4 7 46 Acronyms Slovenian Economic Mirror, No. 4/2018 Slovenian Economic Mirror, No. 4/2018 32 Selected topics In the spotlight 3 Slovenian Economic Mirror, No. 4/2018 Statistical Appendix Slovenian Economic Mirror, No. 4/2018 In the spotlight Slovenian Economic Mirror, No. 4/2018 Slovenian Economic Mirror, No. 4/2018 Current Economic Trends 8 Slovenian Economic Mirror, No. 4/2018 31 Statistical Appendix Slovenian Economic Mirror, No. 4/2018 24 Slovenian Economic Mirror, No. 4/2018 23 Selected topics Current Economic Trends Slovenian Economic Mirror No. 4 / Vol. XXIV / 2018 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Acting Director Editor in Chief: Tina Nenadič, MSc Authors of Current Economic Trends (listed alphabetically): Lejla Fajić; Marjan Hafner, MSc; Matevž Hribernik; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Tanja Kosi Antolič, PhD; Janez Kušar, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan; Dragica Šuc, MSc; Ana Vidrih, Msc Authors of Selected Topics: Jure Povšnar (Company performance in 2017) Matevž Hribernik, MSc (Slovenia’s competitiveness according to IMD 2018) Mateja Kovač, MSc (Agricultural production) Editorial Board: Marijana Bednaš, MSc, Lejla Fajić, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, MSc, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation, Graphs, DTP: Bibijana Cirman Naglič Print: Eurograf d.o.o. 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Contents In the spotlight .............................................................................................................................................................................................................. 3 Current economic trends .......................................................................................................................................................................................... 5 International environment .................................................................................................................................................................................. 7 Economic developments in Slovenia .............................................................................................................................................................. 9 Labour market ....................................................................................................................................................................................................... 13 Prices ......................................................................................................................................................................................................................... 15 Balance of payments ........................................................................................................................................................................................... 17 Financial markets .................................................................................................................................................................................................. 18 Public finance ......................................................................................................................................................................................................... 19 Selected topics ........................................................................................................................................................................................................... 21 Company performance in 2017........................................................................................................................................................................ 23 Slovenia’s competitiveness according to IMD 2018.................................................................................................................................. 24 Agricultural production....................................................................................................................................................................................... 26 Statistical appendix ................................................................................................................................................................................................. 29 The Economic Mirror is prepared based on statistical data available by 8 June 2018. 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. In the spotlight Economic growth in the euro area slowed in the first quarter; owing to uncertainties in the international environment, prospects are less optimistic than in the autumn. The moderation of quarterly growth (0.4%, seasonally adjusted) was to a great extent attributable to a decline in exports relative to the last quarter of 2017. Year on year, GDP was up 2.5%. Increased uncertainties internationally, particularly due to the announcement (and introduction) of some anti-trade measures by the US and the elevated geopolitical risks in the Middle East, are reflected in a further deterioration of confidence in the euro area economy. Meanwhile, euro prices of oil are rising owing to higher uncertainties on oil markets and the depreciation of the euro against the US dollar. Economic growth in Slovenia also eased at the beginning of the year, largely on account of slower growth in foreign demand and unfavourable weather impacts on construction. Like in the EU, a significant contribution to year-on-year GDP growth (4.6%) came from domestic consumption, while the contribution of growth in exports of goods and services was smaller than in previous quarters. Growth in private consumption was supported by favourable labour market conditions and high consumer confidence. The relatively strong growth in gross fixed capital formation continued. Government consumption was also slightly higher year on year, largely owing to growth in employment. Exports were up considerably year on year, despite a decline following the strong previous quarter. The labour market situation continues to improve. The number of persons employed is rising and is similar to that in 2008. In the first quarter it was up year on year in all private sector activities, in addition to a declining number of unemployed persons, mainly due to the hiring of foreign citizens. Growth in the public sector mainly reflects higher employment in the education and health sectors. The number of registered unemployed persons is declining: at the end of May it was 76,705 persons (12.5%) lower than in May 2017. Year year-on-year wage growth is higher this year than in 2017, in the private sector primarily as a consequence of high economic activity and hence good business results, in the public sector owing to the implementation of agreements with trade unions and regular promotions at the end of last year. Inflation has increased in the last two months. The stronger year-on-year growth of consumer prices is attributable to both higher energy prices as a consequence of strong oil price growth on world markets and the depreciation of the euro and a significant contribution of certain prices of services. Strong price growth was also recorded for the ‘”recreation and culture" group owing to higher prices of package holidays. The contribution of food prices also remains significant. Prices of semi-durable and durable goods remain down year on year. Core inflation, which otherwise rose slightly in May, continues to hover around 1%. Growth in loans to domestic non-banking sectors remains low. Corporate deleveraging has risen slightly again. Besides on bank loans, enterprises are also relying on other sources of finance. The relatively strong growth of household loans has eased. Deposits by domestic non-banking sectors continue to expand, but with low deposit interest rates their maturity structure is deteriorating further. Bank deleveraging abroad came to a halt this year. Non-performing loans continue to fall gradually. The general government balance on a cash basis was positive in the first four months (EUR 100 million). Amid favourable economic developments, general government revenue was significantly higher than in the same period of last year (7.2%). In addition to revenues from taxes (except excise duties) and social contributions, the inflows from the EU budget were also higher year on year, while non-tax revenues were lower. General government expenditure was up 3.8% year on year in the first four months. After stagnation in the first quarter, its year-on-year growth was boosted particularly by higher expenditure on goods and services and stronger growth in expenditure on pensions and the wage bill. Economic growth slowed in Slovenia and the EU in the first quarter. The slowdown of growth in Slovenia was mainly a consequence of the moderation in the export-oriented part of the economy and unfavourable weather impacts on construction. Labour market conditions have remained favourable; the number of persons employed is up year on year in all activities. Year-on-year consumer price growth is strengthening amid oil price growth on world markets and price rises in some services. Deposits by domestic non-banking sectors are increasing, but their maturity structure is deteriorating. The general government balance on a cash basis was positive in the first four months. current economic trends International environment Figure 1: GDP growth in Slovenia’s main trading partners Economic growth in the euro area eased in the first quarter. GDP rose by 0.4% (seasonally adjusted, 0.4% in the EU) and was 2.5% higher year on year (2.4% in the EU). The moderation of quarterly growth was significantly affected by foreign demand, as the volume of euro area exports fell relative to the previous quarter. The main factor of GDP growth remained domestic consumption, where growth continued primarily in private consumption and investment. Among Slovenia’s main trading partners, GDP growth slowed the most in Germany and France, while in Italy and Austria it remained similar to previous quarters. The prospects for euro area growth are less optimistic than early in the year. Following a considerable fall in the first three months, the values of business confidence indicators (ESI, PMI) declined further at the beginning of the second quarter. Business confidence was mainly affected by increased uncertainties internationally, especially the announcement (and introduction) of some anti-trade measures by the US and the elevated geopolitical risks in the Middle East. This showed particularly in the lowering of Consensus forecasts for 2018 GDP growth in Slovenia’s trading partners in the euro area (relative to March when they were highest). EC and OECD forecasts are slightly higher than in the autumn, but both point to rising downside risks. Figure 2: Consensus forecasts for 2018 Figure 3: Price of Brent Crude and the USD/EUR exchange rate Oil prices have risen in recent months, reaching the highest levels since the end of 2014. The dollar price of Brent crude oil, at USD 65 at the beginning of the year, approached USD 80 in May. Year on year, oil prices were around 50% higher. According to the IEA, prices are rising largely due to increased uncertainties on oil markets related to the announced US sanctions on Iran. Euro price growth is also influenced by the depreciation of the euro relative to the US dollar in the last month. Table 1: Brent crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2017 IV 18 V 18 V 18/IV 18 V 18/V 17 I-IV 18/I-IV 17 Brent USD, per barrel 54.25 72.01 76.94 6.8 52.9 32.5 Brent EUR, per barrel 48.06 58.66 64.97 10.8 42.7 16.7 EUR/USD 1.297 1.228 1.181 -3.8 6.8 13.5 3-month EURIBOR, in % -0.329 -0.328 -0.325 0.3 0.4 0.1 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Economic developments in Slovenia Box 1: Gross domestic product, Q1 2018 Year-on-year GDP growth remained strong and broad-based, while quarter-on-quarter growth eased following last year’s high rates. Real GDP was up 4.6% year on year and 0.6% higher than in the previous quarter. The moderation of growth is attributable primarily to the easing of last year’s rapid growth in foreign demand and the impact of bad weather conditions on construction. Domestic consumption contributed importantly to the year-on-year GDP growth. Private consumption was 3.4% higher than in the same period of last year. Its growth was underpinned by favourable labour market conditions and high consumer confidence. Private consumption growth was reflected in higher value added in trade, accommodation and food services, and other services. Gross fixed capital formation also increased further, being up 9.1% year on year. Inventories were also significantly higher. The growth of investment in machinery and equipment continued to be boosted not only by rising demand and high capacity utilisation, but also favourable borrowing conditions and a favourable financial situation of companies. Affected by adverse weather conditions, construction investment otherwise dropped slightly relative to the previous quarter, but was significantly higher year on year. However, owing to a sharp fall in the first years of the crisis, the volume of investment remains relatively low. Government consumption was also slightly higher (0.6%), mainly under the impact of higher employment. Exports also made a significant contribution to year-on-year growth, though smaller than in the previous quarter. In the first quarter exports of goods and services remained almost the same as in the last quarter of 2017, but their year-on-year growth was relatively strong (7.4%). The increase in exports relative to the same period of 2017 is attributable to the rising foreign demand and the improvement in export competitiveness of Slovenian companies in previous years. Export growth contributed to the still high year-on-year growth of value added in manufacturing and export-oriented service activities. With higher domestic consumption, imports of goods and services also went up (8.7%), the contribution of external trade to GDP growth thus being slightly negative (-0.2 pps). Figure 5: Expenditure structure of Slovenia's GDP growth Figure 4: Quarterly growth rates of real GDP growth in Slovenia and the EU After last year's considerable growth, real exports and imports of goods have declined slightly in the last few months, but remain high year on year. Amid a moderation of growth in main trading partners, exports fell by 0.4% in the first quarter.1 Nevertheless, they remain higher year on year, primarily on account of vehicle exports, which represent around one fifth of Slovenian exports of goods.2 Imports have also dropped since the beginning of the year, particularly for intermediate consumption, which is partly related to the stagnation in manufacturing. Figure 6: Trade in goods – real 1 According to the national accounts statistics. 2 Estimated on the basis of data available for the first quarter of 2018, according to the Standard Classification of Activities (SKD). Table 2: Selected monthly indicators of economic activity in Slovenia in % 2017 III 18/II 18 III 18/III 17 I-III 18/I-III 17 Merchandise exports, real1 9,8 -0,13 5,4 8,4 Merchandise imports, real1 11,8 -0,23 5,4 9,2 Services exports, nominal2 11,5 2,33 8,3 7,5 Services imports, nominal2 8,2 2,63 3,8 6,6 Industrial production, real 7,9 0,63 6,44 8,34 - manufacturing 8,6 0,53 6,74 9,04 Construction -value of construction put in place, real 17,7 -0,63 -2,0 18,7 Real turnover in retail trade 8,6 0,73 4,34 4,84 Market services (without trade) - nominal turnover 7,8 1,53 7,14 7,74 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Figure 7: Trade in services – nominal In the first quarter exports and imports of services maintained their high levels from the end of the year.3 The year-on-year growth of exports was due primarily to higher exports of transport and technical, trade-related services. Almost two thirds of the total exports of services in the first quarter were exports of travel (33%) and transport services (30%), which have been gaining importance in recent years. In imports to Slovenia, transport services account for the largest share (22%), followed by travel services (19%) and technical, trade-related services (16%). The latter also made the greatest contribution to import growth in the first quarter of this year. 3 According to the national accounts statistics. Production volume in manufacturing in the first quarter remained almost unchanged relative to the end of the year. After last year’s surge, production in export-oriented industries came to a halt or slowed under the impact of weaker growth in foreign demand. In low-technology industries, which are primarily oriented to the domestic market, it rose further. Year-on-year growth in manufacturing production remained strong (9.2%). It was still highest in the manufacture of transport vehicles (under the impact of a one-off factor4), machinery and equipment (owing to higher investment activity both domestically and abroad) and ICT equipment. Figure 8: Production volume in manufacturing 4 The beginning of production of a new passenger car model in the first half of last year. Amid adverse weather conditions, activity in construction remained unchanged in the first quarter. In the last two years construction activity has been strengthening steadily, but at the beginning of this year it remained at the level of the last quarter of 2017 due to unfavourable weather conditions. The strengthening in the construction of buildings in recent months mainly reflects greater optimism in the private sector, while the higher value of civil-engineering works arises primarily from increased government investment. Figure 9: Value of completed construction works Figure 10: Real turnover in trade Turnover in trade in the first quarter remained at the level of the previous quarter and was 3.9% higher year on year. The highest year-on-year growth rates were again recorded in the sale of motor vehicles (12.4%) driven by rising sales to domestic natural and legal persons and foreign customers. With high activity of trade-related sectors (particularly manufacturing and transport), turnover also rose in wholesale trade (4.0%). In retail trade,5 turnover was lower year on year in the sale of food products and automotive fuels, after last year's growth, while turnover in the sale of non-food products was up again year on year. 5 Total turnover in retail trade was 0.9% lower year on year. Turnover growth in market services slowed in the first quarter. This was attributable primarily to the lower turnover in administrative and support service activities, particularly employment services. With a decline in telecommunications, turnover in information and communication activities remained at the level of the preceding quarter. Further turnover growth was recorded in transportation and warehousing, particularly on account of exports of road transport services. With higher spending by domestic and foreign tourists, turnover also rose further in accommodation and food service activities; after last year’s acceleration, further turnover growth was also recorded in professional and technical activities. Figure 11: Nominal turnover in market services The deterioration in business sentiment has slowed in the last few months. Confidence deteriorated further only in retail trade, owing to lower current and expected sales. In manufacturing and service activities, confidence indicator values have stabilised above their long-term average after worsening early in the year. Confidence in construction continues to rise and consumer confidence remains high. Figure 12: Business trends The labour market In the first quarter employment continued to rise. The number of persons employed reached the level of 2008. It was up year on year in all private sector activities,6 especially manufacturing, construction, accommodation and food service activities, and transport. Employment growth is, in addition to a decline in the number of the unemployed, mainly due to the hiring of foreign workers.7 These accounted for around 40% of the increase in the total number of the employed. In the public sector, employment growth mainly stems from increased employment in the education and health sectors. Figure 13: Growth in the number of persons in employment by activity 6 With the exception of financial and insurance activities. 7 The number of employed foreign nationals averaged 74,385 in the first quarter of this year. Their share in total employment increased by 1.1 pps to 8.9% year on year. Figure 14: Employed, according to SRE, and registered unemployed Amid strong hiring, the number of registered unemployed persons continues to decline. The outflow into employment is somewhat lower than last year, yet still high. The fall in unemployment also reflects a somewhat lower inflow into unemployment year on year, which is mainly due to fewer expiries of fixed-term employment contracts. There are also fewer first-time jobseekers, which can be attributed to better economic conditions and smaller generations of young people finishing school. At the end of May, 76,705 persons were thus registered as unemployed, 12.5% fewer than in May 2017. In the first quarter both the private and the public sector recorded higher year-on-year wage growth than last year. Wage growth in the private sector was attributable primarily to strong economic activity and hence good business results. Wages rose year on year particularly in construction, manufacturing and certain market services.8 Wage growth in the public sector, on the other hand, reflected the implementation of agreements with trade unions and the regular promotions of employees. Figure 15: Average gross earnings per employee 8 Strong wage growth was recorded in trade, accommodation and food service activities, scientific and technical activities, and administrative and support service activities. Table 3: Indicators of labour market trends change, in % 2017 III 18/II 18 III 18/III 17 I-III 18/I-III 17 Persons in formal employment2 3.5 0.21 3.5 3.7 Registered unemployed -14.1 -1.01 -14.7 -15.1 Average nominal gross wage 2.7 0.31 2.9 3.6 private sector 2.9 -0.61 3.2 4.1 public sector 2.9 0.41 3.3 3.5 of which general government 2.9 0.01 2.6 3.0 of which public corporations 2.9 1.21 5.1 4.7 2017 III 17 II 18 III 18 Rate of registered unemployment (in %). seasonally adjusted 9.5 10.01 8.4 8.3 Sources: ESS. SURS; calculations by IMAD. Notes: 1 seasonally adjusted. 2 Persons in paid employment. self-employed persons and farmers (SRDAP). Prices Inflation increased in April and May. Besides from the higher energy prices as a consequence of strong oil price growth on world markets and the depreciation of the euro, a significant contribution to growth also came from prices of services, which recorded the largest year-on-year increase in three years. Strong price growth was recorded in the “recreation and culture” group, where prices of package holidays rose strongly in April and May. The contribution of prices in “communications” also rose in May. The contribution of food prices remains relatively significant. Prices of semi-durable and durable goods remain down year on year. Core inflation otherwise rose slightly in May, but continues to hover around 1%. Figure 16: Year-on-year consumer price growth and contributions of individual groups Year-on-year growth in import prices is rising, while growth in domestic industrial producer prices remains almost unchanged. The stronger growth of import prices is attributable to the significantly higher prices of energy (8.9% year on year) and price rises in non-energy commodities. Slovenian industrial producer prices on the domestic and on the euro area market are rising at similar rates (around 2%). Price rises on non-euro area markets eased notably, which is mainly a consequence of the high base. Figure 17: Year-on-year growth in import prices and domestic industrial producer prices The price competitiveness of the Slovenian economy improved in April, after deteriorating further in the first quarter. The prolonged period of the gradual appreciation of the euro against the currencies of most main trading partners (and hence growth in the nominal exchange rate) came to a halt in April.9 With inflation similar to that in trading partners, the real effective exchange rate declined. Figure 18: Price competitiveness (real effective exchange rate) 9 The decline in the nominal effective exchange rate was to the greatest extent due to the depreciation of the euro against the British pound, the Chinese yuan, the South Korean won and the US dollar. Table 4: Consumer price growth, in % 2017 V 18/IV 18 V 18/V 17 I-V 18/I-V 17 Total 1.7 1.2 2.0 1.5 Food 3.1 2.5 3.6 3.4 Fuels and energy 5.3 1.3 5.2 3.8 Services 1.3 1.3 2.8 1.7 Other1 0.4 0.6 -0.2 -0.1 Total excluding food and energy 0.9 0.9 1.2 0.7 Administered prices2 1.6 0.6 2.1 1.5 Tax impact – contribution in percentage points 0.2 0.0 0.1 0.1 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. Balance of payments Figure 19: Components of the current account of the balance of payments The surplus of the current account of the balance of payments remains high. The 12-month cumulative surplus for the period ending March 2018 amounted to EUR 2.8 billion or 6.1 % of GDP. The year-on-year increase in the first three months was mainly due to the higher surplus in international trade in goods and services. The terms of trade improved year on year, the growth for import prices (0.1%) being lower than for export prices (1.0%). This was attributable to the modest year-on-year growth of import prices of energy and industrial products and a decline in euro prices of other primary commodities. The deficit in primary income was down, for the most part because of lower external debt servicing costs and lower net outflows of dividends abroad. Net interest payments of the general government sector declined as a result of lower implicit interest rates. Owing to the significant deleveraging of commercial banks and increased investment in foreign securities, the private sector recorded net interest receipts. The BoS recorded stable net interest receipts, as its financial assets significantly exceeded its liabilities to the Eurosystem. The deficit in secondary income was lower because of the higher net positive current transfers of the government sector (receipts from the EU budget). Table 5: Balance of payments I-III 2018. EUR m Inflows Outflows Balance Balance. I-III 17 Current account 9,742.7 9,079.8 662.8 586.4 Goods 7,472.7 7,114.0 358.6 356.6 Services 1,642.2 1,056.9 585.3 537.9 Primary income 444.9 612.4 -167.5 -219.6 Secondary income 182.9 296.5 -113.6 -88.5 Capital account 177.1 216.1 -39.0 -46.4 Financial account 66.5 591.8 525.3 402.1 Direct investment 263.5 163.9 -99.5 -206.8 Portfolio investment 1,210.2 -127.4 -1,337.6 -330.3 Other investment -1,389.5 578.8 1,968.3 969.4 Net errors and omissions 0.0 -98.6 -98.6 -137.8 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. Figure 20: Financial transactions of the balance of payments The net outflow in external financial transactions continues. External financial transactions recorded a net outflow of EUR 1.8 billion in the last 12 months, which continued to arise from net outflows in portfolio investment, particularly financial investment of commercial banks, the BoS and insurance companies. Other investment recorded a net inflow, as the government and the BoS were withdrawing deposits from their accounts abroad. A net inflow was also recorded for direct investment: among inflows, the inflow of equity predominated and among outflows, debt financing of affiliated companies abroad. Financial markets Figure 21: Year-on-year change in the volume of loans to domestic non-banking sectors Year-on-year growth in loans to domestic non-banking sectors10 remains low. Corporate deleveraging has risen slightly again. Besides on bank loans, enterprises are to a greater extent than in previous years relying on other sources of finance. The relatively strong growth of household loans has slowed. Borrowing in the form of housing and consumer loans eased. Deposits by domestic non-banking sectors continue to expand, but with low deposit interest rates their maturity structure is deteriorating further. Overnight deposits thus already account for almost 70% of all non-banking sector deposits. Bank deleveraging abroad came to a halt this year, the share of liabilities to foreign banks stabilising just below 5%. Non-performing loans continue to fall gradually. Arrears of more than 90 days (EUR 1.1 billion) represent only 3.2% of the banking system’s total exposure. 10 The analysis is based on statistical data, which differ from accounting data particularly in that they also include revisions. The differences are particularly significant in loans extended to non-financial corporations (both domestic and foreign). Annual data relate to loan volume at the end of the year. Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 30. IV 17 31. XII 17 30.IV 18 30. IV 18/31. III 18 30. IV 18/30. IV 17 Loans total 21,554.8 22,211.6 22,185.3 0.0 2.9 Enterprises and NFI 10,250.4 10,481.6 10,399.4 -0.1 1.5 Government 1,952.4 1,996.7 1,880.9 -1.4 -3.7 Households 9,352.0 9,733.4 9,905.0 0.5 5.9 Consumer credits 2,250.8 2,410.7 2,500.8 1.3 11.1 Lending for house purchase 5,814.3 5,975.6 6,029.7 0.2 3.7 Other lending 1,286.9 1,347.1 1,374.5 0.0 6.8 Bank deposits total 17,227.7 17,897.0 18,251.9 0.3 5.9 Overnight deposits 11,683.7 12,683.9 13,220.9 0.8 13.2 Term deposits 5,544.1 5,213.1 5,031.0 -0.9 -9.3 Government bank deposits, total 943.8 716.4 615.7 -1.2 -34.8 Deposits of non-financial corporations, total 5,782.6 6,428.8 6,380.3 0.3 10.3 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Public finance Figure 22: General government balance on a cash basis The general government balance11 was positive in the first four months (EUR 100 million). The further improvement in the general government balance, which turned into a surplus12 in April, continued to be influenced by favourable economic trends. Their impact was particularly pronounced on the revenue side, in the form of strong growth in revenue from taxes and social contributions. 11 According to the consolidated general government budgetary accounts on a cash basis. 12 A small surplus being also expected at the annual level (see Draft Budgetary Plan 2018 and Stability Programme – Update 2018). Figure 23: Revenue growth and contributions of individual categories The year-on-year growth of general government revenue totalled 7.2% in the first four months. The growth of revenues from social contributions and taxes (particularly personal income tax, CIT and, after strong April, VAT) was similarly high as in the same period of 2017. It continued to reflect favourable labour market trends, consumer optimism and (last year’s) improvement in business results. After relatively modest growth in preceding years, the inflows from excised duties were somewhat lower than in the same period of last year. Receipts from the EU budget13 were also higher year on year, owing to the increased inflows from structural funds in April. Non-tax revenues were lower year on year primarily due to lower dividend payments into the budget and a one-off inflow of interest in January 2017. 13 Also if the refunds of last year’s overpayments are excluded. Last year’s EU budget being lower than foreseen, EUR 19 million was refunded to the state budget in January this year. Figure 24: Expenditure growth and contributions of individual categories General government expenditure in the first four months was 3.8% higher year on year. After stagnation of total expenditure in the first quarter, in April its year-on-year growth was boosted particularly by higher expenditure on goods and services and somewhat stronger growth in expenditure on pensions and the wage bill.14 Payments into the EU budget were also higher, this as a result of the expected stronger dynamics of EU funds absorption at the level of the EU. Investment expenditure is also rising from its low levels. 14 In April 2018 there was an extraordinary adjustment of pensions. The stronger growth of funds for wages than in the first quarter of this year reflects a larger increase in transfers of these funds to public institutions (in the first quarter, these transfers were very low and did not reflect the actual costs of work in public institutions). The higher year-on-year growth in expenditure than in the first quarter is also attributable to the dynamics of (April’s year-on-year higher) interest payments. These were nevertheless slightly lower year on year in the first four months as a whole. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-IV 2017 I-IV 2018 Category I-IV 2017 I-IV 2018 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 5,491.1 9.0 5,886.6 7.2 EXPENDITURE TOTAL 5,575.4 1.7 5,786.3 3.8 Tax revenues1 2,944.8 8.2 3,160.8 7.3 Salaries, wages and other personnel expenditures2 1,266.5 3.4 1,304.5 3.0 Personal income tax 755.9 6.7 832.5 10.1 Expenditure on goods and services 733.7 4.4 773.5 5.4 Corporate income tax 243.8 67.8 301.2 23.5 Interest payments 589.9 0.4 581.2 -1.5 Taxes on immovable property 27.4 35.1 29.5 7.8 Reserves 36.9 -0.7 46.9 27.1 Value added tax 1,138.9 5.7 1,207.6 6.0 Transfers to individuals and households 2,190.9 2.1 2,252.4 2.8 Excise duties 485.4 16.1 481.9 -0.7 Other current transfers 448.1 -0.1 462.4 3.2 Social security contributions 1,980.9 6.0 2,136.3 7.8 Investment expenditure 178.4 2.5 198.9 11.5 Non-tax revenues 334.1 50.2 279.1 -16.5 Payments to the EU budget 130.9 -18.4 166.7 27.3 Receipts from the EU budget 207.3 2.1 270.4 30.4 GENERAL GOVERNMENT BALANCE -84.2 100.2 Other 24.0 0.7 40.0 66.7 PRIMARY BALANCE 134.5 672.9 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. selected topics Company performance in 2017 The indicators of company performance in 2017 were similarly high as in the pre-crisis year 2007. With strong growth in value added, in 2017 companies’ net profit exceeded the 2007 level while the net operating profit was even higher. Returns on operating revenues (4.61) and assets (3.94) reached the pre-crisis levels, while returns on all revenues and equity were still slightly lower.1 Revenues from sales strengthened significantly in 2017 on both the domestic and foreign markets. Increased growth of revenues from exports to foreign markets is related to the rapidly rising demand on the EU market and the improvement in Slovenia’s export competitiveness on that market.2 Amid high economic 1 By 0.5 pps (to 3.9) and 2.0 pps (to 8.3). 2 Slovenia’s market share in the EU strengthened further in 2017 (see also Development Report 2018, 2018). growth in Slovenia after seven years of stagnation, revenues from sales on the domestic market also rose markedly last year (they were higher than in 2017 only in 2008). The shares of labour costs in value added and operating expenses were similar to those ten years before. With a sharp decline in activity at the onset of the crisis, the share of labour costs in operating expenses first rose significantly in 2009,3 then declined in the next few years, which had a positive impact on business results. Since 2012 labour costs had again been rising faster than other operating expenses, until last year when the costs of goods, materials and services increased considerably more, also owing to strong growth in global energy and metal prices. The shares of labour costs in operating revenues and per unit of value added, at 14% and 60% respectively, thus returned to the levels from the pre-crisis year 2007. The large losses from financial operations typical for the crisis period had declined strongly by 2017. Owing to their high indebtedness, companies had high financial liabilities under this heading at the beginning of the crisis but these declined later on in the process of deleveraging. Particularly the impairment of financial investments4, which also contributed to the high level of financial expenses during the crisis, has declined in recent years. Financial revenues dropped half less than financial expenses in 2017, meaning that the loss from financial operations decreased further. Corporate indebtedness,5 which has been declining since 2008, has reached the levels from the beginning of the previous decade. In the period until 2008 the indebtedness of companies increased significantly 3 Labour costs tend to adjust with a lag, owing to both collective agreements and uncertainties regarding dismissals. 4 This was a consequence of bad loans, a decline in the value of stocks, etc. 5 I.e. the debt ratio, the share of debt in total liabilities. owing to favourable financial market conditions and high economic activity. In the following years the value of total corporate debt declined as a result of loan repayments, divestment of assets and bankruptcies. The value of companies’ assets had consequently also been falling until 2016, when it increased again due to strong equity growth. With a more solid equity base and favourable forecasts for economic growth in the next years, companies’ debt rose again in 2017 for the first time in a long period. All sectors operated with profit last year. With the transition from a large loss in 2016 to a significant net profit, business performance in construction improved by more than EUR 200 million in 2017. Business performance also improved significantly in manufacturing, which created 40% of companies’ total net profit in 2017; in the distributive trades, the second largest sector, it deteriorated slightly. Slovenia’s competitiveness according to IMD 2018 According to the IMD World Competitiveness Yearbook 2018,6 Slovenia has improved competitiveness in the last few years, but still lags behind the most developed countries. Among the 63 countries analysed, 6 This year’s IMD report monitors 258 criteria, two-thirds of which are based on statistical indicators and one-third on surveys. Statistical data are mainly based on figures for 2017, while the surveys were conducted at the beginning of 2018. The indicators of competitiveness are divided into four areas: economic performance, government efficiency, business efficiency and infrastructure. the US, Hong Kong and Singapore top the list; among the EU countries, the best performing countries are the Netherlands, Denmark and Sweden. Slovenia has advanced by 18 places in the last four years, but still ranks in the lower half of the countries analysed (37th; 18th among EU Member States). The improvement is related mainly to the strong business cycle rather than structural changes. The ranking remains lower than before the crisis,7 mainly on account of the lower assessment of business efficiency of managers’ surveyed. Slovenia has significantly improved its position in economic performance in the last year (by 18 places to 29th). It has advanced in all areas of this indicator, mainly as a consequence of the improvement in some key macroeconomic indicators. Favourable developments in 7 In 2008, 55 countries were included in the survey. the international environment and the improvement in the indicators of export competitiveness had a positive impact on rankings in the area of international trade. Labour market conditions have also improved. However, Slovenia still ranks low in international investment, with inward FDI remaining modest and managers continuing to consider moving R&D abroad. In other areas much less progress has been made compared with other countries. In government efficiency (where Slovenia retained 42nd place), which has exceeded the pre-crisis level, the rankings have improved particularly in the area of public finance, although managers remain dissatisfied with public finance management and fiscal policy. Their assessments of institutional competitiveness have also improved slightly, but bureaucracy and the inefficiency of government institutions remain a challenge. This is also related to the slow reduction of administrative and regulatory burdens, which could help improve the business environment. In business efficiency (47th place; improvement by one place), the IMD survey highlights Slovenia’s lag in productivity, an area where some countries have made greater progress in the last year. Slovenia still scores very low on the indicators of corporate governance,8 openness to foreign ideas and awareness of the need for further structural changes in the economy. It scores best in infrastructure (28th, gaining three places), where the barriers to technological infrastructure and development remain similar to those in previous years (a shortage of appropriately highly educated staff, low institutional support for investment in high technologies compared with other countries and insufficient knowledge transfer to the business sector). Despite the improvement in Slovenia’s ranking, the structural challenges of increasing competitiveness have not changed significantly. According to the report, Slovenia’s key competitive advantages are its well educated workforce, a high level of education and reliable infrastructure (health, education and, partly, public scientific infrastructure), while its international competitiveness is hampered by excessive red tape. Among the challenges the IMD states (i) enhancing productivity in all sectors; (ii) increasing human capital by policies that will better match education programmes with the business sector’s needs, lifelong learning and pro-active migration policy; (iii) improving the business environment by reducing administrative and regulatory burdens; (iv) adopting tax reform aimed at increasing incentives to work and employment of educated workforce; and (v) strengthening fiscal sustainability over the long term and implementing reforms in the health sector (health, long-term care). Agricultural production National strategic documents point to the need for increasing production to improve self-sufficiency in basic agricultural commodities. Within sustainable natural resource management, which is one of the main development goals, the recently adopted Slovenian Development Strategy 2030 envisages the promotion of farming practices for increasing self-sufficiency by local, sustainable and, in particular, organic food production. Ensuring sufficient and secure food supply is the basic task of agricultural policy. This is also highlighted in the basic strategic document for this sector, i.e. the Resolution on the Strategic Guidelines for the Development of the Slovenian Agriculture and Food Industry by 2020. Self-sufficiency in basic agricultural commodities is relatively low in Slovenia and it is not increasing in 8 The effectiveness of corporate boards, credibility of mangers (who lack experience abroad in particular) and implementation of auditing and accounting practise. the long term. The self-sufficiency rate, calculated as the ratio of domestic consumption to domestic production, is relatively low for most types of crops. It is also strongly dependent on the harvest, which fluctuates significantly under the impact of weather conditions. The self-sufficiency rate in animal production is higher and more stable, certain products thus traditionally recording a surplus. In most basic agricultural commodities, however, self-sufficiency is low, in addition to sugar – where Slovenia has no own production because of the shutdown of the sugar factory – particularly in vegetables and fruits, which are extremely important from the viewpoint of healthy nutrition. With more stable consumption, self-sufficiency changes mainly reflect developments in production, which is however not increasing over the long term. In the last few years self-sufficiency increased for only a few products, for example cereals and milk (where Slovenia otherwise has the highest self-sufficiency rate). After two relatively good harvests, the total volume of agricultural production fell in 2017. It fluctuates significantly from year to year owing to weather conditions, but it is not increasing in the long term. In 2017 it declined by around one tenth according to SURS estimates and was 3% lower than in 2000. Within that, crop production fell by around one fifth and was among the lowest since 2000. Animal production, which is rising again after several years of decline, increased to the level recorded ten years before. A similar, though slightly smaller decline in the estimated total volume of agricultural production was also recorded by other neighbouring countries, except Austria, while the EU average rose slightly again and was one tenth higher than in 2000. The largest share of Slovenia’s agricultural production is accounted for by animal production and hence the production of fodder plants. This is mainly due to natural conditions, but given the low self-sufficiency in crops, it would be sensible for Slovenia to pay more attention to crop production, especially the production of vegetables and fruits. The share of vegetables in total production otherwise strengthened slightly between 2000 and 2017 (from around 6% to 10%), but fruit output was extremely low in 2017, largely owing to the severe spring frost. In view of the ever faster climate changes, more attention will have to be paid to crop production, particularly by growing more resilient types and sorts of crops in appropriate locations and protected areas and by more intensive irrigation. Organic production is not modest in Slovenia compared with other countries, but in recent years its growth has slowed. Slovenia is above the EU average in terms of the share of organically cultivated area, though not in terms of its growth. In Slovenia 9.1% of the total agricultural area was under organic farming in 2016. Permanent grassland intended for fodder production predominates, while other categories of land are relatively few. This is however not in line with demand, which is greatest (and rising) for fresh vegetables, fruit and non-meat processed food. There is a lot of untapped potential for further development of this way of farming, considering Slovenia’s favourable natural conditions and a large share of farms in mountainous and other areas with limited possibilities for agriculture where extensive conventional production is not possible. Figure 25: Companies’ net profit and its main components Figure 27: Labour costs in value added and operating expenses Figure 26: Revenues from sales on the domestic and foreign markets Figure 28: Breakdown of financial expenses and financial revenues Figure 30: Net profit by activity Figure 29: Debt, equity and the share of debt in total liabilities Figure 31: IMD world competitiveness indicators by main categories Table 8: IMD world competitiveness indicators by main categories IMD Scoreboard 2008 2013 2014 2015 2016 2017 2018 Number of countries 55 60 60 61 61 63 63 Rank Rank Rank Rank Rank Rank Rank Global competitiveness 32 52 55 - 49 + 43 + 43 o 37 + Economic performance 25 51 52 - 42 + 43 - 47 - 29 + - Domestic economy 22 58 58 o 49 + 48 + 49 - 41 + - International trade 10 37 17 + 18 - 16 + 15 + 8 + - International investment 54 60 59 + 59 o 59 o 58 + 54 + - Employment 39 47 51 - 48 + 51 - 52 - 41 + - Prices 8 7 10 - 7 + 8 - 6 + 10 - Government efficiency 43 53 56 - 52 + 45 + 42 + 42 o - Public finance 21 47 60 - 56 + 48 + 45 + 41 + - Fiscal policy 51 49 51 - 52 - 50 + 54 - 55 - - Institutional framework 33 54 54 o 49 + 47 + 44 + 43 + - Business legislation 47 48 45 + 43 + 41 + 39 + 41 - - Societal framework 37 37 31 + 25 + 18 + 19 - 18 + Business efficiency 32 58 58 o 56 + 53 + 48 + 47 + - Productivity and efficiency 18 45 43 + 44 - 30 + 27 + 34 - - Labour market 39 54 58 - 53 + 56 - 53 + 50 + - Financial markets 28 58 59 - 56 + 53 + 55 - 51 + - Management practices 30 58 59 - 58 + 54 + 44 + 37 + - Attitude and values 46 59 59 o 59 o 58 + 56 + 51 + Infrastructure 29 33 32 + 33 - 30 + 31 - 27 - - Basic infrastructure 33 39 41 - 40 + 34 + 31 + 21 + - Technological infrastructure 28 42 42 o 43 - 39 + 44 - 41 + - Scientific infrastructure 32 32 31 + 31 o 30 + 31 - 31 o - Health and environment 30 29 29 o 31 - 26 + 28 - 26 + - Education 27 30 29 + 25 + 21 + 23 - 26 - Source: IMD World Competitiveness Yearbook, between 2008 and 2018. Note: “Rank” means Slovenia's ranking among the countries included in the report in a given year; “+” means a rise in ranking relative to the previous year, “-“ indicates a fall while “o” means that there was no change. Figure 32: Self-sufficiency rate for agricultural commodities Figure 33: The volume of agricultural production Figure 35: Breakdown of agricultural production Figure 34: Growth in agricultural production in Slovenia in comparison with the EU average and neighbouring countries Figure 36: Share of organic areas under organic farming, 2016 Figure 37: Growth in the share of areas under organic farming in Slovenia and neighbouring countries statistical appendix Main indicators 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spring forecast 2018 GDP (real growth rates, in %) -2.7 -1.1 3.0 2.3 3.1 5.0 5.1 3.8 3.2 GDP in EUR million (current prices) 36,076 36,239 37,615 38,837 40,418 43,278 46,588 49,611 52,413 GDP per capita, in EUR (current prices) 17,540 17,596 18,244 18,823 19,576 20,951 22,563 24,035 25,405 GDP per capita (PPS)1 21,800 21,900 22,700 23,800 24,100 GDP per capita (PPS EU28=100)1 82 82 82 82 83 Rate of registered unemployment 12.0 13.1 13.1 12.3 11.2 9.5 8.0 7.2 6.7 Standardised rate of unemployment (ILO) 8.9 10.1 9.7 9.0 8.0 6.6 5.3 4.6 4.2 Labour productivity (GDP per employee) -1.8 0.0 2.6 1.0 1.1 2.2 2.7 2.2 2.4 Inflation2, year average 2.6 1.8 0.2 -0.5 -0.1 1.4 1.5 1.9 2.3 Inflation2, end of the year 2.7 0.7 0.2 -0.5 0.5 1.7 1.8 2.1 2.3 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 0.6 3.1 5.7 5.0 6.4 10.6 9.2 7.5 6.8 Exports of goods 0.4 3.3 6.3 5.3 6.2 10.9 9.7 7.9 7.2 Exports of services 1.5 1.9 3.4 3.7 7.6 9.2 7.2 5.8 5.0 Imports of goods and services (real growth rates, in %) -3.7 2.1 4.1 4.7 6.6 10.1 9.3 8.1 6.9 Imports of goods -4.3 2.9 3.8 5.1 7.0 10.7 9.7 8.7 7.3 Imports of services 0.2 -3.0 6.2 2.3 4.2 6.6 6.7 5.1 4.5 Current account balance3, in EUR million 775 1,594 2,179 1,698 2,108 2,813 3,203 3,385 3,734 As a per cent share relative to GDP 2.1 4.4 5.8 4.4 5.2 6.5 6.9 6.8 7.1 Gross external debt, in EUR million 42,850 41,644 47,287 46,627 44,805 43,460 43,163* As a per cent share relative to GDP 118.8 114.9 125.7 120.1 110.9 100.4 Ratio of USD to EUR 1.286 1.328 1.329 1.110 1.107 1.129 1.234 1.236 1.236 DOMESTIC DEMAND Private consumption (real growth rates, in %) -2.4 -4.1 1.9 2.1 4.2 3.2 3.6 3.0 2.0 As a % of GDP 56.9 55.4 54.4 53.5 53.4 52.8 51.7 51.0 50.3 Government consumption (real growth rates, in %) -2.2 -2.1 -1.2 2.7 2.5 2.3 1.7 1.4 1.1 As a % of GDP 20.2 19.5 18.6 18.6 18.7 18.3 17.8 17.7 17.4 Gross fixed capital formation (real growth rates, in %) -8.8 3.2 1.1 -1.6 -3.6 10.3 10.0 8.5 7.5 As a % of GDP 19.2 19.8 19.4 18.9 17.6 18.5 19.3 20.2 21.0 Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast 2018). Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End March 2018. Production 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.6 7.1 8.0 6.2 8.8 6.7 6.6 7.7 5.9 8.0 10.1 7.5 8.9 10.2 7.5 2.7 10.5 7.5 3.0 8.0 9.2 6.5 3.3 12.9 1.3 8.3 7.8 7.6 7.7 8.5 13.6 10.0 6.4 11.4 7.6 4.2 - - B Mining and quarrying 0.3 1.7 2.6 8.4 -7.9 10.1 -1.6 11.4 8.0 3.0 -10.6 -15.9 -8.4 -6.0 -9.3 -24.6 9.6 50.5 33.3 -15.2 -18.4 7.0 11.6 15.2 7.1 7.8 9.0 38.7 1.2 -16.1 -17.8 -3.0 -8.3 -6.7 -17.4 -22.5 - - C Manufacturing 6.0 8.2 8.7 7.4 10.2 7.7 7.4 7.9 6.6 8.7 11.1 8.2 10.6 11.7 8.5 3.9 12.2 7.8 3.3 9.1 10.4 5.9 3.2 13.9 1.4 9.3 8.9 8.2 8.3 9.5 14.6 11.0 7.3 13.1 8.2 4.3 - - D Electricity, gas & steam supply1 2.5 -3.4 1.9 -5.0 -4.2 -3.9 -0.4 4.6 -1.1 1.3 2.7 4.2 -5.8 -3.5 -3.3 -5.0 -4.0 -2.7 -5.1 -1.1 4.8 10.6 1.5 1.8 0.4 -0.3 -3.4 -2.0 3.0 3.0 9.1 1.5 -1.9 -1.0 5.7 8.3 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -8.2 -17.7 17.7 -31.3 -21.4 -12.6 -9.2 19.8 17.3 8.3 26.0 18.7 -27.4 -19.4 -17.9 -15.7 -14.9 -7.4 -15.0 -15.2 9.3 -9.3 20.9 41.4 26.8 4.7 21.7 10.4 7.5 7.0 31.1 26.0 20.0 77.2 6.7 -2.0 - - Buildings -4.0 2.4 27.6 -6.6 -11.5 5.8 19.0 36.8 40.0 9.4 30.7 25.5 -12.3 -13.2 -9.4 6.6 1.3 9.6 8.5 14.5 37.3 24.3 25.7 56.5 53.7 33.6 34.7 13.6 3.1 11.3 44.8 30.4 17.7 65.5 19.7 4.0 - - Civil engineering -9.8 -24.8 14.4 -40.0 -24.9 -19.4 -19.0 15.1 9.1 8.3 25.0 13.4 -32.5 -21.7 -21.0 -23.7 -21.0 -13.5 -23.1 -24.4 -2.1 -20.9 21.6 37.2 17.4 -5.0 16.2 9.9 10.0 5.5 26.4 23.8 24.9 79.4 -0.6 -5.6 - - MARKET SERVICES, year-on-year growth rates, % Services, total 4.6 5.0 7.8 6.6 6.7 3.6 3.4 6.2 7.2 7.7 9.8 7.2 6.2 6.7 7.1 0.8 5.9 4.2 1.1 3.0 5.9 3.7 4.0 10.3 4.1 10.2 7.2 9.1 7.4 6.5 11.2 10.1 8.4 11.0 5.2 5.7 - - Transportation and storage 3.2 3.6 10.8 3.8 4.4 2.9 3.3 11.0 9.8 10.9 11.4 8.6 4.2 4.5 4.6 -2.8 6.3 5.9 0.9 3.3 5.9 9.5 6.2 16.8 4.9 16.0 8.4 13.0 11.2 8.8 15.3 12.4 6.5 13.5 6.3 6.5 - - Information and communication activities 4.6 3.5 5.8 4.0 4.9 4.3 1.2 3.5 7.7 4.5 7.2 6.0 4.0 4.5 6.2 1.7 3.9 7.3 1.9 0.5 1.3 4.0 1.9 4.6 5.4 9.5 8.1 5.5 4.3 3.6 8.8 6.5 6.7 5.4 4.9 7.4 - - Professional, scientific and technical activities 3.5 -0.8 3.7 0.8 0.8 -4.5 -0.2 1.2 3.4 1.2 7.8 11.6 -0.1 3.1 -0.4 -7.4 0.1 -5.6 -7.3 -0.3 6.5 4.1 -3.8 3.1 -1.1 4.3 6.8 1.6 -2.2 3.9 7.4 3.9 11.6 16.0 10.1 9.3 - - Administrative and support service activities 12.1 7.7 12.2 8.7 4.9 6.2 11.6 11.9 12.3 9.2 15.6 7.9 6.4 5.5 3.0 4.9 6.7 7.1 7.1 9.6 18.6 9.5 11.4 14.5 13.9 12.1 11.0 11.4 7.6 8.5 14.7 22.6 10.1 12.6 9.5 2.8 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 4.6 6.7 8.6 6.0 6.7 4.6 9.2 10.8 7.8 10.0 6.0 3.9 5.1 8.6 6.5 0.6 9.6 4.2 6.4 10.3 10.8 13.2 6.0 13.2 3.5 9.4 10.5 10.8 11.6 7.6 8.6 8.7 0.9 5.7 2.5 3.4 - - Real turnover in retail trade 1.1 4.4 7.4 2.2 2.1 3.0 10.1 12.1 8.3 8.1 2.2 -0.9 0.4 1.5 4.3 1.3 5.5 2.4 7.7 11.4 11.1 13.9 8.7 13.3 5.8 9.4 9.8 9.4 7.8 7.2 2.7 6.2 -1.6 -0.9 -2.2 0.4 - - Real turnover in the sale and maintenance of motor vehicles 14.0 21.8 14.2 23.1 24.1 18.9 20.8 15.8 12.7 13.5 14.7 12.4 25.3 30.6 17.1 12.2 27.7 18.7 16.9 22.9 22.6 19.4 9.0 18.9 9.6 12.8 15.7 12.0 18.9 10.5 21.6 16.2 6.4 14.2 12.1 11.1 - - Nominal turnover in wholesale trade & commission trade 3.5 3.5 6.9 3.1 4.0 1.7 5.0 8.5 5.7 8.8 5.0 4.0 1.4 5.9 4.7 -3.6 8.1 1.4 2.3 5.7 7.0 10.8 3.3 11.3 -0.3 8.5 8.7 10.4 10.8 5.6 7.7 7.3 0.1 7.2 2.2 2.8 - - TOURISM, y-o-y growth rates, % Total, overnight stays 7.2 7.6 11.3 9.6 0.9 9.0 11.3 4.7 18.0 11.5 8.6 11.4 -0.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 2.5 6.5 27.1 5.0 22.6 13.2 12.6 6.7 8.1 8.2 10.1 9.3 7.2 17.5 - - Domestic tourists, overnight stays 6.3 2.8 4.3 1.3 1.0 4.6 3.4 4.1 5.1 2.8 6.2 3.2 8.5 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 -3.6 20.9 -1.6 5.8 9.7 5.5 3.8 -3.3 15.6 -0.9 3.6 13.1 0.1 -0.8 - - Foreign tourists, overnight stays 7.7 10.3 15.0 17.4 0.8 10.9 17.1 5.2 24.7 15.1 10.2 17.9 -5.7 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 9.7 -3.0 46.7 4.7 29.1 16.5 16.1 10.9 4.3 15.8 14.8 7.2 14.6 32.5 - - Accommodation and food service activities 7.4 11.0 9.1 9.9 8.2 13.2 12.2 8.0 12.4 9.3 6.4 6.5 9.0 6.6 9.2 12.4 10.8 16.9 14.2 10.2 11.9 6.8 6.0 10.7 13.1 9.8 14.4 11.8 11.5 4.3 6.6 7.2 5.7 10.6 3.7 5.2 - - AGRICULTURE Purchase of agricultural products, in EUR m 472.9 465.7 518.7 104.6 110.1 118.2 132.9 108.7 119.8 135.2 155.0 110.9 36.0 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 34.2 39.5 36.8 42.0 41.1 45.8 42.3 47.1 57.6 48.4 49.0 37.2 34.0 39.7 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.2 5.5 12.5 3.7 4.6 6.1 7.7 11.1 11.2 11.7 15.8 14.2 5.6 3.7 4.4 5.4 6.6 6.2 6.9 7.9 8.3 10.0 10.5 12.7 11.8 9.6 12.3 11.5 11.4 12.3 15.4 16.1 15.9 16.1 14.5 12.1 13.1 12.1 Confidence indicator in manufacturing 6 6 10 4 6 5 7 10 8 9 13 12 8 6 5 5 7 3 6 7 7 9 10 12 9 6 9 8 8 10 12 14 13 14 13 10 8 8 in construction -14 -10 13 -17 -15 -8 -1 4 11 17 19 23 -16 -15 -14 -13 -8 -2 -4 0 2 -1 7 6 10 8 14 17 17 16 21 15 20 22 22 24 25 26 in services 16 19 25 17 19 19 21 24 25 24 28 24 21 17 18 20 18 19 21 21 21 22 23 26 27 24 24 24 24 23 27 28 29 25 24 23 25 25 in retail trade 15 20 21 24 13 25 16 19 18 22 26 19 9 12 17 20 24 30 10 19 19 12 18 28 12 10 32 23 18 24 28 30 20 32 20 5 11 1 consumer confidence indicator -11 -14 -4 -18 -17 -12 -10 -7 -5 -4 0 0 -17 -18 -16 -13 -12 -11 -11 -11 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0 0 1 2 0 -1 1 0 Source of data: 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. Labour market 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 FORMAL LABOUR FORCE (A=B+E) 917.4 920.4 934.1 917.8 919.7 917.7 926.2 927.6 934.3 932.5 942.0 943.1 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 933.4 934.4 935.1 931.6 931.7 934.2 941.4 943.4 941.3 942.3 942.5 944.4 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 804.6 817.2 845.5 803.0 817.2 820.3 828.3 827.5 846.5 849.3 858.5 858.1 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 842.3 846.8 850.3 846.9 847.9 853.2 858.4 861.0 856.2 854.4 856.8 863.2 In agriculture, forestry, fishing 29.9 23.1 25.0 23.9 23.8 22.1 22.8 22.3 27.3 25.2 25.2 24.7 24.0 23.8 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2 22.3 22.4 27.3 27.2 27.3 25.1 25.2 25.2 25.3 25.3 25.1 24.7 24.5 24.9 In industry, construction 255.2 260.3 269.1 254.7 260.7 262.5 263.3 261.2 268.7 271.9 274.8 273.7 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 266.6 268.9 270.5 271.1 271.6 273.0 275.2 276.3 272.9 272.0 272.7 276.4 - in manufacturing 181.0 186.7 193.9 184.1 186.2 187.3 189.0 189.7 192.8 195.0 198.0 199.3 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 191.5 193.0 193.9 194.5 194.8 195.8 197.6 198.3 198.1 198.4 199.0 200.4 - in construction 54.3 53.9 55.7 50.9 54.6 55.4 54.7 52.2 56.3 57.2 57.2 54.9 52.7 54.2 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8 51.5 54.3 55.6 56.3 56.9 56.9 57.1 57.5 58.0 58.4 55.3 54.2 54.2 56.3 In services 519.6 533.8 551.3 524.4 532.7 535.7 542.3 544.0 550.6 552.3 558.5 559.7 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 548.5 550.8 552.4 550.7 551.1 555.0 557.9 559.4 558.2 557.7 559.5 561.9 - in public administration 48.1 48.4 48.8 48.1 48.4 48.6 48.6 48.6 48.8 49.0 49.0 48.8 48.3 48.3 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4 48.5 48.7 48.6 48.9 48.9 49.0 49.0 49.1 49.1 49.0 48.8 48.7 48.8 48.9 - in education, health-services and social work 124.0 127.7 131.6 125.9 127.6 127.3 130.0 130.8 131.4 130.8 133.5 134.3 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 131.3 131.6 131.4 130.0 130.0 132.4 133.2 133.7 133.7 134.0 134.2 134.6 FORMALLY EMPLOYED (C)1 713.1 730.5 755.3 716.2 730.2 734.6 741.1 740.5 754.3 758.9 767.4 767.5 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 750.3 754.7 758.0 756.8 757.5 762.5 767.3 769.7 765.1 763.8 766.3 772.3 In enterprises and organisations 662.3 680.2 704.3 667.5 679.6 683.6 690.2 691.1 702.6 707.3 716.2 718.1 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 699.0 703.0 705.9 705.1 705.9 710.9 715.5 718.1 715.1 714.8 717.3 722.2 By those self-employed 50.8 50.3 51.0 48.7 50.7 51.0 50.9 49.4 51.7 51.6 51.2 49.4 49.6 50.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7 48.9 50.5 51.3 51.8 52.1 51.7 51.6 51.6 51.8 51.6 50.0 49.0 49.0 50.1 SELF-EMPLOYED AND FARMERS (D) 91.6 86.7 90.2 86.9 87.0 85.8 87.2 87.0 92.1 90.4 91.2 90.6 87.0 86.9 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8 87.0 87.2 92.1 92.1 92.2 90.1 90.4 90.7 91.1 91.3 91.1 90.6 90.5 90.9 REGISTERED UNEMPLOYMENT (E) 112.7 103.2 88.6 114.8 102.5 97.4 97.9 100.1 87.8 83.2 83.5 84.9 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 91.1 87.7 84.8 84.7 83.8 81.0 83.0 82.4 85.1 87.9 85.7 81.2 Female 57.5 52.4 45.4 56.6 52.3 50.6 50.2 49.5 45.5 43.7 42.9 42.1 54.9 53.5 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5 49.8 48.3 46.9 45.5 44.1 44.5 44.3 42.3 43.4 42.8 42.5 43.1 42.1 41.0 By age: 15 to 29 26.7 22.5 17.5 26.1 21.7 20.5 21.6 20.7 17.0 15.2 17.1 16.4 24.7 22.9 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6 20.9 19.4 18.2 17.0 15.9 15.7 15.3 14.6 17.3 16.9 17.0 17.2 16.4 15.5 Aged over 50 36.7 36.5 34.3 38.6 36.8 35.4 35.0 36.9 34.3 33.2 32.7 33.8 37.9 37.2 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6 37.2 35.8 35.0 34.3 33.6 33.6 33.3 32.7 32.4 32.4 33.2 34.5 34.0 32.8 Primary education or less 32.3 30.2 26.7 33.8 30.0 28.2 28.8 30.6 26.3 24.6 25.2 26.6 32.4 30.8 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0 31.2 28.6 27.2 26.3 25.4 24.9 24.6 24.3 24.5 24.6 26.4 27.7 27.0 25.2 For more than 1 year 59.7 55.1 47.0 58.5 56.0 53.5 52.3 51.2 48.1 45.2 43.7 42.9 57.8 56.6 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1 51.3 50.3 49.1 48.1 46.9 46.0 45.2 44.3 44.2 43.7 43.3 43.7 42.9 42.2 Those receiving benefits 23.7 23.1 21.5 28.9 21.3 20.5 21.5 27.3 19.5 19.8 20.2 25.0 26.9 22.1 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4 26.8 24.7 20.3 19.2 19.1 19.8 20.0 19.4 19.0 19.2 22.2 25.7 24.6 24.6 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 12.3 11.2 9.5 12.5 11.1 10.6 10.6 11.1 9.4 8.9 8.9 9.0 12.0 11.5 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2 10.9 10.2 9.8 9.4 9.1 9.1 9.0 8.7 8.8 8.7 9.0 9.3 9.1 8.6 Male 11.1 10.2 8.5 11.8 10.1 9.4 9.5 10.4 8.3 7.8 7.9 8.4 11.1 10.5 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6 10.3 9.3 8.7 8.3 8.0 8.0 7.8 7.6 7.8 7.7 8.3 8.8 8.5 7.9 Female 13.7 12.4 10.6 13.4 12.4 12.0 11.8 11.8 10.7 10.2 9.9 9.7 13.0 12.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9 11.7 11.3 11.0 10.7 10.3 10.4 10.4 9.9 10.1 9.9 9.9 10.0 9.7 9.5 FLOWS OF FORMAL LABOUR FORCE -6.4 -13.5 -14.6 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.8 4.1 -3.8 -5.8 -4.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1 -2.4 -6.2 -4.1 -3.4 -2.9 -0.1 -0.8 -2.9 2.0 -0.6 2.6 2.9 -2.2 -4.5 New unemployed first-job seekers 15.8 14.2 12.3 3.0 2.0 2.7 6.5 1.8 1.8 2.3 5.7 2.1 0.9 0.7 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0 0.8 0.8 0.6 0.6 0.6 0.5 0.6 1.2 4.0 1.0 0.7 0.9 0.6 0.6 Redundancies 81.3 75.7 70.0 23.8 15.4 16.3 20.3 17.1 13.7 15.5 18.6 19.5 5.2 5.3 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0 5.2 5.1 4.6 4.6 4.4 6.0 4.5 5.0 5.6 5.4 7.6 10.3 4.6 4.6 Registered unemployed who found employment 71.0 74.9 68.6 23.6 20.6 16.1 14.5 12.6 18.5 14.3 13.6 20.0 10.0 8.4 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3 6.3 9.7 6.9 6.1 5.4 4.3 3.5 6.4 5.1 4.8 3.7 6.2 5.6 8.2 Other outflows from unemployment (net) 32.6 28.6 28.3 6.0 7.2 7.5 7.9 4.6 7.4 7.3 6.7 5.4 1.9 2.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6 2.0 2.4 2.4 2.6 2.4 2.4 2.3 2.6 2.6 2.2 1.9 2.2 1.7 1.5 FIXED TERM WORK PERMITS FOR FOREIGNERS 23.2 19.2 18.0 21.6 20.0 18.2 17.1 16.8 17.2 18.4 19.4 20.8 21.0 20.3 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9 16.8 16.8 16.9 17.2 17.6 18.0 18.5 18.8 18.6 19.8 19.8 20.2 21.1 21.1 As % of labour force 2.5 2.1 1.9 2.4 2.2 2.0 1.8 1.8 1.8 2.0 2.1 2.2 2.3 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.2 Sources of data: 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. Wages in EUR 2015 2016 2017 2016 2017 2018 2016 2017 2018 2017 Q1 18 Mar 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,627 1,656 1,671 0.7 1.8 2.7 2.3 1.5 1.7 1.9 1.5 2.3 2.8 3.9 3.6 0.2 2.8 2.1 1.5 0.5 3.7 2.1 0.5 1.9 1.3 3.4 2.4 2.8 2.7 3.0 3.4 4.1 4.2 4.2 3.6 2.9 Private sector activities (A–N; R–S) 1,529 1,599 1,621 0.8 1.3 2.7 1.8 1.1 1.0 1.5 1.6 2.3 2.6 4.1 3.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.7 3.6 2.4 2.6 2.8 2.4 3.4 4.3 4.6 4.5 3.9 3.1 Public service activities (OPQ) 1,786 1,838 1,832 0.6 3.3 2.8 3.9 2.8 3.7 2.9 1.3 2.7 3.6 3.5 3.2 3.6 3.1 4.4 4.8 3.0 0.9 1.0 1.4 1.5 2.9 2.8 2.6 3.4 2.7 4.8 3.5 3.7 3.3 3.7 3.0 2.7 Industry (B–E) 1,584 1,673 1,676 1.7 1.9 3.2 2.2 1.6 1.3 2.5 2.3 2.7 2.6 4.8 4.0 -1.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.4 4.6 2.1 2.9 2.8 2.2 4.6 3.9 5.9 5.9 4.1 2.1 Trad. market services (GHI) 1,399 1,451 1,476 0.9 0.9 2.7 1.6 0.8 0.5 0.8 1.7 2.2 2.8 4.0 3.7 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 0.3 3.5 2.9 2.9 3.2 2.4 3.2 5.5 3.1 3.4 4.4 3.3 Other market services (J–N; R–S) 1,698 1,767 1,821 -0.4 0.7 2.1 1.2 0.3 0.5 0.9 0.7 1.7 2.5 3.5 3.8 -0.5 1.5 0.5 0.1 1.2 1.5 0.9 0.1 1.0 0.4 2.4 2.1 2.1 2.3 3.1 2.2 3.7 4.5 3.6 3.0 4.7 A Agriculture, forestry and fishing 1,312 1,311 1,307 0.2 -0.4 0.2 2.2 -0.8 0.7 -3.3 0.2 0.3 -1.2 1.5 1.1 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 -0.5 2.1 -0.6 -3.2 1.1 -1.5 1.5 1.1 1.9 4.7 1.9 -2.9 B Mining and quarrying 2,082 2,332 2,202 -5.9 2.7 1.2 1.1 1.6 2.4 5.6 4.2 3.2 0.5 -2.8 12.6 -6.6 10.1 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 6.4 1.9 1.5 2.0 -1.0 0.5 -2.3 -3.5 -2.8 28.5 2.7 6.5 C Manufacturing 1,597 1,638 1,640 2.1 2.1 3.2 2.4 1.7 1.5 2.8 2.2 2.7 2.8 5.0 4.2 -1.1 3.8 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 1.4 4.5 2.2 3.2 2.8 2.3 5.3 4.1 5.7 5.9 4.5 2.4 D Electricity, gas, steam and air conditioning supply 2,449 2,417 2,491 -1.0 1.3 4.3 2.3 1.9 0.0 0.9 4.2 3.1 3.6 6.2 1.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 1.9 8.5 -0.7 0.9 6.2 3.7 0.1 2.9 15.5 4.7 -0.5 0.6 E Water supply sewerage, waste management and remediation activities 1,577 1,581 1,574 1.5 1.9 3.5 2.3 2.6 1.7 1.2 4.2 4.0 1.4 4.2 2.2 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 1.9 4.1 5.8 2.2 1.7 0.3 2.3 6.8 3.3 2.3 4.6 -0.1 F Constrution 1,238 1,258 1,259 -0.2 1.3 2.7 1.5 1.5 1.9 0.4 1.1 2.7 2.3 4.4 4.8 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 -0.2 4.4 3.8 2.8 3.0 1.1 4.5 4.2 4.5 6.6 5.8 2.2 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,485 1,514 1,554 1.4 1.6 3.3 2.4 1.6 1.0 1.3 2.5 2.6 3.4 4.5 4.2 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 0.2 3.9 3.8 3.6 3.7 2.9 3.8 4.3 5.3 4.0 5.0 3.7 H Transportation and storage 1,492 1,487 1,493 0.5 -0.5 1.7 -0.1 -0.6 -0.7 -0.5 0.5 1.5 1.5 3.1 2.4 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -0.3 3.2 1.6 1.2 2.0 1.4 2.2 9.3 -1.9 1.8 3.3 2.3 I Accommodation and food service activities 1,116 1,137 1,135 -1.0 1.4 2.8 2.0 0.3 1.0 2.2 1.1 2.9 3.3 3.8 4.4 0.2 1.2 1.8 1.7 3.7 1.1 2.4 0.6 0.4 3.0 3.1 2.5 3.3 3.8 2.7 2.8 4.2 4.6 4.5 4.2 4.5 J Information and communication 2,157 2,188 2,223 1.0 0.5 2.4 1.1 0.6 -0.2 0.6 1.8 1.4 3.1 3.2 1.8 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 0.5 2.0 1.9 2.0 3.8 3.5 1.3 3.7 4.5 2.3 3.9 -0.6 K Financial and insurance activities 2,367 2,486 2,760 2.1 1.5 3.2 2.0 -0.1 1.9 2.4 2.3 2.4 2.8 5.3 6.3 0.6 3.6 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 2.6 2.2 2.4 2.9 1.9 3.6 2.7 8.2 4.5 4.4 -0.7 14.7 L Real estate activities 1,516 1,509 1,541 -0.7 0.7 1.8 0.4 0.5 0.5 1.2 1.5 2.7 2.5 0.6 1.1 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 3.4 4.5 0.3 1.9 4.1 1.6 0.8 -0.4 1.2 1.0 1.2 1.1 M Professional, scientific and technical activities 1,808 1,856 1,875 0.8 0.8 3.9 1.3 0.7 0.3 1.0 1.4 3.4 4.9 5.8 5.7 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 0.9 4.5 4.9 4.1 5.7 5.0 4.7 6.5 6.0 7.0 5.8 4.3 N Administrative and support service activities 1,081 1,115 1,126 0.4 3.4 2.5 3.7 3.8 3.1 2.9 1.0 2.5 2.3 4.2 5.7 2.6 3.9 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.8 4.0 2.6 2.6 1.2 3.1 3.6 3.4 5.5 3.9 7.2 6.0 O Public administration and defence, compulsory social security 1,948 1,982 1,966 2.1 4.7 4.0 6.8 4.3 5.4 2.3 1.5 4.5 6.0 4.0 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 4.2 5.1 4.2 7.2 4.7 6.3 3.9 4.9 3.1 4.9 3.5 3.5 P Education 1,717 1,727 1,727 -0.2 2.5 1.7 1.8 2.2 2.9 3.0 1.4 1.9 2.3 1.2 1.3 2.6 2.6 3.5 4.1 2.9 1.8 1.1 1.6 1.4 1.7 1.9 2.3 1.6 1.8 3.3 1.1 1.5 1.0 1.8 1.4 0.9 Q Human health and social work activities 1,815 1,849 1,843 0.3 3.1 3.1 3.6 2.2 3.0 3.4 1.0 2.2 3.2 5.9 4.6 3.4 2.1 3.6 4.9 3.3 2.0 0.9 0.9 1.2 3.1 1.8 1.7 2.2 2.0 5.3 6.0 5.3 6.3 4.9 4.7 4.3 R Arts, entertainment and recreation 1,678 1,675 1,665 -0.5 2.3 1.7 1.6 2.4 1.7 3.3 1.9 1.6 3.1 0.1 1.0 2.4 0.2 2.6 4.1 3.5 2.2 1.1 2.1 2.6 2.9 1.2 1.0 1.8 2.2 5.4 -0.1 -0.8 1.1 1.8 1.2 0.0 S Other service activities 1,347 1,351 1,350 -2.2 -0.9 0.9 -0.1 -1.0 -1.0 -1.4 -1.0 1.5 1.3 1.7 1.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 0.0 3.3 1.1 1.2 0.6 2.2 2.3 0.9 1.9 1.6 1.1 1.1 Source of data: SURS, calculations by IMAD. Prices and indicators of overall competitiveness 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 CPI, y-o-y growth rates, % -0.5 0.5 1.7 -0.7 -0.2 0.1 0.6 1.8 1.4 1.2 1.3 1.3 -0.6 -0.4 0.3 0.2 0.0 0.2 0.6 0.6 0.5 1.3 2.2 1.9 1.8 1.5 0.9 1.0 1.2 1.4 1.0 1.2 1.7 1.5 1.2 1.2 1.5 Food, non-alcoholic beverages 0.9 1.7 2.9 0.4 0.2 1.3 1.7 2.9 1.9 1.6 2.4 3.0 -0.2 -0.2 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6 2.4 1.8 2.6 1.3 1.5 1.4 2.0 1.7 2.7 2.9 2.9 2.4 3.6 3.7 Alcoholic beverages, tobacco 1.9 0.4 3.0 0.1 0.3 0.3 0.3 1.3 1.8 2.8 3.0 2.6 0.3 0.2 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8 2.1 1.9 1.9 1.6 2.8 2.9 2.8 2.9 3.1 3.0 3.6 2.1 2.2 2.2 Clothing and footwear -0.9 -2.9 1.3 0.5 0.6 -1.7 -0.5 -0.9 0.6 2.4 -1.0 0.1 0.8 0.7 0.4 -1.4 -0.9 -2.8 1.8 -0.3 -2.9 -1.8 -0.5 -0.3 1.0 0.6 0.3 3.4 1.2 2.7 -2.4 -1.8 1.3 0.1 1.5 -1.2 -1.7 Housing, water, electricity, gas -1.3 -0.1 3.6 -1.1 -1.3 -1.0 -0.5 2.5 2.6 2.0 3.1 3.1 -1.5 -1.3 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9 3.1 2.8 2.6 2.4 1.5 2.2 2.3 2.8 2.9 3.6 3.8 2.9 2.5 3.2 Furnishing, household equipm. -1.2 0.9 0.4 0.0 0.2 0.2 0.5 0.4 -0.2 -0.5 0.2 0.2 0.2 0 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1 0.7 -0.3 0.1 -0.4 -0.3 -1.0 -0.2 0.5 -0.3 0.4 0.7 -0.2 0.2 1.6 Medical, pharmaceutical produ. 0.5 0.8 0.2 0.2 0.5 0.5 0.7 0.8 0.5 0.0 0.3 1.0 0.1 0.3 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9 0.9 0.8 0.7 -0.1 -0.3 -0.2 0.4 0.5 0.3 0.2 0.5 0.6 2.0 1.9 Transport -5.1 -0.1 1.6 -5.4 -4.8 -3.1 -0.3 3.9 1.8 0.7 1.2 -0.2 -5.2 -5.3 -4 -3.8 -4.5 -0.9 -1.0 0.1 -0.1 3.3 4.3 4.0 3.1 2.2 0.1 0.0 1.5 0.6 0.8 1.1 1.6 0.0 0.2 -0.7 -0.3 Communications 1.1 2.9 -2.3 4.0 5.2 2.6 2.2 2.8 1.1 -0.8 -1.8 -1.6 4.5 5.2 6 2.3 2.2 3.4 2.0 1.8 2.9 3.0 3.4 2.1 2.9 -0.4 0.7 -0.1 -0.2 -2.1 -1.7 -1.5 -2.3 -1.3 -2.5 -1.0 -1.5 Recreation and culture 1.0 0.2 0.8 -2.0 0.8 1.7 0.5 0.0 0.4 0.8 0.4 -0.6 0.1 0.5 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5 -0.5 0.4 0.2 0.6 0.3 0.7 1.5 0.4 0.0 0.8 -0.5 -0.3 -1.0 1.1 Education 0.6 0.3 3.7 0.1 0.0 0.0 0.3 0.5 0.5 0.5 3.8 3.9 0.0 0 0 0 0.0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 3.8 3.8 3.7 4.0 3.9 3.9 3.9 Catering services 0.5 1.0 1.6 1.7 2.1 2.8 1.4 0.8 1.5 2.0 1.6 2.6 1.8 2.2 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8 0.9 1.2 1.7 1.6 2.1 2.1 1.8 1.7 1.5 1.6 2.7 2.5 2.5 2.4 Miscellaneous goods & services 1.4 1.6 1.3 0.5 1.0 1.5 1.5 1.8 1.3 1.4 1.2 1.5 0.6 1.2 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9 2.0 1.9 1.1 1.0 1.2 1.5 1.4 1.2 1.2 1.3 1.7 1.4 1.4 1.5 HICP -0.8 0.6 1.9 -0.9 -0.4 0.0 0.7 2.0 1.4 1.3 1.5 1.5 -0.7 -0.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5 2.0 1.7 1.5 0.9 1.2 1.4 1.4 1.3 1.4 1.9 1.7 1.4 1.5 1.9 Core inflation (excluding fresh food and energy) 0.7 0.4 0.9 0.3 1.2 0.9 0.6 0.7 0.9 0.9 0.6 0.6 0.8 1.2 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0 0.8 1.2 0.8 0.7 1.0 0.8 0.9 0.4 0.5 0.9 0.9 0.5 0.4 0.5 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -0.2 0.5 2.2 -1.8 -2.2 -1.3 -0.1 1.7 2.3 2.3 2.3 2.2 -2.5 -2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9 1.9 2.3 2.4 2.2 2.3 2.3 2.3 2.3 2.5 2.2 2.2 2.1 2.2 2.0 Domestic market -0.5 -0.2 1.8 -1.6 -1.9 -1.5 -0.4 0.6 1.3 1.5 1.9 2.1 -2 -1.9 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7 0.9 1.3 1.5 1.2 1.4 1.5 1.6 1.8 2.1 1.8 1.8 2.1 2.5 2.1 Non-domestic market 0.1 1.2 2.6 -2.0 -2.6 -1.2 0.5 2.8 3.2 3.1 2.7 2.2 -2.9 -2.5 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0 3.0 3.2 3.2 3.1 3.2 3.2 3.0 2.8 2.8 2.6 2.7 2.1 1.9 1.8 Euro area 0.1 0.6 2.3 -2.3 -2.5 -1.9 0.1 2.1 2.6 2.8 2.2 2.1 -2.7 -2.6 -2.3 -2.3 -2.0 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 2.7 2.5 2.9 2.9 2.6 2.2 2.2 2.3 2.3 2.1 1.9 2.2 Non-euro area -0.1 2.3 3.6 -1.4 -2.6 0.1 1.3 4.4 4.6 3.9 4.0 2.6 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 4.6 4.5 4.1 3.7 4.0 4.1 4.2 3.6 3.6 2.0 2.1 1.0 Import price indices -0.7 2.7 1.6 -2.2 -2.3 -1.7 0.9 4.8 3.8 2.4 2.4 0.5 -3.1 -2.2 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3 4.7 4.9 4.0 2.5 1.9 2.7 2.7 2.7 3.0 1.6 0.6 0.4 0.4 1.1 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -3.1 1.0 0.5 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 1.2 1.6 2.1 1.6 1.1 1.3 0.6 0.4 0.5 1.3 0.5 0.0 -0.6 -0.1 -0.4 -0.1 0.2 0.8 1.2 1.2 1.1 1.1 1.3 1.4 1.8 1.7 1.6 Real (deflator HICP) -4.1 0.3 0.4 -0.6 1.0 0.3 0.5 0.0 -0.2 0.7 1.0 1.6 1.2 0.9 0.9 0.9 0.1 0.0 0.5 1.1 -0.1 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.4 0.8 0.9 0.7 0.8 1.6 1.6 1.7 1.6 1.8 Real (deflator ULC) -3.6 0.8 -0.7 1.0 2.6 0.2 -0.4 -2.0 -1.4 0.4 0.4 USD / EUR 1.1096 1.1066 1.1293 1.1018 1.1293 1.1164 1.0789 1.0647 1.1003 1.1744 1.1777 1.2295 1.1339 1.1311 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643 1.0685 1.0723 1.1058 1.1229 1.1511 1.1807 1.1915 1.1756 1.1738 1.1836 1.22 1.2348 1.2336 1.2276 Sources of data: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Balance of payments 2015 2016 2017 2016 2017 2018 2016 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 1,698 2,108 2,770 677 530 557 343 586 781 871 532 663 299 186 153 190 126 85 347 252 68 23 203 197 187 283 181 317 256 191 424 381 28 122 228 154 281 Goods 1,476 1,536 1,562 484 449 376 227 357 430 474 301 359 173 143 117 189 145 5 226 134 43 49 87 99 171 151 74 205 168 33 273 231 49 21 77 77 205 Exports 24,039 24,991 28,422 6,065 6,400 6,119 6,407 6,867 7,128 7,013 7,415 7,473 2,202 2,090 2,103 2,207 2,073 1,744 2,302 2,163 2,225 2,018 2,120 2,154 2,593 2,200 2,420 2,508 2,335 2,073 2,605 2,631 2,575 2,209 2,373 2,358 2,741 Imports 22,563 23,454 26,860 5,581 5,950 5,743 6,180 6,510 6,698 6,539 7,113 7,114 2,028 1,947 1,985 2,018 1,928 1,739 2,076 2,029 2,182 1,969 2,033 2,055 2,423 2,049 2,345 2,303 2,167 2,040 2,332 2,400 2,526 2,188 2,297 2,281 2,536 Services 1,860 2,174 2,566 467 526 655 526 538 669 764 596 585 202 186 169 172 175 239 240 227 155 143 188 164 185 245 198 225 230 277 257 270 137 189 209 159 217 Exports 5,866 6,410 7,152 1,370 1,529 1,812 1,699 1,529 1,737 2,037 1,848 1,642 509 508 489 533 583 628 602 574 535 589 487 482 560 581 556 601 677 703 656 646 551 651 535 501 606 Imports 4,007 4,236 4,586 902 1,003 1,157 1,173 991 1,069 1,273 1,252 1,057 308 322 321 361 407 389 362 347 380 446 299 318 375 335 357 376 447 426 400 376 414 463 326 342 389 Primary income -1,263 -1,294 -1,105 -163 -393 -379 -358 -220 -237 -309 -340 -167 -39 -124 -109 -160 -158 -135 -87 -94 -111 -153 -44 -34 -141 -83 -73 -82 -107 -102 -99 -111 -144 -85 -38 -26 -103 Receipts 1,345 1,436 1,487 430 351 336 319 438 386 319 344 445 182 105 112 134 95 108 133 94 101 125 180 159 98 124 136 126 113 99 107 100 121 123 158 165 121 Expenditures 2,608 2,730 2,592 593 744 715 678 657 624 627 683 612 221 229 221 294 252 243 220 188 211 278 224 193 240 207 209 208 220 202 206 211 266 207 196 192 225 Secondary income -375 -309 -253 -111 -53 -95 -51 -89 -81 -57 -26 -114 -37 -18 -23 -11 -37 -25 -33 -14 -20 -16 -28 -32 -28 -31 -18 -31 -34 -16 -7 -9 -14 -2 -20 -56 -38 Receipts 733 745 823 163 181 184 217 179 201 203 240 183 50 64 57 61 62 59 62 73 67 76 62 58 58 68 71 62 63 66 74 76 74 90 61 58 64 Expenditures 1,108 1,054 1,075 274 234 278 267 267 282 260 266 297 87 82 80 72 99 84 95 87 87 93 90 91 86 99 89 93 97 82 81 86 88 92 81 114 102 Capital account 412 -302 -228 -53 -89 -54 -106 -46 -64 -58 -58 -39 -17 -43 -19 -27 -22 -12 -20 8 -35 -78 -11 -17 -18 -15 -18 -31 -141 91 -9 32 -5 -85 -12 -14 -14 Financial account 1,658 1,129 1,673 331 224 419 156 402 653 465 153 525 10 -123 389 -43 281 -165 302 -1,288 1,824 -380 423 66 -86 197 234 222 26 172 268 283 -53 -77 438 275 -187 Direct investment -1,269 -880 -528 -299 -376 -306 101 -207 130 -213 -239 -100 -143 -379 26 -24 -72 -201 -32 56 -78 123 43 -93 -157 74 42 14 16 -30 -199 44 -172 -111 -6 -73 -20 Assets 292 431 381 161 74 55 142 160 212 39 -30 164 54 28 31 15 134 -107 28 129 -65 77 64 78 19 125 16 71 59 -126 106 153 -105 -78 -16 100 80 Liabilities 1,560 1,311 910 460 451 360 41 367 82 252 209 263 197 407 4 39 206 94 60 73 13 -45 20 171 176 51 -26 57 43 -96 305 109 67 33 -10 173 100 Portfolio investment 2,929 5,079 2,941 584 1,099 702 2,693 -330 522 659 2,090 -1,338 -829 477 506 116 321 331 50 574 1,454 666 -667 314 23 358 -302 466 401 255 2 1,066 421 603 -1,470 308 -176 Financial derivatives -98 -215 -198 -30 -107 -33 -44 -73 -117 -25 17 6 -9 -27 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -12 -5 -8 6 4 6 5 4 -3 Other investment 208 -2,758 -630 64 -351 106 -2,577 969 84 20 -1,703 1,968 1,036 -165 -112 -74 43 -255 318 -1,894 493 -1,177 1,026 -78 21 -197 528 -247 -389 -62 472 -847 -270 -586 1,912 70 -14 Assets -617 -2,335 -1,810 64 -637 -1,079 -684 -30 -333 -1,148 -299 579 430 -978 39 302 -41 -940 -97 -520 317 -481 -6 235 -259 296 -356 -273 -436 -302 -410 -202 -16 -81 262 45 271 Other equity 10 0 -1 1 -1 2 -2 0 0 0 0 1 1 0 0 0 0 1 0 0 0 -2 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 Currency and deposits -516 -2,205 -2,422 -325 -578 -1,020 -282 -626 -460 -1,292 -45 133 190 -891 131 182 -2 -736 -282 -705 412 10 -276 15 -365 311 -428 -343 -456 -155 -681 -311 -3 269 182 -242 193 Loans -408 -203 -116 10 -67 -36 -111 -49 7 -39 -34 -24 44 -31 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -17 -14 15 -17 -32 -16 13 -22 Insurance, pension schemes, and standardised guarantee schemes -8 10 6 7 2 0 1 3 -1 3 0 0 2 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 Trade credit and advances -5 161 599 316 119 -73 -202 517 161 109 -187 405 126 -4 4 118 -33 -205 165 146 3 -351 193 189 135 74 1 85 23 -173 258 117 8 -312 45 135 225 Other assets 309 -96 124 54 -112 49 -87 125 -39 72 -34 64 67 -52 -59 -1 15 15 19 61 -72 -76 100 57 -32 -67 44 -17 3 42 26 -23 -4 -7 50 139 -125 Liabilities -825 423 -1,181 0 -285 -1,185 1,893 -1,000 -417 -1,168 1,404 -1,389 -606 -812 152 375 -84 -685 -415 1,374 -176 696 -1,032 313 -280 493 -884 -26 -47 -239 -881 645 255 504 -1,650 -25 285 Other equity 11 4 0 0 4 0 0 0 0 0 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Currency and deposits -400 1,175 265 548 -320 -406 1,353 -837 78 -393 1,416 -1,239 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -112 583 -568 64 182 82 -656 607 167 641 -1,339 -123 222 Loans -315 -818 -1,842 -495 -123 -533 334 -391 -506 -690 -254 -255 -249 -96 -101 73 -99 -310 -124 395 -117 56 -76 18 -333 -49 -313 -144 -167 -299 -225 -108 -120 -25 -185 -18 -52 Insurance, pension schemes, and standardised guarantee schemes 3 -8 13 11 12 -28 -3 19 -8 2 0 0 4 4 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 1 1 1 0 0 0 0 0 0 Trade credit and advances -100 137 412 -78 153 -171 233 191 53 -59 227 93 43 -1 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -96 88 132 135 -40 -179 74 198 Other liabilities -25 -67 -29 15 -12 -46 -24 18 -34 -28 15 12 -115 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 73 -89 14 73 -71 53 43 -84 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -113 -97 89 10 -40 -50 -17 43 33 25 -12 -12 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14 2 14 -36 11 -4 -34 26 Net errors and omissions -453 -677 -870 -293 -217 -84 -82 -138 -64 -348 -320 -99 -271 -266 255 -206 177 -237 -25 -1,548 1,792 -325 231 -114 -255 -71 71 -63 -90 -110 -148 -130 -76 -114 221 135 -454 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,596 2,781 3,178 644 691 674 772 744 784 780 870 N/A 247 226 231 234 231 191 251 248 259 265 227 229 288 238 273 273 263 218 298 308 283 278 237 267 N/A Intermediate goods 13,355 13,731 15,340 3,371 3,544 3,360 3,456 3,826 3,868 3,746 3,901 N/A 1,184 1,178 1,171 1,196 1,113 1,005 1,242 1,204 1,223 1,029 1,213 1,195 1,418 1,199 1,350 1,319 1,260 1,118 1,367 1,390 1,404 1,106 1,305 1,292 N/A Consumer goods 7,989 8,459 9,704 2,057 2,178 2,058 2,166 2,259 2,431 2,429 2,585 N/A 769 692 699 787 723 535 800 709 735 721 665 700 894 741 785 905 801 705 923 901 874 809 821 803 N/A Import of investment goods 2,968 3,292 3,632 724 830 796 941 842 890 856 1,045 N/A 278 277 267 286 309 223 263 299 315 327 261 265 316 263 304 322 276 273 306 339 363 344 352 295 N/A Intermediate goods 13,803 13,792 16,169 3,330 3,542 3,361 3,559 3,964 4,015 3,926 4,264 N/A 1,182 1,136 1,206 1,200 1,130 1,000 1,231 1,165 1,280 1,113 1,273 1,239 1,452 1,222 1,398 1,394 1,319 1,226 1,381 1,439 1,524 1,302 1,372 1,381 N/A Consumer goods 6,534 7,028 7,761 1,695 1,756 1,734 1,843 1,897 1,963 1,919 1,981 N/A 628 595 575 586 547 551 636 619 650 574 559 613 725 611 706 646 634 599 686 685 705 591 636 666 N/A Sources 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, Monetary indicators and interest rates 2015 2016 2017 2015 2016 2016 2017 2018 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BoS on central government 2,327 4,618 6,247 2,175 2,327 2,539 2,759 2,987 3,144 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770 4,823 4,937 5,041 5,173 5,297 5,485 5,600 5,781 6,041 6,247 6,290 6,273 6,471 Central government (S.1311) 7,112 6,273 5,170 7,387 7,112 7,212 6,957 7,022 6,739 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246 6,029 5,856 5,784 5,699 5,524 5,489 5,491 5,136 5,114 5,170 5,154 5,099 4,927 Other government (S.1312,1313,1314) 622 576 571 618 622 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559 556 550 571 576 571 563 Households (S.14, 15) 8,856 9,154 9,733 8,857 8,856 8,815 8,789 8,830 8,863 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208 9,305 9,352 9,413 9,447 9,476 9,541 9,604 9,660 9,699 9,733 9,754 9,778 9,860 Non-financial corporations (S.11) 10,502 9,664 9,644 10,688 10,502 10,527 10,046 9,904 9,953 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814 9,720 9,790 9,745 9,800 9,824 9,828 9,816 9,780 9,716 9,644 9,678 9,675 9,598 Non-monetary financial institutions (S.123, 124, 125) 1,432 1,411 1,566 1,411 1,432 1,422 1,328 1,397 1,326 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 1,558 1,548 1,566 1,627 1,621 1,528 Monetary financial institutions (S.121, 122) 3,206 3,541 3,886 3,713 3,206 3,574 4,030 3,318 3,727 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573 4,212 3,910 3,860 3,550 3,635 3,625 3,440 3,705 3,824 3,886 3,682 3,798 3,887 Claims on domestic sectors, TOTAL In domestic currency 23,816 23,969 25,496 24,226 23,789 24,152 24,088 23,407 23,796 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020 24,759 24,613 24,492 24,313 24,338 24,377 24,478 24,840 24,940 25,496 25,348 25,436 25,461 In foreign currency 824 672 528 839 823 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571 567 554 528 545 535 529 Securities, total 7,059 5,889 4,450 7,568 7,079 7,178 6,795 6,812 6,580 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 4,887 4,858 4,450 4,487 4,474 4,266 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 25,885 26,497 28,021 26,442 25,885 26,315 26,067 25,869 25,689 25,697 25,364 25,725 25,643 25,612 25,811 25,976 26,497 26,421 26,508 27,165 27,190 27,177 27,037 27,148 27,289 27,403 27,541 27,770 28,021 28,113 28,191 28,201 Overnight 12,717 15,081 17,331 13,244 12,717 13,255 13,553 13,405 13,504 13,668 13,819 14,274 14,475 14,365 14,505 14,839 15,081 15,253 15,487 15,776 15,858 16,019 16,021 16,377 16,515 16,792 16,825 17,075 17,331 17,476 17,601 17,764 With agreed maturity – short-term 4,481 3,955 3,398 4,325 4,481 4,393 4,251 4,174 3,984 3,942 3,777 3,697 3,507 3,571 3,584 3,442 3,955 3,706 3,707 3,706 3,651 3,472 3,426 3,261 3,292 3,290 3,303 3,257 3,398 3,294 3,287 3,260 With agreed maturity – long-term 8,196 6,829 6,734 8,322 8,196 8,148 7,702 7,595 7,572 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667 7,026 6,976 6,969 6,901 6,821 6,763 6,661 6,708 6,718 6,734 6,677 6,664 6,529 Short-term deposits redeemable at notice 491 632 558 551 491 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660 705 720 558 666 639 648 Deposits in foreign currency, total 655 687 636 651 655 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 682 684 699 699 694 656 658 664 636 638 641 660 Overnight 508 564 547 498 508 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 561 557 582 582 573 551 542 549 547 542 540 552 With agreed maturity – short-term 80 65 45 82 80 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 68 74 67 69 74 58 69 69 45 53 58 66 With agreed maturity – long-term 67 58 44 71 67 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 53 53 50 48 47 47 47 46 44 43 43 42 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 0.04 0.02 0.01 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.37 0.21 0.13 0.28 0.28 0.25 0.25 0.24 0.20 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18 0.11 0.15 0.10 0.11 0.11 0.11 0.14 0.13 0.13 0.14 0.14 0.15 0.16 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 3.54 2.66 2.63 3.14 3.16 3.06 2.91 2.75 2.71 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63 2.60 2.66 2.53 2.63 2.72 2.72 2.68 2.64 2.51 2.65 2.60 2.57 2.56 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.46 2.07 1.53 .. 1.00 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 .. 1.15 1.56 0.80 1.15 1.06 1.78 2.02 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.05 0.01 0.00 0.05 0.05 0.05 0.05 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.019 -0.264 -0.329 -0.088 -0.126 -0.146 -0.184 -0.229 -0.249 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 -0.330 -0.329 -0.328 -0.329 -0.329 -0.328 6-month rates 0.054 -0.164 -0.260 -0.015 -0.040 -0.061 -0.115 -0.134 -0.138 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 -0.274 -0.274 -0.271 -0.274 -0.275 -0.271 LIBOR 3-month rates -0.755 -0.747 -0.732 -0.784 -0.792 -0.752 -0.775 -0.760 -0.727 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 -0.726 -0.745 -0.755 -0.740 -0.745 -0.740 6-month rates -0.688 -0.671 -0.658 -0.754 -0.737 -0.685 -0.723 -0.698 -0.653 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 -0.649 -0.653 -0.653 -0.644 -0.662 -0.657 Source of data: BoS, EUROSTAT. Public finance 2015 2016 2017 2015 2016 2017 2016 2016 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 15,714.1 15,842.2 16,803.3 3,685.8 4,108.9 3,884.6 4,162.9 3,958.5 4,445.0 4,026.9 4,372.9 4,169.0 1,352.7 1,391.7 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,501.7 1,444.8 1,190.4 1,323.3 1,532.6 1,451.8 1,460.6 1,284.0 1,345.2 1,397.7 1,443.3 1,404.1 1,525.5 1,464.7 1,322.7 1,381.6 Current revenues 14,702.6 15,203.9 16,251.4 3,511.7 3,948.8 3,802.7 3,940.7 3,799.1 4,312.2 3,927.5 4,212.6 3,993.2 1,299.8 1,297.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,340.6 1,428.7 1,148.4 1,221.9 1,460.7 1,427.7 1,423.8 1,269.7 1,336.2 1,321.6 1,426.3 1,356.0 1,430.3 1,430.3 1,301.9 1,261.0 Tax revenues 13,746.4 14,240.5 15,162.0 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 3,678.7 3,991.2 3,782.0 1,244.9 1,217.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,260.2 1,330.4 1,093.1 1,158.0 1,344.2 1,230.6 1,335.9 1,181.9 1,257.2 1,239.6 1,351.5 1,287.2 1,352.5 1,376.0 1,245.0 1,161.1 Taxes on income and profit 2,584.6 2,680.8 2,967.0 634.2 811.4 542.4 692.8 669.3 944.3 582.5 770.8 785.5 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 330.5 273.5 340.3 102.0 253.1 227.4 251.4 244.9 274.5 263.2 252.9 269.4 Social security contributions 5,473.9 5,720.6 6,092.1 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 1,510.5 1,598.2 1,592.8 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 508.2 499.0 503.6 497.1 501.7 511.6 509.4 514.6 574.1 542.8 507.7 542.3 Taxes on payroll and workforce 19.7 19.8 21.3 4.8 5.1 4.8 5.2 5.0 5.4 4.9 6.1 5.0 1.5 1.8 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9 1.6 1.6 1.9 1.7 1.8 1.9 1.5 1.5 1.9 1.9 2.2 1.8 1.5 1.7 Taxes on property 237.8 256.2 274.2 27.2 46.3 104.5 78.2 27.4 70.9 100.1 75.9 28.1 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 16.7 11.0 7.5 8.8 15.1 23.8 31.9 25.2 44.1 30.8 38.2 22.3 15.4 12.2 7.6 8.3 Domestic taxes on goods and services 5,347.1 5,432.9 5,722.8 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 1,463.5 1,521.3 1,336.8 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 512.6 440.6 458.2 523.5 477.7 462.3 531.3 516.1 473.9 516.9 457.1 362.8 Taxes on international trade & transactions 82.5 81.9 83.3 22.3 19.8 20.8 19.0 21.4 20.4 21.7 19.9 22.6 7.2 6.2 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1 7.2 8.1 6.4 6.2 7.7 7.0 7.1 7.6 7.5 6.3 6.1 6.7 9.6 6.4 Other taxes 0.6 48.2 1.3 27.0 -11.7 -10.8 43.6 59.1 -52.4 -4.4 -1.0 11.2 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.7 63.5 -50.8 46.4 -30.6 -14.2 -7.6 25.3 -28.0 -1.8 11.8 -18.9 6.2 32.3 8.6 -29.7 Non-tax revenues 956.2 963.4 1,089.4 167.5 289.0 286.3 220.6 217.6 401.5 248.8 221.4 211.2 54.9 80.7 153.4 56.6 148.7 80.9 66.1 74.2 80.4 98.3 55.3 63.9 116.5 197.1 87.8 87.8 79.0 82.0 74.8 68.8 77.8 54.3 57.0 99.9 Capital revenues 96.3 96.2 91.2 14.7 17.5 21.2 42.8 16.5 24.3 17.4 33.0 28.6 6.5 4.7 6.3 7.2 5.6 8.4 5.6 9.8 27.4 5.4 4.4 6.7 6.2 7.3 10.8 5.6 5.8 6.0 7.8 11.0 14.1 7.7 11.1 9.7 Grants 12.2 10.4 9.5 1.3 1.8 5.7 1.6 0.7 1.3 6.0 1.5 0.2 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.5 0.2 0.2 0.3 0.5 0.4 0.4 0.3 1.2 4.6 0.6 0.5 0.3 -0.7 0.2 0.7 Transferred revenues 20.6 51.1 52.3 0.7 0.0 50.0 0.3 0.1 1.1 50.0 1.1 0.4 0.0 0.0 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.4 0.7 0.0 0.0 50.0 0.9 0.0 0.2 0.1 0.1 0.2 Receipts from the EU budget 882.4 480.5 399.0 157.3 140.8 5.0 177.4 142.2 106.1 25.9 124.8 146.6 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.1 10.5 37.4 94.3 65.2 16.1 24.9 8.4 2.0 15.5 7.7 36.6 80.6 27.4 9.2 109.9 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 16,956.4 16,496.7 17,102.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.3 3,931.9 4,115.7 4,721.1 4,337.1 1,259.8 1,306.7 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,647.3 1,451.7 1,310.4 1,571.3 1,242.0 1,328.3 1,361.5 1,463.9 1,328.2 1,323.6 1,359.6 1,588.2 1,773.3 1,412.3 1,418.3 1,506.5 Current expenditures 7,168.4 7,407.1 7,733.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.5 1,782.9 1,782.3 2,103.4 2,027.3 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.7 821.1 562.5 589.6 630.8 581.6 602.7 598.0 586.0 772.6 744.8 651.6 613.8 761.9 Wages, salaries and other personnel expenditures 3,610.2 3,785.4 3,938.1 925.4 970.7 928.6 960.8 955.4 1,017.6 956.5 1,008.5 978.8 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 315.6 315.2 324.5 311.1 317.3 389.2 322.1 320.7 313.8 332.1 327.6 348.9 320.3 328.8 329.7 Expenditures on goods and services 2,311.2 2,371.4 2,626.6 535.5 552.6 569.3 714.0 563.5 590.9 586.2 886.0 553.2 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.1 178.4 173.0 212.2 170.2 197.3 223.4 203.4 205.8 176.9 209.3 350.4 326.3 176.7 179.2 197.3 Interest payments 1,042.6 1,074.2 985.3 489.5 181.5 206.1 197.1 518.4 144.2 206.5 116.2 462.5 98.2 77.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4 96.0 273.0 71.4 66.9 5.8 44.9 66.4 95.3 33.5 77.7 4.9 147.5 94.0 221.0 Reserves 204.4 176.1 183.0 27.5 69.6 29.2 49.8 27.1 30.2 33.0 92.7 32.7 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.9 5.3 10.5 11.4 9.8 8.1 12.4 11.2 9.8 12.0 11.1 16.9 64.6 7.0 11.8 13.9 Current transfers 7,540.1 7,700.0 7,912.9 1,974.0 1,896.0 1,918.5 1,911.5 2,039.2 1,882.0 2,001.8 1,989.8 2,034.9 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.7 679.0 599.8 642.1 640.1 772.2 616.0 613.6 623.5 661.0 705.3 683.4 706.9 644.6 Subsidies 399.0 397.0 425.4 186.4 78.4 42.9 89.2 170.4 67.1 79.8 108.2 160.1 12.4 46.2 19.8 10.3 11.2 21.5 18.5 27.8 42.8 91.1 62.3 17.0 20.5 24.4 22.2 43.3 16.3 20.2 20.6 45.1 42.4 73.5 76.7 9.9 Current transfers to individuals and households 6,370.8 6,495.5 6,665.1 1,604.7 1,619.1 1,678.9 1,592.8 1,644.1 1,652.2 1,718.8 1,650.0 1,678.6 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.5 560.1 546.8 552.8 552.6 659.8 528.9 530.2 538.0 540.2 571.8 551.8 562.0 564.8 Current transfers to non-profit institutions, other current domestic transfers 713.8 727.8 748.0 167.5 179.3 186.8 194.2 210.3 146.7 184.6 206.5 174.9 55.0 56.9 67.4 66.4 62.0 58.4 55.8 62.5 75.9 86.5 27.9 95.8 23.8 62.8 60.2 62.2 63.3 59.0 63.9 61.6 80.9 51.6 62.5 60.9 Current transfers abroad 56.5 79.7 74.3 15.4 19.2 9.8 35.3 14.4 16.0 18.7 25.2 21.3 12.1 4.1 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5 3.0 6.0 8.8 2.1 5.1 6.9 7.5 4.2 0.9 14.1 10.2 6.5 5.7 9.0 Capital expenditures 1,520.0 784.3 891.0 98.6 115.5 213.6 356.6 109.0 145.4 208.1 428.5 111.2 33.2 37.3 45.0 70.4 75.7 67.5 68.5 86.2 201.9 35.7 37.1 36.1 39.4 52.5 53.4 67.8 77.9 62.4 87.2 103.8 237.5 30.4 34.2 46.6 Capital transfers 295.0 177.8 186.6 32.9 26.9 23.7 94.4 22.7 23.1 37.0 103.8 29.9 9.4 5.9 11.6 7.5 6.6 9.6 30.2 20.9 43.2 10.0 5.6 7.1 7.2 10.8 5.1 8.9 9.9 18.3 30.6 19.1 54.1 8.4 7.0 14.6 Payments to the EU budget 432.9 427.4 378.5 139.9 69.3 96.6 121.7 98.0 98.4 86.5 95.6 133.8 20.6 29.2 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8 37.2 28.0 33.0 33.4 32.1 33.5 21.7 31.3 32.2 31.8 31.6 38.6 56.4 38.7 SURPLUS / DEFICIT -1,242.3 -654.5 -298.7 -537.4 226.9 -101.0 -243.0 -374.8 513.1 -88.8 -348.2 -168.2 92.9 85.0 49.1 -213.0 77.3 34.7 -13.1 -84.3 -145.6 -6.9 -119.9 -248.0 290.6 123.5 99.1 -179.9 17.0 74.1 83.7 -184.1 -247.8 52.4 -95.6 -124.9 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. Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, APP – Asset Purchase Programme, BAMC - Bank Asset Management Company, BoS – Bank of Slovenia, CPI – consumer price index, DV – Value added, EBA - European Banking Authority, EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization, ECB– European Central Bank, EIA– Energy Information Administration, EK – European Commission, ESI – Economic Sentiment Indicator, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EUROSTAT – Statistical Office of the European Union, FED – Federal Reserve System, GD – Companies, HICP-Harmonised Index of Consumer Prices, IC – Interest Coverage, ICT – Information and Communication Technology, IEA – International Energy Agency, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, IMD – International Institute for Management Development, KIS – Agricultural institute of Slovenia,, MF – Ministry of Finance, MGRT – Ministry of Economic Developement and Technology, MSP – micro, small and medium-sized enterprises, MZI – Ministry of Infrastructure, NFI – Non-monetary Financial Institutions, OPEC -Organization of Petroleum Exporting Countries, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers Index, PPI – Producer Price Index, RS – Republic of Slovenia, SITC – Standard International Trade Classification, SKD – Standard Classification of Activities, SMA – Securities Market Agency, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TSA – Treasury Single Account, UL – Official Gazette , ULC – Unit Labour Costs, USD – US Dollar, VAT – value added. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 - Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries 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. 4, Vol. XXIV, 2018 slovenian economic mirror No. 4, Vol. XXIV, 2018