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Slovakia:
Economy

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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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