Slovenian economic mirror No. 3, Vol. XXV, 2019 Slovenian Economic Mirror No. 3 / Vol. XXV / 2019 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Acting Director Editor in Chief: Matevž Hribernik, MSc Authors of Current Economic Trends (listed alphabetically): Urška Brodar, Lejla Fajic; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Lenart Milan Lah, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajic, Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translator: Marija Kavčič Data Preparation, Graphs, DTP: Bibijana Cirman Naglič, Mojca Bizjak Print: Eurograf d.o.o. Circulation: 80 copies ISSN 1318-3826 (print) ISSN 1581-1026 (pdf) © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight.................... Current economic trends 3 5 International environment.......................................................................................................................7 Economic developments in Slovenia....................................................................................................8 Labour market............................................................................................................................................12 Prices..............................................................................................................................................................13 Balance of payments................................................................................................................................15 Financial markets.......................................................................................................................................16 Public finance.............................................................................................................................................17 Statistical appendix...............................................................................................................................19 The Economic Mirror is prepared based on statistical data available by 7 May 2019. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 3/2019 In the spotlight 3 In the spotlight GDP growth in the euro area remained modest in the first quarter, and in the last month international institutions again lowered slightly their forecasts for economic growth for this year. According to Eurostat's preliminary flash estimate, GDP in the euro area rose by 0.4% (seasonally adjusted) in the first quarter, which is less than in previous years, but somewhat more than expected. Its growth was mainly driven by domestic demand (construction, private consumption). Confidence indicators remain relatively low, which is also one of the factors contributing to further downward revisions of the forecasts by international institutions, particularly for this year. Growth of the global economy and trade will slacken this year according to IMF and EC forecasts. In its latest forecast, the EC expects a 1.2% increase in euro area GDP this year (0.1 pps less than projected in the winter forecast), and than somewhat stronger growth again in 2020 (1.5%). However, both institutions emphasize that downside risks to the forecast remain elevated, outweighing upside risks. This year the Slovenian economy has not yet been significantly affected by uncertainties in the international environment; business expectations are however declining. The favourable developments in the export-part of the economy at the beginning of the year continue to reflect the accelerated growth in the manufacture of pharmaceutical and medical products. However, owing to modest activity in the EU car industry, exports and the production of motor vehicles and some intermediate goods are lower year on year. Given the expected developments in main trading partners in the euro area and deteriorating business expectations regarding production volume and export demand, growth in exports and manufacturing is expected to ease off in the remainder of the year. The beginning of the year recorded further activity growth in sectors that are more dependent on domestic demand. The situation is improving in the service part of the economy, with turnover rising in trade, as well as, at accelerated pace, in most market services. Increased spending of domestic and foreign tourists has a favourable impact on accommodation and food service activities. A significant contribution to service sector growth is also coming from road transport and computer services. The prospects for trade and service activities remain favourable, despite a deterioration in the last month. Significantly stronger growth was also recorded for the value of completed works in construction, residential construction in particular, where activity follows the increase in the number of building permits in the past months. The higher activity in construction in February was however also due to the favourable weather conditions. Labour market conditions improved further at the beginning of the year, which was reflected in stronger growth in disposable income. The rising demand for labour contributed to high employment, with the rising contribution of the recruitment of foreign workers and a further decline in registered unemployment. Wage growth was also notably higher, in the private sector also under the impact of the increase in the minimum wage, amid good business performance, gradual productivity growth and labour shortages. Wage growth in the public sector was a consequence of the agreed rises of wages for the majority of public servants and promotions. With stronger growth in disposable income and consumer loans, household spending also continued to increase at the beginning of the year, which is also reflected in higher prices of services. These account for more than two thirds of total consumer price growth, which reached 1.7% year on year in April. The situation in the banking system is stable; the volume of loans to domestic non-banking sectors is steadily rising. Household borrowing is on the rise. Corporate borrowing is not rising, as firms are also financing current operations and investment from other sources. The quality of bank assets has also improved further under the impact of favourable economic conditions and the further cleaning of bank balance sheets. The deficit of the consolidated balance of public finances in the first quarter was similar to that in the same period of last year, while long-term movements indicate a surplus, which is also expected for the end of the year. Revenue growth strengthened in the first quarter (8.3%) as a consequence of revenue from VAT and receipts from the EU budget. Expenditure growth (8.1%) was also significantly higher year on year, with all major expenditure categories contributing equally to growth. The state budget, the main part of the consolidated balance, will turn into surplus (EUR 193.4 million or 0.4% of GDP) by the end of the year according to the adopted revised budget. In the Stability Programme 2019, the surplus is also expected for the broader general government sector (EUR 462.4 million of 0.9% of GDP). 4 In the spotlight Slovenian Economic Mirror, No 3/2019 f Economic activity in the euro area increased at the beginning of the year, but expectations for the remainder of the year remain modest GDP in the euro area (left axis) -Ifo business climate index for the euro area (right axis) 50 40 30 20 10 e 0 ecn a -10 S CO -20 -30 -40 -50 -60 I The movements of economic activity in Slovenia were favourable in most sectors at the beginning of the year ihliiK i fl17\z -Industrial production in man. -Turnover in trade Value of construction output -Merchandise exports -Turnover in services (nom.) 170 160 150 140 130 120 110 100 90 80 70 60 50 40 OOOOOOOOOOOO Source: Eurostat, Ifo. Source: SURS; calculations by IMAD. I Favourable economic conditions were also reflected on the labour market, contributing to high employment and a further decline in the number of registered unemployed I Labour shortages remain high in most sectors CT . 0.5 80 0.0 60 W,= 40 -0.5 760 20 -1.0 740 0 I Higher household spending is reflected in a greater contribution of prices of services to year-on-year consumer price growth Other Services Fuels and energy ^HFood -TOTAL (right axis) rN m ui vo aaaaaa Source: SURS; calculations by IMAD. I Among bank loans, particularly household loans are on the rise ■ Households »Enterprises ■ NFIs »Government »Total 2000 1000 0 -1000 -2000 -3000 -4000 -5000 -6000 — ♦ i ■ ♦ ♦ Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Source: BoS; calculations by IMAD. 4 4 c 3 3 2 2 r-" o 1 1 ra 0 0 current economic trends Slovenian Economic Mirror, No 3/2019 International environment Current Economic Trends 7 In the spring international institutions revised further their forecasts for global economic growth, among Slovenia's main trading partners the most for Germany. The IMF projects a 3.3% increase in the global economy for this year, while next year growth will accelerate somewhat again, to 3.6%. The forecasts mainly reflect the cyclical slowdown in advanced economies (euro area, US) and greater risks. Growth is however also slowing in some emerging and developing economies (China). The EC lowered its forecasts for Slovenia's main trading partners, the most for Germany (by 0.6 pps to 0.5% in 2019). According to both institutions, the risks to growth have increased in recent months, reflecting trade tensions (US relations with China and the EU), uncertainty regarding the time and terms of the UK's withdrawal from the EU and the tightening of global financial conditions. rce: I Table 1: Brent crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2018 III 19 IV 19 IV 19/III 19 IV 19/IV 18 I-IV 19/I-IV 18 Brent USD, per barrel 71.01 66.14 71.21 7.7 -1.0 -4.3 Brent EUR, per barrel 60.17 58.52 63.36 8.3 8.1 3.9 EUR/USD 1.181 1.130 1.124 -0.6 -8.5 -7.8 3-month EURIBOR, in % -0.322 -0.309 -0.310 -0.1 1.8 1.9 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. I Figure 1: IMF forecasts for economic growth 2018 «Forecast for 2019 (Apr 19) ■ Forecast for 2020 (Apr 19) - Forecasts for 2019 and 20 (Jan 19) World Advanced EMU Emerging 8 Current Economic Trends Slovenian Economic Mirror, No 3/2019 Economic developments in Slovenia f Figure 2: Trade in goods 0 (U -O > E ra _ eg to c In the first two months production was up in the majority of industries and was mostly higher year on year. Following the slowdown of activity in the European car industry in mid-2018, motor vehicle production remained lower year on year (after last year's strong year-on-year growth, mainly owing to the beginning of the production of a new passenger car model in 2018), while the growth of production of some intermediate goods (metal, rubber products) was modest. Year-on-year growth was the strongest in some low-technology industries, particularly the wood-processing (owing to the remediation of the consequences of natural disasters in forests) and leather industries. Source: SURS; calculations by IMAD. I Figure 5: Activity in construction -Seasonally adjusted data -3-month moving averages, seasonally adjusted Source: SURS; calculations by IMAD. The value of construction output rose significantly in February. After January's growth, this was also due to favourable weather conditions. The impact of weather conditions was particularly pronounced in comparison with last February, as activity was up 40.3% year on year. The largest increase was recorded in the construction of flats (up 79.6% year on year), following the growth of construction permits in previous months. The indicators of contracts also strengthened after a long period of decline, suggesting future activity in construction. The stock of contracts in construction nevertheless remains lower year on year. I Figure 6: Turnover in trade 0 (U -O > E ra _ eg to c ¡u -Total -Wholesale trade Sale of motor vehicles Retail trade 220 200 180 160 140 120 100 80 Turnover in trade continued to rise at the beginning of the year. In the first two months turnover was up in most sectors and was more than one tenth higher year on year. The good results were attributable to growth in household consumption (particularly in the segments of durable and some semi-durable goods) and high demand in sectors related to wholesale trade (manufacturing, transportation and construction). Source: SURS; calculations by IMAD. 10 Current Economic Trends Slovenian Economic Mirror, No 3/2019 I Figure 7: Nominal turnover in market services Total * -Transportation and storage (H) -Information and communication activities (J) -Professional and technical activities (M) -Administrative and support service activities (N) -Accommodation and food service activities (I) CO —- > £ V- \ A- /j V At the end of last year, the volume of road and rail freight transport increased further. Despite the slower growth of economic activity in Slovenia's main trading partners, the growth of international road transport, especially cross-trade transport, remained high in the last quarter of 2018. Year-on-year growth in export revenue in this segment otherwise declined somewhat at the beginning of 2019. Transport volume in rail freight transport, where growth is more volatile due to the small number of operators and the dynamics of one-off orders, increased. Growth in export revenues was also higher. oooooooooo Source: SURS; calculations by IMAD. 220 99 200 60 Slovenian Economic Mirror, No 3/2019 Current Economic Trends 11 I Figure 9: Selected indicators of private consumption Real turnover in the sale of non-food products Real net wage bill Real social transfers Sale of passenger cars to natural persons (right axis) 100 o Oi E Source: Ministry of finance, Ministry of Infrastructure, SURS; calculations by IMAD. With stronger growth in disposable income and consumer loans, household consumption continued to increase at the beginning of the year. The increase in household financial assets reflected the accelerated growth in the net wage bill and social transfers (including pensions), but also stronger growth in newly extended consumer loans. These had otherwise already risen more noticeably last year, so that the volume of total household liabilities,1 which also include housing loans and other liabilities, was up EUR 790 million year on year at the end of 2018. Owing to higher growth in disposable income and GDP, household indebtedness nevertheless remained low. The ratio of household liabilities to GDP was below 31% for the first time since 2008, while the ratio of liabilities to disposable income remained similarly low as in the last three years (slightly below 52%, which is significantly lower than the EU average).2 1 Together with liabilities of NPISHs. 2 In 2017, the ratio of liabilities to GDP in the EU was 66.8%; the ratio of liabilities to disposable income was109.3%. 120 80 o TO ■= .S 100 60 90 40 80 20 I Figure 10: Economic sentiment indicator -Economic sentiment -Manufacturing -Retail trade -Service activities -Construction -Consumers ccccccccccc Source: SURS; calculations by IMAD. Economic sentiment deteriorated at the beginning of the second quarter. This was mainly due to a further decline of confidence in manufacturing, with expectations regarding export demand and production volume dropping further in particular. Confidence also declined in most other activities, being lower year on year not only in manufacturing, but also in construction. Confidence of consumers, who have lowered their expectations about the economic situation in recent years, is also lower than in the same period of last year. 12 Current Economic Trends Labour market Slovenian Economic Mirror, No 3/2019 I Figure 11: Number of employed persons and number of registered unemployed persons Employed according to SRE (left axis) -Registered unemployed (right axis) 0 o •4- o o a Labour market conditions continued to improve at the beginning of the year. The number of employed persons increased further, particularly in manufacturing and construction. Labour market conditions are increasingly marked by labour shortages and increased hiring of foreigners, who already contribute almost two thirds to total employment growth. The number of registered unemployed declined further in the first four months, though more slowly than in previous years amid the already low level of unemployment. At the end of April, 73,965 persons were registered as unemployed, 5.8% fewer than in the same period of 2018. fCfCfCfCfCfCfCfCfCfCfCfCfC Source: SURS, ESS; calculations by IMAD. 880 140 S P 860 120 ■= 840 100 820 80 800 60 780 40 760 20 740 0 I Figure 12: Average gross earnings per employee -Private sector -Public sector -General government sector 1 f\ A h >v J \J Year-on-year wage growth in the first two months was higher than in the same period of last year. Wage growth in the private sector was, in addition to economic and demographic factors (good business results, gradual productivity growth and labour shortages and related upward pressure on wages), also due to the increase in the minimum wage. Wages rose the most in activities with high shares of minimum wage recipients and large labour shortages (trade, accommodation and food service activities and administrative and support service activities). In the public sector, wage growth mainly reflected strong growth in the government sector as a result of the higher valuation of most positions agreed at the end of last year and promotions. Source: SURS; calculations by IMAD. » 20 15 10 5 0 I Table 3: Indicators of labour market trends Change, in % 2018 II 19/I 19 II 19/II 18 I-II 19/I-II 18 Persons in formal employment2 3.2 0.31 3.3 3.1 Registered unemployed -11.5 -1.01 -5.8 -5.8 Average nominal gross wage 3.4 0.51 4.7 4.4 private sector 4.0 0.41 4.5 4.3 public sector 3.0 0.31 5.4 5.2 of which general government 2.3 0.01 6.2 6.2 of which public corporations 4.8 0.71 3.4 2.5 2018 II 18 I 19 II 19 Rate of registered unemployment (in %). seasonally adjusted 8.2 8.41 7.8 7.7 Sources: ESS. SURS; calculations by IMAD. Notes: 1 seasonally adjusted. 2 Persons in paid employment. self-employed persons and farmers (SRDAP). Slovenian Economic Mirror, No 3/2019 Current Economic Trends 13 Prices f Figure 13: Year-on-year price growth in Slovenia and in the euro area -Slovenia -Euro area fOfCfCfCfCfCfCfCfCfC Source: SURS, Eurostat. Year-on-year price growth, which declined notably at the end of last and the beginning of this year, is strengthening again, reaching 1.7% in April. Amid rising household consumption, prices of services have started to increase more rapidly again, accounting for more than two thirds of total price growth. The main contributing factor is higher prices of holiday packages, but also housing-related services. Among energy prices, particularly heat energy prices are rising at a rapid pace, being almost one fifth higher year on year. Prices of non-energy industrial goods have remained unchanged year on year, while the year-on-year fall in car prices, which have a significant impact on prices in this group, continues to ease off gradually. I Figure 14: Year-on-year growth in Slovenian industrial producer prices on the domestic and foreign markets CT o (C Q. Domestic market -Foreign market à h 1 u !r \7 J \ r Year-on-year growth in Slovenian industrial producer prices remains just above 1% in the first quarter of the year. Overall (both domestic and foreign markets), g rowth in commodity prices continues to decelerate, while growth in energy prices has strengthened somewhat, mainly owing to price rises in electricity. Stronger growth is also recorded for prices of investment goods, particularly on foreign markets. Prices of other groups on foreign markets mostly decline, amid the moderation of foreign demand. Price growth on the domestic market remains stable, only prices of durable consumer goods being lower year on year. rN m aaaaaaaaaaa Source: SURS. I Table 4: Consumer price growth, in % XII 18/XII 17 IV 19-V 18/ IV 18-V 17 IV19/III19 IV19/IV18 I-IV19/I-IV18 Total 1.4 1.8 0.8 1.7 1.4 Food 0.5 1.8 -0.1 0.5 0.3 Fuels and energy 3.8 5.3 0.6 3.6 2.4 Services 3.0 2.7 1.5 3.6 3.1 Other1 -0.3 0.0 0.6 0.0 0.1 Core inflation - excluding food and energy 1.2 1.2 1.1 1.7 1.5 Core inflation - trimmed mean2 1.5 1.6 0.3 1.5 1.4 Source: SURS. Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing. footwear. furniture. passenger cars. alcoholic beverages. tobacco. etc.; 2 An approach that excludes the share of extreme price changes in each month. 14 Current Economic Trends Slovenian Economic Mirror, No 3/2019 I Figure 15: Unit labour costs -Entire economy (SI) -----Entire economy (EA)* -Manufacturing (SI) -----Manufacturing (EA)* OOOOOOOOOOO Source: Eurostat; calculations by IMAD. Note: ^excluding Ireland. In 2018 as a whole, there were no major misalignments between growth in labour costs and productivity growth. Unit labour costs (RULC) thus remained almost unchanged in 2018 as a whole (+0.2%, year on year), despite strong growth in the last quarter (+1.3%). In contrast to past developments, in the second half of the year, RULC growth was limited by the non-tradable sector (particularly owing to the accelerated activity in construction), while in manufacturing, the sector that is the most exposed to international competition, wage growth started to outpace productivity growth over the course of last year. As similar manufacturing developments were also recorded in most of our competitors from the euro area, RULC movements did not deviate significantly from the euro area average. I Figure 16: Price and cost competitiveness -Price competitiveness (REER_hicp) -Cost competitiveness (REER_ulc) aaaaaaaaaaaaaaa Source: ECB; calculations by IMAD. Note: *Growth In the REER denotes deterioration in competitiveness and vice versa. After last year's relatively stable price and cost indicators, the moderate depreciation of the euro had a favourable impact on the competitive position of exporters in the first quarter of 2019. The real effective exchange rates against the main trading partners in and outside the euro area were relatively stable in 2018. Cost competitiveness otherwise deteriorated slightly in the last quarter, amid somewhat faster growth in unit labour costs (ULC) in comparison with trading partners, but despite the quarterly fluctuations, there were no major deviations in the year as a whole. Relative to our competitors, there had also been no signs of major spillovers of labour costs into final prices up to the beginning of this year, and the level of inflation remained similar to that in trading partners. A slight improvement in price competitiveness in the first quarter of this year (REER_hicp: -0.7%, year on year) was mainly a consequence of the depreciation of the euro against the basket of currencies of main trading partners. f Table 5: Indicators of price and cost competitiveness Year-on-year growth, in % 2015 2016 2017 2018 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Effective exchange rate1 Nominal -3.1 1.0 0.5 0.7 1.6 0.9 0.3 0.1 -0.5 Real, deflator HICP -4.1 0.3 0.4 0.8 1.7 1.2 0.3 0.1 -0.7 Real, deflator ULC -3.7 1.0 -0.1 0.5 1.4 1.2 -1.0 0.5 Unit labour costs, economy and components Nominal unit labour costs 0.3 1.8 1.3 2.5 2.4 3.5 1.1 2.8 Compensation of employees per employee, nominal 1.3 3.0 3.2 4.0 3.9 4.6 3.2 4.1 Labour productivity, real 1.0 1.2 1.9 1.5 1.4 1.1 2.1 1.2 Real unit labour costs -0.7 1.0 -0.3 0.2 0.0 0.7 -1.4 1.3 Labour productivity, nominal 2.0 2.0 3.5 3.8 3.9 3.8 4.7 2.7 Source: SURS, ECB; calculations by IMAD. Note: 1 against 37 trading partners. Growth in value denotes deterioration in competitiveness. Slovenian Economic Mirror, No 3/2019 Current Economic Trends 15 Balance of payments I Figure 17: Components of the current account balance Goods trade Trade in services Primary income Secondary income -Current account 5,000 -2,000 <— CNfO^tLOVOf'vCOCT n n n n n n n n n aaaaaaaaa Source: BoS; calculations by IMAD. The current account surplus remains high, despite the deterioration in the terms of trade. In the twelve months to February, it totalled 7.0% of GDP (EUR 3.4 billion). The higher surplus in current transactions continued to derive mainly from the surplus in services trade (especially trade in transport services and net inflows from travel), while this year's strong growth in exports of goods contributed to a higher surplus in goods trade. The terms of trade are deteriorating, particularly owing to the slowdown of growth in export prices. A significant factor contributing to the higher surplus in current transactions remains the smaller deficit in primary income related to lower external debt servicing costs. A factor lowering the surplus was the higher outflows of secondary income, particularly due to higher payments into the EU budget. I Table 6: Balance of payments I-II 19, EUR m Balance, I-II 18, Inflows Outflows Balance EUR m Current account 6,973.8 6,402.5 571.3 379.7 Goods 5,367.6 5,041.0 326.7 141.1 Services 1,169.2 697.7 471.5 385.5 Primary income 304.8 361.3 -56.5 -63.8 Secondary income 132.1 302.4 -170.3 -83.2 Capital account 286.0 314.4 -28.4 -25.8 Financial account -99.5 758.7 858.3 704.9 Direct investment 661.4 244.3 -417.1 -109.9 Portfolio investment -394.2 219.8 614.0 -1,159.8 Other investment -357.4 301.5 659.0 2,011.8 Net errors and omissions 315.4 0.0 315.4 350.9 Source: BoS.Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts. the term »inflows" means total receipts and the term "outflows" means total expenditures; "balance" is the difference between inflows and outflows. On the financial account. "outflows" mean assets. while "inflows" mean liabilities abroad; "balance" is the difference between outflows and inflows. In financial inflows and outflows. the increase is recorded with a plus sign and the decrease with a minus sign. 16 Current Economic Trends Financial markets Slovenian Economic Mirror, No 3/2019 I Figure 18: Year-on-year growth in loans to domestic nonbanking sectors -Non-financial corporations -Households -Total fOfCfCfCfCfCfCfCfCfCfC Source: BoS; calculations by IMAD. The volume of loans to domestic non-banking sectors is gradually rising. The year-on-year growth is mainly driven by households borrowing in the form of both consumer and housing loans. The year-on-year increase in the volume of loans to non-financial corporations in April was largely a consequence of the low base, as the volume of new loans remained modest. Enterprises are also financing current operations and investment from other sources besides bank loans. Data from financial accounts thus indicate that, on the basis of transactions, equity capital of Slovenian non-financial corporations increased by EUR 4.4 billion from 2015 to 2018. Almost 95% of inflows were from abroad. I Table 7: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. III 18 31. XII 18 31.III 19 31. III 19/28. II 19 31. III 19/31. III 18 Loans total 22,237.4 22,371.3 22,630.3 0.2 1.8 Enterprises and NFI 10,470.1 10,247.2 10,412.1 0.0 -0.6 Government 1,907.3 1,754.1 1,711.1 -2.0 -10.3 Households 9,860.0 10,370.0 10,507.2 0.8 6.6 Consumer credits 2,462.6 2,682.9 2,761.6 1.3 12.1 Lending for house purchase 6,016.2 6,238.7 6,311.5 0.5 4.9 Other lending 1,381.1 1,448.4 1,434.1 1.0 3.8 Bank deposits total 18,192.1 19,117.0 19,518.3 0.2 7.3 Overnight deposits 13,114.9 14,372.6 14,756.2 0.3 12.5 Term deposits 5,077.3 4,744.4 4,762.1 -0.2 -6.2 Government bank deposits, total 623.2 665.6 771.9 -4.5 23.9 Deposits of non-financial corporations, total 6,358.3 6,833.3 6,614.0 1.5 4.0 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI - Non-monetary Financial Institutions. I Figure 19: Structure of Slovenian banking system liabilities ■ Other ■ Deeposits of domestic non-banking sectors Liabiilties to foreign banks ■ Liabiities to domestic banks ■ Liabilities to the ECB OOOOOOOOOOOO™ rNrNrNrNrNrNrNrNrNrNrNrN^ Source: BoS; calculations by IMAD. ™ Banks' exposure to foreign sources of funding is low and the quality of banks' assets continues to improve. After the intense deleveraging in the last decade, the share of liabilities to foreign banks stabilised around 4%. The strong growth (6.9%) of deposits of domestic nonbanking sectors continues, driven not only by household deposits, but also deposits of non-financial corporations. Owing to the low level of passive interest rates, overnight deposits continue to increase. In the last months, short-term deposits and deposits redeemable at notice also recorded modest growth. Favourable economic conditions and the further cleaning of bank balance sheets contributed to a further gradual decline in the share of arrears of more than 90 days (2.1% in February 2019). The share of non-performing exposures under the EBA definition, according to which non-performing exposures include not only arrears of more than 90 days, but also exposures that meet the 'unlikely to pay' criterion, is otherwise somewhat higher (3.7%), but it is also declining. Slovenian Economic Mirror, No 3/2019 Current Economic Trends 17 Public finance I Figure 20: Revenue, expenditure and balance of the consolidated general government budgetary accounts ■ General government balance (right axis) -Revenue -Expenditure 14,000 13,000 Source: MF, Bulletin of Government Finance; calculations by IMAD. The deficit of the consolidated balance of public finances1 in the first quarter was similar to that in the same period of last year, while long-term movements indicate a surplus, which is also expected at the end of the year. Revenue growth strengthened in the first quarter (8.3%) as a consequence of higher growth in VAT revenue and receipts from the EU budget. Expenditure growth (8.1%) was also significantly higher year on year, with all major expenditure categories contributing equally to growth. This is partly related to the adopted wage agreements and measures in the area of transfers to individuals and households.2 Strong growth was also recorded for investment, driven by the accelerated implementation of projects in the area of transport and transport infrastructure,3 as well as for expenditure on goods and services, which had been low in the same period of last year. Payments into the EU budget were also higher at the beginning of the year.4 The state budget, which represents the main part of consolidated balance flows, should be in surplus (EUR 193.4 million or 0.4% of GDP) by the end of the year according to the adopted revised budget. In the Stability Programme 2019, the surplus is also expected for the broader general government sector (EUR 462.4 million or 0.9% of GDP). 3 Consolidated general government accounts on a cash basis. 4 See also the Slovenian Economic Mirror, 2/2019. 5 Ministry of Finance, Overview of general government developments, March 2019. 6 Their growth in the first quarter of 2019 was higher than foreseen in the revised state budget for the year as a whole (14%) owing to the requested advance entry of VAT and GNP-based resources. I Table 8: Consolidated general government revenue and expenditure on a cash basis Category I-III 2018 I-III 2019 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 4,170.8 5.4 4,517.8 8.3 Tax revenues' 2,189.2 3.8 2,393.0 9.3 Personal income tax 599.9 10.0 653.9 9.0 Corporate income tax 186.2 50.1 196.3 5.5 Taxes on immovable property 15.8 -0.5 13.0 -18.0 Value added tax 808.1 0.5 903.8 11.8 Excise duties 354.5 -1.3 350.4 -1.2 Social security contributions 1,592.8 8.2 1,710.3 7.4 Non-tax revenues 212.9 -2.2 167.9 -21.1 Receipts from the EU budget 146.7 3.2 216.0 47.3 Other 29.2 69.5 30.5 4.5 Category I-III 2018 I-III 2019 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EXPENDITURE TOTAL 4,337.0 0.1 4,688.9 8.1 Salaries, wages and other personnel expenditures2 980.7 2.7 1,067.9 8.9 Expenditure on goods and services 552.0 -2.1 602.2 9.1 Interest payments 462.5 -10.8 404.2 -12.6 Reserves 32.7 20.7 42.0 28.3 Transfers to individuals and households 1,678.4 2.1 1,784.6 6.3 Other current transfers 356.0 -9.9 403.3 13.3 Investment expenditure 140.9 7.0 179.9 27.6 Payments to the EU budget 133.8 36.5 204.8 53.1 GENERAL GOVERNMENT BALANCE -166.2 -171.1 PRIMARY BALANCE 287.9 232.2 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. statistical appendix Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 21 Main indicators 2013 2014 2015 2016 2017 2018 2019 | 2020 | 2021 Spring forecast 2019 GDP (real growth rates, in %) -1.1 3.0 2.3 3.1 4.9 4.5 3.4 3.1 2.8 GDP in EUR million (current prices) 36,239 37,603 38,863 40,357 43,000 45,948 48,797 51,578 54,443 GDP per capita, in EUR (current prices) 17,596 18,238 18,836 19,547 20,815 22,182 23,619 24,964 26,351 GDP per capita (PPS)1 21,900 22,700 23,800 24,100 25,500 GDP per capita (PPS EU28=100)1 82 82 82 83 85 Rate of registered unemployment 13.1 13.1 12.3 11.2 9.5 8.2 7.6 7.0 6.4 Standardised rate of unemployment (ILO) 10.1 9.7 9.0 8.0 6.6 5.1 4.3 3.9 3.7 Labour productivity (GDP per employee) 0.0 2.6 1.0 1.3 1.9 1.4 1.4 2.1 2.2 Inflation2, year average 1.8 0.2 -0.5 -0.1 1.4 1.7 1.6 1.9 2.2 Inflation2, end of the year 0.7 0.2 -0.4 0.5 1.7 1.4 2.2 2.2 2.2 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 3.1 5.7 5.0 6.4 10.7 7.2 5.1 5.3 4.7 Exports of goods 3.3 6.3 5.3 6.2 11.0 6.6 4.9 5.2 4.6 Exports of services 1.9 3.4 3.7 7.6 9.9 9.5 5.9 5.5 4.9 Imports of goods and services (real growth rates, in %) 2.1 4.1 4.7 6.6 10.3 7.7 6.0 5.8 5.4 Imports of goods 2.9 3.8 5.1 7.0 11.1 8.1 6.2 5.9 5.5 Imports of services -3.0 6.2 2.3 4.2 5.9 5.3 5.0 5.3 4.6 Current account balance3, in EUR million 1,594 2,179 1,760 2,224 3,077 3,375 3,162 3,247 3,220 As a per cent share relative to GDP 4.4 5.8 4.5 5.5 7.2 7.3 6.5 6.3 5.9 Gross external debt, in EUR million 41,632 48,709 46,627 44,810 43,813 42,567 41,900* As a per cent share relative to GDP 114.9 129.5 120.0 111.0 101.9 92.6 Ratio of USD to EUR 1.328 1.329 1.110 1.107 1.129 1.181 1.135 1.134 1.134 DOMESTIC DEMAND Private consumption (real growth rates, in %) -4.1 1.9 2.3 3.9 1.9 2.2 2.9 2.4 2.2 As a % of GDP 55.4 54.4 53.6 53.3 51.9 50.8 50.3 49.8 49.3 Government consumption (real growth rates, in %) -2.1 -1.2 2.4 2.7 0.5 2.6 2.2 1.9 1.4 As a % of GDP 19.5 18.6 18.5 18.8 18.2 17.8 17.9 17.9 17.9 Gross fixed capital formation (real growth rates, in %) 3.2 1.0 -1.6 -3.7 10.7 10.6 7.7 7.0 7.0 As a % of GDP 19.8 19.4 18.8 17.5 18.5 19.7 20.6 21.4 22.3 Sources: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast 2019). Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End February 2019. 22 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Production 2016 2017 2018 2016 2017 2018 2017 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 3 1 4 | 5 | 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % ndustry B+C+D 7.1 7.7 4.4 6.6 7.5 5.7 7.8 9.8 7.3 5.2 3.2 2.2 12.7 1.2 8.2 7.5 B Mining and quarrying 1.7 2.6 -1.0 -1.6 11.4 8.0 3.0 -10.6 -16.9 6.6 6.5 0.3 15.2 7.1 7.8 9.0 C Manufacturing 8.2 8.3 4.8 7.4 7.7 6.4 8.4 10.8 8.0 5.5 3.4 2.5 13.7 1.2 9.0 8.6 D Electricity, gas & steam supply1 -3.4 1.9 1.0 -0.4 4.6 -1.1 1.3 2.7 4.1 0.7 0.4 -1.0 1.8 0.4 -0.3 -3.4 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -17.7 17.7 19.8 -9.2 19.8 17.3 8.3 26.0 18.6 17.1 28.8 14.9 41.4 26.8 4.7 21.7 Buildings 2.4 27.6 16.8 19.0 36.8 40.0 9.4 30.7 25.5 16.5 28.5 2.4 56.5 53.7 33.6 34.7 Civil engineering -24.8 14.4 21.1 -19.0 15.1 9.1 8.3 25.0 13.3 17.8 29.4 20.5 37.2 17.4 -5.0 16.2 MARKET SERVICES, year-on-year growth rates, % Services, total 5.0 8.2 8.2 3.4 6.2 7.9 8.2 10.1 7.3 8.5 8.8 8.2 10.6 4.8 11.0 7.8 Transportation and storage 3.6 10.8 9.4 3.3 11.0 9.8 10.9 11.4 8.6 10.1 9.6 9.1 16.8 4.9 16.0 8.4 Information and communication activities 3.5 5.8 3.9 1.2 3.5 7.7 4.5 7.2 6.1 1.0 4.2 4.6 4.6 5.4 9.5 8.1 Professional, scientific and technical activities -0.8 3.7 16.1 -0.2 1.2 3.4 1.2 7.8 10.9 18.5 16.5 17.4 3.1 -1.1 4.3 6.8 Administrative and support service activities 7.7 12.2 7.3 11.6 11.9 12.3 9.2 15.6 8.5 11.2 7.9 1.9 14.5 13.9 12.1 11.0 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 6.7 8.5 8.1 9.2 10.8 7.8 10.0 6.0 3.9 7.8 8.3 11.7 13.2 3.5 9.4 10.5 Real turnover in retail trade 4.4 7.4 4.6 10.1 12.1 8.3 8.1 2.2 -0.9 2.5 4.2 11.9 13.3 5.8 9.4 9.8 Real turnover in the sale and maintenance of motor vehicles 21.8 14.1 11.6 20.8 15.8 12.7 13.5 14.6 12.3 15.9 15.8 3.4 18.9 9.6 12.8 15.7 Nominal turnover in wholesale trade & commission trade 3.5 6.9 9.4 5.0 8.5 5.7 8.8 5.0 4.1 8.8 9.2 14.8 11.3 -0.3 8.5 8.7 TOURISM, y-o-y growth rates, % Total, overnight stays 8.5 12.3 10.5 12.2 6.0 19.4 12.8 8.5 2.4 10.7 11.8 14.4 6.7 28.7 5.5 25.1 Domestic tourists, overnight stays 3.3 5.0 -0.1 3.9 5.2 6.5 3.3 6.4 -2.9 3.2 -1.8 2.4 21.1 -1.2 6.0 12.7 Foreign tourists, overnight stays 11.5 16.1 15.4 18.0 6.6 26.0 16.6 9.8 6.4 14.0 16.7 21.7 -2.4 48.7 5.3 31.2 Accommodation and food service activities 11.0 8.9 7.1 12.2 7.8 11.7 9.2 6.4 6.5 6.7 8.0 6.7 10.5 12.9 9.6 12.8 AGRICULTURE Purchase of agricultural products, n EUR m 465.7 518.7 524.8 132.9 108.7 119.8 135.2 155.0 110.9 122.0 140.9 151.0 39.5 36.8 42.0 41.1 BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.5 12.5 11.9 7.7 11.0 11.2 11.9 15.7 14.1 12.8 9.7 10.7 12.7 11.8 9.6 12.3 Confidence indicator in manufacturing 6 10 8 6 10 8 9 13 12 8 4 8 12 9 6 9 in construction -10 12 22 -1 4 10 18 18 22 25 20 19 5 10 8 13 in services 19 25 25 21 24 25 24 28 24 25 24 25 26 27 24 24 in retail trade 19 21 14 16 19 18 22 26 19 12 13 14 28 13 10 32 consumer confidence indicator -14 -4 -2 -10 -7 -5 -4 0 0 1 -5 -6 -9 -5 -6 -3 Source: SURS. Opombe: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 23 2017 2018 2019 7 8 9 | 10 11 12 1 2 3 4 5 6 | 7 8 9 10 11 12 1 2 1 3 4 7.3 7.5 8.3 13.3 9.8 6.0 11.1 7.5 3.9 9.5 5.9 0.8 7.7 5 -2.4 6.9 2.3 -3.4 5.8 4.1 - - 38.7 1.2 -16.1 -17.8 -3.0 -8.3 -7.2 -18.8 -23.6 6.2 6.5 7.1 4.8 15.3 0.3 19.1 -7.0 -15.9 -8.2 13.9 - - 7.8 7.9 9.3 14.4 10.8 6.9 12.8 8.1 4.0 10.4 6.3 0.6 8.4 5.2 -2.5 7.4 2.3 -3.0 6.0 5.0 - - -2.0 3.0 3.0 9.1 1.5 -1.9 -0.9 5.8 7.8 0.8 0.3 0.9 1.5 2.0 -2.2 -0.5 3.6 -5.9 5.4 -7.2 - - 10.4 7.5 7.0 31.1 26.0 20.0 77.2 6.6 -2.0 12.7 30.7 9.8 25.8 34.0 26.9 18.5 19.5 4.3 3.4 40.3 - - 13.6 3.1 11.3 44.8 30.4 17.7 65.5 19.7 3.9 13.1 29.3 8.5 27.7 29.6 28.5 7.0 6.4 -7.5 -3.1 46.2 - - 9.9 10.0 5.5 26.4 23.8 24.9 79.4 -1.0 -5.5 12.5 31.5 11.2 25.1 36.5 26.8 23.6 25.4 9.6 6.0 33.9 - - 9.8 8.1 6.8 11.5 10.3 8.6 11.2 5.3 5.7 9.9 8.4 7.3 9.0 10.0 7.3 11.6 7.7 5.7 8.0 11.4 - - 13.0 11.2 8.8 15.3 12.4 6.5 13.5 6.3 6.5 11.8 8.0 10.7 12.3 8.7 7.8 13.7 9.3 3.7 8.8 12.6 - - 5.5 4.3 3.6 8.8 6.5 6.7 5.2 4.7 8.1 2.2 2.6 -1.6 7.0 4.2 1.6 6.1 3.5 4.3 8.5 5.3 - - 1.6 -2.2 3.9 7.4 3.9 11.6 15.5 9.5 8.5 23.0 19.4 13.8 11.5 24.1 14.7 22.0 16.7 14.4 9.8 15.7 - - 11.4 7.6 8.5 14.7 22.6 10.1 12.7 9.6 4.1 8.7 13.6 11.3 8.1 11.4 4.3 4.9 -2.6 3.5 0.7 3.6 - - 10.8 11.6 7.6 8.5 8.7 0.9 5.7 2.5 3.6 8.3 8.9 6.4 10.9 7.6 6.5 16.0 9.2 10.0 10.5 14.7 - - 9.4 7.8 7.2 2.7 6.2 -1.6 -1.0 -2.2 0.3 -0.3 4.8 2.9 3.0 4.3 5.2 15.9 8.9 11.0 9.8 13.0 - - 12.0 18.9 10.5 21.6 16.1 6.3 14.2 12.0 11.1 19.2 16.8 12.0 27.4 18.5 2.3 5.2 3.1 1.7 9.9 13.1 - - 10.4 10.8 5.6 7.7 7.3 0.1 7.2 2.3 3.1 10.8 8.8 7.1 11.8 7.0 8.9 20.1 11.8 12.3 11.5 16.6 - - 14.0 14.9 7.1 6.8 7.7 11.3 6.0 -0.7 2.0 5.4 20.2 7.6 11.5 10.3 15.4 13.1 17.0 13.9 -2.1 12.1 - - 5.4 5.5 -4.2 15.2 0.3 3.5 11.1 -3.9 -12.2 7.5 0.5 2.2 -3.4 -2.4 2.1 -1.3 5.5 3.8 -8.8 13.9 - - 17.5 18.5 11.7 2.9 13.6 16.9 3.2 2.5 13.0 4.5 28.4 9.9 17.1 14.6 20.1 20.8 24.9 20.2 2.0 10.3 - - 11.5 11.3 4.3 6.5 7.2 5.7 10.8 3.7 5.2 6.7 8.5 5.2 6.3 8.4 9.6 5.4 8.1 6.9 6.0 16.4 - - 45.8 42.3 47.1 57.6 48.4 49.0 37.2 34.0 39.7 39.6 41.5 40.9 42.9 42.2 55.8 59.3 45.3 46.4 39.8 36.7 - - 11.7 11.6 12.5 15.4 16.0 15.7 15.9 14.4 12.1 13.3 12.1 13.1 10.5 10.5 8.1 11.4 9.9 10.9 12.2 9.0 9.0 6.9 8 8 10 12 13 13 13 13 10 9 8 8 5 6 2 10 7 6 7 2 3 0 18 17 18 22 13 20 22 22 23 25 25 26 22 21 17 18 23 16 17 17 16 13 24 24 23 27 29 28 25 24 23 26 25 24 24 24 25 24 23 27 25 25 23 23 24 19 24 27 30 21 32 19 5 12 0 23 11 11 17 18 9 14 27 17 24 13 -4 -4 -3 0 -1 1 2 0 -1 1 0 1 -2 -4 -9 -7 -6 -4 -3 -5 -6 -7 24 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Labour market 2016 2017 2018 2016 2017 2018 2017 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 FORMAL LABOUR FORCE (A=B+E) 920.4 934.1 951.2 926.2 927.6 934.3 932.5 942.0 943.1 948.8 949.2 963.9 927.5 928.8 933.4 934.4 PERSONS IN FORMAL EMPLOYMENT (B=C+D)' 817.2 845.5 872.8 828.3 827.5 846.5 849.3 858.5 858.1 872.0 874.0 886.9 826.2 833.6 842.3 846.8 In agriculture, forestry, fishing 23.1 25.0 26.3 22.8 22.3 27.3 25.2 25.2 24.7 27.2 25.2 27.9 22.3 22.4 27.3 27.2 In industry, construction 260.3 269.1 280.9 263.3 261.2 268.7 271.9 274.8 273.7 279.6 283.0 287.1 260.4 264.6 266.6 268.9 - in manufacturing 186.7 193.9 202.6 189.0 189.7 192.8 195.0 198.0 199.3 201.6 203.2 206.4 189.6 190.9 191.5 193.0 - in construction 53.9 55.7 58.4 54.7 52.2 56.3 57.2 57.2 54.9 58.1 59.8 60.7 51.5 54.3 55.6 56.3 In services 533.8 551.3 565.7 542.3 544.0 550.6 552.3 558.5 559.7 565.2 565.8 571.9 543.6 546.6 548.5 550.8 - in public administration 48.4 48.8 49.0 48.6 48.6 48.8 49.0 49.0 48.8 49.1 49.1 49.0 48.5 48.7 48.6 48.9 - in education, health-services and social work 127.7 131.6 135.0 130.0 130.8 131.4 130.8 133.5 134.3 135.0 133.9 136.7 130.8 131.2 131.3 131.6 FORMALLY EMPLOYED (C)1 730.5 755.3 780.2 741.1 740.5 754.3 758.9 767.4 767.5 778.9 782.5 792.0 739.2 746.4 750.3 754.7 In enterprises and organisations 680.2 704.3 729.3 690.2 691.1 702.6 707.3 716.2 718.1 727.7 730.9 740.3 690.3 695.9 699.0 703.0 By those self-employed 50.3 51.0 50.9 50.9 49.4 51.7 51.6 51.2 49.4 51.2 51.5 51.7 48.9 50.5 51.3 51.8 SELF-EMPLOYED AND FARMERS (D) 86.7 90.2 92.6 87.2 87.0 92.1 90.4 91.2 90.6 93.2 91.5 94.9 87.0 87.2 92.1 92.1 REGISTERED UNEMPLOYMENT (E) 103.2 88.6 78.5 97.9 100.1 87.8 83.2 83.5 84.9 76.7 75.3 77.0 101.3 95.2 91.1 87.7 Female 52.4 45.4 39.9 50.2 49.5 45.5 43.7 42.9 42.1 39.3 38.9 39.2 49.8 48.3 46.9 45.5 By age: 15 to 29 22.5 17.5 15.1 21.6 20.7 17.0 15.2 17.1 16.4 14.1 13.7 16.1 20.9 19.4 18.2 17.0 Aged over 50 36.5 34.3 31.5 35.0 36.9 34.3 33.2 32.7 33.8 31.7 30.5 29.9 37.2 35.8 35.0 34.3 Primary education or less 30.2 26.7 24.3 28.8 30.6 26.3 24.6 25.2 26.6 23.7 23.0 24.0 31.2 28.6 27.2 26.3 For more than 1 year 55.1 47.0 40.6 52.3 51.2 48.1 45.2 43.7 42.9 40.8 39.5 39.1 51.3 50.3 49.1 48.1 Those receiving benefits 23.1 21.5 20.0 21.5 27.3 19.5 19.8 20.2 24.4 18.7 18.3 18.5 26.8 24.7 20.3 19.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 11.2 9.5 8.3 10.6 10.8 9.4 CO 9 9 9.0 8.1 7.9 8.0 10.9 10.2 9.8 9.4 Male 10.2 8.5 7.5 9.5 10.4 8.3 7.8 7.9 8.4 7.3 7.0 7.2 10.3 9.3 8.7 8.3 Female 12.4 10.6 9.2 11.8 11.8 10.7 10.2 9.9 9.7 9.0 9.0 8.9 11.7 11.3 11.0 10.7 FLOWS OF FORMAL LABOUR FORCE -13.5 -14.6 -6.5 4.5 1.7 -10.4 -3.8 4.1 -3.8 -6.2 -1.2 4.8 -2.4 -6.2 -4.1 -3.4 New unemployed first-job seekers 14.2 12.3 11.4 6.5 1.8 1.8 2.3 5.7 2.1 1.6 2.1 5.6 0.8 0.8 0.6 0.6 Redundancies 75.7 70.0 65.1 20.3 17.1 13.7 15.5 18.6 19.5 13.4 14.9 17.4 5.2 5.1 4.6 4.6 Registered unemployed who found employment 74.9 68.6 61.5 14.5 12.6 18.5 14.3 13.6 20.0 16.4 12.7 12.4 6.3 9.7 6.9 6.1 Other outflows from unemployment (net) 28.6 28.3 21.6 7.9 4.6 7.4 7.3 6.7 5.4 4.8 5.5 5.8 2.0 2.4 2.4 2.6 FIXED TERM WORK PERMITS FOR FOREIGNERS 19.2 18.0 24.0 17.1 16.8 17.2 18.4 19.4 21.0 23.6 24.2 27.0 16.8 16.8 16.9 17.2 As % of labour force 2.1 1.9 2.5 1.8 1.8 1.8 2.0 2.1 2.2 2.5 2.5 2.8 1.8 1.8 1.8 1.8 Sources: SURS, PDII, ESS. Notes: 1 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, No. 2/2019 Statistical Appendix 25 2017 2018 2019 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 935.1 931.6 931.7 934.2 941.4 943.4 941.3 942.3 942.5 944.4 947.9 949.0 949.6 947.7 948.4 951.7 961.9 964.1 965.7 964.0 965.4 850.3 846.9 847.9 853.2 858.4 861.0 856.2 854.4 856.8 863.2 869.3 872.3 874.6 871.6 872.4 877.9 885.7 888.0 887.2 881.2 884.7 27.3 25.1 25.2 25.2 25.3 25.3 25.1 24.7 24.5 24.9 27.2 27.2 27.2 25.3 25.2 25.2 27.9 27.9 27.9 25.5 25.5 270.5 271.1 271.6 273.0 275.2 276.3 272.9 272.0 272.7 276.4 278.3 279.6 281.1 281.8 282.7 284.5 286.5 287.3 287.5 285.5 287.0 193.9 194.5 194.8 195.8 197.6 198.3 198.1 198.4 199.0 200.4 200.9 201.6 202.4 202.5 203.1 204.1 205.6 206.3 207.4 206.9 207.3 56.9 56.9 57.1 57.5 58.0 58.4 55.3 54.2 54.2 56.3 57.4 58.1 58.8 59.4 59.7 60.4 60.9 61.0 60.3 58.9 59.9 552.4 550.7 551.1 555.0 557.9 559.4 558.2 557.7 559.5 561.9 563.9 565.5 566.3 564.6 564.6 568.2 571.3 572.7 571.8 570.2 572.2 48.9 49.0 49.0 49.1 49.1 49.0 48.8 48.7 48.8 48.9 49.0 49.2 49.2 49.0 49.1 49.1 49.0 49.1 48.9 48.7 48.8 131.4 130.0 130.0 132.4 133.2 133.7 133.7 134.0 134.2 134.6 134.9 135.0 135.1 133.3 133.1 135.4 136.3 136.9 136.8 136.5 137.0 758.0 756.8 757.5 762.5 767.3 769.7 765.1 763.8 766.3 772.3 776.2 779.0 781.4 780.3 781.0 786.1 790.9 792.9 792.3 788.7 792.1 705.9 705.1 705.9 710.9 715.5 718.1 715.1 714.8 717.3 722.2 725.3 727.8 730.0 728.8 729.6 734.4 738.9 740.8 741.2 738.3 741.3 52.1 51.7 51.6 51.6 51.8 51.6 50.0 49.0 49.0 50.1 50.9 51.2 51.4 51.5 51.4 51.7 52.1 52.1 51.1 50.4 50.7 92.2 90.1 90.4 90.7 91.1 91.3 91.1 90.6 90.5 90.9 93.1 93.2 93.2 91.3 91.5 91.8 94.8 95.1 94.9 92.5 92.6 84.8 84.7 83.8 81.0 83.0 82.4 85.1 87.9 85.7 81.2 78.6 76.7 75.0 76.1 75.9 73.8 76.2 76.1 78.5 82.8 80.8 44.1 44.5 44.3 42.3 43.4 42.8 42.5 43.1 42.1 41.0 40.2 39.3 38.4 39.4 39.5 37.9 39.3 39.1 39.1 40.4 39.7 15.9 15.7 15.3 14.6 17.3 16.9 17.0 17.2 16.4 15.5 14.7 14.0 13.4 13.8 13.8 13.5 16.3 15.9 15.9 16.2 15.7 33.6 33.6 33.3 32.7 32.4 32.4 33.2 34.5 34.0 32.8 32.2 31.7 31.1 31.0 30.6 29.9 29.7 29.6 30.5 32.3 31.7 25.4 24.9 24.6 24.3 24.5 24.6 26.4 27.7 27.0 25.2 24.2 23.7 23.2 23.1 23.0 23.0 23.3 23.6 25.1 26.8 26.2 46.9 46.0 45.2 44.3 44.2 43.7 43.3 43.7 42.9 42.2 41.5 41.0 40.1 39.9 39.6 39.1 39.3 39.2 39.0 39.7 39.1 19.1 19.8 20.0 19.4 19.0 19.2 22.2 25.7 24.6 23.0 19.3 18.6 18.1 18.0 18.9 17.9 17.0 18.2 20.5 24.8 23.8 9.1 9.1 9.0 8.7 8.8 8.7 9.0 9.3 9.1 8.6 8.3 8.1 7.9 8.0 8.0 7.8 7.9 7.9 8.1 8.6 8.4 8.0 8.0 7.8 7.6 7.8 7.7 8.3 8.8 8.5 7.9 7.5 7.3 7.1 7.1 7.1 6.9 7.1 7.0 7.5 8.1 7.8 10.3 10.4 10.4 9.9 10.1 9.9 9.9 10.0 9.7 9.5 9.2 9.0 8.8 9.1 9.1 8.8 9.0 8.9 8.9 9.2 9.0 -2.9 -0.1 -0.8 -2.9 2.0 -0.6 2.6 2.9 -2.2 -4.5 -2.7 -1.9 -1.7 1.1 -0.1 -2.1 2.5 -0.1 2.4 4.3 -2.0 0.6 0.5 0.6 1.2 4.0 1.0 0.7 0.9 0.6 0.6 0.6 0.6 0.5 0.4 0.5 1.1 4.1 1.0 0.6 0.8 0.5 4.4 6.0 4.5 5.0 5.6 5.4 7.6 10.3 4.6 4.6 4.7 4.5 4.2 6.0 4.2 4.6 5.5 5.2 6.7 10.6 4.6 5.4 4.3 3.5 6.4 5.1 4.8 3.7 6.2 5.6 8.2 6.5 5.3 4.6 3.6 3.2 5.9 4.8 4.4 3.3 5.3 5.6 2.4 2.4 2.3 2.6 2.6 2.2 1.9 2.2 1.7 1.5 1.4 1.6 1.8 1.8 1.7 2.0 2.3 1.9 1.6 1.8 1.6 17.6 18.0 18.5 18.8 18.6 19.8 19.8 20.2 21.1 21.8 22.5 23.6 24.6 23.3 24.2 25.1 26.2 27.1 27.9 28.6 29.5 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.3 2.4 2.5 2.6 2.5 2.5 2.6 2.7 2.8 2.9 3.0 3.1 26 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Wages in EUR 2016 2017 2018 2016 2017 2018 2018 1 Q4 18 1 Feb 19 Q4 Q1 1 Q2 1 Q3 1 Q4 Q1 1 Q2 1 Q3 1 Q4 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,682 1,757 1,714 1.8 2.7 3.4 1.9 1.5 2.3 2.8 3.9 3.6 3.6 3.0 3.3 Private sector activities (A-N; R-S) 1,627 1,721 1,644 1.3 2.7 3.8 1.5 1.6 2.3 2.6 4.1 3.8 4.0 3.4 4.1 Public service activities (OPQ) 1,857 1,874 1,945 3.3 2.8 2.4 2.9 1.3 2.7 3.6 3.5 3.2 3.0 2.2 1.3 ndustry (B-E) 1,697 1,813 1,739 1.9 3.2 3.8 2.5 2.3 2.7 2.6 4.8 4.0 4.0 3.8 3.5 Trad. market services (GHI) 1,489 1,572 1,487 0.9 2.7 4.0 0.8 1.7 2.2 2.8 4.0 3.7 4.3 3.5 4.5 Other market services (J-N; R-S) 1,794 1,889 1,814 0.7 2.1 3.9 0.9 0.7 1.7 2.5 3.5 3.8 3.9 2.7 5.1 A Agriculture, forestry and fishing 1,381 1,485 1,345 -0.4 0.2 5.3 -3.3 0.2 0.3 -1.2 1.5 1.1 5.6 6.0 7.8 B Mining and quarrying 2,239 2,254 2,196 2.7 1.2 7.6 5.6 4.2 3.2 0.5 -2.8 12.6 4.7 3.9 9.1 C Manufacturing 1,659 1,774 1,712 2.1 3.2 3.9 2.8 2.2 2.7 2.8 5.0 4.2 4.1 4.1 3.5 D Electricity, gas, steam and air conditioning supply 2,519 2,697 2,410 1.3 4.3 2.9 0.9 4.2 3.1 3.6 6.2 1.5 6.5 1.3 2.2 E Water supply sewerage, waste management and remediation activities 1,624 1,751 1,607 1.9 3.5 3.0 1.2 4.2 4.0 1.4 4.2 2.2 1.4 3.7 4.5 F Constrution 1,290 1,331 1,270 1.3 2.7 4.2 0.4 1.1 2.7 2.3 4.4 4.8 4.3 4.0 3.9 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,548 1,634 1,558 1.6 3.3 4.2 1.3 2.5 2.6 3.4 4.5 4.2 4.7 3.6 4.4 H Transportation and storage 1,542 1,647 1,502 -0.5 1.7 3.3 -0.5 0.5 1.5 1.5 3.1 2.4 3.1 2.9 4.6 Accommodation and food service activities 1,170 1,201 1,181 1.4 2.8 4.9 2.2 1.1 2.9 3.3 3.8 4.4 5.2 4.9 5.1 J Information and communication 2,245 2,374 2,301 0.6 2.4 4.1 0.6 1.8 1.4 3.1 3.2 1.8 3.6 4.4 6.3 K Financial and insurance activities 2,480 2,615 2,334 1.5 3.2 4.8 2.4 2.3 2.4 2.8 5.3 6.3 5.8 2.1 4.8 L Real estate activities 1,530 1,611 1,555 0.7 1.8 0.9 1.2 1.5 2.7 2.5 0.6 1.1 0.1 0.2 2.3 M Professional, scientific and technical activities 1,883 1,978 1,918 0.7 3.9 4.2 1.0 1.4 3.4 4.9 5.8 5.7 4.2 2.8 4.1 N Administrative and support service activities 1,143 1,208 1,180 3.4 2.5 5.8 2.9 1.0 2.5 2.3 4.2 5.7 5.6 4.9 7.0 O Public administration and defence, compulsory social security 2,010 2,039 2,155 4.7 4.0 3.2 2.3 1.5 4.5 6.0 4.0 4.0 2.6 2.9 3.4 P Education 1,732 1,739 1,813 2.5 1.7 0.9 3.0 1.4 1.9 2.3 1.2 1.3 0.9 0.5 0.8 Q Human health and social work activities 1,877 1,895 1,928 3.1 3.1 3.4 3.4 1.0 2.2 3.2 5.9 4.6 5.6 3.5 0.1 R Arts, entertainment and recreation 1,706 1,753 1,755 2.7 1.7 1.7 3.3 1.9 1.6 3.1 0.1 1.0 2.4 0.5 2.8 S Other service activities 1,363 1,404 1,409 -0.8 0.9 1.2 -1.4 -1.0 1.5 1.3 1.7 1.3 0.1 1.3 2.3 Source: SURS, calculations by IMAD. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 27 2017 2018 2019 6 7 8 1 9 1 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 1 2 2.4 2.8 2.7 3.0 3.4 4.1 4.2 4.2 3.6 2.9 4.6 3.1 3.2 3.6 3.5 1.8 3.4 3.2 3.4 4.2 4.7 2.4 2.6 2.8 2.4 3.4 4.3 4.6 4.5 3.9 3.1 5.4 3.2 3.4 3.9 3.6 2.5 4.6 3.9 3.9 3.6 4.2 2.6 3.4 2.7 4.8 3.5 3.7 3.3 3.7 3.0 2.7 2.8 3.0 3.1 3.2 3.2 0.2 0.5 1.1 2.3 6.3 6.3 2.1 2.9 2.8 2.2 4.6 3.9 5.9 5.9 4.1 2.1 5.5 3.2 3.3 5.0 4.2 2.2 4.7 4.0 1.8 3.3 4.4 2.9 2.9 3.2 2.4 3.2 5.5 3.1 3.4 4.4 3.3 6.3 3.1 3.5 3.9 3.4 3.3 4.5 3.0 6.0 4.5 3.9 2.1 2.1 2.3 3.1 2.2 3.7 4.5 3.6 3.0 4.7 4.6 3.3 3.8 2.3 3.7 2.2 4.8 5.2 5.2 4.4 5.5 -0.6 -3.2 1.1 -1.5 1.5 1.1 1.9 4.7 1.9 -2.9 6.9 5.7 4.3 6.8 4.1 7.0 8.5 7.5 7.4 6.0 5.4 1.5 2.0 -1.0 0.5 -2.3 -3.5 -2.8 28.5 2.7 6.5 6.7 10.9 -2.8 4.0 5.5 2.2 8.3 7.3 11.8 -11.9 3.6 2.2 3.2 2.8 2.3 5.3 4.1 5.7 5.9 4.5 2.4 5.6 3.5 3.1 5.2 4.5 2.5 4.6 4.1 2.0 3.5 4.7 -0.7 0.9 6.2 3.7 0.1 2.9 15.5 4.7 -0.5 0.6 5.0 0.7 14.0 3.1 1.9 -1.2 7.5 3.3 -3.2 4.2 2.7 5.8 2.2 1.7 0.3 2.3 6.8 3.3 2.3 4.6 -0.1 3.5 2.8 -1.9 4.9 3.7 2.6 5.4 4.8 3.4 6.2 2.4 3.8 2.8 3.0 1.1 4.5 4.2 4.5 6.6 5.8 2.2 6.8 3.5 2.7 5.1 2.6 4.2 4.8 3.7 3.2 1.0 2.1 3.8 3.6 3.7 2.9 3.8 4.3 5.3 4.0 5.0 3.7 7.3 3.7 3.0 4.0 3.4 3.4 4.3 4.3 4.6 5.0 4.5 1.6 1.2 2.0 1.4 2.2 9.3 -1.9 1.8 3.3 2.3 4.5 1.2 3.7 3.4 2.8 2.4 4.4 0.2 9.1 3.2 2.6 2.5 3.3 3.8 2.7 2.8 4.2 4.6 4.5 4.2 4.5 5.6 4.5 5.4 4.7 5.1 4.8 5.5 3.3 6.4 4.8 4.7 1.9 2.0 3.8 3.5 1.3 3.7 4.5 2.3 3.9 -0.6 5.0 3.3 2.7 5.5 5.5 2.2 8.1 3.8 7.1 5.0 6.4 2.4 2.9 1.9 3.6 2.7 8.2 4.5 4.4 -0.7 14.7 5.1 4.4 8.0 2.7 0.8 2.8 4.4 5.0 4.8 0.6 3.8 0.3 1.9 4.1 1.6 0.8 -0.4 1.2 1.0 1.2 1.1 0.5 -1.0 0.8 1.0 -1.3 0.8 2.1 2.5 2.5 4.1 3.8 4.9 4.1 5.7 5.0 4.7 6.5 6.0 7.0 5.8 4.3 5.9 4.4 2.3 3.6 3.3 1.4 3.2 4.6 4.4 4.4 5.0 2.6 2.6 1.2 3.1 3.6 3.4 5.5 3.9 7.2 6.0 6.6 4.5 5.6 1.2 8.3 5.6 6.5 9.0 5.6 7.4 5.2 4.2 7.2 4.7 6.3 3.9 4.9 3.1 4.9 3.5 3.5 2.5 2.5 2.9 4.0 3.6 1.0 2.9 2.3 4.9 10.1 9.4 2.3 1.6 1.8 3.3 1.1 1.5 1.0 1.8 1.4 0.9 1.3 0.9 0.7 1.6 1.4 -1.3 0.5 0.5 1.2 5.0 5.2 1.7 2.2 2.0 5.3 6.0 5.3 6.3 4.9 4.7 4.3 4.9 5.8 6.2 4.5 4.9 1.1 -1.6 0.6 1.3 4.4 4.8 1.0 1.8 2.2 5.4 -0.1 -0.8 1.1 1.8 1.2 0.0 1.3 2.7 3.2 1.3 1.8 -1.5 2.1 1.3 4.9 4.1 5.0 1.1 1.2 0.6 2.2 2.3 0.9 1.9 1.6 1.1 1.1 1.0 -0.8 0.1 1.6 2.2 0.0 2.0 2.5 2.4 4.4 5.0 28 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Prices and indicators of overall competitiveness 2016 2017 2018 2017 2018 2019 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 CPI, y-o-y growth rates, % 0.5 1.7 1.4 1.8 1.4 1.2 1.3 1.3 1.9 1.9 1.9 1.3 1.8 1.5 0.9 1.0 :ood, non-alcoholic beverages 1.7 2.9 0.6 2.9 1.9 1.6 2.4 3.0 3.5 2.6 1.7 0.4 1.8 2.6 1.3 1.5 Alcoholic beverages, tobacco 0.4 3.0 0.4 1.3 1.8 2.8 3.0 2.6 2.5 1.1 0.8 0.4 1.9 1.9 1.6 2.8 Clothing and footwear -2.9 1.3 0.3 -0.9 0.6 2.4 -1.0 0.1 -1.6 -1.3 -0.2 0.7 1.0 0.6 0.3 3.4 Housing, water, electricity, gas -0.1 3.6 4.7 2.5 2.6 2.0 3.1 3.1 3.3 4.3 5.4 4.2 2.8 2.6 2.4 1.5 Furnishing, household equipm. 0.9 0.4 0.9 0.4 -0.2 -0.5 0.2 0.2 1.5 0.6 0.9 0.9 -0.3 0.1 -0.4 -0.3 Medical, pharmaceutical produ. 0.8 0.2 1.3 0.8 0.5 0.0 0.3 1.0 1.7 1.3 1.1 1.7 0.8 0.7 -0.1 -0.3 Transport -0.1 1.6 -0.7 3.9 1.8 0.7 1.2 -0.2 0.8 1.9 0.6 -1.3 3.1 2.2 0.1 0.0 Communications 2.9 -2.3 3.3 2.8 1.1 -0.8 -1.8 -1.6 0.2 0.8 2.0 3.0 2.9 -0.4 0.7 -0.1 Recreation and culture 0.2 0.8 1.9 0.0 0.4 0.8 0.4 -0.6 1.8 1.2 2.5 2.4 0.4 0.2 0.6 0.3 Education 0.3 3.7 1.7 0.5 0.5 0.5 3.8 3.9 4.1 4.4 1.8 2.2 0.5 0.5 0.5 0.5 Catering services 1.0 1.6 2.4 0.8 1.5 2.0 1.6 2.6 2.5 2.7 2.6 2.8 1.2 1.7 1.6 2.1 Miscellaneous goods & services 1.6 1.3 1.7 1.8 1.3 1.4 1.2 1.5 1.9 1.8 1.7 1.3 1.9 1.1 1.0 1.2 HICP 0.6 1.9 1.4 2.0 1.4 1.3 1.5 1.5 2.1 2.1 1.9 1.4 1.7 1.5 0.9 1.2 Core inflation (excluding :resh food and energy) 0.4 0.9 1.2 0.7 0.9 0.9 0.6 0.6 0.9 0.8 1.0 1.5 1.2 0.8 0.7 1.0 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.5 2.2 1.4 1.7 2.3 2.3 2.3 2.2 2.1 2.4 1.6 1.1 2.3 2.4 2.2 2.3 Domestic market -0.2 1.8 1.2 0.6 1.3 1.5 1.9 2.1 2.0 2.2 1.4 1.5 1.3 1.5 1.2 1.4 Non-domestic market 1.2 2.6 1.6 2.8 3.2 3.1 2.7 2.2 2.2 2.6 1.8 0.9 3.2 3.2 3.1 3.2 Euro area 0.6 2.3 1.6 2.1 2.6 2.8 2.2 2.1 2.4 2.9 1.9 1.2 2.5 2.7 2.5 2.9 Non-euro area 2.3 3.6 1.7 4.4 4.6 3.9 4.0 2.5 1.6 2.1 1.7 0.0 4.7 4.6 4.5 4.1 mport price indices 2.7 1.6 1.7 4.8 3.8 2.4 2.4 0.5 2.4 4.3 2.8 1.4 4.9 4.0 2.5 1.9 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 1.0 0.5 0.7 -0.2 -0.1 1.1 1.2 1.6 0.9 0.3 0.1 -0.5 -0.4 -0.1 0.2 0.8 Real (deflator HICP) 0.3 0.4 0.8 0.0 -0.2 0.7 1.0 1.7 1.2 0.3 0.1 -0.7 -0.4 0.0 -0.3 0.3 Real (deflator ULC) 1.0 -0.1 0.5 -1.4 -1.0 1.6 0.6 1.4 1.2 -1.0 0.5 USD/EUR 1.1066 1.1293 1.1815 1.0647 1.1003 1.1744 1.1777 1.2294 1.1922 1.1631 1.1412 1.1357 1.0723 1.1058 1.1229 1.1511 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate - a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 29 2017 2018 2019 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 1.2 1.4 1.0 1.2 1.7 1.5 1.2 1.2 1.5 2.0 2.1 1.9 1.8 2 2.2 2 1.4 1.1 1.2 1.6 1.7 1.4 2.0 1.7 2.7 2.9 2.9 2.4 3.6 3.7 3.4 3.3 2.5 2.8 2.5 2.7 1.9 0.6 0.8 0.4 0.1 0.5 2.9 2.8 2.9 3.1 3.0 3.6 2.1 2.2 2.2 2.7 2.5 1.2 0.9 1.1 1.2 0.9 0.4 0.8 0.3 0.1 0.2 1.2 2.7 -2.4 -1.8 1.3 0.1 1.5 -1.2 -1.7 -1.4 -1.8 -1.8 -1.1 -1 0.1 -1 0.3 0.5 -0.5 2.1 -0.2 2.2 2.3 2.8 2.9 3.6 3.8 2.9 2.5 3.2 3.3 3.4 4 3.8 5.2 5.9 5.5 4.7 3.5 3.9 5.1 5.1 -1.0 -0.2 0.5 -0.3 0.4 0.7 -0.2 0.2 1.6 1.4 1.4 0.4 0.3 1 0.4 1.4 0.9 0.5 1.5 0.7 0.9 -0.2 0.4 0.5 0.3 0.2 0.5 0.6 2.0 1.9 1.7 1.4 1.6 1.5 0.9 0.8 1.3 1.3 1.6 1.5 2 1.9 1.5 0.6 0.8 1.1 1.6 0.0 0.2 -0.7 -0.3 0.5 2.2 2.1 1.9 1.6 1.5 1 -0.7 -2 -1.6 -0.2 0.8 -0.2 -2.1 -1.7 -1.5 -2.3 -1.3 -2.5 -1.0 -1.5 1.5 0.6 0.2 0.8 1.3 1.4 1.2 3.3 2.1 3.9 3.1 1.7 0.7 1.5 0.4 0.0 0.8 -0.5 -0.3 -1.0 1.1 2.8 1.6 1.4 1 1.2 2.6 3 1.9 2.7 2.5 1.9 2 0.5 0.6 3.8 3.8 3.7 4.0 3.9 3.9 3.9 4.1 4.4 4.4 4.4 4.5 1.8 1.8 1.7 1.6 2.5 2.6 3.1 2.1 1.8 1.7 1.5 1.6 2.7 2.5 2.5 2.4 2.6 2.6 2.6 2.5 3.1 2.6 2.7 2.4 3.1 2.7 2.6 3.2 1.5 1.4 1.2 1.2 1.3 1.7 1.4 1.4 1.5 2.0 2.1 2.3 1.6 1.6 1.5 1.9 1.7 0.8 1.2 2 2.5 1.4 1.4 1.3 1.4 1.9 1.7 1.4 1.5 1.9 2.2 2.3 2.1 2 2.2 2.3 2.1 1.4 1.2 1.3 1.6 1.8 0.8 0.9 0.4 0.5 0.9 0.9 0.5 0.4 0.5 1.2 0.9 0.8 0.7 0.9 1 1 1.2 1.3 1.4 1.7 1.7 2.3 2.3 2.3 2.5 2.2 2.2 2.1 2.2 2.0 1.9 2.3 2.4 2.5 2.2 1.9 1.6 1.4 1.1 1.2 1.1 - 1.5 1.6 1.8 2.1 1.8 1.8 2.1 2.5 2.1 1.7 2.2 2.2 2.3 2.0 1.7 1.4 1.2 1.2 1.6 1.6 - 3.2 3.0 2.8 2.8 2.6 2.7 2.0 1.9 1.9 2.2 2.6 2.6 2.8 2.5 2.1 1.8 1.6 1.1 0.8 0.7 - 2.9 2.6 2.2 2.2 2.3 2.3 2.1 1.9 2.2 2.4 2.7 2.9 2.9 2.8 2.3 1.8 1.6 1.5 1.1 1 - 3.7 4.0 4.1 4.2 3.6 3.6 2.0 2.1 1.0 1.7 2.1 2.0 2.4 2.0 1.6 1.7 1.7 0.1 0.1 -0.2 - 2.7 2.7 2.7 3.0 1.6 0.6 0.4 0.4 1.1 2.1 3.8 4.0 4.4 4.4 4.1 2.6 1.7 1.6 1.3 1.4 - 1.2 1.2 1.1 1.1 1.3 1.4 1.8 1.7 1.6 0.7 0.5 0.6 0.1 0.2 0.2 0.1 0.0 -0.3 -0.5 -0.7 - 0.8 0.9 0.7 0.7 1.6 1.6 1.7 1.7 1.9 0.9 0.7 0.6 0.0 0.3 0.2 0.2 -0.2 -0.5 -0.8 -0.9 - 1.1807 1.1915 1.1756 1.1738 1.1836 1.2200 1.2348 1.2336 1.2276 1.1812 1.1678 1.1686 1.1549 1.1659 1.1484 1.1367 1.1384 1.1416 1.1351 1.1302 - 30 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Balance of payments 2016 2017 2018 2016 2017 2018 2017 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 2 1 3 | 4 | 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,224 3,077 3,203 372 764 653 1,001 660 680 946 982 596 260 241 257 117 Goods 1,536 1,561 1,149 227 362 421 479 299 329 429 370 22 100 174 151 69 Exports 24,991 28,462 31,147 6,407 6,868 7,131 7,035 7,428 7,544 7,938 7,608 8,057 2,154 2,595 2,203 2,416 Imports 23,454 26,901 29,998 6,180 6,507 6,711 6,556 7,128 7,215 7,509 7,238 8,035 2,054 2,421 2,052 2,346 Services 2,251 2,719 3,147 544 602 686 804 627 612 751 966 818 182 224 252 203 Exports 6,487 7,275 8,024 1,717 1,557 1,761 2,069 1,888 1,661 1,926 2,317 2,120 497 567 587 565 Imports 4,236 4,556 4,877 1,173 956 1,075 1,265 1,261 1,049 1,175 1,351 1,302 315 343 335 362 Primary income -1,215 -926 -740 -340 -112 -368 -220 -226 -135 -167 -241 -198 10 -129 -113 -135 Receipts 1,487 1,669 1,520 331 449 438 365 417 434 391 324 370 162 103 131 157 Expenditures 2,702 2,596 2,260 671 561 806 586 643 569 558 565 568 152 231 245 292 Secondary income -349 -276 -353 -59 -88 -86 -62 -41 -126 -66 -113 -47 -32 -27 -33 -20 Receipts 724 838 837 210 187 203 207 241 188 209 179 261 61 61 69 71 Expenditures 1,073 1,115 1,190 269 275 289 269 282 314 275 292 308 93 89 102 92 Capital account -303 -324 -210 -107 -142 -65 -59 -59 -40 -32 -25 -113 -17 -113 -15 -18 Financial account 1,153 1,754 2,108 152 453 590 608 103 523 755 496 334 122 -138 189 165 Direct investment -864 -414 -1,132 99 -179 76 -101 -211 -147 -158 -498 -329 -45 -216 60 -14 Assets 434 551 151 143 174 266 96 16 247 -86 5 -15 82 36 134 35 Liabilities 1,298 966 1,284 44 354 190 196 226 394 72 503 315 126 252 75 49 Portfolio investment 5,094 2,958 706 2,697 -326 526 662 2,095 -1,335 1,542 986 -487 315 25 359 -300 Financial derivatives -216 -248 -27 -45 -73 -118 -24 -33 -6 -12 -7 -2 -32 -35 -36 -37 Other investment -2,764 -630 2,510 -2,583 989 73 45 -1,737 2,023 -594 -56 1,137 -71 28 -191 514 Assets -2,340 -1,584 1,747 -690 -30 -343 -1,143 -69 674 260 -463 1,276 235 -259 296 -356 Other equity 0 -1 -1 -2 0 -1 0 0 1 1 0 -3 0 0 0 0 Currency and deposits -2,205 -2,190 1,356 -282 -626 -460 -1,290 186 142 66 -353 1,501 14 -365 311 -428 Loans -203 -115 201 -111 -49 6 -38 -35 -7 92 48 68 -27 2 -22 26 Insurance, pension schemes, and standardised guarantee schemes 10 5 2 1 3 -1 3 0 1 1 -1 0 1 1 0 0 Trade credit and advances 156 599 325 -206 517 161 110 -189 449 95 49 -268 189 135 74 1 Other assets -97 119 -136 -88 126 -49 73 -31 87 6 -206 -22 57 -32 -67 44 Liabilities 423 -954 -763 1,893 -1,019 -416 -1,187 1,668 -1,349 854 -408 140 306 -286 487 -870 Other equity 4 20 2 0 0 20 0 0 0 0 0 2 0 0 0 20 Currency and deposits 1,175 438 -433 1,353 -856 60 -410 1,644 -1,263 232 264 335 177 -118 576 -574 Loans -818 -1,854 -582 334 -391 -507 -695 -262 -237 131 -119 -358 17 -333 -49 -313 Insurance, pension schemes, and standardised guarantee schemes -8 5 34 -3 19 -8 2 -8 27 21 -14 0 6 6 -3 -3 Trade credit and advances 137 410 336 233 191 53 -57 223 112 243 -202 183 110 131 -7 -14 Other liabilities -67 26 -121 -24 18 -34 -28 70 11 227 -337 -22 -5 28 -30 13 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -97 89 52 -17 43 33 25 -12 -12 -22 70 16 -45 61 -2 2 Net errors and omissions -768 -999 -885 -113 -169 1 -334 -498 -117 -159 -461 -149 -120 -266 -53 66 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,781 3,201 3,557 772 746 791 786 877 834 894 856 973 229 289 240 275 Intermediate goods 13,731 15,335 16,674 3,456 3,826 3,864 3,746 3,898 4,090 4,210 4,102 4,272 1,195 1,418 1,199 1,345 Consumer goods 8,459 9,730 10,639 2,166 2,260 2,431 2,444 2,594 2,622 2,774 2,533 2,709 700 895 742 783 Import of investment goods 3,292 3,660 4,208 941 845 892 858 1,066 1,016 1,022 1,024 1,146 267 317 263 305 Intermediate goods 13,792 16,185 17,913 3,559 3,959 4,021 3,943 4,262 4,314 4,558 4,309 4,731 1,237 1,451 1,220 1,399 Consumer goods 7,028 7,761 8,585 1,843 1,897 1,968 1,919 1,977 2,074 2,124 2,055 2,332 613 724 617 706 Sources: 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, No. 2/2019 Statistical Appendix 31 2017 2018 2019 6 7 8 1 9 1 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 1 2 279 316 213 471 450 57 153 232 148 300 321 234 391 379 263 339 251 246 98 368 203 200 174 32 274 235 51 14 74 67 188 166 63 200 195 74 101 15 90 -83 151 176 2,513 2,347 2,075 2,612 2,639 2,576 2,213 2,391 2,367 2,787 2,510 2,680 2,748 2,738 2,245 2,625 2,912 2,859 2,286 2,687 2,681 2,313 2,174 2,044 2,338 2,404 2,525 2,199 2,316 2,300 2,599 2,345 2,618 2,547 2,544 2,171 2,524 2,897 2,769 2,369 2,536 2,505 231 240 300 264 282 147 199 217 169 226 251 242 258 315 313 338 337 263 218 265 206 610 687 717 665 658 564 666 542 505 613 650 621 654 789 782 745 751 659 710 593 576 379 447 417 401 376 416 468 326 336 387 400 379 396 475 469 407 414 396 492 328 370 -119 -62 -100 -58 -52 -122 -52 -35 -29 -71 -60 -47 -61 -85 -81 -74 -79 -80 -39 20 -77 149 134 104 127 125 137 154 156 159 119 129 139 123 112 101 112 109 107 154 208 97 269 196 204 186 177 260 206 191 188 191 189 186 183 197 182 186 188 187 193 187 174 -33 -36 -18 -8 -15 -19 -7 -24 -59 -43 -36 -25 -6 -45 -42 -26 -23 -26 2 -69 -101 63 64 67 76 77 74 90 62 60 65 70 63 76 61 55 63 87 71 103 62 70 96 100 85 84 91 94 98 86 119 108 106 88 82 106 97 89 110 97 101 131 172 -31 -141 91 -9 31 -5 -85 -12 -14 -14 -7 -7 -17 -23 7 -9 3 -6 -110 -13 -15 236 88 181 339 332 -21 -208 459 246 -182 219 525 11 271 10 215 386 258 -310 461 397 30 69 -29 -141 99 -139 -170 -7 -103 -38 -49 13 -121 -211 -159 -127 105 -145 -290 19 -436 96 86 -124 133 171 -107 -48 35 116 96 -11 -63 -12 103 -211 113 224 -27 -212 79 165 66 17 -95 274 72 32 122 42 219 133 38 -76 109 315 -52 240 119 118 78 60 602 468 402 257 3 1,067 423 605 -1,468 309 -175 314 1,275 -47 229 452 305 99 -676 91 -1,519 2,133 -44 -11 -5 -8 -10 -12 -10 1 0 -7 -6 -4 -2 -5 1 -3 1 -2 0 1 7 -250 -382 -56 482 -838 -256 -643 1,937 75 11 -33 -760 198 253 -302 -6 169 1,071 -104 1,933 -1,274 -283 -435 -302 -405 -112 54 -10 307 48 319 -140 33 367 -83 -435 54 333 1,066 -123 1,608 -1,306 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 -1 -1 -1 32 -343 -455 -154 -681 -222 64 343 189 -240 193 7 -20 79 -77 -45 -231 167 1,020 314 1,170 -1,464 2 -8 -17 -13 14 -17 -32 2 14 -22 8 28 56 4 -18 61 38 7 23 32 15 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 85 24 -174 261 118 11 -318 64 133 252 -49 -20 164 22 -197 223 95 27 -390 168 197 -26 3 42 27 -23 -4 -4 51 140 -104 -106 45 67 -32 -175 0 34 14 -70 238 -86 -33 -53 -246 -888 726 309 633 -1,630 -27 307 -108 793 169 -335 -133 60 164 -5 -20 -325 -32 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 58 176 76 -662 695 231 718 -1,347 -131 214 -63 380 -85 73 138 53 111 -5 229 -64 111 -144 -167 -300 -227 -115 -127 -19 -160 -18 -59 32 84 15 -2 -59 -57 -31 -4 -323 -93 -198 -3 1 1 1 -3 -3 -3 9 9 9 7 7 7 -5 -5 -5 0 0 0 0 0 74 -50 -95 89 151 135 -63 -184 70 226 -13 -5 261 -53 -227 79 69 52 62 -283 155 -17 -12 73 -88 -3 74 -1 52 43 -84 -70 327 -29 -348 20 -9 16 -48 10 115 -101 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 33 10 14 2 14 -36 11 -4 -34 26 -6 1 -17 6 18 47 13 10 -7 27 -33 -12 -87 -123 -124 -150 -72 -275 239 112 -468 -94 298 -363 -85 -261 -115 132 18 -298 106 209 275 266 220 300 311 284 282 243 271 321 279 308 307 306 252 297 319 332 322 282 N/A 1,320 1,261 1,118 1,367 1,389 1,403 1,106 1,314 1,307 1,469 1,338 1,419 1,453 1,454 1,227 1,421 1,610 1,533 1,129 1,415 N/A 906 811 706 928 907 876 811 824 807 991 873 937 965 948 730 856 952 957 799 989 N/A 324 276 274 308 345 364 357 356 305 355 315 367 341 350 297 377 375 401 370 330 N/A 1,403 1,327 1,231 1,385 1,439 1,525 1,298 1,382 1,382 1,551 1,399 1,599 1,559 1,534 1,244 1,531 1,759 1,654 1,319 1,465 N/A 646 634 599 687 683 701 593 642 673 758 690 728 706 717 662 677 823 784 725 807 N/A 32 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Monetary indicators and interest rates 2016 2017 2018 2016 2017 11 | 12 1 2 3 4 5 6 7 8 9 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BoS on central government 4,618 6,247 6,290 4,432 4,618 4,621 4,770 4,823 4,937 5,041 5,173 5,297 5,485 5,600 Central government (S.1311) 6,273 5,170 5,154 6,391 6,273 6,350 6,246 6,029 5,856 5,784 5,699 5,524 5,489 5,491 Other government (S.1312,1313,1314) 576 571 576 561 576 591 587 588 588 581 573 572 563 559 Households (S.14, 15) 9,154 9,733 9,765 9,075 9,154 9,174 9,208 9,305 9,352 9,413 9,447 9,476 9,541 9,604 Non-financial corporations (S.11) 9,664 9,644 9,682 9,473 9,664 9,759 9,814 9,720 9,790 9,745 9,800 9,824 9,828 9,816 Non-monetary financial nstitutions (S.123, 124, 125) 1,411 1,566 1,627 1,376 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 Monetary financial institutions (S.121, 122) 3,541 3,886 3,682 4,100 3,541 3,555 3,573 4,212 3,910 3,860 3,550 3,635 3,625 3,440 Claims on domestic sectors, TOTAL n domestic currency 23,969 25,496 25,363 23,796 23,969 24,066 24,020 24,759 24,613 24,492 24,313 24,338 24,377 24,478 n foreign currency 672 528 545 714 672 683 670 656 642 630 624 597 596 571 Securities, total 5,889 4,450 4,487 6,379 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 26,497 28,021 28,115 25,976 26,497 26,421 26,508 27,165 27,190 27,177 27,037 27,148 27,289 27,403 Overnight 15,081 17,331 17,476 14,839 15,081 15,253 15,487 15,776 15,858 16,019 16,021 16,377 16,515 16,792 With agreed maturity - short-term 3,955 3,398 3,294 3,442 3,955 3,706 3,707 3,706 3,651 3,472 3,426 3,261 3,292 3,290 With agreed maturity - long-term 6,829 6,734 6,679 7,041 6,829 6,730 6,667 7,026 6,976 6,969 6,901 6,821 6,763 6,661 Short-term deposits redeemable at notice 632 558 666 654 632 732 647 657 705 717 689 689 719 660 Deposits in foreign currency, total 687 636 638 705 687 711 695 705 682 684 699 699 694 656 Overnight 564 547 542 567 564 586 567 582 561 557 582 582 573 551 With agreed maturity - short-term 65 45 53 78 65 69 72 69 68 74 67 69 74 58 With agreed maturity - long-term 58 44 43 60 58 56 56 54 53 53 50 48 47 47 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.02 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.21 0.13 0.16 0.19 0.23 0.19 0.18 0.11 0.15 0.10 0.11 0.11 0.11 0.14 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.63 2.65 2.57 2.49 2.55 2.63 2.60 2.66 2.53 2.63 2.72 2.72 2.68 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.07 1.53 2.02 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 1.15 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.264 -0.329 -0.321 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 6-month rates -0.164 -0.260 -0.266 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 LIBOR 3-month rates -0.747 -0.732 -0.735 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 6-month rates -0.671 -0.658 -0.653 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 Sources: BoS, EUROSTAT. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 33 2017 2018 2019 10 1 11 1 12 1 2 3 4 5 6 | 7 8 9 10 11 12 1 2 3 5,781 6,041 6,247 6,290 6,273 6,471 6,524 6,600 6,791 6,915 7,042 7,041 7,059 7,088 7,165 7,256 7,023 7,152 5,136 5,114 5,170 5,154 5,099 4,927 4,859 4,904 4,912 4,870 4,877 4,831 4,905 4,939 4,937 4,980 4,805 4,819 556 550 571 576 571 563 568 565 564 560 562 554 559 558 580 588 587 583 9,660 9,699 9,733 9,765 9,778 9,860 9,905 9,996 10,033 10,075 10,161 10,231 10,296 10,339 10,370 10,397 10,426 10,507 9,780 9,716 9,644 9,682 9,687 9,598 9,628 9,582 9,627 9,648 9,647 9,647 9,656 9,628 9,496 9,665 9,676 9,681 1,558 1,548 1,566 1,627 1,621 1,528 1,547 1,616 1,611 1,605 1,592 1,593 1,497 1,503 1,502 1,503 1,490 1,486 3,705 3,824 3,886 3,682 3,798 3,884 3,955 3,800 3,954 4,269 4,186 4,060 3,614 3,904 4,275 4,247 4,380 4,207 24,840 24,940 25,496 25,363 25,448 25,461 25,580 25,444 25,584 25,959 26,051 25,973 25,600 25,921 26,181 26,367 26,516 26,385 567 554 528 545 535 529 498 518 533 489 491 485 467 451 446 435 432 434 4,887 4,858 4,450 4,487 4,474 4,266 4,266 4,399 4,481 4,477 4,381 4,356 4,354 4,393 4,429 4,475 4,397 4,433 27,541 27,770 28,021 28,115 28,191 28,201 28,253 28,453 28,499 28,888 28,940 28,943 29,065 29,227 29,442 29,468 29,903 29,916 16,825 17,075 17,331 17,476 17,601 17,727 17,889 18,084 18,260 18,664 18,752 18,740 18,786 19,014 19,440 19,389 19,615 19,717 3,303 3,257 3,398 3,294 3,287 3,260 3,232 3,184 3,160 3,147 3,214 3,280 3,333 3,299 3,261 3,212 3,353 3,320 6,708 6,718 6,734 6,679 6,664 6,566 6,550 6,497 6,419 6,414 6,349 6,275 6,276 6,228 6,166 6,210 6,175 6,127 705 720 558 666 639 648 582 688 660 663 625 648 670 686 575 657 760 752 658 664 636 638 641 660 665 690 670 661 636 657 644 644 651 625 634 645 542 549 547 542 540 552 573 585 568 585 562 583 568 570 581 552 564 575 69 69 45 53 58 66 49 61 61 36 34 34 36 33 31 33 29 29 47 46 44 43 43 42 43 44 41 40 40 40 40 41 39 40 41 41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.13 0.13 0.14 0.14 0.15 0.16 0.16 0.16 0.16 0.15 0.18 0.16 0.16 0.17 0.17 0.16 0.18 2.64 2.51 2.65 2.60 2.57 2.56 2.58 2.63 2.65 2.79 2.62 2.69 2.66 2.71 2.74 2.81 2.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.330 -0.329 -0.328 -0.329 -0.329 -0.328 -0.329 -0.325 -0.322 -0.321 -0.319 -0.319 -0.318 -0.316 -0.312 -0.308 -0.308 -0.309 -0.274 -0.274 -0.271 -0.274 -0.275 -0.271 -0.270 -0.270 -0.269 -0.269 -0.267 -0.268 -0.264 -0.257 -0.241 -0.236 -0.232 -0.230 -0.726 -0.745 -0.755 -0.740 -0.745 -0.740 -0.733 -0.726 -0.732 -0.725 -0.726 -0.731 -0.741 -0.745 -0.735 -0.704 -0.713 -0.707 -0.649 -0.653 -0.653 -0.644 -0.662 -0.657 -0.650 -0.647 -0.645 -0.647 -0.649 -0.652 -0.662 -0.667 -0.659 -0.639 -0.652 -0.648 34 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Public finance 2016 2017 2018 2017 2018 2019 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 | 6 7 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 15,842.2 16,803.3 18,593.0 3,958.5 4,445.0 4,026.9 4,372.9 4,170.8 4,712.5 4,607.9 5,101.9 4,517.8 1,532.6 1,451.8 1,460.6 1,284.0 Current revenues 15,203.9 16,251.4 17,575.5 3,799.1 4,312.2 3,927.5 4,212.6 3,994.9 4,525.9 4,251.7 4,803.1 4,271.2 1,460.7 1,427.7 1,423.8 1,269.7 Tax revenues 14,240.5 15,162.0 16,224.9 3,581.5 3,910.7 3,678.7 3,991.2 3,782.0 4,230.9 3,914.8 4,297.3 4,103.3 1,344.2 1,230.6 1,335.9 1,181.9 Taxes on income and profit 2,680.8 2,967.0 3,296.3 669.3 944.3 582.5 770.8 785.5 990.7 651.8 868.2 850.4 330.5 273.5 340.3 102.0 Social security contributions 5,720.6 6,092.1 6,549.8 1,472.6 1,510.8 1,510.5 1,598.2 1,592.8 1,619.6 1,622.4 1,715.0 1,710.3 508.2 499.0 503.6 497.1 Taxes on payroll and workforce 19.8 21.3 21.6 5.0 5.4 4.9 6.1 5.0 5.6 5.0 6.1 5.3 1.9 1.7 1.8 1.9 Taxes on property 256.2 274.2 277.7 27.4 70.9 100.1 75.9 28.1 65.0 106.7 77.9 26.3 15.1 23.8 31.9 25.2 Domestic taxes on goods and services 5,432.9 5,722.8 5,989.3 1,326.7 1,411.3 1,463.5 1,521.3 1,336.8 1,519.5 1,500.6 1,632.4 1,427.8 512.6 440.6 458.2 523.5 Taxes on international trade & transactions 81.9 83.3 89.8 21.4 20.4 21.7 19.9 22.6 21.4 22.7 23.2 25.5 6.4 6.2 7.7 7.0 Other taxes 48.2 1.3 0.5 59.1 -52.4 -4.4 -1.0 11.2 9.3 5.6 -25.6 57.8 -30.6 -14.2 -7.6 25.3 Non-tax revenues 963.4 1,089.4 1,350.6 217.6 401.5 248.8 221.4 212.9 295.0 336.9 505.8 167.9 116.5 197.1 87.8 87.8 Capital revenues 96.2 91.2 152.7 16.5 24.3 17.4 33.0 28.6 37.3 43.9 43.0 23.6 6.2 7.3 10.8 5.6 Grants 10.4 9.5 12.4 0.7 1.3 6.0 1.5 0.2 1.5 7.1 3.6 5.2 0.5 0.4 0.4 0.3 Transferred revenues 51.1 52.3 55.6 0.1 1.1 50.0 1.1 0.4 0.5 51.4 3.3 1.8 0.0 0.4 0.7 0.0 Receipts from the EU budget 480.5 399.0 796.8 142.2 106.1 25.9 124.8 146.7 147.4 253.8 249.0 216.0 65.2 16.1 24.9 8.4 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 16,496.7 17,102.0 18,066.6 4,333.3 3,931.9 4,115.7 4,721.1 4,337.0 4,282.8 4,387.6 5,059.2 4,688.9 1,242.0 1,328.3 1,361.5 1,463.9 Current expenditures 7,407.1 7,733.0 7,966.9 2,064.5 1,782.9 1,782.3 2,103.4 2,027.9 1,919.2 1,877.2 2,142.5 2,116.2 562.5 589.6 630.8 581.6 Wages, salaries and other personnel expenditures 3,785.4 3,938.1 4,168.2 955.4 1,017.6 956.5 1,008.5 980.7 1,091.2 1,016.8 1,079.5 1,067.9 311.1 317.3 389.2 322.1 Expenditures on goods and services 2,371.4 2,626.6 2,633.2 563.5 590.9 586.2 886.0 552.0 642.6 640.6 798.0 602.2 170.2 197.3 223.4 203.4 Interest payments 1,074.2 985.3 867.9 518.4 144.2 206.5 116.2 462.5 145.7 190.3 69.5 404.2 71.4 66.9 5.8 44.9 Reserves 176.1 183.0 297.5 27.1 30.2 33.0 92.7 32.7 39.7 29.4 195.6 42.0 9.8 8.1 12.4 11.2 Current transfers 7,700.0 7,912.9 8,235.0 2,039.2 1,882.0 2,001.8 1,989.8 2,034.4 2,027.4 2,071.1 2,102.1 2,188.0 599.8 642.1 640.1 772.2 Subsidies 397.0 425.4 443.8 170.4 67.1 79.8 108.2 159.9 103.9 52.7 127.3 161.8 20.5 24.4 22.2 43.3 Current transfers to individuals and households 6,495.5 6,665.1 6,925.4 1,644.1 1,652.2 1,718.8 1,650.0 1,678.4 1,715.1 1,811.9 1,720.0 1,784.6 546.8 552.8 552.6 659.8 Current transfers to nonprofit institutions, other current domestic transfers 727.8 748.0 792.5 210.3 146.7 184.6 206.5 174.8 192.4 193.4 231.9 216.6 23.8 62.8 60.2 62.2 Current transfers abroad 79.7 74.3 73.4 14.4 16.0 18.7 25.2 21.3 16.0 13.1 22.9 25.0 8.8 2.1 5.1 6.9 Capital expenditures 784.3 891.0 1,158.6 109.0 145.4 208.1 428.5 111.2 197.5 292.4 557.6 156.0 39.4 52.5 53.4 67.8 Capital transfers 177.8 186.6 272.7 22.7 23.1 37.0 103.8 29.7 54.4 42.1 146.4 23.8 7.2 10.8 5.1 8. 9 Payments to the EU budget 427.4 378.5 433.4 98.0 98.4 86.5 95.6 133.8 84.4 104.8 110.5 204.8 33.0 33.4 32.1 33.5 SURPLUS / DEFICIT -654.5 -298.7 526.4 -374.8 513.1 -88.8 -348.2 -166.2 429.7 220.3 42.7 -171.1 290.6 123.5 99.1 -179.9 Source: 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, No. 2/2019 Statistical Appendix 35 2017 2018 2019 8 9 1 10 I 11 12 1 2 2 4 5 6 | 7 8 9 10 11 12 1 1 2 | 3 1,345.2 1,397.7 1,443.3 1,404.1 1,525.5 1,465.5 1,322.9 1,382.4 1,717.1 1,418.4 1,577.0 1,461.6 1,682.9 1,463.3 1,790.8 1,542.8 1,768.2 1,547.5 1,401.2 1,569.1 1,336.2 1,321.6 1,426.3 1,356.0 1,430.3 1,431.0 1,302.2 1,261.7 1,582.6 1,391.2 1,552.0 1,390.2 1,471.5 1,390.0 1,764.5 1,498.0 1,540.6 1,525.6 1,372.4 1,373.3 1,257.2 1,239.6 1,351.5 1,287.2 1,352.5 1,376.0 1,245.0 1,161.1 1,515.1 1,275.0 1,440.8 1,237.8 1,367.4 1,309.6 1,418.4 1,435.5 1,443.3 1,473.5 1,315.3 1,314.5 253.1 227.4 251.4 244.9 274.5 263.2 252.9 269.4 347.6 284.7 358.4 115.2 279.3 257.3 271.5 280.8 316.0 289.6 275.3 285.4 501.7 511.6 509.4 514.6 574.1 542.8 507.7 542.3 543.5 537.1 539.0 541.0 537.8 543.6 540.7 550.6 623.7 575.5 563.7 571.1 1.5 1.5 1.9 1.9 2.2 1.8 1.5 1.7 1.9 1.8 1.9 1.9 1.5 1.6 1.8 1.9 2.3 1.9 1.7 1.7 44.1 30.8 38.2 22.3 15.4 12.2 7.6 8.3 18.2 16.8 29.9 33.1 38.3 35.3 39.2 23.3 15.4 10.6 8.1 7.6 477.7 462.3 531.3 516.1 473.9 516.9 457.1 362.8 590.1 418.9 510.4 533.5 518.1 449.0 591.4 561.5 479.6 531.1 503.3 393.4 7.1 7.6 7.5 6.3 6.1 6.7 9.6 6.4 8.3 5.5 7.5 7.5 8.1 7.1 7.8 8.6 6.9 7.3 8.9 9.2 -28.0 -1.8 11.8 -18.9 6.2 32.3 8.6 -29.7 5.5 10.1 -6.3 5.5 -15.7 15.7 -33.9 8.9 -0.5 57.6 -45.8 46.0 79.0 82.0 74.8 68.8 77.8 55.0 57.2 100.6 67.5 116.2 111.3 152.4 104.1 80.4 346.1 62.5 97.2 52.0 57.1 58.8 5.8 6.0 7.8 11.0 14.1 7.7 11.1 9.7 10.3 9.4 17.6 17.6 8.8 17.4 16.2 12.9 13.9 7.6 8.1 7.8 1.2 4.6 0.6 0.5 0.3 -0.7 0.2 0.7 0.5 0.2 0.8 1.2 0.4 5.5 1.0 0.7 2.0 0.0 5.0 0.1 0.0 50.0 0.9 0.0 0.2 0.1 0.1 0.2 0.0 0.4 0.0 50.1 1.1 0.1 0.5 0.0 2.8 0.1 1.7 0.0 2.0 15.5 7.7 36.6 80.6 27.5 9.2 110.0 123.7 17.2 6.5 2.5 201.0 50.3 8.7 31.3 209.0 14.2 13.9 187.9 1,328.2 1,323.6 1,359.6 1,588.2 1,773.3 1,412.4 1,418.1 1,506.5 1,448.8 1,379.5 1,454.5 1,554.8 1,454.6 1,378.2 1,439.2 1,598.1 2,022.0 1,572.4 1,502.3 1,614.1 602.7 598.0 586.0 772.6 744.8 651.8 613.8 762.3 678.4 587.1 653.7 638.6 646.6 592.0 582.7 706.0 853.9 689.0 647.9 779.3 320.7 313.8 332.1 327.6 348.9 321.1 329.5 330.0 326.2 336.2 428.8 341.4 343.9 331.5 349.7 348.2 381.6 341.7 359.9 366.3 205.8 176.9 209.3 350.4 326.3 176.1 178.5 197.4 219.4 216.7 206.5 242.8 217.3 180.5 215.3 251.8 331.0 194.6 187.2 220.3 66.4 95.3 33.5 77.7 4.9 147.5 94.0 221.0 118.7 21.6 5.4 44.9 75.2 70.2 7.9 56.8 4.8 145.4 91.9 166.9 9.8 12.0 11.1 16.9 64.6 7.0 11.8 13.9 14.1 12.6 13.0 9.5 10.1 9.7 9.8 49.3 136.5 7.3 8.9 25.8 616.0 613.6 623.5 661.0 705.3 683.3 706.8 644.3 679.9 681.5 666.0 776.0 653.9 641.3 658.1 680.2 763.9 766.3 693.7 728.0 16.3 20.2 20.6 45.1 42.4 73.5 76.6 9.8 39.3 37.4 27.2 13.9 15.4 23.4 21.1 22.2 84.0 122.5 8.6 30.6 528.9 530.2 538.0 540.2 571.8 551.7 561.9 564.7 573.6 573.7 567.7 688.6 564.7 558.6 567.5 570.6 582.0 576.9 607.1 600.6 63.3 59.0 63.9 61.6 80.9 51.6 62.5 60.8 59.5 65.7 67.3 67.9 68.2 57.2 67.8 72.4 91.6 56.2 68.3 92.1 7.5 4.2 0.9 14.1 10.2 6.5 5.7 9.0 7.6 4.7 3.7 5.6 5.5 2.1 1.7 14.9 6.3 10.6 9.7 4.7 77.9 62.4 87.2 103.8 237.5 30.4 34.2 46.6 47.6 64.0 85.9 94.5 106.2 91.7 132.0 151.1 274.4 44.2 55.2 56.7 9.9 18.3 30.6 19.1 54.1 8.4 6.9 14.4 10.0 19.4 25.0 13.0 12.8 16.3 30.0 24.5 92.0 7.3 8.2 8.3 21.7 31.3 32.2 31.8 31.6 38.6 56.4 38.7 32.9 27.5 23.9 32.8 35.1 37.0 36.4 36.2 37.8 65.6 97.3 41.9 17.0 74.1 83.7 -184.1 -247.8 53.1 -95.2 -124.1 268.3 39.0 122.5 -93.2 228.3 85.1 351.7 -55.2 -253.8 -25.0 -101.2 -45.0 36 Acronyms Slovenian Economic Mirror, No. 2/2019 Acronyms Acronyms in the text BoS - Bank of Slovenia, CPI - consumer price index, EA - euro area, EC - European Commission, ECB - European Central Bank, EIA - Energy Information Administration, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, EU - European union, EUR - Euro, EUROSTAT - Statistical Office of the European Union, HICP - Harmonised Index of Consumer Prices, ICT - Information and Communication Technology, IEA - International Energy Agency, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, MF - Ministry of Finance, NFI - Nonmonetary Financial Institutions, PMI - Purchasing Managers Index, PPI - Producer Price Index, REER - Real Effective Exchange Rate, RULC - Relative Unit Labor Cost, SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, UK - United Kingdom, ULC - Unit Labour Costs, USD - US Dollar.. 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 equipmentn.e.c.,29- Manufacture ofmotor vehicles, trailers and semi-trailers,30- Manufacture ofother 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 AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 3, Vol. XXV, 2019 ISSN 1318-3826 9 ff J IU JULUUI 9771318382607