The service sector, which has grown strongly over recent decades, is the largest sector in the Slovakian economy. The manufacturing sector - especially automotive manufacturing - also remains an important part of the economy. The economy grew strongly during the first decade of this century, and was able to make a relatively quick recovery from the financial crisis at the end of the decade. The Slovak economy is considered to be amongst the most open in the EU – although this characteristic makes it sensitive to business cycles.
Looking to the future, it is projected that overall employment levels will have recovered from their pre-2008 financial crisis levels by 2017. Most employment growth over the period to 2025 is projected to be in the business and other services and distribution and transport sectors, with most job opportunities opening for service and sales workers.
Looking forward to 2025, Slovakia is expected to experience an increase in demand for skilled workers across the board. The highest demand will be for highly skilled workers, followed by low- and medium-skilled workers. By 2025, the share of the labour force with high level qualifications is expected to increase, whilst the share of workers with medium, low or no qualifications will decrease in the same period.
Slovakia’s working-age population (15-64) is projected to grow in the period to 2025, with labour market participation to fall. Over the coming decades, Slovakia is expected to develop one of the higher old-age dependency ratios in the EU.