| Economy | Slovakia |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
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 8.4% 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 11%, as the global recession impacted many segments of the economy. |
GDP (purchasing power parity):
|
$115.3 billion (2009 est.)
$121.2 billion (2008 est.)
$113.9 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$21,100 (2009 est.)
$22,200 (2008 est.)
$20,900 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$88.3 billion (2009 est.) |
GDP - real growth rate:
|
-4.9% (2009 est.)
6.4% (2008 est.)
10.4% (2007 est.) |
GDP - composition by sector:
|
agriculture: 7.8%
industry: 79.6%
services: 12.6% (2009 est.) |
Investment (gross fixed):
|
24.5% of GDP (2009 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:
|
26 (2005)
26.3 (1996) |
Inflation rate (consumer prices):
|
1.6% (2009 est.)
4.6% (2008 est.) |
Central bank discount rate:
|
3% (31 December 2008)
4.25% (31 December 2007)
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:
|
NA% (31 December 2008) |
Stock of money:
|
$25.52 billion (31 December 2008)
$26.17 billion (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:
|
4,672 USD per capita |
Stock of quasi money:
|
$27.71 billion (31 December 2008)
$21.11 billion (31 December 2007) |
Stock of quasi money - per capita:
|
5,073 USD per capita |
Stock of domestic credit:
|
$50.94 billion (31 December 2008)
$41.76 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
9,325 USD per capita |
Labor force:
|
2.641 million (2009 est.) |
Labor force participation rate:
|
48.34 % of population |
Labor force - by occupation:
|
agriculture 4%, industry 39%, services 56.9% (30 September 2008) |
Unemployment rate:
|
11.8% (2009 est.)
7.65% (2008 est.) |
Budget:
|
revenues: $28.31 billion
expenditures: $32.94 billion (2009 est.) |
Budget revenues per capita:
|
5,183 USD per capita |
Public debt:
|
34.6% of GDP (2009 est.)
28.7% of GDP (2008 est.) |
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:
|
-10% (2009 est.) |
Electricity - production:
|
26.53 billion kWh (2007 est.) |
Electricity - production per capita:
|
4,857 kWh per capita |
Electricity - consumption:
|
26.81 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
4,908 kWh per capita |
Electricity - exports:
|
8.891 billion kWh (2008 est.) |
Electricity - imports:
|
9.412 billion kWh (2008 est.) |
Oil - production:
|
14,000 bbl/day (2008 est.) |
Oil - production per capita:
|
2,563 bbl/day per capita |
Oil - consumption:
|
84,990 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
5.68 bbl/year per capita |
Oil - exports:
|
74,070 bbl/day (2008 est.) |
Oil - imports:
|
148,600 bbl/day (2008 est.) |
Oil - proved reserves:
|
9 million bbl (1 January 2009 est.) |
Natural gas - production:
|
102 million cu m (2008 est.) |
Natural gas - production per capita:
|
19 cu m per capita |
Natural gas - consumption:
|
6.308 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
|
1,155 cu m per capita |
Natural gas - exports:
|
186 million cu m (2008 est.) |
Natural gas - imports:
|
6.266 billion cu m (2008 est.) |
Natural gas - proved reserves:
|
14.16 billion cu m (1 January 2009 est.) |
Agriculture - products:
|
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products |
Current account balance:
|
$-3.408 billion (2009 est.)
$-6.43 billion (2008 est.) |
Current account balance - per capita:
|
-623 USD per capita |
Exports:
|
$45.05 billion (2009 est.)
$72.57 billion (2008 est.) |
Exports per capita:
|
8,247 USD per capita |
Exports - commodities:
|
vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4% |
Exports - partners:
|
Germany 20%, Czech Republic 13.1%, France 6.7%, Poland 6.6%, Hungary 6.3%, Austria 5.9%, Italy 5.8%, UK 4.7% (2008) |
Imports:
|
$46.47 billion (2009 est.)
$73.62 billion (2008 est.) |
Imports per capita:
|
8,507 USD per capita |
Imports - commodities:
|
machinery and transport equipment 41.1%, intermediate manufactured goods 19.3%, fuels 12.3%, chemicals 9.8%, miscellaneous manufactured goods 10.2% |
Imports - partners:
|
Germany 20%, Czech Republic 17.7%, Russia 10.6%, Hungary 6.9%, South Korea 5.2%, Austria 5%, Poland 4.9%, China 4.1% (2008) |
Reserves of foreign exchange and gold:
|
$NA (31 December 2009 est.)
$18.78 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$NA (31 December 2009 est.)
$52.53 billion (31 December 2008 est.) |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
|
$45.75 billion (31 December 2009 est.)
$44.12 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
8,375 USD per capita |
Stock of direct foreign investment - abroad:
|
$2.267 billion (31 December 2009 est.)
$1.867 billion (31 December 2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
415 USD per capita |
Market value of publicly traded shares:
|
$5.079 billion (31 December 2008)
$6.971 billion (31 December 2007)
$5.574 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
930 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$235 million |
Economic aid - recipient per capita:
|
44 USD per capita |
Currency (code):
|
Slovak koruna (SKK) |
Exchange rates:
|
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 |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
