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CONSULTING

Updated: 07.07.2009




Area: 49.035 km²
Capital City: Bratislava
Population: 5,4 million
Annual growth rate: 0,08%
Languages: Slovak (official), Hungarian, Ruthenian, Romany, Ukrainian, English, German
Literacy: 99%
Government type: Republic
Neighboring countries: Czech Republic, Poland, Ukraine, Hungary, Austria
Memberships: COE, CERN, EAPC, EBRD, EU, FAO, IAEA, IBRD, ICAO, ICC, ICFTU, IFC, ILO, IMF, IMO, Interpol, IOC, NATO, NAM (guest), OECD, OSCE, PfP, UN, WEU, (associate partner), WHO, WIPO, WMO, WtoO, WtrO
Currency: euro: introduction on 1 Jan 2009 €1=SK30


ECONOMY

GDP: $92.6 billion (2007)
Annual growth rate: 7.3% (2008)
GDP per capita (PPP): (2007): $17,110
GDP - composition by sector: agriculture: 2.6%, industry: 33.5%, services: 63.9% (2007 est.)
Major Industries: metal and metal products; food and beverages; electricity, gas, coke, oil, nuclear fuel; chemicals and manmade fibres; machinery; paper and printing; earthenware and ceramics; transport vehicles; textiles; electrical and optical apparatus; rubber products
Inflation: 5% (2008)
Unemployment: 10.5% (2008)
Labor force - by occupation: agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003)
Trade(2007): Exports $71.1 billion
Imports $72.1 billion
FDI: $45.25 billion (2007 est.)
FDI abroad: $1.509 billion (2007 est.)

Since 2000, Slovakia has been experiencing a sustained and steady GDP growth rate induced by the progress of the integration into the European Union (joined EU in May 2004). Foreign direct investment (FDI) in Slovakia has increased dramatically, more than 600% since 2000. Earlier due to privatization of the banking, energy and telecommunication sectors, the FDI inflows have been more recently encouraged by a business-friendly taxation system and the availability of cheap and skilled labour force. The country gets also benefits because of its advantageous geographic position; being located at the crossroads of Central Europe. The unemployment rate and the budgetary deficit are decreasing driven by some major structural reforms implemented within the process of integration into the Euro area. But on the other side, these reforms has also disadvantaged domestic demand and lowered the potential of economic growth.
The agriculture sector is not much developed in Slovakia and accounts for less than 3.5% of the GDP. The main agricultural products in the country are cereals, potatoes, sugar beets and grapes. The mountainous part of Slovakia has vast forests and pastures (used for intensive sheep grazing), and is rich in mineral resources including high-grade iron ore, copper, lead, and zinc. The heavy industrial sectors like metal and steel are still going through a phase of restructuring. High value-added industries like electronics, engineering and petro-chemistry are set up in Western part of Slovakia. Sectors like automobile and consumer goods offer attractive opportunities to foreign investors. Induced by huge foreign investments in automobile sector, since 2006 Slovakia produces the maximum number of cars per person in the world.
Because of high energy imports from Russia, as well as substantial import of machinery and electric & electronic equipment used in its growing automobile and energy sectors Slovakia’s imports remain very high resulting into foreign trade deficit. Nevertheless, dynamic in the services sector and newly found potential regarding export of cars is definitely going to reverse the trend. The major commodities exported from Slovakia are vehicles, electric & electronic equipment, machinery, iron & steel, and mineral fuels & oils. The automobile sector is the largest export-oriented sector in the country.´
The Slovak National Bank (NBS) has revised its prognosis for GDP growth in Slovakia from the previous estimate of 4.7% to about 2.1% in 2009. However, the central bank admits that the rate of growth may range anywhere from 1.7 to 2.5%.

TARGET SECTORS

• Automotive Industry
• Education & Skills
• Clothing and fashion
• Water
• Environment
• Food and drink
• Agriculture and forestry
• Chemical industry
• Electronic
• Transport
• Engine building

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