Editing Economy of Slovakia

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{{Use dmy dates|date=October 2022}}
{{Infobox economy
|country         = Slovakia 
|image           = Slovakia bratislava Starý most 2.jpg
|image_size      = 350px
|caption         = Panorama of Bratislava business district 
|currency        = [[Euro]] (EUR, €)
|fixed exchange  =
|year            = [[Calendar year]]
|organs          = [[European Union|EU]], [[WTO]], [[OECD]]
|group           = {{plainlist|
*[[Developed country|Advanced economy]]<ref>{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/groups-and-aggregates |title=World Economic Outlook Database, April 2024 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 April 2024}}</ref>
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
|population      = 5,422,194 (2024)<ref>{{cite web |url = https://slovak.statistics.sk/wps/portal/ext/products/informationmessages/inf_sprava_detail/a9fbf020-3193-4d86-a344-0b21f8eca4db/!ut/p/z1/tVNNd6IwFP01Xebk5UPAZaA1oJQpUECzmRMVK2MFKxzazq-feI4bF4pdzNskObn3vbx7X7DCc6xq3VdvuquaWr-b80JZv2M7cFyXCAA3ZBBMZ2nkexMqsxEuLgFOlDxB8CpeZDLlBPgIq4trN6cQ2FFCZnEsZ4Sf-Z4UPrdDACeUIwiEnyXjmDEQ7JJ_rT5cCQH38W88cICfY4XVqu4O3RYvmmWrt6jdoareIL3rHsBsmuPeqNnXJWoPR91_P0Dflt3OrHq8WW6AAmJkzBBfOxbSjHMES0o2TrnSfL08pT-sqjVe3IUuhvxSt9UqTvUGDBnKoW56ntlnwCR9oWLMpfeY_JqYmfGok4YWBWkNAICcASKO4zTMc5A5NQBGJERZZpq2BgCvFl4YoeyrQhEbF31VfuKsPtn3jtMf-uADng6Njvlb1Z-PDyXMADV1V351eP4_JsjUocdn7_nNdKC77Sl1g-d3UQ_7zMTeYd9olzwl_l83QrJw2n8Py4NE/dz/d5/L0lDUmlTUSEhL3dHa0FKRnNBLzROV3FpQSEhL2Vu/ |title=Stock of population in the SR on 30 June 2024 |publisher=Statistical Office of the Slovak Republic |website=slovak.statistics.sk |date=30 August 2024 |access-date=30 August 2024 }}</ref>
|gdp             = {{plainlist|
*$141 billion (nominal, 2024)<ref name="IMFWEOSK">{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=936,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=World Economic Outlook Database, April 2024|website=IMF.org|publisher=[[International Monetary Fund]]}}</ref>
*$239 billion ([[Purchasing power parity|PPP]], 2024)<ref name="IMFWEOSK"/>}}
|gdp rank        = {{plainlist|
*[[List of countries by GDP (nominal)|61st (nominal, 2024)]]
*[[List of countries by GDP (PPP)|70th (PPP, 2024)]]}}
|growth          = {{plainlist|
*1.2%&nbsp;(2023)
*2.1%&nbsp;(2024)
*2.6%&nbsp;(2025)<ref name="IMFWEOSK"/>}}
|per capita      = {{plainlist|
*$25,935 (nominal, 2024)<ref name="IMFWEOSK"/>
*$44,081 (PPP, 2024)<ref name="IMFWEOSK"/>}}
|per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|43rd (nominal, 2024)]]
*[[List of countries by GDP (PPP) per capita|46th (PPP, 2024)]]}}
| cpi = 54 out of 100 points (2023)<ref name="ti_2023">{{cite web |url=https://www.transparency.org/en/cpi/2023 |date=30 January 2024 |title=Corruption Perceptions Index |website=[[Transparency International]] |access-date=15 July 2024 |archive-date=30 January 2024 |archive-url=https://web.archive.org/web/20240130062042/https://www.transparency.org/en/cpi/2023 |url-status=live }}</ref> ([[Corruption Perceptions Index#Ranking over Time|47th]])
|sectors         = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 3.8%
*[[Secondary sector of the economy|industry]]: 35%
*[[Tertiary sector of the economy|services]]: 61.2% 
*(2017)<ref name="CIA World Factbook Slovakia">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/slovakia/ |title=CIA World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=7 January 2019}}</ref>}}
|components      =
|inflation       = {{plainlist|
*11.0% (2023)
*3.6% (2024)
*3.9% (2025)<ref name="IMFWEOSK"/>}}
|poverty         = {{plainlist|
*13.7% (2021)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=SK&name_desc=false |title=Poverty headcount ratio at national poverty lines (% of population) – Slovak Republic |publisher=[[World Bank]] |website=data.worldbank.org |access-date=19 October 2019}}</ref>
*17.6% at risk of poverty or social exclusion (AROPE 2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tepsr_lm410/default/table?lang=en |title=People at risk of poverty or social exclusion|publisher=Eurostat|website=ec.europa.eu/eurostat}}</ref>}}
|gini            = 21.6 {{color|green|low}} (2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tessi190/default/table?lang=en |title=Gini coefficient of equivalised disposable income – EU-SILC survey |publisher=Eurostat |website=ec.europa.eu/eurostat}}</ref>
|hdi             = {{plainlist|
*0.855 {{color|darkgreen|very high}} (2022)<ref name="skhdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=28 April 2024 |publisher=[[United Nations Development Programme]] |language=en}}</ref> ([[List of countries by Human Development Index|45th]])
*0.808 {{color|darkgreen|very high}} [[List of countries by inequality-adjusted Human Development Index|IHDI]] (2022, [[List of countries by inequality-adjusted Human Development Index|32nd rank]])<ref name="skhdi"/>}}
|labor           = {{plainlist|
*2,736,717 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=SK&most_recent_value_desc=true |title=Labor force, total – Slovak Republic |publisher=[[World Bank]] |website=data.worldbank.org |access-date=1 November 2019}}</ref>
*77.5% employment rate (2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Employment_-_annual_statistics |title=Employment rate by sex, age group 20-64 |publisher=[[Eurostat]] |website=ec.europa.eu/eurostat |access-date=20 July 2024}}</ref>}}
|occupations     = {{plainlist|
*agriculture: 3.9%
*industry: 22.7%
*services: 73.4% 
*(2015)<ref name="CIA World Factbook Slovakia"/>}}
|unemployment    = {{plainlist|
*6.0% (March 2023)<ref>{{cite web |url=https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=une_rt_m&lang=en |title=Unemployment by sex and age – monthly average |publisher=[[Eurostat]] |website=appsso.eurostat.ec.europa.eu |access-date=4 October 2020}}</ref>
*19.8% youth unemployment (15 to 24 year-olds; July 2020)<ref>{{cite web |title=Unemployment rate by age group |url=https://data.oecd.org/chart/65aY |website=data.oecd.org |publisher=[[OECD]] |access-date=8 September 2020}}</ref>}}
|average gross salary = [[List of European countries by average wage|€1,418]] per month
|average net salary = [[List of European countries by average wage|€1,067]] per month 
|industries      = automobiles; metal and metal products; electricity, gas, coke, oil, nuclear fuel; chemicals, synthetic fibers, wood and paper products; machinery; earthenware and ceramics; textiles; electrical and optical apparatus; rubber products; food and beverages; pharmaceutical
|exports         = $107.43 billion (2021 est.)<ref name="CIA World Factbook Slovakia"/>
|export-goods    = vehicles and related parts 27%, machinery and electrical equipment 20%, nuclear reactors and furnaces 12%, iron and steel 4%, mineral oils and fuels 5% (2015)
|export-partners = {{plainlist|
*[[Germany]] 22%
*[[Czech Republic]] 11%
*[[Poland]] 7%
*[[France]] 7%
*[[Hungary]] 6%
*[[Austria]] 5% 
*[[United Kingdom]] 5%
*(2019)<ref name="CIA World Factbook Slovakia"/>}}
|imports         = $107.358 billion (2021 est.)<ref name="CIA World Factbook Slovakia"/>
|import-goods    = machinery and electrical equipment 20%, vehicles and related parts 14%, nuclear reactors and furnaces 12%, fuel and mineral oils 9% (2015)
|import-partners = {{plainlist|
*[[Germany]] 18%
*[[Czech Republic]] 18%
*[[Poland]] 8%
*[[Hungary]] 7%
*[[Russia]] 5%
*(2019)<ref name="CIA World Factbook Slovakia"/>}}
|current account = -$2.875 billion (2021 est)<ref name="CIA World Factbook Slovakia"/>
|FDI             = {{plainlist|
*$69.92 billion (2017)<ref name="CIA World Factbook Slovakia"/>
*Abroad: $21.29 billion (2017)<ref name="CIA World Factbook Slovakia"/>}}
|gross external debt = $75.04 billion (2016)<ref name="CIA World Factbook Slovakia"/>
|debt            = {{plainlist|
*48.0% of GDP (2019)<ref name="1st Notif">{{cite web |title=Euro area and EU27 government deficit both at 0.6% of GDP|url=https://ec.europa.eu/eurostat/documents/2995521/10294648/2-22042020-AP-EN.pdf |website=ec.europa.eu/eurostat |publisher=Eurostat |access-date=28 April 2020}}</ref>
*€45.202 billion (2019)<ref name="1st Notif"/>}}
|revenue         = 41.5% of GDP (2019)<ref name="1st Notif"/>
|expenses        = 42.8% of GDP (2019)<ref name="1st Notif"/>
|balance         = {{plainlist|
*€1.2 billion deficit (2019)<ref name="1st Notif"/>
*−1.3% of GDP (2019)<ref name="1st Notif"/>}}
| aid = {{plainlist|
*€11.7 billion from [[European Structural and Investment Funds]] (2007–2013)<ref>{{Cite web |url=http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/sk_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20171225203037/http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/sk_en.pdf |archive-date=25 December 2017 |url-status=live }}</ref>
*€15.32 billion from [[European Structural and Investment Funds]] (2014–2020)<ref>{{Cite web |url=https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_sk_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20170420135423/https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_sk_en.pdf |archive-date=20 April 2017 |url-status=live }}</ref>}}
|credit          = {{plainlist|
*[[Standard & Poor's]]:<ref>{{cite web |title= Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |access-date=26 May 2011}}</ref>
*A+ (Domestic)
*A+ (Foreign)
*AAA (T&C Assessment)
*Outlook: Stable<ref name=guardian>{{cite news |title=How Fitch, Moody's and S&P rate each country's credit rating |date=15 April 2011 |first1=Simon |last1=Rogers |first2=Ami |last2=Sedghi |work=The Guardian |url=https://www.theguardian.com/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard |access-date=28 May 2011}}</ref>
*[[Moody's]]:<ref name=guardian/>
*A1
*Outlook: Stable
*[[Fitch Group|Fitch]]:<ref>{{cite web |title=Fitch Downgrades Slovakia to 'A-'; Outlook Stable |url=https://www.fitchratings.com/research/sovereigns/fitch-downgrades-slovakia-to-a-outlook-stable-08-12-2023 |website=www.fitchratings.com}}</ref>
*A-
*Outlook: Stable
*Scope:<ref>{{cite news | title=Scope downgrades Slovakia to A and revises the Outlook to Stable|publisher=Scope Ratings |url=https://www.scoperatings.com/ratings-and-research/rating/EN/176308 |access-date=10 February 2024}}</ref>
*A
*Outlook: Stable}}
|reserves        = $9.61 billion (31 December 2021 est.)<ref name="CIA World Factbook Slovakia"/>
|spelling        =
}}
The '''economy of Slovakia''' is based upon [[Slovakia]] becoming an [[EU member state]] in 2004, and adopting the [[euro]] at the beginning of 2009. Its capital, [[Bratislava]], is the largest financial centre in Slovakia. As of Q1 2018, the unemployment rate was 5.72%.<ref>{{cite web|url=http://statdat.statistics.sk/cognosext/cgi-bin/cognos.cgi?b_action=cognosViewer&ui.action=run&ui.object=storeID(%22i1B9591A65AE64F7F874CD613E9F31C42%22)&ui.name=Nezamestnanos%c5%a5%20pod%c4%bea%20V%c3%bdberov%c3%a9ho%20zis%c5%a5ovania%20pracovn%c3%bdch%20s%c3%adl%20%5bpr0101qs%5d&run.outputFormat=&run.prompt=true&cv.header=false&ui.backURL=%2fcognosext%2fcps4%2fportlets%2fcommon%2fclose.html&run.outputLocale=sk|archive-url=https://web.archive.org/web/20180924084242/http://statdat.statistics.sk/cognosext/cgi-bin/cognos.cgi?b_action%3DcognosViewer%26ui.action%3Drun%26ui.object%3DstoreID%28%22i1B9591A65AE64F7F874CD613E9F31C42%22%29%26ui.name%3DNezamestnanos%C5%A5%20pod%C4%BEa%20V%C3%BDberov%C3%A9ho%20zis%C5%A5ovania%20pracovn%C3%BDch%20s%C3%ADl%20%5Bpr0101qs%5D%26run.outputFormat%3D%26run.prompt%3Dtrue%26cv.header%3Dfalse%26ui.backURL%3D%2Fcognosext%2Fcps4%2Fportlets%2Fcommon%2Fclose.html%26run.outputLocale%3Dsk|url-status=dead|archive-date=24 September 2018|title=Statistical Office of the Slovak Republic|access-date=12 March 2018}}</ref>

Whereas between 1970 and 1985 real incomes increased by about 50%, they fell in the 1990s. The [[gross domestic product]] only returned to its 1989 level in 2007.<ref name=":0">{{Cite news |date=9 November 2017 |title=Hinter Bratislava |url=https://monde-diplomatique.de/artikel/!5458457}}</ref>

Due to the Slovak GDP growing very strongly from 2000 until 2008 – e.g. 10.4% GDP growth in 2007 – the Slovak economy was referred to as the [[Tatra Tiger]].

==History==
Since the establishment of the Slovak Republic in January 1993, Slovakia has undergone a transition from a centrally [[planned economy]] to a [[free market economy]], a process which some observers were to believe was slowed in the 1994–98 period due to the [[crony capitalism]] and other fiscal policies of Prime Minister [[Vladimír Mečiar]]'s government. While economic growth and other fundamentals improved steadily during Mečiar's term, public and private debt and [[trade deficit]]s also rose, and [[privatization]] was uneven. Real annual GDP growth peaked at 6.5% in 1995 but declined to 1.3% in 1999.

Two governments of the "liberal-conservative" Prime Minister [[Mikuláš Dzurinda]] (1998–2006) pursued policies of macroeconomic stabilization and market-oriented structural reforms. Nearly the entire economy has now been privatized, and foreign investment has picked up. Economic growth exceeded expectations in the early 2000s, despite [[recession]] in key export markets. In 2001 policies of macroeconomic stabilization and structural reform led to spiraling unemployment. Unemployment peaked at 19.2% (Eurostat regional indicators) in 2001.<ref>{{Cite web|url=http://www.icegec.hu/eng/publications/_docs/news/news_2006_february.pdf|archive-url=https://web.archive.org/web/20070704030244/http://www.icegec.hu/eng/publications/_docs/news/news_2006_february.pdf|url-status=dead|archive-date=4 July 2007|title=News of the Month|work=International Center for Economic Growth|page=14|date=February 2006}}</ref> Solid domestic demand boosted economic growth to 4.1% in 2002. Strong export growth, in turn, pushed economic growth to a still-strong 4.2% in 2003 and 5.4% in 2004, despite a downturn in household consumption. Multiple reasons entailed a GDP growth of 6% in 2005. Headline consumer price inflation dropped from 26% in 1993 to an average rate of 7.5% in 2004, though this was boosted by hikes in subsidized utilities prices ahead of Slovakia's accession to the [[European Union]]. In July 2005, the inflation rate dropped to 2.0% and is projected at less than 3% in 2005 and 2.5% in 2006. In 2006, Slovakia reached the highest economic growth (8.9%) among the members of [[OECD]] and the third highest in the EU (just behind [[Economy of Estonia|Estonia]] and [[Economy of Latvia|Latvia]]). The country has had difficulties addressing regional imbalances in wealth and employment.<ref>{{cite web |url=http://www.pitt.edu/~votruba/qsonhist/regionalwealthslovakia.html#skpppmap |title=Regional Wealth |access-date=2010-04-10 |last=Votruba |first=Martin |work=Slovak Studies Program |publisher=University of Pittsburgh |archive-date=2 June 2010 |archive-url=https://web.archive.org/web/20100602052022/http://www.pitt.edu/~votruba/qsonhist/regionalwealthslovakia.html#skpppmap |url-status=dead }}</ref> GDP per capita ranges from 188% of EU average in Bratislava to only 54% in Eastern Slovakia.

About 10% of the Slovak labour force is expatriate in 2014. The country has one of the highest levels of long-term unemployment in Europe, with 7.1% of the labour force unemployed for more than a year in 2017.<ref name=":0" />

99.9% of Slovak firms are [[Small and medium-sized enterprises|small and medium-sized]] enterprises and they account for 73.3% of all jobs in the country. <ref>{{Cite web |title=Slovak high tech metallurgy business booms with EU financing |url=https://www.eib.org/en/stories/slovak-high-tech |access-date=2023-09-25 |website=European Investment Bank |language=en}}</ref><ref>{{Cite web |last=Adamcová |first=Eva |date=2021-05-26 |title=Small and medium-sized enterprises in the regions of the Slovak Republic |url=https://monitoringmsp.sk/en/2021/05/26/small-and-medium-sized-enterprises-in-the-regions-of-the-slovak-republic/ |access-date=2023-09-25 |website=Monitoring MSP |language=en-US}}</ref>

==Foreign investments==
[[Foreign direct investment]] (FDI) in Slovakia has increased dramatically. Cheap and skilled labor, a 19% flat tax rate for both businesses and individuals, no dividend taxes, a weak labor code, and a favorable geographical location are Slovakia's main advantages for foreign investors. FDI inflow grew more than 600% from 2000 and cumulatively reached an all-time high of, US$17.3 billion in 2006, or around $18,000 per capita by the end of 2006. The total inflow of FDI in 2006 was $2.54 billion. In October 2005 new investment stimuli introduced – more favorable conditions to IT and research centers, especially to be located in the east part of the country (where there is more unemployment), to bring more added value and not to be logistically demanding.
 
Origin of foreign investment 1996–2005 – the Netherlands 24.3%; Germany 19.4%, Austria 14.1%; Italy 7.5%, United States (8th largest investor) 4.0%. Top investors by companies: Deutsche Telekom (Germany), Neusiedler (Austria), Gaz de France (France), Gazprom (Russia), U.S.Steel (U.S.), MOL (Hungary), ENEL (Italy), E.ON (Germany).

Foreign investment sectors – industry 38.4%; banking and insurance 22.2%; wholesale and retail trade 13.1%; production of electricity, gas and water 10.5%; transport and telecommunications 9.2%.
{|class=wikitable
|+Foreign direct investment ''"on green field"''<br>(US$millions){{needs update|date=June 2024}}
! !!2003!!2004!!2005
|-
|Inflows||756||1,261||1,908
|-
|Outflows||22||144||146
|}
Former minister (1998-2002) [[Brigita Schmögnerová]] explains that: "There is still a consensus among leaders on [[social dumping]]. Since the enlargement of the European Union, foreign companies have been looking for the cheapest labour, but instead of joining forces, governments in the region compete to offer the lowest possible level of taxes. When Slovakia joined the [[European Union]] in 2004, it became the first [[OECD]] country to introduce a full flat tax rate of 19% on both corporate profits and income or consumer goods. The lack of tax progressivity leads to a sharp increase in inequality. Spending on health, education or housing is below the EU average.<ref name=":0" />

==Services==
Slovak service sector grew rapidly during the last 10 years and now employs about 69% of the population and contributes with over 61% to GDP. [[Tourism in Slovakia|Slovakia's tourism]] has been rising in recent years, income has doubled from US$640 million in 2001 to US$1.2 billion in 2005.<ref>{{Cite web |title=Slovakia Architecture and Urban Development Tenders |url=https://www.globaltenders.com/slovakia/sk-architecture-urban-development-tenders |access-date=2024-05-10 |website=Global Tenders |language=en}}</ref>

==Industry==
Slovakia became industrialized mostly in the second half of the 20th century. [[Heavy industry]] (including coal mining and the production of machinery and steel) was built for strategic reasons because Slovakia was less exposed to the military threat than the western parts of Czechoslovakia. After the end of the Cold War, the importance of industry, and especially of heavy industry, declined. In 2010, industry (including construction) accounted for 35.6% of GDP, compared with 49% in 1990. Nowadays, building on a long-standing tradition and a highly skilled labor force, main industries with potential of growth are following sectors: Automotive, Electronics, Mechanical engineering, Chemical engineering, Information technology.

The automotive sector is among the fastest growing sectors in Slovakia due to the recent large investments of [[Volkswagen]] (Bratislava), [[Peugeot]] ([[Trnava]]), [[Kia Motors]] ([[Kia Design and Manufacturing Facilities#Žilina Plant|Žilina]]) and since 2018 also [[Jaguar Land Rover]] in [[Nitra]]. Passenger car production was 1,040,000 units in 2016, what makes Slovakia the largest automobile producer in produced cars per capita.<ref>{{cite news | title=Slovensko kraľuje výrobe áut vo svete, dosiahli sme nový rekord | date=2017-01-17 | publisher=HNonline | url =http://finweb.hnonline.sk/ekonomika/892803-vyroba-aut-na-slovensku-stupla-na-novy-rekord-prekrocila-milionovu-hranicu | access-date = 2017-06-25 | language = SK}}</ref> Other big industrial companies include [[U.S. Steel]] (metallurgy), [[Slovnaft]] (oil industry), [[Samsung Electronics]] (electronics), [[Foxconn]] (electronics), [[Mondi|Mondi SCP]] (paper), [[Slovalco]] (aluminum production), [[Hyundai Mobis]] (automotive), [[Matador (company)|Continental Matador]] (automotive) and [[Whirlpool Corporation]]. In 2006, machinery accounted for more than a half of Slovakia's export.

===Largest companies by revenue===
{| class="wikitable" style="text-align:center"
|-
! Company
! Revenue<br>(EUR millions)<ref>{{Cite web|url=https://finstat.sk/databaza-financnych-udajov?sort=sales-desc|title=Najväčšie firmy na Slovensku: zoradené podľa tržieb|website=finstat.sk}}</ref>
|-
|align=left|[[Volkswagen Bratislava Plant|Volkswagen Slovakia]]
|9,735
|-
|align=left|[[Kia Motors|Kia Motors Slovakia]]
|6,759
|-
|align=left|[[Slovnaft]]
|6,018
|-
|align=left|[[Slovenské elektrárne]]
|4,968
|-
|align=left|[[U. S. Steel Košice, s.r.o.|U. S. Steel Košice]] 
|4,023
|-
|align=left|[[Slovenský plynárenský priemysel]]
|3,955
|-
|align=left| [[PSA Trnava Plant|Stellantis Slovakia]]
|3,659
|-
|align=left| [[:sk:Všeobecná zdravotná poisťovňa|Všeobecná zdravotná poisťovňa]]
|3,478
|-
|align=left|[[Západoslovenská energetika|ZSE Energia]]
|2,330
|-
|align=left|[[DÔVERA zdravotná poisťovňa]]
|1,902
|}

===Largest companies by profit===
{| class="wikitable" style="text-align:center"
|-
! Company
! Profit<br>(EUR millions)<ref>{{Cite web|url=https://finstat.sk/databaza-financnych-udajov?EmployeeExact=False&RpvsInsert=False&Sort=profit-desc&PerPage=20|title=Firmy na Slovensku zoradené podľa zisku|website=finstat.sk}}</ref>
|-
|align=left|[[Slovenský plynárenský priemysel|SPP Infrastructure]] 
|462
|-
|align=left|[[Slovnaft]] [[:sk:Eustream|Eustream]]
|415
|-
|align=left|[[U. S. Steel Košice, s.r.o.|U. S. Steel Košice]] 
|333
|-
|align=left| [[B.M.G. INVEST]]
|298
|-
|align=left| {{ill|Eustream|sk|}}
|265
|-
|align=left|[[Slovenská sporiteľňa]]
|245
|-
|align=left| [[Slovalco]]
|207
|-
|align=left| [[Volkswagen Bratislava Plant|Volkswagen Slovakia]]
|202
|-
|align=left| {{ill|NAFTA (company)|sk|NAFTA (spoločnosť)}}
|200
|-
|align=left| [[Tatra banka]]
|200
|-
|align=left| {{ill|Závody ťažkého strojárstva Dubnica nad Váhom,akciová spoločnosť v konkurze|sk|Závody ťažkého strojárstva Dubnica nad Váhom}}
|184
|-
|align=left| [[Kia Motors|Kia Motors Slovakia]]
|176
|-
|align=left| {{ill|J&T FINANCE GROUP|sk|}}
|164
|-
|align=left| HORIZONT SLOVAKIA 
|162
|-
|align=left|[[Lidl|Lidl Slovenská republika]]
|153
|}

==GDP growth==
The development of Slovakia's GDP according to the [[World Bank]]:<ref>{{cite web|url=https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=SK |title=GDP growth (annual %)|publisher=[[World Bank]] |website=data.worldbank.org |access-date=8 April 2019}}</ref>
{|class="wikitable" style="text-align:right"
|-
!style="background:#f3fff3"|Year
!style="background:#f3fff3"|'''2001'''
!style="background:#f3fff3"|'''2002'''
!style="background:#f3fff3"|'''2003'''
!style="background:#f3fff3"|'''2004'''
!style="background:#f3fff3"|'''2005'''
!style="background:#f3fff3"|'''2006'''
!style="background:#f3fff3"|'''2007'''
!style="background:#f3fff3"|'''2008'''
!style="background:#f3fff3"|'''2009'''
!style="background:#f3fff3"|'''2010'''
!style="background:#f3fff3"|'''2011'''
!style="background:#f3fff3"|'''2012'''
!style="background:#f3fff3"|'''2013'''
!style="background:#f3fff3"|'''2014'''
!style="background:#f3fff3"|'''2015'''
!style="background:#f3fff3"|'''2016'''
!style="background:#f3fff3"|'''2017'''
!style="background:#f3fff3"|'''2018'''
!style="background:#f3fff3"|'''2019'''
!style="background:#f3fff3"|'''2020'''
!style="background:#f3fff3"|'''2021'''
!style="background:#f3fff3"|'''2022'''
!style="background:#f3fff3"|'''2023'''
|-
!style="background:#f3fff3"|% GDP
|3.3
|4.5
|5.5
|5.3
|6.6
|8.5
|10.8
|5.6
|−5.5
|6.7
|2.7
|1.3
|0.6
|2.7
|5.2
|1.9
|2.9
|4.0
|2.5
|−3.3
|4.8
|1.9
|1.6
|}
In 2007, Slovakia obtained the highest GDP growth among the members of [[OECD]] and the EU, with the record level of 14.3% in the fourth quarter.<ref name='gdp2007'>{{cite news | title=Gross domestic product in the 4th quarter of 2007 | date=4 March 2008 | publisher=Statistical Office of the Slovak Republic | url=http://portal.statistics.sk/showdoc.do?docid=11460 | access-date=2008-02-14 | archive-date=10 October 2008 | archive-url=https://web.archive.org/web/20081010072909/http://portal.statistics.sk/showdoc.do?docid=11460 | url-status=dead }}</ref> In 2014, GDP growth was 2.4% and in 2015 and 2016 Slovakia's economy grew 3.6% and 3.3% respectively.

==Agriculture==
In 2016, agriculture accounted for 3.6% of GDP (compared to 6.9% in 1993) and occupied about 3.9% of the labor force (down from 10.2% in 1994). Over 40% of the land in Slovakia is cultivated. The southern part of Slovakia (bordering with Hungary) is known for its rich farmland. Growing wheat, rye, corn, potatoes, sugar beets, grains, fruits and sunflowers. [[Vineyard]]s are concentrated in [[Little Carpathians]], [[Tokaj (Slovakia)|Tokaj]], and other southern regions. The breeding of livestock, including pigs, cattle, sheep, and poultry is also important.

Slovakia produced in 2018:

* 1.9 million tons of [[wheat]];
* 1.5 million tons of [[maize]];
* 1.3 million tons of [[sugar beet]] (the beet is used to manufacture [[sugar]] and [[ethanol]]);
* 486 thousand tons of [[barley]];
* 480 thousand tons of [[rapeseed]];
* 201 thousand tons of [[sunflower seed]];
* 169 thousand tons of [[potato]];
* 104 thousand tons of [[soybean]];

In addition to smaller productions of other agricultural products, like [[grape]] (52 thousand tons).<ref>{{cite web| url = http://www.fao.org/faostat/en/#data/QC/| title = Slovakia production in 2018, by FAO}}</ref>

==Information technology==
In recent years, [[Tertiary sector of the economy|service]] and [[High tech|high-tech]]-oriented businesses have prospered in Slovakia. Many global companies, including [[IBM]], [[Dell]], [[Lenovo]], [[AT&T]], [[SAP AG|SAP]], [[Amazon (company)|Amazon]], [[Johnson Controls]], [[Swiss Re]] and [[Accenture]], have built [[outsourcing]] and service centres in [[Bratislava]]<ref>{{cite web |date=20 April 2006 |title=Lenovo invests in Slovakia with new jobs |url=http://www.sario.sk/?news&novinka=58 |access-date=25 April 2007 |publisher=[[SARIO|Slovak Investment and Trade Development Agency]]}}</ref> and [[Košice]] ([[T-Systems]], [[Cisco Systems]], [[Ness Digital Engineering|Ness]], [[Deloitte]]<ref>{{Cite web|url=http://www.kosiceitvalley.sk/clenovia-a-clenstvo/clenovia/|title=Členovia – Košice IT Valley|website=kosiceitvalley.sk}}</ref>). Slovak IT companies, including [[ESET]], [[Sygic]] and [[Pixel Federation]] have headquarters in Bratislava.

==Innovation==
According to a recent report by the [[European Commission]], Slovakia (along with some other Central and Eastern European economies) is low on the list of EU states in terms of innovation (Slovakia ranks 22nd). Within the EU, it ranks next to last on knowledge creation and last for innovation and entrepreneurship. In the process of transition to a [[knowledge economy]], it particularly lacks investment into education and a broader application of IT. The [[World Bank]] urges Slovakia to upgrade information infrastructure and reform the education system. The [[OECD]] states that a stronger product market competition would help.

In March 2006, the Slovak government introduced new measures to implement the Action Plan for R&D and Innovation. The program covers the period from 2006 to 2010. The RDA is expected to launch at least one call for the expression of interests related to this program each year. The annual budget for the program will be set by the RDA. The overall amount available for the program depends on annual national budget resources and is likely to vary from year to year. Following an increase of around 50% in budget resources, the RDA disposes of a total budget of €19.31 million in 2006.

==Labour==
The minimum wage in Slovakia in 2023 is set at €700 per month,<ref>{{cite web|url=http://www.minimalnamzda.sk/|title=Minimálna mzda 2018|website=Minimalnamzda.sk|access-date=1 March 2018}}</ref> the average salary for 2021 was € 1211  per month,<ref>{{cite web|url=http://www.minimalnamzda.sk/priemerna-mzda.php|title=Priemerná mzda|website=Štatistický úrad SR |access-date=1 March 2023}}</ref> in the Bratislava region in 2021 the average salary was €1520 per month.<ref>{{cite web |title=Koľko zarábali Slováci v roku 2021? - Platy.sk |url=https://www.platy.sk/analyzy/kolko-zarabali-slovaci-v-roku-2021/50789?prefix= |website=Paylab - Salary survey, Compare salary, Salary data |access-date=12 January 2023 |language=sk}}</ref> As of June 2023 the unemployment rate stood at 6.2%.<ref>{{cite web |title=Miera nezamestnanosti klesla na 6,2 %|url=https://slovak.statistics.sk/wps/portal/ext/products/informationmessages/inf_sprava_detail/ce6f110a-5ca8-41ec-8eef-e7f9979da32d/!ut/p/z1/tVLNUsIwGHwWDz2m-Upa0norjFIQnEEGobk4aUl_hDalja349AbGizOCeDCX5Jvs7uxmgxleY1byNk-5ymXJd3oOWf9lTsfuYGD5AIMpgfHkYfEYDO97o6WDnzHDLC5VpTIcyqjhGWq2KC8TxLfKAH2QdaHV2lKgpqp5ezCgbYTa6j0W_cSygCMn5i6yLREjV4gECZp4HvU2nPQ2R_kqzjc4vAq9-s0v09dwZvmg-ewEGY78wKZTAHc6cmDsB8snb04I-OQLcEEj1B7oWQ8Wxas2Fx1elseX2eHFHyMGgCcnCxdS6tp69Ww4S7UyV9mxD4nXV8lrav663zNf1ypLJd4VXv9HrzpDHhVmFxcmmNSlQCh17Z7t9R1Cji78MiKuDlCLRNSiNt9q_R0zparm1gADuq4zUynTnTBjWRjwEyWTjXb_HYmronDJAW2T2R2xWXQgH1Ox8m9uPgFg1LwX/dz/d5/L2dBISEvZ0FBIS9nQSEh/ |website=Denník E |access-date=12 June 2023 |language=sk-SK |date=5 June 2023}}</ref>

==Statistics==
'''Currency switch to the euro'''

Slovakia switched its currency from the Slovak crown (SK – slovenská koruna) to the Euro on 1 January 2009, at a rate of 30.1260 korunas to the euro.

'''Foreign trade'''<ref name="CEE Market">{{cite web|url = http://www.ceemarket.com/CEE_basic_data.shtml|title = CEE Basic Data – Key economic indicators and forecasts|website=Ceemarket.com|access-date = 3 March 2015}}</ref>
{| class="wikitable" style="text-align: center;" 
! Year
| 2008 || 2009 || 2010 || 2011 || 2012 || 2013 || 2014 || 2015 || 2016 || 2017 || 2018 || 2019 || 2020
|-
! Exports € bn
| 49.5 || 39.7 || 35.0 || 56.8 || 62.8 || 64.4 || 64.8 || 73.12 || 74.35 || 83.9 || 93.1 || 91.2 || 86.4
|-
!Imports € bn
| 50.3 || 38.8 || 34.6 || 55.8 || 59.2 || 60.1 || 60.2 || 71.09 || 71.47 || 75.2 || 83.9  || 83.5 || 77.8
|}

==Companies==
In 2022, the sector  with the highest number of companies registered in Slovakia is Services with 227,424 companies followed by Retail Trade and Finance, Insurance, and Real Estate with 39,324 and 37,784 companies respectively.<ref>{{cite web | url=https://www.hithorizons.com/eu/analyses/country-statistics/slovakia | title=Industry Breakdown of Companies in Slovakia | website=HitHorizons}}</ref>

==See also==
*[[Tatra Tiger]]
*[[List of Slovak regions by GDP]]
*[[List of Slovak companies]]
*[[Economy of Europe]]

==References==

{{reflist}}

==External links==
* [http://www.oecd.org/slovakia/ OECD's Slovakia country Web site] and [http://www.oecd.org/eco/surveys/slovakia/ OECD Economic Survey of Slovakia]
* [https://www.cia.gov/the-world-factbook/countries/slovakia/ Economy of Slovakia] from [[The World Factbook]]
* [https://web.archive.org/web/20070927082128/http://www.itapa.sk/index.php?ID=203%2F Slovakia report (monitor 2005)]
* {{unfit|1=[https://web.archive.org/web/20060826000027/http://www.heritage.org/research/features/index/country.cfm?id=SlovakRepublic%2F Slovakia report]}} ([[Index of Economic Freedom]])
* [https://web.archive.org/web/20061005230319/http://ekonomika.etrend.sk/14495/slovensko/slovensko-v-ekonomickych-cislach Slovakia in selected macro-economic numbers]
* [https://2009-2017.state.gov/r/pa/ei/bgn/3430.htm#econ Background note Slovakia (incl. economy)]

{{Slovakia topics}}
{{Organisation for Economic Co-operation and Development}}
{{Economy of Europe}}

[[Category:Economy of Slovakia| ]]
[[Category:European Union member economies|Slovakia]]
[[Category:OECD member economies|Slovakia]]
[[Category:Economies of Europe by country|Slovakia]]