:
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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:
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Germany 23%, Czech Republic 18.1%, Russia 11.2%, Hungary 6.1%, Austria 5.6%, Poland 4.9%, Italy 4.4% (2006) |
Reserves of foreign exchange and gold:
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$17.72 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,249 USD per capita |
Debt - external:
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$36.66 billion (30 June 2007) |
Debt - external - per capita:
|
6,720 USD per capita |
Stock of direct foreign investment - at home:
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$19.08 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$987.1 million (2006 est.) |
Market value of publicly traded shares:
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$5.574 billion (2006) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$235 million in available EU structural adjustment and cohesion funds (2004) |
Economic aid - recipient per capita:
|
44 USD per capita |
Currency (code):
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Slovak koruna (SKK) |
Exchange rates:
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koruny per US dollar - 24.919 (2007), 29.611 (2006), 31.018 (2005), 32.257 (2004), 36.773 (2003) |
Fiscal year:
|
calendar year |
|
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