Slovakia PESTLE Insights – A Macroeconomic Outlook Report

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Mining, manufacturing, and utilities contributed 25.4% to the gross value added (GVA) in 2023, followed by financial intermediation, real estate, and business activities (23.0%), and wholesale, retail, and hotel activities (13.2%). In nominal terms, the three sectors are expected to grow by 7.3%, 7.2%, and 7.2%, respectively, in 2024.

Three major regions in Slovakia were home to 75.9% of the country’s population in 2022, according to EuroStat.

PESTLE Insights of the Slovakia Macroeconomic Outlook Report

Political Landscape: According to the World Bank, World Governance Indicators (2022), Slovakia had a strong percentile score in terms of government effectiveness. This measures the quality of public services, the quality of civil service and its independence from political pressures, and others. However, the country needs to focus on security risks, bring policies to tackle the energy crisis, and control political turmoil for a better ranking.

Economic Landscape: The country has a robust banking system, which plays a significant role in economic growth. Due to persistently low-interest rates, fierce interbank rivalry, and rising house prices, the rise in home loans increased during the pandemic year. The three big players (Slovenska sporitelna, VUB Banka, and Tatra banka) hold the majority of banking assets in Slovakia, which places the banking sector in their hands. Slovakia banks are active participants in financial education.

Social Landscape: The nation has been working on its gender gap and human development index. According to the World Economic Forum, Global Gender Gap Report (2022), Slovakia was ranked 67th out of 146 countries, well ahead of other European countries such as the Czech Republic, Hungary, Poland, and Romania. Slovakia has also performed well on various social parameters. According to the UNDP, Human Development Report (2021–22), it was ranked 45th out of 191 nations.

Technological Landscape: The country boasts a strong ICT sector. The country had an average download speed of 58.32 Mbps and an upload speed of 26.71 Mbps in the fixed broadband parameter. Moreover, the country was ranked 45th out of 140 countries on the mobile speed parameter with a download speed of 43.95 Mbps and an upload speed of 11.45 Mbps in October 2022.

Legal Landscape: According to the World Justice Project, Rule of Law Index (2022), Slovakia ranked 33rd out of 139 economies on the rule of law parameter. On the order and security parameter, the nation ranked 15th out of 139 economies. However, according to the World Bank, Ease of Doing Business Report (2020), Slovakia has performed very low on certain parameters which include starting a business. This remains a cause of concern for the business environment in the country.

Environmental Landscape: The country has a strong performance in the environmental performance index. According to the Yale University, Environmental Performance Index (2022), Slovakia ranked 18th out of a total of 180 countries. However, decreasing natural forests is one of the key environmental concerns that the country needs to address.

For more PESTLE insights on Slovakia’s macroeconomic outlook, download a free report sample

Slovakia PESTLE Insights Overview

GDP 2021 $114.9 billion


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

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 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 pertaining to 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 GDP and population along with major companies’ presence in these areas.

Sloval Telekom

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape



Exhibit 1: Slovakia’s performance in terms of the country’s risk analysis in comparison to Eastern Europe and the world

Exhibit 2: Performance overview (score: 0-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: SKSM index, (December 2022 – December 2023)

Exhibit 5: Key sectors contribution to the economy (2019–26f)

Exhibit 6: FDI inflows, FDI outflows, FDI inward stock and FDI outward stock (2018–22)

Exhibit 7: Greenfield FDI projects and net cross border M&As seller deals (2018–22)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2019–26f)

Exhibit 10: Real GDP growth rate comparison (2023e)

Exhibit 11: Volume of exports and imports growth (2019–26f)

Exhibit 12: Current account balance (2019–26f)

Exhibit 13: Top three commodity exports, % of total exports (2018–22)

Exhibit 14: Vehicles other than railway or tramway rolling stock, and parts and accessories thereof exports, % of world total (2022)

Exhibit 15: Interest rates (December 2018 – December 2023)

Exhibit 16: Exchange rate and inflation (2019–26f)

Exhibit 17: Public finance (2019–26f)

Exhibit 18: General government debt (2019–26f)

Exhibit 19: Unemployment rate (2019–26f)

Exhibit 20: Average annual wages (2019–26f)

Exhibit 21: Labor cost index (2019–26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: High-technology exports, % of manufactured exports (2022)

Exhibit 28: Rule of law index (rankings) 2023

Exhibit 29: Corruption perceptions index (rankings) (2022)

Exhibit 30: Renewable energy, installed capacity (2019–23e)

Exhibit 31: CO2 emissions (2018–22)


List of Figures

Exhibit 1: Slovakia’s performance in terms of its country risk analysis in comparison to Eastern Europe and the world average

Exhibit 2: Performance overview (Score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: SKSM index

Exhibit 5: Exchange rate, daily basis (October 2021 – October 2022)

Exhibit 6: Key sectors’ contribution to the economy

Exhibit 7: FDI inflows to Slovakia, FDI outflows from Slovakia, and FDI inward stock, FDI outward stock (2017-21)

Exhibit 8: Value and number of Greenfield FDI projects in Slovakia and net cross border M&As purchases in Slovakia (2017-21)

Exhibit 9: Key infrastructure indicators

Exhibit 10: Real GDP and household consumption growth rate (2017-24f)

Exhibit 11: Real GDP growth rate comparison (2021)

Exhibit 12: Export, import and trade balance (2017-24f)

Exhibit 13: Current account balance (2017-24f)

Exhibit 14: Top three commodity exports, % of total exports (2017-21)

Exhibit 15: Natural pearls and precious stones, % of total exports (2021)

Exhibit 16: Interest rates (January 2017 – November 2022)

Exhibit 17: Exchange rate and inflation (2017-2024f)

Exhibit 18: Public finance (2017-24f)

Exhibit 19: General government debt (2017-24f)

Exhibit 20: Unemployment rate (2017-24ff)

Exhibit 21: Average annual wages (2017-24f)

Exhibit 22: Labor cost index (2017-24f)

Exhibit 23: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 24: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 25: Gender split (1995, 2005, 2015, 2025)

Exhibit 26: Internet users % of total population, mobile penetration rate and broadband penetration rate (2020)

Exhibit 27: Number of patents granted per million population (2020)

Exhibit 28: High-technology exports (% of manufactured exports) (2020)

Exhibit 29: Doing business in Slovakia (2021)

Exhibit 30: Corruption perceptions index (rankings) (2021)

Exhibit 31: CO2 emissions (2017-21)

Frequently asked questions

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