Slovenian Economic Mirror J IMAD Economic Analyses/January 2007 No. 1, Vol. XIII Slovenian Economic Mirror presents current macroeconomic developments as well as selected economic, social and environmental issues. The publication consists of articles, which present the main economic indicators, assess the realisation of the spring and autumn forecasts, and monitor implementation of economic policies (earnings, public finance, prices, competitiveness, etc.). The periodical is published monthly, except in September. This issue of Slovenian Economic Mirror was prepared by: Boštjan Vasle (In the Spotlight), Jure Brložnik (International Environment), Jože Markič (Balance of Payments), Miha Trošt (Price Trends & Policy, Movements of Market-determined and Administered Prices in 2006), Marjan Hafner (Money Market -Loans, Money Market - Household Savings, Stock Exchange), Jasna Kondža (General Government Revenue in 2006), Tomaž Kraigher (Labour Market, Population of Slovenia, 2005-2006), Saša Kovačič (Earnings), Katarina Ivas (Manufacturing), Jure Povšnar (Transport, Energy Sector), Barbara Ferk (Available and Allocated Assets of Households and Possession of Durable Goods), Andrej A. Chiaiutta (Slovenia's Global Competitiveness by WEF, 2006-2007), Andreja Poje (Public Finance Flows between Slovenia and the EU), Mojca Koprivnikar Šušteršič (Tourism - Travels of Residents). Director: Janez Šušteršič. Editor in Chief: Luka Žakelj. Translator: Tina Potrato. Language Editor: Murray Bales. Technical Editor: Ema Bertina Kopitar. Statistical Appendix, Data Preparation & Graphs: Bibijana Cirman Naglič, Marjeta Žigman. Distribution: Katja Ferfolja. Printed by: Tiskarna Štrok. Concept & Design: Sandi Radovan, Studio DVA. Circulation: 610 copies. Institute of Macroeconomic Analysis and Development Gregorčičeva 27, 1000 Ljubljana (+386 1) 478 10 12 fax: 478 10 70 Editor in chief: luka.zakelj@gov.si Translator: tina.potrato@gov.si Distribution: publicistika.umar@gov.si SEM can be found on the Internet at http://www.gov.si/umar/ Publication is included in Ebsco Publishing Database and Internet Securities Database. © Institute of Macroeconomic Analysis and Development, 2007. The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Slovenian Economic Mirror IMAD Contents No. 1/2007 p. 2 In the Spotlight Favourable economic conditions resulted in higher employment - employment growth was above expectations p. 3 International Environment Favourable economic developments in new EU member states and Russia p. 4 Balance of Payments More than half of the increase in the current account deficit caused by the significantly higher deficit in factor incomes p. 5 Price Trends & Policy Price stability in 2006 was underpinned by the continued application of coordinated economic policies by the government and the Bank of Slovenia p. 6 Money Market - Loans Households took out tolar loans to pay off foreign currency loans in December p. 7 Money Market -Household Savings Payments of the 13th month's pay and the euro changeover resulted in a somewhat higher growth of household deposits in banks p. 8 Stock Exchange 2006 saw the second highest growth of the SBI20 index so far p. 9 General Government Revenues in 2006 Corporate income tax assessments strengthened general government revenue in 2006; payroll tax cuts produced the first effects on lowering the labour costs p. 10 Labour Market The ratio of the unemployed to the available vacancies is improving, albeit in favour of the less educated p. 11 Earnings November's wages included the bulk of the 13th month's payments in the private sector p. 12 Manufacturing Following an extended period of accelerated industrial production employment also started to recover at the end of 2006 p. 13 Transport Road freight transport declined in Q3 of 2006 after several years of robust growth p. 14 Energy Sector Electricity consumption will exceed domestic production increasingly often in future p. 15 SELECTED TOPICS Movements of Market-determined and Administered Prices in 2006 Adjustments of administered prices in 2006 were in line with government guidelines p. 19 Available and Allocated Assets of Households and Possession of Durable Goods Households spend an increasingly smaller share of their expenses on basic life necessities and an increasingly higher share on luxury goods and services pp. 20, 21 Population of Slovenia, 2005-2006 The population of Slovenia is increasing mainly as a result of the rising net migration pp. 22, 23 Slovenia's Global Competitiveness by WEF, 2006-2007 Among 125 countries, Slovenia was ranked 33rd on the global competitiveness index and 36th of the business competitiveness index pp. 24, 25 Public Finance Flows between Slovenia and the EU In 2006, Slovenia was again a net recipient of EU funds p. 26 Tourism - Travels of Residents 57% of Slovenians aged 15 or over went on a tourist trip in Q3 of 2006 p. 27 Data: (pp. A 1-A 12), Main indicators (p. A 13), International Comparisons (pp. A 14-15), Graphs (pp. A 16-17). Compared to the Selected indicators of current economic Latest previous month same period of previous year developments, change in % Data latest data pre-latest data pre-pre latest data Industrial production (value based) November 3.1 7.2 7.1 6.8 Manufacturing November 2.7 7.8 7.7 7.2 Electricity, gas and water supply November 5.2 0.4 0.9 1.2 Value of construction put in place, real terms November -13.2 13.8 12.7 8.7 Exports of goods (nominal terms in EUR)1 November -1.4 16.2 16.6 16.2 Imports of goods (nominal terms in EUR)1 November 6.8 16.6 16.8 16.1 Unit labour costs2 November - -4.3 -4.4 -4.2 Tolar's real effective exchange rate3 November 0.3 0.5 0.4 0.4 Gross wage per employee, real terms November 13.6 2.4 2.2 2.1 Total household savings in banks4, nominal terms December 3.2 7.7 6.7 5.6 General government revenue, real terms December 10.9 5.8 5.9 5.9 Growth in the no. of persons in paid employment November 0.4 1.4 1.3 0.9 Growth in the no. of registered unemployed December -0.7 -6.6 -3.3 -2.7 Growth in the no. of job vacancies December -6.2 12.3 16.8 17.1 Month current previous pre-previous Registered unemployment rate November 8.6 8.9 8.8 Month current cumulative annual5 Consumer prices December 0.4 2.8 2.8 Producer prices December 0.6 2.8 2.8 Sources of data: SORS, BS, ESS, estimates and calculations by IMAD. Notes: balance of payments' statistics; in manufacturing, in the currency basket; 3measured by relative consumer prices; the calculation of the tolar's effective exchange rate includes the currencies/prices of Slovenia's 17 trading partners (Austria, Belgium, Germany, Italy, France, Netherlands, Spain, Denmark, United Kingdom, Sweden, Czech Republic, Hungary, Poland, Slovakia, USA, Switzerland, Japan); weights are the shares of individual trading partners in Slovenian exports and imports of goods within manufacturing (5-8 SITC) in 2001-2003; exports are double weighted; a rise in the index value indicates an appreciation of the tolar and vice versa; 4the year-on-year growth rate is defined as the ratio between the stock at the end of the current month and the stock in the same month of the previous year; 5total in the last 12 months. Slovenian Economic Mirror IMAD In the Spotlight No. 1/2007 p. 3 The relatively high growth of EU economies continued in the final quarter of 2006. According to the first estimates, the economies of the euro area achieved their highest growth in six years last year, a result that is likely to surpass the European Commission's autumn forecast (2.6%). The estimated GDP growth for Germany, Slovenia's most important trading partner, totals 2.5%, 0.1 p.p. more than projected by the EC. The favourable conditions in the international environment were reflected in the growth of trade in goods. Both exports and imports of goods decelerated in November yet their cumulative growth remains strong. Based on the evidence that exports rose by 16.0% and imports by 16.3% in the first eleven months of 2006, year on year, we estimate that the nominal annual growth of merchandise exports will be in line with the Autumn Report estimate (15.9%), while the annual growth of goods imports will be higher than estimated in the report (15.4%). Although the deficit in merchandise trade rose it was not the main reason for the higher current account deficit. The current account deficit rose in comparison with the same period of 2005 particularly due to the higher deficit in factor incomes that was caused by the notably high payments of dividends and profits undistributed to foreign investors, whereas the slightly higher services surplus reduced the deficit. Demand from abroad also had a favourable impact on activity in manufacturing. The robust year-on-year growth of industrial production continued in November (9.0%). In the nine months to November combined, manufacturing's industrial production was thus 7.8% higher than the year before. Following an extended period of accelerated industrial production, employment in manufacturing also began to recover in the final months of 2006. Formal employment is similarly on the rise while registered unemployment is declining. In the first eleven months of 2006, the number of people in formal employment rose by 1.4% year on year while the number of employees increased by 1.3%. Given the anticipated seasonal fall in the number of people in employment in December we can expect that the average growth of formal employment and employment will be higher than projected (1.0% for both). The average number of people registered as unemployed recorded in 2006 (85,836) was lower than projected in autumn (86,500). We therefore project that the average annual registered unemployment rate will also be below the forecast (9.8%). Wages continue to rise in accordance with the key guidelines of wage policy. The nominal growth of gross wages in the private sector totalled 18.4% in November and was mostly underpinned by the 13th month's payments. In the eleven months to November it totalled 5.5% in nominal terms and 3% in real terms. Within public services, the gross wage increased by a nominal 3.6% in November and by 3.4% in the first eleven months of the year (by 1.0% in real terms). Based on estimates for December, the gross wage per employee thus rose by a nominal 4.9% and by a real 2.3% in 2006. There is still a gap between the growth of wages in the private and the public sector. The higher growth of gross wages in the private sector is largely the result of the more flexible wage formation that in large part depends on the business performance and other economic conditions (the main factor being payments of the 13th month's pay). The growth of wages in the public services sector was also lower due to the adjustment mechanism whereby a part of the adjustment percentage is set aside for the elimination of wage disparities in the public sector. Price rises remained subdued even with the euro changeover just ahead. December's price rise totalled 0.4%, which was more than in the same months of the previous year, yet average inflation remained at the level achieved at the end of 2005 (2.5%). The measures carried out by the government, the BS and non-governmental institutions helped to uphold the price stability in the final month before the currency changeover. There was no across-the-board price increase in December that could be attributed to the process of adopting the euro. The main increases were observed in the prices of hotels and restaurants. Those prices went up by 1.8% in December and contributed 0.1 p.p. to inflation. The increase was mostly caused by the rounding up of prices and rises linked to the introduction of the euro. In addition, December saw more smaller price rises (than in previous years), some of which may, according to the first estimates, be partly associated with the euro changeover. The government used the favourable conditions to cut expenditure and reduce the fiscal deficit, albeit not the structural deficit. In the Stability Programme adopted in December, the Ministry of Finance estimates that the general government sector expenditure (according to the ESA-95 methodology) decreased by 0.6 p.p. to 46.6% of GDP while revenue increased by 0.7 p.p. to 45.1% of GDP. Based on these data, the general government sector deficit would total 1.6% of GDP, although the MF's latest data indicate that it may have been even lower due to the higher revenue. On the other hand, the lowering of payroll tax rates, which reduced the average tax burden of this tax on wages from 5.1% in 2005 to 4.2% in 2006, reduced the revenue from this source in real terms. In addition to the relatively high economic growth, this structural change is the most important single factor that contributed to the expected increase of the structural deficit to 1.7% of GDP (ESA-95). International Environment Slovenian Economic Mirror IMAD No. 1/2007 p. 4 20051 2006 2007 2008 IMAD AR 062 EC Nov. 06 OECD Nov. 06 WIIW Dec. 06 WB Dec. 06 IMAD AR 062 EC Nov. 06 OECD Nov. 06 WIIW Dec. 06 WB Dec. 06 IMAD AR 062 EC Nov. 06 OECD Nov. 06 WB Dec. 06 Czech Rep. 6,1 6,0 6,0 6,2 6,0 6,8 5,0 5,1 4,8 5,0 6,0 4,8 4,7 4,6 6,3 Hungary 4,2 4,0 4,0 4,0 4,0 3,8 2,3 2,4 2,2 2,7 2,5 2,8 2,7 3,0 3,2 Poland 3,5 5,0 5,2 5,1 5,2 5,4 4,5 4,7 5,1 5,0 5,1 4,7 4,8 4,8 5,2 Russia 6,7 6,2 6,7 6,8 6,2 6,8 5,9 6,4 6,0 5,9 6,0 5,5 6,4 5,5 5,5 Sources of data: IMAD - Autumn Report (2006); EC Autumn Forecasts (November 2006); OECD Economic Outlook (November 2006); WIIW Monthly Report (December 2006); World Bank Global Economic Prospects 2007 (December 2006). Notes: 1European Commission's data for 2005; 2IMAD's assumptions from the Autumn Report. According to estimates, Slovenia's three main trading partners among the new EU member states (the Czech Republic, Hungary and Poland), along with Russia, achieved favourable economic growth last year. The importance of these four countries as destinations for Slovenia's exports is increasing slowly but steadily. In 2000, the combined exports to these countries accounted for 8.5% of Slovenia's total exports; in the first ten months of 2006, the figure rose to 10.9% (see graph). The forecasts of GDP growth for this and the next year that were released after the preparation of the IMAD's autumn forecast are a little more favourable for Poland and Russia but fairly consistent with the IMAD's assumptions for the Czech Republic and Hungary. Last year's real GDP growth in the Czech Republic is estimated to have come close to the economy's record 6.1% growth from 2005. The robust growth is projected to continue this and the next year, albeit at a slightly lower level. Investment growth received the strongest boost last year, among other things due to the high inflow of direct investment, mostly in export-oriented manufacturing industries. GDP growth will slow down slightly this and the next year amid the expected softening of growth in the euro area, coupled with the effect of the high comparable basis. While private consumption will continue to grow at a robust pace, investment growth could gather even more momentum on the back of the high corporate profits and high capacity utilisation. Hungary's economy grew by approximately 4.0% in 2006 but the fiscal stabilisation measures adopted last year will substantially dampen GDP growth this and next year. In 2006, Hungary's GDP growth was still fairly balanced, driven by the growth of government consumption and investment in the first half of the year and additionally propelled by the strong export growth in the year as a whole. The fiscal consolidation programme adopted in June 2006 will put a strong brake on the growth of domestic demand this and next year, and import growth will thus also be lower. Despite the slightly lower growth rates compared to last year, exports will therefore remain the main driver of GDP growth which will, however, ease off to approximately 2.5%. The main reason for adopting the consolidation strategy was the general government deficit, which increased from 7.8% of GDP in 2005 to 10.1% of GDP last year and is planned to be cut back to 5.6% of GDP by 2008. Economic growth in Poland accelerated last year and is estimated to have topped 5.0%. Although a slight deceleration is expected in the next two years, growth rates will remain high. The growth of private consumption and investment gained momentum in 2006, which also pushed up the growth of imports. Stimulated by the general economic recovery across Europe, export growth also picked up substantially. Domestic demand will remain the main driving force of economic growth in the next two years. Investment will continue to grow robustly (including due to a high inflow of EU funds), and private consumption will remain strong thanks to the improved situation in the labour market. Poland's export growth is projected to slow down. Russia's GDP growth exceeded 6.0% again in 2006 and is projected to remain strong in the next two years despite the slight deceleration. Thanks to the exceptionally favourable dynamics of terms of trade in the last couple of years, domestic demand was again the main driver of the strong GDP growth in 2006 and will continue to perform that role in 2007 and 2008. With the high growth of wages and better access of households to credit, private consumption will continue to grow at a rate above 10.0% annually, similarly as will investment. Economic growth is expected to soften slightly in the coming years, stabilising roughly at a 6% annual rate. Graph: Shares of the Czech Republic, Hungary, Poland and Russia in Slovenia's total exports 12% 10% 8% 6% 4% 2% 0% Mill □ 2000 □ 2005 ]2006* Czech Rep. Hungary Poland Russia Source of data: SORS, calculations by IMAD. Note: *data for 2006 are for the first ten months only. Total Balance of Payments Slovenian Economic Mirror IMAD No. 1/2007 p. 5 Balance of Payments, Jan-Nov 2006, EUR million Inflows Outflows Balance1 Balance Jan-Nov 2005 Current account 20,132.2 20,838.0 -705.8 -259.9 Trade balance (FOB) 15,591.0 16,492.7 -901.7 -734.6 Services 3,216.7 2,404.3 812.5 796.9 Factor services 698.8 1,134.4 -435.6 -204.5 Unrequited transfers 625.7 806.6 -180.9 -117.7 Capital and financial account 4,896.7 -4,112.1 784.7 -63.3 Capital account 153.9 -232.7 -78.8 -77.6 Capital transfers 150.4 -226.6 -76.1 -78.4 Non-produced, non-financial assets 3.5 -6.1 -2.7 0.8 Financial account 4,742.8 -3,879.4 863.5 14.2 Direct investment 576.9 -625.8 -48.9 -221.0 Portfolio investment 706.6 -1,659.1 -952.4 -1,425.7 Financial derivatives 0.0 -16.6 -16.6 -13.0 Other long-term capital investment 2,553.8 -1,577.9 975.9 1,755.1 Assets 0.0 -1,562.0 -1,562.0 -1,589.2 Liabilities 2,553.8 -15.9 2,537.9 3,344.4 International reserves (BS) 905.5 0.0 905.5 -81.1 Statistical error 0.0 -78.9 -78.9 323.2 Source of data: BS. Note: minus sign (-) in the balance indicates the surplus of imports over exports in the current account and the rise in assets in the capital and financial account and the central bank's international reserves. The year-on-year increase in the current account deficit recorded in the first eleven months of 2006 was mainly caused by the substantially higher deficit in factor incomes. The deficit in the factor incomes balance widened at the year-on-year level due to the higher deficit in investment income. The payments of dividends and undistributed profits to foreign investors were very high, particularly in July and partly in September. Thanks to the stronger lending to the rest of the world and capital exports via investment in securities, the highest increase was recorded in interest earned by domestic banks. On the expenditure side, payments of interest on external debt rose the most as a result of the banks' high indebtedness. The private sector's deficit also caused an increase in the current transfers deficit. Despite November's year-on-year (12.0%) slowdown in comparison with October's year-on-year growth (19.0%), the cumulative growth of goods exports remained at a high level in the eleven months to November 2006. Exports of goods rose by a nominal 16.0% in this period, year on year (by 16.9% to the EU countries and by 14.1% to non-members). The growth of goods exports is estimated to have increased in Q4 of 2006, year on year, and the nominal annual growth will therefore be broadly consistent with the Autumn Report estimate (15.9%). Import flows showed similar dynamics as export flows: the year-on-year growth of merchandise imports slowed down in November 2006 (14.3%) compared with October (18.7%). In the first eleven months of 2006, imports of goods rose by a nominal 16.3% (by 15.0% from the EU and by 21.8% from countries outside the EU). The year-on-year growth of import flows is estimated to have been higher than the growth of goods exports in Q4 of 2006, whereas the nominal annual growth of goods imports will probably exceed the Autumn Report estimate (15.4%). Looking at regional dynamics, the year-on-year increase in the trade deficit was mainly the result of the higher deficit in the trade with EU countries, which widened by EUR 187.0 m (to EUR 2,520.3 m), while the surplus in goods trade with non-member states increased by EUR 19.9 m (to EUR 1,618.5 m). The higher surplus in the services balance in comparison with the same period of 2005 was largely underpinned by the higher net exports of transport and the lower net imports of other services, whereas the surplus in trade in travel fell. Financial transactions with the rest of the world (excluding international reserves) recorded a net capital outflow of EUR 42.1 m in the first eleven months of 2006. In the same period of 2005 they recorded a net inflow of EUR 95.3 m. Net capital exports were mainly the result of the reduction of liabilities in other types of investment, which exceeded the considerable decrease in the net outflow of foreign direct investment and investment in securities. As the direct corporate borrowing abroad picked up, the year-on-year flow of the banking sector's indebtedness decreased, which was true of both loans received and non-residents' deposits. Commercial banks acquired additional sources for domestic lending from matured BS bills. Graph: Current account balance (EUR m) -240 Apr May Jun Jul Source of data: BS, IMAD's calculations. Aug Sep Trade balance 1 Serv ice balance 1 Factor income I Current transfers balance - Current account balance Jan Nov Price Trends & Policy Slovenian Economic Mirror IMAD No. 1/2007 p. 6 Price indices 2005 2006 Dec 2005/ Dec 2004 O (Jan 05-Dec 05)/ O (Jan 04-Dec 04) Dec 2006/ Nov 2006 Dec 2006/ Dec 2005 O (Jan 06-Dec 06)/ O (Jan 05-Dec 05) Consumer prices (CPI) 102.3 102.5 100.4 102.8 102.5 Goods 102.0 102.2 100.2 102.1 102.0 Fuels and enerqy 110.1 111.9 100.4 103.9 108.2 Other 100.2 100.1 100.2 101.7 100.5 Services 103.0 103.2 101.0 104.3 103.4 Consumer prices (HICP) 102.3 102.5 100.4 103.0 102.5 Administered prices' 107.7 110.0 100.4 102.1 105.8 Enerqy 109.8 112.6 100.3 103.7 108.0 Other 103.0 104.1 100.6 97.9 100.2 Core inflation2 Trimmean 103.1 102.5 100.3 102.7 102.8 Excluding food and energy 100.8 101.0 100.3 102.0 101.2 Producer prices (IPI) 101.8 102.7 100.6 102.8 102.3 Intermediate goods 102.0 103.2 100.7 104.1 103.5 Investment goods 101.5 103.1 100.1 100.8 100.2 Consumer goods 101.6 102.0 100.4 101.7 101.5 Inflation in the euro area Consumer prices (MUICP) 102.2 102.2 100.4 101.9 102.2 Excluding food, energy, tobacco, alcohol 101.4 101.4 100.5 101.5 101.4 Producer prices (IPI) 104.5 104.1 100.03 104.23 105.23 Sources of data: CPI, HICP, I PI: SORS; administered prices and core inflation: IMAD's estimate; MUICP, IPI in the EU: Eurostat (provisional data) and IMAD's recalculation. Notes: figures do not always add up due to rounding; figures are not directly comparable between the years due to the annual changes of the administered prices index; 2due to modernisation of the calculation method, data on core inflation measured by the trimmean are fully comparable from the Slovenian Economic Mirror May 2006 issue onwards; figure for the previous month. After inflation reached its lowest level in 2005 price increases also remained subdued in 2006. Average inflation totalled 2.5%, having remained at the level achieved at the end of 2005. The average inflation measure used as the indicator of convergence with the Maastricht inflation criterion also stood at 2.5% in December, 0.4 p.p. below the criterion's value for that month. Year-on-year inflation, which oscillated evenly around its average level throughout the year, totalled 2.8% in December, while monthly inflation was 0.4%. The measures aimed at preventing price rises upon the currency changeover, carried out by the government, the Bank of Slovenia and nongovernmental organisations, have been fairly successful. There was no across-the-board price increase in December that could be attributed to the process of adopting the euro. The only exception was the price rises in cafes and restaurants (up 3.2%) and the consequent price rise in the group of hotels and restaurants (1.8%) as a result of the rounding up of prices in the process of adopting the euro: these prices added 0.1 p.p. to December's inflation. In addition to that, December saw more minor price rises (than in December of previous years), some of which may, according to the first estimates, be partly associated with the euro changeover. December's inflation was mainly the result of seasonal factors and price rises in hotels and restaurants. The beginning of the winter season pushed up the prices of package holidays (by 2%). The increase in the prices of vegetables (8.2%) also had a seasonal character. Apart from that, prices rose in the groups housing (0.4%) and transport (0.5%). Each of these price rises added 0.1 p.p. to December's overall price rise. Due to Christmas and New Year's discounts, the prices of clothing and footwear fell (-0.6%) and reduced the monthly inflation by 0.1 p.p. The price stability in Slovenia has been underpinned by the well co-ordinated policies of the Bank of Slovenia and the government. The key factors that enabled the moderate price growth in 2006 were the macroeconomic policies of the BS and the government that remain committed to maintaining price stability in 2007. This will be vital to ensure Slovenia's international price competitiveness. As the tolar's exchange rate remained stable and significantly contributed to the stabilisation of prices, the government continued to apply a restrictive price regulation policy; further, contained price growth was additionally supported by keeping in operation the policy of moderate wage growth in both the public and the private sector, which prevented both demand- and supply-side inflationary pressures. On the other hand, the government continued to harmonise excise duties on tobacco and tobacco products with the rates that apply in the EU. Graph: Movements of the price indexes and the convergence criterion 105.0 104.0 (D ■g 103.0 102.0 101.0 CPI (year-on-year) CPI (average) Convergence criterion mmLnmmmmmmmmiocDCDtDcDCDCDCDCDCDCDcD Source of data: SORS, calculations by IMAD. C co O Money Market - Loans Slovenian Economic Mirror IMAD No. 1/2007 p. 7 Nominal amounts, SIT bn Nominal loan growth, % Domestic banks' loans 31. Dec 2005 31. Dec 2006 31. Dec 2006/ 31. Dec 2006/ 31. Dec 2005/ 30. Nov 2006 31. Dec 2005 31. Dec 2004 Loans total 3,864.5 4,811.3 1.5 24.5 15.9 Total tolar loans 1,754.1 1,823.0 0.6 3.9 -12.5 Enterprises and NFI 995.5 949.3 -5.1 -4.6 -6.8 Households 642.2 752.9 8.1 17.2 0.9 Government 116.4 120.8 4.0 3.8 -61.1 Foreign currency loans 2,110.4 2,988.3 2.1 41.6 58.8 Enterprises and NFI 1,679.2 2,410.4 4.5 43.5 51.9 Households 383.7 537.5 -7.5 40.1 7.8 Government 47.5 40.4 2.1 -14.9 22.2 Household loans by purpose 1,025.9 1,290.3 1.0 25.8 24.9 Consumer credits 471.5 547.2 0.7 16.1 7.0 Lending for house purchase 327.7 459.1 0.2 40.1 71.4 Other lending 226.7 284.1 3.0 25.3 19.7 Source of data: BS Bulletin, calculations by IMAD. Note: NFI - non-monetary financial institutions. The lending activity of banks continued to strengthen in 2006. The volume of loans extended to the non-banking sectors rose at a 1.8% average monthly rate. While foreign currency loans recorded much higher growth rates, tolar loans also began to pick up, particularly towards the end of the year. Banks net approved loans worth SIT 946.7 bn to domestic non-banking sectors last year, which is 78.2% more than the year before. A substantial part thereof (92.7%) was foreign currency loans, although their share decreased slightly in the closing months of 2006 due to the much higher tolar household borrowing. Enterprises and NFI continued to increase their borrowing in the form of foreign currency loans from domestic banks in 2006, whereas they net repaid tolar loans for the second year in a row. The total volume of loans thus increased by 25.6% last year, 2.6 p.p. more than in 2005. The total net flows of loans to enterprises and NFI achieved the value of SIT 685.0 bn in 2006 and were 36.7% higher than the year before. According to the BS' data on the structure of loans by purpose, the net flows of working capital loans accounted for over 50% of the total net flows although they rose by a mere 2.5% in comparison with 2005. Much stronger growth was registered in the net flows of investment loans, which picked up by over 50% in comparison with 2005 and achieved the level of SIT 291.1 bn. The stronger investment activity of enterprises is also confirmed by data on the gross fixed capital formation and inventories (also see SEM 12/2006:3). In the first eleven months of 2006, enterprises and NFI took out loans abroad in the amount of SIT 100.4 bn, 21.9% more than in the same period of 2005. The volume of household borrowing also increased in 2006. The total net flows of household loans amounted to SIT 264.4 bn in the twelve months to December 2006, almost 30% more than the year before. Unlike in 2005 when foreign currency loans accounted for more than 95% of the total net borrowing, households strongly increased borrowing in the form of tolar loans, particularly in the last two months of 2006. These loans thus achieved the value of SIT 110.7 bn in 2006, which was almost 20-times higher than in 2005. Based on the BS' data we can infer that December witnessed the occurrence of dynamics that seemed nearly impossible only a short while ago. In that month alone, households net repaid SIT 43.9 bn worth of foreign currency loans (in the first eleven months of the year, households net borrowed SIT 18 bn of such loans on average). In order to repay these loans, households most probably took out the more favourable tolar loans (see SEM 12/06:12), whose net flows in December amounted to SIT 56.6 bn, while their eleven-month average was SIT 4.9 bn. Graph: Currency structure of loans 100% 90% -80% -70% -60% -50% -40% -30% -20% -10% 0% 1 Foreign currency loans □ Tolar loans 2000 2001 2002 2003 2004 Source of data: BS, IMAD's calculations. 2005 2006 The Money Market - Household Savings Slovenian Economic Mirror IMAD No. 1/2007 p. 8 Household savings in banks and SIT bn, nominal Nominal growth rates, % mutual funds managed by 31 December 31 December 31 Dec 2006/ 31 Dec 2006/ 31 Dec 2005/ domestic administrators 2005 2006 30 Nov 2006 31 Dec 2005 31 Dec 2004 Total savings 2,547.6 2,744.1 3.2 7.7 5.3 Tolar savings, total 1,580.7 1,720.9 4.1 8.9 7.0 Overnight deposits1 752.9 894.1 8.7 18.8 16.0 Short-term deposits 624.1 613.1 -2.1 -1.8 -0.9 Long-term deposits 157.5 162.2 5.5 3.0 -5.7 Dep. redeemable at notice 46.2 51.5 1.6 11.5 47.7 Foreign currency savings 966.9 1,023.2 1.8 5.8 2.6 Overnight deposits1 432.8 430.0 1.9 -0.6 51.0 Short-term deposits 398.0 449.8 1.9 13.0 -26.6 Long-term deposits 108.0 113.6 1.5 5.2 28.6 Dep. redeemable at notice 28.1 29.8 1.6 5.8 -3.3 Mutual funds 329.6 461.5 4.0 40.0 58.7 Source of data: Monthly Bulletin of the BS, IMAD's calculations. Note: 1demand deposits. After the volume of household bank deposits did not rise by more than 1.5% at the monthly level in the first eleven months of 2006, it surged by 3.2% in the last month of the year, recording the highest monthly increase in two years. One of the reasons for the stronger growth was seasonal, as Christmas bonuses were paid in December. A second reason may have been the somewhat higher inflow of currency to the banks ahead of the euro changeover. Both tolar and foreign currency loans were on the rise. The year-on-year growth of household deposits hence increased slightly over the year before but it remained at a low level. The total net flows of household deposits in banks thus amounted to SIT 196.5 bn last year, which was over 50% more than in 2005 but less than 50% of the value achieved in 2001 upon the first changeover to euros. Within tolar deposits, overnight deposits increased by almost 20% and again made the highest contribution to growth in 2006. Short-term deposits, which fell by 1.8% over the year before, continued to be gradually moved to overnight deposits. On the other hand, long-term deposits recorded a rise in 2006 for the first time since 2003. The increase was the result of December's exceptionally high growth (5.5%), probably reflecting savers' responses to banks' offers - some of them still offered higher interest rates on tolar than on euro deposits at the end of the year. Foreign currency deposits' dynamics regarding their maturity structure differed considerably from those of tolar deposits. Overnight deposits dropped last year whereas short-term deposits surged by 13.0%. The assets managed by mutual funds continued to boom in 2006. The volume of these assets amounted to SIT 461.5 bn at the end of the year, up 40.0% from the year before. This type of household savings thus corresponded to as much as 16.8% of household deposits in banks. The increase in the level of assets is linked to several factors. One of the main reasons is the solid return of mutual funds; the second reason is the increasing number of domestic-managed mutual funds, which almost doubled in 2006 to total 101 mutual funds at the end of the year. The highest increase was recorded in the share of those mutual funds that mainly invest in stocks; the volume of their assets rose by 70.4%. Stock mutual funds managed 61.5% of the total assets in domestic-managed mutual funds, almost 10 p.p. more than the year before. This growth was largely underpinned by the strengthening of those mutual funds that target their investment strategies on foreign capital markets. On the other hand, the volume of assets in bond mutual funds fell by 23.6%. Within the structure of investments, a considerable pick-up was recorded in the share of foreign securities that climbed to 51.3% by the end of 2006, up 11.8 p.p. over the year before. After the net flows fell in 2005 they rebounded in 2006. They amounted to SIT 39.7 bn and topped the value achieved in the previous year by 19.4%. Graph: Net flows into mutual funds 14 12 10 8 c o 6 4 I- 2 co 0 -2 -4 -6 - — - ■ |—I j—1 — [7751 n — s — — — - — - — FS 1 zz BS m m HR ES nn —i i — — 1— _ _ □ Stock tunas □ Mixed tunas - ■ Bond funds 0Funds of funds _ □ Money market mutual funds m LJ LJ mCDCDtDCDCDCDCDCDCDCDcD cu < CO O aj ro aj _> CU < CO O _> CU < U O Source of data: BS, wwwvzajemci.com, IMAD's calculations. Stock Exchange Slovenian Economic Mirror IMAD No. 1/2007 p. 9 Turnover and market capitalisation on the Ljubljana Stock Exchange Turnover, Jan-Dec 2006 Market capitalisation, 31 Dec 2006 SIT bn Growth rates (%), Jan-Dec 06/Jan-Dec 05 SIT bn Growth rates (%), 31 Dec 06/31 Dec 05 Total 807.9 23.0 4.541.5 41.5 Official market Total 311.8 -4.7 3.721.2 58.1 Shares 291.6 57.0 2.347.5 98.4 Bonds 19.1 -86.5 1.346.5 15.0 Semi-official market Total 82.3 5.5 654.2 -6.5 Shares 56.2 41.4 411.5 -2.3 Bonds 26.1 -31.7 242.7 -12.7 Shares of investment funds 38.3 7.1 166.2 6.1 Mutual funds 1.1 - 27.2 - MMTS (Market Maker Trading Segment Total 415.4 - - - Bonds 243.0 - - - Short-term securities 172.4 - - - Source of data: Ljubljana Stock Exchange, calculations by IMAD. Note: figures do not always add up due to rounding; 1data are available from September 2005 onwards. After stock prices on the Ljubljana Stock Exchange generally fell in 2005, they rebounded considerably in 2006. Despite its decrease in Q1, the main SBI20 index thus rose by 37.9% in 2006 and recorded the second highest annual growth so far (55.2% in 2002). At the monthly level, the value of the SBI20 was on the rise from April on, with its monthly growth rates totalling between 1.5% and 10.8%. An even stronger increase was recorded in the total market capitalisation on the Ljubljana Stock Exchange, which surged by as much as 41.5%. This growth was largely the result of the 72.0% higher volume of the market capitalisation of shares (official and semi-official markets combined; excluding investment funds), which thus recorded the highest growth since 1997. This means that in 2006 the market capitalisation of shares achieved 39.1% of the IMAD's estimate of GDP for 2006, 14.9 p.p. more than the year before, and represented 60.8% of the total market capitalisation at the end of December. Part of this growth resulted from the stock price rises on the Ljubljana stock market; further, the listing of one of the predominantly state-owned companies on the Ljubljana Stock Exchange contributed another significant share (30 p.p.). The market capitalisation of bonds recorded a much lower growth rate of less than 10% in 2006, which is close to merely one-quarter of the average annual growth from the last ten years. The market capitalisation of bonds from the official market picked up, whereas the volume of the market capitalisation of bonds from the semi-official market witnessed a drop. An even lower growth rate of market capitalisation, 6.1%, was recorded in investment funds but that was entirely due to the restructuring of investment funds into mutual funds. The volume of total turnover on the Ljubljana stock market (including the MMTS) amounted to SIT 807.9 billion in 2006, almost a quarter more than in 2005. This growth was largely generated by the 54.3% increase in the trade in shares and partly by the increased trading in short-term securities on the MMTS. On the other hand, the turnover in bonds rose by a mere 1.1%, the least after 2001. Trading in bonds underwent major structural changes as a massive chunk of the trade in officially listed government bonds moved to the MMTS. Even though the value of turnover in shares increased considerably in 2006, the stock turnover ratio, measured as the ratio of turnover to market capitalisation in 2006, decreased again by 0.01 of a point to the level of 0.13, which was exclusively due to the higher market capitalisation of shares listed on the Ljubljana Stock Exchange. The turnover ratio of bonds decreased slightly more, by 0.02 of a point compared with the previous year, to the level of 0.18. After most stock exchange indices on the main foreign capital markets achieved exceptionally high growth rates in 2005, they cooled off slightly in 2006. Nevertheless, the main indices on these markets still enjoyed steady growth. Investments on the Frankfurt Stock Exchange proved to be the most profitable, with the DAX having risen by 22.0%. The main index on the Tokyo stock market saw the lowest growth of 6.9%, after its 40.2% surge in 2005. Graph: Structure of market capitalisation on the Ljubljana Stock Exchange 100% 80% 60% 40% 20% 0% 2002 2003 2004 Source of data: Ljubljana StockExchange. General Government Revenue in 2006 Slovenian Economic Mirror IMAD No. 1/2007 p. 10 Jan-Dec Growth index, nominal Structure, Jan-Dec, % General government revenue 2006 Dec 2006/ Dec 2006/ Jan-Dec 2006/ 2006 2005 in SIT m Nov 2006 O 2005 Jan-Dec 2005 Total general government revenue 2,874,956.3 111.3 129.4 108.4 100.0 100.0 Corporate income tax 225,820.0 79.3 95.3 158.6 7.9 5.4 Personal income tax 429,665.9 149.5 158.9 108.8 14.9 14.9 Domestic taxes on goods & services 939,864.8 96.8 124.2 106.3 32.7 33.4 Value-added tax 650,857.9 102.5 133.9 107.1 22.6 22.9 Excise duties' 238,352.1 80.0 100.3 103.6 8.3 8.7 Customs duties, other import taxes 12,265.5 94.5 182.2 129.0 0.4 0.4 Social security contributions 1,000,484.5 118.1 128.1 106.0 34.8 35.6 Other revenue 266,855.6 109.1 124.0 96.6 9.3 10.4 Source of data: AP, PPA, B-2 Report (gross deposits). Note: the figure is adjusted for excise duty payment periods. Total general government revenue increased by a real 5.8% in 2006. The increase was largely based on the inflows from corporate income tax, which rose by more than half over the previous year. In addition to the regular tax advance payments, 2006 also saw high annual tax assessments for 2005 paid by taxpayers after tax calculations as a result of the amended regulations that raised the taxable base and reduced tax credits. The revenue from value-added tax increased by a real 4.5% in 2006 over 2005. The amendment to the Value Added Tax Act enacted in January 2006 gave certain categories of taxable persons the possibility to deduct VAT upon the receipt of payment, which slightly slowed down the growth of the revenue from this tax in 2006. This slowdown was particularly noticeable in the first half of the year, whereas in the second half, notably towards the end of the year, the growth of revenue from this tax reaccelerated considerably. Revenue from excise duties rose by a mere 1.1% in real terms in 2006. A breakdown by type of excise duties shows that revenue from excise duties on alcohol and alcoholic beverages rose faster (by 3.5%) than total revenue from this source, as did revenue from excise duties on tobacco and tobacco products (2,6%), which was due to the further harmonisation of these excise duties with EU directives. Slower than average growth was recorded in revenue from excise duties on mineral oils (0.2%). These excised duties were kept at the minimum permissible level according to EU regulations from July 2005 to September 2006, which strongly decelerated their growth. Total revenue from wage-tied taxes and contributions rose by 2.3 % in real terms in 2006. Within that, revenue from social security contributions increased by a real 3.4%, with the contribution rates having remained unchanged. Revenue from personal income tax increased by 6.1% in real terms in 2006 over 2005. The amended Personal Income Tax Act broadened the taxable base (interest, dividends); taxpayers made their advance tax payments in accordance with the predetermined five-bracket tax rate scale. The tax rates for the third and fourth tax brackets were cut from 38% to 37% and 42% to 41%, respectively, in 2006 over 2005. The income tax reliefs also saw some changes. In 2006, the advance payments of tax on income from employment were by a real 4.6% higher than the year before. A more pronounced increase (by as much as one-third) was seen in the advance payments of personal income tax on other income, notably entrepreneurial profits, income from agriculture and income from property. Despite the fixed tax rate scale, personal income tax assessments for 2005 were higher than the previous year due to the somewhat higher tax reliefs; taxpayers were refunded SIT 36 bn. The lowering of payroll tax rates reduced the revenue from this source by 13.3% in real terms. After the raising of the minimum taxable income (in September 2004) and the enforcement of the gradual abolition of payroll tax, which cut the payroll tax rates for individual tax brackets in 2006 from 3.8%, 7.8% and 14.8% to 3%, 6.3% and 11.8%, respectively, the average tax burden on the gross wage bill was reduced from 5.1% in 2005 to 4.2% in 2006. Revenue from customs duties and import taxes also rose appreciably in 2006 (by 25.8% in real terms). However, this revenue has not represented a significant share in the structure of revenue since Slovenia joined the EU. Graph: Structure of general government revenue, % 100 90 80 70 60 ; 50 40 30 20 10 0 Ä55 8SS — 7.0; 30.8 I159^ 1996 36.5 31.6 .29. 36.3 : 2.2 ; 33.3 M3.0 i 36.2 ^1.5: 33.4 tap 3 .6 pp w*m 35.7 10.8, 32.4 El 1998 2000 2002 2004 34.8 0.4 32.7 2006 □ Other revenues □ Social security contributions □ Custom duties, import taxes □ Sales taxes, VAT, excise duties ■ Corporate income tax □ Personal income tax Sources of data: AP, PPA, B-2 form, methodology, and calculations by IMAD. 38.5 Labour Market Slovenian Economic Mirror IMAD No. 1/2007 p. 11 thousands % growth Selected labour market indicators O Nov Nov Nov 06/ Jan-Nov 06/ O 2005/ 2005 2005 2006 Oct 06 Jan-Nov 05 O 2004 A Registered labour force (A=B+C) 905.0 912.2 915.5 0.1 0.6 0.5 People in formal employment 813.1 818.3 836.7 0.4 1.4 0.7 B in enterprises and organisations 666.2 670.1 684.3 0.4 1.2 1.1 by those self-employed 65.4 66.2 68.6 0.2 1.5 -0.3 self-employed and farmers 81.5 82.1 83.8 0.1 2.1 -1.9 Registered unemployed 91.9 93.9 78.8 -3.0 -5.8 -1.0 C women 49.4 50.9 43.3 -3.6 -4.1 0.4 aged over 40 40.1 39.8 37.6 -1.6 -0.4 0.9 unemployed over 1 year 43.4 44.0 39.9 -2.6 -3.2 1.4 Rate of registered unemployment (C/A), % 10.2 10.3 8.6 - - - D male 8.5 8.6 0.0 - - - female 12.1 12.4 0.0 - - - E Job vacancies 16.9 15.5 16.9 -13.4 13.9 19.9 for a fixed term, % 75.6 73.9 78.0 - - - No. of people hired 11.4 11.6 12.5 -15.2 15.0 12.8 F Lower education 3.3 3.1 3.5 -13.5 20.5 10.6 Secondary education 6.3 6.6 7.2 -17.1 15.0 13.3 Tertiary education 1.9 1.9 1.8 -10.2 5.6 14.8 Sources of data: SORS, ESS, IMAD's calculations. Note: persons in employment according to administrative sources. Formal employment rose again in November 2006. The number of employees increased in manufacturing (by 0.3%; within that, the highest increase of 2.1% was again observed in the car industry; also see p. 13) and in all service activities except public administration. Within services, business activities again enjoyed the highest increase in employment (1.0%); substantial increases (by 0.5%) were also seen in distributive trades, transport and education. Formal employment rose by 0.4% in November over October and by as much as 2.2% over November 2005. The average number of people in employment rose by 1.4% from January to November 2006, year on year. The number of the unemployed fell to 78,303 in December. The registered unemployment rate, which totalled 8.6% in November, decreased as well. 5,004 persons lost work in December, up 48 from November but down 17.2% on December 2005. Like every year, the number of unemployed people who found work (3,480) was lower than in November yet 7.7% higher than a year ago. The flows that determined the dynamics of registered unemployment in autumn 2006 (from September to December) were much more favourable compared with the previous autumn. There were 21.8% fewer first-time job-seekers who registered as unemployed and 11.7% fewer people who lost work than in autumn 2005. 11.7% more unemployed people found work, while 3.6% more people were struck off the unemployment register for reasons other than finding work. December also saw a decrease in the number of vacancies (to 15,857) and people hired (to 9,133). While this decline is a normal seasonal phenomenon, both figures were lower in December 2006 than in December 2005, which may reflect a gradual slowdown in labour market demand. The ratio between the unemployed and the available vacancies is improving, albeit in favour of the less educated. Ever since 2003, the number of vacancies has been rising while the number of people registered as unemployed has been declining. However, the demand for workers with a lower or secondary education has been growing faster than the number of available jobs for higher educated people. On the other hand, the structure of the unemployed has also witnessed the fastest decrease in the number of lower educated unemployed, while the number of higher educated unemployed has even increased. In 2006, there were thus only 4.5 unemployed persons per one vacancy (down from 5.4 in 2005 and 8.9 in 2002). This ratio fell from 7.5 in 2005 to 5.9 in 2006 for jobs requiring a lower education and from 5.2 to 4.3 for vacancies requiring a secondary education, while it rose from 2.5 to 2.6 (back to the 2004 level) for jobs available for higher educated labour (see the graph). Graph: Number of unemployed per vacancy by educational level, by quarter, 2003-2006 14 12 10 8 6 4 2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2003 2004 2005 2006 Source of data: ESS, calculations by IMAD. Total ■ Without professional qualifications ■ Vocational or secondary education ■ Higher education Earnings Slovenian Economic Mirror IMAD No. 1/2007 p. 12 Gross wage per employee, growth index Wages in SIT Nov 2006 In nominal terms Nov 06/ Oct 06 Nov 06/ Nov 05 Jan-Nov 06/ Jan-Nov 05 In real terms Nov 06/ Oct 06 Nov 06/ Nov 05 Jan-Nov 06/ Jan-Nov 05 Gross wage per employee, total 333,799 113.9 106.3 104.9 113.6 103.9 102.4 Private sector (activities A-K) 324,626 118.4 107.3 105.5 118.0 104.9 103.0 Agriculture 275,255 111.7 104.1 105.6 111.3 101. 103.1 Fisheries 283,455 125.4 123.0 109.3 125.1 120.2 106.7 Mining and quarrying 465,162 130.5 108.3 104.6 130.1 105.8 102.1 Manufacturing 293,054 114.6 105.7 105.6 114.3 103.4 103.1 Electricity, gas and water supply 550,174 151.0 101.2 105.1 150.6 98.9 102.6 Construction 271,568 110.! 110.7 106.5 110.5 108.2 104.0 Wholesale, retail; certain repairs 294,774 112.0 107.3 105.6 111.7 104.9 103.1 Hotels and restaurants 225,866 105.9 103.6 104.3 105.6 101.2 101.9 Transp., storage & communications 379,872 122.7 113.! 104.8 122.3 111.3 102.3 Financial intermediation 668,928 161.1 113.4 106.7 160.7 110.9 104.2 Real estate, renting, business services 345,433 113.6 104.0 103.9 113.3 101.6 101.5 Public services (activities L to O) 360,551 103.6 103.8 103.4 103.3 101.5 101.0 Public administration 353,047 100.5 103.3 103.1 100.2 101.0 100.7 M Education 370,135 101.3 104.2 104.! 101.0 101.9 102.3 Health and social work 341,294 103.5 102.7 102.6 103.2 100.4 100.2 O Other social and personal services 395,357 119.6 105.8 102.2 119.2 103.4 99.8 Source of data: SORS and IMAD's calculations for the private sector and public services. Note: deflated by the consumer price index. The gross wage per employee rose by 13.9% in nominal and by 13.6% in real terms in November. Most of the increase was recorded in the private sector (A to K), largely due to payments of the '13th month's pay'. The gross wage in this sector rose by a nominal 18.4% and by a real 18.0%. Approximately 18% of the private sector's employees received the 13th month's pay in November. The highest shares of recipients of this bonus, around 60% of workers, were recorded in the activities of mining and quarrying, electricity, gas and water supply, and financial intermediation. Hotels and restaurants had the lowest share of employees who received the 13th months' pay, around 6%. The average amount of the 13th month's pay totalled around 53% of the average gross wage. This was close to the amounts paid in November 2005, but the total percentage of the 13th month's pay recipients was slightly lower that month (around15%). Based on data for 2005, a further 5% of employees are likely to have received the 13th month's pay in December. The level of the private sector's gross wage for December will therefore be lower, partly also due to the smaller number of working days in that month. Within the private sector, the gross wage per employee in industry and construction (C, D, E, F) increased by 16%. Construction recorded the lowest share of the 13th month's payments in this group (14% of workers employed in this activity). A somewhat smaller increase in gross wages (14.8%) was registered in production services (G, H, I). The lowest rise was seen in hotels and restaurants, which also had the lowest share of the 13 month's pay recipients. Business services (J, K) enjoyed the highest growth of gross wages (28.7%), chiefly due to the 13th month's payments in financial intermediation. Within public services (L to O), the gross wage per employee rose by 3.6% in nominal and by 3.3% in real terms. Slightly stronger rises in gross wages were recorded in the education and health sectors. Such a dynamic is usual for both activities, mostly due to the performance bonuses paid at the end of the year. A rise in the gross wages in other community, social and personal services is characteristic of the commercial segment of this activity, where the 13th month's pay is remunerated. In the first eleven months of 2006, the gross wage per employee rose by a nominal 4.9% and by a real 2.4%, year on year. The gross wage in the private sector increased by 5.5% in nominal and by 3.0% in real terms, 0.2 p.p. more than in the first ten months, which is mainly the result of the 13th month's payments. Public services recorded a 3.4% nominal and a 1.0% real rise in gross wages. The lower rise in earnings in this sector is attributable to the adjustment mechanism whereby a fraction of the adjustment percentage is set aside for the elimination of wage disparities and the fact that there are no 13th month's payments in this sector. Based on estimates for December, the annual nominal growth of the gross wage per employee will also be around 4.9%, which is 0.1 p.p. less than estimated in the Autumn Report 2006. Graph: Real gross wage per employee by activity group 420,000 380,000 340,000 ™ 300,000 ■ 260,000 ■ 220,000 ■ Private sector (A to K) -Business services ■ Public services Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 05 06 Source of data: SORS, IMAD's calculations. Note: deflated by consumer price index, 2005= 100. K Manufacturing Slovenian Economic Mirror IMAD No. 1/2007 p. 13 Growth rates, % Selected economic indicators Nov 2006/ Nov 2006/ Jan-Nov 2006/ Jan-Dec 2005/ Oct 2006 Nov 2005 Jan-Nov 2005 Jan-Dec 2004 Production value1 2.7 9.0 7.8 3.5 - highly export-oriented industries'2 0.6 13.5 8.9 6.8 - mainly export-oriented industries3 2.7 9.9 9.8 3.9 - mainly domestic-market-oriented industries'1 6.1 3.3 2.0 -0.8 Average number of employees 0.3 -0.3 -1.8 -1.8 Labour productivity 2.4 9.3 9.8 5.4 Level of inventories5 1.2 3.9 2.3 5.1 Turnover5 2.1 6.6 6.0 4.8 New orders5 -6.7 6.9 6.1 11.1 Industrial producer prices 0.0 3.0 2.2 2.7 - producer prices/inflation -0.3 0.7 -0.2 0.2 Source of data: SORS; IMAD's calculations. Notes: Veal growth calculated on the basis of data on production value - SORS' recalculation with the IPI (provisional data); Manufacturing industries (DG, DK, DM) which earn over 70% of their average net revenues from sales in foreign markets, according to data on Slovenian commercial companies from the AJPES (2005); Manufacturing industries (DB, DC, DD, DH, DJ, DL, DN) which earn 50% to 70% of their average net revenues from sales in foreign markets; "manufacturing industries (DA, DE, DF, DI) which earn less than 50% of their average net revenues from sales in foreign markets; 5real growth. The robust year-on-year production growth continued in November. According to the SORS' provisional data, the value of production increased by 2.7% in November over October, and by 1.5% if the data are adjusted for the season and working days. Compared with November 2005, which had the same number of working days, production activity was 9.0% higher. In the eleven months to November, production activity exceeded that from the comparable period in 2005 by 7.8%. The annual growth of industrial production will therefore probably be higher than we projected in the autumn forecast. Following an extended period of accelerated industrial production, employment also began to recover in the final months of 2006. Formal employment increased for the third month in a row in November 2006, yet in the first eleven months of the year it was still 1.8% lower than in the same period of 2005. Coupled with the relatively strong increase in the production volume, this development resulted in an almost 10% rise in productivity (see the table). November's highest increase in the number of employees was registered in the manufacture of transport equipment (DM; by 2.1%), mostly due to the night shift introduced in Slovenia's largest car manufacturer to cope with the increased production level. Looking at the graph below we see the highest increase in employment in the metal industry (DJ), where the number of employees rose by 3.8% or more than 1,500 workers in the eleven months to November (year on year). The increase was mainly generated by the extensive hiring in the manufacture of metal structures. The second highest increase in employment (2.3%) was recorded in the manufacture of machinery and equipment (DK). On the other hand, the largest drop was seen in the manufacture of textiles and textile products (DB), where employment slumped by 12.1% or almost 2,800 workers. Business optimism continues to thrive in 2007. According to the SORS' survey on business trends in manufacturing, the seasonally adjusted value of the confidence indicator rose by 1.0 p.p. in January over December, surpassing last year's high average by 3.0 p.p. The share of surveyed enterprises expecting an improvement in the business climate was thus 12.0 p.p. higher than the share of those expecting a deterioration. The boost in January was underpinned by the more adequate estimated level of inventories, whereas the expected total order books and production levels were slightly lower than the month before. Graph: Industrial production and employment in manufacturing, I-XI 2006/I-XI 2005 20 □ Industrial production + Employment -10 -15 D DA DB DC DD DE DG DH DI DJ DK DL DM Source of data: SORS; calculations by IMAD. Note: The graph does not show activity DF whose share in manufacturing production and employment is less than 1%. DN Transport Slovenian Economic Mirror IMAD No. 1/2007 p. 14 Selected transport indicators Absolute data QIII 2005 QUI 2006 Growth in % QIII 2006/ QIII 2005 QI-QIII 2006/ QI-QIII 2005 Jan-Dec 2005/ Jan-Dec 2004 Passenger transport Railways, in million pass. km 190.3 190.1 -0.1 1.1 1.7 Roads1, in million passenger km 175.9 180.5 2.6 -0.8 -13.4 Urban, in thousand passengers 15,074.0 14,563.0 -3.4 -3.2 -3.0 Air, in million passengers km 389.7 410.7 5.4 2.6 13.i Airport, in thousand passengers 448.6 487.6 8.7 9.6 17.3 Railways, in million tonne km 784.3 817.2 4.2 3.4 3.3 Freight transport Roads, in million tonne km 2,904.6 2,778.2 -4.3 9.8 22.5 Maritime, in million tonne km 14,051.4 12,618.2 -10.2 -9.3 41.7 Harbour, in thousand tonnes 2,786.1 3,555.1 27.6 24.6 4.7 Source of data: SORS. Notes: 'excluding private transport of passengers by taxi, bus and car. Within passenger transport, air transport and airport traffic enjoyed the strongest growth in the third quarter of 2006. Land passenger transport continued to see a decline in urban bus transport. The number of passengers using this mode of transport fell by 3.4% or more than half a million over the same quarter of 2005. Intercity and suburban bus transport picked up by 2.6% in Q3 but decreased by 0.8% in the nine months to September, year on year. The volume of railway passenger transport remained almost the same as in Q3 of 2005. Air transport and airport traffic of passengers rose the most, by a respective 5.4% and 8.7%. Nevertheless, these two activities have already seen much higher increases in the last few years. Freight transport saw the volume of road freight transport drop in the third quarter of 2006 after three years of its robust growth. The volume of rail freight transport picked up by 4.2% in Q3, year on year, while the volume of road freight transport fell by 4.3%. International transport performed by freight vehicles registered in Slovenia decreased by just 0.8%, whereas transport within the country recorded a stronger drop of 16.1%. This was the first year-on-year quarterly fall of road freight transport since Q2 of 2003. Q3 of 2006 also witnessed a 10.2% fall in the volume of maritime freight transport. This activity registered the second consecutive year-on-year quarterly decrease, whereas in 2005 it still enjoyed robust growth (41.7%), driven by the boom in the industry. Harbour freight transport surged by 27.6% in Q3 and also recorded a high nine-month year-on-year increase (24.6%). Over the last five years, road freight transport surged by more than 50%, which was almost entirely due to the increase in international transport. In Q3 of 2006 over Q3 of 2001, road freight transport picked up by 56.5% or 1,003 million tonne kilometres (tkm). The shipment of goods out of or into Slovenia rose by 49.1% or 534 million tkm, whereas transport abroad and cabotage (the shipment of goods within another country) shot up 4.3-fold, i.e. by 450 million tkm. Meanwhile, national road freight transport increased by a modest 3.5%, or 19 million tkm. Within the EU, Slovenia is one of the few countries that perform the highest number of per capita road shipments (measured in tkm). The favourable transit position and the country's smallness (a high share of international trade) underpin Slovenia's high proportion of international transport, whose growth has been additionally boosted by the process of Slovenia's integration in the EU. The last administrative barriers to carrying out freight transport abroad were removed as Slovenia became a full EU member, which led to the boom in activity seen in recent years. Graph: Road freight transport by quarter, 2001-2006 International transport • National transport • Total transport, year-on-year growth (right axis) E ° 2000 30 20 0 -10 Q1 Q2 2001 Q3 Q4 Q1 Q2 2002 Q3 Q4 Q1 Q2 2003 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2004 2005 2006 Source of data: SORS, SI-STAT, Transport of goods by road, Slovenia, by quarter. 50 40 500 0 Energy Sector Slovenian Economic Mirror IMAD No. 1/2007 p. 15 Selected indicators, growth rates in % QIV 2005, GWh QIV 2006, GWh QIV 2006/ QIV 2005, % Jan-Dec 2005, GWh Jan-Dec 2006, GWh Jan-Dec 2006/ Jan-Dec 2005, % Production of electricity 3,485 3,393 -2.6 13,250 13,130 -0.9 Prod. in hydroelectric plants 798 586 -26.6 3,037 3,121 2.8 Prod. in thermal plants 1,320 1,281 -3.0 4,601 4,728 2.8 Prod. in nuclear power plant 1,368 1,527 11.7 5,613 5,281 -5.9 Consumption of electricity 3,469 3,470 0.0 13,064 13,375 2.4 Through distribution network 2,691 2,708 0.6 10,015 10,354 3.4 Direct consumers 708 705 -0.4 2,775 2,786 0.4 Transmission losses 70 56 -19.2 275 236 -14.2 Net electricity exports 16 -77 N/R 186 -246 N/R Source of data: ELES, Electricity Balance for June and September 2006; calculations by IMAD. In the final quarter of 2006, the production of hydroelectric power plants fell by more than a quarter, year on year. As a result, total electricity production also fell while total demand remained unchanged at the year-on-year level. Hydro-electric production, which decreased by 26.6%, was also lower by approximately as much (-25.6%) in comparison with the output planned in Slovenia's electricity balance (EEB). The drop in production was caused by the low water levels of Slovenian rivers. The production of electricity in thermal plants decreased as well (by 3.0%), whereas the nuclear power plant's output increased by 11.7%. The consumption of electricity remained at the level of Q4 of 2005. Transmission losses were reduced by almost 20%, industrial consumption from the transmission network decreased by 0.4%, while consumption from the distribution network increased by just 0.6% (this low increase in consumption may have been linked to the relatively warm weather for this season). In the first half and the final quarter of 2006, Slovenia was a net importer of electricity. The drop in the total electricity production in 2006 was caused by the lower output of the nuclear power plant, which changed over to an 18-month interval between regular overhauls a while ago. The production of electricity in the Krško Nuclear Power Plant fell by 5.9% in 2006 over 2005. After a year and a half of uninterrupted operation, a regular overhaul that lasts about one month was carried out in spring 2006, which prevented the plant from repeating its record-high 2005 output levels last year. Even though the production in both hydro-electric and thermal plants increased by 2.8%, total electricity production therefore fell by 2.6%. On the other hand, electricity consumption increased by 2.4%. Consumption from the distribution network rose the most, by 3.4%, while direct consumption from the transmission network increased by a mere 0.4%. Transmission losses also declined significantly at the annual level (by 14.2%). Given the lower production and increased consumption, Slovenia was again forced to be a net importer of electricity in 2006. The deficit of 246 GWh that was net imported accounted for 1.8% of Slovenia's electricity consumption and was twice the level planned in the EEB. We can expect that higher consumption than production will be increasingly common in the years ahead. After Slovenia had been producing a substantial surplus in electricity for more than 20 years (also see the graph), consumption exceeded production in 2003 for the first time. Consumption soared in 2002 and 2003, when energy-intensive industry was in expansion, while production fell due to the lower hydroelectric output. After that, Slovenia managed to generate a surplus for two years but last year it recorded a deficit once again. Since the nuclear power plant is due to be overhauled in autumn this year, we can again expect a deficit in the production-consumption balance of electricity unless the hydrological conditions turn out to be highly favourable. Graph: Electricity production and consumption in Slovenia in 1990-2006 and the corresponding trends 14000 13500 13000 12500 12000 11500 11000 10500 10000 9500 9000 8500 Production -Consumption 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Source of data: ELES, Electricity balance for December (1990-2006). Selected Topics Slovenian Economic Mirror IMAD No. 1/2007 pp. 17-27 Movements of Market-determined and Administered Prices in 2006 Slovenian Economic Mirror IMAD No. 1/2007 p. 19 Graph 1: Breakdown of the contributions of administered price rises to inflation Sources of data: SORS, calculations by IMAD. Note: The contribution of the increase in administered prices is the sum of both values in each column; if administered and market-determined prices had risen equally, the contribution of administered prices to inflation would have totalled 0.5 p.p. last year but in fact it was 0.2 p.p. lcwer. m □ Due to market-determined prices rising at a different pace than administered prices □ Wth administered and market determined prices rising equally In 2006, administered prices were adjusted in line with the two main guidelines of the government's Administered Prices Adjustment Plan for 2006 and 2007. Prices under various regimes of regulation increased by 2.1% in 2006 and contributed close to 0.4 p.p. to the 2.8% inflation. The overall increase in administered prices did not exceed the increase in market-determined prices, which went up by 3.0% last year. On the whole, the increases in individual groups of administered prices also did not significantly diverge from the growth of market-determined prices, with the exception of utility prices which fell by 6.6%. Administered price rises in 2006 were therefore in line with the government's two main guidelines regarding price regulation. The government's plan was prepared separately for the prices that are under direct government control and separately for prices that are regulated indirectly. According to plan, the former would have risen by 0.5% in 2006 and contributed close to 0.1 p.p. to inflation, while the latter, which are model-calculated, would have risen by 0.7% and contributed slightly more than 0.1 p.p. to inflation. The combined increase in all prices under various regimes of regulation would thus have totalled 1.2% and contributed 0.2 p.p. to inflation. However, the plan took no account of the changes in the margins and excise duties on liquid fuels for transport, among other things. The overall contribution in 2006 was therefore slightly higher than planned due to the rise in the margins on liquid fuels for transport in October (by SIT 2/litre), the increase in excise duties on the two unleaded petrols in August (by SIT 4.665/litre), and the raising of excise duties on all liquid fuels for transport at the end of September (by SIT 5/litre), which added a good 0.3 p.p. to inflation. If the excise duties and margins had remained unchanged, the contribution of administered prices to inflation would have been minimal. The lower utility prices were the result of a comprehensively overhauled mechanism for setting these prices in Ljubljana. Within the group of utility prices, the prices of waste collection and sewage fees rose (by a respective 16.5% and 50.5%), whereas the prices of water supply decreased (-28.5%). These prices together reduced the increase in administered prices by 0.2 p.p. In October, the previous uniform water pollution tax was replaced by an environmental tax which varies across user groups depending on whether they are connected to a waste water treatment plant or not. Most households in Ljubljana are connected to the city's central waste water treatment plant. For these households, the price of water supply fell substantially due to the lower environmental tax. Since Ljubljana is one of the four cities in Slovenia in which prices are monitored by the Statistical Office, this decrease also showed in the lower average price of this service for Slovenia as a whole. Something similar can be said about the increase in the prices of waste and drainage water treatment linked with higher costs due to the launching of the second phase of operation of the Ljubljana central waste water treatment plant. Last year's effect of oil prices on inflation was lower than in 2004 and 2005. Graph 2 shows that the contribution of administered goods' prices to inflation, which largely reflects the changes in oil prices, was lower in 2006 than in the previous two years. We can also see that the contribution of price rises in market-determined goods, particularly of food and non-alcoholic beverages, was higher than in the two previous years because the effect of the one-off factor of Slovenia's entry to the EU waned in 2006. Graph 2: Breakdown of consumer price rises by contributions of individual groups a. 3 W///////////////A '//////////////////s i111111111i 2003 2004 2005 2006 Source of data: SORS, calculations by IMAD. Note: Columns show the price change in December on the December of the previous year. □ Administered prices (goods) □ Market-determined prices (goods) □ Market-determined prices (services) I Administered prices (services) 2.9 5.8 0.3 0.4 0.6 1.1 0.7 0.9 2.7 1.9 1.1 0.5 1.1 1.1 1.0 1.0 -1.2 0.1 0.2 0.2 1994 1997 1998 2000 2001 2002 2003 2004 2005 2006 5 4 2 0 Available and Allocated Assets of Households and Possession of Durable Goods Slovenian Economic Mirror IMAD No. 1/2007 p. 20 Per household member real terms, in SIT, 2000=1001 share in %, current prices 1997 2000 2004 1997 2000 2004 Available assets 947,333 985,990 1,151,073 100.0 100.0 100.0 - money assets2 872,102 914,852 1,088,368 92.1 92.8 94.6 - value of own production3 59,641 55,951 36,130 6.3 5.7 3.1 - benefits in kind4 15,591 15,187 26,574 1.6 1.5 2.3 Allocated assets 982,056 1,006,690 1,150,039 100.0 100.0 100.0 - consumption expenditure5 900,410 909,880 1,008,626 91.7 (100.0) 90.4 (100.0) 89.0 (100.0) food and non-alcoholic beverages 207,940 180,022 174,504 (23.1) (19.8) (18.4) alcoholic beverages and tobacco 22,011 18,643 24,305 (2.4) (2.0) (2.3) clothing and footwear 80,752 79,438 84,145 (9.0) (8.7) (8.6) housing, water, electricity, gas and other fuels 96,442 104,746 118,626 (10.7) (11.5) (11.7) furnishings, household equipment and routine maintenance of the household 65,122 69,331 69,671 (7.2) (7.6) (6.8) health 14,965 15,777 17,847 (1.7) (1.7) (1.8) transport 158,250 177,124 186,436 (17.6) (19.5) (17.1) communications 18,063 26,461 47,664 (2.0) (2.9) (4.6) recreation and culture 84,555 79,333 112,037 (9.4) (8.7) (11.0) educational services 6,865 7,065 10,126 (0.8) (0.8) (0.9) hotels, cafes and restaurants 56,993 54,401 51,921 (6.3) (6.0) (5.9) miscellaneous goods and services 88,453 97,539 111,345 (9.8) (10.7) (11.0) - other expenditure 81,646 96,810 141,412 8.3 (100.0) 9.6 (100.0) 11.0 (100.0) expenditure for a dwelling, house6 59,659 68,393 100,378 (73.1) 70.6 68.7 other expenditure' 21,988 28,416 41,034 (26.9) 29.4 31.3 Possession of selected durables8 1995 2001 2004 video camera 5.7 8.6 9.2 tumble dryer 4.5 13.9 17.7 dishwasher 18.1 31.5 39.9 car 69.9 79.0 78.6 personal computer 13.5 35.5 58.0 (65.010) access to Internet 3.0 24.0 47.0 (54.010) mobile phone 6.09 79.0 87.0 (90.010) Source of data: SORS; IMAD's calculations. Notes: 'deflated by CPI; 2income from employment, contract-based work, self-employment, pensions including supplements, other social benefits, income from property, receipts from sale, other receipts and financial benefits and gifts; 3food, beverages, fuel wood; 4from employment and other sources; 5classified into 12 groups according to the CoICOP classification; 6purchase of a dwelling, renovations, major works; 7taxes and self-imposed contributions, savings, money transfers and gifts, life insurance, voluntary pension and disability insurance, fines and indemnities; 8share of households, in %; 9figure for 1996; 10figure for 2006. According to the Household Budget Survey (HBS) the available assets per household member increased by 4.1% in 2004 over 2003 (in 2003 by 3.5%). Among the three components (see the table), only money assets increased in real terms (by 4.7%). Within these, the highest rises were recorded in other receipts (up 21.6%; winnings from gambling, compensation for nationalised or dispossessed property, inheritance and legacy, income from life insurance) and income from contract-based work (up 16.5%). Both the value of own production (all three of its components) and benefits in kind were lower in real terms (by a respective 7.8% and 3.1%). Money assets represented close to 95% of available assets in 2004 and became an even more important income source in comparison with 1997. The share of money assets increased by 2.5 p.p. or almost one-quarter in real terms (24.8%) in this period. The share of income from employment, which comprises more than half of the money assets received per household member (55.8%), decreased by 1.9 p.p. in the observed period; the share of pensions, the second largest category of money assets, remained exactly the same as seven years ago (24.6%). The highest increase in relative terms was seen in the share of other receipts, which trebled in (the receipts went up 4-times in real terms), but it still accounts for just 1.6% of the total money assets. This period also saw strong real growth of income from contract-based work (up 61.9%; its proportion rose by 0.6 p.p. to 2.7%), and financial benefits and gifts (alimony, maintenance allowance, financial gifts), which boomed by 69.5% but accounted for a mere 0.6% of money assets. None of the money asset groups recorded negative growth in this period. However, the value of own production fell by a real 39.4% (among the three components, only fuel wood recorded positive growth in this period); its share in available assets consequently dropped by half. Benefits in kind surged by 70.4% (4.6-times in real terms), particularly those not arising from employment (e.g. when relatives or friends paid bills for electricity, gas, telephone, radio and television, car registration, etc.). Exceptionally high growth was recorded in 2001, when benefits in kind boomed by 66.7% in real terms. The proportion of these benefits increased by 0.7 p.p. to 2.3%. Over the entire 1997-2004 period, the total available assets increased by just over one-fifth (21.5%), i.e. by 2.8% at the annual level, which is 0.5 p.p. more than the increase in allocated assets. Allocated assets rose by a real 6.7% in 2004 and thus topped the increase in available assets for the first time since 2001 (in 2003, expenditure decreased by a real 1.0%). For the third year in a row, consumption expenditure rose less (by 5.1%) than other Available and Allocated Assets of Households and Possession of Durable Goods Slovenian Economic Mirror IMAD No. 1/2007 p. 21 expenditure (19.0%). Within the latter, expenditure for a dwelling or a house rose by almost a quarter (23.0%), which may be attributed to the expiry of the National Housing Savings Scheme (NHSS) that year (this was also the highest increase since 1999 when these expenses soared by 60.4%). Other expenditure (see Note 6 under the table) rose by 10%. Within consumption expenditure, the main increases were observed in transport (14.0%) and education expenses (12.2%), followed by expenditure on alcoholic beverages and tobacco (11.8%); on the other hand, households spent less than the year before (in real terms) on food (-1.0%) and on the goods and services provided by the hotels group (-8.1%). Compared with 2003, the proportions of certain goods in the structure of expenditure changed considerably. The share of consumption expenditure decreased by 1.3 p.p., and the share of other expenditure consequently rose by just as much. Within consumption expenditure, the share of expenditure on food fell by 1.1 p.p. (to 17.3%) while the share of expenditure on clothing and footwear shrank by 0.3 p.p. (which equalled 50% of the total decrease in this group seen in the entire 1997-2004 period) to 8.3%. The share of expenditure on hotels, cafes and restaurants also decreased, by as much as 0.7 p.p. (to 5.1%). The biggest increase was seen in the share of expenditure on transport (by 1.4 p.p. to 18.5%). The shares of other groups of expenditure did not change significantly. Compared with 1997, the structure of expenditure changed in favour of non-consumption expenditure (their real growth totalled 73.2%), whereas the structure of consumption expenditure (up 12.0% in real terms) shifted in favour of luxury goods and services. Within consumption expenditure, the largest increase occurred in the share of expenditure on communications, which more than doubled. Expenditure allocated for this group rose 2.6-times. The share of expenditure on education rose by close to one-third (these expenses rose by 47.5%). The proportion of expenditure on recreation and culture (which rose by close to one-third) also increased by almost 20%. All the above goods and services belong to luxuries. The share of expenditure on food declined by one-quarter from 1997 to 2004, as households spent 16.1% less on food in 2004 than in 1997. In addition to food expenses, the only group for which households allocated less in 2004 than in 1997 (in real terms), was the hotels group (8.9%; the share of these expenses fell by close to 20%, notably in the last year of the analysed period). Expenditure on clothing and footwear achieved modest growth in the period (4.2%), as did expenditure on furnishings (7.0%). The falling of food expenses and the rising of other expenditure is in accordance with two of Engel's laws that say that as income rises the proportion of income spent on food falls while the proportion of income spent on education, recreation, personal services etc. increases. The two other laws say that the proportion of income spent on housing, heating, footwear and clothing does not depend on the level of income. Households' growing possession of durable goods also indicates that living standards in Slovenia have risen (see the table). Although the ratio of allocated to available assets per household member rebounded slightly in 2004 (see the graph), these figures do not indicate any increase in household indebtedness. In 2003 and 2004, the ratios of allocated to available and to money assets were at the lowest level in the entire period for which data are available. In 2003, available assets first exceeded allocated assets (by 2.5%). Allocated assets still topped the available money assets by 3.7%. Also in 2004, each household member spent just a little bit less than they had at their disposal (available assets were 0.1% higher than allocated assets) but spent 5.7% more than the available money assets. The increased indebtedness observed since 2004 (see SEM - Private Consumption, various issues) is therefore still not reflected in the survey data. The highest gap between allocated and available assets was recorded in 1999 (allocated assets topped available assets by 10.2% and money assets by 17.9%) upon the introduction of VAT when households borrowed heavily. Graph: Structure of available and allocated assets per household member, 1997-2004, real terms, 2000=100 1,200,000 1,150,000 1,100,000 1,050,000 1,000,000 950,000 900,000 850,000 800,000 750,000 700,000 650,000 600,000 -M 1.10 1.04 1.00 0.98 1997 1998 1999 2000 2001 Source of data: SORS. 2002 2003 2004 □ Allocated assets -other expenditure □ Allocated assets - expenditure for a dwelling, house □ Allocated assets -consumption expenditure B Available assets -benefits in kind □ Available assets - value of own production □ Available assets -money assets + Ratio of allocated to available assets, right axis 1.12 1.08 1.06 1.02 0.96 Population of Slovenia, 2005-2006 Slovenian Economic Mirror IMAD No. 1/2007 p. 22 Selected population indicators 1995 2000 2001 2002 2003 2004 2005 2006 POPULATION (thousands) 1,987.5 1,990.3 1,992.0 1,995.7 1,996.8 1,997.0 2,001.1 2,008.5 Liveborn 19.0 18.2 17.5 17.5 17.3 18.0 18.2 - Deceased 19.0 18.6 18.5 18.7 19.5 18.5 18.8 - Immigrants 5.9 6.2 7.8 9.1 9.9 10.2 15.0 - Emigrants 3.4 3.6 4.8 7.3 6.5 8.3 8.6 - Natural increase (per 1,000 pop.) 0.0 -0.2 -0.5 -0.6 -1.1 -0.3 -0.3 - Net migration (per 1,000 pop.) 1.3 1.3 1.5 0.9 1.7 1.0 3.2 - Life expectancy - men 70.3 71.9 72.1 72.3 73.2 73.5 74.1 - - women 77.8 79.1 79.6 79.9 80.7 81.1 81.3 - Infant mortality (per 1,000 liveborn) 5.5 4.9 4.2 3.8 4.0 3.7 4.1 - Overall fertility rate 1.29 1.26 1.21 1.21 1.20 1.25 1.26 - Age structure of the population (in %) 0-14 years 18.4 15.9 15.6 15.2 14.8 14.5 14.2 14.0 15-64 years 69.3 70.1 70.1 70.2 70.4 70.4 70.3 70.2 65 years and over 12.3 14.0 14.3 14.6 14.9 15.2 15.5 15.7 Old age dependency ratio 17.8 19.9 20.4 20.8 21.2 21.6 22.0 22.4 Ageing index 67.0 87.8 91.9 96.4 100.8 104.9 108.7 112.4 Annual growth (in %) Population -0.1 0.2 0.1 0.2 0.1 0.0 0.2 0.4 0-14 years -2.2 -2.6 -2.2 -2.4 -2.6 -2.0 -1.4 -1.2 15-64 years -0.1 0.5 0.1 0.3 0.3 0.0 0.1 0.3 65 years and over 3.4 2.2 2.4 2.5 1.7 2.0 2.2 2.2 Source of data: SORS, calculations by IMAD. Slovenia's population topped 2 million in 2005. On 30 June 2005, Slovenia had 2,001,114 inhabitants; after a year, the figure grew to 2,008,516, up 1.1% from 1995 when the SORS switched to the internationally comparable definition of the present population (residents present in the analysed area for at least three uninterrupted months in a given calendar year). According to the old definition, Slovenia's population comprised citizens with a permanent residence in the territory of the Republic of Slovenia. By that definition, Slovenia's population already exceeded the size of 2 million in 1991. After that, the official size of the Slovenian population was shrinking until 1995 due to the emigration of people who came to Slovenia from other areas of former Yugoslavia, or because of their unresolved citizenship status. According to the present population principle, Slovenia's population totalled 1,987.505 in 1995 and fell further to 1,982.603 by 1998. Since then, it has been on the increase for the eighth consecutive year. The population of Slovenia is growing primarily as a result of the rising net migration. Due to the declining total fertility rate, the number of births has shown a decreasing tendency ever since 1979. In 1993 it was lower than the number of the deceased for the first time, and has been lower permanently since 1997. Since that year, Slovenia has therefore had an uninterrupted negative natural increase, although it is still not large for the time being. In 2005 it totalled -0.3 per 1,000. On the other hand, immigration to Slovenia has exceeded emigration since 1993 (except in 1998). Until 2004, net migration averaged approximately 2,000 persons a year, i.e. 1.2 per 1,000 population. In 2005, net migration zoomed (to over 6,000 or 3.2 per 1,000 population; according to the available data, it will be equally high or even higher in 2006. The number of immigrants, which averaged out at around 5,500 per year in the period from 1993 to 2000, topped 15,000 in 2005, whereas the number of emigrants, which was less than 3,400 annually between 1993 and 2000, climbed to 8,600. There are more foreigners than Slovenian citizens and more men than women both among the immigrants and the emigrants (see the graph). Most immigrants and emigrants are 20-29 years old. Approximately 82% of the immigrant males and 68% of females are aged 20-59. Most immigrants still come from the successor countries of ex-Yugoslavia, with the majority from Bosnia and Herzegovina. Over the past three years, fertility in Slovenia has been rising slowly but it is still low. In 2003, the overall fertility rate, i.e. the ratio of the number of live births to the number of women in their reproductive age, totalled 1.20, hitting its historical low in Slovenia. With the exception of 2000, this ratio has been falling uninterruptedly ever since 1980, when it totalled 2.11, reaching the level that still enabled an undiminished sustainable population renewal for the last time. However, data for 2004 and 2005 and the first half of 2006 show that this ratio has begun to improve slowly: to 1.25 in 2006 and 1.26 in 2005. Based on the evidence that the number of live births was slightly higher in the first half of 2006 than in the first half of 2005 while the number of women of a reproductive age was slightly lower we can infer that the fertility rate is also likely to have increased in 2006. The increase in this ratio seen over the past three years can be attributed to the fact that the age specific fertility rates of women aged 31-36 are rising rapidly while the decline in the fertility of women younger aged below 26 is easing off. Nevertheless, Slovenia's fertility rate is still among the lowest in Europe. Life expectancy in Slovenia continues to increase. In 2005, it totalled 74.1 years for men and 81.3 years for women. The gender difference remains high due to the significant differences in age specific mortality rates, particularly after the age of 60. In 2005, the male life Population of Slovenia, 2005-2006 Slovenian Economic Mirror IMAD No. 1/2007 p. 23 expectancy increased slightly more than the female one due to the faster decline of mortality rates for men aged 35-44 and over 55 years. After a short halt in the initial period of Slovenia's transition, life expectancy has been rising steadily since 1994. Since 1995, it has risen by 3.8 years for men and by 3.5 years for women. The gender difference hovers around 7.5 years. Life expectancy in Slovenia is still lower than in the old EU member states (except in Denmark, for women), as well as in Malta and Cyprus. In 2005, it was 1.7 years lower than the EU-25 average for men and 0.6 years lower for women. Infant mortality in Slovenia increased slightly in 2005 but remains among the lowest in Europe. 4.1 babies less than one year old per 1,000 liveborn babies died in 2005, which is 0.4 more than in 2004 when infant mortality in Slovenia reached its historically lowest level. After 1980, it decreased by 75%: from 15.3 in 1980 to 5.5 in 1995; in the second half of the 1990s it totalled between 4.5 and 5.5, dropping to around 3.9 after 2001 with a continuing downward trend. Ever since 1999 infant mortality in Slovenia has been lower than the EU-25 average, as well as the EU-15 average (except in 2000). The lowest infant mortality rates in Europe are found in Sweden and Iceland (around 2.4 per 1,000 live births). Due to the declining number of births and the rising life expectancy, Slovenia's population is ageing. The number of children aged 0-14 and their percentage in the age structure of the population are falling rapidly while the number of people aged 65 and over and the share of elderly people in the population structure are growing swiftly (see the table). Over the past eleven years, the percentage of children in the total population shrank from 18.4% in 1995 to 14.0% in 2006, whereas the share of old people rose from 12.3% to 15.7%. In 2003, the number of citizens aged 65 and over first exceeded the number of children. The ageing index, i.e. the ratio between these two population groups, exceeded 100 and rose to 112.4 by 2006. The number of citizens of working age, i.e. 15-64 years, is still slowly rising due to the positive net migration but their share in the population's age structure has started to decrease. The ageing of the population is accompanied by the rising of the old age dependency ratio, although it is still lower than in the EU, on average. This rate, defined as the ratio of the old to the working-age population, is rising because the number of people aged 65 and over is increasing at a faster pace than the number of people aged 15-64. In 2005, there were 22.0 persons aged 65 and over for every 100 persons aged 15-64, 2.1 more than in 2000 and 4.2 more than in 1995. The average age dependency ratio in the EU-25 is higher than in Slovenia. In 2004 (latest available data), the ratio was 24.6, i.e. 3.0 higher than in Slovenia that year. In most EU member states, life expectancy is higher than in Slovenia, and the ratio of old people to the total population is hence also higher than in Slovenia, while all countries face similar problems regarding the decline in births and consequently the fall in the share of children in the population. The highest age dependency ratios within the EU are found in Italy (29.1 in 2004), Germany and Greece, which also have the highest shares of senior citizens. The process of population ageing is currently still slow in Slovenia but it will accelerate over the next decade. By then, generations born after the Second World War will have entered the contingent of elderly population, while the contingent of working-age population will begin to decrease. The ratio of the working-age to the elderly population is projected to deteriorate from the current 5:1 to 4:1 by 2013. It will fall to below 3:1 after 2020 and to below 2:1 after 2040. It will not be possible to improve this increasingly unfavourable ratio either by higher fertility or by increased immigration, although we can expect that immigration to Slovenia will remain high given the expected lack of labour. This means that the proportion of immigrants will rise as well. According to Eurostat's baseline population projection, which forecasts the average net migration to total around 6,000 persons a year, this share could increase from the current 11% to around 25% by 2050, depending on the immigration/emigration ratio and the development of other demographic components of the immigrant population. Graph: International migration by age, gender and citizenship, Slovenia, average values for 1995-2004 1400 1200 1000 800 600 400 200 0 Immigrants - total Immigrant women Immigrant citizens ™ ■ Emigrants - total - - - Emigrant women ■ — - - Emigrant citizens 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 Age groups Source of data: SORS. 80-84 85 and over 0-4 Slovenia's Global Competitiveness by WEF, 2006-2007 Slovenian Economic Mirror IMAD No. 1/2007 p. 24 Global competitiveness of Slovenia, other EU members and the USA according to the WEF indices WEF aggregate indices Sub-indices of GCI factors WEF Report 2006-2007 (06) Countries' GCI4 Global Competit. Index BCI Business Competit. Index Basic requirements of competitiveness: institutions, infrastructure, macro economy, health and primary education Efficiency enhancers: higher education and training, market efficiency, technological readiness Innovation and sophistication factors2: business sophistication, innovation Company operations and strategies Quality of the national business environ. 05 06 05 06 05 06 05 06 05 06 05 06 05 06 r/v r/v r r r/v r/v r/v r/v r/v r/v r r r r Austria 15/ 5.3 17/ 5.3 12 12 14/ 5.7 18/ 5.6 21/ 5.2 20/ 5.2 13/ 5.3 12/ 5.3 11 14 11 10 Belgium 20/ 5.2 20/ 5.3 18 17 21/ 5.5 17/ 5.6 23/ 5.0 23/ 5.1 15/ 5.2 14/ 5.2 20 17 13 13 Cyprus 41/ 4.4 46/ 4.4 34 45 36/ 5.1 37/ 5.0 40/ 4.3 44/ 4.3 41/ 3.9 49/ 3.8 34 43 47 67 Czech Rep. 29/ 4.8 29/ 4.7 26 32 37/ 5.0 42/ 4.9 28/ 4.6 27/ 4.7 27/ 4.4 27/ 4.5 28 32 27 28 Denmark 3/ 5.7 4/ 5.7 4 5 1/ 6.2 1/ 6.2 3/ 5.6 6/ 5.6 7/ 5.5 7/ 5.4 4 6 5 6 Estonia 26/ 5.0 25/ 5.1 27 24 29/ 5.3 30/ 5.3 24/ 5.0 19/ 5.2 34/ 4.1 32/ 4.2 25 24 32 35 Finland 2/ 5.7 2/ 5.8 3 3 2/ 6.1 3/ 6.1 5/ 5.5 4/ 5.6 5/ 5.7 6/ 5.7 2 3 8 8 France 12/ 5.4 18/ 5.3 10 16 16/ 5.7 15/ 5.7 18/ 5.2 22/ 5.1 9/ 5.4 13/ 5.3 12 18 10 11 Greece 47/ 4.3 47/ 4.3 45 49 42/ 4.8 40/ 5.0 42/ 4.2 47/ 4.2 47/ 3.8 45/ 3.9 47 47 46 53 Ireland 21/ 5.2 21/ 5.2 21 22 22/ 5.5 23/ 5.5 14/ 5.2 18/ 5.2 19/ 4.9 19/ 5.0 21 23 16 17 Italy 38/ 4.5 42/ 4.5 37 38 44/ 4.8 48/ 4.7 36/ 4.4 40/ 4.4 30/ 4.3 31/ 4.3 38 42 30 32 Latvia 39/ 4.5 36/ 4.6 48 47 41/ 4.8 41/ 4.9 37/ 4.3 36/ 4.5 62/ 3.6 58/ 3.7 48 48 50 47 Lithuania 34/ 4.5 40/ 4.5 39 43 43/ 4.8 45/ 4.8 35/ 4.4 38/ 4.4 40/ 3.9 44/ 4.0 41 45 42 37 Luxembourg 24/ 5.0 22/ 5.2 N/A N/A 10/ 5.8 10/ 5.7 26/ 4.8 24/ 5.0 24/ 4.7 23/ 4.8 N/A N/A N/A N/A Hungary 35/ 4.5 41/ 4.5 38 39 49/ 4.7 52/ 4.6 30/ 4.5 32/ 4.6 39/ 4.0 39/ 4.1 37 35 43 43 Malta 44/ 4.3 39/ 4.5 46 41 39/ 4,9 39/ 5.0 39/ 4.3 33/ 4.6 70/ 3.5 53/ 3.8 44 40 59 63 Germany 6/ 5.6 8/ 5.6 2 2 8/ 5.8 9/ 5.8 19/ 5.2 17/ 5.2 3/ 5.9 3/ 5.9 3 2 2 2 Netherlands 11/ 5.4 9/ 5.6 7 6 9/ 5.8 8/ 5.9 16/ 5.2 9/ 5.5 12/ 5.3 11/ 5.4 7 5 9 7 Poland 43/ 4.4 48/ 4.3 44 53 57/ 4.6 57/ 4.6 38/ 4.3 48/ 4.2 45/ 3.9 51/ 3.8 46 53 40 49 Portugal 31/ 4.6 34/ 4.6 28 28 30/ 5.3 34/ 5.2 32/ 4.5 37/ 4.5 35/ 4.0 37/ 4.1 27 26 41 40 Slovakia 36/ 4.5 37/ 4.6 43 40 47/ 4.7 47/ 4.7 34/ 4.4 34/ 4.6 43/ 3.9 43/ 4.0 43 39 54 45 Slovenia 30/ 4.6 33/ 4.6 33 36 32/ 5.1 36/ 5.2 29/ 4.5 30/ 4.6 31/ 4.2 34/ 4.2 33 36 29 34 Spain 28/ 4.8 28/ 4.8 25 30 28/ 5.3 25/ 5.4 27/ 4.7 28/ 4.6 28/ 4.4 30/ 4.3 26 31 24 31 Sweden 7/ 5.6 3/ 5.7 11 7 7/ 5.8 7/ 6.0 9/ 5.4 2/ 5.7 6/ 5.5 5/ 5.7 13 8 7 3 UK 9/ 5.5 10/ 5.5 5 8 17/ 5.6 14/ 5.7 4/ 5.6 7/ 5.6 11/ 5.3 10/ 5.4 6 7 4 9 EU-25 25/ 4.9 26/ 5.0 25 27 27/ 5.3 28/ 5.3 25/ 4.8 26/ 4.9 28/ 4.6 28/ 4.6 26 27 29 27 EU-103 36/ 4.5 37/ 4.6 38 40 41/ 4.9 43/ 4.9 33/ 4.5 34/ 4.6 43/ 3.9 43/ 4.0 38 39.5 42 45 EU-15 18/ 5.2 19/ 5.2 16 17 18/ 5.6 18/ 5.6 20/ 5.0 20/ 5.1 18/ 5.0 18/ 5.0 17 18 16 17 USA 1/ 5.9 6/ 5.6 1 1 18/ 5.6 27/ 5.4 1/ 5.9 1/ 5.7 1/ 6.1 4/ 5.8 1 1 1 1 BCI sub-indices Source of data: WEF Global Competitiveness Report 2006-07; http://www.weforum.org; IMAD's calculations. Notes: The WEF's Report 2006-07 is based on data from 2004 and 2005 and the surveys of top executives carried out at the beginning of 2006. The report rates 125 countries (the newcomers are Barbados, Burkina Faso, Burundi, Lesotho, Mauritania, Nepal and Suriname; Angola and Zambia have been reincluded). The WEF computes the indices using 90 indicators and weights them in accordance with the growth theory. It is best to use the rankings when comparing the performance of countries across the years. Due to the methodology, index values are not fully comparable between the years and are primarily intended to compare the relative differences between the factors and countries in a given year. For 2005, the WEF recalculated the ranks of both indices using the 2006 methodology. 1The group of reference countries includes the EU-25 countries and the USA. 2Factors of business sophistication and innovation of products and processes. 3New member states. "According to the new methodology of measuring global competitiveness, the WEF no longer measures aggregate growth competitiveness (see SEM 1/2006:19); r - rank; v - value; bold print - an rise in the _country's ranking by at least three places (significant improvement); grey cells - a fall by at least three places (significant deterioration)._ The leading two methodologies for assessing countries' competitiveness (those of the IMD and the WEF) show that Slovenia's competitiveness has been stagnating for the last few years. Since 2002, Slovenia has hovered around 30th place in the group of up to 125 economies analysed in the WEF's Global Competitiveness Reports (released in autumn), and around 45th place in the group of up to 60 economies assessed in the IMD's World Competitiveness Reports (released in spring). That Slovenia's competitiveness is stagnating is also confirmed by Slovenia's ranking within the EU-25 (rank 15 according to the WEF and rank 19 according to the IMD). In the last report, Slovenia's competitiveness fell according to the WEF and rose according to the IMD (see SEM 5/2006:19). Below we present the WEF's analysis for 2006. Slovenia's global ranking, measured in the WEF's report by the aggregate indices and (sub-)indices of global (GCI) and business (BCI) competitiveness, deteriorated in 2006. Slovenia's slip was bigger than the average drop of the EU-25 in both aggregates. The average ranking of the new member states (EU-10) slipped one place in the GCI and two places in the BCI (see the table). The USA's ranking on the GCI index dropped sharply (its sub-indices fell as well) while it kept its first place on the BCI scale (the highest ranking country on the WEF's GCI index was Switzerland; second places went to two EU members - Finland for the GCI, Germany for the BCI). The EU-25 countries that significantly improved at least one of the two aggregates were Estonia, Latvia, Malta, the Netherlands, Slovakia and Sweden. Apart from Slovenia, notable drops were also observed in Cyprus, the Czech Republic, France, Greece, Italy, Lithuania, Hungary, Poland, Portugal, Spain and the UK. Slovenia was ranked 33rd on the GCI and 36th on the BCI scale. Within the two aggregate indices, Slovenia shows notable competitive advantages in the areas of macro economy, education and health, while its notable competitive disadvantages are market efficiency, business sophistication and innovation, the three key areas of Slovenia's current development phase (according to WEF). Slovenia falls behind the EU-25 average yet is more competitive than the EU-10 in all indices. The value of its global competitiveness index (GCI) remains 4.6. Nevertheless, Slovenia's ranking among the 125 countries slipped by three places in the last report. Slovenia ranks highest in efficiency enhancers (rank 30) and lowest in Slovenia's Global Competitiveness by WEF, 2006-2007 Slovenian Economic Mirror IMAD No. 1/2007 p. 25 basic requirements of competitiveness (rank 36; see the table). Among the EU-25 countries, Slovenia is globally more competitive than Portugal, Latvia, Slovakia, Malta, Lithuania, Hungary, Italy, Cyprus, Greece and Poland. Slovenia's ranking on the business competitiveness index (BCI) fell for the fourth consecutive year, this time by three places. The decline in microeconomic competitiveness does not support Slovenia's ranking according GDP per capita, where it was ranked one place higher (29th). Compared to other EU-25 members, Slovenia is more business competitive than Italy, Hungary, Slovakia, Malta, Lithuania, Cyprus, Latvia, Greece and Poland. Slovenia's fall on the global competitiveness index (GCI) resulted from the country's lower rankings in all of its three sub-indices, whereas the value of the basic requirements and efficiency enhancers indices increased. The biggest positive turn within the aggregate index of global competitiveness was seen in the macro economy sub-index (basic requirements of competitiveness), while the largest negative shift occurred in the market efficiency sub-index (efficiency enhancers). Below we specifically mention those areas in which Slovenia achieved the lowest ranks and whose improvement would lead to a higher GCI ranking. Within the basic requirements, Slovenia was ranked the lowest in the institutions sub-index, although it has achieved a significant improvement this year (r: 43, v: 4.27; in 2005: r: 46, v: 4.13). Competitive advantages were measured in the infrastructure sub-index, which recorded a significant deterioration (r: 29, v: 4.51; in 2005: r: 29, v: 4.69), the macro economy sub-index, in which Slovenia achieved the strongest improvement (r: 29, v: 5.08; in 2005: r: 35, v: 4.84) and health and primary education, where Slovenia was ranked the highest and achieved a significant improvement (r: 19, v: 6.82; in 2005: r: 22, v: 6.92). The lowest rankings within the basic requirements of competitiveness were recorded in the following indicators. Within institutions: protection of minority shareholders' interests (r: 108), burden of government compliance (r: 71), strength of auditing and accounting standards (r: 59), wastefulness of government spending (r: 56), efficacy of corporate boards (r: 52) and reliability of the police services (r: 51). Within infrastructure: rail infrastructure development (r: 41). Within macro economy: real effective exchange rate (r: 67) and government deficit (r: 56). In the area of efficiency enhancers, Slovenia's market efficiency subindex shows the lowest competitiveness and also marks the biggest drop in ranking (r: 63, v: 4.17; in 2005: r: 58, v: 4.11). Higher education and training is a comparative competitive advantage despite recording a deterioration this year (r: 26, v: 5.07; in 2005: r: 24, v: 5.08), as is the technological readiness sub-index which has improved (r: 29, v: 4.51; in 2005: r: 31, v: 4.38). The lowest rankings within efficiency enhancers were recorded in the following indicators. In the area of higher education and training: quality of the educational system (r: 52). In the area of market efficiency: hiring and firing practices (r: 110), foreign ownership restrictions (r: 105), flexibility of wage determination (r: 103), extent and effect of taxation (r: 102), the time required to start a business (r: 94), agricultural policy costs (r: 92), co-operation in labour-employer relations (r: 87), local equity market access (r: 73), soundness of banks (r: 68), reliance on professional management (r: 60), financial market sophistication (r: 52), venture capital availability (R: 51), efficiency of legal framework (r: 46), intensity of local competition (r: 46), effectiveness of antitrust policy (r: 43). In the area of technological readiness: FDI and technology transfer (r: 108), firm-level technology absorption (r: 66), technological readiness (r: 45). Factors of innovation and sophistication were competitive disadvantages. The lowest rank was recorded in the business sophistication sub-index, which also deteriorated significantly (r: 36, v: 4.64; in 2005: r: 32, v: 4.74). The innovation sub-index slipped as well (r: 34, v: 3.71; in 2005: r: 33, v: 3.65). The lowest rankings were recorded in the following indicators. Within business sophistication: local supplier quantity (r: 60), extent of marketing (r: 47). Within innovation: availability of scientists and engineers (r: 94), government procurement of technology products (r: 81), quality of scientific research institutions (r: 41). Slovenia's ranking in the business competitiveness index (BCI) fell for the fourth year in a row, this time by another three places. Slovenia's ranking on the company operations and strategy index slipped by three places (r: 36). In the quality of the national business environment index, Slovenia fell from the relatively favourable 29th to 34th position. Graph: WEF's global competitiveness sub-indices rankings for Slovenia and the EU-25, 2005 and 2006 £ E 25 50 75 100 125 □ 2005 □ 2006 Source of data: The Global Competitiveness Report 2006-2007, WEF. Calculations by IMAD. 0 Public Finance Flows between Slovenia and the EU Slovenian Economic Mirror IMAD No. 1/2007 p. 26 20041 SIT million 20051 % of GDP 2004 2005 Structure 2004 2005 Funds acquired from the EU budget 67,458 87,756 1.08 1.33 100.0 100.0 Agriculture 11,838 24,587 0.19 0.37 17.5 28.0 Structural funds 5,847 10,784 0.09 0.16 12.3 Cohesion fund 0.0 2,037 0.00 0.03 0.0 2.3 Internal policies 13,875 15,792 0.22 0.24 20.6 18.0 Administrative expenditure 1,342 1,630 0.02 0.02 2.0 1.9 Pre-accession strategy 9,370 10,448 0.15 0.16 13.9 11.9 Compensations 25,186 22,478 0.40 0.34 37.3 25.6 Payments to the EU budget 40,835 65,877 0.65 0.99 100.0 100.0 VAT-based own resource payments 6,015 10,544 0.10 0.16 14.7 16.0 Payments for the UK correction 3,858 5,560 0.06 0.08 9.4 8.4 GNI-based own resource payments 28,014 43,015 0.45 0.65 68.6 65.3 Traditional own resources (TOR) payments 2,948 6,758 0.05 0.10 7.2 10.3 Source of data: European Commission: Allocation of 2005 Expenditure by Member State, pp. 72-73 and 112; IMAD's calculations. Note: 1data for 2004 and 2005 are the EC's data on the allocated expenditure from the EU budget to Slovenia. Based on the European Commission's data for 2004 and 2005, we present the total financial flows between Slovenia (national budget and funds allocated to other institutions) and the EU budget. For 2006, we only show the flows between the national and the EU budgets based on the MF's available data, which are therefore not comparable with the EC's data for 2004 and 2005. There are two main differences between the two data sets: (i) the MF's data do not comprise the funds allocated directly to recipients in the Republic of Slovenia for internal policies on the basis of a direct contract with the EC; (ii) advance payments from the structural funds and expenditure on rural development that are already part of the expenditure of the EU budget only become revenue of the Slovenian budget when the required conditions are fulfilled. According to the EC's data, Slovenia received SIT 87.8 bn (1.3% of GDP) from the EU budget in 2005, 30.1% more than in 2004. In 2005, Slovenia received most funds under agriculture (107.7% more than in 2004). Most of these funds were allocated for rural development (67.6%) and direct aid (24.1%). Slovenia received 13.8% more than in 2004 for internal policies; similarly as in 2004, mainly for participation in the EU Schengen facility programme (61.8% of these funds), and less for research and technological development (17.1%) and education (9.4%). The acquisition of structural funds was also more successful than in 2004: it increased by 84.4%. As much as 91.8% of the funds acquired from the structural funds were allocated for Objective 1 (supporting development in the less prosperous regions), mostly from the European Regional Development Fund (SIT 7.2 bn). Slovenia was allocated 11.5% more funds for the pre-accession strategy, while the acquired compensations were 10.8% lower than the year before. In 2005, Slovenia's national contribution to the EU budget was SIT 65.9 bn (1.0% of GDP), 61.3% more than in 2004. While Slovenia's payments to the EU budget increased under all headings in 2005 over 2004, the structure of payments remained largely unchanged. Payments based on gross national income, which account for the largest proportion of total payments, rose by 53.6%; VAT-based payments increased by 75.3%, TOR payments by 129.3% and payments for the UK correction by 44.1%. Like in 2004, Slovenia was thus again a net recipient of EU funds in 2005. According to the accounting definition of the net position, Slovenia's net receipts from the EU budget totalled SIT 21.9 bn in 2005 (2004: SIT 26.6 bn). According to the Ministry of Finance (accounting definition), Slovenia was also a net recipient of EU funds in 2006 (SIT 14.9 bn). Slovenia received SIT 83.9 bn from the EU budget in 2006 and contributed SIT 69.0 bn to the EU budget. Since these figures do not comprise the total allocated funds from the EU budget, the European Commission's final data for 2006 will probably be higher than the currently available figures. Slovenia received most funds under the agriculture heading (38.8% of the total funds allocated); most of these were again allocated for rural development (70.7% of agricultural funds); the rest went for direct aid (22.1%) and market support measures (7.2%). 24.9% of the received funds was allocated for structural policy; the bulk thereof was from the European Regional Development Fund (68.9% of these funds) and the European Social Fund (23.5%). Compensations amounted to 16% of the total allocated funds, the majority thereof for budgetary compensation (66.5% of these funds) and the remainder for strengthening the cash flow. Pre-accession funds received from the EU amounted to 7.4% of the total allocated funds. 72.2% thereof went for the PHARE programme while 27.8% was allocated for the ISPA programme. A further 6.0% of the total allocated funds went for the cohesion policy. The lion's share of this amount was intended for transport (92.6%), only a minor fraction was acquired for the environment. Slovenia received 5.9% of the allocated funds for internal policies, primarily for the Schengen facility programme (89.7% of these funds). Payments based on gross national income represented the largest part of Slovenia's payments to the EU budget in 2006 (63.1%), while other contributions were smaller: VAT-based payments totalled 16.6%, traditional own resources payments 12.2%, and payments for the UK correction 8.1%. Tourism - Travels of Residents Slovenian Economic Mirror IMAD No. 1/2007 p. 27 Private travel1 Third quarter No. of tourists % of travel Average number of overnight stays Average daily expenses per person (in SIT)2 total in Slovenia abroad total in Slovenia abroad total in Slovenia abroad 2000 823,000 100.0 46.1 53.9 6.0 3.6 8.0 4,928 4,223 5,193 2001 889,000 100.0 38.9 61.1 6.2 3.6 8.0 4,589 3,768 4,824 2002 869,000 100.0 31.7 68.3 6.8 4.4 7.9 5,057 4,217 5,267 2003 876,000 100.0 35.7 64.3 6.6 4.0 8.1 5,327 4,224 5,627 2004 943,000 100.0 35.8 64.2 5.9 3.9 7.1 5,691 4,353 6,100 2005 935,000 100.0 35.1 64.9 6.0 3.8 7.0 5,586 4,288 5,942 2006 962,000 100.0 39.0 61.0 6.1 3.5 8.0 5,341 3,795 5,792 Business travel1 Third quarter No. of tourists % of travel Average number of overnight stays Average daily expenses per person (in SIT)2 total in Slovenia abroad total in Slovenia abroad total in Slovenia abroad 2000 59,000 100.0 26.2 73.8 4.1 2.3 4.7 21,675 16,796 22,332 2001 61,000 100.0 17.9 82.1 3.9 1.9 4.3 18,589 13,876 19,044 2002 61,000 100.0 46.5 53.5 4.6 2.4 6.6 17,751 10,501 18,936 2003 68,000 100.0 24.8 75.2 3.3 2.5 3.6 25,458 9,613 29,049 2004 105,000 100.0 15.6 84.4 3.2 1.9 3.4 26,024 16,858 27,203 2005 104,000 100.0 19.2 80.8 5.3 2.1 6.1 19,683 14,982 20,154 2006 83,000 100.0 19.2 80.8 4.6 2.9 5.0 18,772 18,603 18,795 Source of data: SORS. Note: tourist trip - departures that include at least one overnight stay but no more than 365 overnight stays; prices fro the year of 2000 - expenses on business travel also include expenses covered by the employer and business traveller's private expenses. 57.3% of Slovenian citizens, the highest percentage since 2000, made a tourist trip in the third quarter of 2006. According to the SORS' quarterly survey on tourism travels of the domestic population, approximately 985,000 Slovenian citizens aged 15 or over (tourists) made around 2.1 million private or business tourist trips in Q3 of 2006. The number of tourists rose by 2.7% over Q3 of 2005, while the number of tourist trips increased by 6.8%. The third quarter of 2006 saw an increase in the number of tourists who made a private trip, while the number of business travellers fell. 55.9% of Slovenian residents aged 15 or above made a private trip in the third quarter of 2006, i.e. 2.9% more than in the same period of 2005. The number of private trips rose even more in the analysed quarter (by 7.6%). The average tourist thus made 2.0 private trips between July and September 2006 (1.9 in the comparable period of 2005). 4.8% of Slovenian residents aged 15 or above went on a business trip, 20.2% fewer than in the same period of 2005. Most trips abroad were made within Europe, for both private (97.1 %) and business travel (95.0 %). The destination of 77.5% private trips made within Europe was Croatia (with 7.6 overnight stays, on average), followed by Serbia and Montenegro (4.6% together, 9.6 stays), Italy (4.4%, 5.1), and Bosnia and Herzegovina (2.9%, 8.6). Most business trips in Q3 last year were made in Croatia (14.4%) and Italy (9.2%). The average number of overnight stays on a business trip fell slightly in Q3 of 2006 over the comparable period of 2005 (see the table) but was still relatively high compared with other years in the analysed period. Lack of money remains the predominant reason preventing people from travelling privately. The third quarter of 2006, compared with the same period of 2005, saw the strongest increase in the share of people who did not travel because they felt no need for it (by 2.8 p.p.). The share of residents who stayed at home due to financial constraints decreased (by 2.4 p.p.; in the last six years by almost 10 p.p.), yet this consideration remained the predominant reason for not travelling in 2006 (see the graph). Graph: Slovenian residents' reasons for not travelling privately 45 -40 -35 -30 -25 -20 -15 -10 -5 0 □ Q3 2000 □ Q3 2005 ]Q3 2006 No need No time No money Source of data: SORS. Health Other Statistical Appendix Slovenian Economic Mirror IMAD No. 1/2007 pp. 1-17 Gross Domestic Product / I Slovenian Economic Mirror IMAD No. 1/2007 p. A 2 2001-2004 constant previous year prices, 2005-2008 constant 2004 prices In SIT m Real growth rates in % 2002 2003 2004 2005 2006 estimate 2007 forecast 2008 forecast 2003 2004 2005 2006 estimate 2007 forecast 2008 forecast VALUE ADDED BY ACTIVITIES AND GROSS DOMESTIC PRODUCT A Agriculture, hunting, forestry 139,709 123,680 149,634 138,342 141,178 139,766 141,233 -15.8 17.1 -5.2 2.0 -1.0 1.0 B Fishing 709 896 881 869 844 844 844 4.9 -16.9 9.5 -3.0 0.0 0.0 C Mining and quarrying 20,980 23,617 27,037 30,948 31,263 31,263 31,122 6.2 2.5 -0.2 1.0 0.0 -0.5 D Manufacturing 1,164,763 1,259,492 1,386,846 1,444,152 1,525,747 1,593,649 1,666,160 4.0 4.1 2.8 5.6 4.4 4.5 E Electricity, gas and water supply 131,475 140,256 149,089 173,849 174,719 175,680 178,403 -1.0 0.8 6.6 0.5 0.5 1.5 F Construction 245,150 274,175 294,211 322,680 342,040 359,313 373,865 3.6 1.3 4.0 6.0 5.0 4.0 G Wholesale, retail; certain repairs 489,314 553,700 610,259 653,633 686,314 714,110 741,603 2.8 3.1 4.0 5.0 4.0 3.8 H Hotels and restaurants 99,912 110,905 116,979 123,365 129,286 135,815 142,674 3.5 -0.1 0.7 4.8 5.0 5.0 I Transport, storage and communications 297,719 334,458 360,946 451,071 475,880 501,339 525,153 4.0 0.1 9.0 5.5 5.3 4.7 J Financial intermediation 201,104 221,699 260,587 276,319 298,424 323,641 348,076 4.5 17.2 10.4 8.0 8.4 7.5 K Real estate, renting and business services 653,642 742,611 826,027 901,517 937,578 975,550 1,015,060 3.0 4.7 3.6 4.0 4.0 4.0 L Public administration and defence 277,053 311,343 357,775 349,322 360,675 371,675 383,011 4.3 7.3 2.3 3.2 3.0 3.0 M Education 246,278 269,600 296,231 326,464 332,993 341,817 351,559 2.1 2.7 3.0 2.0 2.6 2.8 N Health and social work 226,148 241,059 261,747 278,144 287,879 299,538 313,167 2.5 3.7 2.9 3.5 4.0 4.5 O Other community and personal services 146,734 158,845 175,356 199,499 208,477 220,047 232,260 3.9 5.7 5.8 4.5 5.5 5.5 P Private households with employed persons 1,634 1,163 1,228 1,436 1,436 1,451 1,467 -32.7 -8.1 5.9 0.0 1.0 1.0 VALUE ADDED (A+...+P) 4,342,324 4,767,499 5,274,834 5,671,609 5,934,733 6,185,499 6,445,656 2.7 4.5 3.9 4.6 4.2 4.2 Taxes on products and services 737,786 794,799 843,679 886,131 946,722 1,019,863 1,082,839 1.9 4.2 4.8 4.5 4.2 3.6 Less: subsidies on products and services 23,048 29,857 31,436 35,271 35,276 30,346 32,393 -5.7 7.1 -0.6 -2.0 -2.5 -3.0 GDP 4,965,320 5,497,364 6,070,840 6,524,427 6,828,400 7,118,800 7,415,000 2.7 4.4 4.0 4.7 4.3 4.2 Source of data: SORS, estimate, forecasts IMAD - Autumn Report 2006. Gross Domestic Product / II Slovenian Economic Mirror IMAD No. 1/2007 p. A 3 Current prices, in SIT m Structure in %, current prices, GDP=100 2002 2003 2004 2005 2006 estimate 2007 forecast 2008 forecast 2003 2004 2005 2006 estimate 2007 forecast 2008 forecast SUPPLY AND USE OF GROSS NATIONAL DISPOSABLE INCOME 1. GROSS DOMESTIC PRODUCT 5,355,440 5,813,540 6,271,795 6,620,145 7,055,200 7,586,400 8,098,200 100.0 100.0 100.0 100.0 100.0 100.0 2. Net primary income from the rest of the world -30,892 -46,845 -75,400 -61,078 -88,667 -89,625 -110,953 -0.8 -1.2 -0.9 -1.3 -1.2 -1.4 3. GROSS NATIONAL INCOME (1+2) 5,324,548 5,766,695 6,196,395 6,559,066 6,966,533 7,496,775 7,987,246 99.2 98.8 99.1 98.7 98.8 98.6 4. Net current transfers from the rest of the world 13,653 3,527 -14,815 -32,675 -30,674 -33,070 -6,710 0.1 -0.2 -0.5 -0.4 -0.4 -0.1 5. GROSS NATIONAL DISPOSABLE INCOME ( 3+4 ) 5,338,201 5,770,222 6,181,580 6,526,391 6,935,859 7,463,704 7,980,536 99.3 98.6 98.6 98.3 98.4 98.5 6. Final consumption expenditure 4,030,745 4,381,447 4,666,049 4,931,809 5,226,119 5,556,432 5,900,320 75.4 74.4 74.5 74.1 73.2 72.9 Private consumption 2,973,258 3,242,319 3,438,530 3,636,387 3,855,644 4,099,739 4,347,683 55.8 54.8 54.9 54.6 54.0 53.7 Government consumption 1,057,486 1,139,128 1,227,519 1,295,422 1,370,475 1,456,693 1,552,637 19.6 19.6 19.6 19.4 19.2 19.2 7. GROSS SAVINGS ( 5-6 ) 1,307,456 1,388,776 1,515,531 1,594,581 1,709,741 1,907,272 2,080,216 23.9 24.2 24.1 24.2 25.1 25.7 8. GROSS CAPITAL FORMATION 1,250,957 1,436,604 1,680,755 1,724,428 1,875,844 2,027,930 2,178,397 24.7 26.8 26.0 26.6 26.7 26.9 9. SURPLUS ON THE CURRENT ACCOUNT WITH THE ROW (7-8) 56,500 -47,829 -165,224 -129,846 -166,103 -120,658 -98,181 -0.8 -2.6 -2.0 -2.4 -1.6 -1.2 Source of data: SORS, BS, estimate, forecasts IMAD - Autumn Report 2006. EXPENDITURE STRUCTURE OF GROSS DOMESTIC PRODUCT, 2001-2004 constant previous year prices; 2005-2008 constant 2004 prices In SIT m Real growth rates, in % GROSS DOMESTIC PRODUCT (3+4+5) 4,965,320 5,497,364 6,070,840 6,524,427 6,828,400 7,118,800 7,415,000 2.7 4.4 4.0 4.7 4.3 4.2 1. Exports of goods and services 2,929,909 3,155,890 3,651,048 4,157,224 4,570,863 4,950,245 5,368,590 3.1 12.5 10.5 9.9 8.3 8.5 2. Imports of goods and services 2,913,616 3,186,667 3,685,560 4,106,912 4,480,641 4,827,779 5,201,931 6.7 13.4 7.0 9.1 7.7 7.7 3. EXTERNAL BALANCE * (1-2) 16,294 -30,777 -34,512 50,312 90,222 122,466 166,659 -2.0 -0.5 2.0 0.6 0.5 0.6 4. FINAL CONSUMPTION 3,743,709 4,150,646 4,505,482 4,811,325 4,964,448 5,130,029 5,301,594 3.0 2.8 3.1 3.2 3.3 3.3 Private consumption 2,754,950 3,075,724 3,327,207 3,556,451 3,675,039 3,808,384 3,943,591 3.4 2.6 3.4 3.3 3.6 3.6 Government consumption (individual and collective) 988,758 1,074,922 1,178,275 1,254,875 1,289,409 1,321,644 1,358,003 1.6 3.4 2.2 2.8 2.5 2.8 5. GROSS CAPITAL FORMATION 1,205,317 1,377,495 1,599,870 1,662,790 1,773,730 1,866,305 1,946,746 10.1 11.4 -1.1 6.7 5.2 4.3 Gross fixed capital investment 1,169,330 1,296,953 1,459,991 1,559,267 1,694,144 1,786,491 1,866,008 7.1 7.9 1.5 8.6 5.5 4.5 Changes in inventories and valuables* 35,988 80,542 139,879 103,523 79,586 79,814 80,738 0.8 1.0 -0.6 -0.4 0.0 0.0 Source of data: SORS, estimate, forecasts IMAD - Autumn Report 2006. Note: *as contributions to real GDP growth (in percentage points). Slovenian Economic Mirror IMAD Industrial Production No. 1/2007 p. A 4 2005 2006 2005 2006 2001 2002 2003 2004 2005 QIII QIV QI QII QIII 10 11 12 1 2 3 4 5 6 7 8 9 10 11 INDUSTRIAL PRODUCTION by sectors *, indices, 2000=100 INDUSTRY, total 102.9 105.4 106.9 112.8 116.5 113.9 122.3 118.5 125.3 123.2 123.5 129.7 113.8 115.2 111.6 128.8 114.6 131.3 129.9 125.7 109.3 134.5 136.3 140.5 C Mining and quarrying 92.1 99.2 104.9 97.6 104.2 108.5 109.6 103.0 113.0 104.7 122.4 128.6 77.9 109.2 97.5 102.4 107.6 122.5 108.9 95.8 101.2 117.2 133.3 149.3 D Manufacturing 102.8 104.8 106.5 111.6 115.6 113.6 120.5 117.4 125.5 123.8 122.5 128.4 110.7 113.2 110.3 128.8 114.0 131.8 130.7 126.7 109.0 135.8 136.3 140.0 DA Food, beverages, tobacco 100.2 98.6 99.6 89.4 88 89.0 96.2 74.8 88.0 87.1 93.0 98.0 97.6 70.8 71.2 82.5 81.6 89.2 93.2 86.8 85.7 88.9 87.7 97.9 DB Textiles & textile products 92.0 80.5 71.3 61.7 54.1 51.9 51.0 57.5 49.8 54.5 52.6 54.1 46.2 64.3 49.9 58.3 44.6 49.8 55.0 60.1 44.4 59.1 52.3 50.8 DC Leather & leather products 98.4 83.6 72.7 68.2 72.7 69.8 73.0 78.3 77.8 72.1 73.2 79.1 66.8 75.2 73.0 86.6 66.5 85.8 81.2 67.0 66.5 82.9 90.3 90.8 DD Wood & wood products 91.5 94.3 91.0 94.7 100.7 100.2 103.0 94.2 110.9 106.2 110.4 108.4 90.1 80.9 93.6 108.2 101.0 117.8 113.9 110.7 90.2 117.6 117.1 122.2 DE Paper, publishing, printing 1 95.8 100.9 100.6 101.2 104.8 102.4 112.5 104.9 108.8 106.3 111.2 116.8 109.4 99.4 97.0 118.2 104.0 114.8 107.7 104.7 101.8 112.5 116.0 119.2 DF Coke, petrol. prod., nuclear fuel 2 32.6 34.2 36.3 - - - - - - - - - - - - - - - - - 15.8 19.9 21.1 21.6 DG Chem., prod., man-made fibers 108.1 114.5 128.0 147.5 158.7 155.3 155.9 173.1 183.4 172.3 156.4 161.1 150.2 178.2 162.3 178.8 173.6 196.5 180.2 191.8 154.5 170.5 207.5 200.9 DH Rubber & plastic products 101.2 99.8 103.6 116.5 122.2 125.5 127.0 121.4 127.7 137.5 136.8 135.3 109.0 114.7 116.2 133.4 114.9 133.7 134.5 135.5 124.6 152.5 146.8 150.7 DI Non-metal mineral products 100.1 100.9 101.6 84.6 78.7 87.4 79.5 67.3 89.0 91.8 87.1 87.2 64.2 62.2 59.7 80.1 76.7 91.6 98.7 92.8 86.4 96.1 97.6 98.8 DJ Basic metals & fabricated. prod. 104.6 108.3 112.0 107.8 116.3 114.5 119.6 121.4 131.1 132.0 123.3 127.2 108.3 113.8 117.7 132.8 118.8 138.0 136.4 133.7 119.9 142.5 149.1 148.7 DK Machinery & equipment nec. 115.5 128.6 120.9 138.5 140.9 139.0 150.9 147.1 152.1 149.2 154.4 161.4 136.8 137.9 140.2 163.2 138.9 156.0 161.4 157.6 126.2 163.9 168.2 175.9 DL Electrical & optical equipment 106.5 110.3 122.8 153.0 157.7 153.5 166.9 168.9 183.8 184.9 164.2 181.7 154.9 165.3 159.0 182.3 153.0 199.3 199.1 173.6 153.4 227.8 196.3 208.8 DM Transport equipment 101.4 106.4 111.7 152.7 184.7 152.8 187.3 200.4 186.0 149.8 193.4 196.2 172.2 197.8 173.0 230.3 182.7 187.2 188.1 176.8 75.7 196.8 176.5 181.4 DN Manufacturing nec. 108.4 106.3 102.6 103.4 108.7 104.9 125.5 105.1 111.3 110.8 128.4 149.8 98.4 94.4 99.7 121.3 101.2 118.5 114.1 111.2 99.4 121.7 119.4 127.3 E Electricity, gas & water supply 3 109.3 115.3 111.3 132.9 130.9 115.7 150.4 137.6 122.3 117.7 133.4 143.7 174.2 142.1 133.4 137.2 121.6 122.1 123.3 121.2 113.1 118.7 130.8 137.5 NUMBER OF PERSONS IN PAID EMPLOYMENT IN INDUSTRY 4 Total, in 1000 257.8 259.9 255.1 251.7 247.3 246.5 245.3 242.8 243.0 243.0 246.2 246.0 243.7 243.0 242.7 242.6 242.4 242.9 243.6 242.9 242.7 243.3 244.6 245.4 C Mining & quarrying 5.5 5.1 4.8 4.4 4.2 4.2 4.1 4.1 4.0 4.0 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 3.9 3.9 D Manufacturing 240.8 243.1 238.9 236.1 231.8 230.9 229.8 227.5 227.5 227.5 230.7 230.5 228.3 227.7 227.5 227.3 227.0 227.5 228.0 227.4 227.2 227.8 229.1 229.9 E Electricity, gas & water supply 11.5 11.7 11.4 11.3 11.4 11.4 11.4 11.2 11.4 11.5 11.4 11.4 11.3 11.2 11.2 11.3 11.4 11.4 11.5 11.5 11.5 11.5 11.5 11.5 CONSTRUCTION 5, real indices of construction put in place, indices 2000=100 Construction 92.9 97.9 105.7 108.4 111.7 125.3 128.7 76.7 120.0 149.0 133.2 132.5 120.5 64.6 74.9 90.6 101.1 115.0 143.9 140.4 132.3 174.2 188.1 163.2 Buildings 107.1 104.2 104.9 114.6 126.4 137.9 137.9 100.3 131.3 165.3 128.1 147.1 138.5 83.9 102.3 114.8 119.0 117.7 157.3 152.7 156.1 187.1 191.9 169.9 Civil engineering 79.8 92.1 106.4 102.6 98.0 113.7 120.3 54.8 109.5 133.8 138.0 119.1 103.9 46.7 49.6 68.1 84.5 112.4 131.5 128.9 110.2 162.3 184.6 157.1 Persons in paid employment in construction 4 100.4 99.4 99.1 97.5 102 104.8 104.2 102.5 108.6 113.1 105.4 105.0 102.1 101.5 102.0 104.0 106.5 108.7 110.5 112.2 112.9 114.2 114.9 115.2 Source of data: SORS. Notes: *From February 2004 onwards the industrial production indices have been provisional. For the period up until January 2004 they are calculated according to data on produced quantities of industrial goods. From February 2004 onwards, data on production value have been taken as the basis for the calculation. The value of production is calculated according to the following formula: turnover in the month (x) + value of stocks in the month (x) - value of stocks in the month (x-1).1Enterprises with activity of publishing are excluded; 2data not published because of confidentiality; 3only companies with activity of electricity supply are included. 4In January 2005, the SORS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARiMa model based on quarterly figures for farmers from the Labor Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. 5The survey covers all larger construction enterprises and some other enterprises that perform construction work. Slovenian Economic Mirror IMAD Production No. 1/2007 p. A 5 2005 2006 2005 2006 2001 2002 2003 2004 2005 QIII QIV QI QII QIII 11 12 1 2 3 4 5 6 7 8 9 10 11 TRANSPORT Passenger-km in transport for hire or reward (1000) 1,470 1,143 1,065 980 848 176 215 211 236 181 69 68 74 64 74 73 83 81 50 46 85 79 77 Passenger-km in rail transport, in m 715 749 778 764 777 190 199 191 197 189 71 67 68 60 64 62 69 66 60 58 70 72 71 Passenger-km in air transport, in m 790 794 837 896 1,019 390 198 182 251 411 61 63 63 56 63 69 77 104 147 143 121 83 60 Tonne-km in rail transport , in m 2,837 3,078 3,274 3,466 3,245 784 894 799 815 817 341 312 247 265 287 267 287 261 289 259 269 315 321 Tonne-km in maritime transport, in m 32,951 28,578 28,361 37,047 52,513 14,045 11,013 13,498 11,545 12,618 3,563 3,923 3,759 5,015 4,725 3,494 3,552 4,498 4,709 3,955 3,954 4,381 3,727 Tonne-km in road transport , in m 7,035 6,609 7,040 9,007 11,033 2,905 2,752 2,901 3,413 2,778 - - - - - - - - - - - - - Urban passenger traffic, in m 105.6 103.9 98.4 100.2 97.2 15.1 28.8 27.3 24.3 14.6 9.7 9.7 9.2 8.6 9.5 8.6 8.1 7.6 4.0 3.7 6.9 9.1 9.4 Airport passengers traffic, in 000 888 866 922 1,047 1,228 449 264 236 334 488 81 77 78 73 85 90 112 132 169 171 148 116 87.6 Harbour freight transport, in 000 t 9,145 9,305 10,788 12,063 12,625 2,787 3,555 3,871 3,877 3,555 1,088 1,240 1,266 1,341 1,265 1,103 1,372 1,402 1,245 895 1,416 1,426 1,362 Transport of gas, million m3 1,039 1,007 1,098 1,097 1,136 193 331 - - - 114 128 - - - - - - - - - - - TOURISM, overnight stays, in 000 Total 7,130 7,321 7,503 7,589 7,573 3,101 1,303 1,404 1,814 3,115 377 398 464 464 476 474 575 765 1,157 1,209 749 548 407 Domestic tourists 3,316 3,300 3,327 3,226 3,173 1,204 578 697 691 1,226 184 197 193 268 236 169 220 303 498 457 271 219 197 Foreign tourists 3,814 4,021 4,175 4,363 4,399 1,898 725 708 1,123 1,889 193 201 271 196 240 306 355 462 659 753 478 329 209 Health resorts 2,284 2,327 2,360 2,417 2,464 814 548 523 573 853 175 162 173 169 181 158 197 217 275 324 255 219 83 Seaside 2,016 2,052 2,010 2,002 1,949 955 266 201 493 961 83 62 52 58 91 139 139 215 367 346 248 118 31 AGRICULTURE, slaughter in slaughterhouses, in 000 tons Cattle 39.2 40.5 43.1 40.1 37.4 8.2 10.7 8.9 9.0 8.4 3.9 3.9 3.0 2.8 3.1 2.9 3.3 2.8 2.5 2.9 2.9 3.4 4.0 Pigs 35.8 37.1 37.3 34.6 31.7 7.5 8.7 8.3 9.1 7.9 3.1 3.2 2.7 2.5 3.1 2.8 3.2 3.0 2.6 2.7 2.6 2.7 2.6 Poultry 56.6 51.4 56.0 52.0 53.4 14.0 13.4 12.4 12.0 12.3 4.5 4.0 3.8 3.9 4.7 3.4 4.3 4.3 4.3 4.2 3.8 4.2 4.1 Purchase of agricultural products, SIT m 98.7 101.6 103.3 102.4 104.1 25.2 32.0 21.7 25.6 26.1 9.3 12.9 6.7 6.8 8.2 8.1 8.9 8.6 7.9 8.9 9.3 9.6 10.5 FISHING, in 000 tons Catches in marine waters 1620.6 1459.8 1087.5 815.9 1021.6 366.3 268.3 131.1 155.0 271.3 100.2 53.0 49.8 65.4 15.9 36.3 36.6 82.1 84.2 92.7 94.3 91.4 51.8 Source of data: SORS. Balance of Payments Slovenian Economic Mirror IMAD No. 1/2007 p. A 6 2001 2002 2003 2004 2005 2005 2006 2005 2006 QIII QIV QI QII QIII 11 12 1 2 3 4 5 6 7 8 9 10 11 BALANCE OF PAYMENTS, EUR m Current account 38 247 -196 -720 -547 -60 -395 -127 53 -363 -113 -288 54 -95 -86 47 -21 27 -220 -58 -85 -39 -229 Trade balance 1 -684 -265 -543 -1,009 -1,026 -239 -517 -204 -116 -258 -171 -291 7 -92 -119 18 -76 -59 -78 -115 -64 -94 -230 Exports 10,454 11,082 11,417 12,933 14,599 3,593 3,871 4,028 4,284 4,153 1,379 1,183 1,248 1,270 1,509 1,334 1,463 1,488 1,450 1,174 1,529 1,574 1,552 Imports 11,139 11,347 11,960 13,942 15,625 3,832 4,388 4,231 4,401 4,411 1,550 1,475 1,241 1,363 1,628 1,316 1,539 1,546 1,528 1,289 1,594 1,668 1,781 Services 536 620 540 688 856 235 245 207 254 214 102 59 73 57 76 69 95 90 29 95 89 102 36 Exports 2,178 2,440 2,465 2,783 3,210 1,001 832 728 863 1,039 288 287 240 225 263 257 292 315 340 386 313 308 279 Imports 1,642 1,820 1,925 2,095 2,354 766 586 521 610 825 186 228 167 167 187 187 197 225 311 290 224 206 243 Income 43 -168 -219 -322 -283 -64 -99 -44 -76 -243 -12 -79 -10 -13 -20 -23 -17 -37 -153 -15 -75 -50 -22 Receipts 511 490 510 530 641 178 171 157 203 211 54 58 52 52 53 58 71 75 65 68 78 66 62 Expenditure 468 657 728 852 924 242 270 201 280 454 66 136 62 66 73 81 87 112 217 84 153 116 84 Current transfers 144 60 26 -76 -94 8 -25 -87 -8 -76 -32 24 -17 -47 -23 -18 -23 33 -18 -22 -35 3 -13 Receipts 436 500 474 561 708 200 191 147 205 146 46 100 40 54 53 53 50 102 57 49 39 79 49 Expenditure 293 439 449 638 802 192 216 234 213 222 77 76 57 101 76 71 73 69 76 72 74 76 62 Capital and financial account -148 3 46 698 404 156 199 1 315 581 -55 467 -145 111 35 34 168 114 345 77 160 -9 -103 Capital account -4 -164 -165 -96 -114 -22 -57 -11 -21 -32 -9 -36 4 -6 -9 8 -9 -19 -21 6 -17 -7 -8 Financial account -144 167 211 794 518 178 255 11 336 613 -46 503 -149 117 44 26 177 133 366 71 177 -2 -95 Direct investment 251 1,556 -151 224 -58 3 115 -81 49 165 -10 163 -163 46 37 1 -27 75 158 -36 42 -4 -178 Domestic abroad -161 -166 -421 -441 -503 -231 -67 -108 -188 -136 -23 12 -88 -21 1 -87 -25 -75 -12 -40 -84 -29 -165 Foreign in Slovenia 412 1,722 270 665 445 234 182 27 237 301 13 150 -75 67 35 88 -2 150 170 5 126 25 -13 Portfolio investment 80 -69 -223 -637 -1,618 -193 -735 -257 -178 -270 -104 -193 -103 -116 -39 -28 -106 -45 -86 -190 6 -65 -182 Financial derivatives 0 0 0 6 -10 2 -2 -2 -10 -3 6 3 2 -4 0 0 -9 -1 -6 1 2 -3 2 Other investment 964 565 849 945 2,393 521 869 444 179 38 99 638 350 184 -90 -22 308 -107 -110 41 106 138 177 Assets 248 -538 -730 -1,308 -1,531 -403 -278 -339 -864 -420 -199 59 56 -150 -245 -60 -585 -219 27 -69 -378 92 -30 Commercial credits -239 -135 -116 -237 -195 16 120 -248 -155 -61 -8 215 -42 -94 -112 -59 -44 -52 -29 67 -99 -76 -45 Loans 19 -174 -223 -281 -413 -76 -189 -149 -155 -124 -48 -101 -16 -36 -96 -31 -52 -72 -60 0 -64 -51 -88 Currency and deposits 500 -157 -323 -720 -835 -317 -154 90 -500 -208 -117 -47 113 -12 -12 29 -473 -56 101 -116 -194 237 109 Other assets -32 -71 -68 -69 -88 -25 -55 -32 -54 -27 -25 -8 1 -7 -25 1 -16 -39 14 -20 -21 -19 -7 Liabilities 716 1,104 1,579 2,252 3,924 924 1,147 783 1,043 458 298 579 294 334 155 38 893 112 -136 110 484 47 207 Commercial credits -10 95 59 214 236 1 112 -15 105 37 60 7 -89 52 22 14 41 50 53 -48 33 98 96 Loans 575 838 1,123 1,671 2,649 657 890 210 951 432 217 425 153 -42 98 40 976 -65 59 111 262 46 148 Deposits 152 130 428 335 1,014 245 120 599 -10 -9 18 119 236 327 36 -14 -124 128 -247 49 190 -97 -37 Other liabilities -1 39 -31 33 25 20 25 -9 -3 -2 2 29 -6 -3 0 -2 0 -1 -1 -1 0 -1 0 International reserves 2 -1,439 -1,885 -264 256 -189 -155 8 -92 295 684 -37 -108 -234 6 136 76 10 210 409 254 20 -68 86 Statistical error 110 -250 150 22 144 -96 196 127 -368 -218 168 -179 91 -16 51 -81 -147 -141 -124 -19 -75 48 332 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 1,417 1,542 1,634 1,873 2,058 500 545 551 615 622 191 174 158 169 224 186 212 217 222 168 231 224 N/A Intermediate goods 5,039 5,245 5,463 6,342 6,990 1,724 1,797 1,992 2,139 2,094 649 531 618 630 744 656 736 750 720 604 770 772 N/A Consumer goods 3,891 4,175 4,188 4,568 5,349 1,280 1,456 1,432 1,453 1,366 514 453 453 456 523 470 482 501 485 367 515 560 N/A Import of investment goods 2,009 2,072 2,322 2,494 2,624 612 829 629 723 746 292 307 152 224 253 213 239 271 245 204 297 276 N/A Intermediate goods 6,700 6,816 7,079 8,348 9,534 2,356 2,572 2,632 2,713 2,738 916 842 778 842 1,012 796 950 966 972 800 966 1,010 N/A Consumer goods 2,635 2,686 2,838 3,301 3,646 892 1,000 991 1,011 986 352 316 290 318 383 310 352 349 320 289 376 399 N/A Sources of data: BS, SORS. Notes: 1exports and imports (F.O.B.) include also the adjustment for exports and imports of goods by ITRS and duty-free shops reports; 2 reserve assets of the BS. Monetary Indicators Slovenian Economic Mirror IMAD No. 1/2007 p. A 7 2005 2005 2006 Dec. 7 1 8 1 9 1 10 1 11 1 12 1 2 3 4 5 6 7 8 910 11 MONETARY SYSTEM - CONSOLIDATED BALANCE SHEET OF MONETARY FINANCIAL INSTITUTIONS, end of the month, in SIT bn Currency in circulation 217.3 205.0 200.5 205.7 213.3 204.2 217.3 205.9 206.8 207.5 220.9 216.5 220.7 212.1 210.3 213.1 214.0 197.6 Overnight deposits at other MFI 1491.0 1268.2 1251.5 1263.4 1282.8 1312.9 1491.0 1475.5 1482.4 1513.3 1535.3 1571.7 1598.7 1595.6 1594.9 1605.7 1590.4 1612.5 Overnight deposits of NFI at the BS 2.8 2.9 2.6 3.1 2.3 3.0 2.8 3.5 2.8 5.7 6.5 4.9 3.6 3.6 5.7 4.8 6.0 4.5 Overnight deposits of other government sector (central government excluded) at the BS 2.7 2.7 3.1 3.3 2.8 2.9 2.7 2.2 2.0 1.9 2.1 2.1 1.8 2.2 2.1 2.1 1.9 1.9 Total overnight deposits at the BS 5.5 5.6 5.7 6.4 5.1 5.9 5.5 5.7 4.8 7.6 8.5 7.0 5.3 5.9 7.8 6.9 7.9 6.4 Deposits with agreed maturity at the BS 0.4 0.1 0.4 0.3 0.5 0.5 0.4 0.3 0.4 0.5 0.4 0.7 0.5 0.5 0.0 0.0 0.0 0.0 Deposits with agreed maturity at other MFI 1688.0 1781.0 1808.8 1765.3 1774.7 1826.6 1688.0 1728.4 1742.3 1730.3 1661.7 1682.0 1678.2 1710.8 1692.2 1735.0 1720.9 1744.1 Deposits at redeemable notice 122.4 145.7 177.7 186.4 157.4 123.1 122.4 138.2 140.6 163.6 172.0 168.7 179.8 166.0 170.8 182.7 184.6 187.9 Debt securities, units/shares of money market funds and repos 9.5 11.3 9.9 10.4 10.2 8.5 9.5 8.8 9.1 9.4 9.7 9.1 6.7 7.0 7.7 7.3 7.5 7.8 HM1 1713.9 1478.9 1457.6 1475.5 1501.2 1522.9 1713.9 1687.0 1694.1 1728.4 1764.8 1795.3 1824.8 1813.5 1812.9 1825.7 1812.3 1816.5 HM2 3524.6 3405.7 3444.5 3427.6 3433.7 3473.1 3524.6 3553.9 3577.4 3622.9 3598.9 3646.6 3683.3 3690.7 3675.9 3743.4 3717.7 3748.5 HM3 3534.2 3416.9 3454.4 3437.9 3443.9 3481.7 3534.2 3562.7 3586.5 3632.3 3608.5 3655.7 3690.0 3697.7 3683.6 3750.7 3725.2 3756.4 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in SIT bn Claims of the BS on central government 17.4 17.7 17.6 17.6 17.4 17.4 17.4 17.3 17.3 17.1 16.9 16.9 16.9 16.9 16.8 16.9 16.8 16.8 Central government (S. 1311) 780.5 740.5 734.0 762.6 773.9 776.5 780.5 808.0 792.9 767.3 773.6 777.2 774.9 774.5 777.8 782.2 792.5 787.7 Other government (S. 1312, 1313, 1314) 23.1 18.6 18.2 17.8 21.9 22.1 23.1 19.2 19.4 23.9 23.8 23.4 23.2 23.4 20.6 20.4 21.5 21.8 Households (S. 14, 15) 1025.9 937.3 956.9 976.0 995.8 1014.4 1025.9 1040.6 1053.2 1080.5 1108.6 1138.2 1157.3 1180.4 1203.7 1229.2 1252.3 1277.6 Non-financial corporations (S. 11) 2620.9 2414.2 2437.8 2483.5 2497.1 2577.3 2620.9 2695.3 2738.2 2800.0 2882.7 2910.3 2951.5 2988.9 3025.0 3096.8 3157.9 3215.7 Non-monetary financial institutions (S. 123, 124, 125) 230.9 178.4 187.9 197.9 194.5 207.2 230.9 231.2 243.6 253.1 263.0 278.0 283.0 287.5 296.5 303.5 325.7 337.0 Monetary financial institutions (S. 121, 122) 1408.2 1373.9 1349.8 1381.0 1358.6 1372.8 1408.2 1493.7 1496.0 1485.2 1407.3 1438.3 1413.4 1293.7 1235.5 1249.4 1265.8 1246.0 Claims on domestic sectors, TOTAL In domestic currency 2099.2 2162.3 2159.0 2165.3 2150.2 2102.8 2099.2 2106.1 2136.3 2124.1 2132.1 2114.1 2149.9 2121.8 2136.1 2152.6 2200.9 2224.6 In foreign currency 2199.4 1783.5 1836.1 1913.8 1978.3 2095.9 2199.4 2286.2 2352.9 2455.8 2539.0 2618.8 2716.2 2748.5 2814.9 2894.6 2992.1 3048.8 Securities, total 1791.0 1717.1 1689.6 1739.8 1713.4 1771.6 1791.0 1895.7 1853.9 1830.1 1787.9 1832.5 1737.3 1678.1 1608.1 1634.4 1622.8 1612.5 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in SIT bn Deposits in domestic currency, total 2610.3 2447.8 2478.4 2516.9 2526.9 2579.5 2610.3 2692.7 2651.4 2651.7 2685.9 2704.6 2749.2 2751.9 2773.1 2846.7 2885.5 2893.7 Overnight 987.0 893.4 870.8 882.4 921.9 915.0 987.0 962.5 950.4 991.4 1003.6 1032.6 1073.0 1056.9 1057.6 1067.4 1052.8 1079 With agreed maturity - short-term 1175.5 1086.7 1107.6 1134.3 1134.2 1217.8 1175.5 1295.1 1264.0 1222.8 1229.3 1233.5 1225.4 1257.0 1270.0 1323.3 1361.3 1353.8 With agreed maturity - long-term 309.9 335.3 332.9 331.1 324.4 308.8 309.9 312.7 313.2 295.1 295.7 286.4 285.2 282.7 285.8 286.9 305.0 287.5 Short-term deposits redeemable at notice 137.8 132.3 167.1 169.1 146.4 137.9 137.8 122.3 123.9 142.3 157.2 152.1 165.6 155.3 159.8 169.1 166.3 173.3 Deposits in foreign currency, total 1346.6 1306.2 1370.2 1326.9 1321.6 1372.4 1346.6 1344.7 1372.8 1403.8 1367.3 1417.4 1432.4 1424.9 1420.9 1433.9 1425.8 1448.4 Overnight 534.8 387.8 395.1 395.0 387.9 415.8 534.8 542.5 550.7 546.3 546.0 559.0 556.9 559.1 565.0 562.8 564.7 576.3 With agreed maturity - short-term 481.2 618.2 626.0 623.7 609.6 619.1 481.2 474.9 491.5 516.0 480.9 514.1 533.6 521.4 506.3 517.6 510.0 519 With agreed maturity - long-term 295.2 267.6 315.6 269.8 285.0 301.0 295.2 295.7 297.9 300.5 302.8 310.9 307.8 311.1 316.1 319.2 313.8 317.5 Short-term deposits redeemable at notice 35.4 32.6 33.5 38.4 39.2 36.4 35.4 31.6 32.7 41.0 37.6 33.4 34.1 33.3 33.6 34.3 37.3 35.7 Source of data: Bank of Slovenia. Note: The BS has adopted a new methodology harmonised with the European Central Bank. As a result, the structure of tables showing household loans and savings in the Slovenian Economic Mirror has changed. Slovenian Economic Mirror IMAD Prices No. 1/2007 p. A 8 Indices, 2005 = 100 2002 2003 2004 2005 2005 2006 2005 2006 21006 QIV QI QII QIII QIV 12 1 2 3 4 5 6 7 8 9 10 11 12 GROWTH IN SELECTED PRICE INDICATORS CPI 89.2 94.2 97.6 100.0 102.5 101.0 100.8 102.8 103.2 103.2 100.8 100.2 100.6 101.4 102.3 103.2 102.9 102.6 103.3 103.6 102.8 103.1 103.6 Food, non-alcoholic beverages 95.9 100.3 100.8 100.0 102.3 99.5 101.6 102.0 102.3 103.1 100.2 101.6 101.6 101.5 101.2 102.8 102.1 101.7 102.6 102.7 101.9 103.4 104.0 Alcoholic beverages, tobacco 80.8 91.0 96.3 100.0 103.7 101.3 101.5 101.9 105.2 106.2 101.2 101.3 101.5 101.7 101.8 101.8 102.1 105.3 105.1 105.2 106.3 106.1 106.2 Clothing and footwear 93.5 99.3 101.0 100.0 99.5 103.5 93.7 104.8 94.0 105.5 102.0 89.6 91.0 100.6 104.1 105.7 104.5 92.5 90.5 99.2 104.9 106.2 105.5 Housing, water, electricity, gas 80.2 85.4 91.7 100.0 105.3 103.1 104.4 106.1 107.0 103.8 102.8 103.6 104.8 104.7 105.7 106.6 105.9 106.5 106.8 107.6 103.3 103.8 104.2 Furnishings, household equip. 90.1 94.3 96.5 100.0 104.1 101.1 101.9 102.9 105.2 106.2 101.1 101.7 101.3 102.7 103.0 102.8 102.9 104.1 105.6 106.0 106.1 106.1 106.4 Medical, pharmaceutical products 93.4 98.8 100.3 100.0 98.3 99.2 98.4 98.5 98.0 98.3 99.2 98.3 98.3 98.5 98.6 98.6 98.3 98.0 98.1 97.9 98.0 98.2 98.7 Transport 88.0 92.1 97.4 100.0 101.3 100.8 99.9 101.8 103.0 100.3 99.5 100.2 100.2 99.4 101.2 102.6 101.7 102.0 103.8 103.0 100.3 100.1 100.6 Communications 98.5 99.8 100.0 100.0 100.3 100.2 100.0 99.2 100.4 101.5 100.1 100.1 100.0 99.9 99.7 99.5 98.5 99.4 99.6 102.2 102.2 101.1 101.1 Recreation and culture 89.8 94.2 97.7 100.0 102.1 99.5 100.0 101.7 105.8 101.1 100.1 99.4 100.4 100.1 100.6 101.4 103.1 106.3 107.8 103.3 100.6 100.9 101.8 Education 83.5 87.1 93.4 100.0 103.1 102.2 102.0 104.1 103.5 102.9 102.5 102.5 101.6 101.9 104.1 104.1 104.1 104.1 104.1 102.1 102.9 102.9 102.9 Catering services 84.9 91.1 95.8 100.0 104.5 101.6 102.2 104.0 105.4 106.3 101.4 101.9 102.1 102.7 103.5 104.0 104.4 104.9 105.3 105.8 106.0 105.5 107.4 Miscellaneous goods & services 88.8 94.5 98.1 100.0 104.1 100.8 102.1 103.9 104.4 105.9 101.0 101.1 101.7 103.6 103.6 104.0 104.0 104.4 104.2 104.6 105.7 105.8 106.1 HCPI 89.1 94.2 97.6 100.0 102.5 100.9 100.8 102.8 103.2 103.3 100.7 100.3 100.7 101.4 102.3 103.3 103.0 102.7 103.4 103.7 102.9 103.2 103.7 Producer price index 91.0 93.4 97.4 100.0 102.3 100.6 101.3 102.3 102.7 103.3 100.9 100.8 101.3 101.8 102.1 102.2 102.5 102.6 102.4 103.0 103.1 103.1 103.7 Intermediate goods 89.6 91.4 96.9 100.0 103.5 100.6 101.8 103.4 104.2 104.7 101.2 101.2 101.8 102.5 103.1 103.4 103.8 104.1 103.8 104.7 104.4 104.5 105.2 Capital goods 95.1 94.7 97.0 100.0 100.2 100.2 99.8 99.5 100.3 100.7 100.1 99.6 100.1 99.6 99.5 99.2 99.9 100.0 100.3 100.8 100.8 100.7 100.8 Consumption goods 91.6 95.3 98.1 100.0 101.5 100.6 101.0 101.7 101.3 102.1 100.6 100.4 101.1 101.5 101.7 101.6 101.6 101.4 101.1 101.2 102.1 101.9 102.3 PRICE CONTROL1 Energy prices 81.1 83.3 89.4 100.0 108.0 103.8 104.7 109.6 111.9 105.9 102.0 104.1 105.3 104.6 107.8 111.4 109.7 110.4 112.7 112.6 106.2 105.5 105.9 Oil products 78.9 80.2 86.7 100.0 110.3 104.8 105.6 113.4 116.3 105.7 102.5 105.0 106.5 105.4 110.4 116.1 113.8 114.5 117.5 117.0 106.5 105.1 105.6 Electricity for households 90.4 93.8 98.6 100.0 101.6 100.3 100.8 100.8 102.0 102.7 100.3 100.8 100.8 100.8 100.8 100.8 100.8 100.8 102.7 102.7 102.7 102.7 102.7 Basic utilities 83.4 88.6 96.2 100.0 97.4 99.9 100.1 100.9 100.9 87.8 99.9 99.9 100.1 100.1 101.2 100.7 100.7 100.7 100.9 100.9 83.3 89.3 90.7 Transport & communications 91.5 95.2 97.9 100.0 101.5 101.0 101.2 101.6 101.6 101.6 101.0 101.0 101.0 101.6 101.6 101.6 101.6 101.6 101.6 101.6 101.6 101.6 101.6 Other controlled prices 86.0 89.8 95.7 100.0 102.6 100.7 101.8 102.2 103.2 103.3 100.7 101.8 101.8 101.9 102.2 102.2 102.3 103.2 103.2 103.2 103.2 103.3 103.3 Direct control - total 82.5 85.5 91.5 100.0 107.0 102.8 103.7 107.3 110.2 106.9 101.6 103.2 104.1 103.7 106.1 108.5 107.4 107.9 109.5 113.3 106.5 106.9 107.3 Source of data: SORS, calculations and estimates IMAD. Note: 1 the structure of groups varies, data published are not directly comparable to those published previously. Interest Rates and Investment Slovenian Economic Mirror IMAD No. 1/2007 p. A 9 End year 2005 2006 2002 2003 2004 2005 2006 11 12 1 2 3 4 5 6 7 8 9 10 11 12 INTEREST RATES, in % General legal penalty rate 21.16 18.25 15.50 15.50 - 15.50 15.50 13.50 13.50 13.50 13.50 13.50 13.50 12.50 12.50 12.50 12.50 12.50 - Foreign exchange bills 3.1 2.2 2.0 2.1 - 2.31 2.36 2.38 2.50 2.61 2.61 2.73 2.84 2.94 3.08 3.20 3.30 3.46 - Deposits interest rates (r) Demand deposits (n) 1.0 1.0 0.6 0.3 - 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 - Time deposits over 1 year (r) 3.6 1.7 0.6 0.3 - 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 - Lending interest rates Long-term loans 7.4 6.2 4.9 4.2 - 3.9 4.0 4.0 4.0 4.0 4.0 3.9 3.9 3.9 3.9 3.9 3.8 3.8 - REVALUATION CLAUSES, in % Tolar: annualised rate 7.66 5.96 3.87 2.95 - 3.71 2.38 2.38 2.64 2.38 2.46 2.38 3.71 2.38 2.38 3.71 2.38 1.22 - Exchange clause: annualised 4.0 2.8 1.3 -0.1 - -0.3 0.0 0.0 -0.1 0.1 0.0 0.2 0.0 -0.1 0.0 0.0 0.0 0.1 - INVESTMENT, outlays, in SIT m Total 524,626 610,923 760,662 772,675 824,957 81,795 128,155 70,523 51,609 63,277 52,510 56,768 62,748 55,592 56,808 62,610 58,911 86,544 147,057 Industry total 114,794 136,349 184,271 181,466 164,226 21,655 20,091 21,726 10,971 12,392 10,174 11,172 13,613 12,797 9,218 11,634 12,008 16,069 22,452 Energy sector 36,959 31,538 39,105 38,701 36,856 3,050 6,625 2,686 3,337 2,340 1,405 2,119 1,934 2,995 2,119 3,460 2,294 4,832 7,335 Manufacturing 77,835 104,811 145,163 142,765 127,370 18,605 13,466 19,040 7,634 10,052 8,769 9,053 11,679 9,802 7,099 8,174 9,714 11,237 15,117 Construction 8,937 11,350 21,470 129,609 170,369 12,852 22,406 8,392 8,929 10,808 7,472 11,717 11,122 11,561 15,119 14,507 13,065 14,565 43,112 Transport and communications 58,244 39,779 54,720 63,689 57,978 8,279 7,148 4,115 2,762 4,692 3,855 4,716 4,085 3,935 5,076 7,245 3,401 9,931 4,165 Trade 66,950 67,852 80,272 93,793 82,460 12,105 16,237 13,481 6,019 7,889 4,879 4,880 11,155 5,304 6,325 4,527 6,229 4,926 6,846 Hotels and restaurants 9,144 14,665 14,206 15,641 12,356 693 2,742 1,233 650 1,705 840 889 962 1,298 1,319 816 439 722 1,483 Financial and technical services 40,339 48,049 52,291 48,192 47,530 3,995 5,659 3,851 2,486 3,284 4,210 4,957 4,109 5,117 4,199 2,560 3,805 4,297 4,655 Other 226,220 292,876 353,432 240,285 290,038 22,216 53,872 17,725 19,792 22,507 21,080 18,437 17,702 15,580 15,552 21,321 19,964 36,034 64,344 In economic infrastructure, total1 162,078 177,777 223,096 180,751 197,802 17,214 29,409 11,917 11,312 11,724 7,283 13,947 12,868 13,319 16,649 16,725 13,348 19,366 49,344 Energy sector 36,959 46,562 46,469 42,212 36,857 3,050 6,625 2,686 3,337 2,340 1,405 2,119 1,934 2,995 2,119 3,460 2,294 4,832 7,335 Electricity supply 25,132 26,903 23,107 24,251 22,736 1,756 2,433 1,554 1,947 1,394 941 1,381 1,261 1,963 1,200 2,516 1,304 3,331 3,946 Gas supply 1,380 1,282 689 678 729 74 111 74 32 51 41 30 51 56 80 58 26 111 117 Hot water supply 1,168 2,725 2,027 2,564 2,640 253 144 73 205 211 41 140 90 240 125 216 240 346 714 Cold water supply 9,280 15,652 20,645 14,720 10,752 966 3,939 986 1,153 685 381 569 532 737 714 670 724 1,044 2,558 Transport infrastructure 125,119 131,215 176,627 138,539 160,945 14,164 22,783 9,231 7,975 9,384 5,878 11,828 10,934 10,324 14,530 13,265 11,054 14,534 42,009 Railways 16,924 1,717 1,822 2,615 6,677 291 263 78 123 586 608 571 372 558 1,487 1,653 77 493 70 Air traffic 618 1,774 2,660 3,462 2,120 450 137 135 216 73 10 207 101 49 469 96 123 139 502 Roads, motorways 81,467 103,849 141,157 106,040 136,142 10,930 19,875 6,791 5,887 5,968 3,760 9,044 8,994 9,224 11,516 11,064 10,310 13,150 40,435 Postal and telecom services 24,573 20,923 26,717 24,143 13,609 2,359 2,393 2,161 1,621 2,563 1,330 1,749 1,308 292 770 372 432 399 613 Other 1,538 2,952 4,271 2,279 2,397 135 116 66 128 195 171 257 157 201 287 80 112 354 389 Sources of data: SORS, BS, AP. Notes: a large infrastructure company has been included in the construction activity since September 2005. 10utlays collected on the basis of data for individual investors. Slovenian Economic Mirror IMAD Labour Market No. 1/2007 p. A 10 Number in thousand 2001 2002 2003 2004 2005 2005 2006 2005 2006 Q III Q IV Q I Q II Q III 11 12 1 2 3 4 5 6 7 8 9 10 11 A FORMAL LABOUR FORCE (A=B+E) 908.2 911.4 899.1 900.3 905.0 905.0 910.0 908.2 910.9 909.6 912.2 906.1 907.7 908.3 908.7 909.9 910.7 912.3 910.8 908.2 909.8 915 915.5 B PERSONS IN FORMAL EMPLOYMENT (C+D) 806.3 808.7 801.4 807.5 813.1 814.1 816.5 814.6 823.6 826.6 818.3 813.6 812.5 814.1 817.3 819.9 823.6 827.4 825.2 825.2 829.5 833.7 836.7 In agriculture, forestry, fishing 42.3 45.4 37.7 41.2 38.7 38.9 38.8 39.5 39.1 38.7 38.9 38.6 39.4 39.5 39.6 39.2 39.1 39.0 38.8 38.7 38.7 38.6 38.6 In industry, construction 321.8 323.3 318.4 313.9 310.9 313.3 311.8 308.2 312.2 315.1 313.0 308.8 307.8 307.8 308.9 310.3 312.3 314.1 314.5 314.7 316.2 317.9 318.9 Of which: in manufacturing 240.8 243.1 238.9 236.1 233.7 230.9 229.8 227.5 227.5 227.5 230.5 228.3 227.7 227.5 227.3 227.0 227.5 228.0 227.4 227.2 227.8 229.1 229.9 In construction 64.1 63.4 63.3 62.2 61.7 66.9 66.5 65.4 69.3 72.2 67.0 65.2 64.8 65.1 66.3 67.9 69.4 70.5 71.6 72.0 72.8 73.3 73.5 In services 442.2 440.0 445.2 452.3 463.5 461.9 465.9 467.0 472.3 472.8 466.4 466.1 465.4 466.8 468.8 470.3 472.2 474.3 471.9 471.8 474.7 477.2 479.2 Of which: in public administration 44.6 45.9 47.7 49.9 49.1 49.8 49.9 49.8 50.4 50.3 49.9 49.8 49.5 49.7 50.1 50.3 50.4 50.6 50.5 50.3 50.2 50.3 50.2 in education, health-services social work 110.1 101.6 102.7 105.0 106.5 107.0 108.4 108.5 109.3 108.6 108.5 108.4 108.1 108.6 108.7 108.9 109.3 109.7 108.2 108.0 109.5 109.9 110.2 C FORMALLY EMPLOYED 1 722.1 721.4 722.1 724.4 731.6 732.6 734.4 731.7 740.6 743.4 736.2 731.5 729.6 731.1 734.2 737.0 740.5 744.2 742.1 742.0 746.1 750.1 752.9 In enterprises and organisations 653.8 654.6 656.0 658.7 666.2 666.6 668.6 667.6 674.2 675.9 670.1 666.7 665.9 667.3 669.7 671.5 674.2 676.9 674.7 674.7 678.2 681.6 684.3 In small scale sector 68.4 66.8 66.2 65.6 65.4 66.0 65.8 64.0 66.4 67.5 66.2 64.8 63.8 63.8 64.5 65.5 66.4 67.3 67.3 67.3 67.9 68.5 68.6 D SELF EMPLOYED AND FARMERS 84.2 87.3 79.2 83.1 81.5 81.5 82.0 83.0 83.1 83.2 82.1 82.0 82.8 83.0 83.1 82.9 83.0 83.2 83.1 83.2 83.5 83.6 83.8 E REGISTERED UNEMPLOYMENT 101.9 102.6 97.7 92.8 91.9 90.9 93.6 93.6 87.3 83.0 93.9 92.6 95.2 94.1 91.4 90.0 87.1 84.9 85.6 83.1 80.2 81.3 78.8 Female 51.7 52.5 51.6 49.3 49.4 49.7 50.6 50.3 47.9 46.3 50.9 49.7 50.7 50.5 49.6 49.1 47.7 46.8 47.9 46.4 44.6 44.9 43.3 By age: under 26 24.5 24.7 25.5 24.3 22.2 21.7 23.9 21.7 18.9 16.4 24.4 22.8 22.6 21.8 20.7 20.0 18.8 17.8 17.8 16.6 14.8 16.8 15.8 Older than 40 51.5 50.7 43.1 39.7 40.1 39.8 39.9 41.7 40.1 39.3 39.8 40.0 41.8 41.9 41.2 40.9 40.1 39.4 39.6 39.3 38.9 38.2 37.6 Unskilled 47.9 48.2 43.2 38.6 37.5 36.9 37.5 37.4 34.3 32.2 37.7 37.2 38.1 37.8 36.4 35.5 34.3 33.2 32.8 32.3 31.6 31.1 30.6 For more than 1 year 60.0 55.8 47.5 42.9 43.4 44.6 43.6 43.6 42.4 41.5 44.0 42.9 43.8 43.6 43.2 43.0 42.3 41.9 41.9 41.3 41.2 41 39.9 Those receiving benefits 25.8 24.4 24.3 22.3 23.3 23.5 23.2 25.4 23.6 22.4 23.1 23.7 25.6 25.2 25.3 23.7 24.2 22.8 22.9 22.7 21.7 19.9 19.4 F RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 11.2 11.3 10.9 10.3 10.2 10.0 10.3 10.3 9.6 9.1 10.3 10.2 10.5 10.4 10.1 9.9 9.6 9.3 9.4 9.1 8.8 8.9 8.6 G FLOWS OF FORMAL LABOUR FORCE 2.8 -2.3 -10.2 2.4 8.0 2.2 -1.0 2.6 3.6 -2.5 0.5 -6.1 1.6 0.6 0.4 1.2 0.8 1.6 -1.5 -2.5 1.5 5.3 0.5 New unemployed first job seekers 21.9 21.4 25.4 26.0 21.7 6.3 8.6 3.7 3.2 3.5 1.9 1.1 1.4 1.0 1.3 1.2 1.0 1.0 1.0 1.0 1.5 5.8 1.4 Redundancies 65.8 66.0 68.8 69.6 67.2 17.0 17.0 19.4 14.4 15.2 5.6 6.0 9.0 5.0 5.5 4.9 5.1 4.4 5.6 4.5 5.1 4.8 5.0 Registered unemployed who found employment 52.7 52.2 50.5 54.3 53.9 12.9 11.9 15.6 14.7 13.5 4.4 3.2 5.0 4.4 6.1 4.9 5.5 4.3 3.5 4.6 5.3 5.1 5.0 Other unemployed erased out of register 35.3 39.9 47.3 46.6 33.1 8.2 12.1 8.7 9.4 9.8 3.4 5.3 2.7 2.6 3.4 2.6 3.5 3.3 2.4 3.4 4.1 4.4 3.9 Change in number of work permits for foreigners -6.4 2.1 3.5 -0.5 3.9 1.4 -0.3 2.7 3.3 1.6 -0.1 -0.1 0.1 0.7 1.9 1.6 0.9 0.8 0.5 0.8 0.3 0.4 0.1 Retirements 2 14.6 14.8 15.1 15.4 12.3 5.1 4.8 4.4 4.1 4.7 1.1 1.0 2.3 0.9 1.2 1.3 1.1 1.6 1.3 1.0 2.4 2.3 2.1 Deaths 2 2.7 2.6 2.5 2.5 2.5 0.6 0.6 0.6 0.6 0.6 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Others who found employment 2 37.9 29.4 23.9 39.5 28.9 7.8 7.7 9.4 10.8 7.2 3.3 -0.8 5.0 2.5 1.9 2.4 3.6 4.8 0.7 0.2 6.3 5.7 4.9 H JOB VACANCIES 3 11.9 11.6 12.1 14.1 16.9 18.0 16.5 19.1 20.5 18.9 15.5 16.7 19.2 16.5 21.7 18.4 20.3 22.7 17.7 16.4 22.7 19.5 16.9 For fixed term, in % 72.4 74.4 73.8 73.7 75.6 77.9 73.7 71.6 74.9 77.6 73.9 72.1 66.1 71.4 76.6 75.4 73.7 75.5 75.5 78.5 78.7 77.9 78.0 WORK PERMITS FOR FOREIGNERS 38.2 35.3 39.7 39.7 41.6 43.2 43.1 44.2 48.1 50.0 43.0 43.0 43.1 43.7 45.7 47.2 48.1 48.9 49.4 50.2 50.5 50.9 51.0 As % of labour force (I/A) 4.2 3.9 4.4 4.4 4.6 4.8 4.7 4.9 5.3 5.5 4.7 4.7 4.7 4.8 5.0 5.2 5.3 5.4 5.4 5.5 5.5 5.6 5.6 Sources of data: SORS, PDII, ESS. Notes: nIn January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figures for farmers from the Labour Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. 2Estimated by IMAD, based on data by PDII and ESS; 3According to ESS. Wages, Competitiveness, Exchange Rate Slovenian Economic Mirror IMAD No. 1/2007 p. A 11 2002 2003 2004 2004 2005 2005 2006 2006 Qiv Qi 1 Qii Qiii 1 1 2 1 3 1 4 1 5 6 7 8 9 10 11 GROSS WAGE PER EMPLOYEE, in SIT1 New methodology Total 235,436 253,200 267,571 264,403 277,279 294,659 281,562 283,981 286,917 281,593 277,403 285,690 279,896 286,316 285,731 283,047 290,148 287,557 293,121 333,799 Agriculture, fishing 196,197 207,446 217,474 215,981 224,253 240,966 227,817 229,953 234,180 227,922 222,596 232,932 224,718 233,088 232,053 227,255 236,221 239,065 246,013 275,462 A Agriculture 196,758 207,565 217,554 216,252 224,225 241,171 227,475 230,000 234,330 227,776 222,116 232,534 224,525 233,168 232,308 227,341 236,385 239,263 246,477 275,255 B Fishing 183,110 197,567 207,828 205,207 218,670 232,990 241,535 228,451 228,286 233,696 242,475 248,433 233,254 229,976 222,124 223,864 229,792 231,201 225,990 283,455 Industry, construction 200,160 215,547 230,884 229,615 243,067 260,500 248,540 249,392 252,418 249,600 241,494 254,527 242,758 252,268 253,148 247,126 258,208 251,919 259,650 302,333 C Mining and quarrying 274,202 298,122 326,739 324,410 344,670 371,164 347,854 355,425 347,764 348,582 345,434 349,545 345,081 361,792 359,403 341,267 357,349 344,675 356,344 465,162 D Manufacturing 196,220 211,060 226,029 225,806 238,985 255,026 245,762 245,578 248,069 247,403 238,025 251,857 239,263 247,879 249,593 243,298 253,828 247,080 255,616 293,054 E Electricity, gas & water supply 277,009 299,812 324,344 322,478 353,836 420,375 347,421 350,785 355,321 352,398 335,951 353,915 341,094 360,776 350,485 347,759 364,848 353,355 364,284 550,174 F Construction 188,911 204,316 218,781 214,536 224,794 236,563 227,539 232,640 239,102 225,028 224,250 233,339 225,300 236,219 236,402 231,933 243,748 241,624 245,043 271,568 Production services 216,457 232,528 247,320 242,355 253,747 272,077 256,947 260,251 261,841 255,447 253,401 261,993 257,312 262,884 260,558 258,907 263,514 263,104 269,263 309,080 G Distributive trade 207,059 222,101 237,002 233,682 244,880 260,919 248,976 252,136 254,723 247,515 246,450 252,962 249,304 254,451 252,654 252,603 255,915 255,650 263,133 294,774 H Hotels & restaurants 178,105 189,230 200,054 196,458 202,895 212,225 205,712 209,789 210,678 207,214 203,880 206,041 207,644 212,160 209,563 207,008 213,505 211,520 213,344 225,866 I Transport, storage & communications 251,625 272,238 290,603 284,881 299,377 326,711 299,517 302,935 302,254 296,790 292,584 309,176 299,354 306,447 303,005 297,889 304,311 304,562 309,630 379,872 Business services 283,209 305,446 322,248 312,967 325,355 355,454 325,652 332,172 328,901 324,323 321,702 330,931 330,016 335,420 331,080 323,043 332,310 331,351 332,557 428,155 J Financial intermediation 339,900 370,832 392,954 388,044 413,896 471,964 402,474 431,824 415,908 396,145 397,594 413,684 426,939 440,529 428,004 404,927 414,649 428,147 415,140 668,928 K Real estate 254,626 273,716 288,965 283,421 292,763 312,335 297,356 296,412 298,125 297,527 293,543 300,999 294,896 297,842 296,499 293,992 303,078 297,304 303,947 345,433 Public services 293,973 312,583 321,405 319,911 330,580 341,066 334,543 336,529 343,246 335,371 334,065 334,193 334,641 337,356 337,588 341,724 343,977 344,037 347,973 360,551 L Public administration 299,889 321,502 322,912 322,928 333,302 339,869 338,015 338,545 346,124 338,904 339,765 335,376 335,054 339,019 341,562 344,886 345,285 348,201 351,350 353,047 M Education 288,038 309,968 326,002 325,463 340,967 352,250 347,883 350,291 362,784 346,243 348,008 349,399 348,245 349,298 353,330 360,988 363,395 363,969 365,467 370,135 N Health & social work 291,318 308,013 312,423 310,990 316,827 325,926 318,848 322,107 323,843 322,135 315,908 318,501 321,717 324,668 319,936 323,527 325,081 322,920 329,682 341,294 O Other social & personal services 293,764 307,184 325,541 316,566 325,159 346,260 322,738 324,515 324,566 324,857 320,575 322,783 323,475 327,509 322,560 320,629 328,908 324,162 330,619 395,357 INDICATORS OF OVERALL COMPETITIVENESS, 2001=100 Foreign exchange rates Effective exchange rate2, nominal 96.4 95.9 94.7 - 94.0 93.6 93.6 94.2 94.4 93.6 93.5 93.7 94.0 94.2 94.3 94.4 94.4 94.4 94.2 94.2 Real (relative consumer prices) 101.7 105.0 105.0 - 104.7 104.5 104.0 105.6 105.9 103.7 103.7 104.5 105.2 106.0 105.7 105.5 105.9 106.4 105.4 105.8 Real (relative producer prices)3 101.6 103.1 103.1 - 102.5 101.6 101.4 101.3 101.3 101.1 101.3 101.6 101.4 101.2 101.3 101.1 100.7 101.9 102.3 - SIT/US$ 240.2 207.1 192.4 - 192.7 201.5 199.3 190.9 188.0 197.9 200.4 199.5 195.9 187.6 189.2 188.9 187.1 188.1 190 186.2 SIT/EUR 226.2 233.7 238.9 - 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 Unit labour costs 4 Nominal 105.9 109.8 111.4 111.4 111.3 112.6 109.5 107.1 103.8 111.9 112.3 104.3 114.2 106.6 100.4 98.2 118.8 94.5 96.8 113.8 Real 5 100.6 101.4 98.8 98.8 95.7 96.2 93.2 90.2 87.0 95.7 95.6 88.2 96.4 89.8 84.4 82.3 99.7 78.8 80.3 94.4 In currency basket 5 102.1 105.3 105.4 105.5 104.6 105.5 102.5 100.8 98.0 104.8 105.0 97.8 107.4 100.4 94.7 92.8 112.1 89.2 91.2 107.3 Sources of data: SORS, AP, BS, OECD Main Economic Indicators, calculations IMAD. Notes: The September 2005 data on the monthly gross wage per employee were calculated according to the new methodology for 2004 and beyond. Data on wages based on SCA, basic data on wages -SORS, since January 2002, SORS' figures were used, which ignore the changes in subgroup 85.322 - organizations for handicapped persons. Figures in the second column for 2002 and onwards include corrections made by the SORS to the subgroup 85.322. 2Change of methodology: the calculation of the tolar's effective exchange rate includes the currencies/prices of Slovenia's 17 trading partners (Austria, Belgium, Germany, Italy, France, Netherlands, Spain, Denmark, United Kingdom, Sweden, Czech Republic, Hungary, Poland, Slovakia, USA, Switzerland, Japan); weights are the shares of individual trading partners in Slovenian exports and imports of goods within manufacturing (5-8 SITC) in 2001-2003; exports are double weighted; a rise in the index value indicates an appreciation of the tolar and vice versa. 3Producer prices in manufacturing activities. 4For manufacturing in enterprises and organizations. 5Based on producer prices in SIT. 6Only domestic factors. Slovenian Economic Mirror IMAD Public Finance No. 1/2007 p. A 12 2006 2006 Current prices in SIT million 2001 2002 2003 2004 2005 QI QII QIII 1 2 3 4 5 6 7 8 9 10 CONSOLIDATED GENERAL GOVERNMENT REVENUES TOTAL REVENUES 2,048,224 2,176,399 2,477,425 2,683,055 2,869,949 684,598 817,209 729,597 240,651 218,156 225,791 293,787 273,189 250,232 249,793 257,715 222,089 276,481 Current revenues 2,017,807 2,136,049 2,440,298 2,609,053 2,759,987 665,813 782,077 706,343 233,438 212,041 220,335 284,315 266,329 231,433 242,449 249,675 214,219 259,436 Tax revenues 1,878,783 2,002,134 2,291,071 2,446,899 2,608,230 637,904 746,742 665,880 224,142 203,674 210,087 275,009 252,030 219,703 232,024 234,557 199,299 243,250 Taxes on income and profit 357,877 395,045 460,520 506,878 537,260 130,290 235,706 134,797 43,455 42,415 44,420 121,396 71,843 42,467 43,014 47,180 44,603 41,871 Social security contributions 701,347 774,355 839,216 899,400 955,611 242,274 248,707 250,117 81,038 80,204 81,032 83,165 82,263 83,279 83,794 82,071 84,253 84,480 Taxes on payroll and workforce 83,369 93,897 107,424 117,676 126,097 26,465 27,214 27,376 9,066 8,713 8,686 9,066 8,885 9,262 9,324 8,803 9,249 9,226 Taxes on property 32,965 34,428 34,419 39,513 40,834 6,440 10,171 15,126 1,683 2,459 2,298 1,872 4,178 4,121 4,448 6,898 3,780 3,402 Domestic taxes on goods and services 673,380 672,703 814,577 856,610 938,118 229,658 221,864 235,012 88,232 69,108 72,318 58,533 83,834 79,496 90,261 88,669 56,082 103,301 Taxes on international trade & transactions 29,607 31,341 34,653 19,339 9,360 2,638 2,988 2,653 665 699 1,274 928 1,023 1,036 947 746 960 895 Other taxes 238 365 261 7,484 950 138 92 799 4 77 58 48 3 40 237 190 372 75 Non-tax revenues 139,024 133,915 149,227 162,154 151,756 27,910 35,335 40,463 9,296 8,366 10,247 9,306 14,299 11,730 10,425 15,117 14,920 16,186 Capital revenues 10,199 15,165 15,857 20,751 27,181 7,032 7,299 10,175 3,513 1,849 1,669 1,981 3,186 2,133 2,503 2,869 4,802 4,651 Grants 10,788 14,223 13,384 1,877 2,173 179 343 356 136 23 20 122 131 90 97 105 154 61 Transferred revenues 9,431 10,962 7,887 7,536 8,140 83 75 117 40 9 33 9 32 34 55 -32 94 26 Receipts from the EU budget - - - 43,838 72,469 11,492 27,414 12,607 3,524 4,233 3,735 7,360 3,511 16,543 4,689 5,098 2,820 12,307 CONSOLIDATED GENERAL GOVERNMENT EXPENDITURE TOTAL EXPENDITURE 2,111,417 2,332,422 2,555,894 2,768,427 2,941,756 715,846 802,515 721,084 224,324 252,270 239,252 278,062 279,010 245,443 238,538 234,977 247,568 265,630 Current expenditure 1,004,446 1,118,539 1,225,523 1,234,113 1,283,018 337,169 349,650 308,799 103,945 116,601 116,623 132,346 115,095 102,209 103,403 101,199 104,198 115,046 Wages, salaries and other personnel expenditure 536,849 607,464 662,776 700,349 727,075 179,412 192,871 185,475 60,499 59,387 59,526 59,796 72,882 60,193 61,023 61,100 63,353 62,740 Expenditure on goods and services 385,770 417,688 451,440 429,861 453,690 111,625 128,280 114,638 37,021 36,451 38,153 51,034 37,353 39,893 39,702 38,439 36,497 42,786 Interest payments 72,809 83,528 92,661 91,933 89,180 43,396 25,453 5,439 5,512 20,015 17,869 20,477 3,826 1,150 1,519 706 3,215 8,325 Reserves 9,018 9,858 18,646 11,969 13,074 2,736 3,046 3,246 913 748 1,075 1,039 1,034 972 1,159 954 1,133 1,195 Current transfers 908,026 1,006,977 1,097,369 1,249,909 1,341,641 317,302 397,591 332,274 102,602 108,408 106,291 127,556 146,394 123,641 113,880 109,214 109,181 110,952 Subsidies 63,161 60,435 69,470 77,571 91,362 8,908 42,366 13,726 1,680 4,428 2,800 18,937 9,847 13,583 7,380 2,952 3,395 5,146 Current transfers to individuals and households 821,358 910,391 986,100 1,053,417 1,109,197 279,308 313,688 280,259 91,076 94,196 94,036 94,123 124,460 95,105 93,257 94,521 92,482 92,935 Current transfers to non-profit institut., other current domestic transfers 18,085 31,075 36,722 113,675 134,930 28,405 39,465 35,970 9,651 9,718 9,036 14,183 11,227 14,055 12,411 11,551 12,008 12,583 Current transfers abroad 5,421 5,076 5,077 5,247 6,154 680 2,071 2,319 196 66 419 313 860 898 832 190 1,297 288 Capital expenditure 127,996 128,733 142,131 151,305 156,784 29,681 26,537 42,704 10,145 11,142 8,394 7,361 8,724 10,452 11,239 14,307 17,158 19,765 Capital transfers 70,949 78,174 90,871 92,464 91,874 9,175 15,694 19,400 3,736 2,024 3,415 6,079 4,113 5,502 4,494 4,042 10,864 13,658 Payments to the EU budget - - - 40,637 68,438 22,520 13,044 17,907 3,895 14,095 4,530 4,720 4,684 3,639 5,524 6,215 6,168 6,210 SURPLUS / DEFICIT -63.193 -156.023 -78.469 -85.372 -71.807 - - - - - - - - - - - - - Source of data: MF Bulletin. Note: in line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the state are not consolidated. Slovenian Economic Mirror IMAD Main Indicators No. 1/2007 p. A 13 Real growth rates, in % 2001 2002 2006 2007 2008 2003 2004 2009 Autumn Forecast 2006 GDP 2.7 3.5 2.7 4.4 4.0 4.7 4.3 4.2 GDP per capita, in EUR 11,094 11,866 12,461 13,146 13,807 14,691 15,770 16,808 GDP per capita, PPS1 15,400 16,000 16,800 18,200 19,200 - - - Standardised rate of unemployment (ILO) 6.4 6.4 6.7 6.3 6.5 6.4 6.4 6.4 Labour productivity (GDP per employee) 2.2 3.8 3.1 3.9 3.7 3.8 3.5 3.2 Inflation2, annual average 8.4 7.5 5.6 3.6 2.5 2.7 2.7 2.5 INTERNATIONAL TRADE - BALANCE OF PAYMENTS STATISTICS Exports of goods and services3 6.3 6.7 3.1 12.5 10.5 9.9 8.3 8.5 Exports of goods 7.0 6.4 4.4 12.8 10.3 10.6 8.6 8.9 Exports of services 3.2 8.0 -2.5 10.9 11.7 6.6 6.7 6.8 Imports of goods and services3 3.0 4.8 6.7 13.4 7.0 9.1 7.7 7.7 Imports of goods 3.2 4.4 7.3 14.6 6.8 9.3 7.7 7.7 Imports of services 1.8 7.5 3.0 5.5 8.4 8.1 7.1 7.5 Current account balance, In EUR million 38 247 -196 -720 -547 -693 -503 -410 Average exchange rate, SIT/EUR 217.2 226.2 233.7 238.9 239.64 239.64 - - Foreign exchange reserves, In EUR million 6,514 7,842 7,703 7,484 8,833 8,0064 - - Gross external debt, In EUR million 10,403 11,484 13,259 15,271 19,566 22,5184 - - DOMESTIC DEMAND - NATIONAL ACCOUNTS STATISTICS (share in GDP in %) Private consumption 56.6 55.5 55.8 54.8 54.9 54.6 54.0 53.7 Government consumption 20.0 19.7 19.6 19.6 19.6 19.4 19.2 19.2 Gross fixed capital formation 24.1 22.6 23.3 24.5 24.4 25.4 25.6 25.8 CONSOLIDATED GENERAL GOVERNMENT REVENUE AND EXPENDITURE BY THE GFS - IMF METHODOLOGY (as a % of GDP) General government revenue 42.7 40.6 42.6 42.8 43.3 43.7 43.2 42.5 General government expenditure 44.0 43.5 44.0 44.1 44.4 44.8 44.1 43.3 Surplus (deficit) -1.3 -2.9 -1.4 -1.3 -1.1 -1.1 -0.9 -0.8 Sources of data: SORS, BS, MF, calculations, estimate and forecast by the IMAD - Autumn Forecast 2006. Notes: 1Eurostat - New Cronos, December 2006; 2the consumer price index; 3balance of payments statistics (exports F.O.B., imports F.O.B.), changes in exchange rates and prices in foreign markets eliminated by calculating real rates; 4end November 2006. International Comparisons / I Slovenian Economic Mirror IMAD No. 1/2007 p. P 14 Real GDP growth GDP per capita in PPS1 EU25=100 Inflation2 (annual average) 2002 2003 2004 2005 2001 2002 2003 2004 2002 2003 2004 2005 Slovenia 3.5 2.7 4.4 4.0 74.5 77.4 79.9 81.9 7.5 5.7 3.7 2.5 EU27 1.2 1.3 2.4 1.7 95.6 95.8 95.9 96.0 2.5 2.1 2.3 2.3 EU25 1.2 1.3 2.4 1.7 100 100 100 100 2.1 1.9 2.1 2.2 Euro Area 0.9 0.8 2.0 1.4 107.5 107.0 106.2 105.8 2.2 2.1 2.1 2.2 Belgium 1.5 1.0 3.0 1.1 117.6 119.0 119.4 118.1 1.6 1.5 1.9 2.5 Bulgaria 4.9 4.5 5.6 5.5 28.3 31.0 31.8 32.9 5.8 2.3 6.1 5.0 Czech Republic 1.9 3.6 4.2 6.1 67.7 70.7 72.1 73.7 1.4 -0.1 2.6 1.6 Denmark 0.5 0.4 2.1 3.1 121.4 119.3 119.4 121.9 2.4 2.0 0.9 1.7 Germany 0.0 -0.2 1.2 0.9 108.5 112.5 111.1 110.0 1.4 1.0 1.8 1.9 Estonia 8.0 7.1 8.1 10.5 46.8 51.2 53.4 59.8 3.6 1.4 3.0 4.1 Greece 3.8 4.8 4.7 3.7 77.2 80.2 81.4 84.1 3.9 3.4 3.0 3.5 Spain 2.7 3.0 3.2 3.5 95.2 96.7 96.6 98.0 3.6 3.1 3.1 3.4 France 1.0 1.1 2.3 1.2 112.0 107.7 107.7 108.2 1.9 2.2 2.3 1.9 Ireland 6.0 4.3 4.3 5.5 132.3 134.4 135.7 138.9 4.7 4.0 2.3 2.2 Italy 0.3 0.0 1.1 0.0 110.0 106.0 103.0 100.4 2.6 2.8 2.3 2.2 Cyprus 2.0 1.8 4.2 3.9 82.6 85.3 87.7 88.9 2.8 4.0 1.9 2.0 Latvia 6.5 7.2 8.6 10.2 38.7 41.2 43.6 48.0 2.0 2.9 6.2 6.9 Lithuania 6.9 10.3 7.3 7.6 41.9 47.1 49.0 52.1 0.3 -1.1 1.2 2.7 Luxembourg 3.8 1.3 3.6 4.0 220.7 236.7 240.8 251.1 2.1 2.5 3.2 3.8 Hungary 4.3 4.1 4.9 4.2 59.1 60.8 61.3 62.5 5.2 4.7 6.8 3.5 Malta 1.9 -2.3 0.8 2.2 74.9 74.3 71.3 70.4 2.6 1.9 2.7 2.5 Netherlands 0.1 0.3 2.0 1.5 125.3 123.8 124.7 125.6 3.9 2.2 1.4 1.5 Austria 0.9 1.1 2.4 2.0 120.0 123.4 123.4 123.1 1.7 1.3 2.0 2.1 Poland 1.4 3.8 5.3 3.5 46.3 46.9 48.7 49.7 1.9 0.7 3.6 2.2 Portugal 0.8 -1.1 1.2 0.4 79.5 73.0 71.8 71.1 3.7 3.3 2.5 2.1 Romania 5.1 5.2 8.4 4.1 28.1 29.9 32.6 34.1 22.5 15.3 11.9 9.1 Slovakia 4.1 4.2 5.4 6.0 51.0 52.8 54.4 57.1 3.5 8.4 7.5 2.8 Finland 1.6 1.8 3.5 2.9 114.7 108.7 110.8 110.7 2.0 1.3 0.1 0.8 Sweden 2.0 1.7 4.1 2.9 113.7 115.4 115.4 114.8 1.9 2.3 1.0 0.8 United Kingdom 2.1 2.7 3.3 1.9 116.1 116.1 118.0 117.5 1.3 1.4 1.3 2.1 USA 1.6 2.5 3.9 3.2 145.4 146.4 148.0 150.1 1.6 2.3 2.7 3.4 Sources of data: SORS; Eurostat. New Cronos. Notes: 1PPS - Purchasing Power Standard. Data for 2005 were published by Eurostat on 15 June 2006. 2 Harmonised Index of Consumer Prices for EU countries and Consumer Price Index for the USA. N/A - not available International Comparisons / II Slovenian Economic Mirror IMAD No. 1/2007 p. P 15 Survey Unemployment Rate Current account balance1, % GDP General Government Balance2, % GDP General Government Gross Debt2, % GDP 2002 2003 2004 2005 2002 2003 2004 2005 2002 2003 2004 2005 2002 2003 2004 2005 Slovenia 6.3 6.7 6.3 6.5 1.1 -0.8 -2.6 -2.0 -2.5 -2.8 -2.3 -1.4 29.1 28.5 28.7 28.0 EU 27 8.9 9.0 9.1 8.7 NA NA NA NA NA NA NA NA NA NA NA NA EU25 8.7 9.0 9.1 8.8 0.4 0.2 0.3 -0.4 -2.3 -3.0 -2.7 -2.3 60.4 62.0 62.4 63.2 Euro Area 8.2 8.7 8.8 8.6 0.9 0.5 0.8 0.0 -2.5 -3.1 -2.8 -2.4 68.2 69.3 69.8 70.8 Belgium 7.5 8.2 8.4 8.4 4.6 4.1 3.5 2.5 0.0 0.0 0.0 -2.3 103.3 98.6 94.3 93.2 Bulgaria 18.1 13.7 12.0 10.1 -5.6 -8.5 -5.8 -11.8 0.1 0.3 1.9 3.1 28.5 30.1 30.7 30.4 Czech Republic 7.3 7.8 8.3 7.9 -5.6 -6.2 -6.1 -2.1 -6.8 -6.6 -2.9 -3.6 28.5 30.1 30.7 30.4 Denmark 4.6 5.4 5.5 4.8 2.5 3.4 2.4 2.9 1.2 1.1 2.7 4.9 46.8 44.4 42.6 35.9 Germany 8.2 9.0 9.5 9.5 2.0 1.9 3.7 4.1 -3.7 -4.0 -3.7 -3.2 60.3 63.9 65.7 67.9 Estonia 10.3 10.0 9.7 7.9 -9.8 -11.6 -12.5 -10.5 0.4 2.0 2.3 2.3 5.6 5.7 5.2 4.5 Greece 10.3 9.7 10.5 9.8 -1.2 0.0 -0.6 -2.6 -5.2 -6.1 -7.8 -5.2 110.7 107.8 108.5 107.5 Spain 11.1 11.1 10.6 9.2 -7.2 -7.1 -6.2 -7.7 -0.3 0.0 -0.2 1.1 52.5 48.7 46.2 43.1 France 8.7 9.4 9.6 9.6 -3.3 -3.5 -5.3 -7.4 -3.2 -4.2 -3.7 -2.9 58.2 62.4 64.4 66.6 Ireland 4.5 4.7 4.5 4.4 1.0 0.4 -0.3 -1.6 -0.4 0.3 1.5 1.1 32.2 31.1 29.7 27.4 Italy 8.6 8.4 8.0 7.7 -0.8 -1.3 -0.9 -1.6 -2.9 -3.5 -3.4 -4.1 105.6 104.3 103.9 106.6 Cyprus 3.6 4.1 4.6 5.2 -3.7 -2.3 -5.0 -5.6 -4.4 -6.3 -4.1 -2.3 64.7 69.1 70.3 69.2 Latvia 12.2 10.5 10.4 8.9 -6.6 -8.2 -13.0 -12.7 -2.3 -1.2 -0.9 0.1 13.5 14.4 14.5 12.1 Lithuania 13.5 12.4 11.4 8.3 -5.1 -6.8 -7.7 -7.2 -1.5 -1.3 -1.5 -0.5 22.2 21.2 19.4 18.7 Luxembourg 2.7 3.7 5.1 4.5 11.7 7.5 11.8 11.8 2.1 0.3 -1.1 -1.0 6.5 6.3 6.6 6.0 Hungary 5.8 5.9 6.1 7.2 -7.0 -8.0 -8.4 -6.8 -8.2 -6.3 -5.3 -6.5 54.0 55.8 56.3 57.7 Malta 7.5 7.6 7.4 7.3 1.4 -4.7 -8.0 -10.5 -5.5 -10.0 -5.0 -3.2 60.1 70.2 74.9 74.2 Netherlands 2.8 3.7 4.6 4.7 2.5 5.5 8.5 7.7 -2.0 -3.1 -1.8 -0.3 50.5 52.0 52.6 52.7 Austria 4.2 4.3 4.8 5.2 0.3 -0.2 0.5 1.3 -0.5 -1.6 -1.2 -1.5 65.8 64.6 63.8 63.4 Poland 19.9 19.6 19.0 17.7 -2.6 -2.1 -4.2 -1.7 -3.2 -4.7 -3.9 -2.5 39.8 43.9 41.9 42.0 Portugal 5.0 6.3 6.7 7.6 -7.8 -5.9 -7.2 -9.2 -2.9 -2.9 -3.2 -6.0 55.5 57.0 58.6 64.0 Romania 8.4 7.0 8.1 7.2 -3.3 -5.5 -8.4 -8.7 -2.0 -1.7 -1.3 -0.4 23.8 20.7 18.0 15.2 Slovakia 18.7 17.6 18.2 16.3 -7.9 -0.9 -3.4 -8.5 -7.7 -3.7 -3.0 -3.1 43.3 42.7 41.6 34.5 Finland 9.1 9.0 8.8 8.4 10.1 6.4 7.8 4.9 4.1 2.5 2.3 2.7 41.3 44.3 44.3 41.3 Sweden 4.9 5.6 6.3 7.5 5.1 7.3 6.8 6.2 -0.2 0.1 1.8 3.0 52.0 51.8 50.5 50.4 United Kingdom 5.1 4.9 4.7 4.8 -1.6 -1.3 -1.7 -2.2 -1.7 -3.3 -3.2 -3.3 37.5 38.9 40.4 42.4 USA 5.8 6.0 5.5 5.1 -4.5 -4.8 -5.7 -6.4 -3.8 -4.6 -4.4 NA 60.2 62.5 63.4 NA Sources of data: SORS; Eurostat. Notes: 1EU25 and euro area aggregates are adjusted for reporting errors concerning intra-EU trade ; 2 data from Eurostat news release on 23 October 2006. Slovenian Economic Mirror IMAD Graphs No. 1/2007 p. A 16 INDUSTRY indices: average 2000=100 trend indices by the TRAMO-SEATS method FREIGHT TRANSPORT BY ROAD AND RAIL (mio tonne km) 2004 QII QIII QIV 2005 QII QIII QIV 2006 QII QIII QI QI QI GOODS TRADE FOB, EXCL. INTERCURRENCY CHANGES 12-month cummulatives in EUR, bn 1 ==|RAIANCE (right) -EXPORTS . IMPORTS REAL INDICES OF CONSTRUCTION PUT IN PLACE indices: average 2000=100; trend indices by the TRAMO-SEATS method -CONSTRUCTION -BUILDINGS CIVIL ENGINEERING Q. ■=5 Q. W ^ O OVERNIGHT STAYS TOTAL indices: average 1992=100; trend indices by the TRAMO-SEATS method -ORIGINAL INDICES TREND INDICES ^J \ v\ 8 I EMPLOYMENT AND UNEMPLOYMENT -2 100 -EMPLOYMENT, indices 2000=100 -UNEMPLOYMENT RATE (right axis) S 8 ^ o Q. ^ SO is iS1 t Q. ni O ö (0 (0 ^ ni W ^ 8 ^ ^ « 145 180.0 135 160.0 25 140.0 15 120.0 105 100.0 95 80.0 350 300 250 200 150 100 50 0 14 19 4 17 15 12 13 95 10 11 90 8 Slovenian Economic Mirror IMAD Graphs No. 1/2007 p. A 17 NET WAGES AND OTHER REMUNERATION, in SIT bn PAYMENTS FOR INVESTMENT in SITbn, constant 2000 prices 3 -8 8 i ° 8 -8 8 UL 5 8 8 ■ï ° 8 EFFECTIVE EXCHANGE RATE OF THE TOLAR IN REAL TERMS INDICES: AVERAGE 2001=100 HOUSEHOLDS' DEPOSITS in SITbn in constant 2001 prices FOREIGN CURRENCIES DOMESTIC CURRENCY to & 3 Se^SS to & 33 Spê GROWTH IN SELECTED PRICE INDICATORS INDICES:2005=100 PRICE CONTROL CONSUMER PRICE INDEX PRODUCER PRICE INDEX O OJ O OJ EXCHANGE RATE OF SELECTED CURRENCIES TO THE TOLAR IN REAL TERMS, INDICES: AVERAGE 2001 = 100 Ii & = 8- 500 0 80 60 40 20 90 0 Slovenian Economic Mirror IMAD Index No. 1/2007 p. A 18 Agriculture and food processing industry agricultural production in 2003 6/04:15 age and education structure 8-9/02:22 agricultural holdings by size 7/02:18 CAP reform 7/03:18-19 demand for food and beverages 12/01:13 negotiations with the EU 2/02:23, 1/03:17 prices 4/01:11, 5/01:18, 10/01:10, 3/02:29, 3/03:14, 3/04:14, 3/05:13 reformed policy measures 5/02:16 sample surveys of agricultural holdings 10/03:15 cattle breeding 5/01:18 main indicators, number of cattle, BSE, milk production 1/01:9, 11/02:14 fishing 3/01:9, 6/01:12, 11/02:15, 8-9/04:16, 10/06:17 forestry 6/01:12, 4/02:18, 5/04:16, 11/06:19 international trade 2/01:11, 8-9/01:14, 3/04:15, 4/06:23 Balance of payments see also External debt comparative advantages 2/01:8 current account, capital and financial account, international money reserves 1/01:5, 2/01:7, 3/01:3,4,6, 4/01:6, 5/01:7, 6/01:6, 7/01:6, 8-9/01:7, 10/01:7, 11/01:5, 12/01:6, 1/02:6, 2/02:6, 3/02:6, 4/02:5, 5/02:4, 6/02:4, 7/02:5, 8-9/02:6, 10/02:7, 11/02:5, 12/02:4, 1/03:3,4, 2/03:4, 3/03:7, 4/03:5, 5/03:4, 6/03:4, 7/03:5, 8-9/03:6, 10/03:4, 11/03:4, 12/03:4, 1/04:4, 2/04:4-5, 3/04:6, 4/04:6, 5/04:4, 6/04:4, 7/04:4, 8-9/04:4-5, 10/04:5, 11/04:4-5, 12/04:4, 1/05:4, 2/05:4-5, 4/05:5, 5/05:4-5, 6/05:3, 7/05:4, 8-9/05:5, 10/05:6, 11/05:7-8, 12/05:4, 1/06:4, 2/06:4-5, 3/06:4, 4/06:6, 5/06:6-7, 6/06:6, 7/06:4, 8-9/06:6, 10/06:4, 11/06:6-7, 12/06:10, 1/07:5 changes in the balance of payments 89/02:21 financial transactions with the rest of the world 12/01:6 terms of trade 4/01:6, 8-9/01:7, 8-9/02:6, 2/03:4, 4/03:5, 5/03:4, 7/03:5 export financing and export credit insurance 4/01:7, 3/02:11, 5/03:22 foreign exchange reserves 1/01:5, 8-9/01:7, 8-9/02:6 foreign direct investments 3/02:7 regional composition of trade 2/01:7, 8-9/01:7, 7/02:5, 2/05:4 trade in services 2/01:10, 5/01:7, 8-9/01:9, 12/01:7, 3/02:8, 6/02:5, 8-9/02:7, 3/03:5, 7/03:5, 8-9/03:7, 2/04:6, 8-9/04:6, 12/04:29, 2/05:8, 8-9/05:6, 2/06:6, 8-9/06:7 e-commerce 12/01:7 competitiveness of exports of services 12/02:18, 12/03:17 coverage of international trade in services (methodology) 3/03:24,25 regional distribution 6/04:20 Business subjects 5/03:21, 5/04:20-21 Economic subjects 4/05:17, 4/06:22 CEFTA CEFTA - SLO see also Competitiveness export openness and export multiplier 3/01:6 labour productivity and profitability 3/01:5 Civil society voluntary organisations membership and work in voluntary organisations 10/01:26 Co-operative societies business performance 12/01:11, 12/02:17, 11/03:17, 12/04:30, 11/05:23 Corporate sector company performance by activities: construction 11/01:8, services 11/01:9 R&D: 6/05:18 by kind of ownership 11/04:18, 8-9/05:23 by origin of capital 11/04:19, 10/05:22 by size 10/02:16, 10/03:22, 7/04:24, 89/04:26, 6/05:16 by share of exports in total revenues 11/02:19, 8-9/03:20, 10/04:20, 7/05:19 by regions 5/01:10 by no. of employees 6/01:7, 7/05:18_ in 1994-2000 4/01:8 overall performance 11/01:10, 5/02:15, 6/03:13, 7/03:20, 6/04:21, 7/04:24, 5/05:19, 5/06:22, 10/06:20-21 comparison of Slovenian and European enterprises 1/05:20-21 enterprises by size 7/05:17, 7/06:20-21 entrepreneurial activity 5/06:17-18 compulsory settlement, bankruptcies, liquidations 4/02:17, 3/05:19 ownership structure, ownership concentration 5/01:11,12,13, 6/01:8, 7/01:7, 1/03:15, 3/05:22, 6/05:15 a matrix of changes in corporate ownership structure 8-9/01:11 foreign direct investment performance of companies employing foreign capital 7/03:21, 8-9/03:21, 10/03:21 legal entities accounts frozen 2/01:23 deletion from court registers 2/01:24 number by size according to amended Company Act 3/02:20 privatisation 5/01:11,12,13, 7/01:7 solvency of legal entities 3/05:23, 5/06:23 small sole proprietorships 12/05:20 Doing Business rankings (WB) 12/06:24-25 Competitiveness (export competitiveness) price and cost competitiveness - effective exchange rate, unit labour costs: quarterly trends 2/01:6, 5/01:6, 8-9/01:8, 11/01:6, 2/02:7, 5/02:5, 8-9/02:8, 11/02:6, 2/03:7, 5/03:5, 8-9/03:8, 11/03:5, 3/04:4, 5/04:5, 8-9/04:7, 11/04:6, 2/05:6, 10/05:4, 11/05:6, 2/06:7, 6/06:4, 8-9/06:5, 12/06:8 annual trends 3/01:5, 4/01:5, 2/03:8, 3/04:5, 2/05:7 international comparison SLO - CEFTA 3/01:5, 8-9/01:8, 3/02:10 SLO - EU 4/01:5 market share 3/02:9, 5/02:5, 7/02:3, 11/02:6, 10/05:5, 6/06:5, 12/06:9 value added and productivity by activities 3/01:5 - methodological changes in measuring competitiveness 12/06:26 Competitiveness of nations country risk 10/01:6, 3/02:4, 10/02:5 global competitiveness and country risk, int. comparison 4/01:4, 3/03:6 economic freedom 5/01:5 global competitiveness IMD's annual report 8-9/01:6, 5/03:17, 5/04:18, 5/05:20-21, 7/05:22-23, 5/06:19-20 - corruption 1/02:4 - country's image 1/01:4, 7/02:16 - country's readiness for the future 7/01:5 - location attractiveness 11/03:20-21 - protectionism 2/01:5 - social cohesion 6/01:5 - state efficiency 11/01:4, 7/02:15, 11/02:22 - technology foresight 5/01:4 WEF Report 2/02:4, 11/02:22, 1/05:18-19, 12/05:17-18, 1/06:19, 1/07:24-25 - technology progress 2/02:4 Country risk see Competitiveness of nations Crime international comparison 3/03:26 trends in Slovenia 4/03:17 Development Report 3/03:20-21, 3/05:4-5, 5/06:4-5 Distributive trades companies performance 6/02:18 quarterly Trg-15 survey 6/01:11, 8-9/01:16, 1/02:17, 3/02:25, 7/02:23, 10/02:19, 12/02:16, 3/03:15, 6/03:12, 8-9/03:17, 12/03:13, 6/04:14, 8-9/04:19, 12/04:16, 5/05:13 selected indicators 5/01:16, 6/01:11, 8-9/01:16, 11/01:12, 2/02:21, 3/06:11, 89/06:16, 12/06:18 survey on business tendencies in retail trade 2/01:12, 5/01:16, 6/01:11 value added 2/01:12, 8-9/01:16, 10:02/16, 12/02:16, 3/03:15, 6/03:12, 8-9/03:17, 12/03:13, 6/04:14, 8-9/04:19, 3/06:11, 7/06:15, 8-9/06:16, 12/06:18 sales capacities 12/06:23 Earnings gross wage per employee by activities 1/01:14, 3/01:18, 4/01:18, 5/01:30, 6/01:20, 7/01:20, 8-9/01:25, 10/01:22, 11/01:20, 1/02:13, 2/02:15, 4/02:13, 5/02:12, 6/02:12, 7/02:12, 8-9/02:15, 10/02:13, 11/02:12, 12/02:11, 1/03:10, 2/03:14-15, 4/03:12, 5/03:11, 6/03:10, 7/03:12, 8-9/03:13, 10/03:9, 11/03:11, 12/03:10, 1/04:11, 2/04:12, 3/04:12, 4/04:13, 5/04:11, 6/04:10, 7/04:11, 8-9/04:13, 10/04:13, 11/04:12, 12/04:10, 1/05:11, 2/05:14, 7/05:3, 8-9/05:12, 10/05:14, 11/05:14, 12/05:10, 1/06:12, 2/06:13, 3/06:9, 4/06:14, 5/06:10, 6/06:12-13, 7/06:11, 89/06:12, 10/06:11, 11/06:12, 12/06:15, 1/07:12 Economic growth see GDP see also Sustainable development see also Strategy for the Economic Development of Slovenia Economic Policy Government's Programme for Effective Integration into the European Union 7/03:3 Programme for Entering the ERM 2 and Introducing the Euro 11/03:3 Education see Human resources Energy sector electricity selected indicators (production and consumption, international comparison) 2/01:14, 3/01:10, 4/01:12, 5/01:19, 6/01:13, 7/01:10, 8-9/01:17, 10/01:13, 11/01:13, 1/02:15, 2/02:19, 3/02:22, 4/02:21, 5/02:19, 6/02:16, 7/02:21, 10/02:18, 1/03:13, 4/03:15, 7/03:15, 10/03:12, 1/04:14, 4/04:15, 7/04:15, 10/04:16, 1/05:14, 4/05:14, 7/05:14, 10/05:17, 1/06:15, 4/06:17, 7/06:13, 10/06:14, 1/07:15 prices 1/01:8, 6/01:17, 10/04:16 international comparison 1/01:8, 6/01:13, 6/02:16, 7/06:13 electricity market 4/01:12 oil and oil products excise duties 1/03:13, 7/03:15, 4/04:15 prices - international comparison 1/01:8, 2/01:14, 4/01:12, 5/01:19, 7/01:10, 8-9/01:17, 10/01:13, 12/01:15, 2/02:19, 4/02:21, 5/02:19, 7/02:21, 1/03:13, 4/03:15, 7/03:15, 10/03:12, 1/05:14 pricing model for liquid fuel prices 1/03:13, 4/03:15, 4/04:15, 7/04:15,19 Environment - Environmental policy see also Sustainable development environmentally intensive exports 3/02:26 merchandise export with high content of natural resources 3/02:27 EU consumer prices in the EU 8-9/01:21 economic trends and forecasts 11/02:4, 3/03:4-5, 7/03:4, 8-9/03:5, 7/04:3,19, 11/05:3, 11/06:4 Lisbon strategy 11/05:4-5 Stability and growth pact 10/06:19 tax and contributions structure 11/05:19-20 public finance flows between SLO and EU 1/07:26 Slovenia's accession to the EU equal partner in the EU 1/01:1 Report on Progress towards Accession 12/01:5, 10/02:6 Exchange rate see Competitiveness Exchange rate mechanism (ERM) II 6/04:3, 6/04:6 Export markets CEFTA see CEFTA EU see EU share of Slovenia's exports in imports of trading partners 11/00:6 External debt of Slovenia 2/03:6, 10/04:6, 3/05:6 external debt statistics according to new methodology: - gross external debt it s dynamic Slovenian Economic Mirror IMAD Index No. 1/2007 p. A 19 indicators 10/03:20 foreign exchange reserves/external debt 1/01:5, 3/01:4, 5, 1/02:6, 2/03:6 Forecasts for Slovenian economy by IMAD autumn forecasts 10/01:4, 10/02:3-4, 8-9/03:3, 10/04:3-4, 8-9/05:4, 8-9/06:4 spring forecasts 4/02:3, 4/03:3-4, 4/04:3-4, 4/05:3-4, 4/06:3-4 Foreign analysts forecasts 10/01:5, 12/01:4, 11/02:3, 4/06:5 Foreign direct investment company ownership structure 5/01:11-13 GDP - Slovenia GDP per capita in terms of purchasing power 7/01:11 annual growth 3/01:4-5, 1/02:3, 3/02:3, 3/03:3, 8-9/03:4, 3/04:3, 3/05:3, 3/06:3 - economic growth components 3/03:3, 89/03:4, 3/04:3, 3/05:3 - international comparison see International environment quarterly growth 3/01:4,5, 6/02:3, 8-9/02:3, 12/02:3, 6/03:3, 89/03:4, 12/03:3, 3/04:3, 6/04:3, 8-9/04:3, 12/04:3, 1/05:3, 3/05:3, 8-9/06:3, 11/06:4-5 Past and Future of Slovenian GDP 12/04:22 Room for Future Improvement of Slovenian GDP Growth 12/04:23 Global competitiveness see Competitiveness of nations Households Household Budget Survey 10/01:24, 10:02/20 private consumption and indebtedness 7/01:7, 10/01:23, 1/02:11, 8-9/02:17, 12/02:13, 1/04:13, 7/04:13, 8-9/04:15, 12/04:12, 3/05:16, 6/05:11, 8 9/05:15, 12/05:11, 3/06:12, 6/06:15, 8-9/06:15, 12/06:17 available and allocated assets of households 12/05:19, 1/07:20-21 Human development see Social indicators Human resources see also Social Indicators education adults in secondary schools 7/06:22-23 informal, continuing education 8-9/01:27, 10/06:18 lifelong learning 5/01:31, 6/06:21-22 higher education 11/01:22, 7/02:24, 7/05:2021, 8-9/05:22, 7/06:24 higher education-scholarships 8-9/06:21 expenditure on educational institutions -international comparison 6/05:17, 1/06:20-21 public expenditure on education -international comparison 12/04:21, 1/06:2021 value added in education 6/01:21 science and technology graduates 3/06:1617 Industry and construction construction 5/01:15, 7/01:7, 8-9/01:13, 10/01:9, 11/01:8, 12/01:10, 2/02:22, 4/02:20, 5/02:18, 6/02:15, 7/02:20, 8-9/02:19, 10/02:17, 12/02:15, 2/03:17, 5/03:14, 8-9/03:16, 11/03:14, 2/04:15, 5/04:14, 8-9/04:18, 12/04:14, 2/05:17, 5/05:12, 8-9/05:14, 11/05:16, 2/06:15, 5/06:12, 8-9/06:14, 11/06:14 manufacturing companies by factor intensity 11/00:9 export-oriented companies 1/01:6, 10/01:8, 12/01:9, 6/02:14, 8-9/02:18 financial indicators 4/01:9, 7/02:19 international comparison 3/01:7 production volumes, trends and forecasts 2/01:9, 5/01:14, 6/01:9, 8-9/01:12, 10/01:8, 11/01:7, 2/02:18, 3/02:21, 4/02:19, 5/02:17, 6/02:14, 8-9/02:18, 11/02:16, 12/02:14, 1/03:12, 3/03:17, 4/03:14, 5/03:13, 6/03:13, 7/03:14, 8-9/03:15, 10/03:11, 11/03:13, 12/03:12, 2/04:14, 5/04:13, 6/04:12, 7/04:14, 8-9/04:17, 10/04:15, 11/04:14, 12/04:13, 1/05:13, 2/05:16, 4/05:13, 5/05:11, 6/05:12, 7/05:12, 8-9/05:13, 10/05:15, 11/05:15, 12/05:12, 1/06:13, 2/06:14, 3/06:10, 4/06:15, 5/06:11, 6/06:14, 7/06:12, 8-9/06:13, 10/06:12, 11/06:13, 12/06:16, 1/07:13 value added and productivity by activities 1/01:6, 3/01:7, 4/01:9, 7/02:19, 12/02:3, 89/03:15 producerprices 2/01:15, 3/01:11, 4/01:13, 5/01:23 Industrial policy State aid - international comparisons 1/03:16 Industrial relations see also Labour market employment relationship collective agreements 12/01:22-23 collective bargaining coverage and extension procedures 2/04:22-23 employment relationships act 6/02:19 European works councils 5/05:22 probation period - international comparison 1/01:16-17 working time 11/04:20 strikes data collections and international comparisons 3/04:20-21 membership in employers' organisations 12/03:18 employee participation in a European Joint-Stock Company 3/05:23 Inflation see Prices Information technology equipment and services 12/01:8 use of internet 3/02:28 Institutions trust in institutions 8-9/01:28, 12/02:19, 4/06:21 Insurance sector international comparison export financing and export credit insurance see Balance of payments / foreign trade policy International environment see also EU and CEFTA 5/01:7, 10/01:5, 3/02:5, 7/02:4, 8-9/02:4-5, 11/02:4, 7/03:4, 8-9/03:5, 1/05:3, 5/05:3, 4/06:5, 12/06:6-7, 1/07:4 Germany 1/02:5, 3/03:4,5, 7/03:4, 4/06:5, 12/06:6-7 candidate-countries for the EU economic developments and forecasts 12/01:4, 4/02:4 Croatia 2/02:5, 8-9/02:5 Investment construction 8-9/01:3-4,13 Labour market see also Industrial relations unemployment first-time job seekers 4/02:11 structure of registered unemployment 1/01:15, 2/01:19, 4/01:17, 5/01:27, 1/02:12, 5/02:11, 8-9/02:14, 2/03:13, 7/03:11, 89/03:12, 1/06:11 survey unemployment rate 3/01:7, 2/02:13, 3/03:12, 5/03:10, 8-9/03:12, 2/04:11, 2/05:13, 2/06:3, 12/06:14 selected labour market indicators 1/01:15, 2/01:19, 3/01:15, 4/01:17, 5/01:27, 6/01:19, 7/01:17, 8-9/01:24, 10/01:19, 11/01:19, 12/01:21, 1/02:12, 2/02:13, 3/02:17, 4/02:11, 5/02:11, 6/02:11, 7/02:11, 8-9/02:14, 10/02:12, 11/02:11, 12/02:10, 1/03:9, 2/03:13, 3/03:12, 4/03:11, 5/03:10, 6/03:9, 7/03:11, 8-9/03:12, 10/03:8, 11/03:10, 12/03:9, 1/04:10, 2/04:11, 3/04:11, 4/04:12, 5/04:10, 6/04:9, 7/04:10, 8-9/04:12, 10/04:12, 11/04:11, 12/04:9, 1/05:10, 2/05:13, 3/05:11, 4/05:11, 5/05:10, 6/05:10, 7/05:11, 8-9/05:11, 10/05:13, 11/05:13, 12/05:9, 1/06:10, 2/06:11, 3/06:8, 4/06:12, 5/06:3, 5/06:9, 6/06:11, 7/06:10, 8-9/06:11, 10/06:10, 11/06:11, 12/06:14, 1/07:11 vacancies and people hired 2/06:12 accidents at work 2/02:24, 4/02:12 education structure of persons in employment 7/01:17, 12/02:10, 12/03:9 employment by activities 3/01:15, 2/02:13, 89/02:14, 4/06:13 employment rate of older workers 8-9/04:25 employment in transition 6/01:19 jobs and unemployment across regions 3/03:19 labour market flexibility 3/05:20-21 occupational structure of labour demand 3/02:17, 4/03:11 overtime work 6/02:11 structural unemployment 10/03:8 part-time work 3/01:16-17, 5/01:28,29, 2/03:19 probation period 1/01:16-17 temporary work 7/01:18 temporary work agencies 10/01:20-21 work on contract 6/02:11 employment programmes 10,000 Programme 11/03:10 programme of refunding contributions of employers 7/02:11 Public Works Programmes 4/04:12 Programme of promoting self-employment 5/04:10 legislation Employment of Foreigners Act 3/01:15, 6/03:9 Active Employment Policy Programme for 2003 11/02:11 Vocational Rehabilitation and Employment of Disabled Persons Act 7/04:10 productivity growth 2/02:14, 1/04:10 Manufacturing see Industry Money market and monetary policy corporate liquidity 1/01:12, 2/01:17, 4/01:15, 5/02:7 money aggregates, interest and exchange rates 1/01:11, 2/01:16, 3/01:12,13, 4/01:15, 5/01:24, 6/01:16, 7/01:14, 8-9/01:22, 10/01:16, 11/01:16, 12/01:18, 1/02:8, 2/02:9, 3/02:13, 4/02:7, 5/02:7, 6/02:9, 7/02:7, 89/02:10, 10/02:9, 11/02:8, 12/02:6, 1/03:6, 2/03:10, 3/03:9, 4/03:7, 5/03:7, 6/03:6, 7/03:7, 10/03:6, 11/03:7, 12/03:6, 1/04:6, 2/04:8, 3/04:8, 4/04:8, 5/04:7, 6/04:6, 7/04:6, 8-9/04:9, 10/04:8, 11/04:8, 12/04:6, 1/05:6, 2/05:10, 3/05:8, 4/05:7, 5/05:7, 6/05:7, 7/05:6, 8-9/05:8, 10/05:8, 11/05:10, 12/05:6 yield curve of Government securities 3/01:14 monetary policy guidelines 12/01:18, 10/02:34 banks interest rates 5/01:25, 3/02:15, 10/02:10, 10/02:9 money market, loans 1/01:12, 2/01:17, 4/01:15, 6/01:17, 10/01:17, 12/01:19, 1/02:9, 2/02:11, 3/02:15, 4/02:9, 5/02:9, 7/02:9, 89/02:12, 10/02:11, 11/02:10, 12/02:8, 1/03:8, 2/03:12, 3/03:11, 4/03:9, 5/03:9, 6/03:8, 7/03:9, 8-9/03:11, 11/03:9, 12/03:8, 1/04:8, 2/04:10, 3/04:10, 4/04:10, 5/04:9, 6/04:8, 7/04:8, 8-9/04:11, 10/04:10, 11/04:10, 12/04:8,1/05:8, 2/05:12, 3/05:10, 4/05:9, 5/05:9, 6/05:9, 7/05:8, 8-9/05:10, 10/05:10, 11/05:12, 12/05:8, 1/06:7, 2/06:10, 3/06:7, 4/06:9, 6/06:8, 7/06:6, 8-9/06:9, 10/06:6, 11/06:9, 12/06:12, 1/07:7 savings with banks and mutual funds 1/01:12, 3/01:13, 5/01:25, 7/01:15, 11/01:17, 1/02:9, 2/02:10, 3/02:14, 4/02:8, 5/02:8, 7/02:8, 8-9/02:11, 10/02:10, 12/02:7, 1/03:7, 2/03:11, 3/03:10, 4/03:8, 5/03:8, 6/03:7, 7/03:8, 8-9/03:10, 11/03:8, 12/03:7, 1/04:7, 2/04:9, 3/04:9, 4/04:9, 5/04:8, 6/04:7, 7/04:7, 8-9/04:10, 10/04:9, 11/04:9, 12/04:7, 1/05:7, 2/05:11, 3/05:9, 4/05:8, 5/05:8, 6/05:8, 7/05:7, 8-9/05:9, 10/05:9, 11/05:11, 12/05:7, 1/06:6, 2/06:9, 3/06:6, 4/06:8, 5/06:21, 6/06:9, 7/06:7, 8-9/06:10, 10/06:7, 11/06:10, 12/06:13, 1/07:8 capital flows annual flows 3/01:13 solvency (companies and households) 10/01:17, 12/01:19 Maastricht criteria long-term interest rates 5/04:19 Population 1/07:22-23 household savings see The money market Prices price trends - inflation, administered and unregulated prices 1/01:10, 2/01:15, 3/01:11, 4/01:13, 5/01:23, 6/01:15, 7/01:13, 8-9/01:21, 10/01:15, Slovenian Economic Mirror IMAD Index No. 1/2007 p. A 20 11/01:15, 12/01:17, 1/02:7, 2/02:8, 3/02:12, 4/02:6, 5/02:6, 6/02:6, 7/02:3,6, 8-9/02:9, 10/02:8, 11/02:7, 12/02:5, 1/03:5, 2/03:9, 3/03:8, 4/03:6, 5/03:6, 6/03:5, 7/03:6, 89/03:9, 10/03:5, 11/03:6, 12/03:5, 1/04:5, 2/04:7, 3/04:7, 4/04:7, 5/04:6, 6/04:5, 7/04:5, 8-9/04:8, 10/04:7, 11/04:7, 12/04:5, 1/05:5, 2/05:9, 3/05:7, 4/05:6, 5/05:6,23,24, 6/05:6, 7/05:5, 8-9/05:3, 8-9/05:7, 10/05:3, 10/05:7, 11/05:9, 12/05:3,5, 1/06:5, 2/06:8, 3/06:5, 4/06:7, 5/06:8, 6/06:7, 7/06:5,19, 8-9/06:8, 10/06:5, 11/06:8, 12/06:3, 12/06:11, 1/07:6, 1/07:19 prices policy 6/02:7-8, 10:02/3-4, 11:02/3, 5/05:23, 6/05:6 harmonised index of consumer prices 1/05:22 core inflation 1/01:10, 3/01:11, 4/01:13, 6/01:15, 10/02:8, 12/02:5, 2/03:9, 3/03:8, 6/03:5 producer prices see Industry revision of CPI 2/00:14, 2/01:15 bond yield curve see Money market and Monetary policy and Stock Exchange Productivity see Industry and Competitiveness Private Consumption see Households Public finance general government debt 10/02:15 general government revenue 1/01:18, 2/01:22, 3/01:19, 4/01:19, 5/01:21, 6/01:14, 7/01:12, 10/01:14, 11/01:14, 12/01:16, 1/02:14, 2/02:16, 3/02:18, 4/02:14, 5/02:13, 6/02:13, 7/02:13, 8-9/02:16, 10/02:14, 11/02:13, 12/02:12, 1/03:11, 2/03:16, 3/03:13, 4/03:13, 5/03:12, 6/03:11, 7/03:13, 10/03:10, 11/03:12, 12/03:11, 1/04:12, 2/04:13, 3/04:13, 4/04:14, 5/04:12, 6/04:11, 7/04:12, 8-9/04:14, 10/04:14, 11/04:13, 12/04:11, 1/05:12, 2/05:15, 4/05:12, 7/05:10, 10/05:12, 1/06:9, 4/06:11, 7/06:9, 10/06:9, 1/07:10 legal basis 2/01:22 general government expenditures 3/05:12, 6/06:10 general government balance 12/04:3, 3/05:12 state budget expenditure 4/01:20, 5/01:22, 8-9/01:20, 3/05:12 budget expenditure on culture 3/02:19 public expenditure on education - international comparison 12/04:21 Public services network see also Human resources 7/04:20 - international comp. 7/04:21 Public institutes financial results in 2002 11/03:18 financing 11/03:19 Public Health Institutes 2/04:20-21 Quality of life seeSocial indicators Research and development see Technological development Regional development company performance by regions 5/01:10, 7/02:14, 7/05:24 development deficiency index 8-9/01:10, 7/06:25 evaluation of regional development opportunities 5/01:9 jobs and unemployment across regions 3/0319, 10/03:16, 4/04:20, 7/05:24 regional GDP 2/02:17, 8-9/03:19, 4/04:20, 7/04:23, 7/05:24, 2/06:19 population's education structure - regional aspect 6/03:15, 4/04:20 population's demographic structure 5/06:24 personal income tax base per capita 6/06:20 Report on structural reforms 10/03:3 Report on economic and social cohesion 2/04:18-19 Services domestic trade see Distributive trades information technology see Information technology public services see also Public services network 5/02:22 international comparison 5/02:23 real estate, renting and business services 10/01:11, 11/01:9, 4/02:23, 4/04:16, 5/05:15, 12/05:13 prices of telecommunication services 2/06:20 tourism see Tourism trade in services see Balance of payments Social indicators civil society see Civil society equal opportunities policy 3/02:30, 8-9/02:24, 1/04:20-21, 3/04:18-19, 2/05:21-22 trust in other people 6/06:19 Human Development Report 4/01:21, 5/01:9, 5/03:18-19, 8-9/05:19, 11/06:17 Social Overview 2006 12/06:4-5 human resources mortality caused by injuries: - due to external causes of injury 4/03:18 - by age and gender 5/03:20 gender-related development index 3/03:22, 10/05:21 gender empowerment measure 10/03:17, 10/04:19 gender equality 10/04:19 human development index 8-9/02:20, 7/03:17, 7/04:22 health insurance - supplementary 1/04:19 illegal immigrants 6/01:22 quality of life (see also Human development report) 5/01:9 social actions 10/01:25 social capital 4/01:21 social welfare cash benefits 11/06:18 social protection of the elderly 3/03:23 indicators (happiness, satisfaction with life, etc) 1/01:19, 12/04:24-25, 3/06:18 long-term care 12/04:26,27 parental leave-paternity leave 8-9/02:24 the poverty risk rate 5/02:24, 12/02:20, 11/03:22, 11/04:17 Time Use Survey 10/02:21 transfers expenditures for social protection 89/01:26, 8-9/02:23, 4/04:19, 3/06:19 social benefits: - children 2/01:21 - disabled people 7/01:22 - parents 3/02:30 - parental leave 11/01:21 - pensions 5/01:32, 33 - financial social assistance 1/05:17 trust in institutions see Institutions Stock exchange turnover, capitalisation, indices 1/01:13, 2/01:18, 3/01:14, 4/01:16, 5/01:26, 7/01:16, 8-9/01:23, 10/01:18, 11/01:18, 1/02:10, 2/02:12, 3/02:16, 4/02:10, 6/02:10, 7/02:10, 8-9/02:13, 12/02:9, 4/03:10, 7/03:10, 10/03:7, 1/04:9, 4/04:11, 7/04:9, 10/04:11, 1/05:9, 4/05:10, 7/05:9, 10/05:11, 1/06:8, 4/06:10, 7/06:8, 10/06:8, 1/07:9 bonds 3/01:14, 4/04:11 authorised investment companies 5/02:10 indicators share turnover ratio 7/01:16, 10/01:18, 2/02:12, 7/02:10, 12/02:9 price-earnings ratio 11/00:16, 12/01:20 yield curve 3/01:14 industrial sector indices 4/01:16, 2/02:12, 12/02:9 investment by residents in foreign bourses 2/01:18, 6/01:18, 3/02:16 investment by non-residents 4/01:16, 7/01:16, 89/01:23, 1/02:10, 2/02:12, 8-9/02:13, 12/02:9 mutual funds 6/02:10, 8-9/02:11 Strategy of Slovenia's Development 6/05:4,5 Strategy for the Economic Development of Slovenia the main national strategic document 8-9/01:5 Strategy for Slovenia's Regional Development 8-9/01:5 Sustainable development ecological footprint 8-9/05:20-21 Technological development R&D activity in Slovenia 10/03:18,19 R&D expenditure 4/02:16 R&D researches 7/02:17 Technology Achievement Index by UNDP 11/02:20 Public Research Institutes 11/05:21,22 science and technology graduates 3/06:1617 Tourism travels of domestic population 6/01:10, 7/01:9, 12/01:12, 1/03:14, 3/03:16, 5/03:15, 7/03:16, 1/04:16, 12/04:28, 1/06:22, 1/07:27 foreign exchange receipts 3/01:8, 4/01:10, 10/01:12, 3/06:15, 12/06:19 international comparison 2/02:20 overnight stays by resort 8-9/01:15, 3/03:16, 5/03:15, 1/04:15, 5/06:13 overnight stays by accommodation 10/01:12 selected indicators 1/01:7, 3/01:8, 4/01:10, 5/01:17, 7/01:9, 8-9/01:15, 10/01:12, 11/01:11, 1/02:16, 2/02:20, 3/02:24, 4/02:22, 5/02:20, 7/02:22, 11/02:17, 3/03:16, 5/03:15, 10/03:13, 1/04:15, 6/04:13, 8-9/04:21, 12/04:17, 3/05:14, 5/05:14, 10/05:18, 1/06:16, 5/06:13, 8-9/06:17, 12/06:19 survey on foreign tourists in the summer season 6/04:19 tourists' country of origin 3/01:8 Transport selected indicators 2/01:13, 5/01:20, 89/01:18, 12/01:14, 3/02:23, 6/02:17, 11/02:18, 5/03:16, 11/03:15, 2/04:16, 5/04:15, 8-9/04:20, 12/04:15, 3/05:15, 7/05:13, 10/05:16, 1/06:14, 4/06:16, 7/06:14, 10/06:13, 1/07:14 telecommunications 2/01:13 network, infrastructure 2/01:13 Value added see Competitiveness and Industry and Distributive trades Welfare see Sustainable development social welfare indicators: see Social indicators Index Slovenian Economic Mirror IMAD No. 1/2007 p. A 21 Acronyms in the text have the following meanings: AIS-Agricultural Institute of Slovenia, AJPES-Agency of the Republic of Slovenia for Public Legal Records and Related Services, AP-Agency of the Republic of Slovenia for Payments, APr-Agency of the Republic of Slovenia for Privatisation, BS-Bank of Slovenia, bn - billion, CCIS-Chamber of Commerce and Industry of Slovenia, CSCC-Central Securities Clearing Corporation, DAIA-Directorate of Administrative Interior Affairs, DURS-Tax Administration of the Republic of Slovenia, EIMV-Electro Institute Milan Vidmar, ELES-Electro Slovenia, ESS-Employment Service of Slovenia, GEM-Global Entrepreneurship Monitor, HICP-Harmonised Index of Consumer Prices, HII-Health Insurance Institute, ICT-information and communications technologies, IER-Institute for Economic Research, IAAD-International Administrative Affairs Directorate, IMAD-Institute of Macroeconomic Analysis and Development, IPI-Industrial Price Index, LSE-Ljubljana Stock Exchange, m-million, MAFF-Ministry of Agriculture, Forestry and Food, MEA-Ministry of Economic Affairs, MES-Ministry of Education and Sport, MESP-Ministry of the Environment and Spatial Planning, MF-Ministry of Finance, MIA-Ministry of Internal Affairs, MLFSA-Ministry of Labour, Family and Social Affairs, MMTS-Market Maker Trading Segment, MST-Ministry of Science and Technology, N/A or (-) - not available, N/R-not reasonable, NFC-National Financial Corporation, OG-Uradni list Republike Slovenije (Official Gazette of the Republic of Slovenia), PDII-Pension and Disability Insurance Institute, p.p.-percentage points, PPA-Public Payments Administration of the Republic of Slovenia, PPP-purchasing power parity, PPS-purchasing parity standards, SDC-Slovene Development Corporation, SEC-Slovene Exports Corporation, SIA-Slovenian Insurance Association, SITC-Standard International Trade Classification, SMARS-Surveying and Mapping Authority of the Republic of Slovenia, SORS-Statistical Office of the Republic of Slovenia. Acronyms of Standard Classification of Activities (SCA): A-Agriculture, hunting, forestry, B-Fishing, C-Mining and quarrying, D-manufacturing, DA-food beverages and tobacco, DB-textiles and textile products, DC-leather and leather products, DD-wood and wood products, DE-paper, publishing, printing, DF-coke, petroleum products and nuclear fuel, DG-chemicals, DH-rubber and plastic products, DI-non-metal mineral products, DJ-metals and metal products, DK-machinery and equipment, DL-electrical and optical equipment, DM-transport equipment, DN-furniture and NEC, E-Electricity, gas and water supply, F-Construction, G-Wholesale, retail, trade, repair, H-Hotels and restaurants, I-Transport, storage, communications, J-Financial intermediation, K-Real estate, renting and business activities, L-Public administ.& defence; comp.soc.sec., M-Education, N-Health and social work, O-Other social and personal services. Acronyms of Countries: AT-Austria, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, EL-Greece, FR-France, FI-Finland, HU-Hungary, I-Italy, IE-Ireland, JP-Japan, LU-Luxembourg, LV-Latvia, LT-Lithuania, MT-Malta, NL-Netherlands, NO-Norway, PT-Portugal, RO-Romania, RU-Russia, SE-Sweden, UA-Ukraine, UK-United Kingdom, US-United States of America, PL-Poland, SI-Slovenia, SK-Slovakia. The IMAD's Other Publications Slovenian Economic Mirror IMAD No. 1/2007 Analysis, Research and Development Slovenia's Development Strategy (SDS 2006-2013), 2005 Spring Report 2006 Autumn Report 2006 Human Development Report Slovenia 2002-2003 Development Report 2006 Slovenia - On the Way to the Information Society Working papers • No. 11/2006. Firm of Private Value: What is Behind the Creation of Multiple Blockholder Structure?, A. Brezigar Masten, A. Gregorič, K. Zajc • No. 2/2006. Does Exporting Boost Capital Investments? The Evidence from Slovenian Manufacturing Firms' Balance Sheets, A. Burger, M. Ferjančič • No. 5/2004. On the possibility of negative effects of EU entry on output, employment, wages and inflation in Slovenia, A. Brezigar • 4/2004. Future GDP growth in Slovenia: Looking for room for improvement, E.L.W. Jongen • 3/2004. An analysis of past and future GDP growth in Slovenia, E.L.W. Jongen • 1/2004. Productivity growth and functional upgrading in foreign subsidiaries in the slovenian manufacturing sector, M. Rojec, B. Majcen, A. Jaklič, S. Radošević More Working papers are available in Slovene. IB Revija IB revija 4/2006 VSEBINA: Boris Gramc: Dejavniki notranjega podjetništva: Primer Slovenije. Matija Rojec: Struktura in politika nabav podjetij s tujim kapitalom v Sloveniji. Marijana Bednaš: Reforma pakta stabilnosti in rasti. Ana Murn: Ugotavljanje učinkovitosti državnih pomoči. Milena Bevc: Reforma financiranja visokega šolstva v Sloveniji za povečano zasebno financiranje - potrebnost in pogoji za uspeh. Razprave Alenka Kajzer: Kako povečati stopnjo zaposlenosti v Sloveniji? - uvod v okroglo mizo demografsko socialni izzivi Slovenije. Miroljub Ignjatović: Položaj mladih na trgu delovne sile. Nada Stropnik: Položaj in problemi mladih družin z vidika zaposlovanja ter usklajevanja dela in družine. Milena Bevc: Položaj mladih na trgu dela v luči sistema financiranja visokega šolstva ter meddržavne mobilnosti in migracij mladih. Monika Šlebinger, Ksenja Pušnik, Barbara Bradač: Pristopi k politiki aktivnega staranja. Tine Stanovnik: Trg dela in možne smeri razvoja pokojninskega sistema v Sloveniji. Dušan Kidrič: Spodbude delodajalcem za podaljšanje aktivnosti starejših zaposlenih. Janez Malačič: Mladi in starejši v pasteh sprememb na trgu dela. 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