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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 |
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 2001-06 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 10.2% in 2006 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004. |
GDP (purchasing power parity) |
$99.19 billion (2006 est.) |
GDP (official exchange rate) |
$47.72 billion (2006 est.) |
GDP - real growth rate |
8.3% (2006 est.) |
GDP - per capita |
$18,200 (2006 est.) |
GDP - composition by sector |
agriculture: 3.6% industry: 31.6% services: 64.8% (2006 est.) |
Labor force |
2.658 million (2006 est.) |
Labor force - by occupation |
agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003) |
Unemployment rate |
10.2% (2006 est.) |
Population below poverty line |
21% (2002) |
Household income or consumption by percentage share |
lowest 10%: 3.1% highest 10%: 20.9% (1996) |
Distribution of family income - Gini index |
25.8 (1996) |
Inflation rate (consumer prices) |
4.5% (2006 est.) |
Investment (gross fixed) |
26.4% of GDP (2006 est.) |
Budget |
revenues: $25.63 billion expenditures: $27.02 billion (2006 est.) |
Public debt |
35% of GDP (2006 est.) |
Agriculture - products |
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products |
Industries |
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 |
Electricity - production |
29.89 billion kWh (2005) |
Electricity - consumption |
24.93 billion kWh (2005) |
Electricity - exports |
11.27 billion kWh (2005) |
Electricity - imports |
8.005 billion kWh (2005) |
Oil - production |
11,480 bbl/day (2005 est.) |
Oil - consumption |
74,000 bbl/day (2004 est.) |
Oil - exports |
77,660 bbl/day (2004) |
Oil - imports |
138,200 bbl/day (2004) |
Oil - proved reserves |
9 million bbl (1 January 2006) |
Natural Gas - production |
141.9 million cu m (2005 est.) |
Natural Gas - consumption |
6.231 billion cu m (2005 est.) |
Natural Gas - exports |
354.9 million cu m (2005 est.) |
Natural Gas - imports |
6.396 billion cu m (2005) |
Natural Gas - proved reserves |
14.39 billion cu m (1 January 2006 est.) |
Current account balance |
$-4.579 billion (2006 est.) |
Exports |
$41.86 billion f.o.b. (2006 est.) |
Exports - commodities |
vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4% (2004) |
Exports - partners |
Germany 23.7%, Czech Republic 14.1%, Italy 6.5%, Poland 6.2%, Austria 6%, Hungary 5.8%, France 4.3%, Netherlands 4.2% (2006) |
Imports |
$44.95 billion f.o.b. (2006 est.) |
Imports - commodities |
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 |
Germany 23.6%, Czech Republic 18.2%, Russia 11%, Hungary 6%, Austria 5.5%, Poland 4.9%, Italy 4.4% (2006) |
Reserves of foreign exchange and gold |
$13.36 billion (2006 est.) |
Debt - external |
$28.95 billion (2006 est.) |
Economic aid - recipient |
$235 million in available EU structural adjustment and cohesion funds (2004) |
Currency (code) |
Slovak koruna (SKK) |
Exchange rates |
koruny per US dollar - 29.611 (2006), 31.018 (2005), 32.257 (2004), 36.773 (2003), 45.327 (2002) |
Fiscal year |
calendar year |
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