Chamber of Commerce Country Factsheet Last update: 15.05.2017
Your advisors at the Chamber of Commerce
- Steven Koener+352423939379
- Diana Rutledge+352423939335
Slovakia's roots can be traced 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 themselves ruled by the Austrians. After the dissolution of the Austro-Hungarian Empire at the close of World War I, the Slovaks joined the Czechs to form Czechoslovakia. Following the chaos of World War II, Czechoslovakia became a Communist nation within Soviet-dominated Eastern Europe. Soviet influence collapsed in 1989 and Czechoslovakia once more became free. The Slovaks and the Czechs agreed to separate peacefully on 1 January 1993. Slovakia joined both NATO and the EU in the spring of 2004 and the euro area on 1 January 2009.
After accelerating in 2015, economic activity should slow somewhat as the boost from exceptional absorption of EU funds fades. Nonetheless, annual growth is projected to remain above 3%, led by persistently strong domestic demand. Household consumption will strengthen further, driven by improved labour market outcomes, low inflation and rising disposable income. Lower public investment will be partly compensated by new foreign direct investments in the automotive sector.
Fiscal consolidation is set to resume as the new government intends to reach a small budget surplus by 2019. In order to increase fiscal room for manoeuvre and to finance growth-friendly measures, the government should enhance public-sector efficiency, including via the current Value for Money initiative.
Productivity growth, although higher than the OECD average, has slowed considerably since the 2008-09 recession. Increasing it will be critical to continue the process of income convergence towards the best OECD performers. Reforming the educational system is a top priority, to extend educational opportunities to all and to enhance workers’ capacity to learn the new skills needed in a changing labour market, thereby increasing their employability and improving their well-being.
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 18.3.1991 (Memorial 1992, A, p. 3142)
- Effective as of 12.30.92 (Memorial 1993, A, p. 164)
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
Ambassador with residence in Vienna: Mr. Hubert Wurth
A - 1180 Wien
Tel: +43 0 1 478 21 42
Fax: +43 0 1 478 21 44
Economic and Commercial Attaché (AWEX): Philippe WALKIERS
Tel: +43 1 504 72 14
Honorary Consul with jurisdiction in the Slovak Republic: Peter Krisko
Apollo Business Center
Mlynské Nivy 43 SK-821 09 Bratislava
Tel / Fax: + 421 26 542 9961
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
- La Slovaquie sur le site de l'Awex
- 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