Economy of Slovakia

Economy of Slovakia
	Panorama of Bratislava business district
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	EU, WTO, OECD
Country group	Developed/Advanced country; High-income economy;
Statistics
Population	5,422,194 (2024)
GDP	$147.03 billion (nominal; 2025); $257.02 billion (PPP; 2025);
GDP rank	60th (nominal; 2025); 75th (PPP; 2025);
GDP growth	2.2% (2023); 2.1% (2024); 0.9% (2025); 1.7% (2026); 2.5% (2027f);
GDP per capita	$28,520 (nominal; 2025); $47,600 (PPP; 2025);
GDP per capita rank	45th (nominal; 2025); 47th (PPP; 2025);
GDP by sector	agriculture: 2%; industry: 28.5%; services: 60%; (2024 est.);
Inflation (CPI)	11.0% (2023); 3.6% (2024); 3.9% (2025);
Population below poverty line	13.7% (2021); 18.3% at risk of poverty or social exclusion (AROPE 2024);
Gini coefficient	21.7 low (2024)
Human Development Index	0.855 very high (2022) (45th); 0.808 very high IHDI (2022, 32nd rank);
Labour force	2,779,407 (2024); 78.1% employment rate (2024);
Labour force by occupation	agriculture: 3.9%; industry: 22.7%; services: 73.4%; (2015);
Unemployment	5.8% (March 2025); 19.8% youth unemployment (15 to 24 year-olds; July 2020);
Average gross salary	€1,524 per month
Average net salary	€1,160 per month
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
External
Exports	$118.389 billion (2024)
Export goods	vehicles and related parts 27%, machinery and electrical equipment 20%, nuclear reactors and furnaces 12%, iron and steel 4%, mineral oils and fuels 5% (2015)
Main export partners	EU 71.27% Germany 20%; Czechia 10.4%; Hungary 7.71%; Poland 6.64%; Austria 4.6%; ; United States 6.27%; United Kingdom 5%; China 3.7%; Ukraine 1.7%; Turkey 1.53% (2024);
Imports	$113.369 billion (2023)
Import goods	machinery and electrical equipment 20%, vehicles and related parts 14%, nuclear reactors and furnaces 12%, fuel and mineral oils 9% (2015)
Main import partners	EU 69.02% Germany 16.4%; Czechia 15.9%; Poland 8.9%; Hungary 6.68%; Austria 3.51%; ; China 6.39%; Vietnam 4.17%; Russia 4.16%; South Korea 3.32%; United Kingdom 1.6% (2024);
FDI stock	$69.92 billion (2017); Abroad: $21.29 billion (2017);
Current account	-$3.895 billion (2024 est.)
Gross external debt	$75.04 billion (2016)
Public finances
Government debt	59.7% of GDP (2024); €77.735 billion (2024);
Foreign reserves	$9.61 billion (31 December 2021 est.)
Budget balance	€7.1 billion deficit (2024); −5.5% of GDP (2024);
Revenues	42% of GDP (2024)
Expenses	47.5% of GDP (2024)
Economic aid	€11.7 billion from European Structural and Investment Funds (2007–2013); €15.32 billion from European Structural and Investment Funds (2014–2020);
Credit rating	Standard & Poor's:; A+ (Domestic); A+ (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; A3; Outlook: Stable; Fitch:; A-; Outlook: Stable; Scope:; A; Outlook: Negative;
	All values, unless otherwise stated, are in US dollars.

The economy of Slovakia is a developed export-oriented social market economy. Slovakia is a member of the European Union since 2004 and is a member of the eurozone since 2009. It is also a member of the WTO and OECD. The capital city Bratislava is the country's largest financial centre and business hub.

The largest component in Slovakia's economy is the service sector (60%), followed by industry (28.5%) and agriculture (2%). Slovakia's industry is heavily focused on the automotive industry as the country is the largest producer of vehicles per capita. Other notable industrial sectors include production of electrical appliances and production of machinery. The Slovakian government actively follows a pro-export policy, utilizing agencies such as SARIO and EXIMBANKA to stimulate export growth.

Between 1970 and 1985 real incomes increased by about 50%, they fell in the 1990s. The gross domestic product only returned to its 1989 level in 2007. The Slovak economy rapidly grew between 2000 until 2008, averaging nearly 6% yearly GDP growth. This economic growth was the result of economic liberalization policies perused during the 2000s and the country's accession to the EU in 2004. During this period Slovakia earned the nickname "Tatra Tiger". Slovakia's economic growth slowed down after 2008, largely due to effects of the 2008 financial crisis and the Great Recession.