Slovakia has seen high economic growth in the past few years and is gradually turning into a modern market economy. It joined the EU on May 1st 2004 since then the economy has grown and continues to do so. Unemployment levels have fallen significantly since 2004 and continue to fall whilst major economic improvements, stabilization and structural reform occurred between 2001 and 2004.
Slovakia has one of the fastest growing economies in Europe and has out-performed all of its neighboring countries over the last two years. GDP growth reached around 8% in 2006 and a similar rate of growth is predicted for 2007.