Slovakia - Economy
How is the economy of Slovakia? Based on the information we have, Slovakia has a
high-income EU and eurozone economy; manufacturing and exports led by automotive sector; growth supported by private consumption and public investment from EU funds, tempered by trade risks; increased taxes and withdrawal of energy subsidies contributing to rising but manageable inflation; strong labor demand and influx of foreign labor offsets aging workforce
. Key agricultural products in this country include: wheat, sugar beets, maize, milk, barley, rapeseed, sunflower seeds, potatoes, soybeans, pork (2023).More about the economy of Slovakia
| Labor force | 2.779 million (2024 est.) |
|---|---|
| Industrial production growth rate | 0.3% (2024 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 | 19.4% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $14.452 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $11.288 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $10.28 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$3.895 billion (2024 est.) |
| Current account balance 2023 | -$1.169 billion (2023 est.) |
| Current account balance 2022 | -$11.126 billion (2022 est.) |
| Public debt | |
| Public debt 2022 | 64.3% of GDP (2022 est.) |
| Budget | |
| Revenues | $43.882 billion (2022 est.) |
| Expenditures | $46.056 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 1.9% of GDP (2024 est.) |
| Remittances 2023 | 2% of GDP (2023 est.) |
| Remittances 2022 | 2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.8% (2022 est.) |
| Highest 10% | 18.2% (2022 est.) |
| Average household expenditures | |
| On food | 19.4% of household expenditures (2023 est.) |
| On alcohol and tobacco | 4.9% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $120.29 billion (2024 est.) |
| Imports 2023 | $119.739 billion (2023 est.) |
| Imports 2022 | $121.473 billion (2022 est.) |
| Imports (partners) | Germany 16%, Czechia 14%, Poland 8%, China 7%, Hungary 6% (2023) |
| Comodities Imports force | vehicle parts/accessories, broadcasting equipment, cars, plastic products, insulated wire (2023) |
| Exports | |
| Imports 2024 | $120.29 billion (2024 est.) |
| Imports 2023 | $119.739 billion (2023 est.) |
| Imports 2022 | $121.473 billion (2022 est.) |
| Exports (partners) | Germany 20%, Czechia 10%, Hungary 7%, USA 6%, Poland 6% (2023) |
| Comodities Exports force | cars, vehicle parts/accessories, video displays, broadcasting equipment, refined petroleum (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $218.762 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $214.343 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $209.794 billion (2022 est.) |
| GDP (official exchange rate) | $141.776 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $40,300 (2024 est.) |
| Real GDP per capita 2023 | $39,500 (2023 est.) |
| Real GDP per capita 2022 | $38,600 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2% (2024 est.) |
| Industry | 28.5% (2024 est.) |
| Services | 60% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 58.4% (2023 est.) |
| Government consumption | 20% (2023 est.) |
| Investment in fixed capital | 21.1% (2023 est.) |
| Investment in inventories | -1.3% (2023 est.) |
| Exports of goods and services | 91.3% (2023 est.) |
| Imports of goods and services | -89.8% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.3% (2024 est.) |
| Unemployment rate 2023 | 5.9% (2023 est.) |
| Unemployment rate 2022 | 6.2% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 18.2% (2024 est.) |
| Male | 20.1% (2024 est.) |
| Female | 15% (2024 est.) |
All Important Facts about Slovakia
Want to know more about Slovakia? Check all different factbooks for Slovakia below.
