Slovenian Economic Mirror J IMAD Economic Analyses/July 2007 No. 7, Vol. XIII Slovenian Economic Mirror presents current macroeconomic developments as well as selected economic, social and environmental issues. The publication consists of articles, which present the main economic indicators, assess the realisation of the spring and autumn forecasts, and monitor implementation of economic policies (earnings, public finance, prices, competitiveness, etc.). The periodical is published monthly, except in September. This issue of Slovenian Economic Mirror was prepared by: Boštjan Vasle (In the Spotlight), Jure Brložnik (International Environment - EMU and USA), Jože Markič (Balance of Payments), Miha Trošt (Price Trends & Policy), Marjan Hafner (Money Market - Household Savings, Money Market -Loans, Stock Exchange), Jasna Kondža (General Government Revenue), Tomaž Kraigher (Labour Market), Saša Kovačič (Earnings, Earnings in the public Sector), Katarina Ivas (Manufacturing), Jure Povšnar (Transport, Energy Sector) Director: Janez Šušteršič. Editor in Chief: Luka Žakelj. Translator: Tina Potrato. Language Editor: Dean DeVos. Technical Editor: Ema Bertina Kopitar. Statistical Appendix, Data Preparation & Graphs: Bibijana Cirman Naglič, Marjeta Žigman. Distribution: Katja Ferfolja. Printed by: Tiskarna Štrok. Concept & Design: Sandi Radovan, Studio DVA. Circulation: 610 copies. Institute of Macroeconomic Analysis and Development Gregorčičeva 27, 1000 Ljubljana (+386 1) 478 10 12 fax: 478 10 70 Editor in chief: luka.zakeli@gov.si Translator: tina.potrato@gov.si Distribution: publicistika.umar@gov.si SEM can be found on the Internet at http://www.gov.si/umar/ Publication is included in Ebsco Publishing Database and Internet Securities Database. © Institute of Macroeconomic Analysis and Development, 2007. The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents Slovenian Economic Mirror IMAD No. 7/2007 p. 2 In the Spotlight As favourable trends in the labour market continue, some companies report labour shortages as a limiting factor to production p. 3 International Environment -EMU & USA Economic trends in the euro area remain favourable; the US economy not likely to recover until 2008 p. 4 Balance of Payments High April's imports widened the current account deficit p. 5 Price Trends & Policy The increase in year-on-year inflation in June over December largely caused by food price rises p. 6 Money Market -Household Savings May's payments of holiday allowances resulted in stronger growth of household deposits in banks p. 7 Money Market - Loans The monthly borrowing of the banking sector abroad reached its historically highest level due to the substantial borrowing of a major bank p. 8 Stock Exchange The highest quarterly growth of SBI20 in ten years p. 9 General Government Revenue Relatively modest real growth of general government revenue in the first half of 2007 due to the new tax legislation and the structure of economic growth p. 10 Labour Market The highest increase in employment again recorded in construction in May p. 11 Earnings A new minimum wage amount of EUR 538.53 fixed for the period from 1 August 2007 onwards p. 12 Manufacturing Lower year-on-year growth of industrial production in May p. 13 Transport Faster growth of railway freight transport rather exceptional; road freight transport is rising at a faster pace p. 14 Energy Sector Higher net electricity imports required again in Q2 of 2007 p. 15 SELECTED TOPICS Earnings in the Public Sector The higher wage rises in the public sector planned in 2008-2010 will not jeopardise the main macroeconomic balances pp. 19, 20 Data: (pp. A 1-A 12), Main indicators (p. A 13), International Comparisons (pp. A 14-15), Graphs (pp. A 16-17). Compared to the Selected indicators of current economic Latest previous month same period of previous year developments, change in % Data latest data pre-latest data pre-pre latest data Industrial production (value based) May 3.9 8.8 10.4 9.3 Manufacturing May 4.5 10.1 11.7 10.6 Electricity, gas and water supply May -5.8 -10.2 -8.8 -8.1 Value of construction put in place, real terms May 25.5 38.7 35.3 35.5 Exports of goods (nominal terms)1 April -13.4 18.4 18.8 18.2 Imports of goods (nominal terms)1 April -9.9 20.5 18.1 19.9 Real effective exchange rate2 May 1.0 1.5 1.4 1.4 Gross wage per employee, real terms May 0.9 3.0 3.0 3.0 Total household savings in banks3, nominal terms May 1.7 9.3 8.7 8.7 General government revenue, real terms June -14.0 2.1 2.6 1.8 Number of persons in paid employment May 0.4 3.4 3.4 3.3 Number of registered unemployed June -2.1 -18.1 -18.1 -17.9 Number of job vacancies June 19.3 4.6 5.3 8.0 Month current previous pre-previous Registered unemployment rate May 7.7 7.9 8.1 Month current cumulative annual4 Consumer prices July 0.0 2.9 3.8 Producer prices (domestic market) June 0.3 4.0 5.2 Sources of data: SORS, BS, ESS, estimates and calculations by IMAD. Notes: 1balance of payments' statistics; 2euro's exchange rate for Slovenia measured by relative consumer prices; the calculation of the effective exchange rate includes the currencies/prices of Slovenia's 17 trading partners (Austria, Belgium, Germany, Italy, France, Netherlands, Spain, Denmark, United Kingdom, Sweden, Czech Republic, Hungary, Poland, Slovakia, USA, Switzerland, Japan); weights are the shares of individual trading partners in Slovenian exports and imports of goods within manufacturing (5-8 SITC) in 2001-2003; exports are double weighted; 3the year-on-year growth rate is defined as the ratio between the stock at the end of the current month and the stock in the same month of the previous year; 4total in the last 12 months. In the Spotlight Slovenian Economic Mirror IMAD No. 7/2007 p. 3 While economic trends in the euro area remain favourable, the American economy is not expected to recover until next year. According to the European Commission's latest monthly modelbased forecasts, GDP growth in the euro area will remain at a similar level as in the first quarter in the second and third quarters this year, and moderate slightly towards the end of the year. Although inflation remains below 2%, the ECB is expected to raise its main interest rate by at least another 0.25 p.p. in September, following such an increase in June. The latest data for the USA indicate that the recession in the housing market will continue to affect economic growth for several quarters to come. These expectations are also confirmed by the IMF's upward revisions to the global and euro area forecasts of GDP growth for this year and its downward GDP growth forecast revision for the USA (see p. 4). In Slovenia, manufacturing's industrial production eased off in May, while data on order books remained encouraging. According to the provisional data if the SORS, the value of production rose by 4.1% over May 2006, much less than in previous months. In addition to the softening in industrial production in the euro area, the slowdown appears to be related to the distribution of the May Day holidays this year, which made more Slovenian manufacturers than last year close their companies for a collective holiday. Data on new orders, which remain high in both domestic and foreign markets, suggest that this development is transitory. This is also evidenced by surveys showing a growing share of enterprises that do not see insufficient demand as a limiting factor to production (see p.13). The strong performance of the labour market continued in May. The monthly increase in formal employment was the same as in April, at 0.4%. The total number of people in formal employment rose by 3,818 - by 1,497 in construction alone. The year-on-year growth rates of the average number of employees also remain high. The highest rates were recorded in construction and business services; the total number of workers in manufacturing is also still rising. At the same time, registered unemployment is declining; the registered unemployment rate dipped to 7.7% in May. Amid these developments, companies report shortages of labour. According to surveys about planned hiring for this year, conducted by the Employment Service of Slovenia, companies have difficulty finding skilled construction and metal-processing workers; there is also a lack of mechanics, mechanical engineers, electrical workers, and staff in health care and hotels and restaurants. The demand for these occupations is either met by overtime work (as confirmed by data on disbursed earnings) or by hiring non-resident workers (see p. 11). Two working days more in May were the main reason for the higher increase in gross earnings. The year-on-year increase in the average gross wage per employee totalled 5.8% in nominal and 2.8% in real terms in May. Both figures are higher than in the same period of 2006 (5.3% and 2.0%, respectively; see p. 12). Exports continued to grow at high rates in the first four months of the year, whereas imports even accelerated in April. The nominal year-on-year increase in goods exports recorded in the four months remained roughly the same (18.3%) as in the first quarter of the year. Due to the acceleration in goods imports in April, which was mainly underpinned by imports of vehicles, their growth rose to 19.6% in comparison with the first quarter. The higher current account deficit thus mainly reflected the higher trade deficit in April. The surplus in services decreased somewhat in the first four months of 2007, year on year (see p. 5). Net financial capital inflow increased as well in the four months to April. The net capital inflow (excluding international reserves) rose almost fourfold in the four months, year on year, to total EUR 762.1 m. Within capital imports, the net liabilities of the Bank of Slovenia to the Eurosystem increased at the beginning of the year as a result of ensuring the liquidity of the domestic money market after joining the euro area, but they are expected to ease off in the coming months. Commercial banks added to the higher capital inflow, largely through the drawing of a large syndicated loan by one of the domestic banks. Due to the issuance of the Slobond bond, worth EUR 1 bn, general government debt increased as well. On the other hand, both the Bank of Slovenia and commercial banks contributed to capital exports; the former by increasing the BS' claims in the form of currency and deposits, the latter by higher portfolio investment. Slovenia's gross external debt thus rose by EUR 5.6 bn in the first four months of the year to total EUR 29.5 bn at the end of April. A breakdown of this increase shows that as much as 62.2% thereof was due to the BS' liabilities to the Eurosystem while 28.5% was generated by domestic banks' borrowing (see p. 5). Following the price rises in the last three months, consumer prices remained unchanged in July over June. The stagnation was chiefly underpinned by the seasonal sales of clothing and footwear, while the prices of tobacco products and of recreation and culture services increased. Year-on-year inflation, which rose to 3.8%, is still largely fuelled by the higher prices of goods, particularly food and liquid fuels for transport and heating. These prices are also rising in other EU countries but their contribution to inflation is somewhat higher in Slovenia (see also p. 6). International Environment Slovenian Economic Mirror IMAD No. 7/2007 p. 4 According to Eurostat's latest release, GDP growth in the euro area reached 3.1% in the first quarter (y-o-y, seasonally adjusted), mainly due to the acceleration in investment growth. The year-on-year growth rates of all other components of the expenditure side of GDP decelerated at the beginning of the year compared with the last quarter of 2006. The slowdown in private consumption is attributable to the impact of Germany, where private consumption fell by 0.5% (y-o-y, seasonally adjusted) in the three months to March due to the VAT increase, whereas the lower growth rates of exports and imports can be partly explained by the high base and partly by the slight softening in the expansion of global trade. According to the European Commission, investment will remain the main engine of GDP growth in the euro area at least until the end of 2007 based on the record-high (since 1991) and still rising level of capacity utilisation. With the further improvement in the labour market, private consumption growth can also be expected to gradually gain momentum. The unemployment rate in the euro area totalled 7.0% in May (7.9% in May 2006), the lowest figure since 1993 (see also graph). Given that private consumption has been the main driver of growth in France and Italy for a while, private consumption in Germany is expected to accelerate. According to the Gfk survey, the sentiment of German consumers has been improving from month to month since the drop in January - in June, it came close to the end of 2006 level. Most importantly, the propensity to buy is rising. On the other hand, industrial production in the euro area softened appreciably in April and May. Its average increase in the first five months of the year was 0.4 p.p. lower than in the same period of 2006. Nevertheless, the confidence indicator in manufacturing is still close to its record values, according to the surveys of the EC. Despite the stable year-on-year inflation, which has stayed below 2.0% since September 2006, the ECB raised its main interest rate to 4.0% in June. This was the eighth increase by 0.25 p.p. since December 2005. According to the ECB, considerable inflationary risks still exist. Its experts caution against excessively high wage increases in a time when unemployment is falling. Furthermore, the prices of oil and other commodities are rising again. The average price of Brent crude was USD 10 higher in Q2 than in Q1, totalling USD 68.7/barrel. In the first half of July, it averaged over USD 76/barrel. The raising of the interest rate also added to the further appreciation of the euro against the dollar, which reached a new record rate of 1.3852 USD/EUR on 24 July. With the housing market recession lasting longer than expected, the FED has made a downward revision to the US GDP growth forecast. The new GDP growth forecast for the last quarter of 2007 is between 2.25% and 2.5%, 0.25 p.p. less than in February. The continued negative trends in the housing market were the main motive for the downward revision. The drop in housing investment resulted in almost 1 p.p. lower total annualised quarterly GDP growth in Q1 and 0.5 p.p. lower growth in Q2. There is also growing concern that the situation in subprime mortgages will spill over to other credit markets and, by negatively affecting private consumption, the economy as a whole. Consumer sentiment measured by the Michigan index was falling in the first six months of the year and hit its lowest level since August 2006 in June. In July, however, this trend reversed. Despite the uncertainty regarding economic growth, inflation remains the FED's main concern. In the five months to May, it averaged 4.4%, mostly due to the high prices of food and energy. Meanwhile, core inflation remained stable at around 2.0%. The core inflation forecast for this year thus remained unchanged at 2.0%-2.25%. Despite the expectations that GDP growth in Q2 would exceed that of Q1, the 3.4% annualised quarterly growth figure (1.8% y-o-y) is a positive surprise. The acceleration in (annualised quarterly) growth was largely underpinned by the higher increases in non-residential investment (from 2.1% to 8.1%), government consumption (from -0.5% to 4.2%), and exports (from 1.1% to 6.4%). Inventories also made a positive contribution to the annualised quarterly growth in Q2 after having made a negative contribution of more than 0.5 p.p. in Q1. On the other hand, the substantial slowdown in private consumption (from 3.7% to 1.3%) is disturbing and indicates that the developments in the housing market are already negatively affecting the consumption of American households. The Bureau of Economic Analysis also revised GDP growth data from 2004 onwards. Downward revisions were made for all three years, from 3.9% to 3.6% in 2004, from 3.2% to 3.1% in 2005, and from 3.3% to 2.9% in 2006. Graph: Monthly unemployment rates in the EMU, Germany, and France (seasonally adjusted), in % 10,5 10,0 9,5 9,0 8,5 8,0 7,5 7,0 6,5 6,0 A _/^-A — - - - - # * . I / ^ y "-' " * T" m " * » 2001 2002 2003 2004 Source of data: Eurostat. 2005 2006 2007 Balance of Payments Slovenian Economic Mirror IMAD No. 7/2007 p. 5 Balance of Payments, Jan-Apr 2007, EUR million Inflows Outflows Balance1 Balance Jan-Apr 2006 Current account 7,999.4 8,339.1 -339.8 -127.2 Trade balance (FOB) 6,349.4 6,686.1 -336.7 -185.8 Services 1,100.7 840.4 260.4 276.2 Factor services 286.7 455.9 -169.2 -112.4 Unrequited transfers 262.6 356.8 -94.2 -105.1 Capital and financial account 6,501.4 -5,629.1 872.4 183.4 Capital account 71.2 -71.6 -0.4 -0.5 Capital transfers 71.2 -70.1 1.1 -1.0 Non-produced, non-financial assets 0.0 -1.5 -1.5 0.5 Financial account 6,430.2 -5,557.5 872.7 183.9 Direct investment 263.6 -391.6 -128.0 -58.1 Portfolio investment 1,250.3 -2,312.6 -1.062.3 -284.9 Financial derivatives 0.0 1.8 1.8 -2.3 Other long-term capital investment 4,805.6 -2,855.1 1.950.5 545.6 Assets 15.3 -2,855.1 -2.839.8 -447.2 Liabilities 4,790.3 0.0 4.790.3 992.8 International reserves (BS) 110.7 0.0 110.7 -16.4 Statistical error 0.0 -532.6 -532.6 -56.2 Source of data: BS. Note: minus sign (-) in the balance indicates the surplus of imports over exports in the current account and the rise in assets in the capital and financial account and the central bank's international reserves. The increase in the current account deficit recorded in the first four months of 2007 was largely the result of the higher trade deficit in April. Goods imports accelerated in April, mainly on the back of the imports of road vehicles, and the increase in goods imports consequently exceeded the increase in exports in the four months to April. According to data from the SORS, the nominal increase in goods exports recorded in the four months (year-on-year) remained roughly the same (18.3%) as in the first quarter of the year. The growth of goods imports accelerated from 17.4% to 19.6% in comparison with the first quarter. The SITC classification indicates that April's high year-on-year increase in imports (26.8%) was largely underpinned by imports of road vehicles (6.2 p.p.), iron and steel (3.0 p.p.), and other transport vehicles (2.3 p.p.). These products contributed 42.5% to April's year-on-year increase in goods imports. From a regional perspective, the trade deficit reflects a higher deficit in trade with the EU countries and a lower surplus in trade with non-EU countries. The surplus in services decreased somewhat in the first four months of 2007, year on year. Due to the changeover to a new data coverage methodology (see SEM 6/2007: 5), the surplus in travel services trade shrank considerably (from EUR 226.4 m to EUR 157.0 m). Based on the described developments in goods and services trade, the trade balance ran a deficit of EUR 76.3 m in the four months to April (compared with a surplus of EUR 90.4 m in the same period of 2006). The higher net capital inflow is chiefly the result of the participation of the BS in the Eurosystem and the drawing of a syndicated loan by a domestic commercial bank. Financial transactions (excluding international reserves) in the four months recorded a net capital inflow of EUR 762.1 m (last year EUR 200.3 m). Within capital exports, domestic banks' portfolio investments and the BS' currency and deposits claims rose substantially. Capital imports witnessed an increase in the net liabilities of the BS to the Eurosystem in order to ensure the liquidity of the domestic money market. The latter has had a strong impact on the dynamics of the gross external debt, which totalled EUR 29,479 m at the end of April. Compared with December 2006, it increased by EUR 5,584 m. As much as 62.2% thereof was due to the increase in the BS' liabilities to the Eurosystem, while 28.5% was caused by domestic banks' borrowing. The higher debt of the latter was mainly based on the drawing of a foreign loan by a major bank in April (see p. 8). General government debt increased as well due to the issuance of the Slobond bond, worth EUR 1 bn (see p. 9 and graph). Other sectors, among them predominantly enterprises, mostly borrowed from domestic commercial banks. Graph: Stock of gross external debt at the end of period by sector, % 80 60 40 n : 20 0 ______ n i i i i 1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 apr.07 Source of data: BS. □ Affiliated entities □ Other sectors □ Banking sector ] Gov ernment sector 100 Price Trends & Policy Slovenian Economic Mirror IMAD No. 7/2007 p. 6 2006 2007 Price indices Dec 2006/ O (Jan 06-Dec 06)/ June 2007/ June 2007/ O (May 06-June 07)/ Dec 2005 O (Jan 05-Dec 05) May 2007 June 2006 O (May 05-June 06) Consumer prices (CPI) 102.8 102.5 100.4 103.6 102.5 Goods 102.1 102.0 100.1 103.1 101.9 Fuels and energy 103.9 108.2 100.3 103.6 103.1 Other 101.7 100.5 100.1 103.0 101.6 Services 104.3 103.4 100.9 104.6 104.0 Consumer prices (HICP) 103.0 102.5 100.4 103.8 102.7 Administered prices1 102.1 105.8 100.3 103.1 102.4 Energy 103.7 108.0 100.4 103.3 102.8 Other 97.9 100.2 100.0 102.6 101.4 Core inflation: - trimmean 102.7 102.8 100.2 102.5 102.3 - excluding food & energy 102.0 101.2 100.5 102.5 101.7 Producer prices: - domestic market 102.8 102.3 100.3 105.2 103.8 - EMU 106.3 102.6 100.0 106.7 105.8 Consumer prices in the EMU 101.9 102.2 100.1 101.9 101.9 Sources of data: CPI, HICP, IPI: SORS; administered prices and core inflation: IMAD's estimate; MUICP in the EU: Eurostat (provisional data) and IMAD's recalculation. Note: figures are not directly comparable between the years due to the annual changes of the administered prices index. Prices rose by 0.4% in June. Year-on-year inflation increased as well. In addition to the relatively high food price rises observed this year, the increase in year-on-year inflation was also affected by the price decrease in June 2006 (-0.3%). Average inflation remained unchanged but is likely to rise somewhat in the coming months due to the past price developments alone. Compared with December 2006, the year-on-year price rise in goods was 1.0 p.p. higher, while the price rise in services was just 0.3 p.p. higher (see table). The price rise in services was partly induced by the euro changeover. The food price rise (7.1%) was the main contributor to June's year-on-year inflation (1.1 p.p.). Prices went up in both fresh and processed food. Fresh food added 0.6 p.p. to inflation while processed food contributed 0.5 p.p. The price rises in clothing and footwear contributed 0.2 p.p. Other non-administered prices of goods rose by around 1.9% and added 0.6 p.p. to year-on-year inflation. The prices of services contributed 1.5 p.p.; within that, administered prices of services added 0.4 p.p., mainly due to the price rise in utilities. This increase was caused by the price rises in waste collection at the end of 2006 and in January this year. Furthermore, the changed method of calculating certain utility prices in Ljubljana adopted in November 2006 also translated to a rise in these prices due to the manner of their statistical coverage in the consumer price index, although the outcome was neutral for consumers. Administered prices excluding liquid fuels and including electricity rose by 0.9% in the six months to June, which is less than the increase in market-determined prices (2.4%) and can therefore hardly be regarded as having an inflationary impact. The share of goods and services in the price index whose prices rose in May and June was slightly higher than in the same months of 2006. At the same time, the share of goods and services whose prices fell in May and June this year was somewhat lower. A comparison of these shares in the period since 2004 shows that they have not changed significantly and have remained fairly stable. It is therefore premature to say, based on data for the last two months, that the inventory of goods or services whose prices are either rising or falling is changing, or that there are changes in the price rises at the inter-sectoral level. Core inflation rose somewhat in the last two months, year on year. However, this rise can also not yet be regarded as a long-term inflationary factor since both core inflation indicators (see table) oscillate strongly across the months. Nevertheless, data from March onwards show that inflation in Slovenia is rising. The following months will show if this rise has been merely temporary. Graph: Shares of goods and services whose prices are either changing or remaining unchanged 100 90 80 70 : 60 ; 50 ! 40 : 30 I 20 10 0 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 6 < cio O -J —CJ VUIU VU^ Zs IU Source of data: SORS, calculations by IMAD. < cio O Money Market - Household Savings Slovenian Economic Mirror IMAD No. 7/2007 p. 7 Household savings in banks and mutual funds managed by domestic administrators EUR m, nominal Nominal growth rates, % 31 Dec 2006* 31 May 2007 31 May 2007/ 30 Apr 2007 31 May 2007/ 31 Dec 2006* 31 May 2007/ 31 May 2006* Total savings 11,451.3 11,825.6 1.7 3.3 9.3 Euro savings, total 7,181.3 11,395.6 1.7 N/A N/A Overnight deposits1 3,730.9 5,389.4 2.6 N/A N/A Short-term deposits 2,558.1 4,354.0 -0.2 N/A N/A Long-term deposits 677.2 1,140.9 1.8 N/A N/A Dep. redeemable at notice 215.0 511.3 8.6 N/A N/A Foreign currency savings 4,270.0 430.0 1.7 N/A N/A Overnight deposits1 1,794.3 180.9 2.0 N/A N/A Short-term deposits 1,877.1 189.9 0.5 N/A N/A Long-term deposits 474.4 45.6 1.7 N/A N/A Dep. redeemable at notice 124.2 13.6 15.8 N/A N/A Mutual funds2 1,967.3 2,565.6 4.2 30.4 70.0 Source of data: Monthly Bulletin of the BS, IMAD's calculations. Notes: 1demand deposits, 2data for April 2007; *due to the transfer of euro loans to domestic currency loans, data from previous years are not comparable with data for 2007, and calculations of growth rates are therefore senseless. In May, the monthly growth of household deposits in banks rose to its highest level this year due to seasonal factors (payments of holiday allowances). Euro and foreign currency deposits increased at equal rates. The latter rose for the first time this year after having declined for four months. Of all household deposits, only short-term euro deposits fell slightly. In May, the year-on-year growth of household deposits in banks thus climbed to its highest level since November 2005, when it totalled 10.3%. In the five months to May, the volume of household deposits in banks increased by 3.3%, 1.6 p.p. more than in the comparable period of 2006. The monthly net inflows totalled close to EUR 200 m. In the first five months of the year, they amounted to EUR 373.4 m, almost double the amount from the same period of 2006. A good half of the net flows were deposits redeemable at notice, which increased almost 40-fold in comparison with the same period last year. On the other hand, overnight deposits reached just EUR 45 m, less than a fifth of the value recorded in the comparable period of 2006. After a four-month decline, May saw an increase in overnight deposits, since at least at the beginning a large part of higher inflows that are usually linked to seasonal factors remains fairly liquid. Nevertheless, these deposits rose by a mere 0.8% in the five months to May, more than 4 p.p. less than in the same period of 2006. Time deposits also continued to increase, having recorded a 0.9% rise in May and a 5.6% rise in the first five months of the year, compared with a 1.0% decrease in the same period of 2006. The more favourable interest rates are still boosting the volume of deposits redeemable at notice, which surged by 8.7% in May and increased by as much as 54.8% in the first five months. Interest rates on new deposits in domestic currency have largely been rising this year and have somewhat restored the appeal of saving in banks despite the high returns of other investments. In the five months to May, these interest rates rose by 0.2 p.p. on average. The highest increase of 0.6 p.p. was observed in the interest rates on deposits redeemable at notice of up to three months, which averaged 3.5% in May. Deposits redeemable at notice of more than three months were the most profitable, with a 4.0% interest rate. The interest rate on new short-term deposits totalled 3.2% on average in May. Graph: Evolution of deposit interest rates 6,0 5,5 -5,0 4,5 4,0 3,5 3,0 2,5 2,0 Time deposits up to 1 year - ■ Time deposits over 1 and up to 2 years ■ Deposits redeemable at notice announced up to 3 months in advance ■ Deposits redeemable at notice announced over 3 months in advance ^ s ^ s Source of data: BS. Money Market - Loans Slovenian Economic Mirror IMAD No. 7/2007 p. 8 Domestic banks' loans Nominal amounts, EUR m Nominal loan growth, % 31 Dec 2006* 31 May 2007 31 May 2007/ 30 April 2007 31 May 2007/ 31 Dec 2006* 31 May 2007/ 31 May 2006* Loans total 20,052.9 22,685.6 3.0 13.1 26.8 Domestic currency loans 7,317.1 21,400.5 2.8 N/A N/A Enterprises and NFI 3,926.5 15,596.0 2.9 N/A N/A Households 2,896.4 5,190.0 2.0 N/A N/A Government 494.3 614.6 5.6 N/A N/A Foreign currency loans 12,735.8 1,285.1 7.1 N/A N/A Enterprises and NFI 10,091.3 567.0 7.7 N/A N/A Households 2,484.3 702.5 6.8 N/A N/A Government 160.1 15.7 1.2 N/A N/A Household loans by purpose 5,380.7 5,892.4 2.5 9.5 24.4 Consumer credits 2,286.6 2,429.6 2.0 6.3 15.9 Lending for house purchase 1,955.8 2,222.2 3.7 13.6 40.6 Other lending 1,138.3 1,240.6 1.6 9.0 17.1 Source of data: BS Bulletin, calculations by IMAD. Notes: NFI - non-monetary financial institutions; *due to the transfer of euro loans to domestic currency loans, data from previous years are not comparable with data for 2007, and calculations of growth rates are therefore senseless. Despite the slowdown in May, the monthly growth of domestic banks' loans to the non-banking sectors remains relatively high. Enterprises and NFI (especially enterprises) contributed the lion's share to the total increase in borrowing. The contribution of household borrowing was somewhat smaller. Due to the significant differences in interest rates, foreign currency loans are still increasing at a faster pace (in May they accounted for a good tenth of the total net flows). According to available data, their monthly growth has never been lower than 5% this year. Due to the lower monthly increase in the volume of all loans in May 2006 (1.5%), their year-on-year increase in May this year was considerably higher and reached the highest level since 2005 (since comparable data have been available). The total net flows in the five months to May amounted to EUR 2,632.7 m 50% more than in the comparable period of 2006 and almost 70% of last year's total net flows. The volume of loans to enterprises and NFI rose by 3.1% in May. Contrary to the previous months, when the volume of loans to enterprises increased due to working capital loans and partly investment loans, May saw a considerable increase in corporate borrowing for other purposes. The volume of these loans rose by almost half at the monthly level and contributed as much as 2.5 p.p. to growth. The net flows of loans to enterprises and NFI achieved a value of EUR 2,145.1 m in the first five months of the year (81.5% of the total net flows), close to two-thirds more than in the comparable period of 2006. Following the strong net corporate borrowing abroad recorded in the first quarter, enterprises and NFI net repaid these loans in April in the amount of EUR 67.7 m. Nevertheless, their net flows in the four months to April totalled EUR 187.9 m, which was 77,1% more than in the comparable period of 2006. In contrast to enterprises, banks recorded net borrowing abroad in April totalling a high EUR 1,082.8 m after having net repaid foreign loans in the first quarter. This was largely caused by the raising of a loan worth EUR 850 m by one of the banks in order to finance the borrowing of domestic enterprises. The total net flows of foreign loans achieved a value of EUR 874.5 m in the first four months of the year, 2.7-times more than in the same period last year. Household borrowing rebounded somewhat in May but its year-on-year growth rate remained stable. The monthly net flows amounted to EUR 144.8 m, the second highest value on record since comparable data have been available. In the five months to May, they reached EUR 511.7 m, a good tenth more than in the same period of 2006. Housing loans comprise a major share in household borrowing. In the period from January to May, they accounted for more than 50% of the total net flows, having risen by over a quarter year on year. The net flows of consumer loans also increased by a good 10%, while the net flows of loans for other purposes declined somewhat. Graph: Net flows of domestic banks' loans to domestic sectors Vir podatkov: BS, preračuni UMAR. Stock Exchange Slovenian Economic Mirror IMAD No. 7/2007 p. 9 Turnover and market capitalisation on the Ljubljana Stock Exchange Turnover, Jan-June 2007 Market capitalisation, 30 June 2007 EUR m Growth rates (%), Jan-June 07/Jan-June 06 EUR m Growth rates (%), 30 June 07/30 June 06 Total 1,812.8 -13.2 24,770.0 68.9 Official market Total 1,310.9 108.7 20,242.0 81.0 Shares 1,221.9 110.1 15,032.0 151.6 Bonds 48.1 3.4 5,041.0 -3.1 Mutual funds 40.8 - 169.0 3,688.3 Semi-official market Total 267.7 15.7 4,528.0 30.0 Shares 159.2 84.2 2,590.0 61.1 Bonds 40.1 -42.0 1,014.0 -19.6 Shares of investment funds 68.4 -9.7 924.0 50.3 MMTS (Market Maker Trading Segment Total 262.5 -78.6 - - Bonds 151.3 -80.7 - - Short-term securities 111.2 -74.9 - - Source of data: Ljubljana Stock Exchange, calculations by IMAD. Notes: figures do not always add up due to rounding; 1data are available from September 2005 onwards. In the first quarter of 2007, the main index on the Ljubljana Stock Exchange reached its highest quarterly rise in ten years, and in the second quarter this extraordinary increase almost doubled. The value of the main index surged by 37.3% in the second quarter. Its year-on-year increase soared to 107.4% at the end of July. This hike cannot be explained solely by strong company performance but is partly attributable to stronger demand for listed securities by non-residents (several financial institutions are already selling investment certificates tied to the shares of Slovenian companies). The demand for securities is additionally stimulated by the expected withdrawal of the state from companies. The total market capitalisation on the Ljubljana Stock Exchange rose by 17.7% in the second quarter over the first quarter (30.7% in the first half of the year). This "small increase" (relative to the rise in SBI20) is largely attributable to the 10.2% decline in the market capitalisation of bonds, reflecting the 13.3% smaller volume of the market capitalisation of Government bonds, the reason being that the Government issued bonds worth EUR 1 bn on the common Euro MTS market at the end of the first quarter. The smaller market capitalisation was also slightly affected by the sliding bond indexes - the BIO index fell by 0.4% in the second quarter. Although the number of listed shares on the Ljubljana Stock Exchange declined in the second quarter, the market capitalisation surged by 31.6% in this period due to the high price rises of shares. The market capitalisation of shares rose on both the official and semi-official markets. In the second quarter this year, the turnover amounted to EUR 893.6 m, which is 21.2% less than in the same period of 2006, but the lower value is due to the smaller volume of trading in bonds. The latter dropped particularly on the MMTS, by over three quarters. If this segment is excluded, the turnover rose by a good 60% in the second quarter year on year (in the first half of the year it was a good 80% higher than in the same period last year). This increase largely reflected the almost 80% higher turnover in shares, while the turnover in bonds (excluding the MMTS) rose by a mere 1.3%, which is legitimate given that bonds are a fairly unattractive investment due to their low returns (in comparison with the price rises of shares). The turnover ratio of shares (measured as the ratio between the double six-month turnover and market capitalisation of shares) remains low (0.16), indicating that the liquidity of the Ljubljana Stock Exchange remains low. The strong business cycle in the second quarter pushed up the indexes on the main foreign capital markets, but they were not nearly as high as in Slovenia. The highest increase in this period was recorded by the DAX30, the main index of the Frankfurt Stock Exchange, which enjoyed the highest jump in four years (15.8%). The London Stock Exchange index, FTSE100, recorded the smallest rise, at 4.8%. Graph: Structure of market capitalisation on the Ljubljana Stock Exchange 2000 2001 2002 2003 2004 2005 Source of data: Ljubljana Stock Exchange. 2006 June 2007 Other □ Bonds □ Shares excluding inv estment funds General Government Revenue Slovenian Economic Mirror IMAD No. 7/2007 p. 10 Jan-June Growth index, nominal Structure, Jan-June General government revenue 2007 June 2007/ June 2007/ Jan-June 2007/ 2007 2006 in EUR 000 May 2007 $ 2006 Jan-June 2006 Total general government revenue 6,158,950 86.3 96.2 104.8 100.0 100.0 Corporate income tax 643,968 78.5 95.5 104.8 10.5 10.5 Personal income tax 858,719 46.2 59.1 94.1 13.9 15.5 Domestic taxes on goods & services 1,932,942 91.1 98.3 107.8 31.4 30.5 Value-added tax 1,289,856 85.5 89.3 105.1 20.9 20.9 Excise duties' 520,702 100.0 107.1 113.5 8.5 7.8 Customs duties, other import taxes 51,950 97.4 252.0 216.7 0.8 0.4 Social security contributions 2,177,361 102.4 108.1 107.7 35.4 34.4 Other revenue 494,010 93.3 97.7 97.0 8.0 8.7 Source of data: AP, PPA, B-2 Report (gross deposits). Note: the figure is adjusted for excise duty payment periods. In the first six months of the year, total general government revenue rose by a mere real 2.1% year on year. Amid the favourable macroeconomic developments, this relatively modest increase is attributable to the new tax regulations and the structure of economic growth (strong construction and export activity; see also SEM 6/2007: 3). The revenue from excise duties and import taxes more than doubled in the first half of 2007 relative to the same period of 2006. The swift increase is mainly the result of customs duties on goods traffic at the Luka Koper port, which partly involves the EU market (cars) in addition to the Slovenian market. A particularly large increase was recorded in revenue from excise duties. Excise duty revenue increased by a real 10.7% in the first half of 2007 year on year. Within that, the largest increase was observed in the revenue from excise duties on mineral oils (12.6% in real terms) due to the raising of excise duty rates on these products; in addition, the strong economic growth also pushed up their consumption. Revenue from excise duties on alcohol and alcoholic beverages rose by a real 7.2% (the rates remained unchanged), while revenue from excise duties on cigarettes and tobacco products went up by a real 6.2%, following the harmonisation of these duties with the EU directive in July 2006. In March 2007 Slovenia also imposed excise duties on electricity. The real growth of revenue from social security contributions has been stable. With unchanged contribution rates (38.2%), this revenue increased by a real 4.9% in the first half of 2007, year on year. Despite the high inflows of corporate tax in the first half of 2007, the increase in this revenue was just 2.1%. The growth of this revenue was slowed down by final annual tax assessments for 2006, which were lower than the year before. The current monthly tax advance payments are determined on the basis of the tax calculation for 2006 according to the previous law. The new Corporate Income Tax Act has not changed the taxable base significantly; the statutory tax rate is lower - 23% (now 25%), and the tax relief system has been amended in favour of R&D. The effects of this law (lower revenue from this tax) will not be visible until 2008. Revenue from VAT rose by a real 2.3% in the first six months of the year. Compared with the real growth of the total revenue from VAT, the real growth of VAT from imports was faster (4.6%), while the real growth of accrued VAT, which generally follows domestic household and government consumption, was slower (1.7%). The dynamics of revenue was also affected by a change in legislation which simplified the tax calculation so that monthly taxpayers could opt to file quarterly or twice a year. Revenue from personal income tax paid according to the new Personal Income Tax Act (see also SEM 4/2007: 12) decreased by 8.4% in real terms in the six months to June, year on year. Personal income tax advance payments on income from employment declined by a real 4.6%, while advance payments from other sources fell by 4.1%. The real growth of revenue was additionally slowed by the tax refunds based on the tax returns for 2006, which were almost 70% higher than in the same period of 2006 due to changes in legislation and different dynamics of payments. Revenue from the payroll tax continues to decline due to the lowering of tax rates. In the six months to June, the revenue from this tax fell by 13.8% in real terms compared with the same period of 2006. Graph: Main taxes and social security contributions, EUR m 500 - , Corporate income tax Value-added tax ■ Personal income tax Excise duties Payroll tax -Value-added tax -û-Excise duties -JK-Social securitv contributions «-«-*-«- « » * « x « A * » A » » 400 300 200 100 CD 0 CD 0 CD 0 CD 0 CD 0 CD 0 CD 0 CD 0 CD 0 h- 0 h- 0 h- 0 h- 0 h- 0 h- 0 pr A y a M n u lu g u A p e S tc O > o Z c e D n a b e LL ra M pr A y a M n u Source of data: AP, PPA, B-2 Report; methodology and calculations by IMAD. 0 Labour Market Slovenian Economic Mirror IMAD No. 7/2007 p. 11 Selected labour market indicators thousands % growth Jan-Dec 2006 May 2006 Dec 2006 May 2007 May 07/ Apr 07 Jan-May 07/ Jan-May 06 O 2006/ O 2005 Registered labour force (A=B+C) 910.7 910.7 911.3 923.6 0.2 1.3 0.6 People in formal employment* 824.8 823.6 833.0 852.9 0.4 3.4 1.4 in enterprises and organisations 675.1 674.2 681.7 695.1 0.4 2.9 1.3 by those self-employed 66.5 66.4 67.5 69.8 1.3 5.2 1.7 self-employed and farmers 83.3 83.0 83.8 88.0 0.2 6.5 2.1 Registered unemployed 85.8 87.1 78.3 70.7 -2.5 -18.1 -6.6 women 47.0 47.7 42.6 39.2 -2.4 -17.0 -4.9 aged over 40 39.7 40.1 37.7 37.2 -1.3 -7.3 -0.9 unemployed over 1 year 41.9 42.3 39.7 36.8 -1.5 -11.7 -3.6 Rate of registered unemployment (C/A), % 9.4 9.6 8.6 7.7 - - - male 8.9 7.9 7.1 6.1 - - - female 12.0 11.7 10.5 9.6 - - - Job vacancies 19.0 20.3 15.9 19.3 -6.1 5.3 12.3 for a fixed term, % 75.3 73.7 76.4 79.1 - - - Number of people hired 13.0 13.9 9.1 13.4 -6.8 -0.9 13.8 Lower education 3.9 4.7 2.6 4.7 -4.8 2.9 19.4 Secondary education 7.1 7.4 5.2 6.9 -9.0 -2.2 13.8 Tertiary education 2.0 1.8 1.3 1.8 -2.7 -4.4 4.3 Sources of data: SORS, ESS, IMAD's calculations. Note: persons in employment according to administrative sources. In May, the highest increase in employment was once again recorded in construction. The monthly increase in formal employment was the same as in April (0.4%). Employment rose the most in construction (2.0%); high increases were also registered in hotels and restaurants (1.9%) and in business services (0.7%). The total number of persons in formal employment rose by 3,818 in May; within that by 1,497 in construction alone (39.1% of the total increase). The year-on-year increase in the average number of employed persons in the period from January onwards also remained unchanged from April (3.4%). The total number of workers employed in manufacturing continued to increase in May (by 0.1%). The highest absolute increase was recorded in the manufacture of metals and metal products (by 192) while the biggest relative increases were seen in the manufacture of chemicals and chemical products (0.8%) and the manufacture of transport equipment (0.7%). Companies increasingly report shortages of labour as the main factor limiting production. In surveys of the Employment Service of Slovenia on planned hiring for this year, companies report having trouble finding skilled construction and metal-processing workers. There is also a lack of mechanics, mechanical engineers, electrical workers, and staff in health care and in hotels and restaurants. The demand for these occupations is either covered by overtime work (this is also confirmed by data on disbursed earnings) or by hiring workers from abroad. The number of work permits for foreigners rose to 60,051 by the end of May and then fell back to 59,536 in June. In June 2007, the National Assembly adopted the Act Amending the Employment and Work of Aliens Act that shortens and simplifies the procedures for the employment of foreign workers with qualifications unavailable or lacking in the Slovenian labour market. The Government also raised the work permit quota for 2007 (from 18,500 to 24,000; also see SEM 4/2007: 22-23). Registered unemployment is still declining. The number of people registered as unemployed fell to 69,272 by June. May's registered unemployment rate declined to 7.7%. Inflows to registered unemployment and outflows from it were lower in June than in May. 4,701 persons were newly registered as unemployed - 3,666 thereof because they had lost work (the smallest number this year), while 3,711 unemployed people were hired. In the first half of 2007, registered unemployment shrank chiefly due to the smaller inflow. The inflow was smaller by a fifth than in the first half of 2006. On the other hand, the number of unemployed who found work was also lower (by 11.3%). The decrease in the number of unemployed for other reasons (by 19.9%) was smaller than a year ago, largely because fewer people were struck off the unemployment register for neglecting their duties as unemployed persons. The average number of registered unemployed and the average registered unemployment rate in the first half of 2007 (74,072 and 8.0%, respectively) were thus a respective 18.1% and 1.9 p.p. lower year on year. Graph: Work permits for foreigners, by quarter 2001-2007 70 60 50 40 30 20 10 0 ] Permanent personal work permits □ Temporary personal work permits □ Employment permits Permits for work Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2001 2002 2003 2004 2005 2006 2007 Source of data: ESS. B C D E F Earnings Slovenian Economic Mirror IMAD No. 7/2007 p. 12 Gross wage per employee, growth index Wages in In nominal terms In real terms1 EUR May 2007 May 07/ Apr 07 May 07/ May 06 Jan-May 07/ Jan-May 06 May 07/ Apr 07 May 07/ May 06 Jan-May 07/ Jan-May 06 Gross wage per employee, total 1,263.57 102.1 105.8 105.6 100.9 102.8 103.0 Private sector (activities A-K) 1,192.38 102.5 106.4 106.5 101.3 103.4 103.9 A Agriculture 1,057.80 103.2 108.7 107.5 102.0 105.7 104.9 B Fisheries 1,010.86 94.5 105.3 100.7 93.4 102.4 98.2 C Mining and quarrying 1,580.29 106.2 104.7 103.8 105.0 101.7 101.2 D Manufacturing 1,093.56 102.3 105.7 106.1 101.1 102.7 103.5 E Electricity, gas and water supply 1,551.36 104.6 103.0 103.3 103.4 100.1 100.7 F Construction 1,066.04 105.5 108.1 107.4 104.2 105.1 104.8 G Wholesale, retail; certain repairs 1,134.50 100.4 106.8 107.9 99.2 103.8 105.3 H Hotels and restaurants 930.11 102.8 105.1 104.3 101.6 102.1 101.7 I Transport, storage & communications 1,331.77 101.2 104.1 105.9 100.0 101.2 103.3 J Financial intermediation 2,021.17 106.5 109.9 108.0 105.3 106.8 105.4 K Real estate, renting, business services 1,327.68 102.1 106.8 105.7 100.9 103.8 103.1 Public services (activities L to O) 1,474.48 101.4 104.8 103.9 100.2 101.8 101.4 L Public administration 1,487.69 102.5 105.2 103.3 101.3 102.2 100.8 M Education 1,550.16 101.1 106.4 105.2 99.9 103.4 102.7 N Health and social work 1,401.22 101.1 103.4 103.0 99.9 100.5 100.5 O Other social and personal services 1,393.04 100.3 101.9 103.4 99.1 99.1 100.9 Source of data: SORS and IMAD's calculations for the private sector and public services. Note: deflated by the consumer price index. In May, the gross wage per employee rose by 2.1% in nominal terms and by 0.9% in real terms. The working month was two days longer, which caused a nominal rise in gross wages, especially in the private sector (activities A to K; by 2.5%). This effect was above-average in industry and construction (C, D, E, F), where the gross wage per employee rose by a nominal 3.0%. The rise was largely based on the increase in earnings in mining and construction, where it was additionally driven by the vigorous activity in these industries. Construction enjoyed the highest gross wage rise in the first five months of the year in this group (see table). The smallest increase in the gross wage per employee was observed in production services (G, H, I), by 0.8% in nominal terms. Distributive trades recorded the smallest rise within this group, but they witnessed the highest increase in five months. Business services (J, K) enjoyed the largest increase in average gross earnings. The nominal gross wage in this group rose by 3.5%, mostly due to the increase in earnings in financial intermediation, which recorded the highest wage growth in the private sector in the five months to May. The gross wage in this activity has been rising by about one percentage point faster than the private sector's average gross wage since 2003, but this gap is likely to be even bigger this year. The average gross wage in public services (L to O) rose by a nominal 1.4%. The biggest increase was recorded in public administration, largely reflecting the 13% wage rise in defence. In the first five months of the year, the average gross wage rose by 5.6% in nominal terms, while its real growth remained unchanged at 3.0%. The real increase was higher than in the same period of 2006, when it totalled 2.6% (2.4% in 2005). The gross wage in the private sector rose at a faster pace, by 6.5% in nominal and by 3.9% in real terms. The comparable real increase in 2006 totalled 3.1% (3.0% in 2005). In public services, the increase in gross earnings totalled 3.9% in nominal terms and 1.4% in real terms - it has been lagging behind the wage rises in the private sector ever since 2002 (see pp. 19-20). A new minimum wage amount of EUR 538.53 was fixed for the period from 1 August 2007 onwards. The Act Regulating the Minimum Wage, adopted at the end of 2006, provides for an annual wage adjustment by the expected consumer price rise adopted by the Government as the basis for the preparation of the state budget. No safeguard clause analogous to the adjustment mechanisms for wages in the private and public sectors is included to compensate for higher than projected inflation. Furthermore, the additional adjustment by real GDP growth has also been abolished. This move was motivated by the fact that the minimum wage rose faster than other wages, which caused low-bracket gross wages to concentrate around the minimum wage. In the Autumn Report 2006 we estimated that, based on the changed adjustment system, the level of the minimum wage will decline in comparison with the private sector's average gross wage. In 2005, the minimum wage totalled 46.2% of the average gross wage in the private sector. The corresponding figures for 2006 and 2007 were estimated at 45.2% and 43.8%, respectively. According to actual data, the achieved ratios were 45.3% for 2006 and 44.5% for the first five months of 2007. Slovenia's minimum wage to the private sector's average gross wage ratio ranks in the upper half among those EU countries in which a minimum wage is instituted (2005 data). According to Eurostat's data, Ireland (52%), Luxembourg and Malta (51%), and Bulgaria (50%) have higher ratios than Slovenia. The Netherlands has the same relative minimum wage as Slovenia (46% of the average wage). The following countries have lower ratios: Portugal (41%), Spain (40%), the Czech Republic (39%), Lithuania and Hungary (38%), the United Kingdom (37%), Slovakia, Poland and Latvia (34%), and Estonia and Romania (33%; see also Autumn Report 2006, pp. 67-69). Manufacturing Slovenian Economic Mirror IMAD No. 7/2007 p. 13 Growth rates, % Selected economic indicators May 2007/ May 2007/ Jan-May 2007/ Jan-Dec 2006/ April 2007 May 2006 Jan-May 2006 Jan-Dec 2005 Production value1 4.5 4.1 10.1 6.5 - highly export-oriented industries'2 2.7 7.5 12.0 7.6 - mainly export-oriented industries3 5.1 3.1 11.3 8.6 - mainly domestic-market-oriented industries4 6.0 2.3 5.2 0.2 Average number of employees 0.1 1.2 1.0 -1.7 Labour productivity 4.4 2.9 9.0 8.3 Level of inventories5 1.1 8.0 6.6 1.8 Turnover5 6.5 5.7 8.5 5.1 New orders5 11.5 19.5 11.5 6.7 Industrial producer prices (domestic market) 0.4 3.9 3.9 2.3 - producer prices/inflation -0.8 1.0 1.4 -0.2 Source of data: SORS; IMAD's calculations. Notes: real growth calculated on the basis of data on production value - SORS' recalculation with the IPI (provisional data); Manufacturing industries (DG, DK, DM) which have, according to data on Slovenian commercial companies from the AJPES (2005), earned over 70% of their average net revenues from sales in foreign markets in the last three years on average; Manufacturing industries (DB, DC, DD, DH, DJ, DL, DN) which have earned 50% to 70% of their average net revenues from sales in foreign markets in the last three years on average; "manufacturing industries (DA, DE, DF, DI) which have earned less than 50% of their average net revenues from sales in foreign markets in the last three years; 5real growth. The growth of industrial production slowed down in May. According to provisional data from the SORS, the value of production rose by 4.1% over May 2006, much less than in previous months (see graph). This relatively low year-on-year growth rate is partly attributable to the high production activity in the same month of 2006; however, the seasonally adjusted figure on the decrease in production in May over April also shows that manufacturing activity was less favourable in May than in the previous months of the year (see graph). Apart from the first signs of softening in industrial production in the euro area (see p. 4), a possible explanation for the slowdown could be the distribution of national holidays around first May, which made more Slovenian manufacturers than last year close their companies for a collective holiday. The technologically more advanced industries recorded varying results in May. The manufacture of transport equipment (DM) and the manufacture of machinery and equipment (DK) achieved the highest growth rates of all industries in comparison with May 2006 (15.8% and 12.5%, respectively). On the other hand, the remaining two high-tech industries, the manufacture of electrical and optical equipment (DL) and the chemical industry (DG), which belong to the largest industries in Slovenian manufacturing, scored relatively poor results in May. Production in the former declined by 0.2% year on year while in the latter it rose by a mere 1.5%. We should also mention the leather industry (DC), whose technological intensity is low and which comprises a small share of the manufacturing sector, but whose production plummeted by 40.4% in May, year on year. These three sub-industries had a major impact on the slowdown in the overall growth of industrial production.1 Data about new orders in industry remain encouraging. Favourable trends continue particularly in foreign markets (the euro area and foreign currency area). Orders in the domestic market also remain fairly high. A quarter of companies report no limiting factors to production, the highest share since such data have been available. July's data from the survey on the limits to production, conducted quarterly by the SORS, show that approximately 25% of companies face no limiting factors to production. This is the highest value recorded since the SORS has been collecting such data. It is mostly attributable to the decrease in the reported low demand (which comprises insufficient domestic demand, insufficient foreign demand, and/or competitive imports). On the other hand, the number of companies that have reported supply shortages as an impediment to production2 has increased as the share of companies that are facing shortages of skilled workers is still rising (see also p. 11). 1In the four months to April, the sub-industries DG, DL, and DC contributed a respective 2.3 p.p., 2.0 p.p., and -0.1 p.p. to the overall y-o-y increase in industrial production (11.7%), while their contributions in May totalled 0.2 p.p., 0.0 p.p., and -0.4 p.p. 2Companies whose production is hampered due to shortages of skilled workers, labour in general, raw materials, products, or due to financial problems, unclear regulations, and/or uncertain economic conditions. Graph: Manufacturing's industrial production 16 14 12 10 8 6 4 2 0 -2 Year-on-year real monthly growth (left axis) • Seasonally and working-day adjusted index (right axis) Source of data: SORS, calculations by IMAD. Transport Slovenian Economic Mirror IMAD No. 7/2007 p. 14 Selected transport indicators Absolute terms Growth in % Jan-Mar 2006 Jan-Mar 2007 Jan-Mar 2007/ Jan-Mar 2006 Jan-Dec 2006/ Jan-Dec 2005 Passenger transport Railways, in million passenger km 192 196 2.0 2.4 Roads1, in million passenger km 211 209 -1.2 0.3 Urban, in thousand passengers 27,320 26,289 -3.8 -3.4 Air, in million passengers km 181 183 0.9 2.3 Airport, in thousand passengers 235 251 6.8 9.0 Freight transport Railways, in million tonne km 799 918 14.9 3.9 Roads, in million tonne km 2,901 3,103 7.0 9.8 Maritime, in million tonne km 13,498 10,813 -19.9 -6.4 Harbour, in thousand tonnes 3,871 4,282 10.6 22.5 Source of data: SORS. Notes: Excluding private transport of passengers by taxi, bus and car. In the first quarter of 2007, passenger transport witnessed a further decline in city bus transport, while airport traffic continued to rise at a high rate. Compared with the first quarter of 2006, the number of passengers on city buses fell by 3.8%, whereas the volume of intercity and urban bus transport decreased by 1.2%. While railway passenger transport is slowly rising (up 2%), the growth of air passenger transport slowed down sharply (totalling just 0.9%). Despite the slight moderation in comparison with the high growth rates recorded in previous years, airport traffic still rose considerably in the first quarter, by 6.8%. Over the last three years it has grown by almost 50% (air transport by 13.8%). Bus transport declined by about one-tenth in this period while railway transport recorded a 4.4% rise. Within freight transport, railway transport rose substantially, while maritime transport dropped by a fifth. Transport of goods by railway surged by 14.9%, and the growth of road freight transport remained strong at 7%. The rapid expansion of land transport is explained by the robust domestic GDP growth and the high increase in harbour transport (10.6%). Roughly in the middle of 2006, the global growth of maritime transport eased off, which led to several quarterly decreases in the volume of this form of transport, including the first quarter of 2007, when the volume of Slovenian maritime transport fell by 19.9%. Over the past three years, the volume of road freight transport enjoyed the highest growth (by more than 50%) within freight transport (railway transport rose by 13.8%), while harbour and maritime transport rose by over 30%. Road freight transport is the main transport activity within the transport, storage, and communications sector, which has also seen the biggest expansion in the last few years. In 2006, the three main transport activities within the transport, storage, and communications sector were road freight transport, which employed 35.8% of workers in this sector, railway transport (15.2%), and the shipping industry (6.6%; both companies and sole proprietors are included, and the latter are also counted as employees). The corresponding shares of value added generated in these three branches are 23.3%, 12.0%, and 6.3%. Looking at the structure of workers employed in transport activities within the sector in 2003-2006, the highest increase of 3.2 p.p. was recorded in the share of road freight transport, while the shares of railway transport and shipping declined by 1.3 p.p. and 2.2 p.p., respectively (a similar direction and intensity of changes was also observed in the structure of value added; see graph). The number of employees in the transport segment of the transport, storage, and communications sector rose by 2,053 to 39,028. In 2006, road freight transport employed 18,807 workers, 2,425 more than in 2003. The number of workers in the forwarding industry fell by 950 to 3,445, while the number of railway workers declined by 326 to 7,985. The decline in the volume of the forwarding industry was largely caused by Slovenia's entry to the EU. Data regarding both the volume of transport and the size of the activity are unfavourable in terms of sustainable development, since cargo is still largely being moved from railways to roads, rather than the other way around. Graph: Changes in the shares of transport activities in the transport, storage, and communications sector, 2003-2006 s 3 nti poi 2 e g 1 a tn e O 0 -1 n -2 -3 2,8 3,2 J£L Road f reight Value added □ No. of employees 0,8 0,8 Bus Air Airport Railway Forwarding Transhipment and storage Source of data: AJPES, calculations by IMAD. Note: * including companies and sole proprietors. 4 0,7 0,6 0,4 0,3 0,0 -2,4 -2,2 0,2 -0,7 -0,7 1,3 Energy Sector Slovenian Economic Mirror IMAD No. 7/2007 p. 15 Selected indicators, growth rates in % Q2 2006, GWh Q2 2007, GWh Q2 2007/Q2 2006, % Production of electricity 3,120 3,091 -0.9 Prod. in hydroelectric plants 1,1 770 -35.2 Prod. in thermal plants 1,079 851 -21.1 Prod. in nuclear power plant 854 1,469 72.1 Consumption of electricity 3,170 3,269 3.1 Through distribution network 2,408 2,509 4.2 Direct consumers 705 709 0.5 Transmission losses 57 51 -11.7 Net electricity exports -50 -1 78 254.8 Source of data: ELES, Electricity Balance for March 2007; calculations by IMAD. In the second quarter of 2007, the production of the nuclear power plant rose substantially year on year, while the output of most other power plants declined. According to ELES, the hydro-electric production in April, May, and June was a respective 13.0%, 38.7%, and 43.5% lower than planned in the national electricity balance (EEB), which is based on the average monthly water levels of Slovenian rivers. In the second quarter of the year, hydro-electric production fell short of the planned level by almost one third, and was 35.2% lower than in the second quarter of 2006. Regular overhauls of the Krško nuclear plant are carried out every 18 months. The last overhaul was conducted in spring 2006. In the second quarter of this year, when the plant was in operation for a full three months, it consequently recorded a surge in production (72.1%). The production of thermal power plants declined sharply, by 21.1%, due to major planned repairs carried out at two important energy facilities, i.e. block 5 of the Šoštanj Thermal Power Plant and the Trbovlje Thermal Power Plant. The total electricity production in Slovenia thus fell by 0.9%. After energy consumption decreased in the winter months it rebounded in the second quarter. Compared with the same months of the previous year, energy consumption was 2.0% lower in December, 2.6% lower in January, 2.1% lower in February, and 0.3% lower in March as a result of the mild winter. Since April, energy consumption has rebounded and increased by 3.1% in the second quarter, year on year. Consumption from the distribution network rose by as much as 4.2%, while major direct users increased their consumption from the transmission network by just 0.5%. The only decrease was recorded in transmission losses, which, however, account for only a minor share of the total electricity consumption. High net electricity imports were required again in the second quarter this year, whereas external trade dropped substantially compared with the same period of 2006. Over the last year and a half, the average electricity consumption and production totalled around 3,300 GWh, while imports and exports of electricity amounted to roughly half that amount, at approximately 1,650 GWh. Since consumption was somewhat higher than production in this period, Slovenia had net imports of electricity totalling 2.0% of consumption. International electricity trade levels are high. They are not only determined by domestic production surpluses and deficits but also by Slovenia's favourable geographical positioning between countries with relatively lower electricity prices and Italy with the highest price. In addition to supply and demand, trading in electricity also depends on the available cross-border transmission capacities. In the second quarter of 2007 compared with the same period of 2006, commercial exports of electricity fell by 18.4% while commercial imports declined by 11.5% (see graph). As consumption rose and production fell, Slovenia had to resort to high net imports of electricity amounting to 178 GWh, which covered 5.4% of consumption. These net imports were the third highest quarterly imports in the period since Slovenia has had to occasionally net import electricity (since 2003). Graph: International trade in commercial electricity, by quarter 2.100 2.000 1.900 1.800 1.700 1.600 1.500 1.400 1.300 1.200 Exports - trading Imports - trading Net exports - trading (right axis) T 150 - 100 50 0 -50 - -100 -150 -200 -250 - -300 - -350 Q1 2005 Q2 Q3 Q4 Q1 2006 Q2 Q3 Q4 Q1 2007 Q2 Source of data: ELES, Electricity balance, various issues; calculations by IMAD. Selected Topics Slovenian Economic Mirror IMAD No. 7/2007 pp. 17-20 Earnings in the Public Sector Slovenian Economic Mirror IMAD No. 7/2007 p. 19 Real growth of labour productivity, in %1 Real growth of the gross wage per employee, in % Difference between wage growth and productivity growth, in percentage points Total Private sector2 Public sector3 1 2 3 4 2-1 3-1 4-1 1995 3.0 5.1 3.7 8.2 2.1 0.7 5.2 1996 5.9 5.1 4.0 6.8 -0.8 -1.9 0.9 1997 6.9 2.4 1.5 3.8 -4.5 -5.4 -3.1 1998 4.1 1.6 2.2 -0.2 -2.5 -1.9 -4.3 1999 3.9 3.3 3.2 3.7 -0.6 -0.7 -0.2 2000 3.3 1.6 1.3 2.1 -1.7 -2.0 -1.2 2001 2.2 3.2 2.3 5.1 1.0 0.1 2.9 2002 3.8 2.0 2.3 1.1 -1.8 -1.5 -2.7 2003 3.1 1.8 2.1 1.0 -1.3 -1.0 -2.1 2004 3.9 2.0 3.1 -0.8 -1.9 -0.8 -4.7 2005 3.7 2.2 2.8 0.9 -1.5 -0.9 -2.8 2006 4.0 2.2 2.8 1.0 -1.8 -1.2 -3.0 1995-2001 4.2 3.2 2.6 4.2 -1.0 -1.6 0.0 2002-2006 3.7 2.0 2.6 0.6 -1.7 -1.1 -3.1 From Spring Forecast 2007 2007 3.8 2.9 2.9 2.8 -0.9 -0.9 -1.0 2008 3.6 2.9 2.8 3.3 -0.7 -0.8 -0.3 2009 3.4 2.8 2.8 2.6 -0.6 -0.6 -0.8 2010 3.4 2.9 3.0 2.5 -0.5 -0.4 -0.9 From the initialled Collective Agreement for the Public Sector 2007 3.8 2.6 2.9 1.9 -1.2 -0.9 -1.9 2008 3.6 3.2 2.8 4.2 -0.4 -0.8 0.6 2009 3.4 2.9 2.8 3.3 -0.5 -0.6 -0.1 2010 3.4 3.4 3.0 4.8 0.0 -0.4 1.4 Evolution of real labour productivity and real gross wage and difference in their growth in 1995-2006 with an estimate until 2010 Source of data: SORS; calculations and estimates by IMAD; estimates of funds needed for elimination of wage disparities in the public sector by Ministry of Public Administration. Notes: 1labour productivity growth takes into account real GDP growth relative to employment growth according to the System of National Accounts; 2the calculation of the gross wage per employee in the private sector includes activities A to K of the Standard Classification of Activities; 3the calculation of the gross wage per employee in the public sector includes activities L to O of the Standard Classification of Activities. 2002 saw the adoption of the Salary System in the Public Sector Act, whose main purpose was to eliminate wage disparities arising from the past. The actual application of the law is conditional on the adoption of several implementing regulations, the collective agreement for the public sector, and sectoral collective agreements. Negotiations on these agreements began immediately after the adoption of the law and were expected to be concluded fairly soon. However, they have stretched over several years, which shortened the planned period for the elimination of disparities and affected wage rises in the public sector in the period before disparities were to begin to be eliminated and subsequently. With the adoption of the law, it was no longer possible to make any changes in sectoral collective agreements that would result in wage rises in the public sector. Since 2002, the wage increases in the public sector have therefore been based solely on promotions, work performance, and the regular annual adjustments. According to the statutory adjustment mechanism, only half of the adjustment percentage is earmarked for the general wage adjustment, while the other half is allocated for the elimination of wage disparities. After the conclusion of the collective agreements, the funds set aside by the adjustment mechanism would thus be used for the progressive elimination of wage disparities. However, since the agreement has not yet been concluded, the collected funds for this purpose have not been spent gradually since 2005. As a result, the average annual growth rate of private sector gross wages totalled just 0.6% in real terms in 2002-2006. In the private sector, it was 2 p.p. faster (see the table). In July, the Collective Agreement for the Public Sector was initialled by the Government and by 18 out of the 25 trade unions that participated in the negotiations. The collective agreement defines the indicative jobs in the private sector that represent the target points around which jobs in the sectoral collective agreements will be classified. This should ensure appropriate ratios between public sector earnings in the future. The collective agreement also includes the Agreement on the Base Wage Adjustment Mechanism and the Level of Expenditure Earmarked for the Elimination of Wage Disparities for 2007-2009, which sets out the adjustment mechanism for this period. Furthermore, it lays down the mechanism for extra pay for work performance, uniformly defines wage supplements by type and amount, and sets out the promotion system. It thus defines all the elements of public sector earnings and the relevant adjustment mechanism until 2009. Negotiations on sectoral collective agreements are due to begin in September. Earnings in the Public Sector Slovenian Economic Mirror IMAD No. 7/2007 p. 20 Once these negotiations have been concluded, the social partners will sign the collective agreement for the public sector and sectoral collective agreements. This is when earnings can begin to be disbursed according to the new law. Due to a special agreement, salaries in the education sector rose faster than the average earnings in the public sector in 2002-2006. Prior to the adoption of the Salary System in the Public Sector Act, trade unions representing workers in education managed to negotiate an annex to the collective agreement for education with Government representatives. The annex provided for an annual wage increase in July of approximately 3% until 2006, unless the wages began to be disbursed according to the new system by then. The annex was based on an analysis of earnings used as a basis for the Salary System in the Public Sector Act. This analysis disclosed a significant lag in the earnings of the education sector. The annex was fully implemented in the period until 2006. Therefore, the disparities in teachers' salaries no longer needed to be eliminated. Wage disparities are to be eliminated from 2008 to 2010. Pursuant to the Salary System in the Public Sector Act, wage disparities were planned to be eliminated by the end of 2009. The protracted bargaining shortened the period for the elimination to two years, 2008 and 2009. This would entail a significant increase in public sector wages, notably because the expenditure required for the elimination of disparities increased by the end of the negotiations due to the additional adjustments based on job valuation and the increases in the allowances for the period of service and for national holidays. Therefore, the social partners agreed to carry out the elimination in four equal parts. The first adjustment will be made in January and the second one in September 2008. Half of the wage disparities will thus be eliminated in 2008. The third adjustment is due in September 2009, while the fourth increase will take place in March 2010. The agreement includes a double safeguard which allows the adjustments to be carried out in a shorter time span if macroeconomic trends are favourable, and the fourth adjustment to be postponed to no later than September 2010 if the macroeconomic balance were to seriously deteriorate. In the entire period, earnings in the public sector will be raised by 9.9% in order to eliminate the disparities. The highest wage rises for this purpose are planned in culture (19.0%), health (15.0%), and social care (16.4%), while the smallest increase is foreseen in education (1.5%). According to the estimates of the Ministry of Public Administration, EUR 298.7 m will be spent on the elimination of disparities. The fraction of the adjustment percentage set aside for the elimination of wage disparities will provide EUR 152 m until the end of 2009. The Agreement on the Base Wage Adjustment Mechanism and the Level of Expenditure Earmarked for the Elimination of Wage Disparities for 2007-2009 provided for additional funds totalling EUR 103.3 m. Upon conclusion of the agreement with trade unions, the level of required funds rose by an additional EUR 43.4 m. Due to the short period available for eliminating wage disparities, the projected real growth of wages in the public sector will be faster than the estimated real productivity growth in 2008 and 2010, while the overall real gross wage per employee in Slovenia will not exceed the estimated productivity growth in 2008-2010. Based on the macroeconomic trends projected in the IMAD Spring Forecast for 2007 and considering the dynamics of eliminating wage disparities negotiated by the social partners in the collective agreement for the public sector, the estimated real growth of the gross wage per employee in the public sector is faster than the estimated real growth of the gross wage in the private sector. However, the estimated real growth of the overall gross wage per employee does not exceed the estimated real growth of labour productivity in this period (see graph). The estimated increase in the public sector's real gross wages in 2008-2010 is higher than projected in the IMAD Spring Forecast because the beginning of wage disbursement according to the new system was postponed from September 2007 to the beginning of 2008 and due to the higher agreed level of funds required for the elimination of wage disparities. Graph: Evolution of the real gross wage per employee in the public and private sectors, 2002-2010 Private sector Labour productiv ity Public services . Total 2002 2003 2004 2005 2006 2007 est. 2008 est. 2009 est. 2010 est. Source of data: SORS, calculations for labour productivity and wages IMAD Spring Forecast 2007; the estimate of gross wages for the public sector takes into account the initialed Collective Agreement for the Public Sector. Statistical Appendix Slovenian Economic Mirror IMAD No. 7/2007 pp. 1-17 Gross Domestic Product / I Slovenian Economic Mirror IMAD No. 7/2007 p. A 2 2003-2004 constant previous year prices, 2005-2004 constant 2004 prices In SIT m In EUR m Real growth rates in % 2007 2008 2009 2007 2008 2009 2003 2004 2005 2006 forecast 2004 2005 2006 forecast VALUE ADDED BY ACTIVITIES AND GROSS DOMESTIC PRODUCT A Agriculture, hunting, forestry 123,680 149,634 138,342 132,255 557 563 571 17.1 -5.2 -4.4 1.0 1.0 1.5 B Fishing 896 881 869 884 4 4 4 -16.9 9.5 1.7 0.0 1.0 1.0 C Mining and quarrying 23,617 27,037 30,948 31,737 132 132 1 31 2.5 -0.2 2.6 0.0 -0.5 -0.5 D Manufacturing 1,259,492 1,386,846 1,444,152 1,550,355 6,845 7,176 7,499 4.1 2.8 7.4 5.8 4.8 4.5 E Electricity, gas and water supply 140,256 149,089 173,849 176,805 741 753 756 0.8 6.6 1.7 0.5 1.5 0.5 F Construction 274,175 294,211 322,680 360,659 1,597 1,712 1,772 1.3 4.0 11.8 6.1 7.2 3.5 G Wholesale, retail; certain repairs 553,700 610,259 653,633 689,909 3,003 3,117 3,220 3.1 4.0 5.6 4.3 3.8 3.3 H Hotels and restaurants 110,905 116,979 123,365 130,211 571 601 631 -0.1 0.7 5.6 5.0 5.3 5.0 I Transport, storage and communications 334,458 360,946 451,071 479,488 2,121 2,238 2,383 0.1 9.0 6.3 6.0 5.5 6.5 J Financial intermediation 221,699 260,587 276,319 300,799 1,362 1,464 1,567 17.2 10.4 8.9 8.5 7.5 7.0 K Real estate, renting and business services 742,611 826,027 901,517 939,841 4,091 4,266 4,458 4.7 3.6 4.3 4.3 4.3 4.5 L Public administration and defence 311,343 357,775 349,322 355,784 1,526 1,569 1,600 7.3 2.3 1.9 2.8 2.8 2.0 M Education 269,600 296,231 326,464 333,613 1,426 1,461 1 ,498 2.7 3.0 2.2 2.4 2.5 2.5 N Health and social work 241,059 261,747 278,144 284,263 1,219 1,256 1,300 3.7 2.9 2.2 2.8 3.0 3.5 O Other community and personal services 158,845 175,356 199,499 207,080 907 957 1,010 5.7 5.8 3.8 5.0 5.5 5.5 P Private households with employed persons 1,163 1,228 1,436 1,386 6 6 6 -8.1 5.9 -3.5 1.0 1.0 1.0 VALUE ADDED (A+...+P) 4,767,499 5,274,834 5,671,609 5,975,070 26,108 27,274 28,406 4.5 3.9 5.3 4.7 4.5 4.2 Taxes on products and services 751,595 827,981 884,055 919,417 4,005 4,158 4,320 4.2 4.8 4.0 4.4 3.8 3.9 Less: subsidies on products and services 21,731 31,976 31,237 30,487 125 122 119 7.1 -0.6 -2.4 -2.0 -2.0 -3.0 GDP 5,497,364 6,070,840 6,524,427 6,864,000 29,988 31,309 32,607 4.4 4.0 5.2 4.7 4.4 4.1 Source of data: SORS 2003-2005; IMAD's calculations and Spring Forecast 2007. Real growth rates: SORS 2003-2006; IMAD's calculations and Spring Forecast 2007. Note: a comparison of nominal values is possible under the technical assumption of the SIT/EUR exchange rate = 239.64, which has been used since 2007. Gross Domestic Product / II Slovenian Economic Mirror IMAD No. 7/2007 p. A 3 Current prices, in SIT m Current prices, in EUR m Structure in %, current prices, GDP=100 2003 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009 forecast forecast SUPPLY AND USE OF GROSS NATIONAL DISPOSABLE INCOME 1. GROSS DOMESTIC PRODUCT 5,813,540 6,271,795 6,620,145 7,126,012 31,918 34,444 36,783 100.0 100.0 100.0 100.0 100.0 100.0 2. Net primary income from the rest of the world -46,845 -75,400 -61,078 -87,702 -433 -464 -540 -1.2 -0.9 -1.2 -1.4 -1.3 -1.5 3. GROSS NATIONAL INCOME (1+2) 5,766,695 6,196,395 6,559,066 7,038,310 31,485 33,980 36,243 98.8 99.1 98.8 98.6 98.7 98.5 4. Net current transfers from the rest of the world 3,527 -14,815 -32,675 -53,754 -191 -81 -40 -0.2 -0.5 -0.8 -0.6 -0.2 -0.1 5. GROSS NATIONAL DISPOSABLE INCOME ( 3+4 ) 5,770,222 6,181,580 6,526,391 6,984,556 31,294 33,899 36,203 98.6 98.6 98.0 98.0 98.4 98.4 6. Final consumption expenditure 4,381,447 4,666,049 4,931,809 5,220,816 23,134 24,602 26,087 74.4 74.5 73.3 72.5 71.4 70.9 Private consumption 3,242,319 3,438,530 3,636,387 3,848,237 17,034 18,078 19,159 54.8 54.9 54.0 53.4 52.5 52.1 Government consumption 1,139,128 1,227,519 1,295,422 1,372,579 6,100 6,524 6,928 19.6 19.6 19.3 19.1 18.9 18.8 7. GROSS SAVINGS ( 5-6 ) 1,388,776 1,515,531 1,594,581 1,763,740 8,160 9,297 10,116 24.2 24.1 24.8 25.6 27.0 27.5 8. GROSS CAPITAL FORMATION 1,436,604 1,680,755 1,724,428 1,956,119 8,788 9,569 10,180 26.8 26.0 27.5 27.5 27.8 27.7 9. SURPLUS ON THE CURRENT ACCOUNT WITH THE ROW (7-8) -47,829 -165,224 -129,846 -192,379 -629 -273 -64 -2.6 -2.0 -2.7 -2.0 -0.8 -0.2 Source of data: SORS 2003-2006, BS; IMAD's calculations and Spring Forecast 2007. Note: a comparison of nominal values is possible under the technical assumption of the SIT/EUR exchange rate = 239.64, which has been used since 2007. EXPENDITURE STRUCTURE OF GROSS DOMESTIC PRODUCT, 2000-2006 constant previous year prices In SIT m In EUR m Real growth rates, in % GROSS DOMESTIC PRODUCT (3+4+5) 5,497,364 6,070,840 6,524,427 6,864,000 29,988 31,309 32,607 4.4 4.0 5.2 4.7 4.4 4.1 1. Exports of goods and services 3,155,890 3,651,048 4,157,224 4,570,904 20,924 22,839 24,849 12.5 10.5 10.0 9.7 9.2 8.8 2. Imports of goods and services 3,186,667 3,685,560 4,106,912 4,534,031 20,566 22,345 24,110 13.4 7.0 10.4 8.7 8.6 7.9 3. EXTERNAL BALANCE * (1-2) -30,777 -34,512 50,312 36,873 358 494 738 -0,5* 2,0* -0,3* 0,7* 0,5* 0,8* 4. FINAL CONSUMPTION 4,150,646 4,505,482 4,811,325 4,975,387 21,509 22,233 22,923 2.8 3.1 3.4 3.6 3.4 3.1 Private consumption 3,075,724 3,327,207 3,556,451 3,673,077 15,906 16,468 17,025 2.6 3.4 3.3 3.8 3.5 3.4 Government consumption (individual and collective) 1,074,922 1,178,275 1,254,875 1,302,309 5,603 5,765 5,898 3.4 2.2 3.8 3.1 2.9 2.3 5. GROSS CAPITAL FORMATION 1,377,495 1,599,870 1,662,790 1,851,740 8,121 8,582 8,946 11.4 -1.1 11.4 5.1 5.7 4.2 Gross fixed capital investment 1,296,953 1,459,991 1,559,267 1,744,180 7,708 8,213 8,575 7.9 1.5 11.9 5.9 6.6 4.4 Changes in inventories and valuables* 80,542 139,879 103,523 107,560 414 369 371 1,0* -0,6* 0,1* -0,1* -0,1* 0,0* Source of data: Nominal: SORS 2003-2005, BS; IMAD's calculations and Spring Forecast 2007. Real growth rates: SORS 2003-2006, BS; IMAD's calculations and Spring Forecast 2007. Note: a comparison of nominal values is possible under the technical assumption of the SIT/EUR exchange rate = 239.64, which has been used since 2007. *as contributions to real GDP growth (in percentage points). Slovenian Economic Mirror IMAD Industrial Production No. 7/2007 p. A 4 2002 2003 2004 2005 2006 2006 2007 2006 2007 QI QII QIII QIV QI 4 5 6 7 8 9 10 11 12 1 2 3 4 5 INDUSTRIAL PRODUCTION by sectors *, indices, 2000=100; 2007 data are provisional INDUSTRY, total 105.4 106.9 112.8 116.5 123.6 117.7 124.0 122.0 130.6 128.7 113.4 130.0 128.6 124.7 108.4 133.0 134.6 139.6 117.6 125.2 121.4 139.4 128.9 133.9 C Mining and quarrying 99.2 104.9 97.6 104.2 114.9 103.8 115.2 106.4 134.3 113.6 108.8 124.8 112.0 98.1 102.2 119.0 135.2 152.6 115.1 94.3 107.7 138.7 134.1 135.3 D Manufacturing 104.8 106.5 111.6 115.6 123.1 116.5 124.0 122.5 129.4 128.9 112.7 130.3 129.1 125.5 108.0 134.0 134.4 138.8 114.9 124.8 121.7 140.3 129.7 135.6 DA Food, beverages, tobacco 98.6 99.6 89.4 88.0 86.8 76.9 88.4 87.5 94.5 78.5 82.0 89.4 93.8 87.2 86.4 88.8 87.9 103.5 92.0 75.0 75.1 85.5 88.3 90.0 DB Textiles & textile products 80.5 71.3 61.7 54.1 52.2 57.6 49.5 54.1 47.4 56.5 44.4 49.6 54.4 59.9 44.1 58.3 51.3 50.0 41.0 54.9 52.3 62.2 51.8 49.2 DC Leather & leather products 83.6 72.7 68.2 72.7 76.5 78.3 77.8 72.1 77.7 72.8 66.5 85.8 81.2 67.0 66.5 82.9 90.3 91.1 51.6 86.0 61.0 71.5 53.2 51.2 DD Wood & wood products 94.3 91.0 94.7 100.7 104.1 93.7 109.7 104.5 108.4 111.8 99.9 116.7 112.6 109.8 88.4 115.2 114.7 119.6 91.0 97.2 110.9 127.2 119.9 128.4 DE Paper, publishing, printing 1 100.9 100.6 101.2 104.8 103.8 100.6 103.1 102.1 109.6 103.0 98.5 109.0 101.9 101.1 98.0 107.2 110.5 113.3 104.9 103.1 93.5 112.4 104.5 110.0 DF Coke, petrol. prod., nuclear fuel 2 34.2 36.3 - - - - - - 20.9 22.3 - - - - 15.8 19.9 21.1 21.6 19.9 22.8 21.2 23 18.8 18.4 DG Chem., prod., man-made fibers 114.5 128.0 147.5 158.7 179.4 173.0 183.3 172.1 189.3 201.1 173.5 196.3 180.0 191.6 154.4 170.4 207.4 198.6 161.9 209.4 193.6 200.4 206.8 199.1 DH Rubber & plastic products 99.8 103.6 116.5 122.2 130 120.2 126.8 136.9 135.9 135.2 114.3 132.6 133.4 134.6 124.8 151.4 145.6 149.7 112.3 127.4 125.5 152.6 131.0 146.6 DI Non-metal mineral products 100.9 101.6 84.6 78.7 83.6 66.7 88.0 90.7 89.2 78.3 75.6 90.6 97.8 91.7 85.3 95.0 96.4 98.0 73.1 71.6 72.5 90.7 85.2 98.3 DJ Basic metals & fabricated. prod. 108.3 112.0 107.8 116.3 129.8 120.6 130.5 131.5 136.7 143.9 118.0 137.5 135.9 133.0 120.0 141.5 148.1 146.0 116.1 142.7 135.4 153.6 142.3 148.4 DK Machinery & equipment nec. 128.6 120.9 138.5 140.9 149.5 143.7 147.8 144.7 161.7 163.6 135.9 151.3 156.2 153.6 121.2 159.4 162.4 173.4 149.2 154.0 154.2 182.5 161.6 170.3 DL Electrical & optical equipment 110.3 122.8 153.0 157.7 181.9 167.6 182.5 183.4 194.2 186.9 152.0 197.7 197.8 172.1 152.4 225.6 194.2 210.6 177.7 173.2 175.7 211.8 186.0 197.2 DM Transport equipment 106.4 111.7 152.7 184.7 177.4 200.1 185.5 149.5 174.4 194.7 182.0 186.9 187.6 176.4 75.6 196.5 176.1 180.7 166.4 179.2 184.8 220.1 184.8 216.4 DN Manufacturing nec. 106.3 102.6 103.4 108.7 108.3 104.1 108.7 108.6 111.8 107.1 99.0 116.1 111.1 109.4 97.6 118.8 115.7 122.8 96.8 100.8 105.3 115.1 104.1 110.7 E Electricity, gas & water supply 3 115.3 111.3 132.9 130.9 129.6 137.6 122.3 117.7 140.9 126.4 121.6 122.1 123.3 121.2 113.1 118.7 130.7 137.5 154.6 142.4 117.5 119.3 108.3 102.1 NUMBER OF PERSONS IN PAID EMPLOYMENT IN INDUSTRY 4 Total, in 1000 259.9 255.1 251.7 247.3 243.3 242.8 243.0 243.0 244.7 244.6 242.4 242.9 243.6 242.9 242.7 243.3 244.6 245.4 244.0 244.1 244.8 245.0 245.2 245.5 C Mining & quarrying 5.1 4.8 4.4 4.2 4.0 4.1 4.0 4.0 3.9 3.9 4.1 4.0 4.0 4.0 4.0 4.0 3.9 3.9 3.9 3.9 3.9 3.8 3.8 3.8 D Manufacturing 243.1 238.9 236.1 231.8 227.9 227.5 227.5 227.5 229.2 229.4 227.0 227.5 228.0 227.4 227.2 227.8 229.1 229.9 228.7 228.9 229.6 229.7 230.0 230.2 E Electricity, gas & water supply 11.7 11.4 11.3 11.4 11.4 11.2 11.4 11.5 11.5 11.3 11.4 11.4 11.5 11.5 11.5 11.5 11.5 11.5 11.4 11.3 11.3 11.4 11.5 11.5 CONSTRUCTION 5, real indices of construction put in place, indices 2000=100 Construction 97.9 105.7 108.4 111.7 128.8 76.7 120.0 149.0 169.4 103.5 101.1 115.0 143.9 140.4 132.3 174.2 188.1 163.2 157.0 88.7 98.1 125.1 136.2 171.0 Buildings 104.2 104.9 114.6 126.4 144.2 100.3 131.4 165.3 179.6 121.5 119.0 117.8 157.3 152.7 156.1 187.1 191.9 169.9 177.0 107.2 115.3 146.5 150.9 183.3 Civil engineering 92.1 106.4 102.6 98.0 114.5 54.8 109.5 133.8 160.0 91.7 84.5 112.5 131.5 128.9 110.2 162.3 184.6 157.1 138.4 76.6 86.8 111.1 126.5 162.9 Persons in paid employment in construction 4 99.4 99.1 97.5 102.0 109.6 102.5 108.6 113.1 114.3 114.0 106.5 108.7 110.5 112.2 112.9 114.2 114.9 115.2 112.7 112.9 114.4 114.8 118.0 120.4 Source of data: SORS. Notes: *From February 2004 onwards the industrial production indices have been provisional. For the period up until January 2004 they are calculated according to data on produced quantities of industrial goods. From February 2004 onwards, data on production value have been taken as the basis for the calculation. The value of production is calculated according to the following formula: turnover in the month (x) + value of stocks in the month (x) - value of stocks in the month (x-1).1Enterprises with activity of publishing are excluded; 2data not published because of confidentiality; 3only companies with activity of electricity supply are included. In January 2005, the SORS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARiMa model based on quarterly figures for farmers from the Labor Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. 5The survey covers all larger construction enterprises and some other enterprises that perform construction work. Slovenian Economic Mirror IMAD Production No. 7/2007 p. A 5 2006 2007 2006 2007 2002 2003 2004 2005 2006 QI QII QIII QIV QI 5 6 7 8 9 10 11 12 1 2 3 4 5 TRANSPORT Passenger-km in transport for hire or reward (1000) 1,143 1,065 980 848 850 21 1 236 180 223 208 82 81 50 46 85 79 77 66 70 62 76 69 80 Passenger-km in rail transport, in m 749 778 764 777 788 191 197 189 210 196 69 66 60 58 70 72 71 69 Passenger-km in air transport, in m 794 837 896 1,019 1,044 182 251 411 200 182 77 104 147 143 1 21 83 60 57 62 56 65 79 88 Tonne-km in rail transport, in m 3,078 3,274 3,466 3,402 3,373 799 815 817 942 918 287 261 289 259 269 315 321 306 Tonne-km in maritime transport, in m 28,578 28,361 37,047 52,513 49,155 13,498 11,545 12,618 11,494 10,813 3,552 4,498 4,709 3,955 3,954 4,381 2,846 4,267 4,477 2,949 3,387 4,884 3,967 Tonne-km in road transport, in m 6,609 7,040 9,007 11,033 12,112 2,901 3,413 2,778 3,020 2,972 - - - - - - - - - - - - - Urban passenger traffic, in m 103.9 98.4 100.2 97.2 94.0 27.3 24.3 14.6 27.7 26.3 8.1 7.6 4.0 3.7 6.9 9.1 9.4 9.2 8.7 8.5 9.1 8.3 7.8 Airport passengers traffic, in 000 866 922 1,047 1,228 1,339 236 334 488 282 251 112 132 169 171 1 48 116 88 79 82 78 91 1 08 123 Harbour freight transport, in 000 t 9,305 10,788 12,063 12,625 15,462 3,871 3,877 3,555 4,158 4,282 1,372 1,402 1,245 895 1,416 1,426 1,362 1,370 1,197 1,323 1,762 1,091 1,383 Transport of gas, million m3 1,007 1,098 1,097 1,136 - - - - - - - - - - - - - - - - - - - TOURISM, overnight stays, in 000 Total 7,321 7,503 7,589 7,573 7,722 1,404 1,814 3,115 1,389 1,472 575 765 1,157 1,209 749 548 407 434 472 497 502 568 619 Domestic tourists 3,300 3,327 3,226 3,173 3,233 697 691 1,226 620 700 220 303 498 457 271 219 197 203 177 282 242 208 239 Foreign tourists 4,021 4,175 4,363 4,399 4,489 708 1,123 1,889 769 771 355 462 659 753 478 329 209 231 296 215 261 359 380 Health resorts 2,327 2,360 2,417 2,464 2,434 523 573 853 484 555 197 217 275 324 255 219 83 183 175 191 189 205 196 Seaside 2,052 2,010 2,002 1,949 1,871 201 493 961 216 203 139 215 367 346 248 118 31 67 47 62 94 1 39 152 AGRICULTURE, slaughter in slaughterhouses, in 000 tons Cattle 40.5 43.1 40.1 37.4 37.9 8.9 9.0 8.4 11.7 8.0 3.3 2.8 2.5 2.9 2.9 3.4 4.0 4.3 2.6 2.5 2.9 3.0 2.9 Pigs 37.1 37.3 34.6 31.7 33.6 8.3 9.1 7.9 8.4 8.2 3.2 3.0 2.6 2.7 2.6 2.7 2.6 3.1 2.7 2.5 2.9 2.9 2.9 Poultry 51.4 56.0 52.0 53.4 49.2 12.4 12.0 12.3 12.5 13.9 4.3 4.3 4.3 4.2 3.8 4.2 4.1 4.1 4.6 4.1 5.2 4.6 4.7 Purchase of agricultural products, SIT bn, since 2007 in EURO m 101.6 103.3 102.4 103.7 106.7 21.7 25.6 26.1 33.4 101.3 8.9 8.6 7.9 8.9 9.3 9.6 10.5 13.3 32.2 31.1 37.9 37.5 38.4 FISHING, in 000 tons Catches in marine waters 1459.8 1087.5 815.9 1021.6 736.7 131.1 155.0 271.3 278.4 174.5 36.6 82.1 84.2 92.7 94.3 91.4 51.8 36.1 83.4 65.3 25.8 39.6 77.8 Source of data: SORS. Balance of Payments Slovenian Economic Mirror IMAD No. 7/2007 p. A 6 2002 2003 2004 2005 2006 2006 2007 2006 2007 qi QII QIII QIV QI 4 5 6 7 8 9 10 11 12 1 2 3 4 BALANCE OF PAYMENTS, in EUR m Current account 247 -196 -720 -547 -756 -163 52 -214 -431 -202 36 -30 46 -96 -71 -47 -23 -188 -221 -16 -137 -49 -138 Trade balance 1 -265 -543 -1,009 -1,026 -1,121 -204 -117 -258 -542 -212 18 -77 -59 -76 -115 -67 -93 -186 -263 -79 -65 -68 -125 Exports 11,082 11,417 12,933 14,599 17,032 4,028 4,285 4,163 4,555 4,784 1,334 1,463 1,488 1,453 1,175 1,535 1,578 1,601 1,376 1,467 1,510 1,807 1,565 Imports 11,347 11,960 13,942 15,625 18,152 4,232 4,403 4,421 5,097 4,996 1,316 1,540 1,547 1,529 1,290 1,601 1,670 1,788 1,639 1,547 1,575 1,875 1,690 Services 620 540 688 856 885 207 254 213 21 1 212 69 94 90 29 95 89 103 46 61 109 39 65 48 Exports 2,440 2,465 2,783 3,210 3,538 729 864 1,040 906 798 257 292 315 340 386 314 309 291 306 294 225 279 303 Imports 1,820 1,925 2,095 2,354 2,653 522 610 826 695 586 187 197 226 311 291 224 206 244 244 186 186 214 254 Income -168 -219 -322 -283 -349 -77 -78 -92 -102 -125 -35 -25 -18 -30 -29 -33 -35 -33 -34 -35 -44 -46 -44 Receipts 490 510 530 641 737 157 192 188 200 203 57 63 72 62 62 64 63 62 75 67 65 71 84 Expenditure 657 728 852 924 1,086 234 270 280 302 328 92 88 90 92 91 97 98 95 109 101 109 117 128 Current transfers 60 26 -76 -94 -171 -89 -6 -77 2 -77 -16 -23 33 -19 -22 -36 2 -15 15 -10 -67 1 -18 Receipts 500 474 561 708 784 160 224 163 238 192 58 57 108 61 55 47 84 59 95 47 60 86 70 Expenditure 439 449 638 802 955 249 230 240 236 269 75 81 75 80 77 83 83 73 80 57 127 85 88 Capital and financial account 3 46 698 404 1 ,01 0 103 112 345 450 710 80 10 21 152 82 111 -133 75 508 -27 368 368 163 Capital account -164 -165 -96 -114 -118 -8 -21 -32 -57 6 8 -9 -19 -21 6 -17 -8 -9 -41 19 -3 -9 -7 Financial account 167 211 794 518 1,128 111 132 377 508 703 73 19 40 174 75 128 -126 84 549 -46 372 377 169 Direct investment 1,556 -151 224 -58 -287 -64 -60 5 -167 -105 6 -44 -22 31 -28 2 -45 -177 54 -92 -65 52 -23 Domestic abroad -166 -421 -441 -503 -590 -108 -178 -109 -194 -284 -87 -18 -73 -8 -33 -68 -43 -159 8 -95 -138 -51 -108 Foreign in Slovenia 1,722 270 665 445 303 45 118 114 27 179 93 -26 51 39 5 70 -2 -18 46 4 72 103 85 Portfolio investment -69 -223 -637 -1,618 -1,458 -257 -178 -351 -672 -626 -28 -106 -45 -86 -271 6 -65 -183 -424 -905 -151 430 -436 Financial derivatives 0 0 6 -10 -1 3 -2 -10 -3 2 2 0 -9 -1 -6 1 2 -3 2 4 5 -4 1 0 Other investment 565 849 945 2,393 1,605 526 85 43 950 1,380 19 168 -102 -175 120 98 56 355 540 758 718 -97 571 Assets -538 -730 -1,308 -1,531 -1,899 -389 -881 -380 -249 -2,162 -58 -600 -222 40 -22 -399 85 -23 -311 -651 -740 -770 -678 Commercial credits -135 -116 -237 -195 -431 -288 -180 -76 114 -386 -62 -57 -61 -35 76 -118 -92 -54 259 -30 -158 -198 -74 Loans -174 -223 -281 -413 -71 3 -158 -179 -96 -280 -347 -32 -60 -87 -46 30 -80 -50 -73 -157 -18 -75 -254 -53 Currency and deposits -157 -323 -720 -835 -747 57 -522 -199 -83 -1,448 36 -483 -74 121 -128 -192 227 104 -413 -668 -502 -278 -547 Other assets -71 -68 -69 -88 -9 0 0 -9 0 19 -1 1 0 0 0 -9 0 0 -1 65 -6 -40 -4 Liabilities 1,104 1,579 2,252 3,924 3,503 915 966 423 1,199 3,541 78 768 120 -215 141 497 -30 378 851 1,410 1,459 673 1,249 Commercial credits 95 59 214 236 448 -10 129 58 271 290 14 49 65 71 -61 48 124 111 37 -157 216 231 -36 Loans 838 1,123 1 ,671 2,649 2,056 365 849 369 473 28 48 856 -55 -40 149 260 -53 300 225 154 -54 -72 1,015 Deposits 130 428 335 1,014 1 ,061 587 1 8 464 -139 -2 -114 116 -243 61 191 -96 -35 594 -435 295 2 154 Other liabilities 39 -31 33 25 -61 -27 -13 -12 -1 0 3,363 16 -23 -6 -2 -7 -2 -5 1 -5 1,847 1,002 513 117 International reserves 2 -1,885 -264 256 -189 1 ,281 -92 295 684 394 53 76 10 210 409 254 20 -68 86 376 187 -126 -8 58 Statistical error -250 150 22 144 -254 61 -164 -132 -1 9 -508 -117 20 -67 -57 -11 -64 156 113 -287 42 -231 -319 -25 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 1,542 1,634 1 ,873 2,058 2,492 551 615 622 705 N/A 186 212 217 222 168 231 224 245 236 N/A N/A N/A N/A Intermediate goods 5,245 5,463 6,342 6,990 8,429 1,992 2,139 2,094 2,203 N/A 656 736 750 720 604 770 772 810 621 N/A N/A N/A N/A Consumer goods 4,175 4,188 4,568 5,349 5,840 1,432 1,453 1,366 1,589 N/A 470 482 501 485 367 515 560 532 497 N/A N/A N/A N/A Import of investment goods 2,072 2,322 2,494 2,624 3,076 629 723 746 978 N/A 213 239 271 245 204 297 276 344 358 N/A N/A N/A N/A Intermediate goods 6,816 7,079 8,348 9,534 11,064 2,632 2,713 2,738 2,981 N/A 796 950 966 972 800 966 1,010 1,072 900 N/A N/A N/A N/A Consumer goods 2,686 2,838 3,301 3,646 4,172 992 1,011 986 1,183 N/A 310 352 349 320 289 376 399 409 375 N/A N/A N/A N/A Sources of data: BS, SORS. Notes: Exports and imports (F.O.B.) include also the adjustment for exports and imports of goods by ITRS and duty-free shops reports; 2 reserve assets of the BS. Monetary Indicators Slovenian Economic Mirror IMAD No. 7/2007 p. A 7 2005 2006 2006 2007 December 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1 1 2 1 3 1 4 1 5 MONETARY SYSTEM - CONSOLIDATED BALANCE SHEET OF MONETARY FINANCIAL INSTITUTIONS, end of the month, in SIT bn Banknotes and coins 217.3 152.8 206.8 207.5 220.9 216.5 220.7 212.1 210.3 213.1 214.0 197.6 152.8 2,709 2,684 2,689 2,721 2,737 Overnight deposits at other MFI 1,491.0 1,694.1 1,482.4 1,513.3 1,535.3 1,571.7 1,598.7 1,595.6 1,594.9 1,605.7 1,590.4 1,608.0 1,694.1 6,902 6,866 6,867 6,887 7,057 Overnight deposits of NFI at the BS 3.1 5.0 2.8 5.7 6.5 4.9 3.6 3.6 5.7 4.8 6.0 4.5 5.0 47 37 36 37 40 Overnight deposits of other government sector (central government excluded) at the BS 3.3 1.3 2.0 1.9 2.1 2.1 1.8 2.2 2.1 2.1 1.9 1.9 1.3 6 7 5 5 6 Total overnight deposits at the BS 6.4 6.4 4.8 7.6 8.5 7.0 5.3 5.9 7.8 6.9 7.9 6.4 6.4 53 43 41 43 47 Deposits with agreed maturity at the BS 0.3 0.0 0.4 0.5 0.4 0.7 0.5 0.5 - - - - - - - - - - Deposits with agreed maturity at other MFI 1,688.0 1,747.3 1,742.3 1,730.3 1,661.7 1,682.0 1,678.2 1,710.8 1,692.2 1,735.0 1,728.8 1,744.1 1,746.4 7,379 7,441 7,607 7,514 7,579 Deposits at redeemable notice 164.9 197.5 140.6 163.6 172.0 168.7 179.8 166.0 171.5 182.7 184.6 188.4 197.5 962 918 985 991 1,087 Debt securities, units/shares of money market funds and repos 9.5 9.2 9.1 9.4 9.7 9.1 6.7 7.0 7.7 7.3 7.5 7.9 8.1 29 32 46 52 52 Banknotes and coins and demand deposits 1,713.9 1,853.3 1,694.1 1,728.4 1,764.8 1,795.3 1,824.8 1,813.5 1,812.9 1,825.7 1,812.3 1,812.0 1,853.8 9,664 9,593 9,597 9,650 9,840 Banknotes and coins and deposits with maturity of up to two years 3,524.6 3,798.1 3,583.4 3,628.9 3,606.8 3,653.2 3,683.3 3,690.7 3,676.6 3,743.4 3,725.6 3,744.5 3,797.7 18,005 17,952 18,189 18,156 18,507 Banknotes and coins and instruments with maturity of up to two years 3,534.2 3,807.2 3,592.5 3,638.3 3,616.5 3,662.3 3,690.0 3,697.7 3,684.2 3,750.7 3,733.1 3,752.4 3,805.8 18,035 17,984 18,235 18,208 18,559 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in SIT bn Claims of the BS on central government 17.6 16.6 17.3 17.1 16.9 16.9 16.9 16.9 16.8 16.9 16.8 16.8 16.6 69 69 69 68 68 Central government (S. 1311) 780.5 776.6 792.9 767.3 773.6 777.2 774.9 774.5 777.8 782.2 792.5 787.7 776.6 3,184 3,219 2,944 2,748 2,574 Other government (S. 1312, 1313, 1314) 17.8 24.9 19.4 23.9 23.8 23.4 23.2 23.4 20.6 20.4 21.5 21.8 24.9 108 1 06 107 1 05 107 Households (S. 14, 15) 976.0 1,289.8 1,053.2 1,080.5 1,108.6 1,134.9 1,157.3 1,180.4 1,203.7 1,229.2 1,252.3 1,277.6 1,289.8 5,428 5,488 5,633 5,748 5,892 Non-financial corporations (S. 11) 2,620.9 3,245.5 2,738.2 2,800.0 2,882.7 2,910.3 2,951.5 2,988.9 3,025.0 3,096.8 3,157.9 3,214.5 3,245.5 14,086 1 4,250 14,660 15,142 15,425 Non-monetary financial institutions (S. 123, 124, 125) 230.9 365.6 243.6 253.1 263.1 278.1 283.0 287.5 296.5 303.5 325.7 338.3 368.3 1,554 1,563 1,574 1,761 1,747 Monetary financial institutions (S. 121, 122) 1,408.2 1,157.1 1,499.8 1,491.9 1,411.4 1,441.9 1,414.1 1,293.7 1,236.0 1,251.2 1,265.8 1,244.9 1,158.7 3,505 2,770 2,267 2,033 2,257 Claims on domestic sectors, TOTAL In domestic currency 2,099.2 2,307.3 2,136.3 2,124.1 2,132.1 2,114.1 2,149.9 2,121.8 2,136.1 2,152.6 2,200.9 2,223.7 2,264.6 21,761 21,634 21,726 22,297 23,089 In foreign currency 2,199.4 3,109.6 2,352.9 2,455.8 2,539.0 2,618.8 2,716.2 2,748.5 2,814.9 2,894.6 2,992.1 3,048.8 3,109.6 1,048 1,100 1,160 1,248 1,335 Securities, total 1,791.0 1,442.6 1,853.9 1,830.1 1,792.4 1,837.0 1,741.8 1,682.7 1,612.7 1,638.9 1,627.3 1,617.7 1,449.5 5,055 4,662 4,299 3,992 3,577 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in SIT bn Deposits in domestic currency, total 2,608.5 2,904.1 2,651.4 2,651.7 2,685.9 2,704.9 2,749.2 2,752.1 2,773.4 2,846.7 2,886.7 2,892.4 2,902.9 17,823 17,912 17,914 18,066 18,367 Overnight 987.0 1,178.1 950.4 991.4 1,003.6 1,032.6 1,073.0 1,056.9 1,057.6 1,067.4 1,061.9 1,074.0 1,178.1 6,645 6,598 6,648 6,676 6,849 With agreed maturity - short-term 1,175.5 1,252.9 1,265.4 1,224.3 1,233.9 1,236.8 1,225.4 1,257.0 1,270.0 1,323.3 1,361.3 1,353.8 1,251.2 7,673 7,837 7,639 7,758 7,777 With agreed maturity - long-term 309.9 291.9 311.7 293.7 291.1 283.4 285.2 282.9 286.1 286.9 297.2 291.3 292.4 2,486 2,492 2,560 2,569 2,573 Short-term deposits redeemable at notice 136.0 181.2 123.9 142.3 157.2 152.1 165.6 155.3 159.8 169.1 166.3 173.3 181.2 1,019 985 1,067 1,063 1,168 Deposits in foreign currency, total 1,349.9 1,454.0 1,372.8 1,403.8 1,367.2 1,417.4 1,432.4 1,424.9 1,420.9 1,433.9 1,424.7 1,449.2 1,454.7 634 61 4 607 597 615 Overnight 395.6 552.7 550.7 546.3 546.0 559.0 556.9 559.1 565.0 562.8 555.7 576.3 552.7 311 293 285 264 280 With agreed maturity - short-term 623.7 544.7 498.9 523.4 488.2 522.4 533.6 521.4 506.3 517.6 514.9 519.0 545.5 240 239 237 251 248 With agreed maturity - long-term 295.2 318.5 290.5 293.1 295.4 302.6 307.8 311.1 316.1 319.2 316.9 318.3 318.5 64 64 62 60 61 Short-term deposits redeemable at notice 35.4 38.0 32.7 41.0 37.6 33.4 34.1 33.3 33.6 34.3 37.3 35.7 38.0 19 18 23 22 26 Source of data: Bank of Slovenia. Slovenian Economic Mirror IMAD Prices No. 7/2007 p. A 8 2006 2007 2006 2007 Indices, 2005 = 100 2002 2003 2004 2005 2006 QII QIII QIV QI QII 6 7 8 9 10 11 12 1 2 3 4 5 6 GROWTH IN SELECTED PRICE INDICATORS CPI 89.2 94.2 97.6 100.0 102.5 102.8 103.2 103.2 103.1 105.8 102.9 102.6 103.3 103.6 102.8 103.1 103.6 102.9 102.7 103.8 104.9 106.1 106.5 Food, non-alcoholic beverages 95.9 100.3 100.8 100.0 102.3 102.0 102.3 103.1 105.3 108.7 102.1 101.7 102.6 102.7 101.9 103.4 104.0 105.7 104.7 105.5 107.5 109.3 109.2 Alcoholic beverages, tobacco 80.8 91.0 96.3 100.0 103.7 101.9 105.2 106.2 107.1 108.0 102.1 105.3 105.1 105.2 106.3 106.1 106.2 106.9 107.0 107.4 107.6 108.1 108.2 Clothing and footwear 93.5 99.3 101.0 100.0 99.5 104.8 94.0 105.5 95.4 105.7 104.5 92.5 90.5 99.2 104.9 106.2 105.5 92.9 93.3 100.1 103.4 106.8 107.0 Housing, water, electricity, gas 80.2 85.4 91.7 100.0 105.3 106.1 107.0 103.8 104.2 107.1 105.9 106.5 106.8 107.6 103.3 103.8 104.2 103.6 103.9 105.1 106.7 107.0 107.7 Furnishings, household equip. 90.1 94.3 96.5 100.0 104.1 102.9 105.2 106.2 107.0 108.3 102.9 104.1 105.6 106.0 106.1 106.1 106.4 106.9 106.7 107.5 108.0 108.2 108.8 Medical, pharmaceutical products 93.4 98.8 100.3 100.0 98.3 98.5 98.0 98.3 99.9 99.9 98.3 98.0 98.1 97.9 98.0 98.2 98.7 99.2 99.7 100.8 100.0 99.7 99.9 Transport 88.0 92.1 97.4 100.0 101.3 101.8 103.0 100.3 99.7 102.6 101.7 102.0 103.8 103.0 100.3 100.1 100.6 99.8 99.3 100.1 101.6 102.9 103.2 Communications 98.5 99.8 100.0 100.0 100.3 99.2 100.4 101.5 100.0 99.6 98.5 99.4 99.6 102.2 102.2 101.1 101.1 101.5 99.3 99.2 99.3 99.7 99.7 Recreation and culture 89.8 94.2 97.7 100.0 102.1 101.7 105.8 101.1 102.5 104.3 103.1 106.3 107.8 103.3 100.6 100.9 101.8 102.3 102.9 102.3 102.0 104.4 106.4 Education 83.5 87.1 93.4 100.0 103.1 104.1 103.5 102.9 103.1 104.7 104.1 104.1 104.1 102.1 102.9 102.9 102.9 103.0 103.1 103.0 103.0 105.6 105.6 Catering services 84.9 91.1 95.8 100.0 104.5 104.0 105.4 106.3 109.2 110.8 104.4 104.9 105.3 105.8 106.0 105.5 107.4 108.9 109.3 109.6 110.3 111.0 111.1 Miscellaneous goods & services 88.8 94.5 98.1 100.0 104.1 103.9 104.4 105.9 106.4 107.1 104.0 104.4 104.2 104.6 105.7 105.8 106.1 106.2 106.5 106.7 106.7 107.2 107.3 HCPI 89.1 94.2 97.6 100.0 102.5 102.8 103.2 103.3 103.4 106.2 103.0 102.7 103.4 103.7 102.9 103.2 103.7 103.1 103.0 104.1 105.3 106.5 106.8 Producer price indices (domestic market) 91.0 93.3 97.4 100.0 102.4 102.2 102.6 103.2 105.9 107.4 102.4 102.6 102.3 102.9 103.1 103.1 103.6 104.3 106.5 106.9 107.1 107.4 107.7 Intermediate goods 89.6 91.4 96.9 100.0 103.5 103.3 104.2 104.7 109.1 111.7 103.7 104.0 103.7 104.7 104.4 104.5 105.3 106.1 110.4 110.7 111.3 111.8 112.1 Capital goods 94.8 94.7 97.0 100.0 100.2 99.6 100.5 100.8 101.2 101.1 100.0 100.1 100.4 100.9 100.9 100.7 100.9 101.4 101.0 101.3 101.4 101.0 100.9 Consumption goods 91.8 95.3 98.1 100.0 101.5 101.6 101.2 102.1 103.1 103.6 101.6 101.4 101.1 101.2 102.1 101.9 102.3 102.8 103.0 103.4 103.2 103.5 104.0 PRICE CONTROL1 Energy prices 81.1 83.3 89.4 100.0 108.0 109.6 111.9 105.9 102.6 109.5 109.7 110.4 112.7 112.6 106.2 105.5 105.9 103.6 100.4 103.7 107.5 110.3 110.7 Oil products 78.9 80.2 86.7 100.0 110.3 113.4 116.3 105.7 101.4 110.9 113.8 114.5 117.5 117.0 106.5 105.1 105.6 102.9 98.4 103.0 107.5 112.3 112.9 Electricity for households 90.4 93.8 98.6 100.0 101.6 100.8 102.0 102.7 101.7 107.1 100.8 100.8 102.7 102.7 102.7 102.7 102.7 101.9 101.0 102.4 107.1 107.1 107.1 Basic utilities 83.4 88.6 96.2 100.0 97.4 100.9 100.9 87.8 93.8 94.7 100.7 100.7 100.9 100.9 83.3 89.3 90.7 92.5 94.4 94.4 94.7 94.7 94.7 Transport & communications 91.5 95.2 97.9 100.0 101.5 101.6 101.6 101.6 101.9 102.2 101.6 101.6 101.6 101.6 101.6 101.6 101.6 101.7 101.8 102.2 102.2 102.2 102.2 Other controlled prices 86.0 89.8 95.7 100.0 102.6 102.2 103.2 103.3 104.9 104.9 102.3 103.2 103.2 103.2 103.2 103.3 103.3 104.2 105.1 105.3 105.3 104.7 104.7 Direct control - total 82.5 85.5 91.5 100.0 107.0 107.3 110.2 106.9 105.6 110.8 107.4 107.9 109.5 113.3 106.5 106.9 107.3 106.0 104.1 106.6 109.4 111.3 111.7 Source of data: SORS, calculations and estimates IMAD. Note: 1 the structure of groups varies, data published are not directly comparable to those published previously. Interest Rates and Investment Slovenian Economic Mirror IMAD No. 7/2007 p. A 9 End year 2006 2007 2002 I 2003 I 2004 | 2005 | 2006 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1 1 2 1 3 1 4 1 5 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits - - - 0.47 0.32 0.34 0.30 0.30 0.30 0.30 0.28 0.27 0.28 0.27 0.33 0.33 0.33 0.34 0.34 Time deposits with maturity of up to one year - - - 3.34 2.96 3.03 2.99 2.98 2.86 2.81 2.82 2.80 2.81 2.84 2.83 2.91 3.01 3.07 3.15 New loans to households in domestic currency Housing loans 1-5 year fixed interest rate - - 4.18 4.99 4.56 4.80 4.51 4.26 4.74 4.57 4.60 4.42 5.19 4.29 5.16 5.44 5.5 5.35 5.37 New loans to non-financial corporations in domestic currency Loan over EUR 1 million 1-5 year fixed interest rate - 8.58 5.36 5.23 4.64 4.98 4.43 - 4.66 4.47 3.61 4.66 5.04 5.11 5.49 6.53 - - 4.86 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations | 3.21 2.25 2.00 2.02 2.78 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 3.50 3.50 3.50 3.75 3.75 4.00 INVESTMENT, outlays, in SIT m, since 2007 thousand EURO Total 524,626 610,923 760,662 772,675 824,957 52,510 56,768 62,748 55,592 56,808 62,610 58,911 86,544 147,057 283,943 287,486 252,076 387,674 377,167 Industry total 114,794 136,349 184,271 181,466 164,226 10,174 11,172 13,613 12,797 9,218 11,634 12,008 16,069 22,452 54,811 66,902 68,461 62,123 71,435 Energy sector 36,959 31,538 39,105 38,701 36,856 1,405 2,119 1,934 2,995 2,119 3,460 2,294 4,832 7,335 11,771 26,320 12,892 9,072 9,797 Manufacturing 77,835 104,811 145,163 142,765 127,370 8,769 9,053 11,679 9,802 7,099 8,174 9,714 11,237 15,117 43,040 40,582 55,568 53,051 61,639 Construction* 8,937 11,350 21,470 129,609 170,369 7,472 11,717 11,122 11,561 15,119 14,507 13,065 14,565 43,112 97,608 68,472 -120,858 13,463 44,591 Transport and communications* 58,244 39,779 54,720 63,689 57,978 3,855 4,716 4,085 3,935 5,076 7,245 3,401 9,931 4,165 11,029 32,975 194,924 142,273 120,681 Trade 66,950 67,852 80,272 93,793 82,460 4,879 4,880 11,155 5,304 6,325 4,527 6,229 4,926 6,846 16,599 12,242 25,851 34,770 29,893 Hotels and restaurants 9,144 14,665 14,206 15,641 12,356 840 889 962 1,298 1,319 816 439 722 1,483 7,841 5,197 7,092 5,981 2,300 Financial and technical services 40,339 48,049 52,291 48,192 47,530 4,210 4,957 4,109 5,117 4,199 2,560 3,805 4,297 4,655 11,926 22,401 9,369 14,409 20,320 Other 226,220 292,876 353,432 240,285 290,038 21,080 18,437 17,702 15,580 15,552 21,321 19,964 36,034 64,344 84,129 79,297 67,236 114,655 87,946 In economic infrastructure, total1 162,078 177,777 223,096 180,751 197,802 7,283 13,947 12,868 13,319 16,649 16,725 13,348 19,366 49,344 89,490 105,197 64,170 57,115 68,286 Energy sector 36,959 46,562 46,469 42,212 36,857 1,405 2,119 1,934 2,995 2,119 3,460 2,294 4,832 7,335 11,771 26,320 12,892 9,072 9,797 Electricity supply 25,132 26,903 23,107 24,251 22,736 941 1,381 1,261 1,963 1,200 2,516 1,304 3,331 3,946 6,664 21,210 7,479 5,503 7,270 Gas supply 1,380 1,282 689 678 729 41 30 51 56 80 58 26 111 117 229 242 335 107 100 Hot water supply 1,168 2,725 2,027 2,564 2,640 41 140 90 240 125 216 240 346 714 1,540 898 640 350 290 Cold water supply 9,280 15,652 20,645 14,720 10,752 381 569 532 737 714 670 724 1,044 2,558 3,337 3,970 4,439 3,112 2,137 Transport infrastructure 125,119 131,215 176,627 138,539 160,945 5,878 11,828 10,934 10,324 14,530 13,265 11,054 14,534 42,009 77,719 78,876 51,278 48,043 58,489 Railways 16,924 1,717 1,822 2,615 6,677 608 571 372 558 1,487 1,653 77 493 70 590 1,360 897 727 1,406 Air traffic 618 1,774 2,660 3,462 2,120 10 207 101 49 469 96 123 139 502 1,508 2,028 1,515 2,064 2,802 Roads, motorways 81,467 103,849 141,157 106,040 136,142 3,760 9,044 8,994 9,224 11,516 11,064 10,310 13,150 40,435 72,863 62,228 46,038 41,167 40,883 Postal and telecom services 24,573 20,923 26,717 24,143 13,609 1,330 1,749 1,308 292 770 372 432 399 613 1,717 1,402 1,780 2,196 6,750 Other 1,538 2,952 4,271 2,279 2,397 171 257 157 201 287 80 112 354 389 1,041 11,858 1,048 1,889 6,647 Sources of data: SORS, BS, AP. Notes: *a large infrastructure company has been included in the construction activity since April 2007 (change of main activity from F to I). ''Outlays collected on the basis of data for individual investors. Slovenian Economic Mirror IMAD Labour Market No. 7/2007 p. A 10 Number in thousand 2002 2003 2004 2005 2006 2006 2007 2006 2007 Q I Q II Q III Q IV Q I 5 6 7 8 9 10 11 12 1 2 3 4 5 A FORMAL LABOUR FORCE (A=B+E) 911.4 899.1 900.3 905.0 910.7 908.2 910.9 909.6 914.0 919.1 910.7 912.3 910.8 908.2 909.8 915.0 915.5 911.3 918.0 919.2 920.0 921.6 923.6 B PERSONS IN FORMAL EMPLOYMENT (C+D) 808.7 801.4 807.5 813.1 824.8 814.6 823.6 826.6 834.5 841.8 823.6 827.4 825.2 825.2 829.5 833.7 836.7 833.0 838.0 841.5 845.8 849.0 852.9 In agriculture, forestry, fishing 45.4 37.7 41.2 38.7 38.9 39.5 39.1 38.7 38.5 43.1 39.1 39.0 38.8 38.7 38.7 38.6 38.6 38.4 43.0 43.1 43.1 41.9 42.0 In industry, construction 323.3 318.4 313.9 310.9 313.3 308.2 312.2 315.1 317.6 317.4 312.3 314.1 314.5 314.7 316.2 317.9 318.9 315.9 316.2 317.8 318.3 320.5 322.3 Of which: in manufacturing 243.1 238.9 236.1 233.7 227.9 227.5 227.5 227.5 229.2 229.4 227.5 228.0 227.4 227.2 227.8 229.1 229.9 228.7 228.9 229.6 229.7 230.0 230.2 In construction 63.4 63.3 62.2 61.7 69.9 65.4 69.3 72.2 72.9 72.8 69.4 70.5 71.6 72.0 72.8 73.3 73.5 71.9 72.1 73.0 73.3 75.3 76.8 In services 440.0 445.2 452.3 463.5 472.6 467.0 472.3 472.8 478.4 481.3 472.2 474.3 471.9 471.8 474.7 477.2 479.2 478.7 478.8 480.7 484.4 486.6 488.6 Of which: in public administration 45.9 47.7 49.9 49.1 50.2 49.8 50.4 50.3 50.1 49.7 50.4 50.6 50.5 50.3 50.2 50.3 50.2 49.9 49.8 49.7 49.7 49.9 50.1 in education, health-services social work 101.6 102.7 105.0 106.5 109.1 108.5 109.3 108.6 110.0 109.9 109.3 109.7 108.2 108.0 109.5 109.9 110.2 109.8 109.5 109.9 110.2 110.4 110.1 C FORMALLY EMPLOYED 1 721.4 722.1 724.4 731.6 741.6 731.7 740.6 743.4 750.7 753.1 740.5 744.2 742.1 742.0 746.1 750.1 752.9 749.2 749.5 752.9 757.0 761.3 764.9 In enterprises and organisations 654.6 656.0 658.7 666.2 675.1 667.6 674.2 675.9 682.6 685.8 674.2 676.9 674.7 674.7 678.2 681.6 684.3 681.7 682.8 685.6 689.0 692.4 695.1 In small scale sector 66.8 66.2 65.6 65.4 66.5 64.0 66.4 67.5 68.2 67.3 66.4 67.3 67.3 67.3 67.9 68.5 68.6 67.5 66.7 67.3 68.0 68.9 69.8 D SELF EMPLOYED AND FARMERS 87.3 79.2 83.1 81.5 83.3 83.0 83.1 83.2 83.7 88.7 83.0 83.2 83.1 83.2 83.5 83.6 83.8 83.8 88.5 88.6 88.8 87.8 88.0 E REGISTERED UNEMPLOYMENT 102.6 97.7 92.8 91.9 85.8 93.6 87.3 83.0 79.5 77.3 87.1 84.9 85.6 83.1 80.2 81.3 78.8 78.3 80.0 77.7 74.2 72.6 70.7 Female 52.5 51.6 49.3 49.4 47.0 50.3 47.9 46.3 43.6 42.0 47.7 46.8 47.9 46.4 44.6 44.9 43.3 42.6 43.2 42.1 40.7 40.2 39.2 By age: under 26 24.7 25.5 24.3 22.2 18.2 21.7 18.9 16.4 16.0 14.0 18.8 17.8 17.8 16.6 14.8 16.8 15.8 15.2 15.1 14.2 12.8 12.2 11.5 Older than 40 50.7 43.1 39.7 40.1 39.7 41.7 40.1 39.3 37.9 38.7 40.1 39.4 39.6 39.3 38.9 38.2 37.6 37.7 39.0 38.8 38.1 37.7 37.2 Unskilled 48.2 43.2 38.6 37.5 33.7 37.4 34.3 32.2 30.8 30.4 34.3 33.2 32.8 32.3 31.6 31.1 30.6 30.8 31.6 30.7 29.0 28.2 27.7 For more than 1 year 55.8 47.5 42.9 43.4 41.9 43.6 42.4 41.5 40.2 38.8 42.3 41.9 41.9 41.3 41.2 41.0 39.9 39.7 39.6 39.0 37.9 37.4 36.8 Those receiving benefits 24.4 24.3 22.3 23.3 22.7 25.4 23.6 22.4 19.4 13.0 24.2 22.8 22.9 22.7 21.7 19.9 19.4 18.9 19.9 19.1 18.3 17.2 16.9 F RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 11.3 10.9 10.3 10.2 9.4 10.3 9.6 9.1 8.7 8.4 9.6 9.3 9.4 9.1 8.8 8.9 8.6 8.6 8.7 8.4 8.1 7.9 7.7 G FLOWS OF FORMAL LABOUR FORCE -2.3 -10.2 1.5 8.0 5.2 2.6 3.6 -2.5 1.6 8.7 0.8 1.6 -1.5 -2.5 1.5 5.3 0.5 -4.2 6.7 1.2 0.8 1.6 2.0 New unemployed first job seekers 21.4 25.4 26.0 21.7 18.6 3.7 3.2 3.5 8.2 2.9 1.0 1.0 1.0 1.0 1.5 5.8 1.4 1.0 1.3 0.8 0.9 1 0.7 Redundancies 66.0 68.8 69.6 67.2 63.8 19.4 14.4 15.2 14.8 15.4 5.1 4.4 5.6 4.5 5.1 4.8 5.0 5.0 7.6 3.8 4 4 4.0 Registered unemployed who found employment 52.2 50.5 54.3 53.9 57.4 15.6 14.7 13.5 13.6 14.8 5.5 4.3 3.5 4.6 5.3 5.1 5.0 3.5 5.1 4.4 5.2 4.2 4.1 Other unemployed erased out of register 39.9 47.3 46.6 33.1 39.2 8.7 9.4 9.8 11.3 7.6 3.5 3.3 2.4 3.4 4.1 4.4 3.9 3.1 2.0 2.5 3.1 2.4 2.5 Change in number of work permits for foreigners 2.1 3.5 -0.5 3.9 7.8 2.7 3.3 1.6 0.3 3.9 0.9 0.8 0.5 0.8 0.3 0.4 0.1 -0.2 0.3 1.2 2.5 3.6 1.7 Retirements 2 15.9 16.1 16.4 16.7 18.7 4.3 3.9 4.5 6.1 4.7 1.1 1.5 1.2 1.0 2.4 2.2 2.0 1.9 1.8 1.6 1.2 1.5 1.4 Deaths 2 2.6 2.6 2.5 2.3 2.5 0.6 0.6 0.6 0.6 0.6 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Others who found employment 2 30.4 24.9 39.5 32.6 37.3 8.9 10.0 6.3 9.8 13.8 3.3 4.5 0.4 -0.2 6.0 5.4 4.5 -0.2 8.9 3.3 1.6 0.6 3.6 H JOB VACANCIES 3 11.6 12.1 14.1 16.9 19.0 19.1 20.5 18.9 17.4 20.5 20.3 22.7 17.7 16.4 22.7 19.5 16.9 15.9 20.0 17.8 23.6 20.6 19.3 For fixed term, in % 74.4 73.8 73.7 75.6 75.3 71.6 74.9 77.6 77.5 76.7 73.7 75.5 75.5 78.5 78.7 77.9 78.0 76.4 77.1 75.1 77.5 76.9 79.1 WORK PERMITS FOR FOREIGNERS 35.3 39.7 39.7 41.6 48.3 44.2 48.1 50.0 50.9 53.4 48.1 48.9 49.4 50.2 50.5 50.9 51.0 50.7 52.2 53.4 54.7 58.3 60.1 As % of labour force (I/A) 3.9 4.4 4.4 4.6 5.3 4.9 5.3 5.5 5.6 5.8 5.3 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.8 5.9 6.3 6.5 Sources of data: SORS, PDII, ESS. Notes: 1In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figures for farmers from the Labour Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. 2Estimated by IMAD, based on data by PDII and ESS; 3According to ESS. Wages, Competitiveness, Exchange Rate Slovenian Economic Mirror imad No. 7/2007 p. A 11 i 2004 i 2005 i 2006 2006 2007 2006 2007 Qii 1 Qiii 1 Qiv Qi 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1 1 2 1 3 1 4 1 5 GROSS WAGE PER EMPLOYEE, in SiT, since 2007 in EUR Total 264,463 277,279 290,635 283,981 286,917 309,709 1,238 286,316 285,731 283,047 290,148 287,557 293,121 333,799 302,207 1,250 1,213 1,252 1,237 1,264 Private sector (A to K) 245,498 258,714 272,709 265,738 267,438 294,601 1,168 268,609 267,736 262,729 271,571 268,015 274,204 324,626 284,972 1,182 1,137 1,184 1,164 1,192 Agriculture, fishing (A, B) 215,981 224,253 236,822 229,953 234,180 255,337 1,010 233,088 232,053 227,255 236,221 239,065 246,013 275,462 244,538 1,030 978 1,021 1,026 1,057 A Agriculture 216,252 224,225 236,681 230,000 234,330 255,564 1,010 233,168 232,308 227,341 236,385 239,263 246,477 275,255 244,960 1,030 978 1,023 1,025 1,058 B Fishing 205,207 218,670 236,027 228,451 228,286 245,222 970 229,976 222,124 223,864 229,792 231,201 225,990 283,455 226,221 1,007 984 919 1,070 1,011 Industry, construction (C to F) 229,615 243,067 256,362 249,392 252,418 275,098 1,096 252,268 253,148 247,126 258,208 251,919 259,650 302,333 263,312 1,120 1,059 1,110 1,081 1,114 C Mining and quarrying 324,410 344,670 360,110 355,425 347,764 390,549 1,504 361,792 359,403 341,267 357,349 344,675 356,344 465,162 350,142 1,516 1,488 1,508 1,487 1,580 D Manufacturing 225,806 238,985 252,162 245,578 248,069 269,029 1,086 247,879 249,593 243,298 253,828 247,080 255,616 293,054 258,417 1,113 1,046 1,099 1,069 1,094 E Electricity, gas & water supply 322,478 353,836 373,743 350,785 355,321 439,645 1,494 360,776 350,485 347,759 364,848 353,355 364,284 550,174 404,477 1,539 1,442 1,501 1,483 1,551 F Construction 214,536 224,794 238,698 232,640 239,102 253,871 1,017 236,219 236,402 231,933 243,748 241,624 245,043 271,568 245,003 1,018 996 1,038 1,011 1,066 Production services (G to I) 242,355 253,747 266,326 260,251 261,841 286,264 1,150 262,884 260,558 258,907 263,514 263,104 269,263 309,080 280,448 1,151 1,128 1,171 1,153 1,163 G Distributive trade 233,682 244,880 258,521 252,136 254,723 278,198 1,122 254,451 252,654 252,603 255,915 255,650 263,133 294,774 276,686 1,127 1,097 1,143 1,130 1,135 H Hotels & restaurants 196,458 202,895 211,873 209,789 210,678 221,166 893 212,160 209,563 207,008 213,505 211,520 213,344 225,866 224,287 898 873 906 905 930 I Transport, storage & communications 284,881 299,377 310,080 302,935 302,254 334,933 1,333 306,447 303,005 297,889 304,311 304,562 309,630 379,872 315,296 1,324 1,317 1,359 1,316 1,332 Business services (J to K) 312,967 325,355 340,552 332,172 328,901 375,481 1,437 335,420 331,080 323,043 332,310 331,351 332,557 428,155 365,729 1,448 1,412 1,450 1,452 1,504 J Financial intermediation 388,044 413,896 443,595 431,824 415,908 523,782 1,812 440,529 428,004 404,927 414,649 428,147 415,140 668,928 487,279 1,797 1,810 1,830 1,897 2,021 K Real estate 283,421 292,763 304,295 296,412 298,125 324,256 1,307 297,842 296,499 293,992 303,078 297,304 303,947 345,433 323,388 1,326 1,274 1,321 1,300 1,328 Public services (L to O) 319,911 330,580 341,999 336,529 343,246 353,578 1,445 337,356 337,588 341,724 343,977 344,037 347,973 360,551 352,211 1,449 1,433 1,452 1,454 1,474 L Public administration 322,928 333,302 343,572 338,545 346,124 351,537 1,446 339,019 341,562 344,886 345,285 348,201 351,350 353,047 350,213 1,450 1 ,442 1,445 1,452 1,488 M Education 325,463 340,967 357,301 350,291 362,784 368,215 1,521 349,298 353,330 360,988 363,395 363,969 365,467 370,135 369,042 1,516 1,518 1,530 1,533 1,550 N Health & social work 310,990 316,827 325,245 322,107 323,843 336,103 1,367 324,668 319,936 323,527 325,081 322,920 329,682 341,294 337,332 1,387 1,344 1,369 1,386 1,401 O Other social & personal services 316,566 325,159 332,137 324,515 324,566 356,170 1,402 327,509 322,560 320,629 328,908 324,162 330,619 395,357 342,534 1,395 1,368 1,441 1,389 1,393 indicators of overall competitiveness, 2001=100 Foreign exchange rates Effective exchange rate1, nominal 94.6 94.0 94.1 94.1 94.4 94.3 94.4 94.1 94.3 94.4 94.3 94.4 94.2 94.2 94.4 94.3 94.5 94.5 94.7 94.8 Real (relative consumer prices) 105.2 104.9 105.6 105.8 106.2 106.0 105.6 106.2 105.9 105.7 106.1 106.7 105.7 106.0 106.3 105.6 105.3 106 106.9 108 Real (relative producer prices)2 103.1 102.5 101.6 101.3 101.2 102.5 103.4 101.2 101.3 101.1 100.7 101.9 102.3 102.3 102.9 103.4 103.5 103.4 103.1 103.2 SIT/US$ 192.4 192.7 191.0 190.9 188.0 185.9 - 187.6 189.2 188.9 187.1 188.1 190.0 186.2 181.4 - - - - - SIT/EUR 238.9 239.6 239.6 239.6 239.6 239.6 - 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 - - - - - US$/EUR 1.2433 1.2448 1.2557 1.2564 1.2741 1.2902 1.3105 1.2770 1.2650 1.2684 1.2811 1.2727 1.2611 1.2881 1.3213 1.2999 1.3074 1.3242 1.3516 1.3511 Sources of data: SORS, AP, BS, OECD Main Economic Indicators, calculations IMAD. Notes: The September 2005 data on the monthly gross wage per employee were calculated according to the new methodology for 2004 and beyond. 1Change of methodology: the calculation of the tolar's effective exchange rate includes the currencies/prices of Slovenia's 17 trading partners (Austria, Belgium, Germany, Italy, France, Netherlands, Spain, Denmark, United Kingdom, Sweden, Czech Republic, Hungary, Poland, Slovakia, USA, Switzerland, Japan); weights are the shares of individual trading partners in Slovenian exports and imports of goods within manufacturing (5-8 SITC) in 2001-2003; exports are double weighted; a rise in the index value indicates an appreciation of domestic currency and vice versa. 2Producer prices in manufacturing activities. Slovenian Economic Mirror IMAD Public Finance No. 7/2007 p. A 12 Current prices in SIT million, . 2006 2007 2006 2007 since 2007 in EURO thousand 2003 2004 2005 2006 QII QIII QIV QI 8 9 10 11 12 1 2 3 4 CONSOLIDATED GENERAL GOVERNMENT REVENUES TOTAL REVENUES 2,477,425 2,683,055 2,869,949 3,105,421 817,212 729,600 874,009 3,063,543 257,716 222,090 276,487 287,812 309,710 1,061,230 958,452 1,043,861 1,292,695 Current revenues 2,440,298 2,609,053 2,759,987 2,970,410 782,080 706,346 816,169 2,954,795 249,677 214,220 259,442 265,390 291,337 1,034,401 926,164 994,230 1,272,433 Tax revenues 2,291,071 2,446,899 2,608,230 2,818,643 746,742 665,880 768,117 2,828,698 234,557 199,299 243,250 252,118 272,749 994,506 883,169 951,023 1,218,988 Taxes on income and profit 460,520 506,878 537,260 655,486 235,706 134,797 154,693 587,733 47,180 44,603 41,871 49,212 63,610 188,151 189,870 209,713 462,894 Social security contributions 839,216 899,400 955,611 1,013,970 248,707 250,117 272,872 1,083,374 82,071 84,253 84,480 86,391 102,001 358,356 360,464 364,554 371,109 Taxes on payroll and workforce 107,424 117,676 126,097 113,334 27,214 27,376 32,279 96,050 8,803 9,249 9,226 9,804 13,249 32,835 32,096 31,119 32,767 Taxes on property 34,419 39,513 40,834 45,322 10,171 15,126 13,585 22,183 6,898 3,780 3,402 7,140 3,043 6,207 7,914 8,063 10,750 Domestic taxes on goods and services 814,577 856,610 938,118 977,082 221,864 235,012 290,547 1,017,613 88,669 56,082 103,301 97,968 89,279 403,169 286,860 327,584 332,537 Taxes on international trade & transactions 34,653 19,339 9,360 12,145 2,988 2,653 3,866 21,478 746 960 895 1,528 1,444 5,460 6,313 9,706 8,879 Other taxes 261 7,484 950 1,304 92 799 275 266 190 372 75 76 125 329 -347 284 51 Non-tax revenues 149,227 162,154 151,756 151,767 35,338 40,465 48,051 126,098 15,119 14,921 16,192 13,272 18,588 39,896 42,995 43,207 53,445 Capital revenues 15,857 20,751 27,181 39,971 7,299 10,175 15,465 17,554 2,869 4,802 4,651 6,163 4,651 6,450 5,008 6,097 5,885 Grants 13,384 1,877 2,173 1,287 344 356 409 2,098 105 154 61 177 171 713 398 988 726 Transferred revenues 7,887 7,536 8,140 10,259 75 117 9,985 1,987 -32 94 26 9,483 476 1,727 31 229 265 Receipts from the EU budget - 43,838 72,469 83,494 27,414 12,607 31,981 87,109 5,098 2,820 12,307 6,599 13,076 17,940 26,852 42,317 13,387 CONSOLIDATED GENERAL GOVERNMENT EXPENDITURE TOTAL EXPENDITURE 2,555,894 2,768,427 2,941,756 3,165,327 802,516 721,094 925,862 3,200,783 234,980 247,575 265,622 285,225 375,015 984,614 1,107,745 1,108,423 1,060,943 Current expenditure 1,225,523 1,234,113 1,283,018 1,363,301 349,651 308,809 367,663 1,481,795 101,202 104,203 115,023 117,158 135,482 489,088 473,165 519,542 506,037 Wages, salaries and other personnel expenditure 662,776 700,349 722,822 762,128 195,534 188,138 196,382 785,862 61,987 64,240 63,616 64,797 67,969 262,127 262,112 261,623 261,843 Expenditure on goods and services 451,440 429,861 457,942 496,830 125,618 111,986 150,253 490,115 37,555 35,616 41,887 46,338 62,028 191,974 145,945 152,196 154,719 Interest payments 92,661 91,933 89,180 90,199 25,453 5,439 15,910 197,546 706 3,215 8,325 5,011 2,574 32,428 62,373 102,745 87,070 Reserves 18,646 11,969 13,074 14,145 3,046 3,246 5,117 8,272 954 1,133 1,195 1,012 2,909 2,559 2,735 2,978 2,406 Current transfers 1,097,369 1,249,909 1,341,641 1,420,064 397,591 332,290 372,882 1,457,088 109,214 109,182 110,952 122,357 139,573 434,832 507,916 514,341 468,026 Subsidies 69,470 77,571 91,362 96,556 42,366 13,742 31,540 104,411 2,952 3,395 5,146 6,475 19,918 6,748 54,844 42,819 10,003 Current transfers to individuals and households 986,100 1,053,417 1,109,197 1,167,404 313,688 280,259 294,149 1,219,052 94,521 92,482 92,935 102,296 98,919 388,090 415,487 415,475 409,211 Current transfers to non-profit institut., other current domestic transfers 36,722 113,675 134,930 149,548 39,465 35,971 45,707 130,721 11,551 12,008 12,583 12,909 20,214 39,679 35,484 55,558 48,253 Current transfers abroad 5,077 5,247 6,154 6,556 2,071 2,319 1,485 2,905 190 1,297 288 676 521 315 2,101 489 558 Capital expenditure 142,131 151,305 156,784 216,016 26,537 42,704 117,094 131,668 14,307 17,158 19,780 26,348 70,967 44,162 45,405 42,100 46,228 Capital transfers 90,871 92,464 91,874 96,956 15,694 19,384 52,703 30,278 4,042 10,864 13,658 15,861 23,184 8,203 9,313 12,761 16,543 Payments to the EU budget - 40,637 68,438 68,990 13,044 17,907 15,520 99,954 6,215 6,168 6,210 3,501 5,810 8,330 71,946 19,679 24,109 SURPLUS / DEFICIT -78,469 -85,372 -71,807 -59,906 - - - - - - - - - - - - - Source of data: MF Bulletin. Note: in line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the state are not consolidated. Main Indicators Slovenian Economic Mirror IMAD No. 7/2007 p. A 13 Real growth rates, in % 2001 2002 2007 2008 2003 Spring Forecast 2007 GDP 2.7 3.5 2.7 4.4 4.0 5.2 4.7 4.4 GDP per capita, in EUR 11,094 11,866 12,461 13,146 13,807 14,808 15,900 17,132 GDP per capita, PPS1 15,400 16,000 16,800 18,200 19,200 - - - Standardised rate of unemployment (ILO) 6.4 6.4 6.7 6.3 6.6 6.0 5.7 5.4 Labour productivity (GDP per employee) 2.2 3.8 3.1 3.9 3.7 4.0 3.8 3.6 Inflation2, annual average 8.4 7.5 5.6 3.6 2.5 2.5 3.0* 2.7* INTERNATIONAL TRADE - BALANCE OF PAYMENTS STATISTICS Exports of goods and services3 6.3 6.7 3.1 12.5 10.5 10.0 9.7 9.2 Exports of goods 7.0 6.4 4.4 12.8 10.3 10.8 10.1 9.4 Exports of services 3.2 8.0 -2.5 10.9 11.7 6.4 7.6 8.0 Imports of goods and services3 3.0 4.8 6.7 13.4 7.0 10.4 8.7 8.6 Imports of goods 3.2 4.4 7.3 14.6 6.8 10.5 8.8 8.6 Imports of services 1.8 7.5 3.0 5.5 8.4 9.5 7.8 8.4 Current account balance, In EUR million 38 247 -196 -720 -547 -773 -629 -273 Average exchange rate, SIT/EUR 217.2 226.2 233.7 238.9 239.64 239.60 - - Foreign exchange reserves, In EUR million 6,514 7,842 7,703 7,484 8,833 8,005 8214 - Gross external debt, In EUR million 10,386 11,524 13,225 15,343 19,614 23,718 29,4795 - DOMESTIC DEMAND - NATIONAL ACCOUNTS STATISTICS (share in GDP in %) Private consumption 56.6 55.5 55.8 54.8 54.9 54.0 53.4 52.5 Government consumption 20.0 19.7 19.6 19.6 19.6 19.3 19.1 18.9 Gross fixed capital formation 24.1 22.6 23.3 24.5 24.4 25.8 26.2 26.7 CONSOLIDATED GENERAL GOVERNMENT REVENUE AND EXPENDITURE BY THE GFS - IMF METHODOLOGY (as a % of GDP) General government revenue 42.7 40.6 42.6 42.8 43.3 43.66 42.9 41.7 General government expenditure 44.0 43.5 44.0 44.1 44.4 44.46 43.8 42.5 Surplus (deficit) -1.3 -2.9 -1.4 -1.3 -1.1 -0.86 -0.9 -0.8 Sources of data: SORS, BS, MF, calculations, estimate and forecast by the IMAD - Spring Forecast 2007. Notes: 1Eurostat, March 2007; 2the consumer price index; 3balance of payments statistics (exports F.O.B., imports F.O.B.), changes in exchange rates and prices in foreign markets eliminated by calculating real rates; 4end June. From 1 January 2007, foreign exchange reserves of the Bank of Slovenia include foreign cash in convertible currencies, deposits abroad, and first class securities of issuers from outside the Euro area in foreign currency. The drop in data values is the result of Slovenia's entry to the Economic and Monetary Union; 5end April; preliminary data of Ministry of finance. *Update of the Spring Inflation Forecast for 2007 and 2008 (IMAD, July 2007), http://www.umar.gov.si/drugo/Inflationforecast.pdf. International Comparisons / I Slovenian Economic Mirror IMAD No. 7/2007 p. A 14 Real GDP growth GDP per capita in PPS1 EU25=100 Inflation2 (annual average) 2003 2004 2005 2006 2001 2002 2003 2004 2003 2004 2005 2006 Slovenia 2.7 4.4 4.0 5.2 74.5 77.4 79.9 81.9 5.7 3.7 2.5 2.5 EU27 1.3 2.5 1.8 3.0 95.6 95.8 95.9 96.1 N/A N/A N/A N/A EU25 1.3 2.4 1.8 2.9 100 100 100 100 2.0 2.0 2.2 2.2 Euro Area 0.8 2.0 1.5 2.7 107.9 107.5 106.6 106.2 2.1 2.1 2.2 2.2 Belgium 1.0 3.0 1.1 3.2 117.6 118.9 119.4 118.0 1.5 1.9 2.5 2.3 Bulgaria 5.0 6.6 6.2 6.1 28.4 31.1 32.4 33.7 2.3 6.1 6.0 7.4 Czech Republic 3.6 4.2 6.1 6.1 67.7 70.7 72.1 73.6 -0.1 2.6 1.6 2.1 Denmark 0.4 2.1 3.1 3.2 121.4 119.3 119.4 121.8 2.0 0.9 1.7 1.9 Germany -0.2 1.2 0.9 2.8 108.5 112.5 111.1 110.0 1.0 1.8 1.9 1.8 Estonia 7.1 8.1 10.5 11.4 46.8 51.2 53.4 59.8 1.4 3.0 4.1 4.4 Greece 4.8 4.7 3.7 4.3 77.2 80.2 81.4 84.0 3.4 3.0 3.5 3.3 Spain 3.0 3.2 3.5 3.9 95.2 96.7 96.6 97.9 3.1 3.1 3.4 3.6 France 1.1 2.5 1.7 2.0 112.0 107.7 107.7 108.1 2.2 2.3 1.9 1.9 Ireland 4.3 4.3 5.5 6.0 132.3 134.4 135.7 138.8 4.0 2.3 2.2 2.7 Italy 0.0 1.2 0.1 1.9 110.0 106.0 103.1 100.7 2.8 2.3 2.2 2.2 Cyprus 1.8 4.2 3.9 3.8 82.6 85.2 87.6 88.9 4.0 1.9 2.0 2.2 Latvia 7.2 8.7 10.6 11.9 38.7 41.2 43.7 48.6 2.9 6.2 6.9 6.6 Lithuania 10.3 7.3 7.6 7.5 41.9 47.1 49.0 52.1 -1.1 1.2 2.7 3.8 Luxembourg 1.3 3.6 4.0 6.2 220.7 236.7 240.8 251.0 2.5 3.2 3.8 3.0 Hungary 4.2 4.8 4.1 3.9 59.1 60.8 61.3 62.5 4.7 6.8 3.5 4.0 Malta -0.3 0.1 3.3 3.3 74.9 74.3 72.1 71.7 1.9 2.7 2.5 2.6 Netherlands 0.3 2.0 1.5 2.9 125.3 123.8 124.6 125.5 2.2 1.4 1.5 1.7 Austria 1.1 2.4 2.0 3.1 120.0 123.4 123.4 122.9 1.3 2.0 2.1 1.7 Poland 3.8 5.3 3.5 5.8 46.3 46.9 48.7 49.7 0.7 3.6 2.2 1.3 Portugal -0.7 1.3 0.5 1.3 79.5 73.5 72.1 71.7 3.3 2.5 2.1 3.0 Romania 5.2 8.5 4.1 7.7 28.1 29.9 32.6 34.2 15.3 11.9 9.1 6.6 Slovakia 4.2 5.4 6.0 8.3 51.0 52.8 54.4 57.1 8.4 7.5 2.8 4.3 Finland 1.8 3.7 2.9 5.5 114.7 108.6 111.1 110.5 1.3 0.1 0.8 1.3 Sweden 1.7 4.1 2.9 4.2 113.7 115.4 115.4 114.7 2.3 1.0 0.8 1.5 United Kingdom 2.7 3.3 1.9 2.8 116.1 116.1 118.0 117.6 1.4 1.3 2.1 2.3 USA 2.5 3.9 3.2 3.3 145.4 146.3 147.9 149.9 2.3 2.7 3.4 N/A Sources of data: SORS; Eurostat. New Cronos. Notes: 1PPS - Purchasing Power Standard. Data for 2005 were published by Eurostat on 15 June 2006. 2 Harmonised Index of Consumer Prices for EU countries and Consumer Price Index for the USA. N/A - not available *Autumn Forecast European Commission International Comparisons / II Slovenian Economic Mirror IMAD No. 7/2007 p. A 15 Survey Unemployment Rate Current account balance1, % GDP General Government Balance2, % GDP General Government Gross Debt2, % GDP 2003 2004 2005 2006 2002 2003 2004 2005 2002 2003 2004 2005 2002 2003 2004 2005 Slovenia 6.7 6.3 6.5 6.0 -0.8 -2.6 -2.0 -2.7 -2.8 -2.3 -1.5 -1.4 28.6 28.9 28.4 27.8 EU 27 9.0 9.0 8.7 7.9 0.1 0.2 -0.5 -0.7 -3.1 -2.7 -2.4 -1.7 61.8 62.2 62.9 61.7 EU25 9.0 9.0 8.7 7.9 N/A N/A N/A N/A -3.1 -2.7 -2.4 -1.7 62.1 62.5 63.3 62.2 Euro Area 8.7 8.8 8.6 7.9 0.5 0.8 0.0 -0.1 -3.0 -2.8 -2.5 -1.6 69.3 69.7 70.5 69.0 Belgium 8.2 8.4 8.4 8.2 4.5 3.6 2.5 2.3 0.1 0.0 -2.3 0.2 98.6 94.3 93.2 89.1 Bulgaria 13.7 12.0 10.1 9.0 -5.5 -6.6 -12.0 -15.8 -0.9 2.2 1.9 3.3 45.9 37.9 29.2 22.8 Czech Republic 7.8 8.3 7.9 7.1 -6.5 -6.3 -2.7 -4.1 -6.6 -2.9 -3.5 -2.9 30.1 30.7 30.4 30.4 Denmark 5.4 5.5 4.8 3.9 3.4 3.1 3.6 2.5 0.0 2.0 4.7 4.2 45.8 44.0 36.3 30.2 Germany 9.0 9.5 9.5 8.4 2.0 3.9 4.2 4.7 -4.0 -3.7 -3.2 -1.7 63.9 65.7 67.9 67.9 Estonia 10.0 9.7 7.9 5.9 -11.5 -12.5 -11.1 -14.2 2.0 2.3 2.3 3.8 5.7 5.2 4.4 4.1 Greece 9.7 10.5 9.8 8.9 -10.0 -9.5 -9.2 -11.4 -6.2 -7.9 -5.5 -2.6 107.8 108.5 107.5 104.6 Spain 11.1 10.6 9.2 8.5 -4.0 -5.9 -7.5 -8.5 0.0 -0.2 1.1 1.8 48.8 46.2 43.2 39.9 France 9.5 9.6 9.7 9.4 0.2 -0.6 -2.1 -2.0 -4.1 -3.6 -3.0 -2.5 62.4 64.3 66.2 63.9 Ireland 4.7 4.5 4.3 4.4 0.0 -1.0 -3.1 -3.3 0.4 1.4 1.0 2.9 31.2 29.7 27.4 24.9 Italy 8.4 8.0 7.7 6.8 -0.9 -0.5 -1.2 -2.0 -3.5 -3.5 -4.2 -4.4 104.3 103.8 106.2 106.8 Cyprus 4.1 4.6 5.2 4.7 -2.2 -5.0 -5.6 -5.9 -6.3 -4.1 -2.3 -1.5 69.1 70.3 69.2 65.3 Latvia 10.5 10.4 8.9 6.8 -8.2 -12.9 -12.6 -21.1 -1.6 -1.0 -0.2 0.4 1 4.4 14.5 12.0 10.0 Lithuania 12.4 11.4 8.3 5.6 -6.8 -7.5 -6.9 -10.7 -1.3 -1.5 -0.5 -0.3 21.2 19.4 18.6 18.2 Luxembourg 3.7 5.1 4.5 4.7 8.0 11.8 11.1 8.6 0.4 -1.2 -0.3 0.1 6.3 6.6 6.1 6.8 Hungary 5.9 6.1 7.2 7.5 -7.9 -8.4 -6.8 -5.9 -7.2 -6.5 -7.8 -9.2 58.0 59.4 61.7 66.0 Malta 7.6 7.4 7.3 7.3 -2.8 -6.4 -8.3 -6.3 -10.0 -5.0 -3.1 -2.6 70.4 73.9 72.4 66.5 Netherlands 3.7 4.6 4.7 3.9 6.1 8.6 7.1 9.9 -3.1 -1.8 -0.3 0.6 52.0 52.6 52.7 48.7 Austria 4.3 4.8 5.2 4.8 1.7 2.1 2.9 3.7 -1.6 -1.2 -1.6 -1.1 64.6 63.9 63.5 62.2 Poland 19.6 19.0 17.7 13.8 -2.1 -4.4 -1.7 -2.3 -6.3 -5.7 -4.3 -3.9 47.1 45.7 47.1 47.8 Portugal 6.3 6.7 7.6 7.7 -6.5 -8.0 -9.6 -9.8 -2.9 -3.3 -6.1 -3.9 56.8 58.2 63.6 64.7 Romania 7.0 8.1 7.2 7.3 -4.8 -5.0 -8.7 -10.3 -1.5 -1.5 -1.4 -1.9 21.5 18.8 15.8 12.4 Slovakia 17.6 18.2 16.3 13.4 -2.1 -2.5 -7.9 -7.7 -2.7 -2.4 -2.8 -3.4 42.4 41.5 34.5 30.7 Finland 9.0 8.8 8.4 7.7 5.9 7.7 4.9 5.9 2.5 2.3 2.7 3.9 44.3 44.1 41.4 39.1 Sweden 5.6 6.3 7.4 7.0 6.6 6.5 5.8 7.0 -0.9 0.8 2.1 2.2 53.5 52.4 52.2 46.9 United Kingdom 4.9 4.7 4.8 5.3 -1.3 -1.6 -2.4 -3.4 -3.2 -3.1 -3.1 -2.8 38.8 40.3 42.2 43.5 USA 6.0 5.5 5.1 4.6 -4.7 -5.6 -6.2 -6.1 -4.6 -4.4 N/A N/A 62.5 63.4 N/A N/A Sources of data: SORS; Eurostat. Notes: 1EU25 and euro area aggregates are adjusted for reporting errors concerning intra-EU trade ; 2 data from Eurostat news release on 23 October 2006. Graphs Slovenian Economic Mirror imad No. 7/2007 p. A 16 INDUSTRY indices: average 2000=100 trend indices by the TRAMO-SEATS method i tv fir \ fr \ Wv \ 1 • ORIGINAL INDICES-TREND INDICES 83 b & OSS se s Es & ® z S s FREIGHT TRANSPORT BY ROAD AND RAIL (mio tonne km) 2004 QII QIII QIV 2005 QII QIII QIV 2006 QII QIII QIV 2007 QI QI QI QI GOODS TRADE FOB, EXCL. INTERCURRENCY CHANGES 12-month cummulatives in EUR, bn ] BALANCE (right)-EXPORTS o IMPORTS < O Q -Q (D V V O < O s OJ OJ o REAL INDICES OF CONSTRUCTION PUT IN PLACE indices: average 2000=100; trend indices by the TRAMO-SEATS method --BUILDINGS .......CIVIL ENGINEERING /\ //-n/^T^' t Q- M Z o = g- S WZ OVERNIGHT STAYS TOTAL indices: average 1992=100; trend indices by the TRAMO-SEATS method EMPLOYMENT AND UNEMPLOYMENT — EMPLOYMENT, indices 2000=100 i—UNEMPLOYMENT RATE (right axis) a> o o W Z ° <1> o o w z O 145 200 135 160 125 140 120 105 100 95 80 500 0 15,5 21 4 3 13,5 2 11,5 0 96 9,5 9 92 7,5 Graphs Slovenian Economic Mirror IMAD No. 7/2007 p. A 17 NET WAGES AND OTHER REMUNERATION, in EUR million l^l^tl-fa PAYMENTS FOR INVESTMENT in EUR million, constant 2000 prces EFFECTIVE EXCHANGE RATE IN REAL TERMS indices average 2001 = 100 IWlgltstiiil HOUSEHOLDS' DEPOSITS in EUR million FOREIGN CURRENCIES DOMESTIC CURRENCY GROWTH IN SELECTED PRICE INDICATORS INDICES:2005=100 A r - r -PRICE CONTROL —^—CONSUMER PRICE INDICES —6— PRODUCER PRICE INDICES (DO MESTIC MARKET) EURO EXCHANGE RATES indices average 2001 = 100 700 600 500 400 300 200 100 0 0 115 110 105 100 95 90 170 165 108 160 155 106 1,0 150 104 0,9 145 0,8 140 102 0,7 135 0,6 130 100 Index Slovenian Economic Mirror IMAD No. 7/2007 p. A 18 Agriculture and food processing industry agricultural production 6/04:15, 2/07:15 age and education structure 8-9/02:22 agricultural holdings by size 7/02:18 CAP reform 7/03:18-19 negotiations with the EU 2/02:23, 1/03:17 prices 3/02:29, 3/03:14, 3/04:14, 3/05:13 reformed policy measures 5/02:16 sample surveys of agricultural holdings 10/03:15 cattle breeding main indicators, number of cattle, BSE, milk production 11/02:14 fishing 11/02:15, 8-9/04:16, 10/06:17 forestry 4/02:18, 5/04:16, 11/06:19 international trade 3/04:15, 4/06:23, 4/07:18 value added forecasting 4/07:21 Balance of payments see also External debt current account, capital and financial account, international money reserves 1/02:6, 2/02:6, 3/02:6, 4/02:5, 5/02:4, 6/02:4, 7/02:5, 8-9/02:6, 10/02:7, 11/02:5, 12/02:4, 1/03:3,4, 2/03:4, 3/03:7, 4/03:5, 5/03:4, 6/03:4, 7/03:5, 8-9/03:6, 10/03:4, 11/03:4, 12/03:4, 1/04:4, 2/04:4-5, 3/04:6, 4/04:6, 5/04:4, 6/04:4, 7/04:4, 8-9/04:4-5, 10/04:5, 11/04:4-5, 12/04:4, 1/05:4, 2/05:4-5, 4/05:5, 5/05:4-5, 6/05:3, 7/05:4, 8-9/05:5, 10/05:6, 11/05:7-8, 12/05:4, 1/06:4, 2/06:4-5, 3/06:4, 4/06:6, 5/06:6-7, 6/06:6, 7/06:4, 8-9/06:6, 10/06:4, 11/06:6-7, 12/06:10, 1/07:5, 2/07:6-7, 4/07:7, 6/07:5-6, 7/07:5 changes in the balance of payments 89/02:21 terms of trade 8-9/02:6, 2/03:4, 4/03:5, 5/03:4, 7/03:5 export financing and export credit insurance 3/02:11, 5/03:22 foreign exchange reserves 8-9/02:6 foreign direct investments 3/02:7 regional composition of trade 7/02:5, 2/05:4, 3/07:16-17 trade in services 3/02:8, 6/02:5, 8-9/02:7, 3/03:5, 7/03:5, 89/03:7, 2/04:6, 8-9/04:6, 12/04:29, 2/05:8, 89/05:6, 2/06:6, 8-9/06:7, 2/07:8 competitiveness of exports of services 12/02:18, 12/03:17 coverage of international trade in services (methodology) 3/03:24,25 regional distribution 6/04:20 Business subjects 5/03:21, 5/04:20-21 Economic subjects 4/05:17, 4/06:22 Co-operative societies business performance 12/02:17, 11/03:17, 12/04:30, 11/05:23 Corporate sector company performance R&D: 6/05:18 by kind of ownership 11/04:18, 8-9/05:23 by origin of capital 11/04:19, 10/05:22 by size 10/02:16, 10/03:22, 7/04:24, 89/04:26, 6/05:16 by share of exports in total revenues 11/02:19, 8-9/03:20, 10/04:20, 7/05:19 by no. of employees 7/05:18 in 1994-2000 4/01:8 overall performance 5/02:15, 6/03:13, 7/03:20, 6/04:21, 7/04:24, 5/05:19, 5/06:22, 10/06:20-21, 5/07:21 comparison of Slovenian and European enterprises 1/05:20-21 enterprises by size 7/05:17, 7/06:20-21 entrepreneurial activity 5/06:17-18 compulsory settlement, bankruptcies, liquidations 4/02:17, 3/05:19 ownership structure, ownership concentration 1/03:15, 3/05:22, 6/05:15 foreign direct investment performance of companies employing foreign capital 7/03:21, 8-9/03:21, 10/03:21 number of business entities 3/02:20, 5/07:20 solvency of business entities 3/05:23, 5/06:23, 5/07:22 small sole proprietorships 12/05:20 - Doing Business rankings (WB) 12/06:24-25 Competitiveness (export competitiveness) price and cost competitiveness - effective exchange rate, unit labour costs: quarterly trends 2/02:7, 5/02:5, 8-9/02:8, 11/02:6, 2/03:7, 5/03:5, 8-9/03:8, 11/03:5, 3/04:4, 5/04:5, 8-9/04:7, 11/04:6, 2/05:6, 10/05:4, 11/05:6, 2/06:7, 6/06:4, 8-9/06:5, 12/06:8, 3/07:5, 5/07:6 annual trends 2/03:8, 3/04:5, 2/05:7, 3/07:5 international comparison SLO - CEFTA 3/02:10 market share 3/02:9, 5/02:5, 7/02:3, 11/02:6, 10/05:5, 6/06:5, 12/06:9, 4/07:6 value added and productivity methodological changes in measuring competitiveness 12/06:26 Competitiveness of nations country risk 3/02:4, 10/02:5 global competitiveness and country risk, int. comparison 3/03:6 global competitiveness IMD's annual report 5/03:17, 5/04:18, 5/05:20-21, 7/05:22-23, 5/06:19-20, 5/07:23-24 - corruption 1/02:4 - country's image 7/02:16 - location attractiveness 11/03:20-21 - state efficiency 7/02:15, 11/02:22 WEF Report 2/02:4, 11/02:22, 1/05:18-19, 12/05:17-18, 1/06:19, 1/07:24-25 - technology progress 2/02:4 Country risk see Competitiveness of nations Crime international comparison 3/03:26 trends in Slovenia 4/03:17 Development Report 3/03:20-21, 3/05:4-5, 5/06:4-5 Distributive trades companies performance 6/02:18 selected indicators 2/02:21, 3/06:11, 89/06:16, 12/06:18, 3/07:11, 6/07:13 value added 10:02/16, 12/02:16, 3/03:15, 6/03:12, 8-9/03:17, 12/03:13, 6/04:14, 89/04:19, 3/06:11, 7/06:15, 8-9/06:16, 12/06:18, 3/07:11, 6/07:13 sales capacities 12/06:23 competition 2/07:22 Earnings gross wage per employee by activities 1/02:13, 2/02:15, 4/02:13, 5/02:12, 6/02:12, 7/02:12, 8-9/02:15, 10/02:13, 11/02:12, 12/02:11, 1/03:10, 2/03:14-15, 4/03:12, 5/03:11, 6/03:10, 7/03:12, 8-9/03:13, 10/03:9, 11/03:11, 12/03:10, 1/04:11, 2/04:12, 3/04:12, 4/04:13, 5/04:11, 6/04:10, 7/04:11, 8-9/04:13, 10/04:13, 11/04:12, 12/04:10, 1/05:11, 2/05:14, 7/05:3, 8-9/05:12, 10/05:14, 11/05:14, 12/05:10, 1/06:12, 2/06:13, 3/06:9, 4/06:14, 5/06:10, 6/06:12-13, 7/06:11, 89/06:12, 10/06:11, 11/06:12, 12/06:15, 1/07:12, 2/07:12, 3/07:8, 4/07:14, 5/07:11, 6/07:11, 7/07:12 earnings in the public sector 7/07:19-20 Economic growth see GDP see also Sustainable development see also Strategy for the Economic Development of Slovenia Economic Policy Government's Programme for Effective Integration into the European Union 7/03:3 Programme for Entering the ERM II and Introducing the Euro 11/03:3 Education see Human resources Energy sector electricity selected indicators (production and consumption, international comparison) 1/02:15, 2/02:19, 3/02:22, 4/02:21, 5/02:19, 6/02:16, 7/02:21, 10/02:18, 1/03:13, 4/03:15, 7/03:15, 10/03:12, 1/04:14, 4/04:15, 7/04:15, 10/04:16, 1/05:14, 4/05:14, 7/05:14, 10/05:17, 1/06:15, 4/06:17, 7/06:13, 10/06:14, 1/07:15, 4/07:16, 7/07:15 prices 10/04:16, 2/07:20-21 international comparison 6/02:16, 7/06:13, 2/07:20-21 electricity market 2/07:20-21 oil and oil products excise duties 1/03:13, 7/03:15, 4/04:15 prices - international comparison 2/02:19, 4/02:21, 5/02:19, 7/02:21, 1/03:13, 4/03:15, 7/03:15, 10/03:12, 1/05:14 pricing model for liquid fuel prices 1/03:13, 4/03:15, 4/04:15, 7/04:15,19 Environment - Environmental policy see also Sustainable development environmentally intensive exports 3/02:26 merchandise export with high content of natural resources 3/02:27 environmental component of economic development 5/07:17 greenhouse gas emissions 6/07:22-23 EU economic trends and forecasts 11/02:4, 3/03:4-5, 7/03:4, 8-9/03:5, 7/04:3,19, 11/05:3, 11/06:4 Lisbon strategy 11/05:4-5 Stability and growth pact 10/06:19 tax and contributions structure 11/05:19-20 public finance flows between SLO and EU 1/07:26 Slovenia's accession to the EU Report on Progress towards Accession 10/02:6 Exchange rate see Competitiveness Exchange rate mechanism (ERM) II 6/04:3, 6/04:6 External debt of Slovenia 2/03:6, 10/04:6, 3/05:6 external debt statistics according to new methodology: - gross external debt it s dynamic indicators 10/03:20 foreign exchange reserves/external debt 1/02:6, 2/03:6 Forecasts for Slovenian economy by IMAD autumn forecasts 10/02:3-4, 8-9/03:3, 10/04:3-4, 8-9/05:4, 8-9/06:4 spring forecasts 4/02:3, 4/03:3-4, 4/04:3-4, 4/05:3-4, 4/06:3-4, 4/07:4 Foreign analysts forecasts 11/02:3, 4/06:5 GDP - Slovenia annual growth 1/02:3, 3/02:3, 3/03:3, 8-9/03:4, 3/04:3, 3/05:3, 3/06:3, 3/07:3 - economic growth components 3/03:3, 89/03:4, 3/04:3, 3/05:3, 3/07:3 - international comparison see International environment quarterly growth 6/02:3, 8-9/02:3, 12/02:3, 6/03:3, 8-9/03:4, 12/03:3, 3/04:3, 6/04:3, 8-9/04:3, 12/04:3, 1/05:3, 3/05:3, 8-9/06:3, 11/06:4-5 Past and Future of Slovenian GDP 12/04:22 Room for Future Improvement of Slovenian GDP Growth 12/04:23 Global competitiveness see Competitiveness of nations Households Household Budget Survey 10:02/20 private consumption and indebtedness 1/02:11, 8-9/02:17, 12/02:13, 1/04:13, 7/04:13, 8-9/04:15, 12/04:12, 3/05:16, 6/05:11, 8-9/05:15, 12/05:11, 3/06:12, 6/06:15, 8-9/06:15, 12/06:17, 3/07:9, 3/07:18, 6/07:15 available and allocated assets of households 12/05:19, 1/07:20-21 Human development see Social indicators Human resources see also Social Indicators Education youth in secondary education 6/07:19-21 adults in secondary schools 7/06:22-23 informal, continuing education 10/06:18 lifelong learning 6/06:21-22 higher education7/02:24, 7/05:20-21, 89/05:22, 7/06:24 higher education-scholarships 8-9/06:21 mobility of students 4/07:24-25, 5/07:18-19 expenditure on educational institutions -international comparison 6/05:17, 1/06:20-21 public expenditure on education -international comparison 12/04:21, 1/06:2021 Index Slovenian Economic Mirror IMAD No. 7/2007 p. A 19 science and technology graduates 3/06:1617 Industry and construction construction 2/02:22, 4/02:20, 5/02:18, 6/02:15, 7/02:20, 8-9/02:19, 10/02:17, 12/02:15, 2/03:17, 5/03:14, 8-9/03:16, 11/03:14, 2/04:15, 5/04:14, 8-9/04:18, 12/04:14, 2/05:17, 5/05:12, 8-9/05:14, 11/05:16, 2/06:15, 5/06:12, 8-9/06:14, 11/06:14, 2/07:14, 5/07:13 manufacturing export-oriented companies 6/02:14, 8-9/02:18 financial indicators 7/02:19 production volumes, trends, forecasts and employment 2/02:18, 3/02:21, 4/02:19, 5/02:17, 6/02:14, 8-9/02:18, 11/02:16, 12/02:14, 1/03:12, 3/03:17, 4/03:14, 5/03:13, 6/03:13, 7/03:14, 8-9/03:15, 10/03:11, 11/03:13, 12/03:12, 2/04:14, 5/04:13, 6/04:12, 7/04:14, 8-9/04:17, 10/04:15, 11/04:14, 12/04:13, 1/05:13, 2/05:16, 4/05:13, 5/05:11, 6/05:12, 7/05:12, 8-9/05:13, 10/05:15, 11/05:15, 12/05:12, 1/06:13, 2/06:14, 3/06:10, 4/06:15, 5/06:11, 6/06:14, 7/06:12, 8-9/06:13, 10/06:12, 11/06:13, 12/06:16, 1/07:13, 2/07:13, 4/07:15, 5/07:12, 6/07:12, 7/07:13 value added and productivity by activities 7/02:19, 12/02:3, 8-9/03:15 Industrial policy State aid - international comparisons 1/03:16 Industrial relations see also Labour market employment relationship collective bargaining coverage and extension procedures 2/04:22-23 employment relationships act 6/02:19 European works councils 5/05:22 working time 11/04:20 strikes data collections and international comparisons 3/04:20-21 membership in employers' organisations 12/03:18 employee participation in a European Joint-Stock Company 3/05:23 Inflation see Prices Information technology use of internet 3/02:28 Institutions trust in institutions 12/02:19, 4/06:21 Insurance sector international comparison export financing and export credit insurance see Balance of payments / foreign trade policy International environment 3/02:5, 7/02:4, 8-9/02:4-5, 11/02:4, 7/03:4, 89/03:5, 1/05:3, 5/05:3, 4/06:5, 12/06:6-7, 1/07:4, 2/07:4-5, 3/07:4, 4/07:5, 5/07:4-5, 6/07:4, 7/07:4 Germany 1/02:5, 3/03:4,5, 7/03:4, 4/06:5, 12/06:6-7, 2/07:4, 4/07:5, 5/07:4-5, 7/07:4 candidate-countries for the EU economic developments and forecasts 4/02:4 Croatia 2/02:5, 8-9/02:5, 3/07:4, 6/07:4 Labour market see also Industrial relations unemployment first-time job seekers 4/02:11 structure of registered unemployment 1/02:12, 5/02:11, 8-9/02:14, 2/03:13, 7/03:11, 8-9/03:12, 1/06:11 survey unemployment rate 2/02:13, 3/03:12, 5/03:10, 8-9/03:12, 2/04:11, 2/05:13, 2/06:3, 12/06:14, 2/07:3, 2/07:11, 5/07:3 selected labour market indicators 1/02:12, 2/02:13, 3/02:17, 4/02:11, 5/02:11, 6/02:11, 7/02:11, 8-9/02:14, 10/02:12, 11/02:11, 12/02:10, 1/03:9, 2/03:13, 3/03:12, 4/03:11, 5/03:10, 6/03:9, 7/03:11, 8-9/03:12, 10/03:8, 11/03:10, 12/03:9, 1/04:10, 2/04:11, 3/04:11, 4/04:12, 5/04:10, 6/04:9, 7/04:10, 89/04:12, 10/04:12, 11/04:11, 12/04:9, 1/05:10, 2/05:13, 3/05:11, 4/05:11, 5/05:10, 6/05:10, 7/05:11, 8-9/05:11, 10/05:13, 11/05:13, 12/05:9, 1/06:10, 2/06:11, 3/06:8, 4/06:12, 5/06:3, 5/06:9, 6/06:11, 7/06:10, 8- 9/06:11, 10/06:10, 11/06:11, 12/06:14, 1/07:11, 2/07:10, 3/07:7, 4/07:13, 5/07:10, 6/07:3, 6/07:10, 7/07:11 vacancies and people hired 2/06:12 accidents at work 2/02:24, 4/02:12 education structure of persons in employment 12/02:10, 12/03:9 employment by activities 2/02:13, 8-9/02:14, 4/06:13 employment rate of older workers 8-9/04:25 employment of foreigners 4/07:22-23 jobs and unemployment across regions 3/03:19 labour market flexibility 3/05:20-21 occupational structure of labour demand 3/02:17, 4/03:11 overtime work 6/02:11 structural unemployment 10/03:8 part-time work 2/03:19 work on contract 6/02:11 employment programmes 10,000 Programme 11/03:10 programme of refunding contributions of employers 7/02:11 Public Works Programmes 4/04:12 Programme of promoting self-employment 5/04:10 legislation Employment of Foreigners Act 3/01:15, 6/03:9 Active Employment Policy Programme for 2003 11/02:11 Vocational Rehabilitation and Employment of Disabled Persons Act 7/04:10 productivity growth 2/02:14, 1/04:10 Manufacturing see Industry Money market and monetary policy corporate liquidity 5/02:7 money aggregates, interest and exchange rates 1/02:8, 2/02:9, 3/02:13, 4/02:7, 5/02:7, 6/02:9, 7/02:7, 8-9/02:10, 10/02:9, 11/02:8, 12/02:6, 1/03:6, 2/03:10, 3/03:9, 4/03:7, 5/03:7, 6/03:6, 7/03:7, 10/03:6, 11/03:7, 12/03:6, 1/04:6, 2/04:8, 3/04:8, 4/04:8, 5/04:7, 6/04:6, 7/04:6, 8-9/04:9, 10/04:8, 11/04:8, 12/04:6, 1/05:6, 2/05:10, 3/05:8, 4/05:7, 5/05:7, 6/05:7, 7/05:6, 8-9/05:8, 10/05:8, 11/05:10, 12/05:6 monetary policy guidelines 10/02:3-4 banks interest rates 3/02:15, 10/02:10, 10/02:9 money market, loans 1/02:9, 2/02:11, 3/02:15, 4/02:9, 5/02:9, 7/02:9, 8-9/02:12, 10/02:11, 11/02:10, 12/02:8, 1/03:8, 2/03:12, 3/03:11, 4/03:9, 5/03:9, 6/03:8, 7/03:9, 89/03:11, 11/03:9, 12/03:8, 1/04:8, 2/04:10, 3/04:10, 4/04:10, 5/04:9, 6/04:8, 7/04:8, 89/04:11, 10/04:10, 11/04:10, 12/04:8,1/05:8, 2/05:12, 3/05:10, 4/05:9, 5/05:9, 6/05:9, 7/05:8, 8-9/05:10, 10/05:10, 11/05:12, 12/05:8, 1/06:7, 2/06:10, 3/06:7, 4/06:9, 6/06:8, 7/06:6, 8-9/06:9, 10/06:6, 11/06:9, 12/06:12, 1/07:7, 4/07:10, 5/07:9, 6/07:9, 7/07:8 savings with banks and mutual funds 1/02:9, 2/02:10, 3/02:14, 4/02:8, 5/02:8, 7/02:8, 8-9/02:11, 10/02:10, 12/02:7, 1/03:7, 2/03:11, 3/03:10, 4/03:8, 5/03:8, 6/03:7, 7/03:8, 8-9/03:10, 11/03:8, 12/03:7, 1/04:7, 2/04:9, 3/04:9, 4/04:9, 5/04:8, 6/04:7, 7/04:7, 8-9/04:10, 10/04:9, 11/04:9, 12/04:7, 1/05:7, 2/05:11, 3/05:9, 4/05:8, 5/05:8, 6/05:8, 7/05:7, 8-9/05:9, 10/05:9, 11/05:11, 12/05:7, 1/06:6, 2/06:9, 3/06:6, 4/06:8, 5/06:21, 6/06:9, 7/06:7, 8-9/06:10, 10/06:7, 11/06:10, 12/06:13, 1/07:8, 4/07:9, 5/07:8, 6/07:8, 7/07:7 Maastricht criteria long-term interest rates 5/04:19 Population 1/07:22-23 household savings see The money market Prices price trends - inflation, administered and unregulated prices 1/02:7, 2/02:8, 3/02:12, 4/02:6, 5/02:6, 6/02:6, 7/02:3,6, 8-9/02:9, 10/02:8, 11/02:7, 12/02:5, 1/03:5, 2/03:9, 3/03:8, 4/03:6, 5/03:6, 6/03:5, 7/03:6, 8-9/03:9, 10/03:5, 11/03:6, 12/03:5, 1/04:5, 2/04:7, 3/04:7, 4/04:7, 5/04:6, 6/04:5, 7/04:5, 8-9/04:8, 10/04:7, 11/04:7, 12/04:5, 1/05:5, 2/05:9, 3/05:7, 4/05:6, 5/05:6,23,24, 6/05:6, 7/05:5, 8-9/05:3, 8-9/05:7, 10/05:3, 10/05:7, 11/05:9, 12/05:3,5, 1/06:5, 2/06:8, 3/06:5, 4/06:7, 5/06:8, 6/06:7, 7/06:5,19, 8-9/06:8, 10/06:5, 11/06:8, 12/06:3, 12/06:11, 1/07:6, 1/07:19, 2/07:9, 3/07:6, 4/07:8, 4/07:3, 5/07:3, 5/07:7, 6/07:3, 6/07:7, 7/07:3, 7/07:6 prices policy 6/02:7-8, 10:02/3-4, 11:02/3, 5/05:23, 6/05:6 harmonised index of consumer prices 1/05:22 core inflation 10/02:8, 12/02:5, 2/03:9, 3/03:8, 6/03:5 producer prices 3/07:6 bond yield curve see Money market and Monetary policy and Stock Exchange Productivity see Industry and Competitiveness Private Consumption see Households Public finance general government debt 10/02:15 general government revenue 1/02:14, 2/02:16, 3/02:18, 4/02:14, 5/02:13, 6/02:13, 7/02:13, 8-9/02:16, 10/02:14, 11/02:13, 12/02:12, 1/03:11, 2/03:16, 3/03:13, 4/03:13, 5/03:12, 6/03:11, 7/03:13, 10/03:10, 11/03:12, 12/03:11, 1/04:12, 2/04:13, 3/04:13, 4/04:14, 5/04:12, 6/04:11, 7/04:12, 8-9/04:14, 10/04:14, 11/04:13, 12/04:11, 1/05:12, 2/05:15, 4/05:12, 7/05:10, 10/05:12, 1/06:9, 4/06:11, 7/06:9, 10/06:9, 1/07:10, 4/07:12, 7/07:10 general government expenditures 3/05:12, 6/06:10 general government balance 12/04:3, 3/05:12 state budget expenditure 3/05:12 budget expenditure on culture 3/02:19 public expenditure on education - international comparison 12/04:21 Public services network see also Human resources 7/04:20 - international comp. 7/04:21 Public institutes financial results in 2002 11/03:18 financing 11/03:19 Public Health Institutes 2/04:20-21 Quality of life seeSocial indicators Research and development see Technological development Regional development company performance by regions 7/02:14, 7/05:24, 2/07:24-25 development deficiency index 7/06:25 jobs and unemployment across regions 10/03:16, 4/04:20, 7/05:24, 2/07:24-25 regional GDP 2/02:17, 8-9/03:19, 4/04:20, 7/04:23, 7/05:24, 2/06:19 population's education structure - regional aspect 6/03:15, 4/04:20 population's demographic structure 5/06:24 personal income tax base per capita 6/06:20 Report on structural reforms 10/03:3 structural changes in network industries 4/07:26-27 Report on economic and social cohesion 2/04:18-19 Services domestic trade see Distributive trades information technology see Information technology public services see also Public services network 5/02:22 international comparison 5/02:23 real estate, renting and business services 4/02:23, 4/04:16, 5/05:15, 12/05:13 prices of telecommunication services 2/06:20 tourism see Tourism trade in services see Balance of payments Social indicators civil society see Civil society Index Slovenian Economic Mirror IMAD No. 7/2007 p. A 20 equal opportunities policy 3/02:30, 8-9/02:24, 1/04:20-21, 3/04:18-19, 2/05:21-22 trust in other people 6/06:19 Human Development Report 5/03:18-19, 8-9/05:19, 11/06:17 Social Overview 2006 12/06:4-5 human resources mortality caused by injuries: - due to external causes of injury 4/03:18 - by age and gender 5/03:20 gender-related development index 3/03:22, 10/05:21 gender empowerment measure 10/03:17, 10/04:19 gender equality 10/04:19 human development index 8-9/02:20, 7/03:17, 7/04:22 health insurance - supplementary 1/04:19 health expenditure 2/07:23, 4/07:30-31 social welfare cash benefits 11/06:18 social protection of the elderly 3/03:23 indicators (happiness, satisfaction with life, etc) 12/04:24-25, 3/06:18, 4/07:28-29 jobless households 3/07:15 long-term care 12/04:26-27, 4/07:32 parental leave-paternity leave 8-9/02:24 the at-risk-of-poverty rate 5/02:24, 12/02:20, 11/03:22, 11/04:17, 6/07:24 Time Use Survey 10/02:21 transfers expenditures for social protection 8-9/02:23, 4/04:19, 3/06:19 social benefits: - parents 3/02:30 - pensions 2/07:19 - financial social assistance 1/05:17 trust in institutions see Institutions Stock exchange turnover, capitalisation, indices 1/02:10, 2/02:12, 3/02:16, 4/02:10, 6/02:10, 7/02:10, 8-9/02:13, 12/02:9, 4/03:10, 7/03:10, 10/03:7, 1/04:9, 4/04:11, 7/04:9, 10/04:11, 1/05:9, 4/05:10, 7/05:9, 10/05:11, 1/06:8, 4/06:10, 7/06:8, 10/06:8, 1/07:9, 4/07:11, 7/07:9 bonds 4/04:11 authorised investment companies 5/02:10 indicators share turnover ratio 2/02:12, 7/02:10, 12/02:9 industrial sector indices 2/02:12, 12/02:9 investment by residents in foreign bourses 3/02:16 investment by non-residents 1/02:10, 2/02:12, 89/02:13, 12/02:9 mutual funds 6/02:10, 8-9/02:11 Strategy of Slovenia's Development 6/05:4,5 Sustainable development ecological footprint 8-9/05:20-21 Technological development R&D activity in Slovenia 10/03:18-19 R&D expenditure 4/02:16 R&D researches 7/02:17 Technology Achievement Index by UNDP 11/02:20 Public Research Institutes 11/05:21,22 science and technology graduates 3/06:1617 Tourism travels of domestic population 1/03:14, 3/03:16, 5/03:15, 7/03:16, 1/04:16, 12/04:28, 1/06:22, 1/07:27 foreign exchange receipts 3/06:15, 12/06:19 international comparison 2/02:20 overnight stays by resort 3/03:16, 5/03:15, 1/04:15, 5/06:13, 6/07:14 selected indicators 1/02:16, 2/02:20, 3/02:24, 4/02:22, 5/02:20, 7/02:22, 11/02:17, 3/03:16, 5/03:15, 10/03:13, 1/04:15, 6/04:13, 89/04:21, 12/04:17, 3/05:14, 5/05:14, 10/05:18, 1/06:16, 5/06:13, 8-9/06:17, 12/06:19, 3/07:10, 6/07:14 survey on foreign tourists in the summer season 6/04:19 Transport selected indicators 3/02:23, 6/02:17, 11/02:18, 5/03:16, 11/03:15, 2/04:16, 5/04:15, 8-9/04:20, 12/04:15, 3/05:15, 7/05:13, 10/05:16, 1/06:14, 4/06:16, 7/06:14, 10/06:13, 1/07:14, 4/07:17, 7/07:14 Value added see Competitiveness and Industry and Distributive trades Welfare see Sustainable development social welfare indicators: see Social indicators Acronyms in the text have the following meanings: AIS-Agricultural Institute of Slovenia, AJPES-Agency of the Republic of Slovenia for Public Legal Records and Related Services, AP-Agency of the Republic of Slovenia for Payments, APr-Agency of the Republic of Slovenia for Privatisation, BS-Bank of Slovenia, bn - billion, CCIS-Chamber of Commerce and Industry of Slovenia, CSCC-Central Securities Clearing Corporation, DUNZ-Directorate of Administrative Interior Affairs, DURS-Tax Administration of the Republic of Slovenia, EIMV-Electro Institute Milan Vidmar, ELES-Electro Slovenia, ESS-Employment Service of Slovenia, GEM-Global Entrepreneurship Monitor, HICP-Harmonised Index of Consumer Prices, HII-Health Insurance Institute, ICT-information and communications technologies, IER-Institute for Economic Research, IAAD-International Administrative Affairs Directorate, IMAD-Institute of Macroeconomic Analysis and Development, IPI-Industrial Price Index, LSE-Ljubljana Stock Exchange, m-million, MAFF-Ministry of Agriculture, Forestry and Food, MEA-Ministry of Economic Affairs, MES-Ministry of Education and Sport, MESP-Ministry of the Environment and Spatial Planning, MF-Ministry of Finance, MIA-Ministry of Internal Affairs, MLFSA-Ministry of Labour, Family and Social Affairs, MMTS-Market Maker Trading Segment, MST-Ministry of Science and Technology, N/A or (-) - not available, N/R-not reasonable, NFC-National Financial Corporation, OG-Uradni list Republike Slovenije (Official Gazette of the Republic of Slovenia), PDII-Pension and Disability Insurance Institute, p.p.-percentage points, PPA-Public Payments Administration of the Republic of Slovenia, PPP-purchasing power parity, PPS-purchasing parity standards, SDC-Slovene Development Corporation, SEC-Slovene Exports Corporation, SIA-Slovenian Insurance Association, SITC-Standard International Trade Classification, SMARS-Surveying and Mapping Authority of the Republic of Slovenia, SORS-Statistical Office of the Republic of Slovenia. Acronyms of Standard Classification of Activities (SCA): A-Agriculture, hunting, forestry, B-Fishing, C-Mining and quarrying, D-manufacturing, DA-food beverages and tobacco, DB-textiles and textile products, DC-leather and leather products, DD-wood and wood products, DE-paper, publishing, printing, DF-coke, petroleum products and nuclear fuel, DG-chemicals, DH-rubber and plastic products, DI-non-metal mineral products, DJ-metals and metal products, DK-machinery and equipment, DL-electrical and optical equipment, DM-transport equipment, DN-furniture and NEC, E-Electricity, gas and water supply, F-Construction, G-Wholesale, retail, trade, repair, H-Hotels and restaurants, I-Transport, storage, communications, J-Financial intermediation, K-Real estate, renting and business activities, L-Public administ. & defence; comp. soc. sec., M-Education, N-Health and social work, O-Other social and personal services. Acronyms of Countries: AT-Austria, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, EL-Greece, FR-France, FI-Finland, HU-Hungary, I-Italy, IE-Ireland, JP-Japan, LU-Luxembourg, LV-Latvia, LT-Lithuania, MT-Malta, NL-Netherlands, NO-Norway, PT-Portugal, RO-Romania, RU-Russia, SE-Sweden, UA-Ukraine, UK-United Kingdom, US-United States of America, PL-Poland, SI-Slovenia, SK-Slovakia.