Indicators of economy in Slovakia

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Slovakia in 2020 increased from 105.72 billion US dollars to 106.70 billion US dollars. Certainly, there have been shifts in numerous sectors of the economy, but a 0.92 percent increase has been rather unusual this year. While most countries have suffered significant losses, Slovakia has certainly held its own. The tourism sector alone slumped by around 61 percent. The unemployment rate rose from 5.8 to 6.7 percent. The country's gross debt increased by 23.8 percent. The inflation rate fell from 2.7 percent previously to 1.9 percent by the end of 2020.

Income and purchasing power

The average monthly income in Slovakia is 1,720 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 30.4 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Slovakia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 58.2 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Slovakia ranked 46th in 2022 with 34.3 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1990 - 2021

Household debt and deficits 2022

Imports and Exports 2021

Development of imports and exports in billions of USD 1993 - 2021