Slovakia PESTLE Insights – A Macroeconomic Outlook Report
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Slovakia PESTLE Insights Report Overview
The GDP of Slovakia was $132.4 billion in 2023 and was ranked 39th of 153 nations in the GCRI Q3 2023. Consumption recovery from the energy price shock and increased investment driven by EU funds, the RRF, and government initiatives are anticipated to contribute to this growth. The inflation rate is expected to decrease from in 2024, positively impacting consumer confidence. However, new measures addressing high energy prices and implementing social initiatives may lead to elevated public deficits in 2023, 2024, and 2025, as per the European Commission.
Slovakia Macroeconomic Key Sector’s Contribution to the Economy
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The Slovakia PESTLE insights report consists of the country’s snapshot, risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
GDP 2023 | $132.4 Billion |
Key Landscape | · Political Landscape
· Economic Landscape · Social Landscape · Technological Landscape · Environmental Landscape · Legal Landscape |
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PESTLE Insights of the Slovakia Macroeconomic Outlook Report
Political Landscape: According to the World Bank, World Governance Indicators (2023), Slovakia had a strong percentile score of 63.7 in terms of government effectiveness, which measures the quality of public services. It also measures the quality of civil service and its independence from political pressures, the quality of policy formulation and implementation, and the credibility of the government’s commitment to its stated policies. Furthermore, Slovakia’s newly-formed government, in a program endorsed on November 13, 2023, plans to increase various taxes, including those on banks, to finance higher pensions and overall spending while gradually reducing the euro zone’s highest budget deficit.
Economic Landscape: Slovakia boasts a robust heritage in the automotive industry, making it the preeminent economic sector and the primary catalyst for the nation’s economic growth. Presently, it stands as the most influential sector, contributing significantly to the Slovak GDP, export figures, and employment opportunities. Slovakia stands to benefit economically as modern trends in the automotive industry, featuring alternative drives and autonomous control, pose both a challenge and a significant opportunity. The country has the potential to attract new investment projects associated with this transformative shift, enhancing its economic strength.
Slovakia PESTLE Landscapes
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Scope
In April 2023, the European Commission announced allocation of EUR190 million ($206.5 million) to foster development of railway infrastructure in Slovakia.
Key Highlights
The SKSM index has been on a volatile trend. As of December 13, 2023, the index stood at 315.4, compared to 340.2 on December 13, 2022.
Reasons to Buy
- This report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Slovakia's GDP in 2023?
Slovakia’s GDP was $132.4 billion in 2023.
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What was Slovakia’s rank in the GCRI Q3 2023?
Slovakia was ranked 39th of 153 nations in the GCRI Q3 2023.
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Which are the key landscapes in the Slovakia PESTLE Insights report?
A few of the key landscapes in Slovakia’s PESTLE insights report are the political landscape, economic landscape, social landscape, technological landscape, legal landscape, and environmental landscape among others.
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