Slovakia - Economy
How is the economy of Slovakia? Based on the information we have, Slovakia has a high-income EU- and eurozone-member economy; manufacturing and exports led by automotive sector; weakening of anti-corruption laws may impact foreign investment and status of EU funds; influx of foreign labor offsets aging workforce; widening fiscal deficit from social spending and EU-financed public investments . Key agricultural products in this country include: wheat, sugar beets, milk, maize, barley, rapeseed, sunflower seeds, potatoes, soybeans, pork (2022).
More about the economy of Slovakia
| Labor force | 2.823 million (2023 est.) |
|---|---|
| Industrial production growth rate | 15.61% (2023 est.) |
| 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 |
| Population below poverty line | 13.7% (2021 est.) |
| Taxes and other revenues | 19.5% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $115.853 billion (2019 est.) |
| Debt - external 2018 | $114.224 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $11.288 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $10.28 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $9.61 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$2.088 billion (2023 est.) |
| Current account balance 2022 | -$8.452 billion (2022 est.) |
| Current account balance 2021 | -$4.655 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 64.51% of GDP (2022 est.) |
| Budget | |
| Revenues | $43.495 billion (2019 est.) |
| Expenditures | $44.914 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.69% of GDP (2023 est.) |
| Remittances 2022 | 2% of GDP (2022 est.) |
| Remittances 2021 | 2.05% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.4% (2021 est.) |
| Highest 10% | 19.2% (2021 est.) |
| Average household expenditures | |
| On food | 19.6% of household expenditures (2021 est.) |
| On alcohol and tobacco | 5.4% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $118.869 billion (2023 est.) |
| Imports 2022 | $120.622 billion (2022 est.) |
| Imports 2021 | $109.265 billion (2021 est.) |
| Imports (partners) | Czechia 18%, Germany 15%, Poland 9%, Russia 7%, Austria 7% (2022) |
| Comodities Imports force | vehicle parts/accessories, broadcasting equipment, natural gas, cars, electricity (2022) |
| Exports | |
| Imports 2023 | $118.869 billion (2023 est.) |
| Imports 2022 | $120.622 billion (2022 est.) |
| Imports 2021 | $109.265 billion (2021 est.) |
| Exports (partners) | Germany 20%, Czechia 11%, Hungary 9%, Poland 7%, France 6% (2022) |
| Comodities Exports force | cars, vehicle parts/accessories, video displays, broadcasting equipment, electricity (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $213.053 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $209.705 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $205.856 billion (2021 est.) |
| GDP (official exchange rate) | $132.794 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $39,300 (2023 est.) |
| Real GDP per capita 2022 | $38,600 (2022 est.) |
| Real GDP per capita 2021 | $37,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3.8% (2017 est.) |
| Industry | 35% (2017 est.) |
| Services | 61.2% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 54.7% (2017 est.) |
| Government consumption | 19.2% (2017 est.) |
| Investment in fixed capital | 21.2% (2017 est.) |
| Investment in inventories | 1.2% (2017 est.) |
| Exports of goods and services | 96.3% (2017 est.) |
| Imports of goods and services | -92.9% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.84% (2023 est.) |
| Unemployment rate 2022 | 6.14% (2022 est.) |
| Unemployment rate 2021 | 6.89% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 19.4% (2023 est.) |
| Male | 21.6% (2023 est.) |
| Female | 15.8% (2023 est.) |
All Important Facts about Slovakia
Want to know more about Slovakia? Check all different factbooks for Slovakia below.
