Slovakia

About Slovakia

Background:

The dissolution of the Austro-Hungarian Empire at the close of World War I allowed the Slovaks to join the closely related Czechs to form Czechoslovakia. Following the chaos of World War II, Czechoslovakia became a Communist nation within Soviet-dominated Eastern Europe. Soviet influence collapsed in 1989 and Czechoslovakia once more became free. The Slovaks and the Czechs agreed to separate peacefully on 1 January 1993. Slovakia joined both NATO and the EU in the spring of 2004 and the euro area on 1 January 2009.

PEOPLE

Population:
5,463,046 (July 2009 est.)
country comparison to the world: 110

Nationality:
noun: Slovak(s)
adjective: Slovak

Ethnic groups:
Slovak 85.8%, Hungarian 9.7%, Roma 1.7%, Ruthenian/Ukrainian 1%, other and unspecified 1.8% (2001 census)

Religions:
Roman Catholic 68.9%, Protestant 10.8%, Greek Catholic 4.1%, other or unspecified 3.2%, none 13% (2001 census)

Languages:
Slovak (official) 83.9%, Hungarian 10.7%, Roma 1.8%, Ukrainian 1%, other or unspecified 2.6% (2001 census)

GOVERNMENT

Country Name:
conventional long form: Slovak Republic
conventional short form: Slovakia
local long form: Slovenska Republika
local short form: Slovensko

Government type:
parliamentary democracy

Capital:
name: Bratislava
geographic coordinates: 48 09 N, 17 07 E
time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

Independence:
1 January 1993 (Czechoslovakia split into the Czech Republic and Slovakia)

Flag description:
three equal horizontal bands of white (top), blue, and red derive from the pan-Slavic colors; the Slovakian coat of arms (consisting of a red shield bordered in white and bearing a white Cross of Lorraine surmounting three blue hills) is centered over the bands but offset slightly to the hoist side

ECONOMY

Economy - overview:
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia to consolidate its budget and get on track to join the EU in 2004 and to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies such as labor market liberalization and a 19% flat tax. Foreign investment in the automotive and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-08 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.4% in 2008 but remains the economy's Achilles heel. Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been careful to keep a lid on spending in order to meet euro adoption criteria and has focused on regulating energy and food prices instead. To maintain a stable operating environment for investors, the European Bank for Reconstruction and Development advised the Slovak government to refrain from intervening in important sectors of the economy. However, Bratislava's approach to mitigating the economic slowdown includes substantial government intervention and the option to nationalize strategic companies. GDP fell nearly 5% in 2009 and unemployment rose above 11%, as the global recession impacted many segments of the economy.

GDP (purchasing power parity):
$115.3 billion (2009 est.)
country comparison to the world: 61
$121.2 billion (2008 est.)
$113.9 billion (2007 est.)
note: data are in 2009 US dollars

GDP - per capita (PPP):
$21,100 (2009 est.)
country comparison to the world: 58
$22,200 (2008 est.)
$20,900 (2007 est.)
note: data are in 2009 US dollars

Budget:
revenues: $28.31 billion
expenditures: $32.94 billion (2009 est.)

Inflation rate (consumer prices):
1.6% (2009 est.)
country comparison to the world: 55
4.6% (2008 est.)

Industries:
metal and metal products; food and beverages; electricity, gas, coke, oil, nuclear fuel; chemicals and manmade fibers; machinery; paper and printing; earthenware and ceramics; transport vehicles; textiles; electrical and optical apparatus; rubber products

Exports:
$45.05 billion (2009 est.)
country comparison to the world: 48
$72.57 billion (2008 est.)

Imports:
$46.47 billion (2009 est.)
country comparison to the world: 46
$73.62 billion (2008 est.)

Exchange rates:
Slovak koruny (SKK) per US dollar - 0.734 (2009), 21.05 (2008), 24.919 (2007), 29.611 (2006), 31.018 (2005)
note: on 1 January 2009 Slovakia adopted the euro as legal tende