The town is divided by the Sjuströmmar inlet, connecting Bogevik bay with the Baltic Sea.

Close to the south tip of Asunden is the smaller Grunnet island.

[11][12] For a long time Slite was an important place for trade and business; nowadays tourism is an important source of income along with the stone and gravel industry, producing concrete from raw material of limestone from nearby quarries.

The landscape outside Slite is dominated by the Heidelberg Materials Cement Sverige AB limestone quarry [1].

There are five official markets held on the island in August–October: Slite, Havdhem, Kräklingbo, Klintehamn and Hemse, each usually spanning a weekend.