December 2012, No. 12. Vol. XVIII Slovenian Economic Mirror ISSN 1318-3826 No. 12 / Vol. XVIII / 2012 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Tina Nenadič, MSc Authors of Current Economic Trends (listed alphabetically): Jure Brložnik, Gonzalo Caprirolo, MSc, Janez Dodič, Marjan Hafner, Matevž Hribernik, Slavica Jurančič, Mojca Koprivnikar Šušteršič, Janez Kušar, Urška Lušina, MSc, Jože Markič, PhD, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Ana T. Selan, MSc, Dragica Šuc, MSc Editorial Board: Lidija Apohal Vučkovič, Marijana Bednaš, MSc, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation and Graphs: Bibijana Cirman Naglič, Marjeta Žigman Concept and Design: Katja Korinšek, Pristop DTP: Bibijana Cirman Naglič Print: SORS Circulation: 90 copies © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight................................................................................................................................................................ 3 Current economic trends .............................................................................................................................................. 5 International environment............................................................................................................................................... 7 Economic activity in Slovenia .......................................................................................................................................... 8 Labour market .................................................................................................................................................................. 11 Prices .................................................................................................................................................................................. 13 Balance of payments ....................................................................................................................................................... 15 Financial markets ............................................................................................................................................................. 16 Public finance.................................................................................................................................................................... 18 Statistical appendix ..................................................................................................................................................... 21 The Economic Mirror is prepared based on statistical data available by 9 January 2013. On January 2008, the new classification of activities of business entities NACE Rev.2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia, the national version of the standard classification, SKD 2008, which includes the entire European classification of activities but also adds some national subclasses, came into force on the mentioned date. In the Slovenian Economic Mirror, all analyses are based on the SKD 2008, except when the previous SKD 2002 classification is explicitly referred to. More general information about the introduction of the new classification is available on the SORS website http://www.stat.si/eng/ skd_nace_2008.asp. All seasonally adjusted data in the Economic Mirror are calculations by IMAD. In the spotlight At the beginning of the last quarter of 2012, economic activity in the euro area declined further and expectations regarding the recovery remained low. Activity in manufacturing and construction and turnover in retail trade dropped again in October, which indicates a continuation of modest domestic demand in the last quarter of 2012. Against the background of weak economic activity, labour market conditions remained tight. The unemployment rate increased again in October, particularly in euro area countries with the largest public finance difficulties. At the end of 2012 some confidence indicators otherwise improved (PMI, ESI), but expectations about the recovery remained low. The ECB, which in December revised downwards its 2013 forecasts for economic growth in the euro area, expects a gradual recovery in the second half of the year. In December the required yields of most euro area government bonds dropped. The majority of short-term indicators of economic activity in Slovenia, which are related to foreign demand, remained around the 2012 average in October and November, while most indicators dependent on domestic demand continued to deteriorate. Real merchandise exports grew somewhat in October and November, according to our estimate. Amid strong monthly fluctuations, they remained roughly unchanged y-o-y in the first eleven months of 2012. The prospects remain unfavourable, given that export expectations in main export-oriented manufacturing industries deteriorated substantially in the last quarter of the year. Production volume in manufacturing, which in 2012 increased only in high-technology industries, was up somewhat in October, reaching the level of the beginning of the year. Construction activity, which is markedly lower than before the crisis, dropped in October. Real turnover in retail trail also shrank again, as did nominal turnover in wholesale trade and market services other than more export-oriented transport services. The labour market conditions tightened severely at the end of 2012, and the average gross wage per employee remained unchanged in October. Employment according to the statistical register declined again in October. In the second half of 2012 it also started to drop in public services, but in education and health and social work it was still up y-o-y in the first ten months. At the end of 2012 the number of registered unemployed persons started to increase more rapidly, climbing to 118,061 in December. In 2012 registered unemployment was up 7,184 from 2011, largely due to a higher number of people who lost work; 4,610 more persons than in the previous year were deleted from the register, which was mainly attributable to a higher number of those deleted for neglect of duties. The average gross wage per employee in the private sector has remained unchanged since the end of 2011. In the public sector and in the general government it fell once again in October, after the decline due to the enforcement of the ZUJF. In December consumer prices dropped again, being up 2.7% from December 2011. The monthly decline (-0.3%) was mainly due to a seasonal drop in clothing and footwear prices. In 2012 prices were up y-o-y largely due to higher energy and food prices (0.9 p.p. and 0.7 p.p., respectively), and a one-off price rise in certain services (0.8 p.p.). Growth in energy prices was down y-o-y largely due to lower prices of natural gas, while growth in prices of services was higher than in 2011 (primarily due to the abolition of subsidies for school meals). In the euro area, 2012 inflation was 2.2%, according to the Eurostat flash estimate. In November the volume of loans to domestic non-banking sectors recorded the largest decline in 2012; in October net repayments of domestic banks’ foreign liabilities increased again and the quality of bank assets deteriorated further. Loan volume declined mainly as a consequence of further corporate deleveraging in domestic banks, while the maturity structure of corporate borrowing abroad remained unfavourable, given that enterprises can only borrow short term. November also saw a decline in domestic bank loans by households, which were mainly repaying consumer loans. In the first eleven months of 2012, domestic banks – which were repaying foreign liabilities in the first ten months of the year (EUR 2.9 bn) – increased their exposure only to the general government. At the end of October bad claims accounted for 13.9% of the total exposure of banks, which therefore continue to create additional provisions and impairments. According to the consolidated balance, the general government deficit amounted to EUR 1.1 bn in the first ten months of 2012. The y-o-y deficit reduction in the first ten months of the year (by EUR 232 m) was mainly due to lower expenditure (-2.1%), and partly also to a smaller decline in revenue (-0.4%). The y-o-y reduction in expenditure was primarily due to lower capital transfers (-20.3) and a decline in expenditure on wages and social transfers. Revenue mainly fell due to lower inflows of corporate income tax (-16.4%) and personal income tax. current economic trends International environment The available short-term indicators of economic activity for October confirm the continuation of increased tensions in the international environment. In the euro area, industrial production in manufacturing dropped again in October, seasonally adjusted, and was at the level of May 2010. The values of construction output and turnover in retail trade were also declining further, which shows that weak domestic demand continued in the last quarter of 2012. Against the background of weak economic activity, labour market conditions also remained tight. In the third quarter, employment in the euro area averaged 146 million (EU: 222.6 million), down 0.7% on the same quarter of 2011. The unemployment rate continues to grow, having reached 10.7% in October, a 0.3 p.p. higher figure than in the same month of 2011. It rose most notably in countries with the largest public finance problems; in Greece and outright monetary transactions, and the EU’s endeavours towards an integrated financial framework. In December, Greece fulfilled all conditions for the disbursement of the new tranche of assistance from the EFSF in the amount of EUR 34.3 bn (of which 16 bn for bank recapitalisation), and the rating agencies improved their assessments of the Greek debt. According to the ECB data, the yields of Greek government bonds have dropped by over 800 basis points in the last four months. The yields of bonds of other exposed countries in the euro area have also declined. Figure 2: Yields on ten-year government bonds Slovenia Italy Spain Portugal Ireland Germany 16 14 10-year government bond yields, in % Spain it exceeded 26% and is also expected to rise in 2013. Despite December’s improvement in some confidence indicators in the euro area (ESI,PMI), which reached the highest levels in recent months, the manufacturing PMI still indicates a deterioration in the euro area (particularly in Germany, France and Italy). The prevailing opinion of international institutions is that economic activity in the euro area will stabilise in the first half of the year and begin a gradual recovery in the second half. In December, the 12 10 8 6 4 ECB thus reduced its 2013 forecasts for economic growth 2 in the euro area to the interval between -0.9% and 0.3% (between -0.4% and 1.4% in September). 0 Figure 1: Short-term indicators of economic activity in the euro area Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Source: Bloomberg. Interbank interest rates dropped somewhat again in December. The value of the three-month EURIBOR rate remained similar to that in November (0.185%), being down 125 basis points y-o-y. The three-month US dollar and Swiss franc LIBOR rates also dropped (to 0.31% and 0.02%, respectively). The key interest rates of the main central banks were also left unchanged in December (ECB: 0.25%, Fed: 0.0%; BoE: 0.5%; BoJ: 0.0%). The euro gained against most main currencies in December, but in 2012 overall, it slipped notably. The euro appreciated by 2.3% against the US dollar in December, reaching the level of December 2011 (USD 1.312 to EUR 1). The euro also gained value against the Japanese yen (by 5.6%, to JPY 109.71 to EUR 1), the British pound sterling (by 1.1%, to GBP 0.813 to EUR 1) and the Swiss franc (by 0.4%, to CHF Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 1.209 to EUR 1). In 2012 as a whole, the value of the euro dropped by an average of 7% against main currencies; Source: Eurostat; calculations by IMAD. against the US dollar, to USD 1.285 to EUR 1. In December, the required yields of government bonds Commodity prices in dollars did not change much in declined in most euro area countries. The easing of December. The average dollar price of Brent oil rose by tensions on government bond markets is related to the 0.3%, to USD 109.43 per barrel, and was up 1.4% y-o-y. solving of the sovereign debt crisis. The main reason for Oil prices in euros dropped by 2.4% to EUR 82.77 per improved expectations was the ECB’s announcement barrel in December, and were up 1.7% y-o-y. Despite in September regarding the method of undertaking greater fluctuations during the year (between USD 88 120 the indicators dependent on domestic demand deteriorated. Figure 4: Short-term indicators of economic activity in Slovenia Merchandise exports Industrial production in manufacturing Construction output Turnover in retail trade Source: IMF, EIA; calculations by IMAD. Economic developments in Slovenia The short-term indicators of economic activity related to foreign demand remained around the 2012 average, while 100 80 60 40 Sources: BS, Eurostat, SORS; calculations by IMAD. in % 2011 X 12/ IX 12 X 12/ X 11 I-X 12/ I-X 11 Exports1 11.7 4.9 7.5 2.3 -goods 13.3 6.2 6.5 1.6 -services 4.8 0.0 11.9 5.5 Imports1 11.3 7.4 2.9 -0.5 -goods 12.9 9.6 2.5 -0.7 -services 2.0 -5.9 6.3 0.7 Industrial production 2.2 0.22 2.13 1.13 -manufacturing 2.1 0.62 1.53 0.03 Construction -value of construction put in place -25.6 -21.12 -15.53 -15.23 Real turnover in retail trade 1.5 -1.32 -6.13 -1.63 Nominal turnover in market services (without trade) 2.8 -0.82 -4.13 -2.13 the pre-crisis levels. Real turnover in retail trade shrank 140 again, as did nominal turnover in wholesale trade and market services (other than transport services). 120 Table 1: Selected monthly indicators of economic activity in Slovenia Seasonally adj. index 2008=100, 12-month moving average Commodity price index in dollars 2005=100 100 110 deteriorated in the last three months of the year, as the 90 indicator of expected exports2 dropped substantially, reaching the lowest level since 2009 in most main 80 manufacturing industries.3 This is mainly related to the expected further decline in economic activity in 70 60 1 The estimate of real merchandise exports is made on the basis of nominal exports according to the external trade statistics and industrial producer 50 prices on the foreign market, while real imports are estimated based on nominal imports according to the external trade statistics and the index of import prices. 40 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 and USD 128 per barrel), the average oil price in dollars in 2012 (USD 111.69 a barrel) remained similar to that a year earlier, while the price in euros rose by 8.7% (to EUR 86.6 per barrel). According to the most recent IMF data, non-energy commodity prices dropped somewhat in November mainly owing to lower prices of food and metals. In December, they did not change much, according to provisional data. Figure 3: Commodity prices in dollars Brent crude oil Metals Food Agriculture commodities Slovenian Economic Mirror, December 2012 Current Economic Trends in October and November, according to our estimate (seasonally adjusted). In the first eleven months of 2012, they were similar to those in the same period of the previous year. Short-term prospects for export growth Notes: 1balance of payments statistics, 2seasonally adjusted, 3working-day adjusted data. Amid strong monthly fluctuations, real merchandise exports remained more or less unchanged y-o-y in the first eleven months of 2012, while imports were down significantly.1 Real merchandise exports rose somewhat Manufacturing output, which was increasing in the second half of 2012, rose in October due to growth in medium-low- and more technology-intensive industries. Real merchandise exports and imports were also up somewhat in October and November, according to our estimate, but export expectations for the end of 2012 in main export industries in manufacturing remained low. The stagnation of merchandise exports, which remained roughly unchanged y-o-y in the first eleven months, and a drop in domestic consumption were reflected in lower merchandise imports in y-o-y terms. In November, these declined further. In October, activity also dropped in construction, the sector that lags most notably behind Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: Eurostat; calculations by IMAD. 2 According to data on business trends in manufacturing based on the survey, in which business managers were asked whether they expected their exports to grow or fall in the next three months. 3 In terms of their share in merchandise exports. Slovenian Economic Mirror, December 2012 Current Economic Trends Slovenia’s main trading partners in the last quarter of Figure 6: Trade in services – nominal 2012 and in the first quarter of 2013. Real merchandise Exports of services Imports of services imports – which tend to fluctuate more notably from month to month – declined substantially in November after October’s modest growth (seasonally adjusted). In the first eleven months, they were much lower than in the same period of 2011. Amid the stagnation of exports, this can be mainly explained by lower domestic consumption, as besides investment, final consumption also dropped in 2012. In view of the expected continuation of negative trends in domestic consumption, coupled with a weak recovery of exports, we do not expect imports to grow. Figure 5: Nominal exports of manufacturing industries and their expected exports according to business trends Nominal exports -manufacturing (left axis) Expected exports -manufacturing (right axis) Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: SORS; calculations by IMAD. Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jan 12 Jul 12 Source: BS; calculations by IMAD. Production volume in manufacturing was up somewhat in October. Production in industries of higher technology intensity increased further (seasonally adjusted). Production in industries of higher technology intensity, which continued to rise in October, was up y-o-y in the first ten months of 2012 (3.1%). Only the manufacture of transport equipment dropped y-o-y. After the decline in the third quarter, in October production rose in medium­ low-technology industries, while it was down again in industries of the lowest intensity. Production in industries of lower technology intensity (medium-low and low-tech industries) dropped y-o-y in the first ten months of 2012 (-2.7%). Activity increased y-o-y only in the repair and installation of machinery and equipment. Similar to the low-technology food industry and most industries of higher technology intensity,6 this sector also employed In October, nominal exports of services increased, while imports declined (seasonally adjusted).4 Growth in nominal exports of services was mainly a result of increased exports of other5 services, which had otherwise been the main reason for the decline in total exports in the third quarter of 2012. After dropping in the third quarter, exports of transport services also increased in October. Exports of other business services continued to grow. Following the increase in the third quarter, imports of services were down in October. Imports of all categories of services recorded a decline. In the first ten months of 2012, nominal exports of services increased by 5.5% y-o-y, according to original data, and imports by 0.7%. 4 According to the balance of payments statistics. 5 When we adjusted data for seasonal effects, we included communication, construction, financial, computer and information activities, personal service activities, arts, entertainment and recreation activities, government services, insurances and licences, patents and copyrights into the group of other services. Together, they account for just over a tenth of services exports and nearly a third of services imports. 6 Except the manufacture of ICT and electrical equipment. Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: SORS; calculations by IMAD. more workers than in the same period of 2011. Figure 7: Production volume in manufacturing industries according to technology intensity Total Medium-high and high-technology industries Medium-low-technology industries Low-technology Slovenian Economic Mirror, December 2012 Current Economic Trends In October, construction activity reached its twelve-year Figure 9: Turnover in trade sectors low. Construction output was down 21.1% in October (seasonally adjusted), and down 15.5% relative to the previous October. Activity dropped in the construction of non-residential buildings and civil engineering, while in the construction of residential buildings7 it picked up after the considerable decline in previous months. Figure 8: Value of construction put in place Total Residential buildings Non-residential buildings Civil-engineering works Jan 00Jan 01Jan 02Jan 03Jan 04Jan 05Jan 06Jan 07Jan 08Jan 09Jan 10Jan 11Jan 12 Source: SORS; calculations by IMAD. Source: SORS; calculations by IMAD. In October, nominal turnover in market services (excluding trade)9 dropped markedly for the second consecutive month (seasonally adjusted) and remained lower y-o-y. Turnover shrank in all main market services except transport services, where it is still above the 2008 level (almost by 4%). The decline in turnover in accommodation and food service activities in the last two months was related to a The strong fluctuations of the value of new contracts continued in October – this time the value declined substantially. After the significant decline during the recession, the value of new contracts in construction has, amid strong fluctuations, remained roughly unchanged since the third quarter of 2011. In October, it otherwise dropped strongly, by around a third, and was also a third lower than in October 2011. drop in overnight stays and, according to our estimate, modest household consumption of non-tourist hotel and restaurant services in 2012. After a long period of decline, Total Transportation and storage (H) Communication activ. (J) Professional, technical activ. (M) Accommodation and foodservice activ.(I) Turnover in the sale of motor vehicles grew slightly in October, after dropping in the last year, while turnover in retail and wholesale trade shrank for the second month in a row (seasonally adjusted), following the fluctuations in the preceding months. Real turnover in the sale and repair of motor vehicles remained down y-o-y, despite October’s increase.8 Having declined in the last two months, in October real turnover in retail trade was the lowest since 2008. Turnover shrank in the sale of automotive fuels and in stores selling non-food products, while in the sale of food, beverages and tobacco products it rose slightly after the strong September decline. Nominal turnover in wholesale trade (which in 2012 had otherwise fluctuated around the level recorded at the end of 2011) declined once again, in our estimation, also due to a relatively substantial decline in construction activity. Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 7 The data on the value of residential construction put in place should be Source: SORS; calculations by IMAD. 8 In October, the total number of new passenger car registrations was down 17.7%, while turnover in the sale of motor vehicles was 1.8% lower interpreted with caution, as they do not include small enterprises, which than in October 2011. are, according to our estimates, mainly engaged in the construction of 9 Activities from H to N (SCA 2008) subject to the Council Regulation (EC) residential buildings. No. 1165/98 concerning short-term statistics. turnover in information and communication services approached its level of mid-2007, which is, according to our estimate, due to an increasing decline in the use of classical telephony and a tight (price) competition in mobile telephony. Turnover in professional and technical services, having increased somewhat in 2010 and 2011, dropped strongly again in 2012, shrinking to the level recorded at the end of 2004. This was primarily related to the crisis in construction, which is weighing on architectural and engineering activities. Weak activity in the total economy also dragged down turnover in legal and accounting activities. According to the latest available data for short-term indicators, household consumption remained modest Figure 11: Net wage bill and turnover in retail trade excluding automotive fuels, seasonally adjusted Turnover in retail trade excluding automotive fuels Net wage bill and future expectations low. After the decline in the third quarter, the net wage bill maintained October’s level in November, seasonally adjusted. In October, turnover in the retail sale (excluding motor vehicles) dropped again, and so did consumption of durables, particularly in the sale of household appliances and audio and video equipment. The number of new passenger car registrations by natural persons declined again in the last quarter (-5.0%, seasonally adjusted). In November, households continued to make net repayments of consumer loans (-8.6%). Savings in banks shrank somewhat y-o-y (-0.7%). In December, consumer expectations improved slightly, particularly regarding the financial situation in the next twelve months, but the value of the consumer indicator remained low. The sentiment indicator improved considerably in December, but remained much lower than in the same month of the previous year. The value of the confidence indicator rose again in December, this time in all activities (seasonally adjusted). 105 Figure 13: Business trends Economic sentiment Manufacturing Retail trade Service activ. Construction Consumers 100 40 Seasonally adj. index 2008=100, 3-month moving average Seasonally adjusted index 2008=100, 3-month moving average 30 20 10 0 -10 -20 -30 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: SORS; calculations by IMAD. Figure 12: Major purchases by households and consumer -40 -50 -60 -70 confidence indicator No. of firstpassenger car registrations by natural persons (left axis) Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Consumer indicator, seasonally adjusted (right axis) Source: SORS. Major purchases in the next 12 months (right axis) 110 10 0 Labour market 100 Seasonally adj. index 2008=100, 3-month moving average Balance, in %, seasonally adjusted Tensions on the labour market intensified at the end of 2012. -10 Employment according to the statistical register10 declined by 0.3% in October, seasonally adjusted, and remained -20 down y-o-y (-2.1%). Formal employment dropped most notably in construction, in relative terms. It was also down -30 again in manufacturing and market services. Moreover, in the second half of 2012, formal employment also started to fall in public services. In the first ten months of 2012, the number of employed persons dropped y-o-y in all -40 -50 activities other than public services. After several months -60 of stagnation, the registered unemployment rate climbed to 12.1% in October, seasonally adjusted. 10 and Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: SORS, MI-IAAD; calculations by IMAD. Employed self-employed persons, excluding self-employed farmers. Slovenian Economic Mirror, December 2012 Current Economic Trends Table 2: Employment by activity Number in ’000 Change in Number 2011 X 11 IX 12 X 12 2011/ 2010 X 12/ IX 12 X 12/ X 11 I-X 12/ I-X 11 Manufacturing 184.8 186.8 182.1 181.8 -3,725 -387 -5041 -1,079 Construction 67.8 66.2 59.6 59.0 -10,709 -547 -7,179 -8,110 Market services 342.2 341.7 337.0 337.2 -3,400 185 -4,537 -3,353 -of which: Wholesale and retail trade, repair of motor vehicles and motorcycles 109.7 109.5 107.1 107.3 -2,078 184 -2,246 -1,707 Public services 170.2 171.1 171.5 171.3 1,406 -220 231 1,853 Public administration and defence, compulsory social security 51.4 51.3 50.7 50.2 -661 -477 -1,079 -508 Education 64.7 65.2 65.3 65.4 1,145 181 275 942 Human health and social work activities 54.1 54.6 55.6 55.6 922 76 1,035 1,418 Other 59.0 58.6 58.1 57.9 5,355 -207 -750 -1,792 Figure 14: Labour market movements Table 3: Labour market indicators Source: SORS; calculations by IMAD. Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: SORS, ESS; calculations by IMAD. At the end of 2012, registered unemployment started to in % 2011 X 12/ IX 12 X 12/ X 11 I-X 12/ I-X 11 Labour force -0.1 0.5 -1.8 -1.5 Persons in formal employment -1.3 -0.11 -2.1 -1.5 Employed in enterprises and organisations and by those self-employed -2.4 -0.2 -2.2 -1.4 Registered unemployed 10.1 5.21 0.0 -1.1 Average nominal gross wage 2.0 -0.11 0.4 0.4 - private sector 2.6 0.11 1.9 0.8 - public sector 1.0 -0.21 -2.1 -0.5 -of which general government 0.0 -0.41 -4.0 -2.0 2011 X 11 IX 12 X 12 Rate of registered unemployment, in %, seasonally adjusted 11.8 11.9 12.0 12.1 Average nominal gross wage (in EUR) 1,524.65 1,510.44 1,489.00 1,515.95 Private sector (in EUR) Public sector (in EUR) 1,388.65 1,778.45 1,371.56 1,769.58 1,354.74 1,734.51 1,397.17 1,733.23 -of which general government (in EUR) 1,801.27 1,801.04 1,734.23 1,728.58 grow at a much faster pace. Seasonally adjusted, it rose by Sources: ESS. SORS; calculations by IMAD. Note: 1seasonally adjusted. 0.4% in November, and by 4.3% in December, the most since December 2010. At the end of December, 118,061 persons were registered as unemployed. The inflow into the unemployment register was up substantially (31.5%), primarily due to a higher number of permanently redundant workers and those who had lost their job because of the bankruptcy of their employer (67.2%). The outflow from unemployment was lower than in November (-30.2%), as fewer unemployed persons found work (-32.6%) and fewer were deleted from the register for violation of duty (-30.0%). There were also fewer transitions into inactivity (-33.9%). In 2012, the total number of the registered unemployed was 7,184 (7.2%) higher than that in 2011, mainly because of a higher number of persons who lost work (8,110 persons or 10.0%). The total number of unemployed persons deleted from the register was up 4,610 y-o-y (4.8%), largely due to more breaches of duty (5,919 persons or 43.6%). In October, the average gross wage per employee, which has stagnated since June, remained similar to that in September (seasonally adjusted). The private sector wage11 has been unchanged since the end of 2011, while in the public sector and in the general government, wages fell once again slightly in October, after the decline due to the enforcement of the ZUJF.12 In the first ten months of 2012, 11 As of June 2012 we only comment on data on wages in the private sector and the public sector (within the latter, particularly in the general government sector), and only exceptionally on wages in activities of the private sector and in public service activities; for more see SEM 06/12, Selected Topics – Monitoring the movements of wages and wage earners in the public and private sectors. 12 Before the ZUJF entered into force, the average gross wage in the general government sector had stagnated for three years. With the enforcement of the ZUJF in June, it first dropped by 3.1%, and then by another 0.3% in July, seasonally adjusted. Wages were otherwise reduced by 8%, but in June, public servants were also paid the remaining two quarters of funds for the elimination of wage disparities. Slovenian Economic Mirror, December 2012 Current Economic Trends Table 4: Wages by activity Gross wage per employee, in EUR Change, in % 2011 X 2012 2011/ 2010 X 12 /IX 12 X 12/ X 11 I-X 12/ I-X 11 Private sector activities (A–N; R–S) 1,451.57 1,461.58 2.6 2.6 2.0 1.3 Industry (B–E) 1,408.91 1,453.27 3.6 4.2 5.2 3.0 - of which manufacturing 1,362.79 1,408.09 3.9 4.5 5.2 2.9 Construction 1,235.95 1,225.24 2.0 4.5 0.2 -1.7 Traditional services (G-I) 1,349.67 1,346.14 2.7 1.2 -0.1 0.7 Other market services (J–N;R–S) 1,718.65 1,693.37 0.7 1.5 0.1 0.0 Public service activities (O–Q) 1,750.03 1,678.66 0.0 -0.3 -4.0 -2.0 - Public administration and defence, compulsory social security 1,784.27 1,717.86 0.3 -0.7 -2.9 -1.7 -Education 1,733.58 1,641.87 0.2 -0.1 -5.8 -2.8 - Human health and social work activities 1,735.19 1,685.48 -0.7 -0.2 -2.8 -1.2 Source: SORS; calculations by IMAD. the y-o-y nominal growth of the average gross wage Figure 16: Headline and core inflation in Slovenia and in (0.4%) was – despite the moderation – a consequence of the euro area wage growth in the private sector (0.8%; in 2011, 2.8%); within that, non-financial companies recorded somewhat higher growth (0.9%) than financial companies (0.4%). In the same period, the gross wage was down y-o-y in some service activities and in construction, while its growth slowed least in industry. In the public sector, the gross wage was down y-o-y only in the general government, while public financial and non-financial recorded above-average growth (2.1% respectively). companies and 2.8%, Figure 15: Gross wage per employee Source: Eurostat Slika 17: Structure of y-o-y inflation Source: SORS. Prices In December, consumer prices dropped by 0.3%. December’s price dynamics were marked primarily by a seasonal decline in clothing and footwear prices. In 2012, y-o-y inflation was 2.7% (2.0% in 2011); in the euro area Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 2.2%, according to the Eurostat flash estimate. Source: SORS; calculations by IMAD. Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Slovenian Economic Mirror, December 2012 Current Economic Trends Table 5: Breakdown of the HICP into sub-groups – November 201213 Slovenia Euro area Cum. % Weight % Contribution in p.p. Cum. % Weight % Contribution in p.p. Total HICP 3.5 100.0 3.5 1.9 100.0 1.9 Goods 4.1 66.0 2.7 2.5 58.5 1.5 Processed food, alcohol and tobacco 5.0 15.4 0.8 2.1 11.9 0.2 Non-processed food 8.7 7.3 0.6 3.7 7.2 0.3 Non-energy industrial goods 0.8 28.8 0.2 1.4 28.5 0.4 Durables -3.0 10.6 -0.3 -0.2 9.0 0.0 Non-durables 1.7 8.8 0.1 2.1 8.2 0.2 Semi-durables 6.0 9.4 0.6 3.6 11.2 0.4 Energy 7.0 14.5 1.0 5.8 11.0 0.6 Electricity for households 4.2 2.7 0.1 5.8 2.6 0.2 Natural gas -8.4 1.1 -0.1 5.9 1.8 0.1 Liquid fuels for heating 10.3 1.7 0.2 8.1 0.9 0.1 Solid fuels -2.5 0.9 0.0 1.8 0.1 0.0 District heating 3.1 0.9 0.0 6.6 0.7 0.0 Fuels and lubricants 11.2 7.2 0.8 5.4 4.9 0.3 Services 2.2 34.0 0.7 0.8 41.5 0.3 Services – dwellings 0.0 3.0 0.0 1.5 10.1 0.2 Services – transport 2.6 5.9 0.2 2.1 6.5 0.1 Services – communications -0.7 3.5 0.0 -3.9 3.1 -0.1 Services – recreation, repairs, personal care 3.7 13.5 0.5 0.2 14.5 0.0 Services – other services 2.1 8.1 0.2 1.6 7.3 0.1 HICP excluding energy and non-processed food 2.2 78.2 1.7 1.1 81.8 0.9 Figure 18: Movement of domestic producer prices of manufactured goods on the domestic and foreign markets Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: Eurostat; calculations by IMAD. Note: ECB classification In 2012, consumer prices were up y-o-y largely due to higher energy and food prices and a one-off increase in certain prices of services. As in 2011, the main contribution to growth came from energy prices (0.9 p.p.). Growth in domestic energy prices (5.3%), which was somewhat lower than in 2011 (6.9%), was the result of oil price movements on global markets, as well as excise policy, which was mainly reflected in higher prices of liquid fuels for transport and heating (11.2%). Lower prices of natural gas also made a significant contribution to energy price growth (-10.4%). In 2012, inflation was also marked by higher food prices (4.8%; 4.9% in 2011). They were mainly a result of the relatively strong growth in prices of non-processed food, which were up again after the fall in 2011 (vegetables 19.7%, fruit 15.4%). Services prices also recorded higher growth than in 2011 (2.6%; 0.4% in 2011), largely on account of higher prices of school meals due to the abolition of subsidies. Against the background of weak -8 economic activity, core inflation was low, around 0.5%. -12 In November, the y-o-y growth of producer prices of -16 manufactured goods remained moderate. The y-o-y PPI (domestic) Mfr.of basic metals,fabric. metal prod.; exc. mach.,equip. (domestic) Mfr. of food products; beverages; tobacco products (domestic) PPI (foreign) 20 16 12 Y-o-y growth, in % 8 4 0 -4 growth of prices on the domestic market (1.3%) was marked Source: SORS. by higher prices in the manufacture of food products and beverages (4.0%). Prices in the manufacture of metals first eleven months of 2012, domestic producer prices on and metal products remained down y-o-y (-3.3%). In the foreign markets recorded modest growth. Prices in the manufacture of metals and metal products, and chemicals 13 Eurostat will publish the breakdown of the HICP into subgroups for and pharmaceutical raw materials were down (-3.1% and December 2012 for Slovenia and euro area on 16 January 2013. -0.9%, respectively). The y-o-y growth in import prices rose somewhat again in November (by 0.8 p.p. to 3.7%), largely due to price rises in the manufacture of food products (4.5%). In the manufacture of metals and metal products prices remained lower y-o-y (-2.5%). In the first ten months of 2012, the price competitiveness of the economy improved y-o-y due to a lower exchange rate of the euro, though less so than in most euro area countries. The real effective exchange rate deflated by the HICP – which has been declining y-o-y for the third year in a row – was down 1.1% in the first ten months. With the increase in relative prices,14 the y-o-y improvement reflected the depreciation of the euro, particularly against the USD, JPY, CHF and GBP. The y-o-y gain in price competitiveness was smaller than in most other euro area countries, which can be mainly explained by a smaller decline in the nominal effective exchange rate due to the structure of Slovenia’s external trade.15 Figure 19: Real effective exchange rates deflated by the HICP REER defl. HICP NEER Relat. HICP 5 4 -200 2 1 -300 0 -400 -1 -500 -2 Y-o-y growth, in % External trade has run a surplus since the beginning of 2012. The surplus of trade in goods and services was up y-o-y in October, once again mainly due to an improvement 14 Slovenian prices relative to prices in the trading partners. 15 Slovenia has an above-average share of merchandise trade with the euro area. The effects of the depreciation of the euro on the nominal effective exchange rate are, consequently, smaller. And vice versa: the appreciation of the euro also has a relatively smaller effect on the movement of Slovenia’s nominal effective exchange rate. in the balance of goods. The y-o-y growth in exports to non-EU countries strengthened further. Exports to EU countries were also up, after the decline in the previous two quarters. In the first ten months of 2012, the merchandise trade deficit climbed to EUR 288.9 m, which is EUR 422.0 m lower than in the same period of 2011. The favourable movements in services trade continued in October, mainly due to a higher surplus in trade in the group of other business services and in construction services. The latter recorded a substantial y-o-y increase in revenues from investment works performed by Slovenian companies abroad. In the first ten months of 2012, the surplus in services trade climbed to EUR 1,425.7 m, an increase of EUR 201.9 m over the same period of 2011. Merchandise trade Services trade Factor incomes Current transfers Current account 300 200 100 0 In EURm -100 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: BS; calculations by IMAD. -3 -4 In the first ten months of 2012, the deficit in factor incomes Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: ECB; calculations by IMAD. was up somewhat on the same period a year earlier. Within income from direct investment equity, payments of Balance of payments The current account balance, which was in surplus again in October, reached EUR 557.7 m in the first ten months of 2012. The surplus widened y-o-y primarily due to a higher surplus in external trade, while the balance of factor incomes and the balance of current transfers dividends and other profits to foreign direct investors increased most notably. Net income from investment in equity securities was down, which is related to diminishing returns. The total net payments of interest in the first ten months of 2012 stood at EUR 354.9 m, a similar figure as in the same period of the previous year. In October, the balance of current transfers deteriorated again. In the first ten months of 2012, the deficit in current transfers (in 2011 a surplus) was a result of higher net insurance payments of the private sector and higher net payments deteriorated. of other government transfers. External financial transactions16 recorded a substantial net inflow from general government portfolio investment and a high net outflow of other investment of the central bank. In October, external financial transactions recorded a net outflow again (EUR 314.3 m; EUR 280.1 m in the same period of 2011). In the first ten months of 2012, the 16 Excluding international monetary reserves and statistical errors. Slovenian Economic Mirror, December 2012 Current Economic Trends net outflow was EUR 821.0 m (EUR 593.8 m in the same period of 2011). Portfolio investment posted a net inflow of EUR 1,674 m in October. In October, the government issued a 10-year reference government bond with a nominal value of USD 2.25 bn on the American market, for the first time since 1996. The flows of direct investment remained weak in October. Direct investment recorded a net outflow of EUR 11.1 m, which was mainly due to debt financing of affiliated subsidiaries in Slovenia and abroad. Figure 21: Financial transactions of the balance of payments by instrument, in EUR m 2,000 Direct investment Financial derivatives Net financial flow Portfolio investment Other investment 1,500 1,000 500 In EURm consumer loans, while the volume of housing loans and 0 loans for other purposes remained almost unchanged. The volume of household loans was down EUR 135.3 m -500 in the first eleven months of 2012 (up by over EUR 185 m Financial markets The volume of loans to domestic non-banking sectors declined more notably in November 2012. It dropped by more than EUR 300 m. This largest decline in 2012 was mainly due to the further deleveraging of enterprises and NFIs. Household debt with domestic banks also shrank, while the volume of government loans remained approximately unchanged. In the first eleven months of 2012, banks increased their exposure only to the government sector (by over EUR 500 m). In the same period, the volume of loans of domestic non-banking sectors with domestic banks declined by as much as EUR 654.6 m, nearly three times the amount in the same period of 2011. Liquidity pressures from foreign banks on the Slovenian banking system remain significant. In November, government deposits rose noticeably, while household deposits recorded only modest growth. Household loan volume with domestic banks was down EUR 22.6 m in November. Households were mainly repaying in the same period of 2011). This substantial difference is mainly attributable to the considerably lower borrowing -1,000 -1,500 in the form of housing loans,17 coupled with higher repayments of consumer loans. -2,000 In November, enterprises and NFIs continued to repay -2,500 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: BS. domestic bank loans. At the monthly level, loan volume was down EUR 276.2 m. The bulk (EUR 260 m) was once again a result of corporate deleveraging, while NFI deleveraging remained much lower. Corporate and NFI Table 6: Balance of payments I-X 12, v mio EUR Inflows Outflows Balance1 Balance, I-X 11 Current account 23,967.2 23,409.5 557.7 107.0 - Trade balance (FOB) 18,031.0 18,320.0 -288.9 -711.0 - Services 4,256.9 2,831.3 1,425.7 1,223.7 - Income 625.7 1,143.5 -517.8 -497.4 Current transfers 1,053.6 1,114.8 -61.2 91.6 Capital and financial account 1,131.2 -1,882.4 -751.3 -577.1 - Capital account 208.6 -176.7 31.9 -21.5 - Capital transfers 206.8 -175.8 31.0 -18.0 - Non-produced, non-financial assets 1.8 -0.9 0.9 -3.5 - Financial account 922.5 -1,705.7 -783.2 -555.6 - Direct investment 217.2 103.5 320.7 395.3 - Portfolio investment -271.6 217.9 -53.6 2,077.7 - Financial derivates -91.5 57.2 -34.3 -120.0 - Other investment 1,030.6 -2,084.3 -1,053.7 -2,946.7 - Assets 9.5 -1,546.1 -1,536.6 -2,394.0 - Liabilities 1,021.0 -538.2 482.8 -552.7 - Reserve assets 37.8 0.0 37.8 38.2 Net errors and omissions 193.6 0.0 193.6 470.1 Figure 22: Increase in household, corporate, NFI and government loans 700 600 500 400 300 200 In EURm 100 0 -100 -200 -300 -400 -500 -600 -700 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: BS; calculations by IMAD. 17 They increased by less than EUR 100 m, which is the lowest level since Source: BS. Note: 1a minus sign (-) in the balance indicates a surplus of imports over comparable data have been available (2005). exports in the current account and a rise in assets in the capital and financial account and the central bank’s international reserves. Slovenian Economic Mirror, December 2012 Current Economic Trends loans shrank by EUR 1.0 bn in the first eleven months of Figure 23: Net repayments of foreign liabilities by 2012, by a factor of 2.7 more than in the same period of domestic banks 2011. In October 2012, corporate and NFI net borrowing abroad increased and was the highest in the first ten months (EUR 77.0 m). The maturity structure of corporate and NFI loans remained fairly unfavourable. Enterprises recorded short-term net borrowing only. In the first ten months of 2012, enterprises and NFIs net repaid EUR 40.9 m in foreign loans (exclusively long-term loans), while the net flow of short-term loans was slightly positive (EUR 6.5 m); in the same period of 2011, the total net borrowing abroad amounted to EUR 233.4 m. After widening substantially in September, the gaps between domestic and foreign interest rates for corporate and NFI loans narrowed by nearly 30 basis points, to around 235, which is still one of the highest levels in the euro area. They were wider only in Greece, Cyprus, Portugal and Malta. In October, net repayments of foreign liabilities by domestic banks increased once again, almost to EUR 300 m. Approximately one half of net outflows were net Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 repayments of foreign deposits. Outflows were also recorded for bonds and long-term loans. Short-term loans saw a positive net flow for the second time in a row (EUR Source: BS. EUR 510 m. The bulk (over EUR 450 m) was invested in 32.4 m). In the first ten months of 2012, banks net repaid EUR 2.9 bn in foreign liabilities, nearly twice as much as in the same period of 2011. Government deposits and, to a lesser extent, household deposits, increased in November. The government transferred a portion of proceeds from the issued dollar bond from the account with the Bank of Slovenia to its accounts with commercial banks. In November, the volume of government deposits thus increased by nearly Table 7: Financial market indicators short-term deposits, while a minor portion was placed in overnight deposits. Despite the considerable inflows in November, government deposits in the Slovenian banking system dropped by EUR 76.5 m in the first eleven months of 2012. After three months of substantial decline, the volume of household deposits rose, albeit only by around EUR 20 m. Short-term and long-term deposits were up, while overnight deposits shrank. In the first eleven months of 2012, the volume of household loans was down EUR 190 m, in contrast to the same period of Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR bn Nominal loan growth, % 31. XII 11 30. XI 12 30. XI 12/ 31. X 12 30. XI 12/ 31. XII 11 30. XI 12/ 30. XI 11 Loans total 32,733.9 32,079.3 -0.9 -2.0 -3.6 Enterprises and NFI 22,065.5 21,045.3 -1.3 -4.6 -7.2 Government 1,214.9 1,715.7 -0.2 41.2 48.0 Households 9,453.5 9,318.2 -0.2 -1.4 -1.6 Consumer credits 2,723.0 2,516.7 -0.9 -7.6 -8.6 Lending for house purchase 5,163.6 5,260.1 0.0 1.9 2.4 Other lending 1,566.9 1,541.3 -0.1 -1.7 -2.3 Bank deposits total 15,097.2 14,906.3 0.1 -1.3 -0.7 Overnight deposits 6,440.8 6,386.9 -0.5 -0.8 -1.9 Short-term deposits 4,127.7 3,982.5 0.8 -3.5 0.2 Long-term deposits 4,521.1 4,530.7 0.6 0.2 0.1 Deposits redeemable at notice 7.6 6.2 -9.4 -18.2 -13.8 Mutual funds 1,810.6 1,837.8 -0.1 1.5 0.9 Government bank deposits, total 2,849.0 2,772.4 22.5 -2.7 -3.9 Overnight deposits 139.7 274.1 23.7 96.2 78.0 Short-term deposits 694.5 913.2 98.5 31.5 23.4 Long-term deposits 2,013.33 1,557.7 -1.2 -22.6 -21.7 Deposits redeemable at notice 1.4 27.4 475.5 1,832.3 1,139.6 Sources: Monthly Bulletin of the BS, SMA (Securities Market Agency); calculations by IMAD. Slovenian Economic Mirror, December 2012 Current Economic Trends 2011 when it rose by nearly EUR 180 m. This significant Figure 25: Consolidated general government revenue gap can be explained by increased outflows of overnight and expenditure deposits and considerably lower net inflows of short-term deposits. The quality of bank assets keeps deteriorating. Having reached EUR 6.8 bn by the end of October, bad claims18 accounted for as much as 13.9% of the total exposure of banks. The monthly increase was a consequence of considerable growth in non-performing claims19 (by more than EUR 250 m), with claims on foreigners20 and construction standing out in particular. In November, banks thus intensified the creation of additional impairments and provisions, which totalled more than EUR 170 m. In the first eleven months of 2012, they exceeded EUR 1 bn, which is up 30% on the same period of 2011. Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Source: MF; calculations by IMAD. Provisions and impairments (left axis) Share of non-performing claims (right axis) Share of bad claims (right axis) 420 15 390 14 360 13 330 12 300 11 270 10 240 9 The first ten months of 2012 were marked by a decline in general government revenue (-0.4%). General government revenue shrank primarily due to a fall in tax revenue (-0.6%)22. Total wage-related tax revenue did not register growth in the first ten months of the year, which is a consequence of the movement of public sector wages. Revenue from social security contributions, non-tax 210 8 In EURm revenue and receipts from the EU budget recorded positive growth in the first ten months of the year. In % 180 7 150 6 Revenue from corporate and personal income taxes 120 5 fell by 7.6%, primarily as a result of lower revenue from 90 4 corporate income tax (-16.4%) due to lower economic 60 3 activity and changes to the corporate income tax system. 30 2 Revenue from taxes on goods and services went up by 0 1 1.6%. Excise duty revenue increased substantially (11.3%) -30 0 due to higher excise duty rates on gasoline and tobacco, while VAT revenue declined (-1.6%). Jan 09Jul 09 Jan 10 Jul 10 Source: BS; calculations by IMAD. Jan 11 Jul 11 Jan 12 Jul 12 Public finance The general government deficit according to the consolidated balance21 totalled EUR 1.1 bn in the first ten months of 2012, and was down EUR 232 m or 17.0% y-o-y. The deficit reduction continued in October, but its pace slowed down in the last three months compared with that observed in the second quarter of 2012. The deficit dynamics are explained by more negative expenditure growth than that of revenue. 18 C-, D- and E-rated claims. 19 Claims of the lowest quality, which are assigned ratings D and E. 20 Claims on foreign entities, excluding foreign financial organisations. 21 The consolidated balance (according to the cash flow methodology) includes revenues and expenditures of the state and local government budgets, as well as revenues and expenditures of the pension and health funds (the Institute for Pension and Disability Insurance, and the Health Insurance Institute of Slovenia). In the first ten months of 2012, general government expenditure was reduced by EUR 282 m, or by 2.1% compared with same period in the previous year. Expenditure declined across all main categories with the exception of interest payments and payments to the EU budget. The main drivers of the reduction were investment transfers, followed by expenditure on goods and services, wage bill costs and social transfers. Investment transfers went down by 20.3% y-o-y in the first ten months of 2012. Wage bill costs, which have been lower y-o-y since May 2012, also declined in October (-3.6%). The growth rate of social transfers decelerated in the first four months of the year. Decreasing since May in nominal terms, it visibly contributes to the fiscal consolidation process. Expenditure on social transfers fell by 1.9% by October 22 Due to the problems in the new information system of the Tax Administration regarding the booking of revenue from personal income tax and social security contributions (wage-related taxes), their total sum is correct but the subtotals are not allocated properly, which is blurring the actual dynamics of these revenue categories Slovenian Economic Mirror, December 2012 Current Economic Trends Table 8: Taxes and social security contributions EUR m Growth, % Structure, % I-X 2012 X 2012/X 2011 I-X 2012/I-X 2011 I-X 2011 I-X 2012 General government revenue - total 12,207.1 0.8 -0.4 100.0 100.0 Corporate income tax 478.5 -4.6 -16.4 4.7 3.9 Personal income tax 1,598.8 -3.6 -4.6 13.7 13.1 Value added tax 2,455.8 -14.0 -1.6 20.4 20.1 Excise duties 1,285.7 132.0 11.3 9.4 10.5 Social security contributions 4,411.8 3.3 1.7 35.4 36.1 Other general government revenues 1,976.5 -20.5 -2.0 16.5 16.2 Source: PPA - Report on Payments of All Public Revenues; calculations by IMAD. Note: *The figure for excise duties is corrected for the timing of excise duty payments. Table 9: Consolidated general government revenue and expenditure 2011 2012 EUR m % of GDP Growth, % I-X 12 EUR m I-X 12/ I-X 11 Revenue - total 14,981.3 41.4 1.3 12,207.1 -0.4 - Tax revenues 13,209.3 36.5 2.8 10,845.9 -0.6 - Taxes on income and profit 2,723.5 7.5 9.3 2,079.2 -7.6 - Social security contributions 5,267.6 14.6 0.6 4,411.8 1.7 - Domestic taxes on goods and servises 4,856.4 13.4 1.6 4,085.1 2.4 - Receipts from the EU budget 814.9 2.3 12.5 594.6 0.7 Expenditure - total 16,543.8 45.7 -0.9 13,353.6 -2.1 - Wages and other personnel expenditure 3,882.8 10.7 -0.8 2,692.3 -3.6 - Purchases of goods and services 2,442.0 6.8 -2.7 1,947.5 -2.7 -Domestic and foreign interest payments 526.6 1.5 7.9 641.2 23.5 - Transfers to individuals and households 6,533.1 18.1 4.1 5,359.6 -1.9 - Capital expenditure 1,023.0 2.8 -21.6 654.3 -9.9 - Capital transfers 371.7 1.0 -4.3 208.9 -20.3 - Payment to the EU budget 405.1 1.1 2.1 358.3 7.4 Deficit -1,562.4 -4.3 -1,146.4 Figure 26: Planned and absorbed EU funds Source: MF, Public Finance Bulletin. (in the same period last year, it increased by 4.1%). Expenditure on social transfers decreased across all categories with the exception of sickness benefits. The decline in social transfers was mainly due to lower social security transfers, family and unemployment benefits. In November, Slovenia absorbed nearly twice as much from the EU funds as in October (EUR 39.9 m), while the net budget was four times as high (EUR 46 m). In November, Slovenia received EUR 68.1 m from the EU budget (EUR 86.5 m in November 2011), while its payments totalled EUR 22.1 m (EUR 35.2 m in November 2011). In the first eleven months of 2012, Slovenia received EUR 661.1 m from the EU budget, 74.4% of what had been planned (79.1% in the same period of the previous year). The highest absorption rate (82.8%) was recorded for funds under the Common Agricultural and Fisheries Policies, and the lowest for receipts from the Cohesion Fund (47.3%). The realisation of receipts from structural funds was high (81.9%) due to the successful absorption from the European Fund for Regional Development (88.9%), while the realisation of receipts from the European Social Fund was 65.2%. In the same period, Slovenia paid EUR 380.4 m into the EU budget, or 94.3% of the level planned. Slovenia’s net Funds planned in the revised state budget for 2012 Funds planned in the state budget for 2011 Total receipts in 2012 (January-November) Total receipts in 2011 (January-December) Other Cohesion Fund Structural funds Common Agricultural Policy In EURm Source: MF; calculations by IMAD. budgetary position towards the EU budget was positive in the amount of EUR 280.6 m, which is around 10% lower than in the same period last year. statistical appendix MAIN INDICATORS 2007 2008 2009 2010 2011 2012 2013 2014 Autumn forecast 2012 GDP (real growth rates, in %) 7.0 3.4 -7.8 1.2 0.6 -2.0 -1.4 0.9 GDP in EUR million (current prices and current exchange rate) 34,594 37,244 35,556 35,607 36,172 35,700 35,495 36,129 GDP per capita, in EUR (current prices and current exchange rate) 17,135 18,420 17,415 17,379 17,620 17,457 17,327 17,610 GDP per capita (PPS)1 22,100 22,700 20,600 20,800 21,300 GDP per capita (PPS EU27=100)1 88 91 87 85 84 Gross national income (current prices and current fixed exchange rate) 33,859 36,262 34,868 35,029 35,670 34,970 34,626 35,235 Gross national disposable income (current prices and current fixed exchange rate) 33,618 35,923 34,693 35,085 35,776 35,099 34,946 35,271 Rate of registered unemployment 7.7 6.7 9.1 10.7 11.8 11.9 13.1 13.1 Standardised rate of unemployment (ILO) 4.9 4.4 5.9 7.3 8.2 8.3 9.1 9.1 Labour productivity (GDP per employee) 3.5 0.8 -6.1 3.5 2.2 -0.6 0.9 1.4 Inflation,2 year average 3.6 5.7 0.9 1.8 1.8 2.8 2.2 1.8 Inflation,2 end of the year 5.6 2.1 1.8 1.9 2.0 3.3 1.9 1.8 INTERNATIONAL TRADE – BALANCE OF PAYMENTS STATISTICS Exports of goods and services3 (real growth rates, in %) 13.7 4.0 -16.7 10.1 7.0 0.1 1.9 4.7 Exports of goods 13.9 1.8 -17.4 11.9 8.5 -0.3 1.8 5.0 Exports of services 13.2 14.3 -13.7 3.7 1.4 1.9 2.3 3.2 Imports of goods and services3 (real growth rates, in %) 16.7 3.7 -19.5 7.9 5.2 -5.2 -1.0 3.8 Imports of goods 16.2 3.0 -20.7 8.9 6.1 -5.1 -1.0 3.9 Imports of services 19.7 8.2 -12.0 2.7 -0.3 -5.9 -0.8 3.2 Current account balance, in EUR million -1,646 -2,295 -246 -209 2 810 1,363 1,142 As a per cent share relative to GDP -4.8 -6.2 -0.7 -0.6 0.0 2.3 3.8 3.2 Gross external debt, in EUR million 34,783 39,234 40,294 40,723 40,241 40,9585 As a per cent share relative to GDP 100.5 105.3 113.3 114.4 111.2 Ratio of USD to EUR 1.371 1.471 1.393 1.327 1.392 1.267 1.240 1.322 DOMESTIC DEMAND – NATIONAL ACCOUNTS STATISTICS Private consumption (real growth rates, in %) 6.1 3.7 -0.1 -0.7 -0.3 -1.2 0.2 1.5 As a % of GDP4 52.4 53.2 55.8 56.0 56.8 57.1 56.6 56.2 Government consumption (real growth rates, in %) 0.6 6.1 2.9 1.5 -0.9 -3.5 -0.7 0.3 As a % of GDP4 17.3 18.1 20.3 20.8 20.6 19.8 19.3 19.0 Gross fixed capital formation (real growth rates, in %) 13.3 7.8 -23.3 -8.3 -10.7 -1.5 4.0 3.0 As a % of GDP4 27.8 28.8 23.4 21.6 19.5 19.4 20.0 20.3 Sources of data: SORS, BS, Eurostat, calculations and forecasts by IMAD (Autumn Forecast, September 2012). Notes: 1Measured in purchasing power standard. 2Consumer price index. 3Balance of payments statistics (exports F.O.B., imports F.O.B.); real growth rates are adjusted for inter currency changes and changes in prices on foreign markets. 4Shares GDP are calculated for GDP in current prices at fixed exchange rate (EUR=239.64). 5End October 2012. Slovenian Economic Mirror,December 2012 Statistical Appendix PRODUCTION 2009 2010 2011 2010 2011 2012 2010 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 2 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -17.4 6.2 2.2 7.2 7.4 8.7 3.6 0.1 -3.0 0.9 -0.7 0.7 4.8 4.3 13.8 13.8 6.5 B Mining and quarrying -2.9 11.0 -8.1 23.7 15.7 -5.6 -9.3 -9.3 -7.9 -10.0 -1.7 -3.0 20.7 -2.5 39.7 -6.4 -1.2 C Manufacturing -18.7 6.6 2.1 7.3 7.1 9.1 3.7 -0.3 -3.6 0.3 -2.0 -0.9 4.8 5.0 12.4 14.6 6.6 D Electricity, gas & steam supply1 -6.6 1.8 5.0 3.6 7.0 6.9 3.8 5.1 4.0 8.2 12.8 16.1 2.2 0.6 17.4 11.0 6.3 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total -21.0 -17.0 -25.6 -16.4 -16.2 -25.3 -31.1 -25.4 -20.1 -17.7 -16.4 -12.3 -18.0 -17.5 -12.2 -20.9 -23.6 Buildings -22.6 -14.0 -39.7 -16.5 -19.2 -41.5 -46.5 -34.3 -35.9 -13.0 -6.7 -17.6 -17.4 -28.1 -12.4 -25.9 -41.2 Civil engineering -19.9 -18.9 -15.3 -16.2 -14.1 -6.3 -20.7 -20.0 -10.0 -21.2 -20.9 -9.7 -18.3 -10.3 -12.1 -15.4 2.7 TRANSPORT, tonne-km in m, y-o-y growth rates, % Tonne-km in road transport -9.2 7.9 3.2 9.5 -6.3 -3.2 1.5 3.6 11.7 6.0 -5.3 - - - - - - Tonne-km in rail transport -24.2 28.2 9.7 32.2 28.2 23.3 10.8 8.5 -1.6 -8.7 -8.0 - - - - - - Distributive trades, y-o-y growth rates, % Total real turnover* -13.0 3.6 3.1 4.7 5.8 7.5 3.6 2.9 -0.5 0.6 -4.3 -3.2 4.2 9.0 4.1 8.7 9.8 Real turnover in retail trade -10.6 -0.1 1.4 2.0 1.8 3.4 0.4 2.2 0.2 2.5 -2.7 -1.7 1.3 3.6 0.4 4.0 5.5 Real turnover in the sale and maintenance of motor vehicles -21.7 12.1 6.6 11.8 15.0 15.8 9.9 4.4 -1.9 -2.8 -7.2 -5.7 10.7 20.2 14.1 19.2 18.3 Nominal turnover in wholesale trade & commission trade -21.4 1.4 5.8 5.5 3.7 12.2 3.8 4.5 3.4 3.4 -0.6 1.2 1.1 4.8 5.3 11.2 15.4 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays -3.4 -1.5 5.3 -2.2 0.4 3.1 6.6 6.6 3.1 0.7 1.2 1.2 2.5 -0.8 -1.2 4.9 -1.9 Domestic tourists, overnight stays 2.8 -4.2 0.5 -9.6 -0.3 0.1 0.4 0.8 0.4 -0.5 -4.6 -7.5 -3.0 -0.5 3.2 0.1 -2.0 Foreign tourists, overnight stays -8.0 0.7 9.1 3.2 1.0 6.5 11.3 10.2 5.5 2.0 5.1 6.3 7.0 -1.1 -5.4 8.6 -1.7 Nominal turnover market services (without distributive trades) -7.8 2.8 3.7 4.2 5.4 5.7 4.7 4.8 -0.3 -0.6 0.5 -0.5 6.8 4.5 4.9 7.2 4.9 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 449.3 454.5 478.9 115.6 137.5 100.4 113.3 125.7 139.5 108.4 110.4 128.4 45.7 44.1 47.7 32.9 30.5 BUSSINES TENDENCY (indicator values**) Sentiment indicator -23 -9 -7 -6 -8 -7 -4 -6 -10 -12 -16 -19 -7 -8 -9 -7 -7 Confidence indicator - in manufacturing -23 -1 0 3 1 3 3 -1 -7 -6 -11 -14 4 -1 -1 3 3 - in construction -50 -57 -46 -56 -53 -52 -46 -44 -43 -40 -44 -39 -49 -53 -57 -55 -50 - in services -14 -3 1 -2 -2 0 3 3 -4 -8 -8 -14 -4 -1 -1 0 -2 - in retail trade -12 7 8 12 10 6 12 1 12 6 5 1 12 8 11 7 12 Consumer confidence indicator -30 -25 -25 -27 -26 -26 -25 -25 -24 -26 -36 -39 -26 -24 -27 -26 -28 Source of data: SORS. 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. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. 2011 2012 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 6.5 3.3 4.3 3.1 -1.5 -1.5 2.8 -1.9 0.6 -8.0 1.3 4.4 -2.3 3.3 -3.2 -1.9 4.3 4.4 -5.5 7.1 - - -8.4 -4.7 -22.1 0.2 -8.5 -17.3 -1.7 -6.0 -2.5 -16.3 5.8 -11.5 -21.2 -7.5 10.2 -6.5 -5.2 2.0 -5.5 -8.3 - - 6.9 3.2 4.9 3.1 -1.9 -2.4 3.0 -2.6 -0.5 -8.2 1.0 3.2 -2.7 3.3 -4.5 -4.2 2.6 2.8 -6.8 6.9 - - 3.6 5.7 3.2 2.4 4.4 11.8 -0.4 4.7 13.1 -4.0 3.4 16.2 5.2 5.7 9.5 24.0 22.6 16.3 9.8 11.8 - - -29.7 -27.0 -29.3 -36.2 -27.0 -31.2 -17.5 -25.4 -9.6 -24.6 -24.4 -26.6 -5.0 -14.5 -23.2 -10.9 -19.4 -14.4 -3.9 -15.5 - - -53.1 -37.9 -48.0 -52.8 -36.0 -36.7 -30.0 -33.3 -28.6 -44.5 -31.1 -31.0 27.6 -7.2 -15.6 4.4 -23.9 -11.9 -16.7 -31.3 - - -5.2 -19.0 -16.6 -25.9 -21.2 -28.0 -9.7 -21.0 0.7 -7.0 -18.1 -22.8 -22.0 -18.6 -26.5 -17.0 -17.1 -15.7 2.2 -7.9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.9 3.4 6.0 1.4 0.0 6.3 2.4 0.7 -0.5 -1.8 2.6 1.0 -1.8 -4.0 -5.2 -3.7 -0.6 -3.7 -10.2 -3.3 - - 0.6 0.3 1.8 -0.9 -1.1 5.6 2.1 0.5 1.3 -1.1 4.0 3.5 -0.1 -3.5 -3.1 -1.5 -0.6 -0.8 -6.5 -4.0 - - 9.8 9.8 14.0 5.9 2.2 8.0 3.0 1.3 -3.6 -3.4 -0.1 -3.5 -4.8 -5.1 -8.8 -7.7 -0.6 -10.6 -17.5 -1.7 - - 10.4 4.2 6.2 1.1 -0.3 8.5 5.6 5.7 5.6 -0.9 8.6 3.9 -0.9 0.1 0.4 -2.3 7.2 2.8 -5.6 3.0 - - 6.7 13.6 -4.2 10.6 4.1 7.0 9.8 1.9 7.0 1.2 0.2 -0.3 2.4 -0.9 7.9 -1.9 1.3 2.5 -1.4 -3.5 - - 2.7 9.3 -3.0 -3.4 -3.7 2.1 7.3 -2.9 8.6 -3.3 -0.3 -3.3 2.8 -14.3 -1.6 0.9 -9.9 -4.1 -9.8 -6.6 - - 11.0 17.2 -5.0 21.6 9.7 10.0 11.2 5.5 5.2 5.8 0.6 4.5 1.9 9.4 14.1 -3.7 8.4 6.3 3.1 -1.3 - - 5.2 7.0 0.5 6.8 2.1 4.7 7.6 -1.5 0.2 0.5 0.3 -3.6 1.4 -1.0 2.5 0.0 1.0 0.6 -3.0 -2.8 - - 36.9 36.9 39.6 36.8 42.2 39.8 43.7 48.9 44.0 46.7 34.3 35.1 39.0 37.0 38.3 35.1 47.2 37.9 43.3 47.1 - - -6 -4 -3 -5 -5 -7 -6 -10 -10 -11 -12 -12 -12 -16 -14 -17 -16 -19 -21 -23 -22 -17 3 5 3 1 0 -1 -1 -8 -7 -5 -3 -6 -8 -10 -11 -13 -12 -14 -15 -16 -13 -9 -51 -49 -44 -45 -46 -43 -43 -42 -45 -42 -42 -39 -40 -45 -43 -43 -41 -36 -41 -42 -41 -36 3 5 2 3 3 5 2 0 -2 -9 -10 -9 -5 -7 -7 -10 -11 -14 -17 -20 -19 -15 0 9 15 12 1 -8 11 13 14 10 6 7 6 8 2 4 0 -1 4 -3 -5 -2 -25 -26 -25 -23 -24 -27 -23 -26 -26 -20 -26 -26 -26 -38 -33 -37 -36 -35 -45 -38 -38 -35 Slovenian Economic Mirror,December 2012 Statistical Appendix LABOUR MARKET 2009 2010 2011 2010 2011 2012 2010 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 FORMAL LABOUR FORCE (A=B+E) 944.5 935.5 934.7 933.8 934.8 936.8 937.5 931.1 933.3 926.6 923.7 915.2 937.2 929.0 936.0 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 858.2 835.0 824.0 835.4 829.3 821.9 828.4 823.9 821.7 812.7 816.5 809.1 833.4 819.0 820.9 In agriculture, forestry, fishing 37.9 33.4 38.8 34.0 33.3 38.0 40.1 38.8 38.0 35.2 37.8 37.4 33.3 33.1 38.0 In industry, construction 306.9 287.3 272.9 287.0 281.9 273.7 274.2 272.7 271.0 265.4 266.3 263.1 283.9 276.0 274.4 Of which: in manufacturing 199.8 188.6 184.8 188.1 186.8 184.1 184.7 184.4 186.2 184.6 184.1 182.5 187.9 184.1 183.9 in construction 86.8 78.5 67.8 78.6 75.0 69.7 69.3 67.9 64.4 60.5 61.6 60.1 75.8 72.1 70.7 In services 513.4 514.3 512.3 514.3 514.1 510.2 514.1 512.4 512.7 512.1 512.4 508.6 516.1 509.9 508.5 Of which: in public administration 51.5 52.0 51.4 52.1 51.8 51.2 51.5 51.4 51.3 50.9 51.2 50.8 52.0 51.5 51.2 in education, health-services, social work 113.8 116.7 118.8 116.3 118.0 117.8 118.8 118.5 120.1 120.7 121.6 120.3 118.5 117.7 117.3 FORMALLY EMPLOYED (C)1 767.4 747.2 729.1 747.0 740.6 728.1 731.9 728.9 727.4 720.9 722.7 716.2 744.6 730.5 727.3 In enterprises and organisations 699.4 685.7 671.8 685.7 681.3 671.4 673.9 671.3 670.7 666.4 667.4 661.4 684.8 673.0 670.7 By those self-employed 67.9 61.5 57.2 61.4 59.3 56.7 58.0 57.6 56.6 54.5 55.4 54.8 59.8 57.6 56.6 SELF-EMPLOYED AND FARMERS (D) 90.8 87.8 94.9 88.3 88.7 93.8 96.5 95.0 94.4 91.8 93.8 92.9 88.8 88.5 93.5 REGISTERED UNEMPLOYMENT (E) 86.4 100.5 110.7 98.4 105.5 114.9 109.1 107.2 111.6 114.0 107.2 106.1 103.8 110.0 115.1 Female 42.4 47.9 52.1 47.8 50.2 52.9 50.9 51.1 53.3 53.2 51.0 50.9 49.5 51.2 53.2 By age: under 26 13.3 13.9 12.9 12.4 15.1 14.5 12.6 11.3 13.4 12.7 10.8 10.1 15.1 14.4 14.7 aged over 50 26.2 31.4 39.0 31.1 34.5 40.1 39.1 38.7 38.2 39.2 38.1 37.4 33.0 38.9 40.2 Unskilled 34.1 37.5 39.5 36.6 38.2 41.6 39.2 38.1 39.3 41.0 39.2 37.8 37.5 39.9 41.6 For more than 1 year 31.5 42.8 50.2 44.0 47.2 48.7 48.6 49.6 53.8 57.2 55.1 54.5 47.5 47.4 48.6 Those receiving benefits 27.4 30.0 36.3 29.3 29.7 39.7 36.4 34.9 34.4 37.8 33.2 31.5 29.7 31.2 39.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 9.1 10.7 11.8 10.5 11.3 12.3 12.2 11.5 12.0 12.3 11.6 11.6 11.1 11.8 12.3 Male 8.3 10.1 11.4 9.7 10.7 12.0 11.9 10.9 11.3 11.9 11.1 11.0 10.4 11.4 12.0 Female 10.2 11.6 12.4 11.5 12.1 12.6 12.5 12.3 12.7 12.7 12.3 12.3 11.9 12.4 12.7 FLOWS OF FORMAL LABOUR FORCE 30.4 13.3 2.7 -0.3 12.1 3.9 -6.9 0.0 5.7 -1.9 -5.2 -0.2 1.1 6.2 5.1 New unemployed first-job seekers 17.0 16.8 14.4 2.8 8.7 3.2 2.0 2.7 6.5 2.4 1.9 3.0 1.4 0.9 1.3 Redundancies 90.5 83.5 82.2 18.5 28.6 24.4 16.8 18.7 22.3 22.6 17.9 20.9 8.2 13.2 11.8 Registered unemployed who found employment 48.6 57.0 61.0 15.5 14.5 17.5 17.2 13.4 12.9 17.3 14.0 13.5 4.9 4.7 5.8 Other outflows from unemployment (net) 28.5 29.9 32.8 6.0 10.7 6.2 8.5 8.0 10.2 9.6 11.1 10.7 3.6 3.3 2.2 REGISTERED VACANCIES3 161.3 174.6 194.5 45.9 46.5 45.5 52.9 52.3 43.8 44.9 41.2 46.8 14.7 14.3 15.2 For a fixed term, in % 78.1 80.7 81.7 82.2 80.0 81.5 81.0 82.8 81.4 82.9 83.4 84.0 80.4 78.1 80.9 WORK PERMITS FOR FOREIGNERS 54.9 41.6 35.6 40.7 39.4 38.0 35.5 34.7 34.3 34.2 34.4 33.9 39.4 38.5 38.3 As % of labour force 5.8 4.4 3.8 4.4 4.2 4.1 3.8 3.7 3.7 3.7 3.7 3.7 4.2 4.1 4.1 NEW JOBS 111.4 104.1 118.3 27.9 27.5 27.3 27.3 26.3 37.4 30.8 27.3 26.9 8.8 7.8 10.0 Sources of data: SORS, PDII, ESS. Notes: 1In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figures for farmers from the Labour Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. 2Estimated by IMAD, based on data by PDII and ESS; 3According to ESS. 2011 2012 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 937.3 937.1 938.4 937.7 936.3 931.7 930.0 931.5 935.3 934.5 930.1 927.5 927.1 925.4 926.0 923.7 921.3 917.4 914.5 913.8 918.0 821.7 823.1 826.9 829.0 829.2 824.2 823.0 824.5 824.4 823.4 817.3 811.6 812.0 814.5 816.9 816.9 815.7 810.5 808.4 808.3 807.1 38.0 38.1 40.1 40.1 40.1 38.9 38.8 38.8 38.1 38.1 37.9 35.2 35.1 35.3 37.7 37.8 37.9 37.2 37.4 37.6 37.5 273.6 273.1 273.5 274.7 274.4 272.6 272.8 272.7 273.5 272.1 267.4 265.4 264.7 266.1 266.6 266.6 265.7 264.0 263.2 262.2 261.1 184.3 184.3 184.3 185.1 184.6 183.8 184.0 185.2 186.8 186.6 185.1 184.6 184.6 184.6 184.4 184.2 183.8 182.9 182.5 182.1 181.8 69.5 68.9 69.1 69.4 69.4 68.4 68.4 67.0 66.2 65.0 62.1 60.7 59.9 61.0 61.7 61.8 61.4 60.5 60.2 59.6 59.0 510.1 511.9 513.3 514.3 514.7 512.7 511.4 513.1 512.8 513.2 512.0 510.9 512.2 513.1 512.6 512.5 512.1 509.3 507.9 508.5 508.5 51.2 51.2 51.5 51.6 51.6 51.4 51.5 51.2 51.3 51.4 51.2 50.8 50.9 50.9 51.1 51.2 51.2 50.8 50.8 50.7 50.2 117.8 118.3 118.6 118.9 119.0 118.2 118.1 119.3 119.8 120.2 120.3 119.9 120.8 121.5 121.6 121.7 121.4 120.3 119.8 120.8 121.1 727.8 729.0 730.5 732.5 732.6 729.0 728.1 729.7 730.1 729.0 723.0 719.6 720.3 722.7 723.0 723.1 722.1 717.7 715.6 715.2 713.7 671.3 672.1 672.9 674.3 674.4 671.1 670.5 672.2 672.7 671.9 667.6 665.2 666.1 667.9 667.7 667.7 666.7 662.8 660.9 660.5 659.2 56.6 56.9 57.6 58.2 58.2 57.9 57.5 57.4 57.4 57.0 55.5 54.5 54.2 54.8 55.3 55.4 55.3 55.0 54.7 54.7 54.5 93.8 94.1 96.4 96.5 96.6 95.1 95.0 94.8 94.3 94.5 94.3 91.9 91.8 91.8 93.9 93.8 93.6 92.8 92.8 93.1 93.4 115.6 113.9 111.6 108.6 107.1 107.6 107.0 107.0 110.9 111.1 112.8 116.0 115.0 110.9 106.8 106.8 105.6 106.9 106.1 105.4 110.9 53.2 52.4 51.8 50.7 50.2 50.9 51.0 51.3 53.5 53.4 53.2 54.2 53.4 52.0 51.7 50.9 50.5 51.2 50.9 50.5 53.3 14.7 14.1 13.4 12.5 11.9 11.5 11.1 11.2 13.6 13.5 13.2 13.2 12.9 12.0 11.4 10.7 10.3 10.2 10.1 10.1 14.2 40.2 39.9 39.4 39.1 38.8 38.9 38.8 38.4 38.2 37.9 38.4 39.6 39.4 38.6 38.5 38.1 37.7 37.9 37.4 37.1 37.0 41.9 41.2 40.1 39.1 38.4 38.1 37.9 38.3 38.7 39.0 40.1 41.4 41.6 40.0 40.0 39.0 38.4 38.2 37.7 37.5 38.3 49.0 48.7 48.8 48.6 48.5 48.8 49.6 50.4 51.8 52.9 56.7 58.0 57.3 56.3 55.4 55.0 54.7 54.6 54.6 54.3 54.3 40.2 39.8 37.5 36.4 35.3 35.2 35.1 34.4 33.9 33.7 35.5 38.5 38.3 36.7 34.2 33.4 31.9 32.1 31.4 31.2 31.5 12.3 12.2 11.9 11.6 11.4 11.5 11.5 11.5 11.9 11.9 12.1 12.5 12.4 12.0 11.8 11.6 11.5 11.7 11.6 11.5 12.1 12.0 11.9 11.5 11.2 11.0 11.0 10.9 10.8 11.1 11.2 11.6 12.1 12.1 11.6 11.3 11.0 10.9 11.0 11.0 10.9 11.4 12.7 12.5 12.3 12.1 12.0 12.2 12.3 12.3 12.7 12.7 12.7 13.0 12.8 12.5 12.4 12.2 12.2 12.4 12.4 12.3 12.9 0.5 -1.7 -2.4 -2.9 -1.6 0.5 -0.6 0.1 3.9 0.2 1.7 3.2 -0.9 -4.2 -1.8 -2.3 -1.2 1.3 -0.8 -0.6 5.4 1.0 0.9 0.7 0.7 0.7 0.6 0.7 1.4 4.4 1.3 0.8 0.8 0.7 0.8 0.7 0.6 0.6 0.8 0.8 1.4 6.3 6.0 6.6 5.4 5.6 5.7 6.4 5.7 6.6 6.9 7.1 8.2 10.6 6.1 5.9 6.5 5.8 5.6 8.0 5.6 7.3 8.4 4.9 6.8 6.0 6.3 4.9 4.0 4.1 5.4 4.4 4.5 4.0 5.0 5.2 7.1 5.5 4.7 3.9 4.0 4.0 5.5 4.9 1.6 2.4 2.5 3.0 3.0 2.6 2.9 2.5 3.1 3.8 3.3 3.3 2.6 3.7 3.5 4.1 3.5 3.5 3.3 3.8 4.3 14.3 16.0 15.7 17.8 19.3 15.5 17.2 19.5 15.8 14.3 13.6 15.6 13.1 16.2 14.0 14.2 13.0 15.4 16.4 15.1 15.9 81.7 81.8 81.5 82.1 79.3 80.9 83.5 83.9 84.0 81.6 78.5 80.3 82.7 85.7 83.3 83.9 83.0 83.7 84.6 83.8 83.0 38.1 37.7 37.4 34.6 34.5 34.5 34.7 34.9 34.5 34.3 34.2 34.2 34.2 34.2 34.7 34.4 34.1 33.8 33.9 33.9 33.6 4.1 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 7.6 9.6 9.4 9.2 8.7 7.6 6.5 12.3 11.9 12.6 12.8 11.8 8.4 10.6 10.0 9.0 8.4 8.2 7.0 11.6 10.5 Slovenian Economic Mirror,December 2012 Statistical Appendix WAGES AND INDICATORS OF OVERALL COMPETITIVENESS 2009 2010 2011 2010 2011 2012 2010 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 GROSS WAGE PER EMPLOYEE, y-o-y growth rates, % Activity - Total 3.4 3.9 2.0 4.2 3.3 3.1 2.0 1.7 1.1 1.6 0.3 -0.7 3.1 3.3 4.3 A Agriculture, forestry and fishing -0.2 5.8 3.1 7.4 6.9 7.1 4.2 1.1 0.4 0.1 -1.0 -1.5 9.3 7.7 8.0 B Mining and quarrying 0.9 4.0 3.8 1.9 6.0 3.6 0.3 5.8 5.9 8.4 10.6 2.2 18.6 3.4 0.4 C Manufacturing 0.8 9.0 3.9 8.7 6.8 5.4 3.6 3.5 3.1 3.4 2.5 2.0 6.8 5.6 10.1 D Electricity, gas, steam and air conditioning supply 3.8 3.7 2.3 3.6 4.4 1.6 5.2 3.5 -0.5 5.6 3.9 4.9 1.6 -0.2 1.2 E Water supply sewerage, waste management and remediation activities 2.0 2.2 -0.1 2.0 1.3 -0.1 1.5 1.1 -2.7 2.1 -0.5 0.4 1.5 -0.2 0.1 F Constrution 1.0 4.4 2.0 4.1 5.2 5.5 1.5 0.3 0.5 -0.3 -2.8 -2.8 4.4 6.1 6.4 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1.9 3.7 2.8 4.3 3.9 3.2 2.6 2.3 3.0 2.1 1.6 0.0 2.9 3.8 4.3 H Transportation and storage 0.7 2.0 2.7 2.5 3.1 2.3 3.0 3.9 1.6 2.2 0.6 -1.7 2.7 2.7 3.4 I Accommodation and food service activities 1.6 4.0 2.1 4.5 4.5 4.7 2.4 2.0 -0.6 -0.4 -0.7 -1.0 4.3 5.1 5.6 J Information and communication 1.4 2.6 0.9 3.4 3.5 1.0 1.2 1.8 -0.2 0.3 1.3 -1.2 3.3 2.1 1.4 K Financial and insurance activities -0.7 1.0 0.6 2.6 -2.6 2.3 2.4 0.8 -2.4 4.5 -1.7 2.2 1.4 5.2 1.6 L Real estate activities 1.9 3.0 2.9 2.9 1.0 4.1 2.9 3.4 1.6 1.1 -1.3 -0.6 -0.4 3.0 2.9 M Professional, scientific and technical activities 2.1 1.6 -0.4 2.3 0.7 0.4 0.2 -0.6 -1.6 -0.5 -0.8 -1.7 0.8 1.0 0.2 N Administrative and support service activities 1.8 4.1 3.5 4.6 4.8 4.3 3.2 3.9 2.7 3.0 0.3 -0.9 3.1 5.3 4.5 O Public administration and defence, compulsory social security 5.9 -0.6 0.3 0.4 0.3 1.2 0.6 -0.1 -0.4 -0.2 -1.5 -3.2 -0.9 0.5 1.0 P Education 3.6 0.6 0.2 1.0 0.6 0.7 -0.1 -0.3 0.4 -0.3 -2.2 -5.0 0.1 0.6 0.8 Q Human health and social work activities 12.0 -0.3 -0.7 0.3 -0.3 -0.9 -0.8 -0.5 -0.5 -0.5 -1.0 -1.7 -1.2 -1.4 -0.7 R Arts, entertainment and recreation 3.9 0.5 -0.7 1.2 -1.2 -0.2 -1.2 -1.0 -0.3 -0.6 -1.5 -4.4 -1.5 -0.6 -0.3 S Other service activities 1.3 4.2 0.9 5.5 3.3 2.7 1.5 0.6 -1.1 0.5 -0.6 -1.0 1.0 2.5 3.8 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate,2 nominal 1.1 -2.1 -0.1 -2.5 -2.4 -1.3 0.6 0.4 0.1 -0.5 -1.3 -1.7 -2.6 -2.2 -1.3 Real (deflator HICP) 1.3 -1.8 -1.0 -2.0 -2.7 -1.8 -0.5 -1.2 -0.5 -0.9 -1.4 -0.9 -2.7 -2.4 -2.0 Real (deflator ULC) 6.1 -1.5 -2.0 -1.9 -2.8 -2.9 -1.5 -2.0 -1.4 -2.2 -3.4 USD/EUR 1.3933 1.3268 1.3917 1.2910 1.3593 1.3669 1.4393 1.4126 1.3480 1.3110 1.3196 1.2630 1.3220 1.3360 1.3649 Sources of data: SORS, AP, BS, ECB, OECD Main Economic Indicators; calculations by IMAD. Notes: 1 Change in the source for effective exchange rate series as of April 2012; the new source ECB, before that own calculations (IMAD). 2Harmonised effective exchange rate - 20 group of trading partners and 17 Euro area countries; a rise in the value indicates appreciation of national currency and vice versa. 2011 2012 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 1.7 1.4 2.8 2.0 1.3 2.5 1.4 1.5 1.1 0.8 2.2 2.0 0.7 1.0 1.3 -1.3 -0.1 -0.7 -1.2 0.4 5.7 2.5 6.8 3.4 -1.5 3.8 1.1 0.2 4.1 -3.5 2.1 0.3 -2.1 -0.1 -0.5 -2.5 1.3 -1.9 -3.9 2.5 6.8 9.0 -5.8 -1.4 6.4 4.3 6.6 9.7 2.2 6.8 10.0 11.9 3.8 4.0 14.9 13.2 1.4 5.4 -0.2 1.5 1.0 1.9 5.2 3.8 1.8 5.2 3.4 2.8 4.6 1.8 4.5 3.8 1.9 2.7 3.9 1.0 4.3 1.3 0.3 5.2 3.7 1.6 7.2 6.8 3.6 4.7 2.2 3.7 -8.1 5.6 5.5 8.0 3.6 5.2 6.5 0.3 4.0 2.6 8.3 7.8 -0.2 -1.1 3.4 2.3 -1.2 3.3 1.1 2.2 -7.5 -1.3 3.1 2.8 0.5 0.4 0.7 -2.5 4.0 -0.1 -2.6 2.2 4.2 -0.5 1.6 3.4 -0.9 0.9 0.8 -0.5 2.3 -0.5 1.1 1.4 -3.1 -1.3 -0.4 -6.6 -1.4 -1.9 -5.1 0.2 1.5 2.2 2.4 3.3 2.0 3.2 1.7 2.4 4.3 2.4 3.3 2.2 1.0 2.9 1.8 0.0 0.7 0.5 -1.0 0.5 0.8 1.5 2.0 5.4 9.6 4.0 -1.5 3.5 0.8 0.8 3.7 0.8 2.0 1.5 2.1 -1.9 -6.3 -1.3 2.7 -1.1 3.5 2.8 1.7 2.6 1.3 3.3 1.6 0.6 -1.9 -0.3 0.2 0.4 -1.7 -1.4 0.5 -1.2 -0.1 -1.1 -1.9 -0.9 -0.6 1.2 1.7 0.5 -0.3 2.5 3.1 1.2 -0.4 -1.3 0.1 0.2 0.5 2.3 1.7 -0.1 0.8 -1.2 -3.1 0.1 0.3 2.6 9.0 -4.0 -1.7 3.2 0.9 -0.6 -6.2 0.5 1.5 8.4 3.8 -0.4 -4.4 -0.2 1.8 1.8 3.0 3.5 6.5 2.2 4.4 2.3 2.0 4.7 3.4 1.7 1.0 2.0 2.3 2.5 -1.5 -0.1 -1.3 -2.4 0.1 -1.0 -1.1 0.1 0.0 0.0 0.9 -0.3 -1.2 0.2 -0.9 0.5 -2.9 -2.3 0.0 -0.5 -1.1 -0.7 1.0 -2.7 -0.8 -1.9 -2.4 -0.9 3.0 2.9 2.8 3.8 3.5 3.1 5.2 2.4 3.2 2.5 2.1 5.1 2.0 -0.2 1.7 -0.6 -0.1 0.0 -2.5 1.4 2.2 0.6 0.7 0.6 0.2 0.1 -0.6 -1.3 0.2 -0.1 0.6 -0.4 -0.7 -0.7 -0.3 -3.5 -3.4 -3.3 -2.9 -2.9 0.8 0.3 -0.2 -0.3 -0.4 -0.5 0.1 1.0 -0.4 0.5 0.1 -0.6 -0.5 -1.5 -0.4 -4.6 -4.8 -5.0 -5.2 -5.8 -0.5 -0.9 -0.8 -0.6 -0.1 -1.0 -0.5 -0.5 -0.4 -0.5 -0.5 -0.4 -0.6 -0.3 -1.0 -1.6 -2.2 -2.0 -1.0 -2.8 0.3 -1.6 -2.1 0.1 -0.2 -1.2 -1.4 1.6 -1.6 -0.8 -1.3 -1.9 1.3 -0.9 0.0 -3.5 -4.1 -3.6 -5.4 -6.3 1.7 0.0 2.4 2.0 -1.0 1.6 1.1 0.0 -1.6 -1.8 2.0 -0.4 0.0 -0.6 0.1 -1.2 -0.1 -2.2 -0.7 -1.2 -0.4 0.2 0.6 1.0 0.2 0.5 0.4 -0.1 0.2 0.1 -0.1 -0.4 -0.9 -1.2 -1.2 -1.5 -1.8 -2.1 -1.5 -1.6 -1.0 -1.0 -0.1 -0.5 -1.6 -1.3 -0.6 -0.5 -0.3 -0.7 -0.8 -0.6 -1.3 -1.1 -1.5 -1.5 -1.5 -1.5 -0.4 -1.0 1.3999 1.4442 1.4349 1.4388 1.4264 1.4343 1.3770 1.3706 1.3556 1.3179 1.2905 1.3224 1.3201 1.3162 1.2789 1.2526 1.2288 1.2400 1.2856 1.2974 Slovenian Economic Mirror,December 2012 Statistical Appendix PRICES 2009 2010 2011 2010 2011 2012 2010 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 10 11 12 1 CPI, y-o-y growth rates, % 0.9 1.8 1.8 2.1 1.7 1.7 1.7 1.3 2.5 2.5 2.5 2.9 2.0 1.9 1.4 1.9 1.8 Food, non-alcoholic beverages 0.6 1.0 4.4 2.6 2.0 3.9 5.0 3.7 5.1 3.9 4.2 3.9 2.2 1.9 1.9 2.2 3.7 Alcoholic beverages, tobacco 6.7 7.2 5.7 7.3 8.1 8.1 6.3 3.7 4.9 4.2 5.1 7.2 8.5 8.2 8.0 8.1 7.8 Clothing and footwear -0.6 -1.9 -1.6 -0.6 -0.4 -0.7 -2.4 -4.2 0.9 -2.2 1.6 0.7 1.9 -1.1 0.0 -0.1 0.1 Housing, water, electricity, gas -0.3 10.2 5.6 12.0 9.0 6.8 5.4 4.8 5.4 4.9 4.2 4.4 11.4 11.7 7.1 8.3 7.4 Furnishings, household equipment 4.0 1.4 2.7 1.3 2.1 2.7 3.9 2.4 1.7 1.2 0.0 -0.1 2.2 2.0 1.8 2.6 2.4 Medical, pharmaceutical products 4.0 2.1 1.6 4.0 4.6 2.9 2.6 0.8 0.3 -0.2 1.4 0.2 5.2 5.1 4.4 4.3 3.2 Transport -3.0 -0.3 1.0 -1.8 -0.5 0.8 0.5 1.1 1.7 2.6 3.2 3.9 -2.1 -0.6 -1.2 0.3 0.7 Communications -4.1 1.4 1.2 1.3 2.8 2.7 1.6 2.3 -1.8 -1.2 -2.9 -3.6 3.5 2.5 2.8 3.2 1.4 Recreation and culture 3.0 0.4 -1.5 -0.2 0.1 -2.6 -1.0 -1.7 -0.8 2.6 1.2 1.2 0.3 0.1 -0.1 0.4 -0.9 Education 3.4 1.6 1.7 1.6 0.8 1.7 1.6 1.9 1.4 1.1 1.3 4.3 0.9 0.4 1.3 0.7 1.7 Catering services 4.4 -2.5 -6.8 -2.9 -11.0 -11.0 -10.9 -6.2 2.0 2.3 2.5 3.7 -11.2 -10.9 -11.0 -11.1 -11.1 Miscellaneous goods & services 3.8 1.4 2.2 0.5 0.7 1.4 2.3 2.4 2.6 2.5 1.2 3.3 0.4 0.9 0.6 0.6 0.8 HCPI 0.9 2.1 2.1 2.3 2.0 2.2 2.0 1.5 2.6 2.5 2.5 3.2 2.1 2.1 1.6 2.2 2.3 Core inflation (excluding fresh food and energy) 1.9 0.3 1.3 0.4 0.4 0.5 1.1 1.2 2.3 2.2 1.8 2.0 0.6 0.5 0.2 0.6 0.4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -1.3 2.1 4.5 3.4 3.8 5.7 4.8 4.1 3.6 1.3 0.8 0.7 3.2 3.5 3.8 4.2 5.2 Domestic market -0.4 2.0 3.8 2.8 3.2 4.5 4.1 3.7 2.9 1.1 0.9 0.9 2.8 3.1 3.2 3.5 4.0 Non-domestic market -2.2 2.2 5.3 4.0 4.4 6.9 5.5 4.6 4.4 1.6 0.7 0.4 3.6 3.9 4.5 4.9 6.4 euro area -3.5 2.2 6.1 4.0 4.8 8.2 6.5 5.1 4.6 0.8 0.2 0.1 3.4 4.1 4.8 5.6 7.5 non-euro area 0.3 2.1 3.6 3.8 3.5 4.0 3.1 3.5 3.8 3.4 2.0 1.3 4.0 3.2 3.6 3.6 4.0 Import price indices -3.3 7.4 5.4 7.8 8.9 8.9 5.5 4.5 2.9 1.9 1.2 0.5 7.7 7.6 8.9 10.3 10.4 PRICE CONTROL,1 y-o-y growth rates, % Energy prices -12.3 16.5 10.9 15.9 15.3 15.1 9.9 8.3 10.8 12.1 12.5 14.5 14.6 18.2 12.2 15.7 15.5 Oil products -12.0 17.3 11.9 13.5 14.6 15.7 10.5 9.9 11.7 12.3 12.7 14.4 12.1 16.6 11.6 15.6 15.8 Transport & communications 0.6 1.8 1.1 1.1 1.1 1.1 1.1 1.1 1.1 0.7 0.0 0.0 1.1 1.1 1.1 1.1 1.1 Other controlled prices 4.9 1.3 0.0 0.1 0.1 0.1 0.1 0.0 -0.2 -0.2 -0.3 0.1 0.1 0.1 0.1 0.1 0.1 Direct control – total -6.9 14.2 2.8 14.4 12.2 7.2 1.5 0.5 2.1 7.3 9.5 11.0 13.5 15.9 9.2 11.8 11.8 Source of data: SORS, calculations and estimates IMAD. Note: 1The structure of groups varies, data published are not directly comparable to those published previously. The electricity market was liberalized on 1 July 2007. Data from July 2007 onwards are not comparable. Since July 2009, formation of prices for utility services is no longer under government control. 2011 2012 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 1.4 1.9 1.7 2.2 1.3 0.9 0.9 2.1 2.7 2.7 2.0 2.3 2.9 2.3 2.6 2.4 2.3 2.4 2.9 3.3 2.7 2.3 4.1 3.9 4.2 6.3 4.6 2.9 3.8 4.4 5.6 4.8 4.9 3.9 3.9 4.0 4.7 4.3 3.7 4.1 3.7 4.0 4.3 4.2 8.3 8.3 6.3 6.4 6.2 5.4 2.8 3.0 4.8 4.9 4.9 4.1 3.9 4.7 5.1 5.2 5.1 7.4 7.1 7.0 9.6 9.5 -0.1 -2.1 -2.8 -1.5 -3.0 -4.2 -4.9 -3.4 2.0 2.1 -1.5 -2.2 -3.5 -1.2 0.2 3.0 1.6 0.8 1.8 -0.3 -1.5 -1.7 6.6 6.5 6.3 5.9 3.9 4.4 4.9 5.1 5.5 5.7 5.0 4.7 5.3 4.7 4.0 3.7 4.9 3.9 4.2 5.2 2.7 1.5 2.5 3.3 3.5 4.2 3.9 3.5 1.7 2.1 1.8 2.0 1.4 1.3 1.5 0.8 0.7 0.1 -0.7 -0.3 0.1 -0.2 -0.8 -1.2 3.0 2.6 2.5 2.6 2.8 1.0 0.8 0.5 0.5 0.2 0.0 -0.3 -0.3 0.1 1.5 1.5 1.3 0.1 0.2 0.3 0.3 0.4 1.0 0.7 0.4 0.7 0.4 0.1 1.1 2.0 1.9 1.9 1.4 2.0 2.5 3.3 4.1 2.8 2.6 2.4 4.5 4.7 3.9 3.3 3.3 3.3 2.3 1.9 0.5 3.4 2.5 0.9 -1.8 -0.3 -3.3 -0.1 -1.2 -2.4 -2.6 -3.2 -2.8 -3.1 -4.4 -3.2 -1.6 -3.3 -6.5 -0.4 -0.5 -1.1 -1.3 -1.8 -2.0 -1.2 -0.3 -0.9 -1.2 0.8 6.8 0.4 0.9 1.2 1.6 1.3 1.2 1.2 0.1 0.9 1.8 1.7 1.7 1.6 1.6 1.6 1.6 2.5 1.8 0.9 1.6 1.0 1.1 1.2 1.3 1.3 1.3 1.3 5.9 5.7 4.8 5.0 -11.1 -10.9 -11.2 -10.9 -10.5 -10.2 -9.8 2.7 2.0 2.0 2.2 2.5 2.4 2.1 2.8 2.6 2.1 1.4 0.9 8.9 9.1 9.7 1.2 2.3 2.5 2.4 2.2 2.2 2.3 2.7 2.4 2.5 2.8 2.9 2.7 1.9 1.9 1.1 0.6 2.5 3.7 3.7 3.1 2.9 2.0 2.4 2.0 2.4 1.6 1.1 1.2 2.3 2.9 2.8 2.1 2.3 2.8 2.4 2.9 2.4 2.4 2.6 3.1 3.7 3.2 2.8 0.2 1.0 1.0 1.3 1.1 1.0 0.8 1.9 2.3 2.5 2.1 2.4 2.6 1.6 1.9 1.9 1.7 1.9 2.0 2.0 1.9 1.8 5.9 6.0 5.7 4.2 4.4 4.1 4.2 4.1 3.7 3.6 3.6 2.4 0.8 0.7 0.7 1.0 0.7 0.8 0.4 0.7 0.8 0.7 4.8 4.8 5.0 3.6 3.7 3.7 3.8 3.6 3.1 2.9 2.6 1.9 0.7 0.6 0.7 1.3 0.8 0.9 0.8 0.9 1.2 1.3 7.1 7.2 6.4 4.9 5.1 4.6 4.6 4.6 4.3 4.3 4.5 3.0 0.9 0.8 0.8 0.8 0.5 0.6 0.1 0.6 0.4 0.1 8.6 8.6 7.9 5.8 5.8 4.8 5.2 5.2 4.4 4.7 4.7 2.8 -0.1 -0.2 0.0 0.4 0.1 0.5 -0.5 0.2 -0.1 -0.6 3.6 4.2 3.0 2.8 3.6 4.1 3.2 3.2 4.1 3.5 4.0 3.5 3.3 3.4 2.8 1.7 1.4 1.0 1.3 1.6 1.7 1.8 8.5 7.9 6.3 5.4 5.0 4.5 4.8 4.3 4.1 3.0 1.8 0.9 2.1 2.8 2.0 1.2 0.3 0.1 1.1 2.7 2.9 3.7 15.6 14.3 12.0 9.7 7.9 6.3 9.1 9.6 10.8 11.9 9.7 10.3 12.0 13.8 14.7 11.8 10.9 10.1 14.6 18.8 14.7 10.4 16.3 15.2 12.7 10.2 8.7 7.7 10.8 11.3 12.3 12.7 10.3 10.5 12.2 14.2 15.3 11.9 10.8 9.2 14.4 19.4 15.8 11.4 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.6 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.2 -0.2 -0.2 -0.3 -0.3 -0.3 -0.3 0.1 0.1 0.1 -3.0 -1.1 5.4 4.5 3.0 1.5 0.1 -1.0 1.1 1.4 2.2 2.9 1.3 2.0 9.5 10.6 11.1 9.0 8.5 7.9 11.0 14.0 10.1 8.5 Slovenian Economic Mirror,December 2012 Statistical Appendix BALANCE OF PAYMENTS 2009 2010 2011 2010 2011 2012 2010 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 BALANCE OF PAYMENTS, in EUR m Current account -246 -209 2 -61 -62 55 73 -91 -36 -27 261 179 -40 -40 18 37 Goods1 -498 -997 -1,043 -185 -447 -227 -219 -214 -383 -227 -98 14 -134 -128 -186 -47 Exports 16,410 18,762 21,265 4,732 4,962 5,179 5,486 5,245 5,354 5,328 5,501 5,252 1,695 1,742 1,525 1,582 Imports 16,908 19,759 22,308 4,917 5,409 5,406 5,705 5,458 5,738 5,555 5,599 5,238 1,829 1,869 1,711 1,628 Services 1,165 1,285 1,443 341 314 316 399 358 370 405 451 386 131 87 96 110 Exports 4,347 4,616 4,839 1,343 1,174 1,052 1,186 1,381 1,219 1,114 1,247 1,430 392 356 425 341 Imports 3,182 3,331 3,396 1,002 860 736 787 1,023 849 709 796 1,045 262 269 329 231 Income -754 -599 -550 -226 -116 -85 -143 -238 -84 -175 -119 -177 -36 -44 -37 -26 Receipts 666 574 918 140 160 204 237 220 257 180 226 157 44 43 72 57 Expenditure 1,420 1,173 1,469 366 276 289 380 459 341 355 345 334 80 87 109 83 Current transfers -159 102 153 8 188 52 36 3 61 -30 27 -44 -2 45 144 -1 Receipts 959 1,203 1,373 273 448 378 320 311 364 338 354 275 90 125 233 85 Expenditure 1,119 1,100 1,220 265 260 326 284 308 302 368 327 319 92 80 89 86 Capital and financial account 175 535 -452 230 -2 48 -244 -84 -172 136 -176 -422 86 -223 135 -167 Capital account 14 53 -102 24 -37 -7 -6 -8 -82 6 26 1 18 6 -61 -9 Financial account 161 482 -350 206 35 55 -239 -77 -89 130 -202 -423 68 -229 197 -158 Direct investment -657 431 638 82 358 -9 240 246 160 221 55 57 83 230 46 -117 Domestic abroad -187 160 -81 46 54 -15 31 55 -152 3 88 29 1 53 0 -57 Foreign in Slovenia -470 271 719 36 304 6 209 191 313 218 -34 27 81 177 46 -60 Portfolio investment 4,628 1,956 1,838 -51 392 2,592 -300 -440 -15 -935 213 -1,006 71 183 139 1,136 Financial derivatives -2 -117 -136 -14 -15 -80 -15 -24 -18 -20 -17 0 -8 -4 -4 -29 Other investment -3,976 -1,806 -2,762 171 -689 -2,457 -177 108 -236 826 -447 548 -96 -622 29 -1,159 Assets -267 783 -1,461 536 594 -1,525 -159 -349 572 -1,478 -90 326 -166 -632 1,392 -1,040 Commercial credits 416 -174 -47 30 232 -322 -88 44 319 -349 -35 110 -101 -77 410 -218 Loans -1 203 -52 21 20 -99 -22 48 22 4 -95 84 -33 -3 56 -50 Currency and deposits -603 672 -1,315 391 346 -1,109 -48 -408 250 -1,143 14 86 -19 -547 912 -763 Other assets -80 81 -46 94 -4 5 0 -33 -18 10 26 46 -13 -5 14 -9 Liabilities -3,708 -2,589 -1,301 -365 -1,283 -932 -18 457 -808 2,303 -357 221 70 10 -1,363 -118 Commercial credits -452 362 94 -63 72 199 -18 -85 -3 168 138 -98 134 62 -124 -42 Loans -2,911 -986 -1,235 -8 -385 -388 -298 203 -753 -142 -223 -189 -240 242 -388 -109 Deposits -318 -1,954 -169 -305 -928 -787 334 340 -57 2,287 -288 530 180 -288 -820 3 Other liabilities -27 -11 9 12 -42 42 -36 0 3 -10 16 -22 -5 -7 -30 31 International reserves2 167 19 72 18 -11 9 12 33 19 39 -6 -21 19 -16 -13 10 Statistical error 71 -326 450 -170 64 -104 171 175 207 -109 -86 242 -45 262 -153 131 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 1,788 1,834 1,999 450 516 446 517 506 530 469 540 501 167 171 178 127 Intermediate goods 8,117 10,044 11,906 2,574 2,662 2,904 3,097 3,001 2,904 3,040 3,079 3,000 930 941 792 904 Consumer goods 6,189 6,550 6,909 1,627 1,694 1,737 1,757 1,622 1,792 1,681 1,727 1,604 570 601 523 522 Import of investment goods 2,295 2,323 2,504 579 671 563 616 589 736 555 583 561 191 229 252 151 Intermediate goods 9,839 12,210 14,010 3,059 3,339 3,500 3,588 3,452 3,471 3,625 3,569 3,398 1,162 1,138 1,039 1,051 Consumer goods 5,021 5,522 5,938 1,360 1,493 1,390 1,526 1,501 1,522 1,427 1,399 1,351 502 542 449 424 Sources of data: BS, SORS. Notes: 1Exports and imports (F.O.B.) include also the adjustment for exports and imports of goods by ITRS and duty-free shops reports. 2Reserve assets of the BS. 2011 2012 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 -54 73 49 -94 117 26 -127 10 70 2 -107 -56 -113 143 68 98 95 39 -29 169 144 -91 -89 -73 -162 16 20 -137 -97 -51 -108 -224 -118 -52 -57 -6 -43 -49 26 -90 78 22 1,655 1,942 1,747 1,882 1,857 1,782 1,534 1,929 1,830 1,901 1,622 1,637 1,714 1,977 1,791 1,847 1,862 1,817 1,598 1,837 1,950 1,746 2,031 1,820 2,043 1,842 1,762 1,671 2,025 1,882 2,010 1,846 1,755 1,766 2,034 1,798 1,890 1,911 1,791 1,688 1,759 1,928 83 122 145 122 132 81 122 155 151 125 94 147 99 158 142 183 126 87 132 167 184 317 394 400 381 406 459 459 463 416 382 421 375 323 416 393 436 418 485 480 466 466 234 271 255 258 274 378 337 308 265 257 327 228 223 258 251 253 292 397 348 300 282 -31 -28 -49 -55 -39 -94 -89 -56 -31 -39 -14 -61 -58 -56 -43 -38 -37 -58 -56 -63 -47 58 89 68 82 87 74 65 82 80 77 99 60 58 61 72 79 75 53 52 52 62 89 117 117 137 126 167 154 138 111 116 114 121 117 117 115 118 112 111 107 116 110 -15 68 27 0 9 19 -23 7 0 24 37 -25 -102 97 -25 -3 56 -17 -15 -12 -15 131 162 115 105 99 117 71 123 94 115 155 69 65 204 92 110 152 108 82 85 87 146 95 88 105 91 98 95 115 93 91 118 94 167 107 117 113 97 125 97 97 101 54 162 18 60 -322 55 -48 -92 -297 -60 185 85 191 -140 -136 -190 150 -32 -182 -208 -290 1 1 -2 0 -4 -7 -4 3 -2 9 -89 -6 9 3 26 1 0 0 2 -2 -2 52 161 20 60 -318 62 -44 -95 -295 -68 274 91 183 -143 -161 -191 150 -32 -184 -206 -289 -29 136 89 111 39 65 69 113 -82 -50 292 -18 108 130 -89 90 53 51 -13 19 -11 22 20 -9 14 26 -44 41 57 -77 4 -79 -30 7 26 -24 40 72 11 35 -16 -17 -51 116 98 98 13 109 27 55 -6 -53 372 12 102 103 -65 50 -19 40 -48 35 6 -206 1,662 -361 288 -226 72 -64 -448 225 -179 -61 211 -820 -325 107 162 -56 -619 -168 -219 1,674 -31 -20 -5 -5 -5 -4 -4 -16 -2 -8 -8 -11 0 -9 -4 -2 -10 -2 -1 2 2 301 -1,599 283 -335 -125 -59 -59 227 -421 125 61 -23 835 13 -176 -439 167 579 0 -32 -1,979 352 -836 78 -87 -150 -498 -17 166 -361 301 632 -613 99 -963 -387 118 179 173 195 -42 -295 29 -133 -83 31 -36 -39 202 -118 -135 42 412 -87 -86 -177 23 -32 -26 16 159 -65 -28 5 -54 12 -17 -18 -20 27 41 -48 23 46 21 129 -146 -153 -28 86 40 52 -8 17 325 -671 138 -97 -89 -424 -228 244 -187 234 203 -545 39 -637 -262 161 115 87 -31 31 -133 -7 21 10 -3 -7 -14 -18 -1 9 3 -29 -3 17 -4 4 17 5 31 15 0 -150 -51 -763 205 -248 25 439 -42 61 -60 -177 -572 590 737 976 212 -557 -12 406 -195 10 -1,684 60 181 143 4 -165 -10 -263 188 -24 137 -116 -81 152 97 -17 -75 229 -9 -147 58 8 -88 -190 -214 -226 142 240 -41 5 -201 -429 -122 67 -212 3 103 -213 -113 -95 -61 -32 16 -8 -781 274 -26 86 202 237 -99 158 103 -319 550 833 904 115 -278 -126 527 12 -9 -1,726 -15 27 2 0 -38 7 25 -33 7 12 -15 54 -36 -28 10 9 -2 -17 1 -6 18 17 -18 13 1 -2 -12 15 29 -15 44 -10 -68 59 48 0 -2 -4 -41 -3 23 26 0 -235 -67 34 205 -82 175 82 227 58 -78 -29 -78 -2 68 92 -245 -7 211 39 146 142 177 156 183 178 178 154 173 171 177 181 143 155 171 180 186 174 169 158 174 N/A 929 1,070 996 1,060 1,042 1,005 903 1,093 1,026 1,052 826 950 988 1,102 1,001 1,044 1,034 1,046 929 1,026 N/A 553 663 560 599 599 559 439 624 594 629 570 500 527 654 556 567 604 552 463 589 N/A 174 238 185 227 205 204 166 219 203 226 307 174 159 223 186 201 196 215 162 184 N/A 1,130 1,319 1,153 1,265 1,170 1,119 1,059 1,275 1,203 1,254 1,014 1,167 1,169 1,289 1,175 1,206 1,187 1,172 1,093 1,134 N/A 455 511 477 557 491 475 474 552 504 536 482 445 456 525 448 474 477 441 447 464 N/A Slovenian Economic Mirror,December 2012 Statistical Appendix MONETARY INDICATORS AND INTEREST RATES 2009 2010 2011 2010 2011 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 m Claims of the BS on central government 160 138 102 140 142 140 139 139 138 132 101 99 76 76 Central government (S. 1311) 3,497 3,419 4,299 3,130 3,326 3,422 3,447 3,453 3,419 3,332 3,326 3,409 3,319 3,327 Other government (S. 1312, 1313, 1314) 376 526 584 415 421 417 434 497 526 538 536 541 532 530 Households (S. 14, 15) 8,413 9,282 9,454 8,928 9,062 9,119 9,149 9,225 9,282 9,226 9,233 9,276 9,304 9,383 Non-financial corporations (S. 11) 21,704 21,646 20,876 22,024 21,815 21,862 21,848 21,790 21,646 21,793 21,775 21,772 21,782 21,714 Non-monetary financial institutions (S. 123, 124, 125) 2,680 2,497 2,229 2,524 2,502 2,488 2,496 2,497 2,497 2,454 2,402 2,372 2,350 2,341 Monetary financial institutions (S. 121, 122) 5,302 5,811 5,445 5,445 5,315 5,399 5,079 5,688 5,811 5,674 5,740 6,504 5,179 5,275 Claims on domestic sectors, TOTAL In domestic currency 34,731 35,994 35,692 35,495 35,381 35,616 35,430 35,931 35,994 35,993 36,008 36,712 35,736 35,811 In foreign currency 1,895 1,843 1,536 1,860 1,884 1,828 1,742 1,777 1,843 1,760 1,739 1,691 1,689 1,751 Securities, total 5,345 5,345 5,659 5,112 5,175 5,263 5,282 5,444 5,345 5,265 5,266 5,470 5,043 5,008 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 27,965 26,767 28,420 27,079 27,358 26,819 26,696 27,486 26,767 27,630 27,235 28,129 27,080 27,205 Overnight 7,200 8,155 8,245 7,936 8,041 8,031 7,926 8,119 8,155 8,245 8,179 8,799 8,206 8,237 With agreed maturity – short-term 10,408 8,193 7,868 8,574 8,621 8,096 8,100 8,256 8,193 8,816 8,483 8,724 8,477 8,614 With agreed maturity – long-term 9,788 10,337 12,248 10,413 10,529 10,532 10,587 11,003 10,337 10,496 10,550 10,583 10,375 10,324 Short-term deposits redeemable at notice 569 82 59 156 167 160 83 108 82 73 23 23 22 30 Deposits in foreign currency, total 434 463 579 462 491 462 456 471 463 452 453 449 444 459 Overnight 238 285 386 280 307 277 286 291 285 282 287 284 286 295 With agreed maturity – short-term 141 121 133 122 121 125 113 118 121 115 116 113 107 111 With agreed maturity – long-term 45 55 59 58 60 57 55 59 55 53 49 51 50 52 Short-term deposits redeemable at notice 10 2 1 2 3 3 2 3 2 2 1 1 1 1 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.28 0.21 0.22 0.19 0.19 0.19 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 Time deposits with maturity of up to one year 2.51 1.81 2.15 1.87 1.82 1.85 1.86 1.88 1.94 2.04 1.98 2.04 2.08 2.15 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 6.43 5.53 5.46 5.12 5.33 5.17 5.50 5.43 5.65 5.85 5.17 5.45 5.51 5.42 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 6.28 5.76 5.72 5.40 5.84 4.98 5.72 6.00 5.44 5.83 5.45 5.40 5.25 5.82 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 1.23 1.00 1.25 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.25 1.25 INTERBANK INTEREST RATES EURIBOR 3-month rates 1.23 0.81 1.39 0.85 0.90 0.88 1.00 1.04 1.02 1.02 1.09 1.18 1.32 1.42 6-month rates 1.44 1.08 1.64 1.10 1.15 1.14 1.22 1.27 1.25 1.25 1.35 1.48 1.62 1.71 LIBOR CHF 3-month rates 0.37 0.19 0.12 0.13 0.16 0.17 0.17 0.17 0.17 0.17 0.17 0.18 0.18 0.18 6-month rates 0.50 0.27 0.18 0.22 0.23 0.24 0.24 0.24 0.24 0.24 0.24 0.25 0.26 0.25 Sources of data: BS, BBA - British Bankers’ Association. 2011 2012 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 76 76 76 77 76 83 102 111 119 182 169 188 204 227 227 207 226 224 3,282 3,276 3,328 3,355 3,387 3,436 4,299 4,465 4,580 4,801 4,752 4,796 4,811 4,870 4,814 4,874 5,138 5,144 533 534 536 535 541 554 584 588 589 588 591 580 584 589 590 585 583 580 9,425 9,507 9,490 9,468 9,481 9,467 9,454 9,421 9,391 9,412 9,380 9,380 9,362 9,341 9,346 9,338 9,341 9,318 21,725 21,656 21,537 21,369 21,444 21,434 20,876 20,976 20,896 20,933 20,922 20,843 20,693 20,561 20,506 20,398 20,294 20,044 2,325 2,323 2,292 2,298 2,286 2,277 2,229 2,210 2,234 2,323 2,320 2,300 2,291 2,247 2,244 2,210 2,204 2,186 5,259 5,224 5,422 5,375 5,491 5,224 5,445 5,111 4,846 5,644 5,527 5,613 5,918 5,248 5,229 5,210 4,930 5,012 35,836 35,720 35,854 35,763 35,970 35,784 35,692 35,407 35,334 36,103 35,955 35,979 36,202 35,461 35,440 35,316 35,131 34,943 1,724 1,794 1,705 1,628 1,586 1,557 1,536 1,529 1,505 1,492 1,472 1,458 1,439 1,423 1,402 1,372 1,354 1,348 4,990 5,007 5,046 5,008 5,075 5,052 5,659 5,837 5,697 6,105 6,066 6,076 6,018 5,972 5,886 5,928 6,004 5,990 27,384 27,392 27,423 27,337 27,631 27,376 28,420 28,359 27,926 30,197 30,165 30,208 30,322 29,703 29,591 29,354 29,457 30,062 8,259 8,303 8,241 8,236 8,058 8,436 8,245 8,399 8,195 8,177 8,404 8,375 9,151 8,573 8,632 8,523 8,648 8,763 8,615 8,471 8,468 8,369 8,372 7,791 7,868 7,688 7,468 7,553 7,362 7,441 7,111 7,134 7,052 6,964 6,980 7,417 10,470 10,567 10,662 10,683 11,148 11,089 12,248 12,180 12,171 14,395 14,319 14,309 13,982 13,930 13,852 13,751 13,755 13,763 40 51 52 49 53 60 59 92 92 72 80 83 78 66 55 116 74 119 464 488 476 486 494 538 579 570 564 577 568 559 583 597 591 579 571 576 304 317 305 320 329 365 386 391 384 384 385 381 397 410 412 397 388 399 107 113 108 109 109 114 133 117 120 132 124 116 125 125 119 124 126 119 52 57 62 57 55 58 59 61 59 60 58 61 60 61 59 57 56 57 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0.21 0.23 0.23 0.24 0.24 0.26 0.24 0.24 0.24 0.23 0.22 0.22 0.22 0.19 0.19 0.18 0.17 0.17 2.20 2.20 2.18 2.17 2.24 2.27 2.28 2.39 2.35 2.38 2.38 2.37 2.29 2.27 2.23 2.23 2.28 2.28 5.52 5.39 5.49 5.45 5.50 5.43 5.27 5.37 5.40 5.46 5.36 5.45 5.42 5.37 5.41 5.62 5.53 6.00 5.97 6.17 6.48 5.91 4.25 5.20 6.51 3.79 3.00 6.04 5.81 6.27 5.83 3.94 5.06 6.52 6.51 5.48 1.25 1.50 1.50 1.50 1.50 1.25 1.00 1.00 1.00 1.00 1.00 1.00 0.75 0.75 0.75 0.75 0.75 0.75 1.49 1.60 1.55 1.54 1.58 1.48 1.43 1.22 1.05 0.86 0.74 0.68 0.66 0.50 0.33 0.25 0.21 0.19 1.75 1.82 1.75 1.74 1.78 1.71 1.67 1.50 1.35 1.16 1.04 0.97 0.93 0.78 0.60 0.48 0.41 0.36 0.18 0.18 0.06 0.01 0.04 0.05 0.05 0.06 0.08 0.10 0.11 0.11 0.09 0.07 0.05 0.05 0.02 - 0.24 0.24 0.12 0.05 0.08 0.09 0.10 0.11 0.14 0.16 0.18 0.19 0.18 0.18 0.16 0.16 0.11 - Slovenian Economic Mirror,December 2012 Statistical Appendix PUBLIC FINANCE 2009 2010 2011 2010 2011 2012 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3 4 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 14,408.0 14,794.0 14,982.3 3,649.9 4,356.8 3,600.7 3,826.7 3,538.4 4,016.5 3,618.4 3,712.0 3,576.7 1,277.0 1,256.2 Current revenues 13,639.5 13,771.5 14,037.9 3,462.4 3,784.8 3,364.6 3,638.6 3,319.1 3,715.6 3,410.8 3,485.7 3,367.2 1,172.5 1,185.3 Tax revenues 12,955.4 12,848.4 13,209.2 3,186.0 3,489.9 3,155.9 3,451.0 3,129.7 3,472.7 3,172.7 3,314.0 3,170.4 1,111.1 1,131.8 Taxes on income and profit 2,805.1 2,490.7 2,723.5 554.5 706.4 635.4 827.7 562.9 697.5 629.5 723.0 511.1 212.1 294.5 Social security contributions 5,161.3 5,234.5 5,267.6 1,293.5 1,362.9 1,300.6 1,316.9 1,303.8 1,346.2 1,342.5 1,332.8 1,306.4 438.4 438.3 Taxes on payroll and workforce 28.5 28.1 29.2 6.5 8.1 6.7 7.6 6.7 8.2 7.2 6.4 5.8 2.3 2.5 Taxes on property 207.0 219.7 215.2 76.7 60.0 24.0 53.8 84.2 53.1 26.6 64.8 79.4 8.3 7.1 Domestic taxes on goods and services 4,660.2 4,780.7 4,856.2 1,231.6 1,325.9 1,165.5 1,217.4 1,148.4 1,324.9 1,164.0 1,164.5 1,244.1 441.6 380.3 Taxes on international trade & transactions 90.5 90.7 100.2 22.5 24.8 23.7 27.6 23.8 25.1 22.3 21.9 17.9 8.2 9.1 Other taxes 2.9 4.0 17.2 0.7 1.8 -0.1 -0.1 -0.2 17.6 -19.4 0.5 5.8 0.2 -0.1 Non-tax revenues 684.1 923.0 828.7 276.5 294.9 208.7 187.6 189.5 242.9 238.1 171.8 196.8 61.4 53.5 Capital revenues 106.5 175.7 65.3 26.1 121.9 7.6 21.6 14.4 21.7 10.5 10.8 11.7 2.8 10.9 Grants 11.1 12.6 10.4 2.5 5.0 2.4 3.0 1.0 4.0 1.3 1.8 1.6 1.1 1.0 Transferred revenues 54.3 109.5 53.8 3.8 102.9 2.3 0.4 50.5 0.6 0.1 0.5 50.0 0.7 0.1 Receipts from the EU budget 596.5 724.7 814.9 155.1 342.2 223.9 163.2 153.3 274.6 195.6 213.1 146.2 99.8 58.9 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,368.2 16,692.7 16,546.3 3,948.1 4,586.9 4,191.6 4,159.0 3,955.7 4,240.0 4,326.5 3,857.4 3,836.4 1,363.8 1,359.4 Current expenditures 6,800.8 6,960.4 6,926.7 1,636.9 1,771.0 1,898.6 1,742.3 1,645.5 1,640.3 1,995.1 1,668.7 1,553.2 622.9 629.0 Wages, salaries and other personnel expenditures 3,911.9 3,912.4 3,882.7 963.6 980.0 967.0 1,010.3 955.0 950.4 960.7 976.1 913.0 324.9 312.2 Expenditures on goods and services 2,510.3 2,512.4 2,443.4 587.7 743.1 585.3 615.7 603.4 638.9 587.3 596.8 548.9 199.2 213.0 Interest payments 336.1 488.2 526.7 76.4 29.2 311.3 108.1 78.0 29.3 431.8 81.5 79.4 88.2 101.3 Reserves 42.5 47.4 73.9 9.2 18.8 35.0 8.2 9.1 21.6 15.3 14.3 11.8 10.5 2.5 Current transfers 7,339.4 7,628.5 7,818.9 1,810.9 1,973.6 1,942.5 2,076.4 1,855.7 1,944.4 1,957.3 1,878.7 1,903.5 640.3 635.9 Subsidies 597.9 581.9 496.3 103.7 194.7 171.2 127.6 69.1 128.2 177.1 107.8 57.3 27.4 40.9 Current transfers to individuals and households 6,024.5 6,277.7 6,533.5 1,514.7 1,562.9 1,606.6 1,745.6 1,583.0 1,598.3 1,609.2 1,588.7 1,636.9 552.2 534.7 Current transfers to non-profit institutions, other current domestic transfers 678.1 728.8 737.2 183.3 206.3 158.8 186.2 189.0 203.2 158.0 169.6 196.7 58.8 54.9 Current transfers abroad 38.9 40.1 52.0 9.1 9.6 5.9 17.0 14.5 14.6 13.0 12.5 12.6 1.9 5.4 Capital expenditures 1,294.1 1,310.6 1,023.5 321.1 584.3 168.8 196.5 266.5 391.6 165.3 179.2 223.4 59.4 54.2 Capital transfers 494.6 396.4 372.1 82.0 176.9 42.4 73.3 97.0 159.4 47.0 44.3 74.3 18.4 20.4 Payments to the EU budget 439.3 396.8 405.1 97.3 81.1 139.3 70.6 91.0 104.4 161.8 86.5 82.0 22.9 19.9 SURPLUS / DEFICIT -1,960.2 -1,898.7 -1,564.1 - - - - - - - - - - - Source of data: MF Bulletin. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. * In the “corrected outturn” column, certain categories of revenues that remained on unallocated fund accounts were estimated based on previous months’ dynamics. Unallocated funds are a consequence of the introduction of a new DURS information system and the modification of the fiscal revenue payment system on 1 October 2011. 2011 2012 5 6 7 8 9 10* 11* 12* 1 2 3 4 5 6 7 8 9 10 1,269.2 1,301.3 1,097.3 1,220.5 1,220.6 1,290.5 1,361.2 1,364.8 1,181.7 1,094.3 1,342.3 1,283.1 1,159.5 1,269.3 1,188.4 1,234.9 1,153.4 1,300.3 1,208.5 1,244.8 1,037.4 1,181.0 1,100.8 1,235.8 1,265.0 1,214.8 1,152.0 1,056.4 1,202.5 1,230.7 1,101.3 1,153.8 1,119.9 1,189.8 1,057.5 1,256.2 1,141.3 1,177.8 976.9 1,111.6 1,041.2 1,170.4 1,185.5 1,116.8 1,106.6 952.1 1,114.0 1,174.5 1,049.3 1,090.3 1,059.0 1,107.5 1,003.9 1,188.8 237.9 295.4 106.0 221.0 235.8 223.8 227.5 246.2 214.7 219.2 195.6 248.3 194.8 279.9 91.6 210.5 209.0 215.7 439.6 439.0 436.3 431.5 436.1 416.5 444.0 485.8 443.5 438.0 461.0 441.3 449.0 442.5 432.2 446.0 428.2 430.0 2.5 2.6 2.7 1.9 2.1 2.6 2.4 3.3 2.0 2.0 3.2 2.2 2.2 2.0 2.2 1.7 1.9 2.0 25.7 21.0 25.4 30.8 28.0 4.7 33.9 14.5 8.2 9.7 8.7 10.5 27.4 26.9 26.3 26.4 26.6 20.0 426.2 410.9 397.3 420.1 331.1 456.6 495.4 373.0 443.6 282.4 438.0 460.7 371.2 332.7 496.8 414.2 333.2 512.5 9.4 9.0 9.2 6.4 8.2 7.3 8.6 9.2 6.7 7.3 8.3 8.8 6.6 6.5 5.9 5.6 6.3 7.6 0.0 0.0 -0.1 -0.1 0.0 58.9 -26.3 -15.0 -12.1 -6.6 -0.7 2.7 -1.9 -0.3 4.2 3.0 -1.4 1.0 67.2 66.9 60.5 69.4 59.6 65.5 79.5 98.0 45.4 104.3 88.5 56.2 52.0 63.5 60.8 82.4 53.6 67.5 3.4 7.3 5.1 4.2 5.1 3.6 6.1 12.0 2.2 4.2 4.1 2.4 3.5 4.8 4.7 2.9 4.1 3.6 1.1 0.8 0.3 0.3 0.5 0.5 2.2 1.2 0.2 0.3 0.8 0.6 0.9 0.4 0.4 0.7 0.4 0.3 0.1 0.1 0.2 0.0 50.3 0.2 0.2 0.3 0.1 0.0 0.0 0.1 0.0 0.4 0.0 0.1 49.8 0.5 56.0 48.2 54.3 35.1 63.9 50.3 87.6 136.6 27.2 33.5 134.9 49.4 53.8 109.9 63.4 41.3 41.6 39.7 1,476.9 1,322.8 1,308.6 1,321.4 1,325.8 1,328.8 1,368.3 1,542.9 1,491.0 1,446.9 1,388.7 1,366.7 1,249.3 1,241.5 1,346.7 1,241.4 1,248.2 1,332.9 585.2 528.1 535.5 540.4 569.6 544.4 530.7 565.2 679.4 648.3 667.4 628.1 515.4 525.2 530.0 507.0 516.2 563.8 377.7 320.3 321.5 320.6 312.8 322.2 320.0 308.2 332.1 317.3 311.3 330.7 316.3 329.1 324.2 305.8 283.1 295.0 203.2 199.5 207.4 215.5 180.5 196.4 204.5 238.0 205.6 190.9 190.7 215.1 191.4 190.3 198.1 194.4 156.4 214.7 1.5 5.3 3.9 2.3 71.7 21.9 1.9 5.6 136.4 134.8 160.6 77.3 2.6 1.6 5.1 2.2 72.1 48.5 2.8 2.9 2.6 1.9 4.5 3.9 4.3 13.4 5.4 5.3 4.7 5.0 5.2 4.1 2.5 4.7 4.6 5.5 781.7 658.8 620.8 619.8 615.0 607.7 642.7 694.0 707.5 632.8 617.1 638.5 627.2 613.0 697.0 607.6 598.9 611.4 36.8 49.9 22.7 22.9 23.6 17.0 39.3 71.9 117.0 40.5 19.6 47.2 31.8 28.8 14.7 20.6 22.0 27.4 673.0 537.8 530.5 529.9 522.6 526.4 540.0 531.9 535.4 534.5 539.3 530.2 531.1 527.4 611.7 520.0 505.3 524.3 61.9 69.4 61.5 65.9 61.6 63.0 62.3 77.8 49.0 53.4 55.6 56.3 59.0 54.2 67.3 62.4 67.0 56.7 9.9 1.7 6.2 1.1 7.2 1.2 1.1 12.4 6.1 4.3 2.6 4.6 5.2 2.7 3.3 4.6 4.7 3.0 62.0 80.3 78.5 105.5 82.5 94.6 111.5 185.6 56.7 55.0 53.6 50.9 63.9 64.3 76.7 72.4 74.2 86.5 21.1 31.8 41.4 29.1 26.5 49.3 48.1 61.9 12.3 18.6 16.1 14.3 10.2 19.8 23.5 24.5 26.3 43.3 26.9 23.8 32.3 26.5 32.1 32.8 35.3 36.2 35.1 92.2 34.6 34.9 32.5 19.1 19.5 29.9 32.6 27.9 - - - - - - - - - - - - - - - - - - Slovenian Economic Mirror, December 2012 Acronyms Acronyms Acronyms in the text BS – Bank of Slovenia, EC – European Commission, ECB – European Central Bank, EFSF -European Financial Stability Facility, EIA – Energy Information Administration, EMU – European Monetary Union, ESS – Employment Service of Slovenia, EU – European Union, FDI – Foreign Direct Investment, FED – Federal Reserve System, GDP – Gross Domestic Product, HICP – Harmonized Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, LFS – Labour Force Survey, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PDII – Pension and Disability Insurance Institute, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SCA – Standard Classification of Activities, SITC – Standard International Trade Classification, SORS – Statistical Office of the Republic of Slovenia, SRE – Statistical Register of Employment, ZSPJS – Public Sector Salary System Act, ZUJF – The Public Finance Balance Act, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities (SCA) 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, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. December 2012, No. 12., Vol. XVIII