Slovakia is located in central Europe, to the east of the Czech Republic. The population is 5.4 million, 450,000 of whom live in the capital, Bratislava. The population is expected to increase to 5.6 million by 2030, while the proportion of people aged over 65 increasing from 17% to 31% over the same period. Slovak is the official language, and 10% of the population speak Hungarian. 70% of the population are Catholic. The Euro is the official currency. The standard rate of VAT is 20%.

 Slovakia                               Capital: Bratislava



5.4 million à 5.6 million (2030)

Proportion of people over 65 is 17% à 31% (2030)


Mostly Slovak, 10% Hungarian


70% Catholic

GDP / head

€ 12,700   (EU average: € 25,100)





GDP growth (volume)



1.2% in 2012 (f)

2.9% in 2013 (f)

Unemployment rate

(Feb 2012)

14.0%   (EU average: 10.2%)

Inflation rate

4.1%   (EU average: 3.1%)


Figures relate to 2011, except where indicated.                                      Source: Eurostat, Searce (2012)


Slovakia has a GDP per capita of €12,100, compared to the EU average of €24,400 in 2010. According to the OECD, the Slovak economy grew by 3% in 2011, and is expected to grow by 1.8% in 2012 and by 3.6% in 2013 (compared to the Eurozone average growth of 1.6%, 0.2% and 1.4% respectively). The inflation rate was 4.6% in 2011, compared to 3% in the EU. The unemployment rate was 13.5%, compared to 9.8% in the EU as a whole in 2011.

Slovaks value their privacy, which sometimes makes them appear reserved and formal. Younger business people are more likely to dispense with the more traditional protocols. Meeting schedules are not very rigid. An agenda may exist but is mainly used as a starting point for discussions and time is less important so some meetings may last longer than expected.