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Slovakia

Slovakia Economy (Source CIA world Fact book)


Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget and get on track to join the EU in 2004 after a period of relative stagnation in the early and mid 1990s and to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies. Slovakia's economic growth exceeded expectations in 2001-08 despite a general European slowdown. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap and skilled labor, low taxes, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors. The economy contracted 5% in 2009 primarily as a result of smaller inflows of FDI and reduced demand for Slovakia's exports before rebounding in 2010-11, but growth slowed in 2012 due to weakening external demand. The government of Prime Minister Robert FICO in 2012 implemented tax increases on higher-earning individuals and corporations, effectively scrapping Slovakia's flat tax to help meet budget deficit targets of 4.9% of GDP in 2012 and 3% of GDP in 2013.


GDP (purchasing power parity):  GDP (purchasing power parity):  $132.4 billion (2012 est.)  $129 billion (2011 est.) $124.8 billion (2010 est.) note:  data are in 2012 US dollars
GDP (official exchange rate):  GDP (official exchange rate):  $91.19 billion (2012 est.)
GDP - real growth rate:  2.6% (2012 est.)  3.3% (2011 est.) 4.2% (2010 est.)
GDP - per capita (PPP):  GDP - per capita (PPP):  $24,300 (2012 est.)  $23,700 (2011 est.) $23,000 (2010 est.) note:  data are in 2012 US dollars
GDP - composition by sector:  agriculture: 3.8%  industry:  36.4% services:  59.8% (2012 est.)
Labor force:  2.724 million (2012 est.)
Labor force - by occupation:  agriculture: 3.5%  industry:  27% services:  69.4% (December 2009)
Unemployment rate:  12.8% (2012 est.)  13.2% (2011 est.)
Population below poverty line:  21% (2002)
Household income or consumption by percentage share:  lowest 10%: 4.4%  highest 10%:  22.4% (2009 est.)
Distribution of family income - Gini index:  26 (2005)  26.3 (1996)
Inflation rate (consumer prices):  Inflation rate (consumer prices):  3.6% (2012 est.)  3.9% (2011 est.)
Investment (gross fixed):  Investment (gross fixed):  22.2% of GDP (2012 est.)
Budget:  revenues: $31.39 billion  expenditures:  $35.85 billion (2012 est.)
Public debt:  48.6% of GDP (2012 est.)  43.3% of GDP (2011 est.) note:  data cover general Government Gross Debt, and includes debt instruments issued (or owned) by Government entities, including sub-sectors of central government, state government, local government, and social security funds.
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
Industrial production growth rate:  6.9% (2011 est.)
Electricity - production:  27.7 billion kWh (2011 est.)  country comparison to the world: 68
Electricity - consumption:  28.76 billion kWh (2010 est.)
Electricity - exports:  10.5 billion kWh (2011 est.)
Electricity - imports:  10.9 billion kWh (2011 est.)
Natural gas - production:  116 million cu m (2011 est.)
Natural gas - consumption:  6.468 billion cu m (2011 est.)
Natural gas - exports:  7 million cu m (2011 est.)
Natural gas - imports:  6.743 billion cu m (2011 est.)
Natural gas - proved reserves:  14.16 billion cu m (1 January 2012 est.)
Current account balance:  $535.2 million (2012 est.)  $52.86 million (2011 est.)
Exports:  $77.82 billion (2012 est.)  $78.5 billion (2011 est.)
Exports - commodities:  machinery and electrical equipment 35.9%, vehicles 21%, base metals 11.3%, chemicals and minerals 8.1%, plastics 4.9% (2009 est.)
Exports - partners:  Germany 21.4%, Czech Republic 15.1%, Poland 7.9%, Hungary 7.8%, Austria 7.5%, France 6.7%, Italy 5.2% (2011)
Imports:  $74.29 billion (2012 est.)  $75.1 billion (2011 est.)
Imports - commodities:  machinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.)
Imports - partners:  Germany 19.3%, Czech Republic 18.5%, Russia 11.4%, Hungary 7%, Poland 5.5%, Austria 4.6%, Italy 4.1%, China 4% (2011)
Reserves of foreign exchange and gold:  $2.676 billion (31 December 2012 est.)  $2.462 billion (31 December 2011 est.)
Debt - external:  $72.94 billion (30 November 2011 est.)  $59.33 billion (30 June 2010 est.)
Stock of direct foreign investment - at home:  $53.09 billion (31 December 2012 est.)  $51.29 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad:  $4.309 billion (31 December 2012 est.)  $4.209 billion (31 December 2011 est.)
Market value of publicly traded shares:  $4.736 billion (31 December 2011)  $4.15 billion (31 December 2010) $4.672 billion (31 December 2009)
Exchange rates:  euros (EUR) per US dollar -  0.7838 (2012 est.) 0.7185 (2011 est.) 0.755 (2010 est.) 0.7198 (2009 est.) 0.6827 (2008 est.)
Fiscal year:  calendar year

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