Economy of Slovakia
Slovakia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Slovakia is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Slovakia exports around $82.7 billion and imports roughly $77.96 billion. 7.5% of population in the country are unemployed. The total number of unemployed people in Slovakia is 408,736. In Slovakia, 12.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Slovakia is low, indicating that it has a stable economy. Investors should consider Slovakia to be a safe location for investments and other financial ventures. Government expenditure on education is 3.6% of GDP. The Gini Index of the country is 25.3. Slovakia is experiencing high equality. Differences in income among citizens are only mildly significant. Slovakia has a Human Development Index (HDI) of 0.83. Slovakia has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Slovakia is 1.478. Due to strong law enforcement presence and high social responsibility, Slovakia is very safe by international standards. The strength of legal rights index for Slovakia is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
The currency of Slovakia is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.
The depth of credit information index for Slovakia is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Slovakia has a credit rating score of A+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Slovakia has a credit rating score of A+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Slovakia has a credit rating score of A1, and the prospects of this rating are stable.
In Slovakia, the institution that manages the state's currency, money supply, and interest rates is called National Bank of Slovakia. Locally, the central bank of Slovakia is called Národná banka Slovenska. The average deposit interest rate offered by local banks in Slovakia is 2.44%.
The government debt of Slovakia has not been calculated yet.
The corporate tax in Slovakia is set at 22%. Personal income tax ranges from 19% to 25%, depending on your specific situation and income level. VAT in Slovakia is 20%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Slovakia is $153195 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Slovakia was last recorded at $28 million. PPP in Slovakia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Slovakia is 97,713 billion. Based on this statistic, Slovakia is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Slovakia was last recorded at $18 million. The average citizen in Slovakia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Slovakia averaged 2.4% in 2014. According to this percentage, Slovakia is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Slovakia.
Major industries in the country are automobiles, metal and metal products, electricity, gas, coke, oil, nuclear fuel, chemicals, synthetic fibers, wood and paper products, machinery, earthenware and ceramics, textiles, electrical and optical apparatus, rubber products, food and beverages, pharmaceutical. The total labor force of Slovakia is 2,749,330 people, wherein 7.5% of population in the country are unemployed. The total number of unemployed people in Slovakia is 408,736. The Industrial Production growth rate of Slovakia is 7.5%.To read more about industrial information within Slovakia click on industry of Slovakia.
There are 14264 km2 of arable land in Slovakia, and it comprises 29% of the country's total territory. There are 15567 km2 of cultivated land in Slovakia. The country's major agricultural crops and products are grains, potatoes, sugar beets, hops, fruit, pigs, cattle, poultry, forest products.To read more about agriculture click on agriculture of Slovakia.