Slovakia became a member of the European Union on the 1st of May 2004 and is experiencing a sustained and steady growth pace : the Slovak GDP growth rate was 4.5% in 2003, 5.5% in 2004 and 5% in 2005. The IMF forecasts a 5.4% growth in 2006. Growth is driven by exports and by domestic demand's recovery. The country benefits from a privileged geographic position located at the crossroads of Central Europe, however, it has to face two difficulties : high unemployment which affected 17.3% of the population in 2004 and high budget and foreign deficits.
Agriculture sector is little developed in Slovakia. The main crops are cereals, potatoes, sugar beets and grapes. The country's mining resources are very limited. Slovakia has not yet finished its transition towards a market economy. Heavy industries restructuring is going on, as for steel or metal working industries. Western Slovakia witnesses higher added value industries such as electronics, engineering and petrochemistry. Industrial cooperation, car industry and consumer goods sectors offer numerous prospects to foreign investors.
The country's top three import partners are Germany, Czech Republic and Russia. Car industry is the main developing sector for exports.
Its top three export partners are Germany, Czech Republic and Austria. Slovakia mainly imports machinery, hydrocarbons and capital goods.
