Known as a high-income economy and dubbed the ‘Tatra Tiger’, Slovakia’s economy is characterised by the strongest sustained GDP growth in the EU, standing at €12,204 in 2012. The country boasts a large market, with a population of over 5 million inhabitants, and a highly skilled workforce. And while long-term unemployment in the region remains high, it has fallen considerably since becoming an EU member.
Now a part of NATO and joining the single market in 2004, Slovakia is subdivided into 8 regions called ‘krajov’ and recognised for their rich farmland, covering over 40 per cent of the region. Key sectors with opportunity for growth and investment include its fast growing automotive industry, electronics, mechanical engineering chemical production, and IT& ICT. The agricultural sector includes production of grains, roots vegetables and fruits, as well as livestock and wine. Relatively small capital markets are still developing, while finance is still dominated by the banking sector, although it is diversifying.
The Slovakian government currently offers a competitive regulatory framework that strongly supports commercial activity across the country. And while the importance of industry and construction has been in decline since 1990, manufacturing –particularly within the agricultural and automotive industries – remains strong.
Read a more detailed article about Slovakian economy.