After the collapse of Czechoslovakia , Slovakia gradually moved from a planned economy to a market economy . Reforms in the field of taxation , health care , the pension system and the social security system carried out by the Government of Slovakia in the 2000s allowed it to apply for membership in the European Union , which happened in 2004. In 2009, Slovakia became a member of the Eurozone and introduced the euro . Almost all sectors of the economy went into private ownership . Active privatization has led to the fact that almost the entire banking sector is in the hands of foreign companies. The infusion of foreign investment into the country's economy in recent years has mainly been directed towards the automotive industry and electronics .
| Slovak economy | |
|---|---|
 Headquarters of the Central Bank of Slovakia in Bratislava | |
| Currency | Euro , € (= 100 euro cents ) |
| Fiscal year | Calendar year |
| International the organization | WTO , EU , OECD , NATO |
| Statistics | |
| GDP | ▲ $ 203 billion (PPP) [1] ▲ $ 112 billion (face value) [2] |
| Place by GDP | 39th place (faculty) / 40th place (nominal) |
| GDP growth | 3.9% (2018) [3] [4] |
| GDP per capita | ▲ $ 37,268 (PPP, 2019) [5] ▲ $ 20 598 (face value, 2019) [6] |
| Inflation ( CPI ) | ▼ -0.5% (2016) |
| Population below the poverty line | 9% ( 2008 ) |
| Human Development Index (HDI) | 0.880 ( 2007 ) |
| Economically active population | 2.254 million |
| Pre-tax average salary | € 1106 / $ 1265.31 per month (2019) |
| Post-tax average salary | € 748 / $ 921.64 per month (2017) |
| Unemployment rate | ▼ 5.4% (May 2019) [7] |
| Major industries | metallurgy industry ; food industry ; electric power industry ; oil industry ; gas industry ; chemical industry ; mechanical engineering ; paper industry ; ceramics production ; automotive industry ; textile industry ; production of electrical equipment ; optics manufacturing |
| International trade | |
| Export | 80.57 billion |
| Export Articles | cars - 27%; electrical equipment and machines - 20%; metals - 4%; chemical and mineral substances - 5%; ( 2017 ) |
| Export partners | Germany - 21%; Czech Republic - 11.6%; Poland - 7.7%; France - 6.3%; Hungary - 6%; |
| Import | 77.96 billion |
| Import Articles | cars and transport - 20%; semi - finished products - 14%; fuel - 9%; chemicals - 7%; ( 2017 ) |
| Import partners | Germany - 19%; Czech Republic - 16.3%; Austria - 10.3%; Poland - 6.5%; Russia - 4.5%; |
| Public finance | |
| State debt | 28.7% of GDP |
| External debt | 52.53 billion |
| Government revenue | 31.23 billion |
| Government spending | 33.32 billion |
Economic Growth
In 2008, economic growth in Slovakia decreased by 4%, while GDP growth amounted to 6.4% [8] .
| Year | GDP, billion $ | Growth, % |
|---|---|---|
Public Finance
The budget deficit of Slovakia in 2008 amounted to 6.43 billion US dollars, which is 1.948 billion more than in 2007. The external debt of Slovakia as of December 31, 2008 is 52.53 billion US dollars, which is 8.22 billion more than in 2007. Gold and foreign exchange reserves decreased in 2008 compared with 2007 by 0.18 billion US dollars [8] [9] .
| Year | Budget deficit,% of GDP | Government debt,% of GDP [10] |
|---|---|---|
Service Industry
The service sector in Slovakia has been developing rapidly in recent years. Now about 57% of the country's population works in this area. The service sector generates income equal to 59% of GDP . Tourism in recent years has brought the greatest incomes. Over the period from 2001 to 2005, revenues in this industry increased 2 times. However, this sector is still underdeveloped compared to neighboring countries.
Industry
Currently, the following industries have gained good development in Slovakia: automotive , electronics , mechanical engineering , chemical industry , information technology . The automotive sector is one of the fastest growing sectors in Slovakia, and this is primarily due to the recent large investments by Volkswagen , Peugeot and Kia Motors . In 2006, 295,000 were produced, in 2011 almost 640,000 cars .
Large industrial enterprises in Slovakia: US Steel Košice (metallurgy), Slovnaft (petroleum industry), Kia Motors Slovakia (automotive), Samsung Electronics (electronics), Sony (electronics), Mondi Business Paper (paper production), Hydro Aluminum (aluminum production) and Whirlpool (household appliance manufacturing).
Automotive industry
By the time of the collapse of Czechoslovakia in the early 1990s, there was not a single automobile factory in Slovakia. In the late 1990s and early 2000s, thanks to a policy of attracting investment, the construction of large foreign TNCs by automobile plants in the country began. Volkswagen factories in Bratislava, Peugeot in Trnava and Kia Motors in илиilina were built. According to OICA data , in 2000, 182 thousand cars were produced in Slovakia [11] . In 2005, 218 thousand cars were produced in Slovakia [12] . By 2010, car production increased to 557 thousand units [13] . Slovakia became the world leader in the production of cars per capita in 2011, when with a population of 5.4 million people, almost 640 thousand cars were produced [14] , most of which were exported to other European countries (the share of cars in the country's export exceeded 25%). In the following years, with the commissioning of factories at full capacity, Slovakia entered the top twenty countries producing a million cars a year, taking 8th place in Europe in auto production . A global recession and intense competition in car sales, however, may limit further growth or retention of this industry.
Agriculture
In 2008, agriculture accounted for 3.7% of GDP, while 4% of the country's active population was employed in this sector. More than 40% of the territory of Slovakia is allocated for crops. The southern part of Slovakia (on the border with Hungary ) is known for its rich agricultural land. The following crops are cultivated: wheat , rye , corn , potatoes , sugar beets , fruits and sunflowers . Vineyards are concentrated in the Small Carpathians , Tokai and other southern regions. The following cattle are bred : pigs , cattle , sheep , poultry .
Population Incomes
The minimum wage in Slovakia for 2017 is 435 euros per month. The average salary for 2017 is 912 euros. In the Bratislava region, the average salary for 2017 is 1,427 euros per month. In 2018, the minimum wage in Slovakia is 480 euros per month. [15] The average salary in 2017 was 925 euros per month. [16] In the Bratislava Territory, the average wage for 2017 was 1,527 euros per month. As of February 2018, the unemployment rate was 5.88%. [17] Starting January 1, 2019, the minimum wage is 520 euros (gross) and 430.35 euros (net). [18] [19] [20] [21] [22] The Keitz index (the ratio between the minimum and average wages in the country) in Slovakia as of 2019 (average 1106 euros and minimum 520 euros [23] [24] [ 19] [20] [21] [22] ) is about 47%.
See also
- European Union Economy
- Czechoslovak economy
- Czech economy
- Tatra tiger
Notes
- ↑ Report for Selected Countries and Subjects . www.imf.org .
- ↑ Report for Selected Countries and Subjects . www.imf.org .
- ↑ GDP Real Growth Rate . cia.gov . Cental Intelligence Agency. Date of treatment December 18, 2018.
- ↑ IMF World Economic Outlook . imf.org . International Monetary Fund (October 2018). Date of treatment December 18, 2018.
- ↑ Report for Selected Countries and Subjects . www.imf.org .
- ↑ Report for Selected Countries and Subjects . www.imf.org .
- ↑ [1]
- ↑ 1 2 Slovakia on The world factbook
- ↑ Greece: Conservatives win repeat parliamentary elections
- ↑ [2]
- ↑ OICA 2000 statistic
- ↑ OICA 2005 statistic
- ↑ OICA 2010 statistic
- ↑ OICA 2011 statistic
- ↑ Minimálna mzda 2018 . Minimalnamzda.sk . Date of treatment March 1, 2018.
- ↑ Priemerná mzda . www.minimalnamzda.sk . Date of treatment March 1, 2018.
- ↑ Nezamestnanosť ďalej klesá, bez práce je 5.88 percenta ľudí unopened . ekonomika.sme.sk . Date of treatment March 1, 2018.
- ↑ Minimálna mzda 2019
- ↑ 1 2 Minimum Wage in Europe - Google Public Data Explorer
- ↑ 1 2 [3]
- ↑ 1 2 Fico oznámil zvýšenie platov, hovorí aj o ďalšom výraznom zvyšovaní minimálnej mzdy
- ↑ 1 2 Rezort práce navrhuje zvýšiť v roku 2019 minimálnu mzdu na 520 eur | ParlamentneListy.sk - politika zo všetkých strán
- ↑ [4]
- ↑ [5]