Slovakia Economy Overview
Slovakia's economy is ranked number 60 in the world in terms of its GDP of $106 billion. Total annual exports of $92.4 billion make them the world's 39th largest exporter, while imports of $87.2 billion put them in 41st place. The country shows a positive trade balance of $5.19 billion.
Top 5 Commodity Exports
- Refined petroleum – $2.03 billion
- Raw aluminium – $381 million
- Wheat – $202 million
- Petroleum gas – $177 million
- Cement – $154 million
Other Notable Exports
- Cars – $21.6 billion
- Vehicle parts – $5.43 billion
- Video displays – $5.09 billion
- Broadcasting equipment – $4.26 billion
- Electrical lighting and signalling equipment – $1.26 billion
Car exports account for 23.3% of total Slovakian exports, with exports per capita amounting to $17,000. In the five years from 2013 to 2018, total exports grew by $14.5 billion.
Germany is Slovakia's biggest export partner, with $20.1 billion of all exports destined for this country. Other major export markets are Czechia ($10.6 billion), Poland ($6.8 billion), France ($5.91 billion), and Austria ($5.23 billion).
GDP of Slovakia
Slovakia's GDP is $106 billion, which represents a growth of 5.41% in the ten years from 2008 to 2018. The GDP per capita is $19,443 – an increase of 4.1% over the same ten-year period. During the last 20 years, the economy of Slovakia has become more complex, resulting in a slide down the ECI rank from 21st to 16th.
Top 5 Commodity Imports
- Crude petroleum – $2.68 billion
- Petroleum gas – $1.65 billion
- Refined petroleum – $1.02 billion
- Iron ore – $513 million
- Pig meat – $341 million
Other Notable Imports
- Vehicle parts – $8.58 billion
- Broadcasting equipment – $5.06 billion
- Cars – $3.32 billion
- Insulated wire – $1.57 billion
- Broadcasting accessories – $1.34 billion
Vehicle part imports make up 9.83% of total Slovakian imports of $87.2 billion, with imports per capita amounting to $16,000. From 2013 to 2018, total imports grew by $8.8 billion. The biggest import market is Germany ($15.8 billion), with Czechia ($14.3 billion) close on its heels. Czechia is also the fastest-growing import market, followed by Poland and Hungary.
Details on Slovakia Imports/Exports
Broadcasting equipment is the 2nd most imported product in Slovakia, but it is also the 4th most exported product. Imports originate mostly from Vietnam ($3.79 billion), while exports are destined for Poland ($838 million), Italy ($655 million), Czechia ($491 million), Romania ($482 million), and Germany ($421 million). Total imports and exports amount to $5.06 billion and $4.26 billion respectively.
With annual exports totaling $21.6 billion, Slovakia is the 12th largest car exporter in the world. Representing 23.3% of total exports, cars are the country's most exported product by far. The biggest, and fastest-growing, export market is Germany, which receives $4.8 billion worth of cars from Slovakia. Other main car export destinations are France, the United States, the United Kingdom, and Italy.
Cars are also Slovakia's 3rd most imported product. The biggest import markets are Czechia ($797 million) and Germany ($788 million), with Austria being the fastest-growing market.
Slovakia is the 3rd largest global exporter of video displays, which is also its 3rd most exported product. Of the $5.09 billion worth of video display exports, Germany gets $1.09 billion. Other major markets are the United Kingdom ($598 million), Netherlands ($448 million), Italy ($413 million), and France ($402 million).
Vehicle parts make up almost 10% of Slovakia's imports. The $8.58 billion worth of vehicle parts entering Slovakia annually makes it the world's 11th largest importer of this product. Germany sends $2.75 billion, which represents 18.1% of the total. The fastest-growing export markets are Czechia, Poland, and Hungary, while South Korea is also a significant partner.
Sources and Further Reading
- Read what Slovakia's national debt is and find out what the reasons behind its debt to GDP ratio are.
- See our global economic indicator guide to more than 45 other countries.
- All figures based on OEC 2018 calculations and projections unless otherwise stated.
All currency is reported in US dollars.
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