Economy of Slovakia

Economy of Slovakia

Panorama of Bratislava business district
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	EU, WTO, OECD
Country group	Advanced economy[1] High-income economy[2]
Statistics
Population	5,428,797 (2023)[3]
GDP	$140 billion (nominal, 2023)[4] $239 billion (PPP, 2023)[4]
GDP rank	59th (nominal, 2022) 70th (PPP, 2022)
GDP growth	1.7% (2022) 1.3% (2023) 2.7% (2024)[4]
GDP per capita	$25,930 (nominal, 2023)[4] $44,080 (PPP, 2023)[4]
GDP per capita rank	47th (nominal, 2022) 41st (PPP, 2022)
GDP by sector	agriculture: 3.8% industry: 35% services: 61.2% (2017)[5]
Inflation (CPI)	9.5% (2023)[4]
Population below poverty line	13.7% (2021)[6] 16.3% at risk of poverty or social exclusion (AROPE, 2018)[7]
Gini coefficient	20.9 low (2018)[8]
Human Development Index	0.855 very high (2022)[9] (45th) 0.808 very high (2022) (32nd)[9]
Labour force	2,736,717 (2019)[10] 72.4% employment rate (2018)[11]
Labour force by occupation	agriculture: 3.9% industry: 22.7% services: 73.4% (2015)[5]
Unemployment	6.0% (March 2023)[12] 19.8% youth unemployment (15 to 24 year-olds; July 2020)[13]
Average gross salary	€1,418 per month
Average net salary	€1,067 per month
Main industries	automobiles; 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
External
Exports	$107.43 billion (2021 est.)[5]
Export goods	vehicles and related parts 27%, machinery and electrical equipment 20%, nuclear reactors and furnaces 12%, iron and steel 4%, mineral oils and fuels 5% (2015)
Main export partners	Germany 22% Czech Republic 11% Poland 7% France 7% Hungary 6% Austria 5% United Kingdom 5% (2019)[5]
Imports	$107.358 billion (2021 est.)[5]
Import goods	machinery and electrical equipment 20%, vehicles and related parts 14%, nuclear reactors and furnaces 12%, fuel and mineral oils 9% (2015)
Main import partners	Germany 18% Czech Republic 18% Poland 8% Hungary 7% Russia 5% (2019)[5]
FDI stock	$69.92 billion (2017)[5] Abroad: $21.29 billion (2017)[5]
Current account	-$2.875 billion (2021 est)[5]
Gross external debt	$75.04 billion (2016)[5]
Public finances
Government debt	48.0% of GDP (2019)[14] €45.202 billion (2019)[14]
Budget balance	€1.2 billion deficit (2019)[14] −1.3% of GDP (2019)[14]
Revenues	41.5% of GDP (2019)[14]
Expenses	42.8% of GDP (2019)[14]
Economic aid	€11.7 billion from European Structural and Investment Funds (2007–2013)[15] €15.32 billion from European Structural and Investment Funds (2014–2020)[16]
Credit rating	Standard & Poor's:[17] A+ (Domestic) A+ (Foreign) AAA (T&C Assessment) Outlook: Stable[18] Moody's:[18] A1 Outlook: Stable Fitch:[19] A- Outlook: Stable Scope:[20] A Outlook: Stable
Foreign reserves	$9.61 billion (31 December 2021 est.)[5]
All values, unless otherwise stated, are in US dollars.

The economy of Slovakia is based upon Slovakia becoming an EU member state in 2004, and adopting the euro at the beginning of 2009. Its capital, Bratislava, is the largest financial centre in Slovakia. As of Q1 2018, the unemployment rate was 5.72%.^[21]

Whereas between 1970 and 1985 real incomes increased by about 50%, they fell in the 1990s. The gross domestic product only returned to its 1989 level in 2007.^[22]

Due to the Slovak GDP growing very strongly from 2000 until 2008 – e.g. 10.4% GDP growth in 2007 – the Slovak economy was referred to as the Tatra Tiger.