Slovenian economic mirror October, 2015, No. 10, Vol. XXI Slovenian Economic Mirror ISSN 1318-3826 No. 10 / Vol. XXI / 2015 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Matevž Hribernik Authors of Current Economic Trends (listed alphabetically): Jure Brložnik, Janez Dodič, Marjan Hafner, MSc, Matevž Hribernik, Slavica Jurančič, Mojca Koprivnikar Šušteršič, Tanja Kosi Antolič, PhD, Janez Kušar, Jože Markič, PhD, Helena Mervic, MSc, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Ana T. Selan, MSc, Dragica Šuc, MSc, Ana Vidrih, MSc. Authors of Selected Topics: Matevž Hribernik (The Doing Business 2016 report by the World Bank); Branka Tavčar ((In) solvency in Q3 2015); Mateja Kovač, MSc (Forestry in 2014); Valerija Korošec, PhD (Social exclusion and material deprivation in 2014). Editorial Board: Marijana Bednaš, MSc, Aleš Delakorda, MSc, Lejla Fajic, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation and Graphs: Bibijana Cirman Naglič, Marjeta Žigman Concept and Design: Katja Korinšek, Pristop DTP: Bibijana Cirman Naglič Print: SURS Circulation: 80 copies © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight................................................................................................................................................................3 Current economic trends..............................................................................................................................................5 International environment...............................................................................................................................................7 Economic developments in Slovenia.............................................................................................................................8 Labour market..................................................................................................................................................................12 Prices..................................................................................................................................................................................13 Balance of payments.......................................................................................................................................................16 Financial markets.............................................................................................................................................................17 Public finance....................................................................................................................................................................19 Boxes Box 1: Household indebtedness in Slovenia...............................................................................................................10 Box 2: Road and rail freight transport - Q2 2015..............................................................................................................11 Box 3: Market shares in the first half of 2015....................................................................................................................15 Selected topics The Doing Business 2016 report by the World Bank.................................................................................................23 (In)solvency in Q3 2015...................................................................................................................................................24 Forestry in 2014................................................................................................................................................................26 Social exclusion and material deprivation in 2014....................................................................................................27 Statistical appendix.....................................................................................................................................................31 The Economic Mirror is prepared based on statistical data available by 5th November 2015. On January 2008, the new classification of activities of business entities NACE Rev.2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia, the national version of the standard classification, SKD 2008, which includes the entire European classification of activities but also adds some national subclasses, came into force on the mentioned date. In the Slovenian Economic Mirror, all analyses are based on the SKD 2008, except when the previous SKD 2002 classification is explicitly referred to. More general information about the introduction of the new classification is available on the SURS website http://www.stat.si/eng/ skd_nace_2008.asp. All seasonally adjusted data in the Economic Mirror are calculations by IMAD. Slovenian Economic Mirror, October 2015 3 In the Spotlight In the spotlight Short-term indicators of economic activity in the euro area indicate a continuation of modest GDP growth in the third quarter; confidence indicators also remain favourable. After increasing in July, production volume in manufacturing shrank in August. Construction output also declined, while turnover in retail trade remained similar to previous months (seasonally adjusted). At the end of the third quarter, confidence indicators improved further. Similar to other institutions, the European Commission left its projections for euro area GDP growth basically unchanged in its autumn forecast, forecasting 1.6% growth for this year and 1.8% growth for 2016. Most of the short-term indicators of economic activity in Slovenia rose further during the summer months (seasonally adjusted) and were up year-on-year, except in construction. Manufacturing production continues to increase and was, like exports, higher year-on-year in the first eight months of 2015. The increase in turnover in some trade segments suggests a further recovery of private consumption. Turnover is also growing in most market activities. Meanwhile, activity continues to decline in construction, the only sector that still lags behind the levels of the same period of 2014. The labour market continues to recover; wage growth is modest. In August, employment rose further (seasonally adjusted); in the first eight months, it was up year-on-year in most activities of the private sector, particularly in medium-low-technology manufacturing industries, accommodation and food service activities, transportation and distributive trades. Meanwhile, registered unemployment continues to decline at a rapid pace, 107,488 persons having been registered as unemployed at the end of October, a decline of 7.3% over October 2014. Average gross earnings per employee are rising more slowly than last year, primarily owing to the relatively stronger hiring of people with above-average earnings in the private sector. The year-on-year growth in public sector earnings reflects last year's payments of suspended promotion raises and, in part, wage growth in public corporations. Consumer prices continued to decline year-on-year in October. Energy prices remained lower than a year before, while prices of unprocessed food and services were higher. Unlike in previous months, prices of semi-durable goods (clothing and footwear) also fell year-on-year. The overall rate of non-banking sectors' deleveraging at domestic banks continues to ease, while corporate and NFI deleveraging is rising. The slower decline in total loans is largely due to household borrowing, where loan volume started to rise again. In the first three quarters, corporate and NFI loans (excluding the transfer of claims to the BAMC) decreased by around a tenth more than in the same period of 2014. Enterprises and NFIs also continue to deleverage abroad. They are making net repayments of long-term loans in particular, which is estimated to be also related to the low investment activity. The share of non-performing claims has hovered around 11% in recent months. Looking at the sources of finance, banks recorded an outflow of foreign funds in the first eight months of the year, while the increase in deposits by domestic non-banking sectors is slowing. The general government deficit (EUR 699 m) in the first eight months was smaller than in the same period of 2014 (by EUR 358 m). The year-on-year decline is linked to the improvement in economic activity, labour market situation and government measures, which together worked towards increasing revenue and stemming expenditure. General government revenue in the first eight months was up 3.7% year-on-year on the back of higher inflows of taxes, social contributions and EU cohesion policy funds. General government expenditure in the first eight months was similar to that in the same period last year. Slovenia improved its World Bank's Doing Business ranking in the last year. The report ranks Slovenia 29th, six places higher than in 2014, and 16th among the EU Member States. The overall ranking improved primarily as a result of the adoption of amendments to insolvency laws and the shortening of procedures in some areas (such as registering property and enforcing contracts). According to the report, a challenge remains dealing with construction permits, enforcing contracts and getting credit, the areas where Slovenia ranks very low. current economic trends 7 Slovenian Economic Mirror, November 2015 Current Economic Trends International environment Short-term indicators of economic activity in the euro area indicate a continuation of modest GDP growth in the third quarter, and confidence indicators also continue to improve. After increasing in July, production volume in manufacturing shrank in August. Construction output also declined, while turnover in retail trade remained similar to previous months. Confidence in the euro area economy remains favourable, as the economic sentiment indicator reached the highest values in four years at the end of the third quarter. Confidence improved, except among consumers. Figure 1: Economic Sentiment Indicator (ESI) by sector -Industry ----Services ----Consumers -Retail trade ro —■—Construction oi ^ —■—Economic sentiment in EMU (right axis) nn-- Figure 2: The ECB's Euro Area Bank Lending Survey Credit standards for loans to enterpr. over the past 3 months (left axis) -Credit standards for loans to enterpr. over the next 3 months (left axis) ----Demand for loans to enterprises over the next 3 months (right axis) -Demand for loans to enterprises over the past 3 months (rigth axis) 40 40 c 18 60 16 = 14 10 8 6 4 2 0 8 Slovenian Economic Mirror, October 2015 Current Economic Trends Figure 4: Prices of Brent crude oil and the USD/EUR exchange rate -Price in EUR (left axis) -Price in USD (left axis) - USD/EUR exchange rate (right axis) 110 100 ID t 90 ro -Q S. 80 cc ZD ° 70 a => 60 50 40 30 1.50 1.45 1.40 1.35 (u ro 1.30 e CT d ro 1.25 -C 0J cc 1.20 Üu Q 1.15 3 1.10 1.05 1.00 Source: ECB, EIA; calculations by IMAD. Economic developments in Slovenia The values of short-term indicators of economic activity in Slovenia rose slightly during the summer months (seasonally adjusted), being also up year-on-year, except for construction. Manufacturing production continued to expand and was, like exports, up year-on-year in the first eight months. The rising turnover in some trade segments suggests a further recovery of private consumption. Turnover is also growing in most market activities. Meanwhile, activity declines further in construction, the only sector that still lags behind the levels of the same period of 2014. Figure 5: Short-term indicators of economic activity in Slovenia - Merchandise exports - Industrial production in manufacturing ä 120 ro ™ 110 I s ----Construction output ----Turnover in retail trade 80 70 60 ¥ 50 Source: SURS; calculations by IMAD. Table 2: Selected monthly indicators of economic activity in Slovenia in % 2014 VIII 15/ VII 15 VIII 15/ VIII 14 I-VIII 15/ I-VIII 14 Merchandise exports, real1 6.6 -2.73 2.4 4.5 Merchandise imports, real1 3.6 0.13 0.5 3.3 Services exports, nominal2 4.5 2.13 9.0 6.0 Services imports, nominal2 7.5 1.13 4.6 1.1 Industrial production, real 2.2 -0.23 5.24 4.94 -manufacturing 4.3 -0.13 5.24 5.24 Construction -value of construction put in place, real 19.5 -4.53 -15.5 -8.2 Real turnover in retail trade 0.0 0.23 0.14 0.84 Nominal turnover in market services (without trade) 2.7 0.43 2.84 3.14 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: External trade statistics; deflated by IMAD, 2balance of payments statistics, Seasonally adjusted, 4working-day adjusted data. Growth in real merchandise exports slowed during the summer months, while imports remained, with monthly fluctuations, at almost the same level as in the second quarter (seasonally adjusted).3 The moderation of export growth is mainly due to the lower growth of exports outside the EU, while exports to the EU remain similar to those at the end of last year. The prospects for the coming months are improving. The indicator of expected exports in manufacturing rose notably in September and October. Meanwhile, merchandise imports remained similar to the second quarter over the summer months. While imports of consumer and investment goods increased further, imports of intermediate goods declined. In the first eight months, real merchandise exports were up 4.5% year-on-year, while imports were up 3.3%. Figure 6: Merchandise exports and the indicator of expected exports in manufacturing - Exports of services -Imports of services rN rN m m m in Source: BoS; calculatons by IMAD. 3 The estimate of real merchandise exports is based on nominal exports according to the external trade statistics and industrial producer prices on the foreign market, while real merchandise imports have been estimated on the basis of nominal imports according to the external trade statistics and the index of import prices. 90 40 30 9 Slovenian Economic Mirror, November 2015 Current Economic Trends Nominal exports of services continue to expand, while imports declined again (seasonally adjusted)4 after the modest growth in the second quarter. Export growth continued during the summer months, so that exports were 6.0% higher year-on-year in the first eight months of the year. Thanks to the favourable tourist season, their growth was mainly driven by exports of travel, alongside higher exports of transport services, another significant driver of total export growth. Recording modest growth since the beginning of the year, imports dropped somewhat over the summer months. In the first eight months, they were up 1.1% year-on-year, mainly on the back of higher exports of technical, trade-related and transport services, and charges for the use of intellectual property. Imports of construction services remain lower than one year ago owing to the completion of works on a major energy facility, as do imports of professional and management consultancy services, the sectors that recorded strong growth at the beginning of 2014 due to the payment of the banks' asset quality review. Figure 7:Trade in services - nominal -Exports of services -Imports of services rN m m m in 1 = 1 = 1=1=13 Source: BoS; calculatons by IMAD. Production volume in manufacturing continued to grow during the summer months. In the last few months, production increased particularly in medium-low-technology industries. In more technology-intensive industries, production growth came to a halt during the summer months, but these industries nevertheless recorded the highest production on average since the beginning of the crisis. Production in low-technology industries is low (seasonally adjusted). In the first eight months, production volume in manufacturing was up 5.2% on average year-on-year (working-day adjusted). Growth was mainly driven by the production of transport equipment, which was up almost a quarter relative to the same period of 2014. Significant contributions to growth also stemmed from the metal industry and the manufacture of ICT and electrical equipment, mainly due to their large shares in manufacturing output, although in the former, growth also accelerated year-on-year (from 4 According to the balance of payments statistics. 4.5% to 7.9%), while in the latter it more than halved (to 6.0% from 13.4% in the same period of 2014).5 Production was also up year-on-year in other industries, with the exception of the textile industry. Figure 8: Production volume in manufacturing according to technology intensity —•— Low-technology industries - Medium-low-technology industries ----Medium-high- and high-technology industries -Manufacturing, total Source: SURS; calculations by IMAD. The value of construction put in place dropped further in August (seasonally adjusted). Civil-engineering activity declined for the fifth month in a row, being down 15.8% from the previous August. After the increase in the middle of the year, activity in the construction of non-residential buildings contracted again in the last few months, while the construction of residential buildings continued to stagnate at low levels. Figure 9: Value of construction put in place 80 70 60 50 40 30 20 10 0 -Total ----Residential buildings - Non-residential buildings -------Civil-engineering works rN rN Source: SURS; calculations by IMAD. 5 The metal industry generates around a fifth, and the manufacture of ICT and electrical equipment around 13% of total value added in manufacturing. 110 35 30 í 85 w 80 75 70 65 60 10 Slovenian Economic Mirror, November 2015 Current Economic Trends Box 1: Household indebtedness in Slovenia The available indicators' indicate a decline in household indebtedness in Slovenia in recent years, but indebtedness is still higher than before the crisis. In the 2005-2008 period, household indebtedness was rising much faster than in the EU, but nevertheless remained relatively low. According to the available indicators, it started to decline in 2012 (in the EU, already in the first years of the crisis). According to the most recent data, household indebtedness declined further in the second quarter of 2015, but the indicators - with the exception of the ratio of household liabilities to household financial assets - still exceed the levels of 2008. Slovenian households are significantly less indebted2 than households in the EU on most indicators. Household liabilities as a share of GDP and disposable income in the EU are twice as high as in Slovenia. Slovenia is slightly above average in the ratio of household financial liabilities to household financial assets, as Slovenian households hold a significantly smaller stock of financial assets than households in the EU (Slovenia: 103% of GDP in 2014; EU: 227% of GDP). The structure of their financial assets also differs from the EU average: a much larger share is accounted for by currency and deposits, the shares of life and pension insurances and debt securities being considerably lower.3 Slovenian households also have much lower financial assets because of a higher level of real estate ownership in Slovenia. They have significantly more assets in real estate, the value of which is not included in financial assets. Figure '0: Household liabilities per capita, 2014 70,000 Table 3: Household indebtedness indicators, in % 40,000 30,000 10,000 Household liabilities/ household financial assets Household liabilities/household disposable income Household liabilities/GDP Slovenia EU-28 Slovenia EU-28 Slovenia EU-28 2005 24.3 32.2 37.5 106.9 23.5 68.1 2006 25.3 33.0 41.8 113.0 25.6 71.0 2007 28.3 34.4 48.6 113.4 29.2 70.4 2008 33.3 37.7 49.9 109.5 30.0 68.4 2009 33.0 36.7 52.0 115.1 33.0 74.9 2010 33.8 36.0 54.4 116.2 34.8 74.3 2011 34.9 35.7 53.3 115.4 34.1 73.4 2012 34.7 34.0 54.7 113.6 35.0 72.2 2013 33.5 32.8 54.0 112.3 34.3 70.9 2014 31.8 31.1 52.9 112.5 32.8 70.6 Source: Eurostat,;calculations by IMAD. Source: Eurostat; calculations by IMAD. 1 Household indebtedness is measured by the following indicators: 1) liabilities/financial assets; 2) liabilities per capita; 3) liabilities/ disposable income; 4) liabilities/GDP. 2 Measured by liabilities per capita and by liabilities in relation to disposable income or GDP. 3 The structure of total financial assets in Slovenia in 2014: currency and deposits (49.0%; EU 30.6%), shares and other equity (25.8%; EU 23.3%), life insurance and pension schemes (16.8%; EU 39.1%) and debt securities (0.8%; EU 3.7%). Other claims and loans account for 7.6% of total financial assets (EU 3.3%). 60,000 50,000 20,000 0 The stock of contracts and the value of new contracts in construction remain low. The stock of contracts in construction increased in August, but was still 8.8% lower than early in the year, while the value of new contracts dropped to the lowest level since 2000. During the summer months, turnover in wholesale trade increased further, seasonally adjusted; turnover growth was also recorded for the sale of motor vehicles and some retail trade segments, which indicates a rebound in private consumption. The sale and repair of motor vehicles saw increased sales of cars to both legal and natural persons.6 6 In the first eight months, turnover was up 13.5% year-on-year. The sales of cars used by natural persons were up 15.1% year-on-year After the strong growth at the beginning of the year, real turnover in retail trade has stagnated in recent months. July and August recorded further turnover growth in stores selling non-food products, particularly furniture, household appliances, construction material, and audio and video recordings. At the same time, turnover dropped further in the sale of food, beverage and tobacco products, as well as automotive fuels, the only large trade segment where turnover was down year-on-year. Nominal turnover in wholesale trade rose again during the summer months, with significant fluctuations, and was also up relative to the same period last year. (within that, the sales via leasing by almost a quarter); the sales of cars used by legal entities were 8.3% higher. Slovenian Economic Mirror, October 2015 11 Current Economic Trends Figure 11: Turnover in trade subsectors -Retail trade, real ----Motor vehicles and repair, real -Wholesale trade, nominal s = s 3 s = S = Ii = Source: SURS; calculations by IMAD. Nominal turnover in market services continues to grow (seasonally adjusted). The strengthening of manufacturing production is reflected in further turnover growth in transportation, primarily owing to a strong increase in this sector's exports. For several quarters in a row, strong turnover growth has also been recorded by employment services (employment placement agencies). Owing to the increasing number of domestic and foreign tourists, turnover also continues to expand in the accommodation and food service sector. This year it is also rising in computer programming and consultancy activities, legal and accounting, and management consultancy activities, the sectors that generate turnover predominantly on the domestic market. A further contraction is recorded only by telecommunication services, while activity in architectural and engineering services remains low. Figure 12: Nominal turnover in market services (other than trade) -Total -Transport and storage (H) ----Communication activities (J) ----Professional-technical activities (M) Source: SURS; calculations by IMAD. Box 2: Road and rail freight transport - Q2 2015 Road freight transport continues to increase, recording the highest levels ever; rail freight transport remains high. Road freight transport soared in the second quarter of 2015 (by 3.2%, seasonally adjusted), and was up 13.1% year-on-year. Within that, international transport rose notably, especially the shipment of goods leaving Slovenia.1 National transport, which accounts for around a tenth of total road transport, was down year-on-year.2 Transport performed by transport companies3 continues to increase, while transport by sole proprietors stagnates. Rail freight transport also rose slightly in the second quarter (seasonally adjusted). It has maintained its relatively high level for one and a half years.4 As in road transport, international transport5 is rising, while inland transport declines. Figure 13: Road and rail freight transport 1,900 1,800 1,700 1,600 I 1,500 1 1,400 ™ 1,300 75 c 1,200 13 ro 1,100 s 1,000 J & 900 £ o 800 5 700 Ï c 600 S 500 J 400 E 300 - 1 This transport component was a third higher year-on-year (international transport 16.6% higher). 2 After increasing in previous quarters, national freight transport dropped by more than 20% in the second quarter (seasonally adjusted). 3 In the second quarter of 2015, transport by legal entities accounted for as much as 70% of total transport. 4 In the second quarter of 2015, rail transport was up 19% relative to 2008 (road transport up 11%). 5 The increase in this transport category is also related to higher exports of transport services, by 5.3% and 4.7% year-on-year in road and rail freight transport, respectively (BoS data). ---Road, international (left axis) -Road, national (rigth axis) -Rail (right axis) a a a a Source: SURS; calculations by IMAD. 12 Slovenian Economic Mirror, November 2015 Current Economic Trends Since the middle of the year, economic sentiment has again been rising; in the past few months, confidence has improved across all sectors. Confidence in retail trade increased the most following the decline in the first half of the year. Confidence has also improved slightly in construction, but remains the lowest in two years. In manufacturing and service activities, confidence has hovered at relatively high levels since the middle of the year. The improvement in consumer confidence has slowed slightly in the past few months, but reaches the highest levels since the onset of the crisis. Figure 14: Business trends - Economic sentiment ----Retail trade -----Construction -Manufacturing —•— Service activ. ---Consumers v r; ■j \ * has been rising. In the first eight months, the number of employed persons was up in most private sector activities, particularly in medium-low-technology manufacturing industries, accommodation and food service activities, transportation, and distributive trades. The largest increase was recorded by employment activities. In public services, employment rose in health and education, while dropping further year-on-year in public administration. Figure 15: Employed persons according to SRE and registered unemployed -Employed persons according to SRE (left axis) -Registered unemployed persons (right axis) E 730 rN rN m m ^r Lo Lo Source: SURS, ESS; calculations by IMAD. Source: SURS; calculations by IMAD. Labour market In August, the number of employed persons7 increased further (0.2%, seasonally adjusted; 1.6%, year-on-year). Since the second quarter, employment in manufacturing 1 According to the Statistical Register of Employment; these are persons in paid employment and self-employed persons except farmers. Table 4: Employed persons by activity The decline in registered unemployment accelerated slightly in the last few months (seasonally adjusted). In October, the number of registered unemployed persons fell notably (0.9%, seasonally adjusted), in our estimate owing to a slightly smaller inflow into and a larger outflow from the register. At the end of the month, 107,488 persons were registered as unemployed, 7.3% fewer than in the previous October. The inflow into the register in the first ten months of the year was smaller than in the same period last year, primarily as fewer persons lost work for business reasons or because of their company's Number in '000 Change in number 2014 VIII 15 VII 15 VIII 14 VIII 15/VIII 14 I-VIII 15/I-VIII 14 Manufacturing 178.3 181.3 180.9 178.5 2,863 1,870 Construction 54.0 55.6 55.5 55.1 464 474 Market services 339.0 348.6 348.5 340.5 8,054 9,273 -of which: Employment activities 10.6 14.8 14.7 12.2 2,648 4,506 Public services 171.0 170.9 171.0 170.0 886 864 Public administration and defence, compulsory social security 48.8 48.3 48.2 48.9 -675 -756 Education 66.0 65.2 65.4 64.7 479 549 Human health and social work activities 56.2 57.4 57.4 56.3 1,082 1,072 Other1 55.5 49.3 49.5 57.6 -8,346 -4,317 Total 797.8 805.6 805.5 801.7 3,921 8,165 Source: SURS; calculations by IMAD. Note: Agriculture and hunting, forestry, fishing; mining; electricity, gas and steam supply; water supply, sewerage, waste-management and remediation a 10 0 10 Slovenian Economic Mirror, October 2015 13 Current Economic Trends Table 5: Indicators of labour market trends in % 2014 VIII 15/ VII 15 VIII 15/ VIII 14 I-VIII 15/ I-VIII 14 Persons in formal employment2 0.5 0.11 0.5 1.0 Registered unemployed 0.2 -0.71 -6.0 -5.9 Average nominal gross wage 1.1 0.01 0.5 0.5 - private sector 1.4 -0.21 0.7 0.3 - public sector 0.9 -0.21 0.4 1.1 -of which general government 0.6 0.21 0.3 0.7 2014 VIII 14 VII 15 VIII 15 Rate of registered unemployment (in %), seasonally adjusted 13.1 12.9 12.3 12.2 Average nominal gross wage (in EUR) 1,540.25 1,516.93 1,541.83 1,524.44 Private sector (in EUR) 1,424.32 1,393.05 1,420.11 1,402.17 Public sector (in EUR) 1,757.29 1,751.21 1,773.74 1,758.94 -of which general government (in EUR) 1,726.43 1,723.88 1,719.27 1,728.71 Sources: ESS. SURS; calculations by IMAD. Note: 'seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers. the absence of price pressures. On the other hand, public sector earnings recorded higher year-on-year growth in the first eight months (1.1% compared with 0.5% in the same period of last year) owing to last year's payments of suspended promotion raises and, in part, higher earnings in public corporations.8 Prices Price continued to decline in October (-0.8%); amid a further decline in energy prices, prices of semi-durable goods also dropped this time. Their movement was impacted particularly by year-on-year declines in prices of clothing and footwear (-0.2 percentage points). The decline in energy prices (-1.1 percentage points) remained similar to September. Liquid food prices were down, while electricity prices were up. Prices of services (0.2 percentage points) and food prices (0.2 percentage points) remained higher than a year before. As in the euro area, core inflation is low but still higher than headline inflation, which is a consequence oil price movements. bankruptcy. The number of first-time jobseekers was lower too. The outflow from unemployment was also slightly smaller, mainly owing to a smaller outflow into employment (also as fewer people were included in public works). In the private sector, average gross earnings per employee remain basically unchanged this year, while in the public sector they continue to increase (seasonally adjusted). Private sector earnings were up 0.3% year-on-year in the first eight months, significantly less than in the same period of 2014 (1.5%). Their weak growth is largely attributable to changes in employment structure on account of a rising number of workers with relatively low wages and Figure 16: Average gross earnings per employee Figure 17: Breakdown of year-on-year inflation - Gross earnings per empoloyee ----Private sector -Public sector - of which, general government sector ----- - of which, public corporations 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 Fuels and energy 3.5 3.0 2.5 2.0 # 1.5Ü O 1.0 ? TO U 015 Ï ro 0.0 £ -0.5 -1.0 -1.5 Source: SURS; calculations by IMAD. Prices in the euro area remained unchanged year-on-year in October. Similar to Slovenia, energy prices dropped relative to the same period of 2014 (-0.9 percentage points), while prices of services and unprocessed food rose (0.6 and 0.2 percentage points, respectively). Source: SURS; calculations by IMAD. 8 Public corporations are corporations controlled by units of the general government sector, the basic criterion for determining control being majority ownership (owning more than half of the voting shares). They include companies, banks, insurance corporations, old people's homes, pharmacies, etc. Wage growth strengthened only in financial corporations (to 3.6% from 0.4%), but non-financial corporations nevertheless made a larger contribution to this year's total growth of average earnings in public corporations. 14 Slovenian Economic Mirror, November 2015 Current Economic Trends Figure 18: Headline and core inflation in Slovenia and the euro area -Slovenia HICP Table 6: Consumer price growth, in % ----Slovenia HICP - core inflation -Euro area HICP ----Euro area HICP - core inflation 4.0 3.5 3.0 # 2.5 J- 2.0 o 1.5 ¡5 1.0 g 0.5 S 0.0 m >- -0.5 -1.0 -1.5 1 1=1=1 = 1=1 = Source: Eurostat. Note: Core inflation - excluding unprocessed food and energy. The year-on-year decline in industrial producer prices on the domestic (-0.9%) and foreign markets deepened (-1.1%) in September. As a result of lower import prices (-0.8%), which have a significant influence on price movement on the domestic market, prices remain down in most manufacturing activities. On the foreign market, the year-on-year decline of prices outside the euro area deepened; after the moderation of growth, prices in the euro area were lower as well, for the first time this year. Figure 19: Industrial producer prices and import prices -PPI (domestic market) - — PPI (foreign market) -Import prices 10 8 1.4 1.2 1.0 0.8 0.6 0.4 This year, Slovenia was in the group of euro area countries with smaller year-on-year gains in price competitiveness. This is mainly attributable to the geographical structure of Slovenia's exports, because of which the depreciation of the euro has a relatively smaller effect on competitiveness 2014 IX 15/VIII 15 IX 15/ IX 14 Total 0.2 -0.1 -0.6 Food -1.0 0.3 1.1 Fuels and energy -4.1 -2.3 -7.9 Services 2.8 -1.6 0.6 Other1 0.2 1.7 0.2 Total excluding food and energy 1.3 0.3 0.3 Core inflation - trimmean2 0.0 0.0 0.4 Administered prices -2.6 -3.2 -11.3 Tax impact - contribution in percentage points. 0.4 0.0 0.1 Source: SURS, Ministry of Economic Development and Technology; calculations by IMAD.Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2The trimmean approach excludes the share of extreme price changes in each month. The optimum share is determined as a difference between the moving average and the calculated trimmed mean in the period of the last five years. Figure 20: Real effective exchange rates of euro area countries deflated by HICP and ULC ■ REER ULC 1.-6. 2015 «REER HICP 1.- 8. 2015 -10 -12 -14 Source: ECB; calculations by IMAD. than in other countries.9 The real effective exchange rate deflated by the relative HICP10 was down year-on-year in August, as it has been for more than one year, mainly owing to the depreciation of the euro against the currencies of most more important trading partners.11 The impact of the decline in relative prices on improvement was smaller. 9 As Slovenia has an above-average share of trade with the euro area, it is relatively less susceptible to the volatility of the euro. Apart from that, this year the euro has mainly been losing value against the currencies of those trading partners that account for relatively smaller shares in Slovenia's trade outside the euro area (US, UK, Asian countries), while being stable against the currencies of those with relatively larger shares (Croatia, Hungary, the Czech Republic, Poland). 10 In Slovenia, compared with those in its trading partners. 11 In particular, against the US dollar, the Chinese yuan, the South Korean won, the British pound and the Swiss franc. 4 2 0 1.6 -16 6 0 0.0 Source: SURS. Slovenian Economic Mirror, October 2015 Current Economic Trends 15 Box 3: Market shares in the first half of 2015 In the first six months of this year, Slovenia's market share in the EU increased further. Market share growth was recorded in France, Germany, Poland, Hungary and the United Kingdom, amid rebounding growth on the majority of relatively less important EU markets.1 In Austria and Italy, Slovenia's market share remained around the comparable level of 2014, while declining in Croatia after two years of more vigorous growth. Outside the EU, Slovenia increased its market shares in Russia, Bosnia and Herzegovina and Serbia, while its market share in the US remained just below the comparable level of 2014. Slovenia's market share growth in the EU continued primarily on the back of road vehicle exports and exports of medicinal and pharmaceutical products. The market shares of paper, paperboard and articles of paper pulp, iron, steel and non-ferrous metals also increased further. Meanwhile, the market shares of machinery specialised for particular industries and electrical machinery and appliances decreased after last year's growth, as did the market share of chemical products that are relatively less important for Slovenia's exports.2 The overall growth of the market share of manufactured goods came to a stop, while the shares of primary products continued to expand, mainly owing to a renewed more significant increase in the volume of trade in petroleum and petroleum products. Figure 21: Change in Slovenia's market shares in main Figure 22: Changes in market shares in the EU by main trading partners SITC section3 ■ 2014 B1.-6. 2015 »Share in exports 2014, right axis* 20 i-1-1-,—i-,-1-1-1-i-,-i-i-i-i-i-i- 40 co ^ LU ™ ^ Q 3 £ CCI— —J^M^CCi/iC^^i/i Source: SURS, Eurostat, WIIW, U.S. Census Bureau, UN; calculations by IMAD. Note: * merchandise exports=100 ** other EU markets. 30 0 20 5 10 0 0 -15 1 In the Netherlands, Belgium, Spain, Denmark, Greece, Portugal, Luxembourg, Finland, Sweden, Slovakia, Estonia, Lithuania, Malta and Bulgaria. 2 Organic and inorganic chemicals and plastics in primary forms. 3 With a 2% or greater share in total merchandise exports to the EU in 2014. Table 7: Indicators of price and cost competitiveness Year-on-year growth, in % 2013 2014 q1 14 q2 14 q3 14 q4 14 q1 15 q2 15 Effective exchange rate1 Nominal 1.0 0.3 1.0 0.9 0.0 -1.0 -3.1 -3.7 Real, deflator HICP 1.3 -0.1 0.7 0.9 -0.7 -1.4 -3.6 -4.9 Real, deflator ULC -0.2 -1.9 -0.8 -2.1 -2.4 -2.1 -5.0 -4.6 Unit labour costs, ecnomy and components Nominal unit labour costs 0.2 -1.3 -1.5 -2.0 -1.2 -0.3 -0.8 -0.1 Compensation of employees per employee, nominal 0.6 1.1 0.9 0.7 1.6 1.4 0.4 0.9 Labour productivity, real 0.3 2.5 2.4 2.8 2.8 1.8 1.2 1.0 Real unit labour costs -0.6 -2.1 -2.9 -2.7 -1.7 -0.9 -1.3 -0.2 Labour productivity, nominal 1.2 3.3 3.9 3.5 3.4 2.4 1.8 1.1 Source: SURS; calculations by IMAD. Note: 1 Against 36 trading partners, according to ECB data. 16 Slovenian Economic Mirror, November 2015 Current Economic Trends The cost competitiveness of the economy continued to improve in the second quarter of this year, but less so than in most other EU Member States. With a relatively smaller fall in the nominal exchange rate of the euro, this was also due to the relatively smaller decline in unit labour costs. This was related to the slowing growth in labour productivity, while growth in compensation of employees was slightly higher than in the first quarter.12 After a long period of improvement, Slovenia was therefore in the group of EU Member States with below-average cost competitiveness gains in the second quarter. Compared with the pre-crisis year 2007, the level of unit labour costs in the first half of the year was higher than in the EU overall. Figure 23: Real unit labour costs in Slovenia and the EU RULC Slovenia IRULC EU - Productivity Slovenia* - Productivity EU* ----Compensation per employee Slovenia* ----Compensation per employee EU* a a a a a Source: Eurostat; calculatons by IMAD. Note: *real, GDP deflator. Figure 24: Real unit labour costs in EU Member States in the first half of 2015 ■ Productivity ■ Compensation per employee ♦ RULC L J II,H Mil ♦ ♦♦♦ ♦♦♦♦♦♦ r ii I M M Ii li Source: Eurostat; calculatons by IMAD. 12 As a result, the falling of nominal and real ULC almost came to a halt in the second quarter (-0.1% and 0.2%, respectively), while the decline in relative ULC slowed notably (to -0.9%). As in previous years, the improvement of cost competitiveness mainly stems from the tradable sector,13 particularly manufacturing. The level of real unit labour costs in manufacturing has already been lower than in 2007 since the first quarter of 2015. Their level with regard to the pre-crisis period is also more favourable than on average in the euro area and the EU. Figure 25: Real unit labour costs in the tradable sector and manufacturing, Slovenia and the EU -Tradable sector, Slovenia -Tradable sector, EU ----Manufacturing, Slovenia 112 ----Manufacturing, EU a a a a a a Source: Eurostat; calculatons by IMAD. Balance of payments Slovenia still has a significant surplus on its current account. In the first eight months, it amounted to EUR 1,785 m and was up year-on-year owing to the widening surplus in international trade in goods and services. The deficit in primary and secondary income was higher year-on-year. In the twelve months to August, the current account surplus thus totalled 7.5% of estimated GDP. The surplus in external trade continues to widen. In addition to volume factors, the year-on-year increase in the merchandise trade surplus was also due to price factors, which were reflected mainly in the contraction of imports from outside the EU. The surplus in services trade was largely due to the rising surpluses in travel and transport. Amid modest consumption of Slovenian households abroad, the trade surplus in travel increased owing to higher non-residents' spending on the domestic market while the trade surplus in transport widened chiefly as a result of the higher surplus in road transport. This year's increase in the deficit in primary income is mainly attributable to the estimated net outflows of investment 13 The tradable sector includes industry (B-E), wholesale and retail trade, accommodation and food service activities (G-I), information and communication activities (J), and agriculture (A). 110 5 4 3 2 0 98 3 17 Slovenian Economic Mirror, November 2015 Current Economic Trends income'4 and a smaller surplus in other primary income. Total net interest payments abroad were similar to those in the same period of 2014, rising in the government sector,15 while falling in the private sector due to the deleveraging of commercial banks and higher yields on securities on international financial markets. The year-on-year higher deficit in secondary income is attributable primarily to a larger net outflow of current transfers of the private sector. Slika 26: Components of the current account of the balance of payments 8,000 6,000 ■ Other investment ■ Portfolio investment -Net financial flow I Financial derivatives Direct investment -4,000 -6,000 I.-VIII. 2011 I.-VIII. 2012 I.-VIII. 2013 I.-VIII. 2014 I.-VIII. 2015 Source: BS; calculations by IMAD. International financial transactions16 recorded a net outflow of EUR ',7'9 m in the first eight months, compared with EUR ','94 m in the same period last year. The largest net outflow was recorded by portfolio investment (EUR 1,136 m), the main factors being investment of domestic investment funds in foreign securities and banks' repayments of liabilities to foreign portfolio investors. Other investment also recorded a net outflow (EUR 918 m): non-residents were withdrawing deposits from Slovenian banks while the government took a portion of its deposits from its accounts at the Bank of Slovenia and placed it abroad.17 Direct investment recorded a net inflow (EUR 355 m), owing primarily to equity of foreign direct investors. 14 On the current account of the balance of payments, the coverage of losses is recorded as negative reinvested earnings of direct investors. In outward direct investment, negative reinvested earnings constitute negative receipts of investment; in inward indirect foreign investment, they represent negative expenditure of investment. 15 This year, interest payment of the government will be even higher because of the increased borrowing in previous years and the maturity schedule of interest payments. 16 Financial account excluding reserve assets. 17 In April and August, the government reduced its deposits at the central bank by a total of EUR 2,255 m. Most of this amount was placed into foreign accounts. Slika 27: Financial transactions of the balance of payments 3,000 I Secondary income Services trade -Current account balance I Primary income ■ Merchandise trade ;1,000 I.-VIII. 2011 I.-VIII. 2012 I.-VIII. 2013 I.-VIII. 2014 I.-VIII. 2015 Source: BS; calculations by IMAD. Table 8: Balance of payments I-VIII 15, in EUR m Inflows Outflows Balance Balance I-VIII 14 Current account 21,055.0 19,270.4 1,784.6 1,492.7 Goods 15,667.9 14,648.2 1,019.7 684.0 Services 3,872.5 2,502.6 1,369.8 1,177.3 Primary income 991.3 1,241.0 -249.7 -46.0 Secondary income 523.3 878.6 -355.3 -322.6 Capital account 379.4 313.4 65.9 -36.1 Gross acquisitions/disposals of non-produced non-financial assets 93.7 90.4 3.4 9.0 Capital transfers 285.6 223.1 62.6 -45.1 Financial account -981.4 726.4 1,707.8 1,337.4 Direct investment 575.3 220.5 -354.8 -588.2 Portfolio investment -317.5 818.1 1,135.6 -4,524.2 Financial derivatives -53.8 -33.2 20.6 -9.9 Other investment -1,185.5 -267.7 917.7 6,316.1 Assets 0.0 -267.7 -267.7 3,913.7 Liabilities -1,185.5 0.0 1,185.5 -2,402.4 Reserve assets 0.0 -11.2 -11.2 143.7 Net errors and omissions 0.0 -142.7 -142.7 -119.2 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund 0 -1,000 0 -2,000 18 Slovenian Economic Mirror, November 2015 Current Economic Trends Financial markets Total deleveraging of non-banking sectors at domestic banks continues to ease, while corporate and NFI deleveraging is rising. The volume of loans to domestic non-banking sectors declined by EUR 1 bn in the first three quarters of this year,18 compared with EUR 1.2 bn in the same period last year. The slower overall decline is largely due to household borrowing, as the volume of household loans is rising again. Particularly housing loans are increasing this year. In the first three quarters, corporate and NFI loans declined by around EUR 970 m, which is approximately 4% more than in the same period of 2014.19 Enterprises and NFIs also continue to deleverage abroad. In the first eight months, their net repayments of foreign loans amounted to around EUR 250 m, which is approximately 40% less than in the same period of 2014. Enterprises and NFIs are making net repayments of long-term loans in particular, which is estimated to be also related to low investment activity. Short-term loans recorded a net inflow of over EUR 200 m in the same period. The share of non-performing claims has hovered around 11% in recent months. Looking at the sources of finance, the outflow of foreign funds from banks continues, while the increase in domestic non-banking sectors' deposits is slowing. Banks thus repaid EUR 1.2 bn net of foreign liabilities in the first eight months of the year, which was attributable to the 18 In loan movements in the first three quarters of 2015, the change in volume as at 30 September 2015 relative to 31 December 2014 is shown. 19 Excluding the transfer of assets from Probanka and Faktor banka to the BAMC in September 2014 (over EUR 160 m, in total), deleveraging is still lower this year than it was in 2014. Table 9: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR bn Nominal loan growth, % 30. IX 14 30. IX 15 30. IX 15/31. VII 15 30. IX 15/31. XII 14 30. IX 15/30. IX 14 Loans total 22 ,883 .1 21 ,919 .5 -1 .2 -4 .2 -12 .2 Enterprises and NFI 12 ,300 .4 11 ,328 .1 -1 .5 -7 .9 -21 .9 Government 1 ,820 .3 1 ,766 .6 -6 .4 -2 .9 6 .3 Households 8 ,762 .5 8 ,824 .8 0 .1 0 .7 0 .1 Consumer credits 2 ,104 .1 2 ,057 .2 -0 .1 -2 .2 -4 .1 Lending for house purchase 5 ,348 .0 5 ,474 .5 0 .2 2 .4 2 .7 Other lending 1 ,310 .5 1 ,293 .1 0 .5 -1 .3 -3 .1 Bank deposits total 15 ,355 .6 15 ,660 .2 0 .2 2 .0 3 .1 Overnight deposits 7 ,373 .6 8 ,618 .5 1 .3 16 .9 20 .7 Short-term deposits 3 ,272 .5 2 ,646 .6 -1 .8 -19 .1 -21 .8 Long-term deposits 4 ,704 .9 4 ,384 .7 -0 .7 -6 .8 -6 .0 Deposits redeemable at notice 4 .6 10 .4 9 .0 126 .9 130 .2 Mutual funds 2 ,150 .7 2 ,209 .1 -2 .6 2 .7 3 .6 Government bank deposits, total 1 ,909 .4 1 ,885 .4 -16 .6 -1 .3 -13 .3 Overnight deposits 24 .6 65 .5 -86 .8 166 .4 71 .6 Short-term deposits 860 .6 529 .9 43 .1 -38 .4 -56 .1 Long-term deposits 955 .2 1 ,190 .3 -5 .0 24 .6 39 .2 Deposits redeemable at notice 69 .0 99 .7 -29 .5 44 .4 31 .8 Sources: Monthly Bulletin of the BoS, SMA (Securities Market Agency); calculations by IMAD. Note: NFI - Non-monetary Financial Institutions. Figure 28: Changes in domestic bank loans to households, enterprises and NFIs, and the government ■ Households ■ Enterprises and NFIs Government ♦Total 400 200 0 -200 E -400 cc ZD ç -600 -800 -1,000 -1,200 -1,400 I-IX. 2011 I-IX. 2012 I-IX. 2013 I-IX. 2014 I-IX. 2015 Source: BoS; calculationy by IMAD. higher concentration of maturing foreign liabilities in the first half of the year. In August, banks recorded a net inflow of foreign funds, which is a sign of higher confidence of foreign investors in the Slovenian banking system. The maturity structure of domestic non-banking sectors' deposits is deteriorating further, as only overnight deposits are rising, particularly on account of lower short-term and long-term deposits. Household deposits thus rose by just over EUR 300 m (the increase in overnight deposits amounting to EUR 1.2 bn), half less than in the comparable period last year. Slovenian Economic Mirror, October 2015 Current Economic Trends 19 Public finance The year-on-year growth of general government revenue strengthened in August and reached 3.7% in the first eight months, driven by higher inflows of taxes, social contributions and EU funds. Tax revenue growth (6.7%) was mainly underpinned by higher inflows of the corporate income tax and the value added tax (VAT) arising from growth in private consumption, more effective VAT collection and better company performance in 2014 than one year before. The acceleration of growth in August is primarily related to higher excise duty payments, which were last year partially transferred from August to September. The inflows from the personal income tax and social contributions continued to increase year-on-year (3.6%) owing to the improvement on the labour market and the broadening of the tax bases. The strong growth of revenue from immovable property taxes, which followed the postponement of collection of compensation for the use of building ground for 2014 to 2015, started to slow. Receipts from the EU budget, having accelerated during the summer months, were also up (19.7%). Together with tax revenues and social contributions, they more than offset the year-on-year drop in non-tax revenues (-26.4%) related to the one-off revenues from the first half of last year (such as the payment of concession fees for mobile telephony radio frequencies). After the year-on-year decline in July and August, general government expenditure in the first eight months was similar to that in the same period last year. Capital expenditure, subsidies, and expenditure on goods and services (particularly routine maintenance) lagged behind year-on-year, while payments of interest on general Figure 29: Revenue growth and contributions of individual categories to growth Tax revenues ■ Social security contributions Non-tax revenues ■ Receipts from the EU budget ■ Capital and transferred revenues and donations received ♦ TOTAL REVENUE (right axis) S 2 J 0 D f -2 5 -4 = -■I.L> I.-VIII. I.-VIII. Q1 Q2 2014 2015 2015 Source: MF; calculations by IMAD. VII.-VIII. 6 Ï Figure 30: Expenditure growth and contributions of individual categories to growth Salaries, wages, oth. person. exp.* ■ Interest payments Current transfers I Payments to the EU budget 4 ■ Expend. on goods and servic. ■ Reserves & Capital expendit. , capital transfers • TOTAL EXPENDITURE (right axis) -1 2 I.-VIII 2014 I.-' 2015 Q1 Q2 2015 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: * Labour costs inclued social contributions paid by the employer. t 3 3 ra10 2 2 8 8 c 6 4 4 0 0 2 0 Table 10: Consolidated general government revenue and expenditure I -VIII 2014 I -VIII 2015 I -VIII 2014 I -VIII 2015 Category EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % Category EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 9,881.8 5.0 10,242.7 3.7 EXPENDITURE TOTAL 10,938.5 2.2 10,941.7 0.0 Tax revenues* 5,076.0 6.0 5,417.6 6.7 Salaries, wages and other pers. expen. 2,421.4 -0.4 2,416.5 -0.2 Personal income tax 1,235.8 2.4 1,273.3 3.0 Expenditure on goods and services 1,448.3 -2.4 1,428.0 -1.4 Corporate income tax 312.7 140.5 405.2 29.6 Interest payments 730.3 17.8 750.8 2.8 Taxes on immovable property 68.3 -43.5 97.4 42.7 Reserves 56.5 -38.3 108.3 91.5 Value added tax 2,058.2 8.6 2,130.3 3.5 Transf to individuals and households 4,278.0 0.0 4,304.5 0.6 Excise duties 912.1 -5.8 987.7 8.3 Other current transfers 852.5 -3.1 808.6 -5.1 Social security contributions 3,476.1 2.5 3,600.3 3.6 Investment expenditure 846.7 43.3 816.9 -3.5 Non-tax revenues 830.3 21.3 610.9 -26.4 Payments to the EU budget 304.7 -7.1 307.9 1.0 Receipts from the EU budget 453.8 -6.8 543.4 19.7 BUDGET BALANCE -1,056.6 -699.0 Other 45.7 -24.1 70.4 54.2 PRIMARY BALANCE -346.6 40.3 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note: * Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions. ** Labour costs include social contributions by the employer. 20 Slovenian Economic Mirror, November 2015 Current Economic Trends government debt and funds allocated to the water protection fund and the climate change fund increased. Current transfers to households were slightly higher year-on-year, on account of the higher annual pension supplement and growth in other social security transfers due to the changes in social legislation;20 transfers to the unemployed were down due to the improvement in labour market conditions, while pensions were at a level similar to last year (excluding the annual pension supplement).21 The wage bill also declined slightly.22 The general government deficit23 in the first eight months totalled EUR 699 m, which is EUR 358 m less than in the same period of 2014. The primary balance24 was also more favourable, being positive at EUR 40 m. The year-on-year decline in the first eight months is linked to the improvement in economic activity and on the labour market and government measures,25 which together helped increase revenue and stem expenditure. In the first nine months of 2015, Slovenia's net budgetary position against the EU budget was positive at EUR 301.9 m; the absorption of funds from the 2007-2013 programming period will stop at the end of the year. Slovenia's receipts from the EU budget totalled EUR 623.7 m, which is 58.1% of all receipts envisaged in the revised budget for 2015, while its payments to the EU budget amounted to EUR 321.7 m, 82.6% of total payments planned for 2015. More than a third of all receipts26 were Cohesion Policy funds, where the absorption rate is still low (47.7%). The remaining two thirds were receipts from the Structural Funds and the Common Agricultural and Fisheries 20 In August 2014, the amount of financial social assistance was adjusted, while in September 2014, eligibility criteria were relaxed slightly. The amount of assets not taken into account when determining eligibility for this social right was raised; for some family categories, child benefit is no longer added to the income in the total amount; the way of taking into account occasional earnings, such as student work, is also more favourable. 21 As from this year on, the annual pension supplement (previously recorded under pensions) is included among social security transfers, it is excluded from last year's data on pensions due to data comparability. 22 According to the consolidated general government budgetary accounts on a cash basis. 23 According to the consolidated general government budgetary accounts on a cash basis. 24 The budget balance excluding net interest payments. 25 The government measures on the revenue side include the following: the broadening of the base for social contributions; increasing the CO2 tax; increasing the rates of the taxes on financial and insurance services; extension of the fourth personal income tax bracket; and measures aimed at improving the efficiency of tax collection. The government measures to contain expenditure include extension of some austerity measures concerning compensation of employees (except promotions) and social transfers, and streamlining expenditure on goods, services and subsidies. 26 Receipts from the Cohesion Fund make up 37.6% of budget revenues, receipts from Structural Funds account for 31.9%, and funds under the Common Agricultural and Fisheries policies for 28.2%. Figure 31: Receipts from the EU budget, January -2014 and 2015 (in EUR m) ■ Total receipts (Jan-Sep 201 5) ■ Total receipts (Jan-Sep 2014) July Structural Funds Common Agricultural Policy Other 0 100 150 ; In EUR m Source: MF; calculations by IMAD. Table 11: Receipts from the EU budget to the state budget (as at 30 September 2015) Funds Revised budget for 2015 Receipts in 2015 Absorption rate,% Common Agricultural Policy 220.8 175.7 79.6 Structural Funds 317.3 196.9 62.1 European Regional Development Fund 179.7 137.1 76.3 European Social Fund 137.6 119.7 87.0 Cohesion Fund 491.5 234.4 47.7 Other 42.9 16.7 38.9 Total receipts 1,072.5 623.7 58.2 policies, where the expected absorption rates are much higher (62.0% and 79.6%, respectively). By the end of the third quarter, almost EUR 3.8 bn was paid from the state budget for all three operational programmes in the current programming period (93.1 % of the allocated funds);27 reimbursements28 to the state budget amounted to EUR 3.4 bn (84% of the allocated funds). Because of the poor absorption from the Cohesion Fund for Environmental and Transport Infrastructure Development (OP ETID, 78.0% of the allocated funds), at the end of September some funds were reallocated from the areas of railway infrastructure and municipal waste management to the areas of environmental protection and sustainable energy use. 27 In the 2007-2013 programming period, Slovenia was committed EUR 4.1 bn for the implementation of the Cohesion Policy. 28 Because of unjustified expenditures, financial corrections, the gaps between payments from the state budget and claims for reimbursement, and other irregularities, reimbursements from the EU budget never equal payments from the state budget, but are correspondingly lower. 0 Source: MF selected topics Slovenian Economic Mirror, October 2015 23 Selected Topics The Doing Business 2016 report by the World Bank Slovenia's ranking according to the World Bank's Doing Business report has improved. Singapore, New Zealand and Hong Kong remain at top of the 189 countries covered by the report, while Denmark is still the best-performing country in the EU. This year, Slovenia ranks 29th among all countries surveyed (6 places higher than last year), and 16th among the EU Member States (2 places higher). Its overall ranking increased mainly owing to an improvement in the quality of regulatory environment and the effects of structural changes in previous years. The distance to frontier score29 indicates that Slovenia has significantly narrowed its gap with the top-ranking countries in the past ten years, primarily owing to the adoption of the bankruptcy law and measures that made it easier and faster to start a business or register real estate. The main obstacle to faster progress has been access to credit. As this year's report introduced major changes to the methodology, the countries' ranks can be compared only for the last two years.30 The World Bank added four new indicators that measure the quality of processes in the areas of building regulations, reliability of electricity supply and transparency of tariffs, spatial management, and judicial processes. The method of calculating the handling time and costs for exports and imports of goods was also changed considerably. The methodological changes had a significant impact on the assessment of doing business in Slovenia, as Slovenia scores better than other countries on new indicators and its ranking improved substantially in some areas.31 The distance to frontier scores improved slightly in most areas.32 The report indicates improvement in all areas except getting electricity, where Slovenia slipped on the indicator of reliability of electricity supply and transparency of tariffs. Slovenia ranks highest on cross-border trade (1st place), protecting minority investors (7th), and resolving insolvency (12th), the indicators where the greatest progress has been made in recent years. This year, Slovenia scores lowest in the area of getting credit, where its ranking even deteriorated further (by 8 places to 126th) as a result of the shortcomings of existing Table 12: Slovenia's ranking on the Doing Business scale 29 The countries are ranked based on the distance to frontier scores, i.e. the difference between a country's scores and the scores of the top-ranking country. 30 Because of methodological changes, the rankings can be compared only with those for the preceding year, which were re-calculated by the methodology for the current year. 31 After the methodological change, Slovenia was ranked to the highest place in the area of cross-border trade this year and last; in last year's report it was 53rd. 32 The ease on doing business index captures ten areas, i.e. starting a business, dealing with construction permits, registering property, getting electricity, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Rank 2014(DB 2016) Rank 2015(DB 2016) Change 2015/2014 Ease of doing business 35 29 +6 Starting a business 14 18 -4 Dealing with construction permits 68 71 -3 Registering property 42 36 +6 Getting electricity 15 35 -20 Getting credit 118 126 -8 Protecting investors 7 7 0 Paying taxes 34 35 -1 Trading across borders 1 1 0 Enforcing contracts 127 117 +10 Resolving insolvency 41 12 +29 Source: Doing Business, World Bank , 2015. Note: The survey included 189 countries. Because of methodological changes, this year's rankings can only be compared with last year's. Figure 32: Comparison between Slovenia and the EU on the Doing Business scale -Slovenia -EU -------Slovenia, 2015 Starting a business 100 Resolving insolvency Trading across borders etting credit Protect. investors Source: Doing business. legislation and a lack of a good credit information system for users. This is also the area where Slovenia has the largest distance to frontier (35.0%). Slovenia also scores low in the area of enforcing contracts (117th), as contract enforcement still takes longer than in the EU according to World Bank data, although the procedures have been shortened in the past year. The report finds that the ease of doing business improved mainly due to the adoption of amendments to insolvency legislation.33 The changes reduced delays in processing bankruptcy cases, which were causing attrition of insolvent debtors. The legislation was actually amended in 2013, but Slovenia's rank on this indictor has improved 33 Act Amending the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act. Slovenian Economic Mirror, October 2015 24 Selected Topics only this year34 (by 29 places to 12th). Insolvency proceedings are much shorter (0.8 years compared with 2) and creditors are able to recover a much larger share of their credit than in previous years (88.2%), which ranks Slovenia among more successful countries on this indicator. (In)solvency in Q3 2015 In the third quarter of this year, solvency continued to improve on most indicators. The solvency of legal entities and sole proprietors35 increased in the first three quarters of 2015 with regard to both the number of non-payers and the amounts due. Payment delays shortened as well, but long-term outstanding liabilities,36 which account for more than 70% all outstanding liabilities, remain high. Fewer bankruptcy, compulsory settlement and voluntary liquidation proceedings were initiated against legal entities, but there were more bankruptcy proceedings against sole proprietors and more personal bankruptcies. In the first three quarters of 2015, there were 14% (896) fewer legal entities with outstanding liabilities37 than in the same period last year and the average daily amount of these liabilities was 29% lower. The number of non- Figure 33: Number of legal entities with outstanding matured liabilities for more than five consecutive days in a month and the average daily amount of their outstanding matured liabilities Average no. of legal entities with outstanding matured liabilities (left axis) -Average daily amount of outstanding matured liabilities, EUR m (right axis) 800 7,000 a a a Source: AJPES 34 The survey was conducted in the first half of this year using data available by June 2015. 35 Sole proprietors and natural persons pursuing registered business activities who are registered in the Business Register of Slovenia. 36 i.e. matured liabilities outstanding for more than one year. 37 These are matured liabilities that are outstanding for more than five consecutive days in a month. AJPES keeps records of outstanding matured liabilities from court enforcement orders and tax debt. These records do not include other outstanding liabilities from unpaid bills between creditors and debtors. Figure 34: Average monthly amount of outstanding liabilities of legal entities Up to 3 months »From 3 months to 1 year HOver 1 year Source: AJPES. payers decreased in most sectors, notably real estate and education. The largest decline in the average daily amount of outstanding liabilities was recorded in financial and insurance activities. The construction sector still accounts for almost a fifth of the total daily amount of outstanding liabilities, followed by distributive trades and manufacturing (more than 12%). The solvency also improved for sole proprietors. In the first three quarters, the average number of sole proprietors (6,876) was 15.2% lower than in the same period last year, while the average daily amount of their outstanding liabilities (EUR 116 m) was 7.4% lower. Long-term insolvency remains a problem, given that half of all non-payers together owe 79.7% of the total average daily amount of outstanding liabilities for more than one year. The majority of non-payers are in the sectors of construction (19.6%), distributive trades (14.8%), accommodation and food service activities (13.2 %), manufacturing (12.1%), and professional, scientific and technical activities (10.2%). After the adoption of new legislation in 2013,38 the number of bankruptcy proceedings39 against legal entities rose notably. This year, the most bankruptcy proceedings were filed in distributive trades (22.7%) and construction (17.5%), 38 Act Amending the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP), Official Gazette of the RS, No. 47/2013 from 31 May 2013, according to which the debtor no longer has to deposit an advance to cover the initial costs of bankruptcy proceedings. 39 Bankruptcy proceedings are a form of winding-up an over-indebted or insolvent debtor. Under court supervision, bankruptcy proceedings are administered by the bankruptcy trustee, who liquidates the entire debtor property to obtain financial assets for settling creditor claims. Upon completion of the bankruptcy proceedings, the legal entity is deleted from the court register. 0 Slovenian Economic Mirror, October 2015 25 Selected Topics Table 13: Legal entities with outstanding matured liabilities for more than five consecutive days in a month, September 2015 Activity Number of legal entities with outstanding matured liabilities, Sep 2015 Growth, in % Average daily amount of outstanding matured liabilities, Sep 2015, in EUR '000 Growth, in % Average daily amount of outstanding matured liabilities per legal entity, Sep 2015, in EUR '000 IX 15/ IX 14 I-IX 15/ I-IX 14 IX 15/ IX 14 I-IX 15/ I-IX 14 C Manufacturing 610 -22.8 -17.4 58,598 -18.5 -26.0 96 F Construction 1,037 -14.7 -15.3 79,562 -45.5 -37.8 77 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,072 -18.6 -13.8 55,568 -23.7 -17.2 52 H Transportation and storage 263 -20.3 -14.2 15,639 -32.5 -36.7 59 I Accommodation and food service activities 463 -16.4 -12.4 33,676 0.3 -0.2 73 K Financial and insurance activities 80 -23.1 -17.3 18,827 -55.1 -69.6 235 L Real estate activities 134 -23.4 -25.2 41,528 -17.3 -8.8 310 M Professional, scientific and technical activities 741 -13.0 -13.6 46,345 -44.8 -39.3 63 N Administrative and support service activities 192 -9.9 -4.6 5,787 -60.7 -37.7 30 Other activities (A,B,D,E,J,O-S) 780 -12.8 -9.7 57,220 -25.5 16.7 73 TOTAL 5,372 -16.6 -14.0 412,750 -32.9 -28.7 77 Source: AJPES. Table 14: Number of business entities subject to insolvency proceedings and deletions from the register because of insolvency I - IX 2013 I - IX 2014 I - IX 2015 Total BE Other Total BE Other Total BE Other Initiated bankruptcy proceedings 634 595 39 970 828 142 872 701 171 Deletions from the register due to bankruptcy 332 292 40 589 472 117 868 726 142 Initiated compulsory settlement proceedings 43 41 2 35 32 3 13 13 0 Initiated simplified compulsory settlement proceedings1 1 1 0 79 77 2 87 85 2 Initiated compulsory liquidation proceedings 2 1 1 9 4 5 9 0 9 Deletions from the register due to compulsory liquidation 2 0 2 2 0 2 1 0 1 Initiated voluntary liquidation proceedings 81 44 37 77 35 42 78 33 45 Deletions from the register due to voluntary liquidation 50 26 24 55 19 36 70 32 38 Source: AJPES. Note: * The column 'Other' does not include bankruptcy proceedings against natural persons who are not engaged in registered activities (i.e. not registered in the Slovenian Business Register). 1 Simplified compulsory settlement proceedings introduced by the Act Amending the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP-E), effective from 15 August 2013 onwards. Figure 35: Bankruptcy proceedings initiated against companies, co-operatives and sole proprietors Bankruptcy proceedings against legal entities (left axis) ■ Bankruptcy proceedings against sole proprietors (right axis) 70 followed by manufacturing (13%), and professional, scientific and technical activities (13%). In the first nine months of the year, the number of bankruptcy filings fell by 15.3% year-on-year, but was still considerably higher than in previous years. Because of insolvency40 and hence bankruptcy, 726 legal entities were struck off the business register in the first nine months of the year, 53.8% more than in the same period of 2014. Last year saw a record number of bankruptcy filings against sole proprietors, and this trend continues this year. In the first three quarters of 2015, 15.5% more sole proprietors were struck off the business register than in the same period of 2014. Three quarters of bankruptcy proceedings against sole proprietors were filed in the sectors of construction, distributive trades, professional, scientific and technical activities, manufacturing, and accommodation and food service activities. o o o o o o Source: AJPES, Business Register of Slovenia. 40 Insolvency is a situation where a debtor, in a longer period, can no longer meet its financial obligations that become due (prolonged illiquidity), or becomes unable to cover its financial obligations in the long term (long-term insolvency). 60 50 40 30 20 50 10 0 0 Slovenian Economic Mirror, October 2015 26 Selected Topics In the first nine months of the year, 3,08' personal bankruptcies4' were filed, 7.6% more than in the same period of 20'4. Last year's steep growth (485.6% in the year as a whole) was due to the legislative amendment that exempted all bankruptcy petitioners from depositing an advance.42 In the first three quarters of 2015, the amount of reported claims exceeded EUR 962 m, compared with EUR 621 m in the first three quarters of 2014. In compliance with the Act on Prevention of Late Payments,43 the 54th round44 of compulsory and voluntary multilateral set-offs was conducted in September 20'5. Debtors reported liabilities in the total amount of EUR 443.4 m, of which only 6.8% was set off (EUR 30.0 m). In all 54 rounds together, the mutual indebtedness of business entities in Slovenia was reduced by EUR 2.5 bn. Forestry in 2014 Total forest area has stopped expanding in recent years, but wood increment and the growing stock increase further. Slovenia is one of the EU countries with the largest forest areas, as forests cover approximately 60% of its territory. A large forest area is highly beneficial to the environment. Moreover, forests are also a source of ecologically acceptable raw material, which constitutes an unexploited potential for increasing employment and generating more value added, particularly at stages further up the forest-wood chain. Excessive forest area is however not desirable from the perspective of optimum land use. Since 2009, the forest area in Slovenia has been slowly declining. Last year, it decreased by 1,500 ha and was around 4,000 ha (0.4%) smaller than five years before. The annual wood increment and the total growing stock nevertheless continue to increase.45 Last year was marked by ice storm damage and, consequently, increased wood removal. Around 6.4 million m3 of wood was cut in 2014, which is 62% more than in 2013 and almost twice the average annual removal since 2000. For the first time since it was first measured, tree felling reached (and exceeded by 3%) the potential felling as determined in the forestry management plans.46 41 According to data from the Supreme Court of the RS. By filing for personal bankruptcy, debtors can prevent the attachment of their assets or stop public auctions of their property. 42 Since the adoption of the amendment in December 2013, the advance is automatically covered by the court, while before the amendment only those who did not have resources to pay the advance were granted free legal aid (in the form of exemption from advance payment). 43 ZPreZP-1 (Official Gazette of the RS, No. 57/2012), which took effect on 28 July 2012. 44 The 48th round of compulsory multilateral set-offs since April 2011, when the Act entered into force. 45 For methodological reasons, the data on the growing stock and annual increment do not indicate real growth. They show the trend in the growing stock and annual increment in terms of moving averages with an average time lag of five years. 46 Potential felling is determined in the forestry management This was mainly the result of emergency removals in the aftermath of the ice storm, which affected half of the total forest area at the beginning of the year. As a result of severe ice damage, most of the removal (two-thirds) was for sanitation, while felling for tree-tending purposes, which normally accounts for the largest share, declined considerably. Other removal categories, i.e. felling for infrastructure, forest clearance or regeneration, rose slightly, but remained relatively low. The tree-felling intensity, i.e. the ratio of annual fellings to annual increment, rose significantly, to 74%. This is close to the figure envisaged in the action plan,47 according to which tree-felling intensity could be increased to 75%, and 6.5 million m3 of wood could be cut per year without jeopardising sustainable development. The structure of wood was however not ideal, as most of the wood mass was removed because of ice storm damage. Figure 36: Tree felling and the structure of wood by category Removal for infrastructure «Other removal ■ Tree-tending removal Sanitation removal ■ Forest clearance o^cNm^riovor^coo^o^eNm^r OOOOOOOOOO'— '— '— '— '— ooooooooooooooo CNrNrNrNrNrNrNrNrNrNrNrNrNrNrN Source: SURS, Slovenia Forest Service; calculations by IMAD. The increased felling was reflected in higher production of unprocessed wood and, in turn, higher net exports. The production of roundwood (i.e. unprocessed wood), which is dependent on the utilisation rate of felled wood (which in turn depends on the type of felled trees and the structure of raw wood categories), totalled around 5.3 million m3, half more than in the previous year. A breakdown by category shows a larger increase for the quantity of industrial wood than wood for fuel. plans of the Slovenia Forest Service with a view to ensuring sustainable development (long-term stability) of all forests and their habitats, irrespective of ownership. In the last few years, two thirds of potential felling was carried out. 47 Akcijski načrt za povečanje konkurenčnosti gozdno-lesne verige v Sloveniji do leta 2020 (Action Plan to Increase Competitiveness of the Forest-Wood Chain in Slovenia by 2020, adopted by the government in June 2012. It determines objectives, measures, indicators and deadlines for intensification of forest management and a revival and sustainable development of the wood processing industry and the use of wood residues as a source of energy. Slovenian Economic Mirror, October 2015 27 Selected Topics Table 15: State of Slovenia's forests 2000 2005 2010 2011 2012 2013 2014 2014/2013 2014/2000 growth in % growth in % Forest area (in '000 ha) 1,134 1,169 1,185 1,184 1,185 1,183 1,182 -0.1 4.2 Annual gross increment (in '000 m3) 6,872 7,569 8,117 8,266 8,420 8,492 8,582 1.1 24.9 Annual growing stock (in million m3) 263 301 331 334 338 342 346 1.1 31.7 Removals (in '000 m3) 2,609 3,236 3,374 3,896 3,911 3,924 6,350 61.8 143.4 Removal intensity1 38.0 42.8 41.6 47.1 46.4 46.2 74.0 Source: SURS, Slovenia Forest Service; calculations by IMAD. Note: 1 Ratio of annual fellings to annual wood increment. The structure of industrial wood was strongly impacted by the consequences of the ice storm: the volume of pulpwood, which is low-quality wood that generates low value added, rose the most, while the volume of sawlogs a veneer logs, the highest-quality wood, increased the least. As around half of the year-on-year increase in unprocessed wood production was exported, total wood exports rose by 54%. At the same time, total imports declined by approximately a fifth. Net wood exports, which have otherwise been rising for a long period, therefore almost doubled in 2014, to 1.9 million m3. Net exports of the highest-quality wood also expanded notably (by 60% or almost 400,000 m3), although its production increased the least (by 25% or 420,000 m3). Figure 37: Roundwood production, structure and net exports ^MFuelwood ^^m Industrial wood -Net wood exports rNrNrNrNrNrNrNrNrNrNrNrNrNrsrN Source: SURS. Forest sanitation efforts continue this year. In the first eight months of 2015, the value of purchased roundwood from private forests, which account for around three quarters of total forest area, was around 3% higher than in the same period of 2014 (when it was 47% higher year-on-year).48 Dealing with the consequences of the ice storm and timely removal damaged wood is 48 In the value of purchased wood, it is necessary to take into account the impact of prices. After the ice storm, purchase prices first declined, but after the wood market stabilised in the autumn, amid fluctuations, they started to rise again. Figure 38: Net exports of roundwood Net exports: wood for fuel Net exports: pulpwood Net exports: sawlogs and veneer logs --Imports -total -Exports - total 1.5 3 J 1.0 E 0.5 rNrNrNrNrNrNrNrNrNrNrNrNrNrsrN Source: SURS; calculations by IMAD. vital, primarily to prevent the spread of forest pests. In the context of sustainable forest management, experts also stress the importance of felling for tending and regeneration of forests, which declined significantly because of the extraordinary circumstances last year. Social exclusion and material deprivation in 2014 The at-risk-of-poverty or social exclusion rate in Slovenia remained unchanged in 2014 (20.4%); it is the highest since the onset of the crisis, but still lower than the EU average (24.4%). The indicator of the risk of social exclusion remained at the same level as last year. It consists of three sub-indicators: the at-risk-of-poverty rate, the severe material deprivation rate49 and the proportion 49 Severe material deprivation is deprivation in at least three of the following nine items: 1. ability to deal with unexpected expenses; 2. ability to afford a one-week annual holiday away from home; 3. ability to afford adequate meals; 4. ability to pay for arrears (mortgage or rent, utility bills or hire purchase instalments); 5. ability to keep one's home adequately warm, 6. ability to afford a washing machine, 7. ability to afford a colour TV; 8. ability to afford a telephone/mobile; 9. ability to afford a personal car. 2.0 0.0 0.5 5 5 4 3 č 2 0 Slovenian Economic Mirror, October 2015 28 Selected Topics Table 16: Basic indicators of material deprivation and social exclusion, Slovenia, 2005-2014 (in %) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Based on income from 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 At-risk-of-poverty or social exclusion rate (in %)*** 18.5 17.1 17.1 18.5 17.1 18.3 19.3 19.6 20.4 20.4 At-risk-of-poverty rate 12.2 11.6 11.5 12.3 11.3 12.7 13.6 13.5 14.5 14.5 Severe material deprivation rate (4 of 9) 5.1 5.1 5.1 6.7 6.1 5.9 6.1 6.6 6.7 6.6 Persons living in households with very low work intensity** 8.6 6.9 7.2 6.7 5.6 6.9 7.6 7.5 8.0 8.7 Material deprivation rate (3 of 9) (in %) 14.7 14.4 14.3 16.9 16.2 15.8 17.2 16.9 17.0 17.2 Above at-risk-of-poverty threshold - material deprivation rate (3 of 9) of persons above the at-risk-of-poverty threshold 11.3 11.2 10.8 13.3 13.0 12.0 13.3 12.6 12.5 12.5 Below at-risk-of-poverty threshold - material deprivation rate (3 of 9) 38.9 38.7 41.4 42.7 40.9 41.9 42.1 44.1 43.2 45.0 Note: * The share of people at risk of social exclusion according to the at-risk-of-poverty or social exclusion rate or according to the share of people living in households with very low work intensity. ** Calculated only for persons in the 0-59 age group. Table 17: Share of (severely) materially deprived people in Slovenia by age group, above and below the poverty threshold, 2014 2014 Above the at-risk-of-poverty threshold Below the at-risk-of-poverty threshold % of materially deprived persons At least 3 of 9 items Aged 0-17 9.6 41.3 Aged 18-64 13.3 45.5 Aged 65+ 12.7 47 At least 4 of 9 items Aged 0-17 3.1 15.3 Aged 18-64 4.7 22.6 Aged 65+ 3.6 22.1 Source: SURS (SILC). Methodological explanations: The calculation takes into account the following nine items: 1. ability to pay for arrears (mortgage or rent, utility bills or hire/ purchase instalments); 2. ability to afford a one-week annual holiday away from home; 3. ability to afford a meal with meat (or vegetarian equivalent) at least every second day; 4. ability to face unexpected expenses in the amount of the poverty threshold in the previous year; 5. ability to afford a telephone/ mobile; 6. ability to afford a colour TV; 7. ability to afford a washing machine; 7. ability to afford a personal car; and 9. ability to keep home adequately warm. THE MATERIAL DEPRIVATION RATE is the percentage of materially deprived persons. Materially deprived persons are those who are not able to afford at least three (or at least four) of nine material deprivations items (meaning that the lack of these items is solely the result of limited resources of households and not differences in tastes, lifestyle preferences, personal choices or living conditions). of households with very low work intensity. Only the proportion of households with very low work intensity rose relative to the previous year, by 0.7 percentage points, while the severe material deprivation rate declined (by 0.1 percentage points) and the at-risk-of-poverty rate50 remained unchanged. The proportion of socially excluded people at the aggregate level thus remained unchanged in 2014. The material deprivation rate (i.e. deprivation in three of the nine material deprivation items) rose slightly in 2014. It increased by 0.2 percentage points to 17.2%, but is still below the EU average (18.4%). People aged 18-64 are at highest risk. The shares of materially deprived people as measured by this indicator are significantly higher for those that live below the poverty threshold. The shares of people not able to afford durable goods remain at the previous year's level; the financial situation of households is also similar to the previous year. 99% of households can afford durable goods (a telephone, a colour TV or a washing machine), while 94% of households can afford a personal computer or a car. The financial situation of households, i.e. their ability to afford one week of holiday (65%), a meal with meat at least every second day (90%), or to cover unexpected expenses in the amount of EUR 600 (51%), also remained similar to 2013. Households' ability to deal with unexpected expenses51 was lower than before the crisis across all quintiles, the largest declines being recorded for the first two quintiles. The share of households that consider housing costs to be a heavy burden declined at the aggregate level. In the first quintile, where housing costs are a heavy burden for as Figure 39: Ability of households to cover unexpected expenses 1 2007 ■ 2013 ■ 2014 100 90 80 70 60 50 40 30 20 10 0 1st quintile 2nd quintile 3rd quintile 4th quintile 5th quintile Source: SURS. 51 The share of households able to deal with unexpected expenses in the amount of EUR 440 for 2007, and EUR 600 for 2013 or 2014. 0 See SEM 9/2015. Slovenian Economic Mirror, October 2015 Selected Topics 29 many as 58% of households, it remained the same as in the previous year, while in the second and third quintiles it dropped slightly. (Housing costs include all housing-related expenses, such as rent or mortgage payments, insurance, utility bills, etc.). Figure 40: Proportion of households considering housing costs to be a heavy burden 1st quintile 2nd quintile 3rd quintile 4th quintile 5th quintile Source: SURS. The indicator of the ability of households to make ends meet improved in 2014. The improvement was also recorded in the first and second quintiles, but the situation in these two quintiles is still significantly worse than in the pre-crisis year 2007 (by 14 percentage points). This indicator also improved for other quintiles, but the improvement was smaller. Figure 41: Share of households that have difficulties making ends meet, by quintile 1st quintile 2nd quintile 3rd quintile 4th quintile 5th quintile Source: SURS. 70 50 50 40 30 20 0 statistical appendix Slovenian Economic Mirror, October 2015 33 Statistical Appendix MAIN INDICATORS 2010 2011 2012 2013 2014 2015 2016 2017 Autumn forecast 2015 GDP (real growth rates, in %) 1.2 0.6 -2.7 -1.1 3.0 2.7 2.3 2.3 GDP in EUR million (current prices) 36,252 36,896 35,988 35,907 37,303 38,520 39,919 41,153 GDP per capita, in EUR (current prices) 17,694 17,973 17,498 17,435 18,093 18,633 19,247 19,800 GDP per capita (PPS)1 21,100 21,500 21,600 21,700 22,600 GDP per capita (PPS EU28=100)1 83 83 82 82 83 Rate of registered unemployment 10.7 11.8 12.0 13.1 13.1 12.3 11.8 11.1 Standardised rate of unemployment (ILO) 7.3 8.2 8.9 10.1 9.7 9.4 8.9 8.5 Labour productivity (GDP per employee) 3.4 2.4 -1.8 0.3 2.5 1.2 1.2 1.4 Inflation,2 year average 1.8 1.8 2.6 1.8 0.2 -0.4 0.8 1.4 Inflation,2 end of the year 1.9 2.0 2.7 0.7 0.2 0.1 1.2 1.6 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 10.2 6.9 0.6 3.1 5.8 5.0 5.2 4.9 Exports of goods 12.0 8.0 0.4 3.3 6.4 5.3 5.4 5.0 Exports of services 3.4 2.5 1.5 1.9 3.4 3.9 4.2 4.3 Imports of goods and services (real growth rates, in %) 6.8 5.0 -3.7 1.7 4.0 4.9 3.8 5.0 Imports of goods 7.6 6.0 -4.3 2.5 3.7 5.4 3.8 5.1 Imports of services 3.1 -0.4 0.2 -3.1 6.0 1.9 4.0 4.5 Current account balance3, in EUR million -43 68 930 2,023 2,607 2,387 2,870 2,776 As a per cent share relative to GDP -0.1 0.2 2.6 5.6 7.0 6.2 7.2 6.7 Gross external debt, in EUR million 42,123 41,669 42,872 41,658 46,314 44,926" As a per cent share relative to GDP 116.2 112.9 119.1 116.0 124.2 Ratio of USD to EUR 1.327 1.392 1.286 1.328 1.329 1.109 1.102 1.102 DOMESTIC DEMAND Private consumption (real growth rates, In %) 1.3 0.0 -2.5 -4.1 0.7 2.0 2.6 2.2 As a % of GDP 56.0 56.0 56.7 55.0 53.3 52.3 52.0 52.1 Government consumption (real growth rates, In %) -0.5 -0.7 -2.3 -1.5 -0.1 -0.1 -0.4 -0.3 As a % of GDP 20.3 20.4 20.3 19.8 19.1 18.5 18.5 18.1 Gross fixed capital formation (real growth rates, In %) -13.3 -4.9 -8.8 1.7 3.2 2.0 -1.8 5.0 As a % of GDP 21.3 20.2 19.3 19.7 19.6 19.7 19.0 19.7 Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Autumn Forecast, September 2015). Notes: 1Measured in purchasing power standard; 2Consumer price index; 3 Balance of payments statistics; "End August 2015. Slovenian Economic Mirror, October 2015 34 Statistical Appendix PRODUCTION 2012 2013 2014 2013 2014 2015 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -1.1 -0.9 2.2 -1.7 -1.1 1.6 0.7 2.3 3.1 2.6 6.2 4.5 0.8 -1.6 -0.4 8.0 B Mining and quarrying -7.4 1.3 -3.8 -9.6 -7.1 16.8 -1.6 33.0 -9.6 -28.1 1.1 -12.5 -21.7 -8.0 6.0 74.1 C Manufacturing -2.3 -1.5 4.3 -2.0 -1.4 1.2 3.3 3.1 5.1 5.6 6.2 5.1 0.6 -2.2 -0.4 7.7 D Electricity, gas & steam supply1 10.5 3.9 -14.2 1.9 3.2 3.1 -18.3 -10.0 -11.5 -16.1 5.9 2.4 6.2 5.1 -1.3 5.5 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total -16.8 -2.5 19.5 -10.5 -3.4 22.8 36.8 40.0 19.8 -3.3 0.3 -9.2 -5.9 28.2 31.4 6.8 Buildings -17.3 -20.4 3.8 -25.1 -16.6 5.1 6.7 6.5 8.0 -4.5 -5.3 -2.3 -11.4 10.8 3.1 0.8 Civil engineering -16.6 6.3 26.5 -2.6 1.7 27.1 52.5 55.7 25.1 -1.9 2.5 -11.5 -5.5 31.8 41.5 6.3 MARKET SERVICES, year-on-year growth rates, % Services, total -2.8 -0.3 2.7 -0.1 0.5 1.1 3.5 2.0 4.3 1.1 3.4 3.0 5.0 1.3 0.3 1.9 Transportation and storage 0.0 -0.1 6.2 -0.2 0.6 1.6 7.2 6.1 7.0 4.5 2.3 3.1 2.8 0.8 1.3 2.8 Information and communication activities -2.9 0.4 1.1 0.9 1.7 0.6 5.0 -0.3 0.6 -0.5 1.4 1.7 4.4 1.2 -1.9 2.3 Professional, scientific and technical activities -7.6 -2.1 -1.8 -1.2 -3.1 -0.6 -4.7 -2.5 6.6 -5.7 3.4 -0.8 11.1 -0.7 0.5 -1.4 Administrative and support service activities -4.5 3.7 2.5 5.5 3.7 5.4 0.2 -1.6 1.8 10.1 14.1 15.5 7.5 6.2 3.6 6.4 Distributive trades, y-o-y growth rates, % Total real turnover* -3.6 -1.0 2.4 2.1 -2.2 3.2 2.4 -1.2 5.7 2.6 4.9 6.7 1.4 2.2 2.7 4.8 Real turnover in retail trade -2.2 -3.7 0.0 -2.6 -4.6 -0.7 -0.7 -1.0 2.3 -0.8 0.8 1.4 -3.9 -0.9 -1.4 0.1 Real turnover in the sale and maintenance of motor vehicles -6.3 4.7 7.2 11.1 3.4 11.6 8.6 -1.7 12.8 9.0 11.6 15.7 14.0 8.4 10.4 16.3 Nominal turnover in wholesale trade & commission trade 0.8 -0.2 3.8 1.1 -1.4 4.7 6.2 3.0 6.0 0.1 0.2 1.8 -0.2 2.3 1.8 10.2 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays 1.2 0.3 -0.5 -1.5 2.9 0.6 -2.0 -14.0 -3.4 3.9 6.8 28.1 3.2 4.0 -3.2 0.1 Domestic tourists, overnight stays -4.9 -3.4 -3.5 -5.3 -2.4 0.5 -3.4 -8.1 -7.7 1.6 6.8 12.7 -3.5 4.3 -2.3 -0.9 Foreign tourists, overnight stays 5.6 2.8 1.4 0.9 5.6 0.7 -0.6 -17.4 -1.4 5.6 6.9 37.9 6.4 3.8 -4.0 1.1 Accommodation and food service activities -1.1 -1.4 2.1 -3.0 0.5 2.9 2.8 3.3 1.2 1.1 6.7 4.3 1.3 3.9 0.7 4.1 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 480.4 478.4 506.9 111.1 123.2 139.6 113.6 122.8 132.5 138.0 102.5 111.4 41.0 49.3 41.7 48.5 BUSSINES TENDENCY (indicator values**) Sentiment indicator -16.9 -13.2 -2.2 -14.4 -12.0 -11.3 -8.4 -1.9 -0.1 1.5 4.1 5.1 -11.2 -12.4 -10.5 -11.1 Confidence indicator - in manufacturing -11 -5 2 -6 -4 -2 -1 3 3 3 6 5 -2 -4 -1 -2 - in construction -41 -22 -11 -23 -18 -17 -14 -10 -9 -11 -11 -15 -15 -17 -15 -18 - in services -12 -12 5 -13 -11 -10 -5 6 6 11 15 16 -12 -12 -7 -10 - in retail trade 2 1 9 0 7 3 2 6 10 18 17 14 6 16 -5 -2 Consumer confidence indicator -34 -33 -22 -34 -33 -34 -30 -26 -17 -17 -15 -10 -31 -37 -34 -32 Source of data: SURS. Note: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Slovenian Economic Mirror, October 2015 35 Statistical Appendix 2014 2015 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 -0.2 -1.4 3.7 0.8 0.0 6.1 5.2 -1.3 4.7 2.9 1.5 3.5 3.3 7.3 7.9 0.4 5.4 7.5 2.0 8.1 30.2 0.0 -27.5 69.7 17.6 10.1 -18.7 -25.3 20.3 -4.5 -24.1 -52.5 -14.9 -3.9 28.9 -35.3 2.3 8.3 13.1 11.3 2.5 1.0 6.3 1.0 0.1 8.3 6.9 1.2 6.4 5.1 3.8 8.3 3.3 7.0 8.0 1.1 6.0 8.1 2.4 8.6 -21.6 -19.4 -13.8 -9.7 -4.7 -15.3 -6.0 -15.7 -13.0 -16.2 -13.7 -18.1 4.5 9.2 4.1 2.1 0.6 4.7 -3.0 2.2 34.5 28.8 44.6 47.2 45.0 30.4 27.7 27.5 6.7 -1.8 -10.5 4.6 -2.7 6.0 -1.7 -7.0 -9.6 -10.8 -13.6 -15.5 6.2 4.7 8.5 9.8 11.3 -0.2 13.6 15.9 -4.0 -5.1 -12.6 7.0 -0.3 -6.7 -8.2 -5.3 -1.1 -0.4 -5.6 -15.3 49.1 41.1 63.0 65.1 60.4 44.6 34.1 32.5 11.6 0.4 -8.7 4.5 -4.1 11.9 0.9 -7.5 -12.2 -14.3 -16.4 -15.8 2.8 2.9 4.7 2.3 2.5 1.3 7.0 3.3 2.7 1.8 -0.6 2.0 0.9 5.7 3.6 1.4 2.6 4.9 3.1 4.2 - - 6.5 5.9 8.9 4.6 6.1 7.6 7.3 3.6 9.8 2.5 2.4 8.9 -2.0 5.7 3.1 0.8 2.1 6.2 2.4 4.1 5.3 6.0 3.8 1.1 0.2 -2.1 3.4 -0.4 -1.0 -0.3 -0.7 -0.6 -0.9 3.2 2.0 2.9 0.3 1.9 2.5 5.0 -7.2 -6.3 -1.2 -0.6 -1.4 -5.1 17.5 9.8 -4.1 -0.5 -9.0 -7.1 2.8 5.8 2.0 -4.5 1.5 0.7 1.2 1.2 0.5 0.6 -0.6 -0.7 -0.2 -3.7 4.2 -0.7 2.0 8.8 9.6 12.0 13.4 12.8 15.9 12.4 13.4 20.2 9.2 10.3 - - 2.2 1.9 3.2 2.5 -3.2 -2.9 8.4 1.1 7.9 2.9 0.7 4.2 2.0 6.3 6.4 2.6 8.1 9.7 3.3 5.0 - -1.1 -0.6 -0.5 3.0 -3.2 -2.8 3.0 -0.8 4.8 -0.7 -1.3 -0.3 -1.2 2.9 0.9 -0.8 2.5 2.6 0.2 0.3 8.8 6.9 10.1 1.5 -3.4 -3.0 19.4 5.7 13.6 9.4 4.0 13.9 7.6 12.1 15.2 8.7 17.4 21.2 9.4 15.9 5.1 5.2 8.4 5.8 -0.1 3.3 6.3 2.3 9.4 1.6 0.1 -1.4 -6.8 3.4 4.4 -2.2 1.8 5.9 1.8 1.9 - -0.4 -3.4 -2.1 7.8 -2.9 4.8 -5.1 -1.3 -4.7 6.0 -0.7 5.6 6.2 12.4 2.2 6.1 8.1 6.7 10.9 8.7 - -6.9 -5.7 2.4 -3.6 1.0 -1.3 -7.7 -8.7 -5.8 8.2 -0.7 -3.6 9.6 9.9 1.0 10.5 -2.9 7.4 8.3 10.2 - 4.3 -0.2 -5.8 15.5 -4.9 8.3 -3.8 2.1 -4.2 4.5 -0.7 13.9 4.0 15.7 3.2 3.7 14.2 6.3 12.1 8.1 - 1.4 2.0 5.1 4.2 2.7 2.9 0.7 4.5 -1.6 3.5 0.2 -0.4 6.9 8.0 5.3 4.3 5.1 3.6 5.0 2.8 - 38.4 36.0 39.2 42.6 39.4 40.7 48.0 38.8 45.7 47.4 40.9 49.7 34.1 32.1 36.3 37.1 37.0 37.4 43.4 36.3 - - -8.8 -9.0 -7.4 -5.3 -0.2 -0.3 1.2 -1.7 0.3 2.3 0.9 1.4 2.8 4.0 5.5 5.0 5.2 5.1 3.5 6.9 6.0 6.1 -3 0 0 2 3 5 6 2 2 3 2 4 4 5 9 4 6 6 6 8 5 7 -15 -17 -10 -16 -5 -8 -6 -12 -10 -9 -12 -11 -12 -10 -10 -15 -15 -14 -16 -15 -18 -14 -5 -6 -4 3 9 7 6 6 7 11 12 11 12 16 16 18 16 15 15 15 16 18 9 0 -3 1 17 1 11 10 9 18 22 13 23 19 9 21 17 5 5 16 23 15 -29 -31 -29 -31 -25 -22 -17 -21 -13 -13 -20 -17 -14 -17 -14 -12 -11 -6 -14 -5 -6 -11 Slovenian Economic Mirror, October 2015 36 Statistical Appendix LABOUR MARKET 2012 2013 2014 2013 2014 2015 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 FORMAL LABOUR FORCE (A=B+E) 920.2 913.4 917.9 913.8 910.5 916.5 912.9 919.8 917.5 921.3 919.7 917.5 910.2 916.7 917.5 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 810.0 793.6 797.8 795.0 794.4 795.8 784.2 799.6 803.0 804.4 798.0 805.0 795.5 798.0 798.2 In agriculture, forestry, fishing 37.0 38.2 35.4 38.9 38.1 38.4 31.7 37.1 37.5 35.1 32.8 30.5 38.1 38.5 38.4 In industry, construction 263.1 252.2 252.4 252.5 253.5 252.9 249.0 252.9 254.1 253.8 250.4 255.2 254.0 254.8 254.6 Of which: in manufacturing 182.9 177.7 178.3 177.6 177.5 177.8 177.3 178.2 178.6 179.2 178.8 179.9 177.6 178.1 178.3 in construction 59.8 54.3 54.0 54.6 55.7 54.6 51.5 54.6 55.4 54.5 51.8 55.3 56.0 56.1 55.8 In services 510.0 503.2 510.0 503.6 502.8 504.6 503.5 509.7 511.4 515.5 514.9 519.3 503.4 504.7 505.3 Of which: in public administration 50.7 49.1 48.8 49.3 49.1 48.9 48.7 49.0 49.0 48.5 48.1 48.2 48.9 48.8 49.0 in education, health-services, social work 120.9 121.0 122.2 121.1 120.5 121.6 121.6 122.4 121.6 123.1 123.3 124.1 121.2 121.6 121.8 FORMALLY EMPLOYED (C)1 717.0 698.7 703.0 700.0 699.6 699.2 693.8 703.5 706.1 708.8 704.2 712.9 700.5 701.7 701.5 In enterprises and organisations 662.6 647.6 652.6 648.5 647.9 648.1 645.2 653.1 654.7 657.2 654.6 661.5 648.6 649.7 649.9 By those self-employed 54.5 51.1 50.5 51.5 51.7 51.1 48.6 50.4 51.3 51.6 49.7 51.4 51.9 52.0 51.7 SELF-EMPLOYED AND FARMERS (D) 93.0 94.9 94.8 95.0 94.7 96.6 90.4 96.1 97.0 95.6 93.8 92.1 95.0 96.3 96.7 REGISTERED UNEMPLOYMENT (E) 110.2 119.8 120.1 118.8 116.1 120.7 128.8 120.2 114.5 116.9 121.6 112.5 114.7 118.7 119.3 Female 52.2 57.4 59.6 56.7 57.0 58.9 61.2 59.4 58.4 59.6 60.0 57.7 56.5 58.5 58.7 By age: 15 to 29 24.9 28.8 30.4 27.7 26.7 31.6 33.6 30.5 27.4 30.2 30.0 26.5 26.3 30.8 31.5 aged over 50 38.2 38.9 37.3 39.3 38.1 37.3 39.0 37.7 36.5 36.0 37.8 36.8 37.5 37.0 36.8 Primary education or less 33.3 34.2 33.8 34.1 32.6 33.6 36.4 33.8 32.1 32.8 35.3 32.0 32.3 32.7 33.0 For more than 1 year 55.2 55.4 59.9 54.3 55.0 57.7 60.7 59.9 59.1 59.7 61.1 60.1 55.7 56.6 57.1 Those receiving benefits 33.9 33.0 26.6 33.7 30.3 28.7 32.7 26.2 23.9 23.7 28.7 22.4 29.4 28.2 28.0 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 12.0 13.1 13.1 13.0 12.8 13.2 14.1 13.1 12.5 12.7 13.2 12.3 12.6 13.0 13.0 Male 11.5 12.5 12.0 12.5 11.9 12.4 13.5 12.1 11.1 11.4 12.3 11.0 11.7 12.1 12.1 Female 12.6 13.8 14.3 13.7 13.8 14.1 14.8 14.2 14.1 14.2 14.4 13.8 13.6 14.0 14.1 FLOWS OF FORMAL LABOUR FORCE 5.3 6.0 -4.6 -6.0 -1.9 9.3 2.7 -9.4 -4.8 6.9 -1.4 -7.9 -1.9 4.1 0.6 New unemployed first-job seekers 16.3 19.1 18.5 2.6 3.4 9.4 4.2 2.7 3.3 8.4 3.5 2.2 1.5 6.0 2.0 Redundancies 90.3 88.7 83.9 18.5 19.6 23.5 25.9 17.3 17.7 23.1 24.4 16.3 6.4 7.2 7.0 Registered unemployed who found employment 58.3 65.1 74.0 18.1 15.8 14.1 20.7 21.4 16.6 15.3 21.8 19.0 6.4 5.4 5.2 Other outflows from unemployment (net) 43.1 37.3 33.2 9.1 9.2 9.9 6.8 7.9 9.2 9.3 7.5 7.5 3.4 3.8 3.3 WORK PERMITS FOR FOREIGNERS 33.9 30.5 25.1 31.7 29.8 27.8 26.3 25.7 24.8 23.6 22.6 23.3 29.3 28.5 27.9 As % of labour force 3.7 3.3 2.7 3.5 3.3 3.0 2.9 2.8 2.7 2.6 2.5 2.5 3.2 3.1 3.0 Source of data: SURS, PDII, ESS. Note: ]In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly Figure for farmers from the Labour Force Survey. Slovenian Economic Mirror, October 2015 37 Statistical Appendix 2013 2014 2015 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 915.3 911.4 913.0 914.4 920.2 919.8 919.4 918.0 916.5 918.1 922.3 922.2 919.4 918.5 919.9 920.6 917.9 917.3 917.3 915.0 913.6 791.3 781.6 783.3 787.7 796.6 800.1 802.1 801.8 801.7 805.5 806.4 806.8 800.0 794.3 797.4 802.5 803.0 804.9 807.1 805.5 805.6 38.4 31.6 31.7 32.0 36.8 37.0 37.3 37.5 37.5 37.6 35.2 35.1 35.1 32.6 32.7 33.0 30.5 30.5 30.5 29.5 29.3 249.3 248.3 248.5 250.0 252.0 253.3 253.4 253.9 253.7 254.7 255.5 255.5 250.4 249.1 249.9 252.2 254.2 255.1 256.2 256.5 256.9 177.0 177.1 177.4 177.5 178.1 178.4 178.1 178.4 178.5 179.0 179.4 179.6 178.6 178.5 178.8 179.1 179.3 179.9 180.6 180.9 181.3 52.0 51.1 50.7 52.6 53.9 54.8 55.0 55.4 55.1 55.7 55.9 55.8 51.9 50.9 51.3 53.2 55.0 55.3 55.6 55.5 55.6 503.7 501.7 503.1 505.7 507.8 509.7 511.4 510.4 510.5 513.2 515.7 516.2 514.5 512.6 514.7 517.3 518.2 519.2 520.4 519.5 519.4 48.9 48.6 48.7 48.9 48.9 49.0 49.1 49.1 48.9 48.9 48.7 48.5 48.3 48.0 48.1 48.2 48.2 48.0 48.3 48.2 48.3 121.3 121.1 121.7 122.1 122.3 122.5 122.5 121.3 121.1 122.4 122.9 123.3 123.1 122.6 123.4 123.9 124.0 124.1 124.1 122.8 122.6 694.4 691.5 693.0 696.9 700.8 704.0 705.6 705.1 704.9 708.2 710.9 711.2 704.4 701.0 703.6 708.2 710.9 712.7 714.9 714.3 714.6 644.8 643.1 644.8 647.8 651.0 653.6 654.7 654.1 653.6 656.4 658.6 659.0 654.0 651.8 654.3 657.6 659.6 661.3 663.5 663.0 663.3 49.6 48.5 48.2 49.1 49.8 50.4 51.0 51.0 51.3 51.7 52.3 52.2 50.4 49.1 49.3 50.6 51.4 51.4 51.4 51.3 51.3 97.0 90.1 90.3 90.7 95.8 96.1 96.5 96.7 96.9 97.4 95.5 95.6 95.5 93.3 93.8 94.3 92.0 92.2 92.1 91.2 91.0 124.0 129.8 129.8 126.7 123.6 119.7 117.4 116.2 114.8 112.6 115.9 115.4 119.5 124.3 122.6 118.1 114.9 112.4 110.2 109.6 107.9 59.4 61.4 61.2 61.0 60.3 59.1 58.6 58.9 58.6 57.7 59.9 59.6 59.5 60.9 59.9 59.2 58.5 57.6 56.8 56.9 56.4 32.5 33.9 33.9 33.1 31.9 30.3 29.2 28.1 27.4 26.7 30.4 30.1 30.2 30.8 30.2 29.0 27.7 26.4 25.4 24.8 23.9 37.9 39.2 39.1 38.8 38.4 37.6 37.1 36.9 36.6 35.9 35.7 35.6 36.7 38.1 37.9 37.3 37.0 36.8 36.7 36.6 36.3 35.2 36.5 36.9 35.7 34.7 33.7 33.2 32.5 32.0 31.7 32.0 32.1 34.4 36.1 35.9 33.9 32.7 31.9 31.4 31.0 30.5 59.4 61.0 60.6 60.5 60.7 59.9 59.2 59.0 58.9 59.2 59.5 59.6 60.1 61.5 61.0 60.8 60.3 59.9 60.0 59.5 59.0 29.9 33.8 33.0 31.3 27.4 26.0 25.2 24.7 23.8 23.2 23.2 22.4 25.5 29.4 29.4 27.3 23.1 22.4 21.8 21.8 21.5 13.5 14.2 14.2 13.9 13.4 13.0 12.8 12.7 12.5 12.3 12.6 12.5 13.0 13.5 13.3 12.8 12.5 12.3 12.0 12.0 11.8 13.0 13.7 13.7 13.2 12.6 12.1 11.7 11.4 11.2 10.9 11.1 11.1 12.0 12.6 12.5 11.7 11.3 11.0 10.7 10.6 10.4 14.2 14.9 14.8 14.7 14.4 14.2 14.0 14.2 14.2 13.9 14.3 14.2 14.2 14.6 14.4 14.2 14.0 13.8 13.6 13.6 13.5 4.7 5.8 -0.1 -3.0 -3.1 -4.0 -2.3 -1.2 -1.4 -2.2 3.3 -0.5 4.0 4.8 -1.7 -4.5 -3.2 -2.5 -2.1 -0.7 -1.6 1.4 1.7 1.4 1.2 1.0 0.8 0.9 0.8 0.8 1.7 5.9 1.5 1.0 1.3 1.1 1.1 0.8 0.7 0.8 0.7 0.7 9.3 13.1 6.6 6.2 6.1 5.3 5.8 6.6 4.8 6.3 7.1 6.2 9.8 12.5 5.9 6.0 5.8 5.2 5.3 6.5 5.1 3.5 6.2 6.0 8.5 7.6 7.6 6.3 5.6 4.3 6.7 6.3 5.0 4.0 6.2 6.5 9.0 7.3 6.0 5.7 5.2 4.7 2.8 2.8 2.1 1.9 2.6 2.5 2.8 3.0 2.7 3.5 3.4 3.2 2.7 2.8 2.2 2.5 2.4 2.6 2.5 2.6 2.7 27.1 26.4 26.3 26.2 26.0 25.7 25.4 25.0 24.7 24.6 24.6 23.4 22.8 22.6 22.3 22.8 23.1 23.6 23.2 23.3 23.6 3.0 2.9 2.9 2.9 2.8 2.8 2.8 2.7 2.7 2.7 2.7 2.5 2.5 2.5 2.4 2.5 2.5 2.6 2.5 2.5 2.6 Slovenian Economic Mirror, October 2015 38 Statistical Appendix WAGES EUR m 2012 2013 2014 2013 2014 2015 2014 Q2 15 Aug. 15 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 GROSS WAGE PER EMPLOYEE, nominal y-o-y growth rates, % TOTAL 1,540 1,537 1,524 0.1 -0.2 1.1 -0.5 0.3 0.6 0.9 1.1 1.3 1.2 0.5 0.6 Private sector activities (A-N; R-S) 1,495 1,488 1,477 0.8 0.7 1.5 0.5 1.0 1.2 1.7 1.4 1.4 1.3 0.4 0.8 Public service activities (OPQ) 1,675 1,689 1,671 -2.2 -2.3 0.3 -3.0 -1.6 -1.1 -1.1 0.3 1.1 0.8 0.8 0.2 Industry (B-E) 1,529 1,521 1,519 2.5 2.6 3.2 2.6 2.9 3.1 3.7 2.7 3.4 2.9 1.4 1.9 Trad. market services (GHI) 1,369 1,375 1,352 0.3 0.1 1.0 -0.1 0.1 1.1 1.2 0.7 0.9 1.3 0.2 1.4 Other market services (J-N; R-S) 1,686 1,666 1,659 -0.3 -1.3 -0.3 -1.5 -0.6 -1.1 -0.4 0.5 -0.5 -0.8 -0.5 -0.9 A Agriculture, forestry and fishing 1,311 1,290 1,268 -1.1 0.8 0.7 1.1 0.0 3.0 0.4 -0.3 2.3 0.5 -0.7 0.0 B Mining and quarrying 2,128 2,003 1,943 3.6 -2.0 5.9 -6.8 -2.9 -2.4 2.9 8.3 10.7 2.0 -8.9 -4.8 C Manufacturing 1,483 1,482 1,480 2.5 2.8 3.3 2.9 3.0 3.6 3.9 2.8 3.1 3.2 2.1 2.3 D Electricity, gas, steam and air conditioning supply 2,340 2,257 2,274 3.3 3.0 2.6 2.8 3.6 -0.1 5.2 -1.1 6.5 -0.1 -4.4 1.7 E Water supply sewerage, waste management and remediation activities 1,475 1,461 1,452 0.1 0.7 1.4 0.1 1.0 1.3 -0.2 2.2 1.5 2.2 1.3 0.3 F Constrution 1,192 1,179 1,168 -2.5 -1.4 0.3 -2.1 0.1 -1.4 -0.1 0.7 -0.2 0.9 -0.7 -0.8 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,395 1,408 1,383 0.8 0.4 1.2 0.0 0.6 1.2 1.3 1.0 1.1 1.3 0.4 1.8 H Transportation and storage 1,466 1,463 1,431 -0.4 -0.2 1.1 0.2 -0.9 0.8 0.9 0.0 0.3 3.0 0.7 1.4 I Accommodation and food service activities 1,081 1,076 1,084 -0.8 -0.4 -0.2 -0.7 -0.6 0.9 0.6 0.1 0.6 -2.0 -2.2 -1.0 J Information and communication 2,074 2,064 2,049 -0.4 -1.4 0.1 -2.7 -1.1 -1.4 -2.8 1.7 0.8 0.8 2.6 -0.2 K Financial and insurance activities 2,212 2,274 2,204 1.1 0.1 1.2 1.2 1.2 0.3 -0.2 2.7 -0.2 2.3 3.9 1.9 L Real estate activities 1,489 1,453 1,446 -0.6 -0.3 -1.2 0.2 -0.6 0.2 -0.8 -1.1 -0.5 -2.4 -1.1 -1.6 M Professional, scientific and technical activities 1,715 1,701 1,733 -1.1 -2.4 1.1 -3.4 -1.5 -2.6 0.1 0.5 1.5 2.2 0.8 1.7 N Administrative and support service activities 1,016 1,006 1,014 0.7 0.0 2.4 0.7 0.7 0.9 3.3 2.7 2.6 1.2 0.3 -0.6 O Public administration and defence, compulsory social security 1,744 1,761 1,763 -1.8 -1.4 1.0 -2.1 -0.6 -0.6 -0.9 1.2 2.1 1.5 1.8 0.7 P Education 1,622 1,633 1,587 -3.3 -3.3 0.0 -4.2 -2.0 -1.3 -1.2 -0.1 0.7 0.7 0.5 -0.1 Q Human health and social work activities 1,676 1,690 1,688 -1.3 -2.0 -0.1 -2.3 -2.2 -1.4 -1.2 -0.2 0.7 0.4 0.2 0.1 R Arts, entertainment and recreation 1,614 1,605 1,616 -2.8 -3.0 -0.5 -3.8 -1.4 -1.0 -0.4 -0.5 0.2 -1.1 -0.5 -0.2 S Other service activities 1,376 1,338 1,330 -0.9 -0.4 -1.1 -0.7 -1.1 0.9 -1.4 -0.7 -0.3 -2.2 -1.9 -2.8 Source of data: SURS, calculations by IMAD. Slovenian Economic Mirror, October 2015 39 Statistical Appendix 2013 2014 2015 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 0.7 0.7 1.6 0.4 1.0 0.5 1.7 1.7 0.7 1.6 1.1 1.0 1.4 0.2 -0.3 1.6 0.8 -0.2 1.2 0.4 0.5 1.5 1.4 2.7 0.9 1.5 0.8 2.0 2.0 0.5 1.8 1.3 1.0 1.7 0.0 -0.7 1.9 1.1 -0.3 1.7 0.6 0.7 -1.5 -1.2 -1.2 -0.9 -0.2 -0.1 1.0 0.9 1.2 1.2 0.8 1.0 0.6 0.9 0.7 0.8 0.2 0.3 0.1 0.0 -0.1 3.1 3.3 5.8 2.1 2.2 1.8 4.0 4.3 1.8 4.2 2.2 2.2 4.1 0.2 -0.1 4.2 2.8 0.4 2.6 1.6 1.2 2.0 0.9 0.9 1.7 0.8 -0.1 1.4 1.0 0.2 1.4 0.6 2.4 0.9 -0.1 0.1 0.4 1.5 0.8 1.8 1.2 1.1 -1.0 -0.3 0.4 -1.4 1.1 0.1 0.4 0.2 -0.8 -0.9 0.8 -2.2 -0.8 -0.1 -2.1 0.7 -1.3 -2.0 0.6 -0.9 0.1 6.2 -1.7 2.3 0.9 2.1 -2.3 -0.8 1.8 1.5 3.6 2.3 -2.1 1.5 -0.9 0.3 -1.3 -2.0 -1.5 3.6 -0.4 0.0 3.3 -8.1 19.1 -0.9 7.2 10.4 7.3 10.1 12.2 9.9 -0.2 0.9 5.5 -4.0 -20.3 -0.5 -1.0 -5.5 -7.7 1.8 -9.6 3.9 4.0 5.3 2.4 2.5 1.8 4.3 4.6 1.1 3.7 2.7 2.5 4.4 0.3 1.1 4.8 3.0 0.6 3.2 1.2 2.2 -5.9 1.8 11.9 2.3 -1.2 -0.9 -1.0 -0.1 10.3 9.5 -3.0 -0.1 2.9 -0.4 -9.8 -2.8 3.5 0.9 0.6 5.7 -8.2 2.2 0.2 0.5 -1.3 1.1 0.8 4.8 2.7 -2.0 3.8 2.3 1.6 2.7 -0.2 1.0 3.0 1.0 -0.6 0.6 3.1 1.2 -0.5 -1.4 0.5 0.6 1.0 0.8 0.3 0.2 -1.4 0.7 0.1 1.4 1.1 -0.9 -1.0 -0.1 -1.0 -1.8 0.3 -0.6 -0.6 1.5 0.8 0.8 2.2 1.1 0.2 1.6 0.9 0.7 1.7 1.0 1.5 1.2 0.6 0.1 0.6 1.9 1.1 2.5 1.9 1.7 3.0 1.3 0.8 0.5 -0.1 -0.5 0.6 0.9 -0.8 0.9 0.4 7.1 1.5 -0.5 1.6 1.0 2.0 0.8 1.4 1.0 0.4 2.4 -0.1 1.4 0.5 0.0 -1.3 1.7 1.6 -0.5 0.6 -1.2 -2.7 -2.0 -2.4 -3.2 -1.0 -1.2 -0.4 -1.3 -1.7 -0.1 -0.9 -0.8 -0.5 -6.9 3.6 0.2 1.5 0.9 -0.2 1.7 1.7 0.7 0.1 0.8 0.5 6.5 -1.4 -0.7 1.5 1.6 0.5 1.5 0.3 0.3 -1.1 2.8 4.3 0.8 0.3 1.0 -1.7 7.5 -1.0 0.5 8.5 -1.8 5.1 2.7 -1.6 4.8 1.1 2.9 -0.4 -1.1 -0.9 -0.5 -1.6 -1.6 -0.3 -0.1 -1.0 -0.4 -1.8 -2.7 -2.6 -1.1 -1.6 -0.5 -1.0 -1.6 -2.2 -0.9 0.0 -3.0 -1.6 -0.3 2.3 -0.2 -1.7 3.4 2.9 -0.3 2.1 2.4 0.7 3.7 1.0 1.9 -0.4 2.1 2.0 0.9 0.2 2.5 -0.3 3.2 3.8 2.8 2.2 3.2 2.5 3.6 2.1 2.1 0.7 1.1 1.9 0.4 -0.1 0.5 -0.5 -2.0 0.8 -0.7 0.2 -1.5 -1.5 -0.8 -0.3 0.8 0.9 1.9 1.6 1.9 2.8 0.8 1.8 1.9 1.7 1.9 2.0 0.2 1.0 0.8 0.5 0.7 -1.1 -0.8 -1.5 -1.2 -0.5 -0.4 0.6 0.7 0.8 0.6 0.6 0.8 0.5 0.5 0.6 0.5 -0.4 -0.1 0.2 -0.5 -0.6 -1.8 -1.3 -1.4 -1.1 -0.8 -0.6 0.7 0.3 1.2 0.4 1.1 0.5 -0.4 0.6 -0.2 0.2 0.9 0.2 -0.7 0.2 0.0 -1.1 -0.4 0.8 -1.6 -0.7 -1.7 0.8 -1.0 1.5 0.0 -1.4 -2.6 0.7 -0.5 -1.4 0.3 0.0 -0.3 -0.5 -1.5 -1.4 2.3 -1.6 -1.0 -1.7 -2.1 -0.7 0.8 0.3 -0.8 -0.3 -1.8 -1.7 -3.0 -2.8 -1.9 -1.1 -2.1 -3.4 -3.0 -2.6 -2.1 Slovenian Economic Mirror, October 2015 40 Statistical Appendix PRICES AND INDICATORS OF OVERALL COMPETITIVENESS 2012 2013 2014 2013 2014 2015 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12 CPI, y-o-y growth rates, % 2.6 1.8 0.2 2.1 1.1 0.5 0.6 -0.2 -0.1 -0.4 -0.6 -0.5 1.4 1.3 1.3 0.7 Food, non-alcoholic beverages 4.1 3.6 -0.3 4.1 2.3 1.0 -0.6 -1.0 -0.7 -0.3 1.1 1.5 3.5 2.4 2.2 2.2 Alcoholic beverages, tobacco 6.5 7.0 3.6 7.4 3.0 2.7 4.4 3.6 3.7 4.2 2.1 1.0 7.1 3.0 3.0 3.0 Clothing and footwear -0.2 0.2 -0.9 1.0 -0.8 -0.9 -1.0 -0.1 -1.6 -0.9 -1.8 -0.4 1.7 0.3 0.1 -2.9 Housing, water, electricity, gas 3.8 3.1 0.1 2.8 4.6 1.4 0.3 -0.3 -0.8 -1.6 -1.3 -1.2 2.1 3.9 4.8 5.2 Furnishings, household equipment 0.1 -1.2 -1.2 -1.2 -0.6 -0.9 -0.2 -2.0 -1.6 -1.8 -1.9 -0.4 -1.5 -0.4 -0.4 -0.9 Medical, pharmaceutical products 0.4 -0.5 -0.1 0.4 0.1 -0.1 0.7 -0.9 -0.4 0.0 -0.1 1.2 0.7 0.0 0.0 0.2 Transport 3.3 0.3 0.2 0.5 -0.4 -0.2 1.9 -0.1 -0.9 -4.5 -4.4 -5.2 -0.4 -0.6 -0.3 -0.3 Communications -2.4 -1.2 -1.9 1.2 -0.1 -1.4 -0.5 -2.8 -2.8 -0.5 -1.3 1.7 1.1 1.6 -0.5 -1.5 Recreation and culture 1.4 0.1 0.7 0.6 0.4 0.4 -0.1 -0.2 3.0 4.2 1.5 0.3 0.2 0.9 0.4 -0.1 Education 2.9 2.6 0.1 1.4 -0.1 -0.1 -0.2 0.0 0.8 0.7 0.8 0.8 -0.5 0.1 -0.3 0.0 Catering services 4.5 6.5 1.1 7.0 1.6 0.9 1.7 1.0 0.7 1.0 0.2 -0.1 2.0 2.0 1.5 1.4 Miscellaneous goods & services 2.4 1.3 1.6 0.5 -0.5 1.8 1.9 1.6 1.2 0.8 0.9 1.1 0.1 0.7 1.0 -3.2 HCPI 2.8 1.9 0.4 2.2 1.1 0.6 0.8 0.1 0.0 -0.5 -0.8 -0.8 1.5 1.1 1.2 0.9 Core inflation (excluding fresh food and energy) 2.0 1.6 1.0 1.9 1.2 1.3 1.3 0.6 0.7 1.0 0.4 0.7 1.7 1.6 1.4 0.7 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.9 0.0 -0.6 -0.2 -0.6 -0.8 -1.1 -0.5 -0.1 0.1 0.6 -0.4 -0.4 -0.5 -0.7 -0.5 Domestic market 1.0 0.3 -1.1 0.1 -0.3 -1.0 -1.4 -1.1 -0.8 -0.3 0.0 -0.5 0.1 -0.2 -0.4 -0.3 Non-domestic market 0.7 -0.2 -0.1 -0.6 -0.9 -0.6 -0.8 0.1 0.7 0.5 1.3 -0.3 -0.9 -0.9 -1.1 -0.7 euro area 0.1 -0.4 -0.7 -0.7 -1.3 -1.4 -1.5 -0.6 0.8 0.7 1.0 0.1 -1.0 -1.0 -1.5 -1.4 non-euro area 2.0 0.3 1.1 -0.3 0.0 1.1 0.8 1.8 0.6 0.1 1.8 -1.1 -0.6 -0.4 -0.3 0.8 Import price indices 1.9 -0.4 -1.4 -0.3 -1.5 -2.1 -1.4 -1.0 -1.2 -0.7 0.2 -0.5 -1.6 -1.5 -2.0 -0.9 PRICE CONTROL,' y-o-y growth rates, % Energy prices 12.7 0.2 -1.9 -0.7 -4.1 -4.6 -0.2 -1.5 -1.0 -9.0 -7.5 -10.5 -4.2 -5.9 -3.8 -2.5 Oil products 13.0 1.7 0.7 0.4 -0.4 -0.9 4.2 1.7 -2.0 -11.9 -9.6 -13.1 -3.5 -2.4 -0.2 1.6 Transport & communications 1.6 11.3 11.1 17.3 10.9 14.6 15.8 7.3 7.3 1.1 0.0 0.0 17.3 17.3 8.0 8.0 Other controlled prices2 -0.6 -1.5 3.6 -0.8 1.5 2.2 5.7 3.2 3.2 5.0 0.5 0.5 -0.8 2.7 0.8 0.8 Direct control - total 9.2 1.2 0.5 1.0 -0.8 -1.0 2.6 0.4 -0.1 -7.5 -6.4 -9.2 -1.6 -1.4 -1.0 -0.1 INDICATORS OF OVERALL COMPETITIVENESS3, y-o-y growth rates, % Effective exchange rate,4 nominal -1.4 1.0 0.3 1.7 1.5 1.0 0.9 0.0 -1.0 -3.1 -3.7 -2.4 1.3 1.4 1.6 1.5 Real (deflator HICP) -1.2 1.3 -0.1 2.2 1.4 0.7 0.9 -0.7 -1.4 -3.6 -4.9 -3.3 1.4 1.3 1.6 1.3 Real (deflator ULC) -3.2 -0.2 -1.9 1.1 -0.6 -0.8 -2.1 -2.4 -2.1 -5.0 -4.6 USD/EUR 1.286 1.328 1.329 1.3246 1.3611 1.3697 1.3712 1.3252 1.2492 1.1270 1.1047 1.1119 1.3348 1.3635 1.3493 1.3704 Source of data: SURS, ECB; calculations by IMAD. Note: 1 The structure of groups varies. Data for individual years are not fully comparable to those published previously. On 1 July 2007, the electricity market was liberalised. 2 After a longer period of unchanged prices, at the beginning of 2013, the Decree on the pricing of mandatory local public services in the field of environmental protection (Official Gazette of the RS, No. 87/2012) transferred the responsibility for approving price changes to local communities. 3 Change of the source for effective exchange rate series as of April 2012: a new source, ECB; 4 Harmonised effective exchange rate - a group of 20 EU Member States and 17 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Slovenian Economic Mirror, October 2015 41 Statistical Appendix 2014 2015 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 0.8 0.1 0.6 0.4 0.7 0.8 0.0 -0.3 -0.3 -0.1 -0.2 0.2 -0.5 -0.4 -0.3 -0.7 -0.5 -0.7 -0.4 -0.3 -0.6 1.6 0.9 0.4 0.0 -0.9 -1.0 -1.1 -1.5 -0.4 -0.5 -0.3 -1.2 -1.3 -0.3 0.7 0.8 1.3 1.2 1.4 1.8 1.2 2.6 2.7 2.6 2.4 4.9 6.0 3.5 3.5 3.8 3.7 3.4 4.0 4.1 4.2 4.2 4.1 1.8 0.6 1.1 1.0 0.9 -2.2 -3.2 2.5 -0.6 -1.1 -1.3 -0.5 1.7 -1.2 -1.7 -2.6 -0.5 1.4 -0.6 -3.1 -2.4 -1.7 -1.2 0.0 -0.7 -0.4 3.6 0.4 0.1 -0.9 0.4 1.3 0.2 -0.5 -0.7 -0.6 -0.5 -1.3 -1.5 -1.9 -1.3 -1.0 -1.3 -1.5 -1.9 -0.8 -0.9 -1.4 -0.5 -0.7 -0.1 0.4 -0.7 -1.6 -2.3 -2.1 -2.3 -1.1 -1.3 -1.4 -1.9 -2.1 -2.3 -2.1 -1.4 -0.4 -0.4 -0.2 -0.2 -0.4 0.4 0.7 0.8 0.6 -0.7 -1.0 -0.9 -0.5 -0.4 -0.3 0.4 -0.3 0.1 -0.2 -0.3 0.2 1.2 1.3 0.9 0.1 -0.9 0.2 1.3 2.3 2.1 0.8 -0.2 -0.9 -0.4 -0.1 -2.2 -4.8 -4.6 -4.0 -5.1 -4.0 -4.2 -4.5 -4.8 -6.5 -1.6 -1.3 -1.4 -1.2 -0.9 0.6 -2.0 -3.1 -3.4 -3.5 -2.4 -2.5 -2.6 1.2 0.1 -0.8 -0.5 -2.6 1.7 1.7 1.7 0.7 0.3 0.0 0.5 -0.4 -0.3 -0.3 -0.5 0.1 1.8 3.0 4.2 4.1 4.1 4.3 1.3 2.2 1.0 0.0 0.3 0.6 0.0 -0.2 -0.2 -0.2 -0.2 -0.3 -0.3 -0.3 0.7 0.6 0.9 0.7 0.6 0.7 0.8 0.8 0.8 0.9 0.8 0.8 0.6 0.6 0.9 1.3 1.4 2.0 1.7 1.1 1.2 0.7 0.6 0.7 0.8 1.2 1.0 0.8 0.8 -0.3 0.1 0.0 -0.4 0.0 1.7 1.7 1.9 1.9 1.9 1.7 1.6 1.5 1.7 1.5 -3.6 5.8 0.9 1.0 0.6 0.8 0.7 1.1 1.3 1.2 1.0 0.9 0.2 0.6 0.5 1.0 1.0 0.3 0.0 -0.1 0.1 0.1 -0.1 -0.7 -0.5 -0.4 -0.7 -0.8 -0.9 -0.7 -0.6 -1.0 1.2 1.1 1.6 1.3 1.4 1.4 0.8 0.7 0.5 0.4 0.4 1.3 1.1 1.0 0.8 0.5 0.3 0.3 0.6 0.8 0.7 -0.5 -1.0 -0.9 -1.4 -1.1 -0.9 -0.6 -0.6 -0.3 0.0 0.0 -0.2 -0.1 0.1 0.4 0.9 0.6 0.4 0.2 -0.4 -1.0 -0.3 -1.1 -1.5 -1.5 -1.5 -1.2 -1.0 -1.2 -1.1 -1.0 -0.9 -0.6 -0.6 -0.4 0.0 0.0 0.1 -0.2 -0.2 -0.4 -0.9 -0.6 -0.9 -0.4 -1.2 -0.7 -0.5 -0.2 0.0 0.6 1.1 0.8 0.3 0.3 0.5 0.8 1.8 1.1 1.0 0.5 -0.4 -1.1 -1.2 -1.8 -1.2 -2.0 -1.4 -1.2 -1.2 -0.5 -0.1 0.8 0.8 0.8 0.8 0.9 0.6 1.2 0.8 1.0 0.8 0.0 -0.6 0.8 1.1 1.3 0.6 0.9 0.9 1.9 1.3 2.2 1.8 0.9 -0.8 -0.6 -0.2 1.1 3.0 1.6 1.0 -0.2 -1.0 -2.2 -1.5 -2.0 -2.7 -1.9 -1.1 -1.2 -1.1 -0.8 -1.1 -0.5 -0.9 -2.3 -1.5 -0.9 0.3 0.5 0.1 0.0 0.0 -0.5 -0.8 -3.4 -5.7 -4.6 -2.9 0.9 1.3 0.2 -1.9 -2.9 0.5 0.7 -4.0 -9.8 -9.4 -7.6 -8.5 -6.7 -7.4 -9.0 -10.3 -12.2 0.8 -2.5 -0.9 1.5 6.0 5.2 4.1 1.4 -0.3 -0.2 -0.1 -5.7 -13.2 -12.3 -10.2 -11.5 -8.4 -8.8 -10.9 -12.6 -15.8 14.6 14.6 14.6 15.8 15.8 15.8 7.3 7.3 7.3 7.3 7.3 7.3 1.1 1.1 1.1 0.0 0.0 0.0 0.0 0.0 0.1 3.7 1.4 1.4 6.4 6.4 4.2 3.6 2.3 3.6 3.4 3.1 3.1 3.4 5.7 5.8 0.8 0.8 0.1 0.1 1.4 0.1 0.1 -2.0 -1.2 0.6 3.6 3.6 1.9 0.0 -0.7 1.2 1.2 -2.6 -8.4 -7.9 -6.2 -7.4 -5.6 -6.2 -7.6 -8.6 -11.3 0.9 0.7 1.5 1.3 1.1 0.4 0.4 0.0 -0.4 -0.8 -0.8 -1.2 -2.2 -2.9 -4.2 -4.5 -3.6 -3.0 -3.2 -2.5 -1.7 0.8 0.0 1.2 0.9 1.1 0.6 -0.1 -0.7 -1.2 -1.5 -1.3 -1.4 -2.6 -3.4 -4.7 -5.5 -4.8 -4.3 -4.2 -3.3 -2.4 1.3610 1.3659 1.3823 1.3813 1.3732 1.3592 1.3539 1.3316 1.2901 1.2673 1.2472 1.2331 1.1621 1.1350 1.0838 1.0779 1.1150 1.1213 1.100 1.1139 1.1221 Slovenian Economic Mirror, October 2015 42 Statistical Appendix BALANCE OF PAYMENTS 2012 2013 2014 2013 2014 2015 2013 Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 Q1 1 Q2 8 | 9 | 10 | 11 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 930 2,023 2,607 585 474 479 505 666 703 733 450 781 143 190 178 89 Goods -81 708 1,210 249 233 33 281 299 309 320 352 427 -6 90 63 -6 Exports 21,256 21,692 22,989 5,540 5,330 5,499 5,549 5,727 5,721 5,992 5,875 6,075 1,511 1,894 1,994 1,866 Imports 21,337 20,984 21,780 5,292 5,096 5,466 5,268 5,428 5,411 5,672 5,523 5,648 1,516 1,804 1,931 1,872 Services 1,509 1,761 1,736 486 533 341 321 443 578 395 407 483 199 146 133 116 Exports 5,106 5,314 5,555 1,305 1,552 1,315 1,177 1,382 1,595 1,401 1,254 1,446 541 479 448 414 Imports 3,597 3,553 3,819 819 1,018 974 856 939 1,018 1,006 847 963 342 333 315 297 Primary income -271 -172 -87 -62 -177 17 67 -7 -114 -33 -127 -9 -13 -27 -14 -7 Receipts 1,159 1,078 1,403 283 234 287 333 403 321 346 344 453 81 67 65 72 Expenditures 1,430 1,249 1,491 345 410 270 266 410 436 380 471 461 94 95 79 79 Secondary income -227 -275 -252 -88 -116 88 -165 -68 -70 51 -182 -120 -38 -18 -3 -14 Receipts 931 925 942 192 202 335 182 242 196 322 185 202 59 77 79 63 Expenditures 1,157 1,201 1,193 280 317 247 347 310 266 271 367 321 97 96 83 77 Capital account 41 71 -176 -13 -4 67 0 -39 13 -150 30 -28 -3 -14 19 6 Financial account -142 1,350 2,339 241 425 138 518 572 688 561 549 762 157 241 268 23 Direct investment -466 -47 -600 175 -103 -169 109 -545 -350 185 -354 75 47 -50 -188 40 Assets -439 24 146 29 -124 46 131 45 -42 12 66 166 -48 -43 10 72 Liabilities 27 71 746 -146 -21 214 21 590 308 -173 421 90 -95 7 198 33 Portfolio investment 220 -3,967 -3,968 -2,094 424 -2,167 -3,097 -1,221 80 270 624 1,672 89 204 27 -1,823 Financial derivatives 89 32 -3 -13 10 15 -2 -9 2 7 22 7 2 2 5 1 Other investment 45 5,327 6,821 2,154 11 2,489 3,351 2,340 1,030 102 277 -1,016 21 81 424 1,799 Assets 456 732 4,800 405 -308 -127 1,710 2,031 298 761 341 -1,571 -268 -7 281 52 Other equity 155 152 82 68 2 68 12 70 1 -1 8 -2 1 0 70 -4 Currency and deposits 38 564 5,037 180 -163 128 1,515 1,964 469 1,089 47 -1,487 -35 -123 147 -7 Loans 371 1 -300 171 -96 -46 -78 -48 -98 -75 -80 -101 -81 -2 31 13 Insurance, pension schemes, and standardised guarantee schemes 28 -10 8 -18 0 -4 17 -3 -4 -2 12 0 0 0 -1 -1 Trade credit and advances -49 19 -14 1 -43 -281 204 83 -51 -249 346 35 -144 118 35 2 Other assets -88 6 -14 3 -8 7 40 -35 -19 0 8 -16 -8 -1 -1 48 Liabilities 411 -4,595 -2,021 -1,748 -319 -2,616 -1,640 -309 -732 659 64 -556 -289 -88 -144 -1,748 Other equity 0 -29 3 0 0 -30 0 2 0 0 0 0 0 0 0 0 Currency and deposits 1,019 -4,169 -831 -1,943 433 -2,748 -1,075 -54 21 278 -325 -498 -255 143 -244 -1,839 Loans -938 -269 -1,239 63 -558 -91 -365 -297 -691 115 378 -73 48 -262 10 -20 Insurance, pension schemes, and standardised guarantee schemes 41 39 -54 31 -10 -2 -1 -40 -2 -10 -7 0 -3 -3 -1 -1 Trade credit and advances 285 -182 -141 73 -163 240 -214 81 -46 39 13 8 -63 37 88 107 Other liabilities 5 16 240 28 -21 14 16 -2 -13 238 5 7 -16 -3 3 4 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -31 5 89 19 83 -30 157 8 -74 -3 -20 23 -3 4 -1 6 Net errors and omissions -1,113 -743 -92 -330 -45 -408 13 -55 -28 -22 68 8 17 65 71 -72 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,112 2,163 2,341 533 531 579 551 590 573 629 582 634 149 178 197 197 Intermediate goods 12,138 12,425 13,032 3,159 3,115 3,100 3,231 3,254 3,237 3,202 3,268 3,404 912 1,088 1,163 1,069 Consumer goods 6,811 6,960 7,676 1,824 1,672 1,791 1,773 1,874 1,887 2,134 2,002 2,036 449 619 623 599 Import of investment goods 2,402 2,573 2,760 667 564 696 647 696 635 796 657 712 155 205 221 241 Intermediate goods 14,005 13,635 13,541 3,448 3,282 3,448 3,284 3,364 3,366 3,403 3,448 3,517 987 1,130 1,237 1,208 Consumer goods 5,671 5,906 6,382 1,485 1,475 1,554 1,517 1,611 1,603 1,657 1,604 1,633 438 528 549 516 Source of data: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Slovenian Economic Mirror, October 2015 43 Statistical Appendix 2013 2014 2015 12 1 2 I 3 I 4 I 5 I 6 7 I 8 I 9 I 10 I 11 I 12 1|2|3|4|5|6|7|8 212 136 54 315 285 186 196 307 14 381 349 104 280 134 -20 337 221 183 378 374 179 -25 75 41 165 140 17 142 135 -31 205 180 45 96 94 38 220 36 130 260 237 4 1,639 1,795 1,756 1,998 1,951 1,845 1,930 2,034 1,546 2,142 2,167 1,998 1,828 1,814 1,868 2,194 1,949 1,952 2,174 2,136 1,582 1,664 1,721 1,715 1,832 1,811 1,828 1,788 1,899 1,576 1,936 1,987 1,953 1,731 1,719 1,830 1,974 1,913 1,821 1,914 1,898 1,578 92 88 82 151 155 141 147 191 222 165 130 129 136 138 98 171 192 141 150 223 256 454 388 355 434 461 449 472 553 542 501 478 418 504 396 392 465 490 460 497 581 591 362 301 272 283 305 309 325 362 320 337 348 289 369 258 295 294 297 319 347 358 334 39 17 15 36 26 33 -66 37 -143 -8 8 -63 21 -57 -61 -9 34 -36 -7 -56 -59 151 78 85 170 168 122 112 137 85 99 92 91 163 93 94 158 195 114 143 105 89 112 61 71 134 142 89 178 101 228 107 84 154 142 150 155 167 161 150 151 161 148 105 -43 -84 -37 -37 -5 -26 -55 -34 20 31 -6 27 -42 -95 -45 -42 -52 -25 -31 -23 192 63 60 59 74 94 73 59 43 94 120 81 121 56 67 62 68 61 73 75 62 87 106 144 97 111 99 100 114 77 75 89 88 95 98 162 107 110 113 98 106 85 42 1 1 -2 7 -29 -16 19 -17 10 20 52 -223 8 16 6 -2 -20 -6 49 14 -153 183 -99 434 180 156 237 302 -55 441 108 184 269 429 24 96 192 174 396 308 89 -20 95 -16 31 -103 -94 -348 78 -230 -198 30 39 116 -46 -51 -258 -150 -9 234 -9 -66 -36 81 -13 63 15 -7 37 92 -127 -8 125 1 -114 52 53 -39 37 64 64 59 -71 -16 -14 3 32 118 87 385 14 104 190 95 -38 -230 98 104 218 187 73 -170 69 -4 -371 -408 -2,738 49 -946 -219 -56 -312 106 286 425 -662 506 193 302 129 1,051 328 293 -1,026 -135 9 -1 -3 2 -10 2 -1 4 -3 0 10 -4 2 -6 20 7 3 1 4 -3 -5 265 436 2,542 372 1,246 456 637 533 93 404 -343 772 -328 264 -171 185 -668 -158 -189 1,337 319 -459 538 1,099 74 1,177 328 526 271 -98 125 -234 598 398 481 -261 121 -995 -177 -399 1,102 -140 2 1 5 6 69 0 1 0 0 0 0 0 -2 2 0 6 -1 -2 0 0 1 -12 459 1,049 7 1,028 410 527 411 -4 62 -369 690 768 457 -343 -68 -863 -232 -392 1,087 35 -90 7 -26 -59 24 -22 -50 -69 1 -30 1 -32 -44 -8 -49 -22 -45 -18 -38 -4 -27 -1 6 6 6 -1 -1 -1 -1 -1 -1 -1 -1 -1 4 4 4 0 0 0 0 0 -318 24 105 75 87 -75 71 -55 -109 114 101 -30 -321 19 128 199 -80 68 47 16 -138 -41 41 -39 38 -29 16 -22 -14 15 -19 33 -30 -3 7 -1 2 -6 6 -17 4 -11 -725 102 -1,443 -299 -69 -128 -112 -262 -191 -278 109 -175 725 218 -90 -64 -327 -19 -209 -234 -459 -30 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -665 311 -1,299 -88 -24 -6 -23 28 45 -52 16 -17 278 -84 -131 -110 -190 -201 -107 -33 -42 -81 13 -187 -191 39 -160 -176 -165 -256 -270 -52 -70 237 664 -224 -62 7 177 -257 -56 -356 -1 0 0 0 -13 -13 -13 -1 -1 -1 -3 -3 -3 -2 -2 -2 0 0 0 0 0 45 -267 57 -3 -58 14 126 -107 -3 63 87 -31 -18 -367 231 148 -167 25 151 -172 -27 7 45 -14 -16 -14 37 -25 -17 23 -19 61 -54 231 7 36 -38 23 -20 4 27 -34 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -35 62 116 -21 -7 11 4 -2 -20 -52 -14 38 -27 24 -76 32 -43 12 54 9 -23 -407 45 -153 121 -112 -1 57 -25 -52 49 -261 27 213 287 28 -246 -27 11 24 -116 -104 185 168 179 204 203 183 204 207 161 205 226 202 201 169 192 221 204 212 219 231 N/A 869 1,079 1,018 1,135 1,117 1,062 1,075 1,156 893 1,187 1,195 1,099 909 1,025 1,058 1,185 1,146 1,092 1,166 1,203 N/A 569 559 569 645 634 583 657 662 475 750 729 707 698 607 626 769 614 658 765 687 N/A 234 187 203 257 244 224 229 230 182 223 267 272 257 193 210 255 239 231 241 241 N/A 1,003 1,112 1,051 1,121 1,109 1,139 1,117 1,188 974 1,204 1,200 1,195 1,008 1,090 1,135 1,223 1,211 1,131 1,175 1,160 N/A 490 474 517 526 547 552 513 551 472 580 593 554 511 494 533 577 536 526 571 565 N/A Slovenian Economic Mirror, October 2015 44 Statistical Appendix MONETARY INDICATORS AND INTEREST RATES 2012 2013 2014 2013 2014 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 1 1 2 | 3 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BS on central government 221 233 263 233 233 233 232 231 232 233 233 239 239 245 Central government (S. 1311) 5,057 6,563 7,240 5,361 4,999 5,108 5,024 4,995 4,965 4,881 6,563 6,448 6,437 6,476 Other government (S. 1312, 1313, 1314) 610 581 685 600 600 601 601 604 610 570 581 585 585 584 Households (S. 14, 15) 9,267 8,917 8,762 9,107 9,099 9,050 9,059 9,052 9,031 8,996 8,917 8,879 8,849 8,853 Non-financial corporations (S. 11) 19,470 14,902 11,729 18,889 18,832 18,639 18,633 18,501 18,102 17,918 14,902 14,691 14,599 14,544 Non-monetary financial institutions (S. 123, 124, 125) 2,135 1,763 1,485 1,990 1,999 1,992 1,983 1,978 1,962 1,966 1,763 1,993 1,968 1,962 Monetary financial institutions (S. 121, 122) 5,194 5,020 3,684 5,423 5,255 5,190 5,320 5,311 5,198 4,752 5,020 5,014 5,294 4,818 Claims on domestic sectors, TOTAL In domestic currency 34,558 29,620 25,155 34,040 33,902 33,612 33,754 33,705 33,198 32,569 29,620 29,594 29,706 29,154 In foreign currency 1,309 1,097 950 1,235 1,223 1,203 1,192 1,177 1,152 1,144 1,097 1,090 1,075 1,046 Securities, total 5,862 7,026 7,469 6,091 5,657 5,762 5,669 5,554 5,513 5,366 7,026 6,921 6,944 7,028 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 29,582 27,051 25,843 30,497 29,943 30,228 30,184 30,194 30,091 29,645 27,051 27,255 27,501 27,034 Overnight 8,678 8,558 10,157 8,806 8,923 9,124 9,055 8,812 8,861 8,729 8,558 8,779 9,066 8,979 With agreed maturity -short-term 7,056 6,689 5,955 7,712 7,626 7,652 7,696 8,260 8,222 8,110 6,689 6,730 6,888 6,893 With agreed maturity -long-term 13,780 11,569 9,267 13,787 13,189 13,203 13,159 12,843 12,688 12,495 11,569 11,422 11,264 10,852 Short-term deposits redeemable at notice 68 235 464 192 205 249 274 279 320 311 235 324 283 310 Deposits in foreign currency, total 552 487 510 548 536 520 541 521 506 511 487 493 488 490 Overnight 372 324 354 354 340 342 362 333 324 334 324 328 324 333 With agreed maturity -short-term 123 91 84 103 113 97 95 109 104 98 91 93 93 90 With agreed maturity -lonq-term 56 72 72 91 82 81 84 79 78 79 72 72 71 67 Short-term deposits redeemable at notice 1 0 0 0 1 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.20 0.11 0.07 0.12 0.11 0.10 0.10 0.10 0.10 0.09 0.09 0.09 0.08 0.08 Time deposits with maturity of up to one year 2.31 1.86 0.98 2.01 1.97 1.89 1.78 1.65 1.56 1.48 1.46 1.36 1.22 1.15 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 5.48 5.40 5.06 5.39 5.30 5.34 5.31 5.11 5.49 5.17 5.36 5.38 5.42 5.26 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 5.32 3.86 4.41 5.68 3.03 2.66 3.37 3.73 4.71 4.59 6.58 3.96 4.21 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations | 0.881 0.541 0.161 0.501 0.501 0.501 0.501 0.501 0.501 0.251 0.251 0.25 | 0.25 0.25 INTERBANK INTEREST RATES EURIBOR 3-month rates 0.570 0.221 0.210 0.201 0.210 0.221 0.226 0.223 0.226 0.223 0.275 0.292 0.288 0.305 6-month rates 0.830 0.336 0.309 0.299 0.321 0.336 0.342 0.340 0.342 0.327 0.373 0.396 0.387 0.407 3-month rates 0.066 0.021 0.013 0.018 0.018 0.020 0.018 0.020 0.020 0.020 0.020 0.022 0.018 0.021 6-month rates 0.146 0.080 0.066 0.080 0.080 0.080 0.080 0.080 0.080 0.072 0.075 0.083 0.081 0.078 Source of data: BS, EUROSTAT. Slovenian Economic Mirror, October 2015 45 Statistical Appendix 2014 2015 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 1 2|3|4 5|6|7|8|9 209 227 228 229 230 230 237 246 263 265 282 445 642 838 1,045 1,299 1,488 1699 6,154 6,262 6,296 6,459 6,512 6,581 6,936 7,010 7,240 7,443 7,502 7,163 7,368 7,380 7,387 7,449 7,445 7,301 582 577 582 594 596 606 611 618 685 654 631 633 633 633 635 634 631 624 8,850 8,835 8,810 8,808 8,814 8,813 8,807 8,791 8,762 8,842 8,802 8,834 8,826 8,847 8,836 8,821 8,812 8,825 14,531 14,429 14,039 13,867 13,764 13,586 12,603 12,511 11,729 11,823 11,726 11,674 11,569 11,493 11,396 11,190 11,137 10,941 1,945 1,929 1,921 1,881 1,858 1,873 1,665 1,654 1,485 1,463 1,455 1,642 1,519 1,511 1,466 1,470 1,405 1,435 5,012 4,863 3,896 4,347 4,108 3,732 4,037 3,915 3,684 3,657 3,696 3,479 3,353 3,365 3,008 3,181 3,443 3,312 29,298 29,017 27,756 28,005 27,645 27,220 26,425 26,191 25,155 25,232 25,179 24,885 24,707 24,661 24,240 24,316 24,469 24,078 1,036 1,025 1,019 1,010 1,011 994 986 973 950 1,059 1,003 983 957 955 937 904 874 845 6,731 6,845 6,763 6,933 6,987 6,968 7,240 7,326 7,469 7,576 7,615 7,539 7,566 7,574 7,512 7,487 7,495 7,478 27,187 27,067 26,577 27,060 26,869 26,318 26,492 26,309 25,843 25,930 25,800 25,389 25,884 25,894 25,715 25,974 26,073 25,652 9,278 9,390 9,582 10,236 10,138 9,870 10,329 10,398 10,157 10,731 10,947 10,842 11,200 11,458 11,533 12,080 12,278 12,130 7,215 7,088 6,768 6,876 6,928 6,720 6,477 6,250 5,955 5,708 5,610 5,350 5,302 5,217 5,032 4,896 4,743 4,664 10,389 10,252 9,875 9,585 9,368 9,265 9,172 9,155 9,267 9,078 8,838 8,762 8,916 8,707 8,574 8,411 8,513 8,349 305 337 352 363 435 463 514 506 464 413 405 435 466 512 576 587 539 509 496 496 508 510 516 538 528 535 510 566 604 601 585 612 620 616 616 623 335 336 350 345 354 354 348 353 354 401 447 442 433 464 469 468 475 484 94 92 90 96 92 115 110 110 84 86 77 81 75 71 77 73 69 71 67 68 68 69 70 69 70 72 72 79 80 78 77 77 74 75 72 68 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.06 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.03 0.03 1.07 1.04 1.00 0.93 0.89 0.85 0.81 0.74 0.66 0.58 0.51 0.46 0.39 0.37 0.36 0.31 0.33 5.58 5.23 4.84 5.2 5.01 5.09 4.65 4.72 4.38 4.17 4.85 3.34 3.49 3.5 3.39 3.38 3.36 6.63 5.51 1.53 5.05 2.82 4.66 3.07 4.5 3.89 2.40 3.39 4.58 1.9 0.25 | 0.25 | 0.15 | 0.15 | 0.15 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 0.05 | 0.05 | 0.05 | 0.05 | 0.05 0.330 0.325 0.241 0.205 0.192 0.097 0.083 0.081 0.081 0.063 0.048 0.027 0.006 -0.010 -0.014 -0.019 -0.028 -0.037 0.430 0.417 0.333 0.305 0.292 0.200 0.184 0.182 0.176 0.152 0.126 0.097 0.074 0.057 0.049 0.049 0.044 0.035 0.017 0.016 0.012 0.013 0.020 0.008 0.008 0.006 -0.020 -0.466 -0.889 -0.802 -0.812 -0.791 -0.782 -0.762 -0.729 -0.729 0.075 0.068 0.069 0.072 0.073 0.059 0.057 0.053 0.023 -0.403 -0.773 -0.707 -0.727 -0.704 -0.711 -0.710 -0.681 -0.672 Slovenian Economic Mirror, October 2015 46 Statistical Appendix PUBLIC FINANCE 2012 2013 2014 2013 2014 2015 2014 Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 Q1 I Q2 1 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 14,999.1 14,728.2 15,492.0 3,495.0 3,733.1 4,080.2 3,634.1 3,905.1 3,686.5 4,266.2 3,635.6 3,971.9 1,231.9 1,196.6 Current revenues 14,030.6 13,637.4 14,377.0 3,293.1 3,510.9 3,648.8 3,409.9 3,695.2 3,501.4 3,770.4 3,413.4 3,756.1 1,199.3 1,140.1 Tax revenues 13,118.3 12,648.4 13,191.6 3,107.4 3,188.1 3,406.0 3,147.0 3,317.0 3,237.5 3,490.1 3,252.4 3,524.1 1,135.8 994.4 Taxes on income and profit 2,656.6 2,137.4 2,385.9 510.9 442.5 606.9 595.6 686.3 466.3 637.7 601.7 786.4 207.0 199.3 Social security contributions 5,244.1 5,127.2 5,272.5 1,283.4 1,261.3 1,317.6 1,303.9 1,302.5 1,300.7 1,365.3 1,339.5 1,353.4 430.5 445.0 Taxes on payroll and workforce 25.6 23.4 20.2 6.1 5.5 6.3 4.8 5.3 4.7 5.4 4.5 4.9 1.7 1.4 Taxes on property 233.9 254.1 244.2 67.8 91.3 70.8 19.2 29.3 100.3 95.4 26.9 41.7 6.8 6.6 Domestic taxes on goods and services 4,876.1 5,027.4 5,191.2 1,224.7 1,357.0 1,406.5 1,170.9 1,300.1 1,350.5 1,369.6 1,246.0 1,322.2 478.9 329.6 Taxes on international trade & transactions 82.5 77.5 77.7 22.9 18.2 17.0 19.1 19.0 18.5 21.1 21.3 21.5 5.0 7.2 Other taxes -0.6 1.3 -0.2 -8.4 12.4 -19.2 33.5 -25.7 -3.5 -4.5 12.5 -6.0 6.0 5.3 Non-tax revenues 912.3 989.0 1,185.4 185.7 322.8 242.7 262.9 378.2 264.0 280.3 161.1 232.0 63.5 145.7 Capital revenues 62.5 67.1 51.4 13.1 12.8 30.4 11.6 10.5 13.1 16.2 10.8 16.2 3.8 4.4 Grants 9.2 32.7 18.9 2.7 14.7 2.4 1.3 11.0 4.3 2.2 2.4 1.7 0.6 0.1 Transferred revenues 51.7 52.7 4.5 0.4 50.9 0.9 1.4 0.4 0.5 2.3 1.2 0.3 0.7 0.1 Receipts from the EU budget 845.1 938.4 1,040.3 185.6 143.8 397.7 209.9 188.0 167.2 475.2 207.8 197.5 27.4 52.0 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,125.7 16,286.4 16,751.2 4,011.6 3,846.2 4,291.2 4,290.2 3,957.1 4,009.3 4,494.6 4,290.6 3,981.1 1,439.9 1,474.7 Current expenditures 6,813.5 6,838.4 7,042.1 1,819.0 1,496.7 1,679.8 1,923.6 1,692.4 1,581.3 1,844.8 1,969.7 1,678.5 624.9 672.0 Wages, salaries and other personnel expenditures 3,727.7 3,616.7 3,610.4 936.6 871.2 900.4 919.5 908.4 883.3 899.2 926.1 904.5 299.6 345.1 Expenditures on goods and services 2,373.0 2,238.9 2,232.3 565.9 526.7 587.2 531.7 538.8 546.9 614.8 500.2 558.0 176.4 184.2 Interest payments 647.9 840.1 1,097.4 295.2 77.8 148.0 451.8 221.9 131.0 292.6 497.2 178.4 141.9 135.9 Reserves 64.9 142.6 102.1 21.3 20.8 44.2 20.5 23.3 20.1 38.2 46.2 37.6 7.0 6.8 Current transfers 7,687.0 7,671.3 7,591.9 1,893.7 1,922.4 1,906.6 1,984.3 1,848.4 1,883.4 1,875.8 1,936.5 1,864.1 697.0 652.4 Subsidies 502.7 519.5 467.4 111.9 77.5 139.6 205.5 80.3 71.3 110.2 201.2 79.1 119.7 65.7 Current transfers to individuals and households 6,384.2 6,343.1 6,335.0 1,585.9 1,626.0 1,554.5 1,561.9 1,600.0 1,621.1 1,552.1 1,564.3 1,592.9 514.9 524.3 Current transfers to non-profit institutions, other current domestic transfers 741.0 734.2 714.3 185.2 185.7 205.3 204.5 147.7 173.2 188.8 156.5 180.5 56.5 57.4 Current transfers abroad 59.0 74.4 75.2 10.7 33.2 7.2 12.3 20.4 17.8 24.7 14.5 11.6 6.0 5.0 Capital expenditures 915.0 1,031.8 1,444.4 146.3 259.7 484.2 188.1 269.8 414.6 572.0 175.3 285.0 .6 oä 59.1 Capital transfers 319.9 319.5 270.0 52.0 69.3 155.6 31.5 50.7 67.9 119.8 37.9 58.7 1.7 9.4 Payments to the EU budget 390.3 425.5 402.9 100.5 98.0 65.0 162.7 95.9 62.2 82.1 171.1 94.8 47.7 81.7 SURPLUS / DEFICIT -1,126.6 -1,558.2 -1,259.2 -516.6 -113.1 -211.0 -656.1 -52.0 -322.8 -228.3 -654.9 -9.3 -208.0 -278.0 Source of data: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. Slovenian Economic Mirror, October 2015 47 Statistical Appendix 2014 2015 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 1|2|3|4|5|6|7|8 1,205.6 1,286.1 1,337.4 1,281.7 1,175.8 1,166.8 1,343.9 1,382.2 1,317.0 1,569.3 1,312.5 1,075.1 1,248.1 1,440.0 1,197.2 1,335.3 1,310.4 1,323.9 1,070.6 1,185.4 1,279.3 1,230.5 1,130.0 1,147.2 1,224.2 1,260.4 1,185.2 1,325.1 1,276.7 998.9 1,138.0 1,327.2 1,151.4 1,278.2 1,199.7 1,258.8 1,016.8 1,116.3 1,072.3 1,128.4 1,029.8 1,058.3 1,149.4 1,157.6 1,117.5 1,216.2 1,221.6 945.9 1,084.9 1,272.4 1,036.3 1,215.5 1,087.8 1,153.6 189.3 241.3 185.7 259.4 75.3 191.5 199.5 197.0 204.1 236.6 207.6 202.6 191.5 323.0 187.7 275.7 81.3 210.2 428.5 435.7 432.5 434.2 436.8 432.9 431.1 438.2 439.1 488.0 454.6 440.4 444.5 455.0 449.0 449.4 456.2 451.3 1.6 1.8 1.7 1.8 1.9 1.4 1.5 1.6 1.6 2.1 1.6 1.4 1.5 1.8 1.4 1.7 1.8 1.3 5.9 11.9 6.0 11.4 23.6 37.5 39.2 27.6 40.4 28.2 11.1 10.0 5.8 9.0 11.9 20.9 25.5 29.4 362.4 444.9 439.2 416.0 489.1 383.2 478.2 485.4 421.5 462.8 504.8 361.2 379.9 482.1 375.3 464.8 517.4 443.3 6.9 6.6 5.7 6.7 6.2 5.9 6.3 6.9 6.7 7.6 5.9 6.2 9.1 8.0 6.7 6.8 7.0 6.6 22.2 -25.9 1.4 -1.2 -3.0 5.9 -6.4 0.9 4.1 -9.1 36.0 -76.0 52.5 -6.5 4.2 -3.7 -1.4 11.4 53.8 69.1 207.0 102.2 100.3 88.9 74.8 102.8 67.7 108.9 55.1 53.0 53.1 54.8 115.1 62.8 111.8 105.2 3.4 3.0 3.5 4.0 4.7 3.9 4.4 4.1 4.0 9.8 3.3 3.7 3.8 4.5 4.2 7.5 11.1 6.7 0.6 1.0 0.5 9.5 0.3 0.2 3.8 0.8 1.1 0.4 0.4 0.8 1.1 1.1 0.2 0.4 0.3 0.5 0.6 0.1 0.2 0.2 0.1 0.2 0.1 1.3 0.4 0.7 0.1 0.0 1.1 0.1 0.1 0.1 19.1 0.1 130.5 96.6 53.8 37.5 40.6 15.3 111.3 115.6 126.3 233.3 32.0 71.6 104.1 107.1 41.3 49.1 80.2 57.8 1,375.6 1,335.2 1,326.2 1,295.8 1,411.8 1,279.4 1,318.2 1,500.5 1,389.9 1,608.1 1,422.5 1,402.5 1,465.5 1,335.7 1,296.4 1,348.7 1,406.8 1,263.5 626.6 622.5 536.0 533.9 516.5 524.0 540.7 686.6 568.3 591.0 637.9 619.1 712.6 573.6 546.3 558.3 529.9 525.7 274.9 287.5 290.5 330.4 299.5 294.0 289.8 294.6 293.1 311.2 316.7 303.8 305.6 287.8 290.8 326.9 296.7 288.3 171.1 183.3 165.5 190.0 207.9 169.9 169.1 179.6 182.4 253.6 153.8 146.7 199.7 179.0 164.9 212.8 199.2 171.9 173.9 143.0 73.3 5.7 3.4 53.2 74.4 204.6 84.5 3.5 142.8 159.3 195.2 97.8 73.4 7.1 22.5 52.7 6.7 8.8 6.8 7.7 5.8 6.9 7.4 7.8 8.3 22.7 24.7 9.4 12.1 9.0 17.2 11.4 11.6 12.9 634.9 590.1 644.3 614.0 717.7 580.1 585.6 599.7 618.5 657.9 676.1 619.9 640.4 614.0 617.0 632.9 728.3 584.5 20.2 31.9 33.2 15.1 31.0 18.1 22.2 23.9 43.8 42.6 78.3 103.0 19.9 10.9 29.5 38.7 17.8 14.4 522.8 531.0 543.8 525.1 613.3 502.8 505.0 513.3 517.6 521.3 515.8 516.7 531.7 542.4 520.7 529.6 636.8 510.8 90.7 25.1 55.8 66.8 59.3 56.7 57.1 59.2 54.3 75.3 75.7 -3.8 84.6 56.0 62.1 62.4 71.4 58.4 1.3 2.0 11.4 7.0 14.0 2.4 1.3 3.3 2.7 18.7 6.3 4.0 4.2 4.6 4.8 2.2 2.4 0.8 60.4 75.0 92.5 102.3 129.7 131.4 153.4 151.2 141.8 285.2 63.9 43.5 67.9 93.1 83.3 108.7 116.0 111.3 20.4 14.8 20.3 15.6 22.6 22.8 22.4 44.3 31.0 40.9 10.3 17.0 10.6 20.3 14.4 24.1 16.0 16.6 33.3 32.7 33.1 30.0 25.2 21.0 16.0 18.7 30.3 33.1 34.3 102.9 33.9 34.7 35.4 24.8 16.6 25.3 -170.0 -49.1 11.2 -14.1 -236.0 -112.6 25.7 -118.4 -72.8 -38.8 -110.0 -327.4 -217.3 104.4 -99.2 -13.5 -96.4 60.4 48 Slovenian Economic Mirror, October 2015 Acronyms Acronyms Acronyms in the text AJPES - Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS - Bank of Slovenia, CPI - Consumer Price Index, DDPO - Corporate income tax/CIT, EC - European Commission, ECB - European Central Bank, EIA - Energy Information Administration, EMU - European Monetary Union, ESA-2010 - European System of Accounts 2010, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, EU - European System of Integrated Social Protection Statistics, EUR - Euro, EUROSTAT - Statistical Office of the European Union, GDP - Gross domestic product, HICP-Harmonised Index of Consumer Prices, ICT - Information and Communication Technology, IMAD - Institute of Macroeconomic Analysis and Development, MF - Ministry of Finance, NEER - Nominal Effective Exchange Rate, NFI - Non-monetary Financial Institutions, OECD - Organization for Economic Co-operation and Development, OI - core inflation, OP ROPI - Operational programme of environmental and transport infrastructure development, PDII - Pension and Disability Insurance Institute, PMI - Purchasing Managers Index, PPI - Producer Price Index, REER - Real Effective Exchange Rate, RS - Republic of Slovenia, SITC - Standard International Trade Classification, SKD - Standard Classification of Activities, SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, TSA - Treasury Single Account, UL - Official Gazette , USD - US Dollar, VAT - value added tax, ZZZS - The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A - Agriculture, forestry and fishing, B - Mining and quarrying, C - Manufacturing, 10 - Manufacture of food products, 11 - Manufacture of beverages, 12 - Manufacture of tobacco products, 13 - Manufacture of textiles, 14 - Manufacture of wearing apparel, 15 - Manufacture of leather and related products, 16 - Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 - Manufacture of paper and paper products, 18 - Printing and reproduction ofrecorded media, 19- Manufacture of coke and refined petroleum products, 20 - Manufacture of chemicals and chemical products, 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 - Manufacture of rubber and plastic products, 23 - Manufacture of other non-metallic mineral products, 24 - Manufacture of basic metals, 25 - Manufacture of fabricated metal products, except machinery and equipment, 26 - Manufacture of computer, electronic and optical products, 27 - Manufacture of electrical equipment, 28 - Manufacture of machinery and equipment n.e.c., 29- Manufacture ofmotor vehicles, trailers and semi-trailers, 30- Manufacture of other transport equipment, 31 - Manufacture of furniture, 32 - Other manufacturing, 33 - Repair and installation of machinery and equipment, D-Electricity, gas, steamand air conditioning supply,E-Water supply sewerage, waste management and remediationactivities, F - Construction, G - Wholesale and retail trade, repair of motor vehicles and motorcycles, H - Transportation and storage, I - Accommodation and food service activities, J - Information and communication, K - Financial and insurance activities, L - Real estate activities, M - Professional, scientific and technical activities, N - Administrative and support service activities, O - Public administration and defence, compulsory social security, P - Education, Q - Human health and social work activities, R - Arts, entertainment and recreation, S - Other service activities, T - Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U - Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America.