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SLOVAKIA
SLOVAKIA
Agreement with EU to mint Euros
The LargestEconomy in the WorldGDP in 2012:EU: €12.9 trillionUSA: €11.8 trillion
European FreeTrade Association
The Councilof Europe
European EconomicArea
Eurozone
Schengen Area
EU CustomsUnion
EuropeanUnion
FINBELAUT
ALB
ARM
LIEISL
NORSUI
CRO
AZE
BIH GEO MDAMNE
MKD
RUS
SRB
UKR
BUL
ROUpop: 330 mil.17 countries
Population: 5.4 mil.Unemployment: 14.5%
Avg. monthly salary: € 826Avg. labor cost: € 1,200
Currency: Euro (€)
pop:
500 mil.
pop:
820 mil. 47 countries
UK
CZE DEN
AND
TUR
SMR
MON
VAT
EST
POL
SWELAT
LTU
HUN
FRA
CYPIRL
ITAGREGER
NED POR
ESPSLO
MLTLUX
SVK
Eurozone countries
Euro adopted unilaterally
39 Office in 19 Countriessquiresanders.com
Advokátska kancelária Squire Sanders s.r.o. Zochova 5, 811 03 Bratislava
PROVIDING FULL SERVICE LEGAL ADVICE IN SLOVAKIA AND ACROSS THE GLOBECrowne Plaza,
Hodžovo námestie 2811 06 Bratislava,
Slovak Republic T: (+421-2) 5464 0534E: of [email protected]
W: www.amcham.sk
HH
TTTTTTTTTT::::TTTTTTT ((((( (E:EE:EE:E:E:
WWWWWWWWW
19• – Years in Slovakia20• – Percentage of Slovakia’s GDP produced by AmCham members320• – Number of members100,000• – Number of employees in AmCham membership15,500,000,000• – Turnover in EUR of our top 100 companies
Crowne Plaza, CCrorownwnee 19 – Years in Slovakia–
amcham2013_ad.indd 1 20.8.2013 9:49:45
© 2013, ECENTER and The American Chamber of Commerce in the Slovak Republic, All Rights Reserved
ISB
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78
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978
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Tel.: +(421) 2 5273.1124, Fax: +(421) 2 5273.1211, E-mail: [email protected]
Slovakia in Figures 2013-14
Petržalka in Bratislava - The most dense urban area in Central Europe
Developed Infrastructure
Kia in Slovakia - State-of-the art production facility
Productive and Modern Industry
Tatras - View from Štrbské pleso
Beautiful Nature
Achieve outstanding results.We help companies become and stay leaders in their markets.
The fastest desktop Internet; the 10th fastest mobile Internet - excellent IT infrastructureThe most productive labor force in OECD - the highest return on labor investmentThe lowest labor cost in Eurozone
The Best Deal in the Eurozone = Slovakia
SSLLOOVVAAKKIAAVVAAKIAKIIAA
SLOVAKIA
Agreement with EU
gg
sto mint Euros
Theh LargestEconomy in the WorldGDP in 2012:EU: €12.9 trillionUSA: €11.8 trillion
European FreeTrade Association
pp
The Councilof Europe
Euroropep anan Eccononommic
p
ArAreae
neEuEurozozonne
SchhenSchheenngen AAreaaen
EU CustomsUnion
Euroropep ananUnU ionn
pp
FIFINBELLAUT
ALB
ARM
LIEISLISL
NORNORSUIUI
CRO
AZE
BIH GGEO MDAMDAMMNE
MKDD
RRUS
SRBSRB
UKR
BULBUL
RROUp pppop: 3300 milmil..popop: 33030 milmi17 7 coucountriesies
Population: 5.44 mim l.milUnemployment: 14.5%5%
vg. monthly salalary:ry: € 826Avg. laboorr costost: €: € 1,1,200
Currenncy: EuE ro (€)(€
popop:
500 mimil.
pop:
820 mil. 47 countries
UK
CZE DEN
AND
TUR
SMR
MON
VAT
ESTEST
POL
SWELAT
LTU
HUN
FRA
CYPCIRL
ITAGREGREGER
NED POR
SPESPSLO
TTTTMLMLTLUX
SVSVSVKSVK
Eurozone countries
Euro adopted unilaterally
The fffaaaasssstttteeeesssstttt ddddeeeesssskkkkttttoooopppp Internet; the 10th fastest mobile Internet - excellent IT infrastructureThe most proooodddduuuuctive labor force in OECD - the highest return on labor investment
rrrrrrrrrrrrrrrrrržažažažažažažažažažažažažažažažažažažžžažžaaažžažaalklklklklklklklkllkllllklklklklklklkllllkllkaa a aa aaa aaaaaa aa ininininininininininiininnnnn BBBBBBBBBBBBBBBBBrarararaaarararrrarrr ttitittititit slslsslsslslavavvvavvavavavavvva aaa a a a a aaa aaaa ----- ThThThThThhhhThhThThThThheeeeeeeee momomomomom stststststttt dddddddenenene seseaaaaaaaaaaannnnnnnn arararararrararrrrrra eaeaeaeaeaeaeaeeeaeaaae iiiiiiiinnnnnnnnnnnnnn CeCeCeCeCeCeCeCeCeCeCCCCCentntntntntntntttntntn rarararraraararaaaaaaalllll EuEuEuEuEuEuuEuuEuEuEEuEEuuE rorororororrorrororororooororooopepepepepepepepeeepeeepeeeppeppeeepppe
KKiKiKiKiKiKiKiKiKiKiKiKiKiKKKiKiKiKiKiKiKiKiKiKiiiKKiiKiKiKiiiaaaaaaaaaaaaaa aaaaaaaaaaaaaa inininininininininiinininiiinininiininininnn SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSlolololololololooololloolololollololololololloloololooovavavavavavvvvvaavavaaavavaavavavvavvakikikikkikikkkikikikkikiikikikikikikikikkikiikikiikia aaa a aaaaa aaaaa ---- StStStStaatate-e of-thehe aaaaaaaaaaaartrtrtrtrtrtrtrtrttttrttr pppppppppppppppppppppprrororrororoooorrorrooooorororrroorororoorodddudududududududududududududddddudududduduudddddduududddduuddududuuuudddududuuuuduuuuuuuuuuuuuuuuuuucctctcttctctcctctctctcctctctctcctctctctctctctccctctctccccctc ioioiooioioooooiioioioiooooooioiiioooioiooioioooooiooioioiiioioioioonnnnn nnnnnnnnnn nn nnnnnnnn n fafafafaaaaaafaaaafaaaaaaafaaffffaaffffaciciciciciciccciciciccccccccccciccccicccccicic llllilililiililillililililillilliilllililiilliliiiiiliiillill tytytytyttyttytytytytytytytyttytytyytttttttytttttytytytttyyyyyy
TaTaTaTaTaTaaTaTaTaaaTaTaTaTaaTaTaTaTaaTaTaTaTaaTaaTaaTTTaTaTTTTaTTaTTaTaTTaTTTaTTTaaTaaTTT trtrtrttrtrtrtrtrtrrtrtrrtttrtrtrtrtrtrtrrtrrtrrrtrttrrrtt asaaasaasasasasasasassasassasasasasasaaaasasaaaasssasaaasassaasasaaasaaaaasass ------ VVVVVVVVVVVVVVVVVieieieieieieeieieeeeeeeeeeeeeww w www www wwwwww ww ww ww w fffrffrrrrrrrffrffrfrfrfrfrrfrfrfrfrfrfrfrrfrfrfrfrfrfrooomomomoomoommooomooomomommmomooomomooomooooomooooooooooomom ŠŠŠŠŠŠŠŠŠtrtrtrtrtrtrrrbsbssssbskékékékékékkékékék ppppppplelelesosososo
© 2013, ECENTER / The American Chamber of Commerce in the Slovak Republic, All Rights Reserved
Slovakia in Figures 2013-14
HungaryAustria
Czech Republic
Poland
Ukraine
Bratislava
Trnava
Nitra
Trenčín
Žilina
Prešov
KošiceBanská Bystrica
430 000
70 000
80 000
Zvolen40 000
90 000
Michalovcee40 000
240 000
85 000 Martin60 000 Poprad
55 000
Spišskán. Ves40 000
60 000
Prievidza50 000
85 000
Nové Zámky40 000
Komárno40 000
The Largest Cities in Slovakia (population)
Population – 5.4 mil. (Similar to Denmark, Finland, Singapore, Minnesota, or New Zealand)
Literacy: 99%. Life Expectancy: 80 yrs. females; 72 yrs. males. (2011)Total Area: 49,000 sq km / 18,933 sq mi Slightly larger than Denmark(43,000 sq km), Netherlands (42,000 sq km), or Switzerland (41,000 sq km); slightly smaller than Costa Rica (51,000 sq km). *Unofficial estimates place the Roma population between 6%-10%.
ReligionsEthnicity
Hungary
Czech Republic
PolandMain Slovak Academic and Research Clusters
Bratislava
Trnava
Nitra
Trenčín
Žilina
Prešov
Košice
Poprad
Banská Bystrica
Zvolen
[74 000], (6.2%)
[19 000], (9.8%)
[12 000], (20.1%)
[18 000], (19.5%)[29 000], (18.7%)
[23 000], (14%)
[19 000], (12.6%)
[10 000], (11.1%)
Austria
Ukr
ain
e
Lower end production
Higher end services
[number of students at universities and colleges]
(unemployment in regions)
Total nunber of college and university students 205 000Source: Slovak Statistics Office, 2013
Page 2
No religion 13,4%
Roman Catholic 62%
Not specified 10.6%
Evangelical Methodist 0.2%
Jehovah's Witnesses 0.3% Orthodox 0.9%
Reformed Christian 1.8% Greek Catholic 3.8%
Evangelical of the Augsburg Confession 5.9%
Hungarians 9%
Czechs 0.6%Roma* 2%
Other 7%Rusyns 0.6%
Slovaks 81%
Politics & Ratings The 2nd highest rating in V4 region
President Ivan Gašparovič (2004 - 2009; 2009 - spring 2014)
Prime Minister Róbert Fico (2012 - spring 2016)Smer-SD
Government Type: Parliamentary democracy.Independence: The Slovak Republic was established January 1, 1993 (former Czechoslovak Republic established 1918). Branches: Executive - President (head of state), Prime Minister (head of govern-ment), cabinet. Legislative - National Council of the Slovak Republic (150 seats).
Countries Ratings (Oct 1, 2013)MOODY S&P FITCH
SK A2 A A+CZ A1 AA- A+PL A2 A - A -HU BA1 BB BB+
Highest rating
Source: Slovenská Sporiteľňa, 2013
Top 8 ICT companies: Employees At Year End
# Company 2012 2011 2010 20091 IBM 4 330 4 000 3 600 3 2002 AT&T 2 900 2 200 n/a n/a3 T-systems 2 596 2 136 1 961 1 4874 Dell 1 839 1 763 1 699 1 4695 HP 1 700 1 430 890 n/a6 Accenture 1 128 1 120 950 7807 Lenovo 690 630 600 6008 First Data 433 336 n/a n/a
Total 15 616 13 615 9 700 7 536Y/Y Growth 15% 14% 17% n/a
Source: TREND, 2013
Judicial - Supreme Court, Constitutional Court. Political parties: 150 parliamentary seats: Smer-SD (83)[55%]; KDH (16); OLaNO (16); Most-Hid (13); SDKU-DS (11); SaS (11)Next parliamentary elections: 2016Suffrage: Universal at 18 years.Administrative divisions: 8 administrative regions, 79 districts.
Economy, R&D and Knowledge Centers High Quality Labor: a hub for ICT and shared service centers
V4 - Visegrad countries: Czech Republic, Hungary, Poland and Slovakia
Source: Slovakia census 2011
Bratislava Trnava Trenčín Nitra Žilina Prešov KošiceBanská Bystrica
Main Slovavak k AcAcademic and Research Clusters
HHuunnggaryystria
Czech Republic
Poland
BratBratratislavBratislaavaav
Trnanannavana
Nitraaaa
Trenčíní
ŽiliŽ iinain
Prešoooovvvv
šiiKKKKooooššššicccceeeešiccestriiiiccccaaaastrBanská Bystst
44430 0004343330 0003
Trnaaavaa
Nitr70 0000070 0000000
y80 00080 000
ZvolenZ40 00040 000
Prešovvv90 00000090 000000000000
ealllloooovvvvcccceeeeMMMM chhhhaM chhhaMMMMiiiicccchhhhMMMMiiichhhhaUUkkrraaineUUkk i
alllooovcccceeeeMMMMiccchhh0044440 0000044440 00004ooooš ceeee UU240 00000000000240 000000000
Žilinan85 00000085 00000000 MartinMartin
60 000660 0006 oprprpradprPooprrradrPo55 00000055 000000055
ppppSpiššššsssskán.. VVVVeeeessss
ppPP9999
n... VVVVeeessss40 0000000040 0000004440 044440 0000000040000 0000000000000040 0000
Trenčín60 60 60 00060 00060060 00060 000 B
PrieP iePrievidzaPrievidzzzPrieevidzae zz50 0000050 000000
Nitraaaa85 00085 0008
Nové ZámZáZámkyZámkyN é ZáZNové Zámám40 00040 0004
noKomárrnnoomárnnoKomárrn40 000440 0004
eracy: 99%. e Expectancy: 80 yrs. females; 72 yrs. males. (201111)al Area: 49,000 sq km / 18,933 sq mi ghtly larger than Denmark(43,000 sq km), NeNeththere lalands (4(42,2,000000 sqsq kkm)m),Switzerland (41,000 sq km); slightly smallerr tht anan CCosostat RRicca (5511,00000 0 sqq kkm)m). *Unofficial esestimatemates pls place ac the Roma population between 6%-10%.
ReligionsEtE hnnicicityyNoNo religion 13,4%
Roman Catholic 6
NotNot spspecified 10.6%
EvaEvangengeliclicalal MMethodist 0.2%
JehJehovaovah'sh's Witnesses 0.3% Orthodox 0.9%
Reformed Christian 1.8% %Greek Catholic 3.8%
Evangelical of the AugsburgConfession 5.9%
HHungargarianss 9%9
CzeCzechshs 0.0 6%6RoRoma*a* 2%
Othheer 7%%rRusRusyns 0.6%
Slovaks 8118181%%%%
olitics & Ratings The 2nd highest rating in V4 reg
ent ašparovič- 2009;- spring 2014)
Prime Minnistis er Róbbertert FiF co(202012 - spriing ng 2012016)Smer-Sr-SD
Goovevernrnmementnt
TyType: PPararlil ammene tary demococraracycy..InIndependenencec :: TThe SSlolovavak k ReReppublic was established January 1, 1993(f(forrmem r Czechoslovovakak RRepepubublic established 1918).Brrana chchese :ExExecututivive -- PrPresesididenent t ((head of state), Prime Minister (head of govern-meent) ccababininetetmeent), ccababiinetet..LeLegislslatativivee - NaNatitional Council of the Slovak Republic (150 seats).
Countries Ratings (Oct 1, 2013)MMOOODY SS&P FIT
SKK A2 A ACZ A1 AA- APL A2 A - AHUU BAA1 BB BB
Highest rating
Source: Slovenská Sporiteľňa, 2013
Top 8 ICT companies: Employees At Year End
Juudidicicialal - SSupreme Court, Constitutional Court.pPoPolilititicacall parties: p y 150 parliamentary seats:
SmSmere -SD (83)[55%]; KDH (16); OLaNO (16); Most-Hid (13); SDKU-DS (11); SaS (11)NeNext parliamentary elections: 2016Suffrage: Universal at 18 years.Administrative divisions: 8 administrative regions, 79 districts.
onommmmyyyy, RRRR&&&&DDDD aaaannnndddd KKKKnnnnoooowwwwledge Centers High Quality Labor: a hub for ICT and shared service cent
V4V4 -- Vissegegrarad d cocountries: Czech Republic, Hungary, Poland and Slov
Sourrce: ce: SloSlovakiaakia cencensussus 202011
© 2013, ECENTER / The American Chamber of Commerce in the Slovak Republic, All Rights Reserved
Slovakia in Figures 2013-14
Page 3
Labor Productivity and Export/Import SLOVAKIA: The world leader in vehicles produced per capita
Labor Market The most productive and the lowest cost labor in Eurozone
Logistics & ICT Infrastructure Modern and developed infrastructure
2007 2008 2009 2010 2011 2012 2013 2014
Labor Productivity of the Total Economy(Index)
Slovakia
0.9
1.1
1.3
Italy
Hungary
Switzerland
United KingdomAustria
France
Euro area (15 countries)
Germany
Japan
OECD - Total
United States
Czech Republic
Estonia
Korea
Poland
Slovak Republic
0.96
1.01
1.02
1.021.02
1.03
1.04
1.04
1.05
1.06
1.08
1.11
1.13
1.18
1.19
1.25
2012
Estim
ates
Hungary
Austria
Czech Republic
Poland
Ukraine
Bratislava
Trnava
Nitra
Trenčín
Žilina
Prešov
KošiceBanská Bystrica
6.2% = 21 000 ppl
9.8% = 29 00019.5% = 65 000
20.1% = 78 000
18.7% = 68 000
12.6% = 42 000
11.1% = 33 000
14.0% = 49000
Unemployment rate and number of unemployed people in regions (June 2013)
lowest highest
Source: Central Office of Labour, Social Affairs and Family
Bratislava
Trnava
Nitra
Trenčín
Žilina
Prešov
Poprad
Košice
Existing highway
Highway in construction
Planned highway
Expressway
Planned expressway
Main railway
Banská Bystrica
Zvolen
Airport
Prague 260km
Budapest 50km
Krakow 100km
Warsaw 450km
Kiev 815km
Vienna 70km
Slovakia offers the lowest labor cost in Eurozone (2012 in €/hour)2x Slovakia 3x Slovakia 4x Slovakia 5x Slovakia
Source: EUROSTAT, April 2013; Selected countries only0 10 20 30 40 50
Norway
Sweden
Denmark
Belgium
France
Netherlands
Austria
Germany
Ireland
Italy
United Kingdom
Spain
Greece
Estonia
Slovakia 8.3
8.4
14.9
21.0
21.6
27.4
29.1
30.4
30.5
32.0
34.2
37.2
38.1
39.0
48.3
Labor Cost Structure (simplified) Employee Employer
Social Security 9,40% 25,20%
Healthcare Insurance 4,00% 10,00%The fees are derived from employees‘ gross salaries
National Holidays: 15 days
Mobile Network coverage:Orange: population: 99.6% / territory: 90%Slovak Telekom: population: 99% / territory: N/AO2: population: 96% / territory: N/A
Mobile Data Connection:Orange: 42.2 Mbps download / 5.8 upload (72% of population) FTTH (Fiber To The Home) 100Mbps download / 100Mbps upload: available in 17 cities to 15.9% of population.Slovak Telekom: 42 Mbps download / 5.8 uploadInternet optik: 80 Mbps download / 8 upload available in 22 cities to 368,000 households.O2: 14.4 Mbps download / 2 upload100 Mbps download / 20 upload (pilot LTE technology)Various options of high-speed Internet are available through landlines and satellite operators.
Internet:Fastest desktop Internet in the world10th fastest mobile Internet in the worldsource: Google, Inc., 2012
Easily accessible from Western Europe - Bratislava only 70km from Vienna, Austria
Slovak labor is the most productive in the Eurozone. Labor costs are the lowest. Skilled workers are readily available. Labor laws allow more flexibility for employers than those in the other Eurozone countries.
Mobile service operators: Orange, T-Mobile and O2
Export/Import by countries in 2012# Export % Import %1 Germany 21,3 Germany 16,42 Czech Republic 14,1 Russia 11,53 Poland 8,1 Czech Republic 10,64 Hungary 7,2 South Korea 6,45 Austria 6,7 China 66 France 5,4 Poland 4,17 Italy 4,7 Hungary 4,18 Russia 4,2 Italy 3,49 United Kingdom 3,9 France 3,4
10 Netherland 2,3 Austria 2,3Others 22,33 Others 31,8
Source: Ministry of Economy, August 2013
Year Import (mil. €) Export (mil. €) Trade Balance2011 55 768 56 783 +1 0162012 59 224 62 833 +3 609
Change +3 456 +6 050Source: Ministry of Economy, August 2013Source: OECD, 2013
Source: Orange, Slovak Telekom, O2
abor Market TTTThhhheeee mmmmoooosssst pppprrrroooodddduuuucccctttiiivvvveeee aaaannnndddd tttthhhheeee lowwwweeeesssstttt ccccoooosssst labor in Euroz
ogistics & ICT Innnnffffrrraaaassssttttrrrruuuucccctttturrrreeee Modern and developed infrastruct
2007 2008 2009 2010 2011 2012 2013 2014 Italy
Hungary
Switzerland
United KingdomAustria
France
Euro area (15 countries)
Germany
Japan
OECD - Total
United States
0.90.96
1.01.011
1.0.022
1.021.02
1.03
1.04
1.04
1.05
1.06
1.08
HuHungngarary
a
Czech Republic
Poland
UUkraaini e
BratratratislavBratislavavaavB
Trnananavanavaa
Nitraraara
Trenčínnčínnčínnčín
Žilina
Prešešeše ovovovv
KošiiiiceccsstrtricicicicaaaasstBanská Bysysysssssst
666.2% = 21 6.2% = 21 000 p06 222% = 216 2 0001
Trnnnavan
Nitraaaa
9.8%%% = 29 000% = 29 0000000099 8%%% = 29%
y19.5% = 6= == 5 00019 5% = 6== 5 0000
yyUkU i
Preeeše ovvv
šišiKošššišicešice
20.000 1% = 7= 7778 00020.000 1% 8 0000 1% 8 00020.000 1% 78 0002020200 11% = 7== 7782
UkUkrainineeošicec011118. % 7%%% = 6= = = 8 000000000000001818818 7%7%7%7% = 6===
Žilina12.6% = 42 000012 6% = 4
Trenčínn
Bansk11.1% = 3333 0033 0000011 1% = 3333
Nitra
ppl14.0% = 4990004914 0% =
ployment rate and number of unemployed people in regionss ((JuJunene 2201013)3)
lowlowestt highhighestst
Sourcurce: Centntral Office oe of Laboour, SocSocial Affairs anirs d Family
TrTrenenčíčínn
ŽiŽiliinanaŽ
Prešov
Poprad
KošiceB ká B t i
ue 260km
Krakow 100km
Warsaw 450km
Kiev 815km
Slovakia offerrs s ththe e lolowewesst labor cost in Eurozone (2012 in €/hour2x Slovakia 3x Slovakia 4x Slovakia 5x Slovakia
Source: EUROSTAT, April 2013; Selected countries only0 10 20 30 40
Norway
Sweden
Denmark
Belgium
France
Netherlands
Austria
GerGermany
IreIrelanland
ItaItalyly
gdgdomomUnited KiKingng
Spap innS
Greecce
Esttonionia
SloS vakkiaia 8.3
8.4
14.14.14.14.9999
21.21.21.1 0000
21.11 6666
27.4
29.1
30.4
30.5
32.0
34.2
37.2
38.1
39.0
48.3
LaLaboborr CoC sts SStrtrucucture ((sis mpmplified) Employloyloyloyee EmpEmEmpEmployoyloyoyerererer
SSSocSocialal SeSeSecuruurrrityityityit 9,40% 25,25,25,20%2020%
Heaalthcccare IIInsunnsnsn raaananance 4,00%%% 11010,00%
ThThee fefees aarer dererivivedd from ememplployoyeeees‘s‘ ggross salaries
nal Holidayys:s: 155 dadaysys
Mobile Network coverage:Orange: population: 99.6% / territory: 90%Slovak Telekom: population: 99% / territory: N/AO2: population: 96% / territory: N/A
Mobile Data Connection:Orange: 42 2 Mbps download / 5 8 upload (72% o
ly accessisiblee frfromo WWesternrn EEuuropope e - BrBratatisislava only 70km from Vienna, Austria
Slovvakak llaba orr iis ththe e momosts pproroduductctivivee iin the Eurozone. Labor costsththe lowwestt. Skilleled wworkerrss araree rereadadilily available. Labor laws allowfflexibilityy ffor eempmploloyeersrs tthahan n ththoose in the other Eurozone countries
Mobile service operators: Orange, T-Mobile an
6 France 5,4 Poland 4,17 Italy 4,7 Hungary 4,18 Russia 4,2 Italylyly 3,49 Uniitedtedte KKingdoom 3,9 FrFrarFrF ncecece 3,4
10 Netttheherherlaand 2,33 AAusAAusA tritrtr a 2,3Othththererser 2222,22,333333 OOthOthOthOO ererers 31,8
SourSource: c Ministry of of EconEc omy,my, August 20133
YeaYeaYeaYearrrr Impmpmpmport (m(m(m(mil.iilil €€€€)))) Exportortortor (mmmmil.il.il.il. €€€€)) Trade dedede BalBalBalBalancancancanceeee2012001111 5555 5 768768768 56 783783783 +1+1+1 01601601620120 222 559 224 626226262 8333333 +3+3+3 609
ChaaChC nge ++3 +33 456 ++6 66 050050050Source: MiniMinistrystry of of Economy, AugAugust 201313Source: OECD, 2013
© 2013, ECENTER / The American Chamber of Commerce in the Slovak Republic, All Rights Reserved
Slovakia in Figures 2013-14
Page 4
Stable and Sustainable Economy Debt: Only 53.3% of GDP; Labor cost of producing $100 is only $29.6
Top Slovak Companies Largest companies: 14,500 employees, € 6.6 bil. in sales
# The Largest Nonfinancial Companies (Slovak Headquarter Location)
Total sales(EUR 1,000)
Change (%) Value added/total sales (%)
After - tax profit(EUR ´000)
Average numberof employees Sector
2012 2011 2012/11 2012 2011 2012 2012
1. Volkswagen Slovakia, a.s., Bratislava 6 587 443 5 192 936 26,9 8,5 7,8 170 306 9 400 Automotive2. Slovnaft, a.s., Bratislava 4 626 607 4 729 687 -2,2 6,5 5,3 52 617 3 585 Petroleum ref.3. Kia Motors, s.r.o., Žilina 3 919 126 3 328 383 17,7 12,2 10,8 155 462 3 739 Automotive4. Samsung Electronics Slovakia, s.r.o., Galanta 3 647 912 3 152 763 15,7 5,6 9,2 101 783 1 913 Electronics5. Slovenské elektrárne, a.s., Bratislava 3 473 047 2 848 676 21,9 19,9 22 445 480 4 792 Energy
6. U.S. Steel Košice, s.r.o., Košice 2 352 491 2 436 273 -3,4 16,6 15,9 27 664 10 850 Metallurgy
7. Slovenský plynárenský priemysel, a.s., Bratislava 1 978 264 2 519 590 -21,5 11,8 17,5 365 325 992 Energy8. PCA Slovakia, s.r.o., Trnava 1 936 214 1 642 432 17,9 15 12,8 n 3 500 Automotive
9. Tesco Stores SR, a.s., Bratislava 1 371 000 1 313 227 4,4 n n n 10 000 Retail
10. Západoslovenská energetika, a.s., Bratislava 1 029 987 975 986 5,5 24,3 26,6 122 618 1 856 EnergySource: Trend, Top 200, July 2013
# Rank in TOP 200
The Largest Employers in Slovakia(Slovak Headquarter Location)
Average number of employees
Change (%)
Increase (decrease) in number of employees
Personal costs (EUR 1,000)
Profit per employee (EUR)
Sales per em-ployee (EUR)
2012 2011 2012/11 2012 - 11 2011 - 10 2012 2011 2012 2011 20121. 23. Železnice SR, Bratislava 14 474 15 820 -8,5 -1 346 -1 135 210 439 217 177 1 081 -2 009 33 9362. 42. Slovenská pošta, a.s., Banská Bystrica 13 740 14 240 -3,5 -500 -361 n n -199 -641 21 5083. 6. U.S. Steel Košice, s.r.o., Košice 10 850 11 095 -2,2 -245 -34 257 227 253 205 2 550 -2 232 216 8194. 9. Tesco Stores SR, a.s., Bratislava 10 000 9 500 5,3 500 700 n n n 4 099 137 1005. 1. Volkswagen Slovakia, a.s., Bratislava 9 400 8 400 11,9 1 000 1 400 263 438 206 163 18 118 16 088 700 792
6. 40.Železničná spoločnosť Cargo Slovakia, a.s., Bratislava
7 015 8 701 -19,4 -1 686 -913 94 853 104 389 -3 414 -38 44 928
7. 36.Železničná spoločnosť Slovensko, a.s., Bratislava
5 750 4 862 18,3 888 -133 90 108 70 789 -1 960 -3 243 62 631
8. 5. Slovenské elektrárne, a.s., Bratislava 4 792 4 924 -2,7 -132 -306 145 132 136 419 92 963 92 849 724 7599. 35. INA Skalica, s.r.o., Skalica 4 173 3 943 5,8 230 733 76 889 73 088 1 808 2 346 89 661
10. 17. Kaufland Slovenská republika, v.o.s., Bratislava 4 006 3 523 13,7 483 -799 n n n 7 768 164 840Source: Trend, Top 200, July 2013
General Government Debt (% of GDP) Labor cost of producing $100 GDP in 2012
Source: EUROSTAT, 2013. Selected countries only.
201020112012
0 30 60 90 120 150 180
Italy
Greece
Portugal
Belgium
France
United Kingdom
Cyprus
Spain
Germany
Hungary
Austria
Netherlands
Poland
Slovakia Slovakia
0 20 40 60 80 USD
Sweden
Denmark
Finland
Belgium
Italy
France
Austria
Norway
Netherlands
Germany
United Kingdom
Luxembourg
Greece
Spain
Ireland
Slovenia
Portugal
Czech Republic
Estonia
Poland
Hungary
2x Slovakia 3x Slovakia29.6
32.5
32.5
38.3
42.4
44.4
49.8
50.5
51.9
53.4
53.7
55.9
64.5
65.7
68.9
70.2
71.0
72.5
74.3
77.7
79.1
88.1
Sources: GDP per hour worked: OECD. Labor cost per hour worked: Eurostat. Exchange rate USD/EUR used was the average of 2012. Calculations: ECENTER. All countries with data available are presented
41.0
54.8
63.4
72.3
81.8
82.5
61.5
61.3
78.4
82.4
95.6
93.4
119.3
148.3
43.3
56.2
65.8
72.8
81.4
80.0
69.3
71.1
84.1
85.8
97.7
108.0
120.8
170.6
53.3
56.1
72.5
75.0
80.5
81.8
85.4
86.2
88.3
90.0
100.5
119.9
126.2
175.8
% $
op Slovak Companies LLLLaaaargeeeesssstttt ccccoooommmmpanies: 14,500 employees, € 6.6 bil. in sa
The eee LaLL rgrgrggesesesst NoNoNoNonfnfnfnfininini anananancicicicialalala CCCCompanies (Sl((( ovavaovava Hk HHH adeadeadeadquaqquaquarterterterter Lr Lr Lr Looocao tion)
Total sales(EUR 1,000)
Change (%) Value added/total sales (%)
After - tax profit(EUR ´000)
Average numberof employees Sector
2012 2011 2012/11 2012 2011 2012 2012
Volkswaggen Slovakia a sa sa Braatisslava 6 587 443 55 1192 936 266 9 8 5 7 8 170 306 9 400 Automotiv
Rank in TOP 200
The Largrgrgrgesesesesttt EmEmEmEmplplplployoyoyoyerererers sss inininn SSSlololol vakia(S(S(Sl(S ovavvavak HHHHeadeadeadeadquauaquaartertrtrt r Lococcac tion)n)n)n)
Aveeeeragggge numumbumum er erererof of f eeempe loyeeseseses
Changengengenge (%)(%)(%)(%)
Incncncncrearerearease (decrease) in nnnumn ber of employees
Personal costs(EUR 1,000)
Profit per employee (EUR)
Sales perployee (E
20112012 2222 2011 201202012012/12/12/12/11111 2012 - 11 2011 - 10 2012 2011 2012 2011 201223. Železezezniceiceice SRSRR, B, Bratr isslislaavavaava 14 4744747 15 8282082002 -8,-8,-8-8,5555 -1 346 -1 135 210 439 217 177 1 081 -2 009 33 9342. SloSloSlovennnskáskáská popop štašta, a, aa.s..s.s , BB, Bansansansanskáká káá BBBysB triiicacaca 13 740 14414 14 2402402240242 0 -3,5 -500 -361 n n -199 -641 21 506. U.SU.SU.S. SSSteeteeteel Kl Kl Košiošio ce,ce, sss.r.or.oo., KošKošKošK iceiceiceice 10 85000 1111111 090950959500 5 -2,2 -245 -34 257 227 253 205 2 550 -2 232 216 89. Tesco oo StoStoStoresres SRS , aaa.s... , , B, ratatatatislii avaa 10 10 10 000000000 9 59 59 59 550000 5,3 500 700 n n n 4 099 137 101. Volkswagen Slovvakiak a, a.ssa.ss.,.. BraBrararatistt lavvaaaaa 9 49 49 4000000 88 400 11,9 1 000 1 400 263 438 206 163 18 118 16 088 700 79
40.Železničná ssspolpoločnnoč ososťsť Caaargorgorgoo Slovavavavakikiakik , a, a, a, a a.s.,,Bratislava
7 07 07 0151515 8 701 -19,4 -1 686 -913 94 853 104 389 -3 414 -38 44 92
36.Železničná spololočno osťososťsť SlSlSSSloveovovov nskkkoo, a.ssss.,BrBraBr tislavvvaaa
5 750 4 862 18,3 888 -133 90 108 70 789 -1 960 -3 243 62 63
5. Slooovenskésksk elllektek rárnne, a.a.a.s.s., Brrrratiatiatia slass vavava 4 792 4 924 -2,7 -132 -306 145 132 136 419 92 963 92 849 724 7535.5. INAAINA SkSS alica,aa s.r.oo., Skkalica 4 173 3 943 5,8 230 733 76 889 73 088 1 808 2 346 89 6617.17. KauKauKauflaff nd ndnd SloSS vevenskká reepububbububliklikliklika, a, aa v.ov.ov.ov.o.sss.s , Braatislava 4 006 3 523 13,7 483 -799 n n n 7 768 164 84
enend, Top 2200,0 July 2012013
Source: EUROSTAT, 2013. Selected countries only.
2012010201120120122
0 30 60 900 12020 150150 180
Italy
Greece
Portugal
Belgium
France
d Kingdom
Cyprus
Spain
Germany
Hungary
Austria
00 20 40 60 80 USD
SSweden
Denmark
Finland
Belelgiugium
ItaItaly
Francece
AusAustritriaa
Nororwayway
Netheherlandsd
GerGermanma y
Uniitedted Kingdgdomm
Luxembmbouro g
Greecece
Spain
Ireland
Slovenia
Portugal
p
44.4
49.8
50.5
51.1.1.9999
53.4
53.555 7
55.9999
64.444 5555
65.7
68.9999
70.2
71.111.0000
72.72.72.72.55
74.7 3333
77777777.77
79.1
88888.8 1
Sources: Gs: GDP peDP per hour hour worr worked:ked: OOECD. Labor cost per hour worked: Eurostat. Exchange rate USD/EUR used was the average of 2012. Calculations: ECENTER. All countries with data available are p
72.3
81.8
82.5
61.5
61.3
78.4
82.4
95.6
93.4
119.3
148.3
72.8
81.4
80.0
69.3
71.1
84.1
85.8
97.7
108.0
120.8
170.6
75.0
80.5
81.8
85.4
86.2
88.3
90.0
100.5
119.9
126.2
175.8
© 2013, ECENTER / The American Chamber of Commerce in the Slovak Republic, All Rights Reserved
Slovakia in Figures 2013-14
Page 5
Economic Forecast 2013: GDP + 0.8%; Inflation + 1.6%
Taxes, State Aid, Subsidies, and Support Simple tax system; Available state aid
The Largest State Aid Projects# Company/Project State Aid (Eur) Year
1 KIA Motors, s. r. o. (Project 1) 135,225,371 2004
2 PCA Slovakia, s.r.o 120,543,491 2003
3 Mobis Slovakia, s. r. o. 35,581,970 2004
4 AU Optronics Slovakia 34,900,000 2011
5 KIA Motors, s. r. o. (Project 2) 34,134,573 2007
6 SONY SLOVAKIA, spol. s r.o. 31,381,551 2006
7 Samsung Electronics Slovakia s.r.o. 29,438,292 2006
8 Universal Media Corporation /Slovakia/ s.r.o. 21,038,282 2004
9 KIA Motors, s. r. o. (Project 3) 15,070,000 2009
10 Johnson Controls Lučenec, s. r. o. 13,333,333 2006Source: SARIO, Ministry of Finance of the Slovak Republic
Corporate income tax: 23% (planned to decrease to 22% since January 1, 2014)
Capital Gains tax: 23% Withholding tax: Interest: 19%, Royalties: 19% Dividends: Not subject to tax VAT (Value Added Tax or Sales Tax):
20% - almost all products and services10% - textbooks and most healthcare related
products Tax exemption: Postal Services, Health Care, certain
Financial, Insurance and other Services Personal Income tax and Capital Gains tax: 19%. It is
25% when the tax base is over EUR 34,401.74. Foreign persons can be subject to Slovak taxation if
they spend more than 183 days of the calendar year in Slovakia.
Excise tax: imposed on certain types of goods: mineral oils, liqueurs, beer, wine, tobacco products, electricity, coal and natural gas.
There are three Real Estate Property taxes: 1) land tax and 2) tax on apartments and non-residential premises within apartment buildings 3) tax on buildings.
Tax on land is levied at 0.25% of the tax base which would be assessed by the municipality. Rates vary depending on the type of land and its location.
Real Property tax: Tax on buildings - depending on the municipality, it is usually between Eur 0.03 to Eur 0.33 per sq. m. of the floor area.
Real Estate tax: Transfer tax was abolished in 2005; Capital gains are taxable as regular income tax.
VAT registration is obligatory for entities with revenues exceeding 49 790 EUR within 12 consecutive months.
A taxable person not having the seat, place of business, fixed establishment, domicile or habitual residence within the country (hereinafter referred as a „foreign person“) must file an application for tax registration at the Tax Office Bratislava before commencing an activity that is subject to tax.
There are special taxes imposed on certain assets (i.e. vehicle road tax).
Some adjustments are expected to be introduced in 2014.
State aid in regions:Bratislava: 0%Western Slovakia: 40%Central Slovakia: 50%Eastern Slovakia: 50%(Percent value represents maximum level of state
aid contribution per project in a specific region.)
Stimulus laws:- Act no. 561/2007 - Act no. 56/2009 - Act no. 231/1999 - Act no. 5/2004- Act no. 595/2003 - Regional National Map (2007–13)
- Act no. 231/2011 - Act no. 481/2011
The tax system is compliant with the tax systems of the EU
Indicator (Slovakia, if not mentioned otherwise) in Real2010
Real2011
Real2012
Forecast
2013 2014 2015 2016GDP in current prices bil.EUR 65.9 69.1 71.5 73.0 75.8 79.5 83.5Real GDP growth % 4.0 3.3 2.0 0.8 2.2 2.9 3.1GDP in the Czech republic (real growth) % 2.3 1.7 -1.0 -0.9 1.7 - -GDP in Germany (real growth) % 3.0 0.7 0.5 1.5 - -GDP in Eurozone (real growth) % 1.8 1.5 -0.7 -0.5 0.9 - -Household consumption real growth % -0.3 3.2 2.0 0.8 2.2 2.9 3.1Household consumption nominal growth % 0.6 3.4 3.1 2.0 2.5 4.3 4.6Average monthly salary growth % 3.2 2.2 2.4 2.6 2.8 3.4 3.5Average monthly salary real growth % 2.2 -1.6 -1.2 0.9 1.1 1.3 1.2Salaries as % of GDP % 30.1 29.9 29.6 29.5 29.3 29.0 28.8Average Nominal Monthly Salary € 769 786 805 826 849 878 909Average Nominal Monthly Salary Growth (€ 805 in 2012) % 3.2 2.2 2.4 2.6 2.8 3.4 3.5 Private Sector (€ 804 in 2012) % 3.5 2.7 2.2 2.5 2.9 4.0 4.2 Public Sector (€ 810 in 2012) % 2.6 0.2 3.7 2.8 2.1 0.4 -0.1Labor Productivity % 5.9 1.4 2.0 1.8 2.0 2.3 2.5Unit labour cost % -0.8 -0.4 0.0 0.4 0.8 1.1 1.0Employment: average growth % -2.0 1.5 -0.1 -1.0 0.2 0.6 0.7Unemployment rate (%) % 14.4 13.5 14.0 14.5 14.3 13.6 12.7Real disposable income growth % 0.1 0.5 1.1 1.8 12.1CPI Growth (Consumer Price Index - Inflation) % 1.0 3.9 3.6 1.6 1.7 2.1 2.3Harmonized Index Of Consumer Prices (HICP) % 0.7 4.1 3.7 1.7 1.7 2.1 2.3Account Balance (as a % of GDP) % -3.5 0.1 2.2 3.2 3.5 4.6 6.3Consumption of Public Administration (real growth) % 0.1 -2.9 -0.1 -6.3 -2.1 9.0 -1.7Creation of Gross fixed capital (real growth) % 3.6 14.2 -3.7 -5.8 2.9 0.2 -1.4Export /products and services/ (real growth) % 16.4 10.8 8.6 4.8 4.3 4.5 5.1Import /products and services/ (real growth) % 14.9 4.5 2.8 1.7 3.3 2.9 3.3International Trade Balance bil. EUR 0.1 2.44 3.59 5.44 5.71 6.91 8.56Exchange rate (Eur/USD) EUR/USD 1.33 1.31 1.31 1.30 1.24 1.23 1.22Euribor (3 month average) % 0.8 1.4 0.6 0.2 0.4 1.2 2.1Yield of Slovak 10 year bonds % 4.0 4.4 3.4 2.7 3.4 4.0 4.3Net Inflation (average) % 0.9 1.5 2.5 1.2 1.7 2.0 2.3Deflators’ Growth - GDP % 0.5 1.6 1.4 1.3 1.6 1.9 1.9Foreign Direct investment (net inflow to Slovakia - capital and reinvested profit) mil. USD 304 1729 712 850 1520 1860 1919
Crude oil (average price) USD/bl. 79.9 112.1 112.0 110.2 115.5 117.8 119.8Foreign Direct investment (net inflow to Slovakia / GDP) % 0.5 2.4 1.0 1.2 2.0 2.3 2.3Slovakia's bond Yield - 10 year (average) % 4.4 3.4 2.7 3.4 4.0 4.3
Source: Ministry of Finance of the Slovak Republic, September 26, 2013.
axes, State Aid,,,, SSSSuuuubbbbsssiiiiddddiieeeessss, annnndddd SSSSuuuuppppppoooorrrrtttt Simple tax system; Available state
The Largest State Aid Projects# Company/Project State Aid (Eur) Ye
1 KIA Motoorrs, s. r. oo. (Projecctt 1) 135,225,371 20
2 PCA Slovvaakia, s.r.r.o 120,543,491 20
3 Mobis Sloovakia, ss. r. o. 35,581,970 20
4 AU Optroonnics Slovvakia 34,900,000 20
5 KIA Motoorrs, s. r. oo. (Projecctt 2) 34,134,573 20
6 SONY SLLOOVAKIA,, spol. s rr..oo. 31,381,551 20
orate income tatax: 23%23% (pl( annnned to dececreare se e to t% since Januaary r 1, 2014))al Gainsns taxtax: 2: 23%3%
holdldining taxtax:: IntInterest:t: 19%19%, RoyRoyaltaltiesies:199%enends: NotNo subjebject c to o taxtax(Valueue Addedded Tax oor Salales Tax):20% - almomost allall prproduoductscts anand s serverviceicess0% - textbooooks k andnd moost st heahe lththcarcare re related
productsti P t l S i H lth C t i
TaTax x on on lanland is levied at 0.25% of the tax base which wouwoulld be assessed by the municipality. Rates varydepending on the type of land and its location.
Real Property tax: Tax on buildings - depending on the municipality, it is usually between Eur 0.03 toEur 0.33 per sq. m. of the floor area.
Real Estate tax: Transfer tax was abolished in 2005;Capital gains are taxable as regular income tax.
VAT registration is obligatory for entities withrevenues exceeding 49 790 EUR within 12
tax system is compmplilianantt wiw thh thee ttaxax ssysystems of the EU
u o onee ( ea g o th) %% 8 1.5 0 7 0 5 0 9ehold conssumption real growth %% -0.3 3.2 2.0 0.8 2.2 2.2.92 3.ehold conssumption nominal groowtth %% 0.6 3.4 3.1 2.0 2.5 4.333 4.
age monthlyy salary growth %% 3.2 2.2 2.4 2.6 2.888 33.43 3.age monthlyy salary real growth %% 2.2 -1.6 -1.222 0.9 1.11.11.1 1.311.3 1.ies as % off GDP %% 30.1 29.9 2929.29 666 29.5 29.33 29.0 28.age Nominaal Monthly Salary €€ 769 786 805805805 826 8498498 878 909age Nominaal Monthly Salary Growtth (€ 805 in 2012)) %% 3.2 2.222 2.4 2.666 2.88 3.4 3.3..vate Sector (€ 804 in 2012) %% 3.5 2.72.72.7222. 2.222 2.52.52. 2.92.92.9 4.000 4.blic Sector (€ 810 in 2012) %% 2.6 00.0.2000 3.73.73.7 2.82.82.8 2.1 0.440.4 -0.r Productivity %% 5.9 1.4.4.4. 222.0 1.8 2.000 2.32.33 2.abour cost %% -0.8 -0.0000 444 0.00.00. 0.40.4 0.88 111.1 1.oyment: avverage growth %% -2.-2.2.000 1 51 51.511. -0.0.0.1 -1.-1.1.00 0.20.22 0.6 0.
mployment rate (%) %% 141414.1 4444 13.1311333 555 14.1 000 14.5 14.14.14.333 13.6 12.disposable income growth %% 0.100 0.50.0 1.1.11.1 1.8 12.
Growth (Connsumer Price Index - Infflation) %%%%% 1.01 01.01.0 33..999 3.63.3. 1.6 11.7 2.1 2.monized Indeex Of Consumer Pricees (HICP) %%%% 00.70 44..111 3.73.73.7 1.71.77 1.7 2.1 2.
unt Balancee (as a % of GDP) %%%%% -3.-3.-3.-3.55 0.111 2.222 3.23.23.2 3.5 4.6 6.umption off Public Administrationn ((real growth) %%%% 0.0.0.1 -2.9 -0.-0.-0.111 -6.-6.-6.3 -2.1 9.0 -1.ion of Grosss fixed capital (real ggroowth) %%%% 3.63.63.63.6 14.2 -3..777 -5.8 2.9 0.2 -1.rt /productss and services/ (real ggroowth) %%% 16.11 4444 1010.0.1000 8 8.68.68.6 4.8 4.3 4.5 5.rt /productss and services/ (real growth) %%%%% 14.14.14.14 999 44.4.5.54.5 2.888 1.7 3.3 2.9 3.national Traade Balance bibilbil. EUURURUR 0 10.10 10 1 2.4444444 3.3.53. 9 5.44 5.71 6.91 8.5ange rate (EEur/USD) EUREURUR//US/USDDDDDD 1.31.31.33333 1.311.1 111 1.31 1.30 1.24 1.23 1.2or (3 month average) %%%% 0.80.80.8 11.41.4.1.4 0.6 0.2 0.4 1.2 2.of Slovak 110 year bonds %%%% 4.4.4.0 4.4444.4.44.4 3.4 2.7 3.4 4.0 4.
nflation (aveerage) %%%% 0.999 1.5 2.5 1.2 1.7 2.0 2.tors’ Growtth - GDP %%%% 0.50.50.50 5 1.6 1.4 1.3 1.6 1.9 1.gn Direct innvestment nflow to Sloovakia - cccapiapiapitaltalta annd rd reineinnei vesstedededed pprp ofififif t)t)t) milmm . USSDD 304304304304 1729 712 850 1520 1860 191
e oil (average priccce) USDUSDUSD/bl.. 79.77 9 112.1 112.0 110.2 115.5 117.8 119.gn Direct innvvesteststmenmenment (t t nenenet ininfloflow tw tto So Soo lovovovovo kikikiakia /a /a /a / GDGGG P))) %%%%% 0.5 2.4 1.0 1.2 2.0 2.3 2.akia's bond Yieldldld - 1000 yeyeyear (r (r aveverraage)e)e)e %%%%% 4.4 3.4 2.7 3.4 4.0 4.
inistry of Finance of the Slovak Republpublic, Septpteember 26r 26, 20, 113.
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