sl ov en ia n ec on om ic m ir ro r N o. 9 , V ol . X XV II, 2 02 1 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 9 / Vol. XXVII / 2021 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Urška Brodar Authors: Urška Brodar; Lejla Fajić; Tina Golob Šušteršič, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Nataša Todorović Jemec, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, December 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. In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 10 Labour market ............................................................................................................................................ 17 Prices .............................................................................................................................................................. 19 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................ 21 Public finance ............................................................................................................................................. 22 Statistical appendix ...............................................................................................................................29 Contents 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. The Economic Mirror is prepared based on statistical data available by 10th December 2021. In the spotlight 3Slovenian Economic Mirror, No 9/2021 Following strong growth in the previous two quarters, growth of economic activity in the euro area weakened in the last quarter according to the available indicators. This is also indicated by the average value of the composite Purchasing Managers’ Index (PMI) for October and November, which fell compared to the third quarter. With the worsening epidemic situation, economic growth in the services sector is slowing and ongoing supply chain disruptions are increasingly hampering the manufacturing sector, especially the automotive industry. The economy is also affected by high commodity and energy prices and the lack of skilled labour. This is also having a significant impact on rising inflation in the euro area, which stood at 4.9% in November. In its latest forecast, published in early December, the OECD expects euro area GDP to grow by 5.2% this year and 4.3% in 2022. For Slovenia’s main trading partners, the OECD predicts similar, slightly lower, growth next year. The latest forecasts by international institutions are largely in line with IMAD’s projections in its Autumn Forecast of Economic Trends. In the third quarter of this year, economic activity in Slovenia exceeded the pre- epidemic levels. Mainly due to higher growth in private consumption, economic growth in 2021 will be stronger than expected in IMAD’s Autumn Forecast. In the third quarter, real GDP grew by 1.3% quarter-on-quarter and 5% year-on-year, exceeding the pre-crisis level of Q4 2019. This development reflects the continued easing of the containment measures as well as the adjustment of the economy and consumers to the changed conditions. The recovery or increase in private consumption and turnover in trade, entertainment, sports, recreation and personal services and in accommodation and food service activities was faster than expected in IMAD’s Autumn Forecast. In addition to the adjustment of consumers and activities dependent on household spending to the changed situation, private consumption is also supported by the more favourable conditions in the labour market. Activities related to international trade, especially manufacturing, were already affected by supply chain disruptions in the third quarter, and slower growth was in line with IMAD’s forecasts. Problems due to supply chain disruptions, especially semiconductor shortages, have a particular impact on the decline in activities related to the automotive industry. Gross fixed capital formation was also in line with IMAD’s Autumn Forecast, with the latest data on construction activity showing that the slightly faster growth, which was expected in the autumn, may materialise in the final quarter. Available data for the last quarter point to the possibility of a slowdown in economic growth, mainly due to the deterioration of the epidemic situation and stricter containment measures, but also to other production problems and constraints. The average value of the economic sentiment indicator fell in the last quarter compared to the previous quarter, but confidence indicators in all sectors and among consumers remained significantly higher than a year ago. Given last year’s low base, electricity consumption and freight traffic on Slovenian motorways were on average only slightly higher year- on-year in October and November, while turnover growth was up 27%, according to data on fiscal verification of invoices, mainly due to the base effect (some activities were completely shut down last year, while in others activity was curtailed). Compared to the same period in 2019, turnover growth averaged 3% in October and November. Economic developments, especially the growth of private consumption and related activities, show that economic growth in 2021 will be half a percentage point to one percentage point higher than the 6.1% expected in the Autumn Forecast. Expectations for next year, which continue to be accompanied by a high degree of uncertainty, are in line with IMAD’s Autumn Forecast of 4.7% GDP growth. Given that the change in the GDP forecast could occur mainly for the year ending, IMAD will prepare a new forecast of economic trends in March 2022. The risks to the realisation of the Autumn Forecast projections for 2022 are mainly on the downside due to health conditions and bottlenecks, although growth could also be higher than forecast in the autumn. Economic development will continue to depend on the epidemic and health situation, the adaptation of measures to contain the epidemic and mitigate its consequences, and generally on the further adaptation of the population and the economy to the changed conditions. The epidemic situation and the associated uncertainty will have an impact on the speed of unwinding of the accumulated excess savings. A possible prolonged continuation of supply-side bottlenecks, in particular a shortage of certain raw materials and semi-finished products, In the spotlight In the spotlight4 Slovenian Economic Mirror, No 9/2021 would have a significant impact on manufacturing and consequently on exports and would increase the risk of increased cost pressures. A great deal of uncertainty also arises from energy prices, which could further increase and remain at these levels for longer than currently expected (international institutions estimate that this price pressure should ease by mid-2022). Persistently higher inflation could translate into demand for higher wages, which are already affected by a shortage of skilled labour. On the positive side, it is possible that supply-side bottlenecks will ease faster than expected, which would have a positive impact on global economic activity and weaken the associated price pressure. The recovery will also be significantly influenced by the effective absorption of the entire package of EU funds, both in Slovenia and among its main trading partners, which will provide an opportunity to strengthen the development content and increase the long-term potential of the region; in this context, the realisation of planned public investment projects will have a significant impact. The introduction of tax relief could increase private consumption in the short term, while in the medium and long term it could increase the pressure to cut other spending, given the need to ensure the sustainability of public finances. With high commodity and energy prices and supply chain problems, inflation rose sharply again year-on-year in November (to 4.6%). About half of the year-on-year inflation was due to higher prices for petroleum products and heat energy, while prices of goods also increased significantly due to rising import and producer prices. Prices of semi-durable goods rose significantly in November due to higher prices for clothing and footwear, and prices of durable goods also continued to rise, mainly due to higher car prices. Inflation will be higher than we expected in our Autumn Forecast both this year and next, mainly due to the sharp rise in energy prices in recent months and ongoing supply chain disruptions. It will most likely exceed 4% year-on-year in December this year (IMAD’s Autumn Forecast predicted 2.5%) and approach 2% on average this year (IMAD’s Autumn Forecast predicted 1.4%). Higher inflation is expected to persist for at least a few more months, which could mean that average inflation in 2022 could exceed 3% (IMAD’s Autumn Forecast predicted 2%). Labour market conditions remain very favourable. In September, the number of employed persons increased sharply again. The highest year-on-year increases were again recorded in construction and human health and social work activities. Employment growth was also high in accommodation and food service activities, reflecting a relatively quick recovery after last year’s sharp decline, but the number of employed persons in this sector is still below the level of two years ago. It was also lower in the arts, entertainment and recreation, which were also severely affected by the containment measures. In November, the number of unemployed was 1.9% lower than the previous month and about a fifth lower year-on-year and almost a tenth lower than in November 2019. Wage growth has slowed year-on-year in recent months (4.1% in September against 7.2% in the first nine months), mainly due to lower wage growth in the public sector as a result of lower epidemic-related bonus payments. In the private sector, on the other hand, the average wage increased by 5.7% year-on-year in the first nine months, mainly due to the impact of the increase in the minimum wage at the beginning of the year, but also to the return to employment of workers who participated in job-retention measures and to labour shortages in some sectors. The general government deficit on a cash basis was lower in the first ten months of this year than in the same period last year. It is expected to increase by the end of the year due to the usual year-end increase in capital expenditure and again somewhat higher payments to mitigate the impact of the epidemic. The deficit of the consolidated general government budgetary accounts amounted to EUR 1.9 billion in the first ten months, EUR 0.4 billion lower than in the same period of 2020, reflecting high revenue growth and lower expenditure growth than last year. The economic recovery this year has driven up tax revenues and revenues from social contributions in particular, while growth in receipts from the EU budget remains modest. In addition to lower expenditure growth, the structure of growth is different this year, with a higher contribution for public servants’ wages (allowances for work in hazardous conditions and employment growth) and for investment, while expenditure on subsidies, which had increased last year, fell sharply. Total expenditure on measures to mitigate the consequences of COVID-19 amounted to EUR 2.4 billion in the first ten months of this year, EUR 0.8 billion more than in the same period last year, mainly due to high payments at the beginning of the year. As a number of measures expired, the volume of these payments has decreased considerably since July 2021. The position of the state budget against the EU budget remained positive in the first ten months, but the surplus was slightly lower than a year ago. In the spotlight 5Slovenian Economic Mirror, No 9/2021 10 14 18 22 26 30 34 38 42 46 50 54 58 62 66 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 PM I v al ue fo r e ur o ar ea PMI PMI Manufacturing PMI Services Source: Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. The composite Purchasing Managers’ Index, PMI, points to a slowdown in economic growth in the euro area in the last quarter of this year -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Co nt rib ut io ns to y ea r- on -y ea r G D P gr ow th b y qu ar te r, in p . p . Source: SURS. Private consumption Government consumption Gross fixed capital formation Changes in inventories and val. Exports of goods and services Imports of goods and services GDP, real growth In the third quarter of this year, economic activity in Slovenia exceeded the pre-epidemic level and also IMAD’s expectations from its Autumn Forecast, but its growth slowed somewhat -60 -50 -40 -30 -20 -10 0 10 20 30 40 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d in di ca to r v al ue Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Confidence indicators in the Slovenian economy point to a further slowdown in economic growth in the last quarter of this year -3,542 -2 ,3 66 -1 ,9 53 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 I-X 2 02 0 I-X 2 02 1 In E U R m ill io n General government balance Primary balance Source: MF, Bulletin of Government Finance; calculations by IMAD. The deficit in the consolidated balance of public finances was lower in the first ten months of this year than in the same period last year In November, the number of unemployed was about a fifth lower year-on-year and almost a tenth lower than in the same period of 2019 0 20 40 60 80 100 120 140 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ju l 1 8 Ja n 19 Ju l 1 9 Ja n 20 Ju l 2 0 Ja n 21 Ju l 2 1 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. 15-25 years 26-49 years 50+ years Year-on-year consumer price inflation continued to rise in November amid high energy prices -3 -2 -1 0 1 2 3 4 5 -4 -3 -2 -1 0 1 2 3 4 5 Ja n 19 M ar 1 9 M ay 1 9 Ju l 1 9 Se p 19 N ov 1 9 Ja n 20 M ar 2 0 M ay 2 0 Ju l 2 0 Se p 20 N ov 2 0 Ja n 21 M ar 2 1 M ay 2 1 Ju l 2 1 Se p 21 N ov 2 1 Ye ar -o n- ye ar g ro w th , i n % Co nt rib ut io n to y -o -y g ro w th , i n p. p . Source: SURS; calculations by IMAD. Food Fuels and energy Services Other TOTAL cu rr en t e co no m ic tr en ds Current Economic Trends 9Slovenian Economic Mirror, No 9/2021 Figure 1: GDP growth forecasts for 2022 for Slovenia’s main trading partners Figure 2: Energy prices After a strong increase in the previous two quarters, growth of economic activity in the euro area slowed in the final quarter, according to available indicators. This is also indicated by the average value of the composite Purchasing Managers’ Index (PMI) for October and November, which fell compared to the third quarter. With the worsening epidemic situation, economic growth in the services sector is slowing down and ongoing supply chain disruptions are increasingly hampering the manufacturing sector, especially the automotive industry. The economy is also affected by high commodity and energy prices and the lack of skilled labour. This is also having a significant impact on rising inflation in the euro area, which stood at 4.9% in November. International institutions expect higher inflation to persist for several more months until global supply chain disruptions and price pressures caused by energy prices ease (probably by mid-2022). In its latest forecast, published in early December, the OECD expects euro area GDP to grow by 5.2% this year and 4.3% in 2022. For Slovenia’s main trading partners, the OECD predicts similar, albeit slightly lower, growth next year. The latest forecasts by international institutions are very similar to IMAD’s projections in its Autumn Forecast of Economic Trends. After rising in the previous two months, the average energy price on international markets fell slightly in November compared to the previous month. The average dollar price of Brent crude oil decreased by 3% to USD 81 per barrel and was up by 91% year-on-year. The sharp decline at the end of November was mainly due to the emergence of a new COVID-19 variant, Omicron, and the agreement of the largest oil consumers to release strategic reserves. According to the World Bank, prices of most other energy resources also fell in November compared to the previous month, especially of coal (by about 30%). Natural gas prices fell by 11% on the European market (and were 471% higher year-on-year), while the increase in electricity prices slowed. At the beginning of December, natural gas prices rose significantly again, and electricity prices continued to rise while oil prices further decreased. Prices for non-energy commodities in November remained similar to the previous month. (they were 14% higher year-on-year). 0 100 200 300 400 500 600 700 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 In de x 20 10 = 1 00 Energy products Coal Natural gas Oil Electrical energy Source: The World Bank; Southpool; Yahoo Finance. *December includes data for the period 1-8 December. 0 1 2 3 4 5 EA DE IT AT FR Re al g ro w th ra te s, in % Source: EC Autumn Forecast, November 2021; IMF WEO, October 2021; OECD Economic Outlook, December 2021; IMAD Autumn forecast of economic trends, September 2021. IMAD (16. 9. 21) IMF (12. 10. 21) EC (11. 11. 21) OECD (1. 12. 21) Table 1: Brent crude oil prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2020 X 21 XI 21 XI 21/X 21 XI 21/XI 20 I-XI 21/I-XI 20 Brent USD, per barrel 41.83 83.54 81.05 -3.0 89.8 71.5 Brent EUR, per barrel 36.57 72.01 71.00 -1.4 96.9 63.7 USD/EUR 1.142 1.160 1.141 -1.6 -3.6 4.8 3-month EURIBOR, in % -0.427 -0.550 -0.567 -0.02 -0.05 -0.13 Non-energy commodity prices, index 2010=100 84.11 115.62 115.43 -0.2 13.6 33.6 Source: EIA, ECB, EMMI Euribor, World Bank; calculations by IMAD. Note: * in Euribor change in basis points. The international environment Current Economic Trends10 Slovenian Economic Mirror, No 9/2021 Figure 3: GDP, Q3 2021 Economic growth continued in the third quarter. GDP increased by 1.3% compared to the second quarter and by 5% year-on-year. GDP thus exceeded the pre-crisis level reached in the last quarter of 2019. This development reflects the continued easing of the containment measures, as well as the adjustment of the economy and consumers to the changed conditions. This led to further strong growth in private consumption and related activities (retail trade, entertainment, sports, recreational and personal care services and accommodation and food service activities). Private consumption thus exceeded the level of the same period in 2019, and the aforementioned service activities, with the exception of trade, fell slightly short of the pre- epidemic level. Activities related to international trade (especially export-oriented manufacturing) were already affected by supply chain disruptions, which is why their growth slowed. Manufacturing and exports and imports of goods, which were generally less affected by the containment measures, reached pre-crisis levels by the end of last year. Trade in services increased quarter-on- quarter, with exports of services still lagging behind pre- crisis levels, mainly due to lower travel activity. Year-on- year growth of gross fixed capital formation remained high and final government consumption was still higher year-on-year, with employment, spending on goods and services, and spending on pharmaceuticals and health services continuing to rise. -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Co nt rib ut io ns to y ea r- on -y ea r G D P gr ow th b y qu ar te r, in p . p . Source: SURS. Private consumption Government consumption Gross fixed capital formation Changes in inventories and val. Exports of goods and services Imports of goods and services GDP, real growth Figure 4: Electricity consumption Electricity consumption in November was 3% higher year-on-year and only 1% lower than in the same period of 2019. The year-on-year increase is related to lower consumption at the beginning of the second wave of the epidemic last year, when containment measures were stricter than this year. Compared to November last year, consumption was higher in most of Slovenia's main trading partners – by 2% in Austria and Croatia, 4% in France, and 6% in Italy, while it remained about the same in Germany. The largest decrease in consumption among Slovenia’s main trading partners compared to November 2019 was recorded in Austria, at 7% (as a result of the lockdown). Compared to November 2019, consumption was also lower in France and Germany (by 3% and 1% respectively), while it was higher in Croatia and Italy (1%). -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A vg 2 1 Se p 21 O ct 2 1 N ov 2 1 Ye ar -o n- ye ar c ha ng e, in % Austria France Croatia Italy Germany Slovenia Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. Economic developments in Slovenia Current Economic Trends 11Slovenian Economic Mirror, No 9/2021 Figure 5: Electricity consumption by consumption group Year-on-year, industrial and small business electricity consumption were higher in November, while compared to the same period of 2019, industrial consumption remained about the same and small business consumption was lower. Compared to November last year, industrial electricity consumption increased by 3.4% and small business electricity consumption1 by 18.7%. The main reason for the high year-on-year growth in small business consumption was last year’s low base, as containment measures were introduced last November during the second wave of the epidemic, restricting mainly trade and services activities. Household consumption in November was similar to the same period last year (lower by 0.5%), as household members spent more time at home – similar to last year – for various epidemic-related reasons (illness, remote working, etc.). Compared to November 2019, industrial consumption remained about the same, while small business consumption, which has lagged behind comparable periods in 2019 since the start of the epidemic, was lower (by 2.6%). Compared to November 2019, household consumption increased by 6.2%. -30 -20 -10 0 10 20 30 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 Ye ar -o n- ye ar c ha ng e, in % Source: SODO. Note: Excluding the effect of temperature differences. Industry Households Small business consumption Total distribution network consumption Figure 6: Traffic of electronically tolled vehicles on Slovenian motorways Freight traffic on Slovenian motorways increased by 8% year-on-year in November. The high year-on-year increase was due to lower traffic volumes in the second wave of the epidemic last year. Compared to November 2019, the volume of freight traffic was also significantly higher due to one more working day, but after adjusting the data for working days, it was only one percent higher. The share of foreign vehicle traffic on Slovenian motorways, which had fallen slightly year-on-year in November 2020, returned to its pre-epidemic level of 61% this year. -60 -40 -20 0 20 40 60 80 100 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 Y- on -y c ha ng e, in % Tolled vehicles Domestic Foreign Source: Internal reports obtained from DARS; calculations by IMAD. 1 In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. Current Economic Trends12 Slovenian Economic Mirror, No 9/2021 Figure 8: Trade in goods The increased uncertainty in the international environment in recent months has had an impact on export and import activity in Slovenia. Uncertainty related to high commodity prices and supply chain disruptions particularly affected the automotive and related industries in Slovenia and among its main trading partners. At the same time, there have been more marked monthly fluctuations in trade with other EU Member States2 in recent months, with exports rising slightly and imports falling. In our opinion, the fluctuations in exports are mainly related to the vehicles group, which is also the only one of the main product groups to lag behind the level of the same period in 2019. The stronger monthly fluctuations in imports have been largely related to the import of capital goods and some consumer goods (passenger cars, non-durable goods excluding medical and pharmaceutical products). Compared to the same period in 2019, trade in goods, especially with other EU Member States, was slightly higher in October (higher exports, lower imports). Export expectations and new orders rose in November, well above the long-term average, and their fluctuations in recent months indicate increased uncertainty. 80 90 100 110 120 130 140 150 160 170 180 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Exports to the EU Imports from the EU Figure 7: Fiscal verification of invoices According to data on the fiscal verification of invoices, turnover in November was 42% higher year-on-year and 5% higher than in the same period of 2019. Compared to October, year-on-year growth strengthened in all activities, mainly due to last year’s low turnover, with restrictions in the supply and sale of goods and services that persisted throughout the month. With one working day more this year, sales growth was also higher than in November 2019. This was due to 6% higher turnover in trade (higher turnover in retail and wholesale trade, while turnover in the sale of motor vehicles was lower). Following growth in the summer months, turnover in accommodation and food service activities was lower than in November 2019 due to the deterioration of the epidemiological situation and the introduction of stricter business restrictions, while the decline in turnover in creative, arts and entertainment activities, travel agency activities, and gambling and betting activities increased. -40 -30 -20 -10 0 10 20 30 40 50 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 Y- on -y c ha ng e, in % Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. 2 According to the external trade statistics. Trade with non-EU Member States remained high in October, especially trade and distribution of medical and pharmaceutical products. Current Economic Trends 13Slovenian Economic Mirror, No 9/2021 Figure 10: Production volume in manufacturing Manufacturing activities were already affected by supply chain disruptions in the third quarter, with growth slowing slightly year-on-year in October as well. Medium-low- and low-technology industries recorded relatively high year-on-year growth, but at a lower rate than the previous month. Medium-high- technology industries recorded modest year-on-year growth, while high-technology industries recorded a decline. The decline was even slightly higher than in the same period of 2019. Production in medium-technology industries was limited by supply disruptions, especially in the automotive industry, but also in the rubber and plastics industry and in the manufacture of electrical appliances. In high-technology industries, the year- on-year decline was mitigated by the production of electronic and optical products. 80 100 120 140 160 180 200 220 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21S ea so na lly a dj us te d re al i nd ex 2 01 0= 10 0 Source: SURS, calculations IMAD. High-tech ind. Medium-high-tech. ind. Medium-low-tech. ind. Low-tech ind. Manufacturing, tot. Figure 9: Trade in services Trade in services increased sharply in the third quarter compared to the previous quarter (seasonally adjusted). The favourable trends in trade in most major services continued, the increase being mainly due to the recovery in trade in tourism-related services, which were the most affected by the containment measures. In the third quarter, total trade in services approached pre- epidemic levels, with imports of services recovering faster than exports. This was mainly due to tourism, where we estimate that the decline in spending by foreign tourists, same-day visitors and transit passengers in Slovenia was greater than the decline in spending by Slovenian guests abroad. Trade in personal, cultural and recreation services, which declined sharply during the epidemic, also fell short of pre-crisis levels. Other important groups of service activities (transportation, construction, ICT, other business services) were mostly well above comparable pre-crisis levels in the third quarter. 250 300 350 400 450 500 550 600 650 700 750 800 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 In E U R m , s ea so na lly a dj us te d Source: BoS; calculations by IMAD. Exports of services Imports of services Table 2: Selected monthly indicators of economic activity in Slovenia In % 2020 X 21/IX 21 X 21/X 20 I-X 21/I-X 20 Merchandise exports, real1 -0.7 1.63 4.9 14.4 - to the EU -7.5 4.43 8.3 14.2 Merchandise imports, real1 -2.4 -2.43 10.7 18.6 - from the EU -8.2 -1.53 -1.7 12.8 Industrial production, real -5.2 0.53 6.1 11.3 - manufacturing -5.0 0.23 6.9 12.7 In % 2020 IX 21/VIII 21 IX 21/IX 20 I-IX 21/I-IX 20 Services exports, nominal2 -20.3 5.73 32.84 14.44 Services imports, nominal2 -14.7 6.63 46.64 16.64 Construction - value of construction put in place, real -0.7 1.33 -6.8 -4.2 Distributive trades - real turnover -7.4 4.13 5.54 8.84 Market services (without trade) - real turnover -11.0 -0.23 11.64 9.94 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. Current Economic Trends14 Slovenian Economic Mirror, No 9/2021 Figure 12: Turnover in trade Turnover in trade decreased slightly in the third quarter compared to the second quarter but was higher year-on-year and compared to 2019. Of the three main trade segments, only wholesale trade recorded lower turnover than in the previous quarter, this due to poorer business performance in July. Turnover in retail trade increased mainly due to higher sales of automotive fuels, influenced by increased transit through Slovenia, and higher sales to households and legal entities. Quarter- on-quarter, turnover also increased in motor vehicle sales, though it was lower year-on-year and motor vehicle sales was the only major sector, apart from automotive fuel sales, to lag behind in terms of turnover in the third quarter of 2019. Compared to the latter period, sales of non-food products (15%) and food products (7%) were significantly higher. In the non-food group, sales via mail order and the internet rose in particular, almost doubling, and sales of pharmaceutical and medical products, furniture, and computer and telecommunications equipment also rose by about a tenth. According to preliminary data, turnover in retail trade rose strongly in October, while turnover in motor vehicle sales decreased. 80 100 120 140 160 180 200 220 240 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade . Figure 11: Activity in construction Construction activity increased in September but remained similar to the previous quarter on average in the third quarter and was lower than a year ago. At the monthly level, the value of construction output increased by 8.5%. On average, it remained at a similar level in the third quarter as in the second quarter and was 4.8% lower than a year ago. With strong monthly fluctuations, activity in specialised construction has been stagnant for three years at the highest level since 2011, while activity in civil engineering works has picked up somewhat this year after stagnating in 2019 and 2020. The situation is similar in residential construction, where activity has increased even more this year. The decline in non-residential construction activity that began last year has intensified this year. The stock of contracts, which increased in the first half of the year and exceeded last year’s level, remains very volatile. It fell sharply in August and has remained below the previous year’s level since then. Construction price growth, driven by rising commodity prices and labour shortages, slowed somewhat in September but still remains high. The implicit deflator of the value of completed construction works (used to measure prices in the construction sector) was 7% in September, which is one percentage point lower than in August. 40 45 50 55 60 65 70 75 80 85 90 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Re al c on st ru ct io n pr od uc tio n in de x (2 01 0= 10 0) Source: SURS; calculations by IMAD. Seasonally adjusted data 3-month moving averages, seasonally adjusted Current Economic Trends 15Slovenian Economic Mirror, No 9/2021 Figure 14: Selected indicators of household consumption Household consumption increased sharply in the third quarter, up 9.3% year-on-year. In the summer months, households increased their spending on accommodation and food service activities both at home3, also due to the redemption of vouchers, and abroad4, where many more Slovenians travelled this year than last year. In the third quarter, households also spent significantly more on sports, cultural, entertainment and personal care services (8.0%) and on food, beverages and tobacco products (8.8%). Expenditure on non-food products (6.3%) also remained higher year-on-year, with a marked slowdown in the growth of durable goods sales. Sales of passenger cars were lower year-on-year, which we assess is also due to car delivery delays.20 40 60 80 100 120 140 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons Figure 13: Turnover in market services Real turnover increased further in most services in the third quarter. Turnover increased by 11.7% compared with the previous quarter and by 13.3% year-on-year. The highest quarter-on-quarter increase in turnover was recorded in accommodation and food service activities (by 77%), due to an increase in overnight stays by foreign and domestic tourists and a higher number of same-day visitors, also driven by the redemption of last year’s and this year’s vouchers. Turnover, which was 15% higher year- on-year, was only one percent behind that of the same period in 2019. High quarter-on-quarter growth was also recorded in administrative and support service activities (19%), where turnover almost tripled in travel agencies, while it continued to decline in employment agencies. Turnover in transportation continued to grow moderately, mainly due to increases in the storage sector. Turnover in information and communication activities improved again due to higher sales in the domestic and foreign markets for telecommunications and computer services. Lower turnover was recorded only in professional and technical activities, mainly as a consequence of declining turnover in architectural and engineering services. Year-on-year turnover growth was positive across all market services in the third quarter. Compared to the same period in 2019, only travel and employment agencies saw significantly lower turnover (by 47% and by 20% respectively). 0 20 40 60 80 100 120 140 160 180 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Source: SURS; calculations by IMAD. Note: * including real estate. 3 Domestic tourists generated more than 3.5 million overnight stays in the third quarter, down 15% from 2020 but up 130% from 2019, when they generated 1.5 million overnight stays (this was also influenced by the possibility of redeeming last year's and this year's vouchers). The overall 15% year-on-year turnover growth in accommodation and food service activities was also influenced by the high year-on-year increase in overnight stays by foreign tourists (82%). 4 Overnight stays by Slovenes in Croatia increased by 29% year-on-year. During this period, total expenditure on private travel outside Slovenia increased by 46% year-on-year but still fell short of the 2019 level by 16%. Current Economic Trends16 Slovenian Economic Mirror, No 9/2021 Figure 15: Economic sentiment The Economic Sentiment Indicator improved in November, but its average value for the last two months points to a slowdown in the growth of economic activity in the last quarter. The monthly rise in the indicator was primarily attributed to increased confidence in manufacturing and in retail trade. Most indicators improved in both sectors. Confidence in service activities and construction and among consumers declined slightly. Confidence in all sectors and among consumers was significantly higher in November than in the same period last year. It was also higher in most sectors than in the same period in 2019, except in services and among consumers, probably reflecting uncertainty about the epidemic situation and related measures. -60 -50 -40 -30 -20 -10 0 10 20 30 40 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d in di ca to r v al ue Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Current Economic Trends 17Slovenian Economic Mirror, No 9/2021 Figure 16: Number of employed persons Figure 17: Number of registered unemployed persons The historically high level of employment further increased in September. In the first nine months, the number of employed persons was 0.9% higher than in the same period last year. Employment growth was higher for the self-employed (1.4%) than for employees (0.7%), although the decline in the number of self-employed last year was much smaller than for employees. In September, the highest year-on-year increases were again recorded in construction and human health and social work activities. Employment growth was also high in the accommodation and food service activities, reflecting a relatively quick recovery after last year’s sharp decline, but the number of employed persons remained below September 2019 levels. The containment measures also had a strong impact on the arts, entertainment and recreation, where the number of employed people also remained lower this September than in the same period of 2019 According to the seasonally adjusted data, the decline in registered unemployment in November was higher than in the previous months, at 2.4%. According to original data, 65,379 people were unemployed at the end of November, 1.9% fewer than at the end of October and 22.3% fewer than a year earlier. The number of unemployed persons was also lower (by 9.7%) than at the end of November 2019. In the first eleven months of this year, the inflow into unemployment was lower than in the same period of 2019. The outflow from unemployment has fallen in recent months, but it remains higher than the inflow, meaning that the number of unemployed continues to fall. Given the high demand for labour, which is also reflected in the high vacancy rate, the proportion of unemployed people aged over 50 with low employment prospects has been rising this year. In November, their share was 38.8%. 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS; calculations by IMAD. 0 20 40 60 80 100 120 140 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ju l 1 8 Ja n 19 Ju l 1 9 Ja n 20 Ju l 2 0 Ja n 21 Ju l 2 1 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. 15-25 years 26-49 years 50+ years Figure 18: Average gross wage per employee In September, year-on-year wage growth was 1% in the public sector, while it remained relatively high in the private sector (6.2%). In the first nine months, public sector wages were 10.1% higher than in the same period last year, but year-on-year growth has slowed since June due to the cessation of epidemic-related bonus payments5. In the private sector, the average wage increased by 5.7% year-on-year in the first nine months, mainly due to the impact of the minimum wage increase at the beginning of the year, but also to the return to employment of workers who participated in job retention measures. According to our estimates, wage growth in some private sector activities (administrative and support service activities, construction, and accommodation and food service activities) may already be affected by labour shortages. -4 -2 0 2 4 6 8 10 12 14 16 18 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Source: SURS; calculations by IMAD. Private sector Public sector Total Ye ar -o n- ye ar g ro w th , 3 -m on th m ov in g av er ag e 5 The payment of most bonuses ceased in mid-June 2021. Labour market Current Economic Trends18 Slovenian Economic Mirror, No 9/2021 Table 3: Indicators of labour market trends Change, in % 2020 IX 21/VIII 21 IX 21/IX 20 I-IX 21/I-IX 20 Persons in formal employment2 -0.6 0.21 2.2 0.8 Average nominal gross wage 5.8 0.31 4.1 7.2 private sector 4.4 0.81 6.2 5.7 public sector 7.8 -0.71 1.0 10.1 of which general government 9.9 -1.11 0.4 11.7 of which public corporations 1.9 -0.21 2.7 4.9 2020 IX 20 VIII 21 IX 21 Rate of registered unemployment (in %), seasonally adjusted 8.7 9.1 7.3 7.3 Change, in % 2020 XI 21/X 21 XI 21/XI 20 I-XI 21/I-XI 20 Registered unemployed 14.6 -1.9 -22.3 -11.5 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Current Economic Trends 19Slovenian Economic Mirror, No 9/2021 Table 4: Consumer price growth, in % XII 20/XII 19 XII 20-XI 21/XII 19-XI 20 XI 21/X 21 XI 21/XI 20 I-XI 21/I-XI 20 Total -1.1 1.4 0.7 4.6 1.6 Food 1.1 -0.5 -0.6 1.1 -0.7 Fuels and energy -9.9 8.5 2.5 22.1 10.3 Services 0.2 0.3 0.2 1.5 0.3 Other1 -0.5 1.2 1.1 3.9 1.3 Core inflation - excluding food and energy -0.1 0.8 0.7 2.9 0.9 Core inflation - trimmed mean2 -0.4 1.0 0.5 2.9 1.2 Source: SURS. Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Figure 19: Consumer prices Figure 20: Slovenian industrial producer prices Year-on-year consumer price growth rose sharply again in November, to 4.6%. About half of the year- on-year increase was due to higher prices of energy, especially petroleum products and heat energy, which rose by more than 40% and 55% respectively. The higher year-on-year increase was also largely driven by the prices of semi-durable goods. The latter fluctuate strongly due to the different seasonal price movements in the clothing and footwear sector. After falling in the last two months, they rose by 4.3% year-on-year in November. In the face of higher commodity prices and supply chain bottlenecks, durable goods prices continued to rise year-on-year (5.8%), with car prices up 6.7%. Services price growth increased again somewhat year-on-year (1.5%). Prices in the restaurants and hotels group (6.2%) continued to rise, as did prices in the recreation and culture group, with a slightly stronger month-on-month increase in package holiday prices. The year-on-year increase in food prices also strengthened slightly (by about 1%). Slovenian industrial producer prices rose year-on- year in October (by 9.2%), but the increase was somewhat less pronounced than in previous months. Price growth in the domestic market is similar to that in foreign markets. Overall growth continues to be driven mainly by commodity and capital goods prices, which rose by 14.2% and 8.8% year-on-year respectively in October. Growth in energy prices fell by about a quarter, to 6.2%, compared to September, reflecting lower year- on-year price growth in foreign markets (38.4%). Growth in consumer goods prices was still relatively moderate (1.9%) but has been gradually strengthening. Prices of durable goods rose somewhat more markedly (3%), mainly due to higher growth in the domestic market, where they were more than 5% higher year-on-year (the highest increase in the last ten years). -2 -1 0 1 2 3 4 5 6 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ye ar -o n- ye ar in fla tio n, in % Source: SURS, Eurostat. Slovenia Euro area -4 -2 0 2 4 6 8 10 12 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ye ar -o n- ye ar g ro w th , i n % Source: SURS. Domestic market Foreign market Prices Current Economic Trends20 Slovenian Economic Mirror, No 9/2021 Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. X 20 31. XII 20 31. X 21 31. X 21/30. IX 21 31. X 21/31. X 20 Loans total 23,085.7 22,860.9 23,865.7 2.2 3.4 Enterprises and NFI 10,516.0 10,307.0 11,004.7 4.1 4.6 Government 1,544.9 1,556.8 1,411.6 0.1 -8.6 Households 11,024.7 10,997.0 11,449.5 0.7 3.9 Consumer credits 2,768.5 2,706.5 2,609.7 -0.3 -5.7 Lending for house purchase 6,807.2 6,862.1 7,361.6 0.8 8.1 Other lending 1,448.9 1,428.4 1,478.2 2.1 2.0 Bank deposits total 22,225.0 22,915.7 24,203.4 -0.3 8.9 Overnight deposits 18,198.7 18,975.7 20,844.9 0.0 14.5 Term deposits 4,026.3 3,939.9 3,358.6 -1.9 -16.6 Government bank deposits, total 566.0 595.3 488.9 1.1 -13.6 Deposits of non-financial corporations, total 7,723.9 8,053.5 8,418.5 -1.0 9.0 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Figure 21: Year-on-year growth in loans to domestic non-banking sectors The year-on-year growth in the volume of bank loans to domestic non-banking sectors increased considerably in October, to 3.4% (1.4% in September), mainly due to increased borrowing by enterprises. The higher growth was mainly driven by corporate and NFI borrowing. The volume of corporate and NFI loans increased by EUR 430 million on a monthly basis, which is the largest increase since 2008. Corporate and NFI loan growth increased to 4.6% year-on-year, slightly outpacing household loan growth. A large part of household borrowing continues to be in the form of housing loans, the year-on-year growth of which has stabilised at just over 8% in the last two months. The volume of consumer loans continues to decline, largely due to unfavourable credit conditions, while other loans (especially overdrafts) have been increasing in the second half of the year due to higher household spending. At the same time, the volume of household bank deposits declined for the third month in a row in October, amounting to EUR 24.2 billion. Their year-on-year growth slowed slightly but remained relatively high (8.9%). Thus the share of non-performing loans6 remained low in September, at 1.3%. -40 -30 -20 -10 0 10 20 30 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ye ar -o n- ye ar g ro w th , i n % Source: BoS. Consumer loans Lending for house purchase Enterprises and NFIs Total 6 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. Financial markets Current Economic Trends 21Slovenian Economic Mirror, No 9/2021 Table 6: Balance of payments I-IX 2021, in EUR million Inflows Outflows Balance Balance, IX 2020 Current account 33,537.6 31,979.7 1,557.9 2,499.1 Goods 25,499.9 24,902.0 598.0 1,836.4 Services 5,764.7 4,158.6 1,606.0 1,473.5 Primary income 1,290.6 1,742.5 -451.9 -433.3 Secondary income 982.3 1,176.5 -194.2 -377.5 Capital account 2,409.8 2,184.3 225.5 -96.3 Financial account 4,030.4 5,390.8 1,360.4 2,082.1 Direct investment 1,620.3 634.6 -985.7 -276.7 Portfolio investment -1,018.8 449.3 1,468.1 -2,566.9 Other investment 3,435.5 3,586.5 150.9 4,796.0 Net errors and omissions -423.0 0.0 -423.0 -320.6 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts. the term »inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Figure 22: Current account The current account surplus was again lower year- on-year in the third quarter. With deterioration in the terms of trade7 and higher real growth in imports than exports, this was again largely due to a lower trade surplus. The surplus in trade in services was higher year- on-year, mainly due to a larger surplus in administrative and support service activities and travel services. Net outflows of primary income were lower year-on-year in the third quarter, mainly due to lower net payments of dividends and profits to foreign investors and lower net payments of interest on external debt. Net outflows of secondary income were also lower year-on-year, mainly due to higher private sector transfers (net payments of non-life insurance premiums and other transfers). The 12-month current account surplus on the balance of payments stood at EUR 2.5 billion in September (5% of estimated GDP). -2000 -1000 0 1000 2000 3000 4000 5000 ja n 11 ja n 12 ja n 13 ja n 14 ja n 15 ja n 16 ja n 17 ja n 18 ja n 19 ja n 20 ja n 21 12 -m on th c um ul at iv es , i n EU R m ill io n Source: BoS; calculations by IMAD. Trade in goods Trade in services Primary income Secondary income Current account 7 Due to the increase in oil and non-energy commodity prices, import prices in the third quarter were 14.9% higher and export prices 6.9% higher year-on-year. The terms of trade therefore deteriorated by 7%, the most since 2010. We estimate that the deterioration in the terms of trade in the third quarter contributed to the year-on-year decline in the trade surplus of EUR 480 million. Balance of payments Current Economic Trends22 Slovenian Economic Mirror, No 9/2021 Public finance Figure 23: Growth of revenue and expenditure of the consolidated general government budgetary accounts The deficit of the consolidated general government budgetary accounts8 amounted to EUR 1.9 billion in the first ten months and was 0.4 billion lower than in the same period of 2020. This reflects the high growth in revenue (13.8%), which fell in the same period last year, and the lower growth in expenditure (9.6%). The economic recovery, in particular the recovery of domestic demand and the improvement of labour market conditions, has pushed up tax revenues9 and revenues from social contributions this year, while the growth of receipts from the EU budget remains modest. In addition to lower expenditure growth, the structure of growth is different this year, with a higher share for public servants’ wages (allowances for work in hazardous conditions and employment growth) and for investment, while expenditure on subsidies, which had increased last year, fell sharply. Total expenditure on measures to mitigate the consequences of COVID-19 amounted to EUR 2.4 billion in the first ten months of this year, EUR 0.8 billion more than in the same period last year, mainly due to high payments at the beginning of the year. As a number of measures expired, the volume of these payments has decreased considerably since July 2021. We expect the deficit of the consolidated general government budgetary accounts to increase in November and December due to the usual increase in year-end capital expenditure and again somewhat higher payments to mitigate the impact of the epidemic, which is already suggested by the preliminary data on the realisation of the state budget for November 2021.10 -8 -4 0 4 8 12 16 2011 2013 2014 2015 2016 2017 2018 2019 I-X 2020 I-X 2021 Co nt rib ut io n to g ro w th , i n p. p. Source: MF; calculations by IMAD. Tax revenues Social security contributions Non-tax revenues Receipts from the EU budget Other TOTAL REVENUE (growth in %) 8 The consolidated balance of public financing on a cash basis. 9 The high growth of tax revenues this year also reflects last year’s low base, which was due to the exemption of advance corporate income tax payments and the instalment and deferred payment of other taxes (especially VAT and excise duties). 10 Monthly Information, December 2021, Fiscal Council. Obtained at: https://www.fs-rs.si/wp-content/uploads/2021/12/MI_2021_12.pdf -8 -4 0 4 8 12 16 2011 2013 2014 2015 2016 2017 2018 2019 I-X 2020 I-X 2021 Co nt rib ut io n to g ro w th , i n p. p. Source: MF; calculations by IMAD. Salaries, wages and other personnel expend. with social contrib. Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-X 2020 I-X 2021 Category I-X 2020 I-X 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 15,281.1 -3.3 17,397.1 13.8 EXPENDITURE TOTAL 17,647.2 14.3 19,349.8 9.6 Tax revenues1 7,609.0 -9.3 8,892.3 16.9 Salaries,* wages and other personnel expenditures2 4,118.3 10.6 4,839.9 17.5 Personal income tax 1,986.1 -3.3 2,307.0 16.2 Expenditure on goods and services 2,316.2 5.9 2,518.6 8.7 Corporate income tax 631.0 -25.9 946.9 50.1 Interest payments 697.9 -1.9 652.8 -6.5 Taxes on immovable property 194.8 -1.7 211.3 8.5 Reserves 183.5 20.4 166.7 -9.1 Value added tax 2,929.8 -8.5 3,427.8 17.0 Transfers to individuals and households 6,876.0 12.4 7,747.5 12.7 Excise duties 1,126.6 -12.3 1,213.9 7.7 Other current transfers 2,084.2 91.5 1,689.3 -18.9 Social security contributions 5,982.8 3.7 6,516.8 8.9 Investment expenditure 955.6 -3.5 1,241.3 29.9 Non-tax revenues 954.6 0.2 1,129.0 18.3 Payments to the EU budget 415.7 -11.1 493.6 18.7 Receipts from the EU budget 564.9 9.0 609.2 7.8 GENERAL GOVERNMENT BALANCE -2,366.1 -1,952.6 Other 169.9 -2.3 250.0 47.1 PRIMARY BALANCE -1,680.7 -1,303.1 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. Current Economic Trends 23Slovenian Economic Mirror, No 9/2021 Figure 24: Receipts from the EU budget Slovenia's net budgetary position against the EU budget was positive in the first ten months of this year (at EUR 112.0  million). In this period, Slovenia received EUR 605.6 million from the EU budget (37.4% of receipts envisaged in the state budget for 2021) and paid EUR 493.6 million into it (87.4% of planned payments). The bulk of receipts were resources from structural funds11 (40.8% of all reimbursements to the state budget) and resources for the implementation of the Common Agricultural and Fisheries Policy (37.5%), while the shares of resources from the EU Cohesion Fund and resources for the implementation of centralised and other programmes were significantly lower (9.9% and 6.7% respectively)12. According to SVRK data, confirmed operations accounted for 98% of funds available under the 2014–2020 financial perspective by the end of October, while only 62% were paid to beneficiaries. 0 100 200 300 400 500 600 700 800 Other Receipts from centralised funds and other Cohesion Fund Structural Funds Common Agricultural Policy In EUR million Total receipts (January–October 2020) Expected reimbursements in the revised budget 2021 Total receipts (January–October 2021) Source: MF. 11 The European Regional Development Fund (ERDF) and the European Social Fund (ESF). 12 According to the Republic of Slovenia’s budget forecasts, the bulk of receipts were resources under the Common Agricultural and Fisheries Policy (74.9%), resources for the implementation of centralised and other programmes (61.1%), followed by resources from Structural Funds (39.4%) and from the Cohesion Fund (24.3%). st at is ti ca l a pp en di x Statistical Appendix 27Slovenian Economic Mirror, No 9/2021 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 51,725* 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 September 2021. Statistical Appendix28 Slovenian Economic Mirror, No 9/2021 Production 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.2 4.1 1.6 -1.6 -17.5 -2.9 1.4 3.8 26.7 8.1 2.3 -1.1 4.1 -2.9 4.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.0 -2.0 15.1 35.5 26.5 19.7 5.8 11.9 7.3 - - B Mining and quarrying -0.9 -3.4 -2.1 -10.9 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -31.5 -10.2 -2.2 -9.6 -15.3 -15.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -29.9 -43.1 - - C Manufacturing 5.7 3.5 -5.0 4.9 2.3 -0.3 -17.9 -2.7 1.6 4.3 29.4 9.7 3.3 -0.4 4.5 -1.2 6.2 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.4 -2.2 16.3 39.5 29.3 21.3 7.2 13.6 9.0 - - D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -2.4 1.6 -3.0 -7.3 -8.8 2.0 -17.6 -14.2 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -7.5 -0.4 1.2 4.4 1.0 -0.6 -6.5 0.9 -3.5 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 -5.9 -2.2 1.9 -13.4 2.7 6.1 -8.2 1.9 -4.8 -3.4 -6.0 4.9 5.2 1.7 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -8.7 -14.0 -2.8 1.9 -3.9 7.8 -8.2 -7.5 0.7 - - Buildings 17.2 -0.1 -0.6 0.1 -7.2 -26.3 -0.9 2.8 23.9 35.3 35.9 16.7 -14.6 -8.9 4.8 11.9 -55.3 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 10.1 52.1 50.4 40.8 27.2 40.3 27.3 2.4 19.3 - - Civil engineering 17.6 4.4 2.7 -1.6 -2.6 5.8 -9.1 4.8 9.6 4.2 12.6 6.5 2.8 -10.5 2.5 12.0 17.9 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 0.8 -10.0 20.4 1.7 3.3 33.4 7.6 -5.2 16.0 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 7.4 2.2 -11.0 3.2 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.3 -1.1 -2.2 0.5 -0.8 2.0 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.2 22.8 17.9 10.9 16.6 12.6 - - Transportation and storage 7.0 3.2 -8.0 4.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 11.9 -2.0 -4.6 -1.9 -2.7 0.3 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 16.0 9.8 - - Information and communication activities 6.0 1.0 -0.2 -0.8 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 -3.1 -1.0 4.7 3.1 8.2 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.5 11.5 5.4 - - Professional, scientific and technical activities 13.0 5.8 -3.0 11.3 3.2 -0.2 -11.4 -0.2 -0.5 8.1 22.9 2.5 4.7 2.6 2.6 1.0 8.7 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 31.7 24.7 14.6 -2.8 2.0 8.4 - - Administrative and support service activities 9.1 -5.9 -24.1 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.8 23.8 -9.2 -10.6 -6.5 -9.8 -11.1 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 15.0 14.2 22.8 22.3 26.1 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 2.5 -7.4 2.2 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.1 5.4 -3.4 -4.9 -2.4 -1.3 1.3 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.8 27.7 33.3 15.5 9.1 -0.8 9.1 8.6 - - Real turnover in retail trade 4.6 3.4 -8.9 4.1 -4.7 -5.3 -11.9 -6.3 -12.0 3.5 17.2 13.6 -5.0 -3.8 -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 14.2 18.9 - - Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 0.0 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.3 -9.0 3.9 0.9 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 74.9 113.7 16.1 -5.1 -18.9 -2.7 -2.7 - - Nominal turnover in wholesale trade & commission trade 9.3 1.3 -3.6 1.6 -5.2 -1.4 -10.2 -2.1 -0.7 1.6 16.5 4.6 -4.6 -7.9 -3.0 -2.6 2.1 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.3 15.1 23.7 15.4 11.4 0.0 9.0 5.4 - - TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 0.0 -7.8 -10.4 1.8 -2.5 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 119.2 - Domestic tourists, overnight stays -0.1 -2.5 32.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 2.4 -7.4 -7.8 3.2 -9.0 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.2 - Foreign tourists, overnight stays 15.4 1.7 -70.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 -1.0 -8.0 -11.8 1.0 3.7 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 217.3 - Accommodation and food service activities 7.1 7.6 -37.1 6.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 9.7 5.7 4.5 7.9 6.7 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.2 - AGRICULTURE Purchase of agricultural products, in EUR m 524.8 553.7 537.7 145.6 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 56.9 50.0 55.7 40.4 37.8 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 11.0 6.0 -11.8 5.4 3.3 1.8 -30.7 -8.8 -9.4 -3.6 4.3 5.6 4.1 2.5 3.2 4.5 4.8 -3.9 -37.5 -31.2 -23.3 -16.8 -5.9 -3.8 -6 -12.8 -9.3 -6.6 -3.3 -0.9 -0.6 5.7 7.8 5.7 6.5 4.7 2.4 3.2 Confidence indicator in manufacturing 8 0 -9 0 -2 -3 -29 -3 0 7 10 9 -1 -3 -2 -1 1 -9 -39 -27 -20 -11 -1 2 1 -1 1 5 5 10 9 12 10 10 11 7 3 5 in construction 22 11 -5 9 7 7 -23 -4 -1 9 18 19 5 8 7 9 7 5 -28 -28 -13 -7 -4 -2 0 -4 2 4 9 14 16 20 18 17 18 22 23 22 in services 24 21 -10 20 20 15 -34 -9 -11 -3 8 14 20 20 19 19 18 8 -38 -37 -28 -23 -5 0 -3 -17 -12 -7 -2 -1 -1 9 16 12 14 15 17 16 in retail trade 14 19 1 20 14 17 -19 12 -6 -17 17 14 19 6 17 17 30 5 -30 -22 -5 8 13 14 2 -10 -10 -22 -17 -11 5 18 27 15 20 7 0 7 consumer confidence indicator -7 -10 -26 -10 -14 -14 -35 -25 -30 -24 -20 -20 -13 -14 -14 -11 -13 -17 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 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. Statistical Appendix 29Slovenian Economic Mirror, No 9/2021 Production 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.2 4.1 1.6 -1.6 -17.5 -2.9 1.4 3.8 26.7 8.1 2.3 -1.1 4.1 -2.9 4.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.0 -2.0 15.1 35.5 26.5 19.7 5.8 11.9 7.3 - - B Mining and quarrying -0.9 -3.4 -2.1 -10.9 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -31.5 -10.2 -2.2 -9.6 -15.3 -15.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -29.9 -43.1 - - C Manufacturing 5.7 3.5 -5.0 4.9 2.3 -0.3 -17.9 -2.7 1.6 4.3 29.4 9.7 3.3 -0.4 4.5 -1.2 6.2 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.4 -2.2 16.3 39.5 29.3 21.3 7.2 13.6 9.0 - - D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -2.4 1.6 -3.0 -7.3 -8.8 2.0 -17.6 -14.2 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -7.5 -0.4 1.2 4.4 1.0 -0.6 -6.5 0.9 -3.5 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 -5.9 -2.2 1.9 -13.4 2.7 6.1 -8.2 1.9 -4.8 -3.4 -6.0 4.9 5.2 1.7 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -8.7 -14.0 -2.8 1.9 -3.9 7.8 -8.2 -7.5 0.7 - - Buildings 17.2 -0.1 -0.6 0.1 -7.2 -26.3 -0.9 2.8 23.9 35.3 35.9 16.7 -14.6 -8.9 4.8 11.9 -55.3 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 10.1 52.1 50.4 40.8 27.2 40.3 27.3 2.4 19.3 - - Civil engineering 17.6 4.4 2.7 -1.6 -2.6 5.8 -9.1 4.8 9.6 4.2 12.6 6.5 2.8 -10.5 2.5 12.0 17.9 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 0.8 -10.0 20.4 1.7 3.3 33.4 7.6 -5.2 16.0 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 7.4 2.2 -11.0 3.2 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.3 -1.1 -2.2 0.5 -0.8 2.0 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.2 22.8 17.9 10.9 16.6 12.6 - - Transportation and storage 7.0 3.2 -8.0 4.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 11.9 -2.0 -4.6 -1.9 -2.7 0.3 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 16.0 9.8 - - Information and communication activities 6.0 1.0 -0.2 -0.8 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 -3.1 -1.0 4.7 3.1 8.2 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.5 11.5 5.4 - - Professional, scientific and technical activities 13.0 5.8 -3.0 11.3 3.2 -0.2 -11.4 -0.2 -0.5 8.1 22.9 2.5 4.7 2.6 2.6 1.0 8.7 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 31.7 24.7 14.6 -2.8 2.0 8.4 - - Administrative and support service activities 9.1 -5.9 -24.1 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.8 23.8 -9.2 -10.6 -6.5 -9.8 -11.1 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 15.0 14.2 22.8 22.3 26.1 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 2.5 -7.4 2.2 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.1 5.4 -3.4 -4.9 -2.4 -1.3 1.3 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.8 27.7 33.3 15.5 9.1 -0.8 9.1 8.6 - - Real turnover in retail trade 4.6 3.4 -8.9 4.1 -4.7 -5.3 -11.9 -6.3 -12.0 3.5 17.2 13.6 -5.0 -3.8 -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 14.2 18.9 - - Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 0.0 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.3 -9.0 3.9 0.9 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 74.9 113.7 16.1 -5.1 -18.9 -2.7 -2.7 - - Nominal turnover in wholesale trade & commission trade 9.3 1.3 -3.6 1.6 -5.2 -1.4 -10.2 -2.1 -0.7 1.6 16.5 4.6 -4.6 -7.9 -3.0 -2.6 2.1 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.3 15.1 23.7 15.4 11.4 0.0 9.0 5.4 - - TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 0.0 -7.8 -10.4 1.8 -2.5 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 119.2 - Domestic tourists, overnight stays -0.1 -2.5 32.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 2.4 -7.4 -7.8 3.2 -9.0 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.2 - Foreign tourists, overnight stays 15.4 1.7 -70.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 -1.0 -8.0 -11.8 1.0 3.7 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 217.3 - Accommodation and food service activities 7.1 7.6 -37.1 6.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 9.7 5.7 4.5 7.9 6.7 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.2 - AGRICULTURE Purchase of agricultural products, in EUR m 524.8 553.7 537.7 145.6 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 56.9 50.0 55.7 40.4 37.8 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 11.0 6.0 -11.8 5.4 3.3 1.8 -30.7 -8.8 -9.4 -3.6 4.3 5.6 4.1 2.5 3.2 4.5 4.8 -3.9 -37.5 -31.2 -23.3 -16.8 -5.9 -3.8 -6 -12.8 -9.3 -6.6 -3.3 -0.9 -0.6 5.7 7.8 5.7 6.5 4.7 2.4 3.2 Confidence indicator in manufacturing 8 0 -9 0 -2 -3 -29 -3 0 7 10 9 -1 -3 -2 -1 1 -9 -39 -27 -20 -11 -1 2 1 -1 1 5 5 10 9 12 10 10 11 7 3 5 in construction 22 11 -5 9 7 7 -23 -4 -1 9 18 19 5 8 7 9 7 5 -28 -28 -13 -7 -4 -2 0 -4 2 4 9 14 16 20 18 17 18 22 23 22 in services 24 21 -10 20 20 15 -34 -9 -11 -3 8 14 20 20 19 19 18 8 -38 -37 -28 -23 -5 0 -3 -17 -12 -7 -2 -1 -1 9 16 12 14 15 17 16 in retail trade 14 19 1 20 14 17 -19 12 -6 -17 17 14 19 6 17 17 30 5 -30 -22 -5 8 13 14 2 -10 -10 -22 -17 -11 5 18 27 15 20 7 0 7 consumer confidence indicator -7 -10 -26 -10 -14 -14 -35 -25 -30 -24 -20 -20 -13 -14 -14 -11 -13 -17 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 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. Statistical Appendix30 Slovenian Economic Mirror, No 9/2021 Labour market 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 965.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 974.1 976.8 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 894.6 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 901.7 901.5 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 In agriculture, forestry, fishing 26.3 24.9 26.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 24.8 24.7 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 25.8 25.7 In industry, construction 280.9 291.7 288.5 292.7 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 293.7 294.4 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 - in manufacturing 202.6 207.9 202.8 207.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 208.1 208.8 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 - in construction 58.4 63.9 64.9 65.1 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 65.8 65.9 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 68.5 69.0 In services 565.7 577.6 574.0 578.0 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 583.2 582.4 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 - in public administration 49.0 49.0 49.3 49.0 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 49.2 49.1 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 49.7 49.7 - in education, health-services and social work 135.0 137.8 141.5 137.0 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 139.8 139.9 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 803.3 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 808.9 808.7 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 In enterprises and organisations 729.3 749.2 744.8 750.0 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 755.4 756.3 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 By those self-employed 50.9 52.7 49.8 53.4 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 53.5 52.4 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 49.0 49.0 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 91.2 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 92.9 92.9 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 96.2 96.5 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 71.1 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 72.4 75.3 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 66.7 65.4 Female 39.9 37.5 42.6 36.6 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 36.8 36.9 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 34.1 33.4 By age: 15 to 29 15.1 14.1 17.2 12.6 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 14.8 15.2 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 13.1 12.7 Aged over 50 31.5 29.7 31.0 29.0 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 28.4 29.3 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 25.3 Primary education or less 24.3 23.4 26.4 22.1 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 22.5 24.2 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 21.0 20.7 For more than 1 year 40.6 38.1 38.0 37.9 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 37.2 36.8 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 39.3 38.3 Those receiving benefits 20.0 19.3 25.9 17.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 18.7 18.5 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 16.4 15.9 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 7.4 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 7.4 7.7 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 7.1 6.8 Male 7.5 6.9 8.0 6.5 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 6.7 7.2 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 6.3 6.1 Female 9.2 8.5 9.6 8.4 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 8.3 8.4 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 8.1 7.7 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 -0.3 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 0.0 2.9 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 0.5 -1.3 New unemployed first-job seekers 11.4 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 0.8 0.5 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 2.6 0.7 Redundancies 65.1 5.4 7.4 4.8 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 5.3 7.4 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 4.1 4.2 Registered unemployed who found employment 61.5 4.7 5.4 3.9 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 3.9 3.2 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 4.1 3.8 Other outflows from unemployment (net) 21.6 1.8 1.8 1.8 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.1 1.8 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 2.3 2.4 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 34.2 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 36.3 36.6 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 43.6 44.2 As % of labour force 2.5 3.4 3.9 3.5 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 3.7 3.7 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 4.4 4.5 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. Statistical Appendix 31Slovenian Economic Mirror, No 9/2021 Labour market 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 965.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 974.1 976.8 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 894.6 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 901.7 901.5 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 In agriculture, forestry, fishing 26.3 24.9 26.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 24.8 24.7 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 25.8 25.7 In industry, construction 280.9 291.7 288.5 292.7 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 293.7 294.4 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 - in manufacturing 202.6 207.9 202.8 207.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 208.1 208.8 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 - in construction 58.4 63.9 64.9 65.1 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 65.8 65.9 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 68.5 69.0 In services 565.7 577.6 574.0 578.0 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 583.2 582.4 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 - in public administration 49.0 49.0 49.3 49.0 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 49.2 49.1 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 49.7 49.7 - in education, health-services and social work 135.0 137.8 141.5 137.0 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 139.8 139.9 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 803.3 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 808.9 808.7 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 In enterprises and organisations 729.3 749.2 744.8 750.0 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 755.4 756.3 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 By those self-employed 50.9 52.7 49.8 53.4 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 53.5 52.4 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 49.0 49.0 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 91.2 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 92.9 92.9 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 96.2 96.5 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 71.1 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 72.4 75.3 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 66.7 65.4 Female 39.9 37.5 42.6 36.6 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 36.8 36.9 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 34.1 33.4 By age: 15 to 29 15.1 14.1 17.2 12.6 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 14.8 15.2 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 13.1 12.7 Aged over 50 31.5 29.7 31.0 29.0 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 28.4 29.3 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 25.3 Primary education or less 24.3 23.4 26.4 22.1 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 22.5 24.2 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 21.0 20.7 For more than 1 year 40.6 38.1 38.0 37.9 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 37.2 36.8 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 39.3 38.3 Those receiving benefits 20.0 19.3 25.9 17.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 18.7 18.5 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 16.4 15.9 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 7.4 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 7.4 7.7 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 7.1 6.8 Male 7.5 6.9 8.0 6.5 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 6.7 7.2 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 6.3 6.1 Female 9.2 8.5 9.6 8.4 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 8.3 8.4 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 8.1 7.7 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 -0.3 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 0.0 2.9 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 0.5 -1.3 New unemployed first-job seekers 11.4 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 0.8 0.5 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 2.6 0.7 Redundancies 65.1 5.4 7.4 4.8 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 5.3 7.4 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 4.1 4.2 Registered unemployed who found employment 61.5 4.7 5.4 3.9 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 3.9 3.2 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 4.1 3.8 Other outflows from unemployment (net) 21.6 1.8 1.8 1.8 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.1 1.8 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 2.3 2.4 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 34.2 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 36.3 36.6 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 43.6 44.2 As % of labour force 2.5 3.4 3.9 3.5 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 3.7 3.7 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 4.4 4.5 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. Statistical Appendix32 Slovenian Economic Mirror, No 9/2021 Wages in EUR 2018 2019 2020 2019 2020 2021 2020 2021 2020 Q3 21 Sep21 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,905 1,873 3.4 4.3 5.8 4.5 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 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 4.8 4.1 Private sector activities (A–N; R–S) 1,750 1,818 1,806 3.8 3.6 3.8 4.0 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 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 5.9 5.7 Public service activities (OPQ) 2,187 2,178 2,083 2.4 6.5 10.5 6.0 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 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 2.4 0.2 Industry (B–E) 1,815 1,882 1,864 3.8 3.4 3.4 3.9 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 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 6.4 6.1 Trad, market services (GHI) 1,583 1,650 1,639 4.0 3.4 2.8 3.8 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 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 5.9 5.3 Other market services (J–N; R–S) 1,979 2,048 2,037 3.9 5.1 5.0 5.4 4.8 3.2 7.7 5.1 4.3 7.3 3.3 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 4.9 5.3 A Agriculture, forestry and fishing 1,489 1,544 1,539 5.3 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 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 5.9 3.1 B Mining and quarrying 2,360 2,429 2,427 7.6 0.3 5.1 2.6 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 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 3.9 7.0 C Manufacturing 1,772 1,847 1,833 3.9 3.5 3.2 3.9 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 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 6.8 6.6 D Electricity, gas, steam and air conditioning supply 2,734 2,686 2,555 2.9 4.3 4.0 4.7 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 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 3.3 1.2 E Water supply sewerage, waste management and remediation activities 1,739 1,784 1,778 3.0 2.7 4.2 3.9 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 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 4.7 3.9 F Constrution 1,390 1,495 1,505 4.2 2.2 5.5 2.8 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 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 8.0 7.6 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,732 1,726 4.2 3.9 4.2 4.5 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 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 5.8 5.5 H Transportation and storage 1,565 1,623 1,604 3.3 1.6 -0.1 2.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 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 5.3 3.4 I Accommodation and food service activities 1,180 1,371 1,356 4.9 4.8 -3.8 4.3 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 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 8.8 9.8 J Information and communication 2,480 2,567 2,562 4.1 5.7 4.5 4.6 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 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 6.2 5.3 K Financial and insurance activities 2,658 2,647 2,669 4.8 4.6 2.5 5.3 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 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 2.2 5.3 L Real estate activities 1,676 1,711 1,706 0.9 5.2 4.2 5.4 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 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 2.9 3.7 M Professional, scientific and technical activities 2,048 2,147 2,116 4.2 4.6 4.0 5.0 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 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 6.2 5.6 N Administrative and support service activities 1,258 1,319 1,315 5.8 5.1 4.7 6.1 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 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 4.8 6.8 O Public administration and defence, compulsory social security 2,352 2,363 2,343 3.2 8.9 7.4 8.6 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 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 3.1 2.7 P Education 1,951 2,118 1,951 0.9 6.1 6.2 5.3 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 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 4.8 -1.3 Q Human health and social work activities 2,323 2,105 2,036 3.4 5.1 17.7 4.5 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 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 -0.5 0.0 R Arts, entertainment and recreation 1,778 1,951 1,910 1.7 4.3 0.0 3.8 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 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 7.3 4.7 S Other service activities 1,491 1,518 1,517 1.2 4.7 4.5 4.5 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 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 3.0 3.7 Source: SURS, calculations by IMAD. Statistical Appendix 33Slovenian Economic Mirror, No 9/2021 Wages in EUR 2018 2019 2020 2019 2020 2021 2020 2021 2020 Q3 21 Sep21 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,905 1,873 3.4 4.3 5.8 4.5 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 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 4.8 4.1 Private sector activities (A–N; R–S) 1,750 1,818 1,806 3.8 3.6 3.8 4.0 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 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 5.9 5.7 Public service activities (OPQ) 2,187 2,178 2,083 2.4 6.5 10.5 6.0 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 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 2.4 0.2 Industry (B–E) 1,815 1,882 1,864 3.8 3.4 3.4 3.9 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 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 6.4 6.1 Trad, market services (GHI) 1,583 1,650 1,639 4.0 3.4 2.8 3.8 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 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 5.9 5.3 Other market services (J–N; R–S) 1,979 2,048 2,037 3.9 5.1 5.0 5.4 4.8 3.2 7.7 5.1 4.3 7.3 3.3 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 4.9 5.3 A Agriculture, forestry and fishing 1,489 1,544 1,539 5.3 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 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 5.9 3.1 B Mining and quarrying 2,360 2,429 2,427 7.6 0.3 5.1 2.6 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 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 3.9 7.0 C Manufacturing 1,772 1,847 1,833 3.9 3.5 3.2 3.9 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 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 6.8 6.6 D Electricity, gas, steam and air conditioning supply 2,734 2,686 2,555 2.9 4.3 4.0 4.7 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 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 3.3 1.2 E Water supply sewerage, waste management and remediation activities 1,739 1,784 1,778 3.0 2.7 4.2 3.9 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 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 4.7 3.9 F Constrution 1,390 1,495 1,505 4.2 2.2 5.5 2.8 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 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 8.0 7.6 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,732 1,726 4.2 3.9 4.2 4.5 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 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 5.8 5.5 H Transportation and storage 1,565 1,623 1,604 3.3 1.6 -0.1 2.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 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 5.3 3.4 I Accommodation and food service activities 1,180 1,371 1,356 4.9 4.8 -3.8 4.3 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 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 8.8 9.8 J Information and communication 2,480 2,567 2,562 4.1 5.7 4.5 4.6 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 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 6.2 5.3 K Financial and insurance activities 2,658 2,647 2,669 4.8 4.6 2.5 5.3 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 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 2.2 5.3 L Real estate activities 1,676 1,711 1,706 0.9 5.2 4.2 5.4 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 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 2.9 3.7 M Professional, scientific and technical activities 2,048 2,147 2,116 4.2 4.6 4.0 5.0 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 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 6.2 5.6 N Administrative and support service activities 1,258 1,319 1,315 5.8 5.1 4.7 6.1 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 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 4.8 6.8 O Public administration and defence, compulsory social security 2,352 2,363 2,343 3.2 8.9 7.4 8.6 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 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 3.1 2.7 P Education 1,951 2,118 1,951 0.9 6.1 6.2 5.3 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 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 4.8 -1.3 Q Human health and social work activities 2,323 2,105 2,036 3.4 5.1 17.7 4.5 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 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 -0.5 0.0 R Arts, entertainment and recreation 1,778 1,951 1,910 1.7 4.3 0.0 3.8 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 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 7.3 4.7 S Other service activities 1,491 1,518 1,517 1.2 4.7 4.5 4.5 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 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 3.0 3.7 Source: SURS, calculations by IMAD. Statistical Appendix34 Slovenian Economic Mirror, No 9/2021 Prices and indicators of overall competitiveness 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 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 1.4 1.8 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 3.0 4.6 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 2.4 3.3 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 0.3 1.1 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 1.9 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 0.7 2.2 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 0.5 0.5 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 -1.2 5.3 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 2.1 2.7 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 6.7 8.3 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 1.0 0.4 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 3.4 5.0 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 1.4 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 3.0 -0.6 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 -1.6 0.1 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 11.7 14.7 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 1.2 -0.4 -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 -3.5 -3.5 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 0.2 0.6 -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 -0.9 1.2 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 5.6 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 0.7 0.7 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 3.2 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 5.2 6.2 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 4.5 4.4 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 0.3 0.7 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 1.4 2.0 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 3.5 4.9 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 1.8 1.6 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 1.5 2.9 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 7.5 0.5 0.6 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 8.6 9.2 Domestic market 1.2 2.1 1.0 1.9 2.0 1.3 0.3 0.3 0.9 1.9 4.2 8.0 2.0 2.1 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 9.0 9.5 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 6.9 -1.1 -0.9 -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 8.2 8.8 Euro area 1.6 -0.7 -1.2 -1.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 -1.1 -0.7 -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 8.3 9.5 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 6.7 -1.0 -1.2 -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 8.1 7.5 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 14.9 -2.0 -1.4 -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 17.8 22.5 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 -0.4 -0.3 -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 -0.9 -0.9 Real (deflator HICP) 0.8 -0.3 -0.4 0.1 -0.3 -0.2 -1.3 -0.1 0.1 -0.5 0.3 -1.2 -0.4 -0.2 -0.2 -0.3 0.0 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.7 0.9 0.5 -0.5 -0.8 -1.6 -1.3 -1.3 -0.4 Real (deflator ULC) 0.8 0.9 3.6 1.5 -0.5 2.8 5.8 1.3 4.7 1.0 -2.3 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 1.1051 1.1113 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 1.1601 1.1414 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix 35Slovenian Economic Mirror, No 9/2021 Prices and indicators of overall competitiveness 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 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 1.4 1.8 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 3.0 4.6 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 2.4 3.3 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 0.3 1.1 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 1.9 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 0.7 2.2 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 0.5 0.5 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 -1.2 5.3 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 2.1 2.7 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 6.7 8.3 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 1.0 0.4 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 3.4 5.0 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 1.4 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 3.0 -0.6 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 -1.6 0.1 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 11.7 14.7 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 1.2 -0.4 -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 -3.5 -3.5 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 0.2 0.6 -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 -0.9 1.2 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 5.6 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 0.7 0.7 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 3.2 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 5.2 6.2 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 4.5 4.4 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 0.3 0.7 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 1.4 2.0 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 3.5 4.9 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 1.8 1.6 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 1.5 2.9 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 7.5 0.5 0.6 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 8.6 9.2 Domestic market 1.2 2.1 1.0 1.9 2.0 1.3 0.3 0.3 0.9 1.9 4.2 8.0 2.0 2.1 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 9.0 9.5 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 6.9 -1.1 -0.9 -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 8.2 8.8 Euro area 1.6 -0.7 -1.2 -1.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 -1.1 -0.7 -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 8.3 9.5 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 6.7 -1.0 -1.2 -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 8.1 7.5 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 14.9 -2.0 -1.4 -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 17.8 22.5 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 -0.4 -0.3 -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 -0.9 -0.9 Real (deflator HICP) 0.8 -0.3 -0.4 0.1 -0.3 -0.2 -1.3 -0.1 0.1 -0.5 0.3 -1.2 -0.4 -0.2 -0.2 -0.3 0.0 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.7 0.9 0.5 -0.5 -0.8 -1.6 -1.3 -1.3 -0.4 Real (deflator ULC) 0.8 0.9 3.6 1.5 -0.5 2.8 5.8 1.3 4.7 1.0 -2.3 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 1.1051 1.1113 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 1.1601 1.1414 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix36 Slovenian Economic Mirror, No 9/2021 Balance of payments 2018 2019 2020 2019 2020 2021 2019 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,731 2,898 3,462 678 696 986 716 797 963 795 529 234 231 398 307 -9 306 399 280 263 146 307 170 217 410 505 276 183 300 154 341 290 110 129 168 82 -16 Goods 1,272 1,311 2,366 198 273 568 568 700 530 539 192 -133 21 212 135 -74 137 243 188 164 123 281 344 89 267 277 187 66 241 134 165 129 -15 78 57 -51 -139 Exports 30,808 32,013 29,656 7,831 7,904 7,857 6,431 7,368 8,001 8,240 8,761 8,499 2,761 2,905 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 2,430 2,634 3,176 2,874 2,867 3,020 2,885 2,528 3,086 Imports 29,535 30,702 27,290 7,633 7,630 7,289 5,862 6,668 7,471 7,701 8,569 8,632 2,741 2,693 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 2,190 2,500 3,011 2,744 2,882 2,942 2,828 2,579 3,225 Services 2,624 2,907 1,996 834 756 517 396 561 522 487 498 621 273 308 224 224 192 192 132 142 93 160 184 163 214 244 129 150 138 148 202 172 136 190 189 200 233 Exports 8,124 8,659 6,900 2,433 2,248 1,776 1,441 1,822 1,861 1,578 1,860 2,326 774 764 701 783 614 621 541 459 425 557 645 589 588 637 539 684 452 500 626 600 568 692 785 761 781 Imports 5,500 5,751 4,904 1,598 1,492 1,259 1,046 1,261 1,338 1,091 1,362 1,705 501 456 477 559 421 428 409 317 332 397 461 426 374 393 411 535 314 352 424 428 432 503 596 561 548 Primary income -769 -811 -426 -226 -271 53 -116 -371 7 -111 -145 -196 -29 -75 -37 -158 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -7 -39 -65 -32 -37 -76 -87 -45 -64 Receipts 1,633 1,758 1,645 371 457 449 365 352 479 447 452 391 132 134 147 176 185 134 130 130 129 106 118 124 110 128 156 195 177 145 125 150 149 153 125 146 120 Expenditures 2,401 2,569 2,071 597 727 396 481 722 472 558 597 587 160 208 185 334 117 120 159 137 146 198 445 132 145 123 152 197 185 184 190 183 186 228 212 191 184 Secondary income -396 -509 -473 -129 -62 -152 -132 -93 -96 -120 -16 -58 -34 -47 -14 -1 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -71 -89 40 22 26 -64 9 -22 -46 Receipts 873 934 972 233 272 230 225 214 304 289 396 298 84 83 85 104 77 64 88 82 67 76 80 62 72 98 100 106 70 74 145 142 150 104 125 94 79 Expenditures 1,270 1,443 1,445 362 334 382 357 306 400 408 412 356 117 130 99 105 169 114 99 118 121 118 111 89 107 119 144 137 141 163 105 120 124 167 116 116 125 Capital account -203 -187 -226 -30 -120 -53 -17 -26 -130 143 -11 94 -9 -9 29 -139 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 27 -24 -14 37 21 36 Financial account 2,548 2,094 3,052 553 506 1,116 385 580 970 785 416 159 381 466 217 -177 360 451 306 368 -27 44 -4 265 319 453 434 83 203 589 -7 358 68 -10 -353 259 253 Direct investment -934 -762 266 -121 -119 -21 -37 -219 543 -181 -531 -274 -30 106 -21 -203 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -147 -38 4 -325 -64 -141 -108 -45 -121 Assets 373 1,157 697 118 583 13 192 -65 557 310 81 244 106 161 60 362 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -42 199 153 156 180 -254 -7 49 202 Liabilities 1,307 1,919 431 239 701 33 229 155 14 491 612 517 135 55 81 565 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 105 237 148 481 244 -113 101 93 323 Portfolio investment 744 734 -1,826 -121 444 -1,953 -1,929 1,315 740 -170 1,630 9 197 93 -41 392 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -690 540 159 Financial derivatives -81 -163 53 -8 8 53 -32 5 27 -18 10 8 3 3 1 4 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 5 2 1 Other investment 2,767 2,248 4,394 837 167 2,989 2,354 -547 -402 1,142 -701 -290 218 252 292 -378 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,469 160 -487 -253 -478 31 435 -941 216 Assets 2,054 3,250 4,856 956 260 3,346 1,988 -696 218 3,030 133 424 90 199 431 -370 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,699 1,320 11 -68 -112 312 400 -234 257 Other equity 68 27 4 -2 -2 -1 5 0 0 0 2 0 0 -1 -1 0 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 Currency and deposits 1,508 2,811 4,753 1,056 656 2,751 2,672 -792 121 2,128 -191 155 -43 37 393 226 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,393 993 -258 -120 -162 91 351 -142 -54 Loans 215 438 342 57 -18 79 40 57 165 153 -10 -22 31 -25 11 -5 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 42 Insurance, pension schemes, and standardised guarantee schemes -7 13 1 1 2 2 3 -1 -2 5 1 0 0 1 1 1 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 0 0 0 Trade credit and advances 303 29 -224 -150 -322 393 -544 67 -140 673 207 180 114 186 -14 -494 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 217 44 93 70 -4 -83 266 Other assets -33 -69 -20 -6 -56 122 -189 -27 74 71 123 111 -13 1 41 -98 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -52 53 21 50 93 14 3 Liabilities -713 1,002 462 119 93 358 -366 -150 620 1,888 833 714 -128 -53 139 8 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 230 1,160 498 186 367 281 -34 707 41 Other equity 2 2 4 0 2 0 0 0 3 2 -42 1 0 0 0 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 Currency and deposits -524 1,009 800 270 308 199 222 116 263 788 950 400 12 135 12 162 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 300 281 140 -10 270 Loans -491 -149 -409 53 -250 40 -255 -325 131 756 -372 -402 -271 -239 32 -43 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -166 -107 -100 -7 83 -478 Insurance, pension schemes, and standardised guarantee schemes 20 27 55 9 -35 40 18 6 -9 30 27 0 3 -12 -12 -12 13 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 0 0 0 Trade credit and advances 331 62 -134 -140 84 -59 -391 20 297 208 275 63 139 49 103 -68 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -135 134 209 3 160 112 -139 -53 255 Other liabilities -51 50 146 -72 -17 138 39 33 -65 104 -5 -23 -11 15 4 -35 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 43 20 -30 4 21 -28 12 -6 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 Reserve assets 52 37 166 -33 5 49 29 26 62 13 7 707 -7 12 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 Net errors and omissions 20 -616 -184 -96 -71 184 -313 -191 137 -153 -101 -168 159 77 -119 -29 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -79 402 -476 41 -18 -125 -558 156 233 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,556 3,841 3,552 953 1,013 852 808 900 991 915 999 982 352 336 344 333 253 316 283 230 278 301 325 240 336 336 329 325 261 296 359 330 333 336 331 284 366 Intermediate goods 16,670 17,045 15,446 4,237 4,097 4,211 3,290 3,797 4,148 4,581 4,887 4,932 1,458 1,552 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 1,456 1,732 1,604 1,599 1,684 1,702 1,437 1,794 Consumer goods 10,632 12,661 13,928 3,113 3,288 3,790 3,168 3,430 3,539 3,918 3,909 3,860 1,157 1,204 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 1,249 1,421 1,306 1,270 1,333 1,420 1,063 1,377 Import of investment goods 4,237 4,391 4,008 1,054 1,188 936 849 964 1,258 1,071 1,218 1,165 403 374 389 424 330 308 298 214 298 338 347 278 340 378 464 416 304 346 421 391 412 416 369 387 409 Intermediate goods 17,868 18,508 16,434 4,636 4,450 4,426 3,386 3,963 4,658 4,810 5,785 6,461 1,667 1,591 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 1,369 1,529 1,912 1,779 1,996 2,009 2,187 1,902 2,372 Consumer goods 8,601 11,183 11,670 2,712 3,232 3,011 2,579 2,871 3,210 2,907 3,216 3,180 936 1,246 971 1,015 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 900 907 1,100 1,154 1,040 1,023 959 1,009 1,212 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix 37Slovenian Economic Mirror, No 9/2021 Balance of payments 2018 2019 2020 2019 2020 2021 2019 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,731 2,898 3,462 678 696 986 716 797 963 795 529 234 231 398 307 -9 306 399 280 263 146 307 170 217 410 505 276 183 300 154 341 290 110 129 168 82 -16 Goods 1,272 1,311 2,366 198 273 568 568 700 530 539 192 -133 21 212 135 -74 137 243 188 164 123 281 344 89 267 277 187 66 241 134 165 129 -15 78 57 -51 -139 Exports 30,808 32,013 29,656 7,831 7,904 7,857 6,431 7,368 8,001 8,240 8,761 8,499 2,761 2,905 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 2,430 2,634 3,176 2,874 2,867 3,020 2,885 2,528 3,086 Imports 29,535 30,702 27,290 7,633 7,630 7,289 5,862 6,668 7,471 7,701 8,569 8,632 2,741 2,693 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 2,190 2,500 3,011 2,744 2,882 2,942 2,828 2,579 3,225 Services 2,624 2,907 1,996 834 756 517 396 561 522 487 498 621 273 308 224 224 192 192 132 142 93 160 184 163 214 244 129 150 138 148 202 172 136 190 189 200 233 Exports 8,124 8,659 6,900 2,433 2,248 1,776 1,441 1,822 1,861 1,578 1,860 2,326 774 764 701 783 614 621 541 459 425 557 645 589 588 637 539 684 452 500 626 600 568 692 785 761 781 Imports 5,500 5,751 4,904 1,598 1,492 1,259 1,046 1,261 1,338 1,091 1,362 1,705 501 456 477 559 421 428 409 317 332 397 461 426 374 393 411 535 314 352 424 428 432 503 596 561 548 Primary income -769 -811 -426 -226 -271 53 -116 -371 7 -111 -145 -196 -29 -75 -37 -158 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -7 -39 -65 -32 -37 -76 -87 -45 -64 Receipts 1,633 1,758 1,645 371 457 449 365 352 479 447 452 391 132 134 147 176 185 134 130 130 129 106 118 124 110 128 156 195 177 145 125 150 149 153 125 146 120 Expenditures 2,401 2,569 2,071 597 727 396 481 722 472 558 597 587 160 208 185 334 117 120 159 137 146 198 445 132 145 123 152 197 185 184 190 183 186 228 212 191 184 Secondary income -396 -509 -473 -129 -62 -152 -132 -93 -96 -120 -16 -58 -34 -47 -14 -1 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -71 -89 40 22 26 -64 9 -22 -46 Receipts 873 934 972 233 272 230 225 214 304 289 396 298 84 83 85 104 77 64 88 82 67 76 80 62 72 98 100 106 70 74 145 142 150 104 125 94 79 Expenditures 1,270 1,443 1,445 362 334 382 357 306 400 408 412 356 117 130 99 105 169 114 99 118 121 118 111 89 107 119 144 137 141 163 105 120 124 167 116 116 125 Capital account -203 -187 -226 -30 -120 -53 -17 -26 -130 143 -11 94 -9 -9 29 -139 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 27 -24 -14 37 21 36 Financial account 2,548 2,094 3,052 553 506 1,116 385 580 970 785 416 159 381 466 217 -177 360 451 306 368 -27 44 -4 265 319 453 434 83 203 589 -7 358 68 -10 -353 259 253 Direct investment -934 -762 266 -121 -119 -21 -37 -219 543 -181 -531 -274 -30 106 -21 -203 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -147 -38 4 -325 -64 -141 -108 -45 -121 Assets 373 1,157 697 118 583 13 192 -65 557 310 81 244 106 161 60 362 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -42 199 153 156 180 -254 -7 49 202 Liabilities 1,307 1,919 431 239 701 33 229 155 14 491 612 517 135 55 81 565 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 105 237 148 481 244 -113 101 93 323 Portfolio investment 744 734 -1,826 -121 444 -1,953 -1,929 1,315 740 -170 1,630 9 197 93 -41 392 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -690 540 159 Financial derivatives -81 -163 53 -8 8 53 -32 5 27 -18 10 8 3 3 1 4 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 5 2 1 Other investment 2,767 2,248 4,394 837 167 2,989 2,354 -547 -402 1,142 -701 -290 218 252 292 -378 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,469 160 -487 -253 -478 31 435 -941 216 Assets 2,054 3,250 4,856 956 260 3,346 1,988 -696 218 3,030 133 424 90 199 431 -370 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,699 1,320 11 -68 -112 312 400 -234 257 Other equity 68 27 4 -2 -2 -1 5 0 0 0 2 0 0 -1 -1 0 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 Currency and deposits 1,508 2,811 4,753 1,056 656 2,751 2,672 -792 121 2,128 -191 155 -43 37 393 226 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,393 993 -258 -120 -162 91 351 -142 -54 Loans 215 438 342 57 -18 79 40 57 165 153 -10 -22 31 -25 11 -5 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 42 Insurance, pension schemes, and standardised guarantee schemes -7 13 1 1 2 2 3 -1 -2 5 1 0 0 1 1 1 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 0 0 0 Trade credit and advances 303 29 -224 -150 -322 393 -544 67 -140 673 207 180 114 186 -14 -494 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 217 44 93 70 -4 -83 266 Other assets -33 -69 -20 -6 -56 122 -189 -27 74 71 123 111 -13 1 41 -98 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -52 53 21 50 93 14 3 Liabilities -713 1,002 462 119 93 358 -366 -150 620 1,888 833 714 -128 -53 139 8 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 230 1,160 498 186 367 281 -34 707 41 Other equity 2 2 4 0 2 0 0 0 3 2 -42 1 0 0 0 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 Currency and deposits -524 1,009 800 270 308 199 222 116 263 788 950 400 12 135 12 162 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 300 281 140 -10 270 Loans -491 -149 -409 53 -250 40 -255 -325 131 756 -372 -402 -271 -239 32 -43 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -166 -107 -100 -7 83 -478 Insurance, pension schemes, and standardised guarantee schemes 20 27 55 9 -35 40 18 6 -9 30 27 0 3 -12 -12 -12 13 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 0 0 0 Trade credit and advances 331 62 -134 -140 84 -59 -391 20 297 208 275 63 139 49 103 -68 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -135 134 209 3 160 112 -139 -53 255 Other liabilities -51 50 146 -72 -17 138 39 33 -65 104 -5 -23 -11 15 4 -35 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 43 20 -30 4 21 -28 12 -6 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 Reserve assets 52 37 166 -33 5 49 29 26 62 13 7 707 -7 12 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 Net errors and omissions 20 -616 -184 -96 -71 184 -313 -191 137 -153 -101 -168 159 77 -119 -29 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -79 402 -476 41 -18 -125 -558 156 233 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,556 3,841 3,552 953 1,013 852 808 900 991 915 999 982 352 336 344 333 253 316 283 230 278 301 325 240 336 336 329 325 261 296 359 330 333 336 331 284 366 Intermediate goods 16,670 17,045 15,446 4,237 4,097 4,211 3,290 3,797 4,148 4,581 4,887 4,932 1,458 1,552 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 1,456 1,732 1,604 1,599 1,684 1,702 1,437 1,794 Consumer goods 10,632 12,661 13,928 3,113 3,288 3,790 3,168 3,430 3,539 3,918 3,909 3,860 1,157 1,204 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 1,249 1,421 1,306 1,270 1,333 1,420 1,063 1,377 Import of investment goods 4,237 4,391 4,008 1,054 1,188 936 849 964 1,258 1,071 1,218 1,165 403 374 389 424 330 308 298 214 298 338 347 278 340 378 464 416 304 346 421 391 412 416 369 387 409 Intermediate goods 17,868 18,508 16,434 4,636 4,450 4,426 3,386 3,963 4,658 4,810 5,785 6,461 1,667 1,591 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 1,369 1,529 1,912 1,779 1,996 2,009 2,187 1,902 2,372 Consumer goods 8,601 11,183 11,670 2,712 3,232 3,011 2,579 2,871 3,210 2,907 3,216 3,180 936 1,246 971 1,015 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 900 907 1,100 1,154 1,040 1,023 959 1,009 1,212 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix38 Slovenian Economic Mirror, No 9/2021 Monetary indicators and interest rates 2018 2019 2020 2019 2020 2020 2021 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 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 7,606 7,631 7,913 7,791 7,819 7,817 7,719 7,624 7,744 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 14,332 14,365 Central government (S,1311) 4,937 4,696 4,520 5,058 5,070 5,007 5,037 4,959 4,928 4,696 4,410 4,455 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 4,183 3,762 Other government (S,1312,1313,1314) 580 602 639 577 570 567 574 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 Households (S,14, 15) 10,370 10,981 10,997 10,642 10,703 10,781 10,833 10,950 10,978 10,981 10,982 11,005 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 11,365 11,449 Non-financial corporations (S,11) 9,496 9,589 9,363 9,749 9,738 9,878 9,868 9,869 9,882 9,587 9,794 9,871 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 9,511 9,945 Non-monetary financial institutions (S,123, 124, 125) 1,502 1,661 1,640 1,496 1,503 1,493 1,486 1,479 1,481 1,661 1,674 1,674 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 1,726 1,731 Monetary financial institutions (S,121, 122) 4,275 5,230 7,969 4,001 4,335 4,067 3,894 4,011 4,531 5,230 5,403 5,138 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 10,135 9,858 Claims on domestic sectors, TOTAL In domestic currency 26,181 27,913 30,341 26,381 26,725 26,651 26,509 26,728 27,331 27,913 27,860 27,687 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 33,010 33,252 In foreign currency 446 391 345 419 416 420 412 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 Securities, total 4,429 4,382 4,361 4,685 4,727 4,666 4,704 4,642 4,581 4,381 4,554 4,608 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 4,146 3,727 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 29,442 31,109 34,567 30,260 30,709 30,733 30,585 30,678 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 Overnight 19,440 21,278 25,218 20,099 20,474 20,521 20,676 20,611 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 With agreed maturity – short-term 3,261 3,478 3,381 3,342 3,408 3,423 3,340 3,448 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 With agreed maturity – long-term 6,166 5,723 5,348 6,054 6,059 6,010 5,823 5,806 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 Short-term deposits redeemable at notice 575 630 620 765 768 779 746 813 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 Deposits in foreign currency, total 651 634 723 686 681 686 685 646 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 Overnight 581 577 675 621 616 622 620 585 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 With agreed maturity – short-term 31 26 25 29 28 27 28 26 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 With agreed maturity – long-term 39 31 23 36 37 37 37 35 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households 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 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 0.00 0.00 Time deposits with maturity of up to one year 0.16 0.17 0.15 0.17 0.15 0.16 0.16 0.16 0.17 0.18 0.1 0.04 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 0.13 0.12 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.65 2.66 2.21 2.65 2.7 2.75 2.62 2.51 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.02 1.68 1.23 1.32 1.37 .. 3.56 2.32 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.322 -0.356 -0.425 -0.329 -0.365 -0.408 -0.418 -0.413 -0.401 -0.395 -0.391 -0.409 -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 -0.545 -0.550 6-month rates -0.266 -0.302 -0.364 -0.279 -0.347 -0.405 -0.394 -0.362 -0.337 -0.336 -0.330 -0.355 -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 -0.522 -0.527 LIBOR 3-month rates -0.735 -0.737 -0.708 -0.717 -0.751 -0.817 -0.812 -0.774 -0.712 -0.711 -0.679 -0.707 -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 -0.756 -0.766 6-month rates -0.653 -0.684 -0.659 -0.673 -0.719 -0.802 -0.771 -0.711 -0.650 -0.639 -0.624 -0.663 -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 -0.720 -0.714 Sources: BoS, EUROSTAT. Statistical Appendix 39Slovenian Economic Mirror, No 9/2021 Monetary indicators and interest rates 2018 2019 2020 2019 2020 2020 2021 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 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 7,606 7,631 7,913 7,791 7,819 7,817 7,719 7,624 7,744 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 14,332 14,365 Central government (S,1311) 4,937 4,696 4,520 5,058 5,070 5,007 5,037 4,959 4,928 4,696 4,410 4,455 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 4,183 3,762 Other government (S,1312,1313,1314) 580 602 639 577 570 567 574 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 Households (S,14, 15) 10,370 10,981 10,997 10,642 10,703 10,781 10,833 10,950 10,978 10,981 10,982 11,005 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 11,365 11,449 Non-financial corporations (S,11) 9,496 9,589 9,363 9,749 9,738 9,878 9,868 9,869 9,882 9,587 9,794 9,871 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 9,511 9,945 Non-monetary financial institutions (S,123, 124, 125) 1,502 1,661 1,640 1,496 1,503 1,493 1,486 1,479 1,481 1,661 1,674 1,674 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 1,726 1,731 Monetary financial institutions (S,121, 122) 4,275 5,230 7,969 4,001 4,335 4,067 3,894 4,011 4,531 5,230 5,403 5,138 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 10,135 9,858 Claims on domestic sectors, TOTAL In domestic currency 26,181 27,913 30,341 26,381 26,725 26,651 26,509 26,728 27,331 27,913 27,860 27,687 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 33,010 33,252 In foreign currency 446 391 345 419 416 420 412 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 Securities, total 4,429 4,382 4,361 4,685 4,727 4,666 4,704 4,642 4,581 4,381 4,554 4,608 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 4,146 3,727 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 29,442 31,109 34,567 30,260 30,709 30,733 30,585 30,678 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 Overnight 19,440 21,278 25,218 20,099 20,474 20,521 20,676 20,611 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 With agreed maturity – short-term 3,261 3,478 3,381 3,342 3,408 3,423 3,340 3,448 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 With agreed maturity – long-term 6,166 5,723 5,348 6,054 6,059 6,010 5,823 5,806 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 Short-term deposits redeemable at notice 575 630 620 765 768 779 746 813 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 Deposits in foreign currency, total 651 634 723 686 681 686 685 646 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 Overnight 581 577 675 621 616 622 620 585 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 With agreed maturity – short-term 31 26 25 29 28 27 28 26 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 With agreed maturity – long-term 39 31 23 36 37 37 37 35 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households 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 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 0.00 0.00 Time deposits with maturity of up to one year 0.16 0.17 0.15 0.17 0.15 0.16 0.16 0.16 0.17 0.18 0.1 0.04 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 0.13 0.12 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.65 2.66 2.21 2.65 2.7 2.75 2.62 2.51 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.02 1.68 1.23 1.32 1.37 .. 3.56 2.32 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.322 -0.356 -0.425 -0.329 -0.365 -0.408 -0.418 -0.413 -0.401 -0.395 -0.391 -0.409 -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 -0.545 -0.550 6-month rates -0.266 -0.302 -0.364 -0.279 -0.347 -0.405 -0.394 -0.362 -0.337 -0.336 -0.330 -0.355 -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 -0.522 -0.527 LIBOR 3-month rates -0.735 -0.737 -0.708 -0.717 -0.751 -0.817 -0.812 -0.774 -0.712 -0.711 -0.679 -0.707 -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 -0.756 -0.766 6-month rates -0.653 -0.684 -0.659 -0.673 -0.719 -0.802 -0.771 -0.711 -0.650 -0.639 -0.624 -0.663 -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 -0.720 -0.714 Sources: BoS, EUROSTAT. Statistical Appendix40 Slovenian Economic Mirror, No 9/2021 Public finance 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 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 4,671.6 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 1,815.6 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 1,799.2 1,647.4 1,724.9 1,779.0 1,867.8 Current revenues 17,575.9 18,293.3 17,578.7 4,478.2 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 1,605.3 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 1,733.1 1,571.4 1,669.7 1,633.1 1,803.4 Tax revenues 16,225.3 17,179.1 16,460.4 4,169.7 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 1,522.1 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 1,525.3 1,699.0 Taxes on income and profit 3,296.4 3,614.0 3,261.8 717.7 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 369.0 296.6 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 Social security contributions 6,549.8 7,021.3 7,289.9 1,745.5 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 664.4 615.1 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 Taxes on payroll and workforce 21.6 23.2 21.6 5.4 6.6 5.9 4.0 5.6 6.1 5.0 5.9 6.0 2.5 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 1.9 2.1 Taxes on property 277.9 296.4 287.3 120.9 81.6 31.0 48.6 111.3 96.4 33.5 84.8 102.2 15.4 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 32.4 43.5 Domestic taxes on goods and services 5,989.3 6,126.7 5,493.3 1,565.7 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 466.6 631.2 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 Taxes on international trade & transactions 89.8 98.6 102.4 25.5 22.1 24.0 24.5 25.3 28.7 28.1 34.6 36.7 6.8 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 15.2 29.1 Other taxes 0.5 -1.1 4.1 -11.1 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -2.6 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 -8.9 -8.0 Non-tax revenues 1,350.6 1,114.2 1,118.2 308.5 253.1 249.7 339.7 291.3 237.6 284.4 431.7 308.4 83.2 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 62.7 248.2 120.8 101.1 99.5 107.7 104.4 Capital revenues 152.8 136.4 146.9 34.4 46.9 31.2 20.1 31.3 64.3 36.4 54.9 56.0 19.7 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 19.2 27.5 Grants 12.4 13.8 17.5 6.3 1.2 8.1 1.4 6.9 1.1 6.7 2.0 10.3 -3.8 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 0.4 0.4 9.5 0.4 Transferred revenues 55.6 58.3 54.8 50.3 3.1 0.2 21.7 30.6 2.3 1.7 2.1 51.4 3.3 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 0.3 0.7 Receipts from the EU budget 796.9 730.5 730.7 102.4 238.0 200.9 133.3 189.6 206.9 233.3 180.5 159.5 191.1 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 21.4 116.9 35.9 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,068.0 18,968.8 22,070.6 4,705.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,101.8 5,932.0 5,579.4 1,898.4 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 2,310.5 1,772.6 1,970.0 2,189.4 1,901.1 1,885.3 1,793.1 1,736.4 Current expenditures 7,966.5 8,228.3 9,127.8 2,007.6 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,658.4 2,494.9 2,362.6 755.9 799.9 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,149.5 707.6 858.9 928.4 794.6 832.6 735.5 662.1 Wages, salaries and other personnel expenditures 4,167.9 4,470.5 4,965.3 1,101.6 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,483.5 1,623.4 1,330.1 375.4 403.1 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 549.6 423.6 554.4 645.4 448.8 487.7 393.6 402.9 Expenditures on goods and services 2,633.7 2,728.0 3,020.7 673.8 786.0 686.8 661.6 739.0 933.4 724.9 766.6 794.1 303.9 235.1 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.8 293.3 229.9 282.5 254.3 267.0 267.6 259.5 233.1 Interest payments 867.9 791.5 778.0 175.7 88.9 442.4 53.7 187.0 95.0 386.9 45.5 204.6 13.3 153.2 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 73.1 15.8 Reserves 296.9 238.4 363.8 56.4 97.9 47.3 40.5 32.8 243.2 63.1 59.5 33.9 63.2 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 9.3 10.4 Current transfers 8,236.6 8,704.2 10,867.7 2,201.2 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.1 2,984.0 2,605.1 756.0 781.6 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.5 914.2 958.0 1,111.8 929.2 836.7 839.3 829.6 Subsidies 443.9 467.9 1,449.3 53.5 139.3 167.9 711.7 305.5 264.2 296.4 302.3 111.5 56.8 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 57.2 84.7 116.0 101.6 43.3 46.8 21.3 12.3 Current transfers to individuals and households 6,925.8 7,323.9 8,250.8 1,912.6 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 604.4 623.5 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.5 Current transfers to non- profit institutions, other current domestic transfers 793.5 827.7 1,083.2 215.3 232.7 215.0 242.6 248.9 376.7 197.4 276.6 298.3 86.8 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 88.6 105.7 77.2 105.1 94.3 95.9 101.0 101.5 88.0 Current transfers abroad 73.4 84.7 84.4 19.8 25.9 23.2 11.2 16.6 33.4 29.9 31.0 36.7 8.0 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 16.1 10.4 8.7 Capital expenditures 1,159.9 1,252.9 1,230.6 315.4 541.2 172.8 232.7 263.2 561.9 194.4 278.5 401.7 276.6 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 91.3 100.6 128.9 138.0 134.8 159.0 Capital transfers 271.6 273.6 318.5 57.8 141.6 29.6 42.9 68.0 178.0 33.4 55.5 86.2 86.6 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 34.1 32.5 Payments to the EU budget 433.4 509.7 526.0 123.8 82.3 154.0 134.7 85.1 152.2 197.5 119.1 123.8 23.4 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 49.4 53.2 SURPLUS / DEFICIT 525.6 263.5 -3,542.1 -34.2 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,297.9 -358.0 -428.1 -82.8 -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 -665.7 122.2 -89.9 -390.3 -253.7 -160.4 -14.0 131.4 Source: MF. Statistical Appendix 41Slovenian Economic Mirror, No 9/2021 Public finance 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 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 4,671.6 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 1,815.6 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 1,799.2 1,647.4 1,724.9 1,779.0 1,867.8 Current revenues 17,575.9 18,293.3 17,578.7 4,478.2 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 1,605.3 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 1,733.1 1,571.4 1,669.7 1,633.1 1,803.4 Tax revenues 16,225.3 17,179.1 16,460.4 4,169.7 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 1,522.1 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 1,525.3 1,699.0 Taxes on income and profit 3,296.4 3,614.0 3,261.8 717.7 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 369.0 296.6 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 Social security contributions 6,549.8 7,021.3 7,289.9 1,745.5 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 664.4 615.1 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 Taxes on payroll and workforce 21.6 23.2 21.6 5.4 6.6 5.9 4.0 5.6 6.1 5.0 5.9 6.0 2.5 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 1.9 2.1 Taxes on property 277.9 296.4 287.3 120.9 81.6 31.0 48.6 111.3 96.4 33.5 84.8 102.2 15.4 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 32.4 43.5 Domestic taxes on goods and services 5,989.3 6,126.7 5,493.3 1,565.7 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 466.6 631.2 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 Taxes on international trade & transactions 89.8 98.6 102.4 25.5 22.1 24.0 24.5 25.3 28.7 28.1 34.6 36.7 6.8 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 15.2 29.1 Other taxes 0.5 -1.1 4.1 -11.1 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -2.6 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 -8.9 -8.0 Non-tax revenues 1,350.6 1,114.2 1,118.2 308.5 253.1 249.7 339.7 291.3 237.6 284.4 431.7 308.4 83.2 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 62.7 248.2 120.8 101.1 99.5 107.7 104.4 Capital revenues 152.8 136.4 146.9 34.4 46.9 31.2 20.1 31.3 64.3 36.4 54.9 56.0 19.7 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 19.2 27.5 Grants 12.4 13.8 17.5 6.3 1.2 8.1 1.4 6.9 1.1 6.7 2.0 10.3 -3.8 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 0.4 0.4 9.5 0.4 Transferred revenues 55.6 58.3 54.8 50.3 3.1 0.2 21.7 30.6 2.3 1.7 2.1 51.4 3.3 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 0.3 0.7 Receipts from the EU budget 796.9 730.5 730.7 102.4 238.0 200.9 133.3 189.6 206.9 233.3 180.5 159.5 191.1 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 21.4 116.9 35.9 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,068.0 18,968.8 22,070.6 4,705.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,101.8 5,932.0 5,579.4 1,898.4 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 2,310.5 1,772.6 1,970.0 2,189.4 1,901.1 1,885.3 1,793.1 1,736.4 Current expenditures 7,966.5 8,228.3 9,127.8 2,007.6 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,658.4 2,494.9 2,362.6 755.9 799.9 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,149.5 707.6 858.9 928.4 794.6 832.6 735.5 662.1 Wages, salaries and other personnel expenditures 4,167.9 4,470.5 4,965.3 1,101.6 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,483.5 1,623.4 1,330.1 375.4 403.1 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 549.6 423.6 554.4 645.4 448.8 487.7 393.6 402.9 Expenditures on goods and services 2,633.7 2,728.0 3,020.7 673.8 786.0 686.8 661.6 739.0 933.4 724.9 766.6 794.1 303.9 235.1 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.8 293.3 229.9 282.5 254.3 267.0 267.6 259.5 233.1 Interest payments 867.9 791.5 778.0 175.7 88.9 442.4 53.7 187.0 95.0 386.9 45.5 204.6 13.3 153.2 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 73.1 15.8 Reserves 296.9 238.4 363.8 56.4 97.9 47.3 40.5 32.8 243.2 63.1 59.5 33.9 63.2 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 9.3 10.4 Current transfers 8,236.6 8,704.2 10,867.7 2,201.2 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.1 2,984.0 2,605.1 756.0 781.6 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.5 914.2 958.0 1,111.8 929.2 836.7 839.3 829.6 Subsidies 443.9 467.9 1,449.3 53.5 139.3 167.9 711.7 305.5 264.2 296.4 302.3 111.5 56.8 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 57.2 84.7 116.0 101.6 43.3 46.8 21.3 12.3 Current transfers to individuals and households 6,925.8 7,323.9 8,250.8 1,912.6 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 604.4 623.5 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.5 Current transfers to non- profit institutions, other current domestic transfers 793.5 827.7 1,083.2 215.3 232.7 215.0 242.6 248.9 376.7 197.4 276.6 298.3 86.8 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 88.6 105.7 77.2 105.1 94.3 95.9 101.0 101.5 88.0 Current transfers abroad 73.4 84.7 84.4 19.8 25.9 23.2 11.2 16.6 33.4 29.9 31.0 36.7 8.0 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 16.1 10.4 8.7 Capital expenditures 1,159.9 1,252.9 1,230.6 315.4 541.2 172.8 232.7 263.2 561.9 194.4 278.5 401.7 276.6 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 91.3 100.6 128.9 138.0 134.8 159.0 Capital transfers 271.6 273.6 318.5 57.8 141.6 29.6 42.9 68.0 178.0 33.4 55.5 86.2 86.6 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 34.1 32.5 Payments to the EU budget 433.4 509.7 526.0 123.8 82.3 154.0 134.7 85.1 152.2 197.5 119.1 123.8 23.4 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 49.4 53.2 SURPLUS / DEFICIT 525.6 263.5 -3,542.1 -34.2 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,297.9 -358.0 -428.1 -82.8 -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 -665.7 122.2 -89.9 -390.3 -253.7 -160.4 -14.0 131.4 Source: MF. Acronyms42 Slovenian Economic Mirror, No 9/2021 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, EBA – European Banking Authority, 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, OECD – Organization for Economic Co-operation and Development, 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. 9, Vol. XXVII, 2021