Slovakia, also officially known as the Slovak Republic, is a landlocked country in Central Europe. The Covid-19 pandemic had a severe impact on citizens and the economy of Slovakia in the year 2020.
Slovakia handled the situation very well and is trying to fall back in place. The country is implementing new policies and educating its population to avail more employment opportunities.
Overview of Slovakia
Population- 5.5 million. (2020)
GDP: 190.277 billion USD (2021)
The economy in Slovakia is expected to rise by 4.2% in 2021, even due to the current pandemic situation. It is expected that from the second half of 2021, the domestic demand will rebound as restrictions are lifted and vaccines are distributed. The economy of Slovakia is further bound to grow by 5.2% in 2022 as the employment crisis is expected to decrease.
According to Statista Digital Market Outlook, markets in Slovakia are expected to continue growing over the next few years. The compound annual growth rate predicted for the market of Slovakia for the next four years is 5%.
A brief glimpse of industries
- Slovakia has stable policies for macroeconomics which makes the country more attractive for U.S exporters to do business.
- The major domains of the Slovakia market are Engineering, electronics, automation, service, tourist industries.
- The automotive industry of Slovakia remains a major source for deficit financing and growth of export through inflows of foreign direct investment.
- Even after the disruption of foreign and domestic demand in Slovakia due to the covid-19 pandemic, the country has strong economic growth.
- More focus on strengthening the population’s skills in Slovakia to generate more employment, boost productivity, and make the country’s economy more resilient.
Cost of living
Living in a country depends on many factors like the state, location, area, utilities, policies of that area, etc. The cost of living in Slovakia is also based on these factors. But the main factor of living in a country is always the location. The following table gives information about the cost of living in Slovakia:
Category Area of Expense Estimated Monthly Cost (EUR)
Salary Structure for various roles
The following table shows the average salary structure for various sectors in Slovakia:
Cost of renting
The average cost of renting a single apartment or a PG, hostels, shared flats in Slovakia is around 400-600 Euros. The cost of the rent also depends on the standard of living and the location of the apartment.
Cost of living based on lifestyle and location in Slovakia
The top sectors expected to hire in Slovakia in 2021
Top Skills in Slovakia
The service sector in Slovakia has grown over the past few years and is now employing almost 69% of the population of Slovakia and majorly contributes to the country’s GDP. Slovakia is focusing on skilling its population to increase employment in various sectors and boost productivity. The types of skills given are based on the importance of a particular city and its dominant sector.
The following are the major industries hiring in Slovakia:
- Chemical Industry
- Mechanical Engineering
- BPO and shared services
- Pharmaceutical and Life Sciences
Top Skills City-wise Occupation-wise
Bratislava is the wealthiest region of Slovakia and contributes 26% to the GDP of the country. Around 75% of the population of Bratislava works in service sectors like telecommunication, IT, tourism, banking. The famous Volkswagen factory is located in Bratislava.
Košice is another economic hub of Slovakia located on the eastern side and contributes 9% to the country’s GDP. It is the second-largest employer in Slovakia, with around 13,500 employees working in the steel mill and other IT solutions. Other major sectors in Kosice are:
- Food Industry
- Mechanical Engineering
- Information and communication technologies
Prešov is the third-largest city in Slovakia and is known for its business centers in the country. It is also one of the major tourist attractions. Thus, the tourism industry provides the most occupation here.
Žilina is the fourth largest city in Slovakia and is considered an important industrial area. The city is known for its construction and retail centers. The biggest employer present in the city is Kia motors which is a Korean car company. Other sectors present in Zilina are
- Transportation Engineering Industry
- Chemical Industry
- Textile mills
An important step in the hiring process is to determine the cost of hiring an employee. It depends on various factors like overall expenditure, cost of living, and many other factors such as cost of:
- Onboarding employees
- Training the employees
- Other miscellaneous costs
Employment Laws in Slovakia
How Can Skuad Help You In Hiring in Slovakia?
The hiring process in Slovakia is a multi-task that requires city-wise living costs, in-depth knowledge of the laws, trends, hiring costs, and more. Skuad solution is a one-stop solution for hiring employees and handling every aspect of the recruitment process. Skuad solutions Iets you focus on your project gives you the freedom to plan and expand your business without exerting any stress on the hiring process. Connect with Skuad Experts to know more.