Slovakia Economy

Working abroad sounds like an adventure to many people. However, job search in Slovakia requires more than just the obvious Slovakia CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you made a decision to get Slovakia jobs.

Do not take too lightly the influence a work in Slovakia can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar candidate selection criteria and unusual management culture.

art_warning Slovakia EconomyMost visits to Slovakia are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Slovakia economy - overview: Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, health care, pension, and social welfare systems helped Slovakia to consolidate its budget and get on track to join the EU in 2004 and to adopt the euro in 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies such as labor market liberalization and a 19% flat tax.

Foreign investment in the automotive and electronic sectors has been strong. Slovakia's economic growth exceeded expectations in 2001-08 despite the general European slowdown. Cheap and skilled labor, low taxes, a 19% flat tax for corporations and individuals, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors.

The economy contracted 5% in 2009 primarily as a result of reduced demand for Slovakia's exports before rebounding 4% in 2010 and 3.3% in 2011. Unemployment rose above 12% in 2010-11. The government implemented reforms to curb corruption and improve government accountability - a major source of discontent with many Slovaks - and trimmed the budget deficit to 4.9% of GDP in 2011.

Labor force - by occupation: agriculture 4%, industry 39%, services 56.9% (30 September 2008)

Unemployment rate: 13.5% (2011 est.), 8.4% (2008); 17.2% (2002 est.)

Natural resources: brown coal and lignite, small amounts of iron ore, copper and manganese ore salt, arable land

Industries: metal and metal products, food and beverages, electricity, gas, coke, oil, nuclear fuel, chemicals and manmade fibers, machinery, paper and printing, earthenware and ceramics, transport vehicles, textiles, electrical and optical apparatus, rubber products

euro_banknotes Slovakia EconomyCurrency: On 1 January 2009, Slovakia adopted the euro as legal tender. Euro (EUR; symbol €) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2 and 1, and 50, 20, 10 and 5 cents.

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. ATMs are widely available.

Traveler’s Cheques: American Express, Thomas Cook and Visa traveler’s cheques are accepted in banks and at bureaux de change. Exchange rate charges are at least 1% of the nominal check value. To avoid additional charges, travelers are advised to take traveler’s cheques in Euros, US Dollars or Pounds Sterling.

Exchange rates:

  • Slovak Koruny (SKK) per US dollar - 21.05 (2008 est.), 24.919 (2007), 29.611 (2006), 31.018 (2005), 32.257 (2004); 45.33 (2002), 48.35 (2001), 46.04 (2000), 41.36 (1999), 35.23 (1998)
  • Euros (EUR) per US dollar - 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009 est.), 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

Inflation rate (consumer prices): 4% (2011 est.), 4.6% (2008)

Other Slovakia Economy Info

We hope that your Slovakia job search has been successful and you will get Slovakia visa too. So, if your Slovakia cover letter and Slovakia CV are ready, you may distribute them to your future employers and start preparing for a Slovakia job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Slovakia economy info!

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