Slovakia

Basic Information

5.4 million

Area

Population

Workforce

Language

Political System

Currency

Membership

2.8 million

Slovak

Parliamentary democracy

Euro (EUR)

EU, NATO, OECD, OSCE, Schengen Agreement, V4, UN, Council of Europe…

Bratislava

Capital

49,035  sqkm

Czech Republic
Poland
Slovakia
Germany
France
Hungary
Germany
Spain
United Kingdom
Ireland
Romania
Luxembourg
Netherlands
Slovenia
Italy
Bulgaria
Austria
Croatia
Belgium
Portugal
Malta
Estonia
Latvia
Lithuania
Greece
Sweden
Denmark
Finland
Cyprus
Malta
Estonia
Latvia
Lithuania
Greece
Sweden
Denmark
Finland
Cyprus

Slovakia is a landlocked country in Central Europe bordered by The Czech Republic, Austria, Hungary, Ukraine and Poland. The country's geography is characterized by major differences in altitude.Central and northern Slovakia are mountainous regions covered by the Carpathian Mountains.Southern and eastern Slovakia are lowland regions and important agricultural areas of the country. The Danube River connects Slovakia with Vienna and Budapest, the Rhine-Main channel, and the Black Sea port.

Slovakia has achieved both political and economic stability since its independence following the breakup of Czechoslovakia in 1993. Its economy is one of the fastest growing economies in Europe.  Slovakia’s middle class owns more wealth than any other middle class in the countries that are members of OECD.

As the country has introduced the Euro as their currency, the economy of Slovakia is sensitive to the status of the European economy, compared to the other CEE countries. The total FDI stock was at 57 billion USD (53,6% of GDP) in 2018, mainly brought by French and German companies in the key energy, automotive, telecommunications and services sectors.
Major Industries

Automotive

Electronics

Shared Services

ICT

Major Trade Partners

Export

Germany, Czech Republic, China, South Korea, Vietnam, Poland, Hungary, Russia, Italy, France

Import

Germany, Czech Republic, Poland, France, UK, Italy, Hungary, Austria, USA, Spain

Reasons to Invest

  • Favorable geographical location
  • Fastest growing EUR zone member
  • Various investment incentives
  • Fully-extended industries such as electronics, energy, etc.
  • Large selection of industrial land & offices
  • Stability in economic and politics
  • Fast-developing infrastructures

50.90 %

1,265 USD

General government debt (GDP, 2017)

Long-term interest rates
(10Y government bonds)

Average inflation rate (2018)

Labour productivity (index, 2018)

Unemployment rate (avg. 2018)

Average nominal gross wage (12/2018)

0.62 %

0.87

A+

2.51 %

123.70

6.5 %

3.50%

GDP growth (constant prices, 2017)

3.4 %

1,101 EUR

Average nominal monthly gross wage
(2018)

Average nominal monthly gross wage
(2018)

Exchange rate - EUR/USD (31/12/2018)

Credit rating (S&P, 2017)

Economic Indicators

40 hours / week

25 %

Maximum Working Hours

Maximum Overtime Hours

Compensation for Overtime / Holiday Work

Minimum Number of Paid Holidays

Sick Days

Maternity Leave

Municipal tax

Parental Leave

Social Security (Companies)

Notice Period

Social Security (Employees)

Probation Period

Labour Union
(Proportion of Employee/Collective Bargaining Coverage)

8 hours / week,
100 hours / year

20%

At least 25% plus

22 days, 25 days (above age of 33)

Until 3 years old

35.2 %

At least 1 month

13.4 %

3 months

17 % / 35 %

Sickness insurance

34 weeks, 37 weeks, 47 weeks

Minimum Wage (2019)

520 EUR / month

21 %

Corporate Tax

Income Tax

Value Added Tax (VAT)

OtherTax:

Tax license

Motor vehicle tax

Taxation System
Labour Regulations
Source: World Atlas, Trading Economics, Eurostat, World Bank, Inflation EU, Exchange Rate ORG