Slovakia - Market OverviewSlovakia Market Overview
Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, and trade agreements.
Slovakia is a country of 5.4 million people and is strategically located at the geographic heart of Europe. The Slovak market is increasingly dominated by the automotive, electronics, engineering, tourism, and service industries. In addition to its strategic location and educated population, Slovakia’s stable macroeconomic policies have made it a good place for U.S. exporters to do business.
Slovakia is a member of the North Atlantic Treaty Organization (NATO), the Organization for Economic Cooperation and Development (OECD), the European Union (EU), the Organization for Security and Cooperation in Europe (OSCE), the United Nations (UN), the Council of Europe, the Visegrad 4 (V4), the Central European Free Trade Agreement (CEFTA), the International Monetary Fund, the World Bank, the International Finance Cooperation, the World Trade Organization (WTO), UNESCO, INTERPOL, and other multi-lateral organizations. It is also a member of the EU Schengen Agreement, which allows for the free movement of people.
Slovakia adopted the euro (EUR) as its currency on January 1, 2009, becoming the 16th member of the European Monetary Union, resulting in the facilitation of trade through lower transaction costs, higher pricing transparency, and greater monetary stability. Slovakia has a positive financial outlook according to Moody’s and a stable financial outlook according to S&P and TE rating agencies. Real GDP growth reached 4.1% in 2018, one of the fastest growth rates among all EU countries.
Registered unemployment nationwide dropped down from 5.9% in 2017 to 4.9% at the end of April 2019, but varies widely from region to region. Inflation in 2018 was 2.5%. Continued GDP growth of approximately 3.8% is anticipated in 2019. U.S. exports to Slovakia in 2018 totaled USD 408 million.
U.S. Imports from Slovakia in 2018 totaled USD 3.04 billion. Total Foreign Direct Investment (FDI) stands at more than USD 52.6 billion as of 2017, with U.S. FDI estimated at approximately USD 867 million. U.S. imports from Slovakia are dominated by Volkswagen, Audi, and Porsche Sports Utility Vehicles that are manufactured at the Volkswagenplant in Bratislava. Slovakia’s major trading partners are Germany, the Czech Republic, Russia, Poland, Hungary, Austria, France, Italy, China, Korea, Vietnam, and the United States. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Slovakia is a country of 5.4 million people and is strategically located at the geographic heart of Europe. The Slovak market is increasingly dominated by the automotive, electronics, engineering, tourism, and service industries. In addition to its strategic location and educated population, Slovakia’s stable macroeconomic policies have made it a good place for U.S. exporters to do business.
Slovakia is a member of the North Atlantic Treaty Organization (NATO), the Organization for Economic Cooperation and Development (OECD), the European Union (EU), the Organization for Security and Cooperation in Europe (OSCE), the United Nations (UN), the Council of Europe, the Visegrad 4 (V4), the Central European Free Trade Agreement (CEFTA), the International Monetary Fund, the World Bank, the International Finance Cooperation, the World Trade Organization (WTO), UNESCO, INTERPOL, and other multi-lateral organizations. It is also a member of the EU Schengen Agreement, which allows for the free movement of people.
Slovakia adopted the euro (EUR) as its currency on January 1, 2009, becoming the 16th member of the European Monetary Union, resulting in the facilitation of trade through lower transaction costs, higher pricing transparency, and greater monetary stability. Slovakia has a positive financial outlook according to Moody’s and a stable financial outlook according to S&P and TE rating agencies. Real GDP growth reached 4.1% in 2018, one of the fastest growth rates among all EU countries.
Registered unemployment nationwide dropped down from 5.9% in 2017 to 4.9% at the end of April 2019, but varies widely from region to region. Inflation in 2018 was 2.5%. Continued GDP growth of approximately 3.8% is anticipated in 2019. U.S. exports to Slovakia in 2018 totaled USD 408 million.
U.S. Imports from Slovakia in 2018 totaled USD 3.04 billion. Total Foreign Direct Investment (FDI) stands at more than USD 52.6 billion as of 2017, with U.S. FDI estimated at approximately USD 867 million. U.S. imports from Slovakia are dominated by Volkswagen, Audi, and Porsche Sports Utility Vehicles that are manufactured at the Volkswagenplant in Bratislava. Slovakia’s major trading partners are Germany, the Czech Republic, Russia, Poland, Hungary, Austria, France, Italy, China, Korea, Vietnam, and the United States. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.