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| Capital city: |
Bratislava |
| Surface area: |
49,000 sq km |
| Population: |
5.4 million |
| Official language(s): |
Slovak |
| Head of State: |
H.E. President Dr Ivan Gašparovic |
| Head of Government: |
H.E. Prime Minister Mr Robert Fico |
| Australian exports to the Slovak Republic: |
A$4 million |
| Australian imports from the Slovak Republic: |
A$102 million |
| The Slovak Republic's principal export destinations: |
Germany, Czech Republic, Italy |
| The Slovak Republic's principal import sources: |
Germany, Czech Republic, Russian Federation | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Economic climate
Key economic indicators and statistics for 2007:
- GDP – US$71.6 billion
- GPD per capita – US$13,227
- Real GDP growth – 8.8 per cent
- Inflation – 2.4 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
Economic reforms have placed the Slovak economy on a more sustainable pattern of growth, with GDP increasing six per cent in 2005 and 6.3 per cent growth predicted for 2006. Real GDP per capita is about US$8647.
While heavy industry and agriculture have declined in importance since the end of communism, much of the Slovak Republic's domestic industry still remains based on large and often inefficient enterprises, a legacy of state intervention during the Communist and Meciar eras. The services sector has increased significantly over the past 10 years, with market services now accounting for almost 50 per cent of economic activity. The government is stable and reforms are going on all the time. In 2004 fundamental flat tax reform was introduced and created stable, flexible and transparent business framework. The Slovak Republic will adopt Euro currency in 2009 or 2010.
Major privatisations are complete. The Slovak Republic's economy exceeds expectations and is very attractive for foreign investments. |
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The Slovak Republic is a parliamentary democracy with a stable political system. The National Council of the Slovak Republic has 150 members (deputies) and the President, Prime Minister and Cabinet form the executive branch. The current President is Ivan Gašparovic and the Prime Minister is Robert Fico.
The Slovak experience in the 20th century was not without complexity. The first big wave of emigration started at the end of the 19th century and there are now more than 2.5 million Slovaks outside Slovakia – 1.9 million of them in the USA. This trend continued from the existence of a controversial Slovak State (1939-1945) and the Slovak National Uprising (1944) through to the beginning of the communist regime (1948), which lasted till November 1989. |
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Trade relations and statisitcs
The last parliamentary elections held in 2006 brought a change of attitude towards the Slovak Republic by other European nations. The Slovak Republic joined the European Union with nine other candidate countries in May 2004.
In 2000, the Slovak Republic was admitted to the Organisation for Economic Cooperation and Development (OECD).
In 2002 in Prague, the Slovak Republic was officially invited to become a full member of NATO.
Major Australian exports to the Slovak Republic (2006-07):
Major Australian imports from the Slovak Republic (2006-07):
- Passenger motor vehicles - A$70 million
- Glassware – A$4 million
- Furniture – A$4 million
- Electric power machinery – A$3 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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