Economy of Slovakia

Economy of Slovakia
Panorama of Bratislava business district
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO, OECD
Country group
Statistics
Population5,422,194 (2024)[3]
GDP
  • $141 billion (nominal, 2024)[4]
  • $239 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • 1.2% (2023)
  • 2.1% (2024)
  • 2.6% (2025)[4]
GDP per capita
  • $25,935 (nominal, 2024)[4]
  • $44,081 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
  • 11.0% (2023)
  • 3.6% (2024)
  • 3.9% (2025)[4]
Population below poverty line
  • 13.7% (2021)[6]
  • 17.6% at risk of poverty or social exclusion (AROPE 2023)[7]
21.6 low (2023)[8]
54 out of 100 points (2023)[10] (47th)
Labour force
  • 2,736,717 (2019)[11]
  • 77.5% employment rate (2023)[12]
Labour force by occupation
  • agriculture: 3.9%
  • industry: 22.7%
  • services: 73.4%
  • (2015)[5]
Unemployment
  • 6.0% (March 2023)[13]
  • 19.8% youth unemployment (15 to 24 year-olds; July 2020)[14]
Average gross salary
€1,418 per month
€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
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
FDI stock
  • $69.92 billion (2017)[5]
  • Abroad: $21.29 billion (2017)[5]
-$2.875 billion (2021 est)[5]
$75.04 billion (2016)[5]
Public finances
  • 48.0% of GDP (2019)[15]
  • €45.202 billion (2019)[15]
  • €1.2 billion deficit (2019)[15]
  • −1.3% of GDP (2019)[15]
Revenues41.5% of GDP (2019)[15]
Expenses42.8% of GDP (2019)[15]
Economic aid
$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%.[22]

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.[23]

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.

  1. ^ "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Retrieved 29 April 2024.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Stock of population in the SR on 30 June 2024". slovak.statistics.sk. Statistical Office of the Slovak Republic. 30 August 2024. Retrieved 30 August 2024.
  4. ^ a b c d e f "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund.
  5. ^ a b c d e f g h i j k "CIA World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 7 January 2019.
  6. ^ "Poverty headcount ratio at national poverty lines (% of population) – Slovak Republic". data.worldbank.org. World Bank. Retrieved 19 October 2019.
  7. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat.
  8. ^ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu/eurostat. Eurostat.
  9. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 28 April 2024.
  10. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  11. ^ "Labor force, total – Slovak Republic". data.worldbank.org. World Bank. Retrieved 1 November 2019.
  12. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  13. ^ "Unemployment by sex and age – monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  14. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.
  15. ^ a b c d e f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  16. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  18. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  19. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
  20. ^ "Fitch Downgrades Slovakia to 'A-'; Outlook Stable". www.fitchratings.com.
  21. ^ "Scope downgrades Slovakia to A and revises the Outlook to Stable". Scope Ratings. Retrieved 10 February 2024.
  22. ^ "Statistical Office of the Slovak Republic". Archived from the original on 24 September 2018. Retrieved 12 March 2018.
  23. ^ "Hinter Bratislava". 9 November 2017.