of innovation (Slovakia ranks 22nd). Within the EU, it ranks next to last on knowledge creation and last for innovation and entrepreneurship. In the process of transition to a knowledge economy, it particularly lacks investment into education and a broader application of IT. The World Bank urges Slovakia to upgrade information infrastructure and reform the education system. The OECD states that a stronger product market competition would help. In March 2006, the Slovak government introduced new measures to implement the Action Plan for R&D and Innovation. The program covers the period from 2006 to 2010. The RDA is expected to launch at least one call for the expression of interests related to this program each year. The annual budget for the program will be set by the RDA. The overall amount available for the program depends on annual national budget resources and is likely to vary from year to year. Following an increase of around 50% in budget resources, the RDA disposes of a total budget of €19.31 million in 2006. Labour The minimum wage in Slovakia in 2023 is set at €700 per month, the average salary for 2021 was € 1211 per month, in the Bratislava region in 2021 the average salary was €1520 per month. As of November 2022 the unemployment rate stood at 5.83%. Statistics Currency switch to the euro Slovakia switched its currency from the Slovak crown (SK-slovenská koruna) to the Euro on 1 January 2009, at a rate of 30.1260 korunas to the euro. Foreign trade See also Tatra Tiger List of Slovak regions by GDP List of Slovak companies Economy of Europe References External links OECD's Slovakia country Web site and OECD Economic Survey of Slovakia Economy of Slovakia from The World Factbook Slovakia report (monitor 2005) Slovakia report (Index of Economic Freedom) Slovakia in selected macro-economic numbers Background note Slovakia (incl. economy) Slovakia Slovakia Slovakia