unbekannter Gast

Slovakia: Economy#

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. After a period of relative stagnation in the early and mid 1990s, reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget, get on track to join the EU in 2004, and adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has facilitated a foreign investment boom with business friendly policies. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap, skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages to foreign investors. Growth returned, following a contraction in 2009, but has remained sluggish in large part due to continued weakness in external demand. In 2012 the government of Prime Minister Robert FICO rolled back some of Slovakia's pro-growth reforms to help shore up public finances. Corruption and slow dispute resolution remain key factors constraining economic growth.

Economic Facts#

GDP (purchasing power parity)$133.4 billion (2013 est.)
$132.3 billion (2012 est.)
$129.6 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.8% (2013 est.)
2% (2012 est.)
3.2% (2011 est.)
GDP - per capita (PPP)$24,700 (2013 est.)
$24,500 (2012 est.)
$24,000 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 3.1%
industry: 30.8%
services: 47% (2013 est.)
Population below poverty line21% (2002)
Household income or consumption by percentage sharelowest 10%: 4.4%
highest 10%: 22.4% (2009 est.)
Labor force - by occupationagriculture: 3.5%
industry: 27%
services: 69.4% (December 2009)
Exports - commoditiesmachinery and electrical equipment 35.9%, vehicles 21%, base metals 11.3%, chemicals and minerals 8.1%, plastics 4.9% (2009 est.)
Exports - partnersGermany 22.3%, Czech Republic 14.9%, Poland 8.8%, Hungary 7.8%, Austria 7%, France 5.6%, Italy 4.9%, UK 4.1% (2012)
Agriculture - productsgrains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
Budgetrevenues: $32.41 billion
expenditures: $35.72 billion (2013 est.)
Imports - commoditiesmachinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.)
Imports - partnersGermany 18.6%, Czech Republic 18%, Russia 9.9%, Austria 8%, Hungary 6.8%, Poland 6%, South Korea 4.1% (2012)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$82.7 billion (2013 est.)
$80.67 billion (2012 est.)
Debt - external$68.44 billion (31 December 2012 est.)
$68.61 billion (31 December 2011 est.)
Fiscal yearcalendar year
Imports$77.96 billion (2013 est.)
$75.99 billion (2012 est.)
Industrial production growth rate6.5% (2013 est.)
Industriesmetal and metal products; food and beverages; electricity, gas, coke, oil, nuclear fuel; chemicals, synthetic fibers; machinery; paper and printing; earthenware and ceramics; transport vehicles; textiles; electrical and optical apparatus; rubber products
Inflation rate (consumer prices)1.7% (2013 est.)
3.6% (2012 est.)
Labor force2.727 million (2013 est.)
Unemployment rate14.4% (2013 est.)
13.6% (2012 est.)
Distribution of family income - Gini index26 (2005)
26.3 (1996)
Public debt55.5% of GDP (2013 est.)
52.1% of GDP (2012 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.
Current account balance$3.315 billion (2013 est.)
$2.096 billion (2012 est.)
Reserves of foreign exchange and gold$2.258 billion (31 December 2013 est.)
$2.519 billion (31 December 2012 est.)
GDP (official exchange rate)$96.96 billion (2013 est.)
Stock of direct foreign investment - at home$63.99 billion (31 December 2013 est.)
$62.49 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$11.15 billion (31 December 2013 est.)
$11.09 billion (31 December 2012 est.)
Market value of publicly traded shares$4.611 billion (31 December 2012 est.)
$NA (31 December 2011)
$4.15 billion (31 December 2010 est.)
Central bank discount rate1.75% (31 December 2011 est.)
1.75% (31 December 2010 est.)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks from the euro area; Slovakia became a member of the Economic and Monetary Union (EMU) on 1 January 2009
Commercial bank prime lending rate3.3% (31 December 2013 est.)
3.47% (31 December 2012 est.)
Stock of domestic credit$72.6 billion (31 December 2013 est.)
$68.47 billion (31 December 2012 est.)
Stock of narrow money$38.48 billion (31 December 2013 est.)
$37.14 billion (31 December 2012 est.)
note: 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$59.89 billion (31 December 2013 est.)
$56.57 billion (31 December 2012 est.)
Taxes and other revenues33.4% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-3.4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 58%
government consumption: NA%
investment in fixed capital: NA%
investment in inventories: NA%
exports of goods and services: NA%
imports of goods and services: -90.2%
(2013 est.)
Gross national saving21.1% of GDP (2013 est.)
23% of GDP (2012 est.)
21.8% of GDP (2011 est.)