Slovakia

EU-Slovakia

The light green area is the rest of the European Union

Slovakia was the 60th largest economy in the world by nominal GDP in 2018. Its GDP per capita was $19,547 USD. It has grown strongly in recent years with a growing car and IT industry. It was ranked 16th in the Economic Complexity Index in 2017. It is a member of the EU and OECD. Services was the largest economic sector in 2018 (55.5 percent of GDP), followed by manufacturing (20 percent), and agriculture (3 percent). In 2017, the largest export sectors were vehicles (25.46 percent), electronics (17.57 percent), machinery (12.3 percent), and services (10.98 percent). The largest individual exports were cars (17.65 percent), monitors and projectors (5.72 percent), parts of motor vehicles (5.65 percent), and IT services (4.53 percent). Its largest export partners were Germany (19.23 percent), Czechia (11 percent), Poland (7.63 percent), and Hungary (6.33 percent). The largest goods imports were parts of motor vehicles (8.39 percent), transmission apparatus for radios, telephones, and televisions (6.24 percent), and cars (3.53 percent). Czechoslovakian industry was already well developed by the start of World War Two and survived the war largely intact. Following the fall of communism in 1989 and the dissolution of Czechoslovakia in 1993, Slovakia's economy initially grew slowly because of the country's authoritarian leadership and high levels of corruption. In 1998, a new government brought reforms which were deepened by the accession process and the move to adopt the euro. The reforms and EU integration led to strong growth with exports and investment being strong drivers. In particular, the car industry has grown rapidly. Since joining the EU in 2004, the economy has been among the fastest growing in the EU. The global financial led to a recession in 2009 but the economy recovered strongly. The IT sector is also growing and Bratislava has developed a vibrant start-up scene.

Its population in 2018 was 5,449,816 [1]

In 2015, 13.41% of its total energy
consumption was renewable [2]

In 2021, its GDP grew by 3.02% [2]

In 2021 it had a negative Current
Account Balance of US$bn 2.34 [3]

Its unemployment rate in 2021 was 6.78% [3]

Its Expenditure on R&D (as a percentage of
GDP) in 2020 was 0.91% [2]



What free trade areas or economic unions is it a member of?

Member of the European Union (EU) since 01/05/2004

Other members:

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Spain, Sweden


What trade deals are there between European Union and other countries and economic unions?

EU - Andorra Customs Union (from 01/01/1991)

European Single Market (SM) (from 01/01/1993)

EU - Sri-Lanka Co-operation and Partnership Agreement (from 01/04/1995)

EU - Turkey Customs Union (from 31/12/1995)

EU - Faroe Islands Agreement (from 01/01/1997)

EU - Palestinian Authority Interim Association Agreement (from 01/07/1997)

EU - Tunisia Association Agreement (from 01/03/1998)

EU - Armenia Partnership and Cooperation Agreement (from 09/09/1999)

EU - Morocco Association Agreement (from 01/03/2000)

EU - Israel Association Agreement (from 01/06/2000)

EU - Mexico Global Agreement (from 01/10/2000)

EU - San Marino Customs Union (from 01/04/2002)

EU - Jordan Association Agreement (from 01/05/2002)

EU - North Macedonia Stabilisation and Association Agreement (from 01/04/2004)

EU - Pakistan Co-operation agreement (from 29/04/2004)

EU - Egypt Association Agreement (from 01/06/2004)

EU - Chile Association Agreement and Additional Protocol (from 01/03/2005)

EU - Algeria Association Agreement (from 01/09/2005)

EU - Lebanon Association Agreement (from 01/04/2006)

EU - Albania Stabilisation and Association Agreement (from 01/04/2009)

EU - Pacific States Interim EPA (from 20/12/2009)

EU - Montenegro Stabilisation and Association Agreement (from 01/05/2010)

EU - Central America Association Agreement (from 01/08/2013)

EU - Serbia Stabilisation and Association Agreement (from 01/09/2013)

EU - Bosnia and Herzegovina Stabilisation and Association Agreement (from 01/06/2015)

EU - South Korea Free Trade Agreement (from 01/07/2015)

EU - Kosovo Stabilisation and Association Agreement (from 01/04/2016)

EU - Georgia Association Agreement (from 01/07/2016)

EU - Moldova Association Agreement (from 01/07/2016)

EU - Canada Comprehensive Economic and Trade Agreement (CETA) (from 21/09/2017)

EU - Eswatini (SADC) Economic Partnership Agreement (from 05/02/2018)

EU - Lesotho (SADC) Economic Partnership Agreement (from 05/02/2018)

EU - Mozambique (SADC) Economic Partnership Agreement (from 05/02/2018)

EU - Namibia (SADC) Economic Partnership Agreement (from 05/02/2018)

EU - South Africa Economic Partnership Agreement (from 05/02/2018)

EU - Botswana (SADC) Economic Partnership Agreement (from 05/02/2018)

EU - Japan Economic Partnership Agreement (from 01/02/2019)

EU - Eastern and Southern Africa States free trade agreement (from 07/02/2019)

UK - EU Trade Deal (from 01/01/2021)


What trade deals are there with other countries and economic unions?

None

IFC: Ukrainian Refugees Access Finance via New Digital Data Corridors

Virtual channels among international financial institutions help refugees verify credit histories and re-establish their careers in

Fortress Russia on Shaky Ground: EU Finds Its Footing and Unleashes Its Economic Might

The rouble took a pounding of note, losing almost a third of its value as soon
Read more

Trade with the United Kingdom

Source: UK Office for National Statistics, October 2019.

Contains public sector information licensed under the Open Government Licence v3.0.