Slovakia

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 7.7% in 2008 but remains the economy’s Achilles heel. FICO’s cabinet was 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 has included substantial government intervention and the option to nationalize strategic companies. Slovakia was admitted to the euro zone in January 2009. RADICOVA’s government, in power since July 2010, has allowed the budget deficit to rise slightly, to 8.2% of GDP in 2010. GDP fell nearly 5% in 2009 before gaining back 4% in 2010, and unemployment rose above 12% in 2010, as the global recession impacted many segments of the economy.

$121.3 billion (2010 est.)

$116.7 billion (2009 est.)

$122.4 billion (2008 est.)

$86.26 billion (2010 est.)

4% (2010 est.)

-4.7% (2009 est.)

6.2% (2008 est.)

$22,200 (2010 est.)

$21,400 (2009 est.)

$22,400 (2008 est.)

2.673 million (2010 est.)

12.5% (2010 est.)

11.4% (2009 est.)

21% (2002)

26 (2005)

26.3 (1996)

22.2% of GDP (2010 est.)

41% of GDP (2010 est.)

35.7% of GDP (2009 est.)

1.2% (2010 est.)

1.6% (2009 est.)

1% (31 December 2009)

3% (31 December 2008)

NA% (31 December 2009 est.)

NA% (31 December 2008 est.)

$34.37 billion (31 December 2010 est)

$34.1 billion (31 December 2009 est)

$52.63 billion (31 December 2010 est.)

$52.68 billion (31 December 2009 est.)

$65.09 billion (31 December 2010 est.)

$64.25 billion (31 December 2009 est.)

$4.672 billion (31 December 2009)

$5.079 billion (31 December 2008)

$6.971 billion (31 December 2007)

grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products

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

7.5% (2010 est.)

25.9 billion kWh (2009 est.)

28.75 billion kWh (2009 est.)

8.891 billion kWh (2008 est.)

9.412 billion kWh (2008 est.)

4,114 bbl/day (2009 est.)

79,930 bbl/day (2009 est.)

75,110 bbl/day (2008 est.)

144,000 bbl/day (2008 est.)

9 million bbl (1 January 2010 est.)

103 million cu m (2009 est.)

6.493 billion cu m (2009 est.)

15 million cu m (2009 est.)

6.974 billion cu m (2009 est.)

14.16 billion cu m (1 January 2010 est.)

-$1.93 billion (2010 est.)

-$2.819 billion (2009 est.)

$64.18 billion (2010 est.)

$55.32 billion (2009 est.)

machinery and electrical equipment 35.9%, vehicles 21%, base metals 11.3%, chemicals and minerals 8.1%, plastics 4.9% (2009 est.)

Germany 20.1%, Czech Republic 12.9%, France 7.8%, Poland 7.2%, Hungary 6.3%, Italy 6.1%, Austria 5.8%, UK 4.8% (2009)

$62.43 billion (2010 est.)

$53.67 billion (2009 est.)

machinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.)

Germany 16.8%, Czech Republic 12.3%, Russia 9%, South Korea 6.8%, China 5.8%, Hungary 5.3%, Poland 4% (2009)

$NA (31 December 2010 est.)

$1.16 billion (31 January 2010 est.)

$59.33 billion (30 June 2010 est.)

$52.53 billion (31 December 2008)

$52.2 billion (31 December 2010 est.)

$50.26 billion (31 December 2009 est.)

$2.643 billion (31 December 2010 est.)

$2.743 billion (31 December 2009 est.)

Slovak koruny (SKK) per US dollar - 0.774 (2010), 0.718 (2009), 21.05 (2008), 24.919 (2007), 29.611 (2006)