Chamber of Commerce Country Factsheet Last update: 25.06.2018
Your advisors at the Chamber of Commerce
- Steven Koener+352423939379
- Violaine Mathurin+352423939481
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.
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
|Gross domestic product, constant prices|
|Gross domestic product, current prices|
U.S. dollars (Billions)
|Gross domestic product per capita, current prices|
U.S. dollars (Units)
|Inflation, average consumer prices|
|Volume of imports of goods and services|
|Volume of exports of goods and services|
Percent of total labor force
|Current account balance|
U.S. dollars (Billions)
|Current account balance|
Percent of GDP
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)
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
Honorary Consul with jurisdiction in the Slovak Republic: Mr Peter KRISKO
Apollo Business Center
Mlynské Nivy 43 SK-821 09 Bratislava
Tel / Fax: + 421 26 542 9961
Economic and Commercial Attaché
Economic and Commercial Attaché (AWEX) in charge of Austria and Slovakia: Mr Philippe Walkiers
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.
Other useful links
- CIA World Factbook on Slovakia
- Slovak Chamber of Commerce
- Slovak Investment and Trade Development Agency
- Doing Business in Slovakia
- Economic Freedom Index - Slovakia
- Das ist die Slowakei
- La Slovaquie sur le site de l'AWEX
The Chamber of Commerce and the country