Economy of Bratislava
Encyclopedia
Bratislava Region
The Bratislava Region is one of the administrative regions of Slovakia. Its capital is Bratislava. It is the smallest of the eight regions of Slovakia.-Geography:...
is the wealthiest and economically most important region in Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
, despite being the smallest by area and having the second smallest population of the eight Slovak regions. The most important governmental institutions, including the Ministry of Finance and the central bank
National Bank of Slovakia
National Bank of Slovakia , is the central bank of Slovakia, which is a member of the European Union and the European System of Central Banks. Since 1 January 2009, it has also been a member of Eurosystem.-History:...
, as well as many private companies have their headquarters in Bratislava
Bratislava
Bratislava is the capital of Slovakia and, with a population of about 431,000, also the country's largest city. Bratislava is in southwestern Slovakia on both banks of the Danube River. Bordering Austria and Hungary, it is the only national capital that borders two independent countries.Bratislava...
. More than 75% of Bratislava's population works in the service sector, mainly composed of trade
Trade
Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
, banking, IT
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
, telecommunication industry, tourism
Tourism
Tourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people "traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes".Tourism has become a...
and others. The Bratislava Stock Exchange (BSSE), the organiser of the public market of securities, was founded on March 15, 1991.
Budget
BratislavaBratislava
Bratislava is the capital of Slovakia and, with a population of about 431,000, also the country's largest city. Bratislava is in southwestern Slovakia on both banks of the Danube River. Bordering Austria and Hungary, it is the only national capital that borders two independent countries.Bratislava...
has a balanced budget of almost six billion Slovak koruna
Slovak koruna
In 1993, coins were introduced in denominations of 10, 20 and 50 haliers, 1, 2, 5 and 10 korunas. The 10 and 20 halier coins were taken out of circulation on 31 December 2003....
s (€182 million) as of 2007. One fifth of that is used for investment. Bratislava holds shares in 17 companies directly, for example in the public transport company (Dopravný podnik Bratislava
Dopravný podnik Bratislava
Dopravný podnik Bratislava, akciová spoločnosť is the only provider of city public transport in Bratislava and Chorvátsky Grob...
), the waste collection and disposal
Waste collection
Waste collection is the component of waste management which results in the passage of a waste material from the source of production to either the point of treatment or final disposal...
company, the water utility and others. The city also manages municipal organisations such as the City Police
Police
The police is a personification of the state designated to put in practice the enforced law, protect property and reduce civil disorder in civilian matters. Their powers include the legitimized use of force...
(Mestská polícia), Bratislava City Museum
Bratislava City Museum
The Bratislava City Museum is a museum in Bratislava, Slovakia, established in 1868. Its headquarters are located in the Old Town, near the Main Square at the Old Town Hall. The museum is owned by one of the 11 allowance organizations of the City of Bratislava.The museum documents the history of...
, ZOO Bratislava
Bratislava Zoo
The ZOO Bratislava is a zoo in Bratislava, Slovakia, in the borough of Karlova Ves. It lies in the Little Carpathians forest. As of 2007, the zoo has an area of , and is home to 1307 specimens of 152 animal species. In 2006, the zoo received 203,000 visitors....
, etc.
GDP
Bratislava Region
The Bratislava Region is one of the administrative regions of Slovakia. Its capital is Bratislava. It is the smallest of the eight regions of Slovakia.-Geography:...
is the wealthiest and economically most prosperous region of Slovakia, despite being the smallest by area and having the second smallest population of the eight Slovak regions. It accounts for about 26% of the Slovak GDP
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
. The GDP per capita (PPP
Purchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
), is 160.3% (2007)of the EU
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
average and is the second-highest level (after Prague
Prague
Prague is the capital and largest city of the Czech Republic. Situated in the north-west of the country on the Vltava river, the city is home to about 1.3 million people, while its metropolitan area is estimated to have a population of over 2.3 million...
) of all regions in the new EU member states.
The primary sector is represented only with a share of 0.9% in the region, that is, one fifth of the share observed at the national level (4.5%). The secondary sector accounts for 20.3%, that is 11.5 percentage points under the share in the Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
.
Foreign investments
More than 60% of all direct foreign investments in SlovakiaSlovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
are located in the Bratislava Region
Bratislava Region
The Bratislava Region is one of the administrative regions of Slovakia. Its capital is Bratislava. It is the smallest of the eight regions of Slovakia.-Geography:...
.
A car manufacturer Volkswagen
Volkswagen
Volkswagen is a German automobile manufacturer and is the original and biggest-selling marque of the Volkswagen Group, which now also owns the Audi, Bentley, Bugatti, Lamborghini, SEAT, and Škoda marques and the truck manufacturer Scania.Volkswagen means "people's car" in German, where it is...
Slovakia was established in Bratislava in 1991 subsequent to acquiring Škoda Auto and has expanded since. Currently, its production focuses on sport utility vehicle
Sport utility vehicle
A sport utility vehicle is a generic marketing term for a vehicle similar to a station wagon, but built on a light-truck chassis. It is usually equipped with four-wheel drive for on- or off-road ability, and with some pretension or ability to be used as an off-road vehicle. Not all four-wheel...
s, which represent 68% of all production. VW Touareg is finished and Porsche Cayenne
Porsche Cayenne
The Porsche Cayenne is a five seat mid-size luxury crossover manufactured by the German manufacturer Porsche since 2002, with North American sales beginning in 2003. Its platform was developed by Porsche and is shared with the Volkswagen Touareg and the Audi Q7. It is the first V8-engined vehicle...
and Audi Q7
Audi Q7
The Audi Q7 is a full-size luxury crossover SUV unveiled in September 2005 at the Frankfurt Motor Show. Production of the Q7 began in autumn of 2005 in Bratislava, Slovakia. It is the first SUV offering from Audi and went on sale in 2007. Later, Audi's second SUV, the Q5, was unveiled as a 2009...
are partially built there.
In recent years service and high-tech oriented businesses are thriving in Bratislava. Many global companies, including IBM
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
, Dell
Dell
Dell, Inc. is an American multinational information technology corporation based in 1 Dell Way, Round Rock, Texas, United States, that develops, sells and supports computers and related products and services. Bearing the name of its founder, Michael Dell, the company is one of the largest...
, Lenovo, AT&T
AT&T
AT&T Inc. is an American multinational telecommunications corporation headquartered in Whitacre Tower, Dallas, Texas, United States. It is the largest provider of mobile telephony and fixed telephony in the United States, and is also a provider of broadband and subscription television services...
, SAP
SAP AG
SAP AG is a German software corporation that makes enterprise software to manage business operations and customer relations. Headquartered in Walldorf, Baden-Württemberg, with regional offices around the world, SAP is the market leader in enterprise application software...
, and Accenture
Accenture
Accenture plc is a global management consulting, technology services and outsourcing company headquartered in Dublin, Republic of Ireland. It is the largest consulting firm in the world and is a Fortune Global 500 company. As of September 2011, the company had more than 236,000 employees across...
, are building their outsourcing
Outsourcing
Outsourcing is the process of contracting a business function to someone else.-Overview:The term outsourcing is used inconsistently but usually involves the contracting out of a business function - commonly one previously performed in-house - to an external provider...
and service centres or have plans to build in near future here.
Biggest industries and companies
Other important companies and big employers with headquarters in Bratislava include:- ITInformation technologyInformation technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
companies - BGS Distribution, Asbis SK, Hewlett-Packard SlovakiaHewlett-PackardHewlett-Packard Company or HP is an American multinational information technology corporation headquartered in Palo Alto, California, USA that provides products, technologies, softwares, solutions and services to consumers, small- and medium-sized businesses and large enterprises, including...
, ESETEsetESET is an IT security company head-quartered in Bratislava, Slovakia that was founded in 1992 by the merger of two private companies. The company was awarded as the most successful Slovak company in 2008, 2009 and 2010...
, AT&TAT&TAT&T Inc. is an American multinational telecommunications corporation headquartered in Whitacre Tower, Dallas, Texas, United States. It is the largest provider of mobile telephony and fixed telephony in the United States, and is also a provider of broadband and subscription television services...
, Lenovo, DellDellDell, Inc. is an American multinational information technology corporation based in 1 Dell Way, Round Rock, Texas, United States, that develops, sells and supports computers and related products and services. Bearing the name of its founder, Michael Dell, the company is one of the largest...
, IBMIBMInternational Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas... - TelecommunicationTelecommunicationTelecommunication is the transmission of information over significant distances to communicate. In earlier times, telecommunications involved the use of visual signals, such as beacons, smoke signals, semaphore telegraphs, signal flags, and optical heliographs, or audio messages via coded...
companies - Slovak TelekomSlovak TelekomSlovak Telekom is the largest telecommunications company operating in Slovakia .-Ownership:It is majority owned by Germany's Deutsche Telekom...
(owner of T-MobileT-MobileT-Mobile International AG is a German-based holding company for Deutsche Telekom AG's various mobile communications subsidiaries outside Germany. Based in Bonn, Germany, its subsidiaries operate GSM and UMTS-based cellular networks in Europe, the United States, Puerto Rico and the US Virgin Islands...
Slovensko), Orange SlovenskoOrange SlovenskoOrange Slovensko is a member of the global communications group Orange. The Orange Group operates in 19 countries of the world and currently serves almost 172 million customers....
, Slovanet, Telefonica O2, GTSGTSGTS may stand for:* HSV GTS, an Australian high-performance vehicle based on the Holden Commodore* General Theological Seminary, a seminary in New York* Green Tobacco Sickness, a type of nicotine poisoning... - Financial institutions - Slovenská sporiteľňaSlovenská sporitelnaSlovenská sporiteľňa is the largest commercial bank in Slovakia. It provides comprehensive banking services to more than 2 million clients via the largest distribution network with 400 retail outlets...
, Všeobecná úverová banka, Tatra bankaTatra bankaTatra banka is a commercial bank in Slovakia. It was founded in 1990 as the first private bank in Slovakia. It took the name of the former bank, established in 1885, but not its assets. It started financial operations in December 1991....
, UniBankaUniCreditUniCredit SpA is an Italy-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.- Geography :...
, AllianzAllianzSE is a global financial services company headquartered in Munich, Germany. Its core business and focus is insurance. As of 2010, it was the world's 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.Its Allianz Global Investors...
– Slovenská poisťovňa, Kooperativa poisťovňa, WinterthurWinterthur GroupAXA Winterthur is a multinational insurance company. The original company named Winterthur was founded in Winterthur, Switzerland, in 1875. Until June 2006, Winterthur was a Credit Suisse subsidiary. Now, Paris-based AXA Insurance has entered into a definitive agreement to purchase Winterthur... - ConstructionConstructionIn the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
companies - DoprastavDoprastavDoprastav a.s. is a Slovak construction company, which was established in 1953. The company focuses mainly on transportation construction - roads, bridges and railways....
, ZIPP Bratislava, StrabagStrabagStrabag is a European construction company based in Villach, with its headquarters in Vienna, Austria). It is the largest construction company in Austria and one of the largest construction companies in Europe... - Chemical and Pharmaceutical companies - Slovak's largest oil refineryOil refineryAn oil refinery or petroleum refinery is an industrial process plant where crude oil is processed and refined into more useful petroleum products, such as gasoline, diesel fuel, asphalt base, heating oil, kerosene, and liquefied petroleum gas...
SlovnaftSlovnaftSlovnaft is the largest oil refinery in Slovakia. It was established in 1957 in Bratislava. In 2000, Slovnaft became part of the Hungarian MOL Group, which owns 98.4 % of the shares. Slovnaft has two foreign branches nowadays: Slovnaft CZ in the Czech Republic and Slovnaft Polska in Poland...
, Henkel SlovenskoHenkelHenkel AG & Co. KGaA is an multinational company headquartered in Düsseldorf, Germany.The company operates in three business areas: Home Care , Personal Care ,... - UtilityPublic utilityA public utility is an organization that maintains the infrastructure for a public service . Public utilities are subject to forms of public control and regulation ranging from local community-based groups to state-wide government monopolies...
companies - Slovenský plynárenský priemyselSlovenský plynárenský priemyselSlovenský plynárenský priemysel, a.s. is a Slovak key natural gas supplier. The company follows on from over 150 years of gas industry in Slovakia...
(literally Slovak Gas Industry), Slovenské elektrárneSlovenské elektrárneSlovenské elektrárne, a.s. is a Slovak electric utility company based in Bratislava, Slovak Republic, and successor to the former state monopoly....
(Slovak Electric company) - FoodFoodFood is any substance consumed to provide nutritional support for the body. It is usually of plant or animal origin, and contains essential nutrients, such as carbohydrates, fats, proteins, vitamins, or minerals...
companies - Kraft FoodsKraft FoodsKraft Foods Inc. is an American confectionery, food and beverage conglomerate. It markets many brands in more than 170 countries. 12 of its brands annually earn more than $1 billion worldwide: Cadbury, Jacobs, Kraft, LU, Maxwell House, Milka, Nabisco, Oscar Mayer, Philadelphia, Trident, Tang...
Slovakia, Palma-Tumys, Rajo - EngineeringEngineeringEngineering is the discipline, art, skill and profession of acquiring and applying scientific, mathematical, economic, social, and practical knowledge, in order to design and build structures, machines, devices, systems, materials and processes that safely realize improvements to the lives of...
companies - Whirlpool Slovakia, Johnson Controls InternationalJohnson ControlsJohnson Controls, Inc. is a company, based in Milwaukee, Wisconsin, USA. It was founded in 1885 by professor Warren S. Johnson, inventor of the first electric room thermostat....
, SAS Automotive - Car manufacturers companies - Volkswagen Slovakia, Kia motorsKia MotorsKia Motors , headquartered in Seoul, is South Korea's second-largest automobile manufacturer, following the Hyundai Motor Company, with sales of over 1.4 million vehicles in 2010...
, PSA Citroen Peugeot - TravelTourismTourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people "traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes".Tourism has become a...
companies - Satur Travel - TransportTransportTransport or transportation is the movement of people, cattle, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline, and space. The field can be divided into infrastructure, vehicles, and operations...
ation companies - Železnice Slovenskej republiky, Cargo Slovakia, Dopravný podnik BratislavaDopravný podnik BratislavaDopravný podnik Bratislava, akciová spoločnosť is the only provider of city public transport in Bratislava and Chorvátsky Grob... - RetailingRetailingRetail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
companies - TescoTescoTesco plc is a global grocery and general merchandise retailer headquartered in Cheshunt, United Kingdom. It is the third-largest retailer in the world measured by revenues and the second-largest measured by profits...
Stores Slovak Republic
Construction boom
Economy of Slovakia
Slovakias economy increasingly resembles that of a so-called developed country. With the highest sustained GDP growth in the European Union, reporting 10.4% in 2007 and the highest rating from V4 countries, the Slovak economy has been considered a tiger economy known as the Tatra Tiger. Slovakia...
strong growth in the 2000s has led to a boom in the construction industry, and several major projects have been completed in or are planned for Bratislava. Areas attracting developers include the Danube riverfront, with two major projects already under construction: River Park in the Old Town, and Eurovea
Eurovea
Eurovea is the name of the new business, retail and residential center in Bratislava, Slovakia, located near the Apollo bridge and Tower 115 building. Eurovea connects the Danube riverbank with the city center and offers many new stores and leisure time facilities. The project covers also offices,...
near the Apollo Bridge
Most Apollo
Apollo Bridge in Bratislava is a road bridge over the Danube in the capital of Slovakia.The bridge was opened to the public on September 5, 2005. It is named for the "Apollo" oil refinery which was situated on the left river bank in this area before World War II...
. Other locations under development include the areas around the main railway and bus stations, around the former industrial zone near the Old Town, and in the boroughs of Petržalka and Ružinov. It is expected that investors will spend €1.2 billion on new projects by 2010. See also List of tallest buildings in Bratislava.
Education
Around 38% of all university educated people in the country are concentrated in Bratislava. The potential of the qualified population with a university or college education is utilised to the level of 94%.External links
- Facts and figures, 2005