Slovakia’s manufacturing economy has been booming in the last decade since its entry into the Eurozone in 2004 and the adoption of the Euro as currency in 2009. Currently, the manufacturing industry is responsible for more than 30% of Slovakia’s gross domestic product. Their unemployment rate is hovering around 8% in 2017. Slovakia has lower wages than some of its trading partners such as Germany or the Czech Republic, making it a magnet for foreign investors who prefer to move manufacturing operations to Slovakia for cheaper labor. As a matter of fact, some of its major companies are subsidiaries of renowned automakers such as Volkswagen and KIA, which has also placed the country as a leader in the automotive industry. Volkswagen Volkswagen is one of the largest automotive companies in the world, and it has a major headquarters in Slovakia….
Posted on August 1st, 2017
As with any country, manufacturing is one of the primary economic indicators in Slovenia. In the last 50 years, the industry has gone through a series of changes, adapting new technology and procedures. The adoption of technology has changed the playing field for many countries. Manufacturers that adopt early, rise to become big corporations. Unfortunately, falling a few years behind in technology is like falling a few decades behind. Catching back up can be quite difficult. Right now, manufacturing accounts for about 30% of Slovenia gross domestic product. 3,000 Slovenian manufacturers create a revenue of 7 billion Euros annually with exports to France, Germany, Spain, Italy, the UK, and the US. Despite having a strong foothold in European manufacturing, Slovenia is working to catch up regarding technology within the sector. Artisan Production Slovenia is known for its’ workers unparalleled craftsmanship….