Slovakia

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Slovakia - In Short.

Overview of Slovakia

Slovakia traces its roots to the 9th century state of Great Moravia. Subsequently, the Slovaks became part of the Hungarian Kingdom, where they remained for the next 1,000 years. After the formation of the dual Austro-Hungarian monarchy in 1867, backlash to language and education policies favoring the use of Hungarian (Magyarization) encouraged the strengthening of Slovak nationalism and a cultivation of cultural ties with the closely related Czechs, who fell administratively under the Austrian half of the empire. After the dissolution of the Austro-Hungarian Empire at the close of World War I, the Slovaks joined the Czechs to form Czechoslovakia. The new state was envisioned as a nation with Czech and Slovak branches. During the interwar period, Slovak nationalist leaders pushed for autonomy within Czechoslovakia, and in 1939 Slovakia became an independent state created by and allied with Nazi Germany. Following World War II, Czechoslovakia was reconstituted and came under communist rule within Soviet-dominated Eastern Europe. In 1968, an invasion by Warsaw Pact troops ended the efforts of Czechoslovakia’s leaders to liberalize communist rule and create “socialism with a human face,” ushering in a period of repression known as “normalization.” The peaceful “Velvet Revolution” swept the Communist Party from power at the end of 1989 and inaugurated a return to democratic rule and a market economy. On 1 January 1993, Czechoslovakia underwent a nonviolent “velvet divorce” into its two national components, Slovakia and the Czech Republic. Slovakia joined both NATO and the EU in the spring of 2004 and the euro zone on 1 January 2009.
Value
Country Full Name
Slovakia
Country Code
SVK
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
1.05E+11
Population
5458827
Land Area
48080
Net National Income Per Capita
15621.52862
GDP per Capita (PPP)
31356.45828

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Slovakia - Economic

Economy of Slovakia

Slovakia’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. Exports and investment have been key drivers of Slovakia’s robust growth in recent years. The unemployment rate fell to historical lows in 2017, and rising wages fueled increased consumption, which played a more prominent role in 2017 GDP growth. A favorable outlook for the Eurozone suggests continued strong growth prospects for Slovakia during the next few years, although inflation is also expected to pick up.Among the most pressing domestic issues potentially threatening the attractiveness of the Slovak market are shortages in the qualified labor force, persistent corruption issues, and an inadequate judiciary, as well as a slow transition to an innovation-based economy. The energy sector in particular is characterized by unpredictable regulatory oversight and high costs, in part driven by government interference in regulated tariffs. Moreover, the government’s attempts to maintain low household energy prices could harm the profitability of domestic energy firms while undercutting energy efficiency initiatives.

Unemployment Rate

Inflation Rate

Slovakia - GDP Composition

GDP Composiiton & Value Added of Slovakia

Last Updated: Jan, 2021, Updated For 2020.

Slovakia - GDP, Value Added

Demographics of Slovakia

a fairly even distribution throughout most of the country; slightly larger concentration in the west in proximity to the Czech border
Geographic Location

Central Europe, south of Poland

Races

Slovak 80.7%, Hungarian 8.5%, Romani 2%, other 1.8% (includes Czech, Ruthenian, Ukrainian, Russian, German, Polish), unspecified 7% (2011 est.)note: data represent population by nationality; Romani populations are usually underestimated in official statistics and may represent 7–11% of Slovakia's population

Languages

Slovak (official) 78.6%, Hungarian 9.4%, Roma 2.3%, Ruthenian 1%, other or unspecified 8.8% (2011 est.)major-language

Religion

Roman Catholic 62%, Protestant 8.2%, Greek Catholic 3.8%, other or unspecified 12.5%, none 13.4% (2011 est.)

Dependency & Expectancy of Slovakia

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Slovakia - Social Media Briefing

Slovakia - Social Media & Social Commerce

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Politics & Policies of Slovakia

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

Australia Group, BIS, BSEC (observer), CBSS (observer), CD, CE, CEI, CERN, EAPC, EBRD, ECB, EIB, EMU, EU, FAO, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IEA, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITU, ITUC (NGOs), MIGA, NATO, NEA, NSG, OAS (observer), OECD, OIF (observer), OPCW, OSCE, PCA, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNFICYP, UNIDO, UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC

Import of Slovakia

Export of Slovakia

Import Destination

Export Destination