Analysis and Studies - Country Analysis
Slovakia: a look at the market
May 10th 2023
Slovakia, officially called the Slovak Republic, is a landlocked country located within the European Eastern-Central region. It borders with Austria, the Czech Republic, Hungary, Poland, and Ukraine. Once part of the great Austro-Hungarian Empire, the Slovaks joined the Czechs and form the state of Czechoslovakia right after the Second World War. After its dissolution in 1993, Slovakia officially became an independent country and soon joined both the European Union and the NATO in 2004 and the euro zone on 1 January 2009, becoming a high-income country and a major electronics and automobile exporter.
The Economy of Slovakia
However, its economy suffered its split from the Czech Republic and struggled to reach the levels of its European counterparts. After 1998, a series of modern economic reforms helped Slovakia in growing at a much faster rate. Indeed, Slovakia experienced a rapid growth in recent years, with investment and exports serving as major catalysts. The Slovak Republic currently has a modest, open economy that is primarily driven by exports of automobiles and electronics, which make up more than 80% of its total GDP. With a real GDP growth of 3.01% (2021 est.) Slovakia is also the number 72 economy in the world in terms of GDP (PPP).
Indeed, according to the latest data, the main economic exports are cars ($26.9B), motor vehicles (parts and accessories 8701 to 8705) ($5.66B), video displays ($4.5B), and broadcasting equipment ($3.33B). Moreover, Slovakia mainly exports to EU member states, and its top exporter countries are Germany ($21.8B), Czechia ($11.6B), Poland ($8.47B), Hungary ($7.72B), and France ($6.59B). As a result, Slovakia is ranked at number 38 top exporter in the world.
On the other hand, Slovakia is also a big importer and its top imports are motor vehicles (parts and accessories 8701 to 8705) ($9.64B), broadcasting equipment ($4.06B), cars ($3.1B), petroleum gas ($2.69B), and crude petroleum ($2.64B). Just like the imports, Slovakia mostly imports from other EU countries, with the biggest being Czechia ($17.8B), Germany ($17.2B), Poland ($8.14B), Austria ($7.14B), and Hungary ($6.42B).
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