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Slovakia:
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Other pages in this profile of Slovakia:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government made excellent progress during 2001-04 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely 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 sector has been strong. Slovakia's economic growth exceeded expectations in 2001-07 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.6% in 2007 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004 and will be the second of the new EU member states to adopt the euro in 2009 if it continues to meet euro adoption criteria in 2008. 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. The FICO government is pursuing a state-interventionist economic policy, however, and has pushed to regulate energy and food prices. |
GDP (purchasing power parity) |
Definition - World rank and map $109.6 billion (2007 est.) |
GDP (official exchange rate) |
Definition $74.99 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 10.4% (2007 est.) |
GDP - per capita |
Definition - World rank and map $20,300 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 2.6% industry: 33.5% services: 63.9% (2007 est.) |
Labor force |
Definition 2.661 million (2007 est.) |
Labor force - by occupation |
Definition agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003) |
Unemployment rate |
Definition - World rank and map 8.4% (2007 est.) |
Population below poverty line |
Definition 21% (2002) |
Household income or consumption by percentage share |
Definition lowest 10%: 3.1% highest 10%: 20.9% (1996) |
Distribution of family income - Gini index |
Definition - World rank and map 26 (2005) |
Inflation rate (consumer prices) |
Definition - World rank and map 2.8% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 25.7% of GDP (2007 est.) |
Budget |
Definition revenues: $34.34 billion expenditures: $35.99 billion (2007 est.) |
Public debt |
Definition - World rank and map 35.9% of GDP (2007 est.) |
Agriculture - products |
Definition grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products |
Industries |
Definition 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 |
Definition - World rank and map 17.2% (2007 est.) |
Electricity - production |
Definition - World rank and map 29.89 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 24.93 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 4,569.8 kWh (2005) |
Electricity - exports |
Definition 11.27 billion kWh (2005) |
Electricity - imports |
Definition 8.005 billion kWh (2005) |
Oil - production |
Definition - World rank and map 12,840 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 79,350 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 14.5 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 77,660 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 138,200 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 9 million bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 141.9 million cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 6.231 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 1,142 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 354.9 million cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 6.396 billion cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 14.39 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$3.998 billion (2007 est.) |
Exports |
Definition - World rank and map $57.53 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4% (2004) |
Exports - partners |
Definition Germany 21.4%, Czech Republic 12.6%, France 6.7%, Italy 6.4%, Poland 6.2%, Hungary 6%, Austria 5.8%, UK 4.8% (2006) |
Imports |
Definition - World rank and map $58.4 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery and transport equipment 41.1%, intermediate manufactured goods 19.3%, fuels 12.3%, chemicals 9.8%, miscellaneous manufactured goods 10.2% (2003) |
Imports - partners |
Definition Germany 22.1%, Czech Republic 17.3%, Russia 9.2%, Hungary 6.7%, Austria 5.1%, Poland 4.9%, South Korea 4.7% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $18.98 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $36.63 billion (31 December 2007) |
Stock of direct foreign investment - at home |
Definition $24.37 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $1.328 billion (2007 est.) |
Market value of publicly traded shares |
Definition $5.574 billion (2006) |
Economic aid - recipient |
Definition $235 million in available EU structural adjustment and cohesion funds (2004) |
Currency (code) |
Definition Slovak koruna (SKK) |
Exchange rates |
Definition koruny per US dollar - 24.919 (2007), 29.611 (2006), 31.018 (2005), 32.257 (2004), 36.773 (2003) |
Fiscal year |
Definition calendar year |
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