US diplomatic representation:
chief of mission: Ambassador Ralph JOHNSON
embassy: Hviezdoslavovo Namestie 4, 81102 Bratislava
mailing address: use embassy street address
telephone: [42] (7) 533-0861, 533-3338
FAX: [42] (7) 533-5439
Flag: three equal horizontal bands of white (top), blue, and red superimposed with the Slovak cross in a shield centered on the hoist side; the cross is white centered on a background of red and blue
Economy ———-
Economic overview: Since its separation from the Czech Republic on 1 January 1993, Slovakia has continued the difficult transformation from a centrally controlled economy to a modern market-oriented economy. Macroeconomic performance improved steadily in 1994 and 1995 - with 4.8% and 6% growth, respectively. But privatization progressed only in fits and starts. Strong export performance boosted growth in both years, with consumption and investment rebounding. Unemployment fell to 12.8% in November 1995, the lowest level since mid-1993, and inflation dropped from 26% in 1993 to 7.5% in 1995. The federal government deficit fell from 7% of GDP in 1993 to less than 2% in 1994-95, as growth boosted revenues. Positive international financial performance led Standard & Poor's to raise its rating of the National Bank of Slovakia's foreign currency debt to just one step below investment grade. The trade and current accounts are both in surplus, and foreign currency reserves held by the central bank have climbed to $3.5 billion. Foreign debt of $4.6 billion - about the same as Romania's - is the lowest in Central and Eastern Europe and the second lowest per capita. Bratislava made the Slovak crown convertible for current account transactions on 1 October 1995. Slovakia continued to have difficulty attracting foreign investment, however, because of perceived political uncertainty and vacillations in privatization policy. The government as well as the OECD projects 5% growth in 1996 and 1997.
GDP: purchasing power parity - $39 billion (1995 est.)
GDP real growth rate: 6% (1995 est.)
GDP per capita: $7,200 (1995 est.)
GDP composition by sector: agriculture: 6.7% industry: 47.6% services: 45.7% (1993 est.)
Inflation rate (consumer prices): 7.5% (1995 est.)
Labor force: 2.484 million by occupation: industry 33.2%, agriculture 12.2%, construction 10.3%, communication and other 44.3% (1990)