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Slovakia is a relatively highly industrialized country. The share of industry, which is strongly export-oriented, is approximately 35 percent of the country’s gross domestic product; over 60 percent accounts for the service sector and agriculture stands at about 2 percent.
The industrial focus lies on the broad automotive industry and in the fields of electronics, metalworking and mechanical engineering. Large foreign corporations like Volkswagen, PSA Peugeot / Citroën and Hyundai / Kia play a leading role in the Slovakian automotive industry. In 2014, nearly 1 million new automobiles were produced in Slovakia – the highest automotive production per capita worldwide.
Economic growth in 2014 was 2.4 percent compared to the previous year. The positive development of the Slovak economy is in particular due to increased exports to EU Member States. Added to this, in 2014, was an increasing domestic demand resulting in low-cost loan and lending rates, increasing employment and a positive development of real wages.
The unemployment rate in 2014 was 12.79 percent. It has fallen sharply in comparison to 2013 (14.11 percent); and the trend is showing a decreasing tendency. In 2014, the average earning stood at 858 euros gross per month; the inflation rate was -0.1 percent.
For the Slovak economy, foreign trade is of central importance. In 2014, the total volume of exports amounted to 64.78 billion euros; the increase over the previous year was 1.0 percent. The import volume reached 60.15 billion Euro (plus 0.4 percent). More than 60 percent of Slovakia’s imports come from other EU Member States. The EU share of their exports is even higher than 80 percent. The most significant items of trade in both imports as well as exports are machinery and machinery equipment, vehicles, computer equipment, electronics, metal products and chemical products.
Why invest in Slovakia?
- Slovakia has adopted the euro in January, 2009. This step is assessed by the politicians and the public as overwhelmingly positive. The single currency proved itself as an effective tool to reduce the negative effects of the international financial and economic crisis. It also helped Slovakia to maintain its attractiveness among foreign investors.
- Slovakia offers a great advantage to investors in the form of its location, which acts as a natural bridge between East and West Europe.
- Slovakian labor force is consistently perceived by international firms as industrious and productive. According to a ranking by OECD, Slovakia is one of the top 10 most productive nations.
- Slovakia also has a rapidly growing infrastructure with large selections of industrial land.
- · According to Compound Annual Growth Rate (CAGR), Slovakia is the fastest growing country in the Eurozone.
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