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Slovakia Economy Profile 2017

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Economy - overviewSlovakia’s economy suffered from a slow start in the first years after its separation from the Czech Republic in 1993, due to the country’s authoritarian leadership and high levels of corruption, but economic reforms implemented after 1998 have placed Slovakia on a path of strong growth. With a population of 5.4 million, the Slovak Republic has a small, open economy driven mainly by automobile and electronics exports, which account for more than 80% of GDP. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound and predominantly foreign owned.

Slovakia has been a regional FDI champion for several years, attractive due to a relatively low-cost yet skilled labor force, and a favorable geographic location in the heart of Central Europe. Among the most pressing domestic issues potentially threatening the attractiveness of the Slovak market are shortages in qualified labor force, persistent corruption issues, and an inadequate judiciary, as well as a lack of innovation. The energy sector in particular is characterized by unpredictable regulatory oversight and high costs, in part driven by government interference in regulated tariffs.
GDP (purchasing power parity)$168.8 billion (2016 est.)
$163.8 billion (2015 est.)
$157.8 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$90.26 billion (2016 est.)
GDP - real growth rate3.3% (2016 est.)
3.8% (2015 est.)
2.5% (2014 est.)
GDP - per capita (PPP)$31,200 (2016 est.)
$30,200 (2015 est.)
$29,100 (2014 est.)
note: data are in 2016 dollars
Gross national saving21.8% of GDP (2016 est.)
21.6% of GDP (2015 est.)
21.1% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 55.9%
government consumption: 18.9%
investment in fixed capital: 22.2%
investment in inventories: -0.2%
exports of goods and services: 94.8%
imports of goods and services: -91.6% (2016 est.)
GDP - composition by sectoragriculture: 3.6%
industry: 31.6%
services: 64.8% (2016 est.)
Population below poverty line12.3% (2015 est.)
Labor force2.724 million (2016 est.)
Labor force - by occupationagriculture: 3.9%
industry: 22.7%
services: 73.4% (2015)
Unemployment rate8.8% (2016 est.)
10.6% (2015 est.)
Unemployment, youth ages 15-24total: 29.7%
male: 29.5%
female: 30.1% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 3.3%
highest 10%: 19.3% (2015 est.)
Distribution of family income - Gini index23.7 (2015)
26.1 (2014)
Budgetrevenues: $34.87 billion
expenditures: $37.04 billion (2016 est.)
Taxes and other revenues38.6% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-2.4% of GDP (2016 est.)
Public debt52.4% of GDP (2016 est.)
52.5% of GDP (2015 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
Inflation rate (consumer prices)-0.5% (2016 est.)
-0.3% (2015 est.)
Central bank discount rate0% (31 December 2016 est.)
0.05% (31 December 2015 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 rate2.7% (31 December 2016 est.)
2.78% (31 December 2015 est.)
Stock of narrow money$42.43 billion (31 December 2016 est.)
$43 billion (31 December 2015 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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$58.76 billion (31 December 2016 est.)
$58.41 billion (31 December 2015 est.)
Stock of domestic credit$66.15 billion (31 December 2016 est.)
$67.67 billion (31 December 2015 est.)
Market value of publicly traded shares$4.492 billion (30 November 2016 est.)
$4.634 billion (31 December 2015 est.)
$4.732 billion (31 December 2014 est.)
Agriculture - productsgrains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
Industriesautomobiles; metal and metal products; electricity, gas, coke, oil, nuclear fuel; chemicals, synthetic fibers, wood and paper products; machinery; earthenware and ceramics; textiles; electrical and optical apparatus; rubber products; food and beverages; pharmaceutical
Industrial production growth rate4.3% (2016 est.)
Current Account Balance$318 million (2016 est.)
$186 million (2015 est.)
Exports$74.35 billion (2016 est.)
$73.12 billion (2015 est.)
Exports - commoditiesvehicles and related parts 27%, machinery and electrical equipment 20%, nuclear reactors and furnaces 12%, iron and steel 4%, mineral oils and fuels 5% (2015 est.)
Exports - partnersGermany 22.7%, Czech Republic 12.5%, Poland 8.5%, Austria 5.7%, Hungary 5.7%, France 5.6%, UK 5.5%, Italy 4.5% (2015)
Imports$71.47 billion (2016 est.)
$71.09 billion (2015 est.)
Imports - commoditiesmachinery and electrical equipment 20%, vehicles and related parts 14%, nuclear reactors and furnaces 12%, fuel and mineral oils 9% (2015 est.)
Imports - partnersGermany 19.4%, Czech Republic 17.4%, Austria 9.1%, Hungary 6.3%, Poland 6.3%, South Korea 5.5%, Russia 5.2%, China 4.1% (2015)
Reserves of foreign exchange and gold$2.657 billion (31 December 2016 est.)
$2.892 billion (31 December 2015 est.)
Debt - external$75.04 billion (31 March 2016 est.)
$74.19 billion (31 March 2015 est.)
Stock of direct foreign investment - at home$59.81 billion (31 December 2016 est.)
$56.31 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$12.11 billion (31 December 2016 est.)
$10.71 billion (31 December 2015 est.)
Exchange rateseuros (EUR) per US dollar -
0.9214 (2016 est.)
0.885 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
0.7752 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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