are services, industry, agriculture, and construction (Embassy of the Slovak Republic). These sectors make up the following percentages of GDP in 1998 of 20.1 billion USD: Services58%Industry27%Agriculture5%Construction5%Other5%(The World Bank)The increase in services over the years is due to Slovakia converting to a market economy (Embassy of the Slovak Republic). Agriculture has remained stable throughout the transition process (Embassy of the Slovak Republic). At the end of 1998, output from the private sector was responsible for 83.1% of GDP compared to 39% in 1993 (Embassy of the Slovak Republic).Key Sectors of the EconomyThe main service areas include transportation, telecommunications, and banking and insurance services (Abizadeh, p. 172). Because of the increase in domestic demand in 1996, new service areas were developed such as real estate firms, computer engineering, and sports and cultural activities (Abizadeh, p. 172).The Slovak industry that evolved out of the Communist era had become inefficient and produced goods that could not compete in the world market (Slovakia.Org, Slovak Economy). A major part of this industry was heavy industry, which was aimed towards arms production (Abizadeh, p. 172). The demand for arms production decreased after the breakup of the Soviet Union and the development of many eastern European countries (Abizadeh, p. 172). Industry is still an important part, however, in the growth of GDP and employment (Embassy of the Slovak Republic). Firms with more than a thousand workers, mostly state-owned companies, account for the largest share of the production of goods (Embassy of the Slovak Republic). The small and medium sized firms, which represent the private sector, are not responsible for a relatively large proportion of goods production (Embassy of the Slovak Republic). Overall, state-owned companies are still dominant in industry (Embassy of the Slovak Republic). Slovakia can increase i...
