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General data Slovakia

Official name:Slovak Republic (Slovenská republika)
Area:49 035 km2
Capital (and largest city):Bratislava
Population:5,4 Mio.
Urbanization:55%
Literacy rate, adult total:99,6% (% of people ages 15 and above)
Currency:Euro (€) – since 1.1.2009
Boundaries:Austria, Czech Republic, Hungary, Poland, Ukraine
Main towns:
(inhabitants)
Membership:European Union, NATO, United Nations, OECD, WTO and Visegrád Group
Natural resources:brown coal and lignite; small amounts of iron ore, copper and manganese ore; salt; arable land


Economic Profile Slovakia

GDP:87, 7467 billion EUR (2010)
Average salary:769 EUR per month (2010)
Taxes:flat tax 19 %, VAT 20% temporary
GDP composition:
Top export products:
Top export partners:
Doing Business 2011:Rank: 41, Change in Rank: -1


Slovakia’s macroeconomic development

Find out more information about Slovakia’s macroeconomic development. Please download the PDF file Slovakia’s macroeconomic development (PDF document 0.29 MB) and find more reasons why to invest in Slovakia.


Why to invest in Slovakia

Slovakia


Slovenská Republika



Did you know… ?


…that a century ago Bratislava was a trilingual city; by the end of World War I 40% of the population of Pressburg spoke Hungarian as a native language, 42% German, and 15% Slovak. Many citizens spoke all 3 languages.


4 good reasons to

invest in Slovakia


Tatra Tiger: Slovakia got the nickname “Tatra Tiger” in the result of a rapidly ascending economy since 2001 which engaged a number of economic reforms. In 2008 Slovakia had a GDP growth of 6.4%, which was the second highest GDP growth in the European Union. Due to global economic crisis Slovakia’s GDP growth in 2009 was -4.7%. But in 2010, the economy started recovering and showed a 4% GDP growth, which was again, one of the highest in EU and a low inflation level of 0.7%. Slovakia is a full member of EU, NATO, OECD, Euro and Schengen Area; it is rated as the leader of Central European region and considered as a high-income advanced economy with one of the fastest growth rates in the European Union and the OECD.

Reform champ: Slovakia transformed from a centrally-planned to a competitive market-driven economy within a few years after having lagged behind in the reform-process for a long time. A pro-European government at the turn of the millennium turned it into the reform champion in Central Europe as it pushed through the necessary reforms required by the EU. This allowed Slovakia to join the EU in 2004 and the Eurozone in 2009, well before any of its neighboring countries in Central Europe. The young republic (1993) is somewhat of a pioneer in the Central European region – especially so in regards to encouraging foreign investment by creating a business-friendly climate. As the first country in CEE it radically overhauled its tax system by introducing a flat rate tax of 19% on all types of incomes. On top there is no double taxation and a 0% dividend tax. Moreover, as the 1st country in the CEE region it joined the Eurozone in January 2009 after having complied with the strict Euro-adoption Maastricht criteria.

Qualified labor for a rock-bottom price: Slovakia offers a well educated labor force of 2, 1 million coming from an engineering and mechanical production tradition. The salary level is among the lowest in the region. In 2010, the average gross wage was 769 EUR per month and the minimum monthly wage in 2011 is 317 EUR, which is lower than in the neighboring countries. Young Slovaks have good language and IT skills. According to the World Bank’s Student Learning Assessment Database, Slovaks outscore all other Central and Eastern European students in math and place third in science. Slovakia proves the highest long-term labor productivity in comparison with the Czech Republic, Poland, Hungary, Romania and Bulgaria (2010).

Location: Slovakia’s strategic geographical location offers numerous possibilities for approaching the dynamically growing markets of Central and Eastern Europe, as well as the countries of Western Europe. Major European transit corridors pass through Slovakia connecting the Western and Eastern parts of the European continent. The river Danube passes also through Slovakia, connecting the country with the Black and the North Seas (the significant ports of Sulina and Rotterdam). It is also a great location for investment, because in the radius of 1,000 km you will be able to reach a market of 250 million potential customers.