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Travel & Tourism . Tourist Guide to the Country

Slovakia Economy

Slovakia    Economy Top of Page
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.
GDP: purchasing power parity - $55.3 billion (2000 est.)
GDP - real growth rate: 2.2% (2000 est.)
GDP - per capita: purchasing power parity - $10,200 (2000 est.)
GDP - composition by sector: agriculture:  4.5%

industry:  29.3%

services:  66.2% (1999 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  5.1%

highest 10%:  18.2% (1992)
Inflation rate (consumer prices): 12.2% (2000 est.)
Labor force: 3 million (1999)
Labor force - by occupation: industry 29.3%, agriculture 8.9%, construction 8%, transport and communication 8.2%, services 45.6% (1994)
Unemployment rate: 17% (2000 est.)
Budget: revenues:  $5.2 billion

expenditures:  $5.6 billion, including capital expenditures of $NA (1999)
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: 9.3% (2000 est.)
Electricity - production: 22.582 billion kWh (1999)
Electricity - production by source: fossil fuel:  37.56%

hydro:  18.27%

nuclear:  44.17%

other:  0% (1999)
Electricity - consumption: 21.471 billion kWh (1999)
Electricity - exports: 930 million kWh (1999)
Electricity - imports: 1.4 billion kWh (1999)
Agriculture - products: grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
Exports: $12 billion (f.o.b., 2000 est.)
Exports - commodities: machinery and transport equipment 39.4%, intermediate manufactured goods 27.5%, miscellaneous manufactured goods 13%, chemicals 8% (1999)
Exports - partners: EU 59.7% (Germany 27.8%, Austria 8%, Italy 8.9%), Czech Republic 18.1% (1999)
Imports: $12.8 billion (f.o.b., 2000 est.)
Imports - commodities: machinery and transport equipment 37.7%, intermediate manufactured goods 18%, fuels 13%, chemicals 11%, miscellaneous manufactured goods 9.5% (1999)
Imports - partners: EU 51.4% (Germany 26%, Italy 7.1%), Czech Republic 16.6%, Russia 11.9% (1999)
Debt - external: $10.3 billion (2000 est.)
Economic aid - recipient: $421.9 million (1995)
Currency: Slovak koruna (SKK)
Currency code: SKK
Exchange rates: koruny per US dollar - 48.09 (March 2001), 46.395 (2000), 41.363 (1999), 35.233 (1998), 33.616 (1997), 30.654 (1996)
Fiscal year: calendar year


Countryfacts Information Courtesy: CIA Worldbook

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