slovenian economic mirror No. 7, Vol. XXVII, 2021 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 7 / Vol. XXVII / 2021 Publisher: IMAD, Ljubljana, Gregorciceva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Matevž Hribernik, MSc Authors: Barbara Bratuž Ferk, MSc; Urška Brodar; Lejla Fajic; Tina Golob Šušteršic, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršic; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markic, PhD; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajic; Marta Gregorcic, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupancic, MSc; Janez Kušar, MSc Translated by: Špela Potocnik Technical editing and layout: Bibijana Cirman Naglic Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, October 2021 ISSN 1318-3826 (print) ISSN 1581-1026 (pdf) The publication is available free of charge. © 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 ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 11 Labour market ............................................................................................................................................ 18 Prices .............................................................................................................................................................. 20 Financial markets ....................................................................................................................................... 21 Balance of payments ................................................................................................................................ 22 Public finance ............................................................................................................................................. 23 Statistical appendix ...............................................................................................................................25 The Economic Mirror is prepared based on statistical data available by 11th October 2021. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. In the spotlight The outlook for the euro area remains positive, while uncertainty in the international environment related to commodity prices and bottlenecks has increased in recent months. Survey indicators for the third quarter point to a slowdown in global economic growth and, given the decline in activity in China and supply chain disruptions, also a slowdown in global trade growth. While the OECD did not significantly change its previous forecast for global economic growth in September, it significantly raised its forecast for the euro area economy, as the recovery in the first half of the year was stronger than expected. Similarly, the ECB also raised its latest euro area forecast. The outlook for the euro area remains fairly positive and economic activity in the third quarter is expected to remain at the level achieved in the second. Confidence indicators remain high, especially in manufacturing where the ESI indicator is well above pre-epidemic levels. On the other hand, uncertainty is growing. This is mainly due to the international environment and is related to the high commodity prices (energy and non-energy) on world markets and increasing supply-side bottlenecks, with the semiconductor shortages affecting the automotive sector in particular. In Slovenia, some economic indicators point to a slowdown in growth in the summer months; economic sentiment indicators remain higher than before the epidemic. The relatively favourable development of trade and tourism-related activities continued in the summer months, with household consumption increasing. According to data on fiscal verification of invoices, total turnover in September was higher than in the same period before the epidemic. Activity in the export-oriented part of the economy remained at a similar level in July and August as in the second quarter, when it increased significantly. The slowdown in growth in recent months is related to disruptions in the supply of raw materials in the automotive industry. The slowdown in growth is also suggested by some high-frequency indicators. Freight traffic on Slovenian motorways remains comparable to the same period before the epidemic, while growth in electricity consumption has slowed in recent months. This is mainly due to industrial consumption lagging behind pre-epidemic (2019) levels amid disruptions in the supply of raw materials and a slowdown in production growth. Construction activity further declined in July, with a particularly unfavourable trend in non-residential construction. In September, uncertainty about the future development of the COVID-19 epidemic and possible further containment measures (the recovered/vaccinated/tested rule was introduced on 15 September) contributed to the deterioration of the economic sentiment indicator and consumer confidence, which are nevertheless higher than a year ago and before the epidemic. The labour market continues to recover. The number of unemployed decreased in the summer months and is lower than before the epidemic. At the end of September, 66,122 people were unemployed, 4.6% fewer than at the end of August and 21.3% fewer than a year earlier. Year-on-year employment growth increased in July, mainly due to the base effect. The highest increases were recorded in health and social work and construction, and for the first time since the outbreak of the epidemic, growth was also higher year-on-year in accommodation and food service activities. Year-on-year wage growth was high in July, as it had been in previous months, mainly due to developments in the public sector. Consumer price growth strengthened to 2.4% in September. As in previous months, higher prices of petroleum products, which rose by almost 30% year-on-year, continued to be the main contributors to inflation. Growth in services prices was also higher, mainly due to higher year-on-year growth in prices of tourism-related services. Prices of durable goods, which are affected by rising commodity prices and supply chain bottlenecks, are also gradually picking up. According to the World Bank, non-energy commodity prices were more than a quarter higher in September than a year ago, although growth has slowed in recent months. The prices of oil and most other energy commodities, which were at a very low level last year due to the spread of the epidemic, continue to rise and have almost doubled year-on-year. To some extent, this also contributed to the strengthening of the year-on-year growth in Slovenian industrial producer prices, which continues to be driven by the rise in commodity prices and the increase in capital goods prices. The overall deficit of the consolidated balance of public finances amounted to EUR 2,071 million in the first eight months and was slightly lower than a year ago. The bulk of the deficit still arose from increased expenditure, mainly related to the measures taken to mitigate the consequences of the COVID-19 epidemic. The structure of these measures is different from last year (higher payments for bonuses and the operation of public services; lower payments for job retention measures), but the amount paid from the state budget in the first eight months of 2021 (EUR 2.35 billion) already exceeds the amount paid in the whole of last year. One of the reasons for the slightly lower deficit than last year was a strong increase in tax revenues due to stronger economic activity and certain one-off factors. Slovenia has received more funds from the EU budget in the first eight months than it has paid in, but is still lagging far behind the plans in the absorption of funds available under the 2014–2020 financial perspective. July, while other data are averages for July and August. Inflation rose in September, with higher prices of petroleum products contributing the most to rising consumer prices Food Fuels and energy Services Other TOTAL Source: SURS; calculations by IMAD. Source: EC. Household consumption strengthened in the summer Labour market conditions further improved in recent months months Employed according to SRE (left axis) Real turnover - non-food products Registered unemployed (right axis) Household consumption 7,000 Contribution to y-o-y growth, in p. p. Seasonally adjusted index 2010=100Difference between the shares of positive and negative responses in p.p., seasonally adjusted -2 -1 100 140 120 0 1 2 3 Source: SURS; calculations by IMAD. The Q3 2021 data for turnover in accommodation and food service activities refer to Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20Q1 21 Sale of passenger cars to natural persons Real turnover - food products Real turnover in accommodation and food service activities Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 -50 50 40 -40 60 -30 70 -20 80 110 100 Year-on-year growth, in % -10 90 12-month cumulative, in EUR million Number of employed according to SRE, in ‘000, seasonally adjusted Long-term average=100 Seasonally adjusted index 2010=100 90 80 70 60 50 140 130 120 110 100 190 180 170 160 150 200 -1,000 17,000 -2,000 -3,000 2,000 19,000 1,000 4,000 21,000 3,000 6,000 23,000 5,000 15,000 740 760 780 800 820 Jan 06 Jan 07 Jan 08 Jan 09Jan 10Jan 11 Jan 12 Jan 13 Jan 14 Jan 15Jan 16Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 840 100 860 120 880 140 900 160 Number of registered unemployed,12-month cumulative, in EUR million in '000, seasonally adjusted Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20Jan 21 Uncertainty in the international environment surrounding supply chain disruptions is increasing, but confidence in the euro area economy remained high in the third quarter Industry Services Consumers Retail trade Construction ESI (right axis) 120 Source: SURS, ESS; calculations by IMAD. The overall deficit of the consolidated balance of public finances remains high, with the bulk of the deficit stemming from increased expenditure related to the measures taken to mitigate the consequences of the epidemic General gov. balance (right axis) Revenue Expenditure 25,000 8,000 In Slovenia, activity in most sectors is higher than in the pre-crisis period; some indicators point to moderation of growth in the summer months Merchandise exports Value of construction output Turnover in services Ind. prod. in manufacturing Turnover in trade -3 13,000 -6,000 Source: SURS; calculations by IMAD. Source: MF, Consolidated balance of public financing; calculations by IMAD. Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 -4,000 -5,000 current economic trends The international environment Figure 1: OECD’s September forecast for economic growth According to survey indicators, growth in global 2020 Forecast for 2021 Forecast for 2022 Forecast May 2021 economic activity slowed in the third quarter. The average value of the composite Purchasing Managers’ Index (PMI) points to a slowdown in global economic growth in the third quarter as activity in the manufacturing and service sectors slowed. Activity growth has slowed in most of the world’s major economies, and in China it even declined. According to PMI indicators, growth in global trade in goods also slowed in the third quarter due to supply chain disruptions. However, the OECD did not significantly change its earlier forecast for global economic growth in September and projects growth of 5.7% for this year and 4.5% for next year. On the other hand, the OECD raised its forecast significantly for the euro area economy, as did the ECB, as the economic recovery in the first half of the year was stronger than World China US Euro area Source: OECD. Figure 2: The euro area composite PMI expected. The OECD and ECB forecast growth of 5.3% and 5% respectively, with real GDP expected to exceed pre-crisis 2019 levels by the end of 2021. Assuming a further easing of containment measures, mitigation of supply constraints from early 2022, an increase in global economic activity and continued strong economic policy support, euro area GDP growth is expected to reach 4.6% next year. Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Economic activity in the euro area recovered significantly in the second quarter and remained at a high level in the third quarter, according to the PMI index. According to Eurostat’s estimate, it rose by 2.2% in the second quarter compared to the first quarter (by 14.3% year-on-year) and was 2.5% lower than in the last quarter of 2019. Private consumption was the main contributor to growth, which was much higher than expected by international institutions amid a gradual easing of containment measures. Based on the PMI, economic activity in the euro area remained similar in the third quarter, as the PMI remained high on average despite a slowdown in growth from August onwards. The somewhat lower index values are mainly caused by increasing supply constraints, mainly related to the semiconductor shortage and logistical problems affecting the automotive industry in particular. Table 1: Brent crude oil prices, the USD/EUR exchange rate and EURIBOR Figure 3: Commodity prices average change, in %* 2020 VIII 21 IX 21 IX 21/VIII 21 IX 21/IX 20 I-IX 21/I-IX 20 Brent USD, per barrel 41.83 70.82 74.49 5.2 82.1 65.5 Brent EUR, per barrel 36.57 60.15 63.30 5.2 82.5 55.0 USD/EUR 1.142 1.177 1.177 0.0 -0.2 6.5 3-month EURIBOR, in % -0.427 -0.548 -0.545 0.3 -5.4 -15.0 Non-energy commodity prices, index 2010=100 84.11 112.59 111.34 -1.1 27.5 35.1 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Energy Non-energy commodities Dollar prices of Brent crude oil rose again in September, Agriculture Food while non-energy commodity prices have been falling Metals steadily since June. After falling in August, the average 130 dollar price of Brent crude oil rose 5.2% (82.1% year-on­ 120 year) to USD 74.5 per barrel in September. The increase 110 was mainly due to higher global demand and only a 100 90 80 70 60 50 40 30 20 Index 2010=100 moderate rise in production in OPEC+ members. Prices of other energy sources, especially natural gas, are also rising in global markets. Amid lower stocks and higher demand, natural gas prices rose 39% month-on-month (290% year-on-year) in September, with geostrategic reasons also playing a role. Rising natural gas prices also had an important impact on the significant increase in electricity prices in Europe in recent months. According to the World Bank, prices of non-energy commodities fell one percent in September from the previous month but Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: World Bank. remained 27.5% higher year-on-year. Base metals prices (excluding minerals and precious metals) in particular remain high. They rose slightly in September and were up 45.7% year-on-year. Particularly prices for aluminium, which accounts for more than half of Slovenia’s imports of all metals, increased. Figure 4: Effective exchange rates NEER (narrow group) REER_hicp (narrow group) The value of the euro against a basket of foreign NEER (broad group) REER_hicp (broad group) currencies fell slightly in the summer months. The euro depreciated against most currencies, especially the Russian rouble, the US dollar and the Chinese yuan. With the exception of the latter, the value of the euro against foreign currencies remains generally higher than it was before the outbreak of the COVID-19 pandemic, when the euro appreciated significantly, especially in the early stages. Last year, the pressure on the price competitiveness of Slovenian exporters (measured by the REER_hicp indicator) was alleviated by weaker growth in final prices as measured by inflation. In recent months, domestic inflation has been comparable to that of Jan 17May 17Sep 17Jan 18 May 18Sep 18Jan 19May 19 Sep 19Jan 20May 20Sep 20Jan 21 May 21Sep 21 Source: ECB, calculations by IMAD. Note: An increase in the indicator value trading partners, which, together with the depreciation means an appreciation of the euro against a basket of currencies and thus pressure on price competitiveness. The narrow group shows the exchange of the euro, has led to a slight improvement in the price rate of the euro against the currencies of 37 trading partners, and the broad competitiveness indicator. group against up to 60 trading partners (including Russia and Turkey). Economic developments in Slovenia Figure 5: Short-term indicators of economic activity in Slovenia Mar 20Jan 05Apr 20Jan 06 Austria France Croatia Electricity consumption in September was 2% lower Italy Germany Slovenia year-on-year and 4% lower than in September 2019. We estimate that the decline in electricity consumption Jan 07 Merchandise exports Ind. prod. in manufacturing In Slovenia, some economic indicators point to a Value of construction output Turnover in trade slowdown in growth in the summer months; economic Turnover in services (nom.) sentiment indicators remain higher than before the epidemic. The relatively favourable development of trade and tourism-related activities continued in the summer months, with household consumption increasing. According to data on fiscal verification of invoices, total turnover in September was higher than in the same period before the epidemic. Activity in the export-oriented part of the economy remained at a similar level in July and August as in the second quarter, when it had increased significantly. The slowdown in growth in recent months is related to material supply disruptions Source: ENTSO-E and Bruegel.org. Notes: Only consumption on same. working days (between 8.00 and 18.00) is considered. The percentages are adjusted for temperature differences. May 20 Jun 20Jul 20Aug 20 Jan 08 Jan 09 Jan 10Sep 20Jan 11Oct 20Jan 12 Nov 20 Dec 20 Source: SURS; calculations by IMAD. Figure 6: Electricity consumption Jan 13 Jan 14 Jan 21 Feb 21Mar 21Apr 21 Jan 15 Jan 16 Jan 17 May 21Jan 18Jun 21Jan 19 Jul 21Jan 20 Avg 21Sep 21 Jan 21 Compared to September 2019, lower consumption was recorded in Austria and Italy (in both by 3%), while consumption in other countries remained about the is related to lower industrial electricity consumption due to problems with the supply of input materials and consequently production disruptions. Among Slovenia’s main trading partners, consumption was significantly higher year-on-year in Croatia (5%), which is related to a better tourist season than last year, and it was also higher in Italy (1%) and Germany (2%). In Austria and France, it was lower year-on-year, by 4% and 1% respectively. in the automotive industry. Some high-frequency indicators also point to a slowdown in growth. Freight traffic on Slovenian motorways remains comparable to the same period before the epidemic, while growth in electricity consumption has slowed in recent months. This is mainly due to industrial consumption lagging behind pre-epidemic 2019 levels due to disruptions in material supply and a slowdown in production growth. Construction activity further declined in July, with a particularly unfavourable trend in non-residential construction. Uncertainty about the future development of the COVID-19 epidemic and possible further containment measures (the recovered/vaccinated/tested rule was introduced on 15 September) contributed to the deterioration of the economic sentiment indicator and consumer confidence, which are nevertheless higher than a year ago and before the epidemic. Figure 7: Electricity consumption by consumption group Industry August was the second consecutive month in which Households industrial electricity consumption was lower than the Small business consumption Total distribution network consumption same period in 2019, while small business electricity consumption has lagged behind 2019 levels since the epidemic began. Industrial consumption fell by 3.4% (by 4.9% in July), which we assess was related to material supply constraints and high material prices and consequently lower production. Small business electricity consumption1 was 5.3% lower (3.3% lower in July), while household consumption was 0.8% higher. Compared to August last year, industrial electricity consumption was 3.1% higher and small business electricity consumption was 1.4% higher. Household consumption was 2.1% 1 Source: SODO. In this consumption group, consumption is most frequently measured in service activities and shops. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. Figure 8: Traffic of electronically tolled vehicles on Slovenian motorways Tolled vehicles Domestic Foreign Freight traffic on Slovenian motorways in September was up 11% year-on-year; after adjusting the data for working days, it was almost the same as in the September before the epidemic. With the number of working days being the same, the high year-on-year increase in traffic in September is still the result of a low base, i.e. lower traffic volumes during the two epidemic waves last year. Compared to September 2019, freight traffic has increased by almost 6%, mainly due to one more working day. After adjusting the data for the different number of working days, freight traffic this September was around 1% higher than before the epidemic. The ratio of domestic to foreign vehicles has Source: Internal reports obtained from DARS; calculations by IMAD. Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21Sep 21 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Avg 21 also not changed significantly and remains at 40:60. lower, which may indicate that more households decided to go on holiday than last year. Figure 9: Fiscal verification of invoices Source: SURS; calculations by IMAD. services remained high in September (at around 25%), due to the increased number of foreign and domestic tourists and same-day visitors (also due to low turnover or base last year) and the continued redemption of vouchers. Growth in the creative, arts and entertainment activities slowed significantly in September, while the year-on-year decline in some personal services deepened. Figure 10: Trade in goods – real Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Slovenia; calculations by IMAD. Source: FURS Financial Administration of the Republic of Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 there have been more marked monthly fluctuations in trade with other EU Member States in recent months, which we believe were mainly related to vehicle exports. Supply chain disruptions, and in particular shortages of electronic built-in components, have had a major impact on the automotive and related industries in Slovenia and its main partners in recent months. However, in most of the main product groups (chemical products, machinery and equipment excluding vehicles, metals) the favourable development2 continues and the pre-epidemic levels have been significantly exceeded. In recent months, Exports to the EU Imports from the EU Trade in goods increased again in August, significantly exceeding pre-epidemic levels. At the same time, Jan 20 Jul 21 Jan 21 Sep 21 vaccinated/tested rule also contributed to lower turnover in some other activities, such as accommodation, food and beverage service activities and sports activities. Nevertheless, year-on-year turnover growth in these According to data on the fiscal verification of invoices, turnover in September was 9% higher year-on-year and 6% higher than in the same period of 2019. Year-on-year growth slowed in the second half of the month compared to August, most likely due to the introduction of the recovered/vaccinated/tested rule for users of most services and activities. Following high growth in the first half of September, which was also stimulated by the forecast tightening of measures, growth slowed significantly in the second half of the month in trade (especially retail), which accounts for about three-quarters of total turnover. The introduction of the recovered/ exports of metals and metal products have increased in particular, which, in addition to higher exports, is also related to rising commodity prices on world markets. Export expectations fell slightly in September, mainly due to disruptions in material supplies and longer delivery times, while new orders remain well above normal levels. On the import side, imports of intermediate goods in particular remain high. 2 Detailed data by SITC sections are available until July 2021. 35 The growth of Slovenia’s market share in the EU Change in Slovenia's exports to the EU (1st half of Figure 11: Slovenia’s export market share on the EU market Poequip. wer- Iron, steel genmachi erating n., equip. Elect. mand achin. parts Machin. spec. for partic ular ind. Misc.arti manuf. cles M ed. an d phar. Rubbe r manu f. pro d. tal goo Meneral anuf. o f meta ls Non­ ferrous T o ds machin., G ind. m etals Prof ., scien . and Road v ehicles cont rolling instr. 2021 compared to the 2019 average, in %) 30 25 20 15 10 5 0 -5 -10 came to a halt in the second quarter of this year. After a sharp decline in the early stages of the COVID-19 pandemic, Slovenia’s market share in the EU market strengthened last year and in the first quarter of this year. In the second quarter, however, it declined q-o-q and remained at the modest level of the last year’s second quarter. The stagnation was mainly due to the deterioration of previously favourable export trends in pharmaceutical products, which greatly mitigated the -15 -15 -10 -5 0 5 101520253035 Change in Slovenia's imprts to the EU (1st half of 2021 compared to the 2019 average, in %) Source: Eurostat, SURS, calculations by IMAD. Note: The change in Slovenia's market share is the difference between the change in Slovenia's exports to the EU market and EU Member States' imports from the world. Circle size represents the share of the manufactured goods product group in total Slovenian exports of goods to the EU market; only groups with a share of at least 2% are shown. decline in exports of most other commodity groups last year. The development of the market share of road vehicles, one of the few major product groups where Slovenian exports to and imports from other EU Member States have not yet exceeded pre-epidemic (2019) levels, remains unfavourable. On the other hand, exports and/ or market shares of machinery and equipment (industrial, specialised for particular industries, electrical and power-generating) are mostly increasing this year. This year’s growth in exports of metals (iron, steel, non-ferrous metals) and metal products is supported by a strong increase in the value of EU imports, largely due to the marked increase in metal prices on global markets. Figure 12: Trade in services – nominal The recovery in services trade continued in July. Exports of services Imports of services Given the easing of measures to limit the spread of the epidemic and the lifting of restrictions on crossing state borders, the recovery was mainly due to the increase in trade in tourism-related services. Trade in transportation services increased even more, as did trade in some other important services (construction, ICT). Year-on-year, trade in services was significantly higher in July, reflecting the very low level of activity last year, but remained below pre-epidemic levels, especially in the travel segment (by around a third). In the first seven months, trade was about one-tenth lower than in the same period before the epidemic, mainly due to about 60% lower trade volumes Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 in tourism. Most other important groups of service activities are exceeding the comparable pre-crisis levels. Source: BoS; calculations by IMAD. Source: SURS; calculations by IMAD. deflator of the value of completed construction works (used to measure prices in the construction sector) was 7% in July, its highest level since 2005. Figure 15: Turnover in trade Jan 11 Source: SURS, calculations IMAD. Figure 14: Activity in construction Jan 11 Total Sale of motor vehicles Turnover in trade fell sharply in July in all three main Wholesale trade Retail trade segments; preliminary data show that it rose in Jan 12 Seasonally adjusted data Construction activity declined in July. The value of 3-month moving averages, seasonally adjusted construction output fell by 3.9% and was 8% lower than Jan 12 Jan 13 Jan 13 Jan 14 Jan 14 Jan 15 Jan 15 Jan 16 Jan 16 Jan 17 Jan 17 Jan 18 Jan 18 Jan 19 Jan 19 Jan 20 Jan 20 Jan 21 Jan 21 Jan 21 for the fourth month in a row after rising sharply in the first quarter. Turnover was also down in the sales of motor vehicles. Nearly a third fewer new passenger cars were sold this July than in July 2020. Turnover in retail trade was also down due to lower sales of non-food products. Still, this is the only one of the three main segments that remains higher than a year ago and compared to July 2019. According to preliminary data, turnover in retail trade and in the sales of motor vehicles increased in August. Turnover in wholesale trade fell the most, falling Construction prices have risen significantly due to rising commodity prices (and shortage of labour). The implicit construction segments is highly volatile. Amid these fluctuations, activity in residential construction, civil engineering works and specialised construction remains at the level reached at the beginning of the year, while it declined sharply in non-residential construction. Data on the number of contracts suggest that activity in non­residential construction will remain relatively weak, while other segments, particularly civil engineering works and specialised construction activities, are expected to perform better. a year earlier. At the monthly level, activity in individual High-tech ind. Medium-high-tech. ind. Manufacturing output has not changed significantly Medium-low-tech. ind. Low-tech ind. in recent months. Manufacturing output recorded Manufacturing, tot. significant growth compared to the same period last year and was also higher than in the pre-epidemic period. Year-on-year growth was the highest in medium-low-technology industries, mainly underpinned by the manufacture of fabricated metal products. Growth was also high in medium-high-technology industries, which had declined the most in the first half of last year due to the spread of the epidemic. Only the output of high-technology industries declined year-on-year, performing slightly worse than in the same period of 2019. Figure 13: Production volume in manufacturing . Source: SURS; calculations by IMAD. Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 August. Figure 16: Turnover in market services Seasonally adjusted index 2010=100Seasonally adjusted real index 2010=100 Source: SURS; calculations by IMAD. Note: The Q3 2021 figure for the turnover in accommodation and food service is value for July, for others is the average value for July and Avgust. Q1 10Q1 11Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20Q1 21 140 120 100 80 60 40 20 Jan 11 Jan 12 Total * Real turnover in market services fell slightly in July, Transportation and storage (H) while growth continued especially in tourism-related Information and communication activities (J) services. With a sharp increase in overnight stays by Professional and technical activities (M) Administrative and support service activities (N) foreign tourists and a high number of overnight stays Source: SURS; calculations by IMAD. Note: * including real estate. such as travel agency activities, employment activities, and motion picture, video and television programme production, sound recording, and music publishing activities. Figure 17: Selected indicators of household consumption Household consumption Household consumption increased in the summer Real turnover in the sale of non-food products months, especially in tourism-related services, while Real turnover in the sale of food products consumption of durable goods and food remained Real turnover in the accommodation and food service activities high. Last year, the number of domestic overnight stays Sale of passenger cars to natural persons in Slovenia increased significantly, which continued Jan 13 Accommodation and food service activities (I) 180 160 140 120 100 80 60 40 20 0 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 July and August than last year, also reflecting last year’s low base, as was expenditure on sports services, which was more than a tenth higher than in the same months in 2019. Expenditure on durable goods, which had still shown high current growth in the spring, declined slightly in the summer months, which we assess is also due to car delivery delays. According to data on fiscal certification of invoices, consumption growth continued in September, though slowing somewhat in the second half of the month due to the introduction of the recovered/ vaccinated/tested rule. 3 Domestic tourists generated more than 2.7 million overnight stays in July and August, compared to more than 3 million in the same two months in 2020 and slightly fewer than 1.2 million in 2019. 4 Overall, imports of private travel services increased by 22% year-on- year. this summer season. This was also influenced by the possibility of redeeming last year’s and this year’s vouchers.3 In addition, the number of overnight stays in neighbouring Croatia increased by a quarter in July, approaching 2019 levels. Households also spent more money on travel to other countries in July,4 however, the total import of private travel services lagged behind the 2019 levels by a quarter. Expenditure on creative, arts and entertainment activities was also significantly higher in by domestic tourists boosted by the redemption of last year’s and this year’s vouchers, the highest increase in turnover was recorded in accommodation and food service activities (by almost a quarter). In other business activities, turnover rose by just under a tenth, with strong growth in travel agencies, while moderate growth continued in transportation, with storage activity making the largest contribution. Professional and technical activities saw a decline in turnover, driven by a fall in architectural services and information and communication services, particularly computer services. Compared to the same period in 2019, turnover was significantly lower in only a few activities, Figure 18: Real estate, Q2 2021 Transactions in existing residential properties (left axis) With sales at their highest level in the last four years, Transactions in new residential properties (left axis) growth in the average dwelling prices accelerated Prices of existing residential properties (right axis) Prices of new residential properties (right axis) 125 120 115 110 105 100 95 90 85 80 Index 2010=100, 4-quarter moving averages in the second quarter. After 4.6% growth in 2020 as a whole, prices were up 7.3% year-on-year in the first quarter and 9.9% in the second quarter. The high growth was driven by higher prices of existing dwellings (by more than a tenth), with a record number of transactions taking place in the second quarter of this year. Prices of newly built dwellings were also higher (4.9%). However, their sales were the lowest since 2010, with the exception of the second quarter of last year (66 out of a total of 3,993 transactions). Q1 08 Q1 09 Q1 10 Q1 11Q1 12Q1 13 Q1 14Q1 15Q1 16 Q1 17Q1 18Q1 19 Q1 20 Q1 21 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Figure 19: Economic sentiment Economic sentiment Manufacturing In September, the value of the sentiment indicator Retail trade Service activities deteriorated slightly. On a monthly basis, confidence Construction Consumers in trade fell significantly, with indicators of expectations about selling prices, sales and expected employment declining the most. Confidence also fell slightly in manufacturing and among consumers, who are particularly concerned about future economic conditions. Confidence in services and construction improved slightly, with the latter reaching its highest level in three years. Year-on-year, the value of most confidence indicators is significantly higher, with the exception of retail trade, where confidence fluctuated sharply on a monthly basis due to the containment measures. Compared to the Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 same period in 2019, the economic sentiment indicator remains at a similar level. Source: SURS; calculations by IMAD. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2020 VIII 21/VII 21 VIII 21/VIII 20 I-VIII 21/I-VIII 20 Merchandise exports, real1 -0.7 -0.13 17.1 16.2 - to the EU -7.5 6.23 18.2 15.5 Merchandise imports, real1 -2.4 6.23 22.1 18.6 - from the EU -8.2 1.53 11.5 15.8 Industrial production, real -5.2 1.03 8.3 12.6 - manufacturing -5.0 1.23 9.8 14.0 In % 2020 VII 21/VI 21 VII 21/VII 20 I-VII 21/I-VII 20 Services exports, nominal2 -20.3 0.1 18.44 8.54 Services imports, nominal2 -14.7 0.63 22.34 9.04 Construction - value of construction put in place, real -0.7 -3.93 -8.0 -3.8 Distributive trades - real turnover -7.2 -6.53 -1.34 9.14 Market services (without trade) - real turnover -11.0 -1.13 11.84 8.94 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Labour market Figure 20: Number of employed persons 900 In July, employment remained at a similar level Source: ESS. than in the same period last year and 7.1% more than in 2019. Of the long-term unemployed, slightly more than half have been unemployed for more than two years. Figure 22: Average gross wage per employee Source: SURS; calculations by IMAD. Figure 21: Number of registered unemployed persons Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Number of registered unemployed in '000 Private sector Public sector Total Year-on-year wage growth remained high in July Jan 11 Sep 11 May 12 Jan 13 Sep 13 May 14 Jan 15 Sep 15 May 16 Jan 17 Sep 17 May 18 Jan 19 Sep 19 May 20 All unemployed Long-term unemployed 140 120 100 80 60 40 20 0 Number of employed according to SRE,in ‘000, seasonally adjusted 880 860 840 820 800 780 760 740 Jan 21 Jan 21 Jan 21 Sep 21 (7.1%). In the public sector, it was 9.3%, slightly higher than in June. In both months, year-on-year wage growth was lower than in previous months, when it was affected by the payments of epidemic-related allowances.5 In the first seven months, year-on-year growth was 12.3%. In the private sector, average wages rose 5.5% year-on-year in the first seven months, reflecting labour shortages, the increase in the minimum wage at the start of the year and a new wage calculation method related to the job-retention intervention measures. The number of unemployed persons continued to fall in September. At the end of September, 66,122 persons were unemployed, 4.6% fewer than at the end of August and 21.1% fewer than a year earlier. The number of unemployed people decreased by 5.3% compared to the end of September 2019. In the first nine months, the inflow into unemployment was lower than in 2019. The outflow from unemployment has fallen in recent months but remains higher than the inflow, so the number of unemployed continues to fall. Among the unemployed, the number of long-term unemployed increased in the first four months. In recent months, however, their number has fallen slightly again due to the high demand for labour. In the first nine months, an average of 41,206 people were long-term unemployed, which is 9.5% more to the previous month, but year-on-year growth strengthened due to the base effect. The number of employed persons in July was 2.3% higher year-on-year, mainly due to the low base effect following a sharp decline in spring 2020. Year-on-year growth was similar for both employees (2.2%) and the self-employed (2.1%; the decline in the number of self-employed last year was much smaller than for employees). The highest year-on-year increases were observed in health and social work and in construction. For the first time since the outbreak of the epidemic, employment also rose year-on-year in accommodation and food service activities in July. Year-on-year, employment was lower only in arts, entertainment and recreation, sectors severely affected by the containment measures. Source: SURS; calculations by IMAD. 5 In mid-June, the payment of most of these allowances ceased. Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Table 3: Indicators of labour market trends Change, in % 2020 VII 21/VI 21 VII 21/VII 20 I-VII 21/I-VII 20 Persons in formal employment2 -0.6 0.21 2.2 0.4 Average nominal gross wage 5.8 0.31 7.1 8.1 private sector 4.4 0.31 6.1 5.5 public sector 7.8 0.11 9.3 12.3 of which general government 9.9 -0.21 10.6 14.5 of which public corporations 1.9 0.11 5.4 5.2 2020 VII 20 VI 21 VII 21 Rate of registered unemployment (in %), seasonally adjusted 8.7 9.3 7.6 7.4 Change, in % 2020 IX 21/VII 21 IX 21/IX 20 I-IX 21/I-IX 20 Registered unemployed 14.6 -4.6 -21.1 -9.3 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Prices Figure 23: Consumer prices Jan 11 Figure 24: Slovenian industrial producer prices Slovenia Euro area Given the sharp rise in energy and other commodity prices and stronger price growth in tourism-related services, year-on-year consumer price inflation has gradually strengthened in recent months, reaching 2.4% in September. Half of the increase was due to higher prices of petroleum products, which rose by almost 30% year-on-year. Prices for other energy products,6 which are also experiencing high growth rates on international markets, rose to a much lesser extent. In the face of rising commodity prices and supply chain bottlenecks, year-on-year growth in durable goods prices has continued to strengthen gradually and at 2.9% was the highest in the past decade. Due to different seasonal Source: SURS. growth in prices of durable consumer goods has actually slowed somewhat (to 0.2%). Table 4: Consumer price growth, in % XII 20/XII 19 X 20-IX 21/X 19-IX 20 IX 21/VIII 21 IX 21/IX 20 I-IX 21/I-IX 20 Total -1.1 0.7 -0.1 2.4 1.2 Food 1.1 -0.2 0.8 -0.4 -0.9 Fuels and energy -9.9 3.1 1.0 13.5 8.1 Services 0.2 0.2 -1.7 1.2 0.0 Other1 -0.5 0.8 0.6 1.6 1.2 Core inflation - excluding food and energy -0.1 0.5 -0.4 1.5 0.6 Core inflation - trimmed mean2 -0.4 0.7 0.3 1.8 0.9 Source: SURS, Eurostat. Jan 12 Domestic market Foreign market The year-on-year growth of Slovenian industrial producer prices strengthened further to 7.7% in August. Producer prices in domestic and foreign markets Jan 11 Jan 12 Jan 13 Jan 13 Jan 14 Jan 14 Jan 15Jan 15Jan 16Jan 16 Jan 17 Jan 17Jan 18 Jan 18Jan 19 Jan 19 Jan 20 Jan 20 Jan 21 Jan 21 months, prices of non-durable consumer goods have risen somewhat more strongly (1.3%) than in the past, while and capital goods, which were 7.5% higher, contributed the most to overall growth. Given the stronger growth in foreign markets (almost 65% year-on-year), year-on-year growth in energy prices also strengthened significantly in August (to 8.3%), but its contribution to overall growth was relatively modest due to its small share. Consumer goods price growth remained subdued year-on-year, hovering around 1% for the third month in a row. In the last two are recording high growth rates. Further growth in prices of intermediate goods, which were 12% higher year-on-year, developments in the clothing and footwear group, the prices of semi-durable goods fluctuated and were 0.6% lower year-on-year, having risen in the previous five months. Growth in services prices has also gradually strengthened (1.2% year-on-year), mainly due to higher year-on-year price growth in the restaurants and hotels group (5.2%), which we assess is also due to increased demand and high growth in the number of overnight stays by foreign tourists and to supply factors (lack of labour in the sector). Food prices are still lagging behind the previous year’s level, but the gap is narrowing from month to month.7 6 Electricity prices were 0.7% lower year-on-year, while natural gas prices were 3.9% higher. 7 In addition to the current growth, this is also to some extent the result of a higher base in the same period last year. Source: SURS. Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Financial markets Figure 25: Share of non-performing loans in the Slovenian banking system last year due to stricter containment measures and lower household consumption. Thus the share of non­performing loans8 was 1.3% in July. 8 According to the EBA definition, non-performing claims include not only arrears of more than 90 days, but also claims that meet the “unlikely to pay” criterion. Figure 26: Bond, Q3 2021 In % Jan 13 Jan 14 Jan 15 Jan 16 Austria Ireland Italy Germany The situation on euro area bond markets remained favourable in the third quarter. At the end of September, the ECB opted to slow the pace of its bond purchases under the PEPP programme. This, together with investors’ expectations of higher inflation, led to an increase in the Source: BoS. Jan 19Mar 19May 19Jul 19 Sep 19Nov 19Jan 20Mar 20 May 20 Jan 17 Jan 18 Jan 19 Jan 20 yield to maturity, which by the end of September had reached roughly the same level as in the months before the outbreak of the epidemic. The yield to maturity of the Slovenian bond was thus -0.02% in the third quarter. The spread to the German bond was 35 basis points, roughly the same as in the previous quarter. Jul 20Sep 20Nov 20Jan 21 Mar 21May 21 Jul 21 as deposit growth was stronger in the same period has slowed somewhat since the introduction of fees (to 9.9%), which we believe is mainly due to the high base, 4 new lending remains modest. Loans to enterprises and 3 NFIs continued to decline year-on-year (-0.2%) but at a slower pace than in previous months. In our view, the 2 introduction of deposit fees did not significantly affect household deposit growth. Household deposit growth 1 0 Source: Bloomberg. Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. VIII 20 31. XII 20 31. VIII 21 31. VIII 21/31. VII 21 31. VIII 21/31. VIII 20 Loans total 23,058.3 22,860.9 23,297.7 0.1 1.0 Enterprises and NFI 10,551.6 10,307.0 10,530.1 -0.6 -0.2 Government 1,580.5 1,556.8 1,468.3 0.5 -7.1 Households 10,926.2 10,997.0 11,299.4 0.7 3.4 Consumer credits 2,781.0 2,706.5 2,626.9 -0.3 -5.5 Lending for house purchase 6,722.7 6,862.1 7,238.3 0.8 7.7 Other lending 1,422.4 1,428.4 1,434.2 2.0 0.8 Bank deposits total 22,106.0 22,915.7 24,302.2 -0.1 9.9 Overnight deposits 18,037.6 18,975.7 20,792.9 0.2 15.3 Term deposits 4,068.4 3,939.9 3,509.3 -1.9 -13.7 Government bank deposits, total 560.3 595.3 514.0 2.3 -8.3 Deposits of non-financial corporations, total 7,525.9 8,053.5 8,441.1 2.5 12.2 Enterprises Households Foreign Total 9 8 7 6 5 The growth of loans to the domestic non-banking sectors strengthened slightly year-on-year in August, but remains relatively modest (1%). Loans to households, mainly in the form of housing loans, are on the rise, rising by 7.7% year-on-year helped by low interest rates. Households continue to repay their consumer loans. The decline in these has gradually slowed since the beginning of this year, reflecting lower deleveraging, as Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Balance of payments Figure 27: Current account Trade in goods Trade in services The current account surplus remained high in July. It Primary income Secondary income totalled EUR 3.1 billion (6.5% of estimated GDP) in the Current account last 12 months. In comparison with the same period a 5000 12-month cumulatives, in EUR million 4000 3000 2000 1000 0 -1000 -2000 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 Source: BoS; calculations by IMAD. year before, the higher surplus arose mainly from lower primary income deficit, lower net payments of interest on external debt and lower net payments of income on equity. The deficit in secondary income was also lower as the government received more funds from the European Social Fund. Despite the recovery in trade in services, the surplus in trade in services is still lower year-on-year, mainly due to a lower surplus in travel. The current account surplus narrowed, this due to9 higher prices of energy and other primary commodities, which have the largest impact on import price growth. Export prices (in the last 12 months) rose by 0.9% year-on-year, import prices rose by 2% and the terms of merchandise trade deteriorated by 1.1%. 9 In the last three months, year-on-year real import growth was also significantly higher than export growth (balance of payments statistics, calculations by IMAD). Table 6: Balance of payments I-VII 2021, in EUR million Inflows Outflows Balance Balance, I-VII 2020 Current account 25,848.3 24,301.5 1,546.8 1,871.8 Goods 19,883.5 19,023.2 860.3 1,480.2 Services 4,190.4 3,015.3 1,175.1 1,096.7 Primary income 970.6 1,354.1 -383.5 -389.2 Secondary income 803.8 908.9 -105.1 -315.9 Capital account 1,930.8 1,762.2 168.6 -86.1 Financial account 3,501.7 4,476.8 975.1 1,497.8 Direct investment 1,141.1 388.7 -752.4 -240.6 Portfolio investment -275.8 504.5 780.3 -3,612.1 Other investment 2,636.5 3,561.5 925.0 5,233.5 Net errors and omissions -740.3 0.0 -740.3 -287.9 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. Public finance Figure 28: Measures to mitigate the effects of the COVID-19 epidemic Given a significant increase in revenues and a Allowances for employees Wage compensation for temporary layoffs, slowdown in expenditure growth, the deficit in quarantine the consolidated balance of public finances10 was Reimbursement of fixed costs somewhat smaller than in the same period last year. Basic monthly inc., social contrib. for the self-employed and others The increase in revenues reflects several factors: the Containment measures (protective equipment etc.) recovery in economic activity, the much smaller volume Other expenditure paid from the state budget of the approved deferrals and instalment payments of tax Payments for tourism vouchers liabilities than last year made possible by the intervention Crisis allowance legislative measures taken during the epidemic, and Solidarity bonuses, various population some one-off revenues (sale of fees for the use of radio groups Subsidies for part-time work frequencies, treasury transactions related to borrowing). Growth in income tax and social security contributions is Measures in the field of education, sports and culture also high, as wages increased sharply as a result of the Providing funds for HIIS payment of allowances for work in hazardous conditions Minimum wage during the epidemic. Expenditure growth remains high Reimbursement for the loss of income in healthcare sector this year as well, despite a slowdown. This is mainly due to Sickness benefits for employees growth in transfers to individuals and households, as well Payment of pens. and disab. insur. contrib. for employees who worked as in wages and other labour costs in the public sector, Payment of social contr. to workers on where it has continued to rise compared to the same temporary layoff period last year, which is related to the measures taken In EUR m to contain COVID-19. The structure of these measures is Source: Ministry of Finance. different from last year, and the amount paid from the state budget in the first eight months (EUR 2.35 billion) already exceeds the amount paid in the whole of last year (EUR 2.02 billion). Investment expenditure has also risen sharply this year after falling in the same period last year. 10 The consolidated balance of public financing on a cash basis. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-VIII 2020 I-VIII 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 12,006.2 -3.8 13,750.6 14.5 Tax revenues1 5,928.2 -10.3 6,951.4 17.3 Personal income tax 1,549.1 -4.0 1,827.8 18.0 Corporate income tax 481.9 -31.5 786.6 63.2 Taxes on immovable property 125.5 -1.6 146.0 16.3 Value added tax 2,226.2 -11.4 2,623.6 17.9 Excise duties 872.6 -13.5 937.9 7.5 Social security contributions 4,752.5 3.1 5,233.4 10.1 Non-tax revenues 787.3 3.5 917.2 16.5 Receipts from the EU budget 403.2 -0.8 456.3 13.2 Other 134.9 50.8 192.4 42.6 Category I-VIII 2020 I-VIII 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EXPENDITURE TOTAL 14,252.4 15.1 15,821.9 11.0 Salaries,* wages and other personnel expenditures2 3,360.9 12.4 4,043.6 20.3 Expenditure on goods and services 1,786.8 3.7 2,024.1 13.3 Interest payments 610.5 -3.2 563.9 -7.6 Reserves 111.7 -14.5 147.1 31.7 Transfers to individuals and households 5,517.8 12.0 6,321.3 14.6 Other current transfers 1,827.2 105.8 1,450.2 -20.6 Investment expenditure 699.4 -1.5 880.8 25.9 Payments to the EU budget 338.2 -12.4 391.0 15.6 GENERAL GOVERNMENT BALANCE -2,246.3 -2,071.3 PRIMARY BALANCE -1,647.7 -1,510.6 Source: MF; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. Figure 29: Receipts from the EU budget Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other Total receipts (January–August 2020) Expected reimbursements in the revised budget 2021 Total receipts (January–August 2021) In EUR m Source: MF. Slovenia’s net budgetary position against the EU budget was positive in the first eight months of 2021 (at EUR 62.5 million). In this period, Slovenia received EUR 453.5 million from the EU budget (28% of revenue envisaged in the state budget for 2021) and paid EUR 391 million into it (69.2% of planned payments). The bulk of receipts were resources from structural funds11 (44.5% of all reimbursements to the state budget) and resources for the implementation of the Common Agricultural and Fisheries Policy (40.7%). Receipts from the Cohesion Fund accounted for 12.5%, and just over 20% of the planned funds have been drawn. According to SVRK data, by the end of June 2021 Slovenia had absorbed only 58% of funds available under the 2014–2020 financial perspective.12 According to SVRK estimate,13 the reasons for the fairly slow absorption of EU funds include (in addition to the COVID-19 epidemic,14 which affected particularly the implementation of projects financed from the ERDF and ESF) difficulties in the preparation of infrastructure projects and difficulties in securing own resources faced by municipalities and other beneficiaries. 11 The European Regional Development Fund (ERDF) and the European Social Fund (ESF). 12 From the start of the implementation of the 2014–2020 Multiannual Financial Framework until the end of June 2021, 53% of the available funds from the ERDF, 74% from the ESF and 53% from CF have been drawn. 13 Report on the implementation of EU Cohesion Policy 2014–2020 as at 30 June 2021, Table 2: Status of the implementation of EU Cohesion Policy by priority axis as at 30 June 2021, excluding React-EU. 14 The COVID-19 epidemic has slowed the implementation of projects that rely on human resources. On the other hand, some funds have been reallocated to meet health needs and retain jobs. statistical appendix Main indicators 2015 2016 2017 2018 2019 2020 2021 2022 2023 Autumn Forecast 2021 GDP (real growth rates, in %) 2.2 3.2 4.8 4.4 3.3 -4.2 6.1 4.7 3.3 GDP in EUR million (current prices) 38,853 40,443 43,011 45,864 48,397 46,918 50,364 53,352 56,136 GDP per capita in EUR (current prices) 18,830 19,589 20,820 22,136 23,167 22,312 23,897 25,259 26,496 GDP per capita (PPS)1 83 84 86 87 89 89 GDP per capita (PPS EU27=100)1 12.3 11.2 9.5 8.2 7.7 8.7 7.7 6.9 6.6 Rate of registered unemployment 9.0 8.0 6.6 5.1 4.5 5.0 4.7 4.3 4.2 Standardised rate of unemployment (ILO) 0.9 1.3 1.8 1.2 0.8 -3.7 5.3 3.1 2.1 Labour productivity (GDP per employee) -0.5 -0.1 1.4 1.7 1.6 -0.1 1.4 2.0 1.9 Inflation2, year average -0.4 0.5 1.7 1.4 1.8 -1.1 2.5 1.9 2.0 Inflation2, end of the year -0.4 0.5 1.7 1.4 1.8 -1.1 1.1 1.5 2.0 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 4.7 6.2 11.1 6.2 4.5 -8.7 10.9 8.2 5.6 Exports of goods 5.3 5.7 11.0 5.7 4.5 -5.5 11.4 6.6 4.8 Exports of services 2.4 8.0 11.2 7.7 4.6 -20.5 8.8 15.2 9.0 Imports of goods and services (real growth rates, in %) 4.3 6.3 10.7 7.1 4.7 -9.6 12.6 8.8 5.8 Imports of goods 5.1 6.6 10.7 7.4 5.0 -8.6 13.4 8.2 5.6 Imports of services 0.1 4.7 10.5 5.4 3.0 -14.9 8.4 12.3 7.3 Current account balance3, in EUR million 1,483 1,932 2,674 2,731 2,898 3,462 2,337 2,138 2,116 As a per cent share relative to GDP 3.8 4.8 6.2 6.0 6.0 7.4 4.6 4.0 3.8 Gross external debt, in EUR million 46,171 44,325 43,231 42,148 43,796 48,252 50,821* As a per cent share relative to GDP 118.8 109.6 100.5 91.9 90.5 102.8 Ratio of USD to EUR 1.110 1.107 1.129 1.181 1.120 1.141 1.193 1.180 1.180 DOMESTIC DEMAND Private consumption (real growth rates, in %) 2.0 4.4 1.9 3.6 4.8 -6.6 5.6 6.0 3.1 As a % of GDP 54.0 54.0 52.5 52.0 52.4 50.2 50.1 51.1 51.0 Government consumption (real growth rates, in %) 2.3 2.4 0.4 3.0 2.0 4.2 1.8 1.5 1.0 As a % of GDP 18.8 19.0 18.5 18.3 18.3 20.6 20.5 19.4 19.1 Gross fixed capital formation (real growth rates, in %) -1.2 -3.6 10.2 9.7 5.5 -8.2 10.0 8.0 6.0 As a % of GDP 18.7 17.4 18.3 19.3 19.6 18.9 20.0 20.8 21.4 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 2021). Notes: 1 Measured in purchasing power standard; Eurostat 15.12.2020 2 Consumer price index. 3 Balance of payments statistics. *end July 2021. Production 2018 2019 2020 2019 2020 2021 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 9 10 11 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.2 4.4 4.1 1.6 -1.6 -17.5 -2.9 1.4 3.7 26.7 -1.7 5.0 2.3 -1.1 B Mining and quarrying -0.9 -3.4 -2.1 -1.6 -10.9 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -15.1 -9.5 -10.2 -2.2 C Manufacturing 5.7 3.5 -5.0 4.5 4.9 2.3 -0.3 -17.9 -2.7 1.6 4.3 29.4 -1.2 5.9 3.3 -0.4 D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 3.6 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -2.4 1.3 -3.8 -3.1 -7.3 -8.8 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 8.4 -5.9 -2.2 1.9 -13.4 2.7 6.1 -8.2 1.9 -5.1 -8.6 -3.4 -6.0 Buildings 17.2 -0.1 -0.6 -17.5 0.1 -7.2 -26.3 -0.9 2.8 23.9 35.3 35.9 3.7 -1.8 -14.6 -8.9 Civil engineering 17.6 4.4 2.7 8.8 -1.6 -2.6 5.8 -9.1 4.8 9.6 4.2 12.6 -11.1 -1.7 2.8 -10.5 MARKET SERVICES, year-on-year real growth rates, % Services, total 7.4 2.2 -11.0 2.6 3.2 -0.9 -5.4 -22.5 -6.7 -9.2 -3.4 22.5 1.2 1.8 -1.1 -2.2 Transportation and storage 7.0 3.2 -8.0 5.9 4.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 2.2 -0.7 -2.0 -4.6 Information and communication activities 6.0 1.0 -0.2 2.8 -0.8 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 0.1 -1.1 -3.1 -1.0 Professional, scientific and technical activities 13.0 5.8 -3.0 1.4 11.3 3.2 -0.2 -11.4 -0.2 -0.5 8.3 23.1 5.9 10.6 4.7 2.6 Administrative and support service activities 9.1 -5.9 -24.1 -3.8 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.8 -9.0 -6.3 -9.2 -10.6 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 4.3 -7.2 5.2 4.5 -1.5 -4.1 -13.5 -3.0 -7.9 3.7 17.9 0.6 5.2 -1.1 -2.9 Real turnover in retail trade 4.6 3.4 -8.9 6.7 4.1 -4.7 -5.3 -11.9 -6.3 -12.0 3.5 17.2 2.9 1.8 -5.0 -3.8 Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 2.7 0.0 3.6 -13.7 -25.9 3.8 -16.7 8.9 24.3 -10.4 10.7 3.9 0.9 Nominal turnover in wholesale trade & commission trade 9.3 5.2 -3.4 5.1 6.5 -0.7 0.6 -9.6 -2.8 -1.7 2.2 16.2 2.5 6.1 0.1 -3.6 TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 4.4 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 1.2 -4.0 0.0 -7.8 Domestic tourists, overnight stays -0.1 -2.5 32.8 -3.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -2.7 -5.2 2.4 -7.4 Foreign tourists, overnight stays 15.4 1.7 -70.5 7.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 2.3 -3.7 -1.0 -8.0 Accommodation and food service activities 7.1 7.6 -37.1 7.5 6.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 48.9 7.2 6.8 9.7 5.7 AGRICULTURE BUSSINES TENDENCY (indicator values**) Confidence indicator in manufacturing 8 0 -9 0 0 -2 -3 -28 -4 0 7 11 0 -1 -2 -3 in construction 22 11 -5 12 9 7 7 -23 -4 -1 9 18 9 9 5 8 in services 24 21 -10 21 20 20 15 -34 -10 -11 -3 8 19 19 20 20 in retail trade 14 19 1 20 21 13 18 -18 12 -7 -17 17 24 20 18 5 consumer confidence indicator -7 -10 -26 -8 -10 -14 -14 -35 -24 -30 -24 -20 -10 -11 -13 -14 Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. 2019 2020 2021 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 -0.4 0.0 2.3 -13.5 -27.4 -12.8 0.0 -1.6 -5.3 -2.4 -7.1 -9.4 -7.1 -12.1 -3.6 27.9 33.6 16.1 7.7 -2.3 - - -5.3 -1.7 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.2 27.9 22.9 15.3 14.3 8.2 - - 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.3 -19.2 -10.0 74.9 113.7 16.1 -5.1 -19.2 - - 1.4 0.3 4.2 -2.2 -17.7 -10.4 -0.5 -3.7 -5.2 0.2 -4.5 -1.4 1.0 -7.8 -2.8 16.0 24.9 16.8 8.4 -3.2 - - Labour market 2018 2019 2020 2019 2020 2021 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 967.8 965.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 966.6 973.7 974.1 976.8 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 895.5 894.6 901.5 896.5 884.6 884.1 890.5 886.2 897.3 896.8 901.3 901.7 901.5 In agriculture, forestry, fishing 26.3 24.9 26.4 25.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.8 23.8 24.8 24.8 24.7 In industry, construction 280.9 291.7 288.5 292.7 292.7 294.0 291.2 288.0 286.0 288.9 288.4 293.1 292.9 293.8 293.7 294.4 - in manufacturing 202.6 207.9 202.8 208.5 207.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 207.7 208.3 208.1 208.8 - in construction 58.4 63.9 64.9 64.2 65.1 65.8 64.3 64.7 65.1 65.6 65.1 67.0 65.1 65.6 65.8 65.9 In services 565.7 577.6 574.0 577.5 578.0 582.8 579.0 570.2 571.7 575.3 572.1 578.4 580.0 582.7 583.2 582.4 - in public administration 49.0 49.0 49.3 48.9 49.0 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.1 49.2 49.2 49.1 -in education, health-services and social work 135.0 137.8 141.5 137.8 137.0 139.6 140.4 140.7 141.0 143.8 144.4 146.0 138.2 139.1 139.8 139.9 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 803.0 803.3 808.6 802.4 790.5 790.0 795.6 791.6 801.9 805.3 808.4 808.9 808.7 In enterprises and organisations 729.3 749.2 744.8 749.7 750.0 755.5 751.3 741.3 739.9 746.7 744.6 753.7 751.9 754.7 755.4 756.3 By those self-employed 50.9 52.7 49.8 53.2 53.4 53.2 51.1 49.2 50.1 48.9 46.9 48.2 53.5 53.7 53.5 52.4 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 92.6 91.2 92.9 94.1 94.0 94.1 94.9 94.7 95.5 91.4 92.9 92.9 92.9 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 72.2 71.1 73.4 78.4 89.5 87.1 85.0 87.4 75.2 69.8 72.4 72.4 75.3 Female 39.9 37.5 42.6 36.8 36.6 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.7 36.9 36.8 36.9 By age: 15 to 29 15.1 14.1 17.2 13.1 12.6 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.4 15.1 14.8 15.2 Aged over 50 31.5 29.7 31.0 29.6 29.0 28.7 30.6 31.9 31.3 30.3 31.6 28.7 28.6 28.4 28.4 29.3 Primary education or less 24.3 23.4 26.4 22.8 22.1 23.0 25.2 27.8 26.6 26.1 27.5 23.7 22.1 22.4 22.5 24.2 For more than 1 year 40.6 38.1 38.0 38.3 37.9 37.2 37.3 37.5 38.1 38.9 41.5 41.9 37.9 37.6 37.2 36.8 Those receiving benefits 20.0 19.3 25.9 17.4 17.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 17.9 18.2 18.7 18.5 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 7.5 7.4 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.2 7.4 7.4 7.7 Male 7.5 6.9 8.0 6.7 6.5 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.5 6.7 6.7 7.2 Female 9.2 8.5 9.6 8.4 8.4 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.1 8.3 8.3 8.4 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 -1.9 -0.3 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 2.6 0.0 2.9 New unemployed first-job seekers 11.4 0.8 0.8 0.4 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 1.0 3.6 0.8 0.5 Redundancies 65.1 5.4 7.4 4.1 4.8 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.8 5.9 5.3 7.4 Registered unemployed who found employment 61.5 4.7 5.4 4.8 3.9 3.9 5.5 4.8 6.5 4.6 6.4 5.7 5.4 4.6 3.9 3.2 Other outflows from unemployment (net) 21.6 1.8 1.8 1.7 1.8 2.1 1.7 1.3 2.0 2.2 1.8 1.8 2.0 2.3 2.1 1.8 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 32.3 34.2 35.7 35.6 34.9 37.7 38.1 38.8 40.7 35.0 35.7 36.3 36.6 As % of labour force 2.5 3.4 3.9 3.3 3.5 3.7 3.6 3.6 3.9 3.9 4.0 4.2 3.6 3.7 3.7 3.7 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. 2020 2021 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 26.3 26.3 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 63.6 64.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 48.9 49.0 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 51.4 51.5 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 94.1 94.2 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 79.8 77.5 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 38.6 37.8 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 15.6 15.1 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 31.2 30.4 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 37.8 37.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 25.6 24.1 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 8.2 7.9 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.7 7.5 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 8.7 8.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 4.5 -2.4 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.7 0.6 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 10.6 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.7 5.8 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 2.0 1.7 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 37.2 36.6 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 3.8 3.7 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 Wages in EUR 2018 2019 2020 2019 2020 2021 2020 Q2 21 Jul 21 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,985 1,941 3.4 4.3 5.8 3.9 4.5 4.2 3.2 8.8 4.8 6.7 10.6 5.7 Private sector activities (A–N; R–S) 1,750 1,810 1,817 3.8 3.6 3.8 3.2 4.0 3.1 2.8 5.5 3.9 3.2 6.1 3.9 Public service activities (OPQ) 2,187 2,521 2,332 2.4 6.5 10.5 6.1 6.0 7.6 4.2 15.8 6.3 16.0 20.9 10.3 Industry (B–E) 1,815 1,858 1,871 3.8 3.4 3.4 3.2 3.9 3.0 4.3 3.5 3.1 2.7 4.2 5.3 Trad, market services (GHI) 1,583 1,653 1,659 4.0 3.4 2.8 3.1 3.8 2.5 1.1 4.9 3.8 1.9 6.8 3.4 Other market services (J–N; R–S) 1,979 2,049 2,049 3.9 5.1 5.0 4.4 5.4 4.8 3.2 7.7 5.1 4.3 7.3 3.3 A Agriculture, forestry and fishing 1,489 1,519 1,552 5.3 3.0 4.6 3.0 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 B Mining and quarrying 2,360 2,302 2,428 7.6 0.3 5.1 -1.8 2.6 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 C Manufacturing 1,772 1,819 1,837 3.9 3.5 3.2 3.5 3.9 2.9 4.2 2.8 3.0 2.7 4.6 6.1 D Electricity, gas, steam and air conditioning supply 2,734 2,743 2,640 2.9 4.3 4.0 2.4 4.7 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 E Water supply sewerage, waste management and remediation activities 1,739 1,785 1,786 3.0 2.7 4.2 2.0 3.9 1.6 2.9 7.7 3.6 3.0 4.1 2.9 F Constrution 1,390 1,475 1,493 4.2 2.2 5.5 1.6 2.8 2.3 2.0 9.4 5.2 5.7 8.9 3.6 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,734 1,738 4.2 3.9 4.2 3.2 4.5 3.2 2.3 6.1 4.8 3.9 5.9 3.0 H Transportation and storage 1,565 1,617 1,649 3.3 1.6 -0.1 2.3 2.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 I Accommodation and food service activities 1,180 1,290 1,362 4.9 4.8 -3.8 4.6 4.3 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 J Information and communication 2,480 2,544 2,524 4.1 5.7 4.5 5.9 4.6 5.4 4.0 6.5 4.1 3.6 4.5 3.4 K Financial and insurance activities 2,658 2,710 2,701 4.8 4.6 2.5 2.8 5.3 4.3 2.7 4.1 2.3 0.8 5.7 2.9 L Real estate activities 1,676 1,715 1,722 0.9 5.2 4.2 5.8 5.4 5.5 3.6 7.9 4.5 1.3 4.0 0.1 M Professional, scientific and technical activities 2,048 2,120 2,128 4.2 4.6 4.0 4.1 5.0 5.0 2.4 6.3 4.0 3.5 7.2 4.0 N Administrative and support service activities 1,258 1,304 1,328 5.8 5.1 4.7 4.4 6.1 3.6 4.0 7.4 3.9 4.1 5.2 3.0 O Public administration and defence, compulsory social security 2,352 2,729 2,418 3.2 8.9 7.4 9.4 8.6 8.1 3.0 14.2 3.6 9.0 16.0 10.3 P Education 1,951 2,273 2,395 0.9 6.1 6.2 5.4 5.3 8.1 3.8 6.4 8.3 6.5 10.1 16.1 Q Human health and social work activities 2,323 2,640 2,196 3.4 5.1 17.7 4.1 4.5 6.9 5.7 26.5 6.6 31.4 36.2 5.7 R Arts, entertainment and recreation 1,778 1,925 1,987 1.7 4.3 0.0 2.7 3.8 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 S Other service activities 1,491 1,530 1,515 1.2 4.7 4.5 3.2 4.5 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 Source: SURS, calculations by IMAD. 2019 2020 2021 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 4.7 4.1 4.5 5.0 0.3 11.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 3.5 2.9 4.5 5.5 -1.3 7.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 8.6 7.6 4.3 3.4 4.8 20.7 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.7 3.4 4.9 6.6 1.2 6.1 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 4.4 0.6 3.6 4.7 -4.9 7.4 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 4.9 5.5 5.6 5.4 -1.2 8.9 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 -4.8 0.3 4.1 6.6 5.0 9.0 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 4.8 2.8 1.2 8.2 3.7 14.4 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 2.6 3.2 5.0 6.9 0.6 5.3 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 8.1 5.6 6.9 5.3 6.9 7.2 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 -2.0 4.0 1.6 3.5 3.6 11.2 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 1.9 2.4 3.5 3.9 -1.4 11.5 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 3.6 2.7 4.6 5.5 -3.1 6.9 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.3 -5.1 0.9 2.8 -2.9 3.3 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 7.1 3.9 5.1 4.7 -18.8 -0.1 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 6.9 6.4 5.9 5.1 1.2 6.7 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 4.4 6.4 5.6 7.7 -3.1 6.4 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 6.7 3.9 5.5 4.6 0.7 7.9 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 5.6 4.2 5.2 3.4 -1.5 5.9 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 1.4 5.4 4.8 5.9 1.2 9.3 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 8.9 7.5 4.4 2.1 2.6 11.8 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 9.4 8.9 4.5 4.1 2.8 8.9 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 7.6 6.6 4.1 4.0 9.0 38.4 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 9.2 4.0 2.7 3.0 -9.1 -0.9 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 6.0 8.3 3.3 2.3 -5.0 17.8 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 Prices and indicators of overall competitiveness 2018 2019 2020 2019 2020 2021 2019 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 10 11 12 CPI, y-o-y growth rates, % 1.4 1.8 -1.1 2.0 1.5 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 1.7 1.4 1.4 1.8 Food, non-alcoholic beverages 0.6 3.3 1.0 2.5 2.4 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.7 1.5 2.4 3.3 Alcoholic beverages, tobacco 0.4 1.9 3.2 1.6 1.6 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.6 1.4 1.6 1.9 Clothing and footwear 0.3 0.5 -5.4 3.6 0.5 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 2.3 0.6 0.5 0.5 Housing, water, electricity, gas 4.7 2.7 -0.6 4.5 2.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 3.9 2.9 2.1 2.7 Furnishing, household equipm. 0.9 0.4 -0.4 1.9 0.9 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 0.7 1.3 1.0 0.4 Medical, pharmaceutical produ. 1.3 1.4 4.9 1.3 1.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 1.4 1.7 1.4 1.4 Transport -0.7 0.1 -5.9 -1.3 -0.8 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 -2.0 -0.9 -1.6 0.1 Communications 3.3 -0.4 0.6 -0.2 0.4 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 1.1 0.5 1.2 -0.4 Recreation and culture 1.9 0.6 -3.9 2.1 0.5 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 2.2 0.8 0.2 0.6 Education 1.7 5.6 0.7 4.2 5.6 4.8 3.3 2.2 0.6 0.7 0.8 1.1 5.6 5.5 5.6 5.6 Catering services 2.4 3.2 0.6 3.0 3.0 2.0 1.3 1.0 0.7 0.6 1.3 4.0 2.8 2.9 2.8 3.2 Miscellaneous goods & services 1.7 4.4 0.7 2.4 4.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 3.5 3.4 4.5 4.4 HICP 1.4 2.0 -1.2 2.0 1.6 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 1.7 1.5 1.4 2.0 Core inflation (excluding fresh food and energy) 1.2 1.6 -0.1 2.1 1.7 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 2.1 1.8 1.8 1.6 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 1.4 0.6 -0.2 0.3 0.4 -0.1 -0.6 -0.3 -0.1 1.2 3.6 0.4 0.2 0.5 0.6 Domestic market 1.2 2.1 1.0 1.9 2.0 1.3 0.3 0.3 0.9 1.9 4.2 2.1 1.9 2.0 2.1 Non-domestic market 1.6 -0.9 -1.4 -1.4 -1.2 -1.4 -1.4 -0.8 -1.1 0.4 2.9 -1.3 -1.5 -1.1 -0.9 Euro area 1.6 -0.7 -1.2 -1.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 3.8 -1.5 -1.7 -1.1 -0.7 Non-euro area 1.7 -1.2 -1.8 -0.7 -1.1 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 -0.8 -1.0 -1.0 -1.2 Import price indices 1.7 -1.4 -2.6 -1.9 -1.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 -2.2 -2.4 -2.0 -1.4 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2 , nominal 0.8 -0.4 0.8 -0.4 -0.3 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -0.5 -0.4 -0.4 -0.3 Real (deflator HICP) 0.8 -0.3 -0.4 0.2 -0.3 -0.1 -1.3 -0.1 0.0 -0.5 0.3 -1.3 -1.4 -0.8 -0.5 -0.4 Real (deflator ULC) 0.8 0.8 3.6 1.4 -0.6 2.6 5.6 1.3 4.7 1.1 -2.5 USD / EUR 1.1815 1.1196 1.1413 1.1116 1.1072 1.1023 1.1006 1.1695 1.1928 1.2056 1.2057 1.1788 1.1004 1.1053 1.1051 1.1113 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. 2020 2021 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 2.1 2.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.4 4.0 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 1.4 1.7 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 1.4 1.8 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 4.1 3.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 0.8 0.6 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 1.4 1.7 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 1.3 -0.3 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 -0.1 -2.3 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -0.9 0.7 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 5.5 4.5 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 1.9 2.0 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.3 5.4 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 2.3 2.0 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 1.4 1.7 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 0.3 0.1 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 1.9 1.5 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 -1.3 -1.2 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 -1.5 -1.7 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 -0.6 0.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 -1.5 -1.7 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 -0.4 -0.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.5 -0.3 1.4 1.5 1.1 1.5 2.3 2.7 3.2 3.2 3.1 3.4 3.3 3.1 1.6 1.8 1.9 1.2 0.6 -0.4 -0.5 1.1100 1.0905 1.1063 1.0862 1.0902 1.1255 1.1463 1.1828 1.1792 1.1775 1.1838 1.2170 1.2171 1.2098 1.1899 1.1979 1.2146 1.2047 1.1822 1.1772 1.1770 Balance of payments 2018 2019 2020 2019 2020 2021 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 7 8 9 10 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,731 2,898 3,462 787 678 696 986 716 797 963 797 540 207 240 231 398 Goods 1,272 1,311 2,366 429 198 273 568 568 700 530 549 222 137 40 21 212 Exports 30,808 32,013 29,656 8,295 7,831 7,904 7,857 6,431 7,368 8,001 8,238 8,752 2,871 2,199 2,761 2,905 Imports 29,535 30,702 27,290 7,866 7,633 7,630 7,289 5,862 6,668 7,471 7,689 8,530 2,733 2,159 2,741 2,693 Services 2,624 2,907 1,996 775 834 756 517 396 561 522 484 492 276 286 273 308 Exports 8,124 8,659 6,900 2,178 2,433 2,248 1,776 1,441 1,822 1,861 1,575 1,852 849 810 774 764 Imports 5,500 5,751 4,904 1,403 1,598 1,492 1,259 1,046 1,261 1,338 1,091 1,360 573 524 501 456 Primary income -769 -811 -426 -317 -226 -271 53 -116 -371 7 -121 -173 -152 -46 -29 -75 Receipts 1,633 1,758 1,645 497 371 457 449 365 352 479 435 414 127 112 132 134 Expenditures 2,401 2,569 2,071 814 597 727 396 481 722 472 556 586 279 158 160 208 Secondary income -396 -509 -473 -101 -129 -62 -152 -132 -93 -96 -115 -1 -54 -41 -34 -47 Receipts 873 934 972 217 233 272 230 225 214 304 288 392 78 71 84 83 Expenditures 1,270 1,443 1,445 318 362 334 382 357 306 400 402 393 132 112 117 130 Capital account -203 -187 -226 -11 -30 -120 -53 -17 -26 -130 143 -12 -10 -10 -9 -9 Financial account 2,548 2,094 3,052 316 553 506 1,116 385 580 970 810 475 440 -268 381 466 Direct investment -934 -762 266 -200 -121 -119 -21 -37 -219 543 -178 -507 -46 -45 -30 106 Assets 373 1,157 697 23 118 583 13 192 -65 557 309 83 101 -89 106 161 Liabilities 1,307 1,919 431 223 239 701 33 229 155 14 488 590 147 -43 135 55 Portfolio investment 744 734 -1,826 -122 -121 444 -1,953 -1,929 1,315 740 -170 1,641 -292 -27 197 93 Financial derivatives -81 -163 53 20 -8 8 53 -32 5 27 -18 9 -1 -9 3 3 Other investment 2,767 2,248 4,394 574 837 167 2,989 2,354 -547 -402 1,164 -675 816 -198 218 252 Assets 2,054 3,250 4,856 1,367 956 260 3,346 1,988 -696 218 3,030 130 810 56 90 199 Other equity 68 27 4 1 -2 -2 -1 5 0 0 0 2 -2 0 0 -1 Currency and deposits 1,508 2,811 4,753 1,121 1,056 656 2,751 2,672 -792 121 2,128 -191 903 195 -43 37 Loans 215 438 342 324 57 -18 79 40 57 165 153 -10 -2 28 31 -25 Insurance, pension schemes, and standardised guarantee schemes -7 13 1 1 1 2 2 3 -1 -2 5 0 0 0 0 1 Trade credit and advances 303 29 -224 -66 -150 -322 393 -544 67 -140 673 206 -83 -181 114 186 Other assets -33 -69 -20 -13 -6 -56 122 -189 -27 74 71 123 -7 14 -13 1 Liabilities -713 1,002 462 793 119 93 358 -366 -150 620 1,866 805 -7 254 -128 -53 Other equity 2 2 4 -1 0 2 0 0 0 3 2 -42 0 0 0 0 Currency and deposits -524 1,009 800 373 270 308 199 222 116 263 788 950 58 200 12 135 Loans -491 -149 -409 146 53 -250 40 -255 -325 131 756 -372 152 172 -271 -239 Insurance, pension schemes, and standardised guarantee schemes 20 27 55 13 9 -35 40 18 6 -9 9 0 3 3 3 -12 Trade credit and advances 331 62 -134 116 -140 84 -59 -391 20 297 208 273 -173 -106 139 49 Other liabilities -51 50 146 144 -72 -17 138 39 33 -65 104 -5 -46 -15 -11 15 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 52 37 166 44 -33 5 49 29 26 62 13 7 -37 11 -7 12 Net errors and omissions 20 -616 -184 -459 -96 -71 184 -313 -191 137 -130 -54 243 -498 159 77 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. 2019 2020 2021 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 307 -9 306 399 280 263 146 307 170 217 410 505 276 183 296 154 347 292 118 130 209 135 -74 137 243 188 164 123 281 344 89 267 277 187 66 240 136 173 136 -3 89 89 2,747 2,251 2,581 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,431 2,634 3,174 2,871 2,866 3,016 2,893 2,612 2,325 2,444 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,191 2,498 3,000 2,735 2,869 2,927 2,804 224 224 192 192 132 142 93 160 184 163 214 244 129 150 136 147 201 171 137 185 199 701 783 614 621 541 459 425 557 645 589 588 637 539 684 451 499 625 598 568 685 764 477 559 421 428 409 317 332 397 461 426 374 393 411 535 314 353 424 427 431 501 564 -37 -158 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -11 -42 -68 -42 -46 -85 -90 147 176 185 134 130 130 129 106 118 124 110 128 156 195 173 141 121 137 136 140 122 185 334 117 120 159 137 146 198 445 132 145 123 152 197 184 183 189 179 183 225 211 -14 -1 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -69 -87 42 27 31 -59 11 85 104 77 64 88 82 67 76 80 62 72 98 100 106 70 73 144 140 149 103 124 99 105 169 114 99 118 121 118 111 89 107 119 144 137 139 160 103 114 118 161 114 29 -139 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 27 -25 -14 37 217 -177 360 451 306 368 -27 44 -4 265 319 453 434 83 211 596 3 377 80 18 -310 -21 -203 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -147 -38 7 -317 -64 -126 -67 60 362 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -42 199 153 153 179 -249 -3 81 565 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 105 237 145 470 243 -123 63 -41 392 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 923 625 93 -690 1 4 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 4 2 2 5 292 -378 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,476 168 -480 -245 -470 40 436 431 -370 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,699 1,320 11 -69 -112 311 401 -1 0 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 393 226 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,393 993 -258 -120 -162 91 351 11 -5 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -46 -64 100 -40 1 1 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 0 -14 -494 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 217 43 93 70 5 41 -98 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -52 52 21 50 84 139 8 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 223 1,152 491 177 358 271 -35 0 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 12 162 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 300 281 140 32 -43 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -166 -107 -99 -9 -12 -12 13 13 13 6 6 6 2 2 2 -3 -3 -3 3 3 3 0 0 0 0 103 -68 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -135 134 209 3 160 110 -136 4 -35 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 43 20 -30 4 21 -29 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 -119 -29 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -68 409 -471 57 -14 -98 -556 344 333 253 316 283 230 278 301 325 240 336 336 329 325 261 295 357 329 332 334 N/A 1,442 1,102 1,398 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,393 1,457 1,734 1,605 1,601 1,679 N/A 1,165 920 1,329 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,250 1,418 1,300 1,265 1,334 N/A 389 424 330 308 298 214 298 338 347 278 340 378 464 416 303 345 419 389 410 404 N/A 1,546 1,312 1,494 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,370 1,528 1,912 1,778 1,995 2,013 N/A 971 1,015 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 899 905 1,094 1,144 1,047 1,014 N/A Monetary indicators and 2018 2019 2020 2019 2020 interest rates 4 5 6 7 8 9 10 11 12 1 2 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,165 7,719 11,805 7,219 7,327 7,606 7,631 7,913 7,791 7,819 7,817 7,719 7,624 7,744 Central government (S,1311) 4,937 4,696 4,520 4,944 5,089 5,058 5,070 5,007 5,037 4,959 4,928 4,696 4,410 4,455 Other government (S,1312,1313,1314) 580 602 639 577 581 577 570 567 574 573 577 602 613 616 Households (S,14, 15) 10,370 10,981 10,997 10,570 10,628 10,642 10,703 10,781 10,833 10,950 10,978 10,981 10,982 11,005 Non-financial corporations (S,11) 9,496 9,589 9,363 9,637 9,571 9,749 9,738 9,878 9,868 9,869 9,882 9,587 9,794 9,871 Non-monetary financial institutions (S,123, 124, 125) 1,502 1,661 1,640 1,484 1,482 1,496 1,503 1,493 1,486 1,479 1,481 1,661 1,674 1,674 Monetary financial institutions (S,121, 122) 4,275 5,230 7,969 3,963 4,099 4,001 4,335 4,067 3,894 4,011 4,531 5,230 5,403 5,138 Claims on domestic sectors, TOTAL In domestic currency 26,181 27,913 30,341 26,138 26,329 26,381 26,725 26,651 26,509 26,728 27,331 27,913 27,860 27,687 In foreign currency 446 391 345 420 422 419 416 420 412 398 392 391 389 390 Securities, total 4,429 4,382 4,361 4,580 4,659 4,685 4,727 4,666 4,704 4,642 4,581 4,381 4,554 4,608 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Overnight deposits 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up 0.16 0.17 0.15 0.16 0.19 0.17 0.15 0.16 0.16 0.16 0.17 0.18 0.1 0.04 to one year New loans to non-financial corporations in domestic currency INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % 3-month rates -0.322 -0.356 -0.425 -0.311 -0.312 -0.329 -0.365 -0.408 -0.418 -0.413 -0.401 -0.395 -0.391 -0.409 6-month rates -0.266 -0.302 -0.364 -0.231 -0.237 -0.279 -0.347 -0.405 -0.394 -0.362 -0.337 -0.336 -0.330 -0.355 3-month rates -0.735 -0.737 -0.708 -0.715 -0.713 -0.717 -0.751 -0.817 -0.812 -0.774 -0.712 -0.711 -0.679 -0.707 6-month rates -0.653 -0.684 -0.659 -0.650 -0.656 -0.673 -0.719 -0.802 -0.771 -0.711 -0.650 -0.639 -0.624 -0.663 Sources: BoS, EUROSTAT. 2020 2021 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 Public finance 2018 2019 2020 2019 2020 2021 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 18,593.6 19,232.3 18,528.6 4,944.0 4,671.6 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.2 1,654.1 1,669.3 1,612.8 1,815.6 Current revenues 17,575.9 18,293.3 17,578.7 4,730.5 4,478.2 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.7 1,500.4 1,626.9 1,576.5 1,605.3 Tax revenues 16,225.3 17,179.1 16,460.4 4,350.6 4,169.7 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 1,400.2 1,535.2 1,498.3 1,522.1 Taxes on income and profit 3,296.4 3,614.0 3,261.8 1,058.4 717.7 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 282.9 305.1 313.3 369.0 Social security contributions 6,549.8 7,021.3 7,289.9 1,734.9 1,745.5 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 579.4 579.4 586.8 664.4 Taxes on payroll and workforce 21.6 23.2 21.6 5.9 5.4 6.6 5.9 4.0 5.6 6.1 5.0 5.9 1.6 2.0 2.1 2.5 Taxes on property 277.9 296.4 287.3 67.6 120.9 81.6 31.0 48.6 111.3 96.4 33.5 84.8 48.5 35.8 30.4 15.4 Domestic taxes on goods and services 5,989.3 6,126.7 5,493.3 1,490.3 1,565.7 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 478.9 601.5 575.0 466.6 Taxes on international trade & transactions 89.8 98.6 102.4 25.6 25.5 22.1 24.0 24.5 25.3 28.7 28.1 34.6 7.2 8.0 7.4 6.8 Other taxes 0.5 -1.1 4.1 -32.0 -11.1 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 1.6 3.4 -16.6 -2.6 Non-tax revenues 1,350.6 1,114.2 1,118.2 380.0 308.5 253.1 249.7 339.7 291.3 237.6 284.4 431.9 100.1 91.6 78.2 83.2 Capital revenues 152.8 136.4 146.9 31.2 34.4 46.9 31.2 20.1 31.3 64.3 36.4 54.9 12.1 15.3 11.9 19.7 Grants 12.4 13.8 17.5 1.1 6.3 1.2 8.1 1.4 6.9 1.1 6.7 2.0 5.6 1.2 3.7 -3.8 Transferred revenues 55.6 58.3 54.8 3.1 50.3 3.1 0.2 21.7 30.6 2.3 1.7 2.1 50.1 0.0 -0.2 3.3 Receipts from the EU budget 796.9 730.5 730.7 178.0 102.4 238.0 200.9 133.3 189.6 206.9 233.3 180.5 85.9 25.9 20.9 191.1 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,068.0 18,968.8 22,070.6 4,506.0 4,705.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.3 1,517.2 1,540.6 1,628.2 1,898.4 Current expenditures 7,966.5 8,228.3 9,127.8 2,010.6 2,007.6 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,658.4 2,495.0 658.6 642.1 696.0 755.9 Wages, salaries and other personnel expenditures 4,167.9 4,470.5 4,965.3 1,178.3 1,101.6 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,483.5 1,623.4 358.2 375.5 370.3 375.4 Expenditures on goods and services 2,633.7 2,728.0 3,020.7 667.6 673.8 786.0 686.8 661.6 739.0 933.4 724.9 766.6 218.3 246.0 236.1 303.9 Interest payments 867.9 791.5 778.0 122.7 175.7 88.9 442.4 53.7 187.0 95.0 386.9 45.5 72.2 8.8 66.9 13.3 Reserves 296.9 238.4 363.8 42.1 56.4 97.9 47.3 40.5 32.8 243.2 63.1 59.5 9.9 11.9 22.8 63.2 Current transfers 8,236.6 8,704.2 10,867.7 2,107.1 2,201.2 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.8 2,984.2 683.1 711.5 740.5 756.0 Subsidies 443.9 467.9 1,449.3 113.4 53.5 139.3 167.9 711.7 305.5 264.2 297.1 302.3 17.0 33.1 49.3 56.8 Current transfers to individuals and households 6,925.8 7,323.9 8,250.8 1,816.5 1,912.6 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.2 588.4 605.9 599.9 604.4 Current transfers to non­profit institutions, other current domestic transfers 793.5 827.7 1,083.2 163.1 215.3 232.7 215.0 242.6 248.9 376.7 197.5 276.7 75.3 70.2 75.7 86.8 Current transfers abroad 73.4 84.7 84.4 14.1 19.8 25.9 23.2 11.2 16.6 33.4 29.9 31.0 2.3 2.4 15.5 8.0 Capital expenditures 1,159.9 1,252.9 1,230.6 240.3 315.4 541.2 172.8 232.7 263.2 561.9 194.4 278.5 113.1 122.9 141.7 276.6 Capital transfers 271.6 273.6 318.5 49.3 57.8 141.6 29.6 42.9 68.0 178.0 33.4 55.5 21.0 24.0 31.0 86.6 Payments to the EU budget 433.4 509.7 526.0 98.8 123.8 82.3 154.0 134.7 85.1 152.2 197.5 119.1 41.3 40.0 19.0 23.4 SURPLUS / DEFICIT 525.6 263.5 -3,542.1 438.0 -34.2 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 136.9 128.8 -15.3 -82.8 Source: MF. 2020 2021 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 1,678.4 1,483.5 1,487.6 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.4 1,647.5 1,724.9 1,638.2 1,438.0 1,332.9 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.1 1,802.4 1,799.1 1,733.3 1,571.7 1,669.7 1,581.5 1,358.8 1,219.1 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 296.6 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 615.1 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 2.1 1.9 1.9 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 10.1 7.6 13.3 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 631.2 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 7.2 7.9 8.9 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 19.2 3.4 -0.1 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 56.7 79.2 113.8 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.2 121.0 101.3 99.5 11.3 12.2 7.8 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 1.0 5.4 1.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.3 0.4 0.1 0.0 0.0 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 27.9 27.9 145.1 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 1,723.2 1,498.0 1,803.4 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.6 1,970.0 2,189.7 1,901.3 1,885.8 799.9 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,149.5 707.6 858.9 928.5 794.5 830.7 403.1 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 549.6 423.6 554.4 645.5 448.8 487.8 235.1 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.8 293.3 229.9 282.5 254.3 266.9 265.7 153.2 21.3 267.9 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 8.6 13.3 25.5 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 781.6 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,024.2 914.2 958.0 1,112.0 929.5 839.0 82.8 39.7 45.4 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.9 84.7 116.0 101.6 43.4 46.8 623.5 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.7 780.0 672.8 66.5 68.5 80.0 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.8 77.2 105.2 94.3 95.9 101.0 8.8 8.4 6.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 18.4 53.5 56.9 62.4 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.8 84.3 86.6 91.3 100.6 128.8 137.9 11.0 8.0 10.5 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 23.9 14.5 17.1 19.4 32.7 77.1 48.5 28.4 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 -44.8 -14.6 -315.8 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.2 -89.9 -390.3 -253.8 -160.9 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, EMMI – European Money Markets Institute, 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, GNI – gross national income, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, PEEP – Pandemic emergency purchase programme, PMI – Purchasing Managers' Index, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, SVRK – Government Office for Development and European Cohesion Policy, USA – United States of America, USD – US Dollar, VAT – value added tax, WEO – World Economic Outlook, 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 No. 7, Vol. XXVII, 2021