page_title: Slovakia
section_title: Economy
hierarchical_section_title: Slovakia / Economy
caption_attribution_description: English: Slovakia, Bratislava - Central Bank Building (National Bank of Slovakia) Slovenčina: Slovensko, Bratislava - budova Národnej Banky SlovenskaРусский: Здание Национального банка Словакии в Братиславе
context_page_description: Slovakia, officially the Slovak Republic, is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, Hungary to the south, Austria to the southwest, and Czech Republic to the northwest. Slovakia's territory spans about 49,000 square kilometres and is mostly mountainous. The population is over 5.4 million and consists mostly of ethnic Slovaks. The capital and largest city is Bratislava, and the second-largest city is Košice. The official language is Slovak.
  The Slavs arrived in the territory of present-day Slovakia in the 5th and 6th centuries. In the 7th century they played a significant role in the creation of Samo's Empire and in the 9th century established the Principality of Nitra, which was later conquered by the Principality of Moravia to establish Great Moravia. In the 10th century, after the dissolution of Great Moravia, the territory was integrated into the Principality of Hungary, which would become the Kingdom of Hungary in 1000. In 1241 and 1242, much of the territory was destroyed by the Mongols during their invasion of Central and Eastern Europe.
context_section_description: The Slovak economy is a developed, high-income economy, with the GDP per capita equalling 78% of the average of the European Union in 2018. The country has difficulties addressing regional imbalances in wealth and employment. GDP per capita ranges from 188% of EU average in Bratislava to 54% in Eastern Slovakia. Although regional income inequality is high, 90% of citizens own their homes.
  The OECD in 2017 reported:
  The Slovak Republic continues exhibiting robust economic performance, with strong growth backed by a sound financial sector, low public debt and high international competitiveness drawing on large inward investment.
  In 2020, Slovakia was ranked by the International Monetary Fund as the 38th richest country in the world (out of 187 countries), with purchasing power parity per capita GDP of $38,321. The country used to be dubbed the "Tatra Tiger". Slovakia successfully transformed from a centrally planned economy to a market-driven economy. Major privatisations are completed, the banking sector is almost completely in private hands, and foreign investment has risen.
  The Slovak economy is one of the fastest-growing economies in Europe and 3rd-fastest in eurozone (2017). In 2007, 2008 and 2010 (with GDP growth of 10.5%, 6% and 4%, retrospectively). In 2016, more than 86% of Slovak exports went to European Union, and more than 50% of Slovak imports came from other European Union member states.
  The ratio of government debt to GDP in Slovakia reached 49.4% by the end of 2018, far below the OECD average.
  Unemployment, peaking at 19% at the end of 1999, decreased to 4,9% in 2019, lowest recorded rate in Slovak history.
  Slovakia adopted the Euro currency on 1 January 2009 as the 16th member of the Eurozone. The euro in Slovakia was approved by the European commission on 7 May 2008. The Slovak koruna was revalued on 28 May 2008 to 30.126 for 1 euro, which was also the exchange rate for the euro.
  The Slovak government encourages foreign investment since it is one of the driving forces of the economy. Slovakia is an attractive country for foreign investors mainly because of its low wages, low tax rates, well educated labour force, favourable geographic location in the heart of Central Europe, strong political stability and good international relations reinforced by the country's accession to the European Union. Some regions, mostly at the east of Slovakia have failed to attract major investment, which has aggravated regional disparities in many economic and social areas. Foreign direct investment inflow grew more than 600% from 2000 and cumulatively reached an all-time high of $17.3 billion in 2006, or around $22,000 per capita by the end of 2008.
  Slovakia ranks 45th out of 190 economies in terms of ease of doing business, according to the 2020 World Bank Doing Business Report and 57th out of the 63 countries in terms of competitive economy, according to the 2020 World Competitiveness Yearbook Report.
caption: National Bank of Slovakia in Bratislava
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