EEFOR - your business partner in EU and Turkey
 

Slovakia

 

   Slovakia

 

The Slovak Republic lies in central Europe. Relatively large differences in elevation are characteristic of Slovakia. Central and northern Slovakia is more mountainous and the south and east of the country lie in the lowlands. The neighbouring countires are from the south Austria and Hungary, from east Ukraine, north Poland and west Czech Republic.

 

Fact sheet:

 

Country Name

 Slovak Republic

Location

 Central Europe

Territory 

 49.035 km2

Population

 5,38 million

Unemployment

 11,4 %  (2006)

GDP growth

 6,1 %  (2005)

Average gross monthly
salary

 448  EUR (2005)

Social security paid by employer

 35,2%

Capital City

 Bratislava

Full member
 of the EU

 since 1st of May 2004

Currency:

 Slovak Koruna (SKK)
 January 2007
 1 USD =  26,61 SKK    1 EUR = 34,75 SKK

International Telephone
Calling Code:

 + 421

Electricity:

  230V, 50 Hz

Time zone

 Central European Time (GMT - 1, GMT -2)

Climate

Mild continental; temperate, a mixture of oceanic and continental, the average winter temperature is 5 degrees C, the average summer temperature is 20 degrees C

 

Economy:

Slovakia is generally recognized as a market economy and became a leader in the Central European region. GDP growth in 2005 reached 6,1% which is highest from all of the countries from Visegrad Group. Prediction of National Bank of Slovakia for 2007 is more then 6,5%. GDP growth development was affected by strong foreign demand and also currently by domestic demand which plays significant role in this growth.

 

Unemployment rate declined from 19,2% in 2001 to 11,4% in 2006. The unemployment rate was affected mainly by strong economic growth and also from inflow of investments.

 

In the 2009 Slovakia plans to join economy and monetary union of EU. To be able to do that  the country have to rich certain criteria. One of them is to stabilize the exchange rate. From November, 2005 is Slovak Crown included in ERM II (Exchange rate mechanism). It is an important step in the process of adopting EURO in Slovak Republic. This will end with fulfillment of Maastricht Convergence Criteria.

 

Investment:

In 1996 Slovak government started with ambitious plan to start structural reforms with a vision to become one of the best business locations in the Europe. Slovakia is seen as successful model to other counties for creating investment and business friendly environment.

 

“The Slovak Republic is set to become the world’s next Hong Kong or Ireland, i.e., a small place that’s an economic powerhouse […]

It could become the domino that pushes the rest of the EU toward a more free-enterprise, entrepreneurial area.”

 

                                                STEVE FORBES

                                    Forbes Magazine, July 2003

     
Copyright ©2006   VEEFOR.COM | All Rights Reserved