Institute of Macroeconomic Analysis and Development Gregorčičeva 27 SI-1000 Ljubljana Slovenia Slovenian Economic Mirror 6/2024 Vol. XXX www.umar.gov.si/en Slovenian Economic Mirror (Ekonomsko ogledalo) No. 6 / Vol. XXX / 2024 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Acting Director Editor: Laura Južnik Rotar, PhD 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 Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič, Mojca Bizjak Ljubljana, October 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 .................................................................................................21 Balance of payments ............................................................................................22 Public finance ......................................................................................................23 Statistical appendix ............................................................................................25 The Economic Mirror is prepared based on statistical data available by 10 October 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 6/2024 In the spotlight In the spotlight 3 In the second quarter of 2024, euro area GDP grew by 0.2%, with economic sentiment indicators suggesting that similar growth continued in the third quarter. Growth in the second quarter was mainly due to net trade, along with positive contributions from government consumption and changes in inventories, while investments and, to a lesser extent, private consumption declined. Services contributed to the increase in value added, while activity in industry and construction declined. Survey indicators point to continued moderate economic growth in the euro area during the third quarter. The composite Purchasing Managers’ Indicator (PMI) slipped into contractionary territory in September (49.6), with the average value for the third quarter still suggesting weak growth in activity. Growth was driven by services, with services PMI remaining above 50 throughout the quarter. In contrast, the manufacturing PMI indicated further contraction in September amid a persistent decline in new orders. The Economic Sentiment Indicator (ESI) in the euro area has remained virtually unchanged since the beginning of the year but was slightly higher year-on-year in September. Sentiment improved among consumers and in services but weakened in other activities. According to the ECB and OECD projections from September, euro area GDP growth is expected to reach 0.8% or 0.7% this year respectively, with both institutions forecasting 1.3% growth for 2025. The available economic indicators for Slovenia were mostly higher year-on-year at the turn of the third quarter, while month-on-month they remained largely unchanged from the previous months. Both exports and imports of goods decreased month-on-month in August but remained higher than a year ago. In the first eight months, exports and imports of goods were on average higher year-on-year (by 3.1% and 2.8% respectively, based on original data). Trade in vehicles and pharmaceuticals were the main contributors to year-on-year growth. Trade in services was lower yearon-year in the first seven months. This was mainly due to trade in transport and other business services. In August, production volume in manufacturing remained largely unchanged from July (seasonally adjusted), following declines in previous months; in the first eight months of the year, production was 0.6% higher than the same period last year (working day-adjusted). After decreasing in the second quarter, real turnover in market services increased in July. It was also higher year-on-year in all segments except in transportation and storage, where it is still below last year’s levels. Real turnover in trade also rose in July, particularly in the sales of motor vehicles, but also in the sales of food and non-food products; it was also higher year-on-year. Construction activity, which has been gradually declining since the beginning of last year, was 12% lower year-on-year in July. Following an improvement in August, economic sentiment deteriorated slightly in September. However, compared to September last year, the economic climate indicator improved. The value of the confidence indicator was lower in retail trade and construction, where the decline in the confidence indicator was the sharpest compared to the previous year. In contrast, confidence indicators in other activities and among consumers were higher than a year ago. Growth in the number of persons in employment continued in July; when seasonally adjusted, the decline in the number of registered unemployed came to a halt in September; year-on-year wage growth was higher in July than in previous months. At the end of September, 43,847 people were unemployed, 1.4% fewer than at the end of August (not seasonally adjusted); the year-on-year decline in the number of unemployed was lower in September than in previous months. Amid labour shortages and retirement of older employees, the numbers of long-term unemployed and of unemployed over 55 fell year-on-year at the end of September, by 13.6% and 10% respectively. The number of persons in employment further increased slightly in July, while the year-on-year growth decreased slightly. In the last 12 months, this growth was mostly supported by the employment of foreign citizens, whose share among all persons in employment was 15.8% in July, 1.1 p.p. higher than a year earlier. The year-on-year real growth in the average gross wage was higher in July (5.8%) compared to previous months, mainly due to the partial adjustment of public sector wages to inflation. Growth in the private sector was also stronger. In the first seven months, the overall average gross wage increased by 3.8% in real terms (by 6.6% in nominal terms) – by 5.0% in the private sector (by 7.8% in nominal terms) and by 1.7% in the public sector (by 4.4% in nominal terms). 4 In the spotlight Slovenian Economic Mirror, No 6/2024 The year-on-year growth of consumer prices (0.6%) continued to moderate in September. Prices remained unchanged month-on-month on average, with the year-on-year inflation declining due to a higher base in September last year, largely influenced by the expiry of the partial exemption from the RES and CHP contribution. The year-on-year price decline in the housing, water, electricity, gas and other fuels group thus nearly doubled in September compared to August (-6.1%), while the monthly price drop was modest. After two months of strong seasonal price declines, the seasonal price increase in the clothing and footwear group was more pronounced in September than in previous years (14.3% month-on-month), though prices were still 0.6% lower year-on-year. The year-on-year growth of services prices moderated slightly but still remained relatively high (3.9%). The prices of food and non-alcoholic beverages rose slightly month-on-month in September, while their year-on-year growth remained low (1.5%). In the first eight months of this year, the deficit of the consolidated balance of public finances was lower year-on-year. It totalled EUR 379 million, compared to EUR 798 million in the same period last year. Revenues increased by 11.9% year-onyear. This growth was, in addition due to higher revenue from social contributions related to the transformation of the complementary health contribution into a mandatory contribution, mainly supported by revenue from corporate income tax. Personal income tax receipts also contributed to this government revenue growth, reflecting labour market conditions and the lack of adjustment of the income tax scale and tax relief to inflation this year. Growth in revenues from VAT also strengthened. Revenues from excise duties on energy and receipts from the EU budget were lower year-on-year. In the first eight months of the year, expenditure increased by 8.8% yearon-year. The key drivers of this increase were transfers to individuals and households, primarily due to the high regular annual indexation of pensions, expenditure on goods and services and other healthcare expenditure in connection with the transformation of the complementary health insurance into a mandatory contribution, flood recovery expenditure, and expenditure on salaries, wages and other personnel expenditure, which was influenced by the adjustment of pay grades this year (by 3.36%). Investment expenditure was lower year-on-year. From August 2023 to the end of August 2024, EUR 820.6 million had been disbursed from the state budget to rectify the consequences of floods and landslides, of which EUR 262.5 million was disbursed in the first eight months of this year, most of it for ongoing maintenance and insurance under the emergency Flood Recovery Act. Slovenian Economic Mirror, No 6/2024 In the spotlight The available economic indicators for Slovenia were mostly higher year-on-year at the turn of the third quarter; on a month-on-month basis, they point primarily to continued growth in trade; in other areas, they remained largely stable compared to previous months, with goods exports and imports showing a month-on-month decline in August 180 160 140 120 100 80 60 Economic sentiment Retail trade Construction Jan 24 Aug 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Slovenia Euro area 10 Year-on-year inflation, in % 0 -10 -20 -30 -40 8 6 4 2 0 The number of registered unemployed fell slightly in September All unemployed Jan 24 Sep 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Sep 24 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -2 Source: SURS, Eurostat. Source: SURS; calculations by IMAD. The general government deficit in the first eight months of this year was lower year-on-year General government balance Long-term unemployed 140 Primary balance 2,000 In EUR million 120 100 80 1,000 0 -378.9 -798.0 -1,000 60 -1577.3 -2,000 40 -2271.2 2023 2022 2021 I-VIII 2024 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 2015 2014 -3542.2 2013 Sep 24 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 -2917.2 I-VIII 2023 Source: ESS. Jan 17 -4,000 Jan 16 0 Jan 15 20 -3,000 Jan 14 Number of registered unemployed in '000 Jan 17 The year-on-year growth of consumer prices continued to moderate in September 12 10 -50 Jan 16 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Manufacturing Service activities Consumers 20 Jan 14 Seasonally adjusted indicator value, 3-month moving average 30 Jan 15 40 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. After improving in August, the economic sentiment indicator in Slovenia fell slightly in September, although it remains higher year-on-year Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Sep 24 Jan 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 Although the composite Purchasing Managers’ Indicator (PMI) slipped into contractionary territory in September, the average value for the third quarter still indicated weak growth in service-driven activities 5 current economic trends Slovenian Economic Mirror, No 6/2024 Current Economic Trends 7 The international environment 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 -0.8 Change in inventories and valuables Gross fixed capital formation Government consumption Private consumption Exports of goods and services Real GDP growth (in %) 2022 Q2 Contribution to change, in p.p. Figure 1: Contributions to GDP growth in the euro area, Q2 2024 Source: Eurostat. In the second quarter of 2024, euro area GDP grew by 0.2%, with economic sentiment indicators suggesting that similar growth continued in the third quarter. Net trade was the main driver of growth in the second quarter, supported by positive contributions from government consumption and changes in inventories, while investments and, to a lesser extent, private consumption declined. Services contributed to the increase in value added, while activity in industry and construction declined. Survey indicators point to continued moderate economic growth in the euro area during the third quarter. The composite Purchasing Managers’ Indicator (PMI) slipped into contractionary territory in September (49.6), with the average value for the third quarter still pointing to weak growth in activity. Growth was driven by services, with the services PMI remaining above 50 throughout the quarter. The manufacturing PMI pointed to a further contraction in September, amid a persistent decline in new orders. The Economic Sentiment Indicator (ESI) in the euro area has remained virtually unchanged since the beginning of the year but was slightly higher year-on-year in September. Sentiment improved among consumers and in services but weakened in other activities. According to the ECB and OECD projections from September, euro area GDP growth is expected to reach 0.8% or 0.7% this year respectively, with both institutions forecasting 1.3% growth for 2025. Figure 2: GDP growth forecasts for Germany, September 2024 Forecast for 2024 Forecast for 2025 Previous Forecast 1.6 1.4 1.0 0.8 0.6 0.4 0.2 OECD Joint Economic Forecast * Consensus 0.0 -0.2 Ifw Kiel Real GDP growth, in % 1.2 Source: Consensus, DIW, IFO, IFW, IWH, OECD, RWI. Note: * DIW, IFO, IFW, IWH, RWI. According to September forecasts from international institutions, Germany’s GDP growth is expected to recover slightly next year after two years of stagnation or recession. After a slight improvement at the beginning of the year, activity fell again in the second quarter, with the available indicators suggesting that GDP also declined in the third quarter. Manufacturing production and construction activity were down on average in July and August compared to the second quarter, and the composite PMI, which has been falling since June, was at its lowest level in a year in September (47.2). The international institutions expect real GDP to pick up in the coming quarters as real incomes and thus private consumption continue to rise, foreign demand increases, and the dampening effects of tight monetary policy fade. In their joint September forecast, the German institutes projected a 0.1% decline in Germany’s GDP this year, followed by growth of 0.8% in 2025 and 1.3% in 2026. The German economy is facing major structural challenges (decarbonisation, digitalisation, demographic pressures and stronger competition with companies from China) and the adjustment processes are dampening economic growth. 8 Current Economic Trends Slovenian Economic Mirror, No 6/2024 Figure 3: Commodity prices, September 2024 Energy Food 180 In September, the price of Brent crude oil declined and was also lower year-on-year; prices of nonenergy commodities rose in September both monthon-month and year-on-year. The average dollar price of Brent crude oil dropped for the second consecutive month, reaching USD 74 (a 7.9% decrease compared to August), while the average euro price fell to EUR 66.7 (a 8.7% decrease compared to August). Year-on-year, the dollar price of Brent oil decreased by 21% and the euro price by 24%. This decline is largely attributed to relatively weak demand from China amid a slowdown in economic activity growth. The price of Brent oil rose to over USD 80 per barrel in early October as the conflict in the Middle East escalated. The euro prices of natural gas on the European market (Dutch TTF) fell to EUR 36.1 per MWh in September, down 5.9% from August (they were 2.2% lower year-on-year). According to the World Bank, the average dollar price of non-energy commodities increased slightly in September (by 2.3% compared to August). Among the main commodity groups, food prices rose markedly, driven primarily by higher grain prices. Prices of non-energy commodities were 2% higher in September, with prices of beverages rising in particular (by 63.3%), especially of cocoa and coffee. Non-energy commodities Metals 160 Index 2010=100 140 120 100 80 60 40 20 Jan 24 Sep 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Source: World Bank. Figure 4: Effective exchange rate, Q3 2024 NEER 108 REER hicp Price competitiveness indicators have improved slightly since mid-2023, but the price competitiveness of industrial producer prices in manufacturing remains relatively unfavourable. After a sharp deterioration in 2022 and the first half of 2023, the price competitiveness indicators, REER hicp and REER ppi, improved slightly in the second half of 2023 and the beginning of 2024 before stabilising in the last two quarters. During this period, their dynamics were primarily driven by relative price movements (i.e. the growth of Slovenian prices compared to growth in its trading partners), which have risen sharply since early 2022 due to cost pressures but have declined in the last four quarters. Both indicators remain above preenergy crisis levels, with the REER ppi – reflecting the price competitiveness of industrial producer prices in manufacturing – being particularly high. REER ppi 106 2007=100 104 102 100 98 96 Q1 24 Q3 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 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 VIII 24 IX 24 IX 24/VIII 24 IX 24/IX 23 I-IX 24/I-IX 23 Brent USD, per barrel 82.51 80.35 74.02 -7.9 -21.0 0.5 Brent EUR, per barrel 76.32 72.98 66.65 -8.7 -24.0 0.2 Natural gas (TTF)2, EUR/MWh 41.35 38.3 36.1 -5.9 -2.2 -22.6 USD/EUR 1.082 1.101 1.111 0.9 4.0 0.3 3-month EURIBOR, in % 3.430 3.548 3.434 -11.4 -44.6 50.7 110.24 109.03 111.58 2.3 2.0 0.4 Non-energy commodity prices, index 2010=100 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. Slovenian Economic Mirror, No 6/2024 Current Economic Trends 9 Current economic trends 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 Aug 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 5: Short-term indicators of economic activity in Slovenia, July–August 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 available economic indicators for Slovenia were mostly higher year-on-year at the turn of the third quarter. On a month-on-month basis, they point primarily to continued growth in trade. In other sectors, they remained largely stable compared to previous months, with goods exports and imports showing a month-on-month decline in August. Economic sentiment slightly deteriorated in September, though it remained stronger than in the same period last year. Both exports and imports of goods decreased month-on-month in August, though remaining higher than a year ago. In the first eight months, exports and imports of goods were on average higher year-on-year (by 3.1% and 2.8% respectively, based on original data). Trade in vehicles and pharmaceuticals were the main contributors to year-on-year growth. Trade in services was lower year-on-year in the first seven months. This was mainly due to trade in transport and other business services. In August, the production volume in manufacturing remained largely unchanged from July (seasonally adjusted), following declines in previous months; in the first eight months of the year, production was 0.6% higher than in the same period last year (working day-adjusted). After decreasing in the second quarter, real turnover in market services increased in July. It was also higher year-on-year in all segments except transportation and storage, where it is still below last year’s levels. Real turnover in trade also rose in July, particularly in the sales of motor vehicles, but also in the sales of food and non-food products; it was also higher year-on-year. Construction activity, which has been gradually declining since the beginning of last year, was 12% lower year-on-year in July. Following an improvement in August, economic sentiment deteriorated slightly in September, though it remained higher year-on-year. Figure 6: Electricity consumption by consumption group, August 2024 30 20 10 0 -10 -20 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. May 24 Aug 24 Jan 24 Sep 23 May 23 Jan 23 Sep 22 May 22 Jan 22 Sep 21 Jan 21 May 21 Sep 20 May 20 -30 Jan 20 Year-on-year change, in % In August, electricity consumption in the distribution network was higher year-on-year. The main reason for this was higher industrial consumption (4.2% yearon-year), largely due to the effects of last year’s low base as a consequence of the floods and their impact on production processes in certain companies. Small business consumption1 was 1.8% lower year-on-year in August, while household consumption was similar to last year’s level. The low base effect was not noticeable in household consumption, as household electricity consumption increased in the days following the floods last year, mainly due to the drying of properties. Industry Households Small business consumption Total distribution network consumption 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 6/2024 Figure 7: Value of fiscally verified invoices – in nominal terms, September 2024 50 40 Y-on-y change, in % 30 20 10 0 -10 -20 -30 Sep 24 Jan 24 May 24 Sep 23 Jan 23 May 23 Sep 22 Jan 22 May 22 Sep 21 Jan 21 May 21 Sep 20 May 20 Jan 20 -40 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. After two months of relatively strong year-on-year growth, the nominal value of fiscally verified invoices was 1% lower year-on-year in September. This weaker growth can be attributed to last year’s higher base, driven by increased purchases after the floods, which affected trade performance, and unfavourable weather conditions this year, which have dampened the growth of certain tourism-related activities. Turnover in trade was 2% lower year-on-year. Notably, turnover in retail trade, which accounted for nearly half of the total value of fiscally verified invoices, decreased yearon-year for the first time this year (by 1%). Turnover in the sales of motor vehicles was similar to September last year, while turnover in wholesale trade remained lower year-on-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 3%, compared to 14% in August and an average of 9% in the previous eight 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 Aug 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 8: Trade in goods – real, August 2024 Both exports and imports of goods3 decreased month-on-month in August,4 though remaining higher than a year ago. After two consecutive months of growth, real exports fell by 1.9% in August compared to July. This was due to lower exports to EU countries (-2.8%), particularly to Italy, Austria, Croatia and France, while exports to Germany rose slightly. On a month-onmonth basis, exports declined in most main product groups, although exports of pharmaceutical and other chemical products increased. Imports fell for the second month in a row (by 4.1%), with declines seen in imports from both EU and non-EU countries. Imports of consumer goods fell sharply (all seasonally adjusted). In the first eight months, exports and imports of goods were on average higher year-on-year (by 3.1% and 2.8% respectively, based on original data). Trade in vehicles and pharmaceuticals were the main contributors to year-on-year growth. Sentiment in export-oriented activities and expectations for export orders remained at a very low level in September. 3 4 According to the external trade statistics from SURS. Deflation and seasonal adjustment by IMAD. Total exports and imports adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. The lower number of working days in August compared to July also contributed significantly to the month-on-month decline in exports and imports. Slovenian Economic Mirror, No 6/2024 Current Economic Trends 11 Figure 9: Slovenia’s export market share in the EU market, Q2 2024 Market share of goods Market share of energy-intensive products SI exports of goods to the EU (nom.) Total exports of goods (nom.) 150 Q1 2019 =100 140 130 120 110 100 90 Q1 24 Q2 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 of goods in the EU market continued to increase in the first half of 2024 (by 5.9% year-on-year), returning to the prepandemic and pre-energy crisis levels. In the first two quarters of this year, it was around 0.50%. In the second quarter, year-on-year growth of EU imports continued to lag behind that of Slovenian exports. The market share of road vehicles has increased significantly year-on-year, but it remains below the levels seen at the end of 2021. The market share of pharmaceutical products, electrical machinery and equipment, and most energy-intensive product groups (chemical products, non-metallic mineral products and metals, and the paper industry) 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 and the share was also higher in Germany. Slovenia holds the largest market share in Croatia (11%), while its market share in Germany, the country’s most important trading partner in terms of its share in total Slovenian goods exports, stands at 0.57%. Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 225 200 175 150 125 100 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 24 Jul 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 75 Jan 14 Seasonally adjusted real index 2010=100 Figure 10: Trade in services – in real terms, July 2024 In July, trade in services was almost on a par with the previous months, with exports increasing and imports falling; in the first seven months, trade in services was down year-on-year. The month-onmonth increase in exports in July was mainly due to exports of administrative and support service activities and ICT services, while exports of tourism-related services also increased slightly. Exports of transport services declined but were higher than at the beginning of the year. Imports of most main groups of services were lower than in previous months, with only a slight increase in imports of ICT services (seasonally adjusted). Both exports and imports of services were higher in the first seven months than in the same period last year, mainly due to the decline in trade in transport and administrative and support service activities. Exports of tourism-related services was also lower than in the same period of 2023, while imports remain higher year-on-year. 12 Current Economic Trends Slovenian Economic Mirror, No 6/2024 Table 2: Selected monthly indicators of economic activity in Slovenia In % 2023 Merchandise exports, real VIII 24/VII 24 VIII 24/VIII 23 I-VIII 24/I-VIII 23 3 -7.1 -1.9 6.9 3.1 - to the EU -7.8 -2.83 1.0 3.8 Merchandise imports, real1 -7.1 -4.13 -3.5 2.8 - from the EU -5.5 -2.33 -4.9 1.3 Industrial production, real -5.6 0.33 7.24 -1.94 - manufacturing -4.5 -0.23 8.24 0.64 1 In % 2023 VII 24/VI 24 VII 24/VII 23 I-VII 24/I-VII 23 Services exports, nominal2 2.1 3.73 4.74 -3.0 Services imports, nominal2 1.6 -3.33 -2.54 -1.5 Construction - value of construction put in place, real 19.4 3.23 -12.04 -8.1 Distributive trades - real turnover -2.7 2.03 6.1 2.0 2.2 1.83 1.9 2.0 Market services (without trade) - real turnover Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Figure 11: Production volume in manufacturing, August 2024 Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. 260 240 220 200 180 160 140 120 100 Source: SURS, calculations IMAD. Jan 24 Aug 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 averages 280 High-tech ind. Medium-low-tech. ind. In August, production volume in manufacturing remained largely unchanged from July (seasonally adjusted), following declines in the previous few months. A further decline was observed only in lowtechnology industries, while other groups according to technological intensity either experienced growth or remained stable.5 In the first eight months, manufacturing output was slightly higher than in the same period last year (by 0.6%, working dayadjusted). Production rose in most medium-technology industries, with the metal industry showing the most significant growth compared to last year (starting from last year’s low base). Conversely, the decline remained largest in the production of other non-metallic mineral products. Production in most low- and high-technology industries was lower year-on-year in the first eight months. The sharpest declines were recorded in the wood-processing and furniture industry and in the leather industry. 5 Industrial sector activities are classified into four groups according to technological intensity: (i) high-technology pharmaceutical industry (C21) and manufacture of ICT equipment (C26); (ii) medium-hightechnology chemical industry (C20), manufacture of electrical equipment (C27), manufacture of other machinery and equipment (C28), and manufacture of motor vehicles and other transport equipment (C29–30); (iii) medium-low-technology manufacture of coke and refined petroleum products (C19), manufacture of rubber and plastic products (C22), manufacture of other non-metallic mineral products (C23), manufacture of basic metals (C24–25), and repair and installation of machinery and equipment (C33); and (iv) lowtechnology manufacture of food products (C10–11), manufacture of tobacco products (C12), manufacture of textile and wearing apparel (C13–14), manufacture of leather (C15), manufacture of wood (C16), manufacture of paper and printing (C17–18), and manufacture of furniture and other manufacturing (C31–32). Slovenian Economic Mirror, No 6/2024 Current Economic Trends 13 Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 50 Jan 24 Jul 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 12: Activity in construction, July 2024 Source: SURS; calculations by IMAD. According to data on the value of construction work put in place, construction increased slightly in July, although it remained significantly lower than in the same month last year. After experiencing robust growth at the beginning of last year, the value of construction work put in place gradually declined both last year and in the first half of this year, with monthly fluctuations. In July, it was 12% lower compared to the same month last year. The largest year-on-year decline was recorded in civil engineering (by 21%). Activity also decreased in the construction of buildings and specialised construction activities. This lower activity was (among other things) related to government investment activity. While government investment expenditure (according to the consolidated general government budgetary accounts) remained nearly unchanged in the first seven months of the year compared to the same period last year (-3%), expenditure on new construction, reconstruction and renovation, which has a bigger impact on construction activity, dropped by as much as 26%. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 240 220 200 180 160 140 120 100 Jan 24 Aug 24 Jan 23 Jan 22 Jan 21 . by IMAD. Source: SURS; calculations 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 13: Turnover in trade, July–August 2024 Real turnover in the trade sector rose in July and, according to preliminary data, again in August; it was also higher year-on-year. Following declines in the first two quarters, turnover in the sales of motor vehicles rebounded strongly in July (and in August, according to provisional SURS data), rising by 8% yearon-year in the first seven months. Turnover in wholesale trade continued to grow, increasing by 2% year-onyear in the first seven months. After stagnating in the first half of the year, retail sales of food, beverages and tobacco increased in July (and in August, according to preliminary SURS data) and was already 2% higher year-on-year in the first seven months. Retail sales of non-food products also rose, though they remained largely unchanged year-on-year. Among non-food items, after robust growth in 2021 and 2022, sales of pharmaceuticals, medical devices, and computer and telecommunications equipment declined for the second year in a row, while sales of household appliances and audio and video equipment increased by 11%. 14 Current Economic Trends Slovenian Economic Mirror, No 6/2024 Jan 24 Jul 24 Jan 23 Jan 22 Source: SURS; calculations by IMAD. Note: * including real estate activities (L). 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 14: Turnover in market services, July 2024 After a decline in the second quarter, real turnover in market services increased in July and was also higher year-on-year (by 4.6%). Total turnover grew by 1.8% month-on-month in July, following a 1.4% decline in the second quarter. The most notable turnover growth occurred in professional and technical activities, where a three-month downward trend in architectural and engineering services came to a halt. After stagnating in the first half of the year, accommodation and food service activities experienced a strong increase in turnover. Similarly, turnover in transportation and storage increased, driven by growth in land and air transport. Meanwhile, turnover continued to fall in information and communication and in administrative and support service activities, though at a slower pace than in the previous month. The decline in the former was primarily due to a further drop in turnover in telecommunication services, while the latter saw continued drops in turnover in employment and travel agencies. The level of turnover in real estate activities remained stable compared to the previous month. In the first seven months of 2024, transportation and storage was the only activity to record a year-on-year decrease in real turnover. Figure 15: Selected indicators of household consumption, July–August 2024 Source: SURS; calculations by IMAD. Note: The Q3 2024 figure for the turnover in accommodation and food service is value for July, for others is the average value for July and August. Q1 24 Q3 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 250 225 200 175 150 125 100 75 50 25 0 Q1 14 Seasonally adjusted index 2010=100 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in accomodation and food service Real turnover in the sale of motor vehicles The available data indicate a year-on-year increase in household consumption at the start of the third quarter. The number of new passenger cars sold to natural persons was 20% higher year-on-year in July and turnover from the sales of motor vehicles rose by an average of 10% in real terms in July and August. During the same period, spending on food, beverages and tobacco also rose year-on-year (by 2% in real terms), and after a year-on-year decline in the first half of the year, spending on non-food products also rose (by 5% in real terms). In July and August, the number of overnight stays by domestic tourists in Slovenia was similar to last year, while spending on tourist services abroad was 1% higher in nominal terms in July. The year-onyear growth in household consumption during the third quarter is also evident from the year-on-year growth in the nominal value of fiscally verified invoices, which stood at 4% in the third quarter. Slovenian Economic Mirror, No 6/2024 Current Economic Trends 15 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 24 Q2 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, Q2 2024 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Amid a further decline in the volume of sales, year-on-year growth in dwelling prices remained relatively strong in the second quarter. After price growth halved last year (to 7.2% on average), prices in Q2 2024 were 6.7% higher compared to the same quarter in 2023 and 2.2% higher compared to the first quarter of this year. Prices of existing dwellings, where the number of transactions declined significantly in the last two years, were 6.1% higher year-on-year. Year-onyear growth in newly built dwellings was even stronger (15.4%). The number of transactions in this segment, which represents only a small part of total sales (4%), fell sharply year-on-year (by more than a half), after being relatively high in 2023 (almost 50% higher than in 2022 and at the highest level since 2018). Figure 17: Economic sentiment, September 2024 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Sep 24 Jan 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 Manufacturing Service activities Consumers Following an improvement in August, economic sentiment deteriorated slightly in September, though it remained higher year-on-year. The monthly decline in the economic sentiment indicator was driven by lower confidence among consumers and in all activities with the exception of services. The economic climate indicator improved compared to September last year. Confidence in retail trade and construction declined, with construction showing the largest yearon-year drop (in this activity, indicators for overall order levels and employment expectations fell both monthon-month and year-on-year). In contrast, confidence indicators in other activities and among consumers were higher than a year ago. Source: SURS; calculations by IMAD. Figure 18: Households facing financial distress, September 2024 Running into debt Having to draw on savings Financial distress - total 9 8 7 6 5 4 3 2 Source: SURS (Consumer Survey). Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Sep 24 1 Jan 14 Share of answers in %, 12-month moving average 10 The situation of households facing financial distress deteriorated slightly on average in the third quarter, while it improved slightly compared to the same quarter last year. Compared to the previous quarter, the share of households facing financial distress6 increased the most among those in the lowest-income quartile (from 11.9% to 13.5%), while their financial situation improved year-on-year (the share fell by 5.4 p.p.). The share of households facing financial distress having to draw on savings to meet their needs declined year-on-year. According to our estimate, this was partly due to positive developments in the labour market (higher employment and wages). The share of households running into debt increased year-on-year, partly due to the relaxation of the Bank of Slovenia’s requirements for obtaining consumer loans. 6 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 6/2024 Labour market Figure 19: Number of persons in employment, July 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 Jul 24 Jan 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 increased slightly month-on-month in July (seasonally adjusted), with year-on-year growth (1.1%) slightly below the average for the first six months but still higher than at the end of last year. This year’s acceleration of year-on-year growth is largely due to a change in the definition of persons in employment at the beginning of the year, which now includes workers posted abroad.7 In July, growth in the number of persons in employment was once again strongest in construction, which is facing a severe labour shortage, further impacted by the aforementioned change in definition. The year-on-year increase in the overall number of persons in employment was driven, as has been the case for the past year, by a higher number of employed foreign nationals, while the number of employed Slovenian citizens fell. The share of foreign citizens among all persons in employment was 15.8% in July, 1.1 p.p. higher than a year earlier. The activities with the highest shares of foreign workers were construction (50%), transportation and storage (34%), and administrative and support service activities (28%). 7 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, they contribute about a half to the total year-on-year growth. Figure 20: Number of registered unemployed persons, September 2024 All unemployed Long-term unemployed 120 100 80 60 40 Source: ESS. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Sep 24 20 Jan 14 Number of registered unemployed in '000 140 The month-on-month decline in the number of registered unemployed (seasonally adjusted) came to a halt in September, with the number of unemployed increasing slightly (by 0.3%). According to original data, 43,847 people were unemployed at the end of September, 1.4% less than at the end of August. Year-on-year, the number of unemployed was 4.7% lower in September, marking a smaller decrease than in previous months. Amid labour shortages and retirement of older employees, the numbers of long-term unemployed (more than one year) and of unemployed over 55 fell year-on-year at the end of September, by 13.6% and 10% respectively. In the first nine months, just over 1% of the unemployed moved to inactivity or retirement each month, similar to previous years, which also contributed to the decline in unemployment. Slovenian Economic Mirror, No 6/2024 Current Economic Trends 17 Total 20 Private sector Public sector 16 12 8 4 0 -4 -8 -12 Jan 24 Jul 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -20 Jan 15 -16 Source: SURS; calculations by IMAD. Total 6 Private sector Public sector The year-on-year growth in the average gross wage in July (5.8%) was higher in real terms than in previous months.8 In the public sector, it was similar (3%) as in June and higher than in the previous months, which was related to the increase in the value of the pay scale grades in June, in line with the agreement on the partial adjustment of wages to inflation. Wage growth in the private sector (7.4%) was higher in real terms than on average in the first six months, which is related mainly to lower year-on-year inflation and a severe labour shortage. In the first seven months, the overall average gross wage increased by 6.6% in nominal terms – by 7.8% in the public sector and by 4.4% in the private sector. 8 Since April, calculation of data on earnings has used a new data source. SURS uses data from the REK-O form, which differs from the old ZAP/M form by the different reporting of extraordinary and overdue payments. The monthly gross wage differences between the two sources are between -2.2% and +2.0%, with the exception of December 2023, where the data from the new source was 14.9% higher. Consequently, growth rates also differ slightly. 4 Jul 24 Jun 24 May 24 Apr 24 Feb 24 0 Mar 24 2 Jan 24 Year-on-year real growth, 3-month moving average, in % Year-on-year real growth, 3-month moving average, in % Figure 21: Average real gross wage per employee, July 2024 Source: SURS; calculations by IMAD. 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 Jul 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, July 2024 In July, the numbers of financial social assistance (FSA) beneficiaries and of unemployment benefit (UB) recipients were lower year-on-year. The number of UB recipients stood at 12,832 (original data) in July, which is significantly below the long-term average. Yearon-year, this represents a 6.8% decline in the number of recipients. The unemployed recipients of financial social assistance (18,730 persons) mainly include the long-term unemployed and persons with a lower level of education. Despite the high demand on the labour market, some people are unable to find a suitable job because they belong to the group of people with low employment prospects. Amid high employment and a fall in the number of long-term unemployed, the number of FSA beneficiaries continued to fall year-onyear in July. In July, 71,513 persons were entitled to FSA (original data), which is 5.1% less than a year ago. 18 Current Economic Trends Slovenian Economic Mirror, No 6/2024 Table 3: Indicators of labour market trends In % Persons in formal employment2 2023 VII 24/VI 24 VII 24/VII 23 I-VII 24/I-VII 23 1.3 0.01 1.1 1.3 In % Average nominal gross wage3 9.7 0.81 7.2 6.6 private sector 9.4 0.91 8.8 7.8 public sector 10.3 0.21 4.3 4.4 of which general government 10.1 0.01 3.5 3.8 of which public corporations Rate of registered unemployment (in %), seasonally adjusted 10.9 0.1 1 6.5 6.2 2023 VII 23 VI 24 VII 24 5.0 4.9 4.6 4.6 In % 2023 IX 24/VIII 24 IX 24/IX 23 I-IX 24/I-IX 23 Registered unemployed -14.0 -1.4 -4.7 -6.4 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. Slovenian Economic Mirror, No 6/2024 Current Economic Trends 19 Prices Figure 23: Consumer prices, September 2024 Slovenia 12 Euro area Year-on-year inflation, in % 10 8 6 4 2 0 Jan 24 Sep 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. The year-on-year price growth (0.6%) continued to moderate in September. Prices remained unchanged month-on-month, with the year-on-year slowdown in inflation mainly due to a higher base, largely influenced by the expiry of the partial exemption from the RES and CHP contribution in September last year.9 The year-onyear price decline in the housing, water, electricity, gas and other fuels group thus nearly doubled in September compared to August (-6.1%), while the monthly price drop was modest. After two months of strong seasonal price declines, the seasonal price increase in the clothing and footwear group was more pronounced in September than in previous years (14.3% monthon-month), though prices remained lower year-onyear (0.6%). Year-on-year growth in services prices decelerated somewhat, though remaining relatively high (3.9%). We estimate that the slower growth this time was primarily due to the moderation of price growth in the restaurants and hotels group, where prices were 4.2% higher year-on-year (compared to a 6.7% increase in August). The prices of food and nonalcoholic beverages rose slightly month-on-month in September, while their year-on-year growth increased by 0.1 p.p. to 1.5% compared to August. 9 Decree amending the Decree on the method of determining and calculating the contribution for ensuring support for the production of electricity from high-efficiency cogeneration and renewable energy sources (Official Gazette of the Republic of Slovenia [Uradni list RS], No 112, 2022). Figure 24: Slovenian industrial producer prices, August 2024 Domestic market 160 Non-domestic market 140 130 120 110 100 Source: SURS. Jan 24 Aug 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 90 Jan 14 Index 2015=100 150 The year-on-year decline in Slovenian industrial producer prices slowed slightly in August (to 1%, compared to 1.9% in July). In addition to the lower base, a somewhat stronger monthly price increase of 0.4%, the highest since February 2023, also contributed to the smaller year-on-year decline this time. Prices were higher both on the domestic (by 0.2%) and foreign markets (by 0.5%). On a monthly basis, prices increased in most industrial groups, with the most pronounced increase in non-durable consumer goods (by 2%), while only the prices of durable consumer goods fell (by 2.2%). Lower prices in the raw materials group (by 1.8%) continued to contribute the most to the year-on-year price decline, while energy prices also fell by around a tenth. The strongest price increase was recorded for non-durable consumer goods (2%). Slovenian industrial producer prices continued to be lower year-on-year, both on the domestic market (by 1.9%) and on the foreign market (by 0.2%). 20 Current Economic Trends Slovenian Economic Mirror, No 6/2024 Table 4: Consumer price growth 2023 X23-IX24/X22-IX23 IX24/VIII24 IX24/IX23 I-IX24/I-IX23 4.2 3.0 0.0 0.6 2.2 4.2 2.1 0.1 1.4 1.0 -2.3 -1.2 -1.5 -10.5 -1.9 Services 6.0 5.2 -1.8 3.9 4.6 Other Total Food Fuels and energy 4.7 2.7 1.9 0.6 1.8 Core inflation - excluding food and energy 5.2 3.9 0.2 2.5 3.2 Core inflation - trimmed mean2 4.2 3.3 0.0 1.9 2.7 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. Slovenian Economic Mirror, No 6/2024 Current Economic Trends 21 Financial markets Figure 25: Loans to domestic non-banking sectors, August 2024 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Source: BoS. Jan 24 Aug 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 -40 Year-on-year growth of loans to the domestic nonbanking sectors strengthened slightly in August, though it remained relatively subdued (1.8%). This growth was mainly due to increased growth in housing loans (2.9%) in recent months. Amid solid household spending on durable goods (cars, furniture, household appliances), consumer credit continued to expand at the fastest pace (15.7%), though growth has gradually slowed. However, new lending in the form of consumer credit remains robust, accounting for nearly half of total new lending to households in August. Corporate and NFI borrowing remains subdued, reflecting weak economic activity and relatively high interest rates, though the year-on-year decline has slightly eased in recent months (-2.5%). The year-on-year growth in non-banking sector deposits remains slightly above 2%. Despite the higher growth in time deposits (30%), their share remains at just over a fifth of total deposits in the non-banking sector. The quality of banks’ assets remains solid and the share of non-performing loans has remained unchanged at 1% since April last year. Figure 26: Government bonds, Q3 2024 Austria Portugal 8 Ireland Slovenia Italy Spain Germany 7 Yields to maturity in % 6 5 4 3 2 Yields to maturity of euro area government bonds declined gradually throughout the third quarter. This was significantly influenced by the ECB’s monetary policy, which has already cut key interest rates twice this year as inflationary pressures eased. As a result, the yield on Slovenian bonds fell by 21 b.p. compared to the previous quarter, reaching 3.07%. However, the spread to the German bond remained largely unchanged (77 b.p.). 1 0 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Sep 24 -1 Source: Bloomberg. Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth, % Domestic bank loans to non-banking sector and household savings 31 VIII 23 31 XII 23 31 VIII 24 31 VIII 24/31 VII 24 Loans total 25,743.9 25,574.6 26,219.5 0.3 1.8 11,790.3 11,352.9 11,493.2 -0.1 -2.5 2.0 Enterprises and NFI 31 VIII 24/31 VIII 23 Government 1,291.2 1,336.4 1,317.5 0.9 Households 12,662.4 12,885.3 13,408.8 0.6 5.9 Consumer credits 2,779.0 2,918.3 3,215.8 0.7 15.7 Lending for house purchase 8,228.5 8,271.7 8,463.3 0.4 2.9 4.5 Other lending 1,654.9 1,695.3 1,729.7 1.6 Bank deposits total 26,953.5 27,072.2 27,536.5 -0.1 2.2 23,555.2 22,753.5 22,645.9 -0.2 -3.9 3,398.3 4,318.7 4,890.6 0.3 43.9 134.9 118.7 108.3 1.6 -19.7 9,811.5 11,022.5 10,642.7 0.6 8.5 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 6/2024 Balance of payments Trade in goods Primary income Current account 5000 The surplus of the current account of the balance of payments increased in July, mainly due to the trends in trade in goods. The 12-month current account surplus was also higher than a year earlier, amounting to EUR 3 billion (4.6% of estimated GDP for 2024). The year-on-year increase was mainly due to a higher surplus in trade in goods. Primary and secondary income also contributed to the improvement in the current account balance. The primary income deficit decreased due to lower net outflows of income from equity capital (dividends and profits) and 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). The surplus in trade in services was lower than a year ago, mainly due to lower surplus in trade in travel services. Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 24 Jul 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, July 2024 Source: BoS; calculations by IMAD. Table 6: Balance of payments I-VII 2024, in EUR million Inflows Outflows Balance Balance, I-VII 2023 34,696.4 32,634.6 2,061.8 1,879.3 24,891.2 24,424.9 466.3 635.3 Services 6,752.7 4,712.4 2,040.3 2,082.3 Primary income 1,966.0 2,113.0 -147.0 -343.2 Secondary income 1,086.5 1,384.4 -297.9 -495.0 Capital account 1,501.8 1,515.1 -13.3 -34.9 Financial account 2,488.5 3,812.9 1,324.4 1,297.2 997.7 717.4 -280.3 -388.0 1,135.3 2,795.2 1,659.8 -510.6 345.8 123.4 -222.4 2,069.6 -724.0 -547.2 Current account Goods Direct investment Portfolio investment Other investment Statistical error Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Slovenian Economic Mirror, No 6/2024 Current Economic Trends 23 Public finance Figure 28: Revenue of the consolidated general government budgetary accounts, August 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-VIII 2024 Source: MF; calculations by IMAD. I-VIII 2023 2023 2022 2021 2020 2019 2018 2017 2016 2015 -6 2014 -3 2013 Contribution to growth, in p.p. 15 18 Salaries, wages and other personnel expend. with social contributions Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) 15 12 9 6 3 0 I-VIII 2024 2023 2022 2021 2020 I-VIII 2023 Source: MF; calculations by IMAD. 2019 2018 2017 2016 2015 2014 2013 2012 -6 2011 -3 2010 Contribution to growth, in p.p. Figure 29: Expenditure of the consolidated general government budgetary accounts, August 2024 In the first eight months of this year, the deficit of the consolidated balance of public finances was lower year-on-year. It totalled EUR 379 million, compared with EUR 798 million in the same period last year. Revenues increased by 11.9% year-on-year. This growth was driven not only by increased revenue from social contributions, following the transformation of the complementary health contribution into a mandatory contribution, but also by higher corporate income tax revenues, resulting from a higher tax rate10 and balancing payments this year. Personal income tax receipts also contributed to this government revenue growth, reflecting labour market conditions and the lack of adjustment of the income tax scale and tax relief to inflation this year. Growth in revenues from VAT also strengthened. Revenues from excise duties decreased year-on-year, due to lower revenues from excise duties on energy products and electricity, while revenues from excise duties on tobacco products and on alcohol and alcoholic beverages increased. Total receipts from the EU budget were also lower year-on-year. In the first eight months of the year, expenditure increased by 8.8% year-on-year. The key drivers of this increase were (i) transfers to individuals and households, primarily due to the high regular annual indexation of pensions, (ii) expenditure on goods and services and other healthcare expenditure in connection with the transformation of the complementary health insurance into a mandatory contribution, along with flood recovery expenditure, and (iii) expenditure on salaries, wages and other personnel expenditure, which was influenced by the adjustment of pay grades this year (by 3.36%). Investment expenditure was lower year-on-year. From August 2023 to the end of August 2024, EUR 820.6 million had been disbursed from the state budget to rectify the consequences of floods and landslides, of which EUR 262.5 million was disbursed in the first eight months of this year, most of it for ongoing maintenance and insurance under the emergency Flood Recovery Act. In August, the European Commission proposed for Slovenia to be paid EUR 428.4 million in financial support from the EU Solidarity Fund (Slovenia had already received an advance of EUR 100 million in December last year) to help it deal with the consequences of the floods. 10 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. 24 Current Economic Trends Slovenian Economic Mirror, No 6/2024 Figure 30: EU budget receipts, August 2024 Slovenia’s net budgetary position against the EU budget was positive in the first eight months of 2024 (at EUR 84.5 million). In this period, Slovenia received EUR 488.6 million from the EU budget (33.8% of receipts envisaged in the adopted state budget for 2024) and paid EUR 404.1 million into it (56.2% of planned payments). The bulk of receipts (40.5% of all reimbursements to the state budget, 53.7% of the planned reimbursements in 2024) were resources for the implementation of the common agricultural and fisheries policy and resources from the Cohesion Fund (20.7% of all reimbursements, 100.4% of the planned reimbursements). Reimbursements from the structural funds11 amounted to 16.1% of all reimbursements (26.4% of the planned reimbursements). The highest payments into the EU budget came from GNI-based payments (49.9% 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 August 2024), payments from the state budget totalled EUR 3.55 billion (EU share), representing 106%12 of the available funds. Under the Operational Programme for the Implementation of EU Cohesion Policy 2021– 2027 (from January 2021 to the end of August 2024), payments from the state budget totalled EUR 44.4 million (EU share), which corresponds to 1% of the available funds. Total receipts (January–August 2023) Expected reimbursements in the budget 2024 Total receipts (January–August 2024) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other (Solidarity Fund EU) Other receipts (RRP) 0 Source: MF. 100 200 300 In EUR million 400 Figure 31: Absorption of 2014–2020 ECP funds (EU part) for the period 1 January 2014–31 August 2024 Payments from the state budget Commitment appropriations Total CF ESF The European Regional Development Fund (ERDF) and the European Social Fund (ESF). 12 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 co-financing, 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. 11 ERDF 0 1000 2000 3000 In EUR million 4000 Source: MKRR. Note: ESF includes YEI funds. REACT-EU funds are included. Table 7: Consolidated general government revenue and expenditure on a cash basis I-VIII 2023 Category REVENUES TOTAL Tax revenues1 Personal income tax Corporate income tax Taxes on immovable property I-VIII 2024 Y-o-y growth, EUR m in % 15,939.0 8,241.8 I-VIII 2023 Y-o-y growth, EUR m in % 3.5 17,831.0 2.4 9,162.5 2,027.7 8.0 2,333.1 968.0 -15.7 1,309.3 Category 11.9 EXPENDITURE TOTAL Salaries. wages and other 11.2 personnel expenditures2 Expenditure on goods and 15.1 services 35.3 Interest payments 171.5 10.8 171.4 Value added tax 3,279.0 3.9 3,475.7 Excise duties 1,104.4 15.4 1,090.3 6,046.0 9.2 6,905.2 17.6 Payments to the EU budget Social security contributions -0.1 Reserves I-VIII 2024 Y-o-y growth, EUR m in % 16,737.0 4,079.0 EUR m Y-o-y growth, in % 6.0 18,209.9 8.8 12.8 4,337.2 6.3 2,321.3 4.4 2,705.7 16.6 528.8 11.6 599.2 13.3 267.3 -26.8 459.7 72.0 6,417.2 2.7 7,001.7 9.1 -1.3 Other current transfers 1,408.4 14.5 1,474.6 4.7 14.2 Investment expenditure 1,280.6 11.2 1,227.7 -4.1 434.4 -9.4 404.1 -7.0 6.0 Transfers to individuals and households Non-tax revenues 931.0 0.2 1,095.0 Receipts from the EU budget 541.7 -11.3 496.6 -8.3 Other 178.6 -33.8 171.6 -3.9 PRIMARY BALANCE GENERAL GOVERNMENT BALANCE -798.0 -378.9 -371.0 72.5 Source: MF; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. statistical appendix Slovenian Economic Mirror, No 6/2024 Main indicators Statistical Appendix 2018 2019 2020 2021 2022 2023 2024 2025 27 2026 Autumn Forecast 2024 4.4 3.5 -4.1 8.4 2.7 2.1 1.5 2.4 2.5 GDP in EUR million (current prices) 45,462 48,157 46,739 52,023 56,909 63,951 66,819 70,911 74,841 GDP per capita in EUR (current prices) 21,942 23,052 22,227 24,682 26,979 30,158 31,379 33,164 34,901 GDP per capita (PPS) 26,400 27,800 26,800 29,300 31,900 34,400 GDP per capita (PPS EU27=100)1 87 89 89 90 90 91 Rate of registered unemployment 8.2 7.7 8.7 7.6 5.8 5.0 4.6 4.5 4.4 Standardised rate of unemployment (ILO) 5.1 4.5 5.0 4.7 4.0 3.7 3.7 3.7 3.6 Labour productivity (GDP per employee) 1.2 1.0 -3.4 7.0 -0.2 0.5 1.0 1.8 2.1 Inflation2, year average 1.7 1.6 -0.1 1.9 8.8 7.4 2.1 3.3 2.3 Inflation2, end of the year 1.4 1.8 -1.1 4.9 10.3 4.2 2.3 3.3 2.2 6.2 4.5 -8.5 14.5 6.8 -2.0 0.9 2.7 3.7 Exports of goods 5.7 4.5 -5.5 13.4 2.2 -2.7 1.5 2.4 3.6 Exports of services 7.7 4.6 -19.7 19.1 25.9 0.6 -1.2 3.6 4.4 7.1 4.7 -9.1 17.8 9.2 -4.5 3.5 3.0 4.1 Imports of goods 7.4 5.0 -8.6 17.2 7.7 -5.3 3.8 2.9 4.1 Imports of services 5.4 3.0 -12.0 20.7 17.3 0.4 2.3 3.7 3.9 2,960 3,105 3,586 1,951 -637 2,858 1,839 1,649 1,570 6.5 6.4 7.7 3.8 -1.1 4.5 2.8 2.3 2.1 42,137 44,491 48,049 50,923 51,810 57,837 92.7 92.4 102.8 97.9 91.0 90.4 1.181 1.120 1.141 1.184 1.054 1.082 1.086 1.091 1.091 3.4 5.5 -6.1 10.5 5.3 0.1 1.6 2.5 2.4 51.5 52.0 50.1 51.4 54.4 52.1 51.8 51.7 51.3 2.3 1.9 4.1 6.2 -0.7 2.4 8.5 1.7 4.1 18.4 18.5 20.7 20.8 19.4 19.2 20.7 20.8 21.3 10.6 4.9 -7.2 12.3 4.2 3.9 0.0 3.5 3.5 19.5 19.8 19.0 20.3 21.9 21.3 20.9 21.0 21.2 GDP (real growth rates, in %) 1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 2024). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 28 Statistical Appendix Production Slovenian Economic Mirror, No 6/2024 2021 2022 2023 2022 2023 2024 Q3 2022 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 8 2.8 1.8 -5.7 -3.4 -4.1 -10.1 -5.1 -5.0 -3.5 3.8 2023 9 10 11 12 1.2 -4.0 -2.9 -10.5 1 2 -6.9 0.1 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 10.2 B Mining and quarrying -6.6 10.2 -15.1 13.5 25.4 -26.1 -30.2 -31.3 -3.5 16.3 13.8 15.8 39.9 32.9 -18.5 -21.6 -38.1 -25.7 -31.5 11.8 -9.9 C Manufacturing D Electricity, gas & steam supply 1.2 3.9 -5.6 -4.5 5.8 4.6 -1.8 -0.4 -3.3 -4.7 -2.1 -0.9 7.4 4.1 0.9 0.9 -7.7 -1.1 1.5 -5.3 -26.4 -31.6 -29.3 -30.0 -40.2 -39.4 -32.3 -27.7 -23.7 -34.3 -13.3 -34.7 -33.5 -50.0 -38.7 -33.0 -46.1 -27.1 1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % -0.5 22.2 19.5 17.7 14.8 35.6 24.1 23.1 23.0 10.1 Construction, total 14.5 63.4 Buildings -5.7 53.7 58.5 109.5 21.6 5.9 13.4 19.5 11.6 Civil engineering -3.1 -11.1 16.6 11.0 38.7 26.1 45.6 25.0 16.8 1.6 -13.3 -23.4 -18.2 -24.8 95.9 51.7 107.0 119.6 101.4 57.4 4.0 22.5 24.6 19.3 26.3 11.0 -3.5 -12.3 12.3 8.9 -7.1 19.0 16.0 38.4 15.9 33.6 MARKET SERVICES, year-on-year real growth rates, % 12.7 12.1 Services, total Transportation and storage Information and communication activities 14.3 7.2 7.6 2.2 19.5 6.7 5.1 6.7 -0.5 0.4 2.5 1.2 -5.9 11.8 6.9 -0.2 -1.6 -6.7 -8.1 -6.9 -6.2 1.9 7.9 6.6 5.3 5.7 4.2 7.3 6.1 -2.8 10.5 7.5 1.9 -1.9 -0.6 0.5 -3.6 -0.2 11.0 12.3 9.9 5.6 17.2 12.0 4.6 11.2 -1.7 2.8 10.3 7.0 9.0 14.8 11.6 9.8 5.7 Professional, scientific and technical activities 10.6 10.0 4.3 11.8 11.3 8.1 7.5 2.2 3.9 4.0 2.7 -1.0 16.4 9.0 9.1 7.3 7.9 3.6 8.3 Administrative and support service activities 13.1 6.1 12.3 -0.8 1.5 7.0 7.7 6.0 3.8 4.8 3.0 -3.7 4.4 -0.4 6.2 -1.0 4.4 9.3 5.7 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 11.6 5.1 -2.7 6.2 5.3 0.7 -1.1 -3.8 -4.6 -1.4 1.5 -0.8 7.7 6.6 2.2 1.5 -1.7 4.1 -2.1 18.9 5.5 -6.3 7.4 4.6 0.8 -4.9 -8.3 -7.0 -4.9 4.8 -0.5 6.9 7.4 2.1 2.9 -2.2 4.1 -3.9 -3.5 14.6 -5.7 -1.2 1.2 15.1 13.8 13.7 15.9 4.3 -1.4 -0.1 0.5 0.3 0.0 8.0 -6.0 10.2 8.1 0.4 -0.9 10.9 8.3 2.9 1.2 22.2 38.5 3.5 180.0 8.1 Nominal turnover in wholesale trade & commission trade 7.5 3.5 16.6 11.3 -3.8 -6.7 -8.6 -4.7 -1.5 -2.9 4.2 -10.7 15.2 -1.6 2.6 5.0 5.7 0.2 0.5 -1.6 -1.7 -51.7 -54.5 -55.6 -43.1 -45.3 0.5 -5.2 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays 10.4 -14.7 -17.0 78.8 -50.3 -49.1 -9.5 -39.5 -8.4 Foreign tourists, overnight stays 42.9 110.1 14.7 394.5 61.2 71.6 44.5 27.4 6.2 Accommodation and food service activities 7.8 11.1 20.8 58.6 18.9 106.0 20.7 29.6 32.4 15.0 16.6 16.0 9.9 1.9 -9.5 -15.1 -10.0 -4.6 38.3 13.7 7.4 -10.6 0.9 52.3 38.8 61.3 65.4 96.9 67.9 48.4 9.7 20.5 15.5 20.1 33.5 37.0 44.7 32.1 AGRICULTURE Purchase of agricultural products, in EUR m 601.4 773.6 751.4 176.5 221.0 232.1 178.5 179.8 189.5 203.4 165.6 178.4 62.3 77.7 90.8 72.2 69.2 60.2 54.7 BUSSINES TENDENCY (indicator values*) 2.4 0.6 -3.8 2.5 -2.1 -2.2 -1.2 -3.5 -5.9 -4.5 -3.2 -2.0 -0.5 -4.9 -5.0 -2.1 0.5 -1.2 -0.9 8 0 -8 2 -3 -6 -5 -10 -11 -8 -9 -8 -2 -7 -8 -6 -4 -3 -5 18 21 14 23 16 21 16 15 12 12 10 5 18 13 19 21 22 18 18 in services 8 17 16 19 17 18 19 17 13 13 16 16 20 15 14 19 20 18 20 in retail trade 5 20 13 25 22 17 14 15 13 11 10 17 22 15 12 20 20 17 17 -22 -33 -33 -31 -39 -36 -34 -31 -33 -32 -28 -25 -39 -40 -38 -37 -31 -35 -34 Sentiment indicator Confidence indicator in manufacturing in construction consumer confidence indicator Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2 The survey covers all larger construction enterprises and some other enterprises that perform construction work. * Seasonally adjusted SURS data. Slovenian Economic Mirror, No 6/2024 Statistical Appendix 2023 Production 3 4 5 6 7 -8.2 -2.2 -2.4 -32.6 -37.8 -27.9 -28.7 29 2024 8 9 10 11 12 1 2 3 4 5 -7.7 -15.8 -7.7 -2.2 -2.7 -11.0 0.3 -10.8 -0.3 17.1 14.2 18.0 13.6 34.1 -7.8 6 7 8 -4.9 0.4 -9.8 9.3 -7.6 -10.2 7.0 -1.7 54.0 -7.1 8.2 3.5 -7.1 13.0 -4.7 -9.0 8.4 -8.8 -22.0 -34.7 -48.9 -21.5 -25.0 -19.6 -15.3 -5.2 -0.4 9 INDUSTRIAL PRODUCTION, y-o-y growth rates, % -3.3 Industry B+C+D B Mining and quarrying -1.5 C Manufacturing D Electricity, gas & steam supply 1 -7.6 -1.1 -1.6 -6.8 -15.7 -37.9 -27.9 -37.0 -31.7 -34.3 -24.6 -23.1 -3.1 -2.6 -9.3 -1.3 2.9 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % 29.9 23.4 22.8 23.2 18.5 20.3 29.6 Construction, total 8.3 Buildings -5.6 -3.3 14.2 8.1 13.0 -4.5 -6.7 -10.3 -21.5 -25.2 -26.0 -18.3 -33.0 24.4 24.0 12.8 21.8 14.7 21.8 41.2 10.3 16.1 Civil engineering 9.0 5.0 -8.4 -5.1 -6.5 -20.3 -12.0 -2.4 -17.5 -19.8 -19.6 -33.5 -9.6 4.7 -5.2 3.7 -8.1 -7.2 -5.6 -22.6 -20.8 1.4 -3.0 8.6 1.4 -3.5 4.6 -0.1 -14.0 7.0 -6.2 -8.3 5.7 2.6 20.6 8.6 -0.6 2.1 MARKET SERVICES, year-on-year real growth rates, % 6.7 -0.6 2.3 -2.8 1.3 -0.4 0.3 1.0 3.3 3.3 6.0 Transportation and storage -1.5 -9.6 -1.4 -9.0 -6.6 -9.0 -8.6 -9.7 -5.7 -5.1 -2.7 Information and communication activities 10.4 -2.7 2.6 -4.6 6.1 0.5 2.1 4.5 14.9 11.3 14.2 4.7 Professional, scientific and technical activities 10.1 3.0 -0.2 3.9 2.6 6.7 2.6 6.1 3.9 2.5 10.8 1.1 -2.3 6.2 -0.6 -7.7 5.3 Administrative and support service activities 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 5.5 4.9 -1.1 2.8 Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % -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 10.6 -1.2 -4.6 Real turnover in retail trade -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 -0.7 -4.2 Real turnover in the sale and maintenance of motor vehicles 16.9 14.8 10.5 16.4 17.2 11.2 12.7 18.2 18.1 11.2 14.2 11.0 2.2 21.3 1.1 -6.7 11.3 Total real turnover Nominal turnover in wholesale trade & commission trade -6.0 -9.1 -5.6 4.7 -5.3 13.2 -5.6 -6.5 -9.2 -9.9 -2.5 -4.2 -7.6 -4.0 5.1 -2.4 -4.4 7.0 -13.4 9.0 -5.6 8.0 3.8 2.4 8.7 -4.1 4.5 17.6 -10.5 14.7 -3.5 -0.9 13.9 -9.4 -14.9 5.3 1.1 -0.7 1.0 -6.6 3.1 6.6 -3.2 -7.2 8.9 5.3 4.8 14.1 -2.5 5.8 33.1 -11.6 17.5 -3.6 0.8 15.8 TOURISM, y-o-y growth rates, % -1.3 12.9 Total, overnight stays Domestic tourists, overnight stays -20.3 -21.7 -34.4 -50.2 Foreign tourists, overnight stays Accommodation and food service activities 20.9 38.6 37.0 16.1 15.2 23.1 22.6 17.9 -2.8 7.4 17.8 10.1 23.4 15.2 14.8 17.7 -2.4 7.4 12.3 10.1 -7.8 9.1 13.5 6.7 6.7 8.1 AGRICULTURE Purchase of agricultural products, in EUR m 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 62.8 58.5 68.7 BUSSINES TENDENCY (indicator values*) -1.5 -2.5 -2.7 -5.1 -6.6 -6.3 -4.9 -5.4 -5.1 -2.9 -2.9 -3.1 -3.5 -2.2 -2.0 -1.8 -2.8 -1.7 -2.2 in manufacturing -6 -9 -9 -10 -12 -11 -10 -10 -8 -6 -7 -9 -9 -9 -7 -7 -7 -6 -7 in construction 12 17 13 13 14 8 13 10 12 15 13 7 10 5 7 4 3 7 6 in services 21 18 19 14 13 11 14 14 12 14 14 18 17 17 17 15 15 15 18 7 18 12 16 3 19 17 15 4 14 16 10 5 19 12 21 3 15 11 -32 -30 -29 -34 -33 -34 -33 -33 -32 -31 -28 -29 -29 -25 -25 -23 -24 -24 -28 Sentiment indicator Confidence indicator in retail trade consumer confidence indicator 30 Statistical Appendix Slovenian Economic Mirror, No 6/2024 2022 2023 2024 2022 2023 Labour market 2021 2022 2023 FORMAL LABOUR FORCE (A=B+E) 974.6 978.7 982.4 976.2 976.5 985.2 982.0 981.5 979.6 986.7 991.0 990.5 977.3 983.2 983.7 988.5 982.1 982.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 900.3 922.0 933.7 920.2 923.0 932.3 929.0 934.2 932.7 939.1 941.6 946.3 925.2 930.2 931.2 935.3 926.7 928.9 In agriculture, forestry, fishing 25.7 24.9 24.3 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 Q3 24.3 Q4 24.2 Q1 23.6 Q2 23.7 9 24.9 10 24.9 11 24.9 12 24.8 1 24.2 2 24.2 In industry, construction 294.1 304.7 308.4 303.6 305.9 309.5 307.4 309.0 307.9 309.2 312.5 313.9 306.4 308.3 308.1 312.0 306.4 307.3 - in manufacturing 205.6 210.8 211.4 210.5 210.6 212.9 211.8 212.0 210.7 211.2 212.2 211.9 210.9 212.2 212.2 214.3 211.7 211.5 - in construction In services - in public administration - in education, health-services and social work 67.8 73.0 75.7 72.2 74.2 75.5 74.5 75.7 75.9 76.5 78.9 80.4 74.4 75.0 74.8 76.7 73.7 74.7 580.4 592.4 601.1 591.8 592.2 597.9 597.4 600.8 600.4 605.7 605.6 608.8 593.9 597.0 598.2 598.5 596.1 597.4 49.6 49.5 49.2 49.5 49.5 49.6 49.1 49.2 49.1 49.4 49.4 49.7 49.5 49.6 49.6 49.4 49.0 49.2 146.1 149.7 153.0 149.7 148.8 151.6 152.1 153.0 152.1 154.8 155.4 156.4 150.0 151.2 151.7 151.9 151.6 152.2 FORMALLY EMPLOYED (C)1 804.4 824.1 833.4 822.8 824.8 833.1 830.0 834.2 831.9 837.5 839.9 843.9 826.7 831.3 831.9 836.1 828.0 829.9 In enterprises and organisations 756.2 775.8 785.5 774.4 776.0 784.4 782.3 785.9 783.9 789.8 793.3 797.0 777.9 782.3 783.1 787.9 780.6 782.3 By those self-employed 48.2 48.3 47.9 48.4 48.8 48.7 47.7 48.2 48.0 47.7 46.6 47.1 48.8 49.0 48.8 48.2 47.4 47.6 SELF-EMPLOYED AND FARMERS (D) 95.8 97.9 100.4 97.4 98.2 99.1 99.0 100.0 100.8 101.7 101.7 102.4 98.5 98.9 99.2 99.3 98.7 99.0 REGISTERED UNEMPLOYMENT (E) 74.3 56.7 48.7 55.9 53.4 52.9 53.0 47.3 46.9 47.6 49.4 44.2 52.0 53.0 52.5 53.2 55.4 53.4 Female 37.9 28.6 24.3 28.3 27.4 26.6 26.2 23.7 23.8 23.6 23.9 21.8 26.5 26.9 26.6 26.4 27.1 26.3 By age: 15 to 29 14.2 10.5 9.2 10.0 9.5 10.6 10.0 8.5 8.4 9.9 9.6 8.2 9.2 10.9 10.6 10.4 10.7 10.1 Aged over 50 28.2 22.3 19.0 22.4 21.2 20.4 20.6 18.9 18.5 17.9 18.8 17.2 20.8 20.4 20.3 20.4 21.3 20.7 Primary education or less 23.5 18.0 15.9 17.7 16.7 16.8 17.4 15.4 15.0 15.6 16.9 14.6 16.5 16.5 16.6 17.2 18.2 17.6 For more than 1 year 40.5 30.1 22.4 31.0 27.9 25.9 24.4 22.6 21.7 21.0 20.6 19.3 27.1 26.5 25.9 25.4 25.2 24.4 Those receiving benefits 18.9 15.1 14.1 14.3 14.5 14.0 15.9 13.1 13.8 13.6 16.5 13.1 14.2 13.0 14.1 15.0 17.2 15.6 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.6 5.8 5.0 5.7 5.5 5.3 5.4 4.8 4.8 4.8 5.0 4.5 5.3 5.3 5.3 5.4 5.6 5.4 Male 6.9 5.2 4.5 5.2 4.9 4.9 5.0 4.4 4.3 4.4 4.7 4.1 4.8 4.8 4.8 4.9 5.3 5.0 Female 8.5 6.5 5.5 6.4 6.2 6.0 5.9 5.3 5.4 5.3 5.4 4.9 6.0 6.0 6.0 5.9 6.1 5.9 FLOWS OF FORMAL LABOUR FORCE -1.8 -1.1 -0.4 -2.2 -0.6 0.4 -1.0 -1.4 -0.1 0.8 -0.5 -1.2 -1.9 0.9 -0.5 0.6 2.2 -2.0 New unemployed first-job seekers 0.6 0.6 0.6 0.4 0.5 1.2 0.5 0.3 0.4 1.2 0.5 0.3 0.8 2.6 0.7 0.4 0.5 0.4 Redundancies 4.5 4.2 4.1 3.4 3.9 4.2 4.9 3.4 3.9 4.3 5.3 3.3 3.9 4.0 4.1 4.5 7.3 3.7 Registered unemployed who found employment 5.0 3.8 3.4 4.0 3.1 3.1 4.6 3.4 2.9 2.9 4.6 3.2 4.6 3.6 3.2 2.5 3.8 4.6 Other outflows from unemployment (net) 2.0 2.2 1.9 2.2 2.1 2.2 2.0 1.9 1.8 2.0 2.0 1.9 2.3 2.3 2.3 1.9 2.2 1.8 41.8 49.5 52.0 49.1 50.7 51.7 51.8 52.2 52.0 51.9 51.6 50.4 51.2 51.7 51.7 51.7 51.5 51.7 4.3 5.1 5.3 5.0 5.2 5.2 5.3 5.3 5.3 5.3 5.2 5.1 5.2 5.3 5.3 5.2 5.2 5.3 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Slovenian Economic Mirror, No 6/2024 Labour market Statistical Appendix 2023 3 4 5 6 7 2024 8 9 10 11 12 1 2 3 4 5 6 7 FORMAL LABOUR FORCE (A=B+E) 981.8 981.6 981.3 981.6 980.3 978.6 979.7 984.8 985.6 989.6 990.6 991.4 991.2 991.2 990.8 989.6 987.7 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 931.4 933.0 934.1 935.4 933.0 931.2 933.7 937.6 938.5 941.3 939.0 941.6 944.3 945.9 946.7 946.3 943.3 In agriculture, forestry, fishing 308.4 309.0 308.9 309.1 308.8 307.7 307.3 308.7 308.1 310.7 311.3 312.6 313.6 314.0 314.1 313.4 312.3 - in manufacturing 212.1 212.1 212.1 211.8 211.2 210.7 210.2 211.0 210.6 212.2 212.2 212.3 212.3 212.3 212.0 211.6 210.7 In services - in public administration - in education, health-services and social work 8 9 24.3 24.3 24.4 24.4 24.3 24.3 24.3 24.2 24.2 24.2 23.5 23.5 23.6 23.6 23.7 23.7 23.6 In industry, construction - in construction 31 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 80.7 80.4 80.1 598.8 599.6 600.8 602.0 599.9 599.2 602.2 604.7 606.1 606.4 604.2 605.5 607.1 608.3 608.9 609.2 607.4 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 49.6 49.8 49.8 152.7 152.8 153.1 153.0 151.8 151.5 153.1 154.2 154.9 155.2 154.9 155.4 155.8 156.2 156.5 156.5 155.4 FORMALLY EMPLOYED (C)1 832.0 833.2 834.1 835.2 832.5 830.5 832.6 836.1 836.7 839.6 837.5 840.0 842.3 843.8 844.2 843.7 840.4 In enterprises and organisations 784.0 785.1 785.8 786.8 784.4 782.6 784.7 788.0 788.9 792.5 791.1 793.4 795.5 796.7 797.1 797.1 797.1 By those self-employed 48.0 48.1 48.3 48.4 48.1 47.8 47.9 48.1 47.8 47.1 46.3 46.6 46.8 47.0 47.1 47.1 47.1 SELF-EMPLOYED AND FARMERS (D) 99.4 99.8 100.0 100.3 100.5 100.8 101.1 101.5 101.8 101.7 101.5 101.7 102.0 102.2 102.4 102.6 102.9 REGISTERED UNEMPLOYMENT (E) 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 44.4 44.5 43.8 Female 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 22.3 22.4 21.8 By age: 15 to 29 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 8.1 8.1 8.4 Aged over 50 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 17.0 16.8 16.5 Primary education or less 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 14.3 14.3 14.4 For more than 1 year 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 18.9 18.7 18.5 Those receiving benefits 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 13.0 12.8 14.0 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 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 4.4 4.4 4.5 Male 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 4.1 4.0 4.1 Female 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 4.9 4.8 5.0 -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 1.0 0.1 -0.6 New unemployed first-job seekers 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 0.3 0.3 0.9 Redundancies 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 4.7 3.2 4.1 Registered unemployed who found employment 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 2.3 2.0 4.0 Other outflows from unemployment (net) 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 1.9 1.7 1.9 FLOWS OF FORMAL LABOUR FORCE FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 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 49.7 49.2 48.9 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 5.1 5.0 5.0 32 Statistical Appendix Slovenian Economic Mirror, No 6/2024 in EUR Wages 2023 Q2 24 Jul24 GROSS WAGE PER EMPLOYEE, nominal in € 2021 2022 2023 2022 Q2 Q3 2023 Q4 Q1 Q2 2024 Q3 Q4 Q1 2022 Q2 11 2023 12 1 y-o-y growth rates, % TOTAL 2,255 2,351 2,380 6.1 2.8 9.7 0.8 5.0 6.5 10.4 9.9 10.0 8.7 7.2 5.9 7.7 4.6 11.5 Private sector activities (A–N; R–S) 2,192 2,289 2,307 5.8 6.0 9.6 6.6 6.7 6.9 11.1 9.5 9.2 8.9 7.9 7.2 8.4 4.7 12.6 Public service activities (OPQ) 2,448 2,541 2,602 6.8 -5.1 9.9 -11.8 0.5 5.3 8.4 11.0 12.3 7.9 5.4 2.4 5.5 4.5 8.5 Industry (B–E) 2,273 2,369 2,387 5.7 6.2 10.1 6.9 7.6 6.2 12.2 10.4 8.2 9.7 7.8 6.9 8.2 2.5 14.2 Trad. market services (GHI) 2,008 2,095 2,101 5.7 6.7 9.5 7.5 6.6 8.2 10.8 9.0 9.7 8.4 7.6 6.7 9.2 7.0 12.5 Other market services (J–N; R–S) 2,474 2,558 2,583 5.6 5.4 9.3 5.7 5.6 6.7 10.0 8.9 9.9 8.3 7.3 6.6 8.1 4.9 10.4 A Agriculture, forestry and fishing 1,892 1,979 2,015 3.8 9.6 10.0 10.1 10.0 11.5 13.0 11.2 8.9 7.2 7.0 6.3 8.5 14.1 15.8 B Mining and quarrying 2,876 2,887 3,009 2.3 4.1 10.1 3.4 5.7 6.1 12.3 22.9 4.0 3.0 6.6 -3.2 15.1 -3.3 16.0 C Manufacturing 2,231 2,324 2,344 6.2 6.3 9.9 6.9 7.4 6.2 12.1 10.1 8.0 9.6 7.8 6.9 8.5 2.3 14.2 D Electricity, gas, steam and air conditioning supply 3,275 3,410 3,357 1.5 6.2 12.4 8.5 11.2 5.2 14.2 13.4 10.1 12.0 6.9 7.5 4.3 3.5 16.0 E Water supply sewerage, waste management and remediation activities 2,163 2,263 2,289 4.3 6.1 10.4 7.4 6.5 6.3 12.4 9.1 10.1 10.3 8.4 7.1 6.0 6.3 12.5 F Construction 1,747 1,924 1,962 7.1 7.0 9.6 7.1 6.5 7.9 10.9 9.3 9.7 8.8 11.7 12.5 8.1 7.4 12.9 G Wholesale and retail trade, repair of motor vehicles and motorcycles 2,107 2,183 2,179 5.4 6.3 9.1 7.7 5.7 7.2 10.2 8.5 9.5 8.3 7.0 6.1 7.7 6.2 11.9 H Transportation and storage 1,999 2,104 2,142 5.0 8.7 9.6 8.6 8.9 10.2 11.2 9.7 10.1 7.6 9.3 8.0 12.2 8.1 12.9 I Accommodation and food service activities 1,645 1,739 1,731 12.7 8.9 11.4 12.7 7.3 9.1 13.9 10.6 10.3 11.1 7.3 6.7 10.6 9.1 15.5 J Information and communication 3,028 3,094 3,113 4.7 5.6 7.3 6.0 5.9 5.6 7.3 8.0 7.3 6.7 7.0 5.8 6.1 3.6 8.8 K Financial and insurance activities 3,258 3,337 3,374 5.0 6.3 8.6 8.9 5.1 8.2 9.4 6.5 11.1 7.8 5.6 7.5 10.2 7.0 11.8 L Real estate activities 2,053 2,121 2,136 3.7 5.4 8.4 5.8 5.4 6.5 10.1 8.2 8.1 7.4 6.1 5.5 4.4 7.8 12.1 M Professional, scientific and technical activities 2,583 2,656 2,681 6.3 4.7 9.1 4.7 4.9 5.4 10.1 8.6 9.4 8.2 7.0 6.0 9.0 1.1 8.1 N Administrative and support service activities 1,650 1,768 1,787 5.9 7.8 11.2 8.1 8.6 9.0 12.8 11.2 11.6 9.7 10.0 9.3 6.0 12.3 13.7 O Public administration and defence, compulsory social security 2,665 2,790 2,807 6.9 -3.3 10.0 -10.6 1.9 6.9 8.4 11.8 12.5 7.4 6.0 2.5 6.7 7.7 8.8 P Education 2,227 2,316 2,391 8.9 -5.1 9.7 -10.7 -5.7 2.3 9.0 10.5 11.5 7.9 5.6 2.6 1.4 3.4 9.3 Q Human health and social work activities 2,534 2,607 2,685 4.8 -6.3 10.2 -13.8 6.6 7.3 8.0 11.0 13.3 8.5 4.9 2.2 8.8 3.2 7.5 R Arts, entertainment and recreation 2,190 2,244 2,277 9.4 2.2 9.6 2.4 0.5 3.7 10.8 10.2 10.3 7.3 4.9 2.6 6.8 3.7 10.0 S Other service activities 1,815 1,897 1,901 3.4 5.0 9.1 5.6 5.9 7.1 11.2 8.3 8.9 8.3 6.6 5.7 8.3 5.5 13.0 Source: SURS, calculations by IMAD. Note: Break in the time series for data from January 2024 onwards due to the switch to a new data source (SURS). Slovenian Economic Mirror, No 6/2024 Wages Statistical Appendix 2023 2 3 4 5 6 33 2024 7 8 9 10 11 12 1 2 3 4 5 6 7 GROSS WAGE PER EMPLOYEE y-o-y growth rates, % TOTAL 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 6.0 5.2 7.2 Private sector activities (A–N; R–S) 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 7.7 5.4 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 1.5 4.4 3.7 Industry (B–E) 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 7.8 4.1 10.1 Trad. market services (GHI) 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 7.0 5.7 7.2 Other market services (J–N; R–S) 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 7.0 5.4 6.2 A Agriculture, forestry and fishing 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 5.7 6.0 6.8 B Mining and quarrying 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 3.8 4.8 12.0 C Manufacturing 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 8.2 3.7 10.2 D Electricity, gas, steam and air conditioning supply 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 4.6 7.9 7.2 E Water supply sewerage, waste management and remediation activities 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 4.2 6.7 9.9 F Construction 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 11.9 10.7 14.6 G Wholesale and retail trade, repair of motor vehicles and motorcycles 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 6.8 4.5 7.0 H Transportation and storage 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 7.9 7.6 7.8 I Accommodation and food service activities 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 6.5 7.5 6.5 J Information and communication 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 5.8 4.4 3.8 K Financial and insurance activities 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 7.6 9.5 4.5 Public service activities (OPQ) 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 5.0 5.3 6.1 M Professional, scientific and technical activities 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 6.7 2.4 7.1 N Administrative and support service activities 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 10.2 7.8 10.2 O Public administration and defence, compulsory social security 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 1.2 4.5 4.1 P Education 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 1.7 4.1 3.8 Q Human health and social work activities 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 1.4 4.9 3.3 R Arts, entertainment and recreation 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 2.2 3.5 4.0 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 5.5 6.9 6.7 L Real estate activities S Other service activities 34 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 6/2024 2021 2022 2023 2022 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2022 Q3 9 10 2023 11 12 1 2 CPI, y-o-y growth rates, % 4.9 10.3 4.2 10.7 10.1 9.9 8.2 6.6 5.3 3.4 2.3 0.9 10.0 9.9 10.0 10.3 10.0 9.3 Food, non-alcoholic beverages 3.9 18.6 4.6 13.8 18.3 18.9 14.4 10.2 6.0 2.0 0.1 1.3 14.4 17.2 19.0 18.6 19.3 18.3 Alcoholic beverages, tobacco 2.4 6.0 9.4 6.4 6.2 9.2 9.2 8.9 9.3 6.3 5.3 5.1 6.8 7.0 5.5 6.0 9.1 9.1 Clothing and footwear 5.9 2.3 1.3 2.9 2.3 3.8 6.4 6.6 1.9 3.8 2.0 -3.1 4.2 2.7 1.9 2.3 3.9 1.8 Housing, water, electricity, gas 8.6 13.3 2.7 22.0 14.6 13.0 9.2 5.3 5.2 4.3 1.9 -4.1 16.2 15.6 14.9 13.3 11.1 7.9 Furnishing, household equipm. 5.7 12.9 3.9 12.2 12.5 11.8 9.1 6.4 4.6 2.2 1.2 0.8 13.0 12.5 12.0 12.9 12.3 12.2 Medical, pharmaceutical produ. -0.5 7.2 8.5 3.7 5.7 6.7 11.3 11.8 8.8 8.7 5.1 4.0 4.0 3.7 6.3 7.2 4.8 5.4 Transport 12.5 9.3 -0.5 16.9 10.1 5.0 1.0 -1.0 1.1 0.6 0.9 -0.6 14.5 10.4 10.5 9.3 6.0 6.0 Communications -3.6 1.2 0.1 -3.8 -0.8 2.6 3.7 3.8 2.6 -1.3 -0.4 -0.5 -3.8 -2.2 -1.4 1.2 2.4 2.1 Recreation and culture 3.4 6.9 6.3 5.3 6.6 8.6 7.9 8.5 6.7 3.8 2.9 3.3 5.9 6.6 6.2 6.9 10.1 9.6 Education 0.5 1.4 8.7 0.5 1.3 2.1 4.6 5.3 8.7 8.1 6.1 5.7 0.8 1.3 1.3 1.4 1.4 2.0 Catering services 6.1 10.8 7.9 9.1 10.2 11.2 9.1 9.0 8.5 6.1 6.9 5.7 9.6 9.9 9.8 10.8 12.1 11.3 -2.1 8.9 6.2 4.1 6.7 7.1 7.5 7.4 6.5 5.4 4.8 3.9 4.7 5.5 5.8 8.9 6.7 7.0 HICP 5.1 10.8 3.8 11.3 10.6 9.9 8.0 6.3 5.0 3.4 2.4 1.1 10.6 10.3 10.8 10.8 9.9 9.4 Core inflation (excluding fresh food and energy) 3.1 7.4 5.2 6.3 6.9 7.8 8.0 7.4 5.9 4.2 3.2 2.3 6.6 6.7 6.5 7.4 8.0 7.7 Miscellaneous goods & services PRODUCER PRICE INDICES, y-o-y growth rates, % 10.6 19.3 0.0 21.1 19.9 15.5 7.1 2.4 0.4 -2.6 -2.5 21.3 20.6 19.7 19.3 18.2 14.9 Domestic market 10.6 23.3 2.0 25.2 23.9 19.2 9.9 4.6 2.5 -2.3 -3.2 25.7 25.1 23.2 23.3 22.1 18.6 Non-domestic market 10.6 15.3 -2.0 17.0 15.8 11.8 4.3 0.2 -1.6 -3.0 -1.7 16.8 16.0 16.2 15.3 14.3 11.2 11.6 15.4 -1.9 19.3 16.2 11.8 3.8 -0.7 -1.8 -3.5 -2.8 18.4 16.7 16.6 15.4 14.4 10.9 8.5 15.1 -2.2 12.6 15.0 11.4 4.6 1.9 -1.2 -1.4 1.3 13.7 14.6 15.4 15.1 14.0 11.5 25.9 11.9 -4.1 24.9 14.6 6.4 -1.6 -4.4 -4.2 -3.6 -1.9 22.6 17.7 14.3 11.9 8.1 7.5 Total Euro area Non-euro area Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % 0.0 -1.7 0.8 -2.3 -0.7 0.1 0.7 1.8 0.6 0.4 0.4 0.0 -2.3 -1.4 -0.7 -0.1 0.1 -0.1 Real (deflator HICP) -0.4 -0.4 2.4 -0.2 0.3 1.6 2.3 3.1 2.5 1.2 0.3 -1.1 -1.3 -1.0 0.6 1.5 1.0 0.7 Real (deflator ULC) 0.6 -0.3 5.7 0.7 4.4 6.7 6.4 5.8 3.9 3.4 -0.9 Effective exchange rate2, nominal USD / EUR 1.184 1.054 1.082 1.007 1.021 1.073 1.089 1.088 1.076 1.086 1.077 1.099 0.990 0.983 1.020 1.059 1.077 1.072 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Slovenian Economic Mirror, No 6/2024 Prices and indicators of overall competitiveness Statistical Appendix 2023 3 35 2024 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 CPI, y-o-y growth rates, % 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 1.3 0.9 0.6 Food, non-alcoholic beverages 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 1.0 1.4 1.5 Alcoholic beverages, tobacco 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 5.2 5.2 4.9 Clothing and footwear 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 -2.5 -6.5 -0.2 Housing, water, electricity, gas 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 -2.8 -3.3 -6.1 Furnishing, household equipm. 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 1.3 0.7 0.4 Medical, pharmaceutical produ. 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 2.9 4.4 4.7 Transport 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 0.4 -0.6 -1.6 Communications 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 -0.8 -0.5 -0.2 Recreation and culture 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 3.0 3.0 3.9 Education 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 6.0 5.6 5.9 5.9 5.4 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 6.1 6.7 4.2 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 4.2 4.0 3.5 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 1.4 1.1 0.7 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 2.5 2.0 2.5 Catering services Miscellaneous goods & services HICP Core inflation (excluding fresh food and energy) PRODUCER PRICE INDICES, y-o-y growth rates, % Total Domestic market Non-domestic market Euro area Non-euro area Import price indices 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 -2.1 -1.9 -1.0 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 -3.0 -2.7 -2.8 -1.9 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 -1.4 -0.9 -0.2 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 -2.2 -1.9 -0.7 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 0.7 1.9 1.3 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 -1.4 -0.8 -2.4 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 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 0.1 0.0 0.0 Real (deflator HICP) 3.3 3.2 2.2 1.4 2.1 2.8 4.4 4.2 2.4 0.9 1.0 1.1 1.6 0.9 0.6 -0.5 -0.9 -1.0 -1.3 Real (deflator ULC) USD / EUR 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 1.084 1.101 1.111 36 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 6/2024 2021 2022 2023 2022 Q2 Q3 2023 Q4 Q1 Q2 2024 Q3 Q4 Q1 2023 Q2 7 8 9 10 11 12 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 1,951 -637 2,858 882 -2,459 431 -361 139 -238 -691 -451 -704 720 1,039 80 466 531 568 679 797 -238 -61 438 63 -107 -193 -1 -113 108 11 -273 -273 95 -205 -238 -261 Exports 35,255 42,328 41,420 10,873 10,759 10,796 10,894 10,804 9,502 10,220 10,397 10,682 3,507 3,258 3,994 3,679 3,707 3,410 Imports 34,373 44,787 40,990 11,564 11,209 11,500 10,815 10,338 9,503 10,333 10,289 10,671 3,780 3,531 3,899 3,884 3,945 3,671 Services 468 332 238 Exports 8,473 11,219 11,906 2,795 3,349 2,910 2,581 2,965 3,335 3,024 2,564 2,960 1,077 1,079 1,192 966 878 1,067 Imports 6,273 7,750 8,317 1,887 2,268 2,041 1,746 2,000 2,366 2,205 1,786 2,070 Primary income 2,200 3,469 3,589 -505 -907 -638 908 1,081 -390 -306 869 835 965 969 -253 4 -170 -276 820 -196 778 890 -49 -18 285 328 299 791 752 725 634 639 768 -161 -52 -93 -20 -53 -179 Receipts 1,968 2,077 3,037 508 456 586 687 876 673 801 807 918 133 143 180 162 190 234 Expenditures 2,473 2,984 3,675 898 762 839 683 1,046 949 997 856 936 293 196 273 182 243 413 Secondary income -523 -188 -185 -149 -198 -222 -160 58 -158 -86 -90 -64 -31 -44 -54 -51 Receipts 1,157 1,314 1,734 336 323 365 327 361 403 643 456 503 103 91 129 108 105 151 Expenditures 1,783 2,053 2,257 524 508 514 525 584 563 585 614 590 193 155 160 152 160 202 -16 3 -109 -85 44 70 -21 16 -42 -11 36 -22 11 45 -165 265 1,019 106 -244 169 -152 27 -828 -82 -56 -223 -41 56 -203 -353 -307 Capital account Financial account Direct investment -626 171 -739 -158 8 1,774 -1,784 2,160 -414 -1,416 -409 32 -953 241 838 854 228 -354 -320 -500 -263 -185 -124 0 -45 Assets 1,442 766 432 210 -240 209 327 154 75 540 272 271 -153 92 89 -23 Liabilities 1,856 2,183 1,338 787 530 260 472 512 279 75 622 317 327 70 133 33 180 46 2,778 644 -295 936 -606 162 -531 723 1,345 -45 -251 198 -242 447 53 437 109 -127 41 13 32 Portfolio investment Financial derivatives 30 767 -572 -12 -253 -79 138 -45 -446 2,845 -691 Other investment -1,444 Assets 2,923 2,980 5,788 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity Currency and deposits 4 18 -3 1,422 1,951 5,147 513 -1,293 1,032 830 1,274 2 0 336 1,334 842 1,478 -751 2,763 1,107 2,369 5 -4 -528 2,156 1 0 919 2,439 -14 30 41 38 -51 -36 -40 -506 -1,091 1,056 52 386 -264 391 -616 204 -880 346 1,138 -558 -450 0 -112 -713 1,127 -210 8 4 0 -367 -1,316 890 -300 -161 -31 0 0 3 3 569 1,066 -393 -103 -33 0 348 339 178 186 33 148 34 74 -38 107 -49 -5 -43 48 27 8 65 75 22 -8 70 8 -13 -3 9 -6 62 5 -15 0 -4 -4 -4 -1 -1 -1 873 830 310 362 7 -448 688 127 -197 -309 592 159 93 -243 157 147 48 -643 254 -150 88 -63 -88 76 -120 -10 103 114 69 79 44 -24 -108 78 -43 41 4,367 3,426 2,943 1,521 761 542 1,732 264 891 56 378 71 -596 610 747 455 -235 323 6 -1 1 2 11 1 -6 0 2 0 0 0 0 0 1 1 2,359 1,715 1,834 -38 1 237 552 400 391 393 767 283 132 192 59 263 230 37 386 -22 781 328 214 999 84 511 -394 76 -44 -396 409 314 47 -302 469 Loans 16 Insurance, pension schemes, and standardised guarantee schemes 21 3 41 -34 22 -7 54 13 -38 12 -15 0 7 7 7 -2 -2 -2 Trade credit and advances 1,119 783 -376 426 -95 26 129 -341 -137 -27 174 72 -244 -43 193 368 -257 -85 Other liabilities 215 -9 235 112 -49 -95 146 114 -207 183 9 -149 -23 -26 0 4 -58 -41 Special drawing rights (SDR) 675 4 2 1 2 2 1 1 1 0 0 0 1 -1 2 2 -3 2 Reserve assets Net errors and omissions 928 1,201 824 168 2 37 24 31 37 6 -1 -41 205 68 -3 4 22 13 8 10 -349 -989 -706 -32 -111 -606 -395 -245 253 -319 -431 264 355 -218 -247 -226 89 -469 4,067 4,816 4,991 1,244 1,181 1,301 1,181 1,222 1,208 1,381 1,186 1,245 385 348 449 411 431 459 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods Intermediate goods 19,633 25,627 23,592 6,626 6,646 6,347 6,455 6,277 5,312 5,548 5,857 5,862 2,218 1,974 2,454 2,203 2,293 1,851 Consumer goods 15,744 22,167 26,414 6,218 6,251 5,501 6,636 6,534 6,194 7,050 7,475 8,722 2,056 1,812 2,383 1,722 2,088 1,692 Import of investment goods 4,885 5,838 5,930 1,455 1,443 1,562 1,389 1,443 1,367 1,732 1,459 1,401 481 458 504 469 518 576 Intermediate goods 24,076 34,147 34,488 8,969 8,893 8,416 8,862 8,727 8,505 8,393 9,437 10,999 2,822 2,858 3,214 2,964 2,943 2,508 Consumer goods 12,588 16,620 16,666 4,392 4,191 4,311 4,326 4,041 4,187 4,112 5,028 4,533 1,417 1,442 1,332 1,460 1,377 1,474 Sources: BoS, SURS, Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Slovenian Economic Mirror, No 6/2024 Balance of payments Statistical Appendix 2023 1 2 3 4 37 2024 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account 191 135 394 137 532 370 120 92 319 245 266 56 245 132 302 354 244 199 586 Goods -47 -64 192 53 217 195 90 -210 119 32 -52 -93 110 -58 55 7 -32 36 347 Exports 3,338 3,416 4,140 3,305 3,782 3,718 3,258 2,763 3,482 3,602 3,565 3,053 3,325 3,412 3,660 3,644 3,562 3,475 3,812 Imports 3,386 3,481 3,948 3,251 3,564 3,523 3,167 2,973 3,363 3,570 3,617 3,146 3,215 3,470 3,605 3,637 3,594 3,439 3,465 Services 258 256 322 231 271 249 240 289 317 295 Exports 798 808 975 855 1,003 1,107 1,124 1,152 1,059 1,014 353 381 282 374 313 292 256 944 1,067 800 823 941 992 944 1,024 1,228 278 372 Imports 540 553 653 624 650 726 842 778 746 722 687 796 550 583 652 674 650 746 Primary income 66 14 -76 -98 55 -126 -177 -58 -40 -59 -1 -136 -42 0 -7 -12 9 -14 -80 Receipts 252 208 228 232 369 275 219 218 236 256 243 302 250 276 282 269 293 356 241 Expenditures 186 194 303 330 315 401 396 276 276 315 244 438 292 276 288 281 284 371 321 Secondary income -85 -70 -43 -49 -93 -80 -75 -13 -73 -20 63 14 -72 -50 -36 42 -27 -101 -54 97 108 122 119 113 130 100 160 143 168 248 228 159 143 154 229 152 123 127 Receipts 856 Expenditures 182 178 165 168 206 210 174 173 216 187 184 214 232 193 189 187 179 223 181 Capital account -59 5 -31 72 4 -31 6 37 27 47 21 -89 56 0 -40 8 -48 -2 12 Financial account 277 131 -168 307 336 195 219 308 327 573 117 -462 403 76 -214 421 400 198 41 Direct investment 14 -129 -148 -61 28 -152 60 -193 9 72 107 -179 1 -177 94 122 -45 -122 -153 Assets 99 134 -24 107 267 -47 -44 -42 241 147 191 -263 114 135 291 142 77 52 -94 Liabilities 85 263 124 168 240 104 -104 151 232 74 84 -83 113 312 197 21 122 174 58 -1,260 371 283 78 565 -482 -66 259 -724 497 -48 274 -537 1,394 487 290 -412 76 361 8 Portfolio investment Financial derivatives 18 9 13 9 1 3 17 6 11 23 18 -42 -37 -8 -1 -6 10 Other investment 1,472 -161 -279 268 -238 812 196 232 1,050 -34 54 -527 892 -1,215 -768 -27 851 231 -187 Assets 1,208 1,306 236 1,877 -291 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities 250 -41 181 967 256 0 -1 -2 1 0 0 0 1,230 984 -58 -8 184 743 369 -2 54 -19 19 28 27 -24 2 3 3 3 -2 -2 -2 21 87 238 363 -72 -31 230 -111 28 -37 20 2 -264 1,467 529 -310 419 -33 97 -90 -456 319 -786 -245 -23 826 324 0 1 -1 0 1 6 1 3 0 1 0 566 1,504 -219 -89 -59 473 -1,127 -663 -55 974 -28 -186 -16 27 26 55 -39 20 -31 2 -72 65 -26 21 21 2 2 2 -5 -5 -5 0 0 0 0 -111 -359 273 229 -83 -455 -114 305 401 31 -109 238 -102 -32 2 6 96 57 56 1 2 15 52 -4 34 49 23 155 60 4 827 130 -144 70 -573 429 523 4 -25 93 -104 0 Other equity 10 0 1 0 1 0 -6 0 0 0 0 0 0 1 1 0 1 -1 -1 Currency and deposits 14 180 197 -6 102 298 245 182 340 32 123 129 -220 78 274 15 91 86 172 -32 1,023 8 105 155 -176 55 187 270 116 -343 -168 131 0 -54 159 -88 -115 -12 Loans Insurance, pension schemes, and standardised guarantee schemes 18 18 18 4 4 4 -13 -13 -13 4 4 4 -5 -5 -5 0 0 0 0 Trade credit and advances -322 218 233 -431 95 -4 -117 -287 267 -55 -9 36 -391 311 254 -48 -32 151 -248 Other liabilities 46 32 69 15 68 30 -107 -60 -40 29 87 66 -92 51 50 -126 9 -31 -18 3 -5 3 3 -5 3 3 -6 3 3 -7 3 3 -7 3 3 -6 3 3 34 41 -38 12 -20 14 12 2 -14 26 -19 -48 80 115 10 44 7 18 10 145 -9 -531 98 -200 -144 93 178 -18 280 -170 -429 101 -57 -475 59 204 1 -557 435 392 378 438 469 446 466 358 397 431 424 412 409 452 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 333 385 463 360 427 Intermediate goods 2,025 2,098 2,332 1,890 2,149 2,238 1,809 1,542 1,961 1,974 2,048 1,526 1,919 1,940 1,998 2,014 1,935 1,913 2,115 Consumer goods 2,176 2,009 2,450 1,661 2,344 2,529 2,176 1,682 2,337 2,454 2,640 1,956 2,681 2,122 2,672 3,470 2,723 2,528 2,893 Import of investment goods 401 470 518 443 501 499 441 425 500 515 593 625 416 493 550 476 473 453 475 Intermediate goods 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 3,282 2,918 3,652 3,787 3,561 3,278 Consumer goods 1,541 1,205 1,580 1,244 1,431 1,366 1,088 1,566 1,533 1,295 1,536 1,281 1,537 1,801 1,690 1,634 1,419 1,480 1,388 38 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 6/2024 2021 2022 2023 2022 4 5 6 7 8 2023 9 10 11 12 1 2 3 4 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) Other government (S,1312,1313,1314) Households (S,14, 15) 14,460 12,247 12,921 13,380 13,290 13,055 13,574 13,025 12,457 12,425 12,733 12,247 12,706 12,411 12,179 12,321 3,538 2,858 3,142 693 764 855 3,496 3,458 3,429 3,430 3,318 3,114 3,060 3,086 2,830 2,981 2,965 2,913 2,957 691 689 692 691 695 695 702 710 764 764 775 775 761 11,556 12,439 12,885 11,859 11,965 12,037 12,140 12,252 12,333 12,387 12,425 12,439 12,444 12,424 12,495 12,509 Non-financial corporations (S,11) 9,828 10,988 10,390 10,539 10,589 10,664 10,968 11,131 11,098 11,281 11,349 10,987 11,210 10,921 10,787 11,030 Non-monetary financial institutions (S,123, 124, 125) 1,602 1,903 1,301 1,743 1,752 1,778 1,820 1,828 1,852 1,883 1,865 1,903 1,909 1,181 1,193 Monetary financial institutions (S,121, 122) 10,607 9,764 11,707 9,264 9,830 8,687 8,844 8,832 9,227 8,834 9,124 9,761 9,546 10,029 10,587 9,995 1,165 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 34,136 35,279 36,727 33,792 34,381 33,413 33,958 34,239 34,682 34,599 34,982 35,279 35,284 34,835 35,324 34,984 284 3,302 256 212 320 298 295 310 302 292 265 262 256 251 252 243 247 3,096 3,268 3,368 3,495 3,469 3,511 3,401 3,226 3,193 3,229 3,064 3,234 3,107 3,088 3,131 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 38,013 38,338 37,574 37,805 38,130 38,293 38,537 38,573 38,980 38,815 38,497 38,322 38,207 Overnight 29,146 31,836 31,034 29,592 29,899 30,138 30,374 30,790 30,951 30,845 31,170 31,836 31,650 31,196 31,107 30,968 With agreed maturity – short-term 2,707 3,066 3,721 2,622 2,666 2,639 2,719 2,693 2,790 3,057 2,848 3,066 3,120 3,241 3,268 3,223 With agreed maturity – long-term 5,849 3,751 4,147 5,459 5,441 4,515 4,441 4,366 4,263 4,332 4,228 3,751 3,699 3,693 3,620 3,686 Short-term deposits redeemable at notice 450 327 542 340 332 282 271 281 289 303 327 327 346 367 327 330 Deposits in foreign currency, total 828 974 890 1,007 1,036 1,093 1,103 1,133 1,161 1,066 1,033 974 931 946 931 922 Overnight 790 891 821 883 894 953 964 1,005 1,041 957 927 891 851 860 849 840 With agreed maturity – short-term 27 76 61 115 134 132 131 120 113 102 99 76 74 80 76 76 With agreed maturity – long-term 11 7 8 9 8 8 8 8 7 7 7 7 6 6 6 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 0.01 0.01 0.01 0.02 0.03 0.02 0.09 0.09 0.09 0.09 Time deposits with maturity of up to one year 0.12 0.08 0.85 0.03 0.04 0.03 0.03 0.04 0.13 0.15 0.18 0.19 0.25 0.37 0.58 0.44 2.31 3.80 1.67 1.79 2.02 2.22 2.52 2.64 2.96 3.36 3.55 3.66 3.79 3.83 3.89 4.98 0.92 1.48 2.1 1.02 2.74 3.03 .. 3.87 1.26 .. .. 5.12 5.12 3.88 0.00 0.00 0.00 0.50 0.50 1.25 1.25 2.00 2.50 2.50 3.50 3.50 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 1.72 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.13 1.77 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 0.67 3.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.549 0.342 3.431 -0.448 -0.386 -0.239 0.037 0.395 1.011 1.428 1.825 2.066 2.345 2.640 2.911 3.167 6-month rates -0.523 0.673 3.690 -0.311 -0.144 0.467 0.837 1.596 1.997 2.321 2.560 2.858 3.135 3.267 3.498 Sources: BoS, EUROSTAT. 0.162 Slovenian Economic Mirror, No 6/2024 Monetary indicators and interest rates Statistical Appendix 2023 5 6 7 8 39 2024 9 10 11 12 1 2 3 4 5 6 7 8 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) Other government (S,1312,1313,1314) 12,414 12,307 12,289 12,260 12,027 12,139 12,492 12,921 12,859 12,783 12,907 12,776 12,766 12,809 13,088 13,157 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 3,599 3,633 3,656 776 774 782 785 786 789 789 856 860 860 855 852 848 848 844 847 Households (S,14, 15) 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 13,231 13,324 13,409 Non-financial corporations (S,11) 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 10,510 10,464 10,453 Non-monetary financial institutions (S,123, 124, 125) Monetary financial institutions (S,121, 122) 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 1,361 1,363 1,365 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 9,542 9,440 9,810 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 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 34,993 35,006 35,469 247 243 245 241 216 215 219 212 210 207 200 195 202 196 201 193 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 3,895 3,857 3,874 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 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 39,087 39,320 39,331 Overnight 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 30,302 30,481 30,401 With agreed maturity – short-term 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 4,240 4,233 4,388 With agreed maturity – long-term 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 4,355 4,344 4,380 Short-term deposits redeemable at notice 354 361 369 441 471 487 531 542 116 120 183 111 182 190 262 162 Deposits in foreign currency, total 926 898 904 940 918 912 920 890 908 896 884 814 811 789 801 803 Overnight 838 804 815 854 849 889 849 821 839 826 811 772 771 757 769 773 With agreed maturity – short-term 81 87 82 79 62 15 63 61 60 60 63 32 31 23 23 21 With agreed maturity – long-term 7 7 7 7 7 8 8 8 9 10 10 10 9 9 9 9 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 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 0.14 0.13 Time deposits with maturity of up to one year 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 1.51 1.48 3.80 3.80 3.80 3.74 3.78 3.8 3.88 3.84 3.71 3.72 3.67 3.60 3.56 3.60 6.06 4.69 2.29 4.82 4.27 5.34 0.60 1.37 .. 3.45 4.96 4.31 0.76 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 3.86 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate .. 7.12 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % 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 4.25 4.25 4.25 3-month rates 3.366 3.536 3.672 3.780 3.880 3.968 3.972 3.933 3.925 3.923 3.922 3.886 3.814 3.725 3.685 3.548 6-month rates 3.679 3.825 3.943 3.945 4.030 4.115 4.065 3.924 3.892 3.901 3.893 3.839 3.788 3.715 3.644 3.425 Main refinancing operations INTERBANK INTEREST RATES EURIBOR 40 Statistical Appendix Public finance 2021 Slovenian Economic Mirror, No 6/2024 2022 2023 2022 Q2 Q3 2023 Q4 Q1 Q2 2024 Q3 Q4 Q1 2022 Q2 10 11 2023 12 1 2 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 6,079.7 5,648.8 5,969.0 5,736.3 6,274.9 6,045.9 6,977.8 6,198.8 7,163.2 1,902.3 1,956.8 2,110.0 1,982.8 1,817.0 Current revenues 20,124.0 21,966.7 23,386.7 5,824.1 5,398.2 5,605.9 5,401.7 6,000.1 5,743.3 6,241.6 5,974.3 6,849.5 1,799.5 1,868.9 1,937.4 1,882.3 1,720.9 Tax revenues 18,785.7 20,557.0 21,977.3 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 5,877.8 5,662.6 6,447.7 1,720.2 1,730.5 1,808.4 1,788.9 1,635.0 Taxes on income and profit 3,981.3 4,517.4 4,601.4 1,485.3 959.7 1,233.1 1,251.4 1,683.4 347.1 381.2 421.2 353.7 360.3 Social security contributions 7,928.1 8,503.7 9,258.4 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 2,441.7 2,526.7 2,610.4 693.7 730.2 841.7 720.8 754.3 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 6.7 6.5 7.4 6.2 6.9 6.5 7.9 7.0 8.0 2.2 2.3 2.9 2.0 2.1 316.9 336.5 346.9 82.1 128.6 93.5 38.9 90.0 116.9 101.1 30.4 92.7 45.1 33.8 14.6 11.2 8.4 6,359.2 6,883.8 7,508.8 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 2,063.0 1,780.8 1,958.3 613.1 565.5 520.4 631.8 502.6 177.4 289.2 223.1 56.9 85.6 79.5 51.4 61.8 49.9 59.9 47.1 48.5 30.7 21.2 27.6 17.9 19.6 -1.1 -0.3 11.2 -10.8 11.3 -35.5 23.9 5.1 11.2 -29.0 19.2 46.4 -11.8 -3.7 -20.0 51.6 -12.3 1,338.4 1,409.7 1,409.4 368.8 368.5 346.8 278.6 412.9 354.1 363.8 311.7 401.8 79.4 138.4 129.0 93.4 85.8 228.3 268.1 288.3 66.3 64.3 73.5 59.0 65.7 61.6 102.0 39.5 49.4 26.7 24.6 22.2 15.0 20.1 Grants 21.9 57.2 37.7 29.6 12.3 3.1 13.8 -8.7 19.7 12.9 2.6 13.1 0.2 0.5 2.5 0.9 12.2 Transferred revenues 57.3 57.7 228.8 22.0 30.2 5.2 3.6 0.4 67.3 157.6 5.1 5.2 0.8 1.8 2.5 1.1 0.3 Receipts from the EU budget 951.2 961.8 1,093.2 137.8 143.8 281.4 258.2 217.4 154.1 463.5 177.3 245.9 75.1 61.0 145.3 83.4 63.4 GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 24,299.8 24,886.3 27,308.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.1 6,430.4 8,428.8 6,569.6 7,065.2 1,909.1 2,319.2 2,936.0 1,813.2 1,865.6 Current expenditures 10,393.6 10,283.4 11,572.2 2,348.8 2,423.2 2,814.1 2,687.5 2,655.1 2,735.5 3,494.1 3,017.6 3,023.9 802.2 904.0 1,107.9 778.7 787.6 Wages, salaries and other personnel expenditures 5,765.3 5,481.1 6,093.5 1,411.8 1,316.9 1,443.1 1,441.7 1,607.5 1,509.4 1,534.8 1,683.0 1,570.4 434.7 488.5 519.9 481.0 477.7 Expenditures on goods and services 3,336.6 3,556.6 3,868.7 279.1 312.7 474.4 230.9 256.0 806.5 838.8 1,066.3 786.9 902.2 909.7 1,269.8 909.4 1,084.1 Interest payments 732.2 661.5 711.0 16.4 212.6 96.4 370.2 18.1 219.2 103.4 361.0 102.5 17.5 65.9 13.0 47.8 22.5 Reserves 559.5 584.2 899.0 114.2 55.0 208.3 88.6 127.2 97.1 586.0 64.2 267.0 70.9 36.8 100.6 19.0 31.5 849.6 1,007.2 1,068.7 917.6 903.9 Current transfers Subsidies 11,318.7 11,261.4 12,049.5 2,952.4 2,602.7 2,925.5 2,865.3 3,057.1 2,840.6 3,286.5 3,012.7 3,413.5 263.7 28.9 55.0 127.9 100.8 35.7 Current transfers to individuals and households 9,167.7 9,294.5 9,730.6 2,448.1 2,223.4 2,329.8 2,317.4 2,547.3 2,311.8 2,554.1 2,526.8 2,744.6 727.7 820.5 781.6 738.9 771.2 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 1,002.5 195.7 94.8 211.7 288.1 205.6 181.6 327.2 152.3 255.7 263.8 340.9 231.3 283.8 316.8 365.8 306.1 387.6 86.2 105.8 148.9 70.2 90.3 118.7 52.9 20.7 43.1 28.6 20.3 30.4 39.4 27.4 17.6 6.9 25.9 10.3 7.7 6.7 1,544.7 2,053.5 2,353.9 432.6 487.5 907.5 268.9 468.5 529.7 1,086.8 328.5 405.2 164.7 275.4 467.4 57.4 92.8 152.7 158.7 Capital transfers 413.9 558.5 660.4 60.5 132.2 322.5 41.8 80.0 163.0 375.6 67.6 69.1 38.0 67.6 216.9 10.3 14.2 Payments to the EU budget 628.9 729.5 672.3 172.7 180.0 194.6 166.6 158.5 161.5 185.7 143.2 153.4 54.5 65.0 75.1 49.2 67.1 -2,917.2 -1,574.9 -2,273.5 112.8 -176.9 -1,195.2 -293.9 -144.2 -384.5 -1,451.0 -370.8 97.9 -6.8 -362.3 -826.1 169.6 -48.6 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Slovenian Economic Mirror, No 6/2024 Public finance Statistical Appendix 2023 3 4 5 6 7 41 2024 8 9 10 11 12 1 2 3 4 5 6 7 8 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 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 1,995.9 2,599.3 2,218.2 2,345.7 2,084.7 2,384.3 Current revenues 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 2,101.4 1,957.0 1,915.9 2,522.3 2,152.2 2,174.9 2,028.9 2,310.1 Tax revenues 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 2,010.2 1,890.6 2,066.9 Taxes on income and profit 386.5 419.9 458.0 430.2 178.1 419.8 361.8 394.5 390.6 448.1 412.4 415.0 424.0 699.2 491.0 493.1 251.6 471.6 Social security contributions 749.4 759.2 764.7 763.9 765.7 768.0 770.7 759.2 778.2 904.3 810.6 857.2 858.8 882.3 868.3 859.8 887.4 880.7 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 2.8 3.0 2.5 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 39.7 47.8 44.5 Domestic taxes on goods and services 543.2 681.5 546.5 599.6 747.9 587.9 604.8 723.2 692.9 646.9 715.1 563.5 502.3 766.8 631.5 560.0 714.4 659.8 Taxes on international trade & transactions 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 24.3 16.5 13.3 Other taxes -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 30.6 -30.3 -5.4 Non-tax revenues 99.4 100.6 110.3 202.0 111.0 128.4 114.6 103.3 103.3 157.2 104.2 95.4 112.2 107.3 129.7 164.7 138.4 243.2 23.8 20.4 19.3 26.0 21.8 16.7 23.1 25.4 53.0 23.6 11.7 13.6 14.2 14.7 15.3 19.5 23.6 21.2 Grants 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 0.2 0.8 6.3 Transferred revenues 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 2.1 1.1 3.5 Receipts from the EU budget 111.4 138.7 49.8 28.8 43.4 22.7 88.1 64.6 79.4 319.5 101.8 13.7 61.7 48.0 49.0 148.9 30.2 43.2 Taxes on payroll and workforce Taxes on property Capital revenues GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 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 1,855.4 2,127.9 2,586.2 2,282.8 2,241.7 2,540.7 2,291.3 2,283.7 Current expenditures 1,121.1 809.2 842.6 1,003.2 885.3 968.5 881.8 930.3 955.2 1,608.6 801.5 891.9 1,324.1 988.2 1,010.4 1,025.4 1,024.2 1,036.1 Wages, salaries and other personnel expenditures 483.0 466.6 496.2 644.8 519.6 510.1 479.7 492.0 506.1 536.7 514.7 522.4 645.9 518.3 532.1 520.0 550.0 533.8 Expenditures on goods and services 300.0 264.3 310.1 327.8 302.9 329.2 277.6 375.6 355.4 538.8 256.9 317.0 335.5 352.5 390.3 341.2 391.6 320.6 Interest payments 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 11.4 60.9 74.9 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 80.4 152.8 21.7 106.8 1,043.9 948.0 976.6 1,132.4 953.8 949.4 Subsidies 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 Current transfers to individuals and households 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 Current transfers to non-profit institutions, other current domestic transfers 70.8 80.8 103.7 99.3 105.4 113.6 97.8 107.6 103.2 154.9 76.6 108.0 Current transfers abroad 14.2 12.3 5.7 2.3 16.8 4.8 8.7 3.5 25.5 10.4 6.6 Capital expenditures 118.7 132.7 168.8 167.0 170.0 180.2 179.5 206.0 254.1 626.7 Capital transfers 17.3 18.7 30.6 30.7 34.4 36.8 91.8 82.6 102.7 Payments to the EU budget 50.4 47.1 60.3 51.1 63.2 46.2 52.2 61.7 52.1 SURPLUS / DEFICIT -414.9 249.7 -125.9 -268.0 -166.8 -193.1 -24.5 Reserves Current transfers 937.4 1,014.6 1,040.2 1,231.8 923.6 1,034.8 1,054.3 1,099.2 1,023.0 1,291.3 1,036.9 1,013.2 38.9 150.9 33.3 22.6 884.8 846.0 1,013.8 867.8 862.5 121.5 133.3 133.8 120.6 128.0 122.6 9.2 11.6 7.2 4.4 6.0 7.8 5.5 69.2 124.8 134.5 119.2 142.8 143.2 145.7 166.0 190.3 16.3 26.5 24.8 23.0 22.4 23.8 26.5 19.1 71.8 44.8 50.0 48.4 53.3 43.1 57.1 58.0 49.4 -24.1 -234.5 -1,192.5 361.5 -141.8 -590.4 316.5 -23.5 -195.0 -206.6 100.5 42 Acronyms Slovenian Economic Mirror, No 6/2024 Acronyms Acronyms in the text BoS – Bank of Slovenia, CF – Cohesion Fund, CHP – combined heat and power, CPI − Index of Consumer Prices, DDPO – Corporate income tax/CIT, EC – European Commission, ECB – European Central Bank, ECP – European cohesion policy, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, GFS – Government Finance Statistics, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, 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, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers' Index, REACT - EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, 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, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. Slovenian Economic Mirror 6/2024, Vol. XXX www.umar.gov.si/en