Slovakia is rich in mineral resources, including coal, iron ore, copper, manganese, lead and zinc. Slovakia's main exports include vehicles, machinery, electrical equipment, metals, chemicals, minerals and plastics and the main imports are machinery, transportation equipment, manufactured goods, fuels and chemicals. Slovakia’s main trade partners are Germany, the Czech Republic, Austria, Italy and Poland.

(Source: National Statistics, eubusiness, info please)

Gross domestic product (GDP)

The GDP at current prices in 2010 was EUR 65.91 billion compared to EUR 63.05 billion in 2009.

(Source: National Statistics)

The GDP at constant price was EUR 48.07 billion in 2009compared to EUR 50.42 billion in 2008.

(Source: IMF)

The GDP per capita at current prices in 2009 was EUR 11,690.09 compared to EUR 12,420.15 in 2008.

(Source: IMF)

Gross national income (GNI)

In 2010, the GNI per capita at PPP was USD 21,658. (Source: UNDP)

Trade balance

The export of goods and services in 2010 was valued at EUR 53,292.34 million, which increased from EUR 44,505.9 million in the previous year. The total import of goods and services in 2010 was USD 53,964.34 million compared to USD 44,784.46 million.

(Source: National Statistics)

Taxation

The tax in Slovakia is levied at a flat rate of 19% for individuals as well as corporates.

 (Source: worldwide tax)

Inflation rate

The inflation, in terms of HICP in 2010 was 0.7% which decreased from 0.9% in 2009.

(Source: Central Bank of Slovakia)

FDI Inflow

In 2010, FDI was EUR 21 million.

(Source: Central Bank of Slovakia)

Portfolio investments

Slovakia’s portfolio investment in 2010 was EUR -1,294 million compared to EUR -662 million in 2009.

(Source: Central Bank of Slovakia)

Banking sector assets

The table below shows the assets of the Central Bank of Slovakia.

Currency Unit: EUR

(Source: CentralBank of Slovakia)

Consumer price index

Base, December 2005 = 100

(Source:National Statistics)

The CPI in Slovakia in 2010 was at 112.21 compared to 111.43 in 2009.

Interest rates

(Source: Central Bank of Slovakia)

Money supply (currency in circulation)

(Source: Central Bank of Slovakia)

Government expenditure

(Source: Central Bank of Slovakia)

External Debt

The gross external debt was USD 68,491.4 in December 2011.

(Source: Central Bank of Slovakia)

Debt

(Source: National Statistics)

Official exchange rate

The Euro per dollar rate in  2011 was EUR 1.39. The exchange rate in 2010 was EUR 1.33.

(Source: Central Bank of Slovakia)

 Government finances

Sovereign debt dynamics

Fiscal balance

The fiscal deficit in 2010 was EUR 4,436.1 million  compared to the deficit of USD 2,791.3 million the previous year.

Fiscal balance (USD million)

(Source: Central Bank of Slovakia)

Total revenue

Total revenue in 2010 increased to EUR 10,900.9 million compared to EUR 10,540.8 million in 2009.

(Source: Central Bank of Slovakia)

Tax revenue

In 2010, total tax revenues were EUR 7,962.4 million which decreased from EUR 8,024.9 million in 2009.

(Source: Central Bank of Slovakia)

Current account balance

Slovakia  registered a current account deficit in the past two years but managed to decrease the deficit to EUR 2,023.4 million in 2009 from EUR 4,432.4 million in 2008. The current account deficit as percent of GDP was -3.59% in 2009.

(Source: Central Bank of Slovakia )

Balance of payments                        

(Source: Central Bank of Slovakia, Central Bank of Slovakia)

In 2010, the economically active population was 2,706,500 people, of which 2,317,500 were employed and 389,000 were unemployed.

(Source: National Statistics)

The total labour force participation rate in Slovakia was 59% in 2008. The participation rate for women was 51% while it was 68% for men.

(Source: World Bank)

The unemployment rate in Slovakia in 2010 was 14.4% compared to 12.1% of 2009.

(Source: National Statistics, Central Bank of Slovakia)

Minimum wage

The government raised the minimum wage from EUR 307.70 by 3% to EUR 317 per month.

(Source: fedee.com)

Level of unionisation

The main trade union in Slovakia is the Confederation of Trade Unions of the Slovak Republic (KOZSR) with 337,600 registered members.

(Source: ITUC)

Slovakia is a republic. The three branches of government are the executive, the legislative and the judiciary and they coordinate and supervise each other’s functions. Parliament, the government and the president are the supreme representative bodies of state power in the Slovak Republic.

Slovakia's parliament, known as the National Council, is unicameral. It has a statutory requirement of 150 members, who are directly elected for a four-year term.

The political parties active in Slovakia are:

·         Direction-Social Democracy (Smer-SD)

·         Slovak Democratic and Christian Union (SDKU)

·         Freedom and Solidarity (SaS)

·         Christian-Democratic Movement (KDH)

·         Bridge (Most-Hid)

·         Slovak National Party (SNS)

(Source: estandardsforum.org, IPU)

Regulatory environment in Slovakia

(Source:Heritage.org)

Slovakia’s economic freedom score is 69.5 making its economy the 37^th freest in the 2011 Index of Economic Freedom. Slovakia ranks 20^th out of 43 regional countries in the European region.

Corruption perception

The Corruption Perceptions Index (CPI) is a survey to measure the perceived level of corruption across countries worldwide. Slovakia is ranked 59^th on this list which indicates that the corruption levels in the public departments in Slovakia is moderate.

Slovakia slipped in the CPI rankings, it was ranked 56^th in 2009 which indicates that levels of corruption have increased since 2010. (Source:transparency.org)

Freedom of information

Slovakia's constitution provides for freedom of the press. The print media also has no restrictions. Slovakia has laws on public information media, which regulates the rights and obligations of the media operators and their relations to government authorities, local governing bodies, public institutions and individuals.

(Source: Press Reference)

The World Press Freedom Index 2009 ranked Slovakia at 35^th position with a score of 11.50, which indicates that media in Slovakia is free and not restricted. (Source: rsf.org)

Newspapers

·         Pravda

·         Sme

·         Novy Cas

·         The Slovak Spectator

 (Source: BBC)

Judicial system

The judicial system includes:

·         The Supreme Court of the Slovak Republic

·         Regional courts

·         District courts

District courts are the courts of first instance. Regional courts hear cases as appeal courts. The Supreme Court functions as an appellate review court.

The Constitutional Court of the Slovak Republic is an independent organisation with jurisdiction on constitutional matters. It also adjudicates in cases between central bodies of state administration.

(Source: Ministry of justice)

The total population of Slovakia in 2010 was 5.43 million, increasing by 0.2% over the previous year.

The gender ratio in Slovakia is not balanced i.e. there are approximately 94.2 men for every 100 women.

(Source: World Bank)

The population below 14 years of age in Slovakia accounts for 15.13% of the total population, the 15 to 64 year age group accounts for 72.79% and people above the age of 65 years made up 12.08% of the population in 2010.

The mortality rate of infants (per 1,000 live births) was 6.7 in 2010. Death per 1000 people was 9.80. The crude birth rate was 11.10 (per 1,000).

Life expectancy at birth for men and women was 71.40 years and 78.80 years respectively. 

(Source:  World Bank)

In 2010, only 56.8% of the population resided in urban areas. The urban population growth rate in 2010 was 0.42%. 

The total immigration in 2009 recorded 6,346 people, whereas total emigration recorded 1,979 people.

(Source: National Statistics, UN, World Bank)

Ethnic groups in Slovakia include:

·         Slovak

·         Hungarian

·         Roma

·         Ukrainian

·         Others

A large proportion of the population in Slovakia is Roman Catholic, followed by Protestant, Greek Catholic and others.

(Source: state.gov)

Slovakia ranked 31^st out of 162 countries on the Human Development index 2010 conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income).

(Source: UNDP)

Education

Slovakia's literacy rate is 99.6%.

Primary education lasts for nine years and is compulsory. Most schools in Slovakia are state owned and few of them are privately owned. A few schools are owned by the Church.

The education system includes:

·         Kindergartens or pre-school education

·         Primary schools

·         Secondary schools

·         Universities

The gross enrolment ratio in education for both boys and girls is 80.5%. The expenditure on education is 3.6% of the GDP.

(Source: Slovakia site, UNDP)

Health care

Slovakia has a well developed health care system. Health care in Slovakia is financed under health insurance scheme. Health insurance in Slovakia is obligatory and is paid by every citizen of Slovakia. The insurance fee is deducted from the wages of employees. For children, the disabled and women on maternity leave, the medical insurance is paid by the state.

Every village has a health centre and every city has at least one hospital in addition to health centres.

Less than 5% of the population is undernourished. The expenditure on health in  2007 was 5.2% of the GDP.

(Source: Slovakia site, UNDP)

Slovakia is a land locked country and relies on buses, trains, trolleybuses, tramways and taxis for public transport. Tramways are operational in Bratislava and Kosice. Trolleybuses operate in Bratislava, Presov, Kosice and Banska Bystrica.

The railway system is connected to all cities and villages. Buses and railways in Slovakia also transport passengers beyond Slovakian borders to Vienna, London, Budapest, Prague etc.

The Danube River Transport also has an international line operating from Vienna to Bratislava and back.

MHD – Municipal public transport is the city transport service which operates a fleet of buses, tramways or trolleybuses.

(Source: Slovakia site)

Ports: Slovakia only has one port, the Port of Bratislava.

(Source:world port source)

Airports

(Source: Air charter world)

Telecommunications networks

In 2011, 4.34 million people i.e. 79.2% of the total population used internet services.

In 2010,  there were 1,098,821 fixed telephone lines in Slovakia. The total number of mobile phone subscriptions was 5,925,012 or 109.12 per 100 people.

(Source:internetworldstats.com, ITU, World Bank)