the Slovak economy performance
the Slovak economy performance

The Slovak economy is catching up the Czech!

Sep 02 2016

Since the Slovak Republic split with the Czech Republic, the Slovak economy is doing better because it has bigger performance than the Czech one!

In 1993, the Slovak economy performance reached approx. 60% of the Czech economy performance. Well, in 2011, the Slovak economy reached 90% of the Czech economy and in 2012 it was even up to 94%. In the last twenty years, on average, the Slovak economy has been growing by 4.4% at constant prices while the Czech only by 2.8%.

In labour productivity measured as GDP per employee, Slovakia caught up the Czech Republic as early as in 2007, but nowadays the labour productivity in Slovakia is about 10% higher than in the Czech Republic. In Slovakia, during the turn of the millennium, there was a gradual correction of the crisis year and wages grew more slowly than labour productivity; on the other hand, in the Czech Republic, the wage growth was overtaking the labour productivity growth in the years after the crisis.

Slovakia's dependence on external demand has increased during the past 20 years - the explicitness of the Slovak economy grew from 117% in 1993 to 186% in 2012, while Slovakia is currently one of the most open economies in the world.

Since 1989, Slovakia has changed dramatically - it has become independent, joined the EU and adopted the euro. The Slovak economy was growing in the period from 1989 to 2014 by about 2.6% per year, and this year it will have gotten 190% performance from 1989. The analysts of UniCredit Bank Czech Republic and Slovakia have assessed it exactly like this. Compared to 1989, consumer prices increased by 7.5 times, wages more than eight times. Real wages, after all, reached the level of 1989 in the year 2007 and today they're higher by 12%.

During the 25 years, since the end of the revolution, the structure of the economy has been changing, too. Slovakia became one of the most open economies. Nowadays, especially the automotive industry contributes to the Slovak's economy growth. In recent years, the importance of information and communication sector is gradually increasing within the Slovak economy.


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