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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.

Location

Central Europe, south of Poland

Natural Resources

lignite, small amounts of iron ore, copper and manganese ore; salt; arable land

Population - distribution

a fairly even distribution throughout most of the country; slightly larger concentration in the west in proximity to the Czech border

5455000
Slovak (official) 78.6%, Hungarian 9.4%, Roma 2.3%, Ruthenian 1%, other or unspecified 8.8% (2011 est.)
BRATISLAVA (capital) 401,000 (2015)
Conventional long form
Slovak Republic
Conventional short form
Slovakia
Local long form
Slovenska republika
Local short form
Slovensko
parliamentary republic
Name
Bratislava
Geographic coordinates
48 09 N, 17 07 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Slovakia’s economy suffered from a slow start in the first years after its separation from the Czech Republic in 1993, due to the country’s authoritarian leadership and high levels of corruption, but economic reforms implemented after 1998 have placed Slovakia on a path of strong growth. With a population of 5.4 million, the Slovak Republic has a small, open economy driven mainly by automobile and electronics exports, which account for more than 80% of GDP. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound and predominantly foreign owned.
Inflation
-0.52%
Total tax rate (% of commercial profits)
51.6%
Real Interest Rate
7.412%
Manufacturing, value added (% of GDP)
22.776%
Current Account Balance
US$ -640,769,433
Labor Force, Total
2,732,745
Employment in Agriculture
3.18%
Employment in Industry
36.10%
Employment in Services
60.69%
Unemployment Rate
9.99%
Imports of goods and services
US$ 80,670,336,523
Exports of goods and services
US$ 84,012,717,705
Total Merchandise Trade
170.97%
FDI, net inflows
US$ 3,548,472,664
Commercial Service Exports
US$ 8,383,703,184
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
automobiles; metal and metal products; electricity, gas, coke, oil, nuclear fuel; chemicals, synthetic fibers, wood and paper products; machinery; earthenware and ceramics; textiles; electrical and optical apparatus; rubber products; food and beverages; pharmaceutical
Commodities
vehicles and related parts 27%, machinery and electrical equipment 20%, nuclear reactors and furnaces 12%, iron and steel 4%, mineral oils and fuels 5% (2015 est.)
Partners
Germany 22.7%, Czech Republic 12.5%, Poland 8.5%, Austria 5.7%, Hungary 5.7%, France 5.6%, UK 5.5%, Italy 4.5% (2015)
Commodities
machinery and electrical equipment 20%, vehicles and related parts 14%, nuclear reactors and furnaces 12%, fuel and mineral oils 9% (2015 est.)
Partners
Germany 19.4%, Czech Republic 17.4%, Austria 9.1%, Hungary 6.3%, Poland 6.3%, South Korea 5.5%, Russia 5.2%, China 4.1% (2015)
Country Risk Rating
A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average.
Business Climate Rating
A3
The business environment is relatively good. Although not always available, corporate financial information is usually reliable. Debt collection and the institutional framework may have some shortcomings. Intercompany transactions may run into occasional difficulties in the otherwise secure environments rated A3.
  • Membership of the Eurozone
  • Production platform for the European automotive and electronics industry
  • Satisfactory public and external accounts
  • Robust financial system dominated by foreign groups
  • Small economy dependent on European investments and markets
  • Heavy concentration of exports on certain sectors: automotive and consumer electronics
  • Dependence on Russia for 69% of its energy (gas, oil, uranium)
  • Regional development inequalities / the center and the east lagging behind
  • Lack of research and development
  • High long-term unemployment and lack of skilled workforce

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