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Slovakia – Important Facts

Slovakia is a landlocked country in Central Europe. Neighboring countries include Austria, Czech Republic, Hungary, Poland, and Ukraine. The geography of Slovakia is known for its mountains, with the Carpathian Mountains extending across most of the northern half of the country. The government system is a parliamentary democracy; the chief of state is the president, and the head of government is the prime minister. Slovakia has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Slovakia is a member of the European Union (EU).

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 93% of GDP, serving as the main driver of GDP growth. Slovakia joined the EU in 2004 and the euro zone in 2009. The country’s banking sector is sound.

Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.

Important Details

  • Country ISO3 : SVK
  • Country Code : 703
  • Income Group : High income
  • Lending Category : P2P
  • Region : Europe & Central Asia
  • Currency Unit: Euro
  • WTO Member : Yes
  • Trade organisations : WTO, EU, OECD, NATO
  • world rank : 56
  • Regional Ranking : 25th in Europe