Tag Archives: Slovakia

According to allcountrylist, Slovakia is a Central European country with a population of 5.4 million and a nominal Gross Domestic Product (GDP) of $127 billion. The economy of Slovakia is highly diversified, with the services sector comprising the largest share of the economy at 61%. This includes finance and banking, insurance, business services and tourism. Manufacturing makes up 31% of GDP and includes machinery, electronics, automotive parts and pharmaceuticals. Agriculture accounts for 8% of GDP but is still important to the nation’s food security. The manufacturing sector in Slovakia is highly advanced, with a focus on high-tech industries such as machinery, electronics and automotive parts. Slovakia also has one of the most open and competitive economies in the world – it has no restrictions on foreign direct investment (FDI), no capital gains tax or wealth tax and low corporate tax rates. The government has implemented several initiatives to promote economic growth in Slovakia such as encouraging innovation through research & development grants, providing incentives for businesses to upgrade their technology & skills as well as providing access to financing for new businesses through government-linked venture capital funds. Additionally, Slovakia has signed several regional trade agreements such as the European Union (EU) which allows for free trade between member countries within Europe thereby increasing access to markets outside its own borders. In addition to this Slovakia is also part of the Central European Free Trade Agreement (CEFTA) which provides tariff-free access to markets from Central Europe to Asia Pacific for certain goods originating from eligible countries including Slovakia. Slovakia has a long and proud history of agriculture, with its farmers producing a variety of crops since the country first emerged as an independent nation in 1993. In the early years, Slovakia focused on traditional crops such as wheat, barley, rye, oats and potatoes. Later, other crops such as fruit and vegetables were added to the mix. The country has a long history of livestock rearing too, with cows being the most common animal farmed. Over recent years, however, there has been a shift away from traditional farming methods towards modern technology and industrialised production methods. This has allowed Slovakia to increase its production significantly while also reducing its reliance on imported food products. In 2019 alone, Slovakia produced over 8 million tonnes of agricultural products including wheat, potatoes and sugar beets. Livestock production is still important in Slovakia but it is now supplemented by modern technology such as artificial insemination and automated milking machines to boost yields. The country is also investing heavily in research into new farming techniques that are more sustainable and efficient than ever before. See collegesanduniversitiesinusa for Slovakia Education and Training.