.^'IMAD O fü Q) £ u £ o o Ü) o u 0) >< "(5 VID m CD fN cu C Slovenian Economic Mirror ISSN 1318-3826 No. 6 / Vol. XIX / 2013 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Matevž Hribernik Authors of Current Economic Trends (listed alphabetically): Jure Brložnik, Gonzalo Caprirolo, MSc, Janez Dodič, Marjan Hafner, MSc, Matevž Hribernik, Slavica Jurančič, Mojca Koprivnikar Šušteršič, Janez Kušar, Urška Lušina, MSc, Jože Markič, PhD, Helena Mervic, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Ana T. Selan, MSc, Dragica Šuc, MSc Author of Selected Topic: Matevž Hribernik (Slovenia's world competitiveness according to the IMD 2013) Editorial Board: Lidija Apohal Vučkovič, Marijana Bednaš, MSc, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation and Graphs: Bibijana Cirman Naglič, Marjeta Žigman Concept and Design: Katja Korinšek, Pristop DTP: Bibijana Cirman Naglič Print: SURS 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.............................................................................................................................8 Labour market..................................................................................................................................................................12 Prices..................................................................................................................................................................................14 Balance of payments.......................................................................................................................................................17 Financial markets.............................................................................................................................................................18 Public finance....................................................................................................................................................................20 Boxes Box 1: Real estate market - Q1 2013............................................................................................................................10 Selected topics Slovenia's world competitiveness according to the IMD 2013................................................................................25 Statistical appendix.....................................................................................................................................................27 On 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, which includes the entire European classification of activities but also adds some national subclasses, came into force on the mentioned date. In the Slovenian Economic Mirror, all analyses are based on the SKD 2008, except when the previous SKD 2002 classification is explicitly referred to. More general information about the introduction of the new classification is available on the SURS website http://www.stat.si/eng/ skd nace 2008.asp. All seasonally adjusted data in the Economic Mirror are calculations by IMAD. In the spotlight Short-term indicators of economic activity and confidence indicators indicate a continuation of low economic activity in the euro area. In April industrial production in manufacturing and construction output increased, while turnover in retail trade declined again and labour market conditions continued to deteriorate. In recent months confidence indicators for the euro area have improved slightly, but they still indicate a continuation of low economic growth in the second quarter of this year. The ECB also revised down its forecasts for this year's euro area GDP growth and Consensus forecasts are lower again. In Slovenia the values of some short-term indicators of economic activity have improved slightly in recent months. Real merchandise exports and manufacturing output (seasonally adjusted) rose further in April after growth in the first quarter. Some industries that are primarily oriented to the domestic market also recorded higher activity last month, albeit still lower than in the same period last year. After a longer period of decline, activity thus increased in construction, particularly in the construction of non-residential buildings. Turnover in service activities, wholesale trade and in the sale of motor vehicles was also up, while turnover in retail trade remained unchanged from the previous month. June recorded a further improvement in the sentiment indicator, but it remained at a much lower level than before the crisis. Labour market conditions have remained tight in recent months; the average gross earnings per employee remained unchanged in April (seasonally adjusted). The number of employed persons according to the statistical register did not change significantly in April, but it was 3.2% lower than in the same month of 2012. April's registered unemployment rate also stayed similar to that in March (13.2%, seasonally adjusted). Registered unemployment otherwise rose, though less than in preceding months (by 0.3%, seasonally adjusted), so that 118,576 persons were registered in the unemployment register at the end of May. The average gross earnings in the private and public sectors remained unchanged in April. In the private sector they have stagnated since the end of 2011, while in the government sector they maintain the level recorded after the enforcement of the Fiscal Balance Act (ZUJF) in the middle of last year. Consumer prices did not change in June, while year-on-year growth rose to 1.9%. Monthly growth was marked primarily by seasonal factors, but they had a slightly smaller influence on price growth than in previous years. Besides seasonal factors, monthly growth was also impacted by slightly higher prices of liquid fuels and lower gas prices. Higher year-on-year inflation is mainly a consequence of higher prices of unprocessed food than in the same period last year and the effect of previous price movements (base effect). According to Eurostat's flash estimate, year-on-year inflation in the euro area stood at 1.6%. In May the situation in the Slovenian banking system remained tight. Lending activity continues to decline, as in May loans to non-banking sectors fell by around EUR 200 m, mainly as a result of further corporate, NFI and household deleveraging. In the first five months of this year loans to domestic non-banking sectors thus declined by around EUR 850 m. Liquidity pressures related to maturing foreign liabilities increased slightly in May, but pressures caused by the outflow of household deposits remained, while government deposits rose significantly as a result of the issue of two US dollar bonds. The quality of banks' assets continues to deteriorate. ■o £ Q) E o £ 0 u 01 £ 01 3 U International environment Short-term indicators of economic activity and confidence indicators indicate a continuation of low economic activity in the euro area. In April industrial production in manufacturing rose by 1.0% (seasonally adjusted) and construction output by 2.0%. Turnover in retail trade declined again (by 0.6%), reaching the lowest level since 2009. The latter is also attributable to the adverse situation on the labour market, as the unemployment rate in the euro area increased further in April (12.2%). Confidence indicators have otherwise improved slightly in the last two months (ESI, PMI,1 Ifo and ZEW for Germany). The manufacturing PMI still indicates a contraction of activity in Slovenia's main trading partners. Uncertain expectations regarding the recovery are also reflected in the forecasts, given that the ECB predicted a 0.6% decline of activity in the euro area for this year (between -1.0% and -0.2%) and Consensus forecasts were down again. Figure 2: Yields on ten-year government bonds Figure 1: Manufacturing PMI —■—EMU -Germany -----Italy -----France 65 - Austria 60 55 40 35 vi ......i.............i......\.....J ' V 1 iV« j i 1 i 1 j ^r............. 'f jSj............... <■.............!•• 1 16 14 10 Source:Bloomberg. June. The Fed announced that it would keep interest rates low and bring bond purchases2 to a halt by the end of 2014. The three-month EURIBOR rate has moved around 0.2% since the beginning of the year (in June 0.210%). Year-on-year it was down 45 basis points. The 3-months USD and CHF LIBOR rates also remained practically unchanged, at 0.28% and 0.03% respectively. The euro gained value against the US dollar again in June and approached this year's highs. The value of the euro rose by an average of 1.6% against the US dollar in June, to USD 1.319 per euro, the most in the last four months. The euro also appreciated against the British pound sterling (by 0.5% to GBP 0.856 per euro), while depreciating against the Japanese yen (by 2.1% to JPY 128.40 per euro) and the Swiss franc (by 0.8% to CHF 1.232 per euro). Source: Markit Economics. Note: PMI readings above 50 signal an increase production, while readings below 50 indicate a decrease. In most euro area countries the required yields on government bonds rose in June. After several months of decline, the yields on bonds of the most vulnerable euro area countries increased again (between 40 and 85 basis points), but remained lower than at the end of last year. The yields of countries with the highest credit rating (AAA) also rose, but the spread between the yields on government bonds of the exposed countries and German benchmark bonds was nevertheless again somewhat higher. Interbank interest rates in the euro area did not change much in June and remain very low. The key interest rates of main central banks (ECB, Fed, BoE, BoJ) were left unchanged in Dollar prices of oil have been less volatile in recent months, while industrial commodity prices keep declining. Dollar prices of Brent crude were up 0.4% to USD 102.9 in June, moving around this value for the third consecutive month. Oil prices in euros were also relatively stable, down 1.2% to EUR 78.3 a barrel in June. Oil prices in dollars were up 8.2% year-on-year, prices in euros up 2.5%, which can mainly be attributed to a significant oil price decline in June 2012. According to the most recent IMF figures, dollar prices of non-energy commodities fell slightly in May for the third month in a row. Having declined by as much as 14.0% since February, metal prices again made the greatest contribution to the decline (-3.9%). Food prices were up 2.0% in May. Based on provisional data, non-energy commodity prices are estimated to have declined further in June, particularly metal prices. 1 Purchasing Managers Index. 2 Quantitative easing 3. 12 8 6 4 2 0 50 45 30 Figure 3: Commodity prices in dollars -Brent crude -----Metals -Food -----Agricultural commodities 160 ti 140 Source: IMF, EIA; calculations by IMAD. Economic developments in Slovenia In Slovenia the values of some short-term indicators of economic activity have improved slightly in recent months. Real merchandise exports and manufacturing output (seasonally adjusted) rose further in April after growth in the first quarter. Some industries that are primarily oriented to the domestic market also recorded higher activity last month, although still lower than in the same period last year. After a longer period of decline, activity thus increased in construction, particularly in the construction of non-residential buildings. Turnover in service activities, wholesale trade and in the sale of motor vehicles was also up, while turnover in retail trade remained unchanged from the previous month. Figure 4: Short-term indicators of economic activity !? 120 90 E? 80 70 ^^ 60 ^^ 50 iT 40 30 - Merchandise exports - Industrial production in manufacturing ■ Construction put in place Turnover in retail trade June recorded a further improvement in the sentiment indicator, but it remained at a much lower level than before the crisis. Table 1: Selected monthly indicators of economic activity in Slovenia in % 2012 IV 13/ III 13 IV 13/ IV 12 I-IV 13/ I-IV 12 Exports' 1.7 0.1 9.4 4.0 -goods 0.9 1.1 8.9 3.2 -services 5.3 -4.0 11.7 8.2 Imports' -2.0 0.6 1.6 -2.2 -goods -2.3 0.3 1.3 -2.6 -services -0.1 3.0 3.4 0.8 Industrial production -1.2 1.32 -1.13 -0.83 -manufacturing -2.4 2.82 -1.43 -1.93 Construction -value of construction put in place -16.8 3.82 -19.33 -22.93 Real turnover in retail trade -2.3 -0.12 -3.73 -4.73 Nominal turnover in market services (without trade) -2.9 1.72 -0.83 -1.93 Sources: BS, Eurostat, SURS; calculations by IMAD. Notes: 'balance of payments statistics, 2seasonally adjusted, 3working-day adjusted data. Real merchandise exports are estimated to have increased further in April (seasonally adjusted), being up 2.3% in the first four months as a whole.3 With nominal merchandise exports to the EU and former Yugoslav republics remaining down year-on-year, overall growth continues to be driven by exports to other markets, which can be explained by a gradual reorientation of enterprises towards faster-growing markets. Looking at Figure 5: Nominal exports of the five largest industries4 -Man. of basic phar. products and prep. -Man. of chemicals, chem. prod. -----Man. of electrical equip. -Man. of metals -Man. of motor vehicles, trailers and semi-trailers 150 ji jš jš ji Source: SURS; calcualtions by IMAD. E5 ji ji Source: SURS; calculations by IMAD. 3 The estimate of real merchandise exports has been made on the basis of nominal exports according to the external trade statistics and industrial producer prices on the foreign market. Data on the structure of merchandise trade are available only for the first three months. 4 These five industries accounted for half of total merchandise exports in the first quarter. main product groups, only the pharmaceutical industry and the manufacture of metal products report year-on-year g rowth this year, while exports of the manufacture of motor vehicles, metal and rubber products remain below the 2012 level. The latter also holds true for exports of almost all low-technology industries. Re-export activity remains an important contributing factor to overall growth in merchandise exports this year. Real merchandise imports also rose slightly in April (seasonally adjusted), according to our estimate, but in the first four months as a whole they were down somewhat year-on-year (-0.6%).5 The substantially smaller decline than in previous years is attributable to imports of investment equipment for the construction of an energy facility, in contrast to imports of intermediate goods, which fell more than last year due to lower imports of fuels in particular. Figure 6: Breakdown of imports by end-use product groups ■ Consumer goods Bintermediate goods Unvestment goods 2 Q1 12 Q2 12 Q312 Q412 Q1 13 Source: SURS; calcualtions by iMAD. After the strong increase in March as a result of one-off factors, nominal exports of services declined in April; imports also fell again, seasonally adjusted.6 The decline in services exports (-9.3%) is largely a consequence of lower exports of other business services, which had otherwise increased noticeably in March. Exports of transport and other7 services also dropped, while exports of travel rose. The continued decline in services imports (-1.8%) results from lower imports of transport, travel and other services. Only imports of other business services were up. In the first four months of this year, exports were up 8.2% year-on-year, imports up 0.8%. 5 The estimate of real imports is based on nominal imports according to the external trade statistics and the index of import prices. Data on the structure of merchandise trade are available only for the first three months. 6 According to the balance of payments statistics. 7 When adjusting data for seasonal effects, we placed communication, construction, financial, computer and information activities, personal service activities, arts, entertainment and recreation activities, government services, insurances and licences, patents and copyrights into the group of other services. Together, they account for just over a tenth of services exports and almost a third of services imports. Figure 7:Trade in services - nominal -Exports of services -Imports of services 450 350 250 Source: BS; calcualtions by IMAD. The Slovenian global market share rose in the first quarter (1.7%) mainly due to an increase in the market share in the EU. After the decline in 2012, growth in the market share in the EU (2.8%) mainly resulted from increases in Slovenia's market shares in Italy, Austria and Germany, amid a moderate decline in France (to -2%; -18.7 in 2012 as a whole). Among other main EU markets, Slovenia increased its market shares in the Czech Republic and Poland, while its market shares in Hungary and the United Kingdom continued to fall. After a deeper decline in 2012, the market shares in main trading partners outside the EU also increased in the first quarter of this year, primarily on account of growth on the Russian and Macedonian markets. In contrast, market shares in Croatia, Serbia, Bosnia and Herzegovina and the US declined. Figure 8: Change in market shares in main trading partners in the first quarter of 2013 10 -10 -15 ■III.J . ■ 33,1 11 ■ M 11 -OD ra m I- IZ m ;d D D Q - Source: SURS, Eurostat, WIIW, WTO, U.S.Census Bureau; calculations by IMAD. 4 3 ii 1 0 -1 ■i^ -2 -3 -4 -5 5 0 -5 Box 1: Real estate market - Q1 2013 In the first quarter the number of dwellings sold continued to fall. After the decline in transactions in 2012 as a whole, consumers continued to delay dwelling purchases at the beginning of the year because of the deteriorated and uncertain economic situation and in anticipation of lower prices. According to SURS data, the number of all dwellings sold (new and second-hand flats and family houses) declined further in the first quarter (to 1383) and was the lowest after hitting the bottom in the first half of 2009. The number of transactions in second-hand flats (which account for around two thirds of all dwelling transactions) declined again in the first quarter after growing in the final quarter of 2012, and was 41.2% lower than the peak value in 2007. The number of transactions in new flats increased slightly, but remained very low. In the first quarter dwelling prices remained at the lowest level since 2008. With a decline in transactions, dwelling prices remained similar to those at the end of last year, according to SURS data. After a considerable decline in the final quarter of last year, prices of both new and second-hand flats rose somewhat, but were still down year-on-year. Prices of houses (new and second-hand) declined further, reaching the lowest levels since 2008. Figure 9: Transactions in second-hand and newly built flats and houses -Transactions in second-hand flats -Transactions in new flats ■ Transactions in second-hand houses ----Transactions in new houses O O O O Source: SURS; calculations by IMAD. Figure 10: Prices of second-hand and newly built flats and houses ä; 95 c^- 90 85 - Prices of second-hand flats - Prices of new flats Prices of second-hand houses ----Prices of new houses a a a a Source: SURS; calculations by IMAD. Production volume in manufacturing continued to rise in April after first quarter growth. April's growth was again mainly underpinned by industries of higher technology intensity and medium-low-technology industries. Production in low-tech industries, where the decline had eased at the beginning of the year, remained at the level of March (seasonally adjusted). In the first four months production volume in manufacturing stayed down year-on-year. In most industries the decline deepened relative to the same period last year, on average, the most in low-tech industries, where production was down 7.9% year-on-year (1.1% in the same period last year). Production volume was up year-on-year only in the chemical and pharmaceutical industry, the manufacture of ICT and electrical equipment and in the metal industry. Construction activity rose slightly in April. Construction put in place declined strongly in the first quarter, then rose by 3.0% in April despite unfavourable weather conditions. In the last year it has dropped the most in residential construction and the least in civil engineering. The value of the stock of contracts in construction increased at the beginning of this year. In April it was up 9.2% year-on-year (down 14.9%, on average, in 2012 as a whole). The indicator of total orders also increased at the beginning of the year, according to data on business trends in construction. In May and June the value of this indicator rose further, reaching the highest level since 2008 (the beginning of the crisis). The strengthening of contracts and orders reflects an increase in civil engineering, which we estimate is related to government investment. 80 Figure 11: Production volume in manufacturing industries according to technology intensity -----Low-technology industries —■— Medium-low-technology industries Figure 13: Turnover in trade sectors - Medium-high and high-technology industries • Predelovalne dejavnosti Source: SURS; calculations by IMAD. Figure 12: Value of construction put in place 120 100 80 60 40 Total Residential buildings Non-residential buildings Civil-engineering works Source: SURS; calculations by IMAD. In April turnover in retail trade stayed at the low level recorded in March, while turnover in wholesale trade and in the sale of motor vehicles rose slightly, seasonally adjusted, after the decline in the first quarter. Real turnover in retail trade, which in April remained the lowest since 2008, dropped further in the sale of food, beverages and tobacco products. It rose slightly in stores selling nonfood products and in the sale of motor vehicles, where it was still down year-on-year. After the decline in the first quarter, turnover in wholesale trade and in the sale and repair of motor vehicles rose somewhat in April. Turnover in the latter was up year-on-year for the first time in almost one and a half years, primarily due to increased sales of new passenger cars to legal entities. giio n105 ; 100 - Retail trade, real of which Automotive fuels, real ■ Sale, repair of motor vehicles, real -Wholesale trade, nom. 70 65 i / i/» A // * ' 1 / » i - \ Y A y ..f.... \ / 1 Source: SURS; calculations by IMAD. Nominal turnover in market services (excluding trade)8 rose slightly in April (seasonally adjusted), but remained on a downward trend as seen in the last year and a half. In April turnover increased in most main market services, being up year-on-year in transportation and storage, professional-technical and other business services. The strongest growth was recorded in employment services (6.3% in April, seasonally adjusted; 12.4% year-on-year), which make it possible for employers to be more flexible in meeting staffing needs in uncertain economic conditions. Despite April's improvement, turnover was higher than before the pre-crisis year 2008 only in transport services, with all other services recording a declining trend in the last year and a half. In April Figure 14: Nominal turnover in market services (excluding trade) -Total -Transportation and storage (H) -----Communication activ. (J) -----Professional, technical activ. (M) 110 ra 105 -----Accommodation and food service activities (I) Source: SURS; calculations by IMAD. 8 Activities from H to N (SCA 2008) subject to the Council Regulation (EC) No. 1165/98 concerning short-term statistics. 95 r 90 85 ® 80 75 20 0 turnover fell, seasonally adjusted, only in information-communication services, where nearly half of turnover is generated by telecommunication services. The volume of telecommunication services otherwise keeps rising, but prices decline.9 Household consumption indicators continue to deteriorate, as are consumer expectations. The decline in the net wage bill, having started at the beginning of last year, continued in May (by 0.3%, seasonally adjusted). The wage bill thus dropped to the 2008 average. In addition to a further decline in real turnover in the durable goods sector,10 turnover in the sale of food, beverages and tobacco products also fell in April, seasonally adjusted, indicating that households are also reducing the consumption of basic and not only durable goods. On the other hand, first passenger car registrations increased in May (by 7%, seasonally adjusted), but remained 5% lower year-on-year. In the first five months of the year, households made net repayments of consumer loans (EUR 88 m; EUR 100 m in the same period last year). Consumer expectations declined again in the second quarter, as the consumer confidence indicator deteriorated by 5 percentage points compared with the first quarter. lowest values were recorded by the consumer confidence indicator and the confidence indicator in construction, although the latter has been improving significantly since October. Figure 16: Business trends -Economic sentiment -----Retail trade — Construction 40 cu 30 > ro IJ 20 10 0 E r^^ -10 CU D ■?; -20 > -30 != -40 -50 -60 - Manufacturing - Service activ. Consumers n -70 ..........i A J ......i 1 « 'x/ \ t Y^ '/f \ /i ; ___<- ' -—■ • / 1 a/ \ y ; .„•„............ 1 y • 1 • Figure 15: Short-term indicators of household consumption -No. of first passenger car registrations by natural persons (left axis) -----Net wage bill (left axis) -Turnover in the sale of durable goods (left axis) -Turnover in the sale of food, beverages and tobacco (left axis) - Consumer confidence indicator, seasonally adjusted (right axis) 110 100 90 80 c^- 70 60 50 40 30 ----- --- -A \V ■ /-V --■s \ :..........u. j \ '............1............! V .............i............i 10 -10 -20 -30 -40 -50 -60 -70 Source: SURS, MZIP; calculations by IMAD. In June the sentiment indicator continued to improve, but remained negative. The indicator value rose significantly in retail trade and once again slightly in manufacturing. The 9 In the first quarter of 2013 voice traffic from fixed locations declined by 4.0% year-on-year, but voice traffic of mobile telephony (which has 3.5 times higher traffic than fixed telephony) increased by 2.6%; the number of broad-band internet connections also rose (by 2.9%). Given that the prices of telephone services and products were down 3.9%, nominal turnover declined by 0.4%. In April prices were down 2.3% year-on-year, while nominal turnover declined by 0.8%. 10 Turnover in the sale of furniture, household appliances, construction material and audio/video recordings in specialised stores. Source: SURS; calculations by IMAD. Labour market The labour market situation remains unfavourable. The number of employed persons according to the statistical register11 did not change notably in April, but it was 3.2% lower year-on-year. It fell relatively the most in Figure 17: Employed and registered unemployed persons 860 -Employed according to the statistical register (left axis) -Registered unemployed (right axis) 230 130 110 S 90 70 S^ 50 Source: SURS, ESS; calculations by IMAD. 11 Employed and self-employed persons, excluding self-employed farmers. 0 public services, but it also declined in manufacturing, while rising in the construction sector for the second consecutive month after a longer period of decline. The registered unemployment rate, which has otherwise been rapidly rising since the end of last year, did not increase substantially in April (by 0.1 percentage points to 13.2%, seasonally adjusted). In May the number of registered unemployed increased less (0.3%, seasonally adjusted) than in previous months. A total of 118,576 persons were registered as unemployed at the end of May. In the first five months 7,248 persons registered anew, 18.7% more than in the same period last year, which is mainly a result of a larger inflow of those who lost fixed-term employment (4,917 persons or 24.5%). This inflow was particularly pronounced at the beginning of the year. The number of first-time jobseekers also rose (1,934 persons or 52.8%), of young people in particular, who, as a vulnerable group, find it increasingly difficult to find employment under the tightening labour market conditions. The outflow from the register was 1.7% (775 persons) larger than in the same period last year. Slightly more people found work (2,496 persons or 9.1%), mainly due to the government playing a greater role in the implementation of active employment policy programmes, particularly public works (1,203 persons, 55.5% more). The number of persons deregistered for breaches of regulations was one fifth lower (down 1,675) and there were fewer transitions into inactivity, particularly into retirement (down 754). Table 2: Indicators of labour market trends in % 2012 IV 13/ III 13 IV 13/ IV 12 I-IV 13/ I-IV 12 Labour force -1.5 0.2 -1.3 -1.4 Persons in formal employment -1.7 -0.1' -2.9 -2.9 Employed in enterprises and organisations and by those self-employed -1.6 0.2 -3.4 -3.4 Registered unemployed -0.5 0.3^ 11.0 9.5 Average nominal gross wage 0.1 -0.3^ -0.2 -0.8 - private sector 0.5 -0.1' 1.2 0.2 - public sector -0.9 0.0^ -2.1 -2.3 -of which general government -2.2 -0.1' -3.4 -3.7 2012 IV 12 III 13 IV 13 Rate of registered unemployment (in %), seasonally adjusted 12.0 11.7 13.2 13.2 Average nominal gross wage (in EUR) 1,525.47 1,519.12 1,520.08 1,516.82 Private sector (in EUR) 1,395.84 1,377.90 1,400.93 1,394.00 Public sector (in EUR) 1,762.88 1,776.84 1,736.33 1,739.78 -of which general government (in EUR) 1,761.15 1,787.41 1,721.15 1,725.77 Sources: ESS. SURS; calculations by IMAD. Note: 1seasonally adjusted. Table 3: Persons in formal employment by activity The average gross earnings in the private sector and public sector12 remained unchanged in April, seasonally adjusted. In the private sector they have stagnated Figure 18: Average gross earnings per employee -Private sector -Public sector -of which, general government sector 1,900 1,800 1,700 --- -of which, public corporations !" 1,600 ji^ 1,500 1,400 1,300 1,200 Source: SURS. Number in '000 Change in Number 2012 IV 12 III 13 IV 13 2012/ 2011 IV 13/ III 13 IV 13/ IV 12 I-IV 13/ I-IV 12 Manufacturing 182.9 184.4 177.9 177.5 -1,919 -348 -6838 -6,793 Construction 59.8 61.7 52.4 54.0 -8,047 1,618 -7,759 -8,320 Market services 338.4 339.8 332.2 332.4 -3,805 245 -7,400 -8,172 -of which: Wholesale and retail trade, repair of motor vehicles and motorcycles 107.8 108.5 105.5 103.7 -1,848 -1,775 -4,796 -3,521 Public services 171.6 172.8 170.2 170.2 1,438 -4 -2,574 -1,886 Public administration and defence, compulsory social security 50.7 51.1 49.2 49.3 -650 56 -1,847 -1,672 Education 65.5 66.1 65.7 65.5 778 -125 -549 -326 Human health and social work activities 55.4 55.6 55.3 55.4 1,311 65 -178 112 Other 57.3 58.2 57.4 58.9 -1,632 1,422 657 1,583 Source: SURS; calculations by IMAD. 12 As of June 2012, we only comment on data on earnings in the private sector and public sector (within the latter, particularly in the general government), and only exceptionally on earnings in activities of the private sector and in public service activities; for more see SEM 06/12, Selected Topics - Monitoring the movements of wages and wage earners in the public and private sector. Table 4: Earnings by activity Gross wage per employee, in EUR Change, in % 2012 IV 2013 2012/2011 IV 13/ III 13 IV 13/ IV 12 I-IV 13/ I-IV 12 Private sector activities (A-N; R-S) 1,463.64 1,461.39 0.8 -0.4 1.0 0.2 Industry (B-E) 1,444.29 1,459.02 2.5 -0.6 4.2 2.5 - of which manufacturing 1,397.25 1,414.76 2.5 -0.3 4.4 2.3 Construction 1,205.65 1,179.28 -2.5 0.7 -2.2 -2.3 Traditional services (G-I) 1,354.04 1,357.59 0.3 0.9 -0.2 -0.5 Other market services (J-N;R-S) 1,713.36 1,678.71 -0.3 -1.5 -1.7 -1.8 Public service activities (O-Q) 1,710.91 1,680.39 -2.2 0.3 -3.2 -3.5 - Public administration and defence, compulsory social security 1,752.03 1,724.64 -1.8 0.5 -2.2 -2.4 - Education 1,676.80 1,638.04 -3.3 0.0 -4.2 -5.1 - Human health and social work activities 1,712.37 1,690.49 -1.3 0.5 -3.0 -2.5 Source: SURS; calculations by IMAD. since the end of 2011, while in the government sector they maintain the level recorded after the enforcement of the ZUJF in the middle of last year. In the first four months gross earnings per employee in the private sector remained basically unchanged year-on-year, while in the public sector they remained lower than in the same period last year due to a decline in the general government sector. In real terms private and public sector earnings have been down year-on-year for over a year (first four months; private sector -1.9%, public sector -4.3%, of which government sector -5.7%). The wage growth gap between individual groups of activities seen from the beginning of the crisis is widening. The response of all groups of activities to the crisis was immediate and one-off, mainly by reducing overtime work. Earnings thus dropped at the beginning of 2009, only to see faster growth again due to changes in employment structure, but even more so due to the increase in the minimum wage at the beginning of 2010. Since then the wage growth gap between individual groups Figure 19: Gross earnings per employee, groups of private sector activities 120 .!5 E 100 90 ■ Industrija (B-E) -Gradbeništvo (F) -Tradic. tržne stor. (G-I) ■ Ostale tržne stor. (J-N;R-S) of activities has been widening, particularly in the last year. In April this year gross earnings per employee in industry (B-E) were thus 20.1% higher , seasonally adjusted, than in the second quarter of 2008 (i.e. before the beginning of the crisis); in traditional market services (G-I) 9.6% higher; in construction and other market services (J-N; R-S) 2.4% or 3.0% higher, respectively. Prices Consumer prices remained unchanged in June, but year-on-year inflation was up. Monthly growth was mainly marked by seasonal movements, but they were less pronounced than in previous years. Monthly growth increased due to higher prices of holiday packages (0.2 percentage points), while dropping because of lower prices of fruit and clothing and footwear (-0.2 percentage points). Besides seasonal factors, monthly growth was also impacted by slightly higher prices of liquid fuels Figure 20: Headline and core inflation in Slovenia and in the euro area 8 7 Slovenia HICP Slovenia HICP -core inflation Euro area HICP Euro area HICP -core inflation Vir: SURS, preračuni UMAR. Source: Eurostat 6 5 4 3 2 0 Table 5: Breakdown of the HICP into sub-groups - May 2013 Slovenia Euro area Cum. % Weight % Contribution in p.p. Cum. % Weight % Contribution in p.p. Total HICP 1.3 100.0 1.3 0.6 100.0 0.6 Goods 1.2 65.7 0.8 0.9 57.7 0.5 Processed food, alcohol and tobacco 0.6 16.1 0.1 0.9 12.0 0.1 Non-processed food 9.8 7.4 0.7 2.9 7.3 0.2 Non-energy industrial goods -0.1 27.9 0.0 0.7 27.4 0.2 Durables -1.3 9.7 -0.1 -0.3 8.8 0.0 Non-durables 0.1 8.8 0.0 0.8 8.0 0.1 Semi-durables 1.6 9.4 0.2 2.1 10.5 0.2 Energy 0.5 14.4 0.1 -0.3 11.0 0.0 Electricity for households 11.1 2.7 0.3 2.8 2.6 0.1 Natural gas 1.9 1.1 0.0 -0.3 1.8 0.0 Liquid fuels for heating -6.0 1.5 -0.1 -4.6 0.9 0.0 Solid fuels 2.0 0.9 0.0 1.2 0.1 0.0 District heating -1.7 0.9 0.0 -1.4 0.6 0.0 Fuels and lubricants -2.3 7.4 -0.2 -1.3 5.0 -0.1 Services 1.2 34.3 0.4 0.2 42.3 0.1 Services - dwellings 5.2 3.0 0.2 0.9 10.3 0.1 Services - transport 1.0 5.8 0.1 0.9 7.2 0.1 Services - communications -0.9 3.5 0.0 -2.3 3.1 -0.1 Services - recreation, repairs, personal care 1.1 13.9 0.2 -0.2 14.7 0.0 Services - other services 1.1 8.1 0.1 0.1 7.1 0.0 HICP excluding energy and non-processed food 0.7 78.2 0.5 0.5 81.7 0.4 Source: Eurostat; calculations by IMAD. Note: ECB classification and lower gas prices. Year-on-year inflation rose to 1.9% relative to the previous month, primarily as a consequence of higher prices of unprocessed food than in the same period last year, which made a larger contribution to year-on-year growth, and due to previous price dynamics (base effect). According to Eurostat's flash estimate, year-on-year inflation in the euro area stood at 1.6%. Figure 21: Breakdown of year-on-year inflation ■ Other ■ Services 1 Fuels and energy I Food Source: SURS; calculations by IMAD. In the first five months inflation (1.3%) was largely influenced by higher food and energy prices. Food prices, whose contribution to inflation increased in May due to the seasonally higher prices of unprocessed food, contributed 0.8 percentage points in the first five months (1.0 percentage point in the same period last year). Alongside food price rises, this year's growth was also impacted by higher prices of energy (0.2 percentage points), but these contributed much less than in the same period last year (0.8 percentage points) because of lower oil prices on global markets. Industrial producer price dynamics are moderate both on the domestic and foreign markets. In May domestic producer prices declined on the domestic and foreign markets compared with April, while their year-on-year growth remains modest. On the domestic market (0.1%) it is marked by higher prices in the manufacture of food products, where growth continues to slow (2.7%), and lower prices in the manufacture of metals (-3.9%). The latter also marked price growth on foreign markets (0.3%), in addition to higher prices in the manufacture of food products and more moderate price rises in the manufacture of transport vehicles. Import prices were down year-on-year again in May. Similar to previous month, May saw a decline in year-on-year growth (-1.3%), again as a result of lower prices in the manufacture of metals and metal products (-5.8%) in addition to the slower growth in the manufacture of food products (2.8%). 8 7 6 5 4 3 2 0 Figure 22: Movement of domestic producer prices of manufactured goods on the domestic and foreign markets -PPI (domestic) -----Mfr.of basic metals, fabricat. metal prod., exc. mach.,equip. (domestic) ---Mfr. of food products; beverages; tobacco products (domestic) -PPI (foreign) 20 16 12 8 Source: SURS. The price competitiveness of the economy deteriorated year-on-year again in April. The nominal effective exchange rate, which has increased steadily at the monthly level since September 201213 owing to the strengthening of the euro against the currencies of Slovenia's main trading partners, was also up year-on-year in April and in the first four months. At the same time, relative14 prices continued to grow compared with the same period last year. The real effective exchange rate measured by the HICP was therefore slightly higher in April and in the first four months (by 0.4% and 0.8%, respectively) after three years of continuing decline. Owing to higher growth in relative Figure 23: Real effective exchange rates of euro area countries deflated by the HICP, January - April 2013 ■ NEER ■HICP ♦REER HICP J Q U — (V I? 120 1^115 S3 110 !E 105 J4100 ^^ 95 (V ]i 90 85 - Social security contributions Personal income tax - Value added tax - Excise duties . J..... .......i ........... 1 1 1 ................. A, ft i: 1 A V ■ V V V .................i .................i -.. . ■J ' V v--., ■ X ........^ .......>......Vv' ........i................. i i............. - N^i r ........................, .................r.................r—^ so that in the first four months as a whole it was only 4.0% lower than in the same period last year.24 The total decline in revenue was mitigated by growth in receipts from the EU budget, which increased by 16.4% in the first four months, and by higher income from property. The year-on-year fall in expenditure in the first four months of this year was mainly a result of lower expenditure on salaries, wages and other personnel expenditures, and lower expenditure on goods and services. Expenditure on salaries, wages and other personnel expenditures contributed 1.4 percentage points to the total year-on-year decline in the first four months (-1.8%); lower expenditure on goods and services accounted for 0.8 percentage points and capital expenditure and transfers for a further 0.7 percentage points. Among transfers to individuals and households, only pension expenditure was up, contributing 0.6 percentage points to the total revenue movement. Interest payments were also higher in this period. .(0 ^^ Source: MF. Note: These revenue categories accounted for 78.6% of total revenue in 2012. 24 The quantities of 95-octane gasoline and D2 sold were otherwise lower year-on-year in April, by 13.3% and 5.8% respectively, but the excise duty rate was raised twice in April. Figure 34: Selected categories of general government expenditure -Pensions -Salaries, wages and other personnel expenditures -----Expenditure on goods and services — Capital expenditure and transfers 120 m 105 jŠ 100 95 O ^ 90 CO ^^ 85 IT ?§ 80 r^ ^ 75 70 65 i--^ 1 ! v — —X .................. ..... A ; ;...... : : 1 ■■.................r................. 1 into the EU budget, 55.3% of the total amount planned. In the first five months of this year, Slovenia's net budgetary position against the EU budget was positive in the amount of EUR 122.9 m (EUR 68.2 m in the same period of last year). Almost half (49.9%) of all receipts were funds for the implementation of the Common Agricultural and Fisheries Policies, which recorded the highest absorption rate with regard to the plans (57.8%). A total of 38.4% of all received funds came from the Structural Funds (18.4% absorption with regard to the budget for 2013), and 9.9% from the Cohesion Fund (9.2% absorption). Source: MF. Note: These expenditure categories accounted for 67.8% of total expenditure in 2012. In May Slovenia's net budgetary position vis-a-vis the EU budget was positive again, given that Slovenia received EUR 67.6 m from and paid EUR 33.6 m into the EU budget. The majority of receipts came under the Common Agricultural and Fisheries Policies (EUR 36.8 m), while the receipts from Structural Funds and the Cohesion Fund totalled EUR 21.9 m25 and EUR 8.3 m, respectively, and other receipts EUR 0.5 m. In the first five months as a whole Slovenia received EUR 351.6 m from the EU budget, 24.3% of the level envisaged in the budget for 2013, and paid EUR 228.7 m Figure 35: Planned and absorbed EU funds ■ Funds planned in the state budget for 2013 ■ Funds planned in the revised state budget for 2012 ■ Total receipts in 2013 (January-May) ■ Total receipts in 2012 (January-December) Other Common Agricultural Policy 0 100 200 300 400 500 600 700 In EUR m Source: MF; calculations by IMAD. 25 Within that, 59.9% from the European Regional Development Fund and 40.1% from the European Social Fund. M u a o ■Ö 01 u 31 0! Slovenia's world competitiveness according to the IMD 2013 Slovenia's world competitiveness according to the IMD remains very low. This year's survey monitors 329 indicators, with survey data representing a weight of approximately one third and statistical data a weight of two thirds in the overall ranking. As in previous years, the US, Switzerland and Hong Kong top the list again, and among EU countries, Sweden, Germany and Denmark. This year's survey includes one more country, Latvia, which has surpassed Slovenia in most main categories. Slovenia slipped to 52nd place among the 60 countries analysed, which is one place lower than last year and 20 places lower than in 2008. Only Bulgaria, Romania and Greece score worse than Slovenia among the EU countries included in the survey. Croatia, which became an EU Member State in July, also ranks lower. Slovenia dropped again in economic performance and business efficiency, where it is still at the end of the countries surveyed. The survey finds Slovenia's key competitive advantages in its well-educated workforce and reliable infrastructure, while its competitiveness is hindered by an inefficient legal and regulatory framework and ineffective government and public administration. Economic performance in Slovenia has deteriorated substantially in the last year compared with other countries. The deterioration (in both the rank and the indicator value) is mainly attributable to statistical data, as some key macroeconomic indicators have deteriorated significantly. Slovenia's ranking on the indicators of domestic economy has fallen by 2 places in the last year and by as much as 36 places since the beginning of the crisis.2^ The respondents' answers reveal that the Slovenian economy has a low capacity to absorb external shocks compared with other economies. This means that its problems mainly stem from the domestic environment and are a result of structural weaknesses and low competitiveness. Slovenia ranks worst in the area of international investment, as the managers surveyed are still thinking of moving production, services, research Table 11: IMD world competitiveness indicators by main categories 2008 2009 2010 2011 2012 2013 Rank Rank Rank Rank Rank Rank Overall competitiveness 32 32 o 52 - 51 + 51 o 52 - Economic performance 25 21 + 42 - 43 - 43 o 51 - Domestic economy 22 16 + 52 - 50 + 56 - 58 - International trade 10 19 29 41 26 + 37 International investment 54 53 + 55 58 57 + 60 Employment 39 29 + 36 - 46 - 49 - 47 + Prices 8 12 15 8 + 2 + 7 Government efficiency 43 38 + 53 - 53 o 53 o 53 o Public finance 21 14 + 44 42 + 56 47 + Fiscal policy 51 49 + 53 - 53 o 51 + 49 + Institutional framework 33 30 + 46 - 53 - 52 + 54 - Business legislation 47 39 + 49 50 47 + 48 Social framework 37 30 + 46 - 34 + 42 - 37 + Business efficiency 32 39 - 57 - 56 + 57 - 58 - Productivity & efficiency 18 21 - 50 - 37 + 40 - 45 - Labour market 39 40 54 54 o 51 + 54 Financial markets 28 41 - 53 - 56 - 57 - 58 - Management practices 30 39 - 54 - 57 - 56 + 58 - Attitudes and values 46 47 57 57 o 56 + 59 Infrastructure 29 27 + 34 - 31 + 33 - 33 O Basic infrastructure 33 35 40 40 o 38 + 39 Technological infrastructure 28 31 - 36 - 37 - 40 - 42 - Scientific infrastructure 32 30 + 38 37 + 35 + 32 + Health and environment 30 25 + 30 - 29 + 29 o 29 o Education 27 23 + 25 - 26 - 26 o 30 - Source: IMD World Competitiveness Yearbooks between 2007 and 2013. Note: Rank means Slovenia's ranking among 55 countries in 2007 and 2008, 57 countries in 2009, 58 countries in 2010 and 59 countries in 2011 and 2012; means a rise in Slovenia's ranking relative to the previous year, while incicates a fall. "o" that there was no change. 26 The pre-crisis benchmark is the IMD survey from 2008, which is based on statistical data from 2007 and survey data from the first half of 2008; however, it should be noted that due to this time lag certain macroeconomic indicators also improved in the survey from 2009. Figure 36: Comparison of competitiveness of Slovenia and other EU countries according to the IMD - overall ranking Source: IMD. Note: The value of the IMD world competitiveness indicator is between 0 and 100. A higher value is better. finance is the difficulties in the banking sector and high corporate indebtedness, which has been highlighted as a serious imbalance of Slovenia by international institutions for several years. In view of the managers surveyed, inefficient financial markets and limited access to funding on international markets impact the access of enterprises to financial resources. Slovenia continues to score best in infrastructure (32nd), but this ranking has also deteriorated during the crisis. Among Slovenia's main advantages in this category the survey cites education, health and environment and scientific infrastructure. Slovenia has increased R&D investment significantly in recent years. It accounts for the largest share of GDP thus far (2.47%), but there is still a gap between investments and results in research and innovation activities.29 Slovenia lags behind other countries in the category of technological infrastructure, in particular with regard to the efficiency of the legal and regulatory framework and the transfer of innovation into the business sector. and development abroad. The inflows of foreign direct investment also remain modest, meaning that one of the possible sources of fresh capital and knowledge transfer remains untapped.27 Government efficiency, which is essential for the proper functioning of the economy, remains low (53rd) in comparison with that in other countries. Although significant shifts were made in Slovenia in the area of public finance consolidation in 2012, which have improved the public finance situation and Slovenia's ranking in the 2013 survey (by 9 places), further measures will have to be taken towards a more sustainable deficit reduction.28 Slovenia's position in the area of institutional competitiveness continues to deteriorate, given that the managers surveyed are still dissatisfied with institutions (the government and the central bank), the adaptability of government policies to changes in the economy and bureaucracy, and that the perception of corruption in society increased. In the category of business efficiency Slovenia has slipped by 26 ranks during the crisis and is placed at the end of the countries covered in the survey. Its low ranking, which has deteriorated further in the last year, is related to a lack of good practices in the business environment, as Slovenia remains at the bottom of the analysed countries when it comes to the effectiveness of corporate boards, credibility of managers, implementation of auditing and accounting practices and openness of national culture to foreign ideas. The main barrier in the category of business 27 Development Report 2013, IMAD. 28 Development Report 2013, IMAD; Assessment of the 2013 National Reform Programme and the Stability Programme for Slovenia, European Commission; Economic Survey of Slovenia 2013, OECD. 29 In addition to a decline in GDP, the increase in expenditure was significantly affected by a higher number of reported units from the business sector included in the survey (643 units). For more see Development Report 2013, IMAD. X "ö C a a (ü "5 (U MAIN INDICATORS 2008 2009 2010 2011 2012 2013 2014 2015 Summer forecast 2013 GDP (real growth rates, in %) 3.4 -7.8 1.2 0.6 -2.3 -2.4 -0.2 1.0 GDP in EUR million (current prices and current exchange rate) 37,244 35,556 35,607 36,172 35,466 35,027 35,455 36,322 GDP per capita, in EUR (current prices and current exchange rate) 18,420 17,415 17,379 17,620 17,244 16,982 17,157 17,544 GDP per capita (PPS)1 22,700 20,600 20,800 21,300 21,000 GDP per capita (PPS EU27=100)' 91 87 85 84 82 Gross national income (current prices and current fixed exchange rate) 36,262 34,868 35,029 35,670 35,022 34,256 34,608 35,349 Gross national disposable income (current prices and current fixed exchange rate) 35,923 34,693 35,085 35,776 34,980 34,382 34,503 35,195 Rate of registered unemployment 6.7 9.1 10.7 11.8 12.0 13.4 13.6 13.4 Standardised rate of unemployment (ILO) 4.4 5.9 7.3 8.2 8.9 10.8 11.0 10.6 Labour productivity (GDP per employee) 0.8 -6.1 3.5 2.2 -1.1 0.0 1.3 1.4 Inflation,2 year average 5.7 0.9 1.8 1.8 2.6 1.9 1.7 1.5 Inflation,2 end of the year 2.1 1.8 1.9 2.0 2.7 2.1 1.4 1.6 INTERNATIONAL TRADE - BALANCE OF PAYMENTS STATISTICS Exports of goods and services3 (real growth rates, in %) 4.0 -16.7 10.1 7.0 0.3 1.8 3.2 4.8 Exports of goods 1.8 -17.4 11.9 8.5 -0.1 1.3 3.2 5.1 Exports of services 14.3 -13.7 3.7 1.4 2.1 3.8 3.0 3.6 Imports of goods and services3 (real growth rates, in %) 3.7 -19.5 7.9 5.2 -4.3 -0.4 2.0 4.8 Imports of goods 3.0 -20.7 8.9 6.1 -4.6 -0.4 1.9 4.9 Imports of services 8.2 -12.0 2.7 -0.3 -2.4 -0.1 2.5 4.2 Current account balance, in EUR million -2.295 -246 -209 2 818 1.454 1.496 1.457 As a per cent share relative to GDP -6.2 -0.7 -0.6 0.0 2.3 4.2 4.2 4.0 Gross external debt, in EUR million 39.234 40.294 40.723 40.241 40.838 40.5175 As a per cent share relative to GDP 105.3 113.3 114.4 111.2 115.1 115.7 Ratio of USD to EUR 1.471 1.393 1.327 1.392 1.286 1.304 1.298 1.298 DOMESTIC DEMAND - NATIONAL ACCOUNTS STATISTICS Private consumption (real growth rates, in %) 2.3 0.1 1.3 0.9 -2.9 -4.2 -2.5 0.8 As a % of GDP4 52.6 55.7 57.2 57.8 58.3 57.3 56.0 55.8 Government consumption (real growth rates, in %) 5.9 2.5 1.5 -1.2 -1.6 -1.7 -1.4 -0.9 As a % of GDP4 18.1 20.1 20.7 20.8 20.6 20.4 20.2 19.8 Gross fixed capital formation (real growth rates, in %) 7.1 -23.2 -13.8 -8.1 -9.3 -1.2 0.8 1.5 As a % of GDP4 28.6 23.1 20.1 18.5 17.4 17.5 17.7 17.9 Sources of data: SURS, BS, Eurostat, calculations and forecasts by IMAD (Summer Forecast, June 2013). Notes: 1Measured in purchasing power standard. ^Consumer price index. 3Balance of payments statistics (exports F.O.B., imports F.O.B.); real growth rates are adjusted for inter currency changes and changes in prices on foreign markets. 4Shares GDP are calculated for GDP in current prices at fixed exchange rate (EUR=239.64). 5End April 2013. PRODUCTION 2010 2011 2012 2011 2012 2013 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 8 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 7.1 1.3 -1.2 7.7 2.8 -0.8 -3.8 -0.4 -1.7 -0.4 -2.3 -2.0 2.0 3.9 2.4 -2.1 -2.1 B Mining and quarrying 13.9 -7.9 -7.3 -3.2 -9.0 -9.6 -8.7 -10.2 -2.1 -3.4 -13.2 14.1 -3.6 -21.7 -0.5 -9.1 -17.2 C Manufacturing 7.6 1.1 -2.4 7.8 2.9 -1.1 -4.6 -1.2 -3.1 -2.1 -3.2 -3.3 1.7 4.5 2.4 -2.5 -3.3 D Electricity, gas & steam supply1 1.8 5.0 10.5 6.9 3.8 5.1 4.0 8.3 12.7 16.1 6.1 8.0 5.7 3.2 2.4 4.3 11.9 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total -16.9 -24.8 -16.8 -25.7 -30.1 -24.5 -19.1 -15.3 -16.7 -13.2 -21.6 -24.4 -26.5 -28.2 -35.0 -26.2 -30.4 Buildings -14.0 -39.7 -17.3 -41.5 -46.5 -34.3 -35.9 -13.0 -6.7 -18.1 -30.0 -40.8 -37.9 -48.0 -52.8 -36.0 -36.7 Civil engineering -19.0 -15.3 -16.6 -6.3 -20.7 -19.9 -10.1 -21.2 -20.9 -10.1 -16.2 -8.4 -19.0 -16.6 -25.9 -21.2 -28.0 TRANSPORT, tonne-km in m, y-o-y growth rates, % Tonne-km in road transport 7.9 3.2 -3.4 -3.2 1.5 3.6 11.7 6.0 -5.3 -5.9 -7.8 - Tonne-km in rail transport 28.2 9.7 -7.5 23.3 10.8 8.5 -1.6 -8.7 -8.0 -5.8 -7.5 - Distributive trades, y-o-y growth rates, % Total real turnover* 3.6 3.1 0.2 7.5 3.6 2.9 -0.5 0.6 -4.3 -3.2 -2.7 -4.9 3.4 6.0 1.4 0.0 6.3 Real turnover in retail trade -0.1 1.4 0.3 3.4 0.4 2.2 0.2 2.5 -2.7 -1.7 -1.0 -2.6 0.3 1.8 -0.9 -1.1 5.6 Real turnover in the sale and maintenance of motor vehicles 12.2 6.6 0.0 15.8 9.9 4.4 -1.9 -2.8 -7.2 -5.7 -6.4 -9.8 9.8 14.0 5.9 2.2 8.0 Nominal turnover in wholesale trade & commission trade 1.3 5.8 0.6 12.2 3.8 4.6 3.4 3.4 -0.6 1.2 -1.2 -4.6 4.2 6.2 1.1 -0.3 8.5 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays -1.5 5.3 -4.0 3.1 6.6 6.6 3.1 0.7 1.2 1.2 1.9 -3.4 13.6 -4.2 10.6 4.1 7.0 Domestic tourists, overnight stays -4.2 0.5 -10.9 0.1 0.4 0.8 0.4 -0.5 -4.6 -7.5 -5.2 -6.1 9.3 -3.0 -3.4 -3.7 2.1 Foreign tourists, overnight stays 0.7 9.1 0.9 6.5 11.3 10.2 5.5 2.0 5.1 6.3 8.1 -0.6 17.2 -5.0 21.6 9.7 10.0 Nominal turnover market services (without distributive trades) 2.7 3.7 -1.1 5.7 4.7 4.8 -0.3 -0.6 0.5 -0.4 -3.7 -5.7 6.9 0.6 6.9 2.2 4.8 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 454.5 478.9 481.7 100.4 113.3 125.7 139.5 108.4 110.4 128.4 134.5 104.4 36.9 39.6 36.8 42.2 39.8 BUSSINES TENDENCY (indicator values**) Sentiment indicator -9 -7 -17 -7 -4 -6 -10 -12 -16 -19 -21 -1M -4 -3 -5 -5 -7 Confidence indicator - in manufacturing -1 0 -11 3 3 -1 -7 -6 -11 -14 -13 -9 6 3 1 0 -2 - in construction -57 -46 -41 -52 -46 -44 -43 -40 -44 -39 -39 -30 -49 -45 -45 -46 -43 - in services -3 1 -12 0 3 3 -4 -8 -8 -14 -18 -12 4 2 3 3 5 - in retail trade 7 8 2 6 12 1 12 7 4 1 -3 -4 10 15 12 1 -11 Consumer confidence indicator -25 -25 -35 -27 -25 -25 -24 -27 -36 -39 -37 -29 -26 -25 -23 -24 -27 Source of data: SURS. Note: 'Only 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. 2011 2012 2013 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 1.5 -3.1 -0.4 -8.3 0.1 3.2 -3.7 2.1 -4.0 -2.7 3.5 3.1 -6.7 5.1 -4.9 -7.6 0.7 -0.5 -5.7 3.5 - -2.4 -7.2 -3.0 -17.0 5.8 -11.5 -21.6 -7.9 10.0 -6.8 -5.5 1.5 -5.9 1.3 -17.7 -24.9 -9.2 12.9 39.8 -27.5 1.8 -3.8 -1.6 -8.8 -0.4 1.7 -4.3 1.9 -5.6 -5.0 1.7 1.6 -8.3 4.5 -5.5 -9.1 -0.4 -0.6 -8.2 3.5 -0.3 4.7 13.2 -4.0 3.5 16.3 5.3 5.6 9.4 24.0 22.6 16.2 9.8 11.8 2.3 4.9 12.3 0.9 11.2 7.3 - -16.3 -24.4 -7.8 -24.0 -21.7 -24.3 -3.1 -13.5 -23.8 -11.7 -19.6 -14.4 -6.4 -22.5 -26.1 -14.8 -23.2 -13.9 -31.6 -19.3 -30.0 -33.3 -28.6 -44.5 -31.1 -31.0 27.6 -7.2 -15.6 4.4 -23.9 -11.9 -18.6 -34.6 -19.4 -35.4 -38.2 -27.9 -50.0 -37.2 -9.7 -21.0 0.7 -7.0 -18.1 -22.8 -22.0 -18.6 -26.5 -17.0 -17.1 -15.7 1.2 -15.0 -27.2 -2.1 -8.6 -0.6 -13.4 -6.8 - - - - - - - - 2.4 0.7 -0.5 -1.8 2.6 1.0 -1.8 -4.0 -5.2 -3.7 -0.6 -3.8 -10.3 -3.4 -5.4 -8.0 -4.8 -8.7 -7.6 3.0 - 2.1 0.5 1.3 -1.1 4.0 3.5 -0.1 -3.5 -3.1 -1.5 -0.6 -0.8 -6.5 -4.1 -5.8 -7.5 -4.4 -9.4 -7.2 -1.6 3.0 1.3 -3.6 -3.4 -0.1 -3.5 -4.8 -5.1 -8.8 -7.7 -0.6 -10.8 -17.9 -2.1 -4.5 -9.2 -5.6 -7.4 -8.4 11.6 5.6 5.7 5.6 -0.9 8.6 3.9 -0.9 0.1 0.4 -2.2 7.2 2.8 -5.4 4.8 -2.0 -6.5 2.3 -5.0 -10.1 5.5 9.8 1.9 7.0 1.2 0.2 -0.3 2.4 -0.9 7.9 -1.9 1.3 2.5 -1.4 -3.5 9.3 2.2 -10.5 0.2 0.6 -11.6 - 7.3 -2.9 8.6 -3.3 -0.3 -3.3 2.8 -14.3 -1.6 0.9 -9.9 -4.1 -9.8 -6.6 -8.1 -0.7 -10.0 -1.3 -8.2 -6.0 11.2 5.5 5.2 5.8 0.6 4.5 1.9 9.4 14.1 -3.7 8.4 6.3 3.1 -1.3 28.2 4.9 -10.8 2.5 9.3 -15.0 7.5 -1.5 0.2 0.5 0.3 -3.6 1.4 -0.9 2.6 -0.1 1.1 0.6 -2.9 -4.2 -0.3 -6.6 -7.4 -2.9 -6.7 -1.3 43.7 48.9 44.0 46.7 34.3 35.1 39.0 37.0 38.3 35.1 47.2 37.9 43.3 47.1 41.0 46.3 33.9 32.2 38.4 37.5 - - -6 -10 -10 -11 -12 -12 -12 -16 -14 -17 -16 -19 -21 -23 -22 -17 -16 -16 -13 -14 -14 -12 -1 -8 -7 -5 -3 -6 -8 -9 -11 -13 -12 -15 -15 -17 -14 -9 -12 -8 -7 -9 -5 -2 -43 -42 -45 -41 -43 -39 -39 -45 -44 -43 -41 -36 -41 -42 -41 -35 -30 -30 -30 -27 -20 -21 2 0 -2 -9 -11 -9 -5 -8 -7 -10 -11 -14 -17 -20 -19 -15 -13 -13 -11 -9 -14 -14 12 13 14 10 5 9 6 8 2 3 0 0 3 -3 -4 -3 -1 -6 -4 -6 -4 15 -23 -26 -26 -20 -27 -26 -27 -39 -33 -37 -36 -35 -45 -39 -38 -34 -30 -31 -26 -27 -37 -38 LABOUR MARKET 2010 2011 2012 2011 2012 2013 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 FORMAL LABOUR FORCE (A=B+E) 935.5 934.7 920.2 936.8 937.5 931.1 933.3 926.6 923.7 915.2 915.2 912.9 937.7 936.3 931.7 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 835.0 824.0 810.0 821.9 828.4 823.9 821.7 812.7 816.5 809.1 801.7 789.2 829.0 829.2 824.2 In agriculture, forestry, fishing 33.4 38.8 37.0 38.0 40.1 38.8 38.0 35.2 37.8 37.4 37.4 37.4 40.1 40.1 38.9 In industry, construction 287.3 272.9 263.1 273.7 274.2 272.7 271.0 265.4 266.3 263.1 257.5 249.9 274.7 274.4 272.6 Of which: in manufacturing 188.6 184.8 182.9 184.1 184.7 184.4 186.2 184.6 184.1 182.5 180.4 177.8 185.1 184.6 183.8 in construction 78.5 67.8 59.8 69.7 69.3 67.9 64.4 60.5 61.6 60.1 56.9 52.0 69.4 69.4 68.4 In services 514.3 512.3 510.0 510.2 514.1 512.4 512.7 512.1 512.4 508.6 506.8 502.0 514.3 514.7 512.7 Of which: in public administration 52.0 51.4 50.7 51.2 51.5 51.4 51.3 50.9 51.2 50.8 50.0 49.3 51.6 51.6 51.4 in education, health-services, social work 116.7 118.8 120.9 117.8 118.8 118.5 120.1 120.7 121.6 120.3 121.0 120.7 118.9 119.0 118.2 FORMALLY EMPLOYED (C)1 747.2 729.1 717.0 728.1 731.9 728.9 727.4 720.9 722.7 716.2 708.4 696.1 732.5 732.6 729.0 In enterprises and organisations 685.7 671.8 662.6 671.4 673.9 671.3 670.7 666.4 667.4 661.4 655.1 645.8 674.3 674.4 671.1 By those self-employed 61.5 57.2 54.5 56.7 58.0 57.6 56.6 54.5 55.4 54.8 53.3 50.2 58.2 58.2 57.9 SELF-EMPLOYED AND FARMERS (D) 87.8 94.9 93.0 93.8 96.5 95.0 94.4 91.8 93.8 92.9 93.3 93.1 96.5 96.6 95.1 REGISTERED UNEMPLOYMENT (E) 100.5 110.7 110.2 114.9 109.1 107.2 111.6 114.0 107.2 106.1 113.5 123.7 108.6 107.1 107.6 Female 47.9 52.1 52.2 52.9 50.9 51.1 53.3 53.2 51.0 50.9 53.8 57.0 50.7 50.2 50.9 By age: under 26 13.9 12.9 11.9 14.5 12.6 11.3 13.4 12.7 10.8 10.1 14.0 14.2 12.5 11.9 11.5 aged over 50 31.4 39.0 38.2 40.1 39.1 38.7 38.2 39.2 38.1 37.4 38.1 40.7 39.1 38.8 38.9 Unskilled 37.5 39.5 39.4 41.6 39.2 38.1 39.3 41.0 39.2 37.8 39.5 43.4 39.1 38.4 38.1 For more than 1 year 42.8 50.2 55.2 48.7 48.6 49.6 53.8 57.2 55.1 54.5 53.9 54.4 48.6 48.5 48.8 Those receiving benefits 30.0 36.3 33.9 39.7 36.4 34.9 34.4 37.8 33.2 31.5 33.0 39.3 36.4 35.3 35.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 10.7 11.8 12.0 12.3 12.2 11.5 12.0 12.3 11.6 11.6 12.4 13.5 11.6 11.4 11.5 Male 10.1 11.4 11.5 12.0 11.9 10.9 11.3 11.9 11.1 11.0 11.9 13.4 11.2 11.0 11.0 Female 11.6 12.4 12.6 12.6 12.5 12.3 12.7 12.7 12.3 12.3 13.0 13.8 12.1 12.0 12.2 FLOWS OF FORMAL LABOUR FORCE 13.3 2.7 5.3 3.9 -6.9 0.0 5.7 -1.9 -5.2 -0.2 12.6 4.6 -2.9 -1.6 0.5 New unemployed first-job seekers 16.8 14.4 16.3 3.2 2.0 2.7 6.5 2.4 1.9 3.0 9.0 3.7 0.7 0.7 0.6 Redundancies 83.5 82.2 90.3 24.4 16.8 18.7 22.3 22.6 17.9 20.9 28.9 27.1 5.6 5.7 6.4 Registered unemployed who found employment 57.0 61.0 58.3 17.5 17.2 13.4 12.9 17.3 14.0 13.5 13.5 17.2 6.3 4.9 4.0 Other outflows from unemployment (net) 29.9 32.8 43.1 6.2 8.5 8.0 10.2 9.6 11.1 10.7 11.8 9.2 3.0 3.0 2.6 REGISTERED VACANCIES2 174.6 194.5 169.7 45.5 52.9 52.3 43.8 44.9 41.2 46.8 36.8 N/A 17.8 19.3 15.5 For a fixed term, in % 80.7 81.7 83.0 81.5 81.0 82.8 81.4 82.9 83.4 84.0 81.8 N/A 82.1 79.3 80.9 WORK PERMITS FOR FOREIGNERS 41.6 35.6 33.9 38.0 35.5 34.7 34.3 34.2 34.4 33.9 33.2 32.6 34.6 34.5 34.5 As % of labour force 4.4 3.8 3.7 4.1 3.8 3.7 3.7 3.7 3.7 3.7 3.6 3.6 3.7 3.7 3.7 NEW JOBS 104.1 118.3 110.6 27.3 27.3 26.3 37.4 30.8 27.3 26.9 15.1 N/A 9.2 8.7 7.6 Source of data: SURS, PDII, ESS. Note: 'In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figures for farmers from the Labour Force Survey. ^According to ESS. 2011 2012 2013 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 930.0 931.5 935.3 934.5 930.1 927.5 927.1 925.4 926.0 923.7 921.3 917.4 914.5 913.8 918.0 916.5 911.0 913.0 912.9 912.7 914.3 823.0 824.5 824.4 823.4 817.3 811.6 812.0 814.5 816.9 816.9 815.7 810.5 808.4 808.3 807.1 805.0 792.9 788.7 788.9 790.1 793.0 38.8 38.8 38.1 38.1 37.9 35.2 35.1 35.3 37.7 37.8 37.9 37.2 37.4 37.6 37.5 37.4 37.4 37.5 37.3 37.4 38.7 272.8 272.7 273.5 272.1 267.4 265.4 264.7 266.1 266.6 266.6 265.7 264.0 263.2 262.2 261.1 259.5 251.9 249.8 249.5 250.3 251.6 184.0 185.2 186.8 186.6 185.1 184.6 184.6 184.6 184.4 184.2 183.8 182.9 182.5 182.1 181.8 181.2 178.4 177.8 177.8 177.9 177.5 68.4 67.0 66.2 65.0 62.1 60.7 59.9 61.0 61.7 61.8 61.4 60.5 60.2 59.6 59.0 58.1 53.5 52.0 51.8 52.4 54.0 511.4 513.1 512.8 513.2 512.0 510.9 512.2 513.1 512.6 512.5 512.1 509.3 507.9 508.5 508.5 508.1 503.7 501.4 502.1 502.4 502.6 51.5 51.2 51.3 51.4 51.2 50.8 50.9 50.9 51.1 51.2 51.2 50.8 50.8 50.7 50.2 50.2 49.6 49.2 49.4 49.2 49.3 118.1 119.3 119.8 120.2 120.3 119.9 120.8 121.5 121.6 121.7 121.4 120.3 119.8 120.8 121.1 121.3 120.6 120.4 120.8 121.0 120.9 728.1 729.7 730.1 729.0 723.0 719.6 720.3 722.7 723.0 723.1 722.1 717.7 715.6 715.2 713.7 711.6 699.9 695.5 695.8 696.9 698.2 670.5 672.2 672.7 671.9 667.6 665.2 666.1 667.9 667.7 667.7 666.7 662.8 660.9 660.5 659.2 657.7 648.3 645.3 645.8 646.4 647.0 57.5 57.4 57.4 57.0 55.5 54.5 54.2 54.8 55.3 55.4 55.3 55.0 54.7 54.7 54.5 53.9 51.6 50.3 50.0 50.5 51.1 95.0 94.8 94.3 94.5 94.3 91.9 91.8 91.8 93.9 93.8 93.6 92.8 92.8 93.1 93.4 93.4 93.1 93.2 93.0 93.2 94.8 107.0 107.0 110.9 111.1 112.8 116.0 115.0 110.9 106.8 106.8 105.6 106.9 106.1 105.4 110.9 111.5 118.1 124.3 124.1 122.6 121.3 51.0 51.3 53.5 53.4 53.2 54.2 53.4 52.0 51.7 50.9 50.5 51.2 50.9 50.5 53.3 53.3 54.9 57.2 56.9 56.9 57.3 11.1 11.2 13.6 13.5 13.2 13.2 12.9 12.0 11.4 10.7 10.3 10.2 10.1 10.1 14.2 14.0 13.8 14.4 14.4 13.8 13.1 38.8 38.4 38.2 37.9 38.4 39.6 39.4 38.6 38.5 38.1 37.7 37.9 37.4 37.1 37.0 37.1 40.2 41.2 40.9 40.1 39.5 37.9 38.3 38.7 39.0 40.1 41.4 41.6 40.0 40.0 39.0 38.4 38.2 37.7 37.5 38.3 38.7 41.6 43.6 43.8 42.8 41.8 49.6 50.4 51.8 52.9 56.7 58.0 57.3 56.3 55.4 55.0 54.7 54.6 54.6 54.3 54.3 53.6 53.8 54.7 54.4 54.2 54.6 35.1 34.4 33.9 33.7 35.5 38.5 38.3 36.7 34.2 33.4 31.9 32.1 31.4 31.2 31.5 31.9 35.6 40.3 39.2 38.4 35.8 11.5 11.5 11.9 11.9 12.1 12.5 12.4 12.0 11.8 11.6 11.5 11.7 11.6 11.5 12.1 12.2 13.0 13.6 13.6 13.4 13.3 10.9 10.8 11.1 11.2 11.6 12.1 12.1 11.6 11.3 11.0 10.9 11.0 11.0 10.9 11.4 11.6 12.7 13.4 13.5 13.2 12.8 12.3 12.3 12.7 12.7 12.7 13.0 12.8 12.5 12.4 12.2 12.2 12.4 12.4 12.3 12.9 12.9 13.3 13.8 13.8 13.7 13.8 -0.6 0.1 3.9 0.2 1.7 3.2 -0.9 -4.2 -1.8 -2.3 -1.2 1.3 -0.8 -0.6 5.4 0.6 6.6 6.2 -0.2 -1.4 -1.3 0.7 1.4 4.4 1.3 0.8 0.8 0.7 0.8 0.7 0.6 0.6 0.8 0.8 1.4 6.3 1.8 0.9 1.5 1.1 1.1 1.1 5.7 6.6 6.9 7.1 8.2 10.6 6.1 5.9 6.5 5.8 5.6 8.0 5.6 7.3 8.4 8.2 12.2 14.2 6.3 6.6 7.1 4.1 5.4 4.4 4.5 4.0 5.0 5.2 7.1 5.5 4.7 3.9 4.0 4.0 5.5 4.9 5.1 3.4 6.2 4.8 6.2 6.3 2.9 2.5 3.1 3.8 3.3 3.3 2.6 3.7 3.5 4.1 3.5 3.5 3.3 3.8 4.3 4.3 3.2 3.4 2.8 3.0 3.1 17.2 19.5 15.8 14.3 13.6 15.6 13.1 16.2 14.0 14.2 13.0 15.4 16.4 15.1 15.9 11.3 9.6 13.5 11.1 N/A N/A 83.5 83.9 84.0 81.6 78.5 80.3 82.7 85.7 83.3 83.9 83.0 83.7 84.6 83.8 83.0 81.0 81.3 82.1 83.2 N/A N/A 34.7 34.9 34.5 34.3 34.2 34.2 34.2 34.2 34.7 34.4 34.1 33.8 33.9 33.9 33.6 33.3 32.7 32.9 32.8 32.2 32.3 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.6 3.6 3.6 3.6 3.5 3.5 6.5 12.3 11.9 12.6 12.8 11.8 8.4 10.6 10.0 9.0 8.4 8.2 7.0 11.6 10.5 8.3 6.8 9.5 7.2 N/A N/A WAGES AND INDICATORS OF OVERALL COMPETITIVENESS 2010 2011 2012 2011 2012 2013 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 6 7 8 GROSS WAGE PER EMPLOYEE, y-o-y growth rates, % Activity - Total 3.9 2.0 0.1 3.1 2.0 1.7 1.1 1.6 0.3 -0.7 -1.0 -1.0 2.0 1.3 2.5 A Agriculture, forestry and fishing 5.7 3.1 -1.1 7.1 4.2 1.1 0.4 0.1 -1.0 -1.5 -2.0 -0.8 3.4 -1.5 3.8 B Mining and quarrying 4.0 3.9 3.6 3.6 0.3 5.8 5.9 8.4 10.6 2.2 -5.2 4.1 -1.4 6.4 4.3 C Manufacturing 8.9 3.9 2.5 5.4 3.6 3.5 3.1 3.4 2.5 2.0 2.3 1.6 3.8 1.8 5.2 D Electricity, gas, steam and air conditioning supply 3.8 2.3 3.3 1.6 5.2 3.5 -0.5 5.6 3.9 4.9 -0.5 6.2 6.8 3.6 4.7 E Water supply sewerage, waste management and remediation activities 2.2 -0.1 0.1 -0.1 1.5 1.1 -2.7 2.1 -0.5 0.4 -1.4 0.3 2.3 -1.2 3.3 F Constrution 4.5 1.9 -2.5 5.5 1.5 0.3 0.5 -0.3 -2.8 -2.8 -3.8 -2.4 3.4 -0.9 0.9 G Wholesale and retail trade, repair of motor vehicles and motorcycles 3.7 2.8 0.8 3.2 2.6 2.3 3.0 2.1 1.6 0.0 -0.3 -0.2 3.3 2.0 3.2 H Transportation and storage 2.0 2.7 -0.4 2.3 3.0 3.9 1.6 2.2 0.6 -1.7 -2.3 -1.1 5.4 9.6 4.0 I Accommodation and food service activities 4.0 2.1 -0.8 4.7 2.4 2.0 -0.6 -0.4 -0.7 -1.0 -1.1 -1.3 2.6 1.3 3.3 J Information and communication 2.6 0.9 -0.4 1.0 1.2 1.8 -0.2 0.3 1.3 -1.2 -2.0 -0.6 0.5 -0.3 2.5 K Financial and insurance activities 1.0 0.7 1.1 2.3 2.4 0.8 -2.4 4.5 -1.7 2.2 -0.3 -2.1 -4.0 -1.7 3.2 L Real estate activities 2.9 3.0 -0.6 4.1 2.9 3.4 1.6 1.1 -1.3 -0.6 -1.3 -1.1 2.3 2.0 4.7 M Professional, scientific and technical activities 1.6 -0.4 -1.1 0.4 0.2 -0.6 -1.6 -0.5 -0.8 -1.7 -1.3 -2.2 -0.3 -1.2 0.2 N Administrative and support service activities 4.0 3.5 0.7 4.3 3.2 3.9 2.7 3.0 0.3 -0.9 0.2 -2.4 3.8 3.5 3.1 O Public administration and defence, compulsory social security -0.6 0.3 -1.8 1.2 0.6 -0.1 -0.4 -0.2 -1.5 -3.2 -2.4 -2.4 0.6 0.2 0.1 P Education 0.6 0.2 -3.3 0.7 -0.1 -0.3 0.4 -0.3 -2.2 -5.0 -5.6 -5.4 -0.3 -0.4 -0.5 Q Human health and social work activities -0.3 -0.7 -1.3 -0.9 -0.8 -0.5 -0.5 -0.5 -1.0 -1.7 -2.1 -2.3 -0.6 -0.1 -1.0 R Arts, entertainment and recreation 0.5 -0.7 -2.8 -0.2 -1.2 -1.0 -0.3 -0.6 -1.5 -4.4 -4.6 -5.7 0.1 -0.2 -1.2 S Other service activities 4.2 0.9 -0.9 2.7 1.5 0.6 -1.1 0.5 -0.6 -1.0 -2.4 -0.6 2.0 -1.0 1.6 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate,2 nominal -2.1 -0.1 -1.2 -1.3 0.6 0.4 0.1 -0.5 -1.3 -1.8 -1.4 0.2 1.0 0.2 0.5 Real (deflator HICP) -1.8 -1.0 -1.1 -1.8 -0.5 -1.2 -0.5 -0.9 -1.3 -1.1 -0.8 0.9 -0.5 -1.6 -1.3 Real (deflator ULC) -1.6 -2.5 -3.0 -3.1 -1.7 -2.5 -2.5 -2.2 -3.3 -3.5 -3.1 USD/EUR 1.3268 1.3917 1.2856 1.3669 1.4393 1.4126 1.3480 1.3110 1.3196 1.2515 1.2974 1.3204 1.4388 1.4264 1.4343 Source of data: SURS, ECB; calculations by IMAD. Note: 1 Change of the source for effective exchange rate series as of April 2012: a new source, ECB; before that, own calculations (IMAD). 2 Harmonised effective exchange rate - a group of 20 EU Member States and 17 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. 2011 2012 2013 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 1.4 1.5 1.1 0.8 2.2 2.0 0.7 1.0 1.3 -1.3 -0.1 -0.7 -1.2 0.4 -2.4 -0.7 -0.3 -1.7 -1.0 -0.2 1.1 0.2 4.1 -3.5 2.1 0.3 -2.1 -0.1 -0.5 -2.5 1.3 -1.9 -3.9 2.5 -5.9 -2.0 1.8 -4.6 0.2 0.6 6.6 9.7 2.2 6.8 10.0 11.9 3.8 4.0 14.9 13.2 1.4 5.4 -0.2 1.5 1.7 -18.0 10.4 0.6 1.1 -5.4 3.4 2.8 4.6 1.8 4.5 3.8 1.9 2.7 3.9 1.0 4.3 1.3 0.3 5.2 0.5 1.4 3.5 0.3 1.1 4.4 2.2 3.7 -8.1 5.6 5.5 8.0 3.6 5.2 6.5 0.3 4.0 2.6 8.3 7.8 -6.6 -0.5 5.0 2.6 10.9 6.6 1.1 2.2 -7.5 -1.3 3.1 2.8 0.5 0.4 0.7 -2.5 4.0 -0.1 -2.6 2.2 -7.0 1.5 2.7 -1.1 -0.8 1.6 0.8 -0.5 2.3 -0.5 1.1 1.4 -3.1 -1.3 -0.4 -6.6 -1.4 -1.9 -5.1 0.2 -6.8 -4.6 -1.2 -3.0 -2.9 -2.2 1.7 2.4 4.3 2.4 3.3 2.2 1.0 2.9 1.8 0.0 0.7 0.5 -1.0 0.5 -0.8 -0.6 -0.6 -0.5 0.4 -0.5 -1.5 3.5 0.8 0.8 3.7 0.8 2.0 1.5 2.1 -1.9 -6.3 -1.3 2.7 -1.1 -3.9 -1.6 -1.1 -1.4 -0.8 0.7 1.6 0.6 -1.9 -0.3 0.2 0.4 -1.7 -1.4 0.5 -1.2 -0.1 -1.1 -1.9 -0.9 -0.9 -1.4 -2.4 -1.3 -0.2 0.1 3.1 1.2 -0.4 -1.3 0.1 0.2 0.5 2.3 1.7 -0.1 0.8 -1.2 -3.1 0.1 -7.1 1.6 -1.1 -0.5 -0.1 -4.3 0.9 -0.6 -6.2 0.5 1.5 8.4 3.8 -0.4 -4.4 -0.2 1.8 1.8 3.0 3.5 -4.0 0.3 -1.0 -3.6 -1.6 0.4 3.4 1.7 1.0 2.0 2.3 2.5 -1.5 -0.1 -1.3 -2.4 0.1 -1.0 -1.1 0.1 -2.3 -1.6 -0.4 -2.1 -0.7 -0.2 -0.9 0.5 -2.9 -2.3 0.0 -0.5 -1.1 -0.7 1.0 -2.7 -0.8 -1.9 -2.4 -0.9 -1.9 -1.0 -0.3 -3.5 -2.8 -3.0 5.2 2.4 3.2 2.5 2.1 5.1 2.0 -0.2 1.7 -0.6 -0.1 0.0 -2.5 1.4 -1.1 0.5 -0.5 -4.3 -2.3 1.4 -0.6 -1.3 0.2 -0.1 0.6 -0.4 -0.7 -0.7 -0.3 -3.5 -3.4 -3.3 -2.9 -2.9 -2.6 -1.6 -1.7 -2.9 -2.6 -2.2 0.1 1.0 -0.4 0.5 0.1 -0.6 -0.5 -1.5 -0.4 -4.6 -4.8 -5.0 -5.2 -5.8 -5.8 -5.3 -5.9 -5.0 -5.4 -4.2 -0.5 -0.5 -0.4 -0.5 -0.5 -0.4 -0.6 -0.3 -1.0 -1.6 -2.2 -2.0 -1.0 -2.8 -3.0 -0.4 -2.7 -2.5 -1.6 -3.0 -1.4 1.6 -1.6 -0.8 -1.3 -1.9 1.3 -0.9 0.0 -3.5 -4.1 -3.6 -5.4 -6.3 -3.9 -3.7 -4.7 -4.7 -7.5 -4.0 1.1 0.0 -1.6 -1.8 2.0 -0.4 0.0 -0.6 0.1 -1.2 -0.1 -2.2 -0.7 -1.2 -4.0 -1.9 -0.8 -0.1 -0.7 1.0 0.4 -0.1 0.2 0.1 -0.1 -0.4 -0.9 -1.2 -1.2 -1.5 -1.8 -2.1 -1.5 -1.6 -1.7 -0.9 0.1 0.4 0.1 0.2 -0.6 -0.5 -0.3 -0.7 -0.9 -0.6 -1.3 -1.1 -1.5 -1.5 -1.5 -1.5 -0.5 -1.0 -1.3 -0.2 0.8 1.3 0.5 0.4 1.3770 1.3706 1.3556 1.3179 1.2905 1.3224 1.3201 1.3162 1.2789 1.2526 1.2288 1.2400 1.2856 1.2974 1.2828 1.3119 1.3288 1.3359 1.2964 1.3026 PRICES 2010 2011 2012 2011 2012 2013 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 7 CPI, y-o-y growth rates, % 1.8 1.8 2.6 1.7 1.7 1.3 2.5 2.5 2.5 2.9 2.6 2.3 1.9 1.7 2.2 1.3 0.9 Food, non-alcoholic beverages 1.0 4.4 4.1 3.9 5.0 3.7 5.1 3.9 4.2 3.9 4.4 4.4 3.9 4.2 6.3 4.6 2.9 Alcoholic beverages, tobacco 7.2 5.7 6.5 8.1 6.3 3.7 4.9 4.2 5.1 7.2 9.5 10.6 8.3 6.3 6.4 6.2 5.4 Clothing and footwear -1.9 -1.5 -0.2 -0.7 -2.4 -4.2 0.9 -2.2 1.6 0.7 -0.8 2.1 -2.1 -2.8 -1.5 -3.0 -4.2 Housing, water, electricity, gas 10.2 5.6 3.8 6.8 5.4 4.8 5.4 4.9 4.2 4.4 1.8 2.1 6.5 6.3 5.9 3.9 4.4 Furnishings, household equipment 1.4 2.7 0.1 2.7 3.9 2.4 1.7 1.2 0.0 -0.1 -0.9 -1.1 3.3 3.5 4.2 3.9 3.5 Medical, pharmaceutical products 2.1 1.6 0.4 2.9 2.6 0.8 0.3 -0.2 1.4 0.2 0.3 -0.2 2.6 2.5 2.6 2.8 1.0 Transport -0.3 1.0 3.3 0.8 0.5 1.1 1.7 2.6 3.2 3.9 3.5 1.5 0.7 0.4 0.7 0.4 0.1 Communications 1.4 1.2 -2.4 2.7 1.6 2.3 -1.8 -1.2 -2.9 -3.6 -2.0 -3.8 3.3 2.3 1.9 0.5 3.4 Recreation and culture 0.4 -1.5 1.4 -2.6 -1.0 -1.7 -0.8 2.6 1.2 1.2 0.4 -0.3 -0.4 -0.5 -1.1 -1.3 -1.8 Education 1.6 1.7 2.9 1.7 1.6 1.9 1.4 1.1 1.3 4.3 4.8 4.6 1.7 1.7 1.6 1.6 1.6 Catering services -2.5 -6.8 4.5 -11.0 -10.9 -6.2 2.0 2.3 2.5 3.7 9.4 9.2 -10.9 -11.2 -10.9 -10.5 -10.2 Miscellaneous goods & services 1.4 2.2 2.4 1.4 2.3 2.4 2.6 2.5 1.2 3.3 2.8 2.4 2.3 2.5 2.4 2.2 2.2 HCPI 2.1 2.1 2.8 2.2 2.0 1.5 2.6 2.5 2.5 3.2 3.0 2.7 2.4 2.0 2.4 1.6 1.1 Core inflation (excluding fresh food and energy) 0.3 1.3 2.0 0.5 1.1 1.2 2.3 2.2 1.8 2.0 1.9 1.9 1.0 1.0 1.3 1.1 1.0 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 2.1 4.5 0.9 5.7 4.8 4.1 3.6 1.3 0.8 0.6 0.6 0.8 6.0 5.7 4.2 4.4 4.1 Domestic market 2.0 3.8 1.0 4.5 4.1 3.7 2.9 1.1 0.9 0.9 1.2 1.1 4.8 5.0 3.6 3.7 3.7 Non-domestic market 2.2 5.3 0.7 6.9 5.5 4.6 4.4 1.6 0.7 0.4 0.1 0.4 7.2 6.4 4.9 5.1 4.6 euro area 2.2 6.1 0.1 8.2 6.5 5.1 4.6 0.8 0.2 0.1 -0.5 0.4 8.6 7.9 5.8 5.8 4.8 non-euro area 2.1 3.6 2.0 4.0 3.1 3.5 3.8 3.4 2.0 1.3 1.5 0.6 4.2 3.0 2.8 3.6 4.1 Import price indices 7.4 5.4 1.9 8.9 5.5 4.5 2.9 1.9 1.2 1.3 3.2 0.8 7.9 6.3 5.4 5.0 4.5 PRICE CONTROL,1 y-o-y growth rates, % Energy prices 16.5 10.9 12.7 15.1 9.9 8.3 10.8 12.1 12.5 14.5 11.6 5.6 14.3 12.0 9.7 7.9 6.3 Oil products 17.3 11.9 13.0 15.7 10.5 9.9 11.7 12.3 12.7 14.4 12.6 6.4 15.2 12.7 10.2 8.7 7.7 Transport & communications 1.8 1.1 1.6 1.1 1.1 1.1 1.1 0.7 0.0 0.0 5.7 8.6 1.1 1.1 1.1 1.1 1.1 Other controlled prices 1.3 0.0 -0.6 0.1 0.1 0.0 -0.2 -0.2 -0.3 0.1 -1.8 -3.9 0.1 0.1 0.1 0.0 0.0 Direct control - total 14.2 2.8 9.2 7.2 1.5 0.5 2.1 7.3 9.5 11.0 8.9 4.3 4.5 3.0 1.5 0.1 -1.0 Source of data: SURS; calculations by IMAD. Note: 1 The structure of groups varies. Data for individual years are not fully comparable to those published previously. On 1 July 2007, the electricity market was liberalised. Since July 2007, the data are not comparable. 2 After a longer period of unchanged prices, at the beginning of 2013, the Decree on the pricing of mandatory local public services in the field of environmental protection (Official Gazette of the RS, No. 87/2012) transferred the responsibility for approving price changes to local communities. 2011 2012 2013 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 0.9 2.1 2.7 2.7 2.0 2.3 2.9 2.3 2.6 2.4 2.3 2.4 2.9 3.3 2.7 2.3 2.7 2.4 2.7 2.0 1.5 1.2 3.8 4.4 5.6 4.8 4.9 3.9 3.9 4.0 4.7 4.3 3.7 4.1 3.7 4.0 4.3 4.2 4.7 5.2 4.1 3.9 3.3 3.1 2.8 3.0 4.8 4.9 4.9 4.1 3.9 4.7 5.1 5.2 5.1 7.4 7.1 7.0 9.6 9.5 9.4 11.2 10.7 10.0 7.8 7.4 -4.9 -3.4 2.0 2.1 -1.5 -2.2 -3.5 -1.2 0.2 3.0 1.6 0.8 1.8 -0.3 -1.5 -1.7 0.8 1.6 6.5 -1.3 0.0 -3.1 4.9 5.1 5.5 5.7 5.0 4.7 5.3 4.7 4.0 3.7 4.9 3.9 4.2 5.2 2.7 1.5 1.3 0.7 2.8 2.9 3.3 2.8 1.7 2.1 1.8 2.0 1.4 1.3 1.5 0.8 0.7 0.1 -0.7 -0.3 0.1 -0.2 -0.8 -1.2 -0.7 -0.5 -1.5 -1.1 -2.2 -1.9 0.8 0.5 0.5 0.2 0.0 -0.3 -0.3 0.1 1.5 1.5 1.3 0.1 0.2 0.3 0.3 0.4 0.2 -0.1 0.2 -0.7 -2.0 -2.1 1.1 2.0 1.9 1.9 1.4 2.0 2.5 3.3 4.1 2.8 2.6 2.4 4.5 4.7 3.9 3.3 3.4 2.0 1.9 0.6 -0.9 -0.9 2.5 0.9 -1.8 -0.3 -3.3 -0.1 -1.2 -2.4 -2.6 -3.2 -2.8 -3.1 -4.4 -3.2 -1.6 -3.3 -1.1 -3.6 -4.6 -3.2 -2.2 -2.3 -2.0 -1.2 -0.3 -0.9 -1.2 0.8 6.8 0.4 0.9 1.2 1.6 1.3 1.2 1.2 0.1 0.9 0.2 -0.4 -0.4 -0.1 -0.4 -0.5 1.6 2.5 1.8 0.9 1.6 1.0 1.1 1.2 1.3 1.3 1.3 1.3 5.9 5.7 4.8 5.0 4.7 4.6 4.7 4.7 4.6 4.6 -9.8 2.7 2.0 2.0 2.2 2.5 2.4 2.1 2.8 2.6 2.1 1.4 0.9 8.9 9.1 9.7 9.3 9.3 9.2 9.0 8.6 8.6 2.3 2.7 2.4 2.5 2.8 2.9 2.7 1.9 1.9 1.1 0.6 2.5 3.7 3.7 3.1 2.9 2.4 2.4 2.5 2.4 2.1 2.9 1.2 2.3 2.9 2.8 2.1 2.3 2.8 2.4 2.9 2.4 2.4 2.6 3.1 3.7 3.2 2.8 3.1 2.8 2.9 2.2 1.6 1.6 0.8 1.9 2.3 2.5 2.1 2.4 2.6 1.6 1.9 1.9 1.7 1.9 2.0 2.0 1.9 1.8 2.0 1.9 2.2 1.6 1.4 1.3 4.2 4.1 3.7 3.6 3.6 2.4 0.8 0.7 0.7 1.0 0.7 0.8 0.4 0.7 0.8 0.7 0.4 0.4 1.1 0.8 0.5 0.2 3.8 3.6 3.1 2.9 2.6 1.9 0.7 0.6 0.7 1.3 0.8 0.9 0.8 0.9 1.2 1.3 1.0 1.1 1.1 1.1 0.6 0.1 4.6 4.6 4.3 4.3 4.5 3.0 0.9 0.8 0.8 0.8 0.5 0.6 0.1 0.6 0.4 0.1 -0.2 -0.3 1.0 0.5 0.5 0.3 5.2 5.2 4.4 4.7 4.7 2.8 -0.1 -0.2 0.0 0.4 0.1 0.5 -0.5 0.2 -0.1 -0.6 -0.8 -0.8 1.2 0.7 0.3 0.0 3.2 3.2 4.1 3.5 4.0 3.5 3.3 3.4 2.8 1.7 1.4 1.0 1.3 1.6 1.7 1.8 1.1 1.0 0.6 0.2 0.8 1.1 4.8 4.3 4.1 3.0 1.8 0.9 2.1 2.8 2.0 1.2 0.3 0.1 1.1 2.7 2.9 3.7 3.0 2.1 0.6 -0.3 -0.6 -1.3 9.1 9.6 10.8 11.9 9.7 10.3 12.0 13.8 14.7 11.8 10.9 10.1 14.6 18.8 14.7 10.4 9.8 7.5 6.4 2.9 -0.6 -0.7 10.8 11.3 12.3 12.7 10.3 10.5 12.2 14.2 15.3 11.9 10.8 9.2 14.4 19.4 15.8 11.4 10.5 8.1 7.7 3.6 -0.8 -0.9 1.1 1.1 1.1 1.1 1.1 1.1 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.6 8.6 8.6 8.6 8.6 8.6 8.6 0.0 0.0 -0.2 -0.2 -0.2 -0.2 -0.2 -0.3 -0.3 -0.3 -0.3 0.1 0.1 0.1 -3.0 -1.1 -1.1 -3.9 -3.9 -3.9 -3.8 -3.8 1.1 1.4 2.2 2.9 1.3 2.0 9.5 10.6 11.1 9.0 8.5 7.9 11.0 14.0 10.1 8.5 8.1 5.6 4.9 2.4 -0.1 -0.3 BALANCE OF PAYMENTS 2010 2011 2012 2011 2012 213 2011 Q^ Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 BALANCE OF PAYMENTS, in EUR m Current account -209 2 818 55 73 -91 -36 28 250 264 275 416 49 -94 117 26 Goods1 -997 -1,043 -335 -227 -219 -214 -383 -167 -106 9 -70 110 -73 -162 16 20 Exports 18,762 21,265 21,454 5,179 5,486 5,245 5,354 5,329 5,498 5,255 5,372 5,395 1,747 1,882 1,857 1,782 Imports 19,759 22,308 21,789 5,406 5,705 5,458 5,738 5,495 5,605 5,246 5,442 5,284 1,820 2,043 1,842 1,762 Services 1,285 1,443 1,701 316 399 358 370 404 451 458 388 483 145 122 132 81 Exports 4,616 4,839 5,095 1,052 1,186 1,381 1,219 1,113 1,246 1,434 1,302 1,191 400 381 406 459 Imports 3,331 3,396 3,395 736 787 1,023 849 709 795 976 915 708 255 258 274 378 Income -599 -550 -578 -85 -143 -238 -84 -179 -123 -130 -145 -123 -49 -55 -39 -94 Receipts 574 918 797 204 237 220 257 178 224 207 188 173 68 82 87 74 Expenditure 1,173 1,469 1,375 289 380 459 341 358 347 338 332 296 117 137 126 167 Current transfers 102 153 29 52 36 3 61 -30 29 -72 103 -54 27 0 9 19 Receipts 1,203 1,373 1,370 378 320 311 364 338 356 274 402 332 115 105 99 117 Expenditure 1,100 1,220 1,340 326 284 308 302 368 327 347 299 386 88 105 91 98 Capital and financial account 535 -452 -1,001 48 -244 -84 -172 136 -261 -507 -369 -846 18 60 -322 55 Capital account 53 -102 -46 -7 -6 -8 -82 6 26 1 -80 -5 -2 0 -4 -7 Financial account 482 -350 -955 55 -239 -77 -89 130 -287 -508 -289 -841 20 60 -318 62 Direct investment 431 638 185 -9 240 246 160 189 48 34 -86 -58 89 111 39 65 Domestic abroad 160 -81 73 -15 31 55 -152 -8 82 18 -19 -101 -9 14 26 -44 Foreign in Slovenia 271 719 113 6 209 191 313 197 -35 17 -67 43 98 98 13 109 Portfolio investment 1,956 1,838 -221 2,592 -300 -440 -15 -933 129 -980 1,563 132 -361 288 -226 72 Financial derivatives -117 -136 -107 -80 -15 -24 -18 -23 -21 -31 -32 16 -5 -5 -5 -4 Other investment -1,806 -2,762 -844 -2,457 -177 108 -236 858 -437 489 -1,754 -998 283 -335 -125 -59 Assets 783 -1,461 -1,486 -1,525 -159 -349 572 -1,467 -81 256 -195 -1,261 78 -87 -150 -498 Commercial credits -174 -47 35 -322 -88 44 319 -349 -35 110 309 -359 -83 31 -36 -39 Loans 203 -52 -310 -99 -22 48 22 4 -95 84 -303 25 12 -17 -18 -20 Currency and deposits 672 -1,315 -1,155 -1,109 -48 -408 250 -1,131 25 16 -65 -921 138 -97 -89 -424 Other assets 81 -46 -56 5 0 -33 -18 10 24 46 -137 -5 10 -3 -7 -14 Liabilities -2,589 -1,301 642 -932 -18 457 -808 2,324 -357 233 -1,559 263 205 -248 25 439 Commercial credits 362 94 364 199 -18 -85 -3 169 138 -98 155 -305 143 4 -165 -10 Loans -986 -1,235 -725 -388 -298 203 -753 -122 -223 -177 -203 374 -214 -226 142 240 Deposits -1,954 -169 1,026 -787 334 340 -57 2,287 -288 530 -1,503 188 274 -26 86 202 Other liabilities -11 9 -24 42 -36 0 3 -10 16 -22 -8 5 2 0 -38 7 International reserves2 19 72 31 9 12 33 19 39 -6 -21 19 67 13 1 -2 -12 Statistical error -326 450 183 -104 171 175 207 -164 11 243 94 430 -67 34 205 -82 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 1,834 1,999 2,041 446 517 506 530 470 541 506 524 540 156 183 178 178 Intermediate goods 10,044 11,906 12,060 2,904 3,097 3,001 2,904 3,041 3,081 3,005 2,932 3,053 996 1,060 1,042 1,005 Consumer goods 6,550 6,909 6,783 1,737 1,757 1,622 1,792 1,678 1,721 1,597 1,787 1,667 560 599 599 559 Import of investment goods 2,323 2,504 2,382 563 616 589 736 557 584 568 674 689 185 227 205 204 Intermediate goods 12,210 14,010 13,951 3,500 3,588 3,452 3,471 3,629 3,573 3,404 3,345 3,459 1,153 1,265 1,170 1,119 Consumer goods 5,522 5,938 5,718 1,390 1,526 1,501 1,522 1,428 1,400 1,350 1,541 1,395 477 557 491 475 Source of data: BS, SURS. Note: 1Exports and imports (F.O.B.) include also the adjustment for exports and imports of goods by ITRS and duty-free shops reports. 2Reserve assets of the BS. 2011 2012 2013 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 12 3 4 -127 10 70 2 -107 -59 -112 199 68 94 88 75 -3 192 113 151 12 43 60 314 301 -137 -97 -51 -108 -224 -118 -49 1 -6 -46 -55 25 -91 75 -9 74 -136 -55 51 114 130 1,534 1,929 1,830 1,901 1,622 1,638 1,714 1,977 1,792 1,846 1,859 1,818 1,597 1,839 1,953 1,901 1,518 1,707 1,757 1,931 1,952 1,671 2,025 1,882 2,010 1,846 1,756 1,763 1,976 1,798 1,892 1,914 1,793 1,689 1,764 1,962 1,827 1,654 1,762 1,706 1,817 1,822 122 155 151 125 94 147 99 158 142 183 126 116 157 185 187 117 84 162 116 205 179 459 463 416 382 421 375 322 416 392 436 418 485 479 469 466 414 422 386 348 457 438 337 308 265 257 327 228 223 258 251 253 292 368 323 285 279 297 339 224 233 252 259 -89 -56 -31 -39 -14 -62 -60 -57 -44 -40 -39 -40 -44 -46 -50 -47 -47 -43 -40 -40 -26 65 82 80 77 99 60 58 61 71 79 74 70 68 69 61 62 65 57 57 60 73 154 138 111 116 114 122 118 118 116 118 113 110 112 115 112 109 112 100 97 100 98 -23 7 0 24 37 -25 -102 97 -24 -3 56 -26 -25 -21 -16 7 112 -22 -67 35 17 71 123 94 115 155 69 65 204 93 110 153 108 82 85 87 105 209 86 95 151 137 95 115 93 91 118 95 167 107 117 113 97 134 106 106 103 99 97 107 162 116 120 -48 -92 -297 -60 185 96 200 -160 -169 -225 133 -94 -199 -214 -312 -240 183 -370 -82 -394 -430 -4 3 -2 9 -89 -6 9 3 26 1 0 0 2 -2 -2 5 -84 0 -5 0 0 -44 -95 -295 -68 274 102 191 -163 -195 -226 133 -95 -201 -212 -310 -246 267 -369 -77 -394 -430 69 113 -82 -50 292 -29 102 116 -93 87 53 34 -17 17 -16 58 -127 54 29 -141 -111 41 57 -77 4 -79 -31 1 23 -27 37 72 6 31 -20 -22 32 -30 -7 -2 -91 -5 27 55 -6 -53 372 2 101 93 -65 50 -19 28 -47 37 5 25 -97 62 32 -50 -106 -64 -448 225 -179 -61 211 -819 -324 76 133 -81 -644 -152 -184 1,674 -54 -56 -156 17 271 -142 -4 -16 -2 -8 -8 0 9 -31 -6 -7 -7 -9 -3 -19 -10 -6 -16 -39 63 -9 -8 -59 227 -421 125 61 -11 841 28 -172 -437 172 565 -26 -50 -1,984 -255 485 -252 -198 -548 -185 -17 166 -361 301 632 -612 104 -958 -384 120 183 146 170 -60 -297 -425 527 -323 -368 -570 -244 202 -118 -135 42 412 -87 -86 -177 23 -32 -26 16 159 -65 -28 39 299 -65 -81 -214 -29 27 41 -48 23 46 21 129 -146 -153 -28 86 40 52 -8 16 -47 -272 4 9 12 -71 -228 244 -187 234 203 -543 44 -632 -258 165 119 60 -56 13 -134 -413 482 -269 -296 -355 -75 -18 -1 9 3 -29 -3 17 -4 4 15 5 31 15 0 -151 -4 18 7 1 -13 -70 -42 61 -60 -177 -572 601 737 987 212 -557 -11 418 -196 10 -1,687 170 -42 71 170 22 59 -263 188 -24 137 -116 -80 152 97 -17 -75 230 -8 -148 58 6 20 130 -236 84 -152 1 -41 5 -201 -429 -122 77 -212 13 103 -213 -113 -83 -61 -32 15 -191 -27 34 -151 492 0 237 -99 158 103 -319 550 833 904 115 -278 -126 527 12 -9 -1,726 359 -136 274 234 -319 68 25 -33 7 12 -15 54 -36 -28 10 9 -2 -17 1 -6 18 -17 -9 0 3 2 -10 15 29 -15 44 -10 -68 59 48 0 -2 -4 -41 -3 23 26 11 -18 22 11 33 17 175 82 227 58 -78 -38 -87 -39 101 131 -221 20 202 22 199 90 -195 327 22 80 129 154 173 171 177 181 143 155 172 180 186 175 170 161 176 188 177 159 151 184 205 N/A 903 1,093 1,026 1,052 826 950 989 1,102 1,002 1,044 1,035 1,046 931 1,028 1,111 1,055 767 1,002 979 1,072 N/A 439 624 594 629 570 499 526 653 555 566 600 552 458 587 612 625 550 503 554 610 N/A 166 219 203 226 307 174 159 224 186 201 197 216 163 190 217 209 247 195 223 271 N/A 1,059 1,275 1,203 1,254 1,014 1,168 1,169 1,292 1,176 1,208 1,189 1,173 1,093 1,139 1,243 1,157 945 1,221 1,106 1,132 N/A 474 552 504 536 482 446 456 526 449 474 478 441 447 462 543 508 490 442 469 484 N/A MONETARY INDICATORS AND INTEREST RATES 2010 2011 2012 2011 1|2|3|4|5|6|7|8|9|10|11 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BS on central government 138 102 221 132 101 99 76 76 76 76 76 77 76 83 Central government (S. 1311) 3,419 4,299 5,057 3,332 3,326 3,409 3,319 3,327 3,282 3,276 3,328 3,355 3,387 3,436 Other government (S. 1312, 1313, 1314) 526 584 610 538 536 541 532 530 533 534 536 535 541 554 Households (S. 14, 15) 9,282 9,454 9,267 9,226 9,233 9,276 9,304 9,383 9,425 9,507 9,490 9,468 9,481 9,467 Non-financial corporations (S. 11) 21,646 20,876 19,470 21,793 21,775 21,772 21,782 21,714 21,725 21,656 21,537 21,369 21,444 21,434 Non-monetary financial institutions (S. 123, 124, 125) 2,497 2,229 2,135 2,454 2,402 2,372 2,350 2,341 2,325 2,323 2,292 2,298 2,286 2,277 Monetary financial institutions (S. 121, 122) 5,811 5,445 5,194 5,674 5,740 6,504 5,179 5,275 5,259 5,224 5,422 5,375 5,491 5,224 Claims on domestic sectors, TOTAL In domestic currency 35,994 35,692 34,558 35,993 36,008 36,712 35,736 35,811 35,836 35,720 35,854 35,763 35,970 35,784 In foreign currency 1,843 1,536 1,309 1,760 1,739 1,691 1,689 1,751 1,724 1,794 1,705 1,628 1,586 1,557 Securities, total 5,345 5,659 5,862 5,265 5,266 5,470 5,043 5,008 4,990 5,007 5,046 5,008 5,075 5,052 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 26,767 28,420 29,582 27,630 27,235 28,129 27,080 27,205 27,384 27,392 27,423 27,337 27,631 27,376 Overnight 8,155 8,245 8,678 8,245 8,179 8,799 8,206 8,237 8,259 8,303 8,241 8,236 8,058 8,436 With agreed maturity -short-term 8,193 7,868 7,056 8,816 8,483 8,724 8,477 8,614 8,615 8,471 8,468 8,369 8,372 7,791 With agreed maturity -long-term 10,337 12,248 13,780 10,496 10,550 10,583 10,375 10,324 10,470 10,567 10,662 10,683 11,148 11,089 Short-term deposits redeemable at notice 82 59 68 73 23 23 22 30 40 51 52 49 53 60 Deposits in foreign currency, total 463 579 552 452 453 449 444 459 464 488 476 486 494 538 Overnight 285 386 372 282 287 284 286 295 304 317 305 320 329 365 With agreed maturity -short-term 121 133 123 115 116 113 107 111 107 113 108 109 109 114 With agreed maturity -long-term 55 59 56 53 49 51 50 52 52 57 62 57 55 58 Short-term deposits redeemable at notice 2 1 1 2 1 1 1 1 1 1 1 0 1 1 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.21 0.22 0.20 0.21 0.21 0.21 0.21 0.21 0.21 0.23 0.23 0.24 0.24 0.26 Time deposits with maturity of up to one year 1.81 2.15 2.31 2.04 1.98 2.04 2.08 2.15 2.20 2.20 2.18 2.17 2.24 2.27 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 5.53 5.46 5.48 5.85 5.17 5.45 5.51 5.42 5.52 5.39 5.49 5.45 5.50 5.43 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 5.76 5.69 5.32 5.83 5.45 5.40 5.25 5.82 5.97 6.17 6.48 5.91 4.25 5.20 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operation^ 1.0^ 1.2^ 0.8^ 1.0^ 1.0^ 1.0^ 1.2^ 1.2^ 1.2^ 1.5^ 1.5^ 1.5^ 1.5^ 1.25 INTERBANK INTEREST RATES EURIBOR 3-month rates 0.81 1.39 0.57 1.02 1.09 1.18 1.32 1.42 1.49 1.60 1.55 1.54 1.58 1.48 6-month rates 1.08 1.64 0.83 1.25 1.35 1.48 1.62 1.71 1.75 1.82 1.75 1.74 1.78 1.71 LIBOR CHF 3-month rates 0.19 0.12 0.07 0.17 0.17 0.18 0.18 0.18 0.18 0.18 0.06 0.01 0.04 0.05 6-month rates 0.27 0.18 0.15 0.24 0.24 0.25 0.26 0.25 0.24 0.24 0.12 0.05 0.08 0.09 Source of data: BS, BBA - British Bankers' Association. 2011 2012 2013 12 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1 1 2 1 3 1 4 1 5 102 111 119 182 169 188 204 227 227 207 226 224 221 232 233 229 233 233 4,299 4,465 4,580 4,801 4,752 4,796 4,811 4,870 4,814 4,874 5,138 5,144 5,057 5,036 5,111 5,048 5,451 5,361 584 588 589 588 591 580 584 589 590 585 583 580 610 609 613 609 610 600 9,454 9,421 9,391 9,412 9,380 9,380 9,362 9,341 9,346 9,338 9,341 9,318 9,267 9,191 9,160 9,159 9,141 9,107 20,876 20,976 20,896 20,933 20,922 20,843 20,693 20,561 20,506 20,398 20,294 20,044 19,470 19,425 19,265 19,152 19,022 18,889 2,229 2,210 2,234 2,323 2,320 2,300 2,291 2,247 2,244 2,210 2,204 2,186 2,135 2,116 2,102 2,028 2,000 1,990 5,445 5,111 4,846 5,644 5,527 5,613 5,918 5,248 5,229 5,210 4,930 5,012 5,194 5,085 5,300 5,389 4,957 5,423 35,692 35,407 35,334 36,103 35,955 35,979 36,202 35,461 35,440 35,316 35,131 34,943 34,558 34,349 34,342 34,336 33,765 34,040 1,536 1,529 1,505 1,492 1,472 1,458 1,439 1,423 1,402 1,372 1,354 1,348 1,309 1,263 1,277 1,264 1,236 1,235 5,659 5,837 5,697 6,105 6,066 6,076 6,018 5,972 5,886 5,928 6,004 5,990 5,862 5,846 5,927 5,780 6,177 6,091 28,420 28,359 27,926 30,197 30,165 30,208 30,322 29,703 29,591 29,354 29,457 30,062 29,582 29,575 29,961 30,070 29,665 30,497 8,245 8,399 8,195 8,177 8,404 8,375 9,151 8,573 8,632 8,523 8,648 8,763 8,678 8,726 9,185 8,997 8,919 8,806 7,868 7,688 7,468 7,553 7,362 7,441 7,111 7,134 7,052 6,964 6,980 7,417 7,056 6,905 6,827 7,140 7,148 7,712 12,248 12,180 12,171 14,395 14,319 14,309 13,982 13,930 13,852 13,751 13,755 13,763 13,780 13,863 13,829 13,775 13,424 13,787 59 92 92 72 80 83 78 66 55 116 74 119 68 81 120 158 174 192 579 570 564 577 568 559 583 597 591 579 571 576 552 538 554 549 520 548 386 391 384 384 385 381 397 410 412 397 388 399 372 372 383 363 361 354 133 117 120 132 124 116 125 125 119 124 126 119 123 109 114 128 103 103 59 61 59 60 58 61 60 61 59 57 56 57 56 56 56 57 55 91 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0.24 0.24 0.24 0.23 0.22 0.22 0.22 0.19 0.19 0.18 0.17 0.17 0.17 0.14 0.13 0.13 0.13 2.28 2.39 2.35 2.38 2.38 2.37 2.29 2.27 2.23 2.23 2.28 2.28 2.24 2.28 2.18 2.1 2.01 5.27 5.37 5.40 5.46 5.36 5.45 5.42 5.37 5.41 5.62 5.53 6.00 5.31 5.46 6.40 5.03 5.49 6.51 3.79 3.00 6.04 5.81 6.27 5.83 3.94 5.06 6.52 6.51 5.48 5.57 3.75 3.76 3.70 3.48 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.50 1.43 1.22 1.05 0.86 0.74 0.68 0.66 0.50 0.33 0.25 0.21 0.19 0.19 0.20 0.22 0.21 0.21 0.20 1.67 1.50 1.35 1.16 1.04 0.97 0.93 0.78 0.60 0.48 0.41 0.36 0.32 0.34 0.36 0.33 0.32 0.30 0.05 0.06 0.08 0.10 0.11 0.11 0.09 0.07 0.05 0.05 0.02 0.03 0.01 0.02 0.02 0.02 - 0.10 0.11 0.14 0.16 0.18 0.19 0.18 0.18 0.16 0.16 0.11 0.12 0.07 0.08 0.09 0.09 - PUBLIC FINANCE 2010 2011 2012 2011 2012 2013 2011 qO Q2 1 Q3 1 Q4 Q1 1 Q2 1 Q3 1 Q4 Q1 9 1 10 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 14,794.0 14,982.3 14,999.1 3,600.7 3,826.7 3,538.4 4,016.5 3,618.4 3,712.2 3,577.2 4,091.3 3,420.3 1,220.6 1,290.5 Current revenues 13,771.5 14,037.9 14,030.6 3,364.6 3,638.6 3,319.1 3,715.6 3,410.8 3,485.9 3,367.4 3,766.5 3,185.1 1,100.8 1,235.8 Tax revenues 12,848.4 13,209.2 13,118.3 3,155.9 3,451.0 3,129.7 3,472.7 3,172.7 3,314.0 3,170.4 3,461.2 2,946.8 1,041.2 1,170.4 Taxes on income and profit 2,490.7 2,723.5 2,656.6 635.4 827.7 562.9 697.5 629.5 723.0 511.1 793.0 577.1 235.8 223.8 Social security contributions 5,234.5 5,267.6 5,244.1 1,300.6 1,316.9 1,303.8 1,346.2 1,342.5 1,332.8 1,306.4 1,262.4 1,264.9 436.1 416.5 Taxes on payroll and workforce 28.1 29.2 25.6 6.7 7.6 6.7 8.2 7.2 6.4 5.8 6.1 5.5 2.1 2.6 Taxes on property 219.7 215.2 233.9 24.0 53.8 84.2 53.1 26.6 64.8 79.4 63.1 24.2 28.0 4.7 Domestic taxes on goods and services 4,780.7 4,856.2 4,876.1 1,165.5 1,217.4 1,148.4 1,324.9 1,164.0 1,164.5 1,244.1 1,303.4 1,039.2 331.1 456.6 Taxes on international trade & transactions 90.7 100.2 82.5 23.7 27.6 23.8 25.1 22.3 21.9 17.9 20.5 19.4 8.2 7.3 Other taxes 4.0 17.2 -0.6 -0.1 -0.1 -0.2 17.6 -19.4 0.5 5.8 12.6 16.5 0.0 58.9 Non-tax revenues 923.0 828.7 912.3 208.7 187.6 189.5 242.9 238.1 171.9 197.0 305.3 238.2 59.6 65.5 Capital revenues 175.7 65.3 62.5 7.6 21.6 14.4 21.7 10.5 10.8 11.7 29.5 10.7 5.1 3.6 Grants 12.6 10.4 9.2 2.4 3.0 1.0 4.0 1.3 1.8 1.6 4.5 12.9 0.5 0.5 Transferred revenues 109.5 53.8 51.7 2.3 0.4 50.5 0.6 0.1 0.5 50.0 1.1 0.5 50.3 0.2 Receipts from the EU budget 724.7 814.9 845.1 223.9 163.2 153.3 274.6 195.6 213.2 146.6 289.7 211.2 63.9 50.3 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,692.7 16,546.3 16,125.7 4,191.6 4,159.0 3,955.7 4,240.0 4,326.5 3,857.4 3,836.0 4,105.7 4,137.5 1,325.8 1,328.8 Current expenditures 6,960.4 6,926.7 6,813.5 1,898.6 1,742.3 1,645.5 1,640.3 1,995.1 1,668.7 1,553.2 1,596.6 1,842.7 569.6 544.4 Wages, salaries and other personnel expenditures 3,912.4 3,882.7 3,727.7 967.0 1,010.3 955.0 950.4 958.3 973.9 910.8 884.7 905.3 312.8 322.2 Expenditures on goods and services 2,512.4 2,443.4 2,373.0 585.3 615.7 603.4 638.9 589.7 599.1 551.1 633.1 562.2 180.5 196.4 Interest payments 488.2 526.7 647.9 311.3 108.1 78.0 29.3 431.8 81.5 79.4 55.3 319.1 71.7 21.9 Reserves 47.4 73.9 64.9 35.0 8.2 9.1 21.6 15.3 14.3 11.8 23.4 56.2 4.5 3.9 Current transfers 7,628.5 7,818.9 7,687.0 1,942.5 2,076.4 1,855.7 1,944.4 1,957.3 1,878.7 1,903.2 1,947.8 1,948.8 615.0 607.7 Subsidies 581.9 496.3 502.7 171.2 127.6 69.1 128.2 177.1 107.8 57.3 160.5 190.5 23.6 17.0 Current transfers to individuals and households 6,277.7 6,533.5 6,384.2 1,606.6 1,745.6 1,583.0 1,598.3 1,609.2 1,588.7 1,636.6 1,549.7 1,577.0 522.6 526.4 Current transfers to non-profit institutions, other current domestic transfers 728.8 737.2 741.0 158.8 186.2 189.0 203.2 158.0 169.6 196.7 216.8 158.1 61.6 63.0 Current transfers abroad 40.1 52.0 59.0 5.9 17.0 14.5 14.6 13.0 12.5 12.6 20.8 23.3 7.2 1.2 Capital expenditures 1,310.6 1,023.5 915.0 168.8 196.5 266.5 391.6 165.3 179.2 223.4 347.2 141.7 82.5 94.6 Capital transfers 396.4 372.1 319.9 42.4 73.3 97.0 159.4 47.0 44.3 74.3 154.3 42.5 26.5 49.3 Payments to the EU budget 396.8 405.1 390.3 139.3 70.6 91.0 104.4 161.8 86.5 82.0 59.9 161.8 32.1 32.8 SURPLUS / DEFICIT -1,898.7 -1,564.1 -1,122.8 - - - - - - - - - - - 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. * Data on revenues for November 2012 include corrections in DURS records for the period January-October 2012, which were due to the rectification of technical errors in the new DURS information system. 2011 2012 2013 11 1 12 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11M 12 1 1 2 1 3 1 4 1,361.2 1,364.8 1,181.7 1,094.3 1,342.3 1,283.2 1,159.7 1,269.3 1,188.8 1,234.9 1,153.5 1,300.4 1,304.0 1,486.9 1,183.1 1,143.8 1,093.4 1,186.7 1,265.0 1,214.8 1,152.0 1,056.4 1,202.5 1,230.7 1,101.4 1,153.8 1,120.0 1,189.9 1,057.5 1,256.4 1,228.5 1,281.6 1,130.6 1,072.8 981.7 1,107.6 1,185.5 1,116.8 1,106.6 952.1 1,114.0 1,174.5 1,049.3 1,090.3 1,059.0 1,107.5 1,003.9 1,188.8 1,161.5 1,111.0 1,076.5 955.1 915.2 1,046.5 227.5 246.2 214.7 219.2 195.6 248.3 194.8 279.9 91.6 210.5 209.0 215.7 311.1 266.3 199.9 194.1 183.1 70.9 444.0 485.8 443.5 438.0 461.0 441.3 449.0 442.5 432.2 446.0 428.2 430.0 360.0 472.3 424.7 418.9 421.4 432.4 2.4 3.3 2.0 2.0 3.2 2.2 2.2 2.0 2.2 1.7 1.9 2.0 1.6 2.5 1.9 1.8 1.8 2.1 33.9 14.5 8.2 9.7 8.7 10.5 27.4 26.9 26.3 26.4 26.6 20.0 30.5 12.7 6.1 9.0 9.0 17.3 495.4 373.0 443.6 282.4 438.0 460.7 371.2 332.7 496.8 414.2 333.2 512.5 444.9 346.1 438.3 319.3 281.6 521.1 8.6 9.2 6.7 7.3 8.3 8.8 6.6 6.5 5.9 5.6 6.3 7.6 7.5 5.4 5.3 6.3 7.9 8.3 -26.3 -15.0 -12.1 -6.6 -0.7 2.7 -1.9 -0.3 4.2 3.0 -1.4 1.0 5.9 5.7 0.3 5.7 10.5 -5.7 79.5 98.0 45.4 104.3 88.5 56.2 52.1 63.6 60.9 82.4 53.6 67.6 67.0 170.7 54.1 117.7 66.4 61.1 6.1 12.0 2.2 4.2 4.1 2.4 3.5 4.8 4.7 2.9 4.1 3.6 5.3 20.6 4.0 3.5 3.1 4.1 2.2 1.2 0.2 0.3 0.8 0.6 0.9 0.4 0.4 0.7 0.4 0.3 1.1 3.1 0.2 12.4 0.3 0.9 0.2 0.3 0.1 0.0 0.0 0.1 0.0 0.4 0.0 0.1 49.8 0.5 0.2 0.3 0.4 0.0 0.1 0.0 87.6 136.6 27.2 33.5 134.9 49.4 53.9 109.9 63.7 41.3 41.6 39.7 68.9 181.1 47.9 55.1 108.2 74.0 1,368.3 1,542.9 1,491.0 1,446.9 1,388.7 1,366.7 1,249.3 1,241.5 1,346.7 1,241.2 1,248.1 1,332.7 1,352.4 1,420.6 1,459.9 1,349.1 1,328.4 1,452.8 530.7 565.2 679.4 648.3 667.4 628.1 515.4 525.2 530.0 507.0 516.2 563.7 530.6 502.2 663.3 569.0 610.4 727.8 320.0 308.2 331.1 316.5 310.7 329.8 315.6 328.5 323.3 305.0 282.5 294.3 314.8 275.6 326.0 267.9 311.3 293.5 204.5 238.0 206.6 191.7 191.4 216.0 192.1 191.0 199.0 195.1 157.0 215.4 209.5 208.3 197.1 156.9 208.2 199.2 1.9 5.6 136.4 134.8 160.6 77.3 2.6 1.6 5.1 2.2 72.1 48.5 2.3 4.5 133.3 101.8 83.9 227.9 4.3 13.4 5.4 5.3 4.7 5.0 5.2 4.1 2.5 4.7 4.6 5.5 4.1 13.8 6.8 42.4 7.0 7.3 642.7 694.0 707.5 632.8 617.1 638.5 627.2 613.0 697.0 607.4 598.8 611.3 662.3 674.2 683.2 639.9 625.8 637.5 39.3 71.9 117.0 40.5 19.6 47.2 31.8 28.8 14.7 20.6 22.0 27.4 68.1 65.0 94.2 60.0 36.3 33.2 540.0 531.9 535.4 534.5 539.3 530.2 531.1 527.4 611.7 519.8 505.1 524.2 511.8 513.6 526.4 521.6 529.0 534.6 62.3 77.8 49.0 53.4 55.6 56.3 59.0 54.2 67.3 62.3 67.0 56.7 70.0 90.1 57.9 41.6 58.6 67.2 1.1 12.4 6.1 4.3 2.6 4.6 5.2 2.7 3.3 4.6 4.7 3.0 12.3 5.5 4.6 16.8 1.9 2.6 111.5 185.6 56.7 55.0 53.6 50.9 63.9 64.3 76.7 72.4 74.2 86.5 95.7 165.0 49.5 50.8 41.4 38.1 48.1 61.9 12.3 18.6 16.1 14.3 10.2 19.8 23.5 24.5 26.3 43.3 41.6 69.4 12.6 11.9 17.9 16.1 35.3 36.2 35.1 92.2 34.6 34.9 32.5 19.1 19.5 29.9 32.6 27.9 22.2 9.8 51.3 77.5 33.0 33.2 - - - - - - - - - Acronyms Acronyms in the text AJPES - Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoE - Bank of England, BoJ -Bank of Japan, BS - Bank of Slovenia, CHF - Swiss Franc, EC - European Commission, ECB - European Central Bank, EIA - Energy Information Administration, EMU - European Monetary Union, ES - European Council, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, Euribor - Euro Interbank Offered Rate, EUROSTAT - Statistical Office of the European Union, FED - Federal Reserve System, GBP - British pound, GDP - Gross domestic product, HICP-Harmonised Index of Consumer Prices, HUF - Hungarian Forint, ifo - Institut für Wirtschaftsforschung, IMAD - Institute of Macroeconomic Analysis and Development, IMD - International Institute for Management Development, IMF - International Monetary Fund, JPY - Japanese yen, LFS - Labour Force Survey, Libor - London Interbank Offered Rate, MF - Ministry of Finance, NEER - Nominal Effective Exchange Rate, NFI - Non-monetary Financial Institutions, OECD - Organization for Economic Cooperation and Development, OI - core inflation, OP RR - Operational Programme for Strengthening Regional Development Potentials, OP RČV, - Operational Programme for Human Resource Development, OP ROPI - Operational Programme of Environmental and Transport Infrastructure Development, PMI - Purchasing Managers Index, PRS - Slovenian Business Register, REER - Real Effective Exchange Rate, RS - Republic of Slovenia, RULC - Relative Unit Labor Cost, SCA - Standard Classification of Activities, SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, USD - US Dollar, Statistical Register of Employment , ZUJF - Fiscal Balance Act, ZZZS - The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities (SCA) 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 refinedpetroleum 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 - Manufactureof motorvehicles,trailersand semi-trailers, 30 - Manufactureof othertransportequipment, 31 - Manufacture of furniture, 32 - Other manufacturing, 33 - Repair and installation of machinery and equipment, D-Electricity,gas,steamandairconditioningsupply,E-Watersupplysewerage,wastemanagementandremediationactivities, 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. Slovenian economic mirror june 2013, No. 6, Vol. XIX