Slovakia Economy

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.

GDP: 1.89% (2002)

GDP - real growth rate: 5.3% (2004 est.)

GDP - per capita: purchasing power parity - $14,500 (2004 est.)

GDP - composition by sector: agriculture: 3.5% industry: 30.1% services: 66.4% (2004 est.)

Population below poverty line: NA

Household income or consumption by percentage share: lowest 10%: 5.1% highest 10%: 18.2% (1992)

Distribution of family income - Gini index: 26.3 (1996)

Inflation rate (consumer prices):

Labor force: 2.2 million (3rd quarter, 2004 est.)

Labor force - by occupation: agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003)

Unemployment rate: 13.1% (31 December 2004 est.)

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

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: 5.1% (2004 est.)

Electricity - production: 31.15 billion kWh (2003)

Electricity - production by source:

Electricity - consumption: 28.89 billion kWh (2003)

Electricity - exports: 8 billion kWh (2003)

Electricity - imports: 6 billion kWh (2003)

Oil - production: 1,000 bbl/day (2001 est.)

Oil - consumption: 82,000 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves: 4.5 million bbl (1 January 2002)

Natural gas - production: 190 million cu m (2003 est.)

Natural gas - consumption: 6.8 billion cu m (2003 est.)

Natural gas - exports: 0 cu m (2003 est.)

Natural gas - imports: 6.6 billion cu m (2003 est.)

Natural gas - proved reserves: 7.504 billion cu m (1 January 2002)

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

Exports: $29.24 billion f.o.b. (2004 est.)

Exports - commodities: vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4%% (2004 est.)

Exports - partners: Germany 34.4%, Czech Republic 14.7%, Austria 8.2%, Italy 5.8%, Poland 5.3%, US 4.5%, Hungary 4.3% (2004)

Imports: $29.67 billion f.o.b. (2004 est.)

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

Imports - partners: Germany 26.1%, Czech Republic 21.3%, Russia 9.1%, Austria 6.6%, Poland 4.9%, Italy 4.9% (2004)

Debt - external: $19.54 billion (2004 est.)

Economic aid - recipient: $2.2 billion in available EU structural adjustment and cohesion funds (2004-06)

Currency:

Currency code:

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

Fiscal year: calendar year



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