Slovakia Business Resources

Economy - overview:
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government made excellent progress during 2001-04 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and the government has helped facilitate a foreign investment boom with business-friendly policies, such as labor market liberalization and a 19% flat tax. Slovakia's economic growth exceeded expectations in 2001-04, despite the general European slowdown. Unemployment, at an unacceptable 15% in 2003-04, remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.

Agriculture
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products

Airlines
Airlines in Europe
Airlines Worldwide

Airports
Airports in Europe
Airports Worldwide

Country Budget
revenues: $15.44 billion
expenditures: $16.7 billion, including capital expenditures of NA (2004 est.)

Currency (code)
Slovak koruna (SKK)

Currency Exchange Rate
koruny per US dollar - 32.257 (2004), 36.773 (2003), 45.327 (2002), 48.355 (2001), 46.035 (2000)

Fiscal Year
calendar year

GDP (Gross Domestic Product)
GDP (purchasing power parity): $78.89 billion (2004 est.)
GDP - real growth rate: 5.3% (2004 est.)
GDP - per capita: purchasing power parity - $14,500 (2004 est.)
GDP - composition by sector:
agriculture: 3.5%
industry: 30.1%
services: 66.4% (2004 est.)

Imports / Exports
Exports: $29.24 billion f.o.b. (2004 est.)
Exports - commodities: vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4%% (2004 est.)
Exports - partners: Germany 34.4%, Czech Republic 14.7%, Austria 8.2%, Italy 5.8%, Poland 5.3%, US 4.5%, Hungary 4.3% (2004)

Imports: $29.67 billion f.o.b. (2004 est.)
Imports - commodities: machinery and transport equipment 41.1%, intermediate manufactured goods 19.3%, fuels 12.3%, chemicals 9.8%, miscellaneous manufactured goods 10.2% (2003)
Imports - partners: Germany 26.1%, Czech Republic 21.3%, Russia 9.1%, Austria 6.6%, Poland 4.9%, Italy 4.9% (2004)

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

Investing
Forex, Foreign Exchange Market: Currency Trading

Labor Force & Unemployment Rate
Labor force: 2.2 million (3rd quarter, 2004 est.)
Labor force - by occupation: agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003)
Unemployment rate: 13.1% (31 December 2004 est.)