No. 5, Vol. XXX, 2024 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 5 / Vol. XXX / 2024 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Tina Nenadič Senica, MSc Authors: Urška Brodar; Marjan Hafner, MSc; Matevž Hribernik, MSc; Laura Južnik Rotar, PhD; Rotija Kmet Zupančič, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Helena Mervic; Tina Nenadič Senica, MSc; Jure Povšnar; Denis Rogan, MSc; Urška Sodja; Ana Vidrih, MSc Selected topics: Barbara Bratuž Ferk, MSc; Eva Helena Šarec (2024 Ageing Report: Economic and budgetary projections for the EU Member States (2022–2070)) Valerija Korošec, PhD (Life satisfaction, April–May 2024) Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, July 2024 ISSN 1581-1026 (pdf ) ©2024, Institute of Macroeconomic Analysis and Development The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ............................................................................................................................................ 3 Current economic trends ........................................................................................................................ 6 International environment ........................................................................................................................7 Economic developments in Slovenia .....................................................................................................9 Labour market ............................................................................................................................................. 16 Prices ............................................................................................................................................................... 19 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................. 22 Public finance .............................................................................................................................................. 23 Selected topics...............................................................................................................25 2024 Ageing Report: Economic and budgetary projections for the EU Member States (2022–2070)................................................................................................................................................... 27 Life satisfaction, April–May 2024........................................................................................................... 30 Statistical appendix ................................................................................................................................33 The Economic Mirror is prepared based on statistical data available by 15 July 2024. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 5/2024 In the spotlight In the spotlight 3 The sentiment indicators available point to a further strengthening of euro area economic activity in the second quarter. The composite Purchasing Managers' Index (PMI) for the euro area rose on average in the second quarter, driven by improvement in services. Meanwhile, the average value of the manufacturing PMI, which declined sharply in June, remained at the level of the first quarter. The Economic Sentiment Indicator (ESI) in the euro area, which has not changed significantly since the beginning of the year, remained largely unchanged year-on-year in June. In the first five months, the year-on-year growth of Slovenia’s export-oriented activities was modest, with significant monthly fluctuations; Slovenia’s export market share on the EU market returned to its pre-energy crisis level in the first quarter. Manufacturing output in the first five months was similar to the same period last year (0.2% higher). Exports of goods, which fell month-on-month in May (similar to manufacturing activity), were higher year-on-year in the first five months (by 1.0%), mainly due to growth of exports to EU countries. Sentiment in export-oriented activities deteriorated in June, with expectations for export orders falling to their lowest level this year. In the first five months, imports of goods were also higher year-on-year (by 1.3%), with the rise mainly driven by imports from non-EU countries. Amid a year-on-year decline in EU goods imports and growth in Slovenian exports, Slovenia’s export market share continued to grow in the first quarter, exceeding the level before the energy crisis (i.e. Q1 2021), when it had declined significantly. The improvement in price competitiveness came to a standstill in Q2 2024, and the cost and price competitiveness of Slovenian exporters remained unfavourable. The cost competitiveness (REER ulc) and price competitiveness (REER ppi, REER hicp) indicators deteriorated sharply in 2022 and the first half of 2023, due to higher growth in unit labour costs and prices compared to Slovenia’s trading partners. Since mid-2023, the decline in relative prices (slower domestic price growth compared to trading partners) led to an improvement in price competitiveness indicators. However, this improvement was halted in the second quarter of this year (due to the appreciation of nominal exchange rates). The level of the REER ppi indicator remains relatively high, indicating an unfavourable price competitiveness of industrial producer prices. The decline in relative prices in the second half of last year and at the beginning of this year was accompanied by a further increase in relative (unit) labour costs and a resulting deterioration in cost competitiveness (REER ulc), which points to a decline in (unit) profits. Activity in predominantly domestic-market-oriented activities was mostly higher year-on-year in the first four/five months. In April, real turnover increased in most trade sectors and was 1.4% higher year-on-year in the first four months. The strongest growth compared to the levels seen in first four months of last year was recorded in the sales of motor vehicles (by more than one-tenth), which contracted slightly this year (by 2.2% on average) after having grown for the past two years. According to preliminary SURS data, turnover fell in most sectors in May. Total real turnover in market services declined in April but was mostly higher year-on-year in the first four months. Only the predominantly export-oriented transportation and storage sector remained below the previous year’s levels. Construction activity was also lower year-on-year in the first five months (by 4.1%). Amid monthly fluctuations, it gradually declined after having risen sharply at the beginning of last year. The confidence indicator in construction continued to fall in June and was also below last year's level. Confidence indicators in other sectors and among consumers are still higher year-on-year. The available data indicate that household consumption increased year-on-year at the beginning of the second quarter, especially the sales of new passenger cars and spending on tourism services abroad. The month-on-month decline in the number of the unemployed moderated somewhat in the second quarter of this year; employment growth continues to be supported by the hiring of foreign nationals; amid a tight labour market and slightly lower inflation, wage growth in April was slightly higher than in March. At the end of June, the total number of unemployed fell by 6.1% year-on-year, while the number of long-term unemployed decreased by 13.9% amid labour shortages. Year-on-year growth 4 In the spotlight Slovenian Economic Mirror, No 5/2024 in the number of persons in employment in April continued to be higher than in the final months of last year (the statistics also influenced by a methodological change in January this year). It continued to be driven by the increase in the number of foreign workers in employment, whose share of the total labour force was 15.7% in April (up by 1.4 p.p. compared to a year earlier). The average gross wage in April was 3.4% higher year-onyear in real terms. Amid slightly lower inflation, this represents a slightly higher growth compared to March (a new data source has been used to calculate the data since April). Growth in the private sector was relatively strong (5.7%). In the public sector, the average wage fell by 0.8% year-on-year in real terms, which is linked to last year's high base (wage increase). In the first four months, the overall average gross wage increased by 3.6% in real terms (by 7.0% in nominal terms) – by 4.7% in the private sector (by 8.2% in nominal terms) and by 1.5% in the public sector (by 4.9% in nominal terms). Year-on-year price growth further weakened in June, reaching its lowest level in three years (1.5%). This was partly due to a further weakening of upward price pressure, but to a greater extent to the high base of last June, when the reduced VAT rate on some energy products was abolished. This also contributed to the year-on-year decline in the housing, water, electricity, gas and other fuels group (-2.3%). Prices of goods, which are showing clear signs of weakening, rose by only 0.2% year-on-year in June. The slowdown in the increase in services prices has been interrupted in recent months, though their year-on-year growth was still above 4% in June. The strongest price increase (6.7%) was in the restaurants and hotels group, which in our assessment is still the consequence of labour shortage and the associated upward pressure on wages, but also to a certain extent to the relatively high demand. In the first five months of this year, the deficit of the consolidated balance of public finances was lower year-on-year. It totalled EUR 78 million compared to EUR 170 million in the same period last year. Revenue increased by 11.3% year-on-year, mainly due to higher revenue from social contributions related to the transformation of the complementary health contribution into a mandatory contribution and increased revenue from corporate income tax. Revenues from personal income tax and VAT also contributed to the growth of general government revenue. Revenue from excise duties and total receipts from the EU budget were lower year-on-year. In the first five months of the year, expenditure increased by 10.2% year-on-year. The main contributors to growth were expenditure on salaries and wages and other personnel expenditure, the increase in expenditure on goods and services and other healthcare expenditure in connection with the transformation of the complementary health insurance into a mandatory contribution, and transfers to individuals and households. The contribution from interest and investment expenditure was slightly lower than in the same period last year. In the spotlight Slovenian Economic Mirror, No 5/2024 Seasonally adjusted real index 2010=100, 3-month moving average 180 160 140 120 100 80 60 Slovenia 12 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Euro area 10 Jan 23 Jan 22 Jan 21 Jan 20 Jan 14 Source: SURS, calculations by IMAD. Source: SURS, Eurostat. At the end of the second quarter, the number of unemployed was 43,369, which is 6.1% less than a year ago All unemployed 0 -2 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 80 2 Jan 19 90 4 Jan 18 100 Jan 17 110 6 Jan 16 120 8 Jan 15 130 Jan 24 Jun 24 Year-on-year inflation, in % 140 The general government deficit in the first five months of this year was lower year-on-year Long-term unemployed 2,000 120 1,000 In EUR million 140 100 80 General government balance Primary balance 0 -78.0 -170.1 -1,000 60 -1577.3 -2,000 40 -2271.2 -3,000 2023 2022 2021 I-V 2024 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 -3542.2 2015 Jan 24 Jun 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 -4,000 I-V 2023 Source: ESS. Jan 16 Jan 15 Jan 14 0 -2917.2 2014 20 2013 Q1 2019 =100 Jan 18 Inflation in June was the lowest in three years 150 Number of registered unemployed in '000 Jan 17 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Market share of goods SI exports of goods to the EU (nom.) Total exports of goods (nom.) 70 Jan 15 40 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. In the first quarter, Slovenia’s market share in the EU market returned to pre-energy crisis levels Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Jan 14 Jan 24 Jun 24 Services Jan 23 Jan 22 Jan 21 Manufacturing Jan 20 Jan 19 Composite index Jan 18 PMI value 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 The growth in economic indicators for Slovenia recorded in the first quarter was largely interrupted in April/May Jan 16 The composite Purchasing Managers' Index (PMI) for the euro area rose on average in the second quarter, with the services PMI improving 5 current economic trends Current Economic Trends Slovenian Economic Mirror, No 5/2024 7 The international environment Jan 24 Jun 24 Services Jan 23 Jan 22 Jan 21 Manufacturing Jan 20 Composite index Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value Figure 1: Euro area composite Purchasing Managers’ Index (PMI), June 2024 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. The euro area economy began to recover in the first quarter, with economic sentiment indicators pointing to continued growth into the second quarter. The composite Purchasing Managers’ Indicator (PMI) for the euro area declined slightly in June but averaged slightly higher in the second quarter (51.6) compared to the previous quarter. This improvement was driven by services, while the average manufacturing PMI remained unchanged from the first quarter (46.3). After a significant improvement in May, the manufacturing PMI, which has been contracting for the past two years, recorded its sharpest decline this year in June. Amid weak demand, it declined in most of Slovenia’s main economic partners, with Germany's indicator reaching its lowest value since February. The Economic Sentiment Indicator (ESI) in the euro area has remained virtually unchanged since the beginning of the year. In June, economic sentiment remained largely unchanged year-on-year, with sentiment among consumers and in services improving and sentiment in other activities deteriorating. Figure 2: Commodity prices, June 2024 Energy Food 180 Non-energy commodities Metals 160 120 100 80 60 40 20 Source: World Bank. Jan 24 Jun 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Index 2010=100 140 The Brent oil price increased in June and was also higher year-on-year; prices for non-energy commodities were also higher year-on-year, while they declined compared to May. After gradually increasing since the beginning of the year, the average dollar price of Brent crude oil declined in May before increasing slightly in June, reaching USD 82.3 (a 0.5% increase compared to May). Meanwhile, the euro price reached EUR 76.5 (a 1% increase compared to May). Yearon-year, the dollar price of Brent oil increased by 9.9%, and the euro price rose by 10.7%. At 34.5 EUR/MWh, the euro prices of natural gas on the European market (Dutch TTF) were 7.9% higher than in May (6.1% higher year-on-year), while they were 33.4% lower on average in the first half of the year than in the same period last year. Gas prices have risen in recent months due to supply disruptions in connection with gas exports from the USA and Qatar, maintenance work on Norwegian pipelines, and Russian attacks on Ukrainian gas storage facilities. According to the World Bank, the average dollar price of non-energy commodities declined slightly in June (-1.3%). Among the main commodity groups, prices of metals and minerals and food decreased. Prices of non-energy commodities remained higher year-on-year (by 5.5%). In particular, the prices of beverages, especially cocoa and coffee, and of metals and minerals were higher (by 73.8% and 9.3% respectively). 8 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Figure 3: Effective exchange rate, Q2 2024 NEER 112 REER hicp REER ppi The improvement in price competitiveness indicators came to a standstill in Q2 2024 and the cost and price competitiveness of Slovenian exporters remains unfavourable. The cost competitiveness (REER ulc) and price competitiveness (REER ppi, REER hicp) indicators deteriorated sharply in 2022 and the first half of 2023, due to higher growth in unit labour costs and prices compared to Slovenia’s trading partners. Since mid-2023, the decline in relative prices (slower domestic price growth compared to trading partners) was followed by an improvement in price competitiveness indicators, which came to a halt in the second quarter of this year (against the backdrop of the appreciation of nominal exchange rates). The level of the REER ppi indicator remains relatively high, indicating an unfavourable price competitiveness of industrial producer prices in manufacturing. The decline in relative prices in the second half of last year and at the beginning of this year was accompanied by a further increase in relative (unit) labour costs and a resulting deterioration in cost competitiveness (REER ulc), which points to a decline in (unit) profits. REER ulc 110 108 2007=100 106 104 102 100 98 96 Q1 24 Q2 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 Q1 08 Q1 07 94 Source: ECB; calculations by IMAD. NEER - nominal effective exchange rate, REER HICP (PPI or ULC) - real effective exchange rate deflated by HICP (PPI or ULC). An increase in the indicator means an appreciation of the euro and/or an increase in relative prices against a basket of 37 trading partners' currencies, weighted according to their importance in Slovenia's trade. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2023 V 24 VI 24 VI 24/V 24 Brent USD, per barrel 82.51 81.83 82.25 Brent EUR, per barrel 76.32 75.74 76.46 Natural gas (TTF)2, EUR/MWh 41.35 31.943 USD/EUR 1.082 3-month EURIBOR, in % 3.430 110.24 Non-energy commodity prices, index 2010=100 VI 24/VI 23 I-VI 24/I-VI 23 0.5 9.9 5.0 1.0 10.7 5.0 34.4675 7.9 6.1 -33.4 1.081 1.076 -0.5 -0.7 0.0 3.814 3.725 -8.9 18.9 87.2 115.12 113.62 -1.3 5.5 -0.5 Source: EIA, ECB, World Bank; calculations by IMAD. Notes: 1 for Euribor, change is in basis points, 2 trading point for natural gas in the Netherlands. Current Economic Trends Slovenian Economic Mirror, No 5/2024 9 The international environment Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities 180 160 140 120 100 80 60 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 4: Short-term indicators of economic activity in Slovenia, April–May 2024 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. The growth in activity observed in most sectors during the first quarter was interrupted in April/May, although it remained higher year-on-year for the first four or five months. Manufacturing output in the first five months was similar to the same period last year (0.2% higher), with considerable monthly fluctuations. Exports of goods, which also fell in May compared to April, were higher year-on-year in the first five months (by 1.0%), mainly due to growth in the EU countries. Imports of goods were also higher year-on-year (by 1.3%), especially from non-EU countries. After high growth at the beginning of last year, construction activity has gradually declined, with monthly fluctuations, and was lower yearon-year in the first five months. Real turnover in trade, which increased in April, was higher year-on-year in all trade segments in the first four months. Real turnover in services (excluding transportation and storage) also remained higher but declined slightly on average in April. Figure 5: Electricity consumption by consumption group, June 2024 20 10 0 -10 -20 Electricity consumption in the distribution network in June was lower year-on-year, partly due to fewer working days. With three fewer working days this June, industrial consumption was 4.5% lower year-on-year and small business consumption1 was 5.6% lower. The yearon-year decline in household consumption (by 1.2%) was less pronounced than in previous months. In June 2023, the reduced VAT rate on some energy products, which had contributed to a fall in household consumption, was abolished. As a result, the year-on-year base effect in June of this year was lower than in previous months. -30 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jun 24 Year-on-year change, in % 30 Industry Households Small business consumption Total distribution network consumption Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. 1 In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. 10 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Figure 6: Value of fiscally verified invoices – nominal, June 2024 50 40 Y-on-y change, in % 30 20 10 0 -10 -20 -30 Jan 24 Apr 24 Jun 24 Jul 23 Oct 23 Jan 23 Apr 23 Jul 22 Oct 22 Jan 22 Apr 22 Jul 21 Oct 21 Jan 21 Apr 21 Jul 20 Oct 20 Jan 20 Apr 20 -40 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. In June, which had three fewer working days than the same month last year, the nominal value of fiscally verified invoices was 3% lower year-on-year, while it was 2% higher overall in the second quarter. Turnover in June was lower year-on-year for the first time this year, due to a 4% year-on-year turnover decline in trade, which accounted for three-quarters of the total value of fiscally verified invoices. Turnover in wholesale trade fell by 12% year-on-year and turnover in the sales of motor vehicles by 8%, while turnover in retail trade was similar to June last year. Year-on-year turnover growth in accommodation and food service activities, certain creative, arts, entertainment and sports services, and betting and gambling weakened significantly (overall growth in accommodation and food service activities and in other service activities2 was 4%, compared to 10% on average in the previous five months). 2 Activities R, S and T according to NACE classification. Exports Exports to the EU 190 Imports Imports from the EU 180 170 160 150 140 130 120 110 100 90 Source: SURS; calculations by IMAD. Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 7: Trade in goods – in real terms, May 2024 Real exports and imports of goods declined monthon-month in May but were higher year-on-year in the first five months; sentiment in export-oriented activities remained at a very low level. Real exports fell by 3.5% in May, due to lower exports to EU countries (-4.7%), especially to some of Slovenia’s main trading partners (Germany, Italy, Austria and France). On a month-on-month basis, exports were down in most main product groups, most notably in passenger cars. Imports fell by 5.7%, with imports from both EU and nonEU countries declining. Imports of intermediate goods and capital goods declined markedly (all seasonally adjusted). In the first five months, exports and imports of goods were on average higher year-on-year (by 1.0% and 1.3% respectively according to original data). On the export side, especially exports to EU countries increased, while on the import side, imports from non-EU countries were higher. Sentiment in export-oriented activities deteriorated in June, with expectations for export orders falling to their lowest level this year. Current Economic Trends Slovenian Economic Mirror, No 5/2024 11 Figure 8: Slovenia’s export market share in the EU market, Q1 2024 Market share of goods Market share of energy-intensive products SI exports of goods to the EU (nom.) Total exports of goods (nom.) 150 140 Q1 2019 =100 130 120 110 100 90 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 70 Q1 19 80 Source: SURS, calculations by IMAD. Note: Energy-intensive products include paper, chemical, metal and non-metal mineral products. Slovenia’s export market share in the EU market continued to increase year-on-year in the first quarter of 2024 (by 6.1% according to preliminary estimates), returning to the pre-energy crisis levels. Following a decline in the previous two years, Slovenia’s export market share in the EU market recovered in 2023. In particular the year-on-year decline in EU goods imports, mostly of products that have a below-average share in the structure of Slovenia's exports (e.g. raw materials), characterised the trend at the beginning of 2024. Amid strong year-on-year growth in Slovenian exports, the market share of road vehicles has increased significantly, but it remains below the level of two years ago. The market share of pharmaceutical products, electrical machinery and equipment, and most energy-intensive product groups (chemical products, non-metallic mineral products and metals, including the paper industry, where the market share has been declining for several quarters) has also continued to increase. Among Slovenia’s most important trading partners, the strongest year-on-year increases in the country’s market share were recorded in France and Croatia. Table 2: Selected monthly indicators of economic activity in Slovenia In % Merchandise exports, real 2023 V 24/IV 24 V 24/V 23 I-V 24/I-V 23 3 -7.0 -3.5 -5.0 1.0 - to the EU -7.8 -4.73 -1.8 2.4 Merchandise imports, real1 -7.2 -5.73 -2.6 1.3 - from the EU -5.6 -3.83 -2.3 -0.1 Services exports, nominal2 6.4 -1.53 -2.64 1.5 Services imports, nominal2 4.6 -0.73 -1.04 2.2 Industrial production, real -5.6 -7.3 -5.0 -0.64 - manufacturing -4.5 -7.5 -4.8 0.24 Construction - value of construction put in place, real 1 In % Distributive trades - real turnover Market services (without trade) - real turnover 3 3 4 4 19.4 -0.1 -7.4 -4.1 2023 IV 24/III 24 IV 24/IV 23 I-IV 24/I-IV 23 -2.7 2.23 4.1 1.4 2.2 -0.6 2.9 2.2 3 3 4 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. Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 1100 1000 900 800 700 600 500 400 300 Jan 23 Jan 22 Jan 24 May 24 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 Jan 14 In EUR million, seasonally adjusted Figure 9: Trade in services – nominal, May 2024 Trade in services fell slightly in May but was higher year-on-year in the first five months of the year. The main reason for the decline in exports was the lower exports of administrative and support service activities, which fluctuate strongly from month to month. Exports of construction services also decreased. Exports of transport services remained at the same level as in previous months, while exports of tourism-related services increased significantly. In terms of imports, most of the main service groups remained at a similar level to previous months, with a slight decrease in imports of tourism-related services (seasonally adjusted). Both exports and imports of services were higher in the first five months than in the same period last year, mainly due to strong growth in trade in tourism-related services, ICT and construction services. Trade in transport and administrative and support service activities remains significantly lower than a year ago. 12 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 10: Production volume in manufacturing, May 2024 Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. 280 High-tech ind. Medium-low-tech. ind. 260 240 220 200 180 160 140 120 100 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Source: SURS, calculations by IMAD. After a decline in March, manufacturing output increased significantly in April but then fell sharply again in May. Despite having the same number of working days as May last year, output was lower year-onyear. With strong monthly fluctuations in recent months, the production level in May remained above last year’s average. All industry groups according to technology intensity experienced strong monthly fluctuations. In May, production shrank in all groups and was lower year-on-year. In the first five months of this year, manufacturing output was similar to the same period last year (0.2% higher). It was only slightly higher on average in the medium-low-technology industries, where the energy-intensive manufacture of other non-metallic mineral products n.e.c. and the repair and installation of machinery and equipment were below the previous year's level. The production of machinery and equipment n.e.c., as well as some low-technology industries (wood and furniture, leather and textiles) were lower year-onyear. The energy-intensive chemical industry also saw a slight decrease. Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 50 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Real construction production index (2010=100) Figure 11: Activity in construction, May 2024 Source: SURS; calculations by IMAD. According to data on the value of construction work put in place, construction activity remained largely unchanged in May, although it was lower year-onyear. After experiencing high growth at the beginning of last year, the value of construction work put in place gradually declined amid monthly fluctuations. In May this year, construction activity was 7% lower compared to the same month last year. The largest year-on-year decline was recorded in civil engineering (by 10%). Activity also decreased in the construction of buildings and specialised construction activities. This lower construction put in place is (partly) related to government investment activity. Capital expenditure (according to the consolidated general government budgetary accounts) was slightly higher in the first five months of this year compared to the same period last year (by 3% in nominal terms). Expenditure on new construction, reconstruction, and renovation was 24% lower. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 240 220 200 180 160 140 120 . by IMAD. Source: SURS; calculations Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 24 May 24 100 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 12: Turnover in trade, April–May 2024 In April, real turnover increased in most trade sectors and was also higher year-on-year. Turnover in the sales of motor vehicles was a good fifth higher yearon-year in April. After high growth last year, it declined month-on-month in the first quarter. In the first four months, it was more than a tenth higher year-on-year. In April, turnover in wholesale trade rose by just over a tenth compared to the previous year and by 1% in the first four months. Turnovers in the retail sales of non-food and food products were also up year-on-year in the first four months (by 1% and 3% respectively). According to preliminary SURS data, turnover fell in most sectors in May and was also down year-on-year in the retail sales of non-food products, while it continued to rise year-onyear in the retail sales of food products and sales of motor vehicles. Current Economic Trends Slovenian Economic Mirror, No 5/2024 13 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 180 160 140 120 100 80 60 40 20 0 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 13: Turnover in market services, April 2024 Source: SURS; calculations by IMAD. Note: * including real estate activities (L). In April, total real turnover in market services fell (by 0.6%), though it remained 6.8% higher year-on-year in real terms. Following relatively high growth in March, the sharpest fall in turnover was recorded in professional and technical activities, with the deepening of turnover decline in architectural and engineering services. A slightly smaller decline in turnover was observed in administrative and support service activities, with a further contraction in employment services. Turnover in accommodation and food service activities fell for the fourth month in a row. In addition, the decline in turnover in real estate activities contributed to the overall turnover decline in market services. However, turnover in transportation and storage increased slightly, primarily due to growth in warehousing and support activities for transportation. In information and communication, turnover growth accelerated due to higher sales in telecommunication services. In the first four months, real turnover was down year-on-year only in transportation and storage. Road Road – cross-trade Road - loaded, unloaded and national Railway 240 220 200 180 160 140 120 100 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 60 Q1 15 80 Q1 14 In million tkm, seas. adj. index 2010=100 Figure 14: Road and rail freight transport, Q1 2024 Source: SURS; calculations by IMAD. The volume of road freight transport increased slightly again in the first quarter of 2024, while the volume of transport by rail declined. The increase in the volume of road transport performed by Slovenian vehicles (by 3%) was mainly due to the growth in crosstrade, which increased by almost 9%, while road traffic performed at least partially on Slovenian territory (exports, imports and national transport) fell slightly. The volume of road goods transport fell by 8% year-on-year and was still slightly more than 1% lower compared to the first quarter of 2019. Despite a slight improvement, the share of cross-trade in total transport (about 43%) is still a few percentage points below the pre-COVID-19 levels. Rail freight transport, which had increased sharply at the end of last year, fell in the first quarter of 2024 (by 6%) and was 3% lower year-on-year and almost 18% lower compared to the same quarter of 2019. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in accomodation and food service 160 140 120 100 80 60 40 Source: SURS; calculations by IMAD. Note: The Q2 2024 figure for the turnover in accommodation and food service is value for April, for others is the average value for April and May. Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 0 Q1 15 20 Q1 14 Seasonally adjusted index 2010=100 Figure 15: Selected indicators of household consumption, April–May 2024 The available data indicate that household consumption increased year-on-year at the beginning of the second quarter. Sales of new passenger cars used by natural persons were 16% higher year-on-year in April and turnover from the sales of motor vehicles was on average one-tenth higher in real terms in April and May. Spending on tourism services abroad was higher year-onyear in April (by 7% in nominal terms), while spending on non-food products and food, beverages and tobacco also rose on average in April and May (by 1% in real terms). The number of overnight stays by domestic tourists in Slovenia was slightly lower in April and May than a year ago. 14 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Transactions in new residential properties Transactions in existing residential properties Prices of new residential properties Prices of existing residential properties 225 200 175 150 125 100 75 50 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 0 Q1 09 25 Q1 08 Index 2010=100, 4-quarter moving averages Figure 16: Real estate, Q1 2024 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Amid a further decline in the volume of sales, the yearon-year growth in dwelling prices moderated slightly in the first quarter. After price growth halved last year (to 7.2% on average), prices were 6.3% higher compared to the first quarter of 2023 and 1.2% higher compared to the fourth quarter of last year. Prices of existing dwellings, where the number of transactions fell by almost a quarter year-on-year and reached their lowest level since the third quarter of 2013, rose by 6.9% year-on-year. Prices of newly built dwellings were also higher year-on-year (by 8.7%), though 7.6% lower than in the last quarter of last year. The number of their transactions, although only a small part of total sales (8%), also fell sharply year-on-year (by a third), after their number was relatively high in 2023 (according to the revised data).3 3 SURS made a revision of data for 2023, after receiving data on a large number of sales of newly built dwellings. The number of newly built dwellings sold increased by 514 to 839 in 2023, nearly twice the number recorded in 2022 and the highest number since 2018. Figure 17: Economic sentiment, June 2024 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Source: SURS; calculations by IMAD. Jan 24 Jun 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -50 Jan 15 -40 Jan 14 Seasonally adjusted indicator value, 3-month moving average 30 The economic sentiment indicator improved slightly in June and remained higher year-on-year. The improvement compared to the previous month was due to improvements in the confidence indicators in retail trade and among consumers, which have improved the most since the beginning of the year. The confidence indicators in construction and services deteriorated, while the confidence indicator in manufacturing remained unchanged. With the exception of the confidence indicator in construction, which has deteriorated the most since the start of the year, all confidence indicators contributed to the year-on-year increase in the economic sentiment indicator in June. Manufacturing Service activities Consumers Current Economic Trends Slovenian Economic Mirror, No 5/2024 15 Figure 18: Households facing financial distress, June 2024 Running into debt Having to draw on savings Financial distress - total 9 8 7 6 5 4 3 2 1 Jan 24 Jun 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Share of answers in %, 12-month moving average 10 The financial situation of households improved on average in the second quarter, though it remained similar to the same period of 2023. Compared to the previous quarter, the share of households from the lowestincome quartile facing financial distress4 decreased slightly (by 0.3 p.p.; by 0.6 p.p. year-on-year, reaching 11.9%). According to our estimate, this was partly due to the increase in the minimum wage, continued gradual slowdown in inflation and positive developments on the labour market (higher employment and wages). The share of households facing financial distress having to draw on savings to meet their needs declined year-onyear, while the share of households running into debt increased, partly due to the relaxation of the Bank of Slovenia's requirements for obtaining consumer loans. Source: SURS (Consumer Survey). 4 Financial distress is defined as households having to draw on savings or run into debt to cover current expenditures. 16 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Labour market Figure 19: Number of persons in employment, April 2024 Persons in employment Construction (F) Public services (O–Q) 140 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) Index, January 2019 = 100 135 130 125 120 115 110 105 100 95 Jan 24 Apr 24 Jul 23 Jan 23 Jul 22 Jan 22 Jul 21 Jan 21 Jul 20 Jan 20 Jul 19 Jan 19 90 Source: SURS; calculations by IMAD. The number of persons in employment continued to rise year-on-year in April. Growth was similar (1.4%) to the first three months of this year and higher than in the last months of 2023. The acceleration of growth at the beginning of the year was mainly due to a change in the definition of persons in employment, which now also includes workers posted abroad.5 In April, growth in the number of persons in employment was still the highest in construction, which faces major labour shortages. The year-on-year increase in the total number of persons in employment in April was due to a higher number of employed foreign nationals, while the number of employed Slovenian citizens fell slightly. The share of foreign citizens among all persons in employment was 15.7% in April, 1.4 p.p. higher than a year earlier. Notably, the activities with the largest shares of foreign workers were construction (50%), transportation and storage (33%) and administrative and support service activities (29%). 5 Inclusion of individuals posted to work or undergo training abroad and caregivers of family members among the persons in employment at the beginning of 2024. According to SURS data, just over 6,900 persons were posted to work or undergo training abroad at the end of 2023. These persons will most likely become persons in paid employment when their existing insurance basis expires (as of January 2024, there were just under 4,600 posted workers remaining). The effect of the changed definition is the largest in construction and among foreign nationals (see SURS, https://www.stat.si/StatWeb/en/news/ Index/12740). According to our estimate, the changed definition contributed about a half to the total year-on-year growth in the number of persons in employment. Figure 20: Number of registered unemployed persons, June 2024 All unemployed The monthly decline in the seasonally adjusted number of registered unemployed in June (0.3%) was slightly less pronounced than in previous months. According to original data, 43,369 people were unemployed at the end of June, 6.1% fewer than a year ago. Amid labour shortages, the number of long-term unemployed (more than one year) and the number of unemployed over 50 fell year-on-year at the end of June, by 13.9% and 9.1% respectively. In the first half of the year, just over 1% of the unemployed moved to inactivity or retirement each month, also contributing to the decline in unemployment. Long-term unemployed 120 100 80 60 40 20 Source: ESS. Jan 24 Jun 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Number of registered unemployed in '000 140 Current Economic Trends Slovenian Economic Mirror, No 5/2024 17 Figure 21: Average nominal gross wage per employee, April 2024 Total Year-on-year real growth, 3-month moving average, in % 20 Private sector Public sector 16 12 8 4 0 -4 -8 -12 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -20 Jan 15 -16 Total 6 Private sector Public sector 4 Apr 24 Feb 24 0 Mar 24 2 Jan 24 Year-on-year real growth, 3-month moving average, in % Source: SURS; calculations by IMAD. Since April, the calculation of data on earnings uses a new data source; the year-on-year growth in the average gross wage was slightly higher (3.4%) than in March. With slightly lower inflation, this was mainly due to the relatively high growth in the private sector (5.7%). The highest growth was recorded in construction and administrative and support service activities. In the public sector, the average gross wage fell by 0.8% yearon-year in real terms, which is linked to last year's base (the wage increase in April 2023). In the first four months, overall average gross wage increased by 7% in nominal terms – by 8.2% in the public sector and by 4.9% in the private sector. SURS now uses data from the REK-O form, which differs from the old ZAP/M form by the different reporting of extra payments and overdue payments. The monthly gross wage differences between the two sources are between -2.2% and +2.0%, with the exception of December 2023, where the data from the new source was 14.9% higher. Consequently, growth rates also differ slightly. As the raw data according to the new methodology is published for the last 15 months, the calculation of the year-on-year growth and then the 3-month moving average means that the series shown only overlap by one month. Source: SURS; calculations by IMAD. In May, the number of financial social assistance (FSA) beneficiaries fell year-on-year, while the number of unemployment benefit (UB) recipients increased slightly. Amid a fall in the number of long-term unemployed, who are often eligible for FSA, the number of FSA beneficiaries continued to fall year-on-year. In May, 73,378 people were eligible for FSA (original data), which is 4.7% less than a year ago. The number of UB recipients was 13,347 in May (orig. figure), up by 4.6% year-on-year. This is mainly due to a slightly higher inflow of persons who are eligible for UB into unemployment. Despite this, the number of UB recipients was significantly above the long-term average. Beneficiaries of financial social assistance (FSA) Recipients of unemployment benefits (UB) 120 100 80 60 40 20 Sources: MDDSZ, ESS, calculations by IMAD. Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Number of FSA beneficiaries and UB recipients in '000, seasonally adjusted, 3-month moving average Figure 22: Number of FSA beneficiaries and UB recipients, May 2024 18 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Table 3: Indicators of labour market trends In % Persons in formal employment2 In % Average nominal gross wage3 2023 IV 24/III 24 IV 24/IV 23 1.3 0.11 1.4 I-IV 24/I-IV 23 1.4 2023 IV 24/IV 23 I-IV 24/I-IV 23 9.7 6.51 7.0 private sector 9.4 8.91 8.2 public sector 1 10.3 2.2 4.9 of which general government 10.1 1.21 4.4 of which public corporations 10.9 4.91 6.4 III 24 IV 24 2023 Rate of registered unemployment (in %), seasonally adjusted IV 23 5.0 5.0 4.7 4.6 In % 2023 V 24/IV 24 V 24/V 23 I-V 24/I-V 23 Registered unemployed -14.0 -1.6 -6.1 -6.7 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). 3 The seasonally adjusted average gross wage data are not yet finalised, as the seasonal adjustment process still needs to be adapted to the new data source. Current Economic Trends Slovenian Economic Mirror, No 5/2024 19 Prices Figure 23: Consumer prices, June 2024 Slovenia 12 Year-on-year price growth weakened rapidly in June, reaching its lowest level in three years (1.5%). This was partly due to a further weakening of upward price pressure, but to a greater extent also to the high base of last June, when the reduced VAT rate on some energy products was abolished. This also had an impact on the year-on-year fall in the prices of housing, water, electricity, and gas and other fuels (-2.3%), whereas prices in this group had still risen by around 3% year-on-year in May. The price increase for goods in particular is weakening and was only 0.2% year-on-year in June. Non-durable goods prices went up by 0.3% and semi-durable goods prices by 1.5%, while durable goods prices dropped by 1.4%. The slowdown in services prices has been interrupted in recent months, though their year-on-year growth was still above 4%. The strongest price increase (6.7%) was observed in the restaurants and hotels group, which in our assessment is still the consequence of labour shortage and the associated upward pressure on wages, but also to a certain extent to the relatively high demand. Euro area Year-on-year inflation, in % 10 8 6 4 2 0 Jan 24 Jun 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Source: SURS, Eurostat. Figure 24: Slovenian industrial producer prices, May 2024 Domestic market 160 Slovenian industrial producer prices remained unchanged in May, with the year-on-year decline continuing to slow slightly (-2.4%). The slowdown in the year-on-year decline in May was mainly due to a deceleration in the decline of prices in the intermediate goods group (-4.3%), which was attributable to both a higher base and monthly growth of 0.6%. Energy prices were 11% lower year-on-year, mainly due to lower prices in electricity, gas and steam supply (-15.8%). Price growth for capital goods remained at around 0.5% year-on-year, while prices of consumer goods continued to rise by around 1%. Industrial producer prices on the domestic market were 3.0% lower year-on-year. The decline on foreign markets was 1.8%. Non-domestic market Index 2015=100 150 140 130 120 110 100 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 90 Source: SURS. Table 4: Consumer price growth 2023 VII 23-VI 24/VII 22VI 23 VI 24/V 24 VI 24/VI 23 I-VI 24/I-VI 23 4.2 4.4 0.4 1.5 2.9 4.2 4.2 0.1 0.4 0.9 -2.3 0.1 -2.2 -4.6 1.0 Services 6.0 6.2 2.0 4.2 4.8 Other Total Food Fuels and energy 4.7 4.2 -0.1 1.4 2.7 Core inflation - excluding food and energy 5.2 5.1 0.9 2.8 3.7 Core inflation - trimmed mean2 4.2 4.8 0.0 2.0 3.1 1 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc. 2 An approach that excludes the share of extreme price changes in each month. 20 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Financial markets Figure 25: Loans to domestic non-banking sectors, May 2024 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -40 Source: BoS. The year-on-year growth in the volume of loans to domestic non-banking sectors remained around 1.0% in May. The volume of corporate and NFI loans continued to decline year-on-year (-3.6%). Growth in household loans picked up slightly (by 5.3% year-on-year). Around two-thirds of the increase can be attributed to stronger household borrowing in the form of consumer loans, which rose by 16.2% year-on-year. In addition to the lowering of the threshold for creditworthiness and solid household spending, the high growth was also driven by banks' increased commercial interest in this type of lending, with interest rates on consumer loans being among the highest of all lending transactions. Year-onyear growth in housing loans increased for the fourth month in a row but remained subdued (1.9%). The yearon-year growth in non-banking sector deposits further moderated slightly in May (2.7%). The volume of term deposits increased by slightly more than one-third yearon-year. The volume of overnight deposits fell by 3.5%, still accounting for more than three-quarters of nonbanking sector deposits. The quality of banks’ assets remains solid, with the share of non-performing loans unchanged at 1% in April. Figure 26: Government bond, Q2 2024 Austria Portugal 8 Ireland Slovenia Italy Spain Germany 7 5 4 3 2 1 0 -1 Source: Bloomberg. Jan 24 Jun 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -2 Jan 14 Yields to maturity in % 6 Yields to maturity of euro area government bonds rose slightly in the second quarter. In this period, the yield to maturity of the Slovenian government bond increased by 12 basis points, to 3.28%, compared to the previous quarter. The spread to the German bond narrowed slightly, reaching 78 basis points, the lowest level since the beginning of 2022. Current Economic Trends Slovenian Economic Mirror, No 5/2024 21 Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth, % Domestic bank loans to non-banking sector and household savings 31. V 23 31. XII 23 31. V 24 31. V 24/30. IV 24 Loans total 25,661.2 25,574.6 25,918.3 0.1 1.0 11,824.1 11,352.9 11,402.7 -0.3 -3.6 1.5 Enterprises and NFI 31. V 24/31. V 23 Government 1,285.5 1,336.4 1,304.9 -1.0 Households 12,551.5 12,885.3 13,210.7 0.6 5.3 Consumer credits 2,697.5 2,918.3 3,134.1 1.5 16.2 Lending for house purchase 8,221.7 8,271.7 8,373.8 0.4 1.9 Other lending 1,632.3 1,695.3 1,702.8 -0.1 4.3 26,430.9 27,072.2 27,107.1 0.5 2.6 23,291.9 22,753.5 22,333.7 0.4 -4.1 3,139.0 4,318.7 4,773.4 1.0 52.1 104.9 118.7 104.8 6.6 0.0 9,512.7 11,022.5 10,373.9 -1.6 9.1 Bank deposits total Overnight deposits Term deposits Government bank deposits. total Deposits of non-financial corporations. total Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. 22 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Balance of payments Trade in goods Primary income Current account 5000 The 12-month current account surplus increased compared to the previous 12-month period, reaching EUR 2.9 billion (4.3% of estimated GDP). The main reason for the year-on-year higher surplus was the goods trade surplus, as imports of goods have fallen more sharply than exports. Services surplus in the last 12 months was lower year-on-year, due to deterioration in the balance of trade in travel services. Expenditure of Slovenian tourists abroad has increased much more (by EUR 0.5 billion) than the income from foreign tourists travelling to Slovenia (by EUR 0.2 billion). Net outflows of primary and secondary income were lower year-on-year. The primary income deficit decreased mainly due to higher net interest receipts by the Bank of Slovenia from deposits in foreign accounts. The secondary income deficit decreased due to higher net positive transfers to the government sector from abroad (funds for current international cooperation from the EU budget) and higher private sector transfers (payments of non-life insurance premiums). Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -5000 Jan 14 12-month cumulatives, in EUR million Figure 27: Current account of the balance of payments, May 2024 Source: BoS; calculations by IMAD. Table 6: Balance of payments I-V 2024, in EUR million Inflows Outflows Balance Balance, I-V 2023 Current account 24,275.5 22,845.9 1,429.6 1,388.8 17,578.4 17,371.5 206.9 350.0 Services 4,505.0 3,087.0 1,418.0 1,418.9 Primary income 1,363.6 1,406.7 -43.1 -39.9 -340.3 Goods 828.5 980.7 -152.2 Capital account Secondary income 1,144.1 1,167.5 -23.4 -9.5 Financial account 2,443.5 3,463.3 1,019.8 883.0 -295.9 Direct investment Portfolio investment Other investment Statistical error 801.9 785.0 -16.9 1,241.5 2,432.4 1,190.8 37.3 378.4 89.5 -289.0 1,061.7 -386.5 -496.2 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. Current Economic Trends Slovenian Economic Mirror, No 5/2024 23 Public finance Figure 28: Revenue of the consolidated general government budgetary accounts, May 2024 18 Tax revenues Non-tax revenues Other Social security contributions Receipts from the EU budget TOTAL REVENUE (growth in %) 12 9 6 3 0 I-V 2024 Source: MF; calculations by IMAD. I-V 2023 2023 2022 2021 2020 2019 2018 2017 2016 2015 -6 2014 -3 2013 Contribution to growth, in p.p. 15 Figure 29: Expenditure of the consolidated general government budgetary accounts, May 2024 15 12 9 6 3 0 I-V 2024 2023 2022 2021 I-V 2023 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 2015 -6 2014 -3 2013 Contribution to growth, in p.p. 18 Salaries, wages and other personnel expend. with social contrib. Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) In the first five months of this year, the deficit of the consolidated balance of public finances was lower yearon-year. It totalled EUR 78 million, compared to EUR 170 million in the same period last year. Revenues increased by 11.3% year-on-year. The increase was, in addition to the increased revenue from social contributions due to the transformation of the complementary health contribution into a mandatory contribution, mainly supported by revenue from corporate income tax6, driven by higher balancing payments of tax this year. The main contributors to the growth in government revenue were income tax receipts, which, in addition to the slightly higher balancing payments of tax this year, are also influenced by the non-adjustment of the income tax scale and tax relief to inflation. VAT receipts picked up significantly in the first five months of this year. Growth in revenue from excise duties was lower year-on-year. In their structure, excise duties on energy products and electricity were lower, while excise duties on tobacco products and on alcohol and alcoholic beverages were higher. Total receipts from the EU budget were also lower year-on-year. In the first four months of the year, expenditure increased by 10.2% year-on-year. The increase was mainly due to: (i) expenditure on salaries, wages and other personnel expenditure, which were influenced by the agreement on pay rises in the public sector7 and the early payment of the holiday allowance, (ii) growth in expenditure on goods and services and other healthcare expenditure in connection with the transformation of the supplementary health insurance into a mandatory contribution, and (iii) transfers to individuals and households, partly as a result of the high regular annual indexation of pensions. Contribution from interest and investment expenditure was slightly lower. From August 2023 to the end of May 2024, EUR 710.9 million had been disbursed from the state budget to rectify the consequences of floods and landslides, of which EUR 152.8 million was disbursed in the first five months of this year, most of it for ongoing maintenance and insurance under the emergency Flood Recovery Act. 6 7 The Reconstruction, Development and Provision of Financial Resources Act (ZORZFS) provides for a temporary increase (from 2024 to 2028 inclusive) in the corporate tax rate from 19% to 22% to finance projects and measures related to the floods and landslides. The amount resulting from the 3 p.p. increase is an earmarked revenue for the Fund for the Reconstruction of Slovenia. The Agreement on Measures Regarding Public Sector Wages and Other Compensation for 2022 and 2023 (October 2022). As of 1 April 2023, wages increased by one salary grade. 24 Current Economic Trends Slovenian Economic Mirror, No 5/2024 Figure 30: EU budget receipts, May 2024 Slovenia’s net budgetary position against the EU budget was positive in the first five months of 2024 (at EUR 44.1 million). In this period, Slovenia received EUR 283.7 million from the EU budget (19.6% of receipts envisaged in the adopted state budget for 2024) and paid EUR 239.6 million into it (33.3% of planned payments). The bulk of receipts (35.7% of all reimbursements to the state budget, 100.5% of the planned reimbursements in 2024) were resources from the Cohesion Fund and appropriations for the implementation of the Common Agricultural and Fisheries Policies (29.9% of all reimbursements to the state budget, 23.1% of the planned reimbursements in 2024). Reimbursements from the structural funds8 amounted to 27.5% of all reimbursements (26.1% of the planned reimbursements in 2024). The highest payments into the EU budget came from GNI-based payments (47.5% of all payments). According to the MKRR data, under the Operational Programme for the Implementation of EU Cohesion policy 2014–2020 (from January 2014 to the end of May 2024), payments from the state budget totalled EUR 3.55 billion (EU share), which corresponds to 106%9 of the available funds, while certain payments from the state budget are planned for the first half of 2024 (about EUR 66 million according to estimates made by line ministries). Under the Operational Programme for the Implementation of EU Cohesion policy 2021–2027 (from January 2021 to the end of May 2024), payments from the state budget totalled EUR 28.9 million (EU share), which corresponds to 1% of the available funds. Total receipts (January–May 2023) Expected reimbursements in the budget 2024 Total receipts (January–May 2024) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 Figure 31: Absorption of 2014–2020 ECP funds (EU part) for the period 1 January 2014–31 May 2024 Payments from the state budget Commitment appropriations Total CF ESF ERDF 8 0 1000 2000 3000 In EUR million 9 4000 Source: MKRR. Note: ESF includes YEI funds. REACT-EU funds are included. The European Regional Development Fund (ERDF) and the European Social Fund (ESF). The additional appropriations (over 100%) allow that, in the event of the usually lower final realisation of reimbursements from the European budget (due to identified ineligible expenditure, withdrawal from cofinancing, etc.), all available funds can still be used and the objectives of the Operational Programme for the Implementation of European Cohesion Policy can be achieved. Table 7: Consolidated general government revenue and expenditure on a cash basis I-V 2023 I-V 2024 Y-o-y growth, EUR m in % Category REVENUES TOTAL Tax revenues 1 Personal income tax Corporate income tax Taxes on immovable property Value added tax Excise duties 9,894.7 Category I-V 2024 Y-o-y growth, EUR m in % 11.3 EXPENDITURE TOTAL 5,102.9 2.0 5,822.8 Salaries. wages and other 14.1 personnel expenditures2 2,404.5 10.9 2,733.7 13.7 1,349.8 4.6 1,572.3 16.5 Expenditure on goods and services 1,361.3 -0.1 1,652.4 21.4 629.7 -15.9 873.5 61.6 34.7 56.1 1,981.2 4.7 2,179.7 657.2 22.1 653.0 8.6 4,277.3 Non-tax revenues 489.5 -7.2 534.0 Receipts from the EU budget 446.8 -13.3 289.2 Other 107.2 -37.5 93.0 10,064.8 Y-o-y growth, EUR m in % 2.3 11,016.4 3,748.4 Social security contributions I-V 2023 Y-o-y growth, EUR m in % 3.5 11,094.4 10.2 38.7 Interest payments 378.3 8.7 452.0 19.5 -8.8 Reserves 195.2 -31.7 178.4 -8.6 3,891.8 2.3 4,257.8 9.4 -2.3 Transfers to individuals and 10.0 households -0.6 Other current transfers 898.2 4.1 877.3 14.1 Investment expenditure 661.5 11.6 703.1 6.3 274.0 -9.5 239.6 -12.6 9.1 Payments to the EU budget -35.3 GENERAL GOVERNMENT BALANCE -13.2 PRIMARY BALANCE -170.1 -78.0 153.4 281.8 Source: MF; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. selected topics Selected Topics Slovenian Economic Mirror, No 5/2024 In 2022, age-related public expenditure averaged 24.4% of GDP in the EU, a figure expected to rise to 25.4% of GDP in 2045 and to 25.6% of GDP in 2070. Compared to the baseline scenario projection from 2021, this represents an upward revision of only 0.1 p.p. in 2070, with an upward revision for the share of pension expenditure (+1 p.p.) and a downward revision for other expenditure items. The pension expenditure-to-GDP ratio in 2022 (now the baseline year) was lower than expected in previous projections prepared during the COVID-19 epidemic (for all countries except Bulgaria). This is attributed to the lower impact of the epidemic on the economies than previously expected12 and higher nominal GDP due to high inflation. Despite the lower starting point (2022), the change in the pension expenditure-to-GDP ratio over the period 2022–2070 was revised upwards compared to the previous report for most countries (all but five, including Slovenia), which was due to updated demographic and macroeconomic assumptions. The changes in the share of pension expenditure also always reflect the policy changes adopted since the last report (but these tend to result in a downward revision of the share of expenditure due to the emphasis sustainability). See https://economy-finance.ec.europa.eu/publications/2024ageing-report-economic-and-budgetary-projections-eu-memberstates-2022-2070_en. 11 See Slovenian Economic Mirror 4/2023 and Bratuž Ferk, B. (2023). Projekcije EUROPOP2023 in demografska slika Slovenije [short analyses]. Institute of Macroeconomic Analysis and Development. Retrieved from https://www.umar.gov.si/fileadmin/user_upload/publikacije/ kratke_analize/2023_9_Bratuz_Ferk/Projekcije_EUROPOP2023_in_ demografska_slika_Slovenije_.pdf. 12 The projections are based on the European Commission Spring 2020 Economic Forecast. 10 35 2022 change 2022–2070 30 25 20 15 10 5 0 -5 Latvia Romania Estonia Ireland Croatia Bulgaria Lithuania Greece Poland Hungary Portugal EU-27, average Czech R. Sweden Netherlands Cyprus Slovakia Italy Malta EU-27, weight. avg. Denmark Germany Slovenia Luxembourg Spain Finland France Austria Belgium At the end of April, the European Commission published its Ageing Report, which contains updated long-term projections of age-related public spending, this time for the period 2022–2070. Given the need to adapt social protection systems to demographic change in a timely manner, the European Commission, in cooperation with Member States, has introduced a process of triennial updates of long-term projections of age-related public spending (on pensions, healthcare, long-term care and education). These make up a large share of public expenditure and are also taken into account when analysing debt sustainability and have an important influence on the definition of medium-term budgetary constraints in the new economic governance framework. The expenditure projections are based on Eurostat's latest demographic projections from 202311 and other macroeconomic assumptions based on the common methodology for all countries. Figure 32: Projections of age-related public expenditure, EU countries % GDP 2024 Ageing Report: Economic and budgetary projections for the EU Member States (2022–2070)10 27 Source: EC. For Slovenia, the latest ageing report shows that the impact of population ageing on the long-term sustainability of public finances is lower than in previous projections, though still higher than the EU average. According to the baseline scenario, age-related public spending in Slovenia is projected to increase from 22.1% of GDP in 2022 (the spending level in this base year was lower than expected in earlier projections) to 25.9% in 2045 and to 27.5% in 2070. The increase of 5.4 p.p. is lower than in previous projections (2021: 8.1 p.p.), though it is still high – Slovenia ranks fourth in the EU in terms of the size of the increase (in p.p.) and seventh in terms of the expenditure-to-GDP ratio in 2070. The demographic indicators for ageing (such as the share of the elderly and the old-age dependency ratio) are rising slightly faster in Slovenia than the EU average. Consequently, Slovenia faces a greater challenge in adapting social protection systems to ensure the long-term sustainability of public finances. The downward revision compared to the previous projections is mainly due to lower growth in the share of pension expenditure (see paragraph on pension expenditure). The pressure stemming from population ageing will intensify until around 2045, when demographic indicators reach their peak, and, assuming a no policy change scenario, the impact on social protection systems will consequently last longer. This will be influenced by the retirement of the last large generations born in the late 1970s and 1980s, assuming the current retirement conditions remain unchanged. The age structure of Slovenia’s population has changed since the country’s independence, due to lower birth rates and increased longevity. Since 2012, these changes have intensified as the post-war baby-boom generations began reaching the age 65 and the smaller generations born in the 1990s entered the workforce, leading to a decline in the working age population. This is reflected in the increasing ratio of those aged 65 and over to the working-age population aged 20–64 (i.e. the old- 28 Slovenian Economic Mirror, No 5/2024 Selected Topics age dependency ratio). While this ratio has been rising since the 1990s, it will increase even faster over the next three decades. According to the baseline scenario of the EUROPOP2023 population projections, which envisages net immigration of around 6,000 people per year, the population will already start to decline in the coming years. Of all age groups, only the number of older people (potential retirees) will increase, while the number of people of working age (potential labour market entrants) will continue to decline.13 Higher net immigration (which is assumed to average almost 10,000 people per year for the projection period) could only slightly mitigate the effects of ageing on the labour market and social protection systems compared to the baseline scenario of Figure 33: Age-related public expenditure, Slovenia Pensions Long-term care 30 Healthcare Education % GDP 25 20 15 10 5 0 2022 2030 2040 2050 2060 2070 Source: EC. Note: Public expenditure on health is based on the SHA methodology, but excluding LTC expenditure and including expenditure on investments according to the COFOG methodology. The introduction of a new mandatory healthcare contribution of 1.07% of GDP is already taken into account in the base year 2022. Public expenditure on long-term care consists of the health and social parts according to the SHA methodology. Figure 34: Old-age dependency ratio (number of people aged 65 and over per 100 people aged 20–64) and population ageing index (number of people aged 65 and over per 100 people aged 0–14) Old-age dependency ratio (65+/20–64)*100 Ageing index (65+/0–14)*100 246.9 200 139.9 150 117.3 100 63.9 50 47.5 25.7 18.6 35.6 2100 2092 2082 2072 2062 2052 2042 2032 2022 2012 2002 1992 0 1982 Old-age dependency ratio, ageing index 250 the demographic projections. Population ageing will lead to an increase in expenditure on pensions, healthcare and long-term care, but excessive increases in these expenditure, assuming a no-policy change scenario, are unsustainable and would crowd out other public expenditure and significantly change the existing social relations. Changes are therefore needed to address the sustainability of social protection systems, both in terms of measures to curb expenditure growth and by finding new sources of funding. According to model estimates, the pension expenditure-to-GDP ratio is projected to increase until the early 2050s, after which it is expected to remain largely unchanged until 2070. Thus, under current policies, pension expenditure is projected to increase by 3.8 p.p. until 2070 (from 9.8% of GDP in 2022 to 13.7% of GDP in 2070), with the largest contribution to the increase in expenditure being the rapid growth in the number of older people. The latter, although lower than in the previous expenditure projections,14 has contributed to a smaller increase in pension expenditure by 2070 than in the 2021 projections, in addition to more favourable labour market assumptions, in particular higher labour force participation rates. The downward revision of pension expenditure also reflects the shorter expected contribution periods of younger generations, including generations that entered the labour market later due to the global financial crisis after 2008. According to ZPIZ data, insured persons aged 49 or younger had fewer years of contribution in 2022 compared to those of the same age 20 years ago. Therefore they are likely to have fewer years of contribution when they meet the eligibility criteria for old-age pensions. Such decisions can have an impact on pension adequacy. The number of pensioners is expected to increase by 13.5% by 2070, which is below the EU average (20.8%), but the insuredto-pensioners ratio will remain lower than in the EU. The insured-to-pensioners ratio is expected to fall from the current 1.57 (2022; EU-27: 1.74) towards 1 and then rise again to reach 1.19 in 2070 (EU-27:1.32). Pension funding contributions are projected to remain at 9.1% of GDP throughout the period. Slovenia ranked 12th among EU countries in terms of pension expenditure in 2022 and is projected to rank 6th in 2070. In most countries that have already implemented measures to improve the sustainability of their pension systems and mitigate the effects of demographic change, these measures have included raising the retirement age or linking it to longevity, tightening the eligibility criteria for pensions, and making changes to indexation. Some countries have also shifted from defined benefit to defined contribution pension systems and increased the importance of Source: SURS, Eurostat. 13 From 2022 to 2070, the number of children and young people (0–19 years) is expected to fall by 15% and the number of people of working age (20–64 years) by 16%. The largest declines are forecast in the age groups with the highest employment rates, with the 35–49 age group declining by 28% between 2022 and 2070. The population aged 65 and over is projected to increase by 36%. 14 A higher net migration and fertility rate are assumed, and population decline from 2022 to 2070 is projected to be slower compared to the EUROPOP2019 projection (by 0.1 p.p. per year, meaning that Slovenia would have almost 64,000 more inhabitants in 2070 than according to the previous projection). Selected Topics Slovenian Economic Mirror, No 5/2024 Figure 35: Projections of public expenditure on pensions, EU countries* 20 2022 Change 2022–2070 15 % GDP 10 5 -5 Latvia Ireland Estonia Denmark Sweden Romania Netherlands Croatia Bulgaria Lithuania Poland Portugal Czech R. Malta EU-27, average Slovakia Germany EU-27, weight. avg. Cyprus Greece Hungary France Italy Slovenia Austria Finland Belgium Spain Luxembourg 0 Source: EC. * Some countries may even be able to reduce the pension expenditureto-GDP ratio by 2070. Here are the reasons for the reduction in the five countries where the share will fall the most between 2022 and 2070 (ranging from -2.5 to -1.4 p.p.). Greece: Pension expenditure is projected to decline starting in 2050. This reduction is due to several factors: the decreasing number of pensioners (resulting from the decreasing population), the impact of the reform regarding eligibility rules (retirement age linked to life expectancy), the inclusion of the whole career salary in the calculation of the pension amount, the full introduction of the NDC system, and the transition of the auxiliary pension system from the PAYG NDC system to funded DC system. Italy: The rapid decline in the pension-to GDP ratio in the second part of the projection period is attributed to the full implementation of the NDC system. This is accompanied by a moderation and later a decline in the ratio of pensions to employees (gradual exit of the baby boom generations from the pension system and the linking of eligibility requirements to life expectancy). Portugal: The decrease around 2050 is related to the decrease in expenditure due to the reform of the CGA system (only for public sector employees). Latvia: The main reason for the decrease in the pension-to-GDP ratio is the decrease in the average pension-to-average wage ratio (i.e. benefit ratio). This is due to the transfer of a portion of the public pension system to the private system (resulting in an increased private share). Additionally, the decrease is influenced by pension indexation, which is lower than wage growth. Denmark: After 2030, demographic pressure is expected to decline, leading to lower expenditure; this will also be supported by the gradual increase in the statutory retirement age. Details on pension schemes and country-specific expenditure can be found at https://economyfinance.ec.europa.eu/publications/2024-ageing-report-economic-andbudgetary-projections-eu-member-states-2022-2070_en (country fiche). complementary retirement savings.15 These measures, in addition to raising the retirement age, can also enhance the adequacy of pensions. Analyses16 show that a similar package of measures is crucial for Slovenia to ensure the sustainability and adequacy of pensions. The projections of expenditure on health and long-term care indicate increasing pressure from demographic factors and an even greater impact on public finances when non-demographic factors Spasova, S. and Ward, T. (2019). Social protection expenditure and its financing in Europe: a study of national policies. Luxembourg: European Commission. Retrieved from https://data.europa.eu/ doi/10.2767/145960. 16 IMAD. (2019). Economic Issues 2019. Ljubljana: Institute of Macroeconomic Analysis and Development. See also Kump, N., et al. (2023). Dinamični pokojninski mikrosimulacijski model DYPENSI. Ljubljana: Institute for Economic Research, 2023. 15 29 are taken into account, reflected in the risk scenario. The demographic pressure on the growth of public healthcare expenditure will be even greater in the future than in the past, as the proportion of older people is increasing rapidly and healthcare expenditure rises with age, especially from the age of 60. According to the baseline scenario (which primarily takes into account the ageing-related increase in expenditure), public health expenditure is projected to increase by 0.8 p.p. to 7.8% of GDP by 2070, up from 7% of GDP in 2022. To neutralise the impact on the projection, a new mandatory healthcare contribution, which replaced complementary health insurance, was technically included from the base year 2022. The projections of public expenditure on LTC, which already include an estimate of the introduction of a new long-term care system (the Long-Term Care Act, 2023), will increase by 1.0 p.p. to 2% of GDP. According to the risk scenario, which takes even greater account of non-demographic factors (technological progress, medical inflation, relatively higher wage and employment growth than in other sectors) in the projections than the baseline scenario, the growth in public spending in both areas would be significantly higher, by 2.2 p.p. of GDP in healthcare and by 3.2 p.p. of GDP in long-term care. Both scenarios assume an improvement in the health of the population and an increase in the efficiency of the healthcare system, which will significantly limit the growth in healthcare expenditure in the long term. These projections already come with the built-in assumption that the health of the population will improve and the assumption that some measures will be taken to manage expenditure growth and improve the efficiency of the systems. As pressure on these systems is likely to increase, new private sources will need to be introduced to maintain access to and quality of healthcare in the face of limited public resources. The adoption of measures that would reduce the pressure on the growth of health and LTC expenditure will demand balancing the goals of financial sustainability, accessibility and quality of both systems. Many measures do not belong strictly to the area of health and LTC, so it is also necessary to develop appropriate cross-sectoral measures to improve the health situation. Finding a balance between financial sustainability and quality of care and LTC is also a question of social values and political priorities, which in many countries involves raising expenditure on health as an important factor of economic development. Analyses and experiences of other countries show that the gap between revenue and expenditure can be reduced by acting towards:17 (i) improving the health status of the population and promoting healthy and active ageing; (ii) making changes to sources of health financing, and (iii) improving the efficiency of the system on both the supply and demand sides. 17 For more, see IMAD (2019). Economic Issues 2019. Ljubljana: Institute of Macroeconomic Analysis and Development. 30 Slovenian Economic Mirror, No 5/2024 Selected Topics Figure 36: Projections of public health expenditure, EU countries 12 2022 2070, baseline scenario 2070, risk scenario 10 8 6 % GDP 4 2 Bulgaria Hungary Lithuania Luxembourg Romania Poland Ireland Estonia Latvia Greece Italy Netherlands Croatia Czech R. EU-27, average Belgium Finland Spain Portugal Malta EU-27, weight. avg. Slovakia Sweden Denmark Slovenia Germany Cyprus Austria France 0 -2 Source: EC. Note: The countries are ranked according to the baseline scenario. Public health expenditure is shown based on the SHA methodology, but excluding expenditure on LTC and including expenditure on investments under the COFOG methodology. The introduction of a new mandatory healthcare contribution of 1.07% of GDP is already taken into account in the base year 2022. Life satisfaction, April–May 2024 Life satisfaction18 was at an all-time high in Slovenia and the EU in April–May 202419 and was still significantly higher in Slovenia than in the EU. Overall life satisfaction in the EU only surpassed pre-COVID-19 levels in the most recent survey (86%) and remains significantly lower than in Slovenia. In Slovenia, overall life satisfaction has remained high throughout the epidemic and also in a time of increased (geopolitical) uncertainty and high inflation, rising by a further 2 p.p. (to 95%) in the first half of 2024. This year, we believe this is due to a further decline in inflation and high employment, particularly as a result of the measures taken by the government in recent years to support the financial situation of the population and companies.20 In addition, the population's expectations and priorities have changed in light of the uncertainty surrounding the geopolitical situation. 2070, baseline scenario Figure 39: Life satisfaction in Slovenia and on average in the EU 2070, risk scenario 100 Source: EC. Note: The countries are ranked according to the baseline scenario. Public expenditure on LTC includes the health and social portion according to SHA methodology. The reference scenario primarily takes into account the growth in expenditure due to the ageing population, while the risk scenario for health and long-term care also takes into account the effects of other, nondemographic factors (technological progress, medical inflation, relatively higher wage and employment growth than in other sectors). 4,004 3,183 4,000 3,500 1,000 1,096 1,195 2,500 500 0 0–4 5–9 10–14 15–19 20–24 25–29 30–34 35–39 40–44 45–49 50–54 55–59 60–64 65–69 70–74 75–79 80–84 85–89 90–94 95 and more In EUR 3,000 1,500 95 90 85 80 75 70 Women 4,500 2,000 Slovenia Source: Eurobarometer, 2023. Note: Last survey in the year, April - May 2024. Figure 38: Average public health expenditure per capita, 2019 Men EU average 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Covid period 2022 2023 2024 2022 Share of (very) satisfied people in % 10 9 8 7 6 5 4 3 2 1 0 Greece Cyprus Croatia Bulgaria Romania Latvia Portugal Hungary Estonia Poland Spain Lithuania Slovenia Italy EU-27, average Germany Slovakia Ireland EU-27, weight. avg. France Luxembourg Czech R. Austria Malta Finland Belgium Sweden Netherlands Denmark % GDP Figure 37: Projections of LTC expenditure, EU countries Source: ZZZS and SURS; calculations by IMAD. The Eurobarometer survey measures life satisfaction with the following question: “All things considered, how satisfied would you say you are with your life these days?” The respondents can choose between very satisfied, satisfied, dissatisfied and very dissatisfied. For the purposes of our analysis, the category of satisfied people includes very satisfied and satisfied people. Surveys for Slovenia have been conducted since 2004, when Slovenia joined the EU. 19 SEB 101; Standard Eurobarometer, April–May 2024 (Eurobarometer, 2024). 20 Over the past four years, expansionary fiscal policy during the COVID-19 and energy crises has helped maintain economic potential through extensive aid for companies and measures to mitigate the impact of the epidemic and rising energy prices on the population's financial situation (including maintaining lower electricity prices in 2024, reducing margins on oil products and regulating oil product prices). Additionally, in 2023, the minimum wage was increased, and social transfers and incomes were indexed to inflation. In 2024, inflation gradually declined, further increasing the real purchasing power of the population. 18 Selected Topics Slovenian Economic Mirror, No 5/2024 Satisfaction with the financial situation of the household and personal job situation in Slovenia are at an all-time high. Compared to the survey conducted in mid-2023, satisfaction with personal job situation increased by 5 p.p. and satisfaction with the financial situation of the household by 6 p.p. On average in the EU, both indicators increased by 2 p.p. Compared to mid-2023, expectations for the next 12 months show an increase of 2 p.p. among those who expect their employment situation to improve and 5 p.p. among those who expect the financial situation of the household to improve. In the EU, the average share of individuals expecting the financial situation of the household to improve increased by 1 p.p., while the share of those expecting their personal employment situation to improve fell by 2 p.p. Figure 40: Satisfaction with personal job situation and the financial situation of the household, Slovenia Satisfaction with personal job situation Satisfaction with the financial situation of the household 75 The main concerns at the EU level cited by Slovenian respondents were the war in Ukraine, immigration and the international situation. Compared to the previous survey, more respondents cited the war in Ukraine and the international situation (specifically the uncertain geopolitical and economic situation, especially regarding the Middle East). Immigration, which was again cited as the second main concern at the EU level, has maintained its share from the previous survey. Concerns about rising prices and energy supply have decreased significantly since the last survey, as have other issues. However, the proportion of people concerned about the EU's influence in the world and the public finances of Member States has increased. Figure 42: Main concerns of Slovenian respondents at the EU level (in %) 70 65 April–May 2024 October–November 2023 May–June 2023 January–February 2023 June–July 2022 60 55 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 The international situation 2013 40 2012 Immigration 2011 Ukraine war 45 2010 50 Source: Eurobarometer, 2024. Note: Last survey in the year, April–May 2024. Figure 41: Satisfaction with the economic situation in the country, Slovenia and the EU average EU average 70 Slovenia 60 50 40 30 20 10 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 0 Source: Eurobarometer, 2024. Note: Last survey in the year, April–May 2024 Inflation and cost of living Environment and climate crisis The economic situation in the EU In Slovenia, the proportion of people satisfied with the economic situation in the country is higher than the EU average and has increased in 2024. Satisfaction with the economic situation in Slovenia was 1 p.p. higher in April and May 2024 than in mid-2023, while it was 1 p.p. lower on average in the EU. The optimistic expectation Share of (very) satisfied people in % that the situation in the country will improve in the next 12 months improved by 1 p.p. in Slovenia, while it remained unchanged on average in the EU. Expectations of general life satisfaction for the next 12 months have also remained unchanged in the EU on average, while they have increased by 4 p.p. in Slovenia. 80 2009 Share of (very) satisfied people in % 85 31 Energy supply The EU's influence in the world Terrorism Member States' public finances 0 10 20 30 Source: Eurobarometer, 2024. Note: Four most recent surveys. 10 most often cited categories. 40 50 In Slovenia, respondents again cited health as their main concern at the national level in April and May 2024. Immigration, which ranked second in Slovenia in the previous survey, maintained its position, mirroring the trend at the EU level. Similar to the EU average, concerns about the environment and climate change and the economic situation in the country have taken a back seat, while inflation and cost of living remain at the forefront. Slovenians also cited housing issues. The issue of inflation, which is becoming less prominent, was cited by a smaller proportion of respondents than in the previous survey. At the national level, concerns about pensions and energy supply have gained slightly in importance compared to the previous survey. 32 Slovenian Economic Mirror, No 5/2024 Selected Topics Figure 43: Main concerns at the national level (in %) April–May 2024 October–November 2023 May–June 2023 January–February 2023 June–July 2022 Health Immigration Inflation and cost of living Housing The economic situation Pensions Energy supply Environment and climate crisis Government debt The international situation 0 10 20 30 40 Source: Eurobarometer, 2024. Note: Four most recent surveys. 10 most often cited categories. 50 60 The problem of inflation and the cost of living at a personal level is becoming less acute, though it remains the most frequently cited concern. Health and social security, living conditions, pensions, the educational system, and taxes again became more frequently cited concerns.21 For the first time, the environment and climate change have gained importance at the personal level, while they have lost importance at the national and EU levels. Figure 44: Slovenian respondents’ main concerns at the personal level (in %) April–May 2024 October–November 2023 May–June 2023 January–February 2023 Inflation and cost of living Health and social security Living conditions Pensions The education system Taxes Working conditions Financial situation of the household The environment and climate change Housing 0 10 20 30 40 50 60 Source: Eurobarometer, 2024. Note: Four most recent surveys. 10 most often cited categories. 21 For more details, see the chapter “Healthy and active life” in the Development report 2024. statistical appendix Statistical Appendix Slovenian Economic Mirror, No 5/2024 Main indicators GDP (real growth rates, in %) 2018 2019 2020 2021 2022 2024 2023 2025 35 2026 Spring Forecast 2024 4.5 3.5 -4.2 8.2 2.5 1.6 2.4 2.5 2.5 GDP in EUR million (current prices) 45,876 48,582 47,045 52,279 57,038 63,090 66,833 70,936 74,608 GDP per capita in EUR (current prices) 22,142 23,256 22,373 24,803 27,040 29,753 31,360 33,175 34,792 GDP per capita (PPS) 26,500 27,800 26,900 29,300 31,900 GDP per capita (PPS EU27=100)1 87 89 89 90 90 Rate of registered unemployment 8.2 7.7 8.7 7.6 5.8 5.0 4.8 4.8 4.7 Standardised rate of unemployment (ILO) 5.1 4.5 5.0 4.7 4.0 3.8 3.8 3.8 3.7 Labour productivity (GDP per employee) 1.3 1.1 -3.6 6.8 -0.4 0.4 1.7 1.8 2.2 Inflation2, year average 1.7 1.6 -0.1 1.9 8.8 7.4 2.7 3.4 2.2 Inflation2, end of the year 1.4 1.8 -1.1 4.9 10.3 4.2 3.1 3.1 2.1 6.2 4.5 -8.5 14.5 7.2 -2.0 1.5 3.2 4.2 Exports of goods 5.7 4.5 -5.5 13.4 2.9 -2.5 0.9 2.6 3.9 Exports of services 7.7 4.6 -19.7 19.1 24.9 0.3 3.8 5.2 5.1 7.1 4.7 -9.1 17.8 9.0 -5.1 3.7 4.0 4.2 Imports of goods 7.4 5.0 -8.6 17.2 7.7 -6.0 3.7 3.8 4.1 Imports of services 5.4 3.0 -12.0 20.7 15.9 0.1 4.1 4.9 4.7 2,695 2,844 3,398 1,732 -578 2,770 1,509 1,165 1,125 5.9 5.9 7.2 3.3 -1.0 4.4 2.3 1.6 1.5 42,137 44,491 48,049 50,923 51,825 57,780 91.8 91.6 102.1 97.4 90.9 91.6 1.181 1.120 1.141 1.184 1.054 1.082 1.088 1.088 1.088 3.5 5.5 -6.5 10.3 3.6 1.3 1.6 2.0 1.9 52.0 52.5 50.4 51.7 54.0 53.0 52.3 52.0 51.5 2.9 1.8 4.2 6.1 -0.5 2.4 6.8 1.9 3.8 18.2 18.3 20.6 20.7 19.5 19.5 20.6 20.7 21.1 10.2 5.0 -7.2 12.6 3.5 9.5 4.2 4.0 3.5 19.3 19.6 18.9 20.2 21.6 22.5 23.0 23.2 23.4 1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2024). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 36 Slovenian Economic Mirror, No 5/2024 Statistical Appendix Production 2021 2022 2023 2022 2023 2024 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 6.4 2.8 1.8 -5.7 -3.4 -4.1 -10.1 -5.1 -3.0 3.8 4.3 0.7 3.8 1.2 -4.0 -2.9 38.5 13.5 25.4 -26.1 -30.2 -31.3 -3.5 16.3 10.8 12.5 1.6 7.4 39.9 7.3 5.8 -9.9 -4.7 -2.1 6.6 7.3 2.8 7.4 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 10.2 B Mining and quarrying -6.6 C Manufacturing 11.8 D Electricity, gas & steam supply 1 1.2 -5.6 10.2 -15.1 3.9 -4.5 -5.3 -26.4 -31.6 4.6 -1.8 -0.4 -3.3 32.9 -18.5 -21.6 4.1 0.9 0.9 -4.9 -29.3 -30.0 -40.2 -39.4 -32.3 -27.7 -23.7 -33.5 -26.9 -25.7 -21.2 -34.7 -33.5 -50.0 -38.7 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.5 22.2 19.5 20.0 17.7 14.8 35.6 24.1 Buildings 14.5 63.4 -5.7 34.6 53.7 58.5 109.5 21.6 5.9 13.4 19.5 16.1 11.6 4.0 22.5 24.6 19.3 26.3 11.0 12.7 12.1 2.2 19.5 19.5 6.7 5.1 6.7 -0.5 0.4 14.3 7.2 -5.9 11.4 11.8 6.9 -0.2 -1.6 -6.7 7.6 9.9 5.6 6.7 17.2 12.0 4.6 11.2 Professional, scientific and technical activities 10.6 10.0 4.3 9.3 11.8 11.3 8.1 Administrative and support service activities 13.1 5.7 6.1 12.0 12.3 -0.8 11.6 5.1 -2.7 8.8 6.2 18.9 5.5 -6.3 9.8 8.1 -3.5 14.6 7.5 8.0 -5.9 22.2 38.5 Civil engineering 23.1 23.2 10.1 -2.5 22.5 19.5 17.4 16.6 11.0 38.7 26.1 1.6 -13.3 -23.4 -16.8 55.3 48.4 37.0 95.9 51.7 107.0 119.6 -3.4 22.3 2.0 10.3 12.3 -7.1 19.0 16.0 2.5 1.3 20.4 17.5 5.5 7.9 6.6 5.3 5.7 -8.1 -6.9 -6.2 13.7 11.4 2.9 10.5 7.5 1.9 -1.9 -1.7 2.8 10.3 7.0 12.0 24.3 9.8 14.8 11.6 9.8 5.7 7.5 2.2 3.9 4.0 2.9 15.0 11.0 9.2 16.4 9.0 9.1 7.3 1.5 7.0 7.7 6.0 3.8 4.8 16.1 7.6 -3.4 -3.7 4.4 -0.4 6.2 5.3 0.7 -1.1 -3.8 -4.6 -1.4 1.5 8.4 3.9 1.8 7.7 6.6 2.2 1.5 7.4 4.6 0.8 -4.9 -8.3 -7.0 -4.9 4.8 6.2 4.2 0.0 6.9 7.4 2.1 2.9 -7.6 -5.7 -1.2 1.2 15.1 13.8 13.7 15.9 4.3 -1.7 -7.6 -4.0 -0.1 0.5 0.3 0.0 14.3 10.2 8.1 0.4 -3.8 -6.7 -8.6 -4.7 -1.5 13.8 8.1 5.2 10.9 8.3 2.9 1.2 4.2 -10.7 15.2 -1.6 2.6 5.0 5.7 257.8 94.9 17.1 1.9 -9.5 -39.5 -8.4 0.5 -1.6 122.4 26.4 -45.7 -51.7 -54.5 -55.6 -43.1 11.1 539.8 244.9 91.2 52.3 38.8 61.3 65.4 10.0 110.2 69.6 25.8 20.5 15.5 20.1 33.5 61.1 60.6 81.0 62.3 77.7 90.8 72.2 MARKET SERVICES, year-on-year real growth rates, % Services, total Transportation and storage Information and communication activities DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Real turnover in retail trade Real turnover in the sale and maintenance of motor vehicles Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays 3.5 679.7 180.0 Domestic tourists, overnight stays 10.4 -14.7 -17.0 690.2 Foreign tourists, overnight stays 42.9 110.1 14.7 78.8 394.5 61.2 71.6 44.5 27.4 6.2 7.8 20.8 18.9 212.1 106.0 20.7 29.6 32.4 15.0 16.6 16.0 Accommodation and food service activities 58.6 78.8 -50.3 -49.1 -9.5 -15.1 -10.0 AGRICULTURE Purchase of agricultural products, in EUR m 601.4 773.6 751.4 144.0 176.5 221.0 232.1 178.5 179.8 189.5 203.4 165.6 BUSSINES TENDENCY (indicator values*) Sentiment indicator 2.4 0.6 -3.8 4.2 2.5 -1.9 -2.5 -1.4 -3.5 -5.7 -4.7 -3.5 2.6 0.6 -0.9 -0.2 -4.5 -5.4 -2.0 8 0 -8 7 2 -3 -7 -5 -9 -10 -9 -9 2 0 0 -1 -6 -9 -6 18 21 14 26 22 16 21 17 14 12 13 10 25 19 16 18 13 19 22 in services 8 17 16 15 18 17 18 19 17 13 14 16 19 18 17 20 16 14 20 in retail trade 5 20 13 16 26 21 17 15 16 12 10 10 27 23 26 22 15 9 18 -22 -33 -33 -26 -31 -39 -35 -34 -31 -33 -32 -28 -31 -34 -39 -39 -40 -38 -37 Confidence indicator in manufacturing in construction consumer confidence indicator Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2 The survey covers all larger construction enterprises and some other enterprises that perform construction work. * Seasonally adjusted SURS data. Statistical Appendix Slovenian Economic Mirror, No 5/2024 2022 Production 2023 37 2024 12 1 2 3 4 5 6 7 Industry B+C+D -10.5 -6.9 0.1 -3.3 -8.2 -2.2 -2.4 B Mining and quarrying -38.1 -25.7 -31.5 -32.6 -37.8 -27.9 -28.7 8 9 10 11 -7.7 -15.8 -7.7 -2.2 0.3 -10.8 -0.3 -6.8 -15.7 -7.8 12 1 2 3 4 5 6 -2.7 -11.0 -3.6 2.6 -7.4 12.9 -5.0 17.1 14.2 18.0 13.1 33.3 -8.6 58.7 -2.5 -3.1 -2.6 -9.3 -1.7 3.0 -6.7 13.5 -4.8 -8.8 -22.0 -34.7 -48.9 -20.5 -23.3 -17.6 -2.9 INDUSTRIAL PRODUCTION, y-o-y growth rates, % C Manufacturing -7.7 D Electricity, gas & steam supply -1.1 1.5 -1.5 -7.6 -1.1 -1.6 -33.0 -46.1 -27.1 -37.9 -27.9 -37.0 -31.7 -34.3 -24.6 -23.1 1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 45.6 25.0 16.8 29.9 23.4 22.8 23.2 18.5 Buildings 101.4 57.4 8.9 8.3 -5.6 -3.3 14.2 -4.9 -7.4 -6.7 -10.3 -21.5 -25.2 -26.0 -18.3 -31.8 -0.6 -16.4 -19.3 -23.8 38.4 15.9 33.6 24.4 24.0 12.8 21.8 14.7 21.8 41.2 10.3 16.1 4.7 -5.2 3.7 -8.1 -7.2 4.2 7.3 6.1 6.7 -0.6 2.3 -2.8 1.3 -0.4 0.3 1.0 3.3 3.3 6.1 1.5 -2.9 6.8 Transportation and storage -0.6 0.5 -3.6 -1.5 -9.6 -1.4 -9.0 -6.6 -9.0 -8.6 -9.7 -5.7 -5.1 -2.7 -0.1 -14.0 3.3 Information and communication activities -0.2 11.0 12.3 10.4 -2.7 2.6 -4.6 6.1 0.5 2.1 4.5 14.9 11.3 14.2 4.7 2.6 17.4 Professional, scientific and technical activities 7.9 3.6 8.3 10.1 3.0 -0.2 3.9 2.6 6.7 2.6 6.1 3.9 2.5 11.1 1.4 -2.1 6.7 Administrative and support service activities -1.0 4.4 9.3 7.3 6.1 10.1 6.8 5.9 7.7 4.8 5.7 1.8 4.1 11.0 3.2 1.0 5.4 -1.7 4.1 -2.1 -4.3 -5.4 -3.1 -2.9 -3.2 -5.0 -5.4 0.5 -0.6 -4.1 -0.1 4.9 -3.8 10.7 Real turnover in retail trade -2.2 4.1 -3.9 -12.4 -9.4 -6.8 -8.6 -7.9 -5.9 -7.2 -3.6 -4.8 -6.2 -2.1 0.7 -2.8 3.0 -1.1 Real turnover in the sale and maintenance of motor vehicles 3.5 16.6 11.3 16.9 14.8 10.5 16.4 17.2 11.2 12.7 18.2 18.1 11.2 14.1 10.9 2.2 21.2 1.2 -2.9 0.5 -5.2 -6.0 -9.1 -5.6 -5.6 -6.5 -9.2 -9.9 -2.5 -4.2 -7.6 -4.0 5.1 -6.7 11.4 -4.6 38.3 13.7 -1.3 12.9 7.0 -13.4 9.0 -5.6 8.0 3.8 2.4 8.7 -4.1 4.5 17.6 -10.5 -9.4 -14.9 5.3 1.1 -0.7 1.0 -6.6 3.1 -2.4 -7.8 6.6 33.1 -11.6 17.5 Civil engineering 20.3 29.6 8.1 13.0 9.0 -4.2 5.6 -7.7 -9.8 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays -45.3 Foreign tourists, overnight stays 96.9 67.9 48.4 20.9 38.6 37.0 16.1 15.2 -2.8 8.9 5.3 4.8 14.1 -2.5 5.8 37.0 44.7 32.1 23.1 22.6 17.9 7.4 17.8 10.1 23.4 15.2 14.8 17.7 7.4 12.3 10.1 9.0 69.2 60.2 54.7 63.6 56.3 63.0 60.6 64.7 58.8 66.1 78.4 61.4 63.6 55.7 51.8 58.4 57.0 0.0 -1.1 -1.3 -1.8 -2.6 -3.0 -4.8 -6.4 -5.9 -4.9 -5.4 -4.9 -3.7 -3.1 -3.2 -4.1 -2.0 -2.3 -2.0 in manufacturing -5 -3 -5 -6 -9 -9 -10 -11 -10 -9 -10 -9 -8 -7 -9 -10 -8 -8 -8 in construction 22 19 18 13 17 13 12 13 9 14 10 13 16 13 7 11 4 7 3 in services 19 18 19 20 18 18 15 13 12 13 14 14 14 13 18 16 17 16 15 in retail trade 23 19 17 8 19 13 17 1 19 15 13 4 15 16 10 5 22 14 20 consumer confidence indicator -31 -35 -34 -33 -31 -29 -34 -33 -34 -33 -33 -32 -31 -28 -29 -29 -26 -26 -23 Accommodation and food service activities 7.4 -10.6 -20.3 -21.7 -34.4 -50.2 14.7 AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator 38 Slovenian Economic Mirror, No 5/2024 Statistical Appendix 2022 2023 2024 2022 Labour market 2021 2022 2023 FORMAL LABOUR FORCE (A=B+E) 974.6 978.7 982.4 976.9 976.2 976.5 985.2 982.0 981.5 979.6 986.7 991.0 976.2 976.6 975.5 977.3 983.2 983.7 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 900.3 922.0 933.7 912.5 920.2 923.0 932.3 929.0 934.2 932.7 939.1 941.6 922.3 922.3 921.6 925.2 930.2 931.2 In agriculture, forestry, fishing In industry, construction 25.7 24.9 24.3 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 Q3 24.3 Q4 24.2 Q1 23.6 6 24.9 7 24.9 8 24.9 9 24.9 10 24.9 11 24.9 294.1 304.7 308.4 300.1 303.6 305.9 309.5 307.4 309.0 307.9 309.2 312.5 304.4 306.0 305.3 306.4 308.3 308.1 - in manufacturing 205.6 210.8 211.4 209.1 210.5 210.6 212.9 211.8 212.0 210.7 211.2 212.2 210.6 210.6 210.3 210.9 212.2 212.2 - in construction 67.8 In services 73.0 75.7 70.2 72.2 74.2 75.5 74.5 75.7 75.9 76.5 78.9 72.8 74.4 74.0 74.4 75.0 74.8 580.4 592.4 601.1 587.6 591.8 592.2 597.9 597.4 600.8 600.4 605.7 605.6 593.1 591.3 591.3 593.9 597.0 598.2 - in public administration - in education, health-services and social work 49.6 49.5 49.2 49.4 49.5 49.5 49.6 49.1 49.2 49.1 49.4 49.4 49.4 49.5 49.5 49.5 49.6 49.6 146.1 149.7 153.0 148.9 149.7 148.8 151.6 152.1 153.0 152.1 154.8 155.4 149.8 148.4 148.2 150.0 151.2 151.7 FORMALLY EMPLOYED (C) 804.4 824.1 833.4 815.8 822.8 824.8 833.1 830.0 834.2 831.9 837.5 839.9 824.6 824.3 823.4 826.7 831.3 831.9 In enterprises and organisations 756.2 775.8 785.5 768.3 774.4 776.0 784.4 782.3 785.9 783.9 789.8 793.3 775.9 775.5 774.6 777.9 782.3 783.1 1 By those self-employed 48.2 48.3 47.9 47.5 48.4 48.8 48.7 47.7 46.6 48.7 48.8 48.7 48.8 49.0 48.8 SELF-EMPLOYED AND FARMERS (D) 95.8 97.9 100.4 96.7 97.4 98.2 99.1 99.0 100.0 100.8 101.7 101.7 97.7 98.0 98.2 98.5 98.9 99.2 REGISTERED UNEMPLOYMENT (E) 74.3 56.7 48.7 64.4 55.9 53.4 52.9 53.0 47.3 46.9 47.6 49.4 53.9 54.3 53.9 52.0 53.0 52.5 Female 37.9 28.6 24.3 32.1 28.3 27.4 26.6 26.2 23.7 23.8 23.6 23.9 27.3 27.9 27.8 26.5 26.9 26.6 By age: 15 to 29 14.2 10.5 9.2 11.9 10.0 9.5 10.6 10.0 8.5 8.4 9.9 9.6 9.5 9.6 9.6 9.2 10.9 10.6 Aged over 50 28.2 22.3 19.0 25.2 22.4 21.2 20.4 20.6 18.9 18.5 17.9 18.8 21.7 21.6 21.3 20.8 20.4 20.3 Primary education or less 23.5 18.0 15.9 20.9 17.7 16.7 16.8 17.4 15.4 15.0 15.6 16.9 17.0 16.8 16.7 16.5 16.5 16.6 For more than 1 year 40.5 30.1 22.4 35.5 31.0 27.9 25.9 24.4 22.6 21.7 21.0 20.6 29.6 28.6 28.0 27.1 26.5 25.9 Those receiving benefits 18.9 15.1 14.1 17.8 14.3 14.5 14.0 15.9 13.1 13.8 13.6 16.5 13.9 14.6 14.8 14.2 13.0 14.1 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.6 5.8 5.0 6.6 5.7 5.5 5.3 5.4 4.8 4.8 4.8 5.0 5.5 5.6 5.5 5.3 5.3 5.3 Male 6.9 5.2 4.5 6.0 5.2 4.9 4.9 5.0 4.4 4.3 4.4 4.7 5.0 5.0 4.9 4.8 4.8 4.8 Female 8.5 6.5 5.5 7.2 6.4 6.2 6.0 5.9 5.3 5.4 5.3 5.4 6.2 6.3 6.3 6.0 6.0 6.0 FLOWS OF FORMAL LABOUR FORCE -1.8 -1.1 -0.4 -1.8 -2.2 -0.6 0.4 -1.0 -1.4 -0.1 0.8 -0.5 -2.0 0.5 -0.4 -1.9 0.9 -0.5 New unemployed first-job seekers 0.6 0.6 0.6 0.4 0.4 0.5 1.2 0.5 0.3 0.4 1.2 0.5 0.4 0.3 0.3 0.8 2.6 0.7 Redundancies 4.5 4.2 4.1 5.1 3.4 3.9 4.2 4.9 3.4 3.9 4.3 5.3 3.4 4.5 3.4 3.9 4.0 4.1 Registered unemployed who found employment 5.0 3.8 3.4 5.1 4.0 3.1 3.1 4.6 3.4 2.9 2.9 4.6 3.6 2.5 2.3 4.6 3.6 3.2 Other outflows from unemployment (net) 2.0 2.2 1.9 2.3 2.2 2.1 2.2 2.0 1.9 1.8 2.0 2.0 2.3 2.0 2.1 2.3 2.3 2.3 41.8 49.5 52.0 46.7 49.1 50.7 51.7 51.8 52.2 52.0 51.9 51.6 49.7 50.2 50.7 51.2 51.7 51.7 4.3 5.1 5.3 4.8 5.0 5.2 5.2 5.3 5.3 5.3 5.3 5.2 5.1 5.1 5.2 5.2 5.3 5.3 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.2 48.0 47.7 Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix Slovenian Economic Mirror, No 5/2024 2022 Labour market 12 2023 1 2 3 4 5 6 2024 7 8 9 10 11 12 1 2 3 4 FORMAL LABOUR FORCE (A=B+E) 988.5 982.1 982.3 981.8 981.6 981.3 981.6 980.3 978.6 979.7 984.8 985.6 989.6 990.6 991.4 991.2 991.2 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 935.3 926.7 928.9 931.4 933.0 934.1 935.4 933.0 931.2 933.7 937.6 938.5 941.3 939.0 941.6 944.3 945.9 In agriculture, forestry, fishing In industry, construction 24.8 24.2 24.2 24.3 24.3 24.4 24.4 39 24.3 24.3 24.3 24.2 24.2 24.2 23.5 23.5 23.6 5 6 23.6 312.0 306.4 307.3 308.4 309.0 308.9 309.1 308.8 307.7 307.3 308.7 308.1 310.7 311.3 312.6 313.6 314.0 - in manufacturing 214.3 211.7 211.5 212.1 212.1 212.1 211.8 211.2 210.7 210.2 211.0 210.6 212.2 212.2 212.3 212.3 212.3 - in construction 76.7 In services 73.7 74.7 75.1 75.7 75.5 76.0 76.3 75.7 75.7 76.3 76.2 77.2 77.8 79.0 79.9 80.3 598.5 596.1 597.4 598.8 599.6 600.8 602.0 599.9 599.2 602.2 604.7 606.1 606.4 604.2 605.5 607.1 608.3 - in public administration - in education, health-services and social work 49.4 49.0 49.2 49.2 49.1 49.2 49.1 49.1 49.2 49.1 49.3 49.3 49.5 49.3 49.3 49.5 49.6 151.9 151.6 152.2 152.7 152.8 153.1 153.0 151.8 151.5 153.1 154.2 154.9 155.2 154.9 155.4 155.8 156.2 FORMALLY EMPLOYED (C) 836.1 828.0 829.9 832.0 833.2 834.1 835.2 832.5 830.5 832.6 836.1 836.7 839.6 837.5 840.0 842.3 843.8 In enterprises and organisations 787.9 780.6 782.3 784.0 785.1 785.8 786.8 784.4 782.6 784.7 788.0 788.9 792.5 791.1 793.4 795.5 796.7 1 By those self-employed 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 99.3 98.7 99.0 99.4 99.8 100.0 100.3 100.5 100.8 101.1 101.5 101.8 101.7 101.5 101.7 102.0 102.2 REGISTERED UNEMPLOYMENT (E) 53.2 55.4 53.4 50.3 48.6 47.2 46.2 47.3 47.4 46.0 47.2 47.2 48.4 51.6 49.7 46.9 45.2 44.1 43.4 Female 26.4 27.1 26.3 25.1 24.3 23.6 23.2 24.0 24.1 23.1 23.7 23.6 23.5 24.7 24.0 22.9 22.3 21.8 21.4 By age: 15 to 29 10.4 10.7 10.1 9.3 8.8 8.5 8.2 8.4 8.5 8.5 10.0 9.8 9.9 10.1 9.6 9.0 8.5 8.1 7.9 Aged over 50 20.4 21.3 20.7 19.8 19.3 18.9 18.6 18.8 18.6 18.1 17.8 17.7 18.1 19.4 18.9 18.0 17.5 17.2 16.9 Primary education or less 17.2 18.2 17.6 16.4 15.8 15.4 15.0 15.1 14.9 15.0 15.1 15.4 16.4 17.7 17.1 15.8 15.1 14.6 14.2 For more than 1 year 25.4 25.2 24.4 23.6 23.0 22.6 22.2 22.0 21.7 21.4 21.2 21.0 20.8 21.1 20.6 20.1 19.6 19.3 19.1 Those receiving benefits 15.0 17.2 15.6 14.9 13.4 12.8 13.2 13.8 14.1 13.6 12.4 13.7 14.6 17.4 17.0 15.3 12.9 13.3 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 5.4 5.6 5.4 5.1 5.0 4.8 4.7 4.8 4.8 4.7 4.8 4.8 4.9 5.2 5.0 4.7 4.6 Male 4.9 5.3 5.0 4.7 4.5 4.4 4.3 4.3 4.3 4.3 4.4 4.4 4.6 4.9 4.7 4.4 4.2 Female 5.9 6.1 5.9 5.7 5.5 5.3 5.2 5.4 5.5 5.2 5.3 5.3 5.3 5.5 5.4 5.2 5.0 FLOWS OF FORMAL LABOUR FORCE 0.6 2.2 -2.0 -3.1 -1.7 -1.4 -1.0 1.1 0.1 -1.4 1.2 -0.1 1.2 3.3 -1.9 -2.8 -1.7 -1.1 -0.7 New unemployed first-job seekers 0.4 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.8 2.5 0.6 0.4 0.6 0.4 0.4 0.3 0.3 0.3 Redundancies 4.5 7.3 3.7 3.6 3.3 3.4 3.4 4.5 3.4 3.8 4.2 4.1 4.6 8.2 4.0 3.6 3.6 3.3 3.1 Registered unemployed who found employment 2.5 3.8 4.6 5.2 3.8 3.3 3.1 2.1 2.1 4.4 3.4 3.0 2.3 3.9 4.7 5.1 3.9 3.1 2.7 Other outflows from unemployment (net) 1.9 2.2 1.8 2.2 1.7 2.1 1.9 1.7 1.8 1.9 2.3 2.0 1.7 2.1 1.9 2.1 2.0 1.9 1.6 51.7 51.5 51.7 52.1 52.3 52.3 52.1 52.0 52.0 52.1 51.9 52.0 51.9 51.8 51.5 51.3 51.1 50.5 5.2 5.2 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.2 5.2 5.2 5.2 5.2 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.3 48.4 48.1 47.8 47.9 48.1 47.8 47.1 46.3 46.6 46.8 47.0 40 Slovenian Economic Mirror, No 5/2024 Statistical Appendix Wages in EUR 2023 Q1 24 Apr24 GROSS WAGE PER EMPLOYEE, nominal in € 2021 2022 2023 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 2022 8 9 10 y-o-y growth rates, % TOTAL 2,221 2,300 2,344 6.1 2.8 9.7 -1.2 0.8 5.0 6.5 10.4 9.9 10.0 8.7 7.2 5.7 6.1 7.3 Private sector activities (A–N; R–S) 2,153 2,246 2,291 5.8 6.0 9.6 4.0 6.6 6.7 6.9 11.1 9.5 9.2 8.9 7.9 7.0 7.2 7.7 Public service activities (OPQ) 2,436 2,465 2,462 6.8 -5.1 9.9 -12.5 -11.8 0.5 5.3 8.4 11.0 12.3 7.9 5.4 2.0 3.0 6.1 Industry (B–E) 2,243 2,314 2,401 5.7 6.2 10.1 4.4 6.9 7.6 6.2 12.2 10.4 8.2 9.7 7.8 7.9 8.5 8.0 Trad. market services (GHI) 1,959 2,057 2,066 5.7 6.7 9.5 4.5 7.5 6.6 8.2 10.8 9.0 9.7 8.4 7.6 6.9 7.3 8.3 Other market services (J–N; R–S) 2,408 2,526 2,580 5.6 5.4 9.3 3.4 5.7 5.6 6.7 10.0 8.9 9.9 8.3 7.3 6.0 5.7 6.9 A Agriculture, forestry and fishing 1,864 1,942 2,005 3.8 9.6 10.0 6.8 10.1 10.0 11.5 13.0 11.2 8.9 7.2 6.9 9.5 13.1 12.0 B Mining and quarrying 2,766 2,841 2,778 2.3 4.1 10.1 0.4 3.4 5.7 6.1 12.3 22.9 4.0 3.0 6.5 8.1 5.9 8.6 C Manufacturing 2,198 2,272 2,325 6.2 6.3 9.9 4.8 6.9 7.4 6.2 12.1 10.1 8.0 9.6 7.7 8.1 7.5 8.0 D Electricity, gas, steam and air conditioning supply 3,315 3,255 3,336 1.5 6.2 12.4 0.1 8.5 11.2 5.2 14.2 13.4 10.1 12.0 6.9 4.2 27.6 8.3 E Water supply sewerage, waste management and remediation activities 2,126 2,244 2,272 4.3 6.1 10.4 4.1 7.4 6.5 6.3 12.4 9.1 10.1 10.3 8.4 7.9 6.5 6.8 F Construction 1,746 1,873 1,926 7.1 7.0 9.6 6.8 7.1 6.5 7.9 10.9 9.3 9.7 8.8 11.6 7.7 6.5 8.1 G Wholesale and retail trade, repair of motor vehicles and motorcycles 2,050 2,154 2,208 5.4 6.3 9.1 4.8 7.7 5.7 7.2 10.2 8.5 9.5 8.3 7.0 5.9 6.3 7.7 H Transportation and storage 1,957 2,053 2,112 5.0 8.7 9.6 7.0 8.6 8.9 10.2 11.2 9.7 10.1 7.6 9.3 9.3 9.5 10.2 I Accommodation and food service activities 1,615 1,684 1,721 12.7 8.9 11.4 12.4 12.7 7.3 9.1 13.9 10.6 10.3 11.1 7.3 7.2 7.8 7.6 J Information and communication 2,943 3,114 3,121 4.7 5.6 7.3 4.9 6.0 5.9 5.6 7.3 8.0 7.3 6.7 7.0 4.2 7.6 7.3 K Financial and insurance activities 3,222 3,237 3,337 5.0 6.3 8.6 3.1 8.9 5.1 8.2 9.4 6.5 11.1 7.8 5.6 7.0 2.4 6.6 L Real estate activities 1,985 2,092 2,125 3.7 5.4 8.4 3.9 5.8 5.4 6.5 10.1 8.2 8.1 7.4 6.1 5.2 5.7 7.5 M Professional, scientific and technical activities 2,486 2,608 2,651 6.3 4.7 9.1 4.0 4.7 4.9 5.4 10.1 8.6 9.4 8.2 7.0 5.2 4.9 6.2 N Administrative and support service activities 1,598 1,736 1,757 5.9 7.8 11.2 5.8 8.1 8.6 9.0 12.8 11.2 11.6 9.7 10.0 10.4 8.7 9.2 O Public administration and defence, compulsory social security 2,675 2,678 2,708 6.9 -3.3 10.0 -9.8 -10.6 1.9 6.9 8.4 11.8 12.5 7.4 6.0 2.8 2.3 6.3 P Education 2,212 2,263 2,296 8.9 -5.1 9.7 -5.7 -10.7 -5.7 2.3 9.0 10.5 11.5 7.9 5.6 -3.0 0.5 2.2 Q Human health and social work activities 2,513 2,533 2,578 4.8 -6.3 10.2 -20.0 -13.8 6.6 7.3 8.0 11.0 13.3 8.5 4.9 6.9 6.5 10.4 R Arts, entertainment and recreation 2,180 2,211 2,244 9.4 2.2 9.6 3.0 2.4 0.5 3.7 10.8 10.2 10.3 7.3 4.9 0.0 1.4 0.5 S Other service activities 1,765 1,877 1,885 3.4 5.0 9.1 1.1 5.6 5.9 7.1 11.2 8.3 8.9 8.3 6.6 6.4 5.9 7.7 Source: SURS, calculations by IMAD. Note: Break in the time series for data from January 2024 onwards due to the switch to a new data source (SURS). Statistical Appendix Slovenian Economic Mirror, No 5/2024 Wages GROSS WAGE PER EMPLOYEE 2022 11 2023 12 1 2 3 4 5 6 41 2024 7 8 9 10 11 12 1 2 3 4 y-o-y growth rates, % TOTAL 7.7 4.6 11.5 10.7 9.2 9.0 11.0 9.9 10.0 10.7 9.5 9.2 8.1 8.7 8.0 7.6 6.0 6.5 Private sector activities (A–N; R–S) 8.4 4.7 12.6 11.3 9.6 8.2 10.9 9.4 9.5 9.8 8.3 9.7 8.5 8.7 9.1 8.5 6.0 8.4 Public service activities (OPQ) 5.5 4.5 8.5 9.0 7.8 10.9 11.1 11.0 11.1 13.2 12.8 7.9 7.0 8.9 5.1 5.1 6.0 1.3 Industry (B–E) 8.2 2.5 14.2 12.0 10.4 9.4 11.7 10.2 8.5 9.2 6.8 9.9 10.7 8.5 10.2 8.3 4.9 8.6 Trad. market services (GHI) 9.2 7.0 12.5 11.2 8.9 7.6 11.0 8.6 9.9 10.3 9.0 9.7 7.8 7.9 8.4 7.6 6.9 7.3 Other market services (J–N; R–S) 8.1 4.9 10.4 10.3 9.5 7.3 10.1 9.2 10.2 10.0 9.4 9.6 6.5 9.3 7.6 8.5 5.8 7.5 A Agriculture, forestry and fishing 8.5 14.1 15.8 13.1 10.1 11.1 11.3 11.2 11.7 9.3 5.8 8.8 11.5 1.4 7.6 7.3 5.9 7.1 15.1 -3.3 16.0 10.9 10.2 47.8 17.0 6.0 3.5 6.4 1.9 8.8 -0.4 1.2 11.6 8.7 -0.4 -18.2 C Manufacturing 8.5 2.3 14.2 12.0 10.1 9.3 11.7 9.4 8.1 8.8 7.1 9.8 10.8 8.0 10.2 8.3 4.9 8.9 D Electricity, gas, steam and air conditioning supply 4.3 3.5 16.0 10.0 16.3 6.0 8.7 26.2 14.8 14.9 1.9 9.9 9.6 16.5 8.2 8.2 4.4 10.0 E Water supply sewerage, waste management and remediation activities 6.0 6.3 12.5 14.5 10.4 5.6 14.0 7.8 9.5 11.7 9.2 11.7 11.2 7.8 11.1 7.8 6.2 10.5 F Construction 8.1 7.4 12.9 11.1 8.9 8.4 10.2 9.2 10.3 9.6 9.2 8.7 7.6 10.2 12.0 13.5 9.6 15.1 G Wholesale and retail trade, repair of motor vehicles and motorcycles 7.7 6.2 11.9 11.0 7.9 6.2 11.1 8.5 9.7 10.0 8.8 9.8 8.0 7.3 7.4 7.4 6.3 7.0 H Transportation and storage 12.2 8.1 12.9 11.2 9.5 9.1 10.8 9.1 10.3 10.7 9.3 9.8 5.4 8.2 10.9 8.8 8.2 8.6 I Accommodation and food service activities 10.6 9.1 15.5 13.0 13.4 11.9 11.2 8.7 10.5 11.3 9.1 9.6 13.0 10.9 7.9 6.4 7.6 5.9 J Information and communication 6.1 3.6 8.8 6.6 6.6 6.8 8.9 8.3 8.0 7.8 6.0 7.9 6.4 6.1 7.9 8.4 4.7 7.1 K Financial and insurance activities 10.2 7.0 11.8 11.5 5.8 2.4 9.7 7.6 11.3 11.4 10.4 12.8 2.7 9.5 2.3 7.9 6.7 5.4 L Real estate activities 4.4 7.8 12.1 9.7 8.7 6.4 10.5 7.6 7.9 8.4 8.1 6.2 9.4 6.7 5.6 6.0 6.7 6.0 M Professional, scientific and technical activities 9.0 1.1 8.1 10.7 11.5 7.5 9.4 9.0 9.9 9.6 8.7 8.6 7.1 9.2 8.9 8.4 3.9 8.8 N Administrative and support service activities 6.0 12.3 13.7 13.5 11.1 10.4 12.1 10.9 11.3 10.7 12.7 10.1 6.6 12.7 10.7 10.2 9.0 9.9 O Public administration and defence, compulsory social security 6.7 7.7 8.8 9.4 7.1 10.7 12.0 12.6 11.1 14.0 12.3 7.2 6.5 8.5 6.0 5.6 6.3 1.8 P Education 1.4 3.4 9.3 8.8 8.8 10.5 10.5 10.4 10.4 11.3 12.7 8.1 7.4 8.1 5.1 5.4 6.3 2.1 Q Human health and social work activities 8.8 3.2 7.5 8.9 7.5 11.6 11.0 10.5 12.0 14.6 13.4 8.5 7.0 10.0 4.5 4.6 5.6 0.3 R Arts, entertainment and recreation 6.8 3.7 10.0 6.0 16.5 10.3 10.3 10.0 9.8 9.9 11.3 8.1 6.4 7.5 4.3 5.1 5.3 2.1 S Other service activities 8.3 5.5 13.0 12.5 8.2 8.3 8.8 7.8 8.9 9.2 8.6 7.7 8.9 8.3 6.0 6.3 7.5 4.6 B Mining and quarrying 42 Slovenian Economic Mirror, No 5/2024 Statistical Appendix Prices and indicators of overall competitiveness 2021 2022 2023 CPI, y-o-y growth rates, % 4.9 10.3 4.2 Food, non-alcoholic beverages 3.9 18.6 Alcoholic beverages, tobacco 2.4 Clothing and footwear 2022 Q2 2023 Q1 Q2 2024 Q3 Q4 Q3 Q4 Q1 8.5 10.7 10.1 9.9 8.2 6.6 5.3 3.4 4.6 10.8 13.8 18.3 18.9 14.4 10.2 6.0 6.0 9.4 5.0 6.4 6.2 9.2 9.2 8.9 5.9 2.3 1.3 2.0 2.9 2.3 3.8 6.4 Housing, water, electricity, gas 8.6 13.3 2.7 13.5 22.0 14.6 13.0 Furnishing, household equipm. 5.7 12.9 3.9 10.7 12.2 12.5 Medical, pharmaceutical produ. -0.5 7.2 8.5 3.0 3.7 Transport 12.5 9.3 -0.5 16.3 Communications -3.6 1.2 0.1 Recreation and culture 3.4 6.9 Education 0.5 Catering services 2022 Q2 6 7 8 9 2.3 10.4 11.0 11.0 10.0 10 9.9 11 10.0 2.0 0.1 12.5 13.2 13.8 14.4 17.2 19.0 9.3 6.3 5.3 5.3 5.9 6.5 6.8 7.0 5.5 6.6 1.9 3.8 2.0 2.0 1.8 2.6 4.2 2.7 1.9 9.2 5.3 5.2 4.3 1.9 23.9 24.6 25.3 16.2 15.6 14.9 11.8 9.1 6.4 4.6 2.2 1.2 12.3 12.0 11.6 13.0 12.5 12.0 5.7 6.7 11.3 11.8 8.8 8.7 5.1 3.2 3.4 3.8 4.0 3.7 6.3 16.9 10.1 5.0 1.0 -1.0 1.1 0.6 0.9 17.2 19.7 16.5 14.5 10.4 10.5 -4.6 -3.8 -0.8 2.6 3.7 3.8 2.6 -1.3 -0.4 -5.3 -3.7 -4.0 -3.8 -2.2 -1.4 6.3 5.9 5.3 6.6 8.6 7.9 8.5 6.7 3.8 2.9 5.7 4.8 5.2 5.9 6.6 6.2 1.4 8.7 0.3 0.5 1.3 2.1 4.6 5.3 8.7 8.1 6.1 0.4 0.4 0.4 0.8 1.3 1.3 6.1 10.8 7.9 9.0 9.1 10.2 11.2 9.1 9.0 8.5 6.1 6.9 9.5 8.8 9.0 9.6 9.9 9.8 Miscellaneous goods & services -2.1 8.9 6.2 2.6 4.1 6.7 7.1 7.5 7.4 6.5 5.4 4.8 3.1 3.6 4.1 4.7 5.5 5.8 HICP 5.1 10.8 3.8 9.0 11.3 10.6 9.9 8.0 6.3 5.0 3.4 2.4 10.8 11.7 11.5 10.6 10.3 10.8 Core inflation (excluding fresh food and energy) 3.1 7.4 5.2 5.6 6.3 6.9 7.8 8.0 7.4 5.9 4.2 3.2 6.0 6.1 6.3 6.6 6.7 6.5 10.6 19.3 0.0 21.7 21.1 19.9 15.5 7.1 2.4 0.4 -2.6 22.2 21.1 21.0 21.3 20.6 19.7 Domestic market 10.6 23.3 2.0 24.8 25.2 23.9 19.2 9.9 4.6 2.5 -2.3 25.4 24.6 25.3 25.7 25.1 23.2 Non-domestic market 10.6 15.3 -2.0 18.5 17.0 15.8 11.8 4.3 0.2 -1.6 -3.0 18.9 17.5 16.7 16.8 16.0 16.2 11.6 15.4 -1.9 20.5 19.3 16.2 11.8 3.8 -0.7 -1.8 -3.5 21.2 20.1 19.3 18.4 16.7 16.6 8.5 15.1 -2.2 14.6 12.6 15.0 11.4 4.6 1.9 -1.2 -1.4 14.5 12.5 11.7 13.7 14.6 15.4 25.9 11.9 -4.1 29.5 24.9 14.6 6.4 -1.6 -4.4 -4.2 -3.6 29.2 26.6 25.6 22.6 17.7 14.3 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Euro area Non-euro area Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.0 -1.7 0.8 -2.0 -2.3 -0.7 0.1 0.7 1.8 0.6 0.4 0.4 -1.7 -2.3 -2.4 -2.3 -1.4 -0.7 Real (deflator HICP) -0.4 -0.4 2.4 -0.7 -0.2 0.3 1.6 2.3 3.1 2.5 1.2 0.3 0.8 0.6 0.1 -1.3 -1.0 0.6 Real (deflator ULC) 0.6 -0.2 5.7 -3.2 0.7 4.6 6.7 6.7 5.9 3.8 2.7 1.184 1.054 1.082 1.065 1.007 1.021 1.073 1.089 1.088 1.076 1.086 1.077 1.057 1.018 1.013 0.990 0.983 1.020 USD / EUR Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix Slovenian Economic Mirror, No 5/2024 Prices and indicators of overall competitiveness 2022 12 1 CPI, y-o-y growth rates, % 10.3 10.0 9.3 10.5 9.4 8.4 6.9 6.1 6.2 7.5 6.9 4.9 4.2 3.3 3.4 3.6 3.0 2.5 1.5 Food, non-alcoholic beverages 18.6 19.3 18.3 19.0 15.8 14.9 12.4 11.1 10.4 9.2 7.3 6.2 4.6 3.2 2.0 0.9 0.0 -0.2 0.5 Alcoholic beverages, tobacco 6.0 9.1 9.1 9.4 7.4 10.3 10.0 9.2 8.8 8.8 8.6 10.0 9.4 6.2 6.3 6.3 7.0 4.2 4.7 Clothing and footwear 2.3 3.9 1.8 5.6 8.3 5.3 5.6 7.3 6.6 5.9 2.7 1.6 1.3 1.9 4.6 4.8 2.4 1.9 1.7 Housing, water, electricity, gas 13.3 11.1 7.9 19.9 13.7 10.6 3.3 2.0 2.0 12.0 10.0 2.9 2.7 3.6 4.7 4.7 4.8 3.1 -2.3 Furnishing, household equipm. 12.9 12.3 12.2 10.8 10.2 8.9 8.1 6.7 6.8 5.7 5.0 4.9 3.9 3.1 1.6 1.9 2.0 1.2 0.5 Medical, pharmaceutical produ. 7.2 4.8 5.4 9.8 10.1 10.6 13.3 13.7 11.0 10.7 11.4 6.4 8.5 9.4 10.9 5.7 6.1 5.5 3.7 Transport 9.3 6.0 6.0 3.1 2.9 0.5 -0.3 -3.4 -0.6 0.9 3.1 0.7 -0.5 0.1 0.3 1.3 1.2 1.4 0.1 Communications 1.2 2.4 2.1 3.3 3.7 4.2 3.2 3.0 3.8 4.5 4.0 3.7 0.1 -1.6 -1.4 -0.9 -1.1 -0.3 0.1 Recreation and culture 6.9 10.1 9.6 6.1 7.5 7.7 8.5 8.9 8.7 7.8 7.1 6.7 6.3 2.7 2.6 6.0 3.2 2.9 2.7 Education 1.4 1.4 2.0 2.9 4.0 4.5 5.3 5.2 5.2 5.5 8.7 8.7 8.7 8.6 8.0 7.7 6.6 6 5.6 10.8 12.1 11.3 10.2 9.6 8.8 8.9 9.2 8.7 9.2 9.1 8.4 7.9 5.5 6.0 6.7 7.3 6.8 6.7 8.9 6.7 7.0 7.5 7.3 7.8 7.5 7.8 7.3 7.1 6.9 6.5 6.2 5.8 5.2 5.1 4.9 4.6 4.9 10.8 9.9 9.4 10.4 9.2 8.1 6.6 5.7 6.1 7.1 6.6 4.5 3.8 3.4 3.4 3.4 3.0 2.5 1.6 7.4 8.0 7.7 7.8 8.0 8.0 8.0 7.8 7.3 7.2 6.5 5.9 5.2 3.9 4.2 4.4 3.6 3.1 2.8 19.3 18.2 14.9 13.4 9.9 6.6 4.9 4.1 2.1 1.0 0.9 0.3 0.0 -1.0 -3.5 -3.3 -2.9 -2.4 Domestic market 23.3 22.1 18.6 16.9 13.3 9.2 7.3 6.8 3.9 3.1 2.5 2.9 2.0 0.3 -3.4 -3.7 -3.8 -3 Non-domestic market 15.3 14.3 11.2 9.8 6.4 4.0 2.5 1.4 0.3 -1.1 -0.7 -2.2 -2.0 -2.3 -3.6 -3.0 -1.9 -1.8 Euro area 15.4 14.4 10.9 10.0 6.5 3.4 1.5 0.7 -1.0 -1.7 -1.2 -2.3 -1.9 -2.1 -4.0 -4.5 -3.6 -2.7 Non-euro area 15.1 14.0 11.5 8.7 5.1 4.5 4.3 2.4 3.1 0.3 0.4 -1.9 -2.2 -3.0 -2.4 1.3 2.7 0.6 11.9 8.1 7.5 3.6 0.6 -1.9 -3.4 -5.0 -3.8 -4.3 -4.0 -4.5 -4.1 -3.4 -3.9 -3.4 -2.1 -2.1 Catering services Miscellaneous goods & services HICP Core inflation (excluding fresh food and energy) 2023 43 2 3 4 5 6 2024 7 8 9 10 11 12 1 2 3 4 5 6 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.1 0.1 -0.1 0.3 1.0 0.5 0.5 1.7 1.9 1.6 0.9 0.7 0.1 0.3 0.3 0.6 0.3 0.6 0.2 Real (deflator HICP) 1.5 1.0 0.7 3.3 3.2 2.3 1.4 2.1 2.8 4.4 4.2 2.4 0.9 1.0 1.1 1.6 0.9 0.6 -0.4 1.059 1.077 1.072 1.071 1.097 1.087 1.084 1.106 1.091 1.068 1.056 1.081 1.090 1.091 1.079 1.087 1.073 1.081 1.076 Real (deflator ULC) USD / EUR 44 Slovenian Economic Mirror, No 5/2024 Statistical Appendix Balance of payments 2021 2022 2023 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 2022 Q1 5 6 7 8 9 10 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 1,951 -637 2,858 -178 -361 139 -238 720 1,039 531 568 681 -72 -118 -238 -61 438 63 882 -2,459 431 -613 -691 -451 -704 80 466 -1 -113 125 -226 -197 -273 -273 95 -205 Exports 35,255 42,328 41,420 9,900 10,873 10,759 10,796 10,894 10,804 9,502 10,220 10,399 3,684 3,814 3,507 3,258 3,994 3,679 Imports 34,373 44,787 40,990 10,513 11,564 11,209 11,500 10,815 10,338 9,503 10,333 10,274 3,910 4,011 3,780 3,531 3,899 3,884 Services 3,589 611 908 1,081 869 835 965 969 820 761 285 334 285 328 468 332 Exports 8,473 11,219 11,906 2,165 2,795 3,349 2,910 2,581 2,965 3,335 3,024 2,541 885 1,027 1,077 1,079 1,192 966 Imports 6,273 7,750 8,317 1,554 1,887 2,268 2,041 1,746 2,000 2,366 2,205 1,780 600 692 791 752 725 634 Primary income -505 -907 -638 42 -390 -306 -253 4 -170 -276 -196 -37 -92 -171 -161 -52 -93 -20 Receipts 1,968 2,077 3,037 528 508 456 586 687 876 673 801 804 178 180 133 143 180 162 Expenditures 2,473 2,984 3,675 486 898 762 839 683 1,046 949 997 842 270 351 293 196 273 182 -626 -739 -523 -218 -188 -185 -149 -198 -222 -160 58 -167 -38 -84 -90 -64 -31 -44 Receipts 1,157 1,314 1,734 290 336 323 365 327 361 403 643 448 114 121 103 91 129 108 Expenditures 1,783 2,053 2,257 507 524 508 514 525 584 563 585 616 152 205 193 155 160 152 171 -158 8 -36 -16 3 -109 -85 44 70 -21 16 8 -30 -11 36 -22 11 1,774 -1,784 2,160 -454 -409 32 -953 241 838 854 228 343 158 -242 106 -244 169 -152 Direct investment -414 -1,416 -572 -241 -354 -320 -500 -263 -185 -124 0 -52 -248 14 -56 -223 -41 56 Assets 1,442 767 766 366 432 210 -240 209 327 154 75 568 97 142 271 -153 92 89 Liabilities 1,856 2,183 1,338 607 787 530 260 472 512 279 75 620 345 128 327 70 133 33 2,778 -12 -253 -1,298 644 -295 936 -606 162 -531 723 1,344 85 304 -251 198 -242 447 109 -127 41 13 32 52 -112 -17 -11 30 41 38 -51 513 -1,293 1,032 842 1,478 -506 -1,043 311 -555 386 -264 391 -616 -161 Secondary income Capital account Financial account Portfolio investment Financial derivatives 2,200 3,469 30 -79 138 -17 -45 Other investment -1,444 -446 2,845 1,025 -691 Assets 2,923 2,980 5,788 1,627 830 1,274 -751 2,763 1,107 2,369 -450 -717 179 468 -210 346 1,138 4 18 -3 10 2 0 5 -4 1 0 0 8 0 1 0 0 0 0 1,422 1,951 5,147 810 336 1,334 -528 2,156 919 2,439 -367 -1,319 101 437 -300 569 1,066 -393 348 339 178 -27 186 33 148 34 74 -38 107 -49 47 42 -43 48 27 8 22 -8 70 0 8 -13 -3 9 -6 62 5 -15 3 3 -4 -4 -4 -1 147 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances 873 830 310 909 362 7 -448 688 127 -197 -309 591 25 44 93 -243 157 Other assets 254 -150 88 -75 -63 -88 76 -120 -10 103 114 68 3 -59 44 -24 -108 78 4,367 3,426 2,943 602 1,521 761 542 1,732 264 891 56 325 -132 1,023 -596 610 747 455 Liabilities Other equity -38 1 6 -1 -1 1 2 11 1 -6 0 2 0 -1 0 0 0 0 2,359 1,715 1,834 526 237 552 400 391 393 767 283 132 -38 244 59 263 230 37 Loans 16 928 1,201 -395 781 328 214 999 84 511 -394 22 -25 475 -396 409 314 47 Insurance, pension schemes, and standardised guarantee schemes 21 3 41 22 -34 22 -7 54 13 -38 12 -15 -11 -11 7 7 7 -2 Currency and deposits Trade credit and advances 1,119 783 -376 426 426 -95 26 129 -341 -137 -27 176 -106 323 -244 -43 193 368 Other liabilities 215 -9 235 24 112 -49 -95 146 114 -207 183 10 48 -8 -23 -26 0 4 Special drawing rights (SDR) 675 4 2 0 1 2 2 1 1 1 0 0 0 1 1 -1 2 2 824 168 2 77 37 24 31 37 6 -1 -41 205 27 5 -3 4 22 13 -349 -989 -706 -240 -32 -111 -606 -395 -245 253 -319 -354 222 -94 355 -218 -247 -226 Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,991 1,090 1,244 1,181 1,301 1,181 1,222 1,208 1,381 1,189 411 461 385 348 449 411 Intermediate goods 19,633 25,627 23,592 4,067 4,816 6,008 6,626 6,646 6,347 6,455 6,277 5,312 5,548 5,849 2,229 2,330 2,218 1,974 2,454 2,203 Consumer goods 15,744 22,167 26,414 1,722 4,196 6,218 6,251 5,501 6,636 6,534 6,194 7,050 7,470 2,075 2,466 2,056 1,812 2,383 5,930 1,377 1,455 1,443 1,562 1,389 1,443 1,367 1,732 1,455 497 542 481 458 504 469 Intermediate goods 24,076 34,147 34,488 7,869 8,969 8,893 8,416 8,862 8,727 8,505 8,393 9,433 3,354 2,836 2,822 2,858 3,214 2,964 Consumer goods 12,588 16,620 16,666 3,726 4,392 4,191 4,311 4,326 4,041 4,187 4,112 5,020 1,369 1,514 1,417 1,442 1,332 1,460 Import of investment goods 4,885 5,838 Sources: BoS, SURS, Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix Slovenian Economic Mirror, No 5/2024 Balance of payments 2022 11 2023 12 1 2 3 4 45 2024 5 6 7 8 9 10 11 12 1 2 3 4 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account -107 -193 191 135 394 137 532 370 120 92 319 245 266 56 248 130 303 383 365 Goods -238 -261 -47 -64 192 53 217 195 90 -210 119 32 -52 -93 118 -55 62 31 51 Exports 3,707 3,410 3,338 3,416 4,140 3,305 3,782 3,718 3,258 2,763 3,482 3,602 3,565 3,053 3,330 3,411 3,658 3,645 3,534 Imports 3,945 3,671 3,386 3,481 3,948 3,251 3,564 3,523 3,167 2,973 3,363 3,570 3,617 3,146 3,212 3,466 3,596 3,614 3,484 Services 299 258 256 322 231 271 244 235 282 324 333 Exports 878 1,067 798 808 975 855 1,003 1,107 1,124 1,152 1,059 1,014 944 1,067 793 816 932 988 977 Imports 639 768 540 553 653 624 650 726 842 778 746 722 687 796 549 581 650 663 644 Primary income -53 -179 66 14 -76 -98 55 -126 -177 -58 -40 -59 -1 -136 -38 4 -3 -14 8 Receipts 190 234 252 208 228 232 369 275 219 218 236 256 243 302 249 275 281 267 292 Expenditures 243 413 186 194 303 330 315 401 396 276 276 315 244 438 287 271 283 281 284 -54 -51 -85 -70 -43 -49 -93 -80 -75 -13 -73 -20 63 14 -75 -53 -39 42 -27 Receipts 105 151 97 108 122 119 113 130 100 160 143 168 248 228 157 140 151 229 152 Expenditures 179 Secondary income 238 353 381 282 374 313 292 256 160 202 182 178 165 168 206 210 174 173 216 187 184 214 232 193 190 187 Capital account 45 -165 -59 5 -31 72 4 -31 6 37 27 47 21 -89 56 0 -40 8 -48 Financial account 27 -828 277 131 -168 307 336 195 219 308 327 573 117 -462 421 89 -166 299 377 -36 Direct investment -203 -353 14 -129 -148 -61 28 -152 60 -193 9 72 107 -179 2 -177 123 71 Assets -23 -307 99 134 -24 107 267 -47 -44 -42 241 147 191 -263 114 135 320 139 78 Liabilities 180 46 85 263 124 168 240 104 -104 151 232 74 84 -83 112 311 197 67 115 -537 1,394 -428 Portfolio investment 53 437 -1,260 Financial derivatives -36 -40 Other investment Assets Other equity Currency and deposits 371 283 78 565 -482 -66 259 -724 497 -48 274 18 9 13 9 1 3 17 8 6 11 23 18 204 -880 1,472 -161 -279 268 -238 812 196 232 1,050 -34 54 -31 -558 1,208 1,306 236 1,877 3 -103 250 -41 181 967 256 0 -1 -2 1 0 0 0 -33 1,230 984 -58 -8 184 743 369 3 487 274 -42 -37 -8 -1 -527 909 -1,201 -750 -82 836 852 -33 97 -90 -456 318 -789 -246 -45 0 1 -1 0 1 6 1 3 0 566 1,504 -219 -89 -59 474 -1,131 -662 -62 976 0 Loans 65 75 -2 54 -19 19 28 27 -24 2 -16 27 26 55 -39 20 -31 2 -73 Insurance, pension schemes, and standardised guarantee schemes -1 -1 3 3 3 -2 -2 -2 21 21 21 2 2 2 -5 -5 -5 0 0 Trade credit and advances 48 -643 87 238 363 -72 -31 230 -111 -359 273 229 -83 -455 -115 307 400 31 -86 Other assets -43 41 -111 28 -37 20 2 -32 2 6 96 57 56 1 2 14 52 -18 35 -235 323 -264 1,467 529 -310 419 155 60 4 827 130 -144 70 -591 412 504 37 16 1 1 10 0 1 0 1 0 -6 0 0 0 0 0 0 1 1 0 0 Currency and deposits 386 -22 14 180 197 -6 102 298 245 182 340 32 123 129 -220 78 274 15 91 Loans -302 469 -32 1,023 8 105 155 -176 55 187 270 116 -343 -168 112 -19 -72 155 -88 -2 -2 18 18 18 4 4 4 -13 -13 -13 4 4 4 -5 -5 -5 0 0 -257 -85 -322 218 233 -431 95 -4 -117 -287 267 -55 -9 36 -390 313 253 -48 -26 -58 -41 46 32 69 15 68 30 -107 -60 -40 29 87 66 -92 51 50 -89 46 -3 2 3 -5 3 3 -5 3 3 -6 3 3 -7 3 3 -7 3 3 -6 8 10 34 41 -38 12 -20 14 12 2 -14 26 -19 -48 80 115 10 44 7 89 -469 145 -9 -531 98 -200 -144 93 178 -18 280 -170 -429 117 -41 -430 -92 60 385 463 360 427 435 392 378 438 469 446 466 363 396 430 427 409 Liabilities Other equity Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other liabilities Special drawing rights (SDR) Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 431 459 333 Intermediate goods 2,293 1,851 2,025 2,098 2,332 1,890 2,149 2,238 1,809 1,542 1,961 1,974 2,048 1,526 1,917 1,939 1,994 2,007 1,927 Consumer goods 2,088 1,692 2,176 2,009 2,450 1,661 2,344 2,529 2,176 1,682 2,337 2,454 2,640 1,956 2,679 2,120 2,671 3,467 2,701 Import of investment goods 518 576 401 470 518 443 501 499 441 425 500 515 593 625 415 493 547 468 457 Intermediate goods 2,943 2,508 2,910 2,601 3,351 2,573 3,370 2,784 2,293 2,782 3,431 3,091 3,249 2,053 3,237 3,279 2,917 3,633 3,727 Consumer goods 1,377 1,474 1,541 1,205 1,580 1,244 1,431 1,366 1,088 1,566 1,533 1,295 1,536 1,281 1,535 1,799 1,686 1,645 1,388 46 Slovenian Economic Mirror, No 5/2024 Statistical Appendix Monetary indicators and interest rates 2021 2022 2023 2022 1 2 2023 3 4 5 6 7 8 9 10 11 12 1 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) 14,460 12,247 12,921 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 12,425 12,733 12,247 12,706 3,538 2,858 3,142 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 3,060 3,086 2,830 2,981 693 764 855 706 698 693 691 689 692 691 695 695 702 710 764 764 Other government (S,1312,1313,1314) Households (S,14, 15) 14,546 11,556 12,439 12,885 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 12,387 12,425 12,439 12,444 Non-financial corporations (S,11) 9,828 10,988 10,390 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 11,281 11,349 10,987 11,210 Non-monetary financial institutions (S,123, 124, 125) 1,602 1,301 1,616 1,637 1,734 1,743 1,752 1,778 1,820 1,828 1,852 1,883 1,865 1,903 1,909 Monetary financial institutions (S,121, 122) 10,607 9,764 11,707 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 8,834 9,124 9,761 9,546 34,136 35,279 36,727 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 34,599 34,982 35,279 35,284 1,903 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 284 256 212 281 273 303 320 298 295 310 302 292 265 262 256 251 3,302 3,096 3,268 3,432 3,474 3,320 3,368 3,495 3,469 3,511 3,401 3,226 3,193 3,229 3,064 3,234 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,152 38,980 39,444 37,999 38,014 37,946 38,013 38,338 37,574 37,805 38,130 38,293 38,537 38,573 38,980 38,815 Overnight 29,146 31,836 31,034 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 30,845 31,170 31,836 31,650 With agreed maturity – short-term 2,707 3,066 3,721 2,619 2,595 2,674 2,622 2,666 2,639 2,719 2,693 2,790 3,057 2,848 3,066 3,120 With agreed maturity – long-term 5,849 3,751 4,147 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 4,332 4,228 3,751 3,699 Short-term deposits redeemable at notice 450 327 542 477 468 411 340 332 282 271 281 289 303 327 327 346 Deposits in foreign currency, total 828 974 890 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 1,066 1,033 974 931 Overnight 790 891 821 799 817 847 883 894 953 964 1,005 1,041 957 927 891 851 With agreed maturity – short-term 27 76 61 24 24 109 115 134 132 131 120 113 102 99 76 74 With agreed maturity – long-term 11 7 8 11 10 9 9 8 8 8 8 7 7 7 7 6 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.01 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.03 0.02 0.09 Time deposits with maturity of up to one year 0.12 0.08 0.85 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.13 0.15 0.18 0.19 0.25 1.72 2.31 3.80 1.66 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 2.96 3.36 3.55 3.66 1.77 4.98 1.35 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 .. 3.87 1.26 .. 0.00 0.67 3.88 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 1.25 1.25 2.00 2.50 2.50 3-month rates -0.549 0.342 3.431 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 1.428 1.825 2.066 2.345 6-month rates -0.523 0.673 3.690 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 1.997 2.321 2.560 2.858 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.13 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 5/2024 Monetary indicators and interest rates 2023 2 3 4 5 6 47 2024 7 8 9 10 11 12 1 2 3 4 5 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 12,411 12,179 12,321 12,414 12,307 12,289 12,260 12,027 12,139 12,492 12,921 12,859 12,783 12,907 12,776 12,766 2,965 2,913 2,957 2,995 3,017 3,010 2,996 2,970 3,055 3,097 3,142 3,300 3,319 3,501 3,532 3,560 775 775 761 776 774 782 785 786 789 789 856 860 860 855 852 848 Households (S,14, 15) 12,424 12,495 12,509 12,552 12,522 12,598 12,662 12,725 12,799 12,867 12,885 12,912 12,961 13,041 13,133 13,211 Non-financial corporations (S,11) 10,921 10,787 11,030 10,963 10,996 10,987 10,905 10,834 10,910 10,798 10,391 10,394 10,361 10,394 10,456 10,419 Non-monetary financial institutions (S,123, 124, 125) 1,165 1,181 1,193 1,214 1,233 1,244 1,239 1,254 1,262 1,270 1,301 1,307 1,309 1,316 1,338 1,342 Monetary financial institutions (S,121, 122) 10,029 10,587 9,995 10,074 11,225 11,321 11,728 11,385 10,753 11,013 11,707 10,749 10,372 9,519 8,849 9,482 34,835 35,324 34,984 35,078 36,163 36,345 36,728 36,591 36,116 36,295 36,729 35,795 35,427 34,656 34,161 34,809 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 252 243 247 247 243 245 241 216 215 219 212 210 207 200 195 202 3,107 3,088 3,131 3,175 3,286 3,280 3,274 3,066 3,157 3,242 3,268 3,445 3,543 3,766 3,800 3,845 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,497 38,322 38,207 38,374 38,293 38,362 38,651 38,568 38,740 38,864 39,444 38,907 38,807 38,867 38,667 38,738 Overnight 31,196 31,107 30,968 31,020 31,260 31,353 31,442 31,048 30,868 30,726 31,034 30,496 30,273 30,031 29,913 29,960 With agreed maturity – short-term 3,241 3,268 3,223 3,285 3,308 3,240 3,359 3,381 3,515 3,569 3,721 4,064 4,058 4,336 4,292 4,205 With agreed maturity – long-term 3,693 3,620 3,686 3,715 3,364 3,400 3,409 3,668 3,870 4,038 4,147 4,231 4,356 4,317 4,351 4,391 Short-term deposits redeemable at notice 367 327 330 354 361 369 441 471 487 531 542 116 120 183 111 182 Deposits in foreign currency, total 946 931 922 926 898 904 940 918 912 920 890 908 896 884 814 811 Overnight 860 849 840 838 804 815 854 849 889 849 821 839 826 811 772 771 With agreed maturity – short-term 80 76 76 81 87 82 79 62 15 63 61 60 60 63 32 31 With agreed maturity – long-term 6 6 6 7 7 7 7 7 8 8 8 9 10 10 10 9 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.09 0.09 0.09 0.10 0.10 0.14 0.14 0.13 0.13 0.14 0.13 0.13 0.13 0.14 0.14 0.14 Time deposits with maturity of up to one year 0.37 0.58 0.44 0.47 0.72 0.88 1.05 1.29 1.46 1.31 1.34 1.42 1.36 1.37 1.34 1.36 3.79 3.83 3.89 3.86 3.80 3.80 3.80 3.74 3.78 3.8 3.88 3.84 3.71 3.72 3.67 3.60 5.12 5.12 .. 7.12 6.06 4.69 2.29 4.82 4.27 5.34 0.60 1.37 .. 3.45 4.96 3.00 3.50 3.50 3.75 4.00 4.00 4.25 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3-month rates 2.640 2.911 3.167 3.366 3.536 3.672 3.780 3.880 3.968 3.972 3.933 3.925 3.923 3.922 3.8864 3.8137 6-month rates 3.135 3.267 3.498 3.679 3.825 3.943 3.945 4.030 4.115 4.065 3.924 3.892 3.901 3.893 3.8393 3.7879 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate .. INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR 48 Slovenian Economic Mirror, No 5/2024 Statistical Appendix Public finance 2021 2022 2023 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 2024 Q3 Q4 Q1 7 8 9 10 11 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 21,382.6 23,311.4 25,034.8 5,613.9 6,079.7 5,648.8 5,969.0 5,736.3 6,274.9 6,045.9 6,977.8 6,198.8 1,807.8 1,898.1 1,942.9 1,902.3 1,956.8 Current revenues 20,124.0 21,966.7 23,386.7 5,138.5 5,824.1 5,398.2 5,605.9 5,401.7 6,000.1 5,743.3 6,241.6 5,959.4 1,750.1 1,806.2 1,841.9 1,799.5 1,868.9 Tax revenues 18,785.7 20,557.0 21,977.3 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 5,877.8 5,662.6 1,633.5 1,688.2 1,708.0 1,720.2 1,730.5 Taxes on income and profit 3,981.3 4,517.4 4,601.4 1,049.7 1,485.3 959.7 1,233.1 1,251.4 132.7 371.6 328.5 347.1 381.2 Social security contributions 7,928.1 8,503.7 9,258.4 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 2,441.7 2,526.7 700.6 697.7 700.0 693.7 730.2 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Taxes on international trade & transactions Other taxes Non-tax revenues Capital revenues 832.8 1,149.5 1,100.5 1,308.1 23.9 26.7 27.5 6.0 6.7 6.5 7.4 6.2 6.9 6.5 7.9 7.0 2.4 1.9 2.1 2.2 2.3 316.9 336.5 346.9 32.4 82.1 128.6 93.5 38.9 90.0 116.9 101.1 30.4 48.9 41.6 38.1 45.1 33.8 6,359.2 6,883.8 7,508.8 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 2,063.0 1,780.8 681.5 594.3 590.8 613.1 565.5 177.4 289.2 223.1 67.2 56.9 85.6 79.5 51.4 61.8 49.9 59.9 47.1 39.1 18.2 28.3 30.7 21.2 -1.1 -0.3 11.2 34.7 -10.8 11.3 -35.5 23.9 5.1 11.2 -29.0 19.2 28.2 -37.1 20.1 -11.8 -3.7 1,338.4 1,409.7 1,409.4 325.6 368.8 368.5 346.8 278.6 412.9 354.1 363.8 296.8 116.6 118.0 133.9 79.4 138.4 228.3 268.1 288.3 64.1 66.3 64.3 73.5 59.0 65.7 61.6 102.0 39.5 22.5 22.5 19.2 26.7 24.6 Grants 21.9 57.2 37.7 12.2 29.6 12.3 3.1 13.8 -8.7 19.7 12.9 2.6 0.2 0.2 11.8 0.2 0.5 Transferred revenues 57.3 57.7 228.8 0.4 22.0 30.2 5.2 3.6 0.4 67.3 157.6 5.1 0.0 30.0 0.2 0.8 1.8 961.8 1,093.2 398.8 137.8 143.8 281.4 258.2 217.4 154.1 463.5 192.2 34.9 39.2 69.7 75.1 61.0 Receipts from the EU budget 951.2 GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 24,299.8 24,886.3 27,308.4 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.1 6,430.4 8,428.8 6,570.2 1,952.5 1,938.5 1,934.7 1,909.1 2,319.2 Current expenditures 10,393.6 10,283.4 11,572.2 2,697.3 2,348.8 2,423.2 2,814.1 2,687.5 2,655.1 2,735.5 3,494.1 3,018.4 820.1 814.1 789.1 802.2 904.0 Wages, salaries and other personnel expenditures 5,765.3 5,481.1 6,093.5 1,309.4 1,411.8 1,316.9 1,443.1 1,441.7 1,607.5 1,509.4 1,534.8 1,682.9 452.8 443.3 420.8 434.7 488.5 Expenditures on goods and services 3,336.6 3,556.6 3,868.7 845.0 806.5 838.8 1,066.3 786.9 902.2 909.7 1,269.8 910.3 284.3 288.1 266.4 279.1 312.7 Interest payments 732.2 661.5 711.0 336.1 16.4 212.6 96.4 370.2 18.1 219.2 103.4 361.0 56.2 65.1 91.3 17.5 65.9 Reserves 559.5 584.2 899.0 206.7 114.2 55.0 208.3 88.6 127.2 97.1 586.0 64.2 26.7 17.6 10.7 70.9 36.8 11,318.7 11,261.4 12,049.5 2,780.8 2,952.4 2,602.7 2,925.5 2,865.3 3,057.1 2,840.6 3,286.5 3,012.7 895.9 846.9 859.9 Current transfers Subsidies 152.3 34.8 17.7 42.2 28.9 55.0 Current transfers to individuals and households 9,167.7 9,294.5 9,730.6 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 2,547.3 2,311.8 2,554.1 2,526.8 773.9 731.1 718.4 727.7 820.5 Current transfers to non-profit institutions, other current domestic transfers 1,131.0 1,118.0 1,197.7 Current transfers abroad Capital expenditures 867.3 690.2 1,002.5 188.0 195.7 94.8 211.7 288.1 205.6 181.6 327.2 849.6 1,007.2 257.7 255.7 263.8 340.9 231.3 283.8 316.8 365.8 306.1 79.5 92.3 92.0 86.2 105.8 118.7 41.9 52.9 20.7 43.1 28.6 20.3 30.4 39.4 27.4 7.7 5.7 7.3 6.9 25.9 1,544.7 2,053.5 2,353.9 225.8 432.6 487.5 907.5 268.9 468.5 529.7 1,086.8 328.3 147.8 176.0 163.7 164.7 275.4 152.7 158.7 Capital transfers 413.9 558.5 660.4 43.2 60.5 132.2 322.5 41.8 80.0 163.0 375.6 67.6 35.1 30.3 66.9 38.0 67.6 Payments to the EU budget 628.9 729.5 672.3 182.2 172.7 180.0 194.6 166.6 158.5 161.5 185.7 143.2 53.5 71.2 55.3 54.5 65.0 -2,917.2 -1,574.9 -2,273.5 -315.5 112.8 -176.9 -1,195.2 -293.9 -144.2 -384.5 -1,451.0 -371.4 -144.7 -40.4 8.2 -6.8 -362.3 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 5/2024 Public finance 2022 12 2023 1 2 3 4 5 6 49 2024 7 8 9 10 11 12 1 2 3 4 5 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 2,110.0 1,982.8 1,817.0 1,936.5 2,205.5 1,953.0 2,116.4 1,939.9 1,987.9 2,118.1 2,271.1 2,169.9 2,536.8 2,216.9 1,986.1 1,995.8 2,599.3 2,218.3 Current revenues 1,937.4 1,882.3 1,720.9 1,798.5 2,046.3 1,892.8 2,061.0 1,874.0 1,943.0 1,926.3 2,048.5 2,018.3 2,174.8 2,086.6 1,957.0 1,915.9 2,522.4 2,152.3 Tax revenues 1,808.4 1,788.9 1,635.0 1,699.2 1,945.7 1,782.5 1,859.0 1,763.0 1,814.5 1,811.7 1,945.2 1,915.0 2,017.6 1,997.3 1,861.6 1,803.7 2,415.0 2,022.5 Taxes on income and profit 421.2 353.7 360.3 386.5 419.9 458.0 430.2 178.1 419.8 361.8 394.5 390.6 448.1 412.4 415.0 424.0 699.2 491.0 Social security contributions 841.7 720.8 754.3 749.4 759.2 764.7 763.9 765.7 768.0 770.7 759.2 778.2 904.3 810.6 857.2 858.8 882.3 868.3 2.9 2.0 2.1 2.1 2.4 2.2 2.3 2.4 1.9 2.2 2.4 2.5 3.1 2.4 2.2 2.4 2.6 2.6 14.6 11.2 8.4 19.3 24.5 25.4 40.0 44.7 40.8 31.5 43.9 39.5 17.7 10.8 8.1 11.6 29.2 23.7 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 520.4 631.8 502.6 543.2 681.5 546.5 599.6 747.9 587.9 604.8 723.2 692.9 646.9 715.1 563.5 502.3 766.8 631.5 Taxes on international trade & transactions 27.6 17.9 19.6 13.9 25.1 13.7 23.1 12.3 12.8 24.9 13.3 21.9 24.7 10.8 11.1 25.2 12.4 11.8 Other taxes -20.0 51.6 -12.3 -15.3 33.2 -27.9 -0.2 11.9 -16.6 15.8 8.7 -10.5 -27.2 35.2 4.5 -20.5 22.4 -6.6 Non-tax revenues 129.0 93.4 85.8 99.4 100.6 110.3 202.0 111.0 128.4 114.6 103.3 103.3 157.2 89.3 95.4 112.2 107.4 129.8 22.2 15.0 20.1 23.8 20.4 19.3 26.0 21.8 16.7 23.1 25.4 53.0 23.6 11.7 13.6 14.1 14.6 15.2 Grants 2.5 0.9 12.2 0.6 0.6 -9.6 0.3 0.1 4.0 15.6 2.5 1.2 9.3 1.3 0.9 0.3 12.7 0.2 Transferred revenues 2.5 1.1 0.3 2.1 -0.6 0.7 0.3 0.7 1.6 65.0 130.0 18.0 9.6 0.6 0.8 3.7 1.6 1.5 145.3 83.4 63.4 111.4 138.7 49.8 28.8 43.4 22.7 88.1 64.6 79.4 319.5 116.7 13.7 61.7 48.0 49.0 Capital revenues Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 2,936.0 1,813.2 1,865.6 2,351.4 1,955.8 2,078.9 2,384.4 2,106.7 2,181.0 2,142.6 2,295.2 2,404.3 3,729.3 1,855.6 2,128.4 2,586.2 2,282.8 2,241.9 Current expenditures 1,107.9 778.7 787.6 1,121.1 809.2 842.6 1,003.2 885.3 968.5 881.8 930.3 955.2 1,608.6 801.7 892.5 1,324.2 988.3 1,010.5 Wages, salaries and other personnel expenditures 519.9 481.0 477.7 483.0 466.6 496.2 644.8 519.6 510.1 479.7 492.0 506.1 536.7 514.7 522.4 645.8 518.3 532.4 Expenditures on goods and services 474.4 230.9 256.0 300.0 264.3 310.1 327.8 302.9 329.2 277.6 375.6 355.4 538.8 257.0 317.6 335.7 352.5 390.3 13.0 47.8 22.5 299.9 2.6 5.5 10.0 59.0 81.5 78.7 15.7 70.3 17.4 23.9 30.8 306.2 83.6 7.4 Reserves 100.6 19.0 31.5 38.2 75.9 30.8 20.6 3.7 47.7 45.8 46.9 23.5 515.6 6.0 21.7 36.5 33.8 80.4 Current transfers 1,068.7 917.6 903.9 1,043.9 948.0 976.6 1,132.4 953.8 949.4 Subsidies 127.9 100.8 35.7 151.6 70.1 77.6 57.8 57.4 52.7 71.5 93.4 92.5 141.3 12.0 87.4 52.9 73.9 38.9 Current transfers to individuals and households 781.6 738.9 771.2 807.3 784.8 789.6 973.0 774.2 778.3 759.3 810.0 818.9 925.2 828.4 830.1 868.4 884.9 846.2 Current transfers to non-profit institutions, other current domestic transfers 148.9 70.2 90.3 70.8 80.8 103.7 99.3 105.4 113.6 97.8 107.6 103.2 154.9 76.6 108.0 121.5 133.3 133.8 10.3 7.7 6.7 14.2 12.3 5.7 2.3 16.8 4.8 8.7 3.5 25.5 10.4 6.6 9.2 11.6 7.2 4.4 Capital expenditures 467.4 57.4 92.8 118.7 132.7 168.8 167.0 170.0 180.2 179.5 206.0 254.1 626.7 69.2 124.7 134.4 119.0 142.7 Capital transfers 216.9 10.3 14.2 17.3 18.7 30.6 30.7 34.4 36.8 91.8 82.6 102.7 190.3 16.3 26.5 24.8 23.0 22.4 75.1 49.2 67.1 50.4 47.1 60.3 51.1 63.2 46.2 52.2 61.7 52.1 71.8 44.8 50.0 48.4 53.3 43.1 -826.1 169.6 249.7 -125.9 -268.0 -166.8 -193.1 -24.5 -24.1 -234.5 -1,192.5 361.3 -142.3 -590.4 316.5 -23.7 Interest payments Current transfers abroad Payments to the EU budget SURPLUS / DEFICIT -48.6 -414.9 937.4 1,014.6 1,040.2 1,231.8 923.6 1,034.8 1,054.3 1,099.3 1,023.2 50 Acronyms Slovenian Economic Mirror, No 5/2024 Acronyms Acronyms in the text BoS – Bank of Slovenia, CF – Cohesion Fund, CPI − Index of Consumer Prices, DDPO – Corporate income tax/CIT, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, ECP − European cohesion policy, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, GFS – Government Finance Statistics, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, IR – interest rate, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MKRR – Ministry of Cohesion and Regional Development, MWh – megawatt hour, NFI – Non-monetary Financial Institutions, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers' Index, REACT - EU – Recovery Assistance for Cohesion and the Territories of Europe, RES – renewable energy sources, SITC – Standard International Trade Classification, SODO – Electricity Distribution System Operator, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, ULC – Unit Labour Costs, USD – US Dollar, ZORZFS – Reconstruction, Development and Provision of Financial Resources Act, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CYCyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 5, Vol. XXX, 2024