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Economy - overview: |
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government made excellent progress during 2001-04 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and the government has helped facilitate a foreign investment boom with business-friendly policies, such as labor market liberalization and a 19% flat tax. Slovakia's economic growth exceeded expectations in 2001-04, despite the general European slowdown. Unemployment, at an unacceptable 15% in 2003-04, remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004.
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GDP: |
purchasing power parity - $78.89 billion (2004 est.)
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GDP - real growth rate: |
5.3% (2004 est.)
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GDP - per capita: |
purchasing power parity - $14,500 (2004 est.)
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GDP - composition by sector: |
agriculture: 3.5%
industry: 30.1%
services: 66.4% (2004 est.)
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Labor force: |
2.2 million (3rd quarter, 2004 est.)
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Labor force - by occupation: |
agriculture 5.8%, industry 29.3%, construction 9%, services 55.9% (2003)
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Unemployment rate: |
13.1% (31 December 2004 est.)
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Population below poverty line: |
NA
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Household income or consumption by percentage share: |
lowest 10%: 5.1%
highest 10%: 18.2% (1992)
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Distribution of family income - Gini index: |
26.3 (1996)
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Inflation rate (consumer prices): |
7.5% (2004 est.)
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Investment (gross fixed): |
24% of GDP (2004 est.)
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Budget: |
revenues: $15.44 billion
expenditures: $16.7 billion, including capital expenditures of NA (2004 est.)
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Public debt: |
46.6% of GDP (2004 est.)
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Agriculture - products: |
grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products
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Industries: |
metal and metal products; food and beverages; electricity, gas, coke, oil, nuclear fuel; chemicals and manmade fibers; machinery; paper and printing; earthenware and ceramics; transport vehicles; textiles; electrical and optical apparatus; rubber products
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Industrial production growth rate: |
5.1% (2004 est.)
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Electricity - production: |
31.15 billion kWh (2003)
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Electricity - production by source: |
fossil fuel: 30.3%
hydro: 16%
nuclear: 53.6%
other: 0% (2001)
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Electricity - consumption: |
28.89 billion kWh (2003)
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Electricity - exports: |
8 billion kWh (2003)
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Electricity - imports: |
6 billion kWh (2003)
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Oil - production: |
1,000 bbl/day (2001 est.)
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Oil - consumption: |
82,000 bbl/day (2001 est.)
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Oil - exports: |
NA
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Oil - imports: |
NA
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Oil - proved reserves: |
4.5 million bbl (1 January 2002)
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Natural gas - production: |
190 million cu m (2003 est.)
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Natural gas - consumption: |
6.8 billion cu m (2003 est.)
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Natural gas - exports: |
0 cu m (2003 est.)
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Natural gas - imports: |
6.6 billion cu m (2003 est.)
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Natural gas - proved reserves: |
7.504 billion cu m (1 January 2002)
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Current account balance: |
$-1.4 billion (2004 est.)
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Exports: |
$29.24 billion f.o.b. (2004 est.)
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Exports - commodities: |
vehicles 25.9%, machinery and electrical equipment 21.3%, base metals 14.6%, chemicals and minerals 10.1%, plastics 5.4%% (2004 est.)
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Exports - partners: |
Germany 35.7%, Czech Republic 13.4%, Austria 8.6%, Italy 5.6%, US 4.8%, Poland 4.8%, Hungary 4.3% (2004)
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Imports: |
$29.67 billion f.o.b. (2004 est.)
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Imports - commodities: |
machinery and transport equipment 41.1%, intermediate manufactured goods 19.3%, fuels 12.3%, chemicals 9.8%, miscellaneous manufactured goods 10.2% (2003)
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Imports - partners: |
Germany 29.6%, Czech Republic 17.1%, Russia 9.5%, Austria 7.1%, Italy 5.4%, Hungary 4.3% (2004)
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Reserves of foreign exchange and gold: |
$14.91 billion (2004 est.)
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Debt - external: |
$19.54 billion (2004 est.)
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Economic aid - recipient: |
$2.2 billion in available EU structural adjustment and cohesion funds (2004-06)
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Currency (code): |
Slovak koruna (SKK)
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Currency code: |
SKK
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Exchange rates: |
koruny per US dollar - 32.257 (2004), 36.773 (2003), 45.327 (2002), 48.355 (2001), 46.035 (2000)
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Fiscal year: |
calendar year
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