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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.
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Population- 5,743,925 million (2024)
GDP: 210.75 billion USD (2024)
While Slovakia's economy is termed as growing, it is expected to increase by 1.3% in 2023, before an upsurge in 2024. Economic activity is projected to increase in the second half of 2023 which will support export growth. Due to government's intervention in mitigating the rising energy prices for households and organizations in the first quarter of 2023, Slovakia did not experience the effect of the global energy prices surge.
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%.
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Talk to an expertLiving 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:
The following table shows the average salary structure for various sectors in Slovakia:
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.
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:
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:
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
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Talk to an expertAn 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:
Slovakia's economy is expected to experience a 1.3% increase in 2023. Along with Slovakia’s growing economy comes an increase in information and communications technology (ICT) workers who are in-demand candidates for remote positions. Slovaks are in-demand by international companies since being ranked the 16th-best country in the world for remote work.the economy is projected to grow by 2.3% after bouncing back from a regression in 2020. Along with Slovakia’s growing economy comes an increase in information and communications technology (ICT) workers who are in-demand candidates for remote positions. Slovaks are in-demand by international companies since being ranked the 16th-best country in the world for remote work.
In 2023, Slovakia is a haven for sourcing information technology (IT) workers. The nation has reached an IT export of $2.5 billion USD. As the information and communications technology (ICT) sector makes up a large portion of the economy, certain IT positions are needed as the industry expands. The most in-demand tech job titles in Slovakia are:
Some top tech companies hiring IT employees in Slovakia include:
Foreign companies that hire employees in Slovakia enjoy lower labor costs, and Slovaks benefit from the wages that allow for a higher quality of life. For example, the annual salary for a software engineer in Slovakia is $28,558– much lower than the average salary of $87,795 for the same role in the United States.
The most popular recruiting method in 2024 is recruiting candidates through online job boards. The top online job boards for hiring in Slovakia are:
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.
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