Indicators of economy in Slovakia
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Slovakia, on the other hand, reached USD 21,392 per capita, or 116.53 billion USD for the whole country. Slovakia is therefore currently ranked 59 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Slovakia ranks 48th in the list of the richest countries.Inflation in Slovakia in 2022 was around 12.77%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 53, which is rather mediocre by global standards.
Back to overview: 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
Slovakia Total | Slovakia per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 116.53 bn USD | 21,391.93 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 112.42 bn USD | 20,638.73 USD | 16.895 tn USD | 32,835.37 USD |
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
Slovakia Total | Slovakia per capita | EU Total | EU per capita | |
---|---|---|---|---|
Gross debt | 66.74 bn USD | 12,251.67 USD | 13.976 tn USD | 27,163.16 USD |
Budget deficit | 2.35 bn USD | 431.81 USD | 560.78 bn USD | 1,089.90 USD |
› Debt budget development
› Development of inflation
› Corruption in Slovakia
› Cost of living in a global comparison
› Development of inflation
› Corruption in Slovakia
› Cost of living in a global comparison
Imports and Exports 2021
Slovakia Total | Slovakia per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 106.60 bn USD | 19,570.24 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 107.49 bn USD | 19,732.59 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1993 - 2021
Exports
Imports