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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 |
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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 |
