chief of mission: Ambassador Vincent OBSITNIK embassy: Hviezdoslavovo Namestie 4, 81102 Bratislava mailing address: P.O. Box 309, 814 99 Bratislava telephone: [421] (2) 5443-3338 FAX: [421] (2) 5441-8861
Flag description:
three equal horizontal bands of white (top), blue, and red superimposed with the coat of arms of Slovakia (consisting of a red shield bordered in white and bearing a white Cross of Lorraine surmounting three blue hills); the coat of arms is centered vertically and offset slightly to the hoist side
Economy
Slovakia
Economy - overview:
Slovakia has mastered much of the difficult transition from a centrally planned economy to a modern market economy. The DZURINDA government made excellent progress during 2001-04 in macroeconomic stabilization and structural reform. Major privatizations are nearly complete, the banking sector is almost completely 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 sector has been strong. Slovakia's economic growth exceeded expectations in 2001-07 despite the general European slowdown. Unemployment, at an unacceptable 18% in 2003-04, dropped to 8.6% in 2007 but remains the economy's Achilles heel. Slovakia joined the EU on 1 May 2004 and will be the second of the new EU member states to adopt the euro in 2009 if it continues to meet euro adoption criteria in 2008. Despite its 2006 pre-election promises to loosen fiscal policy and reverse the previous DZURINDA government's pro-market reforms, FICO's cabinet has thus far been careful to keep a lid on spending in order to meet euro adoption criteria. The FICO government is pursuing a state-interventionist economic policy, however, and has pushed to regulate energy and food prices.
GDP (purchasing power parity):
$110.2 billion (2007 est.)
GDP (official exchange rate):
$74.99 billion (2007 est.)