Reports


SLOVAKIA


history is one of the youngest capitals in the world.


The second biggest city is Kosice (population 242,000) located on the Hornad River on the western edge of the Kosicka Kotlina basins and is an important centre for trade, culture and education.


Since the establishment of the Slovak Republic in 1993 the country has undergone a transition from a centrally planned economy to a free market economy, even though this was hampered slightly between 1994 and 1998 under the


At the end of June 2009 the state budget deficit


reached€1.108bn which exceeded the


sumplanned for the whole of 2009.Many say this is down to the drop in tax


revenues,mainly fromVAT and the


reluctance fromthe government so far to cut its spending.


fiscal policies of Prime Minister Meciar when public and private debt soared.


Today nearly the entire economy has now been privatised and foreign investment has increased although long term unemployment has always remained a problem. In 2007 the country had the highest sustained GDP in the EU with 10.4 per cent.


However, the global economic downturn has hit the small and export orientated Slovak economy hard.


The unemployment rate stands at around


13 per cent, the highest level in nearly five years. In comparison in September 2008 the unemployment rate was 7.5 per cent.


The district of Rimavska Sobota reported the highest unemployment rate whilst Bratislava reported the lowest rate. Textile, clothing and footwear industries are the worst hit industrial sectors.


When Slovakia joined the EU in 2004 many Slovaks moved abroad eager to earn better salaries or gain new job skills. The majority went to Czech whilst other favourite destinations included the UK


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