Europe

Slovakia
Last reviewed: 5 December 2008

Country information

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ECONOMY

Basic Economic Facts

GDP: US$107.6bn (2007 est.)
GDP per capita: $20,075 (2007 est.)
Annual Growth: 4.6% (2008 est.)
Inflation: 5% (2008)
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.
Major trading partners: November 2006 Slovak Imports: Germany 20.6%, Czech Republic 12.4%, Italy 4.6%, Poland 4.5%, Austria 3.4% Slovak Exports: Germany 23.9%%, Czech Republic 14.0%, Italy 6.5%, Austria and Poland 6.1% Imports from UK 1.5%; exports to the UK 3.8%
Unemployment: 10.5% (2008)

In 2004, Slovakia was commended in a World Bank report for improving its investment climate, joining the 20 "easiest" countries in the world for doing business. Recent economic policy in Slovakia resulted in strong growth with falling inflation and fiscal deficit, keeping the country on course to join the Eurozone in January 2009. Effective economic reform, political consistency and a high quality workforce continue to attract foreign direct investment (FDI) throughout the early months of 2008. The financial crisis of late 2008 has led to projections of GDP being revised down from 7.4% to 4.6%. Nevertheless, the process of achieving Eurozone membership has ensured that the Slovak economy is strong.

Further information about Slovakia's economy can be found at UK Trade & Investment Country Profile: Slovakia.