The Slovak Republic

Slovakia is an industrial and agrarian country. In industry, 37.0% of Slovakia’s GDP is formed. The greatest development was received: automotive, electronics, mechanical engineering, chemical industry, information technologies. Large industrial enterprises in Slovakia that affect the formation of GDP: U. S. Steel Košice (metallurgy), Slovnaft (oil industry), Samsung Electronics (electronics), Sony (electronics), Whirlpool (home appliances).

Almost all sectors of the Slovak economy are privately owned, and active privatization has led to the fact that almost the entire banking sector is in the hands of foreign companies. Infusions of foreign investment in the country’s economy in recent years are mainly directed to automotive and electronics.

The latest economic forecast of the European Commission states that the Slovak Republic will be in the next two years a member of the group of EU countries with the highest level of economic growth. According to the European Commission’s analytical report on GDP growth rates, Slovakia is on the 4th place on the eurozone list, and on the fifth place in the whole EU (3.3% GDP growth for the last year). For the first quarter of 2016 Slovakia’s GDP grew by 3.6% compared to the same period in 2015 and amounted to about 18.5 billion euros. According to analysts, the growth in the dynamics of economic growth is facilitated by the pace of domestic and foreign demand for Slovak products.

Economic growth is provided by acceleration of growth dynamics in industry, construction, information and communication technologies. The slowdown was registered only in agriculture. Over the past year, growth in the investment area has been noted. There are large investments in public administration, their volume increased by 69.4%.

According to experts, the Slovak Republic is an ideal place for investment, as a country with political and economic stability, which has undergone significant structural changes.

Prospective directions of expansion of Russian exports.

Innovative developments in the field of information and communication technologies, construction and building materials, healthcare, pharmaceuticals and tourism, food industry, transport engineering, energy efficiency and use of renewable energy sources are promising areas for Russian exports to Slovakia.

 Key facts

Source: The -ac29-4f0d-970f-10984bca5eaa / Businessguide_Slovakia_2015.pdf