No. 5, Vol. XXIX, 2023 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 5 / Vol. XXIX / 2023 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Urška Brodar Authors: Urška Brodar; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Selected topic: Valerija Korošec, PhD (2023 Prosperity Index) Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, July 2023 ISSN 1581-1026 (pdf ) ©2023, Institute of Macroeconomic Analysis and Development 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 ........................................................................................................................ 7 International environment ........................................................................................................................9 Economic developments in Slovenia .................................................................................................. 11 Labour market ............................................................................................................................................. 19 Prices ............................................................................................................................................................... 20 Financial markets ....................................................................................................................................... 21 Balance of payments ................................................................................................................................. 23 Public finance .............................................................................................................................................. 24 Selected topic.............................................................................................................................................27 2023 Prosperity Index................................................................................................................................ 29 Statistical appendix ................................................................................................................................31 The Economic Mirror is prepared based on statistical data available by 14 July 2023. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 5/2023 In the spotlight In the spotlight 3 According to the available indicators for the euro area, there are no signs of a visible recovery in economic activity in the second quarter, following a slight decline in the previous two quarters. As in the last quarter of last year, GDP contracted by 0.1% in current terms in the first quarter of this year, with private and government consumption falling. Year-on-year GDP growth in the euro area was only 1% in the first quarter and was significantly affected by the economic situation in Germany, amid a fall in household purchasing power. Growth in the euro area also seems to have remained low in the second quarter, as various economic indicators do not point to a noticeable recovery in economic activity in the second quarter. According to the international institutions’ baseline scenarios for this year, economic activity in the euro area is expected to pick up in the second half of the year. Economic growth in the countries of Central, Eastern and Southeastern Europe, which account for a significant share of Slovenia’s exports, will also weaken significantly this year due to persistently high inflation, the tightening of monetary policy and weak foreign demand. This is not the case for the Russian economy. According to the Vienna-based WIIW, after a decline of 2.1% last year, it is expected to grow by 1% this year, thanks to the defence industry, although it is suffering from sanctions and a sharp drop in energy revenues. Most of the available economic indicators in Slovenia deteriorated in the second quarter. Manufacturing output rebounded strongly in May after contracting in April, but it remained below the first quarter level on average in the second quarter. It was lower year-on-year in most industries, most notably in energy-intensive ones, while it was significantly higher in high-technology industries. Trade in goods continued to decline in May and remained lower year-on-year. This was mainly due to a further decline in imports of goods, while real exports of goods rose slightly again after months of decline, mainly due to an increase in exports to non-EU countries. Exports to EU Member States, where Slovenia’s market share increased year-on-year in the first quarter after a two-year decline, remained at a similar level as in April, while exports to Italy and Austria in particular have been declining since the beginning of the year. Expectations for export orders in Slovenia’s main trading partners fell further in June, to the lowest level since August 2020. The manufacturing PMI of Slovenia’s main trading partners (Germany, Italy and Austria) was also well below the 50 mark in June and was the lowest since the beginning of the epidemic, which does not point to a visible recovery in export activity in June. After increasing in the first quarter, real turnover in market services declined significantly in April. In addition to transportation and storage, where turnover has been declining since May last year, turnover in most other market services also declined in April. Turnover in services was also down year-on-year in April. Real turnover in retail trade excluding fuel rose slightly month-on-month in April but remained significantly lower year-on-year. Households spent less on food, non-food products and overnight stays at home in April and May than a year earlier but more on cars and travel abroad. According to data on the fiscal verification of invoices, total real turnover in the second quarter was lower year-onyear for the first time in two years. Data on the value of construction put in place show that construction activity increased again in May after a decline in April and also remained significantly higher year-on-year. Economic sentiment, which has been deteriorating since the beginning of the year, moved further from its long-term average. Confidence rose in the second quarter compared to the previous one only among consumers and in retail trade, while all components of the sentiment indicator deteriorated compared to the second quarter of last year. The number of registered unemployed was at an all-time low in June; the average gross wage was slightly lower year-on-year in real terms in April; in the first four months, growth was modest at 0.2%. At the end of June, unemployment totalled 46,178, which is 14.3% less than a year ago. According to seasonally adjusted data, the monthly decrease (of 0.7%) was slightly lower than in previous months but still relatively high. Amid severe labour shortages, the number of long-term unemployed fell by onequarter year-on-year and the number of unemployed people over 50 by 14.5%. Year-onyear growth in the number of persons in employment in April was slightly lower than in the previous months, with employment of foreign citizens continuing to be the main contributor to growth. The average gross wage in the private sector fell by 1.4% year-onyear in real terms in April, while in the public sector it rose by 1.6% in real terms, mainly due to the wage increase agreed last year. In the first four months, wage growth was modest (0.2%). 4 In the spotlight Slovenian Economic Mirror, No 5/2023 Year-on-year growth in consumer prices slowed significantly in June, as expected, although the VAT on certain energy products returned to its previous higher rate. At 6.9%, it was 1.5 p.p. lower than in May and the lowest since April last year. It exceeded inflation in the euro area, as measured by the HICP (5.5%), by 1.1 p.p. The year-on-year decline in inflation was mainly due to a much lower increase in the prices of housing, water, electricity, and gas and other fuels, on a higher base due to the expiry last year of the measure introducing an exemption from the payment of certain levies and charges on electricity, although the VAT on energy returned to its previous higher rate. Year-on-year growth in food prices was still relatively high at 12.1% but has gradually moderated (it was 19.4% in January). However, the year-on-year growth in prices of goods and services in the health sector has accelerated sharply in recent months and at 13.3% was the highest among all groups of goods and services. Core inflation (price growth excluding energy and food) remained at a relatively high level (8%) in June and has not yet started to fall. Slovenian industrial producer prices fell month-on-month for the second time in a row in May, while year-on-year growth slowed noticeably on last year’s high base, reaching the lowest level since July 2021. In the first five months of this year, the deficit of the consolidated balance of public finances was higher year-on-year, as revenue growth lagged behind expenditure growth. It totalled EUR 172 million, compared with EUR 58 million in the same period last year. Revenues increased by 2.3% year-on-year (last year they increased by 12.7% due to a stronger recovery and one-off income). Amid reductions in certain tax burdens to mitigate the consequences of the energy crisis (VAT and environmental tax on CO2 emissions), legislative changes in personal income tax and moderation of growth in private consumption, tax revenue growth slowed significantly, especially from VAT. Growth was also lower due to lower balancing payments of corporate income tax. EU funds received were considerably lower despite the payment on the basis of the first request for a grant from the RRP in April and certain capital and transferred revenues. Revenue growth was thus mainly driven by the growth in social contributions in the context of continuing employment growth and accelerated wage growth. Growth in excise revenue has also accelerated significantly this year, due to higher excise duties on energy and tobacco products. Revenues increased by 3.5% year-on-year, while they decreased by 1.2% in the same period last year. The main reason for the increase this year was the rise in wages and other remunerations as a result of the agreement on public sector wage increase. Various transfers (subsidies and transfers to individuals and households) were also higher year-on-year, as some COVID-19 measures had already been lifted this time last year and because of measures to mitigate the consequences of rising energy prices. Growth of investments (11.7%) also made a significant contribution to the growth of total expenditure. In the spotlight Slovenian Economic Mirror, No 5/2023 160 140 120 100 80 60 Number of registered unemployed in '000 Jan 23 May 23 Jan 22 Jan 21 Jan 20 Jan 18 Jan 19 Jan 23 Jun 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 General government balance 12 Primary balance -2917.2 -3542.2 Source: MF; calculations by IMAD. I-V 2023 -4,000 -171.7 -58.0 -3,000 I-V 2022 -4 -1577.3 -2 2022 -2 -2,000 2021 0 2020 2 0 2019 2 -1,000 2018 4 2017 4 0 2016 6 2015 8 6 2014 8 1,000 2013 10 In EUR million 10 -4 The general government deficit was higher in the first five months of this year than in the same period last year 2,000 Year-on-year growth, in % Fuels and energy Other Core inflation Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jun 23 Contribution to y-o-y growth, in p. p. 20 Source: ESS. Services prices were still the largest contributor to yearon-year inflation in June, while the contribution of food prices, although still high, is declining Source: SURS; calculations by IMAD. 40 Jan 13 Source: SURS; calculations by IMAD. 12 60 0 Jan 23 Jun 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -40 80 Jan 17 -30 100 Jan 16 -20 120 Jan 15 -10 Long-term unemployed 140 Jan 14 0 Food Services TOTAL Jan 17 All unemployed 10 Jan 13 Seasonally adjusted indicator value, 3-month moving average Manufacturing Service activities Consumers 20 -50 Jan 16 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. The number of registered unemployed was at an all-time low in June In Slovenia, only confidence among consumers and in retail trade rose in the second quarter compared to the previous quarter 30 Jan 15 40 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Jan 23 Jun 23 180 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Economic sentiment Retail trade Construction Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Services Jan 22 Jan 21 Manufacturing Jan 20 Jan 19 Jan 18 PMI value for euro area Composite index 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 In Slovenia, the value of some indicators of economic activity mostly declined in April and May Jan 14 The composite Purchasing Managers’ Indicator (PMI) for the euro area declined in June but was slightly higher on average in the second quarter compared to the previous quarter 5 current economic trends Slovenian Economic Mirror, No 5/2023 Current Economic Trends 9 The international environment Figure 1: Euro area composite Purchasing Managers’ Index (PMI), June 2023 Jan 23 Jun 23 Services Jan 22 Jan 21 Manufacturing Jan 20 Jan 19 Jan 18 PMI value for euro area Composite index 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. According to the available indicators for the euro area, there are no signs of a visible recovery in economic activity in the second quarter, following a slight decline in the previous two quarters. As in the last quarter of last year, GDP contracted by 0.1% in the first quarter of this year, with private and government consumption falling. According to the survey indicators, there was no visible recovery in the second quarter either. The average quarterly value of the composite Purchasing Managers’ Index (PMI) rose only slightly (to 52.3) compared to the previous quarter. Growth was driven by services, while manufacturing activity continued to decline. Companies also have lower expectations for future production and new orders. The manufacturing PMI of Slovenia’s main trading partners (Germany, Italy and Austria) in June was well below the 50 mark, indicating a contraction, and was the lowest since the beginning of the epidemic. According to the ECB’s June forecast, economic activity in the euro area is projected to pick up from the middle of the year, underpinned by strengthening global demand, lower inflation and a robust labour market supporting disposable income growth. Figure 2: WIIW Summer Forecast, July 2023 2022 2023 2024 7 6 Real GDP change, in % 5 4 3 2 1 0 -1 -2 -3 Croatia Hungary Poland Serbia Russia Czechia Slovakia Source: WIIW Summer Forecast, July 2023. Economic growth in the countries of Central, Eastern and Southeastern Europe will slow drastically this year. The still high inflation, the tightening of monetary policy and a weak international environment are all weighing on the region’s economies. After slowing in the last quarter of last year, GDP growth in many countries of the region continued to weaken in the first quarter of the current year and even slipped into negative territory, including in two of Slovenia’s main trading partners in the region, the Czech Republic and Hungary. For 2023, the WIIW forecasts a slowdown in growth to an average of 1.2% for the EU Member States in the region. Romania and Croatia will have comparatively strong growth (3% and 2.5% respectively), while the Visegrad countries’ economies are set to expand at an average of 0.6%. The economies of the Western Balkans will grow at an average of 1.9%. After a decline of 2.1% last year, the Russian economy, despite suffering from sanctions and a sharp drop in energy revenues, is expected to grow by 1% again this year, thanks to a booming defence industry. Next year, growth in the region is projected to pick up. 10 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Figure 3: Commodity prices, June 2023 The average energy prices on international markets fell further in the second quarter. Given the relatively full storage capacities for this time of year (capacities were 77.3% full at the end of June) and the associated lower supply uncertainty in the second half of the year, euro prices of natural gas on the European market (Dutch TTF) remained similar in June to the previous month, while they were almost 70% lower year-on-year. Compared to the previous quarter, gas prices fell by 34% in the second quarter. Amid weak demand, the Brent Crude oil price was also significantly lower year-on-year in June, with a similar decline in the dollar and euro prices (by around 40%). Compared to the previous month, the average prices per barrel fell by 1%, with the dollar price down to USD 74.8 and the euro price down to EUR 69.1. Compared to the previous quarter, the average dollar oil price was 3.4% lower in the second quarter and the euro price was 4.9% lower. According to the World Bank, the average dollar price of non-energy commodities continued to fall in June (by 1.9% month-on-month and 15% yearon-year) and is now at the same level as two years ago. On the international commodity markets, prices of all commodity groups were noticeably lower year-on-year, most notably those of fertilisers (by 45%). Non-energy commodities Fertilisers Jan 23 Jun 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 Jan 13 Index 2010=100 Energy Food Metals Source: World Bank. Figure 4: Effective exchange rate, Q1 and Q2 2023 NEER REER hicp REER ppi Slovenia’s competitiveness indicators deteriorated significantly in the first half of the year. This was due to relatively higher growth in prices (REER PPI and REER HICP) and unit labour costs (REER ULC) than in Slovenia’s trading partners, while the exchange rate of the euro against the basket of currencies of Slovenia’s main trading partners (NEER) has remained relatively stable this year. The gap was pronounced especially in the growth of industrial producer prices in manufacturing (PPI), where relative prices had already started to rise last year and the REER PPI reached its highest level ever in the second quarter of this year. The cost competitiveness indicator (REER ULC) also deteriorated further in the first quarter (latest available data), reaching its highest level since the global financial crisis, reflecting faster growth in unit labour costs.1 REER ulc 112 110 108 2007=100 106 104 102 100 98 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 Q1 08 Q1 07 94 Q1 Q2 23 23 96 Source: ECB; calculations by IMAD. NEER - nominal effective exchange rate, REER HICP (PPI or ULC) - real effective exchange rate deflated by HICP (PPI or ULC). An increase in the indicator means an appreciation of the euro and/or an increase in relative prices against a basket of 37 trading partners' currencies, weighted according to their importance in Slovenia's trade. 1 Although it was also high during the epidemic years, it was an unreliable indicator of the real cost competitiveness of the economy due to largescale intervention measures. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average Brent USD, per barrel Brent EUR, per barrel change, in %1 2022 V 23 VI 23 VI 23/V 23 VI 23/VI 22 I-VI 23/I-VI 22 100.79 75.75 74.84 -1.2 -39.0 -25.4 95.79 69.63 69.05 -0.8 -40.5 -24.7 131.98 32.05 32.47 1.3 -69.8 -34.0 USD/EUR 1.054 1.087 1.084 -0.3 2.6 -1.1 3-month EURIBOR, in % 0.342 3.366 3.536 17.0 377.5 343.7 123.59 111.64 109.54 -1.9 -15.1 -14.0 Natural gas (TTF)2, EUR/MWh Non-energy commodity prices, index 2010=100 Source: EIA, ECB, World Bank; calculations by IMAD. Notes: 1 for Euribor, change is in basis points, 2 trading point for natural gas in the Netherlands. Slovenian Economic Mirror, No 5/2023 Current Economic Trends 11 Current economic trends Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities 180 160 140 120 100 80 60 Jan 23 May 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 5: Short-term indicators of economic activity in Slovenia, April–May 2023 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Most available economic indicators in Slovenia deteriorated in the second quarter. Trade in goods continued to decline in May and remained below the previous year’s level. This was mainly due to a further decline in imports of goods, while real exports of goods increased slightly again after months of decline. Manufacturing output rebounded strongly in May after contracting in April, but it remained below the first quarter level on average in the second quarter. In most industries, most notably in energy-intensive ones, it was lower year-on-year, while it was significantly higher in high-technology industries. After increasing in the first quarter, real turnover in market services declined significantly in April. In addition to transportation and storage, where turnover has been declining since May last year, turnover also declined in most other market services in April. Turnover in services was also down yearon-year in April. Real turnover in retail trade excluding fuel rose slightly month-on-month in April but remained significantly lower year-on-year. Households spent less on food, non-food products and overnight stays at home in April and May than a year earlier but more on cars and travel abroad. Based on data on construction put in place, construction activity declined in April, while it remained significantly higher year-on-year. The economic climate also deteriorated on average in the second quarter compared to the first quarter, and sentiment also deteriorated significantly compared to the second quarter of last year. Electricity consumption was 16% lower year-on-year in June. According to our estimate, this was mainly due to lower industrial consumption, especially in the energy-intensive part of the industrial sector. Household consumption may also have contributed to lower year-on-year consumption as a result of more rational utilisation of energy. Slovenia’s main trading partners also recorded a year-on-year decline in consumption in June (Austria by 13%, Italy by 7%, Croatia by 6%, France by 5% and Germany by 2%). Jun 23 Mar 23 Dec 22 Sep 22 Jun 22 Croatia Slovenia Mar 22 Dec 21 Sep 21 Jun 21 Mar 21 France Germany Dec 20 Sep 20 30 25 20 15 10 5 0 -5 -10 -15 -20 Jun 20 Austria Italy Mar 20 Year-on-year change, in % Figure 6: Electricity consumption, June 2023 Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until August 2022. 12 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Figure 7: Electricity consumption by consumption group, June 2023 30 Year-on-year change, in % Electricity consumption in the distribution network remained lower year-on-year in June in all consumption groups. As in the previous few months, the sharpest decline was seen in industrial consumption (by 10.6% year-on-year), which could also indicate a year-on-year decline in industrial production. The yearon-year decline in household consumption in June (by 5.3%) was higher than in the previous month (by 3.1%), which could be due to a more rational utilisation of energy encouraged by the expiry of the reduced VAT rate on energy. Small business consumption2was 3.5% lower year-on-year in June. Industry Households Small business consumption Total distribution network consumption 20 10 0 -10 -20 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jun Jul 23 23 -30 2 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc., and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. Figure 8: Natural gas consumption, June 2023 40 30 30 20 20 10 10 0 April May 0 June Source: Plinovodi d.o.o., calculations by IMAD. Note: Final data until 31 May 2023. 6/7/23 30/6/23 24/6/23 18/6/23 6/6/23 12/6/23 31/5/23 25/5/23 19/5/23 7/5/23 13/5/23 1/5/23 25/4/23 -20 19/4/23 -20 7/4/23 -10 13/4/23 -10 Difference to the comparable Apr 17–Mar 22 average, in % 40 1/4/23 Natural gas consumption, in GWh Daily consumption of natural gas in Slovenia Average comparable natural gas consumption over Apr 17–Mar 22 14-day moving averages of daily differences (right axis) Average monthly difference (right axis) For the third month in a row, natural gas consumption in June was slightly higher than the comparable average consumption in previous years. The higher consumption in recent months was due to cooler temperatures that extended the heating season (in April) and lower gas market prices compared to the same period last year, which prompted some companies to increase their production (e.g. in the steel industry). Slovenia almost reached the EU target of reducing gas consumption by at least 15% between August last year and March this year (by 14%). In the first three months of the extended gas demand reduction period,3 gas consumption in Slovenia was slightly above the comparable average consumption (by almost 3% in June). According to Eurostat, EU Member States reduced their gas consumption by an average of 13% in April–May (Slovenia increased it by 1%). 3 The new regulation provides for an extended reduction period from 1 April 2023 to 31 March 2024 and consumption is compared to a reference period from 1 April 2017 to 31 March 2022. Slovenian Economic Mirror, No 5/2023 Current Economic Trends 13 Figure 9: Value of fiscally verified invoices – nominal, June 2023 50 40 Y-on-y change , in % 30 20 10 0 -10 -20 -30 Apr 23 Jun 23 Jan 23 Jul 22 Oct 22 Apr 22 Jan 22 Jul 21 Oct 21 Jan 21 Apr 21 Jul 20 Oct 20 Jan 20 Apr 20 -40 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Year-on-year nominal growth in the value of fiscally verified invoices moderated to 2% (from 7% in May), while in real terms4 it was lower year-on-year for the fourth month in a row amid strong price growth. The lower year-on-year nominal growth this year was mainly due to moderation of turnover in trade5 (by 3%), which accounted for three-quarters of the total value of fiscally verified invoices, and year-on-year lower turnover in accommodation and food service activities. Turnover in the sale of motor vehicles was, similar to previous months, up 18% in nominal terms. Turnover in retail trade increased by 1% (by 5% in May), while it fell by 2% yearon-year in wholesale trade (it increased by 4% in May). Turnover in accommodation and food service activities was lower year-on-year in June for the first time this year, due to high turnover last year before the expiry of the deadline for the redemption of tourism vouchers. Year-on-year growth in creative, arts and entertainment activities was lower in June than in previous months, while turnover in sports activities and gambling and betting activities declined year-on-year after months of growth (overall growth in other services6 was 9%). 4 5 6 Deflated by the general price level (CPI). Year-on-year nominal growth in trade was 5% in April and 7% in May. Activities R, S and T according to NACE classification. Growth was 17% in April and 12% in May. Figure 10: Trade in goods – real, May 2023 Imports Imports from the EU 190 180 170 160 150 140 130 120 110 100 90 Jan 22 Jan 21 Jan 20 Jan 23 May 23 Source: SURS; calculations by IMAD. Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Exports Exports to the EU Trade in goods continued to decline in May and remained lower year-on-year; sentiment in exportoriented activities is low. Real imports of goods continued to decline in May, with imports of intermediate goods and consumer goods (seasonally adjusted) in particular declining significantly in recent months. Real exports of goods increased slightly in May (after several months of decline), mainly due to an increase in exports to non-EU countries (seasonally adjusted). Exports to EU Member States, which account for around 75% of all Slovenian goods exports, remained at a similar level to that in April, while exports to Italy and Austria in particular have been declining since the beginning of the year. Compared to the same period last year, trade in goods (also with EU Member States) was lower in the first five months of the year (exports by 2.5% and imports by 6.8%). The weak economic activity in Slovenia’s main trading partners is having a negative impact on sentiment and expectations in export-oriented activities. Thus expectations for export orders fell in June, to the lowest level since August 2020. 14 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Figure 11: Slovenia’s export market share in the EU market, Q1 2023 Total goods Energy-intensive products 120 Q1 2019 =100 110 100 90 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 80 Source: SURS, Eurostat; calculations by IMAD. After almost two years of contraction, Slovenia’s export market share in the EU market increased yearon-year in the first quarter of 2023 (by 4.2% according to preliminary estimates). The market share in industrial machinery and equipment, one of the few product groups whose market share has increased in the last two years, has continued to grow. After declining last year, the market share of the pharmaceutical sector also increased year-on-year in the first quarter. With the exception of the paper industry, the energy-intensive product groups (chemical products, non-metallic mineral products and basic metals), whose production and market share had declined significantly at the end of last year amid an uncertain energy supply and price environment, also increased their market shares. The decline in the market share of road vehicles has continued, with the growth of Slovenian exports not keeping pace with the sharp acceleration in the euro value of EU Member States’ imports. Source: BoS; calculations by IMAD. Jan 22 May 23 Jan 22 Jan 21 Jan 20 Jan 19 Imports of services Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Exports of services 1000 950 900 850 800 750 700 650 600 550 500 450 400 350 300 250 Jan 13 In EUR million, seasonally adjusted, 3-month moving average Figure 12: Trade in services – in nominal terms, May 2023 Trade in services increased again in May in current terms after contracting in April. The increase was mainly due to trade in other business services and transport services. The latter increased in May after several months of decline but remained significantly lower than at the beginning of the year. After several months of growth, tourism-related services remained at a similar level in May as in April. Among main services, construction and ICT services also saw a decrease in trade (seasonally adjusted). Year-on-year growth in trade in services remained strong in the first five months, with exports rising by 9.7% and imports by 6.7%. In particular, trade in tourism-related services recovered significantly, as spending by foreign tourists, same-day visitors and transit passengers in Slovenia increased by 13.7% yearon-year, while spending by Slovenian tourists abroad increased by 29.4%. Slovenian Economic Mirror, No 5/2023 Current Economic Trends 15 Figure 13: Production volume in manufacturing, May 2023 High-tech ind. Medium-low-tech. ind. 280 260 240 220 200 180 160 140 120 100 Source: SURS, calculations IMAD. Jan 23 May 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving averages Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. Manufacturing output recovered strongly in May after contracting in April, but it remained below the first quarter level in the two months as a whole. In May, it increased in all industry groups according to technology intensity. In April and May it was on average below the first quarter average, except in high-technology industries, which nevertheless exceeded the level of the same period last year in the first five months of this year. Output in most medium-high-technology industries (with the exception of the energy-intensive chemical industry) was also higher year-on-year. Output in all energy-intensive industries and in most less-technologyintensive industries remained lower in the first five months than a year ago. The outlook for manufacturing remains poor. In June, most companies still did not expect exports to pick up in the coming months. Table 2: Selected monthly indicators of economic activity in Slovenia In % Merchandise exports, real1 - to the EU Merchandise imports, real1 - from the EU 2022 V 23/IV 23 V 23/V 22 14.8 12.83 -0.1 I-V 23/I-V 22 6.9 4.1 0.03 -8.7 -6.1 10.7 10.13 1.6 1.4 3 1.8 -1.7 -0.5 -6.3 Services exports, nominal2 30.7 12.43 8.3 9.7 Services imports, nominal2 24.6 1.43 2.4 7.6 Industrial production, real 1.2 7.93 -4.94 -5.44 - manufacturing Construction - value of construction put in place, real In % 3.7 8.93 -1.84 -1.94 22.2 3.73 24.6 24.4 2022 IV 23/III 23 IV 23/IV 22 I-IV 23/I-IV 22 Distributive trades - real turnover 10.2 -0.43 -3.2 -0.4 Market services (without trade) - real turnover 11.3 -4.03 -0.2 4.8 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. 16 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Jan 23 May 23 According to data on the value of construction work put in place, construction activity increased by 4% in May. The value rose after falling in April and was 25% higher compared to May last year. In the first five months, it was on average 24% higher than the same period last year. For buildings, it went up by 21%, for civil engineering by 22% and for specialised construction activities by 37%. However, some other data suggest significantly lower growth in construction activity. Data on the value of industrial production in two activities traditionally strongly linked to construction do not point to such strong growth. Production in other mining and quarrying was 14% lower year-on-year in May, while it was 13% lower in the manufacture of other non-metallic mineral products. Jan 23 May 23 In April, turnover in the sale of motor vehicles was higher year-on-year, while it was lower in wholesale and retail trade. Turnover in the sale of motor vehicles, which has been rising in current terms since the second half of last year, was up by 15.2% year-on-year in April. After declining in current terms in the previous three months, the year-on-year decline of turnover in wholesale trade (by 8.3%) intensified in April. The year-on-year decline in retail trade remained relatively high in April, although turnover remained at previous month’s level. Turnover in retail sale of food, beverages and tobacco fell by 6.9% year-on-year, while in the sale of non-food products it fell by 6.4%. According to preliminary SURS data, turnover in May was still lower year-on-year in retail trade and higher in the sale of motor vehicles. Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 50 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 13 Real construction production index (2010=100) Figure 14: Activity in construction, May 2023 Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 220 200 180 160 140 120 100 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 15: Turnover in trade, April–May 2023 . by IMAD. Source: SURS; calculations Jan 23 Apr 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 180 160 140 120 100 80 60 40 20 0 Jan 14 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 16: Turnover in market services, April 2023 Source: SURS; calculations by IMAD. Note: * including real estate. Real turnover in market services fell significantly in April. After rising in the first quarter, it fell by 4% monthon-month. In addition to transportation and storage, where turnover has been declining since May last year, turnover was down in most other market services in April, especially in information and communication activities, with both main sectors (telecommunications and computer services) contributing to the decline. The decline was somewhat smaller in professional and technical activities, where nevertheless turnover fell in all segments. The decline was smallest in administrative and support service activities, while turnover increased again in employment services. Turnover in accommodation and food service activities was similar to the previous month. Year-on-year, total turnover fell by 2.2% in real terms in April due to a decline in turnover in transportation and storage and information and communication activities. It remained below pre-epidemic (April 2019) levels in administrative and support service activities (by 9%) and, after a prolonged period, in transportation and storage (by 4%). Slovenian Economic Mirror, No 5/2023 Current Economic Trends 17 Figure 17: Selected indicators of household consumption, April–May 2023 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 160 140 120 100 80 60 40 20 0 Q1 10 Seasonally adjusted index 2010=100 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons Source: SURS; calculations by IMAD. Note: The Q2 2023 figure for the turnover in accommodation and food service is value for April, for others is the average value for April and May. Compared to a year earlier, households in Slovenia spent more on cars and travel abroad and less on food, non-food products and overnight stays in April and May. Sales of passenger cars to natural persons in the two months were on average 8% above the previous year’s level, mainly due to the low base against the backdrop of last year’s supply chain problems. Expenditure on tourist services abroad7 was also higher year-on-year, while the number of overnight stays by domestic tourists in Slovenia was significantly lower than a year ago, when their number increased sharply due to the redemption of tourism vouchers.8 Purchases of food, beverages and tobacco and non-food products were also lower year-onyear on average in April and May (by 5% and 6% in real terms respectively). According to data on the fiscal verification of invoices, total turnover in the second quarter was 5% above the previous year’s level in nominal terms, but in real terms9 it declined for the first time in two years. 7 8 9 In April and May combined, imports of private travel increased by 13% in nominal terms and the number of overnight stays by Slovenians in Croatia increased by 14%. In April and May combined, Slovenia recorded 29% fewer overnight stays by domestic tourists and 38% more overnight stays by foreign tourists, whose high share in total overnight stays (65%) had a significant impact on keeping turnover in accommodation and food service activities at a high level. Deflated by the general price level (CPI). Figure 18: Economic sentiment, June 2023 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Source: SURS; calculations by IMAD. Jan 23 Jun 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -50 Jan 14 -40 Jan 13 Seasonally adjusted indicator value, 3-month moving average 30 Manufacturing Service activities Consumers The sentiment indicator fell for the sixth consecutive month in June. Sentiment deteriorated by 1.8 p.p. month-on-month. This was due to the negative impact of confidence indicators in services and among consumers and to some extent in manufacturing and construction. Only the contribution of the retail trade indicator was positive. After a gradual increase since the beginning of the year, consumer confidence fell in June for the first time this year. All indicator components deteriorated, especially households’ expectations about their financial situation. Enterprises in services report in particular a deterioration in their business situation, while those in manufacturing and construction still report a deterioration on their order books, which is related to the uncertain economic situation and weak foreign demand. Compared to June last year, the value of the economic sentiment indicator fell by 5.4 p.p. Confidence was down in all activities, the most in manufacturing and among consumers. The economic climate also deteriorated on average in the second quarter compared to the first quarter, and sentiment also deteriorated significantly compared to the second quarter of last year. 18 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Figure 19: Road and rail transport – Q1 2023 240 220 200 180 160 140 120 100 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 60 Q1 13 80 Q1 12 In million tkm, seas. adj. index 2010=100 Road Road – cross-trade Road - loaded, unloaded and national Railway Source: SURS; calculations by IMAD. After a decline in the previous three quarters, the volume of road freight transport increased in the first quarter, while the volume of rail freight transport continued to decline. After a long period of decline, the volume of road transport performed by Slovenian vehicles increased quarter-on-quarter, due to a renewed increase in cross-trade, while it was still 5% lower year-onyear. It was 7% higher compared to the same quarter in 2019 (cross-trade was 2% higher, while other road traffic performed at least partially on Slovenian territory was 11% higher). The share of cross-trade in total transport, which was above 50% before the epidemic, was 44% in the first quarter.10 Rail freight transport, already declining before the epidemic, was 8% lower year-on-year in the first quarter and 15% lower than in the same quarter of 2019. 10 The share of foreign vehicle traffic on Slovenian motorways (measured in kilometres driven), which decreased during the epidemic, was only slightly lower in Q1 2023 than in the same period of 2019 (by 0.6 p.p.), according to DARS data. Transactions in new residential properties Transactions in existing residential properties Prices of new residential properties Prices of existing residential properties 225 200 175 150 125 100 75 50 25 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 0 Q1 08 Index 2010=100, 4-quarter moving averages Figure 20: Residential housing – Q1 2023 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Prices of dwellings continued to rise slightly in the first quarter, while the volume of sales continued to decline. Prices rose by 1.6% compared to the last quarter of last year11 and by 8.8% compared to the first quarter of 2022. The still high year-on-year growth12 was mainly due to higher prices of existing dwellings (by 9.1%), where the number of transactions was almost a quarter lower yearon-year and the lowest since the first quarter of 2021. Prices of newly built dwellings were also higher year-onyear (by 5%), though 8.4% lower than in the last quarter of 2022. The number of transactions, which make up only a small part of total sales (3%), also fell sharply year-onyear (by more than one-third). 11 12 This is similar to the last quarter of last year (1.4%) and much lower than the quarterly average in 2022 (2.8%). After an average growth of 11.5% in 2021 and 14.8% in 2022. Slovenian Economic Mirror, No 5/2023 Current Economic Trends 19 Labour market Figure 21: Number of registered unemployed persons, June 2023 The number of registered unemployed was at an alltime low in June. According to original data, 46,178 people were unemployed at the end of June, 2.1% fewer than at the end of May and 14.3% fewer than a year earlier. According to seasonally adjusted data, the monthly decrease (by 0.7%) was slightly lower than in previous months but still relatively high. Amid severe labour shortages, the number of long-term unemployed fell by one-quarter year-on-year at the end of June and the number of unemployed people over 50 by 14.5%. Long-term unemployed 120 100 80 60 40 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 23 Jun 23 20 Jan 13 Number of registered unemployed in '000 All unemployed 140 Source: ESS. Private sector Public sector The average gross wage fell by 0.4% year-on-year in real terms in April. In the private sector, the average gross wage fell by 1.4% in real terms year-on-year. Growth was still strongest in accommodation and food service activities, which is facing a severe labour shortage. Gross wages in the public sector increased by 1.6% year-on-year in real terms, mainly due to the last year’s agreement on wage increases. Compared to April last year, the average gross wage increased by 9% in nominal terms – by 11.1% in the public sector and by 7.8% in the private sector. In the first four months, the average year-on-year gross wage growth was modest in real terms – 0.2% (0.3% in the private sector and 0.1% in the public sector). Total 20 16 12 8 4 0 -4 -8 -12 Jan 23 Apr 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 -20 Jan 16 -16 Jan 15 Year-on-year real growth, 3-month moving average, in % Figure 22: Average nominal gross wage per employee, April 2023 Source: SURS; calculations by IMAD. Table 3: Indicators of labour market trends Change, in % 2022 IV 23/III 23 IV 23/IV 22 Persons in formal employment2 2.4 0.11 1.6 1.8 Average nominal gross wage 2.8 0.81 9.0 10.0 private sector 6.2 0.61 7.8 10.2 public sector -2.5 1.61 11.1 9.9 of which general government -4.9 1.41 11.1 9.1 of which public corporations 4.6 0.61 11.2 12.1 2022 IV 22 III 23 IV 23 5.8 5.9 5.1 5.0 Change, in % 2022 VI 23/V 23 VI 23/VI 22 I-VI 23/I-VI 22 Registered unemployed -23.8 -2.1 -14.3 -16.6 Rate of registered unemployment (in %), seasonally adjusted Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). I-IV 23/I-IV 22 20 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Prices Figure 23: Consumer prices, June 2023 Year-on-year growth in consumer prices slowed significantly in June, as expected, despite the higher VAT rate on certain energy products. At 6.9%, it was 1.5 p.p. lower than in May and the lowest since April last year. The year-on-year decline in inflation was mainly due to a much lower increase in the prices of housing, water, electricity, and gas and other fuels, on a higher base due to the expiry last year of the measure introducing an exemption from the payment of certain levies and charges on electricity, although the VAT on energy returned to its previous higher rate. Year-on-year growth in food prices was still relatively high at 12.1%, but it has gradually moderated (it was 14.7% in May). Year-on-year growth in prices of goods and services in the health sector has accelerated sharply in recent months and at 13.3% was the highest among all 12 CPI groups of goods and services. Broad-based year-on-year growth in services prices remains slightly below 8.5%. It is driven by higher prices in the groups recreation and culture, restaurants and hotels, and other services. Amid a slowdown in household spending, minor supply chain disruptions and stable commodity market conditions, the growth in durable goods prices has moderated, to 3.5% year-on-year in June. The growth of semi-durable goods prices remained broadly unchanged (5.7%). Euro area Jan 23 Jun 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Year-on-year inflation, in % Slovenia 12 11 10 9 8 7 6 5 4 3 2 1 0 -1 -2 Source: SURS, Eurostat. Figure 24: Slovenian industrial producer prices, May 2023 Domestic market 160 Slovenian industrial producer prices fell on average month-on-month in May for the second month in a row (by 0.4%). The prices of intermediate goods and energy decreased, while prices of consumer goods increased slightly, due to rising prices of durable goods. Compared to the previous month, prices were lower in both domestic and foreign markets. Year-on-year price growth moderated significantly in May to 6.6% (9.9% in April), the lowest level since July 2021. The higher base contributed significantly to the lower growth. Due to strong growth in the second half of last year and at the beginning of this year, energy prices still recorded the strongest year-on-year increase, rising by about one-fifth in May. Consumer goods prices rose by about a tenth, while prices of intermediate goods and capital goods increased by 3.2% and 5.5% respectively. Non-domestic market Index 2015=100 150 140 130 120 110 100 Jan 23 May 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 90 Source: SURS. Table 4: Consumer price growth, in % 2022 Total V 22-VI 23/V 21-VI 22 VI 23/V 23 VI 23/VI 22 I-VI 23/I-VI 22 10.3 9.7 1.4 6.9 9.1 Food 18.9 16.4 -0.7 12.1 16.5 Fuels and energy 15.9 15.0 5.6 -5.3 5.4 7.7 6.9 2.1 8.4 7.9 Services Other1 7.5 7.6 0.3 7.3 8.2 Core inflation - excluding food and energy 7.4 7.3 1.2 8.0 7.9 Core inflation - trimmed mean2 9.5 9.5 0.5 8.5 9.3 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Slovenian Economic Mirror, No 5/2023 Current Economic Trends 21 Financial markets Figure 25: Loans to domestic non-banking sectors, May 2023 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 23 May 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 -40 Source: BoS. The year-on-year growth in the volume of loans to domestic non-banking sectors further moderated slightly in May (1.9%). The volume of corporate and NFI loans increased by only 0.3% year-on-year amid a slowdown in growth of economic activity and further tightening of borrowing conditions. Growth in loans to households is also slowing (4.9%), especially due to lower borrowing in the form of new housing loans. Year-onyear growth in other household loans13 (i.e. overdrafts) was still relatively high in May (7%) but is slowing as household spending weakens. However, consumer credit growth continues to increase (4.3%). Year-on-year growth in domestic non-banking sector deposits slowed slightly again in May (to 4.8%), and year-on-year growth in household deposits with banks also weakened (5.2%). As interest rates on long-term deposits have risen somewhat more than those on short-term deposits, the volume of long-term deposits has increased in recent months (by 16.5% year-on-year in May), but it still accounts for only about 5% of total household deposits with banks. The quality of banks’ assets remains solid and the share of non-performing loans fell to 1% in April. 13 They account for 13% of total loans to households. Figure 26: Government bond, Q2 2023 Austria Portugal Ireland Slovenia Italy Spain Germany 8 6 5 4 3 2 1 0 -1 Source: Bloomberg. Jan 23 Jun 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Jan 13 Yields to maturity in % 7 After rising since the end of 2021, yields to maturity of euro area government bonds fluctuated in the second quarter of this year. The yield to maturity of the Slovenian bond fell to 3.28% in the second quarter (from 3.48% in the first quarter). The spread to the German bond fell quarter-on-quarter for the second time in a row, by 23 basis points (to 91 basis points). 22 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth,% Domestic bank loans to non-banking sector and household savings 31. V 22 31. XII 21 31. V 23 31. V 23/30. IV 23 Loans total 25,195.0 26,175.2 25,661.2 0.1 1.9 11,789.6 12,412.1 11,824.1 -0.4 0.3 -10.7 Enterprises and NFI 31. V 23/31. V 22 Government 1,440.2 1,324.0 1,285.5 1.6 Households 11,965.2 12,439.2 12,551.5 0.3 4.9 2,587.1 2,616.8 2,697.5 0.9 4.3 Consumer credits Lending for house purchase 7,853.1 8,215.4 8,221.7 0.1 4.7 Other lending 1,525.0 1,606.9 1,632.3 0.6 7.0 Bank deposits total Overnight deposits Term deposits Government bank deposits, total Deposits of non-financial corporations, total 25,130.3 26,332.9 26,430.9 0.2 5.2 22,230.1 23,421.5 23,291.9 0.1 4.8 2,900.1 2,911.4 3,139.0 1.7 8.2 777.8 741.2 611.1 -1.7 -21.4 8,609.3 9,774.7 9,512.7 1.0 10.5 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Slovenian Economic Mirror, No 5/2023 Current Economic Trends 23 Balance of payments Figure 27: Current account of the balance of payments, May 2023 The 12-month current account surplus was higher than in the previous 12-month period, amounting to EUR 1,178.7 million (1.8% of estimated GDP). The year-onyear higher surplus arose mainly from a higher surplus in trade in services, especially in trade in transport and travel services and in trade in telecommunications, computer and information services. The 12-month goods deficit was also lower year-on-year, due to the improvement in the balance of trade in goods this year, which was mainly due to a decline in imports. Net outflows of primary and secondary income were higher year-on-year. The primary income deficit was higher mainly due to higher income payments to foreign employees working in Slovenia, while the secondary income deficit was due to higher payments to the EU budget from VAT and gross national income and higher pension payments to pensioners abroad. Trade in services Secondary income 5000 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 23 May 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 -5000 Jan 11 12-month cumulatives, in EUR million Trade in goods Primary income Current account Source: BoS; calculations by IMAD. Table 6: Balance of payments I-V 2023, in EUR million Inflows Outflows Balance Balance, I-V 2022 Current account 23,879.1 22,420.9 1,458.2 -298.9 18,012.1 17,408.7 603.4 -897.6 Services 4,292.8 2,925.8 1,367.0 1,193.5 Primary income 1,069.2 1,301.8 -232.6 -330.7 -264.1 Goods 505.0 784.6 -279.6 Capital account Secondary income 1,946.2 2,029.1 -82.9 -64.2 Financial account 3,389.7 4,256.1 866.4 -613.0 Direct investment 824.7 422.9 -401.8 -586.1 Portfolio investment 808.5 825.4 17.0 -957.2 1,777.6 2,992.4 1,214.8 918.2 0.0 -509.0 -509.0 -249.9 Other investment Statistical error Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. 24 Current Economic Trends Slovenian Economic Mirror, No 5/2023 Public finance Figure 28: Revenue of the consolidated general government budgetary accounts, May 2023 Tax revenues Social security contributions Non-tax revenues Receipts from the EU budget Other TOTAL REVENUE (growth in %) 12 8 4 0 I-V 2023 Source: MF; calculations by IMAD. I-V 2022 2022 2021 2020 2019 2018 2017 2016 2015 -8 2014 -4 2013 Contribution to growth, in p.p. 16 Figure 29: Expenditure of the consolidated general government budgetary accounts, May 2023 20 15 10 5 0 I-V 2023 2022 2021 2020 I-V 2022 Source: MF; calculations by IMAD. 2019 2018 2017 2016 2015 -10 2014 -5 2013 Contribution to growth, in p.p. Wages and other labour costs Expenditure on goods and services Interest payments Reserves Current transfers Capital expenditure Payments to the EU budget TOTAL EXPENDITURE (growth in %) In the first five months of this year, the deficit of the consolidated balance of public finances was higher year-on-year. It totalled EUR 172 million, compared with EUR 58 million in the same period last year. Revenues increased by 2.3% year-on-year (last year they increased by 12.7% due to a stronger recovery and one-off income). Otherwise moderate revenue growth was mainly driven by the growth in social contributions in the context of continuing employment growth and accelerated wage growth. Growth in excise revenue has also accelerated significantly this year, due to higher excise duties on energy and tobacco products. Revenue from corporate income tax declined due to lower balancing payments of tax this year. Amid reductions in certain other tax burdens to mitigate the impact of the energy crisis (VAT and environmental tax on CO2 emissions) and legislative changes in personal income tax and moderation of growth in private consumption, the growth in revenue slowed, especially in VAT revenue. EU funds received were considerably lower, despite the payment on the basis of the first request for a grant from the RRP14 and certain capital and transferred revenues. Revenues increased by 3.5% year-on-year, while they decreased by 1.2% in the same period last year. The main reason for the increase this year was the rise in wages and other remunerations affected by the agreement on wage increases in the public sector.15 Various transfers (subsidies and transfers to individuals and households) were also higher year-onyear, as some COVID-19 measures had already been lifted this time last year and because of measures to mitigate the consequences of rising energy prices. The growth of capital expenditure (33.6% in the same period last year) slowed (11.7%) but still remained high. With the withdrawal of the measures, expenditure on measures to mitigate the consequences of COVID-19 amounted to EUR 103.3 million in the first five months of this year (compared to EUR 425.4 million in the same period last year), while expenditure to mitigate the effects of rising prices amounted to EUR 199.3 million. The latter includes mainly subsidies to the economy16 (EUR 124.6 million). The RRP inflow received by Slovenia in April 2023 on the basis of the first request amounts to EUR 49.7 million. The agreement regulating measures relating to salaries and other labour costs in the public sector for 2022 and 2023 (October 2022) resulted in a 4.5% increase in the value of salary grades as of 1 October 2022 and higher meal allowance. 16 Article 14 of the ZPGOPEK. 14 15 Slovenian Economic Mirror, No 5/2023 Current Economic Trends 25 Figure 30: EU budget receipts, May 2023 Slovenia’s net budgetary position against the EU budget was positive in the first five months of 2023 (at EUR 167.1 million). In this period, Slovenia received EUR 441.1 million from the EU budget (30.3% of receipts envisaged in the state budget for 2023) and paid EUR 274.8 million into it (37.5% of planned payments). The bulk of receipts were resources under the Common Agricultural and Fisheries Policy (38.2% of all reimbursements to the state budget, 50.1% of the planned reimbursements in 2023) and resources from structural funds17 (32.6% of all reimbursements, 38.2% of the planned reimbursements). Reimbursements from the Cohesion Fund amounted to 14.6% of all reimbursements (24.1% of the planned reimbursements). In April, Slovenia received EUR 50 million based on its first payment request for a grant from the Recovery and Resilience Facility (13% of the planned amount). The highest payments into the EU budget came from GNI-based payments (53.1% of all payments). According to the MKRR, by the end of June, funding decisions taken accounted for 115%18 of the allocated funds under the 2014–2020 MFF (ECP19 2014–2020 – 116%, React-EU – 105%) and disbursements for 89% of the allocated funds (ECP 2014–2020 – 93%, React-EU – 42%). Total receipts (January–May 2022) Expected reimbursements in the revised budget 2023 Total receipts (January–May 2023) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 The European Regional Development Fund (ERDF) and the European Social Fund (ESF+). In order to ensure better absorption of European funds, a contingency reserve of 15% of the allocated funds is foreseen. 19 European Cohesion Policy. 17 18 Table 7: Consolidated general government revenue and expenditure on a cash basis I-V 2022 Category REVENUES TOTAL Tax revenues1 Personal income tax Corporate income tax Taxes on immovable property Value added tax Excise duties Social security contributions Non-tax revenues I-V 2023 Y-o-y growth, in % EUR m 9,669.0 5,003.1 12.7 I-V 2022 Y-o-y growth, in % EUR m 9,892.9 16.7 5,102.9 1,291.0 4.4 1,349.8 748.8 40.7 629.7 45.7 -16.5 61.6 1,893.0 23.1 1,981.2 538.1 0.6 657.2 3,451.5 6.3 3,748.4 527.4 -11.4 489.3 Category 2.3 EXPENDITURE TOTAL 9,727.0 Salaries, wages and other 2.0 personnel expenditures2 2,168.8 4.6 Expenditure on goods and services -15.9 Interest payments 34.7 Reserves 4.7 Transfers to individuals and households 22.1 Other current transfers 8.6 Investment expenditure -7.2 Payments to the EU budget Receipts from the EU budget 515.5 37.9 446.8 GENERAL GOVERNMENT -13.3 BALANCE Other 171.6 120.7 105.6 -38.5 PRIMARY BALANCE I-V 2023 EUR m Y-o-y growth, in % -1.2 10,064.6 3.5 Y-o-y growth, in % EUR m -11.7 2,391.7 10.3 1,362.6 9.5 1,373.7 0.8 347.9 -18.5 378.3 8.7 285.8 188.2 195.2 -31.7 3,803.9 -3.9 3,891.8 2.3 862.5 -7.3 897.8 4.1 592.6 33.6 662.0 11.7 302.9 6.2 274.0 -9.5 -58.0 -171.7 275.8 151.8 Source: MF; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. selected topic In the spotlight Slovenian Economic Mirror, No 5/2023 2023 Prosperity Index Figure 32: 2023 Prosperity Index, EU countries by ranking and progress or setback compared to 2007 Empowered People 21 The data for the Rule of Law Index (World Justice Project with 20 indicators) and the Bertelsmann Transformation Index (using 13 indicators) are from 2022. The data for the Competitiveness Index (WEF; 31 indicators) are expert estimates from 2019. The Gallup survey data mainly refer to the year before the COVID-19 pandemic, i.e. 2019. In 2023, the top 10 countries, consisting mainly of European countries, were joined by New Zealand, which was ranked 10th. In addition to Czech R. Slovenia Croatia 5 10 24 24 23 23 23 23 25 25 26 26 25 25 27 28 27 27 27 27 2015 20 2013 15 30 35 40 2023 2022 2021 2020 2019 2018 2017 2016 2014 50 2012 45 2011 Slovenia ranks 27th of 167 countries on the 2023 Prosperity Index, three places lower than its ranking in 2007, when the index was launched (Figure 32). The countries that have made the most progress during this period are Estonia (up to 21st place), Lithuania (up to 32nd place) and the Czech Republic (up to 25th place). Slovenia’s ranking in 2023 is the same as it was in the period before COVID-19, i.e. between 2016 and 2019 (Figure 33). It moved up to 25th place in 2021 and 2022 but was again overtaken by the Czech Republic and Portugal in 2023. Slovenia’s highest ranking was achieved in the period from 2009 to 2012, when it was ranked 23rd. Since 2007, the ranking of the top 30 countries has not changed significantly, with Northern European countries continuing to lead.21 Denmark 0 2010 • Living Conditions • Health • Education • Natural Environment Source: Legatum. 20 10 Figure 33: Ranking of Slovenia and selected countries, Prosperity Index, 2007–2023 2009 • Investment Environment • Enterprise Conditions • Infrastructure & Market Access • Economic Quality -5 0 5 EU countries (global ranking) Source: Legatum. 2008 • Safety & Security • Personal freedom • Governance • Social Capital -10 Global ranking Open economies Estonia (21st) Lithuania (32nd) Czech R. (25th) Latvia (31st) Romania (45th) Bulgaria (48th) Luxembourg (7th) Poland (37th) Portugal (26th) Germany (9th) Ireland (11th) Belgium (18th) Croatia (41st) Netherlands (6th) Finland (4th) Sweden (2nd) Denmark (1st) Italy (30th) Spain (24th) Slovakia (35th) Austria (14th) Malta (28th) France (23th) Cyprus (34th) Slovenia (27th) Greece (40th) Hungary (42nd) 2007 Figure 31: Prosperity domains and pillars 2007–2023 Deterioration/improvement in ranking, by number of places The Prosperity Index produced by the Legatum Institute since 2007 measures the prosperity of countries around the world using a wide range of indicators across 12 pillars. The pillars, which are grouped into three domains essential to social wellbeing (inclusive societies, open economies and empowered people), are safety and security, personal freedom, governance, social capital, investment environment, enterprise conditions, infrastructure and market access, economic quality, living conditions, health, education, and natural environment (Figure 31). The indicators are calculated using different methods and for different periods of time or years according to the data availability. The 300 indicators are compiled from 81 different databases, in particular data from international organisations such as the OZN, UNESCO, WB, WEF, Gallup, WVS Freedom House, ILO, IMF, etc. The indicators are based on statistics, representative population samples (e.g. Gallup) and surveys of experts in various fields. The latest available data used in the calculation of the 2023 Prosperity Index is from 2022.20 In line with methodological updates (including for 2023), results for earlier years have been recalculated to allow comparisons over time. Inclusive Societies 29 Source: Legatum. Slovenia ranks 15th among EU Member States in 2023. Slovenia’s ranking among EU Member States in 2023 was the same as in the 2015–2019 period (15th), when it was at its lowest, while in 2009–2012 it was at its highest – 11th in the EU. Among EU Member States, Northern European countries have ranked high every year, with Denmark ranking highest. In the last decade, Slovenia has been overtaken by Spain, Portugal, the Czech Republic and Estonia. Of the Member States that joined the EU after 2004, Hungary, Cyprus and Slovenia have suffered the greatest setback (Figure 34). European countries, countries ranked 10–20 include Canada, Australia, Japan, Singapore, the US and Taiwan and countries ranked 20–30 include Hong Kong and South Korea. 30 In the spotlight Slovenian Economic Mirror, No 5/2023 Figure 34*: Slovenia ranks in the bottom half of EU Member States according to the 2023 Prosperity Index Figure 36: Over a period of 15 years, Slovenia has made progress in 8 out of 12 pillars 7 Difference compared to 2010 6 LT LV 5 EE RO 4 CZ BG 3 HR 2 GR 1 HU 0 SK PL MT IT CY ES PT IE LU FI BE SI FR DE NL DK SE AT -1 -2 60 65 70 75 80 85 90 2023 Prosperity Index Source: Legatum; calculations by IMAD. Note: *The size of the circle reflects the population size and the different colours indicate a combination of geographical, socio-economic and religious characteristics of the country. Purple indicates the Baltic states, i.e. countries with a socialist past in north-western Europe. Grey indicates the post-socialist countries of south-eastern Europe and Greece, which is predominantly Orthodox. Blue indicates post-socialist and predominantly Catholic Visegrad countries and Croatia. Green indicates predominantly Catholic countries and older EU Member States in south-western Europe. Orange indicates island, small and fiscally flexible countries. Yellow indicates the predominantly Protestant northern European countries. This year Slovenia ranked best in the natural environment pillar, at 4th out of 167 countries, and worst in the governance pillar, at 37th. In the natural environment pillar, its ranking was the same in 2023 as in 2007 (Figure 35). The biggest improvement between 2007 and 2023 came in the health pillar, by 14 places, followed by the safety and security pillar, by 7 places. Slovenia has improved by two places in three pillars (living conditions, infrastructure and market access, and social capital). In the other five pillars, the greatest fall, by 13 places, was recorded in the personal freedom pillar, followed by the economic quality pillar, by six places. According to the index scores, Slovenia has continued to improve in the areas of living conditions, safety and security, education, and health compared to 2007, i.e. in the areas where it was already one of the best performing countries.22 It also markedly improved its score in the infrastructure and market access pillar. Its score in the social capital pillar has also improved, though it remains relatively weak compared to those on other pillars. The pillars that have seen the largest deteriorations are personal freedom and governance, both of which belong to the inclusive societies domain.23 Based on expert assessments, the enterprise conditions and infrastructure and market access pillars have seen an improvement over the last 15 years, while the economic quality and investment environment pillars in the open economies domain have seen a deterioration. Figure 35: Change in Slovenia’s ranking among 167 countries by prosperity domains in 2023 compared to 2007 Deterioration/improvement -15 -10 -5 0 5 10 15 12 Prosperity Index pillars (global ranking) Natural environment (4th) Safety and security (14th) Health (24th) Education (25th) Living conditions (28th) Infrastructure and market access (29th) 22 Social capital (30th) Investment environment (30th) Enterprise conditions (33rd) Economic quality (35th) Personal freedom (35th) Source: Legatum. Governance (37th) 23 These indicators are based on World Bank, ILO and Gallup statistics for 2020 and 2021. The data for the health pillar is older and does not yet reflect the impact of the epidemic. These indicators are mainly based on synthetic indices and expert assessments from 2021 and 2022 (Freedom House, World Justice Project with 20 indicators, Varieties of Democracy, etc.). Compared to the period before the COVID-19 epidemic, the values of the survey indicators in Slovenia have deteriorated significantly, reflecting the dissatisfaction of the respondents. These indicators have a significant weight in the calculation. statistical appendix Statistical Appendix Slovenian Economic Mirror, No 5/2023 Main indicators GDP (real growth rates, in %) 2017 2018 2019 2020 2021 2023 2022 2024 33 2025 Spring Forecast 2023 4.8 4.5 3.5 -4.3 8.2 5.4 1.8 2.5 2.6 GDP in EUR million (current prices) 43,011 45,876 48,533 47,021 52,208 58,989 64,723 68,896 72,462 GDP per capita in EUR (current prices) 20,820 22,142 23,233 22,361 24,770 27,951 30,584 32,482 34,095 GDP per capita (PPS)1 25,100 26,500 27,800 26,800 29,200 32,500 GDP per capita (PPS EU27=100)1 86 87 89 89 90 92 Rate of registered unemployment 9.5 8.2 7.7 8.7 7.6 5.8 5.1 4.9 4.7 Standardised rate of unemployment (ILO) 6.6 5.1 4.5 5.0 4.7 4.2 4.0 3.8 3.7 Labour productivity (GDP per employee) 1.8 1.3 1.0 -3.7 6.8 2.9 0.8 1.8 2.2 Inflation2, year average 1.4 1.7 1.6 -0.1 1.9 8.8 7.1 4.2 2.4 Inflation2, end of the year 1.7 1.4 1.8 -1.1 4.9 10.3 5.1 2.8 2.0 11.1 6.2 4.5 -8.6 14.5 6.5 2.7 4.1 4.2 Exports of goods 11.0 5.7 4.5 -5.5 13.4 2.4 1.2 3.2 3.8 Exports of services 11.2 7.7 4.6 -20.0 19.3 23.8 8.1 7.5 5.6 10.7 7.1 4.7 -9.6 17.6 9.8 1.8 3.6 4.3 Imports of goods 10.7 7.4 5.0 -8.6 17.2 8.2 1.1 3.2 4.1 Imports of services 10.5 5.4 3.0 -15.0 19.5 19.0 6.0 6.1 5.2 2,674 2,731 2,884 3,552 1,985 -450 196 492 622 6.2 6.0 5.9 7.6 3.8 -0.8 0.3 0.7 0.9 43,231 42,139 44,442 47,998 50,818 51,803 100.5 91.9 91.6 102.1 97.3 87.8 1.129 1.181 1.120 1.141 1.184 1.054 1.087 1.087 1.087 1.9 3.5 5.3 -6.9 9.5 8.9 1.2 1.8 1.8 52.5 52.0 52.4 50.1 51.1 55.0 54.4 54.2 53.8 0.4 2.9 1.8 4.1 5.8 0.9 1.2 1.8 1.9 18.5 18.2 18.3 20.6 20.6 18.8 18.8 18.7 18.8 10.2 10.2 5.1 -7.9 13.7 7.8 2.8 2.2 5.0 18.3 19.3 19.6 18.9 20.3 22.0 22.1 21.9 22.3 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2023). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 34 Statistical Appendix Production Slovenian Economic Mirror, No 5/2023 2020 2021 2022 2021 2022 2023 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 3.3 25.5 6.2 7.9 6.3 2.7 2.0 -5.8 -4.2 25.9 10.8 55.2 16.3 25.1 -32.5 -33.4 5.5 7 8 9 10 11 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -5.2 10.2 1.2 B Mining and quarrying -2.1 -6.6 12.9 0.1 -2.7 -30.7 C Manufacturing -5.0 11.8 3.7 4.3 28.8 8.1 8.4 6.8 5.6 0.7 8.3 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 -0.1 29.3 19.7 5.6 11.9 7.7 1.2 9.4 D Electricity, gas & steam supply1 -9.1 -5.3 -26.4 -8.1 -5.3 -9.3 0.8 -4.9 -29.3 -30.0 -40.1 -39.3 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 3.2 -8.9 -13.7 4.7 -2.0 17.5 3.8 9.8 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.7 -0.5 22.2 -0.5 11.5 1.1 -11.0 20.0 17.7 14.7 35.7 24.4 5.4 18.7 -0.4 0.4 Buildings -0.6 14.4 63.4 34.8 36.0 17.5 -16.1 34.6 53.8 58.5 109.5 22.7 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 Civil engineering 2.7 5.9 13.4 6.1 14.3 8.0 -2.4 16.1 11.6 4.0 22.5 24.6 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 -11.0 12.8 11.3 -3.5 22.5 13.8 18.7 19.9 19.3 5.2 3.8 6.3 22.8 17.8 10.9 16.6 14.0 17.2 17.9 Transportation and storage -8.0 14.3 7.2 5.7 28.4 12.5 12.5 11.6 11.9 7.1 -0.7 -2.0 26.9 20.3 10.7 15.9 11.4 12.2 13.3 Information and communication activities -0.2 7.6 7.6 2.1 11.6 6.6 9.9 6.0 15.6 9.0 1.4 10.0 13.6 9.9 3.6 11.5 5.2 8.5 9.6 Professional, scientific and technical activities -3.0 10.6 8.9 8.1 23.1 3.4 9.1 9.2 10.7 9.7 6.4 7.1 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 Administrative and support service activities -24.1 13.1 7.7 -7.9 14.5 23.7 22.3 17.2 16.7 -2.1 2.9 7.0 14.5 13.8 22.4 21.8 26.8 27.3 13.5 -7.4 11.6 10.2 3.5 18.2 5.3 19.7 14.3 12.6 13.1 2.2 0.6 15.5 9.3 -0.8 8.9 8.4 11.6 23.7 -8.9 18.9 19.9 3.6 17.5 13.8 40.5 26.9 25.8 25.7 5.2 -0.1 15.6 14.5 8.4 14.4 19.1 32.8 42.5 -13.9 8.1 -4.8 8.9 24.7 -8.2 9.3 -8.4 -7.1 -2.7 -0.4 13.9 16.5 -4.3 -18.3 -2.0 -1.8 -7.3 17.3 -3.6 7.5 7.8 1.4 16.3 4.0 8.9 13.9 10.2 7.8 0.4 -3.1 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 -41.7 22.2 4.2 -10.7 15.2 706.9 66.6 10.0 18.7 Domestic tourists, overnight stays 32.8 10.4 -14.7 -82.4 126.7 -15.0 263.8 690.2 78.8 -50.3 -49.1 -9.5 762.7 71.1 -11.9 -14.6 -19.7 Foreign tourists, overnight stays -70.5 42.9 110.1 -89.0 103.3 81.8 332.9 78.8 394.5 61.2 71.6 44.5 611.2 57.6 55.7 87.6 117.2 215.8 516.4 -37.1 20.8 19.5 153.2 208.2 103.4 19.5 28.0 32.5 49.5 25.7 18.2 21.0 19.3 81.1 214.4 535.5 601.4 773.6 119.9 134.7 154.1 192.6 144.0 176.5 221.0 232.1 178.8 46.7 45.5 56.2 44.6 53.3 72.7 59.8 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Real turnover in retail trade Real turnover in the sale and maintenance of motor vehicles Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays Accommodation and food service activities 38.5 -86.3 118.6 56.8 -60.0 49.2 14.9 283.2 679.7 180.0 15.4 118.7 745.3 88.1 909.9 AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator -11.8 2.5 0.6 -3.7 4.2 5.8 3.5 4.3 2.5 -2.2 -2.2 -1.2 5.4 7.7 6.0 6.5 5.2 3.1 3.0 in manufacturing -9 8 0 6 10 10 6 8 2 -3 -6 -5 12 10 11 11 8 4 6 in construction -5 18 21 9 19 20 24 27 22 16 21 17 -18 -17 -18 -20 -21 -24 -27 -10 9 17 -3 8 14 15 15 19 17 18 20 9 16 12 14 16 18 16 1 5 20 -17 17 13 6 16 26 21 17 14 18 25 14 19 7 0 5 -26 -22 -33 -24 -20 -20 0 -26 -31 -39 -35 -34 20 20 19 19 24 24 21 Confidence indicator in services in retail trade consumer confidence indicator Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Seasonally adjusted SURS data. Statistical Appendix Slovenian Economic Mirror, No 5/2023 Production 2021 2022 35 2023 12 1 2 3 4 5 6 7 8 9 10 11 12 Industry B+C+D 15.9 15.5 0.2 4.0 0.1 3.7 4.3 1.1 4.2 1.0 -4.2 -3.0 -10.3 B Mining and quarrying 58.5 79.5 50.6 44.3 38.4 12.8 4.5 8.1 37.5 C Manufacturing 16.0 12.1 3.0 5.7 3.0 6.3 7.0 3.0 7.7 1 2 3 4 5 -6.5 -0.9 -4.7 -9.8 -4.9 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % D Electricity, gas & steam supply1 7.7 33.5 -27.7 -29.1 -40.6 -31.3 -35.1 -34.3 -31.1 -20.2 3.8 0.6 0.8 -7.5 -1.1 2.1 -0.9 -7.7 -1.8 37.0 -33.3 -18.9 -34.9 -26.8 -25.8 -21.3 -34.7 -33.6 -50.0 -38.7 -33.0 -46.0 -27.0 -37.9 -27.8 -37.1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -9.7 15.2 31.5 14.7 10.8 22.6 19.6 17.3 16.5 10.9 45.7 25.0 17.1 30.2 24.2 24.6 Buildings -16.7 15.1 54.4 34.7 57.7 55.3 48.4 37.0 95.9 51.8 106.9 119.7 101.4 57.4 10.0 10.1 -4.7 -1.7 0.7 23.9 16.6 10.5 12.7 22.3 1.9 10.4 12.3 -7.2 18.9 16.0 38.5 16.0 33.5 24.4 24.5 13.8 20.9 25.7 15.3 19.3 21.4 20.5 16.5 4.2 6.7 4.9 3.9 4.8 2.7 6.7 5.7 6.3 -2.2 Transportation and storage 12.0 18.2 9.6 8.5 10.5 14.0 11.2 3.7 10.5 7.2 2.1 -2.4 -1.7 0.3 -3.6 -2.4 -15.1 Information and communication activities 11.3 9.4 -1.0 9.5 14.0 10.9 21.5 6.9 12.0 8.3 6.7 3.2 -4.3 9.2 10.8 10.2 -3.2 Professional, scientific and technical activities 8.9 14.3 7.7 6.6 8.5 14.2 9.5 7.9 15.4 6.9 7.0 6.0 6.3 3.0 7.6 9.9 3.6 Administrative and support service activities 26.3 18.9 12.4 20.0 20.5 20.7 10.1 -4.2 -4.5 2.2 -1.5 9.1 1.7 4.3 9.3 7.5 5.6 24.5 21.8 12.7 10.3 12.3 15.1 10.6 9.7 17.1 12.7 3.8 3.0 -0.1 9.8 -1.8 -4.7 -5.7 Real turnover in retail trade 46.2 32.7 21.1 27.3 28.0 26.2 23.5 21.6 31.9 23.9 6.8 7.0 2.1 18.6 -3.1 -12.3 -10.2 -13.7 Real turnover in the sale and maintenance of motor vehicles 22.6 1.0 -6.1 -16.1 -9.5 -3.1 -9.0 -5.4 -1.6 -1.0 -1.2 -1.7 1.8 14.5 10.3 16.4 15.2 9.5 21.4 13.4 8.7 13.9 8.1 4.9 10.4 8.3 2.7 1.3 -2.8 1.1 -4.6 -5.1 -8.3 995.0 804.7 685.0 599.8 730.4 257.8 94.9 17.1 1.9 -9.5 -15.1 -10.0 -4.6 38.3 13.7 -1.3 12.9 Civil engineering 38.7 26.2 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade 9.0 10.3 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays Foreign tourists, overnight stays Accommodation and food service activities 1289.3 664.9 761.4 643.1 466.0 122.4 26.4 -45.7 -51.7 -54.5 -55.6 -43.1 -45.3 7.0 7.4 -10.6 -20.3 -21.7 -34.4 616.7 997.0 596.6 555.2 1172.0 539.8 244.9 91.2 52.3 38.8 61.3 65.4 96.9 67.9 48.4 20.9 38.6 256.6 220.2 190.1 215.4 183.6 107.8 67.5 24.4 19.3 14.4 18.8 31.7 35.5 44.3 31.6 23.0 22.5 37.0 AGRICULTURE Purchase of agricultural products, in EUR m 60.1 46.1 43.9 53.9 54.8 61.1 60.6 81.0 62.3 77.7 90.8 72.2 69.2 60.0 55.4 63.4 56.1 62.8 4.4 5.3 6.5 1.1 4.2 2.6 0.6 -1.2 -0.4 -5.0 -5.3 -1.8 0.5 -1.0 -1.3 -1.6 -2.7 -3.0 -4.8 9 9 10 4 4 1 0 -1 -1 -8 -9 -6 -3 -3 -5 -6 -9 -10 -10 in construction -24 -24 -21 -33 -28 -31 -33 -39 -39 -40 -38 -37 -31 -35 -34 -33 -31 -30 -34 in services 12 15 16 14 19 19 18 16 20 15 14 20 19 18 19 21 18 18 15 in retail trade 13 15 15 18 27 27 23 25 21 15 13 17 23 19 17 7 17 13 16 consumer confidence indicator 26 27 26 26 22 25 19 16 17 14 18 22 23 19 18 14 16 13 12 BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator in manufacturing 36 Statistical Appendix Slovenian Economic Mirror, No 5/2023 2021 2022 2023 2021 Labour market 2020 2021 2022 FORMAL LABOUR FORCE (A=B+E) 973.9 974.6 978.7 973.6 972.5 972.2 980.0 976.9 976.2 976.5 985.2 982.0 972.8 972.6 971.4 972.6 978.5 978.8 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 888.9 900.3 922.0 886.2 897.3 903.5 914.0 912.5 920.2 923.0 932.3 929.0 901.7 901.9 902.1 906.4 911.8 913.4 In agriculture, forestry, fishing In industry, construction - in manufacturing - in construction In services - in public administration - in education, health-services and social work 26.4 25.7 24.9 Q1 25.7 Q2 25.8 Q3 25.7 Q4 25.6 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 6 25.8 7 25.8 8 25.8 9 25.7 10 25.7 11 25.6 288.5 294.1 304.7 288.4 293.1 295.4 299.6 300.1 303.6 305.9 309.5 307.4 294.8 295.3 294.9 296.1 298.5 298.5 202.8 205.6 210.8 202.8 205.4 205.9 208.4 209.1 210.5 210.6 212.9 211.8 206.2 205.8 205.6 206.3 207.9 207.9 64.9 67.8 73.0 65.1 67.0 68.7 70.2 70.2 72.2 74.2 75.5 74.5 67.7 68.7 68.5 69.0 69.6 69.8 574.0 580.4 592.4 572.1 578.4 582.3 588.8 587.6 591.8 592.2 597.9 597.4 581.1 580.9 581.4 584.6 587.7 589.3 49.3 49.6 49.5 49.3 49.7 49.6 49.8 49.4 49.5 49.5 49.6 49.1 49.6 49.6 49.7 49.7 49.9 49.8 141.5 146.1 149.7 144.4 146.0 145.5 148.4 148.9 149.7 148.8 151.6 152.1 146.2 144.9 144.7 146.8 147.9 148.6 FORMALLY EMPLOYED (C)1 794.6 804.4 824.1 791.6 801.9 807.3 817.0 815.8 822.8 824.8 833.1 830.0 805.8 805.9 805.9 810.0 815.0 816.4 In enterprises and organisations 744.8 756.2 775.8 744.6 753.7 758.3 768.3 768.3 774.4 776.0 784.4 782.3 757.1 757.0 756.9 761.0 766.0 767.6 By those self-employed 49.8 48.2 48.3 46.9 48.2 49.0 48.7 47.5 48.4 48.8 48.7 47.7 48.8 49.0 49.0 49.0 49.0 48.8 SELF-EMPLOYED AND FARMERS (D) 94.3 95.8 97.9 94.7 95.5 96.2 97.0 96.7 97.4 98.2 99.1 99.0 95.8 96.0 96.2 96.5 96.9 97.0 REGISTERED UNEMPLOYMENT (E) 85.0 74.3 56.7 87.4 75.2 68.7 66.0 64.4 55.9 53.4 52.9 53.0 71.1 70.7 69.3 66.1 66.7 65.4 Female 42.6 37.9 28.6 44.1 38.6 35.4 33.5 32.1 28.3 27.4 26.6 26.2 36.4 36.5 35.9 33.8 34.1 33.4 By age: 15 to 29 17.2 14.2 10.5 17.7 14.1 12.0 12.8 11.9 10.0 9.5 10.6 10.0 12.9 12.4 12.1 11.5 13.1 12.7 Aged over 50 31.0 28.2 22.3 31.6 28.7 27.1 25.5 25.2 22.4 21.2 20.4 20.6 27.7 27.7 27.2 26.3 25.9 25.3 Primary education or less 26.4 23.5 18.0 27.5 23.7 21.6 21.1 20.9 17.7 16.7 16.8 17.4 22.4 22.0 21.6 21.1 21.0 20.7 For more than 1 year 38.0 40.5 30.1 41.5 41.9 40.2 38.3 35.5 31.0 27.9 25.9 24.4 41.4 40.8 40.3 39.6 39.3 38.3 Those receiving benefits 25.9 18.9 15.1 25.1 17.6 16.7 16.3 17.8 14.3 14.5 14.0 15.9 16.4 17.1 16.6 16.4 15.9 15.9 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.7 7.6 5.8 9.0 7.7 7.1 6.7 6.6 5.7 5.5 5.3 5.4 7.3 7.3 7.1 6.8 6.8 6.7 Male 8.0 6.9 5.2 8.2 6.9 6.3 6.1 6.0 5.2 4.9 4.9 5.0 6.5 6.4 6.3 6.1 6.1 6.0 Female 9.6 8.5 6.5 9.9 8.7 8.0 7.5 7.2 6.4 6.2 6.0 5.9 8.2 8.3 8.1 7.7 7.7 7.5 FLOWS OF FORMAL LABOUR FORCE 1.0 -1.8 -1.1 -1.5 -3.8 -1.7 -0.1 -1.8 -2.2 -0.6 0.4 -1.0 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 New unemployed first-job seekers 0.8 0.6 0.6 0.5 0.3 0.4 1.2 0.4 0.4 0.5 1.2 0.5 0.3 0.2 0.3 0.7 2.6 0.7 Redundancies 7.4 4.5 4.2 6.0 3.3 4.1 4.6 5.1 3.4 3.9 4.2 4.9 3.1 5.1 3.4 3.8 4.1 4.2 Registered unemployed who found employment 5.4 5.0 3.8 6.4 5.7 4.3 3.6 5.1 4.0 3.1 3.1 4.6 5.7 4.1 3.3 5.7 4.1 3.8 Other outflows from unemployment (net) 1.8 2.0 2.2 1.8 1.8 1.9 2.4 2.3 2.2 2.1 2.2 2.0 1.9 1.8 1.9 2.1 2.3 2.4 37.6 41.8 49.5 38.8 40.7 42.7 44.9 46.7 49.1 50.7 51.7 51.8 41.4 42.0 42.6 43.6 44.2 45.0 3.9 4.3 5.1 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.2 5.3 4.3 4.3 4.4 4.5 4.5 4.6 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix Slovenian Economic Mirror, No 5/2023 Labour market 2021 12 2022 1 2 3 4 5 6 2023 7 8 9 10 11 12 1 2 3 4 FORMAL LABOUR FORCE (A=B+E) 982.7 977.3 977.4 975.9 976.4 975.9 976.2 976.6 975.5 977.3 983.2 983.7 988.5 982.1 982.3 981.8 981.6 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 916.8 909.5 912.6 915.4 918.3 920.1 922.3 922.3 921.6 925.2 930.2 931.2 935.3 926.7 928.9 931.4 933.0 In agriculture, forestry, fishing In industry, construction - in manufacturing - in construction In services - in public administration - in education, health-services and social work 25.5 24.9 24.9 24.8 24.8 24.9 24.9 37 24.9 24.9 24.9 24.9 24.9 24.8 24.2 24.2 24.3 5 6 24.3 301.7 298.3 300.3 301.6 303.0 303.3 304.4 306.0 305.3 306.4 308.3 308.1 312.0 306.4 307.3 308.4 309.0 209.5 208.3 209.2 209.8 210.3 210.4 210.6 210.6 210.3 210.9 212.2 212.2 214.3 211.7 211.5 212.1 212.1 71.3 69.3 70.4 71.0 71.8 72.1 72.8 74.4 74.0 74.4 75.0 74.8 76.7 73.7 74.7 75.1 75.7 589.5 586.3 587.4 589.0 590.5 591.8 593.1 591.3 591.3 593.9 597.0 598.2 598.5 596.1 597.4 598.8 599.6 49.7 49.3 49.4 49.5 49.5 49.6 49.4 49.5 49.5 49.5 49.6 49.6 49.4 49.0 49.2 49.2 49.1 148.8 148.4 148.9 149.3 149.4 149.7 149.8 148.4 148.2 150.0 151.2 151.7 151.9 151.6 152.2 152.7 152.8 FORMALLY EMPLOYED (C)1 819.7 813.1 816.0 818.4 821.1 822.6 824.6 824.3 823.4 826.7 831.3 831.9 836.1 828.0 829.9 832.0 833.2 In enterprises and organisations 771.4 765.9 768.5 770.6 773.0 774.3 775.9 775.5 774.6 777.9 782.3 783.1 787.9 780.6 782.3 784.0 785.1 By those self-employed 48.3 47.2 47.5 47.8 48.2 48.4 48.7 48.8 48.7 48.8 49.0 48.8 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 97.0 96.4 96.6 96.9 97.2 97.4 97.7 98.0 98.2 98.5 98.9 99.2 99.3 98.7 99.0 99.4 99.8 REGISTERED UNEMPLOYMENT (E) 66.0 67.8 64.8 60.5 58.1 55.9 53.9 54.3 53.9 52.0 53.0 52.5 53.2 55.4 53.4 50.3 48.6 47.2 46.2 Female 33.0 33.5 32.3 30.5 29.4 28.2 27.3 27.9 27.8 26.5 26.9 26.6 26.4 27.1 26.3 25.1 24.3 23.6 23.2 By age: 15 to 29 12.7 12.7 11.9 11.0 10.5 9.9 9.5 9.6 9.6 9.2 10.9 10.6 10.4 10.7 10.1 9.3 8.8 8.5 8.2 Aged over 50 25.4 26.3 25.3 24.0 23.1 22.4 21.7 21.6 21.3 20.8 20.4 20.3 20.4 21.3 20.7 19.8 19.3 18.9 18.6 Primary education or less 21.5 22.3 21.1 19.3 18.4 17.6 17.0 16.8 16.7 16.5 16.5 16.6 17.2 18.2 17.6 16.4 15.8 15.4 15.0 For more than 1 year 37.2 37.0 35.7 33.9 32.4 31.0 29.6 28.6 28.0 27.1 26.5 25.9 25.4 25.2 24.4 23.6 23.0 22.6 22.2 Those receiving benefits 17.2 19.6 17.5 16.2 14.7 14.2 13.9 14.6 14.8 14.2 13.0 14.1 15.0 17.2 15.6 14.9 13.4 12.8 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 6.7 6.9 6.6 6.2 5.9 5.7 5.5 5.6 5.5 5.3 5.3 5.3 5.4 5.6 5.4 5.1 5.0 Male 6.1 6.4 6.1 5.6 5.4 5.2 5.0 5.0 4.9 4.8 4.8 4.8 4.9 5.3 5.0 4.7 4.5 Female 7.4 7.6 7.3 6.9 6.6 6.4 6.2 6.3 6.3 6.0 6.0 6.0 5.9 6.1 5.9 5.7 5.5 FLOWS OF FORMAL LABOUR FORCE 0.6 1.9 -3.1 -4.2 -2.5 -2.2 -2.0 0.5 -0.4 -1.9 0.9 -0.5 0.6 2.2 -2.0 -3.1 -1.7 -1.4 -1.0 New unemployed first-job seekers 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.3 0.3 0.8 2.6 0.7 0.4 0.5 0.4 0.4 0.3 0.3 0.3 Redundancies 5.4 8.0 3.5 3.7 3.6 3.3 3.4 4.5 3.4 3.9 4.0 4.1 4.5 7.3 3.7 3.6 3.3 3.4 3.4 Registered unemployed who found employment 2.9 4.6 5.0 5.8 4.4 3.9 3.6 2.5 2.3 4.6 3.6 3.2 2.5 3.8 4.6 5.2 3.8 3.3 3.1 Other outflows from unemployment (net) 2.5 2.2 2.1 2.8 2.1 2.2 2.3 2.0 2.1 2.3 2.3 2.3 1.9 2.2 1.8 2.2 1.7 2.1 1.9 45.7 46.1 46.4 47.6 48.3 49.2 49.7 50.2 50.7 51.2 51.7 51.7 51.7 51.5 51.7 52.1 52.3 52.3 52.1 4.6 4.7 4.7 4.9 4.9 5.0 5.1 5.1 5.2 5.2 5.3 5.3 5.2 5.2 5.3 5.3 5.3 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 38 Statistical Appendix Wages Slovenian Economic Mirror, No 5/2023 in EUR 2022 Q1 23 Apr 23 GROSS WAGE PER EMPLOYEE, nominal in € 2020 2021 2022 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 2021 Q1 8 9 10 y-o-y growth rates, % TOTAL 2,024 2,156 2,182 5.8 6.1 2.8 10.6 5.7 5.4 2.9 -1.2 0.8 5.0 6.5 10.4 4.8 4.1 3.6 Private sector activities (A–N; R–S) 1,963 2,099 2,091 3.8 5.8 6.0 6.1 3.9 5.9 6.9 4.0 6.6 6.7 6.9 11.1 5.9 5.7 5.4 Public service activities (OPQ) 2,216 2,336 2,467 10.5 6.8 -5.1 20.9 10.3 4.2 -6.8 -12.5 -11.8 0.5 5.3 8.4 2.4 0.2 -0.9 Industry (B–E) 2,038 2,203 2,155 3.4 5.7 6.2 4.2 5.3 6.5 6.9 4.4 6.9 7.6 6.2 12.2 6.4 6.1 3.8 Trad. market services (GHI) 1,790 1,892 1,938 3.0 5.7 6.7 6.8 3.4 5.3 7.9 4.5 7.5 6.6 8.2 10.8 5.9 5.3 7.5 Other market services (J–N; R–S) 2,204 2,354 2,338 5.1 5.6 5.4 7.3 3.3 5.5 6.6 3.4 5.7 5.6 6.7 10.0 4.9 5.3 5.5 A Agriculture, forestry and fishing 1,694 1,786 1,847 4.6 3.8 9.6 1.8 0.9 4.9 7.4 6.8 10.1 10.0 11.5 13.0 5.9 3.1 5.5 B Mining and quarrying 2,512 2,576 3,351 5.1 2.3 4.1 -3.2 -2.9 6.1 9.1 0.4 3.4 5.7 6.1 12.3 3.9 7.0 0.2 C Manufacturing 2,000 2,171 2,110 3.2 6.2 6.3 4.6 6.1 7.0 7.2 4.8 6.9 7.4 6.2 12.1 6.8 6.6 4.1 D Electricity, gas, steam and air conditioning supply 2,948 3,055 3,057 4.0 1.5 6.2 -0.7 0.6 2.3 3.6 0.1 8.5 11.2 5.2 14.2 3.3 1.2 1.5 E Water supply sewerage, waste management and remediation activities 1,925 2,054 2,034 4.2 4.3 6.1 4.1 2.9 4.6 5.4 4.1 7.4 6.5 6.3 12.4 4.7 3.9 3.5 F Construction 1,593 1,688 1,688 5.5 7.1 7.0 8.9 3.6 7.5 7.9 6.8 7.1 6.5 7.9 10.9 8.0 7.6 7.0 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,878 1,986 2,029 4.2 5.4 6.3 5.9 3.0 5.2 7.1 4.8 7.7 5.7 7.2 10.2 5.8 5.5 6.3 H Transportation and storage 1,787 1,871 1,928 -0.1 5.0 8.7 2.7 2.7 4.6 9.6 7.0 8.6 8.9 10.2 11.2 5.3 3.4 6.0 I Accommodation and food service activities 1,449 1,559 1,605 -3.8 12.7 8.9 4.9 12.2 9.7 20.4 12.4 12.7 7.3 9.1 13.9 8.8 9.8 22.2 J Information and communication 2,742 2,856 2,856 4.5 4.7 5.6 4.5 3.4 5.6 5.4 4.9 6.0 5.9 5.6 7.3 6.2 5.3 3.1 K Financial and insurance activities 2,967 3,224 3,162 2.5 5.0 6.3 5.7 2.9 4.2 7.1 3.1 8.9 5.1 8.2 9.4 2.2 5.3 5.0 L Real estate activities 1,831 1,931 1,945 4.2 3.7 5.4 4.0 0.1 3.6 6.4 3.9 5.8 5.4 6.5 10.1 2.9 3.7 4.0 M Professional, scientific and technical activities 2,279 2,432 2,381 4.0 6.3 4.7 7.2 4.0 6.1 7.5 4.0 4.7 4.9 5.4 10.1 6.2 5.6 6.0 N Administrative and support service activities 1,437 1,545 1,551 4.7 5.9 7.8 5.2 3.0 6.6 8.2 5.8 8.1 8.6 9.0 12.8 4.8 6.8 7.6 O Public administration and defence, compulsory social security 2,431 2,537 2,673 7.4 6.9 -3.3 16.0 10.3 2.9 -1.3 -9.8 -10.6 1.9 6.9 8.4 3.1 2.7 0.1 P Education 2,017 2,136 2,244 6.2 8.9 -5.1 10.1 16.1 8.2 1.5 -5.7 -10.7 -5.7 2.3 9.0 4.8 -1.3 3.7 Q Human health and social work activities 2,281 2,414 2,566 17.7 4.8 -6.3 36.2 5.7 1.2 -17.1 -20.0 -13.8 6.6 7.3 8.0 -0.5 0.0 -6.1 R Arts, entertainment and recreation 1,989 2,136 2,190 0.0 9.4 2.2 7.5 11.7 7.3 10.5 3.0 2.4 0.5 3.7 10.8 7.3 4.7 11.2 S Other service activities 1,617 1,730 1,753 4.5 3.4 5.0 8.9 -1.9 3.6 2.7 1.1 5.6 5.9 7.1 11.2 3.0 3.7 5.8 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 5/2023 Wages GROSS WAGE PER EMPLOYEE 2021 11 2022 12 1 2 3 4 5 6 39 2023 7 8 9 10 11 12 1 2 3 4 y-o-y growth rates, % TOTAL 2.8 2.1 -2.7 -1.0 -0.1 0.4 -0.9 2.8 3.2 5.7 6.1 7.3 7.7 4.6 11.5 10.7 9.2 9.0 Private sector activities (A–N; R–S) 8.0 7.0 3.1 3.8 5.1 5.7 7.7 6.5 5.7 7.0 7.2 7.7 8.4 4.7 12.6 11.3 9.6 8.2 -10.1 -9.0 -14.4 -11.3 -11.8 -11.0 -18.3 -5.5 -3.0 2.0 3.0 6.1 5.5 4.5 8.5 9.0 7.8 10.9 Industry (B–E) 7.6 8.9 2.6 4.6 5.9 5.2 8.6 7.0 6.3 7.9 8.5 8.0 8.2 2.5 14.2 12.0 10.4 9.4 Trad. market services (GHI) 9.2 6.4 4.4 3.5 5.7 7.2 7.8 7.4 5.8 6.9 7.3 8.3 9.2 7.0 12.5 11.2 8.9 7.6 Other market services (J–N; R–S) 7.6 6.3 3.2 3.2 3.8 5.5 6.8 4.9 5.2 6.0 5.7 6.9 8.1 4.9 10.4 10.3 9.5 7.3 A Agriculture, forestry and fishing 9.9 6.6 5.9 6.4 8.4 8.8 10.1 11.5 7.4 9.5 13.1 12.0 8.5 14.1 15.8 13.1 10.1 11.1 B Mining and quarrying -2.3 30.1 -5.3 2.1 4.4 -0.4 1.2 9.5 3.3 8.1 5.9 8.6 15.1 -3.3 16.0 10.9 10.2 47.8 C Manufacturing 7.7 9.5 2.9 4.9 6.5 5.6 8.1 7.0 6.6 8.1 7.5 8.0 8.5 2.3 14.2 12.0 10.1 9.3 D Electricity, gas, steam and air conditioning supply 7.1 1.7 -0.1 2.5 -1.9 -1.2 20.6 7.0 2.9 4.2 27.6 8.3 4.3 3.5 16.0 10.0 16.3 6.0 E Water supply sewerage, waste management and remediation activities 8.8 3.6 4.2 3.2 4.9 7.9 7.1 7.3 5.2 7.9 6.5 6.8 6.0 6.3 12.5 14.5 10.4 5.6 11.0 5.7 5.8 6.7 7.7 5.7 8.3 7.2 5.3 7.7 6.5 8.1 8.1 7.4 12.9 11.1 8.9 8.4 7.2 7.4 4.5 3.6 6.3 8.6 7.6 6.9 4.9 5.9 6.3 7.7 7.7 6.2 11.9 11.0 7.9 6.2 H Transportation and storage 15.7 6.5 7.1 5.5 8.4 7.5 9.2 9.3 7.9 9.3 9.5 10.2 12.2 8.1 12.9 11.2 9.5 9.1 I Accommodation and food service activities 21.6 15.9 11.8 13.8 11.7 15.1 14.5 10.3 6.8 7.2 7.8 7.6 10.6 9.1 15.5 13.0 13.4 11.9 J Information and communication 6.1 6.8 7.2 4.0 3.5 4.8 10.6 2.6 6.0 4.2 7.6 7.3 6.1 3.6 8.8 6.6 6.6 6.8 K Financial and insurance activities 10.5 5.1 1.0 1.2 6.1 11.9 5.1 9.8 6.0 7.0 2.4 6.6 10.2 7.0 11.8 11.5 5.8 2.4 L Real estate activities 8.1 6.7 3.0 3.4 5.4 5.8 5.4 6.2 5.2 5.2 5.7 7.5 4.4 7.8 12.1 9.7 8.7 6.4 M Professional, scientific and technical activities 7.3 8.7 4.9 2.8 4.2 3.5 6.0 4.5 4.6 5.2 4.9 6.2 9.0 1.1 8.1 10.7 11.5 7.5 N Administrative and support service activities 9.6 7.3 2.4 7.8 7.2 7.8 9.1 7.6 6.7 10.4 8.7 9.2 6.0 12.3 13.7 13.5 11.1 10.4 O Public administration and defence, compulsory social security -2.7 -1.3 -13.2 -9.9 -5.9 -9.0 -20.0 -1.3 0.6 2.8 2.3 6.3 6.7 7.7 8.8 9.4 7.1 10.7 P Education 2.9 -2.2 -7.6 -3.2 -6.3 -5.9 -16.3 -9.4 -13.2 -3.0 0.5 2.2 1.4 3.4 9.3 8.8 8.8 10.5 Q Human health and social work activities -24.2 -18.8 -20.6 -18.9 -20.4 -16.8 -18.7 -4.4 6.4 6.9 6.5 10.4 8.8 3.2 7.5 8.9 7.5 11.6 R Arts, entertainment and recreation 14.6 5.7 1.4 6.9 0.8 4.8 3.6 -0.7 0.1 0.0 1.4 0.5 6.8 3.7 10.0 6.0 16.5 10.3 3.1 -0.8 -1.7 0.5 4.5 6.0 5.7 5.0 5.4 6.4 5.9 7.7 8.3 5.5 13.0 12.5 8.2 8.3 Public service activities (OPQ) F Construction G Wholesale and retail trade, repair of motor vehicles and motorcycles S Other service activities 40 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 5/2023 2021 2022 2020 2021 2022 CPI, y-o-y growth rates, % -1.1 4.9 10.3 1.9 2.2 4.2 6.0 Food, non-alcoholic beverages 1.0 3.9 18.6 -1.3 -1.0 1.8 Alcoholic beverages, tobacco 3.2 2.4 6.0 3.6 4.1 Clothing and footwear -5.4 5.9 2.3 1.2 Housing, water, electricity, gas -0.6 8.6 13.3 Furnishing, household equipm. -0.4 5.7 Medical, pharmaceutical produ. 4.9 Transport Q2 Q3 Q4 Q1 Q2 2023 Q1 2021 Q3 Q4 Q2 6 7 8 8.5 10.7 10.1 9.9 8.2 1.4 2.0 2.1 9 2.4 10 3.0 11 4.6 5.9 10.8 13.8 18.3 18.9 14.4 -0.9 -1.1 -1.4 -0.4 0.3 1.1 1.8 2.8 5.0 6.4 6.2 9.2 9.2 3.9 4.1 4.2 4.0 0.7 2.2 1.8 3.3 4.4 2.0 2.9 2.3 3.8 6.4 1.7 4.3 1.8 -0.7 -1.2 5.3 8.5 3.6 7.9 8.4 13.5 22.0 14.6 13.0 9.2 2.5 3.1 3.2 4.4 6.7 8.3 12.9 1.7 2.5 4.7 8.0 10.7 12.2 12.5 11.8 9.1 1.3 2.1 3.2 2.3 3.4 5.0 -0.5 7.2 2.5 2.7 0.6 4.2 3.0 3.7 5.7 6.7 11.3 3.2 2.5 2.9 2.7 3.0 -0.6 -5.9 12.5 9.3 5.3 9.0 13.0 13.0 16.3 16.9 10.1 5.0 1.0 5.5 8.2 9.2 9.6 11.7 14.7 Communications 0.6 -3.6 1.2 0.2 -0.7 -3.5 -4.2 -4.6 -3.8 -0.8 2.6 3.7 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 Recreation and culture -3.9 3.4 6.9 -2.9 -2.2 1.2 4.0 5.9 5.3 6.6 8.6 7.9 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 Education 0.7 0.5 1.4 0.8 1.1 0.6 0.4 0.3 0.5 1.3 2.1 4.6 0.9 1.0 1.0 1.2 0.7 0.7 Catering services 0.6 6.1 10.8 1.3 4.0 5.8 7.1 9.0 9.1 10.2 11.2 9.1 2.5 3.1 3.7 5.2 5.2 6.2 Miscellaneous goods & services 0.7 -2.1 8.9 -0.3 -0.1 -0.4 0.9 2.6 4.1 6.7 7.1 7.5 -0.3 -0.3 -0.1 0.0 0.3 0.7 HICP -1.2 5.1 10.8 2.0 2.3 4.5 6.3 9.0 11.3 10.6 9.9 8.7 1.7 2.0 2.1 2.7 3.5 4.9 Core inflation (excluding fresh food and energy) -0.1 3.1 7.4 0.6 1.5 2.5 4.3 5.6 6.3 6.9 7.8 8.0 0.8 1.3 1.6 1.5 1.5 2.9 -0.2 10.6 19.3 3.6 7.5 9.9 15.6 21.7 21.1 19.9 15.5 4.8 6.2 7.7 8.6 9.2 9.9 Domestic market 1.0 10.6 23.3 4.2 8.0 10.1 17.2 24.8 25.2 23.9 19.2 5.1 6.9 8.2 9.0 9.5 10.1 Non-domestic market -1.4 10.6 15.3 2.9 6.9 9.7 13.9 18.5 17.0 15.8 11.8 4.6 5.4 7.1 8.2 8.8 9.7 Euro area -1.2 11.6 15.4 3.8 7.0 10.5 15.1 20.5 19.3 16.2 11.8 5.7 5.6 7.2 8.3 9.5 10.4 Non-euro area -1.8 8.5 15.1 1.1 6.7 8.0 11.4 14.6 12.6 15.0 11.4 2.2 5.0 7.0 8.1 7.5 8.1 -2.6 25.9 11.9 8.6 14.9 24.5 27.5 29.5 24.9 14.6 6.4 10.3 12.8 14.1 17.8 22.5 25.0 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.8 0.0 -1.1 0.4 -0.6 -1.0 -1.4 -1.4 -1.4 -0.2 0.4 0.9 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 Real (deflator HICP) -0.4 -0.7 -0.3 0.2 -1.3 -1.1 -1.0 -0.5 0.2 0.2 1.3 1.7 -0.6 -0.8 -1.6 -1.3 -1.4 -0.7 Real (deflator ULC) 3.8 0.0 -3.7 -0.1 2.2 -6.3 -8.2 -6.9 -1.9 2.7 6.2 1.141 1.184 1.054 1.206 1.179 1.144 1.123 1.065 1.007 1.021 1.073 1.089 1.205 1.182 1.177 1.177 1.160 1.141 USD / EUR Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix Slovenian Economic Mirror, No 5/2023 Prices and indicators of overall competitiveness 2021 CPI, y-o-y growth rates, % 4.9 5.8 6.9 5.4 6.9 Food, non-alcoholic beverages 3.9 4.6 6.3 6.9 Alcoholic beverages, tobacco 2.4 2.4 3.0 Clothing and footwear 5.9 2.1 Housing, water, electricity, gas 8.6 Furnishing, household equipm. 12 2022 1 2 3 4 5 41 2023 6 7 8 9 8.1 10.4 11.0 11.0 10.0 9.2 10.8 12.5 13.2 13.8 3.1 4.6 5.1 5.3 5.9 5.6 5.5 1.4 2.6 2.0 10.7 13.2 1.3 6.2 10.4 5.7 7.6 8.0 8.5 9.2 Medical, pharmaceutical produ. -0.5 4.1 4.1 4.4 Transport 12.5 12.5 12.5 Communications -3.6 -4.4 Recreation and culture 3.4 Education 10 11 12 1 2 3 9.9 10.0 10.3 10.0 9.3 10.5 4 9.4 5 8.4 6 6.9 14.4 17.2 19.0 18.6 19.3 18.3 19.0 15.8 14.9 12.4 6.5 6.8 7.0 5.5 6.0 9.1 9.1 9.4 7.4 10.3 10.0 1.8 2.6 4.2 2.7 1.9 2.3 3.9 1.8 5.6 8.3 5.3 5.6 23.9 24.6 25.3 16.2 15.6 14.9 13.3 11.1 7.9 19.9 13.7 10.6 3.3 10.5 12.3 12.0 11.6 13.0 12.5 12.0 12.9 12.3 12.2 10.8 10.2 8.9 8.1 3.2 2.7 3.2 3.4 3.8 4.0 3.7 6.3 7.2 4.8 5.4 9.8 10.1 10.6 13.3 14.1 15.1 16.7 17.2 19.7 16.5 14.5 10.4 10.5 9.3 6.0 6.0 3.1 2.9 0.5 -0.3 -3.6 -4.6 -2.7 -5.9 -5.3 -3.7 -4.0 -3.8 -2.2 -1.4 1.2 2.4 2.1 3.3 3.7 4.2 3.2 4.1 5.4 2.4 6.2 5.9 5.7 4.8 5.2 5.9 6.6 6.2 6.9 10.1 9.6 6.1 7.5 7.7 8.5 0.5 0.5 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.8 1.3 1.3 1.4 1.4 2.0 2.9 4.0 4.5 5.3 Catering services 6.1 6.8 7.1 7.3 7.9 9.6 9.5 8.8 9.0 9.6 9.9 9.8 10.8 12.1 11.3 10.2 9.6 8.8 8.9 Miscellaneous goods & services -2.1 0.7 1.1 0.8 2.3 2.4 3.1 3.6 4.1 4.7 5.5 5.8 8.9 6.7 7.0 7.5 7.3 7.8 7.5 HICP 5.1 6.0 7.0 6.0 7.4 8.7 10.8 11.7 11.5 10.6 10.3 10.8 10.8 9.9 9.4 10.4 9.2 8.1 6.6 Core inflation (excluding fresh food and energy) 3.1 3.8 4.7 4.5 5.4 5.5 6.0 6.1 6.3 6.6 6.7 6.5 7.4 8.0 7.7 7.8 8.0 8.0 8.0 10.6 12.3 16.5 17.9 20.4 22.5 22.2 21.1 21.0 21.3 20.6 19.7 19.3 18.2 14.9 13.4 9.9 6.6 Domestic market 10.6 12.8 18.4 20.3 23.4 25.7 25.4 24.6 25.3 25.7 25.1 23.2 23.3 22.1 18.6 16.9 13.3 9.2 Non-domestic market 10.6 11.7 14.5 15.4 17.3 19.3 18.9 17.5 16.7 16.8 16 16.2 15.3 14.3 11.2 9.8 6.4 4 11.6 12.5 16.1 16.7 18.8 21.6 21.2 20.1 19.3 18.4 16.7 16.6 15.4 14.4 10.9 10 6.5 3.4 8.5 10.0 11.4 12.9 14.5 14.7 14.5 12.5 11.7 13.7 14.6 15.4 15.1 14 11.5 8.7 5.1 4.5 25.9 26.4 26.7 29.3 29.2 30.2 29.2 26.6 25.6 22.6 17.7 14.3 11.9 8.1 7.5 3.6 0.6 -1.9 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Euro area Non-euro area Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal Real (deflator HICP) -1 -1.5 -1.2 -1.4 -1.7 -1.4 -1.0 -1.5 -1.5 -1.3 -0.7 -0.1 0.3 0.4 0.3 0.5 1.2 0.8 0.7 -1.1 -0.7 0.0 -2.3 -1.7 -0.8 1.0 1.0 0.5 -0.8 -1.0 0.3 1.2 0.7 0.3 2.9 2.7 2.0 0.5 1.130 1.131 1.134 1.102 1.082 1.058 1.057 1.018 1.013 0.990 0.983 1.020 1.059 1.077 1.072 1.071 1.097 1.087 1.084 Real (deflator ULC) USD / EUR 42 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 5/2023 2020 2021 2022 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 2021 Q1 5 6 7 8 9 10 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account 3,398 Goods 2,333 1,732 -578 899 335 470 28 -146 -232 153 -354 596 125 -110 97 147 225 882 -2,174 641 339 63 -160 -512 -517 -378 -767 152 51 104 86 -49 26 176 58 Exports 29,622 35,255 42,628 8,268 8,815 8,473 9,699 10,000 11,045 10,834 10,749 10,907 2,884 3,030 2,875 2,505 3,093 3,253 Imports 27,289 34,373 44,802 9,860 10,511 11,562 11,212 11,516 10,755 3,195 7,627 8,476 8,410 2,833 2,926 2,789 2,554 3,067 1,913 2,198 3,482 417 518 641 622 603 909 1,093 877 771 135 224 150 230 261 227 Exports 6,985 8,471 11,133 1,599 1,905 2,509 2,458 2,143 2,773 3,329 2,889 2,504 579 722 814 833 862 791 6,273 7,651 1,182 1,387 1,867 1,836 1,539 1,865 2,235 2,012 1,733 443 498 663 604 600 564 -756 -1,232 43 -398 -120 -280 -70 -447 -399 -315 -188 -42 -365 -105 -5 -10 -59 503 546 458 579 537 553 452 613 594 189 182 143 173 141 149 Services Imports 5,072 Primary income -314 Receipts 1,725 2,086 2,156 Expenditures 2,039 2,841 3,387 460 944 578 859 608 1,000 852 928 782 232 547 248 178 152 208 -535 -594 -655 -202 -124 -114 -154 -167 -176 -163 -149 -139 -19 -74 -34 -29 -52 -51 994 1,113 1,243 238 322 269 284 286 317 313 327 310 117 105 91 96 82 95 1,529 1,707 1,898 440 446 383 438 453 494 476 476 449 136 179 125 125 134 146 163 -220 124 -40 61 17 -41 -60 -13 -107 -94 -31 -23 20 17 25 42 1,774 -1,678 884 416 412 62 -459 -396 85 -908 142 86 -38 -107 273 247 244 Secondary income Receipts Expenditures Capital account Financial account -258 3,670 Direct investment 262 -414 -1,288 -10 -725 -164 485 -228 -339 -271 -450 -364 -65 -395 -79 0 -85 529 Assets 708 1,442 763 355 168 362 557 364 431 209 -241 181 212 -223 32 80 250 606 Liabilities 446 1,856 2,051 365 893 526 72 592 770 480 209 545 277 172 111 79 336 77 -1,136 2,778 -12 -387 1,664 270 1,232 -1,298 644 -295 936 -612 595 235 -421 509 181 498 53 58 -127 9 3 2 -5 -8 -8 12 569 -1,298 1,071 -434 111 391 -932 162 -803 -341 Portfolio investment Financial derivatives 30 -176 2 10 39 -63 -45 Other investment 4,325 -1,444 -371 1,267 -541 -379 -1,792 1,053 -694 Assets 4,830 2,923 2,940 3,190 253 531 -1,051 4 4 18 0 2 4,757 1,422 1,914 2,345 340 348 340 1 22 -225 -47 505 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity -21 1,639 834 1,267 -799 2,761 -91 367 398 -132 265 8 10 2 0 5 -4 0 1 -6 0 0 0 11 358 -1,292 811 335 1,328 -560 2,146 -96 145 381 -51 27 -694 153 -8 -22 225 -27 186 33 148 41 -63 100 -39 -24 41 59 -8 5 1 12 3 0 8 -13 -3 0 0 0 4 4 4 1 873 846 666 205 100 -97 920 367 7 -448 681 91 69 -7 -81 187 273 254 -169 21 42 88 102 -74 -64 -88 57 -102 -23 52 64 19 5 20 4,367 3,311 1,923 793 910 741 586 1,528 699 499 1,690 343 256 6 800 103 462 -6 4 -38 1 2 -42 1 1 -1 -1 1 2 11 0 -42 0 0 0 2 Currency and deposits 800 2,359 1,681 788 909 371 290 526 237 543 375 369 285 255 93 7 271 180 Loans -407 16 833 794 -372 -403 -3 -441 781 277 215 987 -106 -99 -9 83 -477 -11 55 21 3 30 27 8 -44 22 -34 22 -7 0 9 9 3 3 3 -15 Trade credit and advances -137 1,119 801 202 268 63 586 437 434 -95 26 156 154 111 -137 -54 254 343 Other liabilities 190 215 -8 107 4 194 -90 43 111 -49 -113 166 0 23 57 86 52 -38 0 675 0 0 0 675 0 0 0 0 0 0 0 0 0 675 0 0 166 824 168 13 7 707 97 77 37 24 31 37 -13 9 6 704 -3 8 531 -121 -880 -139 121 -119 17 -272 -105 -56 -448 -360 -7 95 -225 109 -2 27 Insurance, pension schemes, and standardised guarantee schemes Special drawing rights (SDR) Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,817 917 999 978 1,172 1,090 1,244 1,181 1,301 1,184 334 336 331 285 363 359 Intermediate goods 15,446 19,633 25,763 3,552 4,067 4,544 4,848 4,841 5,400 6,008 6,626 6,646 6,347 6,554 1,585 1,662 1,671 1,413 1,758 1,836 Consumer goods 13,928 15,744 22,197 1,375 3,987 3,987 3,856 3,913 4,196 6,218 6,251 5,501 6,637 1,303 1,347 1,446 1,061 1,349 5,826 1,073 1,221 1,172 1,419 1,377 1,455 1,443 1,562 1,385 413 416 372 386 414 434 Intermediate goods 16,434 24,076 34,352 4,732 5,702 6,303 7,338 7,869 8,969 8,893 8,416 8,847 1,971 1,983 2,151 1,855 2,297 2,424 Consumer goods 11,670 12,588 16,566 2,905 3,209 3,020 3,454 3,726 4,392 4,191 4,311 4,290 1,029 1,028 944 1,021 1,055 1,153 Import of investment goods 4,008 4,885 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix Slovenian Economic Mirror, No 5/2023 Balance of payments 2021 11 2022 12 1 2 3 4 5 6 43 2023 7 8 9 10 11 12 1 2 3 4 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account 84 -231 161 -205 -102 -127 -26 -79 -175 -57 384 12 -27 -338 156 168 271 291 571 Goods 32 -251 5 -274 -242 -205 -181 -131 -208 -243 72 -238 -175 -354 -20 54 119 109 342 Exports 3,358 3,089 3,050 3,147 3,803 3,437 3,729 3,879 3,573 3,289 3,972 3,664 3,769 3,317 3,354 3,529 4,024 3,313 3,792 Imports 3,326 3,339 3,045 3,421 4,045 3,642 3,910 4,011 3,781 3,532 3,900 3,902 3,944 3,670 3,374 3,475 3,906 3,204 3,450 Services 202 193 171 187 246 297 293 453 335 263 279 248 246 277 243 353 Exports 780 887 632 686 824 885 886 1,002 1,078 1,081 1,170 318 300 340 961 900 1,028 777 793 934 829 959 607 Imports 578 694 461 499 578 588 593 684 778 741 717 626 637 749 529 547 657 586 Primary income -84 -137 40 -54 -57 -163 -98 -187 -186 -99 -115 -44 -63 -207 -25 -70 -93 -11 -34 Receipts 188 242 238 140 159 152 214 187 135 139 178 169 213 231 219 177 198 237 238 Expenditures 272 379 197 194 216 315 312 374 320 238 293 213 276 438 243 248 291 247 272 -66 -37 -55 -64 -49 -56 -41 -79 -81 -55 -26 -41 -52 -56 -47 -61 -31 -51 -90 79 109 98 92 95 100 101 116 101 89 123 99 95 133 91 103 116 101 95 146 146 153 156 144 156 142 195 182 144 149 140 147 189 138 164 147 151 185 Secondary income Receipts Expenditures Capital account 19 -44 -11 32 -62 4 -28 -36 -15 31 -29 10 44 -161 -61 -3 -30 36 -24 208 -390 289 -328 -419 -321 166 -242 150 -244 179 -161 40 -788 234 89 -181 350 375 Direct investment 139 -183 -47 -98 -84 -116 -242 19 -17 -218 -36 60 -183 -327 -7 -184 -173 3 -41 Assets 145 -194 114 201 49 192 97 142 271 -154 92 88 -22 -307 102 118 -39 97 144 -11 161 298 133 309 338 123 288 65 128 28 161 20 109 302 134 95 185 477 -1,797 68 431 256 85 304 -251 198 -242 447 53 437 -1,262 369 282 77 552 -14 -17 -32 -17 -17 -11 13 24 21 -51 -36 -40 8 -1 3 3 -5 -225 -764 2,082 -288 -742 -448 313 -559 407 -252 413 -629 198 -867 1,462 -136 -255 255 -111 48 -759 1,779 339 1,136 -601 1,212 1,328 200 Financial account Liabilities 6 Portfolio investment 257 Financial derivatives 13 Other investment Assets Other equity Currency and deposits Loans 0 -121 14 -100 -40 186 179 468 -209 10 0 0 1 0 1 0 -477 1,611 -215 -585 -203 101 437 -302 8 -163 -36 0 0 3 566 1,063 -396 -107 0 221 31 0 -1 -3 1 0 -57 1,223 987 -64 66 208 3 67 100 -87 -6 66 98 47 42 -42 48 27 9 64 75 -2 62 -19 17 23 1 1 0 0 0 3 3 3 -4 -4 -4 -1 -1 -1 0 0 0 0 0 Trade credit and advances 88 -458 326 204 390 296 25 46 95 -247 159 148 48 -644 81 243 357 -72 -34 Other assets 14 68 -80 -83 89 -8 3 -60 45 -24 -108 78 -43 22 -90 37 -50 20 4 273 5 -303 187 702 634 -134 1,027 -616 591 723 467 -234 266 -250 1,464 477 -224 311 Insurance, pension schemes, and standardised guarantee schemes Liabilities Other equity 1 -2 0 -1 1 0 0 -1 0 0 0 0 1 1 9 0 2 0 1 149 -39 107 91 328 30 -38 244 59 263 221 46 385 -56 48 180 142 49 102 Loans 81 -73 -113 -291 -36 331 -25 474 -412 392 297 47 -299 468 -32 1,026 -6 95 134 Insurance, pension schemes, and standardised guarantee schemes -15 -15 7 7 7 -11 -11 -11 7 7 7 -2 -2 -2 0 0 0 0 0 Currency and deposits Trade credit and advances Other liabilities Special drawing rights (SDR) Reserve assets Net errors and omissions 0 243 -269 372 334 213 -107 329 -247 -46 197 373 -261 -86 -320 226 251 -426 75 56 -109 -35 10 68 72 47 -8 -23 -26 0 4 -58 -59 46 32 89 59 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24 65 64 6 6 4 27 5 -3 4 22 13 8 10 34 41 -38 12 -20 105 -115 138 -156 -255 -198 220 -127 339 -218 -177 -183 24 -289 139 -76 -422 23 -172 348 426 372 411 461 385 348 449 411 431 459 335 386 464 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 358 N/A Intermediate goods 1,916 1,648 1,839 1,875 2,294 2,066 2,229 2,330 2,218 1,974 2,454 2,203 2,293 1,851 2,078 2,149 2,326 1,897 N/A Consumer goods 1,388 1,150 1,312 1,318 1,566 1,677 2,075 2,466 2,056 1,812 2,383 1,722 2,088 1,692 2,174 2,010 2,453 1,663 N/A Import of investment goods 397 484 416 502 315 380 507 490 416 497 542 481 458 504 469 518 576 400 471 515 440 N/A Intermediate goods 2,314 2,601 2,504 2,328 3,036 2,779 3,354 2,836 2,822 2,858 3,214 2,964 2,943 2,508 2,911 2,607 3,330 2,551 N/A Consumer goods 1,170 1,130 N/A 960 1,349 1,417 1,509 1,369 1,514 1,417 1,442 1,332 1,460 1,377 1,474 1,528 1,195 1,566 1,236 44 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 5/2023 2020 2021 2021 2022 1 2 2022 3 4 5 6 7 8 9 10 11 12 1 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) 11,805 14,460 12,247 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 4,520 3,538 2,858 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 639 693 764 638 643 638 634 632 621 619 628 627 627 636 693 706 10,997 11,556 12,439 11,514 11,556 11,583 Other government (S,1312,1313,1314) Households (S,14, 15) 11,771 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 Non-financial corporations (S,11) 9,363 9,828 10,988 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 Non-monetary financial institutions (S,123, 124, 125) 1,640 1,602 1,903 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 Monetary financial institutions (S,121, 122) 7,969 10,607 9,764 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 30,341 34,136 35,279 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 345 284 256 337 330 324 316 310 310 307 314 298 295 293 284 281 4,361 3,302 3,096 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 34,567 38,152 38,980 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 Overnight 25,218 29,146 31,836 28,272 29,146 29,166 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 With agreed maturity – short-term 3,381 2,707 3,066 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 With agreed maturity – long-term 5,348 5,849 3,751 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 Short-term deposits redeemable at notice 620 450 327 649 656 621 629 622 553 510 519 493 547 519 450 477 Deposits in foreign currency, total 723 828 974 721 740 786 776 810 789 812 817 804 835 839 828 834 Overnight 675 790 891 671 696 739 731 766 747 771 776 771 803 803 790 799 With agreed maturity – short-term 25 27 76 28 24 26 25 26 25 25 26 19 19 24 27 24 With agreed maturity – long-term 23 11 7 22 20 21 20 18 17 16 15 14 13 12 11 11 - - - - - - - - - - - - - - - - Short-term deposits redeemable at notice INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.15 0.12 0.08 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 2.21 1.72 2.31 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.13 1.78 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.35 0.00 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3-month rates -0.425 -0.549 0.342 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 6-month rates -0.364 -0.523 0.673 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 3-month rates -0.708 -0.760 - -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - 6-month rates -0.659 -0.715 - -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.23 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 INTERBANK INTEREST RATES EURIBOR LIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 5/2023 Monetary indicators and interest rates 2022 2 3 4 5 6 45 2023 7 8 9 10 11 12 1 2 3 4 5 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 12,425 12,733 12,247 12,706 12,411 12,179 12,321 12,414 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 3,060 3,086 2,858 3,006 3,007 2,939 2,979 2,994 698 693 691 689 692 691 695 695 702 710 764 764 775 775 761 776 Households (S,14, 15) 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 12,387 12,425 12,439 12,444 12,424 12,495 12,509 12,552 Non-financial corporations (S,11) 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 11,281 11,349 10,988 11,210 10,935 10,787 11,029 10,963 Non-monetary financial institutions (S,123, 124, 125) 1,637 1,734 1,743 1,752 1,772 1,820 1,828 1,852 1,883 1,865 1,903 1,909 1,165 1,181 1,193 1,214 Monetary financial institutions (S,121, 122) 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 8,834 9,124 9,764 9,548 10,045 10,589 9,996 10,073 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 34,599 34,982 35,279 35,284 34,835 35,324 34,984 35,078 273 303 320 298 295 310 302 292 265 262 256 251 252 243 247 247 3,474 3,320 3,368 3,495 3,463 3,511 3,401 3,226 3,193 3,229 3,096 3,261 3,179 3,116 3,155 3,174 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,015 37,946 38,013 38,338 37,574 37,805 38,130 38,293 38,537 38,573 38,980 38,815 38,497 38,322 38,207 38,374 Overnight 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 30,845 31,170 31,836 31,650 31,196 31,107 30,968 31,020 With agreed maturity – short-term 2,596 2,674 2,622 2,666 2,639 2,719 2,693 2,790 3,057 2,848 3,066 3,120 3,241 3,268 3,223 3,285 With agreed maturity – long-term 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 4,332 4,228 3,751 3,699 3,693 3,620 3,686 3,715 Short-term deposits redeemable at notice 468 411 340 332 282 271 281 289 303 327 327 346 367 327 330 354 Deposits in foreign currency, total 851 965 1,007 1,036 1,093 1,103 1,133 1,161 1,066 1,033 974 931 946 931 922 926 Overnight 817 847 883 894 953 964 1,005 1,041 957 927 891 851 860 849 840 838 With agreed maturity – short-term 24 109 115 134 132 131 120 113 102 99 76 74 80 76 76 81 With agreed maturity – long-term 10 9 9 8 8 8 8 7 7 7 7 6 6 6 6 7 - - - - - - - - - - - - - - - - Short-term deposits redeemable at notice INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.03 0.02 0.09 0.09 0.09 0.09 0.10 Time deposits with maturity of up to one year 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.13 0.15 0.18 0.19 0.25 0.37 0.58 0.44 0.47 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 2.96 3.36 3.55 3.66 3.79 3.83 3.89 3.86 0.97 0.92 1.48 2.1 1.02 2.74 3.03 .. 3.87 1.26 .. .. 5.12 5.12 .. 0.00 0.00 0.00 0.00 0.00 0.50 0.50 1.25 1.25 2.00 2.50 2.50 3.00 3.50 3.50 3.75 3-month rates -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 1.428 1.825 2.066 2.345 2.640 2.911 3.167 3.366 6-month rates -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 1.997 2.321 2.567 2.858 3.135 3.267 3.498 3.679 3-month rates - - - - - - - - - - - - - - - - 6-month rates - - - - - - - - - - - - - - - - New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 0.79 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR LIBOR 46 Statistical Appendix Public finance Slovenian Economic Mirror, No 5/2023 2020 2021 2022 2021 Q1 Q2 2021 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 2021 7 8 10 9 11 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 18,528.6 21,382.6 23,311.4 4,803.9 5,574.1 5,151.3 5,853.2 5,613.9 6,079.7 5,648.8 5,969.0 5,736.1 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 Current revenues 17,578.7 20,124.0 21,966.7 4,525.9 5,334.6 4,874.2 5,389.3 5,138.5 5,824.1 5,398.2 5,605.9 5,401.6 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 Tax revenues 16,460.4 18,785.7 20,557.0 4,241.4 4,902.8 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 Taxes on income and profit 3,261.8 3,981.3 4,517.4 832.8 1,149.5 1,100.5 141.7 334.6 309.2 331.7 327.6 Social security contributions 7,289.9 7,928.1 8,503.7 1,915.2 1,998.0 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 661.3 658.9 643.9 639.5 651.3 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Taxes on international trade & transactions Other taxes Non-tax revenues Capital revenues 941.8 1,205.5 785.5 1,048.5 1,049.7 1,485.3 21.6 23.9 26.7 5.0 5.9 6.0 7.0 6.0 6.7 6.5 7.4 6.2 2.3 1.8 1.9 2.1 2.2 287.3 316.9 336.5 33.5 84.8 102.2 96.3 32.4 82.1 128.6 93.5 38.9 35.7 34.1 32.4 43.5 33.2 5,493.3 6,359.2 6,883.8 1,268.6 1,566.9 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 643.4 517.1 531.7 661.1 576.3 102.4 177.4 289.2 28.1 34.6 36.7 78.0 67.2 56.9 85.6 79.5 51.4 11.4 10.1 15.2 29.1 15.5 4.1 -1.1 -0.3 49.2 7.2 -20.9 -36.6 34.7 -10.8 11.3 -35.5 23.9 -25.5 13.5 -8.9 -8.0 9.6 1,118.2 1,338.4 1,409.7 284.5 431.7 308.4 313.7 325.6 368.8 368.5 346.8 278.5 101.1 99.6 107.7 104.4 82.0 146.9 228.3 268.1 36.4 54.9 56.0 81.1 64.1 66.3 64.3 73.5 59.0 23.4 13.4 19.2 27.5 26.8 Grants 17.5 21.9 57.2 6.7 2.0 10.3 2.9 12.2 29.6 12.3 3.1 13.8 0.4 0.4 9.5 0.4 2.0 Transferred revenues 54.8 57.3 57.7 1.7 2.1 51.4 2.0 0.4 22.0 30.2 5.2 3.6 31.1 20.0 0.3 0.7 0.4 730.7 951.2 961.8 233.3 180.5 159.5 377.9 398.8 137.8 143.8 281.4 258.2 21.1 21.4 116.9 36.0 165.1 Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 22,070.6 24,299.8 24,886.3 6,102.6 5,932.1 5,580.0 6,685.1 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 9,127.8 10,393.6 10,283.4 2,659.0 2,495.4 2,362.5 2,876.7 2,697.3 2,348.8 2,423.2 2,814.1 2,687.4 794.6 832.5 735.5 662.4 943.8 Wages, salaries and other personnel expenditures 4,965.3 5,765.3 5,481.1 1,484.0 1,623.4 1,330.1 1,327.7 1,309.4 1,411.8 1,316.9 1,443.1 1,433.5 448.8 487.7 393.6 402.7 474.0 Expenditures on goods and services 3,020.7 3,336.6 3,556.6 724.9 767.0 794.0 1,050.7 845.0 806.5 838.8 1,066.3 795.0 267.0 267.5 259.5 233.5 285.7 Interest payments 778.0 732.2 661.5 386.9 45.5 204.6 95.2 336.1 16.4 212.6 96.4 370.2 63.1 68.4 73.1 15.8 66.3 Reserves 363.8 559.5 584.2 63.1 59.5 33.9 403.1 206.7 114.2 55.0 208.3 88.6 15.7 8.9 9.3 10.4 117.8 10,867.7 11,318.7 11,261.4 3,018.3 2,984.0 2,605.1 2,711.3 2,780.8 2,952.4 2,602.7 2,925.5 2,865.0 929.2 836.7 839.3 829.5 906.8 Current transfers Subsidies 1,449.3 287.8 43.3 46.9 21.3 12.3 64.7 Current transfers to individuals and households 8,250.8 9,167.7 9,294.5 2,494.4 2,374.0 2,158.6 2,140.7 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 779.9 672.7 706.1 720.4 701.7 Current transfers to non-profit institutions, other current domestic transfers 1,083.2 1,131.0 1,118.0 Current transfers abroad Capital expenditures 867.3 690.2 296.4 302.3 111.5 157.1 188.0 195.7 94.8 211.7 197.6 276.6 298.3 358.4 257.7 255.7 263.8 340.9 231.5 95.9 100.9 101.5 88.0 120.9 158.7 29.9 31.0 36.7 55.1 41.9 52.9 20.7 43.1 28.4 10.2 16.1 10.4 8.7 19.5 1,230.6 1,544.7 2,053.5 194.3 278.0 402.4 670.0 225.8 432.6 487.5 907.5 269.0 128.9 138.1 135.4 159.1 175.4 84.4 152.7 Capital transfers 318.5 413.9 558.5 33.4 55.7 86.2 238.6 43.2 60.5 132.2 322.5 42.0 19.4 32.7 34.1 32.5 49.0 Payments to the EU budget 526.0 628.9 729.5 197.5 119.1 123.8 188.5 182.2 172.7 180.0 194.6 166.6 29.1 45.3 49.4 53.2 64.4 -3,542.1 -2,917.2 -1,574.9 -1,298.6 -358.0 -428.7 -831.9 -315.5 112.8 -176.9 -1,195.2 -293.9 -253.7 -160.3 -14.6 131.2 -247.5 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 5/2023 Public finance 2021 12 2022 1 2 3 4 5 6 47 2023 7 8 9 10 11 12 1 2 3 4 5 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 2,093.4 2,035.8 1,782.6 1,795.5 2,043.9 2,011.2 2,024.7 1,807.8 1,898.1 1,942.9 1,902.3 1,956.8 2,110.0 1,982.6 1,816.9 1,936.7 2,205.4 1,951.3 Current revenues 1,888.3 1,822.8 1,686.0 1,629.8 1,949.4 1,894.0 1,980.7 1,750.1 1,806.2 1,841.9 1,799.5 1,868.9 1,937.4 1,882.1 1,720.8 1,798.7 2,046.2 1,892.8 Tax revenues 1,761.0 1,737.9 1,518.8 1,556.2 1,850.3 1,791.4 1,813.7 1,633.5 1,688.2 1,708.0 1,720.2 1,730.5 1,808.4 1,788.9 1,635.0 1,699.2 1,945.7 1,782.5 Taxes on income and profit 389.2 332.6 348.2 368.9 406.6 578.7 500.0 132.7 371.6 328.5 347.1 381.2 421.2 353.7 360.3 386.5 419.9 458.0 Social security contributions 760.1 680.4 677.2 691.2 704.3 698.5 688.2 700.6 697.7 700.0 693.7 730.2 841.7 720.8 754.3 749.4 759.2 764.7 2.7 2.2 1.9 1.9 2.2 2.1 2.4 2.4 1.9 2.1 2.2 2.3 2.9 2.0 2.1 2.1 2.4 2.2 19.7 12.4 8.5 11.5 20.5 23.2 38.5 48.9 41.6 38.1 45.1 33.8 14.6 11.2 8.4 19.3 24.5 25.4 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 594.1 623.0 483.3 467.7 638.3 531.2 574.6 681.5 594.3 590.8 613.1 565.5 520.4 631.8 502.6 543.2 681.5 546.5 Taxes on international trade & transactions 33.3 27.0 14.0 26.2 27.0 15.0 14.9 39.1 18.2 28.3 30.7 21.2 27.6 17.9 19.6 13.9 25.1 13.7 Other taxes -38.2 60.3 -14.4 -11.3 51.5 -57.2 -5.1 28.2 -37.1 20.1 -11.8 -3.7 -20.0 51.6 -12.3 -15.3 33.2 -27.9 Non-tax revenues 127.3 84.8 167.1 73.6 99.2 102.6 167.0 116.6 118.0 133.9 79.4 138.4 129.0 93.2 85.8 99.5 100.6 110.3 26.8 18.5 23.6 21.9 23.0 22.0 21.2 22.5 22.5 19.2 26.7 24.6 22.2 15.0 20.1 23.8 20.4 17.6 Grants 0.6 0.9 11.1 0.2 0.4 29.0 0.1 0.2 0.2 11.8 0.2 0.5 2.5 0.9 12.2 0.6 0.6 -9.6 Transferred revenues 0.9 0.1 0.1 0.2 0.5 20.0 1.5 0.0 30.0 0.2 0.8 1.8 2.5 1.1 0.3 2.1 -0.6 0.7 176.8 193.5 61.8 143.4 70.6 46.1 21.1 34.9 39.2 69.7 75.1 61.0 145.3 83.4 63.4 111.4 138.7 49.8 Capital revenues Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 2,809.0 1,906.6 1,793.1 2,229.6 1,873.8 1,923.8 2,169.4 1,952.5 1,938.5 1,934.7 1,909.1 2,319.2 2,936.0 1,813.2 1,865.6 2,351.3 1,955.7 2,079.3 Current expenditures 1,270.5 809.9 746.2 1,141.2 711.7 756.2 881.0 820.1 814.1 789.1 802.2 904.0 1,107.9 778.7 787.8 1,120.9 808.7 843.0 Wages, salaries and other personnel expenditures 451.0 429.9 433.1 446.3 420.9 438.5 552.4 452.8 443.3 420.8 434.7 488.5 519.9 478.6 474.6 480.3 464.1 494.1 Expenditures on goods and services 531.5 227.4 263.0 354.7 244.3 273.3 288.9 284.3 288.1 266.4 279.1 312.7 474.4 233.3 259.2 302.5 266.2 312.7 13.2 17.8 23.6 294.8 8.4 3.4 4.6 56.2 65.1 91.3 17.5 65.9 13.0 47.8 22.5 299.9 2.6 5.5 Reserves 274.9 134.8 26.5 45.4 38.2 40.9 35.1 26.7 17.6 10.7 70.9 36.8 100.6 19.0 31.5 38.2 75.9 30.8 Current transfers 975.0 965.8 878.3 936.7 975.2 910.4 1,066.9 895.9 846.9 859.9 849.6 1,007.2 1,068.7 917.6 903.5 1,043.9 948.0 976.5 Subsidies Interest payments 80.1 115.9 29.7 42.4 69.9 107.7 18.2 34.8 17.7 42.2 28.9 55.0 127.9 100.8 35.4 151.6 70.1 77.6 Current transfers to individuals and households 718.6 772.9 749.9 770.5 767.2 743.5 937.3 773.9 731.1 718.4 727.7 820.5 781.6 738.9 771.2 807.3 784.8 789.6 Current transfers to non-profit institutions, other current domestic transfers 149.5 68.0 85.6 104.1 124.9 39.8 90.9 79.5 92.3 92.0 86.2 105.8 148.9 70.2 90.2 71.0 80.8 103.7 26.9 9.1 13.1 19.7 13.2 19.3 20.4 7.7 5.7 7.3 6.9 25.9 10.3 7.7 6.7 14.0 12.3 5.6 Capital expenditures 335.5 52.1 77.2 96.5 105.6 177.7 149.2 147.8 176.0 163.7 164.7 275.4 467.4 57.4 92.8 118.8 133.1 168.8 Capital transfers 157.1 12.1 16.8 14.3 23.6 16.6 20.3 35.1 30.3 66.9 38.0 67.6 216.9 10.3 14.4 17.3 18.7 30.7 70.9 66.6 74.7 40.9 57.7 62.9 52.0 53.5 71.2 55.3 54.5 65.0 75.1 49.2 67.1 50.4 47.1 60.3 -715.6 129.2 -10.6 -434.1 170.1 87.4 -144.7 -144.7 -40.4 8.2 -6.8 -362.3 -826.1 169.4 Current transfers abroad Payments to the EU budget SURPLUS / DEFICIT -48.7 -414.6 249.7 -127.9 48 Acronyms Slovenian Economic Mirror, No 5/2023 Acronyms Acronyms in the text BoS – Bank of Slovenia, CO2 − carbon dioxide, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, EU-SILC – EU statistics on income and living conditions, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, ILO – International Labour Organization, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MFF – multiannual financial framework, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, PMI – Purchasing Managers' Index, REACT-EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RRP – The Recovery and Resilience Plan, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, UN – United Nations, USD – US Dollar, VAT – value added tax, WEF – World Economic Forum, WEO – World Economic Outlook, WIIW – The Wienna Institute for International Economic Studies, ZPGOPEK – Act Determining the Aid to the Economy to Mitigate the Consequences of the Energy Crisis, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CYCyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, 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 No. 5, Vol. XXIX, 2023