Slovak Republic - Economic Indicators

Global Outlook: An Uncertain Path

Oct 08, 2019

View the Moody's Analytics Global Forecast. Real global GDP growth is projected to slow to around 2.4% in 2019, after 3% in 2018. The global economic slowdown is entrenched and widespread. Multiple factors are behind the synchronized slowdown, though international politics, particularly trade policy and Brexit, are the key headwinds. It is unknown how the trade war and Brexit will play out in the coming months. Major geopolitical risks also hang...

Continue reading on Economy.com View Factbook for Slovak Republic

GDP Reference Last Previous Units Frequency
Private Consumption 2019 Q2 12,469 12,105 Mil. EUR, NSA Quarterly
Real Private Consumption 2019 Q2 10,817 10,514 Mil. Ch. 2010 EUR, NSA Quarterly
Government Consumption 2019 Q2 4,615 4,224 Mil. EUR, NSA Quarterly
Real Government Consumption 2019 Q2 3,805 3,466 Mil. Ch. 2010 EUR, NSA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2019 Q2 5,031 4,145 Mil. EUR, NSA Quarterly
Investment 2019 Q2 6,033 5,549 Mil. EUR, SA Quarterly
Real Gross Domestic Product 2019 Q2 21,754 21,655 Mil. Ch. 2010 EUR, SA Quarterly
Real Fixed Investment (gross fixed capital formation) 2019 Q2 4,780 3,909 Mil. Ch. 2010 EUR, NSA Quarterly
Real Investment 2019 Q2 5,760 5,240 Mil. Ch. 2010 EUR, SA Quarterly
Nominal Gross Domestic Product 2019 Q2 23,591 23,363 Mil. EUR, SA Quarterly
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Oct 2019 174.3 174.4 December 2000=100, NSA Monthly
Producer Price Index (PPI) Sep 2019 109.27 109.69 Index Dec2015=100, SA Monthly
Labor Reference Last Previous Units Frequency
Wage & Salaries Sep 2019 102.2 99.4 Corresponding period of previous year = 100, NSA Monthly
Total Employment 2019 Q2 2,569 2,588 Ths., NSA Quarterly
Labor Force Employment 2019 Q2 2,569 2,588 Ths., NSA Quarterly
Labor Force 2019 Q2 2,724 2,748 Ths., NSA Quarterly
Unemployment Rate 2019 Q2 5.7 5.8 %, NSA Quarterly
Unemployment 2019 Q2 155 159.8 Ths., NSA Quarterly
Primary Industries Employment 2019 Q2 72,414 73,701 #, NSA Quarterly
Agriculture Employment 2017 80,024 79,750 # Annual
Trade Reference Last Previous Units Frequency
Imports of Goods Sep 2019 6,811,300 6,203,136 Ths. EUR, NSA Monthly
Exports of Goods Sep 2019 6,973,500 5,991,110 Ths. EUR, NSA Monthly
Balance of Goods Aug 2019 -675.94 -272.91 Mil. EUR YTD, NSA Monthly
Current Account Balance Aug 2019 -1,888 -1,398 Mil. EUR YTD, NSA Monthly
Real Net Exports 2019 Q2 1,339 1,758 Mil. Ch. 2010 EUR, NSA Quarterly
Exports of Goods and Services 2019 Q2 21,705 22,703 Mil. EUR, SA Quarterly
Net Exports 2019 Q2 360.6 699.3 Mil. EUR, NSA Quarterly
Real Exports of Goods and Services 2019 Q2 21,386 22,417 Mil. Ch. 2010 EUR, SA Quarterly
Real Imports of Goods and Services 2019 Q2 20,284 20,835 Mil. Ch. 2010 EUR, SA Quarterly
Imports of Goods and Services 2019 Q2 21,576 22,166 Mil. EUR, SA Quarterly
Government Reference Last Previous Units Frequency
Government Budget Balance Oct 2019 -1,598 -1,840 Mil. EUR, NSA Monthly
Government Expenditures Oct 2019 13,724 12,296 Mil. EUR, NSA Monthly
Government Revenues Oct 2019 12,125 10,455 Mil. EUR, NSA Monthly
Gross External Debt 2019 Q1 0 0 USD, NSA Quarterly
Outstanding Public Debt 2019 Q1 44,803,757 44,144,502 Ths. EUR, NSA Quarterly
Outstanding Public Debt - Foreign 2019 Q1 25,782,354 25,398,697 Ths. EUR, NSA Quarterly
Outstanding Public Debt - Domestic 2019 Q1 19,021,403 18,745,805 Ths. EUR, NSA Quarterly
Markets Reference Last Previous Units Frequency
Stock Market Index 14 Nov 2019 341.12 342.79 Index, NSA Business Daily
Money Market Rate Oct 2019 -0.46 -0.4 %, NSA Monthly
Lending Rate Sep 2019 1.47 1.6 %, NSA Monthly
Average Long-term Government Bond May 2017 1.03 1.06 % Monthly
Real Estate Reference Last Previous Units Frequency
House Price Value 2019 Q3 1,603 1,556 EUR per m², NSA Quarterly
Building Completions 2018 19,071 16,946 # Annual
Residential Housing Starts 2018 22,055 19,930 # Annual
Housing Starts 2018 22,055 19,930 # Annual
Consumer Reference Last Previous Units Frequency
Consumer Confidence Oct 2019 -7.7 -7.6 Balance of Opinion, NSA Monthly
Retail Sales Sep 2019 97.3 97.1 Vol. Index corr. per. prv. yr.=100, NSA Monthly
Business Reference Last Previous Units Frequency
Capacity Utilization 2019 Q4 84.1 89.4 %, SA Quarterly
Business Confidence Oct 2019 -12.3 1 Balance of Opinion, SA Monthly
Industrial Production Sep 2019 114.8 101.5 Index 2015=100, NSA Monthly
Change in Inventories 2019 Q2 989.1 299.8 Mil. EUR, NSA Quarterly
Real Change in Inventories 2019 Q2 980.44 356.5 Mil. Ch. 2010 EUR, SA Quarterly
Demographics Reference Last Previous Units Frequency
Deaths Aug 2019 4,178 4,149 #, NSA Monthly
Population 2018 5,450,421 5,443,120 # Annual
Births 2018 57,639 57,969 # Annual
Net Migration 2017 4,999 # Annual
Birth Rate 2016 10.6 # per Ths. pop. Annual
Death Rate 1984 10.1 10.3 # per Ths. pop. Annual

Factbook

Background

Background:
Slovakia traces its roots to the 9th century state of Great Moravia. Subsequently, the Slovaks became part of the Hungarian Kingdom, where they remained for the next 1,000 years. Following the formation of the dual Austro-Hungarian monarchy in 1867, language and education policies favoring the use of Hungarian (Magyarization) resulted in a strengthening of Slovak nationalism and a cultivation of cultural ties with the closely related Czechs, who were under Austrian rule. After the dissolution of the Austro-Hungarian Empire at the close of World War I, the Slovaks joined the Czechs to form Czechoslovakia. During the interwar period, Slovak nationalist leaders pushed for autonomy within Czechoslovakia, and in 1939 Slovakia became an independent state allied with Nazi Germany. Following World War II, Czechoslovakia was reconstituted and came under communist rule within Soviet-dominated Eastern Europe. In 1968, an invasion by Warsaw Pact troops ended the efforts of the country's leaders to liberalize communist rule and create "socialism with a human face," ushering in a period of repression known as "normalization." The peaceful "Velvet Revolution" swept the Communist Party from power at the end of 1989 and inaugurated a return to democratic rule and a market economy. On 1 January 1993, the country underwent a nonviolent "velvet divorce" into its two national components, Slovakia and the Czech Republic. Slovakia joined both NATO and the EU in the spring of 2004 and the euro zone on 1 January 2009.

Geography

Location:
Central Europe, south of Poland
Geographic coordinates:
48 40 N, 19 30 E
Map references:
Europe
Area:
total: 49,035 sq km
land: 48,105 sq km
water: 930 sq km
country comparison to the world: 131
Area - comparative:
about one and a half times the size of Maryland; about twice the size of New Hampshire
Land boundaries:
total: 1,611 km
border countries (5): Austria 105 km, Czech Republic 241 km, Hungary 627 km, Poland 541 km, Ukraine 97 km
Coastline:
0 km (landlocked)
Maritime claims:
none (landlocked)
Climate:
temperate; cool summers; cold, cloudy, humid winters
Terrain:
rugged mountains in the central and northern part and lowlands in the south
Elevation:
mean elevation: 458 m
elevation extremes: lowest point: Bodrok River 94 m
highest point: Gerlachovsky Stit 2,655 m
Natural resources:
lignite, small amounts of iron ore, copper and manganese ore; salt; arable land
Land use:
agricultural land: 40.1%
arable land 28.9%; permanent crops 0.4%; permanent pasture 10.8%
forest: 40.2%
other: 19.7% (2011 est.)
Irrigated land:
869 sq km (2012)
Population - distribution:
a fairly even distribution throughout most of the country; slightly larger concentration in the west in proximity to the Czech border
Natural hazards:
flooding
Environment - current issues:
air pollution from metallurgical plants presents human health risks; acid rain damaging forests
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Ship Pollution, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
landlocked; most of the country is rugged and mountainous; the Tatra Mountains in the north are interspersed with many scenic lakes and valleys

People & Society

Population:
5,445,829 (July 2017 est.)
country comparison to the world: 118
Nationality:
noun: Slovak(s)
adjective: Slovak
Ethnic groups:
Slovak 80.7%, Hungarian 8.5%, Romani 2%, other 1.8% (includes Czech, Ruthenian, Ukrainian, Russian, German, Polish), unspecified 7% (2011 est.)
note: data represent population by nationality; Romani populations are usually underestimated in official statistics and may represent 7–11% of Slovakia's population
Languages:
Slovak (official) 78.6%, Hungarian 9.4%, Roma 2.3%, Ruthenian 1%, other or unspecified 8.8% (2011 est.)
Religions:
Roman Catholic 62%, Protestant 8.2%, Greek Catholic 3.8%, other or unspecified 12.5%, none 13.4% (2011 est.)
Age structure:
0-14 years: 15.17% (male 424,039/female 402,284)
15-24 years: 10.87% (male 305,058/female 286,902)
25-54 years: 45.1% (male 1,240,943/female 1,215,260)
55-64 years: 13.42% (male 347,221/female 383,852)
65 years and over: 15.43% (male 325,738/female 514,532) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 41.5
youth dependency ratio: 21.6
elderly dependency ratio: 26.8
potential support ratio: 3.7 (2015 est.)
Median age:
total: 40.5 years
male: 38.8 years
female: 42.3 years (2017 est.)
country comparison to the world: 50
Population growth rate:
-0.01% (2017 est.)
country comparison to the world: 196
Birth rate:
9.7 births/1,000 population (2017 est.)
country comparison to the world: 197
Death rate:
9.9 deaths/1,000 population (2017 est.)
country comparison to the world: 41
Net migration rate:
0.1 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 69
Population distribution:
a fairly even distribution throughout most of the country; slightly larger concentration in the west in proximity to the Czech border
Urbanization:
urban population: 53.4% of total population (2017)
rate of urbanization: -0.09% annual rate of change (2015-20 est.)
Major urban areas - population:
BRATISLAVA (capital) 401,000 (2015)
Sex ratio:
at birth: 1.07 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.06 male(s)/female
25-54 years: 1.02 male(s)/female
55-64 years: 0.9 male(s)/female
65 years and over: 0.62 male(s)/female
total population: 0.94 male(s)/female (2017 est.)
Mother's mean age at first birth:
27.6 years (2014 est.)
Maternal mortality ratio:
6 deaths/100,000 live births (2015 est.)
country comparison to the world: 167
Infant mortality rate:
total: 5.1 deaths/1,000 live births
male: 5.7 deaths/1,000 live births
female: 4.5 deaths/1,000 live births (2017 est.)
country comparison to the world: 176
Life expectancy at birth:
total population: 77.3 years
male: 73.7 years
female: 81.1 years (2017 est.)
country comparison to the world: 75
Total fertility rate:
1.41 children born/woman (2017 est.)
country comparison to the world: 210
Health expenditures:
8.1% of GDP (2014)
country comparison to the world: 53
Physicians density:
3.45 physicians/1,000 population (2015)
Hospital bed density:
5.8 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 99.4% of population
rural: 98.2% of population
total: 98.8% of population
unimproved:
urban: 0.6% of population
rural: 1.8% of population
total: 1.2% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
<.1% (2016 est.)
HIV/AIDS - people living with HIV/AIDS:
<1000 (2016 est.)
HIV/AIDS - deaths:
<100 (2016 est.)
Obesity - adult prevalence rate:
20.5% (2016)
country comparison to the world: 98
Education expenditures:
4.6% of GDP (2015)
country comparison to the world: 103
School life expectancy (primary to tertiary education):
total: 15 years
male: 14 years
female: 16 years (2014)
Unemployment, youth ages 15-24:
total: 26.5%
male: 25.8%
female: 27.5% (2015 est.)
country comparison to the world: 45

Government

Country name:
conventional long form: Slovak Republic
conventional short form: Slovakia
local long form: Slovenska republika
local short form: Slovensko
etymology: related to the Slavic autonym (self-designation) "Slovenin," a derivation from "slovo" (word), denoting "people who speak (the same language)" (i.e., people who understand each other)
Government type:
parliamentary republic
Capital:
name: Bratislava
geographic coordinates: 48 09 N, 17 07 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
8 regions (kraje, singular - kraj); Banskobystricky, Bratislavsky, Kosicky, Nitriansky, Presovsky, Trenciansky, Trnavsky, Zilinsky
Independence:
1 January 1993 (Czechoslovakia split into the Czech Republic and Slovakia)
National holiday:
Constitution Day, 1 September (1992)
Constitution:
history: several previous (preindependence); latest passed by the National Council 1 September 1992, signed 3 September 1992, effective 1 October 1992
amendments: proposed by the National Council; passage requires at least three-fifths majority vote of Council members; amended many times, last in 2017 (2017)
Legal system:
civil law system based on Austro-Hungarian codes; note - legal code modified to comply with the obligations of Organization on Security and Cooperation in Europe
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Slovakia
dual citizenship recognized: no
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Andrej KISKA (since 15 June 2014)
head of government: Prime Minister Peter PELLIGRINI (since 22 March 2018); Deputy Prime Ministers Peter KAZIMIR (since 22 March 2018), Richard RASI (since 22 March 2018), Laszlo SOLYMOS (since 22 March 2018), Gabriela MATECNA (since 29 November 2017)
cabinet: Cabinet appointed by the president on the recommendation of the prime minister
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a second term); election last held on 15 and 29 March 2014 (next to be held in March 2019); following National Council elections (every 4 years), the leader of the majority party or majority coalition usually appointed prime minister by the president
election results: Andrej KISKA elected president in second round; percent of vote - Andrej KISKA (independent) 59.4%, Robert FICO (Smer-SD) 40.6%
Legislative branch:
description: unicameral National Council or Narodna Rada (150 seats; members directly elected in a single national constituency by proportional representation vote; members serve 4-year terms)
elections: last held on 5 March 2016 (next to be held in March 2020)
election results: percent of vote by party - Smer-SD 28.3%, SaS 12.1%, OLaNO-NOVA 11%, SNS 8.6%, LSNS 8%, Sme-Rodina 6.6%, Most-Hid 6.5%, Siet 5.6%, other 13.3%; seats by party - Smer-SD 49, SaS 21, OLaNO-NOVA 19, SNS 15, LSNS 14, Sme-Rodina 11, Most-Hid 11, Siet 10
Judicial branch:
highest court(s): Supreme Court of the Slovak Republic (consists of the court president, vice president, and approximately 80 judges organized into criminal, civil, commercial, and administrative divisions with 3- and 5-judge panels); Constitutional Court of the Slovak Republic (consists of 13 judges organized into 3-judge panels)
judge selection and term of office: Supreme Court judge candidates nominated by the Judicial Council of the Slovak Republic, an 18-member self-governing body to include the Supreme Court chief justice and presidential, governmental, parliamentary, and judiciary appointees; judges appointed by the president for life subject to removal by the president at age 65; Constitutional Court judges nominated by the National Council of the Republic and appointed by the president; judges appointed for 12-year terms
subordinate courts: regional and district civil courts; Special Criminal Court; Higher Military Court; military district courts; Court of Audit;
Political parties and leaders:
Christian Democratic Movement or KDH [Alojz HLINA]
Bridge or Most-Hid [Bela BUGAR]
Direction-Social Democracy or Smer-SD [Robert FICO]
Freedom and Solidarity or SaS [Richard SULIK]
Kotleba-People's Party Our Slovakia or LSNS [Marian KOTLEBA]
Ordinary People and Independent Personalities - New Majority or OLaNO-NOVA [Igor MATOVIC]
Party of the Hungarian Coalition or SMK [Jozsef MENYHART]
Progressive Slovakia [Ivan STEFUNKO]
Slovak National Party or SNS [Andrej DANKO]
Together or Spolu [Miroslav BEBLAVY]
We Are Family or Sme-Rodina [Boris KOLLAR]
Political pressure groups and leaders:
Alliance of Companies Employing 500 or More Employees or Klub500
American Chamber of Commerce or AmCham Slovakia (and other foreign chambers)
Association of Industrial Unions or APZ
Association of Towns and Villages or ZMOS
Automotive Industry Association or ZAP
Confederation of Trade Unions or KOZ
Entrepreneurs Association of Slovakia or ZPS
Federation of Employers' Associations of the Slovak Republic or AZZZ
Medical Trade Association or LOZ
National Union of Employers or RUZ
Slovak Chamber of Commerce and Industry or SOPK
The Business Alliance of Slovakia or PAS
International organization participation:
Australia Group, BIS, BSEC (observer), CBSS (observer), CD, CE, CEI, CERN, EAPC, EBRD, ECB, EIB, EMU, EU, FAO, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IEA, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITU, ITUC (NGOs), MIGA, NATO, NEA, NSG, OAS (observer), OECD, OIF (observer), OPCW, OSCE, PCA, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNFICYP, UNIDO, UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Peter KMEC (since 19 September 2012)
chancery: 3523 International Court NW, Washington, DC 20008
telephone: [1] (202) 237-1054
FAX: [1] (202) 237-6438
consulate(s) general: Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador Adam H. Sterling (since August 2016)
embassy: Hviezdoslavovo Namestie 4, 81102 Bratislava
mailing address: P.O. Box 309, 814 99 Bratislava
telephone: [421] (2) 5443-3338
FAX: [421] (2) 5441-8861
Flag description:
three equal horizontal bands of white (top), blue, and red derive from the Pan-Slav colors; the Slovakian coat of arms (consisting of a red shield bordered in white and bearing a white double-barred cross of St. Cyril and St. Methodius surmounting three blue hills) is centered over the bands but offset slightly to the hoist side
note: the Pan-Slav colors were inspired by the 19th-century flag of Russia
National symbol(s):
double-barred cross (Cross of St. Cyril and St. Methodius) surmounting three peaks; national colors: white, blue, red
National anthem:
name: "Nad Tatrou sa blyska" (Lightning Over the Tatras)
lyrics/music: Janko MATUSKA/traditional
note: adopted 1993, in use since 1844; music based on the Slovak folk song "Kopala studienku"

Economy

Economy - overview:
Slovakia’s economy suffered from a slow start in the first years after its separation from the Czech Republic in 1993, due to the country’s authoritarian leadership and high levels of corruption, but economic reforms implemented after 1998 have placed Slovakia on a path of strong growth. With a population of 5.4 million, the Slovak Republic has a small, open economy driven mainly by automobile and electronics exports, which account for more than 80% of GDP. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound and predominantly foreign owned.
Slovakia has been a regional FDI champion for several years, attractive due to a relatively low-cost yet skilled labor force, and a favorable geographic location in the heart of Central Europe. Exports and investment have been key drivers of Slovakia’s robust growth in recent years. The unemployment rate fell to historical lows in 2017, and rising wages fueled increased consumption, which played a more prominent role in 2017 GDP growth. A favorable outlook for the Eurozone suggests continued strong growth prospects for Slovakia during the next few years, although inflation is also expected to pick up.
Among the most pressing domestic issues potentially threatening the attractiveness of the Slovak market are shortages in the qualified labor force, persistent corruption issues, and an inadequate judiciary, as well as a slow transition to an innovation-based economy. The energy sector in particular is characterized by unpredictable regulatory oversight and high costs, in part driven by government interference in regulated tariffs. Moreover, the government’s attempts to maintain low household energy prices could harm the profitability of domestic energy firms while undercutting energy efficiency initiatives.
GDP (purchasing power parity):
$178.7 billion (2017 est.)
$173 billion (2016 est.)
$167.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 71
GDP (official exchange rate):
$95 billion (2017 est.)
GDP - real growth rate:
3.3% (2017 est.)
3.3% (2016 est.)
3.8% (2015 est.)
country comparison to the world: 102
GDP - per capita (PPP):
$32,900 (2017 est.)
$31,900 (2016 est.)
$30,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 59
Gross national saving:
22.9% of GDP (2017 est.)
20.8% of GDP (2016 est.)
23.4% of GDP (2015 est.)
country comparison to the world: 65
GDP - composition, by end use:
household consumption: 55.2%
government consumption: 19.2%
investment in fixed capital: 20.9%
investment in inventories: 1.2%
exports of goods and services: 96.4%
imports of goods and services: -93% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 3.8%
industry: 35%
services: 61.2% (2017 est.)
Agriculture - products:
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
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
Industrial production growth rate:
3.5% (2017 est.)
country comparison to the world: 81
Labor force:
2.758 million (2017 est.)
country comparison to the world: 110
Labor force - by occupation:
agriculture: 3.9%
industry: 22.7%
services: 73.4% (2015 est.)
Unemployment rate:
8.1% (2017 est.)
9.6% (2016 est.)
country comparison to the world: 113
Population below poverty line:
12.3% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 3.3%
highest 10%: 19.3% (2015 est.)
Distribution of family income - Gini index:
23.7 (2015 est.)
26.1 (2014 est.)
country comparison to the world: 154
Budget:
revenues: $37.09 billion
expenditures: $38.52 billion (2017 est.)
Taxes and other revenues:
39% of GDP (2017 est.)
country comparison to the world: 39
Budget surplus (+) or deficit (-):
-1.5% of GDP (2017 est.)
country comparison to the world: 68
Public debt:
51.6% of GDP (2017 est.)
51.9% of GDP (2016 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
country comparison to the world: 98
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.2% (2017 est.)
-0.5% (2016 est.)
country comparison to the world: 52
Central bank discount rate:
0% (31 December 2017 est.)
0.05% (31 December 2016 est.)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks from the euro area; Slovakia became a member of the Economic and Monetary Union (EMU) on 1 January 2009
country comparison to the world: 154
Commercial bank prime lending rate:
2.6% (31 December 2017 est.)
2.55% (31 December 2016 est.)
country comparison to the world: 174
Stock of narrow money:
$53.06 billion (31 December 2017 est.)
$45.63 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 53
Stock of broad money:
$66.55 billion (31 December 2017 est.)
$59.48 billion (31 December 2016 est.)
country comparison to the world: 64
Stock of domestic credit:
$80.45 billion (31 December 2017 est.)
$70.84 billion (31 December 2016 est.)
country comparison to the world: 58
Market value of publicly traded shares:
$4.492 billion (31 December 2016 est.)
$4.634 billion (31 December 2015 est.)
$4.732 billion (31 December 2014 est.)
country comparison to the world: 90
Current account balance:
$282 million (2017 est.)
$-653 million (2016 est.)
country comparison to the world: 52
Exports:
$80.57 billion (2017 est.)
$75.53 billion (2016 est.)
country comparison to the world: 39
Exports - commodities:
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 est.)
Exports - partners:
Germany 21.9%, Czech Republic 11.9%, Poland 7.7%, France 6.1%, UK 5.9%, Austria 5.7%, Hungary 5.7%, Italy 4.8% (2016)
Imports:
$77.96 billion (2017 est.)
$73.01 billion (2016 est.)
country comparison to the world: 41
Imports - commodities:
machinery and electrical equipment 20%, vehicles and related parts 14%, nuclear reactors and furnaces 12%, fuel and mineral oils 9% (2015 est.)
Imports - partners:
Germany 20.2%, Czech Republic 16.9%, Austria 9.8%, Poland 6.5%, Hungary 6.1%, South Korea 4.7%, China 4.6%, France 4.4% (2016)
Reserves of foreign exchange and gold:
$3.133 billion (31 December 2017 est.)
$2.892 billion (31 December 2016 est.)
country comparison to the world: 104
Debt - external:
$75.04 billion (31 March 2016 est.)
$74.19 billion (31 March 2015 est.)
country comparison to the world: 59
Stock of direct foreign investment - at home:
$57.23 billion (31 December 2017 est.)
$54.03 billion (31 December 2016 est.)
country comparison to the world: 56
Stock of direct foreign investment - abroad:
$16.26 billion (31 December 2017 est.)
$15.06 billion (31 December 2016 est.)
country comparison to the world: 58
Exchange rates:
euros (EUR) per US dollar -
0.89 (2017 est.)
0.9 (2016 est.)
0.92 (2015 est.)
0.89 (2014 est.)
0.76 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
24.85 billion kWh (2015 est.)
country comparison to the world: 72
Electricity - consumption:
25.87 billion kWh (2015 est.)
country comparison to the world: 67
Electricity - exports:
10.6 billion kWh (2016 est.)
country comparison to the world: 21
Electricity - imports:
13.25 billion kWh (2016 est.)
country comparison to the world: 20
Electricity - installed generating capacity:
7.11 million kW (2015 est.)
country comparison to the world: 73
Electricity - from fossil fuels:
35.1% of total installed capacity (2015 est.)
country comparison to the world: 177
Electricity - from nuclear fuels:
25.5% of total installed capacity (2015 est.)
country comparison to the world: 4
Electricity - from hydroelectric plants:
14.9% of total installed capacity (2015 est.)
country comparison to the world: 101
Electricity - from other renewable sources:
11.8% of total installed capacity (2015 est.)
country comparison to the world: 63
Crude oil - production:
200 bbl/day (2016 est.)
country comparison to the world: 96
Crude oil - exports:
129.7 bbl/day (2016 est.)
country comparison to the world: 81
Crude oil - imports:
115,600 bbl/day (2016 est.)
country comparison to the world: 41
Crude oil - proved reserves:
9 million bbl (1 January 2017 est.)
country comparison to the world: 94
Refined petroleum products - production:
137,400 bbl/day (2016 est.)
country comparison to the world: 62
Refined petroleum products - consumption:
84,290 bbl/day (2016 est.)
country comparison to the world: 88
Refined petroleum products - exports:
83,030 bbl/day (2016 est.)
country comparison to the world: 46
Refined petroleum products - imports:
36,470 bbl/day (2016 est.)
country comparison to the world: 95
Natural gas - production:
94 million cu m (2015 est.)
country comparison to the world: 81
Natural gas - consumption:
7.868 billion cu m (2015 est.)
country comparison to the world: 59
Natural gas - exports:
3 million cu m (2014 est.)
country comparison to the world: 54
Natural gas - imports:
4.407 billion cu m (2015 est.)
country comparison to the world: 35
Natural gas - proved reserves:
14.16 billion cu m (1 January 2017 est.)
country comparison to the world: 80
Carbon dioxide emissions from consumption of energy:
31.1 million Mt (2015 est.)
country comparison to the world: 76

Communications

Telephones - fixed lines:
total subscriptions: 823,594
subscriptions per 100 inhabitants: 15 (July 2016 est.)
country comparison to the world: 85
Telephones - mobile cellular:
total: 6,989,902
subscriptions per 100 inhabitants: 128 (July 2016 est.)
country comparison to the world: 106
Telephone system:
general assessment: a modern telecommunications system that has expanded dramatically in recent years with the growth of cellular services
domestic: Slovak Telecom maintains a near monopoly on fixed-line service; four companies have a license to operate cellular networks and provide nationwide cellular services (cellular operators); a few other companies provide services but do not have their own networks
international: country code - 421; 3 international exchanges (1 in Bratislava and 2 in Banska Bystrica) are available; Slovakia is participating in several international telecommunications projects that will increase the availability of external services (2017)
Broadcast media:
state-owned public broadcaster, Radio and Television of Slovakia (RTVS), operates 2 national TV stations and multiple national and regional radio networks; roughly 50 privately owned TV stations operating nationally, regionally, and locally; about 40% of households are connected to multi-channel cable or satellite TV; 32 privately owned radio stations (2016)
Internet country code:
.sk
Internet users:
total: 4,382,558
percent of population: 80.5% (July 2016 est.)
country comparison to the world: 83

Transportation

National air transport system:
number of registered air carriers: 4
inventory of registered aircraft operated by air carriers: 23
annual passenger traffic on registered air carriers: 11,100
annual freight traffic on registered air carriers: 0 mt-km (2015)
Civil aircraft registration country code prefix:
OM (2016)
Airports:
35 (2013)
country comparison to the world: 111
Airports - with paved runways:
total: 21
over 3,047 m: 2
2,438 to 3,047 m: 2
1,524 to 2,437 m: 3
914 to 1,523 m: 3
under 914 m: 11 (2013)
Airports - with unpaved runways:
total: 14
914 to 1,523 m: 9
under 914 m: 5 (2013)
Heliports:
1 (2013)
Pipelines:
gas transmission pipelines 2,270 km; high-pressure gas distribution pipelines 6,278 km; mid- and low-pressure gas distribution pipelines 27,023 km (2016); oil 510 km (2015)
Railways:
total: 3,580 km
broad gauge: 99 km 1.520-m gauge
standard gauge: 3,435 km 1.435-m gauge (1,587 km electrified)
narrow gauge: 46 km 1.000-m or 0.750-m gauge (2016)
country comparison to the world: 52
Roadways:
total: 56,926 km (includes local roads, national roads, and 464 km of highways) (2016)
country comparison to the world: 75
Waterways:
172 km (on Danube River) (2012)
country comparison to the world: 99
Ports and terminals:
river port(s): Bratislava, Komarno (Danube)

Military & Security

Military expenditures:
1.16% of GDP (2017 est.)
1.13% of GDP (2016)
1.14% of GDP (2015)
1.01% of GDP (2014)
1% of GDP (2013)
country comparison to the world: 102
Military branches:
Armed Forces of the Slovak Republic (Ozbrojene Sily Slovenskej Republiky): Land Forces (Pozemne Sily), Air Forces (Vzdusne Sily) (2010)
Military service age and obligation:
18-30 years of age for voluntary military service; conscription in peacetime suspended in 2006; women are eligible to serve (2012)

Transnational Issues

Disputes - international:
bilateral government, legal, technical and economic working group negotiations continued between Slovakia and Hungary over Hungary's completion of its portion of the Gabcikovo-Nagymaros hydroelectric dam project along the Danube; as a member state that forms part of the EU's external border, Slovakia has implemented strict Schengen border rules
Refugees and internally displaced persons:
stateless persons: 1,523 (2016)
Illicit drugs:
transshipment point for Southwest Asian heroin bound for Western Europe; producer of synthetic drugs for regional market; consumer of ecstasy

Economic Indicators for Slovak Republic including actual values, historical data, and latest data updates for the Slovak Republic economy.



Latest Analysis