SLOVAKIA

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Slovakia Economy

Country Name: Slovak Republic

Capital City: Bratislava

Population: 5,439,448 (2006)

Population Growth: 0.15% (2006)

Currency: Slovak koruna (SKK)

Languages: Slovak

Area: 48,845 sq km

Inflation Rate: 4.4% (2006 est.)

Unemployment Rate: 11.7% (2005)

Domain extension: .sk

ECONOMIC DETAILS OF SLOVAKIA

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.

GDP - purchasing power parity:

$99.19 billion (2006 est.)

GDP - real growth rate:

8.3% (2006 est.)

GDP - per capita:

$18,200 (2006 est.)

GDP - by sector (agriculture):

agriculture: 3.8%

GDP - by sector (industry):

industry: 31.4%

GDP - by sector (services):

services: 64.8% (2006 est.)

Export Partners:

Germany 23.7%, Czech Republic 14.1%, Italy 6.5%, Poland 6.2%, Austria 6%, Hungary 5.8%, France 4.3%, Netherlands 4.2% (2006)

Import Partners:

Germany 23.6%, Czech Republic 18.2%, Russia 11%, Hungary 6%, Austria 5.5%, Poland 4.9%, Italy 4.4% (2006)

Export Commodities:

vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4% (2004)

Import Commodities:

machinery and transport equipment 41.1%, intermediate manufactured goods 19.3%, fuels 12.3%, chemicals 9.8%, miscellaneous manufactured goods 10.2% (2003)

Exports Volume:

$39.64 billion f.o.b. (2006 est.)

Imports Volume:

$41.84 billion f.o.b. (2006 est.)

Labour Force:

2.629 million (2006 est.)

Unemployment Rate:

10.2% (2006 est.)

Population below poverty line:

21% (2002)

Inflation Rate:

4.4% (2006 est.)

Investment (gross fixed):

27.6% of GDP (2006 est.)

Public Debt:

36.1% of GDP (2006 est.)

Agriculture Products:

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

Industries:

metal and metal products; food and beverages; electricity, gas, coke, oil, nuclear fuel; chemicals and manmade fibers; machinery; paper and printing; earthenware and ceramics; transport vehicles; textiles; electrical and optical apparatus; rubber products

Industrial Production Growth Rate:

7.8% (2006 est.)

Electricity - production:

31.29 billion kWh (2005)

Electricity - consumption:

28.57 billion kWh (2005)

Electricity - exports:

11.29 billion kWh (2005)

Electricity - imports:

8.57 billion kWh (2005)

Oil - production:

11,480 bbl/day (2005 est.)

Oil - consumption:

74,000 bbl/day (2004 est.)

Oil - exports:

2,160 bbl/day (2004)

Oil - imports:

59,000 bbl/day (2004)

Natural gas - production:

135 million cu m (2005 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

-$3.781 billion (2006 est.)

Currency Code:

Slovak koruna (SKK)