Economy of Slovakia

Common card · No. 285588

Slovakia has a developed export-oriented social market economy. It 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 Slovak 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...

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