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Slovakia
Chamber of Commerce Country Factsheet Last update: 12.07.2018

Your advisors at the Chamber of Commerce

  • Steven Koener
    +352423939379
  • Violaine Mathurin
    +352423939481
Contact us: europe@cc.lu

Key Indicators

Area
49,035 km2
Population
5,445,829 (July 2017 est.)
Government type
parliamentary democracy
Languages
Slovak (official) 78.6%, Hungarian 9.4%, Roma 2.3%, Ruthenian 1%, other or unspecified 8.8% (2011 est.)
GDP
$178.7 billion (2017 est.)
Growth rate
3.3% (2017 est.)
HDI
35
Capital
Bratislava

 

Introduction

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. 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 under Austrian rule. After the dissolution of the Austro-Hungarian Empire at the close of World War I, the Slovaks joined the Czechs to form Czechoslovakia. During the interwar period, Slovak nationalist leaders pushed for autonomy within Czechoslovakia, and in 1939 Slovakia became an independent state 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 the country'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, the country underwent a nonviolent "velvet divorce" into its two national components, Slovakia and the Czech Republic. Slovakia joined both NATO and the EU in the spring of 2004 and the euro zone on 1 January 2009.

Source: The CIA World Factbook - Slovakia

 

Macroeconomic indicators

The economy is projected to grow at a strong pace. Private consumption will continue to benefit from the increasingly robust labour market. Intensifying labour shortages will boost wage growth and, thereby, inflation. Exports will move up vigorously, as new automotive production capacity comes on stream. Business investment will remain strong, while public investment should pick up with the launch of new infrastructure projects.

The government should continue with consolidation, given strong growth and the absence of spare capacity. It should also enhance public-sector efficiency in order to finance much needed structural reforms. In particular, measures to improve efficiency in education and enhance Roma integration are important to improve well-being and make growth more inclusive and sustainable.

Source: OECD - Economic Forecast

IMF Statistics: 

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
2.5223.5953.4403.2873.700
Gross domestic product, current prices
U.S. dollars (Billions)
100.40686.62990.26394.760100.058
Gross domestic product per capita, current prices
U.S. dollars (Units)
18,538.65515,979.40016,648.06417,475.71418,450.806
Inflation, average consumer prices
Percent change
-0.099-0.335-0.2431.0631.233
Volume of imports of goods and services
Percent change
4.2618.2273.7815.7005.550
Volume of exports of goods and services
Percent change
3.6336.9994.1965.4006.102
Unemployment rate
Percent of total labor force
13.19211.4929.8568.7638.267
Current account balance
U.S. dollars (Billions)
0.133-1.128-0.885-0.599-0.184
Current account balance
Percent of GDP
0.132-1.302-0.981-0.633-0.184
Colored cells are estimates

Source: IMF Statistics - Slovakia

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 18.03.1991 (Memorial 1992, A No.106, p.3142)
  • Effective as of 01.01.1993 (Memorial 1992, A No.106, p.3142)

Air Services agreement

  • Agreement from 06.12.1968 (Memorial 1971, A, p. 2170)
  • Effective as of 03.17.1972 (Memorial 1972, A, p. 806)

Source: Administration des Contributions Directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Slovakia

Embassy of the Grand Duchy of Luxembourg in Slovakia

Ambassador with residence in Vienna: Mr Marc UNGEHEUER
Sternwartestrasse 81
A - 1180 Wien
Tél.: (+43) (0)1 478 21 42
Fax: (+43) (0)1 478 21 44
E-mail: vienne.amb(at)mae.etat.lu  
Website: vienne.mae.lu

Honorary Consul

Honorary Consul with jurisdiction in the Slovak Republic: Mr Peter KRISKO
Apollo Business Center
Mlynské Nivy 43 SK-821 09 Bratislava
Tel: (+421) 26 542 9961
Email: luxkonz(at)krisko.sk 

Source: Ministry of Foreign Affairs of Luxembourg

 

Economic and Commercial Attaché

Economic and Commercial Attaché (AWEX) in charge of Austria and Slovakia:

Mr Philippe Walkiers

Schönburgstrasse 10
A-1040 Vienne
AUTRICHE
Tel: +43 1 504 72 14
E-mail: vienna(at)awex-wallonia.com 

Source: AWEX 

 

Country risk as defined by Office du Ducroire for Slovakia

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Slovakia

Other useful links