Institute of Macroeconomic Analysis and Development Gregorčičeva 27 SI-1000 Ljubljana Slovenia Slovenian Economic Mirror 1/2025 Vol. XXX www.umar.gov.si/en Slovenian Economic Mirror (Ekonomsko ogledalo) No. 1 / Vol. XXXI / 2025 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Acting Director Editor: Tina Nenadič Senica, MSc Authors: Urška Brodar; Marjan Hafner, MSc; Matevž Hribernik, MSc; Laura Južnik Rotar, PhD; Rotija Kmet Zupančič, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Helena Mervic; Tina Nenadič Senica, MSc; Jure Povšnar; Denis Rogan, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič, Mojca Bizjak Ljubljana, January 2025 ISSN 1581-1026 (pdf) ©2025, Institute of Macroeconomic Analysis and Development The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ......................................................................................................3 Current economic trends ......................................................................................6 International environment .......................................................................................7 Economic developments in Slovenia .....................................................................10 Labour market ......................................................................................................17 Prices ..................................................................................................................19 Financial markets .................................................................................................20 Balance of payments ............................................................................................22 Public finance ......................................................................................................23 Statistical appendix ............................................................................................25 The Economic Mirror is prepared based on statistical data available by 16 January 2025. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008. asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 1/2025 In the spotlight In the spotlight 3 Sentiment indicators for the euro area deteriorated in the fourth quarter of 2024; German institutions do not anticipate any significant recovery in the German economy this year. The average Purchasing Managers’ Index (PMI) for the euro area dropped to 49.3 in the fourth quarter (down from 50.3 in the third), with both services and manufacturing PMIs declining. The Economic Sentiment Index (ESI) for the euro area, which fell sharply in December, driven by a pronounced decline of confidence in industry, was lower on average in the fourth quarter than in the third and similar to its level in the same quarter of 2023. The Ifo indicator, which measures the business climate in Germany, also declined quarter-on-quarter in the fourth quarter, with indicators for most activities deteriorating, and was also lower year-on-year. According to the ECB’s December forecast, the euro economy grew by 0.7% in 2024 and will rise to 1.1% this year and 1.4% next year. German institutions, which have significantly downgraded their forecasts for economic growth in Germany for this year and next, do not expect any significant recovery in 2025. In Slovenia, activity in most sectors was stronger year-on-year in the first ten to eleven months of 2024; economic sentiment remained at a low level, though it was still slightly improved year-on-year. Real exports of goods, which have stagnated since the slump in September, were 3.5% higher year-on-year in the first 11 months of 2024. Manufacturing output rose slightly from mid-2024 and was 1.2% higher year-onyear. In addition, price competitiveness indicators have continued to improve in 2024 after the sharp worsening during the energy crisis, cost pressures in manufacturing have gradually eased and, according to data for the first three quarters of 2024, the export market share of goods has increased for the second consecutive year, reaching levels similar to those before the epidemic and the energy crisis. After several months of gradual decline, construction activity rose in November 2024, though it remained lower year-on-year compared to the first 11 months of 2023. Real turnover in market services fell significantly month-on-month from mid-2024 and was 1.6% higher yearon-year in the first ten months. Only transportation and storage and professional and technical activities recorded a year-on-year decline. Real turnover in trade, where growth picked up month-on-month in the second half of 2024, was higher year-onyear in the first ten months (by 2.7%), with the highest increase in the sales of motor vehicles. The available indicators point to year-on-year growth in private consumption in the fourth quarter of 2024. Consumer confidence also improved at the end of the year and is higher than a year ago. Economic sentiment, which improved slightly yearon-year at the end of 2024, was still below the long-term average. Developments on the labour market remained subdued in the final months of 2024; year-on-year wage growth in October 2024 was slightly higher than in the previous months. The number of persons in employment, which had mostly stagnated at record-high levels since mid-2023, experienced a slight increase in November 2024 (seasonally adjusted). In 2024, their number further increased in the public services, stagnated in market services and construction, and gradually declined in manufacturing (all seasonally adjusted). The overall growth in the number of persons in employment was driven by a higher number of foreign nationals, who made up 15.9% of the total labour force in November, 1.2 p.p. more than a year earlier. At the end of 2024, 47,038 persons were registered as unemployed, representing a 2.7% decline compared to December 2023. With a slight year-on-year increase in the inflow of unemployed persons attributed to redundancies and bankruptcies, the decline was lower than in previous months. In 2024, on average 45,982 persons were registered as unemployed, 5.6% fewer than a year earlier. In October, year-on-year real growth in the average gross wage was higher than in previous months (6.8%), amid higher nominal growth (6.5%) and low (zero) inflation. In the public sector, wage growth was primarily driven by an increase in the value of the pay scale grades following a partial wage adjustment for inflation in June. In the private sector, where wage growth has outpaced that of the public sector, labour shortages continue to play a key role in driving wage increases. 4 In the spotlight Slovenian Economic Mirror, No 1/2025 At the end of 2024, year-on-year inflation stood at 1.9%, which is less than half as high as a year earlier (4.2%), and the average inflation in 2024 fell from 7.4% (2023) to 2.0%. Year-on-year inflation edged up slightly in December (from 1.7% in November). This was largely driven by a lower base effect from the lower prices of petroleum product prices at the end of 2023 and by year-on-year price increases in the food and non-alcoholic beverages group (2.6%), which contributed about a quarter to the yearon-year inflation. Energy prices rose by 0.5% in 2024. With a slightly more pronounced price drop in the clothing and footwear group, the year-on-year price increase for semidurable goods slowed at the end of 2024 (to 2.0%). The year-on-year price decline for durable goods remained steady at around 1% throughout most of 2024. After declining during the year, the year-on-year growth in services prices in December (2.7%) was similar to that recorded in November. Year-on-year HICP inflation in December was 2.0% in Slovenia and, according to preliminary estimates, 2.4% in the euro area. The year-on-year decline in Slovenian industrial producer prices eased in November (to 0.4%), energy prices were higher than a year earlier (after a decline in October) and the decline in the group of raw materials slowed. Prices on the domestic market fell by 0.9% year-on-year, and prices on foreign markets also recorded a slight decline (-0.1%). The deficit of the consolidated balance of public finances was lower in the first 11 months of 2024 than in the same period of 2023. Driven by higher revenue growth than expenditure growth, it totalled EUR 485.6 million or EUR 595.5 million less than in the first 11 months of 2023. In addition to higher revenues from social contributions, resulting from the transformation of the complementary health contribution into a mandatory contribution, the growth was primarily driven by increased corporate income tax revenues and non-tax revenues. Income tax receipts also contributed notably to the growth in general government revenue. Expenditure growth was driven by growth in transfers to individuals and households, allocations to the budgetary funds, growth in expenditure on goods and services, and growth in expenditure on salaries and wages and other personnel expenditures. Investment expenditure was lower year-on-year. According to preliminary data from the Ministry of Finance, the general government deficit, which makes up the largest part of the consolidated balance sheet, widened in December, mainly due to allocations to the Reconstruction Fund to finance flood recovery measures in the coming years and higher investment expenditure. In 2024, it was lower than estimated during the adoption of the 2025 and 2026 budgets and the lowest in five years (800 million or 1.2% of projected GDP). Slovenian Economic Mirror, No 1/2025 In the spotlight Activity increased in most sectors towards the end of 2024, turnover in market services decreased 180 160 140 120 100 80 60 Jan 24 Nov 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Dec 24 Jan 24 Jan 23 Jan 22 0 Source: ESS. Inflation in December was less than half as high as it had been a year earlier Euro area With higher revenue growth than a year earlier and similar expenditure growth, the general government deficit was EUR 595.5 million lower than in the first 11 months of 2023 2,000 In EUR million 10 8 6 4 General government balance Primary balance 1,000 0 -485.6 -1,000 2 -2,000 0 -3,000 -1081.1 -1577.3 2023 2022 2021 I-XI 2024 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 2015 2014 -3542.2 2013 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 -4,000 -2917.2 I-XI 2023 Source: SURS, Eurostat. Jan 18 Jan 17 Jan 16 Jan 15 -2 Dec 24 Jan 25 -2271.2 Jan 14 Year-on-year inflation, in % 20 Jan 21 Source: SURS, calculations by IMAD. Note: Energy-intensive products include paper, chemical, metal and non-metal mineral products. Slovenia 40 Jan 20 Q3 24 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 80 Jan 19 90 60 Jan 18 100 80 Jan 17 110 100 Jan 16 120 Long-term unemployed 120 Jan 14 Q1 2019 =100 130 12 All unemployed 140 140 70 Labour market developments were subdued at the end of the year; the number of unemployed persons decreased by 5.6% over the course of 2024 Number of registered unemployed in '000 150 Jan 16 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Jan 15 Market share of goods Market share of energy-intensive products SI exports of goods to the EU (nom.) Total exports of goods (nom.) Jan 15 40 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. In the first three quarters of 2024, Slovenia’s market share in the EU market returned to levels comparable to those seen before the pandemic and the energy crisis Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Jan 24 Dec 24 Services Jan 23 Jan 22 Jan 21 Manufacturing Jan 20 Composite index Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value Sentiment indicators for the euro area deteriorated in the fourth quarter of 2024 5 current economic trends Slovenian Economic Mirror, No 1/2025 Current Economic Trends 7 The international environment Jan 24 Dec 24 Services Jan 23 Jan 22 Manufacturing Jan 21 Jan 20 Composite index Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value Figure 1: Composite Purchasing Managers’ Index (PMI) for the euro area, December 2024 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Sentiment indicators for the euro area deteriorated in the fourth quarter of 2024. With both indicators that form the composite PMI declining, the average PMI value fell to 49.3 in the fourth quarter (down from 50.3 in the third). The services PMI signals a slowdown in growth in this segment, while the manufacturing PMI, which has been below 50 since July 2022 amid a sustained decline in new orders, indicates ongoing contraction. The Economic Sentiment Index (ESI) in the euro area fell sharply in December, with confidence in industry deteriorating markedly, and was also significantly lower year-on-year. In the fourth quarter, it was lower on average than in the third and similar to the level a year ago. The Ifo indicator, which measures the business climate in Germany, also declined quarter-onquarter in the fourth quarter, with indicators for most activities declining, and was also lower year-on-year. According to the ECB’s December forecast, the euro area economy grew by 0.7% in 2024 and is projected to grow by 1.1% this year and 1.4% next year. The higher growth is expected to be supported primarily by private consumption as real income rises, although the forecasts are subject to significant geopolitical and economic uncertainties. Figure 2: GDP growth forecasts for Germany, December 2024 1.6 Forecast for 2025 Forecast for 2026 Previous Forecast 1.2 1.0 1.1 0.9 0.8 0.6 0.4 0.5 0.4 0.2 Ifo 0.0 Source: Bundesbank, Focus, IFO, IFW Kiel. Bundesbank 0.2 0.0 0.8 Focus 0.8 Ifw Kiel Real GDP growth, in % 1.4 In their latest forecasts, German institutions do not anticipate any significant recovery in German economic growth in 2025. After two years of contraction (-0.3% in 2023; around -0.2% in 2024 according to institutions’ estimates), GDP growth in Germany is expected to be modest in 2025 (with forecasts ranging between 0% and 0.5%) and around 1% in 2026. These forecasts have been revised significantly downwards from the previous projections, mainly due to the weak industrial sector, which is grappling not only with cyclically low demand but also with structural problems. As a result, the forecasts for exports and corporate investment in 2025 have been significantly downgraded. Growth prospects for private consumption have also been revised significantly downwards, reflecting weaker labour market conditions amid high uncertainty. As inflation is expected to continue to ease, households’ real incomes should keep rising, which, together with a lower savings rate, will enable further, albeit modest, growth in private consumption. The projected easing of monetary policy and the resulting lower financing costs are expected to stimulate a recovery in investment in the coming year, and exports are also likely to improve, driven by stronger foreign demand. The main risks to the outlook are growing protectionism, geopolitical conflicts, and uncertainties about the impact of structural change and future financial and economic policy directions following the German elections. 8 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Figure 3: Commodity prices, December 2024 Energy Food 180 The average dollar prices of Brent crude oil fell slightly in December, while prices of non-energy commodities increased. In December, the average dollar price of Brent crude oil fell by 0.7% monthon-month to USD 73.86, while a weaker euro meant that the euro price increased slightly (by 0.8% to EUR 70.49). Year-on-year, the dollar price of Brent crude oil decreased by 5% and the euro price by 1.1%. In 2024, the oil price in dollars or euros was on average around 2.5% lower than in 2023. Given the lower gas storage filling levels, euro prices of natural gas on the European market (Dutch TTF) continued to rise in December (by 1.2%). The euro price was 25.5% higher year-on-year in December, while the average prices in 2024 were 16.4% lower. According to the World Bank, the average dollar price of non-energy commodities rose by 1.9% month-on-month in December and by 7.9% year-onyear. In particular, prices of agricultural raw materials for beverages have risen (by 18.4% month-on-month and by 66.6% year-on-year) in the face of strong price increases for cocoa and coffee. In 2024, dollar prices of non-energy commodities were 1.9% higher than in 2023. Non-energy commodities Metals 160 Index 2010=100 140 120 100 80 60 40 20 Jan 24 Dec 24 Jan 25 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Source: World Bank. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2024 XI 24 XII 24 XII 24/XI 24 XII 24/XII 23 2024/2023 Brent USD, per barrel 80.52 74.35 73.86 -0.7 -5.0 -2.4 Brent EUR, per barrel 74.43 69.95 70.49 0.8 -1.1 -2.5 Natural gas (TTF) , EUR/MWh 34.60 44.60 45.2 1.2 25.5 -16.4 USD/EUR 1.082 1.063 1.048 -1.4 -3.9 0.0 3-month EURIBOR, in % 3.571 3.007 2.816 -19.1 -111.7 14.0 112.36 114.06 116.24 1.9 7.9 1.9 2 Non-energy commodity prices, index 2010=100 Source: EIA, ECB, Investing, World Bank; calculations by IMAD. Notes: 1 for Euribor, change is in basis points, 2 trading point for natural gas in the Netherlands. Slovenian Economic Mirror, No 1/2025 Current Economic Trends 9 112 110 108 106 104 102 100 98 96 94 NEER REER hicp REER ppi REER ulc Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21 Q1 22 Q1 23 Q1 24 Q4 24 2007=100 Figure 4: Effective exchange rates, Q4 2024 Source: ECB; calculations by IMAD. NEER - nominal effective exchange rate, REER hicp (ppi. ulc) - real effective exchange rate deflated by HICP (PPI, ULC). An increase in the indicator means an appreciation of the euro and/or an increase in relative prices against a basket of 37 trading partners' currencies, weighted according to their importance in Slovenia's trade. The improvement in price competitiveness indicators of the Slovenian economy continued in the fourth quarter of 2024, with cost pressures remaining high throughout the year;1 signs of easing emerged in mid-2024, primarily in manufacturing. Both price competitiveness indicators (REER hicp and ppi) have gradually improved since the energy shock, i.e. mid-2023, with relative prices (in Slovenia compared to its trading partners) decreasing. However, the cost competitiveness indicator (REER ulc) deteriorated again in the first three quarters of 2024 after a short period of improvement under the influence of the increase in relative (nominal) unit labour costs2 (ULC). During this period, ULC growth in construction accelerated sharply, driven by a decline in construction activity and thus productivity, while labour costs continued to rise. In manufacturing, the most export-oriented part of the economy, ULC growth slowed significantly in mid-2024 (amid a cyclical recovery in productivity). Since the end of 2023, real unit labour costs3 (RULC) – which are the mirror image of unit profits – have risen alongside the growth in nominal labour costs. This shows that companies – unlike during the energy crisis, when the high cost increases were largely passed on to prices – are absorbing the cost increases through reduced profits instead of passing them on to prices in order to maintain their price competitiveness. RULC growth is also strongest in construction, while it slowed significantly in manufacturing in mid-2024. 1 2 3 The latest data for cost competitiveness is available for the third quarter of 2024. Nominal unit labour costs represent the ratio of nominal labour costs (compensation per employee) to real productivity. Real unit labour costs represent the ratio of nominal labour costs to nominal productivity. 10 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Economic developments in Slovenia Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities 180 160 140 120 100 80 60 Nov 24 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 5: Short-term indicators of economic activity in Slovenia, October−November 2024 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. In Slovenia, activity in most sectors was higher yearon-year in the first ten to eleven months of 2024. Real exports of goods, which have stagnated since the slump in September, and manufacturing production, which has increased slightly since mid-2024, exceeded their previous year’s levels by 3.5% and 1.2% respectively in the first 11 months. Real turnover in trade, where growth increased month-on-month in the second half of the year, was up 2.7% year-on-year in the first ten months. The largest year-on-year increase was recorded in the sales of motor vehicles, where turnover recovered steadily in October following a decline in the first half of the year. Year-on-year growth in the other trade sectors was much more modest. Following a sharp contraction in mid-2024, the decline in turnover in market services deepened again in the last two months. In the first ten months of 2024, turnover was 1.6% higher year-onyear. Only transportation and storage and professional and technical activities recorded lower real income than a year ago, with both declining month-on-month in October. Construction activity increased significantly in November 2024 after gradually declining in previous months but was still lower year-on-year. Figure 6: Value of fiscally verified invoices – nominal, December 2024 50 40 20 10 0 -10 -20 -30 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Sep 24 Dec Jan 24 25 May 24 Jan 24 Sep 23 May 23 Jan 23 Sep 22 Jan 22 May 22 Sep 21 May 21 Jan 21 Sep 20 Jan 20 -40 May 20 Y-on-y change, in % 30 In December 2024, the nominal value of fiscally verified invoices increased by 2% year-on-year for the third month in a row. In the fourth quarter of last year, the nominal growth halved compared to the third quarter. Total growth in trade in December was similar to November, when it had halved (1%). In retail trade, which accounted for half of the total value of fiscally verified invoices, the value in December 2024 was similar to December 2023, after having increased yearon-year in the previous two months. Slightly higher yearon-year growth compared to November was recorded in the sales of motor vehicles (4%). In wholesale trade, the nominal value was similar to December 2023, following a year-on-year decline from May to November. In tourism-related services,4 growth in the nominal value of fiscally verified invoices, which had doubled in November, remained high (6%). 4 Total accommodation and food service activities, which grew by 5% year-on-year, and activities R, S and T according to NACE classification, which grew by 12%. Slovenian Economic Mirror, No 1/2025 Current Economic Trends 11 Exports of goods (3MMA*) Imports of goods (3MMA*) 190 Non-smoothed data Non-smoothed data 180 170 160 150 140 130 120 110 100 Source: SURS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Nov 24 90 Jan 14 Seasonally adjusted real index 2010=100 Figure 7: Trade in goods – in real terms, November 2024 In November 2024, exports and imports of goods were lower month-on-month compared to the average for the third quarter (seasonally adjusted); both exports and imports were higher in the first 11 months of 2024 than during the same period in 2023.5 After a significant decline in September, real exports of goods remained largely unchanged in October and November, but below the third-quarter average. The strongest month-on-month increase in exports in November was recorded in vehicles and equipment, which usually exhibit significant fluctuations. Exports of chemical products, including pharmaceuticals, also increased, while exports of metals and metal products and of machinery and equipment declined. Real imports of goods remained unchanged monthon-month in November, while imports of intermediate goods further declined and imports of consumer goods increased (seasonally adjusted). In the first 11 months of 2024, both exports and imports of goods increased by 3.5% year-on-year. In a year-onyear comparison, growth in imports and exports was also primarily driven by trade in vehicles, pharmaceuticals and certain chemical products. Sentiment in exportoriented activities slightly deteriorated in December, and despite a modest improvement, export orders remained at a very low level. 5 According to the external trade statistics by SURS. Deflation and seasonal adjustment by IMAD. Total exports and imports and exports and imports of pharmaceutical products have been adjusted to account for the estimated impact of goods processing. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2023 XI 24/X 24 XI 24/XI 23 I-XI 24/I-XI 23 Merchandise exports, real1 -7.1 0.13 0.4 3.5 - to the EU -7.8 -0.33 -2.1 3.4 Merchandise imports, real1 -7.1 0.03 -3.6 3.5 - from the EU 3 -5.5 0.3 -4.0 1.8 Services exports, nominal2 2.1 0.13 -0.6 -0.5 Services imports, nominal2 1.6 1.13 0.2 0.4 Industrial production, real -5.6 -1.43 -0.74 -1.24 - manufacturing -4.5 -1.53 1.04 1.24 Construction - value of construction put in place, real 19.4 9.5 In % 2023 -2.7 2.2 Distributive trades - real turnover Market services (without trade) - real turnover 4 -4.2 -10.14 X 24/IX 24 X 24/X 23 I-X 24/I-X 23 0.43 2.44 2.54 -1.63 0.54 1.64 3 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. 12 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Figure 8: Slovenia’s export market share in the EU market, Q3 2024 Market share of goods Market share of energy-intensive products SI exports of goods to the EU (nom.) Total exports of goods (nom.) 150 Q1 2019 =100 140 130 120 110 100 90 Q3 24 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 70 Q1 19 80 Source: SURS, calculations by IMAD. Note: Energy-intensive products include paper, chemical, metal and non-metal mineral products. Slovenia’s export market share in the EU market increased year-on-year in the third quarter, reaching a level comparable to that seen before the epidemic and energy crisis. Amid strong year-on-year nominal growth in the euro value of Slovenian exports of goods to the EU (6.5%) and stagnation in EU goods imports, Slovenia’s share in the EU market rose by 5.8% yearon-year in the third quarter of 2024 and by 5.6% in the first three quarters combined (to around 0.49%). Notably, the growth in market share for certain energyintensive products (such as chemical products and metals) continued in the third quarter and significantly outpaced the year-on-year growth in market share for some of Slovenia’s key export industries (pharmaceuticals, motor vehicles). Among Slovenia’s key trading partners, the largest year-on-year increase in Slovenia’s market share was recorded in Croatia (rising by 12.4% to 11.82%). Market share also grew in France and Germany, it declined in Austria and Italy. A product-specific and geographical decomposition of market share growth shows that the year-on-year increase was mainly driven by increased competition in the EU market, while the export structure did not differ significantly from the EU demand structure and therefore did not have a significant impact this time. Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 225 200 175 150 125 100 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 24 Nov 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 75 Jan 14 Seasonally adjusted real index 2010=100 Figure 9: Trade in services – in real terms, November 2024 Real exports of services remained largely unchanged month-on-month in November and were slightly lower year-on-year, while real imports increased both month-on-month and year-on-year. Exports of transport services and tourism-related services have fallen slightly in recent months and were below the average for the third quarter in November. Exports of other business services, which fluctuate significantly on a monthly basis, also fell. After several months of decline, exports of construction services rose sharply, and exports of ICT services also increased. Imports of most main groups of services increased compared to the previous month, with only imports of transport services declining slightly (seasonally adjusted). In the first 11 months of 2024, real exports of services declined year-on-year (-0.5%), although the decline has slowed in recent months. Exports of construction services in particular were significantly lower than in the same period last year, and exports of transport and tourism-related services also fell. On the other hand, real imports of services remained higher than a year ago (rising by 0.4%) in this period. Slovenian Economic Mirror, No 1/2025 Current Economic Trends 13 Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. 280 High-tech ind. Medium-low-tech. ind. 260 240 220 200 180 160 140 120 100 Jan 24 Nov 24 Jan 25 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 10: Production volume in manufacturing, November 2024 Source: SURS, calculations IMAD. Production volume growth in manufacturing increased in the second half of 2024; it was higher year-on-year in the first 11 months. Since mid-2024, production in low- and medium-high-technology industries has remained largely unchanged, while it has predominantly increased in the high- and medium-lowtechnology industries during this period (seasonally adjusted). In the first 11 months of 2024, manufacturing production was up year-on-year (by 1.2%, workingday adjusted). Production in most energy-intensive industries (with the exception of manufacture of non-metallic mineral products) and activity in the manufacture of electrical equipment were significantly higher than a year earlier, driven by a low base effect. In other medium-high-technology industries, production declined year-on-year – the manufacture of machinery and equipment n.e.c. saw a decrease following growth in previous years, while from mid-2024, production in the manufacture of motor vehicles and other transport equipment, which had largely been contracting over the last five years, also declined. Production in most lowtechnology industries was also down year-on-year. Figure 11: Activity in construction, November 2024 Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 Real construction production index (2010=100) 120 110 100 90 80 70 60 Source: SURS; calculations by IMAD. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Nov 24 50 Construction activity strengthened month-onmonth in November but remained lower year-onyear. After declining gradually until autumn 2024, construction activity increased by 10% in November. In November 2024, the value of construction put in place was 4% lower year-on-year. For the first 11 months combined it declined by 10%. In this comparison, the most significant declines were seen in civil engineering (down 14%) and construction of buildings (down 13%), while specialised construction activities saw the smallest decline (down 4%). This lower activity was (among other things) related to government investment activity. Capital expenditure (according to the consolidated general government budgetary accounts) fell by 7% year-on-year in the first 11 months of 2024, and expenditure on new construction, reconstruction and renovation, which we consider to be most closely linked to construction activity, was 24% lower. 14 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 260 240 220 200 180 160 140 120 100 Jan 24 . Source: SURS; calculations by IMAD. Nov 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 12: Turnover in trade, October–November 2024 In October 2024, real income continued to rise in some trade sectors while declining in others (seasonally adjusted); year-on-year, it increased across all sectors. Turnover in the sales of motor vehicles continued to rise following a decline in the first half of the year. Similarly, turnover in retail sales of food, beverages and tobacco increased further after stagnating during the first half of the year. In contrast, turnover in retail sales of non-food products decreased slightly. After strong growth in mid-summer, turnover also declined in wholesale trade for the third consecutive month. In the first ten months, turnover in all trade sectors was higher than in the same period of 2023.6 The highest real growth was recorded in the sales of motor vehicles (8%). It was 2% in wholesale trade and retail sales of food and beverages and 1% in retail sales of non-food products. According to preliminary data from SURS, turnover in retail sales of food rose month-on-month in November, turnover in retail sales of non-food products remained unchanged from the previous month and turnover in the sales of motor vehicles declined. 6 Total turnover in trade was 2.7% higher in real terms. Source: SURS; calculations by IMAD. Note: * including real estate activities (L). Oct 24 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 200 180 160 140 120 100 80 60 40 20 0 Jan 15 Total * Transportation and storage (H) Information and communication (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 13: Turnover in market services, October 2024 Total real turnover in market services continued to decline in October 2024 (by 1.6%, seasonally adjusted), while it was higher year-on-year (by 1.6%). The decline was most pronounced in information and communication, which is attributable to lower sales in both main service groups (computer and telecommunications). Turnover also decreased again in professional and technical activities, this time mainly due to lower turnover in architectural and engineering services. It also decreased slightly in transportation and storage, albeit with an increase in land transport. Turnover in accommodation and food service activities increased significantly again as the number of overnight stays continued to rise. Turnover also increased in administrative and support service activities, breaking the negative trend in employment services, while the favourable trend in travel agencies continued for the third month in a row. In the first ten months of 2024, real turnover decreased year-on-year only in transportation and storage and professional and technical activities. Slovenian Economic Mirror, No 1/2025 Current Economic Trends 15 Road Road – cross-trade Road - loaded, unloaded and national Railway 240 220 200 180 160 140 120 100 Q1 24 Q3 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 15 60 Q1 16 80 Q1 14 In million tkm, seas. adj. index 2010=100 Figure 14: Road and rail freight transport, Q3 2024 Source: SURS; calculations by IMAD. The volume of road and rail freight transport decreased slightly in the third quarter of 2024 (seasonally adjusted). The total volume of road transport by Slovenian vehicles decreased in road traffic performed at least partially on Slovenian territory (exports, imports and national transport), while the growth in cross-trade transport came to a halt. The share of cross-trade in total transport increased to about 49% – a level comparable to pre-COVID-19 figures. The volume of road goods transport fell by 1% year-on-year and by 16% compared to the third quarter of 2019. After experiencing growth in the second quarter of 2024, rail freight transport declined slightly in the third quarter. It remained higher year-on-year (by 3%) but was similarly lower compared to the same quarter of 2019 as road transport. Q4 24- Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 250 225 200 175 150 125 100 75 50 25 0 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in accomodation and food service Real turnover in the sale of motor vehicles Q1 14 Seasonally adjusted index 2010=100 Figure 15: Selected indicators of household consumption, October–December 2024 Source: SURS; calculations by IMAD. Note: The Q4 2024 figure for the turnover in accommodation and food service is value for October, for others is the average value for October and November. The available data indicate that household consumption increased year-on-year in the fourth quarter of 2024. The number of new passenger cars sold to natural persons was 13% higher year-on-year in October and turnover from the sales of motor vehicles rose by an average of 7% in real terms in October and November. During the same period, spending on food, beverages and tobacco also rose year-on-year (by 4% in real terms), while spending on non-food products remained similar to the average for October–November 2023. Spending on tourism services in Slovenia and abroad was also higher year-on-year.7 Year-on-year growth in household consumption is evident in the year-on-year increase in the nominal value of fiscally verified invoices (used as a proxy for sales), amounting to 2% in the fourth quarter of 2024. 7 The number of overnight stays by domestic tourists in Slovenia was up 2% year-on-year in October and November combined, while spending on tourism services outside Slovenia was up 4% year-onyear in nominal terms in October. Transactions in new residential properties Transactions in existing residential properties Prices of new residential properties Prices of existing residential properties 225 200 175 150 125 100 75 50 25 Q1 24 Q3 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 0 Q1 08 Index 2010=100, 4-quarter moving averages Figure 16: Real estate, Q3 2024 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Amid a further decline in the volume of sales, year-on-year growth in dwelling prices remained relatively strong in the third quarter of 2024. After price growth halved in 2023 (to 7.2% on average), prices increased by 7.9% compared to the third quarter of 2023 and by 1.7% compared to the second quarter of 2024. Prices of existing dwellings, where the number of transactions has declined significantly in the last two years (by 28.1% year-on-year and by 57.9% compared to the mid-2021 peak) were 8.4% higher year-on-year. Prices of newly built dwellings were 6.7% higher yearon-year. The number of transactions in this segment, which represents only a small part of total sales (5%), fell sharply year-on-year (by more than one-third), after being relatively high in 2023 (almost 50% higher than in 2022 and at the highest level since 2018). 16 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Figure 17: Economic sentiment, December 2024 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Jan 24 Source: SURS; calculations by IMAD. Dec 24 Jan 25 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -50 Jan 15 -40 Jan 14 Seasonally adjusted indicator value, 3-month moving average 30 Following a deterioration in October, economic sentiment remained at a similarly low level until the end of 2024. The economic climate indicator was slightly higher in December than a year earlier but remains below its long-term average. Confidence was higher than a year earlier, particularly in trade and among consumers, both of which also improved slightly at the end of the year, as well as in services. Confidence in manufacturing remained at a low level in December, similar to December 2023. Confidence remained below the previous year’s level in construction, where after an upward trend, it deteriorated significantly towards the end of the year. Manufacturing Service activities Consumers Figure 18: Households facing financial distress, December 2024 Running into debt Having to draw on savings Financial distress - total 9 8 7 6 5 4 3 2 Source: SURS (Consumer Survey). Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Dec 24 1 Jan 14 Share of answers in %, 12-month moving average 10 The financial situation of households improved slightly over the fourth quarter of 2024, both quarteron-quarter and year-on-year. The share of households facing financial distress8 and having to draw on savings to meet their needs and the share of households running into debt deceased slightly year-on-year. According to our estimate, this year-on-year improvement was partly due to positive developments in the labour market (higher employment and wages). Compared to the previous quarter, only the share of households facing financial distress in the lowest income quartile decreased (by 0.5 p.p. to 13.9%), although their financial situation remained largely unchanged year-on-year. The most significant improvement in the financial situation of households was observed among those in the second income quartile (by 2.3 p.p. quarter-on-quarter to 7.9%). 8 Financial distress is defined as households having to draw on savings or run into debt to cover current expenditures. Slovenian Economic Mirror, No 1/2025 Current Economic Trends 17 Labour market Persons in employment Construction (F) Public services (O–Q) 135 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) 130 125 120 115 110 105 100 95 Jul 24 Nov 24 Jan 24 Jul 23 Jan 23 Jul 22 Jan 22 Jul 21 Jan 21 Jul 20 Jan 20 Jul 19 90 Jan 19 Seasonally adjusted index 2019=100 Figure19: Number of persons in employment, November 2024 Source: SURS; calculations by IMAD. The number of persons in employment increased slightly in November 2024 (seasonally adjusted). Their number has shown little variation since mid-2023 (except for the impact of a methodological change at the beginning of 2024),9 with developments varying across activities. In November, growth in the number of persons in employment continued in the public services, most markedly in human health and social work activities. In construction, the number of persons in employment stagnated year-on-year against a backdrop of lower activity and a persistent shortage of skilled labour. The number is also stagnating in market services, while it is gradually declining in manufacturing (all seasonally adjusted). Year-on-year growth in the overall number of persons in employment in November (1.1%) was consistent with the growth observed in previous months. In the first 11 months of 2024, their number was 1.2% higher year-on-year.10 Among those in employment, the number of foreign workers continues to rise, whereas the number of Slovenian workers is declining, albeit very slowly, due to retirement. In November, the share of foreign citizens among all persons in employment was 15.9%, 1.2 p.p. higher than a year earlier. The activities with the largest shares of foreigners are construction (50%), transportation and storage (34%), and administrative and support service activities (29%). 9 10 Inclusion of individuals posted to work or undergo training abroad and caregivers of family members among the persons in employment at the beginning of 2024. According to SURS data, just over 6,900 persons were posted to work or undergo training abroad at the end of 2023. These persons will most likely become persons in paid employment when their existing insurance basis expires (as of January 2024, there were just under 4,600 posted workers remaining). The effect of the changed definition is the largest in construction and among foreign nationals (see SURS https://www.stat.si/StatWeb/en/news/Index/12740). According to our estimate, the changed definition of persons in employment contributed about a half to the total year-on-year growth. Figure 20: Number of registered unemployed, December 2024 All unemployed Long-term unemployed 120 100 80 60 40 Source: ESS. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Dec 24 20 Jan 14 Number of registered unemployed in '000 140 In December 2024, the number of unemployed persons (seasonally adjusted) fell slightly. According to original data, 47,038 people were unemployed at the end of December, 2.9% more than at the end of November. This largely reflects seasonal trends related to a higher inflow into unemployment due to expiry of fixedterm employment contracts. Year-on-year, the number of unemployed was 2.7% lower in December, marking a smaller decrease compared to previous months. This is mainly due to a year-on-year increase in the inflow of unemployed persons attributed to redundancies and bankruptcies. Amid ongoing labour shortages and the retirement of older unemployed, the numbers of longterm unemployed (those unemployed for more than one year) and of unemployed over 55 fell year-on-year at the end of December, by 12.5% and 10.3% respectively. In contrast, the number of unemployed young people (aged 15–29) was slightly higher year-on-year for the third month in a row. In 2024, on average 45,982 persons were registered as unemployed, 5.6% fewer than a year earlier. 18 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Figure 21: Average real gross wage per employee, October 2024 Total Year-on-year real growth, 3-month moving average, in % 20 Private sector Public sector 16 12 8 4 0 -4 -8 -12 Jan 24 Oct 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -20 Jan 15 -16 Source: SURS; calculations by IMAD. In October, year-on-year real growth in the average gross wage was higher than in previous months (6.8%), which was due to both higher nominal wage growth and low (zero) inflation.11 In the public sector, wage growth (4.7%) was primarily driven by an increase in the value of the pay scale grades following a partial wage adjustment for inflation in June. In the private sector, where wage growth (7.9%) outpaced that of the public sector, labour shortages continued to play a key role in driving wage increases. In the first ten months, overall average gross wage increased by 6.5% year-onyear in nominal terms – by 7.6% in the public sector and by 4.4% in the private sector. This increase was lower than that observed in the same period last year, when higher inflation led to a higher wage adjustment. 11 Since April, calculation of data on earnings has used a new data source. SURS uses data from the REK-O form, which differs from the old ZAP/M form by the different reporting of extraordinary and overdue payments. The monthly gross wage differences between the two sources are between -2.2% and +2.0%, with the exception of December 2023, where the data from the new source was 14.9% higher. Consequently, growth rates also differ slightly. Beneficiaries of financial social assistance (FSA) Recipients of unemployment benefits (UB) 120 100 80 60 40 20 Sources: MDDSZ, ESS, calculations by IMAD. Jan 24 Nov 24 Jan 25 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Number of FSA beneficiaries and UB recipients in '000, seasonally adjusted, 3-month moving average Figure 22: Number of FSA beneficiaries and UB recipients, November 2024 In November 2024, the number of financial social assistance (FSA) beneficiaries fell year-on-year, while the number of unemployment benefit (UB) recipients increased slightly. Amid high employment and a fall in the number of long-term unemployed, who are often eligible for FSA, the number of FSA beneficiaries continued to fall year-on-year, reaching levels among the lowest in the past decade. In November, 70,347 people were entitled to FSA (original data), which is 3.4% less than in November 2023. The number of UB recipients was 14,007 in November (original figure), up by 2.4% year-on-year. This was due to a slightly higher inflow of persons who are eligible for UB into unemployment. 30.6% of all unemployed people received unemployment benefits in November, which is more than a year ago (29%). Table 3: Labour market indicators In % Persons in formal employment2 Average nominal gross wage 2023 XI 24/X 24 XI 24/XI 23 1.3 0.01 1.1 I-XI 24/I-XI 23 1.2 2023 X 24/IX 24 X 24/X 23 I-X 24/I-X 23 9.7 0.61 6.8 6.5 private sector 9.4 0.81 7.9 7.6 public sector 10.3 0.31 4.7 4.4 of which general government 10.1 0.11 4.3 3.9 of which public corporations 10.9 0.81 6.0 5.7 2023 XI 23 X 24 XI 24 5.0 4.8 4.6 4.6 2024 XII 24/XI 24 XII 24/XII 23 I-XII 24/I-XII 23 -5.6 2.9 -2.7 -5.6 Rate of registered unemployment (in %), seasonally adjusted In % Registered unemployed Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Slovenian Economic Mirror, No 1/2025 Current Economic Trends 19 Prices Figure 23: Consumer prices, December 2024 Slovenia 12 Euro area 10 Year-on-year inflation, in % 8 6 4 2 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Dec 24 Jan 25 0 Source: SURS, Eurostat. Although prices fell month-on-month, annual inflation edged up slightly in December (to 1.9%), but it was less than half the rate recorded at the end of 2023 (4.2%). The increase in year-on-year inflation was primarily attributed to a lower base effect, driven by a decline in petroleum product prices at the end of 2023, with prices in the food and non-alcoholic beverages group rising again in December 2024 (by 0.5%). Yearon-year, prices in this category were 2.6% higher, contributing roughly a quarter to total year-on-year inflation and marking the highest contribution among the 12 groups of goods and services in the CPI basket. Energy prices rose by 0.5% in 2024. With a slightly more pronounced price drop in the clothing and footwear group, the year-on-year price increase for semi-durable goods slowed at the end of 2024 (to 2.0% from 3.0% in November). The year-on-year price decline for durable goods remained steady at around 1% throughout most of 2024. After declining during the year, the year-onyear growth in services prices in December (2.7%) was similar to that recorded in November. Higher prices in the restaurants and hotels group (up by 4.1%) accounted for roughly one-third of the overall growth. Figure 24: Slovenian industrial producer prices, November 2024 Domestic market 160 Non-domestic market 150 Index 2015=100 140 130 120 110 100 Jan 24 Jan 23 Jan 22 Nov 24 Source: SURS. Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 90 In November, Slovenian industrial producer prices rose by 0.5% month-on-month, while the year-onyear decline eased to -0.4% (compared to -1.3% in October). The year-on-year decline in prices was still primarily driven by a 1.2% decline in the intermediate goods group, although the pace of this decline has been gradually slowing. Prices of capital goods also saw a year-on-year decline (of 0.7%). Energy prices, which were nearly 15% lower year-on-year in October, rose by 1% in November, primarily due to a sharp monthly rise (of 12.7%). Prices of electricity, gas, steam and airconditioning supply rose by more than a tenth monthon-month but were still 2.1% lower year-on-year. Prices of coke and refined petroleum products increased by almost a fifth compared to October (by 9.6% year-onyear). The year-on-year growth of consumer goods prices remains steady at approximately 1%. Prices on the domestic market fell by 0.9% year-on-year in November, and prices on foreign markets also recorded a slight decline (-0.1%). Table 4: Consumer price growth In % 2023 I-XII 24/I-XII 23 XII 24/XI 24 XII 24/XII 23 Total 4.2 2.0 -0.3 1.9 4.2 1.2 0.3 2.3 Food -2.3 -3.0 0.2 0.5 Services 6.0 4.2 -0.6 2.7 Other1 4.7 1.9 -0.4 1.4 Core inflation - excluding food and energy 5.2 2.9 -0.6 1.9 Core inflation - trimmed mean 4.2 2.5 -0.1 1.8 Fuels and energy 2 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc. 2 An approach that excludes the share of extreme price changes in each month. 20 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Financial markets Figure 25: Loans to domestic non-banking sectors, November 2024 Consumer loans Lending for house purchase Enterprises and NFIs Total 20 10 0 -10 -20 -30 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 -40 Source: BoS. Nov 24 Year-on-year growth, in % 30 Growth in the volume of loans to domestic nonbanking sectors increased slightly in November (to 5.3%). The main contribution to growth (3.1 p.p.) was the around 70% increase in NFI loans, rising by almost 60% month-on-month in September. After falling month-on-month since May, the volume of loans to non-financial corporations rose in November (by 0.4%), while the year-on-year decline slowed by more than one percentage point (to 3.2%) compared to October. Loans to households rose by 6.1% year-on-year; their year-onyear growth has remained roughly at the level achieved in the second half of the year, with year-on-year growth in consumer loans slowing (14.4%) and housing loans gradually increasing (3.7%). Deposit growth in the domestic non-bank sector was the lowest since 2016 (1.5%). Overnight deposits (2%), which account for around 80% of total non-banking sector deposits, have been on the rise again since September. In November, short-term deposits were lower year-on-year (by 1%) for the first time since August 2022. Long-term deposit growth also fell sharply over the year (to 10%, down from 50% in January). The quality of banks’ assets remains solid, with the share of non-performing loans holding steady at 1% for more than a year and a half. Figure 26: Government bond, Q4 2024 Austria Portugal 8 Ireland Slovenia Italy Spain Germany 7 5 4 3 2 1 0 Source: Bloomberg. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -2 Dec 24 Jan 25 -1 Jan 14 Yields to maturity in % 6 Yields to maturity of euro area government bonds further decreased slightly in the fourth quarter of 2024. This was still mainly due to the ECB’s monetary policy, which lowered its key interest rates twice in the fourth quarter – by a total of 50 basis points – as inflationary pressure eased. Quarter-on-quarter, the yield to maturity of the Slovenian government bond decreased by 9 basis points, reaching 2.98%. The spread to the German bond narrowed by 5 basis points, decreasing to 72 basis points. Slovenian Economic Mirror, No 1/2025 Current Economic Trends 21 Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth, % Domestic bank loans to non-banking sector and household savings 30. XI 23 31. XII 23 30. XI 24 30. XI 24/31.X 24 30. XI 24/30. XI 23 Loans total 25,870.2 25,574.6 27,242.7 0.6 5.3 Enterprises and NFI 11,728.4 11,352.9 12,202.4 0.3 4.0 Government 1,275.1 1,336.4 1,389.0 2.1 8.9 Households 12,866.6 12,885.3 13,651.3 0.7 6.1 Consumer credits 2,899.6 2,918.3 3,316.7 1.1 14.4 Lending for house purchase 8,261.1 8,271.7 8,566.7 0.5 3.7 Other lending 1,705.9 1,695.3 1,768.0 0.8 3.6 Bank deposits total 26,751.4 27,072.2 27,499.7 0.1 2.8 22,618.7 22,753.5 23,284.5 0.1 2.9 4,132.8 4,318.7 4,215.2 0.3 2.0 117.3 118.7 95.9 -2.6 -18.2 10,287.4 11,022.5 10,742.4 -1.1 4.4 Overnight deposits Term deposits Government bank deposits. total Deposits of non-financial corporations. total Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. 22 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Balance of payments Trade in goods Primary income Current account 5000 The current account surplus amounted to EUR 3.3 billion in the first 11 months of 2024 and was 0.5 billion higher than in the same period of 2023. The main reason for the year-on-year change in the current account balance was the goods trade balance, with exports rising more sharply than imports. The surplus in trade in services further increased slightly, especially in trade in technical, trade-related services, but partly also in certain knowledge-based services (telecommunications, computer and information services, financial services, and R&D services). The deficits in the primary and secondary income balances have narrowed. The former decreased due to lower net payments of taxes on production and imports and higher net interest income from financial investments in securities and from deposits in foreign accounts. The lower secondary income deficit was mainly due to lower GNI- and VAT-based contributions to the EU budget. Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -5000 Nov 24 -4000 Jan 14 12-month cumulatives, in EUR million Figure 27: Current account of the balance of payments, November 2024 Source: BoS; calculations by IMAD. Table 6: Balance of payments I-XI 2024, in EUR million Inflows Outflows Balance Balance, I-XI 2023 54,742.3 51,486.5 3,255.8 2,802.3 Goods 39,003.4 38,264.9 738.4 523.8 Services 11,264.0 7,881.3 3,382.6 3,317.6 Primary income 2,877.5 3,245.5 -368.0 -502.1 Secondary income 1,597.5 2,094.7 -497.2 -537.0 Capital account 2,236.8 2,311.3 -74.5 97.2 Financial account 2,717.3 5,249.0 2,531.7 2,622.3 Direct investment 1,923.5 1,415.7 -507.8 -392.5 Portfolio investment 1,326.9 3,928.6 2,601.7 -527.0 -455.0 -213.7 241.4 3,372.0 -649.6 -277.2 Current account Other investment Statistical error Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Slovenian Economic Mirror, No 1/2025 Current Economic Trends 23 Public finance Figure 28: Revenue of the consolidated general government budgetary accounts, November 2024 Social security contributions Receipts from the EU budget TOTAL REVENUE (growth in %) 15 12 9 6 3 0 I-XI 2024 Source: MF; calculations by IMAD. I-XI 2023 2023 2022 2021 2020 2019 2018 2017 2016 2015 -6 2014 -3 2013 Contribution to growth, in p.p. 18 Tax revenues Non-tax revenues Other I-XI 2024 2023 2022 2021 I-XI 2023 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 2015 2014 18 15 12 9 6 3 0 -3 -6 Salaries, wages and other personnel expend. with social contrib. Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) 2013 Contribution to growth, in p.p. Figure 29: Expenditure of the consolidated general government budgetary accounts, November 2024 The deficit of the consolidated general government budgetary accounts amounted to EUR 485.6 million in the first 11 months of 2024 and was 595.5 million lower than in the same period of 2023. Revenues in the first 11 months were 10.8% higher year-on-year. This growth was driven not only by revenue from social contributions, following the transformation of the complementary health contribution into a mandatory contribution, but also mainly by corporate income tax revenues, resulting from higher balancing payments last year and a higher tax rate12 and non-tax revenue (profit sharing of SSH and property income). Income tax receipts also contributed notably to the growth in general government revenue. The contribution from consumption-related taxes was lower year-on-year. Total receipts from the EU budget were lower yearon-year. Expenditure in the first 11 months was 7.8% higher year-on-year. The main contributors to growth were transfers to individuals and households, mainly due to the effect of high regular annual adjustment of pensions, and allocations to the budget funds (mainly the Fund for the Reconstruction of Slovenia and the RRP Fund). Expenditure on goods and services (among others ongoing maintenance on watercourses under the emergency Flood Recovery Act) and expenditure on salaries, wages and other personnel expenditure also made a significant contribution to growth in general government expenditure. Investment expenditure was significantly lower year-on-year. According to preliminary data from the Ministry of Finance, the state budget deficit, which constitutes the largest part of the consolidated balance sheet, increased in December. This was primarily due to the allocation of funds to the Fund for the Reconstruction of Slovenia to finance flood recovery measures in the coming years and higher investment expenditure. However, the deficit was lower than estimated during the adoption of the 2025 and 2026 budgets and was the lowest in the last five years (EUR 800 million, i.e. 1.2% of the projected GDP).13 The Reconstruction, Development and Provision of Financial Resources Act (ZORZFS) provides for a temporary increase (from 2024 to 2028 inclusive) in the corporate tax rate from 19% to 22% to finance projects and measures related to the floods and landslides. The amount resulting from the 3 p.p. increase is an earmarked revenue for the Fund for the Reconstruction of Slovenia. 13 Ministry of Finance, December 2024 and January 2025. Retrieved from: https://www.gov.si/novice/2024-12-11-poraba-drzavnegaproracuna-bo-decembra-visja-tudi-zaradi-investicij-in-sklada-zaobnovo/ and https://www.gov.si/novice/2025-01-09-lanska-gibanjav-drzavnem-proracunu-dobro-sledila-nacrtom/ (both available only in Slovenian). 12 24 Current Economic Trends Slovenian Economic Mirror, No 1/2025 Figure 30: EU budget receipts, November 2024 Slovenia’s net budgetary position against the EU budget was positive in the first 11 months of 2024 (at EUR 87.2 million). In this period, Slovenia received EUR 659.2 million from the EU budget (45.6% of receipts envisaged in the adopted state budget for 2024) and paid EUR 572.2 million into it (79.6% of planned payments). The bulk of receipts (36.6% of all reimbursements to the state budget, 67.5% of the planned reimbursements in 2024) were other receipts from the EU budget related to the payment of the third payment request from the Recovery and Resilience Facility and appropriations for the implementation of the Common Agricultural and Fisheries Policies (33.6% of all reimbursements to the state budget, 60.3% of the planned reimbursements in 2024). Resources from the Cohesion Fund accounted for 15.4% of total reimbursements to the state budget (100.4% of the planned reimbursements in 2024) and resources from the Structural Funds14 for 12.4% of all reimbursements (27.4% of the planned reimbursements in 2024). The highest payments into the EU budget came from GNI-based payments (49.5 % of all payments). According to the MKRR data, under the Operational Programme for the Implementation of EU Cohesion Policy 2021–2027,15 payments from the state budget totalled EUR 57.9 million (EU share) up to the end of November 2024, representing 2% of the available funds. Total receipts (January–November 2023) Expected reimbursements in the budget 2024 Total receipts (January–November 2024) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other (Solidarity Fund EU) Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 Figure 31: Absorption of funds under the Cohesion policy programme 2021–2027 (EU part) for the period 1 January 2021–30 November 2024 Payments from the state budget Commitment appropriations Total JTF 14 CF 15 ESF+ ERDF 0 500 1000 Source: MKRR. 1500 2000 2500 3000 3500 In EUR million The European Regional Development Fund (ERDF) and the European Social Fund (ESF). The data on the status of implementation of the Cohesion Policy Programme 2021–2027 over the entire period shows that implementation is progressing more slowly than planned. Based on a review of the progress in the implementation of the planned measures and a review of the absorption capacity for the measures enabled by the STEP (Strategic Technologies for Europe Platform) Regulation, the MKRR has prepared a basis for the revision of the Cohesion Policy Programme 2021–2027, which must be technically coordinated with the European Commission and submitted to the Government of the Republic of Slovenia for adoption by the end of February 2025 at the latest. Table 7: Consolidated general government revenue and expenditure on a cash basis I-XI 2023 Category REVENUES TOTAL Tax revenues1 I-XI 2024 Y-o-y growth, EUR m in % 22,498.0 11,605.5 6.1 24,937.0 4.7 12,753.5 Personal income tax 2,862.4 8.5 3,254.1 Corporate income tax 1,281.7 -11.3 1,729.1 Taxes on immovable property I-XI 2023 Y-o-y growth, EUR m in % 270.1 6.2 281.9 Value added tax 4,684.8 7.7 4,869.5 Excise duties Category 10.8 EXPENDITURE TOTAL Salaries. wages and other 9.9 personnel expenditures2 Expenditure on goods and 13.7 services 34.9 Interest payments 4.4 Reserves 3.9 Transfers to individuals and households I-XI 2024 Y-o-y growth, EUR m in % 23,579.1 EUR m Y-o-y growth, in % 7.4 25,422.7 7.8 5,556.8 12.0 5,943.1 7.0 3,329.9 8.0 3,790.0 13.8 693.6 7.0 778.4 12.2 383.4 -20.7 854.5 122.9 8,805.4 3.4 9,507.1 8.0 1,532.0 12.1 1,538.0 0.4 Other current transfers 2,012.3 19.8 2,090.5 3.9 Social security contributions 8,354.2 9.0 9,534.2 14.1 Investment expenditure 2,197.3 14.0 1,886.8 -14.1 Non-tax revenues 600.5 -8.2 572.2 -4.7 1,252.2 -2.2 1,643.4 Receipts from the EU budget 773.8 -5.2 673.2 -13.0 31.2 Payments to the EU budget Other 512.4 44.0 332.7 -35.1 PRIMARY BALANCE GENERAL GOVERNMENT BALANCE -1,081.1 -485.6 -542.3 85.7 Source: MF; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. statistical appendix Slovenian Economic Mirror, No 1/2025 Main indicators Statistical Appendix 2018 2019 2020 2021 2022 2023 2024 2025 27 2026 Autumn Forecast 2024 4.4 3.5 -4.1 8.4 2.7 2.1 1.5 2.4 2.5 GDP in EUR million (current prices) 45,462 48,157 46,739 52,023 56,909 63,951 66,819 70,911 74,841 GDP per capita in EUR (current prices) 21,942 23,052 22,227 24,682 26,979 30,158 31,379 33,164 34,901 GDP per capita (PPS) 26,400 27,800 26,800 29,300 31,900 34,400 GDP per capita (PPS EU27=100)1 87 89 89 90 90 91 Rate of registered unemployment 8.2 7.7 8.7 7.6 5.8 5.0 4.6 4.5 4.4 Standardised rate of unemployment (ILO) 5.1 4.5 5.0 4.7 4.0 3.7 3.7 3.7 3.6 Labour productivity (GDP per employee) 1.2 1.0 -3.4 7.0 -0.2 0.5 1.0 1.8 2.1 Inflation2, year average 1.7 1.6 -0.1 1.9 8.8 7.4 2.1 3.3 2.3 Inflation2, end of the year 1.4 1.8 -1.1 4.9 10.3 4.2 2.3 3.3 2.2 6.2 4.5 -8.5 14.5 6.8 -2.0 0.9 2.7 3.7 Exports of goods 5.7 4.5 -5.5 13.4 2.2 -2.7 1.5 2.4 3.6 Exports of services 7.7 4.6 -19.7 19.1 25.9 0.6 -1.2 3.6 4.4 7.1 4.7 -9.1 17.8 9.2 -4.5 3.5 3.0 4.1 Imports of goods 7.4 5.0 -8.6 17.2 7.7 -5.3 3.8 2.9 4.1 Imports of services 5.4 3.0 -12.0 20.7 17.3 0.4 2.3 3.7 3.9 2,960 3,105 3,586 1,951 -637 2,858 1,839 1,649 1,570 6.5 6.4 7.7 3.8 -1.1 4.5 2.8 2.3 2.1 42,137 44,491 48,049 50,923 51,810 57,837 92.7 92.4 102.8 97.9 91.0 90.4 1.181 1.120 1.141 1.184 1.054 1.082 1.086 1.091 1.091 3.4 5.5 -6.1 10.5 5.3 0.1 1.6 2.5 2.4 51.5 52.0 50.1 51.4 54.4 52.1 51.8 51.7 51.3 2.3 1.9 4.1 6.2 -0.7 2.4 8.5 1.7 4.1 18.4 18.5 20.7 20.8 19.4 19.2 20.7 20.8 21.3 10.6 4.9 -7.2 12.3 4.2 3.9 0.0 3.5 3.5 19.5 19.8 19.0 20.3 21.9 21.3 20.9 21.0 21.2 GDP (real growth rates, in %) 1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 2024). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 28 Statistical Appendix Production Slovenian Economic Mirror, No 1/2025 2021 2022 2023 2022 2023 2024 Q3 2022 2023 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 11 12 1.8 -5.7 -3.4 -4.1 -10.1 -5.1 -5.0 -3.6 2.8 -2.9 -10.5 1 2 3 4 5 -6.9 0.1 -3.3 -8.2 -2.2 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 10.2 B Mining and quarrying -6.6 10.2 -15.1 25.4 -26.1 -30.2 -31.3 -3.5 16.3 13.8 15.8 6.9 -21.6 -38.1 -25.7 -31.5 -32.6 -37.8 -27.9 11.8 -9.9 5.0 C Manufacturing D Electricity, gas & steam supply 1.2 3.9 -5.6 -4.5 4.6 -1.8 -0.4 -3.3 -4.7 -2.1 -1.0 0.9 -7.7 -1.1 1.5 -1.5 -7.6 -1.1 -5.3 -26.4 -31.6 -30.0 -40.2 -39.4 -32.3 -27.7 -23.7 -34.3 -14.0 -15.8 -38.7 -33.0 -46.1 -27.1 -37.9 -27.9 -37.0 1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % -0.5 22.2 19.4 14.8 35.6 24.1 23.1 23.0 10.1 Construction, total 14.5 63.4 Buildings -5.7 58.5 109.5 21.6 5.9 13.4 19.5 Civil engineering -3.0 -10.9 -15.7 26.1 45.6 25.0 16.8 29.9 23.4 22.8 1.6 -13.3 -23.4 -18.2 -24.8 -15.7 119.6 101.4 57.4 4.0 22.5 24.6 19.3 26.3 11.0 8.9 8.3 -5.6 -3.3 -3.3 -11.9 -23.1 16.0 38.4 15.9 33.6 24.4 24.0 12.8 MARKET SERVICES, year-on-year real growth rates, % 12.7 12.1 Services, total Transportation and storage Information and communication activities 14.3 7.2 7.6 2.2 6.7 5.1 6.7 -0.5 0.4 2.5 1.2 1.9 1.7 5.7 4.2 7.3 6.1 6.7 -0.6 2.3 -5.9 6.9 -0.2 -1.6 -6.7 -8.1 -6.9 -6.2 -2.8 2.0 -1.9 -0.6 0.5 -3.6 -1.5 -9.6 -1.4 -0.2 11.0 12.3 10.4 -2.7 2.6 -0.2 9.9 5.6 12.0 4.6 11.2 -1.7 2.8 10.3 7.0 9.0 2.0 5.7 Professional, scientific and technical activities 10.6 10.0 4.3 11.3 8.1 7.5 2.2 3.9 4.0 2.7 -1.0 -2.7 7.3 7.9 3.6 8.3 10.1 3.0 Administrative and support service activities 13.1 5.7 6.1 -0.8 1.5 7.0 7.7 6.0 3.8 4.8 3.0 2.0 6.2 -1.0 4.4 9.3 7.3 6.1 10.1 11.6 5.1 -2.7 5.3 0.7 -1.1 -3.8 -4.6 -1.4 1.5 -0.8 5.7 1.5 -1.7 4.1 -2.1 -4.3 -5.4 -3.1 18.9 5.5 -6.3 4.6 0.8 -4.9 -8.3 -7.0 -4.9 4.8 -0.5 0.1 2.9 -2.2 4.1 -3.9 -12.4 -9.4 -6.8 -3.5 14.6 -1.2 1.2 15.1 13.8 13.7 15.9 4.3 -1.4 12.8 0.0 8.1 0.4 1.2 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Real turnover in retail trade Real turnover in the sale and maintenance of motor vehicles 8.1 Nominal turnover in wholesale trade & commission trade 7.5 8.0 -6.0 22.2 38.5 3.5 6.8 3.5 16.6 11.3 16.9 14.8 10.5 -3.8 -6.7 -8.6 -4.7 -1.5 -0.9 -2.9 0.5 -5.2 -6.0 -9.1 -5.6 4.2 -10.7 15.2 -1.6 2.6 5.0 5.7 0.2 -1.3 12.9 7.0 0.5 -1.6 -1.7 7.8 11.1 0.9 7.5 65.4 96.9 67.9 48.4 20.9 38.6 37.0 9.7 9.8 33.5 37.0 44.7 32.1 23.1 22.6 17.9 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays 10.4 -14.7 -17.0 -50.3 -49.1 -9.5 -39.5 -8.4 Foreign tourists, overnight stays 42.9 110.1 14.7 61.2 71.6 44.5 27.4 6.2 Accommodation and food service activities 20.8 58.6 18.9 20.7 29.6 32.4 15.0 16.6 16.0 9.9 5.2 -10.0 -4.6 38.3 13.7 -3.2 -43.1 -45.3 7.4 -10.6 -20.3 -21.7 -34.4 AGRICULTURE Purchase of agricultural products, in EUR m 601.4 773.6 751.4 221.0 232.1 178.5 179.8 189.5 203.4 165.6 178.4 207.2 72.2 69.2 60.2 54.7 63.6 56.3 63.0 BUSSINES TENDENCY (indicator values*) 2.4 0.6 -3.8 -5.9 -4.5 -3.2 -2.0 -2.3 -4.5 -3.2 -2.0 -2.3 -2.2 0.4 -1.2 -0.8 -1.5 -2.5 -2.7 8 0 -8 -11 -8 -9 -8 -7 -8 -9 -8 -7 -6 -4 -3 -5 -6 -9 -9 18 21 14 12 12 10 5 5 12 10 5 6 21 22 19 19 13 17 13 in services 9 17 16 13 14 16 16 16 14 16 16 16 19 20 18 20 21 18 19 in retail trade 5 20 13 13 11 10 17 10 11 10 18 10 18 21 17 17 7 18 12 -22 -33 -33 -33 -32 -29 -24 -25 -32 -28 -25 -26 -37 -31 -35 -34 -32 -30 -29 Sentiment indicator Confidence indicator in manufacturing in construction consumer confidence indicator Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2 The survey covers all larger construction enterprises and some other enterprises that perform construction work. * Seasonally adjusted SURS data. Slovenian Economic Mirror, No 1/2025 Statistical Appendix 2023 Production 6 7 8 29 2024 9 10 11 12 -2.2 -2.7 -11.0 1 2 3 4 5 -4.8 0.4 -9.8 9.3 6 7 8 9 10 11 -7.7 -10.3 5.1 4.3 -0.6 7.3 -3.3 12 INDUSTRIAL PRODUCTION, y-o-y growth rates, % -2.4 -7.7 -15.8 -7.7 -28.7 0.3 -10.8 -0.3 17.1 14.2 18.0 13.6 34.1 -1.7 54.0 -7.1 8.2 9.0 0.8 10.0 36.7 24.6 -1.6 -6.8 -15.7 -7.8 -7.1 13.0 -4.7 -9.2 7.9 5.2 Industry B+C+D B Mining and quarrying C Manufacturing D Electricity, gas & steam supply 1 -31.7 -34.3 -24.6 -23.1 -3.1 -2.6 -9.3 -1.2 2.9 -8.8 -22.0 -34.7 -48.9 -21.5 -25.0 -19.6 -16.3 2.1 9.9 -1.9 -6.3 -14.1 -14.3 -18.9 -14.5 -17.3 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % 23.2 18.5 20.3 29.6 Construction, total 8.1 13.0 Buildings 14.2 Civil engineering 21.8 14.7 21.8 41.2 10.3 16.1 9.0 -4.5 -6.7 -10.3 -21.5 -25.2 -26.0 -18.3 -33.0 5.0 -8.2 -4.8 -6.3 -20.3 -13.1 -16.7 -17.1 -14.1 -2.4 -17.5 -19.8 -19.6 -33.5 -15.0 -25.2 -4.2 -6.3 -19.4 -16.9 4.7 -5.2 3.7 -7.5 -6.7 -5.2 -22.6 -19.5 -22.7 -26.1 -14.5 -10.9 1.4 -3.0 8.6 1.4 -3.6 3.9 1.5 -0.3 1.6 -0.1 -14.0 7.0 -6.2 -8.3 5.6 1.9 -1.0 8.0 2.6 20.6 8.6 -0.7 1.8 1.3 2.7 -2.7 MARKET SERVICES, year-on-year real growth rates, % -2.8 1.3 -0.4 0.3 1.0 3.3 3.3 6.0 Transportation and storage -9.0 -6.6 -9.0 -8.6 -9.7 -5.7 -5.1 -2.7 Information and communication activities Services, total -4.6 6.1 0.5 2.1 4.5 14.9 11.3 14.2 4.7 Professional, scientific and technical activities 3.9 2.6 6.7 2.6 6.1 3.9 2.5 10.8 1.1 -2.3 6.2 -0.6 -7.7 2.7 -7.3 -3.5 -2.9 Administrative and support service activities 6.8 5.9 7.7 4.8 5.7 1.8 4.1 11.0 3.2 1.0 5.5 4.8 -1.2 2.5 4.6 -0.7 3.9 -2.9 -3.2 -5.0 -5.4 0.5 -0.6 -4.1 -0.1 4.9 -3.8 10.6 -1.2 -4.5 11.4 3.6 1.7 6.3 Real turnover in retail trade -8.6 -7.9 -5.9 -7.2 -3.6 -4.8 -6.2 -2.1 0.7 -2.8 3.0 -0.7 -4.3 5.3 0.5 -2.3 1.3 -1.1 Real turnover in the sale and maintenance of motor vehicles 16.4 17.2 11.2 12.7 18.2 18.1 11.2 14.2 11.0 2.2 21.3 1.0 -5.0 12.8 7.5 5.2 13.6 0.5 -6.7 11.3 -2.4 -4.3 15.1 4.4 2.7 6.6 0.4 7.5 14.4 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade -5.6 -6.5 -9.2 -9.9 -2.5 -4.2 -7.6 -4.0 5.1 -13.4 9.0 -5.6 8.0 3.8 2.4 8.7 -4.1 4.5 17.6 -10.5 14.7 -3.5 -0.9 13.9 -9.4 -14.9 5.3 1.1 -0.7 1.0 -6.6 3.1 6.6 -3.2 -7.2 8.9 5.3 4.8 14.1 -2.5 5.8 33.1 -11.6 17.5 -3.6 0.8 15.8 4.5 10.9 21.8 6.7 8.1 15.1 5.6 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays -50.2 Foreign tourists, overnight stays Accommodation and food service activities 16.1 15.2 -2.8 7.4 17.8 10.1 23.4 15.2 14.8 17.7 -2.4 7.4 12.3 10.1 -7.8 9.1 13.5 6.7 -11.6 0.8 4.3 8.9 AGRICULTURE Purchase of agricultural products, in EUR m 60.6 64.7 58.8 66.1 78.4 61.4 63.6 55.7 51.8 58.0 57.0 62.8 58.5 68.7 58.3 80.2 80.6 68.1 BUSSINES TENDENCY (indicator values*) -5.1 -6.6 -6.3 -4.9 -5.3 -5.3 -3.0 -3.0 -3.0 -3.5 -2.2 -2.0 -1.8 -2.9 -1.8 -2.3 -4.0 -3.1 -2.6 in manufacturing -10 -12 -11 -10 -10 -8 -7 -8 -9 -9 -9 -7 -7 -7 -6 -7 -8 -8 -8 in construction 13 14 8 13 9 11 16 13 8 10 5 7 4 3 7 6 6 10 4 in services 14 13 11 14 14 13 15 14 18 17 17 17 15 15 15 17 15 15 15 in retail trade 16 3 19 16 16 2 15 16 10 5 19 12 21 3 16 11 3 20 20 -34 -33 -34 -33 -33 -32 -31 -28 -29 -29 -25 -25 -23 -24 -24 -28 -29 -30 -27 Sentiment indicator Confidence indicator consumer confidence indicator 30 Statistical Appendix Slovenian Economic Mirror, No 1/2025 2022 2023 2024 2022 2023 Labour market 2021 2022 2023 FORMAL LABOUR FORCE (A=B+E) 974.6 978.7 982.4 976.5 985.2 982.0 981.5 979.6 986.7 991.0 990.5 987.4 988.5 982.1 982.3 981.8 981.6 981.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 900.3 922.0 933.7 923.0 932.3 929.0 934.2 932.7 939.1 941.6 946.3 943.2 935.3 926.7 928.9 931.4 933.0 934.1 In agriculture, forestry, fishing 25.7 24.9 24.3 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 Q3 24.3 Q4 24.2 Q1 23.6 Q2 23.7 Q3 23.6 12 24.8 1 24.2 2 24.2 3 24.3 4 24.3 5 24.4 In industry, construction 294.1 304.7 308.4 305.9 309.5 307.4 309.0 307.9 309.2 312.5 313.9 311.8 312.0 306.4 307.3 308.4 309.0 308.9 - in manufacturing 205.6 210.8 211.4 210.6 212.9 211.8 212.0 210.7 211.2 212.2 211.9 210.3 214.3 211.7 211.5 212.1 212.1 212.1 - in construction In services - in public administration - in education, health-services and social work 67.8 73.0 75.7 74.2 75.5 74.5 75.7 75.9 76.5 78.9 80.4 80.0 76.7 73.7 74.7 75.1 75.7 75.5 580.4 592.4 601.1 592.2 597.9 597.4 600.8 600.4 605.7 605.6 608.8 607.8 598.5 596.1 597.4 598.8 599.6 600.8 49.6 49.5 49.2 49.5 49.6 49.1 49.2 49.1 49.4 49.4 49.7 49.8 49.4 49.0 49.2 49.2 49.1 49.2 146.1 149.7 153.0 148.8 151.6 152.1 153.0 152.1 154.8 155.4 156.4 155.9 151.9 151.6 152.2 152.7 152.8 153.1 FORMALLY EMPLOYED (C)1 804.4 824.1 833.4 824.8 833.1 830.0 834.2 831.9 837.5 839.9 843.9 840.1 836.1 828.0 829.9 832.0 833.2 834.1 In enterprises and organisations 756.2 775.8 785.5 776.0 784.4 782.3 785.9 783.9 789.8 793.3 797.0 794.6 787.9 780.6 782.3 784.0 785.1 785.8 By those self-employed 48.2 48.3 47.9 48.8 48.7 47.7 48.2 48.0 47.7 46.6 47.1 46.7 48.2 47.4 47.6 48.0 48.1 48.3 SELF-EMPLOYED AND FARMERS (D) 95.8 97.9 100.4 98.2 99.1 99.0 100.0 100.8 101.7 101.7 102.4 103.1 99.3 98.7 99.0 99.4 99.8 100.0 REGISTERED UNEMPLOYMENT (E) 74.3 56.7 48.7 53.4 52.9 53.0 47.3 46.9 47.6 49.4 44.2 44.2 53.2 55.4 53.4 50.3 48.6 47.2 Female 37.9 28.6 24.3 27.4 26.6 26.2 23.7 23.8 23.6 23.9 21.8 22.2 26.4 27.1 26.3 25.1 24.3 23.6 By age: 15 to 29 14.2 10.5 9.2 9.5 10.6 10.0 8.5 8.4 9.9 9.6 8.2 8.2 10.4 10.7 10.1 9.3 8.8 8.5 Aged over 50 28.2 22.3 19.0 21.2 20.4 20.6 18.9 18.5 17.9 18.8 17.2 16.7 20.4 21.3 20.7 19.8 19.3 18.9 Primary education or less 23.5 18.0 15.9 16.7 16.8 17.4 15.4 15.0 15.6 16.9 14.6 14.4 17.2 18.2 17.6 16.4 15.8 15.4 For more than 1 year 40.5 30.1 22.4 27.9 25.9 24.4 22.6 21.7 21.0 20.6 19.3 18.7 25.4 25.2 24.4 23.6 23.0 22.6 Those receiving benefits 18.9 15.1 14.1 14.5 14.0 15.9 13.1 13.8 13.6 16.5 13.1 13.5 15.0 17.2 15.6 14.9 13.4 12.8 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.6 5.8 5.0 5.5 5.3 5.4 4.8 4.8 4.8 5.0 4.5 4.5 5.4 5.6 5.4 5.1 5.0 4.8 Male 6.9 5.2 4.5 4.9 4.9 5.0 4.4 4.3 4.4 4.7 4.1 4.1 4.9 5.3 5.0 4.7 4.5 4.4 Female 8.5 6.5 5.5 6.2 6.0 5.9 5.3 5.4 5.3 5.4 4.9 5.0 5.9 6.1 5.9 5.7 5.5 5.3 FLOWS OF FORMAL LABOUR FORCE -1.8 -1.1 -0.4 -0.6 0.4 -1.0 -1.4 -0.1 0.8 -0.5 -1.2 0.2 0.6 2.2 -2.0 -3.1 -1.7 -1.4 New unemployed first-job seekers 0.6 0.6 0.6 0.5 1.2 0.5 0.3 0.4 1.2 0.5 0.3 0.5 0.4 0.5 0.4 0.4 0.3 0.3 Redundancies 4.5 4.2 4.1 3.9 4.2 4.9 3.4 3.9 4.3 5.3 3.3 4.0 4.5 7.3 3.7 3.6 3.3 3.4 Registered unemployed who found employment 5.0 3.8 3.4 3.1 3.1 4.6 3.4 2.9 2.9 4.6 3.2 2.8 2.5 3.8 4.6 5.2 3.8 3.3 Other outflows from unemployment (net) 2.0 2.2 1.9 2.1 2.2 2.0 1.9 1.8 2.0 2.0 1.9 1.8 1.9 2.2 1.8 2.2 1.7 2.1 41.8 49.5 52.0 50.7 51.7 51.8 52.2 52.0 51.9 51.6 50.4 48.8 51.7 51.5 51.7 52.1 52.3 52.3 4.3 5.1 5.3 5.2 5.2 5.3 5.3 5.3 5.3 5.2 5.1 4.9 5.2 5.2 5.3 5.3 5.3 5.3 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Slovenian Economic Mirror, No 1/2025 Labour market Statistical Appendix 2023 6 7 8 9 2024 10 11 12 1 2 3 4 5 6 7 8 9 10 11 FORMAL LABOUR FORCE (A=B+E) 981.6 980.3 978.6 979.7 984.8 985.6 989.6 990.6 991.4 991.2 991.2 990.8 989.6 987.7 986.3 988.4 993.2 994.2 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 935.4 933.0 931.2 933.7 937.6 938.5 941.3 939.0 941.6 944.3 945.9 946.7 946.3 943.3 941.8 944.5 947.8 948.4 In agriculture, forestry, fishing 309.1 308.8 307.7 307.3 308.7 308.1 310.7 311.3 312.6 313.6 314.0 314.1 313.4 312.3 311.3 311.9 312.5 312.7 - in manufacturing 211.8 211.2 210.7 210.2 211.0 210.6 212.2 212.2 212.3 212.3 212.3 212.0 211.6 210.7 210.2 210.2 210.8 210.9 In services - in public administration - in education, health-services and social work 76.0 76.3 75.7 75.7 76.3 76.2 77.2 77.8 79.0 79.9 80.3 80.7 80.4 80.1 79.7 80.2 80.2 80.2 602.0 599.9 599.2 602.2 604.7 606.1 606.4 604.2 605.5 607.1 608.3 608.9 609.2 607.4 606.9 609.1 611.7 612.2 49.1 49.1 49.2 49.1 49.3 49.3 49.5 49.3 49.3 49.5 49.6 49.6 49.8 49.8 49.9 49.8 50.0 50.2 153.0 151.8 151.5 153.1 154.2 154.9 155.2 154.9 155.4 155.8 156.2 156.5 156.5 155.4 155.4 156.8 157.9 158.6 FORMALLY EMPLOYED (C)1 835.2 832.5 830.5 832.6 836.1 836.7 839.6 837.5 840.0 842.3 843.8 844.2 843.7 840.4 838.7 841.1 844.1 844.7 In enterprises and organisations 786.8 784.4 782.6 784.7 788.0 788.9 792.5 791.1 793.4 795.5 796.7 797.1 797.1 797.1 792.3 794.5 797.4 798.2 By those self-employed SELF-EMPLOYED AND FARMERS (D) 12 24.4 24.3 24.3 24.3 24.2 24.2 24.2 23.5 23.5 23.6 23.6 23.7 23.7 23.6 23.6 23.6 23.5 23.5 In industry, construction - in construction 31 48.4 48.1 47.8 47.9 48.1 47.8 47.1 46.3 46.6 46.8 47.0 47.1 47.1 47.1 46.4 46.6 46.7 46.5 100.3 100.5 100.8 101.1 101.5 101.8 101.7 101.5 101.7 102.0 102.2 102.4 102.6 102.9 103.1 103.5 103.7 103.7 REGISTERED UNEMPLOYMENT (E) 46.2 47.3 47.4 46.0 47.2 47.2 48.4 51.6 49.7 46.9 45.2 44.1 43.4 44.4 44.5 43.8 45.5 45.7 47.0 Female 23.2 24.0 24.1 23.1 23.7 23.6 23.5 24.7 24.0 22.9 22.3 21.8 21.4 22.3 22.4 21.8 22.5 22.4 22.3 By age: 15 to 29 8.2 8.4 8.5 8.5 10.0 9.8 9.9 10.1 9.6 9.0 8.5 8.1 7.9 8.1 8.1 8.4 10.1 9.9 10.0 Aged over 50 18.6 18.8 18.6 18.1 17.8 17.7 18.1 19.4 18.9 18.0 17.5 17.2 16.9 17.0 16.8 16.5 16.4 16.4 16.6 Primary education or less 15.0 15.1 14.9 15.0 15.1 15.4 16.4 17.7 17.1 15.8 15.1 14.6 14.2 14.3 14.3 14.4 14.7 15.1 16.1 For more than 1 year 22.2 22.0 21.7 21.4 21.2 21.0 20.8 21.1 20.6 20.1 19.6 19.3 19.1 18.9 18.7 18.5 18.5 18.5 18.2 Those receiving benefits 13.2 13.8 14.1 13.6 12.4 13.7 14.6 17.4 17.0 15.3 12.9 13.3 13.0 12.8 14.0 13.8 13.8 14.0 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 4.7 4.8 4.8 4.7 4.8 4.8 4.9 5.2 5.0 4.7 4.6 4.4 4.4 4.5 4.5 4.4 4.6 4.6 Male 4.3 4.3 4.3 4.3 4.4 4.4 4.6 4.9 4.7 4.4 4.2 4.1 4.0 4.1 4.1 4.0 4.2 4.2 Female 5.2 5.4 5.5 5.2 5.3 5.3 5.3 5.5 5.4 5.2 5.0 4.9 4.8 5.0 5.1 4.9 5.0 5.0 FLOWS OF FORMAL LABOUR FORCE -1.0 1.1 0.1 -1.4 1.2 -0.1 1.2 3.3 -1.9 -2.8 -1.7 -1.1 -0.7 1.0 0.1 -0.6 1.6 0.2 1.3 New unemployed first-job seekers 0.3 0.2 0.2 0.8 2.5 0.6 0.4 0.6 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.9 2.5 0.6 0.4 Redundancies 3.4 4.5 3.4 3.8 4.2 4.1 4.6 8.2 4.0 3.6 3.6 3.3 3.1 4.7 3.2 4.1 4.4 4.3 5.0 Registered unemployed who found employment 3.1 2.1 2.1 4.4 3.4 3.0 2.3 3.9 4.7 5.1 3.9 3.1 2.7 2.3 2.0 4.0 3.5 3.1 2.3 Other outflows from unemployment (net) 1.9 1.7 1.8 1.9 2.3 2.0 1.7 2.1 1.9 2.1 2.0 1.9 1.6 1.9 1.7 1.9 2.1 1.8 1.9 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 52.1 52.0 52.0 52.1 51.9 52.0 51.9 51.8 51.5 51.3 51.1 50.5 49.7 49.2 48.9 48.4 47.7 47.0 5.3 5.3 5.3 5.3 5.3 5.3 5.2 5.2 5.2 5.2 5.2 5.1 5.0 5.0 5.0 4.9 4.8 4.7 32 Statistical Appendix Slovenian Economic Mirror, No 1/2025 in EUR Wages 2023 Q3 24 Oct 24 GROSS WAGE PER EMPLOYEE, nominal in € 2021 2022 2023 2022 Q3 2023 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2023 Q3 2 3 4 y-o-y growth rates, % TOTAL 2,255 2,359 2,388 6.1 2.8 9.7 5.0 6.5 10.4 9.9 10.0 8.7 7.2 5.9 6.4 10.7 9.2 9.0 Private sector activities (A–N; R–S) 2,192 2,292 2,332 5.8 6.0 9.6 6.7 6.9 11.1 9.5 9.2 8.9 7.9 7.2 7.2 11.3 9.6 8.2 Public service activities (OPQ) 2,448 2,562 2,559 6.8 -5.1 9.9 0.5 5.3 8.4 11.0 12.3 7.9 5.4 2.4 4.0 9.0 7.8 10.9 Industry (B–E) 2,273 2,363 2,398 5.7 6.2 10.1 7.6 6.2 12.2 10.4 8.2 9.7 7.8 6.9 8.0 12.0 10.4 9.4 Trad. market services (GHI) 2,008 2,090 2,146 5.7 6.7 9.5 6.6 8.2 10.8 9.0 9.7 8.4 7.6 6.7 6.6 11.2 8.9 7.6 Other market services (J–N; R–S) 2,474 2,579 2,600 5.6 5.4 9.3 5.6 6.7 10.0 8.9 9.9 8.3 7.3 6.6 5.7 10.3 9.5 7.3 A Agriculture, forestry and fishing 1,892 2,000 2,046 3.8 9.6 10.0 10.0 11.5 13.0 11.2 8.9 7.2 7.0 6.3 6.6 13.1 10.1 11.1 B Mining and quarrying 2,876 2,988 3,132 2.3 4.1 10.1 5.7 6.1 12.3 22.9 4.0 3.0 6.6 -3.2 8.3 10.9 10.2 47.8 C Manufacturing 2,231 2,317 2,353 6.2 6.3 9.9 7.4 6.2 12.1 10.1 8.0 9.6 7.8 6.9 8.1 12.0 10.1 9.3 D Electricity, gas, steam and air conditioning supply 3,275 3,388 3,362 1.5 6.2 12.4 11.2 5.2 14.2 13.4 10.1 12.0 6.9 7.5 6.1 10.0 16.3 6.0 E Water supply sewerage, waste management and remediation activities 2,163 2,264 2,322 4.3 6.1 10.4 6.5 6.3 12.4 9.1 10.1 10.3 8.4 7.1 6.7 14.5 10.4 5.6 F Construction 1,747 1,937 1,991 7.1 7.0 9.6 6.5 7.9 10.9 9.3 9.7 8.8 11.7 12.5 11.8 11.1 8.9 8.4 G Wholesale and retail trade, repair of motor vehicles and motorcycles 2,107 2,174 2,237 5.4 6.3 9.1 5.7 7.2 10.2 8.5 9.5 8.3 7.0 6.1 6.4 11.0 7.9 6.2 H Transportation and storage 1,999 2,105 2,180 5.0 8.7 9.6 8.9 10.2 11.2 9.7 10.1 7.6 9.3 8.0 6.9 11.2 9.5 9.1 I Accommodation and food service activities 1,645 1,748 1,741 12.7 8.9 11.4 7.3 9.1 13.9 10.6 10.3 11.1 7.3 6.7 6.7 13.0 13.4 11.9 J Information and communication 3,028 3,130 3,141 4.7 5.6 7.3 5.9 5.6 7.3 8.0 7.3 6.7 7.0 5.8 4.6 6.6 6.6 6.8 K Financial and insurance activities 3,258 3,404 3,363 5.0 6.3 8.6 5.1 8.2 9.4 6.5 11.1 7.8 5.6 7.5 3.5 11.5 5.8 2.4 L Real estate activities 2,053 2,133 2,185 3.7 5.4 8.4 5.4 6.5 10.1 8.2 8.1 7.4 6.1 5.5 5.8 9.7 8.7 6.4 M Professional, scientific and technical activities 2,583 2,661 2,697 6.3 4.7 9.1 4.9 5.4 10.1 8.6 9.4 8.2 7.0 6.0 6.1 10.7 11.5 7.5 N Administrative and support service activities 1,650 1,766 1,798 5.9 7.8 11.2 8.6 9.0 12.8 11.2 11.6 9.7 10.0 9.3 9.1 13.5 11.1 10.4 O Public administration and defence, compulsory social security 2,665 2,812 2,782 6.9 -3.3 10.0 1.9 6.9 8.4 11.8 12.5 7.4 6.0 2.5 4.2 9.4 7.1 10.7 P Education 2,227 2,331 2,362 8.9 -5.1 9.7 -5.7 2.3 9.0 10.5 11.5 7.9 5.6 2.6 4.3 8.8 8.8 10.5 Q Human health and social work activities 2,534 2,637 2,616 4.8 -6.3 10.2 6.6 7.3 8.0 11.0 13.3 8.5 4.9 2.2 3.7 8.9 7.5 11.6 R Arts, entertainment and recreation 2,190 2,263 2,279 9.4 2.2 9.6 0.5 3.7 10.8 10.2 10.3 7.3 4.9 2.6 4.0 6.0 16.5 10.3 S Other service activities 1,815 1,912 1,923 3.4 5.0 9.1 5.9 7.1 11.2 8.3 8.9 8.3 6.6 5.7 6.5 12.5 8.2 8.3 Source: SURS, calculations by IMAD. Note: Break in the time series for data from January 2024 onwards due to the switch to a new data source (SURS). Slovenian Economic Mirror, No 1/2025 Wages Statistical Appendix 2023 5 6 7 8 33 2024 9 10 11 12 1 2 3 4 5 6 7 8 9 10 GROSS WAGE PER EMPLOYEE y-o-y growth rates, % TOTAL 11.0 9.9 10.0 10.7 9.5 9.2 8.1 8.7 8.0 7.6 6.0 6.5 6.0 5.2 7.2 5.8 6.1 6.8 Private sector activities (A–N; R–S) 10.9 9.4 9.5 9.8 8.3 9.7 8.5 8.7 9.1 8.5 6.0 8.4 7.7 5.4 8.5 6.5 6.7 7.6 Public service activities (OPQ) 11.1 11.0 11.1 13.2 12.8 7.9 7.0 8.9 5.1 5.1 6.0 1.3 1.5 4.4 3.7 3.9 4.6 4.4 Industry (B–E) 11.7 10.2 8.5 9.2 6.8 9.9 10.7 8.5 10.2 8.3 4.9 8.6 7.8 4.1 10.1 6.1 7.7 7.9 Trad. market services (GHI) 11.0 8.6 9.9 10.3 9.0 9.7 7.8 7.9 8.4 7.6 6.9 7.3 7.0 5.7 7.2 5.9 6.6 7.1 Other market services (J–N; R–S) 10.1 9.2 10.2 10.0 9.4 9.6 6.5 9.3 7.6 8.5 5.8 7.5 7.0 5.4 6.2 6.5 4.4 6.5 A Agriculture, forestry and fishing 11.3 11.2 11.7 9.3 5.8 8.8 11.5 1.4 7.6 7.3 5.9 7.1 5.7 6.0 6.8 6.3 6.6 6.4 B Mining and quarrying 17.0 6.0 3.5 6.4 1.9 8.8 -0.4 1.2 11.6 8.7 -0.4 -18.2 3.8 4.8 12.0 3.8 9.1 9.5 C Manufacturing 11.7 9.4 8.1 8.8 7.1 9.8 10.8 8.0 10.2 8.3 4.9 8.9 8.2 3.7 10.2 6.3 7.8 7.9 D Electricity, gas, steam and air conditioning supply 8.7 26.2 14.8 14.9 1.9 9.9 9.6 16.5 8.2 8.2 4.4 10.0 4.6 7.9 7.2 4.4 6.6 5.9 E Water supply sewerage, waste management and remediation activities 14.0 7.8 9.5 11.7 9.2 11.7 11.2 7.8 11.1 7.8 6.2 10.5 4.2 6.7 9.9 3.8 6.4 8.2 F Construction 10.2 9.2 10.3 9.6 9.2 8.7 7.6 10.2 12.0 13.5 9.6 15.1 11.9 10.7 14.6 10.4 10.4 12.8 G Wholesale and retail trade, repair of motor vehicles and motorcycles 11.1 8.5 9.7 10.0 8.8 9.8 8.0 7.3 7.4 7.4 6.3 7.0 6.8 4.5 7.0 5.9 6.3 6.9 H Transportation and storage 10.8 9.1 10.3 10.7 9.3 9.8 5.4 8.2 10.9 8.8 8.2 8.6 7.9 7.6 7.8 6.0 7.1 7.9 I Accommodation and food service activities 11.2 8.7 10.5 11.3 9.1 9.6 13.0 10.9 7.9 6.4 7.6 5.9 6.5 7.5 6.5 5.8 7.7 6.0 J Information and communication 8.9 8.3 8.0 7.8 6.0 7.9 6.4 6.1 7.9 8.4 4.7 7.1 5.8 4.4 3.8 5.1 4.9 5.7 K Financial and insurance activities 9.7 7.6 11.3 11.4 10.4 12.8 2.7 9.5 2.3 7.9 6.7 5.4 7.6 9.5 4.5 9.9 -3.9 5.3 10.5 7.6 7.9 8.4 8.1 6.2 9.4 6.7 5.6 6.0 6.7 6.0 5.0 5.3 6.1 5.5 5.8 8.1 M Professional, scientific and technical activities 9.4 9.0 9.9 9.6 8.7 8.6 7.1 9.2 8.9 8.4 3.9 8.8 6.7 2.4 7.1 5.1 6.0 6.6 N Administrative and support service activities 12.1 10.9 11.3 10.7 12.7 10.1 6.6 12.7 10.7 10.2 9.0 9.9 10.2 7.8 10.2 8.3 8.6 9.3 O Public administration and defence, compulsory social security 12.0 12.6 11.1 14.0 12.3 7.2 6.5 8.5 6.0 5.6 6.3 1.8 1.2 4.5 4.1 3.9 4.7 6.0 P Education 10.5 10.4 10.4 11.3 12.7 8.1 7.4 8.1 5.1 5.4 6.3 2.1 1.7 4.1 3.8 4.7 4.5 4.4 Q Human health and social work activities 11.0 10.5 12.0 14.6 13.4 8.5 7.0 10.0 4.5 4.6 5.6 0.3 1.4 4.9 3.3 3.2 4.7 3.3 R Arts, entertainment and recreation 10.3 10.0 9.8 9.9 11.3 8.1 6.4 7.5 4.3 5.1 5.3 2.1 2.2 3.5 4.0 4.4 3.8 3.9 8.8 7.8 8.9 9.2 8.6 7.7 8.9 8.3 6.0 6.3 7.5 4.6 5.5 6.9 6.7 5.8 6.8 5.4 L Real estate activities S Other service activities 34 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 1/2025 2022 2023 2024 2022 Q4 2023 Q1 Q2 2024 Q3 Q4 Q1 Q2 2022 Q3 Q4 2023 12 1 2 3 4 5 CPI, y-o-y growth rates, % 10.3 4.2 1.9 10.1 9.9 8.2 6.6 5.3 3.4 2.3 0.9 1.2 10.3 10.0 9.3 10.5 9.4 8.4 Food, non-alcoholic beverages 18.6 4.6 2.6 18.3 18.9 14.4 10.2 6.0 2.0 0.1 1.3 2.1 18.6 19.3 18.3 19.0 15.8 14.9 Alcoholic beverages, tobacco 6.0 9.4 3.6 6.2 9.2 9.2 8.9 9.3 6.3 5.3 5.1 3.9 6.0 9.1 9.1 9.4 7.4 10.3 Clothing and footwear 2.3 1.3 2.2 2.3 3.8 6.4 6.6 1.9 3.8 2.0 -3.1 2.8 2.3 3.9 1.8 5.6 8.3 5.3 Housing, water, electricity, gas 13.3 2.7 1.3 14.6 13.0 9.2 5.3 5.2 4.3 1.9 -4.1 -2.4 13.3 11.1 7.9 19.9 13.7 10.6 Furnishing, household equipm. 12.9 3.9 -0.3 12.5 11.8 9.1 6.4 4.6 2.2 1.2 0.8 0.1 12.9 12.3 12.2 10.8 10.2 8.9 Medical, pharmaceutical produ. 7.2 8.5 2.4 5.7 6.7 11.3 11.8 8.8 8.7 5.1 4.0 4.0 7.2 4.8 5.4 9.8 10.1 10.6 Transport 9.3 -0.5 1.2 10.1 5.0 1.0 -1.0 1.1 0.6 0.9 -0.6 -1.2 9.3 6.0 6.0 3.1 2.9 0.5 Communications 1.2 0.1 -0.9 -0.8 2.6 3.7 3.8 2.6 -1.3 -0.4 -0.5 -0.9 1.2 2.4 2.1 3.3 3.7 4.2 Recreation and culture 6.9 6.3 1.4 6.6 8.6 7.9 8.5 6.7 3.8 2.9 3.3 2.6 6.9 10.1 9.6 6.1 7.5 7.7 Education 1.4 8.7 3.1 1.3 2.1 4.6 5.3 8.7 8.1 6.1 5.7 3.1 1.4 1.4 2.0 2.9 4.0 4.5 10.8 7.9 4.1 10.2 11.2 9.1 9.0 8.5 6.1 6.9 5.7 3.8 10.8 12.1 11.3 10.2 9.6 8.8 8.9 6.2 2.2 6.7 7.1 7.5 7.4 6.5 5.4 4.8 3.9 2.4 8.9 6.7 7.0 7.5 7.3 7.8 10.8 3.8 2.0 10.6 9.9 8.0 6.3 5.0 3.4 2.4 1.1 1.2 10.8 9.9 9.4 10.4 9.2 8.1 7.4 5.2 1.9 6.9 7.8 8.0 7.4 5.9 4.2 3.2 2.3 2.1 7.4 8.0 7.7 7.8 8.0 8.0 Catering services Miscellaneous goods & services HICP Core inflation (excluding fresh food and energy) PRODUCER PRICE INDICES, y-o-y growth rates, % 19.3 0.0 19.9 15.5 7.1 2.4 0.4 -2.6 -2.5 -1.3 19.3 18.2 14.9 13.4 9.9 6.6 Domestic market 23.3 2.0 23.9 19.2 9.9 4.6 2.5 -2.3 -3.2 -2.3 23.3 22.1 18.6 16.9 13.3 9.2 Non-domestic market 15.3 -2.0 15.8 11.8 4.3 0.2 -1.6 -3.0 -1.7 -0.3 15.3 14.3 11.2 9.8 6.4 4.0 Euro area 15.4 -1.9 16.2 11.8 3.8 -0.7 -1.8 -3.5 -2.8 -1.0 15.4 14.4 10.9 10.0 6.5 3.4 Non-euro area 15.1 -2.2 15.0 11.4 4.6 1.9 -1.2 -1.4 1.3 1.7 15.1 14.0 11.5 8.7 5.1 4.5 11.9 -4.1 14.6 6.4 -1.6 -4.4 -4.2 -3.6 -1.9 -2.2 11.9 8.1 7.5 3.6 0.6 -1.9 Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -1.7 0.8 0.2 -0.7 0.1 0.7 1.8 0.6 0.4 0.4 0.0 -0.1 -0.1 0.1 -0.1 0.3 1.0 0.5 Real (deflator HICP) -0.4 2.4 -0.1 0.3 1.6 2.3 3.1 2.5 1.2 0.3 -1.1 -1.0 1.5 1.0 0.7 3.3 3.2 2.2 Real (deflator ULC) -0.9 3.2 2.2 5.0 2.9 3.4 1.4 -0.3 1.2 1.1 USD / EUR 1.054 1.082 1.082 1.021 1.073 1.089 1.088 1.076 1.086 1.077 1.099 1.067 1.059 1.077 1.072 1.071 1.097 1.087 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Slovenian Economic Mirror, No 1/2025 Statistical Appendix 2023 35 2024 Prices and indicators of overall competitiveness 6 7 8 9 CPI, y-o-y growth rates, % 6.9 6.1 6.2 7.5 6.9 4.9 Food, non-alcoholic beverages 12.4 11.1 10.4 9.2 7.3 Alcoholic beverages, tobacco 10.0 9.2 8.8 8.8 Clothing and footwear 5.6 7.3 6.6 Housing, water, electricity, gas 3.3 2.0 Furnishing, household equipm. 8.1 Medical, pharmaceutical produ. Transport 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 4.2 3.3 3.4 3.6 3.0 2.5 1.5 1.3 0.9 0.6 0.0 1.7 1.9 6.2 4.6 3.2 2.0 0.9 0.0 -0.2 0.5 1.0 1.4 1.5 1.4 2.3 2.6 8.6 10.0 9.4 6.2 6.3 6.3 7.0 4.2 4.7 5.2 5.2 4.9 5.0 3.1 3.6 5.9 2.7 1.6 1.3 1.9 4.6 4.8 2.4 1.9 1.7 -2.5 -6.5 -0.2 2.7 3.6 2.2 2.0 12.0 10.0 2.9 2.7 3.6 4.7 4.7 4.8 3.1 -2.3 -2.8 -3.3 -6.1 -8.6 0.1 1.3 6.7 6.8 5.7 5.0 4.9 3.9 3.1 1.6 1.9 2.0 1.2 0.5 1.3 0.7 0.4 0.0 0.7 -0.3 13.3 13.7 11.0 10.7 11.4 6.4 8.5 9.4 10.9 5.7 6.1 5.5 3.7 2.9 4.4 4.7 3.5 6.1 2.4 -0.3 -3.4 -0.6 0.9 3.1 0.7 -0.5 0.1 0.3 1.3 1.2 1.4 0.1 0.4 -0.6 -1.6 -3.1 -1.8 1.2 Communications 3.2 3.0 3.8 4.5 4.0 3.7 0.1 -1.6 -1.4 -0.9 -1.1 -0.3 0.1 -0.8 -0.5 -0.2 -0.3 -1.4 -0.9 Recreation and culture 8.5 8.9 8.7 7.8 7.1 6.7 6.3 2.7 2.6 6.0 3.2 2.9 2.7 3.0 3.0 3.9 3.3 3.1 1.4 Education 5.3 5.2 5.2 5.5 8.7 8.7 8.7 8.6 8.0 7.7 6.6 6.0 5.6 5.9 5.9 5.4 3.1 3.1 3.1 Catering services 8.9 9.2 8.7 9.2 9.1 8.4 7.9 5.5 6.0 6.7 7.3 6.8 6.7 6.1 6.7 4.2 3.5 3.8 4.1 Miscellaneous goods & services 7.5 7.8 7.3 7.1 6.9 6.5 6.2 5.8 5.2 5.1 4.9 4.6 4.9 4.2 4.0 3.5 2.7 2.3 2.2 HICP 6.6 5.7 6.1 7.1 6.6 4.5 3.8 3.4 3.4 3.4 3.0 2.5 1.6 1.4 1.1 0.7 0.0 1.6 2.0 Core inflation (excluding fresh food and energy) 8.0 7.8 7.3 7.2 6.5 5.9 5.2 3.9 4.2 4.4 3.6 3.1 2.8 2.5 2.0 2.5 2.2 2.3 1.9 PRODUCER PRICE INDICES, y-o-y growth rates, % 4.9 4.1 2.1 1.0 0.9 0.3 0.0 -1.0 -3.5 -3.3 -2.9 -2.4 -2.1 -1.9 -1.0 -0.9 -1.3 -0.4 Domestic market 7.3 6.8 3.9 3.1 2.5 2.9 2.0 0.3 -3.4 -3.7 -3.8 -3.0 -2.7 -2.8 -1.9 -2.1 -2.4 -0.9 Non-domestic market 2.5 1.4 0.3 -1.1 -0.7 -2.2 -2.0 -2.3 -3.6 -3.0 -1.9 -1.8 -1.4 -0.9 -0.2 0.2 -0.2 0.1 Euro area 1.5 0.7 -1.0 -1.7 -1.2 -2.3 -1.9 -2.1 -4.0 -4.5 -3.6 -2.7 -2.2 -1.9 -0.7 -0.4 -0.2 -0.4 Non-euro area 4.3 2.4 3.1 0.3 0.4 -1.9 -2.2 -3.0 -2.4 1.3 2.7 0.6 0.7 1.9 1.3 2.0 -0.1 1.5 -3.4 -5.0 -3.8 -4.3 -4.0 -4.5 -4.1 -3.4 -3.9 -3.4 -2.1 -2.1 -1.4 -0.8 -2.4 -3.3 -3.0 -1.2 Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.5 1.7 1.9 1.6 0.9 0.7 0.1 0.3 0.3 0.6 0.3 0.6 0.2 0.1 0.0 0.0 0.1 -0.3 -0.2 Real (deflator HICP) 1.4 2.1 2.8 4.3 4.2 2.4 0.9 1.0 1.1 1.6 0.9 0.6 -0.5 -0.9 -1.0 -1.2 -1.9 -0.9 -0.1 Real (deflator ULC) USD / EUR 1.084 1.106 1.091 1.068 1.056 1.081 1.090 1.091 1.079 1.087 1.073 1.081 1.076 1.084 1.101 1.111 1.090 1.063 1.048 36 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 1/2025 2021 2022 2023 2022 Q3 2023 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2022 Q3 11 2023 12 1 2 3 4 -107 -193 191 135 394 137 -238 -261 -47 -64 192 53 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 1,951 -637 2,858 882 -2,459 431 139 -238 -451 -704 720 1,039 80 466 531 568 692 -1 -113 106 734 1,086 -7 332 Exports 35,255 42,328 41,420 10,759 10,796 10,894 10,804 9,502 10,220 10,407 10,709 10,449 3,707 3,410 3,338 3,416 4,140 3,305 Imports 34,373 44,787 40,990 11,209 11,500 10,815 10,338 9,503 10,333 10,301 10,715 10,116 3,945 3,671 3,386 3,481 3,948 3,251 Services 299 258 256 322 231 Exports 8,473 11,219 11,906 3,349 2,910 2,581 2,965 3,335 3,024 2,570 3,000 3,609 878 1,067 798 808 975 855 Imports 6,273 7,750 8,317 2,268 2,041 1,746 2,000 2,366 2,205 1,788 2,128 2,506 639 768 540 553 653 624 Primary income 2,200 3,469 3,589 1,081 -505 -907 869 835 965 969 820 782 872 1,103 238 -638 -306 -253 4 -170 -276 -196 -52 -73 -187 -53 -179 66 14 -76 -98 Receipts 1,968 2,077 3,037 456 586 687 876 673 801 806 868 721 190 234 252 208 228 232 Expenditures 2,473 2,984 3,675 330 762 839 683 1,046 949 997 857 942 908 243 413 186 194 303 -523 -185 -149 -198 -222 -160 58 -145 -58 -162 -54 -51 -85 -70 -43 -49 Receipts 1,157 1,314 1,734 323 365 327 361 403 643 469 505 394 105 151 97 108 122 119 Expenditures 1,783 2,053 2,257 168 Secondary income Capital account Financial account Direct investment -626 -739 508 514 525 584 563 585 614 563 556 160 202 182 178 165 8 3 -109 -85 44 70 -21 16 -43 -24 45 -165 -59 5 -31 72 1,774 -1,784 2,160 32 -953 241 838 854 228 257 1,047 577 27 -828 277 131 -168 307 -572 -320 -500 -263 -185 -124 0 -106 -64 -418 -203 -353 14 -129 -148 -61 766 210 -240 209 327 154 75 522 286 6 -23 -307 99 134 -24 107 75 629 350 424 180 46 85 263 124 168 -43 1,151 53 437 -1,260 371 283 78 18 9 13 9 171 -158 -414 -1,416 Assets 1,442 767 Liabilities 1,856 2,183 1,338 530 260 472 512 279 Portfolio investment 2,778 -12 -253 -295 936 -606 162 -531 Financial derivatives 30 -79 138 109 -127 41 13 32 Other investment -1,444 Assets 2,923 2,980 5,788 1,274 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity Currency and deposits 4 -446 2,845 18 -3 513 -1,293 1,032 -751 2,763 1,107 2,369 0 1,422 1,951 5,147 1,334 842 1,478 5 -4 -528 2,156 1 0 919 2,439 723 1,345 52 -39 55 -36 -506 -1,074 1,125 -235 204 -880 1,472 -161 -279 268 -697 1,228 -1,024 -31 -558 1,208 1,306 250 -41 -450 0 -112 8 4 5 3 -367 -1,315 992 -930 -103 -40 3 0 -1 -2 1 -33 1,230 984 -58 -8 348 339 178 33 148 34 74 -38 107 -49 -1 -64 65 75 -2 54 -19 19 22 -8 70 -13 -3 9 -6 62 5 -15 -8 -20 -1 -1 3 3 3 -2 873 830 310 7 -448 688 127 -197 -309 591 163 -113 48 -643 87 238 363 -72 254 -150 88 -88 76 -120 -10 103 114 84 79 98 -43 41 -111 28 -37 20 4,367 3,426 2,943 761 542 1,732 264 891 56 377 103 -789 -235 323 -264 1,467 529 -310 6 1 2 11 1 -6 0 0 0 0 1 1 10 0 1 0 2,359 1,715 1,834 -38 1 552 400 391 393 767 283 132 192 593 386 -22 14 180 197 -6 328 214 999 84 511 -394 74 -23 -1,145 -302 469 -32 1,023 8 105 Loans 16 Insurance, pension schemes, and standardised guarantee schemes 21 3 41 22 -7 54 13 -38 12 -15 1 50 -2 -2 18 18 18 4 Trade credit and advances 1,119 783 -376 -95 26 129 -341 -137 -27 177 83 -363 -257 -85 -322 218 233 -431 Other liabilities 215 -9 235 -49 -95 146 114 -207 183 9 -149 77 -58 -41 46 32 69 15 Special drawing rights (SDR) Reserve assets Net errors and omissions 928 1,201 675 4 2 2 2 1 1 1 0 0 0 -1 -3 2 3 -5 3 3 824 168 2 24 31 37 6 -1 -41 205 68 25 8 10 34 41 -38 12 -349 -989 -706 -111 -606 -395 -245 253 -319 -451 356 -485 89 -469 145 -9 -531 98 4,067 4,816 4,991 1,181 1,301 1,181 1,222 1,208 1,381 1,192 1,257 1,226 431 459 333 385 463 360 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods Intermediate goods 19,633 25,627 23,592 6,646 6,347 6,455 6,277 5,312 5,548 5,843 5,835 5,923 2,293 1,851 2,025 2,098 2,332 1,890 Consumer goods 15,744 22,167 26,414 6,251 5,501 6,636 6,534 6,194 7,050 7,477 8,741 8,048 2,088 1,692 2,176 2,009 2,450 1,661 Import of investment goods 4,885 5,838 5,930 1,443 1,562 1,389 1,443 1,367 1,732 1,462 1,402 1,351 518 576 401 470 518 443 Intermediate goods 24,076 34,147 34,488 8,893 8,416 8,862 8,727 8,505 8,393 9,441 11,036 10,341 2,943 2,508 2,910 2,601 3,351 2,573 Consumer goods 12,588 16,620 16,666 4,191 4,311 4,326 4,041 4,187 4,112 5,029 4,539 4,170 1,377 1,474 1,541 1,205 1,580 1,244 Sources: BoS, SURS, Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Slovenian Economic Mirror, No 1/2025 Balance of payments Statistical Appendix 2023 5 6 7 8 37 2024 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account 532 370 120 92 319 245 266 56 263 129 300 351 224 159 496 299 291 504 239 Goods 217 195 90 -210 119 32 -52 -93 112 -59 53 20 -37 10 263 8 62 241 65 Exports 3,782 3,718 3,258 2,763 3,482 3,602 3,565 3,053 3,330 3,412 3,665 3,662 3,569 3,478 3,861 2,983 3,605 3,824 3,615 Imports 3,564 3,523 3,167 2,973 3,363 3,570 3,617 3,146 3,218 3,471 3,611 3,642 3,605 3,469 3,599 2,975 3,542 3,583 3,549 Services Exports 353 381 282 374 313 292 1,003 1,107 1,124 1,152 1,059 1,014 256 271 251 241 290 311 288 366 260 944 1,067 802 825 944 994 963 1,044 1,247 1,234 1,129 1,107 273 365 406 332 978 718 Imports 650 726 842 778 746 722 687 796 551 584 653 682 675 771 881 828 796 741 Primary income 55 -126 -177 -58 -40 -59 -1 -136 -43 -1 -7 -31 -10 -33 -79 -65 -43 -29 -27 Receipts 369 275 219 218 236 256 243 302 249 275 281 252 276 340 243 240 238 244 238 Expenditures 315 401 396 276 276 315 244 438 292 276 288 283 286 373 322 305 282 273 265 Secondary income -93 -80 -75 -13 -73 -20 63 14 -57 -52 -36 51 -18 -91 -54 -49 -60 -73 -59 Receipts 113 130 100 160 143 168 248 228 174 141 153 229 153 123 128 126 140 110 120 Expenditures 206 210 174 173 216 187 184 214 232 193 189 178 170 215 181 175 200 183 179 Capital account 4 -31 6 37 27 47 21 -89 56 0 -40 8 -48 -2 17 -23 -17 -28 4 336 195 219 308 327 573 117 -462 398 67 -208 445 374 228 66 380 132 496 155 Financial account Direct investment 28 -152 60 -193 9 72 107 -179 -13 -186 92 116 -71 -109 -150 -146 -122 62 18 Assets 267 -47 -44 -42 241 147 191 -263 96 135 291 142 79 65 -102 -74 182 357 245 Liabilities 109 320 199 27 150 173 48 71 304 295 226 -537 1,394 487 291 -411 77 367 396 387 -170 320 -42 -37 -16 -9 -14 21 16 18 -6 0 240 104 -104 151 232 74 84 -83 Portfolio investment 565 -482 -66 259 -724 497 -48 274 Financial derivatives 1 3 17 8 6 11 23 18 -238 812 196 232 1,050 -34 54 -527 902 -1,215 -761 10 859 255 -183 114 -166 609 -184 181 967 256 236 1,877 -702 0 0 0 184 743 369 Loans 28 27 -24 2 Insurance, pension schemes, and standardised guarantee schemes -2 -2 21 -31 230 Other investment Assets Other equity Currency and deposits Trade credit and advances Other assets Liabilities Other equity -33 97 -90 -456 326 -787 -236 15 856 357 -278 -189 -557 981 0 1 -1 0 1 6 1 3 0 1 2 1 2 0 0 566 1,504 -219 -89 -59 476 -1,132 -659 -17 1,004 6 -185 37 -782 917 -838 -16 27 26 55 -39 20 -31 4 -71 67 -21 -12 -31 -19 149 21 21 2 2 2 -5 -5 -5 -3 -3 -3 -7 -7 -7 0 0 -111 -359 273 229 -83 -455 -114 305 400 33 -108 238 -110 -223 220 183 -1 0 2 -32 2 6 96 57 56 1 7 20 57 -4 34 49 42 15 41 -100 -11 419 155 60 4 827 130 -144 70 -575 428 524 5 -3 102 -96 -303 -391 372 -518 1 0 -6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Currency and deposits 102 298 245 182 340 32 123 129 -220 78 274 15 91 86 172 121 300 104 -41 Loans 155 -176 55 187 270 116 -343 -168 129 0 -54 157 -70 -110 -21 -253 -871 46 -413 4 4 -13 -13 -13 4 4 4 -5 -5 -5 0 0 0 17 17 17 0 0 Trade credit and advances 95 -4 -117 -287 267 -55 -9 36 -391 311 257 -45 -27 154 -267 -196 100 242 -38 Other liabilities 68 30 -107 -60 -40 29 87 66 -92 51 50 -126 9 -31 0 15 62 -22 -21 -6 Insurance, pension schemes, and standardised guarantee schemes Special drawing rights (SDR) Reserve assets Net errors and omissions -5 3 3 -6 3 3 -7 3 3 -7 3 3 -6 3 3 -7 3 3 -20 14 12 2 -14 26 -19 -48 80 115 10 44 7 18 10 -1 15 1 0 -200 -144 93 178 -18 280 -170 -429 80 -63 -468 86 199 71 -447 104 -142 20 -89 469 446 466 363 397 432 431 413 412 462 349 415 478 437 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 427 435 392 378 438 Intermediate goods 2,149 2,238 1,809 1,542 1,961 1,974 2,048 1,526 1,914 1,937 1,993 2,005 1,931 1,899 2,140 1,798 1,985 2,139 1,984 Consumer goods 2,344 2,529 2,176 1,682 2,337 2,454 2,640 1,956 2,681 2,121 2,674 3,478 2,729 2,534 2,911 2,161 2,976 3,242 2,982 Import of investment goods 501 499 441 425 500 515 593 625 418 494 551 476 472 454 499 395 457 488 482 Intermediate goods 3,370 2,784 2,293 2,782 3,431 3,091 3,249 2,053 3,238 3,282 2,922 3,652 3,791 3,592 3,362 3,118 3,862 6,898 3,569 Consumer goods 1,431 1,366 1,088 1,566 1,533 1,295 1,536 1,281 1,538 1,801 1,690 1,635 1,425 1,479 1,410 1,353 1,407 1,603 1,645 38 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 1/2025 2021 2022 2023 2022 7 8 9 2023 10 11 12 1 2 3 4 5 6 7 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) Other government (S,1312,1313,1314) Households (S,14, 15) 14,460 12,247 12,921 13,574 13,025 12,457 12,425 12,733 12,247 12,706 12,411 12,179 12,321 12,414 12,307 12,289 3,538 2,858 3,142 693 764 855 3,430 3,318 3,114 3,060 3,086 2,830 2,981 2,965 2,913 2,957 2,995 3,017 3,010 691 695 695 702 710 764 764 775 775 761 776 774 782 11,556 12,439 12,885 12,140 12,252 12,333 12,387 12,425 12,439 12,444 12,424 12,495 12,509 12,552 12,522 12,598 Non-financial corporations (S,11) 9,828 10,988 10,390 10,968 11,131 11,098 11,281 11,349 10,987 11,210 10,921 10,787 11,030 10,963 10,996 10,987 Non-monetary financial institutions (S,123, 124, 125) 1,602 1,903 1,301 1,820 1,828 1,852 1,883 1,865 1,903 1,909 Monetary financial institutions (S,121, 122) 10,607 9,764 11,707 8,844 8,832 9,227 8,834 9,124 9,761 9,546 10,029 10,587 1,165 1,181 1,193 1,214 1,233 1,244 9,995 10,074 11,225 11,321 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 34,136 35,279 36,727 33,958 34,239 34,682 34,599 34,982 35,279 35,284 34,835 35,324 34,984 35,078 36,163 36,345 284 3,302 256 212 310 302 292 265 262 256 251 252 243 247 247 243 245 3,096 3,268 3,511 3,401 3,226 3,193 3,229 3,064 3,234 3,107 3,088 3,131 3,175 3,286 3,280 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,152 38,980 39,444 37,805 38,130 38,293 38,537 38,573 38,980 38,815 38,497 38,322 38,207 38,374 38,293 38,362 Overnight 29,146 31,836 31,034 30,374 30,790 30,951 30,845 31,170 31,836 31,650 31,196 31,107 30,968 31,020 31,260 31,353 With agreed maturity – short-term 2,707 3,066 3,721 2,719 2,693 2,790 3,057 2,848 3,066 3,120 3,241 3,268 3,223 3,285 3,308 3,240 With agreed maturity – long-term 5,849 3,751 4,147 4,441 4,366 4,263 4,332 4,228 3,751 3,699 3,693 3,620 3,686 3,715 3,364 3,400 Short-term deposits redeemable at notice 450 327 542 271 281 289 303 327 327 346 367 327 330 354 361 369 Deposits in foreign currency, total 828 974 890 1,103 1,133 1,161 1,066 1,033 974 931 946 931 922 926 898 904 Overnight 790 891 821 964 1,005 1,041 957 927 891 851 860 849 840 838 804 815 With agreed maturity – short-term 27 76 61 131 120 113 102 99 76 74 80 76 76 81 87 82 With agreed maturity – long-term 11 7 8 8 8 7 7 7 7 6 6 6 6 7 7 7 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.01 0.12 0.01 0.01 0.01 0.02 0.03 0.02 0.09 0.09 0.09 0.09 0.10 0.10 0.14 Time deposits with maturity of up to one year 0.12 0.08 0.85 0.03 0.04 0.13 0.15 0.18 0.19 0.25 0.37 0.58 0.44 0.47 0.72 0.88 2.31 3.80 2.22 2.52 2.64 2.96 3.36 3.55 3.66 3.79 3.83 3.89 3.86 3.80 3.80 4.98 1.02 2.74 3.03 .. 3.87 1.26 .. .. 5.12 5.12 .. 7.12 6.06 3.88 0.50 0.50 1.25 1.25 2.00 2.50 2.50 3.00 3.50 3.50 4.00 4.00 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 1.72 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.13 1.77 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 0.67 3.75 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.549 0.342 3.431 0.037 0.395 1.011 1.428 1.825 2.066 2.345 2.640 2.911 3.167 3.366 3.536 3.672 6-month rates -0.523 0.673 3.690 0.467 0.837 1.596 1.997 2.321 2.560 2.858 3.135 3.267 3.498 3.679 3.825 3.943 Sources: BoS, EUROSTAT. Slovenian Economic Mirror, No 1/2025 Monetary indicators and interest rates Statistical Appendix 2023 8 9 10 39 2024 11 12 1 2 3 4 5 6 7 8 9 10 11 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) Other government (S,1312,1313,1314) 12,260 12,027 12,139 12,492 12,921 12,859 12,783 12,907 12,776 12,766 12,809 13,088 13,157 12,615 12,510 12,774 2,996 2,970 3,055 3,097 3,142 3,300 3,319 3,501 3,532 3,560 3,599 3,633 3,656 3,605 3,609 3,633 785 786 789 789 856 860 860 855 852 848 848 844 847 847 846 863 Households (S,14, 15) 12,662 12,725 12,799 12,867 12,885 12,912 12,961 13,041 13,133 13,211 13,231 13,324 13,409 13,469 13,560 13,651 Non-financial corporations (S,11) 10,905 10,834 10,910 10,798 10,391 10,394 10,361 10,394 10,456 10,419 10,510 10,464 10,453 10,558 10,541 10,574 Non-monetary financial institutions (S,123, 124, 125) Monetary financial institutions (S,121, 122) 1,239 1,254 1,262 1,270 1,301 1,307 1,309 1,316 1,338 1,342 1,361 1,363 1,365 2,102 2,092 2,088 11,728 11,385 10,753 11,013 11,707 10,749 10,372 9,519 8,849 9,482 9,542 9,440 9,810 9,007 8,604 8,450 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 36,728 36,591 36,116 36,295 36,729 35,795 35,427 34,656 34,161 34,809 34,993 35,006 35,469 35,459 35,118 35,106 241 216 215 219 212 210 207 200 195 202 196 201 193 190 195 195 3,274 3,066 3,157 3,242 3,268 3,445 3,543 3,766 3,800 3,845 3,895 3,857 3,874 3,934 3,933 3,954 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,651 38,568 38,740 38,864 39,444 38,907 38,807 38,867 38,667 38,738 39,087 39,320 39,331 39,463 39,516 39,412 Overnight 31,442 31,048 30,868 30,726 31,034 30,496 30,273 30,031 29,913 29,960 30,302 30,481 30,401 31,277 31,269 31,414 With agreed maturity – short-term 3,359 3,381 3,515 3,569 3,721 4,064 4,058 4,336 4,292 4,205 4,240 4,233 4,388 3,649 3,818 3,588 With agreed maturity – long-term 3,409 3,668 3,870 4,038 4,147 4,231 4,356 4,317 4,351 4,391 4,355 4,344 4,380 4,371 4,281 4,242 Short-term deposits redeemable at notice 441 471 487 531 542 116 120 183 111 182 190 262 162 166 148 168 Deposits in foreign currency, total 940 918 912 920 890 908 896 884 814 811 789 801 803 790 807 819 Overnight 854 849 889 849 821 839 826 811 772 771 757 769 773 760 771 787 With agreed maturity – short-term 79 62 15 63 61 60 60 63 32 31 23 23 21 21 27 23 With agreed maturity – long-term 7 7 8 8 8 9 10 10 10 9 9 9 9 9 9 9 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.14 0.13 0.13 0.14 0.13 0.13 0.13 0.14 0.14 0.14 0.14 0.13 0.13 0.13 0.13 0.13 Time deposits with maturity of up to one year 1.05 1.29 1.46 1.31 1.34 1.42 1.36 1.37 1.34 1.36 1.51 1.48 1.56 1.62 1.59 1.45 3.74 3.78 3.8 3.88 3.84 3.71 3.72 3.67 3.60 3.56 3.6 3.48 3.39 3.43 3.17 4.82 4.27 5.34 0.60 1.37 .. 3.45 4.96 4.31 0.76 .. 1.21 3.64 5.24 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 3.80 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 4.69 2.29 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % 4.25 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.25 4.25 4.25 3.65 3.40 3.15 3-month rates 3.780 3.880 3.968 3.972 3.933 3.925 3.923 3.922 3.886 3.814 3.725 3.685 3.548 3.434 3.167 3.007 6-month rates 3.945 4.030 4.115 4.065 3.924 3.892 3.901 3.893 3.839 3.788 3.715 3.644 3.425 3.258 3.001 2.788 Main refinancing operations INTERBANK INTEREST RATES EURIBOR 40 Statistical Appendix Public finance 2021 Slovenian Economic Mirror, No 1/2025 2022 2023 2022 Q3 2023 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2023 Q3 1 2 3 4 5 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 21,382.6 23,311.4 25,034.8 5,648.8 5,969.0 5,736.3 6,274.9 6,045.9 6,977.8 6,198.8 7,162.9 6,666.3 1,982.8 1,817.0 1,936.5 2,205.5 1,953.0 Current revenues 20,124.0 21,966.7 23,386.7 5,398.2 5,605.9 5,401.7 6,000.1 5,743.3 6,241.6 5,974.3 6,849.3 6,418.6 1,882.3 1,720.9 1,798.5 2,046.3 1,892.8 Tax revenues 18,785.7 20,557.0 21,977.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 5,877.8 5,662.6 6,447.7 5,924.2 1,788.9 1,635.0 1,699.2 1,945.7 1,782.5 Taxes on income and profit 3,981.3 4,517.4 4,601.4 959.7 1,233.1 1,251.4 1,683.4 1,152.5 353.7 360.3 386.5 419.9 458.0 Social security contributions 7,928.1 8,503.7 9,258.4 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 2,441.7 2,526.7 2,610.4 2,648.3 720.8 754.3 749.4 759.2 764.7 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Taxes on international trade & transactions Other taxes Non-tax revenues Capital revenues 832.8 1,149.5 1,100.5 1,308.1 23.9 26.7 27.5 6.5 7.4 6.2 6.9 6.5 7.9 7.0 8.0 7.8 2.0 2.1 2.1 2.4 2.2 316.9 336.5 346.9 128.6 93.5 38.9 90.0 116.9 101.1 30.4 92.7 131.1 11.2 8.4 19.3 24.5 25.4 6,359.2 6,883.8 7,508.8 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 2,063.0 1,780.8 1,958.3 1,966.1 631.8 502.6 543.2 681.5 546.5 177.4 289.2 223.1 85.6 79.5 51.4 61.8 49.9 59.9 47.1 48.5 48.7 17.9 19.6 13.9 25.1 13.7 -1.1 -0.3 11.2 11.3 -35.5 23.9 5.1 11.2 -29.0 19.2 46.4 -30.3 51.6 -12.3 -15.3 33.2 -27.9 1,338.4 1,409.7 1,409.4 368.5 346.8 278.6 412.9 354.1 363.8 311.7 401.6 494.4 93.4 85.8 99.4 100.6 110.3 228.3 268.1 288.3 64.3 73.5 59.0 65.7 61.6 102.0 39.5 49.4 61.9 15.0 20.1 23.8 20.4 19.3 Grants 21.9 57.2 37.7 12.3 3.1 13.8 -8.7 19.7 12.9 2.6 13.1 22.2 0.9 12.2 0.6 0.6 -9.6 Transferred revenues 57.3 57.7 228.8 30.2 5.2 3.6 0.4 67.3 157.6 5.1 5.2 75.9 1.1 0.3 2.1 -0.6 0.7 Receipts from the EU budget 951.2 961.8 1,093.2 143.8 281.4 258.2 217.4 154.1 463.5 177.3 245.9 87.6 83.4 63.4 111.4 138.7 49.8 GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 24,299.8 24,886.3 27,308.4 5,825.7 7,164.3 6,030.1 6,419.1 6,430.4 8,428.8 6,569.6 7,064.8 6,822.3 1,813.2 1,865.6 2,351.4 1,955.8 2,078.9 Current expenditures 10,393.6 10,283.4 11,572.2 2,423.2 2,814.1 2,687.5 2,655.1 2,735.5 3,494.1 3,017.6 3,023.8 3,073.8 778.7 787.6 1,121.1 809.2 842.6 Wages, salaries and other personnel expenditures 5,765.3 5,481.1 6,093.5 1,316.9 1,443.1 1,441.7 1,607.5 1,509.4 1,534.8 1,683.0 1,570.3 1,610.6 481.0 477.7 483.0 466.6 496.2 Expenditures on goods and services 3,336.6 3,556.6 3,868.7 230.9 256.0 300.0 264.3 310.1 838.8 1,066.3 786.9 902.2 909.7 1,269.8 909.4 1,084.0 1,027.3 Interest payments 732.2 661.5 711.0 212.6 96.4 370.2 18.1 219.2 103.4 361.0 102.5 229.4 47.8 22.5 299.9 2.6 5.5 Reserves 559.5 584.2 899.0 55.0 208.3 88.6 127.2 97.1 586.0 64.2 267.0 206.4 19.0 31.5 38.2 75.9 30.8 11,318.7 11,261.4 12,049.5 2,602.7 2,925.5 2,865.3 3,057.1 2,840.6 3,286.5 3,012.7 3,413.3 3,066.0 917.6 903.9 1,043.9 948.0 976.6 Current transfers Subsidies 121.1 100.8 35.7 151.6 70.1 77.6 Current transfers to individuals and households 9,167.7 9,294.5 9,730.6 2,223.4 2,329.8 2,317.4 2,547.3 2,311.8 2,554.1 2,526.8 2,744.3 2,527.6 738.9 771.2 807.3 784.8 789.6 Current transfers to non-profit institutions, other current domestic transfers 1,131.0 1,118.0 1,197.7 Current transfers abroad Capital expenditures 867.3 690.2 1,002.5 94.8 211.7 288.1 205.6 181.6 327.2 152.3 263.7 263.8 340.9 231.3 283.8 316.8 365.8 306.1 387.6 398.3 70.2 90.3 70.8 80.8 103.7 118.7 20.7 43.1 28.6 20.3 30.4 39.4 27.4 17.6 18.9 7.7 6.7 14.2 12.3 5.7 1,544.7 2,053.5 2,353.9 487.5 907.5 268.9 468.5 529.7 1,086.8 328.5 405.2 452.8 57.4 92.8 118.7 132.7 168.8 152.7 158.7 Capital transfers 413.9 558.5 660.4 132.2 322.5 41.8 80.0 163.0 375.6 67.6 69.1 70.5 10.3 14.2 17.3 18.7 30.6 Payments to the EU budget 628.9 729.5 672.3 180.0 194.6 166.6 158.5 161.5 185.7 143.2 153.4 159.3 49.2 67.1 50.4 47.1 60.3 -176.9 -1,195.2 -293.9 -144.2 -384.5 -1,451.0 -370.8 98.1 -156.0 169.6 -48.6 -414.9 249.7 -125.9 SURPLUS / DEFICIT -2,917.2 -1,574.9 -2,273.5 Source: MF, Consolidated balance of public financing. Slovenian Economic Mirror, No 1/2025 Public finance Statistical Appendix 2023 6 7 8 9 41 2024 10 11 12 1 2 3 4 5 6 7 8 9 10 11 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 2,116.4 1,939.9 1,987.9 2,118.1 2,271.1 2,169.9 2,536.8 2,216.9 1,986.1 1,995.9 2,599.3 2,218.2 2,345.5 2,084.5 2,384.1 2,197.8 2,450.0 2,459.2 Current revenues 2,061.0 1,874.0 1,943.0 1,926.3 2,048.5 2,018.3 2,174.8 2,101.4 1,957.0 1,915.9 2,522.3 2,152.2 2,174.7 2,028.7 2,309.9 2,080.0 2,314.8 2,374.4 Tax revenues 1,859.0 1,763.0 1,814.5 1,811.7 1,945.2 1,915.0 2,017.6 1,997.3 1,861.6 1,803.7 2,415.0 2,022.5 2,010.2 1,890.6 2,066.9 1,966.8 2,137.8 2,115.3 Taxes on income and profit 430.2 178.1 419.8 361.8 394.5 390.6 448.1 412.4 415.0 424.0 699.2 491.0 493.1 251.6 471.6 429.4 455.5 454.1 Social security contributions 763.9 765.7 768.0 770.7 759.2 778.2 904.3 810.6 857.2 858.8 882.3 868.3 859.8 887.4 880.7 880.1 868.7 880.1 2.3 2.4 1.9 2.2 2.4 2.5 3.1 2.4 2.2 2.4 2.6 2.6 2.8 3.0 2.5 2.3 2.9 3.0 Taxes on payroll and workforce Taxes on property 40.0 44.7 40.8 31.5 43.9 39.5 17.7 10.8 8.1 11.6 29.2 23.7 39.7 47.8 44.5 38.8 44.4 46.9 Domestic taxes on goods and services 599.6 747.9 587.9 604.8 723.2 692.9 646.9 715.1 563.5 502.3 766.8 631.5 560.0 714.4 659.8 591.9 757.7 700.0 Taxes on international trade & transactions 23.1 12.3 12.8 24.9 13.3 21.9 24.7 10.8 11.1 25.2 12.4 11.8 24.3 16.5 13.3 19.0 29.2 27.9 Other taxes -0.2 11.9 -16.6 15.8 8.7 -10.5 -27.2 35.2 4.5 -20.5 22.4 -6.6 30.6 -30.3 -5.4 5.4 -20.6 3.3 202.0 111.0 128.4 114.6 103.3 103.3 157.2 104.2 95.4 112.2 107.3 129.7 164.5 138.1 243.0 113.3 177.0 259.1 26.0 21.8 16.7 23.1 25.4 53.0 23.6 11.7 13.6 14.2 14.7 15.3 19.4 23.7 21.2 17.1 22.1 21.2 Grants 0.3 0.1 4.0 15.6 2.5 1.2 9.3 1.3 0.9 0.3 12.7 0.2 0.2 0.8 6.3 15.2 0.3 0.5 Transferred revenues 0.3 0.7 1.6 65.0 130.0 18.0 9.6 0.6 0.8 3.7 1.6 1.5 2.1 1.1 3.5 71.3 5.7 7.8 Receipts from the EU budget 28.8 43.4 22.7 88.1 64.6 79.4 319.5 101.8 13.7 61.7 48.0 49.0 148.9 30.2 43.2 14.2 107.1 55.2 Non-tax revenues Capital revenues GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 2,384.4 2,106.7 2,181.0 2,142.6 2,295.2 2,404.3 3,729.3 1,855.4 2,127.9 2,586.2 2,282.8 2,241.7 2,540.3 2,287.4 2,283.7 2,251.2 2,569.7 2,397.2 Current expenditures 1,003.2 885.3 968.5 881.8 930.3 955.2 1,608.6 801.5 891.9 1,324.1 988.2 1,010.4 1,025.2 1,020.5 1,036.1 1,017.2 1,204.8 1,046.5 Wages, salaries and other personnel expenditures 644.8 519.6 510.1 479.7 492.0 506.1 536.7 514.7 522.4 645.9 518.3 532.1 519.9 549.9 533.7 527.1 540.3 539.0 Expenditures on goods and services 327.8 302.9 329.2 277.6 375.6 355.4 538.8 256.9 317.0 335.5 352.5 390.3 341.1 388.0 320.8 318.5 398.5 371.0 Interest payments 10.0 59.0 81.5 78.7 15.7 70.3 17.4 23.9 30.8 306.2 83.6 7.4 11.4 60.9 74.9 93.7 17.6 68.0 Reserves 20.6 3.7 47.7 45.8 46.9 23.5 515.6 6.0 21.7 36.5 33.8 80.4 152.8 21.7 106.8 77.9 248.3 68.5 1,132.4 953.8 949.4 57.8 57.4 52.7 71.5 93.4 92.5 141.3 12.0 87.4 52.9 73.9 973.0 774.2 778.3 759.3 810.0 818.9 925.2 828.4 830.1 868.4 99.3 105.4 113.6 97.8 107.6 103.2 154.9 76.6 108.0 Current transfers abroad 2.3 16.8 4.8 8.7 3.5 25.5 10.4 6.6 Capital expenditures 167.0 170.0 180.2 179.5 206.0 254.1 626.7 Capital transfers 30.7 34.4 36.8 91.8 82.6 102.7 Payments to the EU budget 51.1 63.2 46.2 52.2 61.7 52.1 SURPLUS / DEFICIT -268.0 -166.8 -193.1 -24.5 Current transfers Subsidies Current transfers to individuals and households Current transfers to non-profit institutions, other current domestic transfers 937.4 1,014.6 1,040.2 1,231.8 923.6 1,034.8 1,054.3 1,099.2 1,023.0 1,291.1 1,036.6 1,013.0 1,016.4 1,075.3 1,030.9 38.9 150.9 33.3 56.2 31.7 47.3 24.5 884.8 846.0 1,013.5 867.6 828.8 831.3 863.3 845.5 121.5 133.3 133.8 120.6 128.0 122.6 147.7 157.7 133.8 9.2 11.6 7.2 4.4 6.0 7.8 5.4 5.7 6.9 27.1 69.2 124.8 134.5 119.2 142.8 143.2 145.8 166.0 140.9 204.3 213.4 190.3 16.3 26.5 24.8 23.0 22.4 23.8 26.5 19.1 24.9 36.0 39.5 71.8 44.8 50.0 48.4 53.3 43.1 57.1 58.0 49.4 51.8 49.4 66.9 -24.1 -234.5 -1,192.5 361.5 -141.8 -590.4 316.5 -23.5 -194.9 -203.0 100.5 -53.5 -119.6 62.0 42 Acronyms Slovenian Economic Mirror, No 1/2025 Acronyms Acronyms in the text BoS – Bank of Slovenia, CF – Cohesion Fund, CHP – combined heat and power, CPI – Index of Consumer Prices, DDPO – Corporate income tax/CI, EC – European Commission, ECB – European Central Bank, ECP − European cohesion policy, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, GFS – Government Finance Statistics, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, IR – interest rate, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MKRR – Ministry of Cohesion and Regional Development, MOPE – Ministry of the Environment, Climate and Energy, MWh – megawatt hour, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers' Index, RES – renewable energy sources, SITC – Standard International Trade Classification, SODO – Electricity Distribution System Operator, SRE – Statistical Register of Employment, STEP – Strategic Technologies for Europe Platform, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, ULC – Unit Labour Costs, USD – US Dollar, VAT – value added tax, ZORZFS – Reconstruction, Development and Provision of Financial Resources Act, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. Slovenian Economic Mirror 1/2025, Vol. XXXI www.umar.gov.si/en