The CIA World Factbook Every edition, 1993 to 2025 Europe
Economic overview Slovakia, in 33 editions.
The entry for Slovakia published Economic overview in 33 editions of 33, from 1993 to 2025. The text changed in 29 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 29
- the first edition with it
- 1993
- the latest edition with it
- 2025
Published as “Overview” (1993 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
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2025 edition
Changed since 2024Published as “Overview”
The dissolution of Czechoslovakia into two independent states - the Czech Republic and Slovakia - on 1 January 1993 has complicated the task of moving toward a more open and decentralized economy. The old Czechoslovakia, even though highly industrialized by East European standards, suffered from an aging capital plant, lagging technology, and a deficiency in energy and many raw materials. In January 1991, approximately one year after the end of communist control of Eastern Europe, the Czech and Slovak Federal Republic launched a sweeping program to convert its almost entirely state-owned and controlled economy to a market system.
In 1991-92 these measures resulted in privatization of some medium- and small-scale economic activity and the setting of more than 90% of prices by the market - but at a cost in inflation, unemployment, and lower output. For Czechoslovakia as a whole inflation in 1991 was roughly 50% and output fell 15%. In 1992 in Slovakia, inflation slowed to an estimated 8.7% and the estimated fall in GDP was a more moderate 7%. In 1993 the government anticipates up to a 7% drop in GDP, with the disruptions from the separation from the Czech lands probably accounting for half the decline; inflation, according to government projections, may rise to 15-20% and unemployment may reach 12-15%. The Slovak government is moving ahead less enthusiastically than the Czech government in the further dismantling of the old centrally controlled economic system.
Although the governments of Slovakia and the Czech Republic had envisaged retaining the koruna as a common currency at least in the short run, the two countries ended the currency union in February 1993.
The dissolution of Czechoslovakia into two independent states - the Czech
Republic and Slovakia - on 1 January 1993 has complicated the task of moving
toward a more open and decentralized economy. The old Czechoslovakia, even
though highly industrialized by East European standards, suffered from an
aging capital plant, lagging technology, and a deficiency in energy and many
raw materials. In January 1991, approximately one year after the end of
communist control of Eastern Europe, the Czech and Slovak Federal Republic
launched a sweeping program to convert its almost entirely state-owned and
controlled economy to a market system. In 1991-92 these measures resulted in
privatization of some medium- and small-scale economic activity and the
setting of more than 90% of prices by the market - but at a cost in
inflation, unemployment, and lower output. For Czechoslovakia as a whole
inflation in 1991 was roughly 50% and output fell 15%. In 1992 in Slovakia,
inflation slowed to an estimated 8.7% and the estimated fall in GDP was a
more moderate 7%. In 1993 the government anticipates up to a 7% drop in GDP,
with the disruptions from the separation from the Czech lands probably
accounting for half the decline; inflation, according to government
projections, may rise to 15-20% and unemployment may reach 12-15%. The
Slovak government is moving ahead less enthusiastically than the Czech
government in the further dismantling of the old centrally controlled
economic system. Although the governments of Slovakia and the Czech Republic
had envisaged retaining the koruna as a common currency at least in the
short run, the two countries ended the currency union in February 1993.
Published as “Overview”
The dissolution of Czechoslovakia into two independent states - the Czech Republic and Slovakia - on 1 January 1993 has complicated the task of moving toward a more open and decentralized economy. The old Czechoslovakia, even though highly industrialized by East European standards, suffered from an aging capital plant, lagging technology, and a deficiency in energy and many raw materials. In January 1991, approximately one year after the end of communist control of Eastern Europe, the Czech and Slovak Federal Republic launched a sweeping program to convert its almost entirely state-owned and controlled economy to a market system.
In 1991-92 these measures resulted in privatization of some medium- and small-scale economic activity and the setting of more than 90% of prices by the market - but at a cost in inflation, unemployment, and lower output. For Czechoslovakia as a whole inflation in 1991 was roughly 50% and output fell 15%. In 1992 in Slovakia, inflation slowed to an estimated 8.7% and the estimated fall in GDP was a more moderate 7%. In 1993 GDP fell roughly 5%, with the disruptions from the separation from the Czech lands probably accounting for half the decline; exports to the Czech Republic fell about 35%. Bratislava adopted an austerity program in June and devalued its currency 10% in July.
In 1993, inflation rose an estimated 23%, unemployment topped 14%, and the budget deficit exceeded the IMF target of $485 million by over $200 million. By yearend 1993 Bratislava estimated that 29% of GDP was being produced in the private sector. The forecast for 1994 is gloomy; Bratislava optimistically projects no growth in GDP, 17% unemployment, a $425 million budget deficit, and 12% inflation. At best, if Slovakia stays on track with the IMF, GDP could fall by only 2-3% in 1994 and unemployment could be held under 18%, but a currency devaluation will likely drive inflation above 15%.
The dissolution of Czechoslovakia into two independent states - the Czech
Czech Republic and Slovakia - on 1 January 1993 has complicated the
task of moving
Czechoslovakia, even
standards, suffered from an
and a deficiency in energy and many
approximately one year after the end of
Europe, the Czech and Slovak Federal Republic
program to convert its almost entirely state-owned and
economy to a market system. In 1991-92 these measures resulted in
privatization of some medium- and small-scale economic activity and the
the setting of more than 90% of prices by the market - but at a cost in
in inflation, unemployment, and lower output. For Czechoslovakia as a whole
whole inflation in 1991 was roughly 50% and output fell 15%. In 1992
in Slovakia,
fall in GDP was athe government anticipates up to a 7% drop in GDP,GDP fell roughly 5%, with
the disruptions from the separation from the Czech lands probably
accounting for half the decline; inflation, according exports to government the Czech Republic fellprojections, may rise to 15-20% about 35%. Bratislava adopted an austerity program in June and unemployment may reach 12-15%. TheSlovak government is moving ahead less enthusiastically than devalued its currency 10% in July. In 1993, inflation rose an
estimated 23%, unemployment topped 14%, and the Czech budget deficitgovernment in exceeded the further dismantling IMF target of the old centrally controlled $485 million by over $200 million. Byeconomic system. Although the governments yearend 1993 Bratislava estimated that 29% of Slovakia and the Czech Republic GDP was being producedhad envisaged retaining the koruna as a common currency at least in the private sector. The forecast for 1994 is gloomy; Bratislavashort run, the two countries ended optimistically projects no growth in GDP, 17% unemployment, a $425
million budget deficit, and 12% inflation. At best, if Slovakia stays
on track with the currency union IMF, GDP could fall by only 2-3% in February 1993. 1994 and
unemployment could be held under 18%, but a currency devaluation will
likely drive inflation above 15%.
Published as “Overview”
In 1994 macroeconomic performance improved steadily but privatization progressed only in fits and starts. Most of Slovakia's IMF-approved targets were met by an interim government that lasted 9 months. Annual inflation fell from 23% in 1993 to 12%; unemployment at 14.6% was still well below forecasts of 17%; and the budget deficit was around half that in 1993. Slovakia's nearly $200 million trade surplus also compares favorably with a more than $800 million deficit in 1993.
Furthermore, after contracting almost 25% in the three years following 1990, GDP grew 4.3% in 1994, according to official statistics. Bratislava in June qualified for a $254 million IMF stand-by loan and the second $90 million tranche of its Systemic Transformation Facility and, in December, received approval for a European Union loan worth about $160 million. By the end of September 1994, the Central Bank's foreign currency reserves had tripled since the end of 1993.
Slovakia continued to have difficulty attracting foreign investment, however, because of perceived political instability and halting progress in privatization. The interim government prepared property worth nearly $2 billion for the second wave of coupon privatization and sold participation in the program to over 80% of Slovakia's eligible citizens. Parties controlling the new Parliament in November 1994, however, put the second wave of coupon privatization on hold and suspended sales of 38 firms until the new government could evaluate the interim government's decisions in early 1995.
The new government's targets for 1995 include GDP growth of 3%, inflation of 8%-10%, unemployment of 15%, and a budget deficit under 3% of GDP. Continuing economic recovery in western Europe should boost Slovak exports and production, but Slovakia's image with foreign creditors and investors could suffer setbacks in 1995 if progress on privatization stalls or budget deficits mount beyond IMF-recommended levels.
Rewritten: too little of the 1994 text remains to mark the changes.
In 1994 macroeconomic performance improved steadily but
privatization progressed only in fits and starts. Most of Slovakia's
IMF-approved targets were met by an interim government that lasted 9
months. Annual inflation fell from 23% in 1993 to 12%; unemployment at
14.6% was still well below forecasts of 17%; and the budget deficit
was around half that in 1993. Slovakia's nearly $200 million trade
surplus also compares favorably with a more than $800 million deficit
in 1993. Furthermore, after contracting almost 25% in the three years
following 1990, GDP grew 4.3% in 1994, according to official
statistics. Bratislava in June qualified for a $254 million IMF
stand-by loan and the second $90 million tranche of its Systemic
Transformation Facility and, in December, received approval for a
European Union loan worth about $160 million. By the end of September
1994, the Central Bank's foreign currency reserves had tripled since
the end of 1993. Slovakia continued to have difficulty attracting
foreign investment, however, because of perceived political
instability and halting progress in privatization. The interim
government prepared property worth nearly $2 billion for the second
wave of coupon privatization and sold participation in the program to
over 80% of Slovakia's eligible citizens. Parties controlling the new
Parliament in November 1994, however, put the second wave of coupon
privatization on hold and suspended sales of 38 firms until the new
government could evaluate the interim government's decisions in early
1995. The new government's targets for 1995 include GDP growth of 3%,
inflation of 8%-10%, unemployment of 15%, and a budget deficit under
3% of GDP. Continuing economic recovery in western Europe should boost
Slovak exports and production, but Slovakia's image with foreign
creditors and investors could suffer setbacks in 1995 if progress on
privatization stalls or budget deficits mount beyond IMF-recommended
levels.
Since its separation from the Czech Republic on 1 January 1993, Slovakia has continued the difficult transformation from a centrally controlled economy to a modern market-oriented economy. Macroeconomic performance improved steadily in 1994 and 1995 - with 4.8% and 6% growth, respectively. But privatization progressed only in fits and starts. Strong export performance boosted growth in both years, with consumption and investment rebounding.
Unemployment fell to 12.8% in November 1995, the lowest level since mid-1993, and inflation dropped from 26% in 1993 to 7.5% in 1995. The federal government deficit fell from 7% of GDP in 1993 to less than 2% in 1994-95, as growth boosted revenues. Positive international financial performance led Standard & Poor's to raise its rating of the National Bank of Slovakia's foreign currency debt to just one step below investment grade.
The trade and current accounts are both in surplus, and foreign currency reserves held by the central bank have climbed to $3.5 billion. Foreign debt of $4.6 billion - about the same as Romania's - is the lowest in Central and Eastern Europe and the second lowest per capita. Bratislava made the Slovak crown convertible for current account transactions on 1 October 1995. Slovakia continued to have difficulty attracting foreign investment, however, because of perceived political uncertainty and vacillations in privatization policy. The government as well as the OECD projects 5% growth in 1996 and 1997.
Rewritten: too little of the 1995 text remains to mark the changes.
Since its separation from the Czech Republic on
1 January 1993, Slovakia has continued the difficult transformation
from a centrally controlled economy to a modern market-oriented
economy. Macroeconomic performance improved steadily in 1994 and
1995 - with 4.8% and 6% growth, respectively. But privatization
progressed only in fits and starts. Strong export performance
boosted growth in both years, with consumption and investment
rebounding. Unemployment fell to 12.8% in November 1995, the lowest
level since mid-1993, and inflation dropped from 26% in 1993 to 7.5%
in 1995. The federal government deficit fell from 7% of GDP in 1993
to less than 2% in 1994-95, as growth boosted revenues. Positive
international financial performance led Standard & Poor's to raise
its rating of the National Bank of Slovakia's foreign currency debt
to just one step below investment grade. The trade and current
accounts are both in surplus, and foreign currency reserves held by
the central bank have climbed to $3.5 billion. Foreign debt of $4.6
billion - about the same as Romania's - is the lowest in Central and
Eastern Europe and the second lowest per capita. Bratislava made the
Slovak crown convertible for current account transactions on 1
October 1995. Slovakia continued to have difficulty attracting
foreign investment, however, because of perceived political
uncertainty and vacillations in privatization policy. The government
as well as the OECD projects 5% growth in 1996 and 1997.
Published as “Economy - overview”
Since the establishment of the Slovak Republic on 1 January 1993, Slovakia has continued the difficult transformation from a centrally controlled economy to a modern market-oriented economy. Macroeconomic performance improved steadily in 1994-96, but privatization progressed only in fits and starts. Strong export performance boosted GDP growth to 4.8% in 1994 after a four-year decline. GDP surged to 7.4% growth in 1995 and should be only slightly less in 1996, the fastest growth in Central and Eastern Europe.
Unemployment fell to about 12% in 1996 and inflation dropped from 26% in 1993 to 5.5% in 1996, the lowest in the region. Foreign debt of $4.6 billion also is the lowest in the region and the second lowest per capita. Private activity now makes up roughly two-thirds of GDP. Positive international financial performance has led Standard & Poor's to raise its rating of the National Bank of Slovakia's foreign currency debt to just one step below investment grade.
Although Slovak economic performance continues to be impressive, many warning signs of possible danger ahead have been raised. Aggregate demand has surged in the form of increased personal and government consumption. At the same time that the budget deficit is growing, the money supply has been rapidly increasing, which could apply upward pressure on inflation. The trade and current account deficits both are mounting as imports soar and exports sag.
Perhaps most troubling, Slovakia continues to have difficulty attracting foreign investment because of perceived political problems and halting progress on restructuring and privatization. The government projects 6.4% growth in 1997 and 5% in 1998. Continuing economic recovery in western Europe should boost exports and production, but Slovakia's image with foreign creditors and investors could suffer setbacks in 1997 if progress on privatization and restructuring stalls.
Since its separation from the Czech establishment of the Slovak Republic on
1 January 1993, Slovakia has continued the difficult transformation
from a centrally controlled economy to a modern market-oriented
economy. Macroeconomic performance improved steadily in 1994 and 1994-96, but1995 - with 4.8% and 6% growth, respectively. But privatizationperformance
performance boosted GDP growth to 4.8% in both years, with consumption 1994 after a four-year
decline. GDP surged to 7.4% growth in 1995 and investment should be only slightlyrebounding. less in 1996, the fastest growth in Central and Eastern Europe.
Unemployment fell to 12.8% about 12% in November 1995, the lowest 1996 and inflation dropped from 26%
level since mid-1993,
in 1993 to 7.5%5.5% in 1995. The federal government deficit fell from 7% of GDP 1996, the lowest in 1993 the region. Foreign debt ofto less than 2% $4.6 billion also is the lowest in 1994-95, as growth boosted revenues. Positive the region and the second lowest
per capita. Private activity now makes up roughly two-thirds of GDP.
Positive international financial performance has led Standard & Poor's
to raise
currency debtThe trade and current Although Slovakaccounts are both economic performance continues to be impressive, many warning signs of
possible danger ahead have been raised. Aggregate demand has surged in surplus, and foreign currency reserves held by
the central bank have climbed to $3.5 billion. Foreign debt form of $4.6 increased personal and government consumption. At the same
billion - aboutas Romania's - is the lowest in Central andEastern Europe and time that the second lowest per capita. Bratislava made budget deficit is growing, the money supply has beenSlovak crown convertible for rapidly increasing, which could apply upward pressure on inflation.
The trade and current account transactions on 1 deficits both are mounting as importsOctober 1995. soar and exports sag. Perhaps most troubling, Slovakia continued continues to
have difficulty attractinginvestment, however, investment because of perceived politicaluncertainty political problems and vacillations in privatization policy. halting progress on restructuring and
privatization. The government
as well as the OECD5% 6.4% growth in 1996 1997 and 1997. 5% in
1998. Continuing economic recovery in western Europe should boost
exports and production, but Slovakia's image with foreign creditors
and investors could suffer setbacks in 1997 if progress on
privatization and restructuring stalls.
Published as “Economy-overview”
Since the establishment of the Slovak Republic on 1 January 1993, Slovakia has continued the difficult transformation from a centrally controlled economy to a modern market-oriented economy. Macroeconomic performance improved steadily in 1994-96, but privatization progressed only in fits and starts. Strong export performance boosted GDP growth to 4.9% in 1994 after a four-year decline. GDP then rose by 6.8% in 1995, 7% in 1996, and 5.9% in 1997, rates among the highest in Central and Eastern Europe.
Inflation dropped from 26% in 1993 to 6% annually in 1996-97, the lowest rate in the region. Private activity now makes up more than two-thirds of GDP. Although Slovak economic performance continues to be impressive, many warning signs of possible danger ahead have been raised. Aggregate demand has surged in the form of increased personal and government consumption. At the same time that the budget deficit is growing, the money supply has been rapidly increasing, which could apply upward pressure on inflation.
The trade and current account deficits both are mounting as imports soar and exports sag. Perhaps most troubling, Slovakia continues to have difficulty attracting foreign investment because of perceived political problems and halting progress on restructuring and privatization. Continuing economic recovery in western Europe should boost exports and production, but Slovakia's position with foreign creditors and investors could suffer setbacks in 1998 if progress on privatization and restructuring stalls and if domestic political problems continue to tarnish its international image.
Since the establishment of the Slovak Republic on
January 1993, Slovakia has continued the difficult transformation
a centrally controlled economy to a modern market-oriented
Macroeconomic performance improved steadily in 1994-96, but
privatization progressed only in fits and starts. Strong export
performance boosted GDP growth to 4.8% 4.9% in 1994 after a four-year
decline. GDP surged to 7.4% growth then rose by 6.8% in 1995 and should be only slightly 1995, 7% in 1996, and 5.9% in 1997,
less
rates among the fastest growth highest in Central and Eastern Europe. InflationUnemployment fell to about 12% in 1996 and inflation dropped from 26%5.5% 6% annually in 1996, 1996-97, the lowest rate in the region. Foreign debt of$4.6 billion also is the lowest in the region and the second lowest region. Private activity now makes up
per capita.roughly more than two-thirds of GDP.Positive international financial performance has led Standard & Poor's Although Slovak
to raise its rating of the National Bank of Slovakia's foreign
currency debt to just one step below investment grade.
warning signs of
demand has surged in
consumption. At the same
money supply has been
pressure on inflation.
mounting as imports
Slovakia continues to
because of perceived
restructuring andThe government projects 6.4% growth in 1997 and 5% in Continuing economic recovery in
1998.
western Europe should boostimage
position with foreign creditors1997
1998 if progress onstalls. stalls and if
domestic political problems continue to tarnish its international
image.
Published as “Economy--overview”
Slovakia, continuing the difficult transition from a centrally controlled economy to a modern market-oriented
- economy, begins 1999 with clouds on the horizon:
- GDP growth is slowing sharply; budget and current account deficits are too large; external debt is growing uncomfortably fast; unemployment is high and rising; corrupt insider deals persist; and demand is weakening for Slovakia's key primary goods exports, especially as Russia and Ukraine slump and as EU growth slows. International credit rating agencies have downgraded Slovak debt to below investment grade. The new government intends to address the economy's ills by giving priority to joining the OECD and EU, cutting government wage and infrastructure spending, boosting some taxes and regulated prices, expanding privatization to companies formerly considered strategic, restructuring the financial section, encouraging foreign investment, and reenergizing the social partnership with labor and employers. Government officials believe as long as two years may be needed before its structural reforms improve economic performance. In 1999, the government expects GDP growth to slow from 5% in 1998 to 2%, inflation to rise from 6% to 10%, and unemployment to rise from less than 14% to 15% or 16%, but hopes to bring the budget deficit down to no more than 2% of GDP and the current account deficit down to 5% to 6% of GDP.
Rewritten: too little of the 1998 text remains to mark the changes.
Slovakia, continuing the difficult transition
from a centrally controlled economy to a modern market-oriented
economy, begins 1999 with clouds on the horizon: GDP growth is
slowing sharply; budget and current account deficits are too large;
external debt is growing uncomfortably fast; unemployment is high
and rising; corrupt insider deals persist; and demand is weakening
for Slovakia's key primary goods exports, especially as Russia and
Ukraine slump and as EU growth slows. International credit rating
agencies have downgraded Slovak debt to below investment grade. The
new government intends to address the economy's ills by giving
priority to joining the OECD and EU, cutting government wage and
infrastructure spending, boosting some taxes and regulated prices,
expanding privatization to companies formerly considered strategic,
restructuring the financial section, encouraging foreign investment,
and reenergizing the social partnership with labor and employers.
Government officials believe as long as two years may be needed
before its structural reforms improve economic performance. In 1999,
the government expects GDP growth to slow from 5% in 1998 to 2%,
inflation to rise from 6% to 10%, and unemployment to rise from less
than 14% to 15% or 16%, but hopes to bring the budget deficit down
to no more than 2% of GDP and the current account deficit down to 5%
to 6% of GDP.
Published as “Economy - overview”
Slovakia continues the difficult transition from a centrally planned economy to a modern market economy. It started 1999 faced with a sharp slowdown in GDP growth, large budget and current account deficits, fast-growing external debt, and persisting corruption, but made considerable progress toward achieving macroeconomic stabilization later in the year. Tough austerity measures implemented in May cut the overall fiscal deficit from 6% in 1998 to under 4% of GDP, and the current account deficit was halved to an estimated 5% of GDP. Slovakia was invited by the EU in December to begin accession negotiations early in 2000.
Foreign investor interest, although rising, has not yet led to actual deals; several credit rating agencies have upgraded their outlook for the country. However, Slovakia's fiscal position remains weak; inflation and unemployment remain high; and the government is only now addressing the structural problems inherited from the MECIAR period, such as large inefficient enterprises, an insolvent banking sector and high inter-company debts, and declining tax and social support payments.
Furthermore, the government faces considerable public discontent over the government's austerity package, persistent high unemployment - which reached an all-time high of 20% in December 1999 - rising consumer prices, reduced social benefits, and declining living standards. Real GDP is forecast to stagnate in 2000; inflationary pressures will remain strong due to further price liberalization; and little scope exists for further fiscal consolidation in the 2000 budget, which is based on rosier assumptions than nearly all private forecasts.
Rewritten: too little of the 1999 text remains to mark the changes.
Slovakia continues the difficult transition from a centrally planned economy to a modern market economy. It started 1999 faced with a sharp slowdown in GDP growth, large budget and current account deficits, fast-growing external debt, and persisting corruption, but made considerable progress toward achieving macroeconomic stabilization later in the year. Tough austerity measures implemented in May cut the overall fiscal deficit from 6% in 1998 to under 4% of GDP, and the current account deficit was halved to an estimated 5% of GDP. Slovakia was invited by the EU in December to begin accession negotiations early in 2000. Foreign investor interest, although rising, has not yet led to actual deals; several credit rating agencies have upgraded their outlook for the country. However, Slovakia's fiscal position remains weak; inflation and unemployment remain high; and the government is only now addressing the structural problems inherited from the MECIAR period, such as large inefficient enterprises, an insolvent banking sector and high inter-company debts, and declining tax and social support payments. Furthermore, the government faces considerable public discontent over the government's austerity package, persistent high unemployment - which reached an all-time high of 20% in December 1999 - rising consumer prices, reduced social benefits, and declining living standards. Real GDP is forecast to stagnate in 2000; inflationary pressures will remain strong due to further price liberalization; and little scope exists for further fiscal consolidation in the 2000 budget, which is based on rosier assumptions than nearly all private forecasts.
Published as “Economy - overview”
Slovakia continues the difficult transition from a centrally planned economy to a modern market economy. The economic slowdown in 1999 stemmed from large budget and current account deficits, fast-growing external debt, and persistent corruption. Even though GDP growth reached only 2.2% in 2000, the year was marked by positive developments such as foreign direct investment of $1.5 billion, strong export performance, restructuring and privatization in the banking sector, entry into the OECD, and initial efforts to stem corruption. Strong challenges face the government in 2001, especially the maintenance of fiscal balance, the further privatization of the economy, and the reduction of unemployment.
Rewritten: too little of the 2000 text remains to mark the changes.
Slovakia continues the difficult transition from a centrally planned economy to a modern market economy. The economic slowdown in 1999 stemmed from large budget and current account deficits, fast-growing external debt, and persistent corruption. Even though GDP growth reached only 2.2% in 2000, the year was marked by positive developments such as foreign direct investment of $1.5 billion, strong export performance, restructuring and privatization in the banking sector, entry into the OECD, and initial efforts to stem corruption. Strong challenges face the government in 2001, especially the maintenance of fiscal balance, the further privatization of the economy, and the reduction of unemployment.
Published as “Economy - overview”
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government has made excellent progress in 2001-02 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and foreign investment has picked up. Slovakia's economy exceeded expectations in 2001-02, despite the general European slowdown.
Unemployment, at an unacceptable 17.2% in 2002, remains the economy's Achilles heel. The government faces other strong challenges in 2003, especially the cutting of budget and current account deficits and the prevention of a revival of inflation.
Rewritten: too little of the 2001 text remains to mark the changes.
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government has made excellent progress in 2001-02 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and foreign investment has picked up. Slovakia's economy exceeded expectations in 2001-02, despite the general European slowdown. Unemployment, at an unacceptable 17.2% in 2002, remains the economy's Achilles heel. The government faces other strong challenges in 2003, especially the cutting of budget and current account deficits and the prevention of a revival of inflation.
Published as “Economy - overview”
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government has made excellent progress in 2001-03 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and foreign investment has picked up. Slovakia's economy exceeded expectations in 2001-03, despite the general European slowdown.
Unemployment, at an unacceptable 15% in 2003, remains the economy's Achilles heel. The government faces other strong challenges in 2004, especially the cutting of budget and current account deficits, the containment of inflation, and the strengthening of the health care system.
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government has made excellent progress in 2001-02 2001-03 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and foreign investment has picked up. Slovakia's economy exceeded expectations in 2001-02, 2001-03, despite the general European slowdown. Unemployment, at an unacceptable 17.2% 15% in 2002, 2003, remains the economy's Achilles heel. The government faces other strong challenges in 2003, 2004, especially the cutting of budget and current account deficits and deficits, the prevention containment of a revival inflation, and the strengthening of inflation. the health care system.
Published as “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 2001-03 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and foreign investment has picked up. Slovakia's economy exceeded expectations in 2001-03, despite the general European slowdown.
Unemployment, at an unacceptable 15% in 2003, remains the economy's Achilles heel. The government faces other strong challenges in 2004, especially cutting the budget deficit, containing inflation, and strengthening the health care system.
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government has made excellent progress in during 2001-03 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and foreign investment has picked up. Slovakia's economy exceeded expectations in 2001-03, despite the general European slowdown. Unemployment, at an unacceptable 15% in 2003, remains the economy's Achilles heel. The government faces other strong challenges in 2004, especially the cutting of budget and current account deficits, the containment of budget deficit, containing inflation, and the strengthening of the health care system.
Published as “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.
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 2001-03 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 has picked up. boom with business-friendly policies, such as labor market liberalization and a 19% flat tax. Slovakia's economy economic growth exceeded expectations in 2001-03, 2001-04, despite the general European slowdown. Unemployment, at an unacceptable 15% in 2003, 2003-04, remains the economy's Achilles heel. The government faces other strong challenges in 2004, especially cutting the budget deficit, containing inflation, and strengthening Slovakia joined the health care system. EU on 1 May 2004.
Published as “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.
Foreign investment in the automotive sector has been strong. Slovakia's economic growth exceeded expectations in 2001-05, despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 16.4% in 2005, but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.
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. Foreign investment in the automotive sector has been strong. Slovakia's economic growth exceeded expectations in 2001-04, 2001-05, despite the general European slowdown. Unemployment, at an unacceptable 15% 18% in 2003-04, dropped to 16.4% in 2005, but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.
Published as “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.
Foreign investment in the automotive sector has been strong. Slovakia's economic growth exceeded expectations in 2001-06 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 10.2% in 2006 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.
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, business friendly policies such as labor market liberalization and a 19% flat tax. Foreign investment in the automotive sector has been strong. Slovakia's economic growth exceeded expectations in 2001-05, 2001-06 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 16.4% 10.2% in 2005, 2006 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.
Published as “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.
Foreign investment in the automotive sector has been strong. Slovakia's economic growth exceeded expectations in 2001-07 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.6% in 2007 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004 and will be the second of the new EU member states to adopt the euro in 2009 if it continues to meet euro adoption criteria in 2008.
Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been careful to keep a lid on spending in order to meet euro adoption criteria. The FICO government is pursuing a state-interventionist economic policy, however, and has pushed to regulate energy and food prices.
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. Foreign investment in the automotive sector has been strong. Slovakia's economic growth exceeded expectations in 2001-06 2001-07 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 10.2% 8.6% in 2006 2007 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004. 2004 and will be the second of the new EU member states to adopt the euro in 2009 if it continues to meet euro adoption criteria in 2008. Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been careful to keep a lid on spending in order to meet euro adoption criteria. The FICO government is pursuing a state-interventionist economic policy, however, and has pushed to regulate energy and food prices.
Published as “Economy - overview”
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 to consolidate its budget and get on track to join the EU in 2004 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 such as labor market liberalization and a 19% flat tax.
Foreign investment in the automotive and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-08 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.4% in 2008 but remains the economy's Achilles heel. Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been careful to keep a lid on spending in order to meet euro adoption criteria and has focused on regulating energy and food prices instead. The OECD expects Slovakia's GDP growth to be positive in 2009.
Slovakia has mastered much of the difficult transition made significant economic reforms since its separation from a centrally planned economy the Czech Republic in 1993. Reforms to a modern market economy. The DZURINDA government made excellent progress during 2001-04 the taxation, healthcare, pension, and social welfare systems helped Slovakia to consolidate its budget and get on track to join the EU in macroeconomic stabilization 2004 and structural reform. to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost completely entirely 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. Foreign investment in the automotive sector and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-07 2001-08 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.6% 8.4% in 2007 2008 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004 and will be the second of the new EU member states to adopt the euro in 2009 if it continues to meet euro adoption criteria in 2008. Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been careful to keep a lid on spending in order to meet euro adoption criteria. The FICO government is pursuing a state-interventionist economic policy, however, criteria and has pushed to regulate focused on regulating energy and food prices. prices instead. The OECD expects Slovakia's GDP growth to be positive in 2009.
Published as “Economy - overview”
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 to consolidate its budget and get on track to join the EU in 2004 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 such as labor market liberalization and a 19% flat tax.
Foreign investment in the automotive and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-08 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 7.7% in 2008 but remains the economy's Achilles heel. FICO's cabinet was careful to keep a lid on spending in order to meet euro adoption criteria and has focused on regulating energy and food prices instead.
To maintain a stable operating environment for investors, the European Bank for Reconstruction and Development advised the Slovak government to refrain from intervening in important sectors of the economy. However, Bratislava's approach to mitigating the economic slowdown has included substantial government intervention and the option to nationalize strategic companies. Slovakia was admitted to the euro zone in January 2009.
RADICOVA's government, in power since July 2010, has allowed the budget deficit to rise slightly, to 8.2% of GDP in 2010. GDP fell nearly 5% in 2009 before gaining back 4% in 2010, and unemployment rose above 12% in 2010, as the global recession impacted many segments of the economy.
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 to consolidate its budget and get on track to join the EU in 2004 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 such as labor market liberalization and a 19% flat tax. Foreign investment in the automotive and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-08 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.4% 7.7% in 2008 but remains the economy's Achilles heel. Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been was careful to keep a lid on spending in order to meet euro adoption criteria and has focused on regulating energy and food prices instead. The OECD expects Slovakia's GDP growth To maintain a stable operating environment for investors, the European Bank for Reconstruction and Development advised the Slovak government to be positive refrain from intervening in important sectors of the economy. However, Bratislava's approach to mitigating the economic slowdown has included substantial government intervention and the option to nationalize strategic companies. Slovakia was admitted to the euro zone in January 2009. RADICOVA's government, in power since July 2010, has allowed the budget deficit to rise slightly, to 8.2% of GDP in 2010. GDP fell nearly 5% in 2009 before gaining back 4% in 2010, and unemployment rose above 12% in 2010, as the global recession impacted many segments of the economy.
Published as “Economy - overview”
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 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. Unemployment, at an unacceptable 18% in 2003-04, dropped to 7.7% in 2008 but remains the economy's Achilles heel. Foreign direct investment (FDI) accounted for much of the growth until 2008. Cheap and skilled labor, low taxes, a 19% flat tax for corporations and individuals, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors.
Foreign investment in the automotive and electronic sectors has been especially strong. To maintain a stable operating environment for investors, the European Bank for Reconstruction and Development advised the Slovak government to refrain from intervening in important sectors of the economy. However, Bratislava's approach to mitigating the economic slowdown has included substantial government intervention and the option to nationalize strategic companies.
RADICOVA's government, in power since July 2010, has allowed the budget deficit to rise slightly, to 7.9% of GDP in 2010. GDP fell nearly 5% in 2009 before gaining back 4% in 2010, and unemployment rose above 12% in 2010, as the global recession impacted many segments of the economy.
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 to consolidate its budget and get on track to join the EU in 2004 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 such as labor market liberalization and a 19% flat tax. Foreign investment in the automotive and electronic sectors has been strong. policies. Slovakia's economic growth exceeded expectations in 2001-08 despite the a general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 7.7% in 2008 but remains the economy's Achilles heel. FICO's cabinet was careful to keep Foreign direct investment (FDI) accounted for much of the growth until 2008. Cheap and skilled labor, low taxes, a lid on spending 19% flat tax for corporations and individuals, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors. Foreign investment in order to meet euro adoption criteria the automotive and electronic sectors has focused on regulating energy and food prices instead. been especially strong. To maintain a stable operating environment for investors, the European Bank for Reconstruction and Development advised the Slovak government to refrain from intervening in important sectors of the economy. However, Bratislava's approach to mitigating the economic slowdown has included substantial government intervention and the option to nationalize strategic companies. Slovakia was admitted to the euro zone in January 2009. RADICOVA's government, in power since July 2010, has allowed the budget deficit to rise slightly, to 8.2% 7.9% of GDP in 2010. GDP fell nearly 5% in 2009 before gaining back 4% in 2010, and unemployment rose above 12% in 2010, as the global recession impacted many segments of the economy.
Published as “Economy - overview”
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.
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. Unemployment, at an unacceptable 18% in 2003-04, dropped to 7.7% in 2008 but remains the economy's Achilles heel. Foreign direct investment (FDI) accounted for (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap and skilled labor, low taxes, a 19% flat tax for corporations and individuals, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors. Foreign investment The economy contracted 5% in the automotive and electronic sectors has been especially strong. To maintain 2009 primarily as a stable operating environment for investors, the European Bank for Reconstruction result of smaller inflows of FDI and Development advised the Slovak government to refrain from intervening reduced demand for Slovakia's exports before rebounding in important sectors of the economy. However, Bratislava's approach 2010-11, but growth slowed in 2012 due to mitigating the economic slowdown has included substantial weakening external demand. The government intervention of Prime Minister Robert FICO in 2012 implemented tax increases on higher-earning individuals and the option corporations, effectively scrapping Slovakia's flat tax to nationalize strategic companies. RADICOVA's government, in power since July 2010, has allowed the help meet budget deficit to rise slightly, to 7.9% targets of GDP in 2010. 4.9% of GDP fell nearly 5% in 2009 before gaining back 4% in 2010, 2012 and unemployment rose above 12% in 2010, as the global recession impacted many segments 3% of the economy. GDP in 2013.
Published as “Economy - overview”
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.
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 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 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 Slovakia''s flat tax to help meet budget deficit targets of 4.9% of GDP in 2012 and 3% of GDP in 2013.
Published as “Economy - overview”
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. After a period of relative stagnation in the early and mid 1990s, reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget, get on track to join the EU in 2004, and adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has facilitated a foreign investment boom with business friendly policies.
Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap, skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages to foreign investors. Growth returned, following a contraction in 2009, but has remained sluggish in large part due to continued weakness in external demand.
In 2012 the government of Prime Minister Robert FICO rolled back some of Slovakia's pro-growth reforms to help shore up public finances. Corruption and slow dispute resolution remain key factors constraining economic growth.
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms After a period of relative stagnation in the early and mid 1990s, reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget and budget, get on track to join the EU in 2004 after a period of relative stagnation in the early and mid 1990s 2004, 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 facilitated 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 Cheap, skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages for to foreign investors. The economy contracted 5% in 2009 primarily as Growth returned, following a result of smaller inflows of FDI and reduced demand for Slovakia''s exports before rebounding contraction in 2010-11, 2009, but growth slowed has remained sluggish in 2012 large part due to weakening continued weakness in external demand. The In 2012 the government of Prime Minister Robert FICO in 2012 implemented tax increases on higher-earning individuals and corporations, effectively scrapping Slovakia''s flat tax rolled back some of Slovakia's pro-growth reforms to help meet budget deficit targets of 4.9% of GDP in 2012 shore up public finances. Corruption and 3% of GDP in 2013. slow dispute resolution remain key factors constraining economic growth.
Published as “Economy - overview”
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) in 2004 and the Eurozone in 2009. The country’s banking sector is sound. Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe.
However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.
Rewritten: too little of the 2014 text remains to mark the changes.
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) in 2004 and the Eurozone in 2009. The country’s banking sector is sound. Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.
Published as “Economy - overview”
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 93% of GDP, serving as the main driver of GDP growth. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound.
Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% 93% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) EU in 2004 and the Eurozone euro zone in 2009. The country’s banking sector is sound.
Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.
Published as “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. Among the most pressing domestic issues potentially threatening the attractiveness of the Slovak market are shortages in qualified labor force, persistent corruption issues, and an inadequate judiciary, as well as a lack of innovation. The energy sector in particular is characterized by unpredictable regulatory oversight and high costs, in part driven by government interference in regulated tariffs.
Slovakia has made significant economic reforms since Slovakia’s economy suffered from a slow start in the first years after its separation from the Czech Republic in 1993. 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, with economy driven mainly by automobile and electronics exports, at about 93% of GDP, serving as the main driver which account for more than 80% of GDP growth. GDP. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound. sound and predominantly foreign owned.
Slovakia has led the region garnering FDI, because of its been a regional FDI champion for several years, attractive due to a relatively low-cost, highly-skilled low-cost yet skilled labor force, reasonable tax rates, and a favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to Among the Labor Code, slow dispute resolution, and ongoing corruption most pressing domestic issues potentially threaten threatening the attractiveness of the Slovak market. Moreover, the market are shortages in qualified labor force, persistent corruption issues, and an inadequate judiciary, as well as a lack of innovation. The energy sector in particular is characterized by high costs, unpredictable regulatory oversight, oversight and growing high costs, in part driven by government interference. interference in regulated tariffs.
The same text in 2018 and 2019.
Published as “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.
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.lack of innovation. 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.
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.
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.
The same text in 2021 and 2022.
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.
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.
- high-income, EU-member European economy;
- major electronics and automobile exporter;
- new anticorruption and judiciary reforms;
- low unemployment;
- low regional innovation;
- strong financial sector
Rewritten: too little of the 2022 text remains to mark the changes.
high-income, EU-member European economy; major electronics and automobile exporter; new anticorruption and judiciary reforms; low unemployment; low regional innovation; strong financial sector
- high-income EU- and eurozone-member economy;
- manufacturing and exports led by automotive sector;
- weakening of anti-corruption laws may impact foreign investment and status of EU funds;
- influx of foreign labor offsets aging workforce;
- widening fiscal deficit from social spending and EU-financed public investments
Rewritten: too little of the 2023 text remains to mark the changes.
high-income EU- and eurozone-member economy; manufacturing and exports led by automotive sector; weakening of anti-corruption laws may impact foreign investment and status of EU funds; influx of foreign labor offsets aging workforce; widening fiscal deficit from social spending and EU-financed public investments
- high-income EU and eurozone economy;
- manufacturing and exports led by automotive sector;
- growth supported by private consumption and public investment from EU funds, tempered by trade risks;
- increased taxes and withdrawal of energy subsidies contributing to rising but manageable inflation;
- strong labor demand and influx of foreign labor offsets aging workforce
high-income EU- EU and eurozone-member eurozone economy; manufacturing and exports led by automotive sector; weakening of anti-corruption laws may impact foreign growth supported by private consumption and public investment from EU funds, tempered by trade risks; increased taxes and status withdrawal of EU funds; energy subsidies contributing to rising but manageable inflation; strong labor demand and influx of foreign labor offsets aging workforce; widening fiscal deficit from social spending and EU-financed public investments workforce
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Cite this page
Central Intelligence Agency. “Slovakia: Economic overview.” The World Factbook, 1993–2025 editions. Archived by The Factbook, thefactbook.org/slovakia/economic-overview.