N o. 3 , V ol . X XI II, 2 01 7 Slovenian Economic Mirror ISSN 1318-3826 (print) ISSN 1581-1026 (pdf ) No. 3 / Vol. XXIII / 2017 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Barbara Bratuž Ferk, MSc Authors of Current Economic Trends (listed alphabetically): Jure Brložnik, Urška Brodar, Aleš Delakorda, MSc, Janez Dodič, Lejla Fajić, Marjan Hafner,  MSc, Slavica Jurančič, Mojca Koprivnikar Šušteršič, Janez Kušar, MSc, Jože Markič, PhD, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Ana T. Selan, MSc, Branka Tavčar, Ana Vidrih, MSc. Authors of Selected Topics: Helena Mervic (Recipients of unemployment benefits and financial social assistance) Janja Pečar (Regional overview of employment and unemployment in 2016) Mateja Kovač, MSc (Ecological footprint) Valerija Korošec, PhD (Human development index) Editorial Board: Marijana Bednaš, MSc, Aleš Delakorda, MSc, Lejla Fajić, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, MSc, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation, Graphs, DTP: Bibijana Cirman Naglič Print: Eurograf d.o.o. Circulation: 80 copies © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight................................................................................................................................................................ 3 Current economic trends .............................................................................................................................................. 5 International environment ............................................................................................................................................... 7 Economic developments in Slovenia ............................................................................................................................. 9 Labour market .................................................................................................................................................................. 13 Prices .................................................................................................................................................................................. 15 Balance of payments ....................................................................................................................................................... 18 Financial markets ............................................................................................................................................................. 19 Public finance .................................................................................................................................................................... 20 Selected topics ...............................................................................................................................................21 Recipients of unemployment benefits and financial social assistance ................................................................. 23 Regional overview of employment and unemployment in 2016 ..................................................................................... 24 Ecological footprint ............................................................................................................................................................................... 27 Human development index ............................................................................................................................................................... 28 Statistical appendix .....................................................................................................................................................31 On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. The Economic Mirror is prepared based on statistical data available by 5th Mayl 2017. 3Slovenian Economic Mirror, No. 3/2017 In the Spotlight Euro area economic growth has remained stable at the beginning of 2017; similar growth is also projected for the next two years. The relatively favourable forecasts are attributable to the high level of confidence in the economy and growth in private consumption, while the main risk to the forecast is political uncertainty. According to IMF projections, global economic growth will strengthen this year and in 2018. Favourable economic developments continued in Slovenia at the beginning of the year. Export growth is still being boosted by higher foreign demand and the favourable competitive position of manufacturing. Faster growth in manufacturing production is impeded, however, by the relatively slow recovery of sales on the domestic market. Private consumption is picking up under the influence of favourable labour market trends and high consumer confidence. Household borrowing is also rising. The strengthening of consumption is having a positive impact on turnover growth in trade and, in particular, services related to leisure. Economic sentiment continues to improve and points to a continuation of positive trends. Gains in the competitiveness of the manufacturing sector are reflected in further growth in Slovenia’s merchandise market shares in the EU and on the global market. In 2016, Slovenia offset around three-fifths of its global market share loss from the first years of the crisis and increased its market share in the EU as well as its main trading partners. As a result of favourable economic conditions, the labour market situation continues to improve. Higher year-on-year growth in employment was recorded for most private sector activities; following the relaxation of restrictions on hiring, employment also increased in public service activities. The decline in registered unemployment continues to be due particularly to the outflow into employment. Wage growth continues. Consumer price growth is still mainly due to higher prices of energy and services as a result of supply-side factors and a further pick-up in consumption. Energy prices remain influenced by further commodity price growth on global markets. The continuation of price rises in services is attributable primarily to the strengthening of private consumption (particularly the prices of leisure-related services were up year-on-year); in some segments price growth also reflects suppliers’ efforts to adjust prices (for example higher prices of telecommunication services). The volume of loans to domestic non-banking sectors increased further in March; it was also higher year on year. The main reason remains increased household borrowing, particularly in the form of consumer and housing loans, which we estimate is a consequence of favourable labour market trends and higher consumer confidence. The decline in corporate loans continues to slow gradually year on year, with enterprises increasingly borrowing abroad. In the first two months of the year, the general government deficit was a solid third smaller than in the same period of 2016. Favourable general government developments are based on relatively rapid year-on-year growth in most revenue categories as a result of favourable macroeconomic conditions. Expenditure rose noticeably less than revenue. Its year-on-year growth in the first two months was mainly underpinned by current transfers and compensation of employees. In the spotlight 4 Ekonomsko ogledalo, št. 3/2017 Aktualno The prospects for the continuation of favourable economic trends are good. With strong export growth, Slovenia’s merchandise market shares of EU and world exports continued to increase last year. -15 -10 -5 0 5 10 15 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 Ye ar -o n- ye ar g ro w th , i n % Source: SURS, Eurostat, UN; calculations by IMAD. WORLD EU28 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 30 40 50 60 70 80 90 100 110 120 130 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Se as on al ly a dj us te d in di ca to r v al ue , 3- m on th m ov in g av er ag e Se as on al ly a dj us te d re al in de x 20 08 = 10 0, 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Merchandise exports Industrial production in manufacturing Construction output Turnover in retail trade Market services excluding trade, nominal Business tendency, right axis With higher employment growth in most activities, unemployment declined further. Consumer price growth continues to be mainly due to higher prices of energy and services, which reflect supply-side factors and a further pick-up in consumption -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 Manu- facturing Construction Market services* Employment activities Public services Ch an ge in th e av er ag e, y ea r o n ye ar Source: SURS. Note: *excl. employment activities. Persons in employment I-II 2017 Persons in employment I-II 2016 -2 -1 0 1 2 3 4 -2 -1 0 1 2 3 4 Ja n 1 1 Ju l 1 1 Ja n 1 2 Ju l 1 2 Ja n 1 3 Ju l 1 3 Ja n 1 4 Ju l 1 4 Ja n 1 5 Ju l 1 5 Ja n 1 6 Ju l 1 6 Ja n 1 7 Ye ar -o n -y ea r g ro w th , i n % C on tr ib ut io n to y -o -y g ro w th , i n p p s Source: SURS; calculations by IMAD. Other Services Fuels and energy Food Inflation, in % (right axis) -2500 -2000 -1500 -1000 -500 0 500 1000 1500 Mar11 Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Ye ar -o n- ye ar c ha ng es , i n EU R m Source: BoS; calculations by IMAD. Note: Excluding the impact of the transfer of claims to the BAMC. Households Enterprises and NFIs Government Total -2,000 -1,500 -1,000 -500 0 500 2011 2012 2013 2014 2015 2016 I-II 2016 I-II 2017 In E U R m Source: MF, Bulletin of Government Finance; calculations by IMAD. General government balance Primary general government balance The improvement in labour market conditions is also reflected in higher household borrowing; the decline in corporate and NFI borrowing is smaller. The favourable general government movements at the beginning of the year are based on strong revenue growth as a result of good economic conditions and on moderate growth in expenditure. cu rr en t e co no m ic tr en ds 7Slovenian Economic Mirror, No. 3/2017 Current Economic Trends In April the IMF projected a strengthening of global economic growth for this year and in 2018. GDP growth is expected to total 3.5% this year and 0.1 pps more next year. The main driver of growth will remain emerging- market and developing economies, where economic activity will strengthen particularly in commodity exporters; the economic growth in China is projected to remain stable (at around 6%). A significant contribution to global GDP growth is also expected from advanced countries, particularly the US. According to the IMF, GDP growth could be lower than forecast particularly owing to the uncertain trade policy of the US and a faster-than- expected increase in Fed interest rates. It could also be faster owing to the high level of confidence in the economy and fiscal stimulus in the US and China. Economic growth in the euro area remained stable in the first quarter of this year. According to Eurostat’s preliminary flash estimate, it stood at 0.5% quarter on quarter and 1.7% year on year. According to the most recent forecasts by international institutions, GDP growth should hover between 1.5% and 1.7% this year and in 2018 and 2019. The main factors in these relatively favourable forecasts are high confidence in the economy and growth in private consumption. Among downside risks to growth, international institutions point to political uncertainty. Figure 1: IMF forecasts for economic growth 0 1 2 3 4 5 W or ld g ro w th A d va n ce d ec on om ie s Em er gi ng m ar ke t a nd d ev el op in g ec on om ie s Eu ro a re a Re al G D P gr ow th (% ) Source: IMF. 2016 outturn Forecast for 2017 (Apr 17) Forecast for 2018 (Apr 17) Forecasts for 2017 and 2018 (Jan 17) Figure 2: GDP in the euro area and the economic climate -70 -60 -50 -40 -30 -20 -10 0 10 20 30 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Ba la nc e Q ua rt er ly g ro w th , i n % Source: Eurostat, Ifo. GDP in the euro area (left axis) Ifo business climate index for the euro area (right axis) International institutions expect faster growth in economic activity this year for most of Slovenia’s main trading partners from the group of new EU Member States and Russia. Amid favourable labour market conditions, stable GDP growth in Croatia, Poland, the Czech Republic and Hungary will continue to be boosted by private consumption. After last year’s significant decline as a result of the standstill in the absorption of EU funds at the transition to the new financial perspective, public investment will rise in the coming years. Net exports are expected to make a smaller contribution to growth owing to increasing imports driven by higher domestic demand. As a result of higher prices of commodities, economic growth will also start rising in Russia. Figure 3: GDP growth forecasts for Slovenia’s main trading partners outside the euro area -3 -2 -1 0 1 2 3 4 5 20 13 20 14 20 15 20 16 20 17 20 18 20 19 Re al G D P gr ow th (% ) Source: Consensus Forecasts. Croatia Russia Poland Czech R. Hungary International environment 8 Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Table 1: Brent oil prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2016 III 17 IV 17 IV 17/III 17 IV 17/IV 16 I-IV 17/I-IV 16 Brent USD, per barrel 44.80 51.59 52.29 1.4 25.8 49.5 Brent EUR, per barrel 40.40 48.30 48.80 1.0 33.1 55.9 EUR/USD 1.107 1.068 1.072 0.4 -5.4 -3.9 3-month EURIBOR, in % -0.265 -0.329 -0.330 -0.1 -8.1 -13.0 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. 9Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Favourable economic trends continued at the beginning of this year. Export growth continues to reflect foreign demand and the ability of manufacturing enterprises to maintain their favourable competitive position. Faster growth in manufacturing production is still impeded by the relatively slow recovery of sales on the domestic market. Private consumption is picking up under the impact of favourable labour market trends and high consumer confidence. Household borrowing is also on the rise. The strengthening of consumption has a positive impact on turnover growth in trade and, in particular, services related to leisure, which is also attributable to the higher number of foreign tourists. The pick-up in domestic and foreign demand has also contributed to further turnover growth in other market services. Construction output remains low, but its growth has strengthened. Economic sentiment is improving further and points to a continuation of positive trends. Figure 4: Short-term indicators of economic activity in Slovenia 30 40 50 60 70 80 90 100 110 120 130 140 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Se as on al ly a dj us te d in di ca to r v al ue , 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Merchandise exports Industrial production in manufacturing Construction output Turnover in retail trade 1 The estimate of real merchandise exports was made on the basis of nominal exports according to the external trade statistics and industrial producer prices on the foreign market, while real imports were estimated based on nominal imports according to the external trade statistics and the import price index. 2 Detailed data on the structure of merchandise trade are available until the end of January. Real merchandise exports and imports increased further at the beginning of 2017.1 The growth of exports continues to be underpinned by higher foreign demand and the ability of manufacturing enterprises to maintain their favourable competitive position. Expectations about future exports and orders in manufacturing also remain positive. Exports of all main groups of manufactured goods were up year on year at the beginning of 2017.2 The growth of imports is also rising, reflecting favourable export movements and growth in domestic private and investment consumption. Figure 5: Merchandise trade – real 80 85 90 95 100 105 110 115 120 125 130 Ja n 1 1 Ju l 1 1 Ja n 1 2 Ju l 1 2 Ja n 1 3 Ju l 1 3 Ja n 1 4 Ju l 1 4 Ja n 1 5 Ju l 1 5 Ja n 1 6 Ju l 1 6 Ja n 1 7 Se as on al ly a d ju st ed in d ex 2 00 8= 10 0, 3 -m on th m ov in g a ve ra g e Source: SURS; calculations by IMAD. Exports Imports Economic developments in Slovenia Table 2: Selected monthly indicators of economic activity in Slovenia In % 2016 II 17/I 17 II 17/II 16 I-II 17/I-II 16 Merchandise exports, real1 5.6 0.03 1.5 6.1 Merchandise imports, real1 4.7 -0.63 3.3 8.4 Services exports, nominal2 8.1 2.93 9.7 12.0 Services imports, nominal2 5.5 -3.73 -5.9 0.5 Industrial production, real 6.7 1.63 7.54 4.64 -manufacturing 8.0 1.83 7.34 4.24 Construction -value of construction put in place, real -17.7 25.73 21.4 6.7 Real turnover in retail trade 4.5 1.53 15.44 13.84 Market services (without trade) - nominal turnover 3.9 1.33 7.14 5.94 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1External trade statistics; deflated by IMAD, 2balance of payments statistics, 3seasonally adjusted, 4working-day adjusted data. 10 Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Nominal exports and imports of services remained high (seasonally adjusted).3 In the first two months of the year, exports were up 12.0% year on year, mainly as a consequence of higher exports of technical, trade-related business services and transport services. Imports were at almost the same level as one year before (0.5%). Production volume in manufacturing increased further at the beginning of the year. Production is strengthening in all categories of technology intensity; in the first two months it was up year on year in all categories except for some low-technology industries. Growth in manufacturing production continues to be underpinned particularly by stronger foreign demand, while the recovery of sales on the domestic market still lags behind. While fewer and fewer companies report insufficient demand as a factor limiting production, amid higher capacity utilisation more and more companies are facing a shortage of skilled labour. 3 According to the balance of payments statistics. Figure 6: Trade in services – nominal 250 300 350 400 450 500 550 600 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 In E U R m , s ea so na lly a dj us te d, 3 -m on th m ov in g av er ag e Source: BoS; calculations by IMAD. Exports of services Imports of services Figure 7: Main limiting factors in manufacturing 0 10 20 30 40 50 60 Q1 11 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 % o f e nt er p ri se s Source: SURS. Insufficient domestic demand Insufficient foreign demand Shortage of skilled workers Outstanding operating liabilities Financial problems The value of construction output has remained unchanged since the second quarter of last year, though with considerable monthly fluctuations. Activity in 2016 and early this year was significantly lower than in 2015, particularly owing to low government investment. Amid a general improvement in economic conditions and a gradual rebound in the property market, the construction of flats and non-residential buildings started to pick up at the end of 2015 and mid-2016 respectively. Data on issued building permits and new contracts show a continuation of favourable trends. Figure 8: Value of construction output 0 20 40 60 80 Ja n 1 1 Ju l 1 1 Ja n 1 2 Ju l 1 2 Ja n 1 3 Ju l 1 3 Ja n 1 4 Ju l 1 4 Ja n 1 5 Ju l 1 5 Ja n 1 6 Ju l 1 6 Ja n 1 7 Se as on al ly a d ju st ed in d ex 2 00 8= 10 0, 3 -m on th m ov in g a ve ra g e Source: SURS; calculations by IMAD. Total Residential buildings Non-residential buildings Civil-engineering works 11Slovenian Economic Mirror, No. 3/2017 Current Economic Trends The growth of land freight transport strengthened in the second half of last year. In recent years, the volume of road transport of domestic hauliers has been increasing, particularly abroad.4 This trend has to do with the liberalisation of transport in the EU, as at the same time more and more foreign hauliers are performing their services on Slovenian roads.5 After a long period of stagnation, rail freight transport increased particularly strongly amid higher growth in export revenues in the last months of 2016. Figure 10: Road and railway freight transport 60 80 100 120 140 160 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 In m ill io n tk m , o ri g. in de x 20 08 = 10 0, 4 -q ua rt er m ov in g av er ag e Source: SURS; calculations by IMAD. Railway Road - abroad - exports and imports - national At the beginning of the year, nominal turnover continued to grow in most market services. Higher demand for labour was reflected in stronger growth of turnover in employment services (part of N activities). Under the impact of exports of land transport services, turnover growth also increased further in the transport sector. After a long period of growth in information and communication services, activity in this sector is stagnating despite further growth in computer services exports. Stagnation also continues in professional and technical activities. Figure 9: Nominal turnover in market services (other than trade) 75 80 85 90 95 100 105 110 115 120 125 130 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17Se as on al ly a dj us te d in de x 20 08 = 10 0, 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Note: * including accommodation and food service activities Total* Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Household consumption continued to increase at the beginning of the year, reflecting the improvement in labour market conditions and high consumer confidence. With further growth in employment and earnings, the net wage bill increased more strongly in the first quarter of the year. Household purchases of durable goods, particularly passenger cars6 and furniture increased further. The growth of spending on semi-durable goods (personal care products in particular) and on services of the accommodation and food service sector, i.e. tourism services, which had started last year, also continued.7 Figure 11: Selected indicators of household consumption 40 50 60 70 80 90 100 110 120 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17S ea so na lly a dj us te d in de x 20 08 = 10 0, 3 -m on th m ov in g av er ag e Source: MZI, SURS; calculations by IMAD. Real turnover in the sale of non-food products Sale of passenger cars to natural persons Real net wage bill Nominal turnover in accommodation and food service activities 4 In 2016 freight transport abroad increased by 11.4%, while transport that is at least partly connected to the territory of Slovenia (exports and imports of services and national transport) decreased by 0.5% (source: SURS); at the same time, the number of trucks passing through toll stations on Slovenian motorways increased by 5.1% (source: DARS). 5 A further liberalisation of the market was also a result of the most recent enlargements of the EU and the expiry of transitional periods for free provision of international transport services. This is also corroborated by data on strong growth in exports and imports of road transport services. In 2016 export revenues of domestic transport operators providing transport services for foreign customers thus rose by more than 15%; at the same time, domestic business entities increased their imports of transport services performed by foreign transport operators by the same extent (though the volume of these is almost two-thirds lower) (source: BoS). 6 After almost 10% growth in 2016, the sale of motor vehicles to natural persons rose by 15.3% year on year in the first quarter of 2017. 7 Following 10% growth in 2016, turnover in accommodation and food service activities strengthened by 7.7% year on year in January and February together as a result of both higher spending by Slovenian households and a record number of foreign tourist arrivals. Household expenditure on private trips abroad was also up year on year in this period (by 5.3%). 12 Slovenian Economic Mirror, No. 3/2017 Current Economic Trends At the beginning of the year, confidence in the economy was even higher than last year. It continues to increase in all sectors. Consumer confidence also remains high. In all sectors, confidence is now the highest since 2008. Figure 12: Business trends -60 -50 -40 -30 -20 -10 0 10 20 30 Ja n 1 1 Ju l 1 1 Ja n 1 2 Ju l 1 2 Ja n 1 3 Ju l 1 3 Ja n 1 4 Ju l 1 4 Ja n 1 5 Ju l 1 5 Ja n 1 6 Ju l 1 6 Ja n 1 7 Se as on al ly a d ju st ed in d ic at or v al ue , 3 -m on th m ov in g a ve ra g e Source: SURS; calculations by IMAD. Note: * Owing to methodological changes, data published 2016 are not comparable with previous data. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers* In the first quarter of this year, solvency8 improved further. The number of non-payers and the amount of outstanding liabilities of legal persons and sole proprietors were both lower than this time last year. Payment delays also shortened, but long-term outstanding liabilities9 remained high and accounted for 60% of total outstanding liabilities for legal persons and 81% of total outstanding liabilities for sole proprietors. As a result of compulsory and voluntary set-offs (including the round of set-offs in March), the mutual indebtedness of business entities has declined by EUR 3.0 billion since April 2011. Figure 13: Legal entities with outstanding matured liabilities for more than five consecutive days in a month and the average daily amount of their outstanding matured liabilities 0 100 200 300 400 500 600 700 800 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 In E U R m N u m b er Source: AJPES. Average no. of legal entities with outstanding matured obligations (left axis) Average daily amount of outstanding matured liabilities, in EUR m (right axis) 8 Solvency is the ability of a legal or natural person to meet its financial liabilities as they become due. 9 Liabilities that are more than one year overdue. 10 The Act Amending the Financial Operations, Insolvency Proceedings and Compulsory Winding-up Act (ZFPPIPP-G), which entered into force on 26 April 2016, introduced changes in insolvency proceedings, particularly with regard to personal bankruptcies. It tightened the conditions for debt forgiveness and extended the period for challenging legal acts, while at the same time it also provided for the possibility of shortening the procedure to only six months for certain debtors. Figure 14: Bankruptcy filings against companies and sole proprietors 0 10 20 30 40 50 60 70 0 50 100 150 200 250 300 350 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 N um b er N um b er Source: AJPES – Business Register of Slovenia. Bankruptcy proceedings initiated against legal entities (left axis) Bankruptcy proceedings initiated against sole proprietors (right axis) In the first quarter of 2017, the number of bankruptcy proceedings initiated against legal persons was 8% higher year on year, but there were fewer bankruptcy filings against sole proprietors and fewer personal bankruptcy filings. The number of bankruptcy proceedings initiated against legal persons remains the highest in construction and distributive trades (half the total); in sole proprietors it is also high in professional, scientific and technical activities. The number of personal bankruptcy filings declined by more than a third10 and the amounts of reported claims by more than a fifth. 13Slovenian Economic Mirror, No. 3/2017 Current Economic Trends After the strong growth in 2016, the number of employed persons11 continued to increase at the beginning of this year. Under the impact of a further improvement in economic conditions, most private sector activities also recorded higher year-on-year growth in February. Short-term expectations of enterprises about future employment remain the highest since the onset of the crisis. Owing to the relaxation of hiring restrictions in 2016, public service activities recorded higher growth than in the same period of last year in education (particularly at the primary level), the health sector and public administration. Figure 15: Employment expectations -8 -6 -4 -2 0 2 4 6 -40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 Ja n 1 1 Ja n 1 2 Ja n 1 3 Ja n 1 4 Ja n 1 5 Ja n 1 6 Ja n 1 7 Ye ar -o n -y ea r g ro w th , i n % Se as on al ly a d ju st ed in d ic at or v al ue , 3 -m on th m ov in g a ve ra g e Source: SURS. Industry Construction Trade Services Employed persons (right axis) 11 According to the Statistical Register of Employment; these are persons in paid employment and self-employed persons excluding farmers. The decline in registered unemployment continues to be due particularly to the outflow into employment. This outflow remained almost unchanged year on year in the first four months of 2017. The inflow into unemployment, related primarily to the termination of fixed-term contracts, was smaller. There were also fewer first-time jobseekers, in our view as a result of better economic conditions and smaller generations of young people finishing school. At the end of April, 91,087 persons were registered as unemployed (13.6% fewer than in April 2016), which is close to the level recorded in the years of stable economic conditions before the crisis. Figure 16: The employed persons according to the SRE and the registered unemployed 80 90 100 110 120 130 140 150 160 170 180 190 200 720 730 740 750 760 770 780 790 800 810 820 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 N um b er o f r eg is te re d un em p lo ye d, in '0 00 , se as on al ly a dj us te d N um b er o f e m p lo ye d ac co rd in g to S RE , i n '0 00 , se as on al ly a dj us te d Source: SURS, ESS, calculations by IMAD. Employed according to SRE (left axis) Registered unemployed (right axis) Average gross earnings per employee continue to increase at a moderate rate. After the typical seasonal upswing at the turn of the year related to the dynamics of extraordinary payments, earnings in the private and public sectors rose slightly again in February. In the first two months they were up 1.5% year on year in both sectors, remaining higher in industry than in service activities. Figure 17: Average gross earnings per employee 100 105 110 115 120 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17S ea so na lly a dj us te d in de x 2q 20 08 = 10 0, 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Gross earnings per employee Private sector Public sector – general government – public corporations The labour market 14 Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Table 3: Labour market trend indicators change, in % 2016 II 17 / I 17 II 17/II 16 I-II 17/I-II16 Persons in formal employment2 1.6 0.21 3.0 1.4 Registered unemployed -8.5 -1.41 -12.7 -8.0 Average nominal gross wage 1.8 0.61 0.5 1.3 - private sector 1.7 0.51 0.1 1.5 - public sector 2.3 0.21 1.5 1.5 -of which general government 3.6 0.31 1.7 1.5 of which public corporations -0.5 -1.11 1.1 1.5 2016 II 16 I 17 II 17 Rate of registered unemployment (in %), seasonally adjusted 11.2 11.3 10.3 10.1 Sources: ESS. SURS; calculations by IMAD. Note: 1seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers. 15Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Consumer price growth continues to be influenced particularly by higher prices of services and energy. The prices of energy otherwise remain affected by further commodity price rises on global markets. The continuation of year-on-year price growth in services is underpinned primarily by the strengthening of private consumption (affecting the prices of leisure- related services); in some segments, price growth is also attributable to suppliers’ efforts to adjust prices in favourable economic conditions (resulting, for example, in price rises in telecommunication services). The prices of public utility services also continue to be higher year on year. Food and semi-durable goods prices remain up while those of durable goods remain down year on year. Figure 18: Structure of year-on-year inflation -2 -1 0 1 2 3 4 -2 -1 0 1 2 3 4 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ye ar -o n- ye ar g ro w th , i n % C on tr ib ut io n to y -o -y g ro w th , i n pp s Source: SURS; calculations by IMAD. Other Services Fuels and energy Food Inflation, in % (right axis) Industrial producer prices and import prices remain higher year on year. The main reason for this is further commodity price rises on world markets, which, amid strengthening demand, are gradually passed on to import prices and the prices of domestic industrial producers. Figure 19: Industrial producer prices and import prices 100 102 104 106 108 110 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 In de x 20 10 = 10 0 Source: SURS. PPI (domestic) PPI (foreign) Import prices Prices Table 4: Consumer price growth in % 2016 IV17/III17 IV17/IV16 I-IV17/I-IV16 Total 0.5 0.3 1.8 1.8 Food 1.6 -0.6 1.7 2.7 Fuels and energy -0.2 -1.4 4.7 6.3 Services 1.6 0.9 2.6 1.9 Other1 -0.6 0.7 0.3 0.0 Total excluding food and energy 0.4 0.8 1.2 0.8 Administered prices2 0.4 -0.1 1.5 1.2 Tax impact – contribution in percentage points 0.0 0.0 0.0 0.0 Source: SURS, Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 The calculation includes prices formulated on the basis of price mechanisms according to the Price Control Act, and prices under direct government control (oil derivatives, railway transport, school books, tolls). 16 Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Price and cost competitiveness improved at the turn of the year. In the last quarter of 2016, this was a consequence of a decline in relative12 prices and unit labour costs, while the improvement in the first quarter of 2017 mainly reflected the nominal depreciation of the euro, particularly against the currencies of Slovenia’s main trading partners outside the EU. The real effective exchange rate deflated by the relative HICP and ULC consequently declined to the level from one year before, which is close to the lowest figure since Slovenia’s entry into the ERM2 in 2004. In the first quarter of 2017, Slovenia was in the middle of euro area countries in terms of year-on-year movements of price competitiveness. Cost competitiveness movements in the last quarter of 2016 were among the more favourable, though this following a relatively greater deterioration in the first three quarters of the year. Figure 20: Real effective exchange rates, deflated by the HICP and ULC, for Slovenia and the euro area 94 96 98 100 102 104 106 108 110 112 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 In d ex 2 00 7= 10 0 Source: ECB; calculations by IMAD. Note: *Growth in the value denotes deterioration in competitiveness and vice versa. REER HICP rel. HICP NEER rel. ULC REER ULC 12 Slovenian prices in comparison with those in its trading partners. 13 Besides construction, financial and insurance activities also stood out in terms of growth in real unit labour costs (increasing by 13.3% and 5.1% respectively), construction largely owing to a decline in labour productivity and financial and insurance services as a result of higher compensation per employee. In terms of growth in nominal unit labour costs, the public sector also stood out alongside construction, this as a result of stronger nominal growth of earnings. In the Slovenian economy as a whole, unit labour costs rose last year despite the otherwise slower growth dynamics in the second half of the year. After a long period of decline, this increase was a consequence of slower labour productivity growth amid stronger growth in compensation per employee. It arose from the non- tradable sector, particularly construction.13 In the euro area as a whole, real unit labour costs declined slightly again in 2016. Figure 22: Real unit labour costs, Slovenia and the euro area average -4 -3 -2 -1 0 1 2 3 4 5 6 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Ye ar -o n- ye ar g ro w th , i n % RULC SI RULC EA Labour productivity SI* Labour productivity EA* Compensation per employee SI* Compensation per employee EA* Source: Eurostat; calculations by IMAD. Note: * real, GDP deflator Unit labour costs in the tradable sector declined further last year. The favourable developments were a consequence of falls not only in manufacturing, trade, accommodation and food service activities, but also in information and communication services, where employment and earnings also increased amid strong value added growth. Since 2015 the cost competitiveness of the Slovenian tradable sector has also been more in line with the euro area average in a longer-term perspective, i.e. with regard to the pre-crisis year 2007, while the relative position of Slovenia’s manufacturing has already been better for several years. Figure 21: Real unit labour costs in the tradable sector and manufacturing, Slovenia and the euro area 98 100 102 104 106 108 110 112 114 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 In de x 20 07 = 10 0, 4 -q ua rt er m ov in g av er ag es Source: Eurostat; calculations by IMAD. Note: The average of the euro area excluding Ireland, where there was a break in data series owing to a large revision in GDP. Tradable sector Slovenia Tradable sector EA18 Manufacturing SI Manufacturing EA18 17Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Slovenia’s merchandise market shares of world and EU exports continued to increase in 2016. Similarly to 2013–2015, Slovenia was again among the EU Member States with above-average growth. In 2016, Slovenia offset around three-fifths of its global market share loss from the first years of the crisis and increased its market share in the EU or its main trading partners. Last year’s rebound of growth in the EU was largely the result of increased market shares in Germany, Italy and Croatia, coupled with further stronger growth on most relatively less important EU markets.14 Broken down by the most important products in the manufacturing sector,15 the main factor in the rebound was growth in the market shares of medical and pharmaceutical products, power- generating machinery, machinery specialised for particular industries, electrical machinery and appliances, rubber products, paper and paperboard products, non-ferrous metals, and miscellaneous manufactured articles. Of the most important export markets outside the EU, the market shares increased the most in Bosnia and Herzegovina and Serbia, as well as in the US and Switzerland. Figure 23: Change in Slovenia’s market shares in main trading partners -30 -20 -10 0 10 20 30 40 50 -6 -4 -2 0 2 4 6 8 10 W or ld EU 28 Pa rt ne rs 1 2 D E IT FR A T PL H U C Z U K H R RS BA RU EU -1 8* C um ul at iv e gr ow th , i n % Ye ar -o n- ye ar g ro w th , i n % Source: SURS, Eurostat, WIIW, WTO, UN; calculations by IMAD. Note: With a 2% or greater share in total merchandise exports in 2013-2015. *The remaining EU markets. 2016 2016 / 2012 right axis 14 In the Netherlands, Belgium, Spain, Denmark, Greece, Ireland, Portugal, Luxembourg, Finland, Sweden, Estonia, Latvia, Malta and Bulgaria. 15 With a 2% or greater share in total merchandise exports in the EU in 2013–2015 as a whole. Table 5: Indicators of price and cost competitiveness Year-on-year growth, in % 2015 2016 q4 15 q1 16 q2 16 q3 16 q4 16 Effective exchange rate1 Nominal -2.8 0.8 -1.9 0.5 1.4 0.6 0.7 Real, deflator HICP -3.8 0.2 -3.1 -0.7 0.8 0.2 0.4 Real, deflator ULC -3.5 1.1 -2.3 0.8 2.6 0.6 0.2 Unit labour costs, ecnomy and components Nominal unit labour costs 0.3 1.7 0.4 2.0 2.5 1.2 1.3 Compensation of employees per employee, nominal 1.4 2.2 2.0 2.6 3.2 1.6 1.5 Labour productivity, real 1.2 0.5 1.7 0.6 0.7 0.3 0.2 Real unit labour costs -0.7 1.1 -1.1 0.8 2.3 1.0 0.4 Labour productivity, nominal 2.2 1.1 3.2 1.8 0.8 0.5 1.1 Source: SURS; calculations by IMAD. Note: 1 Against 37 trading partners, according to ECB data. 18 Slovenian Economic Mirror, No. 3/2017 Current Economic Trends The current account surplus increased further despite the worsening of terms of trade. It totalled EUR 2.8 billion (6.7% of estimated GDP) in the 12 months16 to February. The larger surplus in current transactions in comparison with the previous 12-month period17 was mainly due to the smaller deficit in primary income (lower estimates of reinvested earnings, smaller net payments of interest on external debt and higher receipts from the EU budget). The surplus in trade in services was also up, primarily owing to higher net revenues from construction works abroad and a larger surplus in trade in transport services. With further growth in domestic spending, imports of goods are also rising, which, amid deteriorated terms of trade,18 is reducing the surplus in trade in goods. Figure 24: Components of the current account of the balance of payments -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 12 -m on th m ov in g su m , i n EU R m Source: BoS; calculations by IMAD. Merchandise trade Trade in services Primary income Secondary income Current account The net outflow of external financial transactions continues. External financial transactions recorded a net outflow of EUR 1.4 billion. The main reason for this was net outflows in portfolio investment, particularly financial investments of the BoS, commercial banks and insurance companies in foreign debt securities. Other investment recorded a net inflow, as the government was withdrawing deposits from foreign accounts. FDI flows mainly involved inflows of equity capital of foreign investors. Figure 25: Financial transactions of the balance of payments -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 12 -m on th m ov in g su m , i n EU R m Source: BoS; calculations by IMAD. Direct investment Portfolio investment Financial derivatives Other investment Financial transactions 16 March 2016–February 2017. 17 March 2015–February 2016. 18 Year-on-year, the terms of trade have been constantly worsening since global energy prices started to rise in October 2016. In the first two months of 2017, the terms of trade deteriorated by 2% year on year. Table 6: Balance of payments I-II 2017, in EUR m Inflows Outflows Balance Balance, I-II 16 Current account 5,713.8 5,215.1 498.7 388.0 Goods 4,252.1 4,055.4 196.7 299.3 Services 968.8 597.7 371.1 270.4 Primary income 375.3 356.3 19.0 -76.7 Secondary income 117.6 205.7 -88.1 -105.0 Capital account 70.1 85.3 -15.1 -23.6 Financial account 116.2 767.3 651.1 324.7 Direct investment 112.1 116.9 4.7 -163.8 Portfolio investment 759.4 374.6 -384.8 1,413.5 Other investment -727.0 291.2 1,018.2 -974.4 Net errors and omissions 0.0 167.6 167.6 -39.7 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term »inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Balance of payments 19Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Figure 26: Changes in the volume of loans to domestic non-banking sectors The volume of loans to domestic non-banking sectors increased further in March.19 The main factor continued to be increased household borrowing in the form of consumer and housing loans and, to a lesser extent, loans for other purposes. In our estimation, this is also a consequence of favourable labour market trends and higher consumer confidence, which is reflected in higher consumption and a rising number of transactions on the housing market. The decline in corporate loans continues to slow gradually year on year. This is estimated to be due to lower corporate deleveraging, given that new lending has already been low since the end of 2015.20 Enterprises continue to take advantage of more favourable borrowing conditions abroad, having borrowed more than EUR 150 million net abroad in the 12 months to February. It is the volume of long-term loans that is on the rise. The quality of banks’ assets continues to improve steadily. The structure of bank liabilities continues to change in favour of non-banking sector deposits. It is mainly overnight deposits of enterprises and households that are rising, while the volume of government deposits in the banking system continues to decline. The share and volume of loans taken from foreign banks (i.e. dependency on foreign sources of funding) continue to decrease gradually. Figure 27: Changes in the volume of deposits by domestic non-banking sectors -2500 -2000 -1500 -1000 -500 0 500 1000 1500 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Ye ar -o n- ye ar c ha ng es , i n EU R m Source: BoS; calculations by IMAD. Note: Excluding the impact of the transfer of claims to the BAMC. Households Enterprises and NFIs Government Total -2000 -1500 -1000 -500 0 500 1000 1500 2000 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Ye ar -o n- ye ar c ha ng e, in E U R m Source: BoS; calculations by IMAD. NFIs Non-financial corporations Central government Other government Households Total 19 The analysis is made on the basis of statistical data, which differ from accounting data particularly in that they also include revisions. Significant differences in data occur in the volume of loans extended to non-financial corporations (both domestic and foreign), which declined 4.4% year on year in February according to statistical data while having increased by 2.4% according to accounting data. 20 Data on new loans are available until February 2017. The volume of new loans is hovering around EUR 6 billion. Financial markets Table 7: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. III 16 31. XII 16 31. III 17 31. III 17/28. II 17 31. III 17/31. III 16 Loans total 21,105.8 21,358.5 21,470.0 0.4 1.7 Enterprises and NFI 10,390.0 10,123.1 10,181.3 -0.8 -2.0 Government 1,885.7 2,081.8 1,984.1 3.8 5.2 Households 8,830.1 9,153.6 9,304.6 1.0 5.4 Consumer credits 2,032.0 2,144.0 2,223.0 1.8 9.4 Lending for house purchase 5,541.5 5,716.5 5,798.2 0.6 4.6 Other lending 1,256.7 1,293.1 1,283.5 1.8 2.1 Bank deposits total 16,208.6 16,935.1 17,192.3 -0.2 6.1 Overnight deposits 9,511.7 10,956.4 11,547.5 0.6 21.4 Term deposits 6,696.9 5,978.6 5,644.9 -1.8 -15.7 Government bank deposits, total 1,164.2 1,073.5 956.1 0.2 -17.9 Deposits of non-financial corporations, total 5,362.1 5,804.6 5,937.4 4.8 10.7 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. 20 Slovenian Economic Mirror, No. 3/2017 Current Economic Trends Fiscal developments were favourable at the beginning of the year. In the first two months, the general government deficit on a cash basis21 was a good third lower than in the same period of 2016, while the primary balance turned from negative to positive in the same period. The favourable trends are based on the relatively rapid year- on-year growth in most revenue categories, receipts from the EU budget remaining an exception.22 The strong revenue growth is attributable, in addition to certain one-off factors,23 primarily to favourable economic conditions, including the labour market situation. These allow a moderate increase in other expenditures without jeopardising the fiscal consolidation. The year-on-year growth in expenditure in the first two months of this year was mainly underpinned by current transfers, particularly subsidies in agriculture, and compensation of employees.24 Figure 28: General government balance on a cash flow basis -2,000 -1,500 -1,000 -500 0 500 2011 2012 2013 2014 2015 2016 I-II 2016 I-II 2017 In E U R m Source: MF, Bulletin of Government Finance; calculations by IMAD. General government balance Primary general government balance 21 According to the consolidated general government budgetary accounts on a cash basis. 22 Slovenia’s net budgetary position against the EU budget was negative in the first two months (EUR 23.9 million). The receipts from the EU budget totalled EUR 46.0 million in this period, half of which was from structural funds and half from the cohesion fund. The net position in the first three months was positive (EUR 41.8 million), largely as a result of the inflows under the Common Agricultural and Fisheries Policy. 23 In tax revenues particularly the postponed payments of excise duties; in non-tax revenues primarily the accrued interest on the reopened RS76 bond. 24 Under the impact of the increase in the pay scale in September 2016, the promotion raises paid in December 2016 and growth in employment. Public finance Table 8: Consolidated general government revenue and expenditure on a cash basis Category I-II 2016 I-II 2017 Category I-II 2016 I-II 2017 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 2,508.2 5.0 2,635.0 5.1 EXPENDITURE TOTAL 2,719.3 -3.7 2,762.1 1.6 Tax revenues* 1,331.7 4.6 1,442.5 8.3 Salaries, wages and other personnel expenditures** 614.2 -0.8 635.0 3.4 Personal income tax 344.2 1.0 366.1 6.4 Expenditure on goods and services 335.8 11.2 347.0 3.3 Corporate income tax 83.7 20.5 79.2 -5.4 Interest payments 288.6 -4.4 245.4 -15.0 Taxes on immovable property 14.6 10.4 11.1 -23.9 Reserves 20.2 -40.6 15.8 -22.1 Value added tax 564.7 -1.1 591.6 4.8 Transfers to individuals and households 1,063.0 3.0 1,083.8 1.9 Excise duties 189.7 -4.5 250.6 32.1 Other current transfers 207.6 -21.3 276.8 33.4 Social security contributions 925.7 3.4 981.0 6.0 Investment expenditure 84.3 -37.4 88.4 4.9 Non-tax revenues 108.9 0.7 153.5 40.9 Payments to the EU budget 105.5 -23.1 70.0 -33.7 Receipts from the EU budget 130.6 25.9 47.9 -63.3 GENERAL GOVERNMENT BALANCE -211.1 -127.2 Other 11.3 35.5 10.2 -10.1 PRIMARY BALANCE -153.8 113.6 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note:* Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions.** Labour costs include social contributions by the employer. se le ct ed to pi cs 23Slovenian Economic Mirror, No. 3/2017 Selected topics Figure 29: The ratio of the number of unemployment benefit recipients by age group to the total number of unemployed in a given age group 0 10 20 30 40 50 60 2008 2011 2014 2015 2016 In % Source: ESS; calculations by IMAD. 15-29 30-39 40-49 50 and over Recipients of unemployment benefits and financial social assistance The trends regarding the number of unemployment benefit and financial social assistance recipients in Slovenia in 2008–2016 were influenced by the labour market situation and changes to the unemployment insurance and social legislation. After increasing in the early years of the crisis, in 2011 the number of unemployment benefit recipients started to decline. Despite the favourable labour market conditions and changes to the social legislation in 2012, which tightened the entitlement criteria, the number of financial social assistance recipients has been increasing slightly; the increase is also attributable to the relaxation of legislation in 2014 and, probably, also the deterioration of the income situation for some population groups. The significance of passive labour market policy measures,1 which are aimed at ensuring income for the unemployed while they seek work, tends to increase over the course of a crisis. This holds particularly true for benefits from unemployment insurance, the movements of which are affected particularly by labour market conditions. Specifically, with the onset of the crisis, the number of unemployment benefit recipients started to rise due to the worsening of the labour market conditions. It was highest in 2011, when the Labour Market Regulation Act (ZUTD)2 entered into force, which relaxed the criteria for unemployment benefit eligibility and increased the average amount of benefits paid.3 Those unemployed persons who are not eligible for unemployment benefits or whose right to unemployment benefits has already expired but who have no income or insufficient income for living can claim financial social assistance at centres for social work. The number of unemployment benefit recipients started to decline gradually in 2011, when the labour market situation stopped deteriorating. In 2011 the average monthly 1 Employment policy measures consist of passive and active measures. While passive measures are aimed at alleviating the material situation of the unemployed, active measures are intended to prevent unemployment or shorten the duration of unemployment. Passive measures include in particular unemployment benefits and early retirement pensions as a result of unemployment 2 Official Gazette of the RS, No. 80/2010, from 12 October 2010. The Labour Market Regulation Act increased the unemployment benefit level (compared with pre-unemployment income) in the first three months of unemployment, raised the maximum and minimum benefit amounts; and reduced the period of compulsory insurance required for benefit eligibility. 3 The effects of the ZUTD were measured by the Empirical Analysis of the Effects of the Introduction of the Labour Market Regulation Act (Empirièna analiza uèinkov uvedbe Zakona o urejanju trga dela, Dolenc et al, 2012), which, among other things, measured the generosity and accessibility of unemployment benefits and potential changes in the probability of an individual transitioning from unemployment into employment or inactivity. The authors thereof find that the new law significantly increased the generosity of unemployment benefits, especially for younger workers and women, while their accessibility increased only marginally. The probability of moving from unemployment into employment or inactivity decreased. Moreover, despite the change, the unemployed still tend to wait until their benefits are just about to expire before taking a job. number of recipients was 36,344; in 2016, this figure was 36.6% lower (23,052). The share of unemployment benefit recipients in the total number of unemployed also declined4 between 2011 and 2016. The coverage rate of unemployment benefits5 for those who were unemployed for at least three months and received benefits was more than 30% in 2011, which ranks Slovenia in the middle of the EU-28. The lowest coverage rate among EU-28 Member States was recorded in Italy (less than 10%) and the highest in Germany (over 80%). The large share of unemployment benefit recipients among the unemployed older than 50 years is a consequence of legislation and labour market conditions. In 2016, 35.5% of unemployed persons older than 50 years received unemployment benefits, which is 21.4 pps less than in 2011. In the entire 2008–2016 period the share of benefit recipients was the highest in this group of unemployed, the main reasons being: (i) the statutory length of the duration of benefit payments, which increases with age and years of service; (ii) the large share of long-term unemployed among older people; and (iii) the modest prospects for the employment of older people. The smallest share of unemployment benefit recipients is recorded in the 15–29 age group, given that younger unemployed persons are mostly entitled to cash benefits for a shorter period. The period of ensured income security provided by unemployment benefits is therefore very short for those unemployed who are younger and were insured for a very short period before becoming unemployed. 4 From 32.8% in 2011 to 22.2% in 2016. 5 The coverage rate, which is the ratio of the number of unemployment benefit recipients to the total number of registered unemployed, is dependent on the period of unemployment insurance (years of service) and duration of unemployment (EC, 2013, The coverage rate of social benefits). 24 Slovenian Economic Mirror, No. 3/2017 Selected topics assistance recipients in total recipients amounted to 78.2% in 2016. Income security in the event of unemployment is the lowest for the long-term unemployed and the young unemployed. The share of unemployment benefit recipients is falling. At the same time, there is a rising share of the unemployed who receive social assistance, which calls for the special attention of policy makers with a view to ensuring, or preserving, the income security of the unemployed, especially the long-term unemployed. A large share of unemployed persons receive neither unemployment benefits nor financial social assistance. This is also corroborated by an IRSSV study from 2014,8 which points out that most of these persons are long- term unemployed and young unemployed. This may imply that the provision of income security is insufficient in Slovenia. Regional overview of employment and unemployment in 2016 In 2016 positive employment trends continued across most regions. The number of employed people rose in all regions except Pomurska and Koroška, which recorded a small decline. The regions of Zahodna Slovenia recorded above-average growth. The number of jobs also rose to a similar extent,9 the most in Obalno-kraška, by 4.5%, while Pomurska, Koroška and Zasavska recorded a decline (to the largest extent in Zasavska). The Osrednjeslovenska region, home to a quarter of all Slovenians, accounts for less than 120,000 EUR), in which they actually live and where they have permanent residence. If the deceased was receiving financial social assistance longer than 12 months, the inherited property is reduced in a manner that the amount of social assistance received is reduced by the 12 highest monthly amounts and then by a further 1/3. 8 Social Protection Institute of the Republic of Slovenia. (2014). Socialni položaj v Sloveniji 2013–2014. Available at: https://www.irssv.si/upload2/ Koncno%20porocilo%20(dopolnjeno-februar15).pdf. 9 Employed persons by place of work. Financial social assistance6 is regulated by the new legislation adopted in 2012, which redefined the eligibility criteria and the level and duration of financial social assistance. Despite the improvement in the labour market conditions, the number of financial social assistance recipients has been rising since 2012. In 2012 the average monthly number of financial social assistance recipients totalled 44,118, and at the end of 2016 as many as 54,494. The increase was mainly due the change in the social legislation adopted in 2014, which slightly eased the conditions for reimbursing such assistance from an inheritance (see note 7). The structure of financial social assistance recipients by household type and recipient age has not changed significantly in recent years. Single persons predominate (over 70%), followed by families (around 20%). Broken down by age, financial social assistance recipients aged 18–35 years account for the largest share of all recipients (40%). The smallest share is accounted for by those aged 65 years or older, who, in our assessment, waive their entitlement to assistance because it might financially burden their heirs.7 The share of unemployed social 6 Individuals qualify for financial social assistance if they do not have sufficient resources to support themselves. Eligibility for financial social assistance is thus closely linked to the situation on the labour market. People with no income or with earnings below the minimum specified income receive financial social assistance for the difference between their own income and the minimum specified income. As of 1 August 2016, the minimum basic income for a single adult has amounted to EUR 292.56. 7 The Social Assistance Benefits Act (Official Gazette of the RS, No. 61/2010, from 21 July 2010), which was implemented in 2012, stipulates that financial social assistance has to be paid back. Claimants who had received financial social assistance more than eighteen times in the past 24 months were entitled to financial social assistance only if they agreed with the entry of the prohibition of the alienation and encumbrance of their real estate in the land register to the benefit of the Republic of Slovenia. After their death, their property was first reduced by the 12 highest monthly amounts of the assistance received and then by a further third of the assistance received. According to the Ministry of Labour, Family and Social Affairs, there were approx. 6,600 annotations of such type among 55,000 social assistance recipients. The amendment from 2017 abolishes annotations on real estate and the need to reimburse the assistance received for those claimants who own a flat/house (worth Figure 30: The number of financial social assistance recipients 0 10,000 20,000 30,000 40,000 50,000 60,000 2012 2013 2014 2015 2016 N um b er Source: Ministry of Labour, Family and Social Affairs; calculations by IMAD. Financial social assistance recipients Number of unemployed financial social assistance recipients Figure 31: Jobs by region, 2016 Osrednjeslovenska 34% Obalno- kraška 6% Gorenjska 9% Goriška 5% Savinjska 12% Jugovzhodna Slovenija 6% Pomurska 4% Primorsko- notranjska 2% Podravska 14% Koroška 3% Posavska 3% Zasavska 2% Source: SURS; calculations by IMAD. 25Slovenian Economic Mirror, No. 3/2017 Selected topics more than one third of all jobs. Together with Podravska and Savinjska, these regions provide 60% of all Slovenian jobs. The employment rate10 was the highest in the Gorenjska region (at 68%). It was a good 13 pps lower (and the lowest of all) in the Pomurska region. At the year-on- year level, the employment rate was higher in all regions, more visibly in the regions of Zahodna Slovenia. With the improvement in labour market conditions, in 2016 the unemployment rate was down year on year in all regions. It dropped the most in Goriška. Pomurska also recorded an above-average decline. This region has had the highest rate for years. In 2016 it totalled 17.4%, 6.2 pps above the national average. Above-average registered unemployment rates were recorded for the regions in the Vzhodna Slovenia cohesion region except for Primorsko-notranjska and Koroška. The lowest rate was in the Gorenjska region (8.6%) from the Zahodna Slovenia cohesion region. In 2016 the registered unemployment rate of young people (15–29 years), the group of unemployed that was disproportionally affected during the crisis, declined in all regions. The rate fell the most in the Zasavska region, where it nevertheless still exceeds the national average (by 4.4 pps). The unemployment rate for long-term unemployed persons11 dropped the least, the most in Zasavska, Podravska and Koroška. It is highest in the Pomurska region. Long-term unemployment is affected by a number of factors, particularly job shortages, education structure and the poor mobility of the population, all of which are reflected in a mismatch between the workforce supply and demand. Disparities in the registered unemployment rate between municipalities are higher than between regions. Absolute dispersion (AD)12 indicates that the registered unemployment rate in regions diverges from the national rate by 1.7 pps on average, or, in relative terms, by around 15%; in municipalities it diverges by 2.4 pps or 21%. The ratio between the two regions with extreme registered unemployment rates is 1:2.3, between the two extreme municipalities 1:5.3. Since 2008 the differences between municipalities have been declining at a slower pace, which is mainly attributable to the structure of the economy, which is less diverse at the municipal level and thus more sensitive to fluctuations. Municipalities were therefore more strongly affected by the crisis and their recovery since the crisis has been slower. In terms of the rate of registered unemployment, Primorsko-notranjska was the most homogenous region in 2016. Among the ten municipalities with the highest unemployment rates, as many as eight are from the 10 The proportion of the active population (according to the Register) in the working age population (20–64 years) in the region. 11 I.e. those unemployed for more than one year. 12 A coefficient of the variation of registered unemployment rates, weighted by the active population of each region/municipality. Pomurska region (the highest rate in the country being recorded for the municipality of Rogašovci, 21.4%), along with Kočevje from Jugovzhodna Slovenija and Trbovlje from the Zasavska region. Among the ten municipalities with the lowest rates, as many as five are from the Gorenjska region (the municipality with the lowest rate in Slovenia being Gorenja vas–Poljane, at 4.5%), two from both Goriška and Jugovzhodna Slovenija, and one from the Osrednjeslovenska region. The greatest disparities between municipalities are in Jugovzhodna Slovenia, where the rate in Kočevje was four times higher than in Šmarješke Toplice. The region with the smallest ratio between the extreme values was the Primorsko- notranjska region (1:1.2). This was also the region in which no municipality exceeded the Slovenian average. The ratio between the extreme values was also high in the Pomurska region, where Veržej was the only one of the 27 municipalities to see an above-average rate. Figure 33: Registered unemployment rates by region, 2016 0 5 10 15 20 25 30 O sr ed nj e slo ve ns ka O ba ln o- kr aš ka G or en jsk a G or išk a Sa vi nj sk a Ju go vz ho dn a Sl ov en ija Po m ur sk a Pr im or sk o- no tr an jsk a Po dr av sk a Ko ro šk a Po sa vs ka Za sa vs ka Ra te in % Source: SURS. The average of the region Municipality with the highest unemployment rate in the region Municipality with the lowest unemployment rate in the region Figure 32: A comparison of the absolute dispersion of registered unemployment rates between municipalities and regions, 2008–2016 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 In p ps Source: SURS; calculations by IMAD. Absolute dispersion (AD), municipalities Absolute dispersion (AD), regions 26 Slovenian Economic Mirror, No. 3/2017 Selected topics Table 9: Selected labour market indicators, regions, 2015 and 2016 Regions Employment rate,1 in % Registered unemployment rate2, in % Survey unemployment rate3 Registered unemployment rate, women, in % Registered unemployment rate, young people (15–29 years), in % Registered long-term unemployment rate (over 1 year), in % 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 Slovenija 62.4 64.0 12.3 11.2 9.0 8.0 13.7 12.4 20.1 16.8 6.5 6.0 Vzhodna Slovenija 60.9 62.0 13.8 12.7 10.3 8.9 16.1 14.7 22.8 19.7 7.4 6.8 Pomurska 54.1 54.9 18.9 17.4 12.5 10.8 22.2 19.7 29.8 25.5 10.3 10.2 Podravska 58.7 59.7 13.6 12.5 11.0 9.0 15.6 14.4 22.7 20.9 6.8 6.0 Koroška 60.4 61.1 11.5 10.6 9.7M 7.4M 14.6 13.1 21.2 18.1 5.8 5.1 Savinjska 63.1 64.3 13.3 12.4 10.4 9.3 15.7 14.5 22.3 18.9 7.0 6.6 Zasavska 60.6 62.1 15.2 13.9 10.8M 10.8M 16.1 14.5 26.8 21.2 8.5 7.8 Posavska 62.9 63.8 13.6 12.8 6.0M 7.0M 16.2 15.1 21.5 18.4 7.8 7.4 Jugovzhodna Slovenija 64.8 66.1 13.0 11.7 9.8 8.1 15.2 13.7 21.1 17.9 7.7 7.2 Primorsko-notranjska 66.3 67.6 11.1 10.1 9.0M 6.5M 13.0 11.7 16.6 14.1 5.7 5.1 Zahodna Slovenija 64.2 66.3 10.4 9.4 7.5 7.1 11.0 9.8 16.5 13.0 5.5 5.0 Osrednjeslovenska 64.2 66.3 11.0 10.1 7.3 6.5 11.3 10.3 17.4 14.1 6.2 5.8 Gorenjska 66.0 68.0 8.6 7.6 6.9 6.1 9.4 8.2 13.6 10.3 3.8 3.4 Goriška 63.4 65.3 10.3 8.7 7.7 7.1M 11.3 9.4 17.7 12.6 5.2 4.3 Obalno-kraška 62.2 64.2 11.0 10.1 9.3 11.8 11.8 10.8 16.4 13.2 5.3 4.9 Source: SURS; calculations by IMAD. Notes: 1Registered persons in employment/working-age persons (20–64 years) x 100. 2 Registered unemployed/(registered unemployed + registered persons in employment) x 100. 3 M denotes that the figure is unreliable. Figure 34: Registered unemployment rate by municipality, 2016 27Slovenian Economic Mirror, No. 3/2017 Selected topics declined, following the rapid increase during the period of economic growth. In 2013 it was at approximately the same level as in 2001, similar to the EU average, yet larger than in three of the neighbouring countries (being higher only in Austria). The ecological footprint should be compared with the biological capacity of nature (biocapacity), which is not low in Slovenia due to its vast forest area. The biological capacity of nature refers to the capacity of the biologically productive area to regenerate; it is also expressed in global hectares. Each global hectare represents an equal amount of biological productivity, hence its productivity equals the average productivity of the total biologically productive area. The biocapacity of nature is significantly more stable than the ecological footprint and does not change significantly from year to year. Slovenia’s biocapacity is mainly attributable to its forests, but despite their vast area, they are not sufficient to absorb total carbon dioxide emissions, the largest component of the ecologic footprint. A comparison of the survey and registered unemployment rates indicates significant differences in the rate and the gap with the Slovenian average.13 According to the labour force survey methodology, unemployed persons are those who in the last week before the survey did not work for pay, are actively seeking work, and are currently available for work. The survey unemployment rate is on average around 3 pps lower than the registered rate; in rural and border areas the difference is larger. In 2016 the greatest gap between the survey and registered unemployment rates was thus recorded in the Pomurska region (6.6 pps). The only region with a survey unemployment rate higher than the registered unemployment rate is Obalno-kraška. Last year it recorded the highest survey rate of all regions, while its registered rate was below the national average. Regional analysis of unemployment and employment indicators is important for monitoring Slovenia’s progress towards more balanced regional development, which is the main objective of balanced regional development policy. The movements of employment and unemployment have an indirect impact on the welfare of the population. They indicate significant disparities between eastern and western Slovenia. The disparities between the municipalities are even greater than between the regions. One of the main reasons is the structure of the economy, which is less diverse in small municipalities than in regions, because of which the municipalities are more vulnerable, particularly in times of economic instability. Ecological footprint14 The ecological footprint, a composite indicator of environmental development, is relatively high in Slovenia, approximately at the European average.15 It is expressed in standardised units of biologically productive area, global hectares (gha). Biologically productive area is fertile area needed to support human demands for food and a particular lifestyle and to absorb the waste generated. The largest component of the ecological footprint is the carbon footprint, which is the result of high emissions of carbon dioxide and other greenhouse gas emissions. It is followed by the biological footprint, i.e. the footprint of cropland, forestland, grazing land and other fertile areas, and the footprint of built-up land (infrastructure).16 During the recession the ecological footprint in Slovenia 13 The registered unemployment rate is not internationally comparable. The unemployment rate according to the labour force survey (ILO methodology) is comparable, but it is unreliable for smaller regions due to the smaller sample. In 2016 this was the case in the Koroška, Zasavska, Posavska, Primorsko-notranjska and Goriška regions. 14 Measured by the Global Footprint Network (GFN). Available at http:// www.footprintnetwork.org/. 15 A large ecological footprint indicates unsustainable development from the environmental perspective. 16 The total biologically productive area accounts for approximately a quarter of the Earth’s surface, excluding glaciers, deserts and oceans, where renewable resources are not concentrated enough to contribute significantly to the overall biocapacity. Figure 36: Ecologic footprint, movement 0 1 2 3 4 5 6 7 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 in g ha /p er so n Source: GFN, National Footprint Accounts, 2017 Edition. Slovenia Europe World Figure 35: Ecologic footprint, structure, 2013 0 1 2 3 4 5 6 7 A us tr ia Eu ro pe SL O VE N IA Ita ly C ro at ia H un ga ry W or ld in g ha /p er so n Source: GFN, National Footprint Accounts, 2017 Edition. Footprint of built-up land Carbon footprint Cropland Fishing grounds Forest land Grazing land 28 Slovenian Economic Mirror, No. 3/2017 Selected topics The use of non-renewable energy sources, i.e. fossil fuels, is particularly problematic. In Slovenia, the ecological deficit is larger than at the global level and larger than the European average, its ecological footprint being twice as high as the biological capacity of nature to regenerate. This means that Slovenia will have to pay more attention to the carrying capacity of the environment in its future development. Human development index17 According to the Human Development Index, Slovenia ranks among the countries with very high levels of human development.18 The HDI is a composite indicator that covers three dimensions: health, income and education. The health dimension is monitored by the indicator of life expectancy at birth. To measure income, gross national income per capita is used (in USD purchasing power parity terms). Since 2010 education has been measured by the average years of schooling of the population aged 25 and older and the expected years of schooling for a child of school entrance age. Slovenia’s relatively high position is mainly attributable to the education dimension, particularly the indicator of expected years of schooling. Slovenia ranks 25th among the 188 countries taken into account in the index calculation in the last two years. The highest value was again recorded for Norway. Among EU Member States, Slovenia ranks 12th for the third year in a row. Since 2010 three additional global composite indicators have been included in the report besides the composite HDI indicator: the inequality-adjusted human development index (IHDI), the gender development index (GDI), and the gender inequality index (GII). In 2015 Slovenia was placed 7th in the EU in terms of the IHDI, four positions lower than according to the previous measurement. Equal HDI and HDI values would mean that there is no inequality in the country. According to the IHDI, Slovenia ranks higher than according to the HDI because of its relatively lower inequality. In 2015 it lost approximately the same potential owing to inequality (in income, health and education) as in 2014 (5.9%). The loss of potential in the income dimension in Slovenia (11.3%) is otherwise the second smallest in the EU, but for Slovenia it is the greatest among the three dimensions. The losses of potential in the health and education dimensions (3.8% and 2.6%, respectively) were otherwise small, but greater in relative terms, i.e. with regard to other Member States. In five countries of the EU (the Netherlands, Germany, Denmark, Sweden and Ireland) the losses in these two dimensions decreased faster 17 The human development index (HDI) is released in the Human Development Report 2016 (data for 2015) published by the United Nations Development Programme (UNDP). It is available at http://hdr. undp.org/. 18 The group of countries with a very high level of human development have HDI values higher than 0.892; countries with high human development are those with HDI values higher than 0.746; countries with medium development have HDI values higher than 0.497 and those with low human development have HDI values lower than 0.497. At the global level the difference between the ecological footprint and the biological capacity of nature is widening; in Slovenia it has been decreasing since the crisis, but is still significant. The results of the calculation show that it now takes the Earth more than one and a half years to regenerate the natural resources that we use in a year. Globally, more natural resources are used than nature can regenerate. To preserve the current lifestyle, 1.7 planet Earths would be needed to provide the resources we use. The main contribution to the rising ecological deficit (i.e. overshot) comes from the carbon footprint, given the significant and rising energy consumption. Figure 38: Ecological footprint and the ecological deficit/ overshot, 2013 -15 -10 -5 0 5 10 15 Finland Sweden Estonia Latvia Romania Bulgaria Lithuania Hungary Croatia Ireland World Denmark Europe Slovakia France Poland Portugal SLOVENIA Spain Greece Czech R. Cyprus Austria Germany Italy U. Kingdom Netherlands Belgium Luxembourg Source: GFN, National Footprint Accounts, 2017 Edition. Ecological deficit or reserve, 2013 Ecological Footprint Figure 37: Biocapacity, structure, 2013 0 1 2 3 4 Eu ro pe A us tr ia C ro at ia H un ga ry SL O VE N IA W or ld Ita ly in g ha /p er so n Source: GFN, National Footprint Accounts, 2017 Edition. Built-up land Cropland Fishing grounds Forest land Grazing land 29Slovenian Economic Mirror, No. 3/2017 Selected topics indices for women and men (fHDI/mHDI). Finland is the only country to have a ratio of 1 (the ideal value), with Slovenia following immediately behind (1.003). The GII measures gender inequality in three dimensions: a) reproductive health, measured by two indicators, the maternal mortality ratio and the adolescent birth rate; b) empowerment, measured by the share of women with at least some secondary education and the share of parliamentary seats held by women; c) the labour market, measured by the female labour force participation rate. With a value of 0.053, Slovenia ranks fourth in the EU, following Denmark, the Netherlands and Sweden. compared with the previous measurement, resulting in a decrease in Slovenia’s ranking. In terms of the three composite indicators of gender equality, Slovenia is at the top of the EU. The GDI is calculated as the ratio between the human development Table 10: Human development index (including by gender), dimensions, and rankings in the EU, 2015 The most recent data are for 2015 HDI 1 = 0,890 (0,880) GDI1=HDIf/HDIm= 1,003 (0,996) Ranking in the EU HDI GDI = 5th place HDIf HDIm HDIf HDIm 0,890 (0,877) 0,888 (0,881) 12 (12) 8 (9) 14 (18) Life expectancy at birth, in years 80.6 (80.4) 83.5 (83.4) 77.6 (77.3) 13 (16) 10 (10) 18 (18) Expected years of schooling2 17.3 (16.8) 18.1 (17.6) 16.7 (16.0) 5 (7) 4 (7) 7 (9) Average years of schooling3 12.1 (11.9) 11.9 (11.8) 12.2 (12.0) 10 (10) 12 (10) 8 (11) Estimated income in PPS USD 28,664 (27,852) 22,654 (22,179) 31,726 (33,593) 16 (169) 12 (15) 19 (17) Source: UNDP. Note: 1 The highest value of the HDI indices is 1; the value of the GDI can be higher than the 'ideal' 1. 2 For children who entered school in 2015. 3 For the adult population, i.e. those over 25 years old. 4 The figures in brackets are from the previous measurement. Figure 40: The gender development index (GDI) and the gender inequality index (GII) in the EU, 2015 RO EE BOMT LV SK HR PL EEUK CZIE LTGR CY FRPTIT ESAT LU BEDE FI SLOVENIA SENL DK 0.000 0.050 0.100 0.150 0.200 0.250 0.300 0.350 0.400 0.900 0.920 0.940 0.960 0.980 1.000 1.020 1.040 G II GDI Source: UNDP. Figure 39: The human development index (HDI) and the quintile share ratio, EU Member States, 2015 DE DK NL IE SE UK LU FR BE FI AT SLOVENIA IT ES CZ GR EE CY PL LT SK PT HU LV CRO RO BG 0 1 2 3 4 5 6 7 8 9 0.75 0.80 0.85 0.90 0.95 Q ui nt ile sh ar e ra tio Source: UNDP. Note: The quintile share ratio is a ratio of total income received by the 20% of the population with the highest income to that received by the 20% of the population with the lowest income. HDI st at is ti ca l a pp en di x 33Slovenian Economic Mirror, No. 3/2017 Statistical Appendix MAIN INDICATORS 2011 2012 2013 2014 2015 2016 2017 2018 2019 Spring forecast 2017 GDP (real growth rates, in %) 0.6 -2.7 -1.1 3.1 2.3 2.5 3.6 3.2 2.6 GDP in EUR million (current prices) 36,896 36,003 35,917 37,332 38,570 39,769 41,625 43,675 45,577 GDP per capita, in EUR (current prices) 17,973 17,504 17,439 18,107 18,693 19,262 20,158 21,152 22,081 GDP per capita (PPS)1 21,700 21,800 21,700 22,800 GDP per capita (PPS EU28=100)1 83 82 81 83 Rate of registered unemployment 11.8 12.0 13.1 13.1 12.3 11.2 9.7 9.1 8.5 Standardised rate of unemployment (ILO) 8.2 8.9 10.1 9.7 9.0 8.0 7.0 6.4 6.0 Labour productivity (GDP per employee) 2.4 -1.8 0.0 2.6 1.2 0.5 1.4 1.7 1.6 Inflation,2 year average 1.8 2.6 1.8 0.2 -0.5 -0.1 1.8 1.6 2.0 Inflation,2 end of the year 2.0 2.7 0.7 0.2 -0.5 0.5 2.1 1.9 2.1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 6.9 0.6 3.1 5.7 5.6 5.9 6.0 5.1 4.8 Exports of goods 8.0 0.4 3.3 6.3 5.3 5.7 6.1 5.1 4.9 Exports of services 2.5 1.5 1.9 3.4 6.5 6.8 5.4 4.8 4.5 Imports of goods and services (real growth rates, in %) 5.0 -3.7 2.1 4.2 4.6 6.2 6.5 5.6 5.1 Imports of goods 6.0 -4.3 2.9 3.8 5.0 6.6 6.8 5.7 5.2 Imports of services -0.4 0.2 -3.1 6.3 2.2 4.1 5.0 4.8 4.4 Current account balance3, in EUR million 68 930 1,732 2,325 1,998 2,719 1,911 1,906 2,024 As a per cent share relative to GDP 0.2 2.6 4.8 6.2 5.2 6.8 4.6 4.4 4.4 Gross external debt, in EUR million 41,669 42,872 41,866 46,514 44,954 43,334 43,115* As a per cent share relative to GDP 112.9 119.1 116.6 124.6 116.6 109.0 Ratio of USD to EUR 1.392 1.286 1.328 1.329 1.110 1.107 1.067 1.068 1.068 DOMESTIC DEMAND Private consumption (real growth rates, in %) 0.0 -2.5 -4.0 2.0 0.5 2.8 3.5 2.7 2.0 As a % of GDP 56.0 56.8 55.0 54.0 52.1 51.7 52.0 51.7 51.3 Government consumption (real growth rates, in %) -0.7 -2.2 -2.1 -1.2 2.5 2.6 1.0 0.9 0.6 As a % of GDP 20.4 20.3 19.7 18.7 18.7 18.9 18.9 18.7 18.3 Gross fixed capital formation (real growth rates, in %) -4.9 -8.8 3.2 1.4 1.0 -3.1 7.0 7.0 6.0 As a % of GDP 20.2 19.3 20.0 19.6 19.5 18.4 19.1 19.9 20.7 Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast, March 2017). Notes: 1Measured in purchasing power standard; 2Consumer price index; 3 Balance of payments statistics; *End February 2017. 34 Slovenian Economic Mirror, No. 3/2017 Statistical Appendix PRODUCTION 2014 2015 2016 2014 2015 2016 2015 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 2.2 5.6 6.6 2.6 6.7 5.2 5.5 5.2 5.7 8.3 6.2 6.0 8.4 0.9 6.1 8.4 B Mining and quarrying -3.8 0.4 1.8 -28.1 0.4 -14.4 -1.9 23.3 8.9 -8.0 10.1 -1.6 29.3 -36.6 -0.8 6.8 C Manufacturing 4.3 6.0 7.8 5.6 6.8 5.8 6.3 5.3 6.9 9.8 7.4 7.0 8.7 1.6 6.8 9.0 D Electricity, gas & steam supply1 -14.2 2.5 -5.6 -16.1 5.8 2.4 -0.5 2.2 -6.6 -5.9 -6.5 -3.4 4.1 2.1 0.6 4.7 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total 19.5 -8.1 -17.7 -3.3 0.3 -8.9 -12.5 -8.3 -31.3 -21.4 -12.7 -9.2 -1.5 -6.9 -8.9 -10.5 Buildings 3.8 -4.0 2.4 -4.5 -5.3 -1.1 -5.6 -4.2 -6.6 -11.6 5.7 19.1 -8.2 -5.4 1.0 0.9 Civil engineering 26.5 -9.8 -24.7 -1.9 2.5 -11.5 -15.2 -10.0 -39.9 -24.9 -19.3 -19.0 0.8 -7.5 -12.2 -14.3 MARKET SERVICES, year-on-year growth rates, % Services, total 3.7 5.4 3.9 2.2 3.7 4.2 5.0 8.4 5.0 4.4 3.3 3.2 4.4 2.0 4.1 6.3 Transportation and storage 6.2 3.2 3.4 4.5 2.3 3.1 2.2 5.2 3.7 4.5 2.8 2.6 3.1 0.8 2.1 6.2 Information and communication activities 1.1 4.6 3.1 -0.5 1.4 1.7 4.5 10.2 4.0 4.8 3.7 0.3 2.0 2.9 0.3 1.8 Professional, scientific and technical activities -1.8 3.5 -0.7 -5.7 3.5 -0.4 2.6 7.7 0.8 0.9 -4.5 0.2 2.1 -4.5 2.5 1.0 Administrative and support service activities 2.5 11.6 10.0 10.1 14.2 15.5 9.7 8.0 12.2 6.5 8.7 13.5 16.2 12.4 13.5 20.2 Distributive trades, y-o-y growth rates, % Total real turnover* 2.4 5.7 10.2 2.6 4.9 6.8 4.5 6.6 9.0 9.1 8.8 13.6 6.4 2.7 8.1 9.8 Real turnover in retail trade 0.0 1.0 4.5 -0.7 0.7 1.4 0.4 1.6 2.1 2.2 3.1 10.1 0.7 -0.9 2.5 2.6 Real turnover in the sale and maintenance of motor vehicles 6.9 14.0 21.7 8.9 12.0 15.9 12.6 15.2 23.0 24.1 18.9 20.8 15.4 8.9 17.6 21.4 Nominal turnover in wholesale trade & commission trade 3.7 1.4 2.0 0.1 0.4 1.5 0.6 2.9 0.2 1.2 0.1 6.3 4.4 -2.2 1.8 5.0 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays -0.5 7.2 7.6 3.9 6.8 7.0 9.1 3.3 9.6 0.9 9.0 11.3 2.2 6.1 8.1 6.7 Domestic tourists, overnight stays -3.5 6.3 2.8 1.6 6.8 4.9 8.7 3.4 1.3 1.0 4.6 3.4 1.0 10.5 -2.9 7.4 Foreign tourists, overnight stays 1.4 7.7 10.3 5.6 6.9 8.2 9.3 3.2 17.4 0.8 10.9 17.1 3.2 3.7 14.2 6.3 Accommodation and food service activities 0.2 7.4 11.1 -1.1 5.0 6.6 8.5 9.3 9.9 8.3 13.5 12.2 3.4 2.2 9.0 8.2 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 506.9 472.9 465.7 138.0 102.5 111.3 123.6 135.5 104.6 110.1 118.2 132.9 36.3 37.1 37.0 37.2 BUSSINES TENDENCY (indicator values**) Sentiment indicator -2.3 5.2 5.5 1.3 4.4 4.8 5.4 5.9 3.7 4.4 5.9 8.0 5.4 4.5 5.1 4.9 Confidence indicator - in manufacturing 2 6 6 3 6 5 6 7 4 6 5 7 8 4 6 5 - in construction -11 -14 -10 -12 -10 -14 -17 -14 -17 -15 -7 0 -8 -15 -14 -13 - in services 5 16 19 11 15 16 16 19 17 19 19 22 16 17 16 15 - in retail trade 9 15 20 17 17 16 14 13 24 14 24 16 9 24 19 5 Consumer confidence indicator -22 -11 -14 -17 -15 -10 -8 -12 -18 -17 -12 -10 -14 -12 -11 -6 Source of data: SURS. Note: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. 35Slovenian Economic Mirror, No. 3/2017 Statistical Appendix 2015 2016 2017 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 2.6 8.4 6.2 3.5 8.4 3.6 5.0 8.3 3.9 8.4 9.7 7.0 2.5 9.6 7.1 2.4 7.4 8.6 7.8 3.1 - - 11.4 9.3 -21.1 -10.8 27.4 77.5 10.0 7.1 9.6 -8.5 -6.1 -9.4 -24.6 9.7 50.3 33.2 -15.1 -18.4 5.6 23.3 - - 3.1 9.0 7.3 4.0 8.6 3.1 6.2 10.0 4.9 10.2 11.2 8.1 3.9 11.5 7.5 2.8 8.8 10.1 7.6 3.0 - - -3.0 1.8 -0.1 2.6 3.6 0.7 -5.8 -6.0 -8.1 -7.4 -5.0 -5.2 -8.1 -6.0 -5.3 -8.0 -3.2 0.9 9.3 0.8 - - -12.8 -13.8 -10.7 -11.6 7.0 -22.2 -25.9 -29.7 -36.0 -27.4 -19.5 -17.9 -15.8 -14.9 -7.4 -15.2 -15.1 9.3 -8.8 21.4 - - -2.9 -11.3 -1.7 -7.0 2.6 -8.1 -9.4 -2.8 -7.5 -12.3 -13.4 -9.4 6.6 1.3 9.4 8.6 14.3 37.5 25.1 27.1 - - -16.5 -15.1 -14.1 -13.2 8.5 -28.3 -32.2 -39.3 -45.1 -32.5 -21.7 -21.0 -23.7 -20.9 -13.5 -23.1 -24.5 -2.0 -20.7 21.7 - - 4.6 5.7 4.7 6.4 12.3 7.0 4.7 6.5 3.8 4.0 4.7 4.4 -0.4 5.4 5.0 0.9 2.9 5.5 7.1 3.4 - - 2.4 3.9 0.6 3.9 8.6 3.3 3.6 5.5 2.2 4.1 4.6 4.6 -3.5 6.3 5.9 1.0 3.3 3.7 9.9 5.5 2.2 4.8 6.6 4.6 15.0 10.9 3.5 3.7 4.6 4.1 4.4 5.8 0.8 3.4 6.7 1.3 -0.3 0.1 3.2 1.3 2.6 2.2 2.9 7.2 13.6 3.1 -0.7 2.1 0.9 0.0 2.9 -0.3 -7.4 0.2 -5.7 -7.5 -0.2 7.8 5.7 -3.1 8.7 9.9 10.5 9.7 10.8 3.6 11.4 13.7 11.7 8.2 8.3 3.5 8.1 9.6 8.3 6.9 13.4 20.9 7.0 8.8 - - 3.5 4.9 5.1 3.8 7.8 8.3 6.0 13.3 7.9 8.6 10.9 8.0 5.2 13.8 8.0 10.7 15.4 14.6 15.9 9.0 - - 0.2 0.2 0.8 0.4 1.8 2.8 0.8 3.7 2.0 0.5 1.6 4.3 1.3 5.6 2.4 7.7 11.4 11.2 14.1 9.0 - - 9.7 15.9 13.1 9.4 19.9 16.8 15.7 33.0 21.1 25.4 30.6 17.1 12.2 27.7 18.6 16.9 22.8 22.6 19.6 9.1 - - 0.8 0.3 0.8 -2.1 5.6 5.9 -0.2 2.2 -1.1 -1.9 3.0 2.4 -5.6 5.6 0.8 3.0 6.8 9.0 15.9 8.7 - - 10.9 8.7 7.0 1.1 0.6 8.8 9.3 7.0 12.8 -0.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 2.5 - - 8.3 10.2 6.4 0.9 5.0 5.1 6.8 2.7 -5.0 8.5 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 -3.6 - - 12.1 8.1 7.3 1.2 -3.0 11.7 11.0 12.5 28.8 -5.7 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 9.7 - - 10.3 8.0 7.0 6.2 8.7 13.0 7.8 12.8 9.2 9.0 6.6 9.2 13.3 10.8 16.9 14.2 10.3 11.8 8.5 7.0 - - 43.3 36.2 44.2 49.0 40.3 46.2 33.7 34.2 36.7 36.0 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 34.2 - - 3.5 6.9 5.8 5.7 5.3 6.7 4 3.6 3.5 5.7 3.4 4.2 5.2 6.5 6.1 7.1 8.1 8.7 10.2 10.6 12.5 11.8 6 8 5 7 7 7 4 5 4 8 5 5 4 7 4 6 7 7 9 11 12 9 -15 -15 -20 -15 -14 -14 -15 -16 -19 -16 -16 -14 -12 -8 -2 -2 -1 2 0 7 6 10 15 16 17 18 18 20 16 17 19 21 17 18 19 18 19 21 22 22 22 23 26 27 5 15 23 14 14 12 28 23 21 11 13 17 19 24 30 10 19 19 13 17 27 15 -14 -5 -6 -11 -14 -10 -16 -19 -19 -17 -18 -16 -13 -12 -11 -11 -10 -9 -3 -8 -9 -5 36 Slovenian Economic Mirror, No. 3/2017 Statistical Appendix LABOUR MARKET 2014 2015 2016 2014 2015 2016 2015 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 FORMAL LABOUR FORCE (A=B+E) 917.9 917.4 920.4 921.3 919.7 917.5 914.5 917.8 917.8 919.7 917.7 926.2 920.6 917.9 917.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 797.8 804.6 817.2 804.4 798.0 805.0 807.1 808.5 803.0 817.2 820.3 828.3 802.5 803.0 804.9 In agriculture, forestry, fishing 35.4 29.9 23.1 35.1 32.8 30.5 29.4 26.9 23.9 23.8 22.1 22.8 33.0 30.5 30.5 In industry, construction 252.4 255.2 260.3 253.8 250.4 255.2 257.3 257.9 254.7 260.7 262.5 263.3 252.2 254.2 255.1 Of which: in manufacturing 178.3 181.0 186.7 179.2 178.8 179.9 181.6 183.6 184.1 186.2 187.3 189.0 179.1 179.3 179.9 in construction 54.0 54.3 53.9 54.5 51.8 55.3 55.7 54.5 50.9 54.6 55.4 54.7 53.2 55.0 55.3 In services 510.0 519.6 533.8 515.5 514.9 519.3 520.4 523.7 524.4 532.7 535.7 542.3 517.3 518.2 519.2 Of which: in public administration 48.8 48.1 48.4 48.5 48.1 48.2 48.3 48.0 48.1 48.4 48.6 48.6 48.2 48.2 48.0 in education, health-services, social work 122.2 124.0 127.7 123.1 123.3 124.1 123.3 125.5 125.9 127.6 127.3 130.0 123.9 124.0 124.1 FORMALLY EMPLOYED (C)1 703.0 713.1 730.5 708.8 704.2 712.9 715.9 719.3 716.2 730.2 734.6 741.1 708.2 710.9 712.7 In enterprises and organisations 652.6 662.3 680.2 657.2 654.6 661.5 664.6 668.6 667.5 679.6 683.6 690.2 657.6 659.6 661.3 By those self-employed 50.5 50.8 50.3 51.6 49.7 51.4 51.4 50.6 48.7 50.7 51.0 50.9 50.6 51.4 51.4 SELF-EMPLOYED AND FARMERS (D) 94.8 91.6 86.7 95.6 93.8 92.1 91.1 89.2 86.9 87.0 85.8 87.2 94.3 92.0 92.2 REGISTERED UNEMPLOYMENT (E) 120.1 112.7 103.2 116.9 121.6 112.5 107.4 109.3 114.8 102.5 97.4 97.9 118.1 114.9 112.4 Female 59.6 57.5 52.4 59.6 60.0 57.7 55.9 56.2 56.6 52.3 50.6 50.2 59.2 58.5 57.6 By age: 15 to 29 30.4 26.7 22.5 30.2 30.0 26.5 23.9 26.4 26.1 21.7 20.5 21.6 29.0 27.7 26.4 aged over 50 37.3 36.7 36.5 36.0 37.8 36.8 36.2 36.1 38.6 36.8 35.4 35.0 37.3 37.0 36.8 Primary education or less 33.8 32.3 30.2 32.8 35.3 32.0 30.5 31.2 33.8 30.0 28.2 28.8 33.9 32.7 31.9 For more than 1 year 59.9 59.7 55.1 59.7 61.1 60.1 59.1 58.4 58.5 56.0 53.5 52.3 60.8 60.3 59.9 Those receiving benefits 26.6 23.7 23.1 23.7 28.7 22.4 21.4 22.2 28.9 21.3 20.5 21.5 27.3 23.1 22.4 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 13.1 12.3 11.2 12.7 13.2 12.3 11.7 11.9 12.5 11.1 10.6 10.6 12.8 12.5 12.3 Male 12.0 11.1 10.2 11.4 12.3 11.0 10.3 10.7 11.8 10.1 9.4 9.5 11.7 11.3 11.0 Female 14.3 13.7 12.4 14.2 14.4 13.8 13.4 13.4 13.4 12.4 12.0 11.8 14.2 14.0 13.8 FLOWS OF FORMAL LABOUR FORCE -4.6 -6.4 -13.5 6.9 -1.4 -7.9 -5.5 8.3 -2.9 -10.4 -4.7 4.5 -4.5 -3.2 -2.5 New unemployed first-job seekers 18.5 15.8 14.2 8.4 3.5 2.2 2.8 7.4 3.0 2.0 2.7 6.5 1.1 0.8 0.7 Redundancies 83.9 81.3 75.7 23.1 24.4 16.3 17.3 23.3 23.8 15.4 16.3 20.3 6.0 5.8 5.2 Registered unemployed who found employment 74.0 71.0 74.9 15.3 21.8 19.0 16.9 13.3 23.6 20.6 16.1 14.5 9.0 7.3 6.0 Other outflows from unemployment (net) 33.2 32.6 28.6 9.3 7.5 7.5 8.6 9.1 6.0 7.2 7.5 7.9 2.5 2.4 2.6 WORK PERMITS FOR FOREIGNERS 25.1 23.2 19.2 23.6 22.6 23.3 23.7 23.3 21.6 20.0 18.2 17.1 22.8 23.1 23.6 As % of labour force 2.7 2.5 2.1 2.6 2.5 2.5 2.6 2.5 2.4 2.2 2.0 1.8 2.5 2.5 2.6 Source of data: SURS, PDII, ESS. Note: 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 quarterlyFigure for farmers from the Labour Force Survey. 37Slovenian Economic Mirror, No. 3/2017 Statistical Appendix 2015 2016 2017 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 917.3 915.0 913.6 914.8 917.9 918.8 916.7 916.2 918.0 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 807.1 805.5 805.6 810.1 810.4 811.4 803.6 798.0 801.9 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 30.5 29.5 29.3 29.3 27.0 26.8 26.9 23.9 23.9 24.0 23.8 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2 22.3 256.2 256.5 256.9 258.4 259.6 259.8 254.3 252.7 254.1 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 180.6 180.9 181.3 182.5 183.6 184.1 183.0 183.2 184.1 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 55.6 55.5 55.6 56.0 56.1 55.7 51.6 49.8 50.2 52.7 54.2 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8 51.5 520.4 519.5 519.4 522.3 523.8 524.8 522.5 521.4 524.0 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 48.3 48.2 48.3 48.2 47.9 48.3 48.0 47.9 48.1 48.3 48.3 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4 48.5 124.1 122.8 122.6 124.5 125.2 125.7 125.5 125.0 125.8 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 714.9 714.3 714.6 718.8 721.2 722.1 714.5 711.3 715.0 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 663.5 663.0 663.3 667.4 669.7 670.9 665.3 663.2 666.7 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 51.4 51.3 51.3 51.4 51.4 51.2 49.2 48.2 48.3 49.6 50.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7 48.9 92.1 91.2 91.0 91.3 89.3 89.2 89.1 86.7 86.9 87.0 86.9 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8 87.0 110.2 109.6 107.9 104.8 107.5 107.4 113.1 118.2 116.0 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 56.8 56.9 56.4 54.6 56.2 55.8 56.6 57.9 56.9 54.9 53.5 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5 49.8 25.4 24.8 23.9 22.9 26.2 26.9 26.9 27.3 26.4 24.7 22.9 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6 20.9 36.7 36.6 36.3 35.7 35.6 35.6 37.2 39.1 38.9 37.9 37.2 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6 37.2 31.4 31.0 30.5 30.1 30.3 30.4 33.0 34.6 34.3 32.4 30.8 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0 31.2 60.0 59.5 59.0 58.9 58.8 58.2 58.2 59.2 58.5 57.8 56.6 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1 51.3 21.8 21.8 21.5 20.8 20.6 20.7 25.3 30.2 29.5 26.9 22.1 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4 26.8 12.0 12.0 11.8 11.5 11.7 11.7 12.3 12.9 12.6 12.0 11.5 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2 10.9 10.7 10.6 10.4 10.1 10.3 10.4 11.4 12.2 11.9 11.1 10.5 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6 10.3 13.6 13.6 13.5 13.1 13.4 13.3 13.5 13.7 13.5 13.0 12.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9 11.7 -2.1 -0.7 -1.6 -3.2 2.7 -0.1 5.7 5.1 -2.1 -5.8 -4.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1 -2.4 0.8 0.7 0.7 1.4 5.0 1.3 1.1 1.2 0.9 0.9 0.7 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0 0.8 5.3 6.5 5.1 5.8 6.5 6.5 10.3 12.9 5.7 5.2 5.3 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0 5.2 5.7 5.2 4.7 7.0 5.4 4.8 3.1 6.7 6.9 10.0 8.4 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3 6.3 2.5 2.6 2.7 3.4 3.3 3.1 2.6 2.2 1.8 1.9 2.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6 2.0 23.2 23.3 23.6 24.1 23.8 23.3 22.8 22.1 21.8 21.0 20.3 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9 16.8 2.5 2.5 2.6 2.6 2.6 2.5 2.5 2.4 2.4 2.3 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.8 38 Slovenian Economic Mirror, No. 3/2017 Statistical Appendix WAGES EUR m 2014 2015 2016 2014 2015 2016 2016 Q4 16 Feb17 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GROSS WAGE PER EMPLOYEE, nominal y-o-y growth rates, % TOTAL 1,584 1,636 1,581 1.1 0.7 1.8 1.2 0.5 0.6 0.4 1.3 2.3 1.5 1.7 1.9 Private sector activities (A–N; R–S) 1,526 1,588 1,518 1.5 0.8 1.3 1.3 0.4 0.8 0.6 1.2 1.8 1.1 1.0 1.5 Public service activities (OPQ) 1,765 1,787 1,776 0.3 0.6 3.3 0.8 0.8 0.2 -0.1 1.7 3.9 2.8 3.7 2.9 Industry (B–E) 1,585 1,672 1,600 3.2 1.7 1.9 2.8 1.4 1.9 1.2 2.1 2.2 1.6 1.3 2.5 Trad. market services (GHI) 1,394 1,448 1,370 1.0 0.9 0.9 1.3 0.2 1.4 1.0 1.0 1.6 0.8 0.5 0.8 Other market services (J–N; R–S) 1,691 1,737 1,670 -0.3 -0.4 0.7 -0.8 -0.5 -0.9 -0.5 0.1 1.2 0.3 0.5 0.9 A Agriculture, forestry and fishing 1,310 1,358 1,253 0.7 0.2 -0.4 0.5 -0.6 0.0 -0.2 1.6 2.2 -0.8 0.7 -3.3 B Mining and quarrying 2,057 2,126 2,063 5.9 -5.9 2.7 2.0 -9.2 -4.8 -4.8 -4.9 1.1 1.6 2.4 5.6 C Manufacturing 1,546 1,632 1,565 3.3 2.1 2.1 3.2 2.1 2.3 1.8 2.3 2.4 1.7 1.5 2.8 D Electricity, gas, steam and air conditioning supply 2,347 2,486 2,359 2.5 -1.0 1.3 -0.1 -4.4 1.7 -3.0 1.9 2.3 1.9 0.0 0.9 E Water supply sewerage, waste management and remediation activities 1,524 1,608 1,500 1.4 1.5 1.9 2.2 1.3 0.3 1.8 2.2 2.3 2.6 1.7 1.2 F Constrution 1,205 1,228 1,176 0.3 -0.2 1.3 0.9 -0.7 -0.8 -0.5 1.0 1.5 1.5 1.9 0.4 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,437 1,497 1,420 1.2 1.4 1.6 1.3 0.4 1.8 1.6 1.8 2.4 1.6 1.0 1.3 H Transportation and storage 1,467 1,528 1,418 1.1 0.5 -0.5 3.0 0.7 1.4 0.6 -0.5 -0.1 -0.6 -0.7 -0.5 I Accommodation and food service activities 1,085 1,101 1,082 -0.2 -1.0 1.4 -2.0 -2.2 -1.0 -1.0 -0.1 2.0 0.3 1.0 2.2 J Information and communication 2,107 2,164 2,082 0.1 1.0 0.5 0.8 2.6 -0.2 1.0 0.7 1.1 0.6 -0.2 0.6 K Financial and insurance activities 2,293 2,371 2,264 1.2 2.1 1.5 2.3 3.9 1.9 1.8 1.0 2.0 -0.1 1.9 2.4 L Real estate activities 1,489 1,566 1,481 -1.2 -0.7 0.7 -2.4 -1.1 -1.6 -0.5 0.5 0.4 0.5 0.5 1.2 M Professional, scientific and technical activities 1,739 1,796 1,727 1.1 0.8 0.8 2.2 0.9 1.7 0.5 -0.1 1.3 0.7 0.3 1.0 N Administrative and support service activities 1,054 1,083 1,046 2.5 0.4 3.4 1.2 0.3 -0.6 0.0 1.9 3.7 3.8 3.1 2.9 O Public administration and defence, compulsory social security 1,873 1,898 1,903 1.0 2.1 4.7 1.5 1.8 0.7 0.4 5.2 6.8 4.3 5.4 2.3 P Education 1,688 1,706 1,700 0.0 -0.2 2.5 0.7 0.5 -0.1 -0.6 -0.3 1.8 2.2 2.9 3.0 Q Human health and social work activities 1,760 1,788 1,757 -0.1 0.3 3.1 0.4 0.2 0.1 0.1 0.8 3.6 2.2 3.0 3.4 R Arts, entertainment and recreation 1,650 1,705 1,652 -0.5 -0.5 2.3 -1.1 -0.5 -0.3 -1.6 0.3 1.6 2.4 1.7 3.3 S Other service activities 1,335 1,349 1,328 -1.1 -2.2 -0.9 -2.1 -1.9 -2.8 -2.5 -1.5 -0.1 -1.0 -1.0 -1.4 Source of data: SURS, calculations by IMAD. 39Slovenian Economic Mirror, No. 3/2017 Statistical Appendix 2015 2016 2017 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 1.2 0.4 0.5 0.2 -0.2 2.5 1.5 1.1 3.5 2.4 1.4 1.8 1.3 0.2 2.8 2.1 1.5 0.5 3.7 2.1 0.5 1.7 0.6 0.7 0.4 -0.3 3.1 0.6 0.0 3.3 2.0 0.9 1.6 0.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5 0.2 0.1 0.0 -0.1 -0.2 0.1 0.9 4.1 4.0 4.0 3.6 3.0 2.7 2.8 3.6 3.1 4.4 4.8 3.0 0.9 1.0 1.4 2.6 1.6 1.2 1.0 0.6 4.8 0.5 -0.2 4.4 2.5 0.2 2.7 1.9 -1.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 1.8 1.2 1.1 0.7 0.2 1.9 0.6 0.6 2.8 1.4 1.7 0.7 0.0 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3 0.2 0.6 -0.9 0.1 -0.6 -1.6 1.4 0.6 -0.6 2.5 1.7 0.8 0.6 -0.4 -0.5 1.5 0.5 0.1 1.2 1.5 0.9 0.1 3.6 -0.4 0.0 -0.2 -4.0 8.5 0.2 1.4 2.9 2.5 -0.9 1.3 -2.7 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 -7.7 1.8 -9.6 -6.6 -4.2 -5.4 -5.1 -1.5 1.4 3.4 -3.9 -0.4 9.2 -6.6 10.1 4.9 4.9 7.3 4.7 6.5 6.7 3.2 1.2 2.2 1.8 1.0 4.6 1.1 0.0 4.7 2.4 0.5 2.9 1.6 -1.1 3.8 1.8 0.2 0.8 7.5 4.1 -0.2 0.6 5.7 -8.2 -6.0 -2.6 12.1 -4.5 -0.7 3.4 4.3 -2.4 1.7 6.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9 6.2 0.6 3.1 1.2 1.0 2.1 4.3 0.1 0.3 2.6 4.1 1.3 3.7 2.6 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3 2.1 0.3 -0.6 -0.6 -0.4 -1.2 3.3 1.0 0.5 1.8 2.3 1.5 2.0 1.1 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2 -0.3 2.5 1.9 1.7 1.1 1.2 2.9 1.3 1.2 4.2 1.9 3.3 1.1 0.6 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8 0.5 1.4 1.0 0.4 0.5 -1.6 0.3 -0.4 -0.8 -0.3 0.7 -0.9 0.2 -0.9 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5 -0.3 -1.3 -1.7 -0.1 -1.1 -0.8 0.9 -0.2 1.5 3.3 1.2 0.0 0.7 0.3 0.2 1.2 1.8 1.7 3.7 1.1 2.4 0.6 1.5 1.6 0.5 1.0 -0.3 1.2 1.2 0.1 1.4 1.8 0.7 1.5 -0.6 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 4.8 1.1 2.9 1.3 -2.9 3.0 3.0 -2.4 5.8 2.9 1.1 -0.4 -1.1 0.6 3.6 1.4 -1.2 7.1 1.2 1.8 1.4 -2.2 -0.9 0.0 -0.5 -0.3 1.0 0.7 0.2 1.0 -0.1 -0.7 0.0 2.3 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3 1.6 0.9 0.2 2.5 -1.1 -1.4 1.5 -0.3 -0.9 2.7 2.0 0.4 1.6 0.0 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1 0.7 0.8 -0.7 0.2 0.5 0.7 3.5 1.4 2.1 4.2 4.6 4.0 4.2 3.2 2.6 3.9 2.9 2.4 1.2 5.4 1.9 0.0 0.8 0.5 0.7 0.1 1.8 4.1 9.7 7.3 7.0 6.2 5.3 3.6 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1 1.6 0.2 -0.5 -0.6 -0.6 -1.0 -0.8 1.1 1.7 1.6 2.0 2.1 2.2 2.4 2.6 2.6 3.5 4.1 2.9 1.8 1.1 1.6 -0.7 0.2 0.0 0.0 -0.2 -0.1 2.6 3.7 4.0 3.1 2.0 2.4 2.3 3.4 2.1 3.6 4.9 3.3 2.0 0.9 0.9 -0.5 -1.5 -1.4 -1.8 0.4 1.0 -0.4 1.5 2.1 1.3 4.9 1.1 1.3 2.4 0.2 2.6 4.1 3.5 2.2 1.1 2.1 -3.0 -2.6 -2.1 -2.7 -2.2 -0.4 -1.8 0.3 -0.6 0.2 -1.4 -1.2 -0.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 40 Slovenian Economic Mirror, No. 3/2017 Statistical Appendix PRICES AND INDICATORS OF OVERALL COMPETITIVENESS 2014 2015 2016 2015 2016 2017 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 CPI, y-o-y growth rates, % 0.2 -0.5 0.5 -0.4 -0.6 -0.5 -0.6 -0.7 -0.2 0.1 0.6 1.8 -0.3 -0.7 -0.5 -0.7 Food, non-alcoholic beverages -0.3 0.9 1.7 -0.3 1.1 1.5 1.2 0.4 0.2 1.3 1.7 2.9 0.7 0.8 1.3 1.2 Alcoholic beverages, tobacco 3.6 1.9 0.4 4.2 2.1 1.0 0.6 0.1 0.3 0.3 0.3 1.3 4.2 4.1 1.8 0.6 Clothing and footwear -0.9 -0.9 -2.9 -0.9 -1.8 -0.4 -0.4 0.5 0.6 -1.7 -0.5 -0.9 -3.1 -2.4 -1.7 -1.2 Housing, water, electricity, gas 0.1 -1.3 -0.1 -1.6 -1.3 -1.2 -1.0 -1.1 -1.3 -1.0 -0.5 2.5 -1.3 -1.0 -1.3 -1.5 Furnishings, household equipment -1.2 -1.2 0.9 -1.8 -1.9 -0.4 -0.8 0.0 0.2 0.2 0.5 0.4 -2.1 -2.3 -2.1 -1.4 Medical, pharmaceutical products -0.1 0.5 0.8 0.0 -0.1 1.2 0.8 0.2 0.5 0.5 0.7 0.8 0.1 -0.2 -0.3 0.2 Transport 0.2 -5.1 -0.1 -4.5 -4.4 -5.3 -6.3 -5.4 -4.8 -3.1 -0.3 3.9 -4.0 -5.1 -4.0 -4.2 Communications -1.9 1.1 2.9 -0.5 -1.3 1.7 4.3 4.0 5.2 2.6 2.2 2.8 0.1 -0.8 -0.5 -2.6 Recreation and culture 0.8 1.0 0.2 4.2 1.5 0.3 -1.6 -2.0 0.8 1.7 0.5 0.0 4.3 1.3 2.2 1.0 Education 0.1 0.6 0.3 0.7 0.8 0.8 0.0 0.1 0.0 0.0 0.3 0.5 0.8 0.8 0.8 0.9 Catering services 1.1 0.5 1.0 1.0 0.2 -0.1 1.0 1.7 2.1 2.8 1.4 0.8 0.8 0.8 -0.3 0.1 Miscellaneous goods & services 1.6 1.4 1.6 0.8 0.9 1.1 2.9 0.5 1.0 1.5 1.5 1.8 0.6 0.8 0.7 1.1 HCPI 0.4 -0.8 0.6 -0.5 -0.8 -0.8 -0.9 -0.9 -0.4 0.0 0.7 2.0 -0.4 -0.7 -0.8 -0.9 Core inflation (excluding fresh food and energy) 1.0 0.7 0.4 1.0 0.4 0.7 0.9 0.3 1.2 0.9 0.6 0.7 0.8 0.5 0.3 0.3 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -0.6 -0.2 0.5 0.1 0.6 -0.4 -1.2 -1.8 -2.2 -1.3 -0.1 1.7 0.4 0.9 0.6 0.4 Domestic market -1.1 -0.5 -0.2 -0.3 0.0 -0.5 -1.2 -1.6 -1.9 -1.5 -0.4 0.6 0.0 0.0 0.1 -0.2 Non-domestic market -0.1 0.1 1.2 0.5 1.3 -0.3 -1.2 -2.0 -2.6 -1.2 0.5 2.8 0.8 1.8 1.1 1.0 euro area -0.7 0.1 0.6 0.7 1.0 0.1 -1.3 -2.3 -2.5 -1.9 0.1 2.1 0.6 1.2 0.8 1.0 non-euro area 1.1 -0.1 2.3 0.1 1.8 -1.1 -1.1 -1.4 -2.6 0.1 1.3 4.4 1.1 3.0 1.6 1.0 Import price indices -1.4 -0.7 2.7 -0.7 0.2 -0.5 -1.6 -2.2 -2.3 -1.7 0.9 4.8 0.3 0.5 0.1 0.0 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate,2 nominal 0.3 -2.8 0.8 -3.1 -3.7 -2.4 -1.9 0.5 1.4 0.6 0.7 -0.2 -4.2 -4.5 -3.6 -3.0 Real (deflator HICP) -0.1 -3.8 0.2 -3.6 -4.8 -3.5 -3.1 -0.7 0.8 0.2 0.4 0.0 -4.7 -5.4 -4.8 -4.3 Real (deflator ULC) -1.7 -3.5 1.1 -4.4 -4.3 -2.9 -2.3 0.8 2.6 0.6 0.2 USD / EUR 1.32881.1096 1.1066 1.1270 1.1047 1.1119 1.0949 1.1018 1.1293 1.1164 1.0789 1.0647 1.0838 1.0779 1.1150 1.1213 Source of data: SURS, ECB; calculations by IMAD. Note: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. 41Slovenian Economic Mirror, No. 3/2017 Statistical Appendix 2015 2016 2017 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 -0.4 -0.3 -0.6 -0.8 -0.5 -0.5 -0.5 -0.7 -0.9 -0.6 -0.4 0.3 0.2 0 0.2 0.6 0.6 0.5 1.3 2.2 1.9 1.4 1.8 1.2 1.1 1.0 1.5 0.4 0.5 0.4 -0.2 -0.2 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6 2.4 1.1 1.0 0.9 0.7 0.9 0.1 0.2 0.2 0.0 0.3 0.2 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8 2.1 0.0 -0.7 -0.4 -2.0 0.1 0.8 0.3 0.8 0.5 0.8 0.7 0.4 -1.4 -0.9 -2.8 1.8 -0.3 -2.9 -1.8 -0.5 -0.3 -1.9 -0.8 -0.9 -0.9 -1.1 -1.0 -0.7 -1.1 -1.4 -1.5 -1.3 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9 3.1 -0.4 -0.4 -0.2 0.0 -1.4 -1.1 -0.7 0.4 0.2 0.2 0 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1 0.7 1.2 1.3 0.9 0.8 0.7 0.7 -0.1 0.4 0.2 0.1 0.3 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9 0.9 -4.5 -4.8 -6.5 -6.7 -7.0 -5.2 -4.5 -5.5 -6.2 -5.2 -5.3 -4 -3.8 -4.5 -0.9 -1 0.1 -0.1 3.3 4.3 4.0 1.7 1.7 1.7 3.3 4.3 5.3 5.3 2.9 3.9 4.5 5.2 6 2.3 2.2 3.4 2 1.8 2.9 3.0 3.4 2.1 0.0 0.3 0.6 -0.8 -1.8 -2.3 -1.8 -2.4 -1.9 0.1 0.5 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5 -0.5 0.8 0.8 0.6 0.1 0.0 0.0 0.2 0.0 0.0 0.0 0 0 0 0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.0 -0.4 0.0 0.2 1.4 1.4 1.2 2.1 1.9 1.8 2.2 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8 0.9 1.3 1.2 1.0 1.2 6.5 1.1 0.6 0.4 0.4 0.6 1.2 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9 2.0 -0.7 -0.6 -1.0 -1.2 -0.9 -0.6 -0.8 -0.9 -0.9 -0.7 -0.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5 2.0 0.6 0.8 0.8 0.8 1.2 0.7 0.1 0.3 0.4 0.8 1.2 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0 0.8 0.2 -0.4 -1.0 -1.1 -1.2 -1.4 -1.6 -1.7 -2.2 -2.5 -2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9 1.9 -0.2 -0.4 -0.9 -0.9 -1.3 -1.4 -1.5 -1.4 -1.9 -2 -1.9 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7 0.9 0.5 -0.4 -1.1 -1.2 -1.2 -1.3 -1.7 -1.9 -2.4 -2.9 -2.5 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0 3.0 0.8 0.0 -0.6 -1.0 -1.3 -1.6 -2.0 -2.3 -2.6 -2.7 -2.6 -2.3 -2.3 -2 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 -0.2 -1.0 -2.2 -1.6 -0.9 -0.7 -1.1 -1.1 -2 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 0.0 -0.5 -0.8 -1.8 -1.7 -1.4 -1.9 -2.4 -2.4 -3.1 -2.2 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3 4.7 -3.2 -2.5 -1.7 -1.6 -2.3 -1.8 -0.3 0.6 1.3 1.9 1.4 0.9 1.1 0.5 0.3 0.4 1.2 0.5 0.0 -0.6 -0.1 -4.2 -3.4 -2.8 -3.0 -3.6 -2.8 -1.6 -0.5 0.1 1.0 0.7 0.7 0.7 0.0 0.0 0.4 1.0 -0.2 -0.2 -0.1 0.4 1.0996 1.1139 1.1221 1.1235 1.0736 1.0877 1.0860 1.1093 1.1100 1.1339 1.1311 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643 1.0685 42 Slovenian Economic Mirror, No. 3/2017 Statistical Appendix BALANCE OF PAYMENTS 2014 2015 2016 2014 2015 2016 2015 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,325 1,998 2,698 582 435 462 641 460 709 737 722 531 41 230 85 174 Goods 1,181 1,498 1,536 312 348 382 424 344 468 446 375 246 35 219 7 122 Exports 22,961 24,039 24,951 5,984 5,881 6,063 5,934 6,160 6,055 6,391 6,116 6,389 1,867 2,196 1,942 1,950 Imports 21,780 22,541 23,416 5,672 5,533 5,681 5,510 5,817 5,587 5,945 5,742 6,142 1,832 1,977 1,935 1,828 Services 1,697 2,019 2,286 386 394 524 609 492 475 552 717 542 102 152 216 163 Exports 5,558 6,025 6,513 1,402 1,260 1,511 1,730 1,524 1,378 1,556 1,874 1,705 395 466 523 486 Imports 3,862 4,006 4,227 1,015 866 987 1,121 1,032 903 1,004 1,157 1,163 293 314 307 323 Primary income -125 -982 -630 -45 -114 -331 -285 -252 -77 -166 -232 -156 6 -95 -97 -60 Receipts 1,396 1,632 1,602 350 437 417 371 407 485 378 347 392 184 105 120 135 Expenditures 1,521 2,614 2,233 395 551 748 656 659 562 544 579 548 178 200 217 196 Secondary income -428 -537 -493 -71 -193 -113 -107 -124 -158 -95 -138 -101 -102 -45 -41 -50 Receipts 709 725 712 188 153 184 173 215 155 171 172 214 53 54 61 53 Expenditures 1,137 1,262 1,205 258 346 296 280 339 312 267 311 315 156 100 102 103 Capital account 157 371 -312 -90 46 62 127 136 -38 -112 -63 -99 6 12 25 7 Financial account 2,377 1,772 936 476 569 557 478 168 354 125 385 73 -19 49 41 163 Direct investment -584 -1,238 -742 186 -348 -45 -218 -628 -322 -262 -243 84 -73 -276 -187 -26 Assets 155 278 226 20 93 301 23 -140 143 15 1 67 59 -29 43 83 Liabilities 739 1,516 968 -166 441 346 241 488 465 276 244 -18 132 247 231 110 Portfolio investment -3,968 2,929 4,210 264 689 1,684 -993 1,549 584 791 552 2,282 296 200 1,070 339 Financial derivatives -3 28 50 7 22 5 -9 10 -7 -4 31 30 20 7 2 0 Other investment 6,843 166 -2,486 22 226 -1,110 1,746 -697 87 -361 95 -2,307 -186 85 -800 -162 Assets 4,815 -672 -2,071 671 434 -1,478 1,225 -853 92 -642 -1,087 -433 -213 107 -1,053 -153 Other equity 84 10 -3 -1 10 1 0 -2 1 -1 0 -4 3 6 3 -2 Currency and deposits 5,037 -545 -1,974 1,089 90 -1,272 1,273 -636 -294 -581 -1,027 -71 -343 -29 -863 -230 Loans -299 -408 -207 -75 -80 -224 -27 -78 10 -68 -36 -112 -49 -22 -45 -18 Insurance, pension schemes, and standardised guarantee schemes 8 -8 10 -2 12 -3 -15 -2 7 2 0 0 4 4 -1 -1 Trade credit and advances -16 -4 176 -252 341 27 -15 -357 314 118 -72 -184 126 198 -84 65 Other assets 1 283 -73 -87 60 -7 8 222 54 -112 48 -63 46 -50 -63 33 Liabilities -2,028 -837 415 649 208 -369 -521 -156 4 -281 -1,182 1,874 -28 22 -253 9 Other equity 7 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 Currency and deposits -831 -400 1,175 278 -178 -301 -37 116 548 -320 -406 1,353 -65 -24 -112 -170 Loans -1,246 -315 -854 107 378 -82 -376 -235 -491 -114 -562 313 -225 -61 3 175 Insurance, pension schemes, and standardised guarantee schemes -54 3 23 -10 -7 4 2 4 11 12 0 0 -2 -2 1 1 Trade credit and advances -144 -101 138 36 9 3 -122 9 -78 152 -169 233 228 146 -168 23 Other liabilities 240 -25 -68 238 5 7 12 -49 15 -12 -46 -25 36 -38 23 -20 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 89 -113 -97 -3 -20 23 -49 -67 10 -40 -50 -17 -76 32 -43 12 Net errors and omissions -105 -596 -1,449 -16 88 33 -290 -428 -317 -500 -273 -359 -65 -193 -69 -19 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,343 2,596 2,781 629 581 632 630 753 644 691 674 772 192 220 204 212 Intermediate goods 12,924 13,355 13,698 3,202 3,280 3,406 3,348 3,322 3,360 3,536 3,358 3,444 1,061 1,189 1,142 1,095 Consumer goods 7,668 7,989 8,462 2,134 2,003 2,040 1,904 2,042 2,058 2,178 2,059 2,167 625 771 615 658 Import of investment goods 2,774 2,968 3,255 796 658 713 720 877 722 825 789 919 210 255 240 232 Intermediate goods 13,417 13,803 13,843 3,403 3,453 3,541 3,376 3,432 3,347 3,551 3,378 3,567 1,136 1,224 1,231 1,133 Consumer goods 6,389 6,534 7,009 1,657 1,604 1,637 1,592 1,701 1,693 1,756 1,730 1,830 533 577 537 527 Source of data: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. 43Slovenian Economic Mirror, No. 3/2017 Statistical Appendix 2015 2016 2017 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 203 236 123 282 220 212 27 227 161 321 229 213 294 208 148 366 288 120 123 252 247 253 198 -5 231 183 172 -11 158 141 169 141 118 187 144 6 225 139 47 60 97 100 2,172 2,146 1,595 2,193 2,177 2,116 1,867 1,838 2,022 2,196 2,088 2,100 2,202 2,071 1,743 2,302 2,163 2,218 2,008 2,103 2,149 1,919 1,947 1,600 1,962 1,995 1,944 1,878 1,680 1,881 2,026 1,948 1,982 2,015 1,927 1,737 2,077 2,024 2,170 1,948 2,006 2,049 145 186 236 187 183 150 159 154 117 204 186 183 184 198 265 254 229 161 151 192 179 502 586 603 541 508 471 545 423 442 512 506 503 546 607 655 613 577 537 591 483 485 357 400 367 354 325 321 386 269 325 308 321 321 363 408 390 359 347 376 440 291 306 -174 -103 -75 -106 -119 -67 -66 -64 -13 0 -64 -50 -52 -83 -83 -66 -49 -51 -56 4 15 162 128 108 135 122 118 167 113 171 201 125 127 126 109 118 120 121 127 145 198 177 335 231 183 241 241 185 234 177 183 201 189 177 178 192 201 186 170 178 200 194 163 -22 -45 -33 -29 -27 -43 -54 -21 -84 -53 -33 -38 -25 -51 -40 -47 -31 -37 -33 -41 -47 70 61 53 59 76 60 78 55 52 47 60 54 57 59 55 58 72 66 76 61 56 92 106 85 89 103 103 132 76 136 100 93 91 83 110 95 106 103 103 109 103 103 29 55 38 33 79 62 -5 -7 -16 -15 -35 -39 -37 -8 -17 -38 10 -36 -73 1 -16 353 141 15 323 145 471 -448 203 122 29 -71 140 56 347 -127 165 -1,252 1,598 -273 489 162 169 -50 -76 -91 -387 -9 -232 -236 72 -158 -358 52 45 -28 -186 -29 57 -62 89 46 -41 175 73 -56 7 67 -8 -199 27 72 44 16 18 -20 124 -119 -3 122 -77 22 44 73 6 123 20 98 454 1 33 263 0 202 375 -34 -64 152 67 25 64 -15 -68 -2 115 275 -1,044 -151 202 491 526 532 373 1,040 -829 477 197 116 321 331 -99 574 1,179 530 -663 279 3 -3 -6 0 0 -3 14 -6 0 -1 8 2 -13 30 1 1 1 13 16 29 2 -148 1,229 271 246 19 1 -718 45 -1,019 1,062 -169 -113 -79 42 -254 307 -1,884 502 -925 1,050 -32 -273 1,091 -141 275 170 187 -1,210 -118 -245 455 -977 39 296 -42 -938 -107 -522 318 -230 13 278 0 0 1 0 0 0 -2 0 0 1 0 0 0 0 0 0 0 0 -4 0 0 -179 1,093 32 148 111 176 -923 -117 -393 216 -890 131 178 -3 -736 -289 -705 411 223 -247 71 -160 -4 -27 4 -20 -13 -45 -11 -22 43 -31 -38 2 -21 -15 -1 -22 -25 -66 -24 -26 -1 -5 -5 -5 -1 -1 -1 2 2 2 1 1 1 0 0 0 0 0 0 0 0 45 14 -143 114 15 42 -414 71 117 125 -4 4 117 -33 -203 164 144 3 -331 185 176 22 -8 1 14 65 -18 175 -64 51 67 -52 -59 -1 15 15 19 61 -71 -53 100 57 -125 -138 -412 29 151 185 -492 -163 775 -607 -808 152 375 -84 -685 -414 1,362 -184 695 -1,037 310 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 -18 63 13 -114 112 66 -62 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -259 -58 -361 43 -37 167 -365 15 -256 -250 -87 -100 73 -109 -320 -133 385 -125 52 -72 23 1 1 1 1 1 1 1 4 4 4 4 4 4 0 0 0 0 0 0 0 0 148 -173 -31 81 45 -4 -32 -252 132 43 -2 76 78 -68 -140 38 155 79 -1 -52 109 4 29 -34 18 30 -44 -35 32 98 -115 11 -14 -8 -8 107 -145 131 -126 -29 -5 -5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 54 9 -23 -35 21 -43 -45 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 121 -151 -146 7 -155 197 -470 -17 -23 -277 -265 -34 -201 146 -258 -162 -1,551 1,514 -323 236 -68 216 232 167 231 246 243 264 177 221 246 226 231 234 231 191 252 249 259 264 227 N/A 1,169 1,207 935 1,206 1,219 1,160 944 1,060 1,122 1,179 1,176 1,168 1,191 1,113 1,004 1,240 1,202 1,218 1,024 1,201 N/A 767 696 471 737 701 694 646 602 686 769 692 699 787 722 535 802 710 736 722 662 N/A 241 248 210 262 271 283 322 207 237 278 277 262 286 299 223 267 293 312 314 244 N/A 1,177 1,200 976 1,201 1,205 1,161 1,067 1,045 1,119 1,183 1,139 1,211 1,201 1,142 1,001 1,235 1,172 1,281 1,114 1,272 N/A 573 568 459 565 590 565 546 483 582 627 594 575 586 546 551 634 616 645 569 553 N/A 44 Slovenian Economic Mirror, No. 3/2017 Statistical Appendix MONETARY INDICATORS AND INTEREST RATES 2014 2015 2016 2014 2015 11 12 1 2 3 4 5 6 7 8 9 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BS on central government 263 2,327 4,618 246 263 265 282 445 642 838 1,045 1,299 1,488 1699 Central government (S. 1311) 7,240 7,112 6,273 7,010 7,240 7,443 7,502 7,163 7,368 7,380 7,387 7,449 7,445 7,301 Other government (S. 1312, 1313, 1314) 685 622 576 618 685 654 631 633 633 633 635 634 631 624 Households (S. 14, 15) 8,762 8,856 9,154 8,791 8,762 8,842 8,802 8,834 8,826 8,847 8,836 8,821 8,812 8,825 Non-financial corporations (S. 11) 11,729 10,502 9,664 12,511 11,729 11,823 11,726 11,674 11,569 11,493 11,396 11,190 11,137 10,941 Non-monetary financial institutions (S. 123, 124, 125) 1,485 1,432 1,411 1,654 1,485 1,463 1,455 1,642 1,519 1,511 1,466 1,470 1,405 1,435 Monetary financial institutions (S. 121, 122) 3,684 3,206 3,541 3,915 3,684 3,657 3,696 3,479 3,353 3,365 3,007 3,181 3,442 3,312 Claims on domestic sectors, TOTAL In domestic currency 25,155 23,816 23,969 26,191 25,155 25,232 25,179 24,885 24,707 24,661 24,240 24,316 24,469 24078 In foreign currency 950 824 672 973 950 1,059 1,003 983 957 955 937 904 874 845 Securities, total 7,469 7,059 5,889 7,326 7,469 7,576 7,615 7,539 7,566 7,574 7,512 7,486 7,494 7,478 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 25,843 25,885 26,497 26,309 25,843 25,930 25,800 25,389 25,884 25,894 25,715 25,974 26,073 25,652 Overnight 10,157 12,717 15,081 10,398 10,157 10,731 10,947 10,842 11,200 11,458 11,533 12,080 12,278 12,130 With agreed maturity – short-term 5,955 4,481 3,955 6,250 5,955 5,708 5,610 5,350 5,302 5,217 5,032 4,896 4,743 4,664 With agreed maturity – long-term 9,267 8,196 6,829 9,155 9,267 9,078 8,838 8,762 8,916 8,707 8,574 8,411 8,513 8,349 Short-term deposits redeemable at notice 464 491 632 506 464 413 405 435 466 512 576 587 539 509 Deposits in foreign currency, total 510 655 687 535 510 566 604 601 585 612 620 616 616 623 Overnight 354 508 564 353 354 401 447 442 433 464 469 468 475 484 With agreed maturity – short-term 84 80 65 110 84 86 77 81 75 71 77 73 69 71 With agreed maturity – long-term 72 67 58 72 72 79 80 78 77 77 74 75 72 68 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.07 0.04 0.02 0.06 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.03 0.03 0.03 Time deposits with maturity of up to one year 0.98 0.37 0.21 0.74 0.66 0.58 0.51 0.46 0.39 0.37 0.36 0.31 0.33 0.31 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 5.06 3.54 2.66 4.72 4.38 4.17 4.85 3.34 3.49 3.5 3.39 3.38 3.36 3.34 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 4.25 2.46 2.07 3.07 4.50 3.89 2.40 3.39 4.58 .. .. 1.90 .. 0.81 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.16 0.05 0.01 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 INTERBANK INTEREST RATES EURIBOR 3-month rates 0.210 -0.019 -0.264 0.081 0.081 0.063 0.048 0.027 0.005 -0.010 -0.014 -0.019 -0.028 -0.037 6-month rates 0.309 0.054 -0.164 0.182 0.177 0.152 0.126 0.097 0.073 0.057 0.049 0.049 0.044 0.035 LIBOR 3-month rates 0.012 -0.755 -0.747 0.006 -0.020 -0.466 -0.889 -0.802 -0.812 -0.791 -0.782 -0.762 -0.729 -0.729 6-month rates 0.066 -0.688 -0.671 0.053 0.023 -0.403 -0.773 -0.707 -0.727 -0.704 -0.711 -0.710 -0.681 -0.672 Source of data: BS, EUROSTAT. 45Slovenian Economic Mirror, No. 3/2017 Statistical Appendix 2015 2016 2017 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 1,942 2,175 2,327 2,539 2,759 2,987 3,144 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770 4,823 7,380 7,387 7,112 7,212 6,957 7,022 6,739 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246 5,838 623 618 622 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 8,873 8,857 8,856 8,815 8,789 8,830 8,863 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208 9,305 10,819 10,688 10,502 10,527 10,046 9,904 9,953 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814 9,720 1,417 1,411 1,432 1,422 1,328 1,397 1,326 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,411 1,386 1,397 1,283 3,904 3,713 3,206 3,574 4,030 3,318 3,727 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573 4,212 24,532 24,226 23,789 24,152 24,088 23,407 23,796 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020 24,759 839 839 823 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 7,606 7,568 7,079 7,178 6,795 6,812 6,580 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,889 5,972 6,038 5,432 26,330 26,442 25,885 26,315 26,067 25,869 25,689 25,697 25,364 25,725 25,643 25,612 25,811 25,976 26,497 26,421 26,508 27,165 12,991 13,244 12,717 13,255 13,553 13,405 13,504 13,668 13,819 14,274 14,475 14,365 14,505 14,839 15,081 15,253 15,487 15,776 4,341 4,325 4,481 4,393 4,251 4,174 3,984 3,942 3,777 3,697 3,507 3,571 3,584 3,442 3,955 3,706 3,707 3,706 8,410 8,322 8,196 8,148 7,702 7,595 7,572 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667 7,026 588 551 491 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 618 651 655 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 478 498 508 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 71 82 80 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 69 71 67 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.28 0.28 0.28 0.25 0.25 0.24 0.20 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18 0.18 3.39 3.14 3.16 3.06 2.91 2.75 2.71 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63 2.63 1.71 .. 1.00 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.6 2.74 1.06 1.31 1.06 1.06 0.05 0.05 0.05 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.054 -0.088 -0.126 -0.146 -0.184 -0.229 -0.249 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329 -0.330 0.020 -0.015 -0.040 -0.061 -0.115 -0.134 -0.138 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241 -0.246 -0.728 -0.784 -0.792 -0.752 -0.775 -0.760 -0.727 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.674 -0.754 -0.737 -0.685 -0.723 -0.698 -0.653 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 46 Slovenian Economic Mirror, No. 3/2017 Statistical Appendix PUBLIC FINANCE 2014 2015 2016 2014 2015 2016 2015 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 7 8 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 15,492.0 15,714.1 15,840.8 4,268.4 3,635.8 3,972.6 3,864.3 4,241.4 3,685.8 4,108.9 3,884.6 4,161.5 1,310.4 1,325.9 Current revenues 14,377.0 14,702.6 15,203.0 3,770.7 3,413.6 3,756.8 3,596.3 3,935.9 3,511.7 3,948.8 3,802.7 3,939.9 1,199.6 1,260.8 Tax revenues 13,191.6 13,746.4 14,240.1 3,491.3 3,252.4 3,524.1 3,277.4 3,692.4 3,344.3 3,659.7 3,516.4 3,719.7 1,087.8 1,153.6 Taxes on income and profit 2,385.9 2,584.6 2,680.8 637.7 601.7 786.4 504.0 692.5 634.2 811.4 542.4 692.8 81.3 210.2 Social security contributions 5,272.5 5,473.9 5,720.6 1,365.3 1,339.5 1,353.4 1,357.7 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 456.2 451.3 Taxes on payroll and workforce 20.2 19.7 19.8 5.4 4.5 4.9 4.6 5.6 4.8 5.1 4.8 5.2 1.8 1.3 Taxes on property 244.2 237.8 255.2 96.2 26.9 41.7 85.2 84.1 27.2 46.3 104.5 77.2 25.5 29.4 Domestic taxes on goods and services 5,191.2 5,347.1 5,432.9 1,369.7 1,246.0 1,322.2 1,305.9 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 517.4 443.3 Taxes on international trade & transactions 77.7 82.5 81.9 21.1 21.3 21.5 20.2 19.6 22.3 19.8 20.8 19.0 7.0 6.6 Other taxes -0.2 0.6 48.7 -4.1 12.5 -6.0 -0.2 -5.8 27.0 -11.7 -10.8 44.2 -1.4 11.4 Non-tax revenues 1,185.4 956.2 962.9 279.4 161.2 232.7 318.8 243.5 167.5 289.0 286.3 220.2 111.8 107.3 Capital revenues 51.4 96.3 95.8 17.8 10.8 16.2 26.2 43.2 14.7 17.5 21.2 42.4 11.1 6.7 Grants 18.9 12.2 10.3 2.3 2.3 1.7 4.7 3.4 1.3 1.8 5.7 1.5 0.3 0.5 Transferred revenues 4.5 20.6 51.1 2.4 1.2 0.3 19.3 -0.2 0.7 0.0 50.0 0.3 19.1 0.1 Receipts from the EU budget 1,040.3 882.4 480.5 475.2 207.9 197.5 217.9 259.1 157.3 140.8 5.0 177.4 80.2 57.8 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,751.2 16,956.4 16,492.1 4,498.5 4,290.6 3,980.9 3,974.9 4,710.0 4,223.2 3,882.0 3,985.6 4,401.4 1,406.9 1,263.5 Current expenditures 7,042.1 7,168.4 7,406.2 1,845.9 1,969.7 1,678.3 1,608.5 1,912.0 1,977.9 1,774.3 1,733.2 1,920.7 529.9 525.5 Wages, salaries and other personnel expenditures 3,610.4 3,610.2 3,785.4 898.9 923.7 903.4 875.0 908.2 925.4 970.7 928.6 960.8 295.9 287.5 Expenditures on goods and services 2,232.3 2,311.2 2,371.3 615.6 502.5 558.9 546.1 703.7 535.5 552.6 569.3 713.9 200.0 172.4 Interest payments 1,097.4 1,042.6 1,074.2 292.6 497.2 178.4 148.0 218.9 489.5 181.5 206.1 197.1 22.5 52.7 Reserves 102.1 204.4 175.3 38.9 46.2 37.6 39.5 81.1 27.5 69.6 29.2 48.9 11.6 12.9 Current transfers 7,591.9 7,540.1 7,698.4 1,876.1 1,936.5 1,863.9 1,899.4 1,840.3 1,974.0 1,896.0 1,918.5 1,910.0 728.3 584.5 Subsidies 467.4 399.0 396.8 110.2 201.2 79.1 47.7 71.0 186.4 78.4 42.9 89.0 17.8 14.4 Current transfers to individuals and households 6,335.0 6,370.8 6,494.8 1,552.3 1,564.2 1,592.7 1,657.7 1,556.2 1,604.7 1,619.1 1,678.9 1,592.1 636.7 510.8 Current transfers to non-profit institutions, other current domestic transfers 714.3 713.8 727.1 188.8 156.5 180.5 186.0 190.7 167.5 179.3 186.8 193.6 71.4 58.4 Current transfers abroad 75.2 56.5 79.7 24.7 14.5 11.6 8.1 22.3 15.4 19.2 9.8 35.3 2.4 0.8 Capital expenditures 1,444.4 1,520.0 785.2 578.2 175.3 285.2 350.4 709.1 98.6 115.5 213.6 357.5 116.0 111.6 Capital transfers 270.0 295.0 174.9 116.2 37.9 58.7 60.8 137.5 32.9 26.9 23.7 91.4 16.0 16.6 Payments to the EU budget 402.9 432.9 427.4 82.1 171.1 94.8 55.8 111.2 139.9 69.3 96.6 121.7 16.6 25.3 SURPLUS / DEFICIT -1,259.2 -1,242.3 -651.3 -230.0 -654.8 -8.4 -110.6 -468.6 -537.4 226.9 -101.0 -239.9 -96.5 62.5 Source of data: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. 47Slovenian Economic Mirror, No. 3/2017 Statistical Appendix 2015 2016 2017 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 1,227.9 1,429.6 1,388.0 1,423.9 1,329.1 1,179.0 1,177.6 1,352.7 1,391.7 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,500.3 1,444.7 1,190.3 1,135.8 1,367.4 1,245.3 1,323.2 1,234.0 1,132.3 1,145.5 1,299.8 1,297.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,339.8 1,428.6 1,148.3 1,036.0 1,287.9 1,178.2 1,226.3 1,176.4 1,080.9 1,086.9 1,244.9 1,217.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,259.8 1,330.4 1,093.1 212.5 206.9 228.6 257.0 214.8 212.6 206.8 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 450.3 453.5 457.4 512.4 465.0 460.6 469.4 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 1.5 2.0 1.6 2.0 1.7 1.7 1.5 1.5 1.8 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9 1.6 30.3 32.8 30.3 21.0 11.6 9.0 6.6 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 15.8 11.0 7.5 345.1 582.2 454.4 436.5 462.9 393.8 376.9 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 6.5 7.3 5.8 6.5 6.7 7.7 7.9 7.2 6.2 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1 7.2 -10.2 3.3 0.0 -9.1 13.7 -4.5 17.8 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.1 63.5 -50.8 99.7 79.5 67.1 96.9 57.6 51.3 58.6 54.9 80.7 153.4 56.6 148.7 80.9 66.1 74.2 79.9 98.2 55.3 8.3 9.6 19.9 13.6 4.8 6.0 3.9 6.5 4.7 6.3 7.2 5.6 8.4 5.6 9.8 27.0 5.4 4.4 3.9 0.1 0.7 2.6 0.2 0.3 0.8 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.4 0.2 0.2 0.1 0.1 -0.5 0.2 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0 0.0 79.9 52.3 122.5 84.3 90.2 40.4 26.8 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.0 10.5 37.4 1,304.6 1,439.9 1,410.3 1,859.8 1,302.6 1,416.7 1,504.0 1,259.8 1,306.7 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,642.8 1,451.7 1,310.4 553.1 634.1 574.1 703.9 617.6 641.3 719.0 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 672.1 648.7 594.5 291.5 296.1 296.5 315.6 305.8 308.4 311.2 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 317.7 317.3 173.7 181.7 190.2 331.9 157.6 178.2 199.7 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.0 176.3 170.7 72.8 141.5 72.5 5.0 143.6 145.0 200.9 98.2 77.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4 96.0 15.0 14.8 14.9 51.4 10.5 9.7 7.3 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.0 5.3 10.5 586.6 581.8 601.2 657.3 615.9 654.7 703.4 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 674.7 724.5 636.0 15.5 14.0 15.6 41.4 30.6 54.2 101.7 12.4 46.2 19.8 10.3 11.2 21.5 18.5 27.8 42.7 91.1 62.3 510.1 507.5 517.8 531.0 529.0 534.0 541.6 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.2 541.5 542.3 56.2 57.8 54.1 78.8 47.4 63.7 56.4 55.0 56.9 67.4 66.4 62.0 58.4 55.8 62.5 75.3 86.5 28.4 4.8 2.5 13.8 6.1 8.9 2.8 3.7 12.1 4.1 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5 3.0 122.8 166.9 153.2 389.0 25.8 34.3 38.5 33.2 37.3 45.0 70.4 75.7 67.5 68.5 86.2 202.8 35.7 37.1 28.2 29.7 40.7 67.1 9.8 14.4 8.7 9.4 5.9 11.6 7.5 6.6 9.6 30.2 20.9 40.3 10.0 5.7 13.8 27.5 41.2 42.5 33.6 71.9 34.4 20.6 29.2 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8 37.2 -76.6 -10.4 -22.3 -435.9 26.6 -237.7 -326.3 92.9 85.0 49.1 -213.0 77.3 34.7 -13.1 -84.3 -142.5 -7.0 -120.1 48 Slovenian Economic Mirror, No. 3/2017 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BAMC – Bank Asset Management Company, BoS – Bank of Slovenia, CPI – consumer price index, DV – Value added, EBA – European Banking Authority, EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization, ECB – European Central Bank, EIA – Energy Information Administration, EK – European Commission, ESI – Economic Sentiment Indicator, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EUROSTAT – Statistical Office of the European Union, FED – Federal Reserve System, GD – gospodarske družbe, GURS – Surveying and mapping Authority of the Republic of Slovenia, HICP – Harmonised Index of Consumer Prices, IC – Interest Coverage, ICT – Information and Communication Technology, IEA – International Energy Agency, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, MGRT – Ministry of Economic Developement and Technology, MSP – micro, small and medium-sized enterprises, MZI – Ministry of Infrastructure, NFI – Non-monetary Financial Institutions, OPEC – Organization of Petroleum Exporting Countries, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers Index, PPI – Producer Price Index, RS – Republic of Slovenia, SITC – Standard International Trade Classification, SKD – Standard Classification of Activities, SMA – Securities Market Agency, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TSA – Treasury Single Account, UL – Official Gazette , ULC – Unit Labour Costs, USD – US Dollar, VAT – value added. Acronyms Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. No. 3, Vol. XXIII, 2017