Slovenian Economic Mirror, No. 2/2018 24 Slovenian Economic Mirror, No. 2/2018 7 Slovenian Economic Mirror, No. 2/2018 Statistical Appendix 29 In the spotlight 3 Slovenian Economic Mirror, No. 2/2018 Slovenian Economic Mirror, No. 2/2018 Statistical Appendix In the spotlight 4 Current Economic Trends 30 Slovenian Economic Mirror, No. 2/2018 Acronyms 44 Current Economic Trends 8 Slovenian Economic Mirror, No. 2/2018 Slovenian Economic Mirror, No. 2/2018 23 Selected topics Slovenian Economic Mirror, No. 2/2018 Selected topics Slovenian Economic Mirror No. 2 / Vol. XXIV / 2018 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Acting Director Editor in Chief: Tina Nenadič, MSc Authors of Current Economic Trends (listed alphabetically): Lejla Fajić; Marjan Hafner, MSc; Matevž Hribernik; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Tanja Kosi Antolič, PhD; Janez Kušar, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Dragica Šuc, MSc; Ana Vidrih, Msc Authors of Selected Topics: Janja Pečar (Regional gross domestic product) Editorial Board: Marijana Bednaš, MSc, Lejla Fajić, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, MSc, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation, Graphs, DTP: Bibijana Cirman Naglič Print: Eurograf d.o.o. Circulation: 80 copies ISSN 1318-3826 (print) ISSN 1581-1026 (pdf)) © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight .............................................................................................................................................................................................................. 3 Current economic trends .......................................................................................................................................................................................... 5 International environment .................................................................................................................................................................................. 7 Economic developments in Slovenia .............................................................................................................................................................. 8 Labour market ....................................................................................................................................................................................................... 12 Prices ......................................................................................................................................................................................................................... 14 Balance of payments ........................................................................................................................................................................................... 16 Financial markets .................................................................................................................................................................................................. 17 Public finance ......................................................................................................................................................................................................... 18 Selected topics ........................................................................................................................................................................................................... 21 Regional gross domestic product ................................................................................................................................................................... 23 Statistical appendix ................................................................................................................................................................................................. 27 The Economic Mirror is prepared based on statistical data available by 6 April 2018. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. In the spotlight The prospects for economic growth in the euro area remain favourable; with the strengthening of economic activity, labour market conditions continue to improve. Confidence indicators (ESI, PMI, Ifo) have remained high at the beginning of the year. In view of favourable prospects, international institutions have further improved their forecasts for euro area economic growth in recent months. The situation is also improving on the labour market, which – together with favourable borrowing terms – has a positive impact on private consumption. Economic activity in Slovenia remains high at the beginning of the year and the prospects favourable. Confidence continues to strengthen in construction, where activity was up in all sectors at the beginning of the year. The strengthening of foreign demand is reflected in positive export trends, strong manufacturing activity and further turnover growth in some market services. Favourable labour market conditions and high consumer confidence are contributing to further growth in private consumption, and, together with relatively favourable borrowing terms, growth of the housing market. Economic sentiment is similarly high as in the same period last year. The number of employed persons continues to increase; wage growth has also strengthened slightly in the recent period. At the beginning of the year, the number of employed recorded similarly high levels as in the middle of 2008, a time of strong economic activity before the onset of the crisis. Amid strong hiring, the number of unemployed is declining, being down 15.1% year on year at the end of March. Strong economic activity and good business results have boosted the growth of wages in the private sector, extraordinary payments at the turn of the year being the highest since 2008. Meanwhile, wage growth in the public sector reflects the implementation of agreements with trade unions and regular promotions. The average consumer price growth remains moderate year on year. Favourable economic conditions are contributing to higher prices of services, which continue to enjoy faster growth than those of goods. On the other hand, the growth in prices of oil products and seasonal products is lower, reflecting developments on global markets. Prices of durable goods remain down year on year. Loans to domestic non-banking sectors continue to rise at the beginning of the year. The year-on-year growth in government loans has strengthened and the growth in loans to households and non-monetary financial institutions remains relatively high. Only the volume of corporate loans has fallen year on year, but this is mostly a consequence of monthly fluctuations, which have a more pronounced impact on year-on-year movements owing to low lending activity. The volume of deposits by domestic non-banking sectors continues to expand. Liabilities to foreign banks are decreasing, accounting for less than 5% of the banking system’s total assets. The decline in the share of arrears of more than 90 days intensified somewhat at the end of last year. Reflecting strong economic growth, the public finance situation improved significantly in 2017; with the continuation of favourable economic developments, the deficit of consolidated general government budgetary accounts was significantly lower year on year in the first two months of 2018. Last year, the general government budget was balanced, while the general government debt, which has been declining since 2015, totalled 73.6% of GDP. In the first two months of 2018, the growth of total general government revenue on a cash basis (5.8%) remained significantly higher year on year than the growth of general government expenditure (2.5%), this despite lower non-tax revenues. The higher general government expenditure is due primarily to rises in pensions and sickness benefits, payments into the EU budget, and employee compensation, while investment expenditure and interest payments are both down year on year. In Slovenia, activity is high in most sectors; in the last period it has risen significantly in construction. Economic sentiment in the euro area and Slovenia remains favourable and higher than the long-term average, despite a deterioration in the last few months. As a result of favourable business performance, extraordinary payments were the highest since 2008. Favourable labour market developments and high consumer confidence, together with relatively favourable borrowing terms, are contributing to growth in property sales. Growth in the volume of loans to domestic non-banking sectors continues. Amid strong economic growth, the public finance situation improved significantly in 2017: the general government budget was balanced, while the general government debt declined to 73.6% of GDP. current economic trends International environment Figure 1: Purchasing Managers’ Index (PMI) in manufacturing The prospects for euro area growth remain favourable at the beginning of this year. Confidence indictors are still relatively high, though there is more uncertainty regarding the continuation of strong GDP growth than at the end of last year. The value of the Economic Sentiment Indicator (ESI) fell slightly for most of Slovenia’s main trading partners but remains considerably above the long-term average. The Purchasing Managers’ Indicator (PMI) also fell but still indicates a continuation of activity growth in manufacturing. The Economic Sentiment Indicator (Ifo) for the euro area rose to its highest level since 2000. Amid favourable prospects, international institutions again revised upwards their forecasts for euro area growth. According to the ECB’s most recent forecast, GDP will rise in real terms by 2.4% and 1.9% respectively this year and next. Figure 2: Unemployment rates in the euro area Labour market conditions in the euro area continue to improve. The unemployment rate (8.6%) at the beginning of 2018 is around 1 pp lower year on year and 3.4 pps lower than at the beginning of 2013, when it peaked (at 12.0%). Unemployment is also declining among young people, though it remains very high (17.7%). The employment rate is rising amid the strengthening of economic activity. It was 66.8% at the end of last year. Table 1: Brent Crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2017 II 18 III 18 III 18/II 18 III 18/III 17 I-III 18/I-III 17 Brent USD, per barrel 54.25 65.32 66.02 1.1 28.0 24.5 Brent EUR, per barrel 48.06 52.90 53.51 1.2 10.8 7.8 EUR/USD 1.297 1.235 1.234 -0.1 15.5 15.5 3-month EURIBOR, in % -0.329 -0.329 -0.328 0.0 0.0 0.0 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Economic developments in Slovenia Figure 3: Short-term indicators of economic activity in Slovenia Economic activity in Slovenia remains high at the beginning of the year and the prospects favourable. Confidence continues to strengthen in construction, where activity rose in all segments at the beginning of the year. The strengthening of foreign demand continues to be reflected in positive export trends, high activity in manufacturing and further turnover growth in some market services (transportation, accommodation and food service activities, and individual sectors of knowledge-intensive services1). Moreover, favourable labour market trends and high consumer confidence are contributing to further growth in private consumption. Despite a deterioration in recent months, confidence in the economy remains high. 1 Information and communication services and professional and technical services. Table 2: Selected monthly indicators of economic activity in Slovenia in % 2017 I 18/XII 17 I 18/I 17 Merchandise exports, real1 9.8 -0.73 10.6 Merchandise imports, real1 11.8 0.83 11.8 Services exports, nominal2 11.5 0.33 11.5 Services imports, nominal2 8.2 0.83 9.0 Industrial production, real 8.0 -0.53 12.74 - manufacturing 8.7 -1.03 14.24 Construction -value of construction put in place, real 17.7 14.53 75.9 Real turnover in retail trade 7.5 -0.43 -0.14 Market services (without trade) - nominal turnover 7.8 0.23 10.94 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Figure 4: Trade in goods – real Positive export trends continue at the beginning of this year; goods imports are also rising amid stronger domestic consumption. Real exports and imports of goods were more than 10% higher year on year in January. Last year,2 higher exports were recorded for all key manufacturing products, particularly motor vehicles and metals. Expectations regarding further exports and foreign orders in manufacturing also remain high. The growth of imports is also picking up under the impact of rising domestic demand and intense export activity. 2 Detailed data on the structure of merchandise trade are available only until the end of December. Nominal exports and imports of services remained high at the beginning of the year.3 In January exports were 11.5% higher and imports 9.0% higher year on year. The year-on-year growth of exports was driven primarily by transport and other business services (technical, trade-related and other business services). The latter also made a significant contribution to import growth. Figure 5: Trade in services – nominal 3 According to the balance of payments statistics. Production volume in manufacturing remained high at the beginning of the year and the prospects favourable. Relative to January 2017, production rose in all industries, the most in medium-high-technology industries, particularly in the manufacture of vehicles (the effect of the commencement of production of a new passenger car model from the first quarter of last year still being felt) and in the manufacture of machinery and equipment (reflecting the strengthening of investment both at home and abroad). The expectations of companies in manufacturing otherwise lowered somewhat at the end of the first quarter, though they remain at one of their highest levels in ten years. Figure 6: Production volume in manufacturing Reflecting favourable weather conditions, construction activity increased further in January. It was up in all three segments. The pick-up in the construction of buildings mainly reflects greater optimism in the private sector, while the higher value of civil engineering output is due primarily to increased investment expenditure by the government. Year on year, activity was up 76%, which was also a consequence of the base effect (activity in January 2017 having been the lowest since 2000). Figure 7: Value of completed construction works The sales of existing residential properties strengthened further in 2017 and significantly exceeded their pre-crisis levels. The sales of these properties, which accounted for around 90% of all real estate transactions,4 were 5.2% higher year on year and 15.0% higher than the 2006 peak. On the other hand, amid limited supply, sales of new residential properties were the lowest in the entire period. According to our estimate, further growth of the property market was mainly due to the relatively favourable borrowing terms, good economic situation and positive expectations. Figure 8: Transactions in new and existing residential properties 4 Of which 73% were in existing flats. The growth in the average price of residential properties accelerated in 2017. The highest growth was recorded in the last quarter, while in the year as a whole, prices were up 8.0% year on year (compared with 3.3% in 2016). Price rises were recorded for all types of residential properties, the largest being for existing flats in Ljubljana.5 Prices of new family houses were also up for the first time following eight years of decline. Figure 9: Prices of new and existing residential properties 5 The prices of existing flats in Ljubljana increased more than in the rest of Slovenia for the third consecutive year. They were 13.2% higher year on year and 26.4% higher than their 2014 lows. Figure 10: Prices of residential properties deflated by the private consumption deflator With last year’s increase, the residential property price deflated by the private consumption deflator approached the long-term average. The deflated price of residential properties rose 5.3% last year, which is just below the threshold of 6% used by the European Commission to determine the internal imbalances of EU Member States.6 Property prices are also recovering from previous declines in most other EU Member States.7 As this may – in certain cases – lead to their overvaluation, the Commission emphasises8 that the movement of these prices needs to be closely monitored. 6 In 2016 prices rose by 3.6% in real terms. Slovenia exceeded the threshold in 2004–2007 (the most in 2007, when they rose by 18.7%), the period when property prices were rising most rapidly. 7 According to data for 2016, residential property prices deflated by the private consumption deflator rose in 25 EU Member States. Price growth exceeded the threshold in ten of these, in three (Ireland, Hungary and Sweden) for the second year in a row. 8 Alert Mechanism Report 2018. Figure 11: Nominal turnover in market services Reflecting growth in all sectors, strong turnover growth in market services continued at the start of the year. The continuation of favourable conditions, reflecting the strengthening of foreign demand, contributed to turnover growth in more export-oriented services (particularly road transport and computer services). Turnover growth in administrative and support service activities continued to derive from employment services, amid the strengthening of employment. The relatively strong growth of legal and accounting and consultancy services reported since the last quarter of 2017 continued.9 At the same time, growth in architectural and engineering services accelerated strongly, which is related to the improved conditions in the construction sector and higher investment demand by both the private sector and the government. 9 Together with architectural and engineering services, they generate the largest part of turnover in professional and technical activities (M). Household consumption continued to strengthen at the beginning of the year amid further growth in disposable income and high consumer confidence. Owing to higher wage growth and further growth in employment, the net wage bill increased further; social transfers were also higher than in the same period of last year. Higher income was reflected in higher household purchases of some durable goods, particularly furniture and household appliances. Passenger car purchases also remained high. Spending on semi-durable goods and services related to leisure activities at home and abroad also rose.10 Figure 12: Selected indicators of household consumption 10 Turnover in accommodation and food service activities (arising not only from increased spending by residents, but also from a high number of foreign tourist arrivals) was up almost one-tenth year on year in January, following 7.5% real growth in 2017 as a whole. Residents’ spending on private trips abroad was also higher year on year. Economic sentiment remains favourable. Since the last quarter of last year, consumer confidence has been hovering around the highest levels since measurements began. In most sectors, except for construction, the confidence level has otherwise deteriorated slightly, though it is still higher than or similarly high as one year before. Figure 13: Business trends The labour market Figure 14: Growth in the number of persons in employment by activity The number of employed persons11 continues to increase at a rapid pace; at the beginning of this year, it reached the level from the middle of 2008. The growth in this indicator, reflecting both higher participation12 and increased employment of foreign workers,13 is influenced by strong economic growth. In January the number of persons employed was up year on year in all private sector activities,14 particularly manufacturing,15 trade, transportation and, in the last few months, construction. The short-term expectations of enterprises about future employment remain high. In public service activities, the year-on-year growth in the number of persons employed mainly results from higher employment in the education (particularly primary education) and health sectors. 11 According to the Statistical Register of Employment; the statistics refer to persons in paid employment and self-employed persons except farmers. 12 According to SURS data, in 2017 the participation rate, i.e. the number of persons in the labour force (both employed and unemployed) as a percentage of the working-age population, rose by 2.4 pps year on year to 78.6%, which is 2.2 pps more than in 2008. 13 In January, the number of employed foreign nationals was up 19.0% and the number of employed Slovenian citizens was up 2.4% year on year. The share of employed foreigners in total employed persons stood at 8.7% and was up 1.1 pps on January 2017. Higher growth in the number of employed foreigners since 2014 is a consequence of strong activity growth in sectors that typically employ above-average shares of foreign workers (transportation and storage, accommodation and food service activities, manufacturing, and employment activities). In our assessment, the increasing employment of foreigners is also due to a decline in labour supply on the domestic labour market. 14 In January, the number of employed foreign nationals was up 19.0% and the number of employed Slovenian citizens was up 2.4% year on year. The share of employed foreigners in total employed persons stood at 8.7% and was up 1.1 pps on January 2017. Higher growth in the number of employed foreigners since 2014 is a consequence of strong activity growth in sectors that typically employ above-average shares of foreign workers (transportation and storage, accommodation and food service activities, manufacturing, and employment activities). In our assessment, the increasing employment of foreigners is also due to a decline in labour supply on the domestic labour market. 15 Especially in manufacturing, enterprises are facing a shortage of workers with appropriate skills. Table 3: Indicators of labour market trends change, in % 2017 I 18/XII 17 I 18/I 17 Persons in formal employment2 3.5 0.41 3.9 Registered unemployed -14.1 -1.51 -15.2 Average nominal gross wage 2.7 0.21 4.2 private sector 2.9 -1.61 4.8 public sector 2.9 0.21 4.2 of which general government 2.9 0.31 3.5 of which public corporations 2.9 -0.21 5.9 2017 I 18 XII 17 Rate of registered unemployment (in %), seasonally adjusted 9.5 8.41 8.6 Sources: ESS. SURS; calculations by IMAD. Notes: 1 seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Amid strong hiring, the number of registered unemployed persons continues to decline rapidly. In the first quarter of this year, the inflow into unemployment dropped further year on year, largely because of fewer expiries of fixed-term employment contracts. There were also fewer first-time jobseekers, which is related both to the improvement in economic conditions and to the smaller generations of young people finishing school. The outflow into employment was also somewhat more modest than in the first quarter of 2017, but the share of the unemployed who found work remained high. At the end of March, 81,220 persons were registered as unemployed, 15.1% fewer than in March 2017. Figure 15: Numbers of employed, according to the SRE, and registered unemployed Figure 16: Average gross earnings per employee After several years of modest improvement, wages in both the private and the public sectors have recorded somewhat stronger growth in recent months. Wage growth in the private sector is mainly related to high levels of activity and strong business performance. The latter was also reflected in extraordinary payments16 at the end of last and the beginning of this year, these being the highest since the onset of the crisis. In January earnings rose most notably in manufacturing and some market services (trade, accommodation and food service activities, and financial and professional and technical activities). Wage growth in the public sector, on the other hand, reflected the implementation of agreements with trade unions and the regular promotions of the employed. Total wage growth, however, has not exceeded productivity growth in this period. 16 Extraordinary payments are payments paid in addition to regular monthly earnings, such as 13th-month payments, Christmas bonuses, performance-related payments, etc. Prices Figure 17: Year-on-year consumer price rises in Slovenia and the euro area Average consumer price growth remains moderate year on year. Favourable economic conditions are reflected in prices of services, which continue to increase faster than those of goods. Particularly the contributions of price movements in the areas of housing, restaurants and hotels, and education are higher than last year. Price growth for oil products and seasonal products, however, is lower as a result of developments on global markets. Prices of durable goods remain down year on year. The level of core inflation remains low and is lower than the average for the euro area.17 17 Data for February. The year-on-year growth in import prices slowed considerably at the beginning of the year, while the growth of domestic industrial producer prices remained at just above 2%. The slowing growth of import prices is attributable not only to lower growth in commodity prices, but also to lower prices of energy. The growth of Slovenian industrial producer prices on the domestic market has strengthened somewhat in recent months; on foreign markets it has slowed slightly, meanwhile, meaning that the two rates are now roughly the same. Total price growth is still driven mainly by higher commodity prices. Growth in these has eased slightly at the beginning of this year, but less than has that of import prices. The highest growth rates are recorded for prices of metal products, which are rising at similar rates18 both at home and on foreign markets. Figure 18: Year-on-year growth in import prices and domestic industrial producer prices 18 Between 6% and 7% at the annual level. Table 4: Consumer price growth, in % 2017 III 18/II 18 III 18/III 17 I-III 18/I-III 17 Total 1.7 0.3 1.2 1.3 Food 3.1 0.2 3.9 3.2 Fuels and energy 5.3 -1.1 2.3 3.1 Services 1.3 -0.3 1.4 1.4 Other1 0.4 1.2 -0.4 -0.1 Total excluding food and energy 0.9 0.5 0.4 0.6 Administered prices2 1.6 0.3 1.2 1.3 Tax impact – contribution in percentage points 0.2 0.0 0.1 0.1 Source: SURS, Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Figure 19: Price competitiveness (real effective exchange rate) The price competitiveness of the Slovenian economy remains relatively favourable this year. In the first two months of 2018, the euro continued to gain value against the currencies of most of the country’s main trading partners.19 The nominal effective exchange rate nevertheless remained below the long-term average, its growth being one of the lowest in the euro area owing to the geographic structure of Slovenia’s trade.20 The decline in relative prices (as measured by the HICP), which had been mitigating the impact of the appreciation of the euro in the previous year, had no significant impact on price competitiveness in the first two months of this year. 19 The increase in the nominal effective exchange rate was influenced mainly by the US dollar, but also by certain Asian currencies (the South Korean won, the Japanese yen and the Chinese yuan); at the same time, the euro depreciated against most of the currencies of non-euro EU Member States (for example against the Croatian kuna, the Czech koruna, the Hungarian forint and the Polish zloty). 20 The nominal effective exchange rate shows the movement of the domestic currency (the euro) against the weighted average of the currencies of 37 main trading partners, including euro area countries. Slovenia performs an above-average share of external trade in the euro area and is thus less sensitive to exchange rate fluctuations than most of the EU. Balance of payments The surplus of the current account of the balance of payments remains high; in the 12 months to the end of January 2018, it was EUR 2.7 billion (5.9% of estimated GDP). The higher surplus in current transactions year on year in January was mainly due to the higher surplus of trade in services as a result of higher net revenues from travel and transport and the surplus of trade in other, trade-related, services. The surplus of trade in goods is also rising amid further growth in goods exports, although goods imports are also strengthening at the same time owing to rising domestic consumption.21 The deficit in primary income was down largely because of lower net payments of interest on external debt, which is chiefly related to lower yields on government bonds. The deficit in secondary income was also lower year on year, particularly owing to lower payments into the EU budget (VAT-based and GNI-based contributions). Figure 20: Components of the current account balance 21 Amid strong year-on-year growth in both exports (13.6%) and imports (14.1%), the trade surplus in goods is rising, as the level of exports exceeds that of imports. In 2017, the share of goods exports reached 65.7% and the share of goods imports 62.0% of GDP. Table 5: Balance of payments I 2018, EUR m Inflows Outflows Balance Balance, I 17 Current account 3,154.9 2,957.4 197.5 202.8 Goods 2,393.0 2,355.3 37.7 86.7 Services 543.0 325.9 217.1 188.4 Primary income 158.3 195.5 -37.3 -44.1 Secondary income 60.6 80.7 -20.0 -28.2 Capital account 55.3 67.2 -11.9 -11.3 Financial account -417.2 -68.3 349.0 422.8 Direct investment 47.1 -25.0 -72.1 43.2 Portfolio investment 1,303.3 -160.9 -1,464.3 -667.5 Other investment -1,761.6 122.3 1,883.9 1,026.1 Net errors and omissions 0.0 163.4 163.4 231.3 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term »inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Figure 21: Financial transactions of the balance of payments The net outflow in external financial transactions continues. External financial transactions showed a net outflow of EUR 1.5 billion in the 12 months to the end of January. It arose mainly from financial investment of the private sector and the BoS in foreign debt securities. A net outflow was also recorded for other investment, with both the government and the banks repaying foreign loans. In January the government borrowed money by issuing a bond.22 In direct investment, inflows of equity capital from foreign investors predominated. 22 In January, the government issued a 10-year bond in the amount of EUR 1.5 billion with a 1% interest rate. Financial markets The volume of loans to domestic non-banking sectors23 continues to rise this year. Year-on-year growth in government loans has strengthened. Growth in loans to non-monetary financial institutions remains high. Growth in household loans, which declined slightly early in the year, also remains high. The volume of loans to non-financial corporations is smaller year on year, but this is largely a consequence of monthly fluctuations, which have a more pronounced impact on year-on-year movements owing to the modest lending activity. On the liability side, deposits by domestic non-banking sectors are rising further, while liabilities to foreign banks continue to fall, at EUR 1.9 billion accounting for less than 5% of the banking system’s total assets. The decline in the share of arrears of more than 90 days intensified somewhat, seasonally, at the end of the year. While non-performing claims against non-residents dropped in particular, those against domestic enterprises also fell slightly more than in previous months. Figure 22: Volume and share of arrears of more than 90 days in the Slovenian banking system 23 The analysis is based on statistical data, which differ from accounting data particularly in that they also include revisions. The differences are particularly significant in loans extended to non-financial corporations (both domestic and foreign). Annual data relate to loan volume at the end of the year. Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 28. II 17 31. XII 17 28. II 18 28. II 18/31. I 18 28. II 18/28. II 17 Loans total 21,380.9 22,211.6 22,246.0 -0.2 4.0 Enterprises and NFI 10,261.1 10,481.6 10,514.7 -0.1 2.5 Government 1,911.7 1,996.7 1,953.7 -2.3 2.2 Households 9,208.2 9,733.4 9,777.6 0.2 6.2 Consumer credits 2,182.6 2,410.7 2,436.3 0.2 11.6 Lending for house purchase 5,764.9 5,975.6 6,001.3 0.2 4.1 Other lending 1,260.6 1,347.1 1,340.0 0.2 6.3 Bank deposits total 17,227.1 17,897.0 18,202.5 1.0 5.7 Overnight deposits 11,476.9 12,683.9 13,088.8 1.8 14.0 Term deposits 5,750.2 5,213.1 5,113.7 -0.9 -11.1 Government bank deposits, total 954.1 716.4 694.2 -5.4 -27.2 Deposits of non-financial corporations, total 5,665.2 6,428.8 6,282.7 -1.4 10.9 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Public finance Figure 23: General government revenue, expenditure and balance on a cash basis The general government deficit24 was lower year on year in the first two months of 2018. The main factors behind continued high year-on-year growth in tax revenues and revenues from social contributions were favourable labour market trends, high consumer confidence, improving business results and last year’s increase in the corporate income tax rate.25 Owing to the one-off inflow in 2017,26 non-tax revenues were more than a quarter lower year on year; payments from the EU budget were also lower than in the same period last year.27 The growth of total general government revenue (5.8%) was nevertheless still significantly higher than that of general government expenditure (2.5%). The deficit of the consolidated balance of public finances (EUR 44 million) was therefore considerably lower year on year. General government expenditure was up year on year primarily due to higher pensions, sickness benefits, payments into the EU budget and compensation of employees. Investment expenditure was significantly lower than in the same period last year; interest payments were also somewhat lower. 24 According to the consolidated general government budgetary accounts on a cash basis. 25 The year-on-year higher overpayments of corporate income tax (CIT) in the first two months of 2018 arise partly from the year-on-year higher tax rate (19% instead of 17%) and mostly from better business results in 2016 (tax assessment for the period of April 2017 to March 2018 is based on business results in 2016). As last year business results continued to improve, we also expect year-on-year growth in tax payments in the future. 26 At the reopening of the government bond issue, in January 2017 a one-off payment of interest for 2017 (accrued since the original bond issue) was made into the state budget, which was followed by the payment of interest on the new, entire bond issue at regular maturity. 27 In the first two months, Slovenia received EUR 36 million from the EU budget, of which one-third from the cohesion fund and one-half as a refund of last year’s advance payments into the EU budget (on the basis of EU budget amendments for 2017, primarily owing to Member States’ lower-than-planned absorption of EU funds). Slovenia’s net budgetary position against the EU budget was negative in the first two months (at minus 59 million EUR). This refund has no impact on the net position, as it is recorded on both the revenue and the expenditure side (gross recording principle). Table 8: Consolidated general government revenue and expenditure on a cash basis Category I-II 2017 I-II 2018 Category I-II 2017 I-II 2018 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 2,635.2 5.1 2,787.2 5.8 EXPENDITURE TOTAL 2,762.0 1.6 2,831.5 2.5 Tax revenues1 1,442.5 8.3 1,570.4 8.9 Salaries, wages and other personnel expenditures2 630.9 2.7 649.6 3.0 Personal income tax 366.1 6.4 400.6 9.4 Expenditure on goods and services 351.3 4.6 356.0 1.3 Corporate income tax 79.2 -5.4 116.1 46.5 Interest payments 245.4 -15.0 241.5 -1.6 Taxes on immovable property 11.1 -23.9 11.9 6.5 Reserves 15.8 -22.1 18.9 19.7 Value added tax 591.6 4.8 611.9 3.4 Transfers to individuals and households 1,084.0 2.0 1,113.8 2.8 Excise duties 250.6 32.1 253.4 1.1 Other current transfers 276.3 33.1 276.6 0.1 Social security contributions 981.0 6.0 1,050.5 7.1 Investment expenditure 88.4 4.9 79.9 -9.6 Non-tax revenues 153.7 41.1 111.2 -27.6 Payments to the EU budget 70.0 -33.7 95.0 35.8 Receipts from the EU budget 47.9 -63.3 36.6 -23.7 GENERAL GOVERNMENT BALANCE -126.8 -44.2 Other 10.2 -10.0 18.5 81.7 PRIMARY BALANCE 114.0 197.0 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. Box 1: Main general government sector aggregates for 2017 (ESA 20101) The general government balance has improved significantly in the last few years. The general government deficit has been persistently falling since 2013, when it was at its highest (also under the impact of one-off factors). In 2017 the budget was balanced. This was due to improved macroeconomic conditions as a result of the stabilisation of the banking sector and restored domestic and international confidence, the adoption of measures to increase revenue and contain expenditure, and lower capital transfers related to BAMC transactions. The containment of total expenditure was to a great extent also attributable to investment and subsidies, which had been declining throughout the 2008–2017 period. Interest payment also fell significantly last year. The significant role played by flexible expenditure in the consolidation process thus far, amid a further relaxation of measures on the expenditure side, points to the need for transition towards more permanent structural adjustments to ensure further sustainable improvement of the fiscal position. After rising at high rates until 2015, the general government debt as a share of GDP declined in the following two years, but remained high. The general government debt, having risen very rapidly between 2008 and 2015 (from 21.8% of GDP to 82.6% of GDP), then declined in the following two years to reach 73.6% of GDP in 2017. This was attributable not only to the improvement in the primary balance (surplus), but also to the positive contribution of economic growth, which exceeded the negative effect of interest expenditure on debt formation in the last two years. In recent years, debt repayments have also declined as a result of active debt management in favourable borrowing conditions, which has also lengthened the average debt maturity. Figure 25: General government debt Figure 24: General government balance selected topics Regional gross domestic product The main objective of Slovenia’s regional policy is to strengthen the competitiveness of regional economies and thus reach the average level of economic development in the EU. In view of its multi-dimensional nature, regional development is monitored using various indicators. The most frequently used measure of development is GDP per capita. Regional disparities in GDP per capital actually decreased during the crisis but are still slightly greater than at the beginning of the previous decade. By international comparison, they are relatively small, however, which can to a great extent be attributed to the regional policy and the policy of polycentric development, both implemented in Slovenia since the beginning of the 1970s. Regional disparities in Slovenia are smaller than in most other EU Member States. A comparison of regions with extreme values shows greater differences between regions for most other countries in the EU.1 In the absence of regional policies under previous political systems, especially Eastern European countries are characterised by large disparities in development between the capital city region and other regions. Owing to relatively faster GDP growth, the gap between the regions and the EU average in GDP per capita has been narrowing since 2014, after widening during the crisis in most regions. Zahodna Slovenija was 1 The ratio between the two extreme regions at NUTS level 3 in GDP per capita in Slovenia is 1:2.6. The highest ratios are recorded by the UK (1:22.2), Germany (1:9.2), France (1:5.1), Poland (1:5.5), Hungary (1:4.7) and Slovakia (1:4.1). The countries with lower ratios include Austria (1:2.4) and the Nordic countries (Finland 1: 1.8, Sweden 1.1.9 and Denmark 1:2.3); the country with the lowest ratio is Croatia (1:1.4). at 99% of the EU average in 2016, while Vzhodna Slovenija was at 68% and remained among the less developed regions in the EU.2 The Osrednjeslovenska region is the only statistical region to exceed the EU average, but its advantage decreased significantly from 2008 to 2016 (by 13 pps, which is the greatest deterioration among Slovenian regions). Regional disparities in labour productivity are small and decreasing. Labour productivity measured by gross 2 Less developed regions are defined as NUTS level 2 regions where GDP per capita is less than 75% of the EU average. value added (GVA) per employee is higher in Zahodna Slovenija (with the exception of the Goriška region); in Vzhodna Slovenija, only Jugovzhodna Slovenia exceeds the Slovenian average. The higher labour productivity levels in some regions are related not only to more efficient utilisation of labour, but also to their economic structure, as labour productivity tends to be higher in some sectors than in others. The regions of Zahodna Slovenija have higher GDP per capita than Vzhodna Slovenija regions. The Osrednjeslovenska region generates the highest GDP per capita. This is attributable to its highly above-average share of generated GVA. This region also provides more than one-third of all jobs in Slovenia. This causes commuter flows into the region, which also influences its GDP per capita, as employees contribute to the GDP of the region where they work. The only region to still exceed the national average in GDP per capita is Obalno-kraška, which has been improving its position among the statistical regions again since 2014. GDP per capita is lowest in the Zasavska region, at just above 50% of the Slovenian average. Regional policy should be aimed at preventing an excessive increase in regional disparities. Regional disparities in Slovenia are currently modest, which is partly related to the country’s small size. To ensure a balanced regional development, it is important to prevent their increase, as excessive development gaps between regions also hamper the development of the country as a whole. Figure 28: Nominal GDP growth rates by statistical and cohesion region, in % Figure 26: Dispersion of regional GDP per capita Figure 29: Regional GVA, 2016, Slovenia = 100 % Figure 27: GVA structure by region, 2016 Table 8: Regional GDP per capita, index Region Slovenia= 100 EU=100 2008 2010 2012 2013 2014 2015 2016 2016 Slovenija 100.0 100.0 100.0 100.0 100.0 100.0 100.0 83 Zahodna Slovenija (NUTS 2) 121.2 121.2 120.1 119.4 119.1 119.1 119.5 99 Obalno-kraška 107.1 108.7 101.4 98.3 97.4 100.1 101.8 84 Goriška 95.4 93.6 91.1 90.7 90.6 91.6 91.8 76 Gorenjska 84.5 82.8 83.3 85.9 87.6 87.7 88.2 73 Osrednjeslovenska 145.1 145.3 145.0 143.4 142.0 141.2 141.2 117 Vzhodna Slovenija (NUTS 2) 82.0 81.7 82.5 82.9 83.1 83.0 82.6 68 Primorsko-notranjska 72.3 70.5 68.9 70.6 72.0 73.8 73.6 61 Jugovzhodna Slovenija 96.6 95.2 93.9 95.0 96.2 96.4 95.0 79 Posavska 80.1 81.6 83.2 84.3 84.2 83.7 82.8 68 Zasavska 60.6 61.0 58.8 59.1 56.7 54.1 53.3 44 Savinjska 89.5 90.6 91.9 91.6 91.3 92.0 92.0 76 Koroška 76.7 74.2 78.8 79.7 80.1 80.8 80.6 67 Podravska 83.8 82.5 82.9 82.8 83.3 82.8 82.1 68 Pomurska 63.4 64.2 67.1 68.5 68.4 67.1 67.6 56 Source: SURS, calculations by IMAD. Table 9: Regional GVA per employee, index Region 2008 2010 2012 2013 2014 2015 2016 Slovenija 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Zahodna Slovenija (NUTS 2) 109.7 109.0 108.0 107.3 106.7 107.1 106.7 Obalno-kraška 109.3 108.6 106.7 105.1 104.7 104.8 104.8 Goriška 98.4 97.6 97.0 97.0 96.3 97.1 96.6 Gorenjska 100.7 98.6 99.3 101.4 103.0 102.8 103.0 Osrednjeslovenska 114.2 113.7 112.2 110.7 109.6 110.1 109.7 Vzhodna Slovenija (NUTS 2) 90.0 90.4 91.5 92.1 92.6 92.3 92.5 Primorsko-notranjska 89.3 85.2 87.6 89.0 89.5 89.3 90.3 Jugovzhodna Slovenija 102.3 101.9 102.5 103.1 104.1 102.8 100.8 Posavska 95.0 94.1 99.1 100.1 100.0 97.9 97.2 Zasavska 88.7 88.8 87.7 90.2 87.9 85.7 86.4 Savinjska 89.0 90.6 92.3 92.4 92.6 93.1 93.5 Koroška 88.2 88.4 90.9 92.5 93.0 93.2 94.0 Podravska 89.5 88.9 88.6 88.9 89.6 89.4 90.0 Pomurska 76.6 80.3 81.6 83.1 84.7 83.6 84.3 Source: SURS, calculations by IMAD. statistical appendix Main indicators 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spring forecast 2018 GDP (real growth rates, in %) -2.7 -1.1 3.0 2.3 3.1 5.0 5.1 3.8 3.2 GDP in EUR million (current prices) 36,076 36,239 37,615 38,837 40,418 43,278 46,588 49,611 52,413 GDP per capita, in EUR (current prices) 17,540 17,596 18,244 18,823 19,576 20,951 22,563 24,035 25,405 GDP per capita (PPS)1 21,800 21,900 22,700 23,800 24,100 GDP per capita (PPS EU28=100)1 82 82 82 82 83 Rate of registered unemployment 12.0 13.1 13.1 12.3 11.2 9.5 8.0 7.2 6.7 Standardised rate of unemployment (ILO) 8.9 10.1 9.7 9.0 8.0 6.6 5.3 4.6 4.2 Labour productivity (GDP per employee) -1.8 0.0 2.6 1.0 1.1 2.2 2.7 2.2 2.4 Inflation2, year average 2.6 1.8 0.2 -0.5 -0.1 1.4 1.5 1.9 2.3 Inflation2, end of the year 2.7 0.7 0.2 -0.5 0.5 1.7 1.8 2.1 2.3 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 0.6 3.1 5.7 5.0 6.4 10.6 9.2 7.5 6.8 Exports of goods 0.4 3.3 6.3 5.3 6.2 10.9 9.7 7.9 7.2 Exports of services 1.5 1.9 3.4 3.7 7.6 9.2 7.2 5.8 5.0 Imports of goods and services (real growth rates, in %) -3.7 2.1 4.1 4.7 6.6 10.1 9.3 8.1 6.9 Imports of goods -4.3 2.9 3.8 5.1 7.0 10.7 9.7 8.7 7.3 Imports of services 0.2 -3.0 6.2 2.3 4.2 6.6 6.7 5.1 4.5 Current account balance3, in EUR million 775 1,594 2,179 1,698 2,108 2,813 3,203 3,385 3,734 As a per cent share relative to GDP 2.1 4.4 5.8 4.4 5.2 6.5 6.9 6.8 7.1 Gross external debt, in EUR million 42,850 41,644 47,287 46,627 44,805 43,460 42,496* As a per cent share relative to GDP 118.8 114.9 125.7 120.1 110.9 100.4 Ratio of USD to EUR 1.286 1.328 1.329 1.110 1.107 1.129 1.234 1.236 1.236 DOMESTIC DEMAND Private consumption (real growth rates, in %) -2.4 -4.1 1.9 2.1 4.2 3.2 3.6 3.0 2.0 As a % of GDP 56.9 55.4 54.4 53.5 53.4 52.8 51.7 51.0 50.3 Government consumption (real growth rates, in %) -2.2 -2.1 -1.2 2.7 2.5 2.3 1.7 1.4 1.1 As a % of GDP 20.2 19.5 18.6 18.6 18.7 18.3 17.8 17.7 17.4 Gross fixed capital formation (real growth rates, in %) -8.8 3.2 1.1 -1.6 -3.6 10.3 10.0 8.5 7.5 As a % of GDP 19.2 19.8 19.4 18.9 17.6 18.5 19.3 20.2 21.0 Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast 2018). Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End January 2018. Production 2015 2016 2017 2015 2016 2017 2016 2016 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.6 7.1 8.0 5.2 6.2 8.8 6.7 6.6 7.8 6.0 8.1 10.1 8.7 4.4 8.9 10.2 7.5 2.7 10.5 7.5 3.0 8.0 9.2 6.5 3.3 12.9 1.5 8.4 7.8 7.7 7.8 8.7 13.6 10.1 6.3 12.3 - - B Mining and quarrying 0.3 1.7 2.5 23.3 8.4 -7.9 10.1 -1.6 11.4 8.0 3.0 -10.9 7.1 7.9 -8.4 -6.0 -9.3 -24.6 9.6 50.5 33.3 -15.2 -18.4 7.0 11.6 15.2 7.1 7.8 9.0 38.7 1.2 -16.1 -17.8 -3.0 -9.3 -4.5 - - C Manufacturing 6.0 8.2 8.7 5.2 7.4 10.2 7.7 7.4 8.0 6.7 8.8 11.1 10.3 5.4 10.6 11.7 8.5 3.9 12.2 7.8 3.3 9.1 10.4 6.0 3.3 14.0 1.6 9.3 8.9 8.3 8.4 9.6 14.7 11.1 7.2 13.8 - - D Electricity, gas & steam supply1 2.5 -3.4 1.9 2.2 -5.0 -4.2 -3.9 -0.4 4.6 -1.1 1.3 2.7 -4.6 -6.5 -5.8 -3.5 -3.3 -5.0 -4.0 -2.7 -5.1 -1.1 4.8 10.6 1.5 1.8 0.4 -0.3 -3.4 -2.0 3.0 3.0 9.1 1.5 -1.9 0.7 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -8.2 -17.7 17.7 -8.4 -31.3 -21.4 -12.6 -9.2 19.8 17.3 8.3 26.0 -29.7 -36.0 -27.4 -19.4 -17.9 -15.7 -14.9 -7.4 -15.0 -15.2 9.3 -9.3 20.9 41.4 26.8 4.7 21.7 10.4 7.5 7.0 31.1 26.0 20.0 76.0 - - Buildings -4.0 2.4 27.6 -4.1 -6.6 -11.5 5.8 19.0 36.8 40.0 9.4 30.7 -2.8 -7.4 -12.3 -13.2 -9.4 6.6 1.3 9.6 8.5 14.5 37.3 24.3 25.7 56.5 53.7 33.6 34.7 13.6 3.1 11.3 44.8 30.4 17.7 56.7 - - Civil engineering -9.8 -24.8 14.4 -10.0 -40.0 -24.9 -19.4 -19.0 15.1 9.1 8.3 25.0 -39.3 -45.3 -32.5 -21.7 -21.0 -23.7 -21.0 -13.5 -23.1 -24.4 -2.1 -20.9 21.6 37.2 17.4 -5.0 16.2 9.9 10.0 5.5 26.4 23.8 24.9 84.0 - - MARKET SERVICES, year-on-year growth rates, % Services, total 4.6 5.0 7.8 8.0 6.6 6.7 3.6 3.4 6.2 7.2 7.7 9.7 7.2 5.0 6.2 6.7 7.1 0.8 5.9 4.2 1.1 3.0 5.9 3.7 4.0 10.3 4.1 10.2 7.2 9.1 7.5 6.6 11.3 9.9 8.2 11.0 - - Transportation and storage 3.2 3.6 10.7 5.2 3.8 4.4 2.9 3.3 11.0 9.8 10.9 11.3 5.5 2.2 4.2 4.5 4.6 -2.8 6.3 5.9 0.9 3.3 5.9 9.5 6.2 16.8 4.9 16.0 8.4 13.0 11.2 8.8 15.3 12.4 6.1 12.9 Information and communication activities 4.6 3.5 5.8 10.2 4.0 4.9 4.3 1.2 3.5 7.7 4.4 7.2 3.8 4.6 4.0 4.5 6.2 1.7 3.9 7.3 1.9 0.5 1.3 4.0 1.9 4.6 5.4 9.5 8.1 5.5 4.3 3.5 8.8 6.4 6.6 5.9 Professional, scientific and technical activities 3.5 -0.8 3.5 7.7 0.8 0.8 -4.5 -0.2 1.2 3.4 1.2 7.2 2.2 0.9 -0.1 3.1 -0.4 -7.4 0.1 -5.6 -7.3 -0.3 6.5 4.1 -3.8 3.1 -1.1 4.3 6.8 1.6 -2.2 3.9 7.4 3.0 10.9 16.4 Administrative and support service activities 12.1 7.7 12.8 10.8 8.7 4.9 6.2 11.6 11.9 12.5 10.1 16.7 9.9 8.7 6.4 5.5 3.0 4.9 6.7 7.1 7.1 9.6 18.6 9.5 11.4 14.5 13.9 12.2 11.5 12.1 8.6 9.7 16.2 22.8 11.5 13.0 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 5.7 10.2 10.2 6.6 9.0 9.2 8.8 13.6 13.5 10.1 10.9 6.9 13.2 8.0 8.5 11.0 8.1 5.3 13.7 8.0 10.6 15.5 14.7 15.8 8.9 15.5 7.5 10.5 12.1 11.3 12.4 9.1 9.3 9.9 1.8 4.8 - - Real turnover in retail trade 1.1 4.4 7.5 1.7 2.2 2.1 3.0 10.1 12.1 8.3 8.1 2.3 3.8 2.0 0.4 1.5 4.3 1.3 5.5 2.4 7.7 11.4 11.1 13.9 8.7 13.3 5.8 9.4 9.8 9.4 7.8 7.2 2.7 6.3 -1.6 -0.7 - - Real turnover in the sale and maintenance of motor vehicles 14.0 21.8 14.2 15.2 23.1 24.1 18.9 20.8 15.8 12.7 13.5 14.7 33.0 21.1 25.3 30.6 17.1 12.2 27.7 18.7 16.9 22.9 22.6 19.4 9.0 18.9 9.6 12.8 15.7 12.0 18.9 10.6 21.6 16.2 6.6 14.5 - - Nominal turnover in wholesale trade & commission trade 1.4 2.0 9.8 2.9 0.2 1.2 0.1 6.3 13.7 8.5 10.6 7.0 2.2 -1.1 -1.9 3.0 2.3 -5.6 5.6 0.9 3.0 6.9 8.9 16.1 8.6 16.2 3.6 11.8 10.0 11.3 12.9 7.9 9.8 9.9 1.7 8.0 - - TOURISM, y-o-y growth rates, % Total, overnight stays 7.2 7.6 11.3 3.3 9.6 0.9 9.0 11.3 4.7 18.0 11.5 8.7 7.0 12.8 -0.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 2.5 6.5 27.1 5.0 22.6 13.2 12.6 6.7 8.1 8.2 10.1 9.3 - - Domestic tourists, overnight stays 6.3 2.8 4.3 3.4 1.3 1.0 4.6 3.4 4.1 5.1 2.8 6.2 2.7 -5.0 8.5 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 -3.6 20.9 -1.6 5.8 9.7 5.5 3.8 -3.3 15.6 -0.9 3.6 13.1 - - Foreign tourists, overnight stays 7.7 10.3 15.0 3.2 17.4 0.8 10.9 17.1 5.2 24.7 15.1 10.3 12.5 28.8 -5.7 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 9.7 -3.0 46.7 4.7 29.1 16.5 16.1 10.9 4.3 15.8 14.8 7.2 - - Accommodation and food service activities 7.4 11.0 9.2 9.2 9.9 8.2 13.2 12.2 8.0 12.5 9.4 6.6 12.8 9.3 9.0 6.6 9.2 12.4 10.8 16.9 14.2 10.2 11.9 6.8 6.0 10.7 13.1 9.8 14.4 11.9 11.6 4.5 6.7 7.3 5.8 12.1 - - AGRICULTURE Purchase of agricultural products, in EUR m 472.9 465.7 518.7 135.5 104.6 110.1 118.2 132.9 108.7 119.8 135.2 155.0 34.2 36.7 36.0 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 34.2 39.5 36.8 42.0 41.1 45.8 42.3 47.1 57.6 48.4 49.0 37.2 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.1 5.5 12.5 5.7 3.7 4.5 6.1 7.7 11.1 11.2 11.8 15.8 3.5 3.7 5.6 3.6 4.4 5.4 6.6 6.2 6.9 7.9 8.3 10.0 10.5 12.7 11.8 9.5 12.3 11.5 11.5 12.4 15.4 16.1 15.9 16.1 14.5 12.1 Confidence indicator in manufacturing 6 6 10 6 4 6 5 7 10 8 9 13 5 4 8 5 5 5 7 3 6 7 7 9 10 12 9 6 9 8 8 10 12 14 13 14 13 10 in construction -14 -10 12 -14 -17 -15 -8 -1 4 10 16 19 -16 -19 -16 -15 -14 -13 -8 -2 -4 0 2 -1 7 6 10 8 13 17 16 16 21 15 20 22 22 24 in services 16 19 25 18 17 19 19 21 24 25 24 28 17 19 21 17 18 20 18 19 21 21 21 22 23 26 27 24 24 24 24 23 27 28 29 25 24 23 in retail trade 15 20 21 14 24 13 25 16 19 18 22 26 24 21 10 12 17 20 24 30 10 19 20 12 18 28 14 9 32 23 18 24 28 30 20 32 20 5 consumer confidence indicator -11 -14 -4 -12 -18 -17 -12 -10 -7 -5 -4 0 -19 -19 -17 -18 -16 -13 -12 -11 -11 -11 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0 0 1 2 0 -1 Source of data: SURS. Opombe: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Labour market 2015 2016 2017 2015 2016 2017 2016 2016 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 FORMAL LABOUR FORCE (A=B+E) 917.4 920.4 934.1 917.8 917.8 919.7 917.7 926.2 927.6 934.3 932.5 942.0 916.2 918.0 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 933.4 934.4 935.1 931.6 931.7 934.2 941.4 943.4 941.3 942.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 804.6 817.2 845.5 808.5 803.0 817.2 820.3 828.3 827.5 846.5 849.3 858.5 798.0 801.9 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 842.3 846.8 850.3 846.9 847.9 853.2 858.4 861.0 856.2 854.4 In agriculture, forestry, fishing 29.9 23.1 25.0 26.9 23.9 23.8 22.1 22.8 22.3 27.3 25.2 25.2 23.9 23.9 24.0 23.8 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2 22.3 22.4 27.3 27.2 27.3 25.1 25.2 25.2 25.3 25.3 25.1 24.7 In industry, construction 255.2 260.3 269.1 257.9 254.7 260.7 262.5 263.3 261.2 268.7 271.9 274.8 252.7 254.1 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 266.6 268.9 270.5 271.1 271.6 273.0 275.2 276.3 272.9 272.0 - in manufacturing 181.0 186.7 193.9 183.6 184.1 186.2 187.3 189.0 189.7 192.8 195.0 198.0 183.2 184.1 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 191.5 193.0 193.9 194.5 194.8 195.8 197.6 198.3 198.1 198.4 - in construction 54.3 53.9 55.7 54.5 50.9 54.6 55.4 54.7 52.2 56.3 57.2 57.2 49.8 50.2 52.7 54.2 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8 51.5 54.3 55.6 56.3 56.9 56.9 57.1 57.5 58.0 58.4 55.3 54.2 In services 519.6 533.8 551.3 523.7 524.4 532.7 535.7 542.3 544.0 550.6 552.3 558.5 521.4 524.0 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 548.5 550.8 552.4 550.7 551.1 555.0 557.9 559.4 558.2 557.7 - in public administration 48.1 48.4 48.8 48.0 48.1 48.4 48.6 48.6 48.6 48.8 49.0 49.0 47.9 48.1 48.3 48.3 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4 48.5 48.7 48.6 48.9 48.9 49.0 49.0 49.1 49.1 49.0 48.8 48.7 - in education, health-services and social work 124.0 127.7 131.6 125.5 125.9 127.6 127.3 130.0 130.8 131.4 130.8 133.5 125.0 125.8 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 131.3 131.6 131.4 130.0 130.0 132.4 133.2 133.7 133.7 134.0 FORMALLY EMPLOYED (C)1 713.1 730.5 755.3 719.3 716.2 730.2 734.6 741.1 740.5 754.3 758.9 767.4 711.3 715.0 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 750.3 754.7 758.0 756.8 757.5 762.5 767.3 769.7 765.1 763.8 In enterprises and organisations 662.3 680.2 704.3 668.6 667.5 679.6 683.6 690.2 691.1 702.6 707.3 716.2 663.2 666.7 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 699.0 703.0 705.9 705.1 705.9 710.9 715.5 718.1 715.1 714.8 By those self-employed 50.8 50.3 51.0 50.6 48.7 50.7 51.0 50.9 49.4 51.7 51.6 51.2 48.2 48.3 49.6 50.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7 48.9 50.5 51.3 51.8 52.1 51.7 51.6 51.6 51.8 51.6 50.0 49.0 SELF-EMPLOYED AND FARMERS (D) 91.6 86.7 90.2 89.2 86.9 87.0 85.8 87.2 87.0 92.1 90.4 91.2 86.7 86.9 87.0 86.9 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8 87.0 87.2 92.1 92.1 92.2 90.1 90.4 90.7 91.1 91.3 91.1 90.6 REGISTERED UNEMPLOYMENT (E) 112.7 103.2 88.6 109.3 114.8 102.5 97.4 97.9 100.1 87.8 83.2 83.5 118.2 116.0 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 91.1 87.7 84.8 84.7 83.8 81.0 83.0 82.4 85.1 87.9 Female 57.5 52.4 45.4 56.2 56.6 52.3 50.6 50.2 49.5 45.5 43.7 42.9 57.9 56.9 54.9 53.5 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5 49.8 48.3 46.9 45.5 44.1 44.5 44.3 42.3 43.4 42.8 42.5 43.1 By age: 15 to 29 26.7 22.5 17.5 26.4 26.1 21.7 20.5 21.6 20.7 17.0 15.2 17.1 27.3 26.4 24.7 22.9 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6 20.9 19.4 18.2 17.0 15.9 15.7 15.3 14.6 17.3 16.9 17.0 17.2 Aged over 50 36.7 36.5 34.3 36.1 38.6 36.8 35.4 35.0 36.9 34.3 33.2 32.7 39.1 38.9 37.9 37.2 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6 37.2 35.8 35.0 34.3 33.6 33.6 33.3 32.7 32.4 32.4 33.2 34.5 Primary education or less 32.3 30.2 26.7 31.2 33.8 30.0 28.2 28.8 30.6 26.3 24.6 25.2 34.6 34.3 32.4 30.8 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0 31.2 28.6 27.2 26.3 25.4 24.9 24.6 24.3 24.5 24.6 26.4 27.7 For more than 1 year 59.7 55.1 47.0 58.4 58.5 56.0 53.5 52.3 51.2 48.1 45.2 43.7 59.2 58.5 57.8 56.6 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1 51.3 50.3 49.1 48.1 46.9 46.0 45.2 44.3 44.2 43.7 43.3 43.7 Those receiving benefits 23.7 23.1 21.5 22.2 28.9 21.3 20.5 21.5 27.3 19.5 19.8 20.2 30.2 29.5 26.9 22.1 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4 26.8 24.7 20.3 19.2 19.1 19.8 20.0 19.4 19.0 19.2 22.2 25.7 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 12.3 11.2 9.5 11.9 12.5 11.1 10.6 10.6 11.1 9.4 8.9 8.9 12.9 12.6 12.0 11.5 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2 10.9 10.2 9.8 9.4 9.1 9.1 9.0 8.7 8.8 8.7 9.0 9.3 Male 11.1 10.2 8.5 10.7 11.8 10.1 9.4 9.5 10.4 8.3 7.8 7.9 12.2 11.9 11.1 10.5 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6 10.3 9.3 8.7 8.3 8.0 8.0 7.8 7.6 7.8 7.7 8.3 8.8 Female 13.7 12.4 10.6 13.4 13.4 12.4 12.0 11.8 11.8 10.7 10.2 9.9 13.7 13.5 13.0 12.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9 11.7 11.3 11.0 10.7 10.3 10.4 10.4 9.9 10.1 9.9 9.9 10.0 FLOWS OF FORMAL LABOUR FORCE -6.4 -13.5 -14.6 8.3 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.8 4.1 5.1 -2.1 -5.8 -4.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1 -2.4 -6.2 -4.1 -3.4 -2.9 -0.1 -0.8 -2.9 2.0 -0.6 2.6 2.9 New unemployed first-job seekers 15.8 14.2 12.3 7.4 3.0 2.0 2.7 6.5 1.8 1.8 2.3 5.7 1.2 0.9 0.9 0.7 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0 0.8 0.8 0.6 0.6 0.6 0.5 0.6 1.2 4.0 1.0 0.7 0.9 Redundancies 81.3 75.7 70.0 23.3 23.8 15.4 16.3 20.3 17.1 13.7 15.5 18.6 12.9 5.7 5.2 5.3 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0 5.2 5.1 4.6 4.6 4.4 6.0 4.5 5.0 5.6 5.4 7.6 10.3 Registered unemployed who found employment 71.0 74.9 68.6 13.3 23.6 20.6 16.1 14.5 12.6 18.5 14.3 13.6 6.7 6.9 10.0 8.4 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3 6.3 9.7 6.9 6.1 5.4 4.3 3.5 6.4 5.1 4.8 3.7 6.2 Other outflows from unemployment (net) 32.6 28.6 28.3 9.1 6.0 7.2 7.5 7.9 4.6 7.4 7.3 6.7 2.2 1.8 1.9 2.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6 2.0 2.4 2.4 2.6 2.4 2.4 2.3 2.6 2.6 2.2 1.9 2.2 FIXED TERM WORK PERMITS FOR FOREIGNERS 23.2 19.2 18.0 23.3 21.6 20.0 18.2 17.1 16.8 17.2 18.4 19.4 22.1 21.8 21.0 20.3 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9 16.8 16.8 16.9 17.2 17.6 18.0 18.5 18.8 18.6 19.8 19.8 20.2 As % of labour force 2.5 2.1 1.9 2.5 2.4 2.2 2.0 1.8 1.8 1.8 2.0 2.1 2.4 2.4 2.3 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 Sources of data: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Wages in EUR 2015 2016 2017 2015 2016 2017 2016 2017 2018 2017 Q4 17 Jan 18 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,627 1,701 1,659 0.7 1.8 2.7 1.3 2.3 1.5 1.7 1.9 1.5 2.3 2.8 3.9 1.8 1.3 0.2 2.8 2.1 1.5 0.5 3.7 2.1 0.5 1.9 1.3 3.4 2.4 2.8 2.7 3.0 3.4 4.1 4.2 4.2 Private sector activities (A–N; R–S) 1,529 1,654 1,599 0.8 1.3 2.7 1.2 1.8 1.1 1.0 1.5 1.6 2.3 2.6 4.1 1.6 0.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.7 3.6 2.4 2.6 2.8 2.4 3.4 4.3 4.6 4.5 Public service activities (OPQ) 1,786 1,850 1,852 0.6 3.3 2.8 1.7 3.9 2.8 3.7 2.9 1.3 2.7 3.6 3.5 2.7 2.8 3.6 3.1 4.4 4.8 3.0 0.9 1.0 1.4 1.5 2.9 2.8 2.6 3.4 2.7 4.8 3.5 3.7 3.3 3.7 Industry (B–E) 1,584 1,753 1,678 1.7 1.9 3.2 2.1 2.2 1.6 1.3 2.5 2.3 2.7 2.6 4.8 2.7 1.9 -1.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.4 4.6 2.1 2.9 2.8 2.2 4.6 3.9 5.9 5.9 Trad. market services (GHI) 1,399 1,505 1,446 0.9 0.9 2.7 1.0 1.6 0.8 0.5 0.8 1.7 2.2 2.8 4.0 0.7 0.0 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 0.3 3.5 2.9 2.9 3.2 2.4 3.2 5.5 3.1 3.4 Other market services (J–N; R–S) 1,698 1,798 1,760 -0.4 0.7 2.1 0.1 1.2 0.3 0.5 0.9 0.7 1.7 2.5 3.5 0.6 -0.4 -0.5 1.5 0.5 0.1 1.2 1.5 0.9 0.1 1.0 0.4 2.4 2.1 2.1 2.3 3.1 2.2 3.7 4.5 3.6 A Agriculture, forestry and fishing 1,312 1,378 1,350 0.2 -0.4 0.2 1.6 2.2 -0.8 0.7 -3.3 0.2 0.3 -1.2 1.5 1.3 -2.7 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 -0.5 2.1 -0.6 -3.2 1.1 -1.5 1.5 1.1 1.9 4.7 B Mining and quarrying 2,082 2,066 2,675 -5.9 2.7 1.2 -4.9 1.1 1.6 2.4 5.6 4.2 3.2 0.5 -2.8 -0.4 9.2 -6.6 10.1 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 6.4 1.9 1.5 2.0 -1.0 0.5 -2.3 -3.5 -2.8 28.5 C Manufacturing 1,597 1,714 1,637 2.1 2.1 3.2 2.3 2.4 1.7 1.5 2.8 2.2 2.7 2.8 5.0 2.9 1.6 -1.1 3.8 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 1.4 4.5 2.2 3.2 2.8 2.3 5.3 4.1 5.7 5.9 D Electricity, gas, steam and air conditioning supply 2,449 2,640 2,413 -1.0 1.3 4.3 1.9 2.3 1.9 0.0 0.9 4.2 3.1 3.6 6.2 1.7 6.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 1.9 8.5 -0.7 0.9 6.2 3.7 0.1 2.9 15.5 4.7 E Water supply sewerage, waste management and remediation activities 1,577 1,675 1,598 1.5 1.9 3.5 2.2 2.3 2.6 1.7 1.2 4.2 4.0 1.4 4.2 3.7 2.6 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 1.9 4.1 5.8 2.2 1.7 0.3 2.3 6.8 3.3 2.3 F Constrution 1,238 1,281 1,270 -0.2 1.3 2.7 1.0 1.5 1.5 1.9 0.4 1.1 2.7 2.3 4.4 2.0 1.1 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 -0.2 4.4 3.8 2.8 3.0 1.1 4.5 4.2 4.5 6.6 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,485 1,565 1,496 1.4 1.6 3.3 1.8 2.4 1.6 1.0 1.3 2.5 2.6 3.4 4.5 1.1 0.6 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 0.2 3.9 3.8 3.6 3.7 2.9 3.8 4.3 5.3 4.0 H Transportation and storage 1,492 1,575 1,504 0.5 -0.5 1.7 -0.5 -0.1 -0.6 -0.7 -0.5 0.5 1.5 1.5 3.1 0.2 -0.9 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -0.3 3.2 1.6 1.2 2.0 1.4 2.2 9.3 -1.9 1.8 I Accommodation and food service activities 1,116 1,143 1,147 -1.0 1.4 2.8 -0.1 2.0 0.3 1.0 2.2 1.1 2.9 3.3 3.8 0.7 0.3 0.2 1.2 1.8 1.7 3.7 1.1 2.4 0.6 0.4 3.0 3.1 2.5 3.3 3.8 2.7 2.8 4.2 4.6 4.5 J Information and communication 2,157 2,233 2,178 1.0 0.5 2.4 0.7 1.1 0.6 -0.2 0.6 1.8 1.4 3.1 3.2 1.5 -0.6 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 0.5 2.0 1.9 2.0 3.8 3.5 1.3 3.7 4.5 2.3 K Financial and insurance activities 2,367 2,496 2,447 2.1 1.5 3.2 1.0 2.0 -0.1 1.9 2.4 2.3 2.4 2.8 5.3 -0.4 -1.1 0.6 3.6 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 2.6 2.2 2.4 2.9 1.9 3.6 2.7 8.2 4.5 4.4 L Real estate activities 1,516 1,574 1,489 -0.7 0.7 1.8 0.5 0.4 0.5 0.5 1.2 1.5 2.7 2.5 0.6 0.0 2.3 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 3.4 4.5 0.3 1.9 4.1 1.6 0.8 -0.4 1.2 1.0 M Professional, scientific and technical activities 1,808 1,899 1,866 0.8 0.8 3.9 -0.1 1.3 0.7 0.3 1.0 1.4 3.4 4.9 5.8 1.6 0.0 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 0.9 4.5 4.9 4.1 5.7 5.0 4.7 6.5 6.0 7.0 N Administrative and support service activities 1,081 1,128 1,097 0.4 3.4 2.5 1.9 3.7 3.8 3.1 2.9 1.0 2.5 2.3 4.2 4.2 3.2 2.6 3.9 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.8 4.0 2.6 2.6 1.2 3.1 3.6 3.4 5.5 3.9 O Public administration and defence, compulsory social security 1,948 1,973 2,009 2.1 4.7 4.0 5.2 6.8 4.3 5.4 2.3 1.5 4.5 6.0 4.0 3.6 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 4.2 5.1 4.2 7.2 4.7 6.3 3.9 4.9 3.1 4.9 P Education 1,717 1,726 1,731 -0.2 2.5 1.7 -0.3 1.8 2.2 2.9 3.0 1.4 1.9 2.3 1.2 2.2 2.4 2.6 2.6 3.5 4.1 2.9 1.8 1.1 1.6 1.4 1.7 1.9 2.3 1.6 1.8 3.3 1.1 1.5 1.0 1.8 Q Human health and social work activities 1,815 1,893 1,865 0.3 3.1 3.1 0.8 3.6 2.2 3.0 3.4 1.0 2.2 3.2 5.9 2.4 2.3 3.4 2.1 3.6 4.9 3.3 2.0 0.9 0.9 1.2 3.1 1.8 1.7 2.2 2.0 5.3 6.0 5.3 6.3 4.9 R Arts, entertainment and recreation 1,678 1,706 1,689 -0.5 2.3 1.7 0.3 1.6 2.4 1.7 3.3 1.9 1.6 3.1 0.1 1.1 1.3 2.4 0.2 2.6 4.1 3.5 2.2 1.1 2.1 2.6 2.9 1.2 1.0 1.8 2.2 5.4 -0.1 -0.8 1.1 1.8 S Other service activities 1,347 1,373 1,361 -2.2 -0.9 0.9 -1.5 -0.1 -1.0 -1.0 -1.4 -1.0 1.5 1.3 1.7 -1.2 -0.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 0.0 3.3 1.1 1.2 0.6 2.2 2.3 0.9 1.9 1.6 Source of data: SURS, calculations by IMAD. Prices and indicators of overall competitiveness 2015 2016 2017 2015 2016 2017 2016 2016 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 CPI, y-o-y growth rates, % -0.5 0.5 1.7 -0.6 -0.7 -0.2 0.1 0.6 1.8 1.4 1.2 1.3 -0.7 -0.9 -0.6 -0.4 0.3 0.2 0 0.2 0.6 0.6 0.5 1.3 2.2 1.9 1.8 1.5 0.9 1.0 1.2 1.4 1.0 1.2 1.7 1.5 1.2 Food, non-alcoholic beverages 0.9 1.7 2.9 1.2 0.4 0.2 1.3 1.7 2.9 1.9 1.6 2.4 0.5 0.4 -0.2 -0.2 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6 2.4 1.8 2.6 1.3 1.5 1.4 2.0 1.7 2.7 2.9 2.9 2.4 Alcoholic beverages, tobacco 1.9 0.4 3.0 0.6 0.1 0.3 0.3 0.3 1.3 1.8 2.8 3.0 0.2 0.0 0.3 0.2 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8 2.1 1.9 1.9 1.6 2.8 2.9 2.8 2.9 3.1 3 3.6 2.1 Clothing and footwear -0.9 -2.9 1.3 -0.4 0.5 0.6 -1.7 -0.5 -0.9 0.6 2.4 -1.0 0.8 0.5 0.8 0.7 0.4 -1.4 -0.9 -2.8 1.8 -0.3 -2.9 -1.8 -0.5 -0.3 1 0.6 0.3 3.4 1.2 2.7 -2.4 -1.8 1.3 0.1 1.5 Housing, water, electricity, gas -1.3 -0.1 3.6 -1.0 -1.1 -1.3 -1.0 -0.5 2.5 2.6 2.0 3.1 -1.1 -1.4 -1.5 -1.3 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9 3.1 2.8 2.6 2.4 1.5 2.2 2.3 2.8 2.9 3.6 3.8 2.9 Furnishing, household equipm. -1.2 0.9 0.4 -0.8 0.0 0.2 0.2 0.5 0.4 -0.2 -0.5 0.2 0.4 0.2 0.2 0 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1 0.7 -0.3 0.1 -0.4 -0.3 -1.0 -0.2 0.5 -0.3 0.4 0.7 -0.2 Medical, pharmaceutical produ. 0.5 0.8 0.2 0.8 0.2 0.5 0.5 0.7 0.8 0.5 0.0 0.3 0.4 0.2 0.1 0.3 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9 0.9 0.8 0.7 -0.1 -0.3 -0.2 0.4 0.5 0.3 0.2 0.5 0.6 Transport -5.1 -0.1 1.6 -6.3 -5.4 -4.8 -3.1 -0.3 3.9 1.8 0.7 1.2 -5.5 -6.2 -5.2 -5.3 -4 -3.8 -4.5 -0.9 -1 0.1 -0.1 3.3 4.3 4.0 3.1 2.2 0.1 0.0 1.5 0.6 0.8 1.1 1.6 0 0.2 Communications 1.1 2.9 -2.3 4.3 4.0 5.2 2.6 2.2 2.8 1.1 -0.8 -1.8 2.9 3.9 4.5 5.2 6 2.3 2.2 3.4 2 1.8 2.9 3.0 3.4 2.1 2.9 -0.4 0.7 -0.1 -0.2 -2.1 -1.7 -1.5 -2.3 -1.3 -2.5 Recreation and culture 1.0 0.2 0.8 -1.6 -2.0 0.8 1.7 0.5 0.0 0.4 0.8 0.4 -2.4 -1.9 0.1 0.5 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5 -0.5 0.4 0.2 0.6 0.3 0.7 1.5 0.4 0 0.8 -0.5 -0.3 Education 0.6 0.3 3.7 0.0 0.1 0.0 0.0 0.3 0.5 0.5 0.5 3.8 0.0 0.0 0.0 0 0 0 0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 3.8 3.8 3.7 4 3.9 Catering services 0.5 1.0 1.6 1.0 1.7 2.1 2.8 1.4 0.8 1.5 2.0 1.6 2.1 1.9 1.8 2.2 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8 0.9 1.2 1.7 1.6 2.1 2.1 1.8 1.7 1.5 1.6 2.7 2.5 Miscellaneous goods & services 1.4 1.6 1.3 2.9 0.5 1.0 1.5 1.5 1.8 1.3 1.4 1.2 0.4 0.4 0.6 1.2 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9 2.0 1.9 1.1 1.0 1.2 1.5 1.4 1.2 1.2 1.3 1.7 1.4 HICP -0.8 0.6 1.9 -0.9 -0.9 -0.4 0.0 0.7 2.0 1.4 1.3 1.5 -0.9 -0.9 -0.7 -0.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5 2.0 1.7 1.5 0.9 1.2 1.4 1.4 1.3 1.4 1.9 1.7 1.4 Core inflation (excluding fresh food and energy) 0.7 0.4 0.9 0.9 0.3 1.2 0.9 0.6 0.7 0.9 0.9 0.6 0.3 0.4 0.8 1.2 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0 0.8 1.2 0.8 0.7 1.0 0.8 0.9 0.4 0.5 0.9 0.9 0.5 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -0.2 0.5 2.2 -1.2 -1.8 -2.2 -1.3 -0.1 1.7 2.3 2.3 2.3 -1.7 -2.2 -2.5 -2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9 1.9 2.3 2.4 2.2 2.3 2.3 2.3 2.3 2.5 2.2 2.2 2.1 Domestic market -0.5 -0.2 1.8 -1.2 -1.6 -1.9 -1.5 -0.4 0.6 1.3 1.5 1.9 -1.4 -1.9 -2 -1.9 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7 0.9 1.3 1.5 1.2 1.4 1.5 1.6 1.8 2.1 1.8 1.8 2.1 Non-domestic market 0.1 1.2 2.6 -1.2 -2.0 -2.6 -1.2 0.5 2.8 3.2 3.1 2.7 -1.9 -2.4 -2.9 -2.5 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0 3.0 3.2 3.2 3.1 3.2 3.2 3.0 2.8 2.8 2.6 2.7 2.0 Euro area 0.1 0.6 2.3 -1.3 -2.3 -2.5 -1.9 0.1 2.1 2.6 2.8 2.2 -2.3 -2.6 -2.7 -2.6 -2.3 -2.3 -2 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 2.7 2.5 2.9 2.9 2.6 2.2 2.2 2.3 2.3 2.1 Non-euro area -0.1 2.3 3.6 -1.1 -1.4 -2.6 0.1 1.3 4.4 4.6 3.9 4.0 -1.1 -2 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 4.6 4.5 4.1 3.7 4.0 4.1 4.2 3.6 3.6 2.0 Import price indices -0.7 2.7 1.6 -1.6 -2.2 -2.3 -1.7 1.2 4.8 3.8 2.4 2.4 -2.4 -2.4 -3.1 -2.2 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3 4.7 4.9 4.0 2.5 1.9 2.7 2.7 2.7 3.0 1.6 0.6 0.4 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -3.1 1.0 0.5 -2.1 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 1.2 0.8 1.5 2.1 1.6 1.1 1.3 0.6 0.4 0.5 1.3 0.5 0.0 -0.6 -0.1 -0.4 -0.1 0.2 0.8 1.2 1.2 1.1 1.1 1.3 1.4 1.8 Real (deflator HICP) -4.1 0.3 0.4 -3.3 -0.6 1.0 0.3 0.5 0.0 -0.2 0.7 1.0 -0.4 0.3 1.2 0.9 0.9 0.9 0.1 0.0 0.5 1.1 -0.1 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.4 0.8 0.9 0.7 0.8 1.6 1.6 1.5 Real (deflator ULC) -3.6 0.9 -2.3 1.1 2.7 0.3 -0.4 -2.2 -1.7 0.3 USD / EUR 1.1096 1.1066 1.1293 1.0949 1.1018 1.1293 1.1164 1.0789 1.0647 1.1003 1.1744 1.1777 1.1093 1.1100 1.1339 1.1311 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643 1.0685 1.0723 1.1058 1.1229 1.1511 1.1807 1.1915 1.1756 1.1738 1.1836 1.2200 1.2348 Sources of data: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Balance of payments 2015 2016 2017 2015 2016 2017 2016 2016 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 1,698 2,108 2,770 416 677 530 557 343 586 781 871 532 226 152 299 186 153 190 126 85 347 252 68 23 203 197 187 283 181 317 256 191 424 381 28 122 197 Goods 1,476 1,536 1,562 338 484 449 376 227 357 430 474 301 170 141 173 143 117 189 145 5 226 134 43 49 87 99 171 151 74 205 168 33 273 231 49 21 38 Exports 24,039 24,991 28,422 6,160 6,065 6,400 6,119 6,407 6,867 7,128 7,013 7,415 1,841 2,023 2,202 2,090 2,103 2,207 2,073 1,744 2,302 2,163 2,225 2,018 2,120 2,154 2,593 2,200 2,420 2,508 2,335 2,073 2,605 2,631 2,575 2,209 2,393 Imports 22,563 23,454 26,860 5,822 5,581 5,950 5,743 6,180 6,510 6,698 6,539 7,113 1,671 1,882 2,028 1,947 1,985 2,018 1,928 1,739 2,076 2,029 2,182 1,969 2,033 2,055 2,423 2,049 2,345 2,303 2,167 2,040 2,332 2,400 2,526 2,188 2,355 Services 1,860 2,174 2,566 485 467 526 655 526 538 669 764 596 151 115 202 186 169 172 175 239 240 227 155 143 188 164 185 245 198 225 230 277 257 270 137 189 217 Exports 5,866 6,410 7,152 1,515 1,370 1,529 1,812 1,699 1,529 1,737 2,037 1,848 420 440 509 508 489 533 583 628 602 574 535 589 487 482 560 581 556 601 677 703 656 646 551 651 543 Imports 4,007 4,236 4,586 1,030 902 1,003 1,157 1,173 991 1,069 1,273 1,252 269 325 308 322 321 361 407 389 362 347 380 446 299 318 375 335 357 376 447 426 400 376 414 463 326 Primary income -1,263 -1,294 -1,105 -326 -163 -393 -379 -358 -220 -237 -309 -340 -89 -35 -39 -124 -109 -160 -158 -135 -87 -94 -111 -153 -44 -34 -141 -83 -73 -82 -107 -102 -99 -111 -144 -85 -37 Receipts 1,345 1,436 1,487 330 430 351 336 319 438 386 319 344 93 155 182 105 112 134 95 108 133 94 101 125 180 159 98 124 136 126 113 99 107 100 121 123 158 Expenditures 2,608 2,730 2,592 656 593 744 715 678 657 624 627 683 182 190 221 229 221 294 252 243 220 188 211 278 224 193 240 207 209 208 220 202 206 211 266 207 196 Secondary income -375 -309 -253 -81 -111 -53 -95 -51 -89 -81 -57 -26 -5 -69 -37 -18 -23 -11 -37 -25 -33 -14 -20 -16 -28 -32 -28 -31 -18 -31 -34 -16 -7 -9 -14 -2 -20 Receipts 733 745 823 217 163 181 184 217 179 201 203 240 58 55 50 64 57 61 62 59 62 73 67 76 62 58 58 68 71 62 63 66 74 76 74 90 61 Expenditures 1,108 1,054 1,075 297 274 234 278 267 267 282 260 266 64 123 87 82 80 72 99 84 95 87 87 93 90 91 86 99 89 93 97 82 81 86 88 92 81 Capital account 412 -302 -228 168 -53 -89 -54 -106 -46 -64 -58 -58 -18 -18 -17 -43 -19 -27 -22 -12 -20 8 -35 -78 -11 -17 -18 -15 -18 -31 -141 91 -9 32 -5 -85 -12 Financial account 1,658 1,129 1,673 142 331 224 419 156 402 653 465 153 196 125 10 -123 389 -43 281 -165 302 -1,288 1,824 -380 423 66 -86 197 234 222 26 172 268 283 -53 -77 349 Direct investment -1,269 -880 -528 -657 -299 -376 -306 101 -207 130 -213 -239 -238 82 -143 -379 26 -24 -72 -201 -32 56 -78 123 43 -93 -157 74 42 14 16 -30 -199 44 -172 -111 -72 Assets 292 431 381 -134 161 74 55 142 160 212 39 -30 30 78 54 28 31 15 134 -107 28 129 -65 77 64 78 19 125 16 71 59 -126 106 153 -105 -78 -25 Liabilities 1,560 1,311 910 523 460 451 360 41 367 82 252 209 268 -5 197 407 4 39 206 94 60 73 13 -45 20 171 176 51 -26 57 43 -96 305 109 67 33 47 Portfolio investment 2,929 5,079 2,941 1,549 584 1,099 702 2,693 -330 522 659 2,090 373 1,040 -829 477 506 116 321 331 50 574 1,454 666 -667 314 23 358 -302 466 401 255 2 1,066 421 603 -1,464 Financial derivatives -98 -215 -198 -21 -30 -107 -33 -44 -73 -117 -25 17 -13 -8 -9 -27 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -12 -5 -8 6 4 6 5 Other investment 208 -2,758 -630 -663 64 -351 106 -2,577 969 84 20 -1,703 47 -1,018 1,036 -165 -112 -74 43 -255 318 -1,894 493 -1,177 1,026 -78 21 -197 528 -247 -389 -62 472 -847 -270 -586 1,884 Assets -617 -2,335 -1,810 -817 64 -637 -1,079 -684 -30 -333 -1,148 -299 -122 -244 430 -978 39 302 -41 -940 -97 -520 317 -481 -6 235 -259 296 -356 -273 -436 -302 -410 -202 -16 -81 122 Other equity 10 0 -1 -2 1 -1 2 -2 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 -2 0 0 0 0 0 0 0 0 0 0 0 0 1 Currency and deposits -516 -2,205 -2,422 -625 -325 -578 -1,020 -282 -626 -460 -1,292 -45 -121 -394 190 -891 131 182 -2 -736 -282 -705 412 10 -276 15 -365 311 -428 -343 -456 -155 -681 -311 -3 269 56 Loans -408 -203 -116 -78 10 -67 -36 -111 -49 7 -39 -34 -12 -22 44 -31 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -17 -14 15 -17 -32 -12 Insurance, pension schemes, and standardised guarantee schemes -8 10 6 -2 7 2 0 1 3 -1 3 0 2 2 2 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 Trade credit and advances -5 161 599 -358 316 119 -73 -202 517 161 109 -187 72 118 126 -4 4 118 -33 -205 165 146 3 -351 193 189 135 74 1 85 23 -173 258 117 8 -312 29 Other assets 309 -96 124 249 54 -112 49 -87 125 -39 72 -34 -64 51 67 -52 -59 -1 15 15 19 61 -72 -76 100 57 -32 -67 44 -17 3 42 26 -23 -4 -7 49 Liabilities -825 423 -1,181 -153 0 -285 -1,185 1,893 -1,000 -417 -1,168 1,404 -169 775 -606 -812 152 375 -84 -685 -415 1,374 -176 696 -1,032 313 -280 493 -884 -26 -47 -239 -881 645 255 504 -1,762 Other equity 11 4 0 0 0 4 0 0 0 0 0 0 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Currency and deposits -400 1,175 265 116 548 -320 -406 1,353 -837 78 -393 1,416 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -112 583 -568 64 182 82 -656 607 167 641 -1,453 Loans -315 -818 -1,842 -235 -495 -123 -533 334 -391 -506 -690 -254 10 -256 -249 -96 -101 73 -99 -310 -124 395 -117 56 -76 18 -333 -49 -313 -144 -167 -299 -225 -108 -120 -25 -159 Insurance, pension schemes, and standardised guarantee schemes 3 -8 13 4 11 12 -28 -3 19 -8 2 0 4 4 4 4 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 1 1 1 0 0 0 0 Trade credit and advances -100 137 412 11 -78 153 -171 233 191 53 -59 227 -254 133 43 -1 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -96 88 132 135 -40 -207 Other liabilities -25 -67 -29 -48 15 -12 -46 -24 18 -34 -28 15 32 98 -115 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 73 -89 14 73 -71 57 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -113 -97 89 -67 10 -40 -50 -17 43 33 25 -12 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14 2 14 -36 11 -4 Net errors and omissions -453 -677 -870 -442 -293 -217 -84 -82 -138 -64 -348 -320 -13 -9 -271 -266 255 -206 177 -237 -25 -1,548 1,792 -325 231 -114 -255 -71 71 -63 -90 -110 -148 -130 -76 -114 163 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,596 2,781 3,178 753 644 691 674 772 744 784 780 870 177 221 247 226 231 234 231 191 251 248 259 265 227 229 288 238 273 273 263 218 298 308 283 278 N/A Intermediate goods 13,355 13,731 15,340 3,322 3,371 3,544 3,360 3,456 3,826 3,868 3,746 3,901 1,062 1,124 1,184 1,178 1,171 1,196 1,113 1,005 1,242 1,204 1,223 1,029 1,213 1,195 1,418 1,199 1,350 1,319 1,260 1,118 1,367 1,390 1404 1,106 N/A Consumer goods 7,989 8,459 9,704 2,042 2,057 2,178 2,058 2,166 2,259 2,431 2,429 2,585 602 685 769 692 699 787 723 535 800 709 735 721 665 700 894 741 785 905 801 705 923 901 874 809 N/A Import of investment goods 2,968 3,292 3,632 877 724 830 796 941 842 890 856 1,045 207 239 278 277 267 286 309 223 263 299 315 327 261 265 316 263 304 322 276 273 306 339 363 344 N/A Intermediate goods 13,803 13,792 16,169 3,432 3,330 3,542 3,361 3,559 3,964 4,015 3,926 4,264 1,034 1,114 1,182 1,136 1,206 1,200 1,130 1,000 1,231 1,165 1,280 1,113 1,273 1,239 1,452 1,222 1,398 1,394 1,319 1,226 1,381 1,439 1524 1,302 N/A Consumer goods 6,534 7,028 7,761 1,701 1,695 1,756 1,734 1,843 1,897 1,963 1,919 1,981 484 583 628 595 575 586 547 551 636 619 650 574 559 613 725 611 706 646 634 599 686 685 705 591 N/A Sources of data: BS, SURS, Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund, Monetary indicators and interest rates 2015 2016 2017 2015 2016 2016 2017 2018 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BoS on central government 2,327 4,618 6,247 1,942 2,175 2,327 2,539 2,759 2,987 3,144 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770 4,823 4,937 5,041 5,173 5,297 5,485 5,600 5,781 6,041 6,247 6,290 6,273 Central government (S.1311) 7,112 6,273 5,170 7,380 7,387 7,112 7,212 6,957 7,022 6,739 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246 6,029 5,856 5,784 5,699 5,524 5,489 5,491 5,136 5,114 5,170 5,154 5,099 Other government (S.1312,1313,1314) 622 576 571 623 618 622 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559 556 550 571 576 571 Households (S.14, 15) 8,856 9,154 9,733 8,873 8,857 8,856 8,815 8,789 8,830 8,863 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208 9,305 9,352 9,413 9,447 9,476 9,541 9,604 9,660 9,699 9,733 9,754 9,778 Non-financial corporations (S.11) 10,502 9,664 9,644 10,819 10,688 10,502 10,527 10,046 9,904 9,953 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814 9,720 9,790 9,745 9,800 9,824 9,828 9,816 9,780 9,716 9,644 9,678 9,675 Non-monetary financial institutions (S.123, 124, 125) 1,432 1,411 1,566 1,417 1,411 1,432 1,422 1,328 1,397 1,326 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 1,558 1,548 1,566 1,627 1,621 Monetary financial institutions (S.121, 122) 3,206 3,541 3,886 3,904 3,713 3,206 3,574 4,030 3,318 3,727 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573 4,212 3,910 3,860 3,550 3,635 3,625 3,440 3,705 3,824 3,886 3,682 3,798 Claims on domestic sectors, TOTAL In domestic currency 23,816 23,969 25,496 24,532 24,226 23,789 24,152 24,088 23,407 23,796 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020 24,759 24,613 24,492 24,313 24,338 24,377 24,478 24,840 24,940 25,496 25,348 25,436 In foreign currency 824 672 528 839 839 823 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571 567 554 528 545 535 Securities, total 7,059 5,889 4,450 7,606 7,568 7,079 7,178 6,795 6,812 6,580 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 4,887 4,858 4,450 4,487 4,474 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 25,885 26,497 28,021 26,330 26,442 25,885 26,315 26,067 25,869 25,689 25,697 25,364 25,725 25,643 25,612 25,811 25,976 26,497 26,421 26,508 27,165 27,190 27,177 27,037 27,148 27,289 27,403 27,541 27,770 28,021 28,113 28,191 Overnight 12,717 15,081 17,331 12,991 13,244 12,717 13,255 13,553 13,405 13,504 13,668 13,819 14,274 14,475 14,365 14,505 14,839 15,081 15,253 15,487 15,776 15,858 16,019 16,021 16,377 16,515 16,792 16,825 17,075 17,331 17,476 17,601 With agreed maturity – short-term 4,481 3,955 3,398 4,341 4,325 4,481 4,393 4,251 4,174 3,984 3,942 3,777 3,697 3,507 3,571 3,584 3,442 3,955 3,706 3,707 3,706 3,651 3,472 3,426 3,261 3,292 3,290 3,303 3,257 3,398 3,294 3,287 With agreed maturity – long-term 8,196 6,829 6,734 8,410 8,322 8,196 8,148 7,702 7,595 7,572 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667 7,026 6,976 6,969 6,901 6,821 6,763 6,661 6,708 6,718 6,734 6,677 6,664 Short-term deposits redeemable at notice 491 632 558 588 551 491 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660 705 720 558 666 639 Deposits in foreign currency, total 655 687 636 618 651 655 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 682 684 699 699 694 656 658 664 636 638 641 Overnight 508 564 547 478 498 508 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 561 557 582 582 573 551 542 549 547 542 540 With agreed maturity – short-term 80 65 45 71 82 80 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 68 74 67 69 74 58 69 69 45 53 58 With agreed maturity – long-term 67 58 44 69 71 67 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 53 53 50 48 47 47 47 46 44 43 43 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.04 0.02 0.01 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.37 0.21 0.13 0.28 0.28 0.28 0.25 0.25 0.24 0.20 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18 0.11 0.15 0.10 0.11 0.11 0.11 0.14 0.13 0.13 0.14 0.14 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 3.54 2.66 2.63 3.39 3.14 3.16 3.06 2.91 2.75 2.71 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63 2.60 2.66 2.53 2.63 2.72 2.72 2.68 2.64 2.51 2.65 2.60 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.46 2.07 1.53 1.71 .. 1.00 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 .. 1.15 1.56 0.8 1.15 1.06 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.05 0.01 0.00 0.05 0.05 0.05 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.019 -0.264 -0.329 -0.054 -0.088 -0.126 -0.146 -0.184 -0.229 -0.249 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 -0.330 -0.329 -0.328 -0.329 -0.329 6-month rates 0.054 -0.164 -0.260 0.020 -0.015 -0.040 -0.061 -0.115 -0.134 -0.138 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 -0.274 -0.274 -0.271 -0.274 -0.275 LIBOR 3-month rates -0.755 -0.747 -0.732 -0.728 -0.784 -0.792 -0.752 -0.775 -0.760 -0.727 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 -0.726 -0.745 -0.755 -0.740 -0.745 6-month rates -0.688 -0.671 -0.658 -0.674 -0.754 -0.737 -0.685 -0.723 -0.698 -0.653 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 -0.649 -0.653 -0.653 -0.644 -0.662 Source of data: BoS, EUROSTAT. Public finance 2015 2016 2017 2015 2016 2017 2016 2016 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 15,714.1 15,842.2 16,800.7 4,241.4 3,685.8 4,108.9 3,884.6 4,162.9 3,958.5 4,445.0 4,026.9 4,370.4 1,177.6 1,352.7 1,391.7 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,501.7 1,444.8 1,190.4 1,323.3 1,532.6 1,451.8 1,460.6 1,284.0 1,345.2 1,397.7 1,443.3 1,404.1 1,522.9 1,464.6 1,322.6 Current revenues 14,702.6 15,203.9 16,249.2 3,935.9 3,511.7 3,948.8 3,802.7 3,940.7 3,799.1 4,312.2 3,927.5 4,210.4 1,145.5 1,299.8 1,297.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,340.6 1,428.7 1,148.4 1,221.9 1,460.7 1,427.7 1,423.8 1,269.7 1,336.2 1,321.6 1,426.3 1,356.0 1,428.1 1,430.2 1,301.9 Tax revenues 13,746.4 14,240.5 15,158.5 3,692.4 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 3,678.7 3,987.7 1,086.9 1,244.9 1,217.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,260.2 1,330.4 1,093.1 1,158.0 1,344.2 1,230.6 1,335.9 1,181.9 1,257.2 1,239.6 1,351.5 1,287.2 1,349.0 1,376.0 1,245.0 Taxes on income and profit 2,584.6 2,680.8 2,967.0 692.5 634.2 811.4 542.4 692.8 669.3 944.3 582.5 770.8 206.8 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 330.5 273.5 340.3 102.0 253.1 227.4 251.4 244.9 274.5 263.2 252.9 Social security contributions 5,473.9 5,720.6 6,092.1 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 1,510.5 1,598.2 469.4 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 508.2 499.0 503.6 497.1 501.7 511.6 509.4 514.6 574.1 542.8 507.7 Taxes on payroll and workforce 19.7 19.8 21.3 5.6 4.8 5.1 4.8 5.2 5.0 5.4 4.9 6.1 1.5 1.5 1.8 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9 1.6 1.6 1.9 1.7 1.8 1.9 1.5 1.5 1.9 1.9 2.2 1.8 1.5 Taxes on property 237.8 256.2 273.3 84.1 27.2 46.3 104.5 78.2 27.4 70.9 100.1 75.0 6.6 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 16.7 11.0 7.5 8.8 15.1 23.8 31.9 25.2 44.1 30.8 38.2 22.3 14.4 12.2 7.6 Domestic taxes on goods and services 5,347.1 5,432.9 5,722.8 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 1,463.5 1,521.3 376.9 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 512.6 440.6 458.2 523.5 477.7 462.3 531.3 516.1 473.9 516.9 457.1 Taxes on international trade & transactions 82.5 81.9 83.3 19.6 22.3 19.8 20.8 19.0 21.4 20.4 21.7 19.9 7.9 7.2 6.2 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1 7.2 8.1 6.4 6.2 7.7 7.0 7.1 7.6 7.5 6.3 6.1 6.7 9.6 Other taxes 0.6 48.2 -1.2 -5.8 27.0 -11.7 -10.8 43.6 59.1 -52.4 -4.4 -3.5 17.8 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.7 63.5 -50.8 46.4 -30.6 -14.2 -7.6 25.3 -28.0 -1.8 11.8 -18.9 3.6 32.3 8.6 Non-tax revenues 956.2 963.4 1,090.7 243.5 167.5 289.0 286.3 220.6 217.6 401.5 248.8 222.7 58.6 54.9 80.7 153.4 56.6 148.7 80.9 66.1 74.2 80.4 98.3 55.3 63.9 116.5 197.1 87.8 87.8 79.0 82.0 74.8 68.8 79.1 54.3 56.9 Capital revenues 96.3 96.2 91.0 43.2 14.7 17.5 21.2 42.8 16.5 24.3 17.4 32.9 3.9 6.5 4.7 6.3 7.2 5.6 8.4 5.6 9.8 27.4 5.4 4.4 6.7 6.2 7.3 10.8 5.6 5.8 6.0 7.8 11.0 14.0 7.7 11.1 Grants 12.2 10.4 9.5 3.4 1.3 1.8 5.7 1.6 0.7 1.3 6.0 1.5 0.8 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.5 0.2 0.2 0.3 0.5 0.4 0.4 0.3 1.2 4.6 0.6 0.5 0.3 -0.7 0.2 Transferred revenues 20.6 51.1 52.3 -0.2 0.7 0.0 50.0 0.3 0.1 1.1 50.0 1.1 0.7 0.0 0.0 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.4 0.7 0.0 0.0 50.0 0.9 0.0 0.2 0.1 0.1 Receipts from the EU budget 882.4 480.5 398.7 259.1 157.3 140.8 5.0 177.4 142.2 106.1 25.9 124.6 26.8 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.1 10.5 37.4 94.3 65.2 16.1 24.9 8.4 2.0 15.5 7.7 36.6 80.3 27.3 9.2 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 16,956.4 16,496.7 17,097.4 4,710.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.3 3,931.9 4,115.7 4,716.5 1,504.0 1,259.8 1,306.7 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,647.3 1,451.7 1,310.4 1,571.3 1,242.0 1,328.3 1,361.5 1,463.9 1,328.2 1,323.6 1,359.6 1,588.2 1,768.7 1,412.9 1,418.5 Current expenditures 7,168.4 7,407.1 7,733.2 1,912.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.5 1,782.9 1,782.3 2,103.5 719.0 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.7 821.1 562.5 589.6 630.8 581.6 602.7 598.0 586.0 772.6 744.9 652.2 613.9 Wages, salaries and other personnel expenditures 3,610.2 3,785.4 3,938.6 908.2 925.4 970.7 928.6 960.8 955.4 1,017.6 956.5 1,009.1 311.2 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 315.6 315.2 324.5 311.1 317.3 389.2 322.1 320.7 313.8 332.1 327.6 349.4 321.0 328.7 Expenditures on goods and services 2,311.2 2,371.4 2,626.7 703.7 535.5 552.6 569.3 714.0 563.5 590.9 586.2 886.1 199.7 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.1 178.4 173.0 212.2 170.2 197.3 223.4 203.4 205.8 176.9 209.3 350.4 326.4 176.7 179.4 Interest payments 1,042.6 1,074.2 985.3 218.9 489.5 181.5 206.1 197.1 518.4 144.2 206.5 116.2 200.9 98.2 77.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4 96.0 273.0 71.4 66.9 5.8 44.9 66.4 95.3 33.5 77.7 4.9 147.5 94.0 Reserves 204.4 176.1 182.5 81.1 27.5 69.6 29.2 49.8 27.1 30.2 33.0 92.2 7.3 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.9 5.3 10.5 11.4 9.8 8.1 12.4 11.2 9.8 12.0 11.1 16.9 64.2 7.0 11.8 Current transfers 7,540.1 7,700.0 7,911.2 1,840.3 1,974.0 1,896.0 1,918.5 1,911.5 2,039.2 1,882.0 2,001.8 1,988.2 703.4 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.7 679.0 599.8 642.1 640.1 772.2 616.0 613.6 623.5 661.0 703.7 683.4 707.1 Subsidies 399.0 397.0 425.1 71.0 186.4 78.4 42.9 89.2 170.4 67.1 79.8 107.8 101.7 12.4 46.2 19.8 10.3 11.2 21.5 18.5 27.8 42.8 91.1 62.3 17.0 20.5 24.4 22.2 43.3 16.3 20.2 20.6 45.1 42.1 73.5 76.7 Current transfers to individuals and households 6,370.8 6,495.5 6,664.1 1,556.2 1,604.7 1,619.1 1,678.9 1,592.8 1,644.1 1,652.2 1,718.8 1,649.0 541.6 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.5 560.1 546.8 552.8 552.6 659.8 528.9 530.2 538.0 540.2 570.8 551.8 562.0 Current transfers to non-profit institutions, other current domestic transfers 713.8 727.8 747.8 190.7 167.5 179.3 186.8 194.2 210.3 146.7 184.6 206.2 56.4 55.0 56.9 67.4 66.4 62.0 58.4 55.8 62.5 75.9 86.5 27.9 95.8 23.8 62.8 60.2 62.2 63.3 59.0 63.9 61.6 80.6 51.6 62.6 Current transfers abroad 56.5 79.7 74.3 22.3 15.4 19.2 9.8 35.3 14.4 16.0 18.7 25.2 3.7 12.1 4.1 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5 3.0 6.0 8.8 2.1 5.1 6.9 7.5 4.2 0.9 14.1 10.2 6.5 5.7 Capital expenditures 1,520.0 784.3 888.8 709.1 98.6 115.5 213.6 356.6 109.0 145.4 208.1 426.3 38.5 33.2 37.3 45.0 70.4 75.7 67.5 68.5 86.2 201.9 35.7 37.1 36.1 39.4 52.5 53.4 67.8 77.9 62.4 87.2 103.8 235.3 30.4 34.2 Capital transfers 295.0 177.8 185.6 137.5 32.9 26.9 23.7 94.4 22.7 23.1 37.0 102.8 8.7 9.4 5.9 11.6 7.5 6.6 9.6 30.2 20.9 43.2 10.0 5.6 7.1 7.2 10.8 5.1 8.9 9.9 18.3 30.6 19.1 53.1 8.4 7.0 Payments to the EU budget 432.9 427.4 378.5 111.2 139.9 69.3 96.6 121.7 98.0 98.4 86.5 95.6 34.4 20.6 29.2 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8 37.2 28.0 33.0 33.4 32.1 33.5 21.7 31.3 32.2 31.8 31.6 38.6 56.4 SURPLUS / DEFICIT -1,242.3 -654.5 -296.6 -468.6 -537.4 226.9 -101.0 -243.0 -374.8 513.1 -88.8 -346.1 -326.3 92.9 85.0 49.1 -213.0 77.3 34.7 -13.1 -84.3 -145.6 -6.9 -119.9 -248.0 290.6 123.5 99.1 -179.9 17.0 74.1 83.7 -184.1 -245.8 51.7 -95.9 Source of data: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, APP – Asset Purchase Programme, BAMC - Bank Asset Management Company, BoS – Bank of Slovenia, CPI – consumer price index, DV – Value added, EBA - European Banking Authority, EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization, ECB– European Central Bank, EIA– Energy Information Administration, EK – European Commission, ESI – Economic Sentiment Indicator, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EUROSTAT – Statistical Office of the European Union, FED – Federal Reserve System, GD – Companies, HICP-Harmonised Index of Consumer Prices, IC – Interest Coverage, ICT – Information and Communication Technology, IEA – International Energy Agency, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, MGRT – Ministry of Economic Developement and Technology, MSP – micro, small and medium-sized enterprises, MZI – Ministry of Infrastructure, NFI – Non-monetary Financial Institutions, OPEC -Organization of Petroleum Exporting Countries, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers Index, PPI – Producer Price Index, RS – Republic of Slovenia, SITC – Standard International Trade Classification, SKD – Standard Classification of Activities, SMA – Securities Market Agency, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TSA – Treasury Single Account, UL – Official Gazette , ULC – Unit Labour Costs, USD – US Dollar, VAT – value added. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 - Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 2, Vol. XXIV, 2018 slovenian economic mirror No. 2, Vol. XXIV, 2018