| Economy | Slovakia |
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Economy - overview:
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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 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, a 19% flat tax for corporations and individuals, 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 4% in 2010 and 3% in 2011. Unemployment rose above 12% in 2010-11. The government of Prime Minister Iveta RADICOVA, in power since July 2010, implemented reforms to curb corruption and improve government accountability - a major source of discontent with many Slovaks - and trimmed the budget deficit to 4.9% of GDP in 2011. |
GDP (purchasing power parity):
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$126.9 billion (2011 est.)
$122.9 billion (2010 est.)
$118.2 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$23,400 (2011 est.)
$22,600 (2010 est.)
$21,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$97.2 billion (2011 est.) |
GDP - real growth rate:
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3.3% (2011 est.)
4% (2010 est.)
-4.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 3.8%
industry: 35.5%
services: 60.7% (2011 est.) |
Investment (gross fixed):
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21.4% of GDP (2011 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)
26.3 (1996) |
Inflation rate (consumer prices):
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4% (2011 est.)
1% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010 est.)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks from the euro area; as of 1 January 2009 Slovakia became a member of the Economic and Monetary Union (EMU) |
Commercial bank prime lending rate:
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3.8% (31 December 2011 est.)
3.39% (31 December 2010 est.) |
Stock of money:
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$847.3 million (31 December 2008)
$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 |
Stock of money - per capita:
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155 USD per capita |
Stock of quasi money:
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$23.15 billion (31 December 2008)
$17.16 billion (31 December 2007) |
Stock of quasi money - per capita:
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4,227 USD per capita |
Stock of domestic credit:
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$72.98 billion (31 December 2011 est.)
$66.62 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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13,325 USD per capita |
Stock of narrow money:
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$38.99 billion (31 December 2011 est.)
$35.41 billion (31 December 2010 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 |
Stock of broad money:
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$56.88 billion (31 December 2011 est.)
$51.92 billion (31 December 2010 est.) |
Labor force:
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2.713 million (2011 est.) |
Labor force participation rate:
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49.53 % of population |
Labor force - by occupation:
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agriculture: 3.5%
industry: 27%
services: 69.4% (December 2009) |
Unemployment rate:
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12.6% (2011 est.)
12.5% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 27.3%
male: 27.9%
female: 26.6% (2009) |
Budget:
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revenues: $34.76 billion
expenditures: $39.54 billion (2011 est.) |
Budget revenues per capita:
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6,347 USD per capita |
Taxes and other revenues:
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35.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.9% of GDP (2011 est.) |
Public debt:
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44.5% of GDP (2011 est.)
41% of GDP (2010 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. |
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:
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9% (2011 est.) |
Electricity - production:
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24.7 billion kWh (2009 est.) |
Electricity - production per capita:
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4,510 kWh per capita |
Electricity - consumption:
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28.75 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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5,250 kWh per capita |
Electricity - exports:
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7.682 billion kWh (2009 est.) |
Electricity - imports:
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1.312 billion kWh (2009 est.) |
Oil - production:
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8,281 bbl/day (2010 est.) |
Oil - production per capita:
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1,512 bbl/day per capita |
Oil - consumption:
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83,810 bbl/day (2010 est.) |
Oil - consumption - per capita:
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5.59 bbl/year per capita |
Oil - exports:
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78,940 bbl/day (2009 est.) |
Oil - imports:
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139,200 bbl/day (2009 est.) |
Oil - proved reserves:
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9 million bbl (1 January 2011 est.) |
Natural gas - production:
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103 million cu m (2010 est.) |
Natural gas - production per capita:
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19 cu m per capita |
Natural gas - consumption:
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6.413 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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1,171 cu m per capita |
Natural gas - exports:
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808 million cu m (2009 est.) |
Natural gas - imports:
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6.425 billion cu m (2010 est.) |
Natural gas - proved reserves:
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14.16 billion cu m (1 January 2011 est.) |
Agriculture - products:
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grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products |
Current account balance:
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-$2.899 billion (2011 est.)
-$3.173 billion (2010 est.) |
Current account balance - per capita:
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-529 USD per capita |
Exports:
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$86.62 billion (2011 est.)
$67.97 billion (2010 est.) |
Exports per capita:
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15,816 USD per capita |
Exports - commodities:
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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.) |
Exports - partners:
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Germany 20.1%, Czech Republic 14.8%, Poland 7.9%, Hungary 7.3%, France 7.2%, Austria 7.1%, Italy 5.8% (2010) |
Imports:
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$85.46 billion (2011 est.)
$67.77 billion (2010 est.) |
Imports per capita:
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15,604 USD per capita |
Imports - commodities:
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machinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.) |
Imports - partners:
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Czech Republic 18.9%, Germany 18.3%, Russia 9.5%, Hungary 7.4%, Poland 5.6%, South Korea 5.1%, Austria 4.9%, Italy 4.1% (2010) |
Reserves of foreign exchange and gold:
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$2.161 billion (31 December 2010 est.)
$1.821 billion (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
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395 USD per capita |
Debt - external:
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$75.9 billion (30 June 2011 est.)
$59.33 billion (30 June 2010 est.) |
Debt - external - per capita:
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13,858 USD per capita |
Stock of direct foreign investment - at home:
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$52.79 billion (31 December 2011 est.)
$50.68 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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9,639 USD per capita |
Stock of direct foreign investment - abroad:
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$3.08 billion (31 December 2011 est.)
$2.83 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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563 USD per capita |
Market value of publicly traded shares:
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$4.15 billion (31 December 2010)
$4.672 billion (31 December 2009)
$5.079 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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758 USD per capita |
Currency (code):
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Slovak koruna (SKK) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
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calendar year |
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