Slovakia
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Slovakia’s economy suffered from a slow start in the first years after its separation from the Czech Republic in 1993, due to the country’s authoritarian leadership and high levels of corruption, but economic reforms implemented after 1998 have placed Slovakia on a path of strong growth. With a population of 5.4 million, the Slovak Republic has a small, open economy driven mainly by automobile and electronics exports, which account for more than 80% of GDP. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound and predominantly foreign owned.
CIA Fact Book |
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Central Europe, south of Poland
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Note - landlocked; most of the country is rugged and mountainous; the Tatra Mountains in the north are interspersed with many scenic lakes and valleys
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about one and a half times the size of Maryland; about twice the size of New Hampshire
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Background - Slovakia traces its roots to the 9th century state of Great Moravia. Subsequently, the Slovaks became part of the Hungarian Kingdom, where they remained for the next 1,000 years. After the formation of the dual Austro-Hungarian monarchy in 1867, backlash to language and education policies favoring the use of Hungarian (Magyarization) encouraged the strengthening of Slovak nationalism and a cultivation of cultural ties with the closely related Czechs, who fell administratively under the Austrian half of the empire. After the dissolution of the Austro-Hungarian Empire at the close of World War I, the Slovaks joined the Czechs to form Czechoslovakia. The new state was envisioned as a nation with Czech and Slovak branches. During the interwar period, Slovak nationalist leaders pushed for autonomy within Czechoslovakia, and in 1939 Slovakia became an independent state created by and allied with Nazi Germany. Following World War II, Czechoslovakia was reconstituted and came under communist rule within Soviet-dominated Eastern Europe. In 1968, an invasion by Warsaw Pact troops ended the efforts of Czechoslovakia's leaders to liberalize communist rule and create "socialism with a human face," ushering in a period of repression known as "normalization." The peaceful "Velvet Revolution" swept the Communist Party from power at the end of 1989 and inaugurated a return to democratic rule and a market economy. On 1 January 1993, Czechoslovakia underwent a nonviolent "velvet divorce" into its two national components, Slovakia and the Czech Republic. Slovakia joined both NATO and the EU.
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Strengths
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Weaknesses
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Characteristic |
Fact |
Terrain |
rugged mountains in the central and northern part and lowlands in the south |
Percentage of English Spoken |
26% |
Population |
5,431,252 (2022 est.) |
Target Cities |
Bratislav (capitol), Košice, Žilina, Prešov, |
Main 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 |
GDP |
3.01% (2021 est.) |
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parliamentary republic |
Relevant History |
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Top Companies |
Volkswagen, Kia, US Steel, Samsung |
Urbanization |
54% of total population (2023) |
Internet Connectivity |
90% (July 2022 est.) |
Moody's Credit Rating |
A2, negative outlook. |
Corruption Rank Index |
56 |
Coface Business Climate Index |
A2 |
Travel Advisory |
Level 1 |
VAT Tax |
20% |
