sl ov en ia n ec on om ic m ir ro r N o. 6 , V ol . X XV III , 2 02 2 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 6 / Vol. XXVIII / 2022 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Barbara Bratuž Ferk, MSc Authors: Barbara Bratuž Ferk, MSc; Urška Brodar; Marta Gregorčič, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Helena Mervic; Tina Nenadič, MSc; Jure Povšnar; Denis Rogan, MSc; Urška Sodja, Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, July 2022 ISSN 1581-1026 (pdf ) ©2022, Institute of Macroeconomic Analysis and Development, The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. 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. The Economic Mirror is prepared based on statistical data available by 14th July 2022. In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 11 Labour market ............................................................................................................................................ 18 Prices .............................................................................................................................................................. 20 Financial markets ....................................................................................................................................... 21 Balance of payments ................................................................................................................................ 22 Public finance ............................................................................................................................................. 23 Statistical appendix ...............................................................................................................................25 Contents In the spotlight 3Slovenian Economic Mirror, No 6/2022 According to the available indicators, the growth of economic activity in the euro area continued in the second quarter, albeit at a slower pace since May. GDP in the first quarter increased by 0.6% on the last quarter of 2021 and by 5.4% on the same period last year on a low base. Quarterly growth was driven by inventories and net trade in goods, while private consumption declined amid high inflation and ongoing pandemic measures. According to the preliminary indicators, growth in economic activity continued in the second quarter as a whole, albeit at a slower pace since May – with the lifting of pandemic restrictions, growth was boosted by consumption in the services sector, while manufacturing activity was hampered by increased supply chain disruptions due to the partial shutdown of the economy in China and the war in Ukraine. According to the composite Purchasing Managers’ Index (PMI), growth in global economic activity also slowed in the second quarter. Several PMI indicators point to an increased risk that economic growth will slow further in the third quarter, as central banks across the globe are adjusting their monetary policies in response to strong inflationary pressures, contributing to tighter financing conditions. According to the OECD’s June forecast, global economic growth will slow from 5.8% last year to 3.0% this year and 2.8% in 2023. In its summer forecast, the EC expects GDP growth of 2.6% in the euro area this year, moderating to 1.4% in 2023 (in its spring forecast it predicted growth of 2.7% and 2.3% respectively). Domestic consumption growth in Slovenia remained high in the spring months, while price pressures are increasing; activity in the export part of the economy also increased, but future expectations are accompanied by great uncertainty. The easing of containment measures amid record high employment and, according to our estimates, the further unwinding of household savings had a favourable impact on household consumption growth. Current consumption was boosted by the continued redemption of vouchers, and year-on-year growth was also the result of last year’s lockdown in the first third of April. In April, turnover continued to grow in trade and market services. After a sharp increase at the beginning of the year, construction activity declined slightly in April but remained significantly higher than last year. Compared to previous years, the highest growth was seen in the construction of buildings. Cost pressures in construction, as in other activities, continue and are an important source of uncertainty about future developments. Manufacturing production increased slightly in May, with high- technology industries recording the highest year-on-year growth this year. Lower growth than a year ago was recorded in particular in the manufacture of motor vehicles, mainly due to supply chain disruptions, lower demand and restructuring towards a greater supply of electric vehicles. Trade in goods with EU Member States increased slightly in May and was significantly higher year-on-year. Despite the high value of merchandise exports, Slovenia’s export market share in the EU market decreased year-on-year in the first quarter, with the largest decrease in France, due to the lower export volume of road vehicles. Uncertainty in the international environment (war in Ukraine, rising inflation, supply chain disruptions) has led to a decline in export orders in recent months, while export expectations have fluctuated more markedly from month to month. The surplus of the current account of the balance of payments has declined due to price trends and development of trade in goods. The strengthening of domestic consumption and the rising prices of energy and other primary commodities are having a negative effect mainly on the balance of payments. The values of the sentiment indicators are declining. The value of the economic sentiment indicator continued to fall in June, though it remained above the long-term average; confidence was lower in all components of the indicator. The value of the consumer confidence indicator fell below the long-term average (due to the rise in prices and the resulting deterioration in household purchasing power), while the manufacturing confidence indicator was on par with the long-term average (bottlenecks in the supply of raw materials, rising commodity and energy prices, and the Russian–Ukrainian war). As regards the labour market, high employment growth and the decline in unemployment continue, while supply-side constraints are dampened by the employment of foreigners; the average gross wage in April was lower year-on- year in real terms. Growth in the number of persons in employment in April was the same as in March (2.9%) and slightly lower than at the beginning of the year. Amid the In the spotlight In the spotlight4 Slovenian Economic Mirror, No 6/2022 low unemployment rate, more than half of the growth was related to the employment of foreigners. At the end of June, 53,860 people were unemployed, which is almost a quarter less than a year ago and the lowest level since 1990. The number of long-term unemployed is also declining. Nominal year-on-year growth in average wages in the private sector strengthened in April. In some sectors, high growth is hampered by labour shortages (accommodation and food service activities, trade, and transportation and storage). In the public sector, it remained lower year-on-year in nominal terms due to the cessation of most of the epidemic-related bonuses. In real terms, however, the average gross salary in April was lower year-on-year due to high inflation in both the private and public sectors. Inflation continued to rise in June. Prices rose by more than a tenth compared to the previous year, and prices of industrial products and real estate continue to rise. The year-on-year inflation was mainly driven by more than one-third higher prices of energy. Growth of food prices was also high. Year-on-year growth of Slovenian industrial producer prices continued to strengthen in May. Prices increased in all industrial groups, most strongly in the domestic market. This was impacted by geopolitical tensions, the tight situation in the market for energy and non-energy commodities, and supply chain bottlenecks. Prices of dwellings, especially of existing dwellings, also rose significantly in the first quarter, as both the supply and the number of transactions involving newly built dwellings are severely limited. Stronger inflation in the euro area and the announcement by the ECB to accelerate monetary policy normalisation affected the rise in euro area government bond yields to maturity. The yield on the Slovenian bond reached its highest value since 2014 in the second quarter (2.11%). The general government deficit was significantly lower in the first five months than in the same period last year. The deficit of the consolidated general government budgetary accounts amounted to EUR 58.7 million, compared with EUR 1.3 billion in the same period last year. The decrease was due to growth in revenue and lower expenditure. Revenue growth was the result of the growth in economic activity and high employment and came mainly from corporate income tax and VAT revenues; revenue from the EU budget also saw a sharp increase. Expenditure was slightly lower than a year ago due to significantly lower payments for measures to mitigate the consequences of the epidemic, but investment and expenditure on goods and services increased. In the spotlight 5Slovenian Economic Mirror, No 6/2022 10 14 18 22 26 30 34 38 42 46 50 54 58 62 66 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 PM I v al ue fo r e ur o ar ea Composite index Manufacturing Services Source: IHS Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. The composite PMI shows that euro area economic activity growth continued in the second quarter, albeit at a slower pace since May 40 60 80 100 120 140 160 180 200 220 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Source: SURS, calculations by IMAD. Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Domestic consumption growth in Slovenia remained high in the spring months; in May, activity in the export part of the economy also increased -50 -40 -30 -20 -10 0 10 20 30 ja n 12 ja n 13 ja n 14 ja n 15 ja n 16 ja n 17 ja n 18 ja n 19 ja n 20 ja n 21 ja n 22 Se as on al ly a dj us te d in di ca to r v al ue , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers The value of the economic sentiment indicator in Slovenia fell in June to its lowest level since April 2021 -3542.2 -2914.6 -1266.3 -58.7 -4000 -3000 -2000 -1000 0 1000 2000 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 I-V 2 02 1 I-V 2 02 2 EU R m ill io n General government balance Primary balance Source: MF, Bulletin of Government Finance; calculations by IMAD. The general government deficit was noticeably lower in the first five months – revenues were higher due to growth in economic activity and expenditures were lower due to significantly lower payments for measures to mitigate the consequences of the epidemic Energy prices contributed most to the more than 10% inflation in June, and food price increases also accelerated -4 -2 0 2 4 6 8 10 12 -4 -2 0 2 4 6 8 10 12 Ja n 19 M ar 1 9 M ay 1 9 Ju l 1 9 Se p 19 N ov 1 9 Ja n 20 M ar 2 0 M ay 2 0 Ju l 2 0 Se p 20 N ov 2 0 Ja n 21 M ar 2 1 M ay 2 1 Ju l 2 1 Se p 21 N ov 2 1 Ja n 22 M ar 2 2 M ay 2 2 Ye ar -o n- ye ar g ro w th , i n % Co nt rib ut io n to y -o -y g ro w th , i n p. p . Source: SURS; calculations by IMAD. Food Fuels and energy Services Other TOTAL The number of people in employment continues to increase and unemployment reached a record low; labour shortages represent a growing challenge 0 20 40 60 80 100 120 140 160 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f r eg is te re d un em pl oy ed , in '0 00 , s ea so na lly a dj us te d N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS, ESS; calculations by IMAD. Employed according to SRE (left axis) Registered unemployed (right axis) cu rr en t e co no m ic tr en ds Current Economic Trends 9Slovenian Economic Mirror, No 6/2022 Figure 1: Euro area composite Purchasing Managers’ Index (PMI), June 2022 According to the available indicators, the growth of economic activity in the euro area continued in the second quarter. Growth in the first quarter stood at 0.6% quarter-on-quarter1 (GDP was 0.8% higher than before the beginning of the epidemic) and 5.4% year-on- year on a low base. The quarterly growth was driven by inventories and net trade in goods. Private consumption fell by 0.7% quarter-on-quarter, the most since the first quarter of 2021, amid high inflation and ongoing containment measures. According to the average value of the composite PMI, growth of economic activity in the euro area continued in the second quarter, albeit at a slower pace since May. In June, the indicator fell to the lowest level in 16 months. With the lifting of pandemic restrictions, growth in the second quarter was boosted by consumption in the services sector, while manufacturing activity was affected by increased supply chain disruptions due to the partial shutdown of the economy in China and the war in Ukraine. The economic sentiment indicator (ESI) in the euro area continued to deteriorate in June due to lower confidence among consumers, in trade and in construction, but it remains above the long-term average. Figure 2: World trade and industrial production, April–June 2022 According to the composite PMI, global economic activity slowed in the second quarter as a whole compared to the first. The main hindering factors were the war in Ukraine and the shutdown of parts of the economy in China due to COVID-19, which affected commodity prices and caused supply chain problems. Growth in global economic activity accelerated in June2 following the lifting of lockdown in parts of China, thanks in particular to momentum in emerging markets. Growth slowed in the developed countries, especially in the US and the euro area. Several PMI indicators for June (new orders, confidence) point to an increased risk of a further slowdown in economic growth in the third quarter, as central banks around the globe are adjusting their monetary policies in response to strong inflationary pressures, contributing to tighter financing conditions. According to the OECD’s June forecast, global economic growth will slow from 5.8% last year to 3% this year and 2.8% in 2023. 24 28 32 36 40 44 48 52 56 100 105 110 115 120 125 130 135 140 Ja n 18 M ay 1 8 Se p 18 Ja n 19 M ay 1 9 Se p 19 Ja n 20 M ay 2 0 Se p 20 Ja n 21 M ay 2 1 Se p 21 Ja n 22 M ay 2 2 In de x va lu e Vo lu m e in de x 20 10 =1 00 , s ea so na lly a dj us te d Sources: CPB, Markit World trade in goods World industrial production New export orders 10 14 18 22 26 30 34 38 42 46 50 54 58 62 66 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 PM I v al ue fo r e ur o ar ea Composite index Manufacturing Services Source: IHS Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. 1 Growth was pushed up by a strong increase in GDP in Ireland due to the activities of multinational companies. Growth in the euro area excluding Ireland was 0.3%. In the last quarter of 2021, growth in the euro area was 0.2%. 2 According to the composite PMI, global economic activity, excluding China, continued to slow in June. The international environment Current Economic Trends10 Slovenian Economic Mirror, No 6/2022 Table 1: Brent crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2021 V 22 VI 22 VI 22/V 22 VI 22/VI 21 I-VI 22/I-VI 21 Brent USD, per barrel 70.69 113.11 122.69 8.5 67.7 65.0 Brent EUR, per barrel 59.70 106.90 116.12 8.6 91.1 83.8 USD/EUR 1.184 1.058 1.057 -0.1 -12.4 -9.3 3-month EURIBOR, in % -0.549 -0.386 -0.239 14.7 30.4 53.7 Non-energy commodity prices, index 2010=100 112.13 133.44 128.04 -4.0 12.0 21.5 Source: EIA, ECB, World Bank; calculations by IMAD. Note: * in Euribor change in basis points. Figure 3: Commodity prices, June 2022 The price of Brent crude rose sharply again in June after the EU decided to cut imports3 from Russia. Compared to the previous month, the average dollar price increased by 8.5% to USD 122.7 per barrel and was up 67.7% year-on-year. The oil price in EUR recorded an even higher year-on-year increase, i.e. 91.1%, as the US dollar hit its highest level against the euro in 20 years in June. Dollar prices of natural gas on the European market increased by 15.1% compared to May, while they were 233.5% higher year-on-year. According to the World Bank, the average dollar prices of non-energy commodities in international markets fell in June compared to May, as prices of most non-energy commodity groups dropped. Dollar prices of non-energy commodities were on average 12.0% higher year-on-year, prices of food and fertilisers continued to rise sharply, while prices of wood and metals and minerals fell year-on-year, though remaining well above pre-epidemic levels. Rising energy prices continue to be the biggest contributor to annual inflation in the euro area, which averaged 8.6% in June. 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 10 =1 00 (U S$ ) Source: World Bank. Energy Non-energy commodities Food Metals and minerals Figure 4: Effective exchange rate, Q2 2022 Also in the second quarter, the weak euro contributed to the favourable value of the price competitiveness index. The euro continued to depreciate against the currencies of some of the EU’s main trading partners, i.e. the US dollar, the Chinese yuan and the Swiss franc. Its value fell well below its long-term average against these currencies. At the same time, the euro appreciated, among others, against some European currencies (the Hungarian forint, British pound and Polish zloty). In the second quarter, the nominal effective exchange rate of the euro against a basket of 37 trading partners’ currencies4 thus remained at a comparable, relatively low, level to that in the first quarter of the year. The price competitiveness indicator (REER hicp), which is influenced by consumer price trends (measured by the HICP) in addition to currency relations, also remained at a similar level. The weak euro has a positive effect on exporters’ price competitiveness, but cost pressure from imported commodities and materials is increasing. 94 96 98 100 102 104 106 Q 1 12 Q 3 12 Q 1 13 Q 3 13 Q 1 14 Q 3 14 Q 1 15 Q 3 15 Q 1 16 Q 3 16 Q 1 17 Q 3 17 Q 1 18 Q 3 18 Q 1 19 Q 3 19 Q 1 20 Q 3 20 Q 1 21 Q 3 21 Q 1 22 20 07 = 1 00 Source: ECB, calculations by IMAD. A higher indicator value implies a deterioration in price competitivenes. Nominal effective exchange rate (NEER) Price competitiveness (REER hicp) 3 On 3 June 2022, the EU decided to prohibit the purchase, import or transfer of crude oil and certain petroleum products from Russia into the EU. 4 Weighted by their importance in Slovenia’s trade in goods. Current Economic Trends 11Slovenian Economic Mirror, No 6/2022 Figure 5: Short-term indicators of economic activity in Slovenia, April–June 2022 Domestic consumption growth in Slovenia remained high in the spring months, while price pressures are increasing; activity in the export part of the economy also increased, but future expectations are accompanied by great uncertainty. The easing of containment measures amid record high employment and, according to our estimates, further unwinding of household savings had a favourable impact on household consumption growth. Current consumption was boosted by the continued redemption of vouchers, and year-on- year growth was also the result of last year’s lockdown in the first third of April. In April, turnover continued to grow in trade and market services. After a sharp increase at the beginning of the year, construction activity declined slightly in April, but it remained significantly higher than last year. Compared to previous years, the highest growth was seen in the construction of buildings. Cost pressures in construction, as in other activities, continue and are an important source of uncertainty concerning future developments. Manufacturing production increased slightly in May, with high-technology industries recording the highest year-on-year growth this year. Lower growth than a year ago was recorded in particular in the manufacture of motor vehicles, mainly due to supply chain disruptions, lower demand and restructuring towards a greater supply of electric vehicles. Trade in goods with EU Member States increased slightly in May and was significantly higher year-on-year. Despite the high value of merchandise exports, Slovenia’s export market share in the EU market decreased year-on- year in the first quarter, with the largest decrease in France, due to the lower export volume of road vehicles. Uncertainty in the international environment (war in Ukraine, rising inflation, supply chain disruptions) has led to a decline in export orders in recent months, while export expectations have fluctuated more markedly from month to month. The surplus of the current account of the balance of payments has declined due to price trends and development in trade in goods. The strengthening of domestic consumption and the rising prices of energy and other primary commodities are having a negative effect mainly on the balance of payments. The values of the sentiment indicators are declining. The value of the economic sentiment indicator continued to fall in June but remained above the long-term average; confidence was lower in all components of the indicator. The value of the consumer confidence indicator fell below the long- term average (due to the rise in prices and the resulting deterioration in household purchasing power), while the manufacturing confidence indicator was on par with the average (bottlenecks in the supply of raw materials, rising commodity and energy prices, and the Russian– Ukrainian war). 40 60 80 100 120 140 160 180 200 220 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Source: SURS, calculations by IMAD. Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Economic developments in Slovenia Current Economic Trends12 Slovenian Economic Mirror, No 6/2022 Figure 8: Value of fiscally verified invoices – nominal, June 2022 Amid high price growth, the value of fiscally verified invoices in June was higher year-on-year and compared to the same period of 2019 (by 19% and by 27% respectively). The nominal 14% growth of turnover in trade, where about three-quarters of the total value of fiscally verified invoices is issued, was the biggest contributor to the year-on-year growth, which was similar to that recorded in May. Another significant growth factor, given the low base, was the 71% nominal growth of turnover in accommodation and food service activities (mainly due to high growth in accommodation), which was slightly lower than in previous months due to the continued lifting of operating restrictions last June. The same applies to some other tourism-related activities (casinos and travel agencies), where turnover remained high year-on-year but lower than in previous months. -40 -30 -20 -10 0 10 20 30 40 50 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 M ay 2 2 Ju n 22 Y- on -y c ha ng e , i n % Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Figure 7: Electricity consumption by consumption group, June 2022 In June, electricity consumption in the distribution network was lower than in the same periods of 2021 and 2019. Despite one more working day, industrial electricity consumption in June was 0.6% lower year-on- year, while small business electricity consumption was 2.0% higher. The latter may have been partly influenced by last year’s low base due to the restrictive measures in trade and services. Household consumption in June was 6.2% lower than a year ago and 4.3% lower than the same period of 2019, which could already be due to higher electricity prices for households. Industrial electricity consumption and small business electricity consumption in June were more or less the same as in June 2019, with three more working days this June. This development is the result of unstable supply chains, material shortages and higher electricity prices. -30 -20 -10 0 10 20 30 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 M ay 2 2 Ju n 22 Ye ar -o n- ye ar c ha ng e, in % Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. Industry Households Small business consumption Total distribution network consumption Figure 6: Electricity consumption, June 2022 In June, electricity consumption fell by 3% year-on- year – the same figure as in May. According to our estimates, part of the decline was due to lower household consumption compared to the same period last year, while the rest may be due to supply chain problems and material shortages, as well as the energy crisis and related production adjustments, especially in some energy- intensive companies. Among Slovenia’s main trading partners, lower consumption compared to June 2021 was recorded by Austria, Germany and Italy (-6%, -3% and -2% respectively). In France, consumption was unchanged year-on-year, while in Croatia it increased significantly (+6%), which we associate with favourable trends in tourism due to the relaxation of COVID-19 containment measures. -20 -15 -10 -5 0 5 10 15 20 25 30 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A vg 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 M ay 2 2 Ju n 22 Ye ar -o n- ye ar c ha ng e, in % Austria France Croatia Italy Germany Slovenia Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3- month moving averages are shown until December 2021. Current Economic Trends 13Slovenian Economic Mirror, No 6/2022 Figure 9: Trade in goods – real, May 2022 Trade in goods with EU Member States increased slightly in May; uncertainty remains high. Real exports and imports of goods to and from EU Member States (seasonally adjusted)5 rose slightly in May and were significantly higher than a year ago. Compared to the same period in 2019 (i.e. before the epidemic), exports to EU Member States rose by 12.5% in real terms and imports from them by 4.4%. Trade with non-EU countries is also higher than a year ago and before the epidemic, but it has been fluctuating noticeably on a monthly basis due to operations involving processing6, which account for more than half of trade with these countries. Uncertainty in the international environment (war in Ukraine, rising inflation, supply chain disruptions) has also had a noticeable impact on sentiment in export-oriented activities in recent months, as export orders continued to decline in June, while export expectations show stronger monthly fluctuations. 80 90 100 110 120 130 140 150 160 170 180 190 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Exports to the EU Imports from the EU Figure 10: Slovenia’s export market share in the EU market, Q1 2022 Slovenia’s export market share in the EU market remained lower year-on-year in the first quarter of 2022 despite the high value of merchandise exports. The nominal euro value of Slovenian merchandise exports increased by 25.5% compared to the first quarter of 2021, and merchandise imports recorded an even higher year- on-year increase. According to initial estimates, Slovenia’s market share in the EU market decreased by 4.4% year- on-year in the first quarter. Due to unfavourable trends in the second half of last year and at the beginning of this year, it was already 2.6% lower than in the same quarter before COVID-19 broke out (Q1 2019). Among its main trading partners, Slovenia’s market share declined most significantly compared to pre-epidemic levels in France (by a good quarter), which was strongly affected by the decline in exports and market share of road vehicles, and in Germany (by almost a tenth). -30 -20 -10 0 10 20 30 40 Q 1 11 Q 3 13 Q 1 12 Q 3 12 Q 1 13 Q 3 13 Q 1 14 Q 3 14 Q 1 15 Q 3 15 Q 1 16 Q 3 16 Q 1 17 Q 3 17 Q 1 18 Q 3 18 Q 1 19 Q 3 19 Q 1 20 Q 3 20 Q 1 21 Q 3 21 Q 1 22 Ye ar -o n- ye ar c ha ng e, in % Market share Slovenian exports to the EU Imports from the EU Source: Eurostat, SURS, calculations by IMAD. Note: The change in Slovenia's market share is the difference between the change in Slovenia's exports to the EU market and EU Member States' imports from the world. Figure 11: Trade in services – nominal, April 2022 Trade in services continued to increase at the beginning of the second quarter, and the current growth of services exports has exceeded the growth of imports for several months. Relatively high growth continued, especially in transportation services. Trade in other business services, which had fluctuated strongly in recent months, contributed significantly to the increase in April (seasonally adjusted). Trade in tourism-related services was similar to previous months, while trade in construction and ICT-related services was lower. In April, year-on-year growth in services trade remained very high (32%), due to last year’s low base, and exceeded the level of the same period in 2019 by about 15%. Only trade in tourism services still lags behind the same period before the epidemic (by a little less than a third), while other important groups of services significantly exceed the comparable pre-crisis levels. 250 300 350 400 450 500 550 600 650 700 750 800 850 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Source: BoS; calculations by IMAD. Exports of services Imports of services In E U R m , s ea so na lly a dj us te d, 3 -m on th m ov in g av er ag e 5 External trade statistics by SURS; calculations and seasonal adjustment by IMAD. 6 Operations involving processing include modification, making, composition, improvement and renovation with the aim to produce new or significantly improved products. Most of these operations are related to the distribution of pharmaceutical products to Switzerland. Current Economic Trends14 Slovenian Economic Mirror, No 6/2022 Table 2: Selected monthly indicators of economic activity in Slovenia In % 2021 V 22/IV 22 V 22/V 21 I-V 22/I-V 21 Merchandise exports, real1 14.3 1.53 25.1 11.0 - to the EU 14.1 1.73 13.8 9.0 Merchandise imports, real1 16.1 3.93 19.5 16.1 - from the EU 12.0 1.33 4.3 3.4 Industrial production, real 10.1 0.43 2.1 3.6 - manufacturing 11.7 0.93 5.4 5.0 In % 2021 IV 22/III 22 IV 22/IV 21 I-IV 22/I-IV 21 Services exports, nominal2 19.2 4.33 37.74 32.24 Services imports, nominal2 19.0 0.13 25.14 34.24 Construction - value of construction put in place, real -0.5 -7.43 7.7 17.0 Distributive trades - real turnover 11.6 0.33 13.64 13.74 Market services (without trade) - real turnover 12.8 2.53 25.74 20.54 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 13: Activity in construction, April 2022 According to figures on the value of construction put in place, construction activity decreased in April but remained higher year-on-year. After a strong pick-up in construction activity at the beginning of this year, the value of construction put in place declined on a monthly basis in March and April but remained higher than in the same months of the previous year. Compared to previous years, construction of buildings stands out in terms of growth in activity. Activity also increased in civil engineering, while activity was lower in specialised construction work (installation works, building completion, etc.). Cost pressures continue to increase. The implicit deflator of the value of construction put in place (used to measure prices in the construction sector) was 22% in April, the highest level in 20 years. According to business trends in construction, high material costs were reported as a limiting factor by 69% of companies in May, while material shortage was reported by 40% of companies. Both indicators have risen sharply in the past year, reaching their highest levels in 20 years. 40 50 60 70 80 90 100 110 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Re al c on st ru ct io n pr od uc tio n in de x (2 01 0= 10 0) Source: SURS; calculations by IMAD. Seasonally adjusted data 3-month moving averages, seasonally adjusted Figure 12: Production volume in manufacturing, May 2022 Manufacturing production continued to rise slightly in May. Growth continued in the high-technology and medium-low-technology industries, while production in the other two groups declined again. In the first five months, production was 5.1% higher than a year ago, with the strongest growth in the high-technology industries. Most other industries were also at or above last year’s levels, while the manufacture of motor vehicles, trailers and semi-trailers in particular was lower and was also the only industry that has not yet reached pre- epidemic levels, this due to various factors (supply chain disruptions, lower demand and restructuring towards a greater supply of greener vehicles). 80 90 100 110 120 130 140 150 160 170 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22S ea so na lly a dj us te d re al i nd ex 2 01 5= 10 0, 3- m on th m ov in g av er ag es Source: SURS, calculations IMAD. Manufacturing, total High-tech ind. Medium-high-tech. ind. Medium-low-tech. ind. Low-tech ind. Current Economic Trends 15Slovenian Economic Mirror, No 6/2022 Figure 15: Turnover in market services, April 2022 Real turnover growth in market services continued in April. Total real turnover increased by 2.5% month- on-month and by 23.5% year-on-year, given the low base in April 2021. In current terms, growth accelerated in information and communication activities and transportation and storage. In the former group, this was mainly due to the resumption of significant turnover growth in telecommunication services, where turnover has mostly increased since December last year, and the continued favourable trend in computer services in the domestic and foreign markets. In the latter group, growth was mainly driven by land transport and postal activities. Turnover in professional and technical activities and administrative and support service activities stagnated. After high growth in the previous months, turnover only decreased in accommodation and food service activities. A lag compared to pre-epidemic turnover (April 2019) was only noticeable in travel and employment agencies (by 40% and 28% respectively). 0 20 40 60 80 100 120 140 160 180 200 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22S ea so na lly a dj us te d re al in de x 20 10 =1 00 , 3 -m on th m ov in g av er ag e Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Source: SURS; calculations by IMAD. Note: * including real estate. Figure 14: Turnover in trade, April–May 2022 Growth of turnover in trade continues. In April, growth was strongest in trade in motor vehicles, where turnover rose sharply again in May, according to preliminary data. Despite this growth, it was the only major trade segment that lagged behind pre-epidemic levels, due to low sales in previous months. After recording high growth in the first quarter, turnover further increased in wholesale trade. It fell in retail trade, which, in addition to lower turnover in the trade in automotive fuel (where real turnover fluctuated sharply in recent months), was also affected by lower turnover in the sales of food, beverages and tobacco. Turnover increased (in April and also in May, according to preliminary data) in retail trade in non- food products. Given the low base last year (due to the lockdown in the first third of April), it achieved high year- on-year growth of 12.5% in April. 80 100 120 140 160 180 200 220 240 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel . Current Economic Trends16 Slovenian Economic Mirror, No 6/2022 7 Turnover in accommodation and food service activities in April was 186% higher year-on-year in real terms, driven by spending by domestic tourists, locals and foreign tourists, whose overnight stays increased by 723% year-on-year. 8 The number of overnight stays by Slovenian tourists in Croatia in April was 362% higher year-on-year and 50% higher than in April 2019. 9 Among households and non-profit institutions serving households. The saving rate was 24.8% in the first quarter of 2021 and 16.8% in 2019. Figure 16: Selected indicators of household consumption, April–May 2022 Household consumption at the beginning of the second quarter was significantly higher than last year. In addition to current consumption, which was also boosted by the redemption of vouchers, the high year- on-year growth in April was also the result of the impact of last year’s lockdown in the first third of April. Expenditure on non-food products (in April and May combined) was a good tenth higher year-on-year, and the number of overnight stays by domestic tourists was three times higher, which also translated into higher expenditure on accommodation and food and beverage service activities.7 Expenditure on tourism services abroad was also significantly higher.8 Due to extended delivery times as a result of supply chain disruptions, sales of passenger cars to private households remained below the previous year’s level, and sales of food, beverages and tobacco products was also slightly below the previous year’s level. Given the high level of consumption, the saving rate, which in the first quarter was significantly below the level of a year ago and before the epidemic9 (11.4%), could remain relatively low in the second quarter. 20 40 60 80 100 120 140 160 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Note: The Q2 2022 figure for the turnover in accommodation and food service is value for April, for others is the average value for April and May. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons Figure 17: Economic sentiment, June 2022 The value of the economic sentiment indicator deteriorated further in June and was also lower year- on-year, though still above the long-term average. Compared to May, confidence fell everywhere, especially in construction and retail trade, and compared to June last year, it was significantly lower among consumers and in manufacturing. It was higher year-on-year only in services. The consumer confidence indicator remained below the long-term average, while it was the same as the average in manufacturing. Lower confidence among consumers was related to rising prices and the resulting deterioration in household purchasing power, while lower confidence in manufacturing was related to the current situation in the international environment (bottlenecks in the supply of raw materials, rising commodity and energy prices, and the Russian–Ukrainian war). Indicators in construction and in trade and services remained well above the long-term average, which is related to this year’s revival of construction activity and the lifting of operating restrictions after the COVID-19 epidemic. -50 -40 -30 -20 -10 0 10 20 30 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in di ca to r v al ue , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Current Economic Trends 17Slovenian Economic Mirror, No 6/2022 Figure 18: Real estate, Q1 2022 Given the high number of transactions, the high growth of dwelling prices continued in Q1 2022. After growing by 11.5% in 2021 as a whole, prices rose by 16.9% year-on-year. The high growth was driven by higher prices of existing dwellings (by 18.3%), while prices of newly built dwellings, which accounted for only 1% of all transactions due to limited supply, were 1.5% higher. The brisk trading in the real estate market was also reflected in the continued high level of lending to private households – the value of new loans granted for the purchase of dwellings was more than 50% higher in the first quarter than in the same period of 2021. 80 85 90 95 100 105 110 115 120 125 130 135 140 20 40 60 80 100 120 140 160 180 200 220 240 260 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 In de x 20 10 =1 00 , 4 -q ua rt er m ov in g av er ag es In de x 20 10 =1 00 , 4 -q ua rt er m ov in g av er ag es Transactions in existing dwellings (left axis) Transactions in newly built dwellings (left axis) Prices of existing dwellings (right axis) Prices of newly built dwellings (right axis) Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Figure 19: Households facing financial distress, June 2022 Since the middle of last year, households’ financial distress has gradually diminished, mainly due to the improvement in the labour market situation. In June 2022, 6.7% of households were in financial distress,10 which is linked to growth in average disposable income as the labour market recovers rapidly and employment in low-skilled jobs grows. The share of households running into debt has fallen slightly since 2019, which, according to our assessment, may have been due to the Bank of Slovenia’s binding instrument, which limited the creditworthiness of low-income households in particular. Households in the two lowest income quartiles therefore covered their financial needs to a greater extent by drawing on savings. 0 1 2 3 4 5 6 7 8 9 10 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Sh ar e of a ns w er s in % , 1 2- m on th m ov in g av er ag e Source: SURS (Consumer Survey). Running into debt Having to draw on savings Financial distress - total 10 Financial distress is defined as households having to draw on savings or run into debt to cover current expenditures. Current Economic Trends18 Slovenian Economic Mirror, No 6/2022 Slika 20: Število delovno aktivnih oseb, april 2022 Year-on-year growth in the number of persons in employment in April was the same as in March (2.9%) and slightly lower than at the beginning of the year. It was still very high in accommodation and food service activities and in construction. As the economy recovered, growth in the number of persons in employment again depended largely on the employment of foreign workers, whose contribution to overall year-on-year growth was 58% in April. The share of foreigners among all persons in employment is also increasing, up 1.3 p.p. to 13.1% (in April 2022) over the last year. This is largely due to the shortage of domestic labour, which (given the high vacancy rates) is greatest in construction, accommodation and food service activities, and administrative and support service activities. The activities with the largest share of foreigners are construction (46%), transportation and storage (31%), and administrative and support service activities (25%). 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS; calculations by IMAD. Figure 21: Number of registered unemployed persons, June 2022 The number of registered unemployed persons reached a new low in June.11 The month-on-month decrease was the smallest (1.7%, seasonally adjusted) in 15 months. At the end of June, 53,860 people were unemployed (original data), which is 24.2% less than a year ago. Under conditions of high demand for labour, which is also reflected in the high vacancy rate, the number of long-term unemployed12 has also been declining since May last year – their number fell by a good quarter year-on-year in June. Among the long- term unemployed, the share of people who have been unemployed for more than two years increased (71%), as they have more difficulties in finding a job than other long-term unemployed.0 20 40 60 80 100 120 140 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ju l 1 8 Ja n 19 Ju l 1 9 Ja n 20 Ju l 2 0 Ja n 21 Ju l 2 1 Ja n 22 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. All unemployed Long-term unemployed Figure 22: Average gross wage per employee, April 2022 In April, average wages in the public sector were 8.1% lower year-on-year in nominal terms, while they were 6.4% higher in the private sector (0.4% overall). Year-on-year wage growth in the public sector has been negative since November last year. This is related to allowances paid during the period when the epidemic was declared, which are no longer paid this year. In the private sector, year-on-year growth strengthened in April compared to previous months of this year. Wage growth was again the strongest in accommodation and food service activities and was also strong in trade and transportation and storage. In all these activities, the growth is affected by labour shortages. In real terms, the average wage was 6.1% lower year-on-year in April (14% lower in the public sector and 0.5% lower in the private sector). -12 -8 -4 0 4 8 12 16 20 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Source: SURS; calculations by IMAD. Private sector Public sector Total Ye ar -o n- ye ar g ro w th , 3 -m on th m ov in g av er ag e 11 According to ESS data, the level of unemployment is the lowest since 1990. 12 Persons unemployed for 12 months or longer. Labour market Current Economic Trends 19Slovenian Economic Mirror, No 6/2022 Figure 23: The number of FSA beneficiaries and UB recipients, April 2022 As economic activity has recovered and the labour market situation has improved, the number of financial social assistance (FSA) beneficiaries and unemployment benefit (UB) recipients continues to decline. The number of FSA beneficiaries increased until mid-2021, partly due to the measures to mitigate the impact of the epidemic, and has declined thereafter. In April 2022, their number was 22.8% lower year-on-year, mainly due to the improved situation on the labour market and the fact that fewer recipients of unemployment benefits became recipients of financial social assistance. The number of UB recipients has been declining since mid-2020; in April 2022, their number was at an all-time low (14,691 people13), amid high employment of the jobless and historically high employment in the face of high labour demand and labour shortages. 0 20 40 60 80 100 120 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f r ec ip ie nt s in '0 00 , s ea so na lly ad ju st ed , 3 -m on th m ov in g av er ag e Sources: MDDSZ, ESS, calculations by IMAD. Recipients of financial social assistance (FSA) Recipients of unemployment benefits (UB) 13 Original data. According to seasonally adjusted data, it increased slightly month-on-month in March and April, but it is still significantly lower than at the end of last year. Table 3: Indicators of labour market trends Change, in % 2021 IV 22/III 22 IV 22/IV 21 I-IV 22/I-IV 21 Persons in formal employment2 1.3 0.21 2.8 2.9 Average nominal gross wage 6.1 0.51 0.4 -0.8 private sector 6.1 1.41 6.4 4.9 public sector 6.5 1.31 -8.1 -8.9 of which general government 7.0 0.01 -10.4 -11.5 of which public corporations 4.7 -0.61 -0.4 -0.5 2021 IV 21 III 22 IV 22 Rate of registered unemployment (in %), seasonally adjusted 7.6 8.1 6.1 5.9 Change, in % 2021 VI 22/V 22 VI 22/VI 21 I-VI 22/I-VI 21 Registered unemployed -12.6 -3.6 -24.2 -26.0 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Current Economic Trends20 Slovenian Economic Mirror, No 6/2022 Prices Figure 24: Consumer prices, June 2022 Inflation rose sharply again in June, to 10.4% year-on- year (2.7% month-on-month). This was mainly due to the expiry of the temporary exemption from the payment of certain electricity charges, which had been adopted in February to cushion the impact of high energy prices. As these charges were imposed again, the electricity price in June was more than 50% higher month-on-month. Energy prices have been on the rise since March last year and have been given an additional boost by the aggravation of the situation in Ukraine. According to our estimates, they were already about 35% higher year-on- year in June, contributing more than 4 p.p. to inflation. This does not yet take into account the impact of the change in the regulation of oil product prices on 21 June, which will be fully reflected in July’s inflation. Higher energy and food commodity prices, which to some extent are also due to geopolitical tensions, are increasingly affecting final food prices, which were 12.8% higher year-on-year in June. A significant contribution to growth came from higher prices of bread, cereal products, cooking oils and meat. The price of services continued to rise by around 5%, especially due to higher prices for rents, package holidays, and accommodation and food service activities. Price increases were high across most groups of goods and services. Only in education and communications was the price increase below 2% (0.4% and -5.3% respectively). -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar in fla tio n, in % Source: SURS, Eurostat. Slovenia Euro area Figure 25: Slovenian industrial producer prices, May 2022 Geopolitical tensions, tighter conditions in energy and non-energy commodity markets, and supply chain bottlenecks continue to drive growth in Slovenian industrial producer prices, which already reached 22.5% in May. Price growth has increased in all industrial groups, especially on the domestic market, where it reached 25.7% year-on-year (19.3% on non- domestic markets). Overall price growth continues to be driven mainly by prices of intermediate goods, which were 28.5% higher year-on-year. The largest year-on- year increase was still recorded by energy prices, which rose by almost 75%, but due to their lower weight, their contribution to overall growth was smaller than that of intermediate goods. Compared to energy and intermediate goods, the increase in Slovenian industrial producer prices of capital goods and consumer goods (12.8% and 10.4% respectively) was relatively small, though still well above the long-term average. Prices of durable consumer goods and non-durable goods were higher year-on-year (by 8.9% and 10.8% respectively). 95 100 105 110 115 120 125 130 135 140 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 15 =1 00 Source: SURS. Domestic market Non-domestic market Current Economic Trends 21Slovenian Economic Mirror, No 6/2022 Table 4: Consumer price growth, in % XII 21/XII 20 VII 21-VI 22/VII 20-VI 21 VI 22/V 21 VI 22/VI 21 I-VI 22/I-VI 21 Total 4.9 5.2 2.7 10.4 7.3 Food 4.0 4.4 1.6 12.8 8.6 Fuels and energy 19.1 18.3 13.2 36.4 20.5 Services 1.5 2.6 2.0 5.3 4.1 Other1 4.4 3.8 0.6 6.0 5.6 Core inflation - excluding food and energy 3.1 3.5 1.2 6.0 5.0 Core inflation - trimmed mean2 3.6 4.6 1.0 9.2 6.9 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Current Economic Trends22 Slovenian Economic Mirror, No 6/2022 Financial markets Figure 26: Growth in loans to domestic non-banking sectors, May 2022 The year-on-year growth in the volume of bank loans to domestic non-banking sectors further increased, to 9,2% in May. In anticipation of a rise in interest rates in connection with a faster normalisation of the ECB’s monetary policy, borrowers were still able to obtain loans on relatively favourable terms. Amid growth of economic activity, loans to enterprises and NFIs recorded the strongest growth, rising 12.6% year-on-year. The growth of loans to households was lower (7.6%), with the volume of housing and other loans increasing. The decline in consumer loans continues to slow gradually. After a few months of slowdown, year-on-year growth in non- banking sector deposits picked up slightly in the last two months but at 5.8% was still about one-third lower than at the end of the previous year. In particular, household deposit growth has strengthened, which according to our estimates is partly due to higher extraordinary wage payments combined with favourable business results last year. The quality of banks’ assets remains good and the share of non-performing loans in the first four months remained at the level of the end of 2021 (1.2%). -40 -30 -20 -10 0 10 20 30 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar g ro w th , i n % Source: BoS. Consumer loans Lending for house purchase Enterprises and NFIs Total Figure 27: Bonds, Q2 2022 Yields to maturity of euro area government bonds rose significantly in the second quarter. The decisive factors were the rise in inflation in the euro area and the announcement by the ECB to accelerate monetary policy normalisation. Yields to maturity of government bonds of peripheral countries are increasing more markedly. The yield to maturity of the Slovenian government bond was thus 2.11% in the second quarter, which is the highest since 2014. The spread to the German bond was 102 basis points, about 40 basis points higher than in the previous quarter and twice as high as before the epidemic. -2 -1 0 1 2 3 4 5 6 7 8 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Yi el ds to m at ur ity in % Source: Bloomberg. Austria Ireland Italy Germany Portugal Slovenia Spain Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. V 21 31. XII 21 31. V 22 31. V 22/30. IV 22 31. V 22/31. V 21 Loans total 23,080.1 23,989.4 25,195.0 0.7 9.2 Enterprises and NFI 10,471.2 10,944.6 11,789.6 0.5 12.6 Government 1,490.7 1,488.4 1,440.2 -0.2 -3.4 Households 11,118.2 11,556.4 11,965.2 0.9 7.6 Consumer credits 2,656.7 2,590.7 2,587.1 0.1 -2.6 Lending for house purchase 7,037.1 7,479.0 7,853.1 1.2 11.6 Other lending 1,424.4 1,486.7 1,525.0 0.7 7.1 Bank deposits total 23,784.8 24,469.9 25,130.3 1.2 5.7 Overnight deposits 20,083.7 21,230.8 22,230.1 1.6 10.7 Term deposits 3,701.1 3,239.1 2,900.1 -1.2 -21.6 Government bank deposits, total 572.3 725.3 777.8 30.2 35.9 Deposits of non-financial corporations, total 8,356.1 9,030.5 8,609.3 -1.6 3.0 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Current Economic Trends 23Slovenian Economic Mirror, No 6/2022 Balance of payments Table 6: Balance of payments I-IV 2022, in EUR million Inflows Outflows Balance Balance, I-IV 2021 Current account 17,355.3 17,708.9 -353.7 1,002.2 Goods 13,482.5 14,311.1 -828.6 667.2 Services 2,893.0 2,036.5 856.5 670.9 Primary income 605.7 809.0 -203.3 -128.2 Secondary income 374.0 552.4 -178.3 -207.7 Capital account 1,498.5 1,542.4 -43.9 171.0 Financial account 1,860.8 2,718.0 857.2 1,146.9 Direct investment 994.0 601.4 -392.6 -507.8 Portfolio investment -321.4 169.2 490.6 749.1 Other investment 1,195.3 1,893.5 698.2 894.2 Statistcal error 1,254.8 0.0 1,254.8 -26.3 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 28: Current account of the balance of payments, April 2022 The surplus of the current account of the balance of payments fell again in April, mainly due to the trends in trade in goods. The 12-month current account surplus was lower than a year earlier, amounting to EUR 379.7 million (0.7% of estimated GDP). The year-on- year decline in the surplus in current transactions arose mainly from the goods trade balance, which turned from a surplus to a deficit at the end of last year. This is related mainly to faster real growth of imports, supported by the strengthening of domestic consumption, and rising prices for energy and other commodities, which have a negative effect on the balance of payments due to the relatively rigid demand for them. The primary income deficit was also higher, largely due to higher payments of dividends and profits to foreign investors and partly also to higher payments of traditional own resources to the EU budget. The surplus in trade in services has increased, especially in trade in travel (lifting of restrictions to contain the spread of COVID-19) and in other business services (lifting of restrictions on business activity). The deficit in secondary income was lower, mainly due to year-on-year lower VAT- and GNI-based contributions to the EU budget. -3000 -2000 -1000 0 1000 2000 3000 4000 5000 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 12 -m on th c um ul at iv es , i n EU R m ill io n Source: BoS; calculations by IMAD. Trade in goods Trade in services Primary income Secondary income Current account Current Economic Trends24 Slovenian Economic Mirror, No 6/2022 Public finance Figure 29: Consolidated general government budgetary accounts, May 2022 The consolidated general government budgetary accounts14 recorded a surplus in May; overall deficit in the first five months of 2022 was noticeably lower than in the same period of 2021. This reflects growth in economic activity and high employment. Revenue in the first five months was higher year-on-year (12.7%). The growth came mainly from VAT and corporate income tax, where growth increased significantly in May due to the revenue based on the annual income tax assessment, which resulted from the good business performance of companies last year. Revenues from the EU budget increased significantly due to the inflow of funds from the Recovery and Resilience Facility and from structural funds under the 2014–2021 multiannual financial framework (MFF). In contrast, trends in some other revenues were less favourable under the influence of adopted measures and one-off factors – due to the reduction in excise duties to mitigate the impact of energy costs, revenues from this source stagnated for five months, and non-tax revenues also declined, having been influenced last year by one- off revenues from fees for the use of radio frequencies. Revenues from income taxes also fell in May compared to the previous year, this due to legislative changes and revenue based on annual income tax assessments. Expenditure decreased in the first five months (by -1.2% year-on-year), reflecting lower payments related to measures to mitigate the consequences of the epidemic. These amounted to EUR 415.6 million compared to EUR 1,560 million in the first five months of 2021. Thus expenditure was lower mainly on civil servants’ wages, transfers to individuals and households, and subsidies. On the expenditure side, investments and expenditure on goods and services have increased year-on-year.15 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 13,000 15,000 17,000 19,000 21,000 23,000 25,000 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 12 -m on th c um ul at iv e, in E U R m 12 -m on th c um ul at iv e, in E U R m General government balance (right axis) Revenue Expenditure Source: MF, Consolidated balance of public financing; calculations by IMAD. 14 The consolidated balance of public financing on a cash basis. 15 On the expenditure side, expenditure on reserves also increased due to inflows from the Recovery and Resilience Facility, which were allocated to a special budget fund. Figure 30: EU budget receipts, May 2022 Slovenia’s net budgetary position against the EU budget was positive in the first five months of 2022 (at EUR 210.5 million). In this period, Slovenia received EUR 513.3 million from the EU budget (30.9% of receipts envisaged in the state budget for 2022) and paid EUR 302.9 million into it (53.7% of planned payments). The bulk of receipts were resources from structural funds16 (35.0%), resources for the implementation of the Common Agricultural and Fisheries Policy (31.3%), and resources from the Recovery and Resilience Fund (23.1%, advance payment), while reimbursements from the EU Cohesion Fund were significantly lower (9.3%). According to SVRK data, by the end of May, operations confirmed (including REACT-EU) accounted for 102.0%17 and disbursements for 71.0% of the allocated funds.0 100 200 300 400 500 600 700 800 Other Receipts from centralised funds and other Cohesion Fund Structural Funds Common Agricultural Policy In EUR million Total receipts (January–May 2021) Expected reimbursements in the revised budget 2022 Total receipts (January–May 2022) Source: MF. 16 The European Regional Development Fund (ERDF) and the European Social Fund (ESF). 17 In order to ensure better absorption of European funds, a contingency reserve of 15% of the allocated funds is foreseen. Current Economic Trends 25Slovenian Economic Mirror, No 6/2022 Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-V 2021 I-V 2022 Category I-V 2021 I-V 2022 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 8,578.9 20.4 9,668.2 12.7 EXPENDITURE TOTAL 9,845.2 15.7 9,726.9 -1.2 Tax revenues1 4,286.4 21.3 5,003.1 16.7 Salaries, wages and other personnel expenditures2 2,454.8 24.1 2,139.3 -12.9 Personal income tax 1,236.3 19.5 1,291.0 4.4 Expenditure on goods and services 1,244.8 8.0 1,357.2 9.0 Corporate income tax 532.3 119.1 748.8 40.7 Interest payments 427.1 -12.8 347.9 -18.5 Taxes on immovable property 54.7 40.1 45.7 -16.5 Reserves 99.1 39.3 285.8 188.2 Value added tax 1,537.5 21.3 1,893.0 23.1 Transfers to individuals and households 3,959.9 19.1 3,803.6 -3.9 Excise duties 534.7 8.1 538.1 0.6 Other current transfers 930.6 13.8 897.2 -3.6 Social security contributions 3,245.7 18.6 3,451.5 6.3 Investment expenditure 443.7 5.4 592.9 33.6 Non-tax revenues 595.4 21.3 527.1 -11.5 Payments to the EU budget 285.1 11.4 302.9 6.2 Receipts from the EU budget 373.7 21.0 515.4 37.9 GENERAL GOVERNMENT BALANCE -1,266.3 -58.7 Other 77.7 46.4 171.1 120.1 PRIMARY BALANCE -842.0 275.5 Source: MF, Bulletin of Government Finance; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social contributions. 2 Labour costs include social contributions by the employer. st at is ti ca l a pp en di x Statistical Appendix28 Slovenian Economic Mirror, No 6/2022 Main indicators 2016 2017 2018 2019 2020 2021 2022 2023 2024 Spring Forecast 2022 GDP (real growth rates, in %) 3.2 4.8 4.4 3.3 -4.2 8.1 4.2 3.0 2.8 GDP in EUR million (current prices) 40,443 43,011 45,864 48,397 46,918 52,020 56,166 59,768 62,882 GDP per capita in EUR (current prices) 19,589 20,820 22,136 23,167 22,312 24,678 26,601 28,243 29,647 GDP per capita (PPS)1 23,600 25,100 26,400 27,700 26,500 GDP per capita (PPS EU27=100)1 84 86 87 88 89 Rate of registered unemployment 11.2 9.5 8.2 7.7 8.7 7.6 6.2 6.0 5.7 Standardised rate of unemployment (ILO) 8.0 6.6 5.1 4.5 5.0 4.8 4.3 4.1 3.9 Labour productivity (GDP per employee) 1.3 1.8 1.2 0.8 -3.7 6.6 2.4 1.9 2.1 Inflation2, year average -0.1 1.4 1.7 1.6 -0.1 1.9 6.4 3.2 2.3 Inflation2, end of the year 0.5 1.7 1.4 1.8 -1.1 4.9 5.4 2.4 2.1 INTERNATIONAL TRADE Exports of goods and services3 (real growth rates, in %) 6.2 11.1 6.2 4.5 -8.7 13.2 7.1 5.5 5.0 Exports of goods 5.7 11.0 5.7 4.5 -5.5 12.3 4.9 4.4 4.0 Exports of services 8.0 11.2 7.7 4.6 -20.5 17.1 16.6 9.6 8.6 Imports of goods and services3 (real growth rates, in %) 6.3 10.7 7.1 4.7 -9.6 17.4 7.2 4.9 4.6 Imports of goods 6.6 10.7 7.4 5.0 -8.6 17.4 6.0 4.4 4.3 Imports of services 4.7 10.5 5.4 3.0 -14.9 17.3 14.5 7.5 6.4 Current account balance, in EUR million 1,932 2,674 2,731 2,898 3,462 1,663 1,167 1,492 1,654 As a per cent share relative to GDP 4.8 6.2 6.0 6.0 7.4 3.2 2.1 2.5 2.6 Gross external debt, in EUR million 44,325 43,231 42,139 44,277 47,792 50,477 As a per cent share relative to GDP 109.6 100.5 91.9 91.5 101.9 97.0 Ratio of USD to EUR 1.107 1.129 1.181 1.120 1.141 1.184 1.100 1.093 1.093 DOMESTIC DEMAND Private consumption (real growth rates, in %) 4.4 1.9 3.6 4.8 -6.6 11.6 4.3 1.4 1.6 As a % of GDP 54.0 52.5 52.0 52.4 50.2 52.5 54.0 53.1 52.4 Government consumption (real growth rates, in %) 2.4 0.4 3.0 2.0 4.2 3.9 0.6 1.3 1.5 As a % of GDP 19.0 18.5 18.3 18.3 20.6 20.2 18.7 18.4 18.2 Gross fixed capital formation (real growth rates, in %) -3.6 10.2 9.7 5.5 -8.2 12.3 6.5 5.0 5.0 As a % of GDP 17.4 18.3 19.3 19.6 18.9 20.2 21.2 21.7 22.1 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2022). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 3 Balance of payments statistics (exports FOB, imports FOB); the calculation of real growth rates excludes the impact of exchange rate changes and price fluctuations on foreign markets. Statistical Appendix 29Slovenian Economic Mirror, No 6/2022 Statistical Appendix30 Slovenian Economic Mirror, No 6/2022 Production 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 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 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 3.1 -5.2 10.1 -1.6 -17.5 -2.9 1.4 3.2 25.4 6.1 7.8 5.1 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.4 -2.6 14.3 34.7 25.8 17.4 3.7 9.7 5.5 0.6 8.3 15.9 13.6 -0.7 3.1 -0.3 - - B Mining and quarrying -3.4 -2.1 -6.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -30.7 10.8 27.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.1 24.0 18.4 18.8 - - C Manufacturing 3.5 -5.0 11.7 -0.3 -17.9 -2.7 1.6 4.2 28.6 8.0 8.3 6.0 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.4 -2.3 16.1 39.4 29.1 19.5 5.4 11.8 7.6 1.0 9.3 16.0 10.8 2.4 5.2 2.8 - - D Electricity, gas & steam supply1 -0.8 -9.1 -5.3 -13.9 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -6.7 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 34.7 -34.6 -20.8 -36.0 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 1.9 -13.4 2.7 6.1 -0.5 11.5 1.1 -11.0 20.6 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -1.6 -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 15.4 32.4 15.3 7.7 - - Buildings -0.1 -0.6 14.4 -26.3 -0.9 2.8 23.9 34.8 36.0 17.5 -16.1 34.6 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 9.5 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 15.1 54.4 34.7 32.2 - - Civil engineering 4.4 2.7 5.9 5.8 -9.1 4.8 9.6 6.1 14.3 8.0 -2.4 17.6 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 3.0 -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 24.0 18.8 12.5 15.9 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 2.2 -11.0 12.8 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.8 18.7 19.9 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.3 22.8 17.8 10.9 16.6 14.0 17.2 17.9 20.9 25.7 15.3 19.3 23.5 - - Transportation and storage 3.2 -8.0 14.3 -5.3 -21.2 -6.7 1.7 5.7 28.4 12.5 12.5 11.6 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.3 10.7 15.9 11.4 12.2 13.3 12.0 18.2 9.6 8.5 16.3 - - Information and communication activities 1.0 -0.2 7.6 3.3 -7.1 2.4 0.6 2.1 11.6 6.6 9.9 6.0 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 9.9 3.6 11.5 5.2 8.5 9.6 11.3 9.4 -1.0 9.5 16.1 - - Professional, scientific and technical activities 5.8 -3.0 10.6 -0.2 -11.4 -0.2 -0.5 8.1 23.1 3.4 9.1 9.3 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.9 14.3 7.7 6.7 7.3 - - Administrative and support service activities -5.9 -24.1 13.1 -17.1 -33.7 -23.2 -21.7 -7.9 14.5 23.7 22.3 16.7 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 13.8 22.4 21.8 26.8 27.3 13.5 26.5 18.8 11.9 19.0 20.7 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover 2.5 -7.4 11.6 -5.1 -13.9 -2.7 -7.6 3.5 18.2 5.3 19.7 14.3 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.7 24.5 21.9 12.7 10.3 12.6 - - Real turnover in retail trade 3.4 -8.9 18.9 -5.3 -11.9 -6.3 -12.0 3.6 17.5 13.8 40.5 27.0 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.2 32.7 21.2 27.4 28.6 - - Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 -13.7 -25.9 3.8 -16.6 8.9 24.7 -8.2 9.3 -8.4 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.3 17.3 22.6 1.0 -6.1 -16.1 -9.1 - - Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -1.4 -10.2 -2.1 -0.7 1.4 16.3 4.0 8.9 13.8 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.6 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.5 13.2 8.9 8.9 - - TOURISM, y-o-y growth rates, % Total, overnight stays 0.5 -41.7 22.2 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 283.2 679.7 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 685.0 599.8 730.4 258.0 - Domestic tourists, overnight stays -2.5 32.8 10.4 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 263.8 690.2 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1289.3 664.9 761.4 643.1 466.0 122.3 - Foreign tourists, overnight stays 1.7 -70.5 42.9 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 332.9 667.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 596.6 555.2 1172.0 540.6 - Accommodation and food service activities 7.6 -37.1 20.8 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 153.3 208.5 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 256.9 220.2 190.3 215.9 186.4 - AGRICULTURE Purchase of agricultural products, in EUR m 553.7 535.5 601.4 120.2 123.6 143.4 148.3 119.9 134.7 154.1 192.6 151.6 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 60.148 48.3 46.2 57.1 57.8 - - BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.7 2.5 1.8 -30.6 -8.8 -9.4 -3.6 4.3 5.7 3.4 4.6 -31.2 -23.2 -16.7 -5.8 -3.8 -6 -12.9 -9.3 -6.7 -3.4 -0.6 -0.6 5.7 7.8 5.8 6.5 4.7 2.3 3 4.9 5.5 6.7 1.5 4.2 2.8 0.8 Confidence indicator in manufacturing 0 -9 6 -3 -28 -3 1 6 11 10 6 8 -26 -20 -11 -1 2 2 -1 1 5 4 10 9 12 11 11 11 8 3 5 10 9 10 4 4 2 0 in construction 11 -5 18 6 -23 -4 -1 8 18 20 25 27 -28 -12 -7 -4 -1 0 -3 1 3 8 14 16 19 20 18 19 23 24 22 28 28 27 26 22 25 19 in services 21 -10 9 15 -34 -10 -10 -3 8 14 15 15 -37 -28 -23 -5 -1 -3 -17 -11 -6 -2 -1 -1 9 16 12 14 15 17 16 13 15 16 15 19 19 18 in retail trade 19 1 5 18 -19 12 -6 -16 17 14 6 16 -22 -6 8 13 14 1 -11 -8 -22 -17 -10 6 18 26 15 20 7 -1 5 15 17 15 17 28 27 23 consumer confidence indicator -10 -26 -22 -14 -35 -24 -31 -24 -20 -20 0 -26 -35 -30 -27 -22 -24 -29 -33 -30 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 -27 -31 -33 Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Seasonally adjusted data. Statistical Appendix 31Slovenian Economic Mirror, No 6/2022 Statistical Appendix32 Slovenian Economic Mirror, No 6/2022 Labour market 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 974.9 974.1 971.2 975.5 973.6 972.5 972.2 980.0 976.9 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 977.4 975.9 976.4 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 896.5 884.6 884.1 890.5 886.2 897.3 903.5 914.0 912.5 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 912.6 915.4 918.3 In agriculture, forestry, fishing 24.9 26.4 25.7 26.3 26.4 26.4 26.3 25.7 25.8 25.7 25.6 24.9 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 24.9 24.8 24.8 In industry, construction 291.7 288.5 294.1 291.2 288.0 286.0 288.9 288.4 293.1 295.4 299.6 300.1 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 300.3 301.6 303.0 - in manufacturing 207.9 202.8 205.6 206.2 202.6 200.1 202.5 202.8 205.4 205.9 208.4 209.1 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 209.2 209.8 210.3 - in construction 63.9 64.9 67.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 70.2 70.2 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 70.4 71.0 71.8 In services 577.6 574.0 580.4 579.0 570.2 571.7 575.3 572.1 578.4 582.3 588.8 587.6 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 587.4 589.0 590.5 - in public administration 49.0 49.3 49.6 49.0 49.2 49.4 49.6 49.3 49.7 49.6 49.8 49.4 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 49.4 49.5 49.5 - in education, health-services and social work 137.8 141.5 146.1 140.4 140.7 141.0 143.8 144.4 146.0 145.5 148.4 148.9 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 148.9 149.3 149.4 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 802.4 790.5 790.0 795.6 791.6 801.9 807.3 817.0 815.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 816.0 818.4 821.1 In enterprises and organisations 749.2 744.8 756.2 751.3 741.3 739.9 746.7 744.6 753.7 758.3 768.3 768.3 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 768.5 770.6 773.0 By those self-employed 52.7 49.8 48.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 48.7 47.5 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 47.5 47.8 48.2 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 94.1 94.0 94.1 94.9 94.7 95.5 96.2 97.0 96.7 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 96.6 96.9 97.2 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 78.4 89.5 87.1 85.0 87.4 75.2 68.7 66.0 64.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 60.5 58.1 55.9 53.9 Female 37.5 42.6 37.9 38.3 45.0 44.1 43.0 44.1 38.6 35.4 33.5 32.1 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 30.5 29.4 28.2 27.3 By age: 15 to 29 14.1 17.2 14.2 15.3 18.3 17.1 18.0 17.7 14.1 12.0 12.8 11.9 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 11.0 10.5 9.9 9.5 Aged over 50 29.7 31.0 28.2 30.6 31.9 31.3 30.3 31.6 28.7 27.1 25.5 25.2 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 24.0 23.1 22.4 21.7 Primary education or less 23.4 26.4 23.5 25.2 27.8 26.6 26.1 27.5 23.7 21.6 21.1 20.9 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 19.3 18.4 17.6 17.0 For more than 1 year 38.1 38.0 40.5 37.3 37.5 38.1 38.9 41.5 41.9 40.2 38.3 35.5 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 33.9 32.4 31.0 29.6 Those receiving benefits 19.3 25.9 18.9 24.5 29.8 25.6 24.0 25.1 17.6 16.7 16.3 17.8 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 16.2 14.7 14.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 8.0 9.2 9.0 8.7 9.0 7.7 7.1 6.7 6.6 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 6.6 6.2 5.9 Male 6.9 8.0 6.9 7.5 8.4 8.1 7.9 8.2 6.9 6.3 6.1 6.0 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 6.1 5.6 5.4 Female 8.5 9.6 8.5 8.6 10.2 10.0 9.7 9.9 8.7 8.0 7.5 7.2 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 7.3 6.9 6.6 FLOWS OF FORMAL LABOUR FORCE -0.3 1.0 -1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 -1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -4.2 -2.5 -2.2 -2.0 New unemployed first-job seekers 0.8 0.8 0.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 1.2 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 0.4 0.4 0.4 0.4 Redundancies 5.4 7.4 4.5 7.5 9.5 6.0 6.4 6.0 3.3 4.1 4.6 5.1 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 3.7 3.6 3.3 3.4 Registered unemployed who found employment 4.7 5.4 5.0 5.5 4.8 6.5 4.6 6.4 5.7 4.3 3.6 5.1 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 5.8 4.4 3.9 3.6 Other outflows from unemployment (net) 1.8 1.8 2.0 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.4 2.3 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 2.8 2.1 2.2 2.3 FIXED TERM WORK PERMITS FOR FOREIGNERS 33.1 37.6 41.8 35.6 34.9 37.7 38.1 38.8 40.7 42.7 44.9 46.7 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 47.6 48.3 49.2 As % of labour force 3.4 3.9 4.3 3.6 3.6 3.9 3.9 4.0 4.2 4.4 4.6 4.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 4.7 4.9 4.9 Sources: SURS, PDII, ESS. Note: 1 In January 2005, the SURS 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. Statistical Appendix 33Slovenian Economic Mirror, No 6/2022 Wages in EUR 2019 2020 2021 2020 2021 2022 2020 2021 2022 2021 Q1 22 Apr 22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,970 1,953 2,002 4.3 5.8 6.1 3.2 8.8 4.8 6.7 10.6 5.7 5.4 2.9 -1.2 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 -1.0 -0.1 0.4 Private sector activities (A–N; R–S) 1,852 1,889 1,932 3.6 3.8 5.8 2.8 5.5 3.9 3.2 6.1 3.9 5.9 6.9 4.0 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 3.8 5.1 5.7 Public service activities (OPQ) 2,335 2,155 2,223 6.5 10.5 6.8 4.2 15.8 6.3 16.0 20.9 10.3 4.2 -6.8 -12.5 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 -11.3 -11.8 -11.0 Industry (B–E) 1,918 1,964 1,970 3.4 3.4 5.7 4.3 3.5 3.1 2.7 4.2 5.3 6.5 6.9 4.4 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 4.6 5.9 5.2 Trad. market services (GHI) 1,679 1,707 1,802 3.4 2.8 6.1 1.1 4.9 3.8 1.9 6.8 3.4 5.3 7.9 4.5 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 3.5 5.7 7.2 Other market services (J–N; R–S) 2,092 2,139 2,178 5.1 5.0 5.7 3.2 7.7 5.1 4.3 7.3 3.3 5.5 6.6 3.4 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 3.2 3.8 5.5 A Agriculture, forestry and fishing 1,546 1,581 1,663 3.0 4.6 3.8 5.2 7.7 3.5 2.4 1.8 0.9 4.9 7.4 6.8 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 6.4 8.4 8.8 B Mining and quarrying 2,415 2,293 2,267 0.3 5.1 2.3 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 9.1 0.4 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 2.1 4.4 -0.4 C Manufacturing 1,882 1,938 1,931 3.5 3.2 6.2 4.2 2.8 3.0 2.7 4.6 6.1 7.0 7.2 4.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 4.9 6.5 5.6 D Electricity, gas, steam and air conditioning supply 2,776 2,676 2,883 4.3 4.0 1.5 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 3.6 0.1 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 2.5 -1.9 -1.2 E Water supply sewerage, waste management and remediation activities 1,814 1,828 1,926 2.7 4.2 4.3 2.9 7.7 3.6 3.0 4.1 2.9 4.6 5.4 4.1 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 3.2 4.9 7.9 F Construction 1,488 1,522 1,557 2.2 5.5 7.1 2.0 9.4 5.2 5.7 8.9 3.6 7.5 7.9 6.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 6.7 7.7 5.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,802 1,911 3.9 4.2 5.4 2.3 6.1 4.8 3.9 5.9 3.0 5.2 7.1 4.8 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 3.6 6.3 8.6 H Transportation and storage 1,643 1,683 1,767 1.6 -0.1 5.0 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 9.6 7.0 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 5.5 8.4 7.5 I Accommodation and food service activities 1,330 1,368 1,435 4.8 -3.8 12.7 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 20.4 12.4 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 13.8 11.7 15.1 J Information and communication 2,597 2,662 2,674 5.7 4.5 4.7 4.0 6.5 4.1 3.6 4.5 3.4 5.6 5.4 4.9 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 4.0 3.5 4.8 K Financial and insurance activities 2,790 2,948 3,088 4.6 2.5 5.0 2.7 4.1 2.3 0.8 5.7 2.9 4.2 7.1 3.1 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 1.2 6.1 11.9 L Real estate activities 1,737 1,753 1,828 5.2 4.2 3.7 3.6 7.9 4.5 1.3 4.0 0.1 3.6 6.4 3.9 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 3.4 5.4 5.8 M Professional, scientific and technical activities 2,176 2,209 2,216 4.6 4.0 6.3 2.4 6.3 4.0 3.5 7.2 4.0 6.1 7.5 4.0 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 2.8 4.2 3.5 N Administrative and support service activities 1,333 1,370 1,404 5.1 4.7 5.9 4.0 7.4 3.9 4.1 5.2 3.0 6.6 8.2 5.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 7.8 7.2 7.8 O Public administration and defence, compulsory social security 2,514 2,340 2,415 8.9 7.4 6.9 3.0 14.2 3.6 9.0 16.0 10.3 2.9 -1.3 -9.8 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 -9.9 -5.9 -9.0 P Education 2,125 1,960 2,030 6.1 6.2 8.9 3.8 6.4 8.3 6.5 10.1 16.1 8.2 1.5 -5.7 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 -3.2 -6.3 -5.9 Q Human health and social work activities 2,433 2,236 2,300 5.1 17.7 4.8 5.7 26.5 6.6 31.4 36.2 5.7 1.2 -17.1 -20.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 -18.9 -20.4 -16.8 R Arts, entertainment and recreation 1,945 1,928 1,985 4.3 0.0 9.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 10.5 3.0 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 6.9 0.8 4.8 S Other service activities 1,541 1,556 1,618 4.7 4.5 3.4 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 2.7 1.1 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 0.5 4.5 6.0 Source: SURS, calculations by IMAD. Statistical Appendix34 Slovenian Economic Mirror, No 6/2022 Statistical Appendix 35Slovenian Economic Mirror, No 6/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 -0.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 8.5 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 6.9 8.1 10.4 Food, non-alcoholic beverages 3.3 1.0 3.9 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 10.8 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 6.9 9.2 10.8 12.5 Alcoholic beverages, tobacco 1.9 3.2 2.4 1.3 0.3 3.5 3.5 3.6 4.1 1.8 2.8 5.0 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3.0 3.1 4.6 5.1 5.3 Clothing and footwear 0.5 -5.4 5.9 -3.8 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 2.0 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 5.5 1.4 2.6 2 Housing, water, electricity, gas 2.7 -0.6 8.6 -5.5 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 13.5 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 1.3 6.2 10.4 23.9 Furnishing, household equipm. 0.4 -0.4 5.7 -0.9 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 10.7 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8.0 8.5 9.2 10.5 12.3 Medical, pharmaceutical produ. 1.4 4.9 -0.5 0.0 1.0 3.8 1.1 2.5 2.7 0.6 4.2 3.0 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 4.4 3.2 2.7 3.2 Transport 0.1 -5.9 12.5 -7.4 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 16.3 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 15.1 16.7 17.2 Communications -0.4 0.6 -3.6 0.0 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -4.6 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 -2.7 -5.9 -5.3 Recreation and culture 0.6 -3.9 3.4 0.2 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 5.9 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 2.4 6.2 5.9 5.7 Education 5.6 0.7 0.5 3.3 2.2 0.6 0.7 0.8 1.1 0.6 0.4 0.3 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 0.3 0.3 0.4 Catering services 3.2 0.6 6.1 1.3 1.0 0.7 0.6 1.3 4.0 5.8 7.1 9.0 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 7.3 7.9 9.6 9.5 Miscellaneous goods & services 4.4 0.7 -2.1 3.7 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 2.6 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 2.3 2.4 3.1 HICP 2.0 -1.2 5.1 -1.2 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 9.0 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7.0 6.0 7.4 8.7 10.8 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 0.5 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 5.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 5.4 5.5 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.6 -0.3 -0.1 1.2 3.6 7.5 9.9 15.6 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 17.9 20.4 22.5 Domestic market 2.1 1.0 10.6 0.3 0.3 0.9 1.9 4.2 8.0 10.1 17.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 20.3 23.4 25.7 Non-domestic market -0.9 -1.4 10.6 -1.4 -0.8 -1.1 0.4 2.9 6.9 9.7 13.9 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 15.4 17.3 19.3 Euro area -0.7 -1.2 11.6 -1.5 -0.4 -0.8 1.3 3.8 7.0 10.5 15.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 16.7 18.8 21.6 Non-euro area -1.2 -1.8 8.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 8.0 11.4 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10.0 11.4 12.9 14.5 14.7 Import price indices -1.4 -2.6 25.9 -4.7 -3.5 -3.4 1.3 8.6 14.9 24.5 27.5 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 29.3 29.2 30.2 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.7 1.2 1.3 0.4 -0.6 -1.0 -1.4 -1.4 -0.6 -1.0 -1.4 -1.4 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1 -1.5 -1.2 -1.4 -1.7 -1.4 -1.0 Real (deflator HICP) -1.3 -0.1 0.0 0.2 -1.3 -1.1 -1.0 -0.9 -1.3 -1.1 -1.0 -0.9 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.8 0.8 0.5 -0.6 -0.8 -1.6 -1.4 -1.4 -0.7 -1.1 -0.6 0.0 -2.3 -1.7 -0.8 -0.4 Real (deflator ULC) 5.5 1.2 5.4 -2.7 1.4 -6.8 -6.1 1.4 -6.8 -6.1 USD / EUR 1.120 1.141 1.184 1.101 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.065 1.125 1.146 1.183 1.179 1.178 1.184 1.217 1.217 1.210 1.190 1.198 1.215 1.205 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 1.102 1.082 1.058 1.057 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix36 Slovenian Economic Mirror, No 6/2022 Statistical Appendix 37Slovenian Economic Mirror, No 6/2022 Balance of payments 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 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 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,898 3,462 1,736 986 716 797 963 755 469 368 144 -317 263 146 307 170 217 410 505 276 183 302 159 294 247 109 113 140 92 136 168 135 -159 95 -235 -177 -37 Goods 1,311 2,366 519 568 568 700 530 540 206 -43 -183 -607 164 123 281 344 89 267 277 187 66 236 133 172 127 17 62 62 -85 -20 21 23 -227 -34 -276 -296 -222 Exports 32,013 29,656 35,335 7,857 6,431 7,368 8,001 8,250 8,783 8,506 9,797 10,024 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,428 2,638 3,183 2,875 2,874 3,033 2,887 2,512 3,107 3,269 3,385 3,143 3,055 3,161 3,808 3,459 Imports 30,702 27,290 34,816 7,289 5,862 6,668 7,471 7,709 8,577 8,549 9,980 10,631 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,192 2,506 3,011 2,749 2,857 2,971 2,825 2,597 3,127 3,249 3,362 3,370 3,089 3,437 4,105 3,680 Services 2,907 1,996 2,395 517 396 561 522 499 498 707 692 566 142 93 160 184 163 214 244 129 150 143 153 202 172 137 188 193 246 268 254 237 201 164 169 233 291 Exports 8,659 6,900 8,254 1,776 1,441 1,822 1,861 1,588 1,858 2,412 2,396 2,067 459 425 557 645 589 588 637 539 684 457 505 626 601 569 688 786 804 822 778 770 848 611 661 795 826 Imports 5,751 4,904 5,859 1,259 1,046 1,261 1,338 1,090 1,361 1,705 1,704 1,501 317 332 397 461 426 374 393 411 535 314 352 424 429 432 499 592 558 554 524 533 648 447 492 562 535 Primary income -811 -426 -672 53 -116 -371 7 -100 -132 -203 -237 -137 -7 -17 -92 -326 -9 -35 5 4 -2 -4 -35 -62 -28 -33 -71 -89 -47 -67 -65 -67 -105 11 -74 -74 -66 Receipts 1,758 1,645 1,749 449 365 352 479 461 468 394 427 469 130 129 106 118 124 110 128 156 195 182 150 129 156 154 158 126 147 121 124 142 161 217 123 129 136 Expenditures 2,569 2,071 2,421 396 481 722 472 561 600 596 664 607 137 146 198 445 132 145 123 152 197 186 185 191 183 187 229 215 194 188 189 209 266 206 197 203 202 Secondary income -509 -473 -507 -152 -132 -93 -96 -183 -103 -93 -128 -138 -37 -54 -42 -31 -26 -35 -21 -44 -31 -74 -91 -18 -24 -12 -67 -27 -22 -45 -42 -58 -28 -45 -53 -40 -40 Receipts 934 972 1,093 230 225 214 304 233 318 265 277 273 82 67 76 80 62 72 98 100 106 70 74 89 99 115 104 90 95 81 93 77 107 94 88 91 101 Expenditures 1,443 1,445 1,600 382 357 306 400 416 420 358 405 411 118 121 118 111 89 107 119 144 137 144 165 107 123 127 170 116 116 126 135 135 135 139 141 131 141 Capital account -187 -226 35 -53 -17 -26 -130 143 -11 95 -193 -44 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 28 -24 -14 38 23 35 18 -18 -193 -12 31 -63 0 Financial account 2,094 3,052 1,461 1,116 385 580 970 796 453 -47 259 499 368 -27 44 -4 265 319 453 434 83 229 612 -46 351 73 29 -409 217 144 566 -1 -306 525 -30 4 358 Direct investment -762 266 -503 -21 -37 -219 543 -182 -520 -269 468 -371 -244 17 190 -183 -92 56 41 5 497 -145 -39 1 -325 -58 -136 -102 -51 -116 516 145 -193 -88 -138 -145 -21 Assets 1,157 697 1,066 13 192 -65 557 309 81 269 408 431 -128 168 152 -205 -94 234 182 73 301 -41 199 151 156 180 -256 2 49 219 584 106 -282 79 171 181 170 Liabilities 1,919 431 1,569 33 229 155 14 491 600 538 -60 802 116 150 -38 -22 -2 178 141 69 -195 104 238 150 481 239 -120 104 100 334 68 -39 -89 168 309 326 192 Portfolio investment 734 -1,826 3,175 -1,953 -1,929 1,315 740 -170 1,630 38 1,677 -310 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -667 543 162 876 96 705 -1,593 384 898 801 Financial derivatives -163 53 -25 53 -32 5 27 -18 10 -21 5 -15 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 -5 -8 -8 0 1 3 2 -1 -16 -5 Other investment 2,248 4,394 -2,011 2,989 2,354 -547 -402 1,154 -675 -502 -1,988 1,118 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,493 185 -523 -260 -479 64 359 -970 109 -835 -268 -885 2,140 -281 -740 -420 Assets 3,250 4,856 2,154 3,346 1,988 -696 218 3,044 115 384 -1,388 1,705 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,723 1,345 -25 -75 -128 319 347 -184 221 -359 -9 -1,021 1,828 -91 -31 188 Other equity 27 4 5 -1 5 0 0 0 2 0 3 10 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 3 10 0 0 1 Currency and deposits 2,811 4,753 782 2,751 2,672 -792 121 2,203 -132 213 -1,501 835 2,315 484 -127 -356 -132 -304 854 213 -946 1,416 1,019 -232 -87 -143 98 331 -98 -21 -720 -167 -614 1,619 -207 -577 -196 Loans 438 342 337 79 40 57 165 153 -10 -23 218 -25 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 40 58 66 93 -87 -4 66 98 Insurance, pension schemes, and standardised guarantee schemes 13 1 19 2 3 -1 -2 5 1 12 0 0 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 0 0 0 0 0 0 0 Trade credit and advances 29 -224 905 393 -544 67 -140 671 207 101 -75 913 -366 -164 -15 95 -124 97 228 90 -459 187 269 215 46 92 69 -7 -82 190 277 89 -440 320 203 390 293 Other assets -69 -20 106 122 -189 -27 74 11 47 81 -33 -27 -132 25 -82 36 -44 -19 30 -16 60 81 42 -112 10 -13 50 58 16 7 26 4 -63 -34 -83 90 -8 Liabilities 1,002 462 4,165 358 -366 -150 620 1,889 791 886 600 587 -362 -111 107 -151 -107 108 368 445 -194 231 1,161 498 185 351 255 -12 786 112 476 259 -135 -312 190 709 608 Other equity 2 4 -36 0 0 0 3 2 -42 1 3 -1 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 0 0 -1 1 0 Currency and deposits 1,009 800 2,359 199 222 116 263 788 909 371 290 526 227 -120 116 96 15 5 149 109 5 315 180 294 369 285 255 93 7 271 180 149 -39 107 91 328 30 Loans -149 -409 -145 40 -255 -325 131 756 -373 -403 -124 -428 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -167 -107 -100 -10 83 -477 -9 86 -201 -105 -288 -35 334 Insurance, pension schemes, and standardised guarantee schemes 27 55 65 40 18 6 -9 30 27 8 0 0 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 0 0 0 0 0 0 0 Trade credit and advances 62 -134 1,145 -59 -391 20 297 209 275 66 596 441 -500 -66 175 -121 -37 178 185 132 -21 -134 135 209 3 159 112 -141 -55 261 350 0 246 -278 378 341 203 Other liabilities 50 146 101 138 39 33 -65 103 -5 169 -167 49 -4 73 -30 -15 -14 61 -9 -23 -32 41 42 20 -30 4 21 42 72 54 -48 23 -142 -35 10 74 41 Special drawing rights (SDR) 0 0 675 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 Reserve assets 37 166 824 49 29 26 62 13 7 707 97 77 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 6 6 4 Net errors and omissions -616 -184 -310 184 -313 -191 137 -103 -5 -510 308 860 109 -169 -253 -158 46 -79 -37 157 17 -56 420 -467 76 -12 -70 -586 102 -27 380 -118 46 442 174 244 395 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,841 3,552 4,080 852 808 900 991 917 1,000 984 1,180 1,087 230 278 301 325 240 336 336 329 325 261 297 359 330 334 336 331 284 368 366 397 416 314 348 426 369 Intermediate goods 17,045 15,446 19,949 4,211 3,290 3,797 4,148 4,578 4,885 4,931 5,554 6,095 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,391 1,455 1,731 1,602 1,599 1,684 1,702 1,436 1,793 1,873 1,974 1,708 1,864 1,903 2,328 2,091 Consumer goods 12,661 13,928 15,488 3,790 3,168 3,430 3,539 3,932 3,921 3,781 3,854 4,194 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,255 1,429 1,309 1,277 1,335 1,417 1,044 1,320 1,345 1,354 1,155 1,311 1,320 1,563 1,672 Import of investment goods 4,391 4,008 4,875 936 849 964 1,258 1,072 1,220 1,174 1,409 1,373 214 298 338 347 278 340 378 464 416 304 347 421 391 413 416 370 386 418 439 482 487 380 505 488 411 Intermediate goods 18,508 16,434 24,546 4,426 3,386 3,963 4,658 4,816 5,807 6,445 7,478 7,913 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,372 1,532 1,912 1,780 1,998 2,029 2,189 1,901 2,355 2,473 2,354 2,652 2,512 2,344 3,057 2,785 Consumer goods 11,183 11,670 12,585 3,011 2,579 2,871 3,210 2,907 3,209 3,019 3,449 3,692 726 803 1,050 1,021 916 934 1,095 1,082 1,033 901 907 1,099 1,153 1,027 1,029 944 1,021 1,054 1,155 1,168 1,126 963 1,316 1,413 1,501 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix38 Slovenian Economic Mirror, No 6/2022 Statistical Appendix 39Slovenian Economic Mirror, No 6/2022 Statistical Appendix40 Slovenian Economic Mirror, No 6/2022 Monetary indicators and interest rates 2019 2020 2021 2020 2020 2021 2022 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 4 5 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 13,290 Central government (S,1311) 4,696 4,520 3,538 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3658 3680 3,464 3,496 3,458 Other government (S,1312,1313,1314) 602 639 693 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 706 698 693 691 689 Households (S,14, 15) 10,981 10,997 11,556 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11583 11638 11,779 11,859 11,965 Non-financial corporations (S,11) 9,589 9,363 9,828 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10113 10223 10,330 10,539 10,589 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1616 1637 1,734 1,743 1,752 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10424 10047 9,941 9,264 9,830 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34283 34071 34,213 33,792 34,381 In foreign currency 391 345 284 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 281 273 303 320 298 Securities, total 4,382 4,361 3,302 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3432 3474 3,320 3,368 3,495 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 37,946 38,013 38,338 Overnight 21,278 25,218 29,146 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 With agreed maturity – short-term 3,478 3,381 2,707 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 2,674 2,622 2,666 With agreed maturity – long-term 5,723 5,348 5,849 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 Short-term deposits redeemable at notice 630 620 450 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 477 468 411 340 332 Deposits in foreign currency, total 634 723 828 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 834 851 965 1,007 1,036 Overnight 577 675 790 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 799 817 847 883 894 With agreed maturity – short-term 26 25 27 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 24 24 109 115 134 With agreed maturity – long-term 31 23 11 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 11 10 9 9 8 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 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 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.79 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 0.97 0.92 1.48 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 6-month rates -0.302 -0.364 -0.364 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - - - - 6-month rates -0.684 -0.659 -0.715 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - - - - Sources: BoS, EUROSTAT. Statistical Appendix 41Slovenian Economic Mirror, No 6/2022 Statistical Appendix42 Slovenian Economic Mirror, No 6/2022 Public finance 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 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 4 5 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.6 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,853.2 5,613.4 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,093.4 2,035.4 1,782.5 1,795.5 2,043.7 2,011.1 Current revenues 18,293.3 17,578.7 20,124.0 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.3 5,138.4 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.3 1,822.8 1,685.9 1,629.8 1,949.3 1,894.0 Tax revenues 17,179.1 16,460.4 18,785.7 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,075.6 4,813.0 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,761.0 1,737.9 1,518.8 1,556.2 1,850.3 1,791.4 Taxes on income and profit 3,614.0 3,261.8 3,981.3 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 1,048.5 1,049.7 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.2 332.6 348.2 368.9 406.6 578.7 Social security contributions 7,021.3 7,289.9 7,928.1 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,050.9 2,048.8 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 760.1 680.4 677.2 691.2 704.3 698.5 Taxes on payroll and workforce 23.2 21.6 23.9 5.9 4.0 5.6 6.1 5.0 5.9 6.0 7.0 6.0 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 1.9 2.2 2.1 Taxes on property 296.4 287.3 316.9 31.0 48.6 111.3 96.4 33.5 84.8 102.2 96.3 32.4 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.7 12.4 8.5 11.5 20.5 23.2 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.2 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.5 1,574.1 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.1 623.0 483.3 467.7 638.3 531.2 Taxes on international trade & transactions 98.6 102.4 177.4 24.0 24.5 25.3 28.7 28.1 34.6 36.7 78.0 67.2 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 26.2 27.0 15.0 Other taxes -1.1 4.1 -1.1 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -36.6 34.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -38.2 60.3 -14.4 -11.3 51.5 -57.2 Non-tax revenues 1,114.2 1,118.2 1,338.4 249.7 339.7 291.3 237.6 284.5 431.7 308.4 313.7 325.5 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 127.3 84.8 167.1 73.6 99.0 102.6 Capital revenues 136.4 146.9 228.3 31.2 20.1 31.3 64.3 36.4 54.9 56.0 81.1 63.6 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.8 18.1 23.6 21.9 23.0 22.0 Grants 13.8 17.5 21.9 8.1 1.4 6.9 1.1 6.7 2.0 10.3 2.9 12.2 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.6 0.9 11.1 0.2 0.4 29.0 Transferred revenues 58.3 54.8 57.3 0.2 21.7 30.6 2.3 1.7 2.1 51.4 2.0 0.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 0.2 0.5 20.0 Receipts from the EU budget 730.5 730.7 951.2 200.9 133.3 189.6 206.9 233.3 180.5 159.5 377.9 398.8 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 70.5 46.1 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,299.8 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,685.1 5,929.5 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,093.4 2,035.4 1,782.5 1,795.5 2,043.7 2,011.1 Current expenditures 8,228.3 9,127.8 10,393.6 2,359.6 2,074.0 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,876.7 2,677.0 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.3 1,822.8 1,685.9 1,629.8 1,949.3 1,894.0 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,765.3 1,183.0 1,318.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,327.7 1,291.9 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,761.0 1,737.9 1,518.8 1,556.2 1,850.3 1,791.4 Expenditures on goods and services 2,728.0 3,020.7 3,336.6 686.8 661.6 739.0 933.4 724.9 767.0 794.0 1,050.7 842.2 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.2 332.6 348.2 368.9 406.6 578.7 Interest payments 791.5 778.0 732.2 442.4 53.7 187.0 95.0 386.9 45.5 204.6 95.2 336.1 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 760.1 680.4 677.2 691.2 704.3 698.5 Reserves 238.4 363.8 559.5 47.3 40.5 32.8 243.2 63.1 59.5 33.9 403.1 206.7 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 1.9 2.2 2.1 Current transfers 8,704.2 10,867.7 11,318.7 2,308.7 3,219.2 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,711.3 2,801.0 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.7 12.4 8.5 11.5 20.5 23.2 Subsidies 467.9 1,449.3 867.3 167.9 711.7 305.5 264.2 296.4 302.3 111.5 157.1 186.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.1 623.0 483.3 467.7 638.3 531.2 Current transfers to individuals and households 7,323.9 8,250.8 9,167.7 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.7 2,293.0 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 26.2 27.0 15.0 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,131.0 215.0 242.6 248.9 376.7 197.6 276.6 298.3 358.4 279.3 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -38.2 60.3 -14.4 -11.3 51.5 -57.2 Current transfers abroad 84.7 84.4 152.7 23.2 11.2 16.6 33.4 29.9 31.0 36.7 55.1 41.9 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 127.3 84.8 167.1 73.6 99.0 102.6 Capital expenditures 1,252.9 1,230.6 1,544.7 172.8 232.7 263.2 561.9 194.3 278.0 402.4 670.0 225.5 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.8 18.1 23.6 21.9 23.0 22.0 Capital transfers 273.6 318.5 413.9 29.6 42.9 68.0 178.0 33.4 55.7 86.2 238.6 43.7 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.6 0.9 11.1 0.2 0.4 29.0 Payments to the EU budget 509.7 526.0 628.9 154.0 134.7 85.1 152.2 197.5 119.1 123.8 188.5 182.2 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 0.2 0.5 20.0 SURPLUS / DEFICIT 263.5 -3,542.1 -2,917.2 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -831.9 -316.1 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 70.5 46.1 Source: MF, Consolidated balance of public financing. Acronyms 43Slovenian Economic Mirror, No 6/2022 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, EBA – European Banking Authority, ECB – Evropska centralna banka, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, EUROSTAT – Statistical Office of the European Union, FSA – financial social assistance, FURS – Financial Administration of the Republic of Slovenia, GDP – Gross domestic product, GNI – gross national income, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PMI – Purchasing Managers' Index, REACT-EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, SVRK – Government Office for Development and European Cohesion Policy, UB – unemployment benefit, USD – US Dollar, VAT – value added tax, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O  – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY- Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 6, Vol. XXVIII, 2022