Slovakia Economy 2007

Economy - overview:
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government made excellent progress during 2001-04 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies such as labor market liberalization and a 19% flat tax. Foreign investment in the automotive sector has been strong. Slovakia's economic growth exceeded expectations in 2001-06 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 10.2% in 2006 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.

GDP (purchasing power parity):
$99.19 billion (2006 est.)

GDP (official exchange rate):
$47.72 billion (2006 est.)

GDP - real growth rate:
8.3% (2006 est.)

GDP - per capita (PPP):
$18,200 (2006 est.)

GDP - composition by sector:
agriculture: 3.6%
industry: 31.6%
services: 64.8% (2006 est.)

Labor force:
2.658 million (2006 est.)

Labor force - by occupation:
agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003)

Unemployment rate:
10.2% (2006 est.)

Population below poverty line:
21% (2002)

Household income or consumption by percentage share:
lowest 10%: 3.1%
highest 10%: 20.9% (1996)

Distribution of family income - Gini index:
25.8 (1996)

Inflation rate (consumer prices):
4.5% (2006 est.)

Investment (gross fixed):
26.4% of GDP (2006 est.)

Budget:
revenues: $25.63 billion
expenditures: $27.02 billion (2006 est.)

Public debt:
35% of GDP (2006 est.)

Agriculture - products:
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products

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:
7.8% (2006 est.)

Electricity - production:
29.89 billion kWh (2005)

Electricity - consumption:
24.93 billion kWh (2005)

Electricity - exports:
11.27 billion kWh (2005)

Electricity - imports:
8.005 billion kWh (2005)

Oil - production:
11,480 bbl/day (2005 est.)

Oil - consumption:
74,000 bbl/day (2004 est.)

Oil - exports:
77,660 bbl/day (2004)

Oil - imports:
138,200 bbl/day (2004)

Oil - proved reserves:
9 million bbl (1 January 2006)

Natural gas - production:
141.9 million cu m (2005 est.)

Natural gas - consumption:
6.231 billion cu m (2005 est.)

Natural gas - exports:
354.9 million cu m (2005 est.)

Natural gas - imports:
6.396 billion cu m (2005)

Natural gas - proved reserves:
14.39 billion cu m (1 January 2006 est.)

Current account balance:
$-4.579 billion (2006 est.)

Exports:
$41.86 billion f.o.b. (2006 est.)

Exports - commodities:
vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4% (2004)

Exports - partners:
Germany 23.7%, Czech Republic 14.1%, Italy 6.5%, Poland 6.2%, Austria 6%, Hungary 5.8%, France 4.3%, Netherlands 4.2% (2006)

Imports:
$44.95 billion f.o.b. (2006 est.)

Imports - commodities:
machinery and transport equipment 41.1%, intermediate manufactured goods 19.3%, fuels 12.3%, chemicals 9.8%, miscellaneous manufactured goods 10.2% (2003)

Imports - partners:
Germany 23.6%, Czech Republic 18.2%, Russia 11%, Hungary 6%, Austria 5.5%, Poland 4.9%, Italy 4.4% (2006)

Economic aid - recipient:
$235 million in available EU structural adjustment and cohesion funds (2004)

Reserves of foreign exchange and gold:
$13.36 billion (2006 est.)

Debt - external:
$28.95 billion (2006 est.)

Stock of direct foreign investment - at home:
$19.08 billion (2006 est.)

Stock of direct foreign investment - abroad:
$987.1 million (2006 est.)

Market value of publicly traded shares:
$5.574 billion (2006)

Currency (code):
Slovak koruna (SKK)

Exchange rates:
koruny per US dollar - 29.611 (2006), 31.018 (2005), 32.257 (2004), 36.773 (2003), 45.327 (2002)