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||1997 - 2015
Slovakia has been one of the fastest growing economies in Europe. Taxation, healthcare, pensions, and social welfare reforms helped the nation to join the European Union in 2004 and to adopt the euro in 2009. Foreign direct investment, especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap, skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages to foreign investors. In 2011, the Slovak automotive industry reached production levels of more than a million cars per year. On the expenditure side, household expenditure is the main component of GDP and accounts for 57 percent of its total use, followed by gross fixed capital formation (21 percent) and government consumption (19 percent). Also, external balance of exports and imports accounts for 4 percent of total GDP. This page provides - Slovakia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Slovakia GDP Growth Rate - was last refreshed on Wednesday, October 7, 2015.