Slovakia, officially the Slovak Republic, is a country in Central Europe. A landlocked nation, Slovakia shares land borders with the Czech Republic, Austria, Hungary, Poland and Ukraine. Slovakia – the so‐called Tatra Tiger ‐ is one of the fastest growing economies in Europe. A member of the EU since 2004, the country adopted the Euro in 2009.
Bratislava, Slovakia’s largest city, is the country’s capital and chief economic centre. The city enjoys an excellent strategic location at the heart of Central Europe.
In 1993, following the collapse of communism, Czechoslovakia dissolved into two states – the Czech Republic and Slovakia. Along with Hungary and Poland, Slovakia and the Czech Republic make up the Visegrad Group – an alliance of central European states designed to advance each nation’s economic and geopolitical interests.
Slovakia is a high‐income economy, and has transitioned successfully to the free market. Notably, the banking sector is now entirely in private hands. FDI has played an important role in Slovakia’s success story. Slovakia offers foreign investors a well‐educated labour force and tax rate of 21 %.
Around 61% of GDP is produced by the service sector. Though tourism is growing, the country’s holiday industry is less developed than in neighbouring countries.
Important industries include electrical engineering and vehicle manufacture. Iron, steel, machinery, oil and fuel are all important exports. Key export partners include Germany, Poland, France and the UK.
HLB’s Slovakia firm operates throughout the country, offering first‐rate services in tax advisory, international tax advisory, outsourcing of bookkeeping, payroll processing and auditing to both domestic and foreign clients.