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Slovakia's roots can be traced 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. Following the formation of the dual Austro-Hungarian monarchy in 1867, language and education policies favoring the use of Hungarian (Magyarization) resulted in a strengthening of Slovak nationalism and a cultivation of cultural ties with the closely related Czechs, who were themselves ruled by the Austrians. After the dissolution of the Austro-Hungarian Empire at the close of World War I, the Slovaks joined the Czechs to form Czechoslovakia. Following the chaos of World War II, Czechoslovakia became a Communist nation within Soviet-dominated Eastern Europe. Soviet influence collapsed in 1989 and Czechoslovakia once more became free. The Slovaks and the Czechs agreed to separate peacefully on 1 January 1993. Slovakia joined both NATO and the EU in the spring of 2004 and the euro area on 1 January 2009.


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Economy

Economy - overview
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget and get on track to join the EU in 2004 after a period of relative stagnation in the early and mid 1990s and to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies. Slovakia's economic growth exceeded expectations in 2001-08 despite a general European slowdown. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap and skilled labor, low taxes, a 19% flat tax for corporations and individuals, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors. The economy contracted 5% in 2009 primarily as a result of smaller inflows of FDI and reduced demand for Slovakia's exports before rebounding 4% in 2010 and 3.3% in 2011. Unemployment rose above 12% in 2010-11. The government of Prime Minister Iveta RADICOVA implemented reforms to curb corruption and improve government accountability - a major source of discontent with many Slovaks - and trimmed the budget deficit to 4.9% of GDP in 2011.

Gdp (purchasing power parity) World Ranking: 64
$128.5 billion (2011 est.)
$124.4 billion (2010 est.)
$119.4 billion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$96.09 billion (2011 est.)

Gdp - real growth rate World Ranking: 112
3.3% (2011 est.)
4.2% (2010 est.)
-4.9% (2009 est.)

Gdp - per capita (ppp) World Ranking: 58
$23,600 (2011 est.)
$22,900 (2010 est.)
$22,000 (2009 est.)
Note Data are in 2011 US dollars

Gdp - composition by sector
Agriculture 3.8%
Industry 35.5%
Services 60.7% (2011 est.)

Labor force World Ranking: 106
2.713 million (2011 est.)

Labor force - by occupation
Agriculture 3.5%
Industry 27%
Services 69.4% (December 2009)

Unemployment rate World Ranking: 139
13.5% (2011 est.)
12.5% (2010 est.)

Population below poverty line
21% (2002)

Household income or consumption by percentage share
Lowest 10% 4.4%
Highest 10% 22.4% (2009 est.)

Distribution of family income - gini index World Ranking: 128
26 (2005)
26.3 (1996)

Investment (gross fixed) World Ranking: 55
23.2% of GDP (2011 est.)

Budget
Revenues $32.53 billion
Expenditures $37.81 billion (2011 est.)

Taxes and other revenues World Ranking: 70
33.9% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 167
-5.5% of GDP (2011 est.)

Public debt World Ranking: 74
43.3% of GDP (2011 est.)
41% of GDP (2010 est.)
Note
Data cover general Government Gross Debt, and includes debt instruments issued (or owned) by Government entities, including sub-sectors of central government, state government, local government, and social security funds.

Inflation rate (consumer prices) World Ranking: 95
3.9% (2011 est.)
1% (2010 est.)

Central bank discount rate World Ranking: 124
1.75% (31 December 2011 est.)
1.75% (31 December 2010 est.)
Note
This is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks from the euro area; Slovakia became a member of the Economic and Monetary Union (EMU) on 1 January 2009

Commercial bank prime lending rate World Ranking: 170
3.8% (31 December 2011 est.)
3.39% (31 December 2010 est.)

Stock of narrow money World Ranking: 52
$37.49 billion (31 December 2011 est.)
$35.41 billion (31 December 2010 est.)
Note
This figure represents the US dollar value of Slovak koruny in circulation prior to Slovakia joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders

Stock of broad money World Ranking: 67
$56.88 billion (31 December 2011 est.)
$51.92 billion (31 December 2010 est.)

Stock of domestic credit World Ranking: 57
$72.98 billion (31 December 2011 est.)
$66.62 billion (31 December 2010 est.)

Market value of publicly traded shares World Ranking: 85
$4.736 billion (31 December 2011)
$4.15 billion (31 December 2010)
$4.672 billion (31 December 2009)

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 World Ranking: 45
6.9% (2011 est.)

Electricity - production World Ranking: 63
27.7 billion kWh (2011 est.)

Electricity - consumption World Ranking: 62
28.76 billion kWh (2010 est.)

Electricity - exports
10.5 billion kWh (2011 est.)

Electricity - imports
10.9 billion kWh (2011 est.)

Oil - production World Ranking: 91
8,281 bbl/day (2010 est.)

Oil - consumption World Ranking: 83
83,810 bbl/day (2010 est.)

Oil - exports World Ranking: 67
78,940 bbl/day (2009 est.)

Oil - imports World Ranking: 57
139,200 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 91
9 million bbl (1 January 2011 est.)

Natural gas - production World Ranking: 79
103 million cu m (2010 est.)

Natural gas - consumption World Ranking: 56
5.9 billion cu m (2011 est.)

Natural gas - exports World Ranking: 39
808 million cu m (2009 est.)

Natural gas - imports World Ranking: 31
5.586 billion cu m (2011 est.)

Natural gas - proved reserves World Ranking: 79
14.16 billion cu m (1 January 2011 est.)

Current account balance World Ranking: 112
-$621.8 million (2011 est.)
-$3.166 billion (2010 est.)

Exports World Ranking: 45
$86.71 billion (2011 est.)
$67.82 billion (2010 est.)

Exports - commodities
Machinery and electrical equipment 35.9%, vehicles 21%, base metals 11.3%, chemicals and minerals 8.1%, plastics 4.9% (2009 est.)

Exports - partners
Germany 21.4%, Czech Republic 15.2%, Poland 7.9%, Hungary 7.8%, Austria 7.5%, France 6.7%, Italy 5.3% (2009 est.)

Imports World Ranking: 43
$72.03 billion (2011 est.)
$67.63 billion (2010 est.)

Imports - commodities
Machinery and transport equipment 31%, mineral products 13%, vehicles 12%, base metals 9%, chemicals 8%, plastics 6% (2009 est.)

Imports - partners
Germany 19.2%, Czech Republic 18.5%, Russia 11.4%, Hungary 7%, Poland 5.5%, Austria 4.6%, Italy 4.1%, China 4% (2009 est.)

Reserves of foreign exchange and gold World Ranking: 114
$2.462 billion (31 December 2011 est.)
$2.161 billion (31 December 2010 est.)

Debt - external World Ranking: 50
$72.94 billion (30 November 2011 est.)
$59.33 billion (30 June 2010 est.)

Stock of direct foreign investment - at home World Ranking: 54
$52.78 billion (31 December 2011 est.)
$50.68 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad World Ranking: 64
$3.32 billion (31 December 2011 est.)
$2.83 billion (31 December 2010 est.)

Exchange rates
Euros (EUR) per US dollar -
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.)

Fiscal year
Calendar year


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  Slovakia (Bratislava):


  GPS points from Slovakia (Bratislava)

Smrecianka Zilinsky Kraj

Stredni Turovce Nitriansky Kraj

Lengvarty Presovsky Kraj

Kavecany Kosicky Kraj

Dolny Stefanov Zilinsky Kraj

Simonovce Banskobystricky Kraj

Liesnica Banskobystricky Kraj

Bobot Nitriansky Kraj




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