Between the end of WW II and independence (following the raising of the Iron Curtain), the Slovak economy was dominated by heavy industry. For most of this time the metal , energy, arms and chemical industries comprised some 60 percent of the country’s GNP. Today, that figure is a mere 24 percent of GNP. But fortunately, newly established companies from the service sector have become increasingly important.

The initially slow influx of foreign companies was reflected in the slow privatisation rate of state-owned companies. Due to this fact, the consumption of resources and energy in the Slovak Republic is still above the Western European average.

The turning point came when the country applied for membership in the European Union. This move necessitated that the Slovak government adhere to stringent economic guidelines – a precondition for membership. Since then, the Slovak Republic has followed a market-oriented path. Former state-owned companies in the communications industry, the energy sector, as well as banks and insurances companies have been completely or partially privatised. Companies seeking new markets now find investment-friendly conditions in the Slovak Republic; flexible work-time models allow optimal use of production machinery.

Key trade figures Germany / Slovak Republic 2004
Key figures	Value
Imports from the Slovak Republic to Germany	5.99 Bilion €
Exports from Germany to the Slovak Republic	5.21 Billion €
Balance	-0.78 Billion €
The percentage of total Slovak imports (% of total German imports)	25.4 (1,3)
The percentage of total Slovak exports (% of total German exports)	31.8 (0,8)
Ranking in the German trading partner list for exports/imports	24. / 22.

Source: State Ministry of Economic Affairs and Employment, Foreign Trade Portal  ixpos.de