N o. 4 , V ol . X XI II, 2 01 7 Slovenian Economic Mirror ISSN 1318-3826 (print) ISSN 1581-1026 (pdf ) No. 4 / Vol. XXIII / 2017 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Jure Brložnik Authors of Current Economic Trends (listed alphabetically): Urška Brodar, Jure Brložnik, Aleš Delakorda, MSc, Janez Dodič, Marjan Hafner,  MSc, Slavica Jurančič, Mojca Koprivnikar Šušteršič, Janez Kušar, MSc, Jože Markič, PhD, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Ana T. Selan, MSc, Ana Vidrih, MSc. Authors of Selected Topics: Jure Povšnar (Company performance in 2016) Tanja Čelebič, MSc (Adult skills according to the PIAAC survey) Editorial Board: Marijana Bednaš, MSc, Aleš Delakorda, MSc, Lejla Fajić, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, MSc, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation, Graphs, DTP: Bibijana Cirman Naglič Print: Eurograf d.o.o. Circulation: 80 copies © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight................................................................................................................................................................ 3 Current economic trends .............................................................................................................................................. 5 International environment ............................................................................................................................................... 7 Economic developments in Slovenia ............................................................................................................................. 9 Labour market .................................................................................................................................................................. 14 Prices .................................................................................................................................................................................. 16 Balance of payments ....................................................................................................................................................... 18 Financial markets ............................................................................................................................................................. 19 Public finance .................................................................................................................................................................... 20 Selected topics ...............................................................................................................................................21 Company performance in 2016 ..................................................................................................................................... 25 Adult skills according to the PIAAC survey ................................................................................................................................. 26 Statistical appendix .....................................................................................................................................................29 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 5th June 2017. 3Slovenian Economic Mirror, No. 4/2017 In the Spotlight Broad-based economic growth in Slovenia accelerated further in the first quarter of this year; GDP was up 5.3% year-on-year, recording the strongest growth since the second quarter of 2008. The favourable developments from 2016, the most successful year since the onset of the crisis according to companies’ performance data, thus continued. In the first quarter of 2017 the quarterly growth strengthened further (1.5%, seasonally adjusted) and GDP exceeded the average level from 2008. Amid further growth in exports, household consumption and investment in machinery and equipment, construction activity has also started to pick up this year. GDP growth was again significantly higher than the average of the euro area (1.7% year-on-year), which means a continuation of the three-year period of faster growth and, in turn, reduction of the gap with the average level of development in the EU. Growth in foreign demand and competitiveness gains continue to boost the growth of exports and related activity in manufacturing and some segments of market services. Economic conditions in the euro area and for most of Slovenia’s other main trading partners improved further at the beginning of this year. With rising foreign demand, the growth of Slovenian exports strengthened further (8.7%). The same holds true for manufacturing production, which continued to grow across industries of all levels of technological intensity. Export movements are also related to turnover growth in some segments of market services, particularly transportation and computer services. Further growth in the number of foreign tourist arrivals and overnight stays was reflected in higher turnover in accommodation and food service activities. A significant improvement in labour market conditions and the high level of consumer confidence are the main drivers of further growth in private consumption (4.0%). In the first quarter employment continued to increase (2.6%, according to the national accounts statistics), the number of employed persons being almost 25,000 higher than in the same period of last year. Employment was rising across almost all sectors; after several years, a noticeable increase was also recorded for construction. Moreover, short-term expectations remained the highest since the onset of the crisis. The year-on-year growth of average earnings remained moderate, though, like employment, earnings were also up year-on-year in most activities. Favourable labour market conditions contributed to a further improvement in consumer confidence, which this year is the highest thus far. Consequently, private consumption also rose further. Households continue to increase spending particularly on durable goods, but also on other goods and services, which account for the bulk of consumption. Consumption growth is also reflected in further turnover growth in the distributive trades. Investment in machinery and equipment continued to grow; construction investment also started to pick up at the beginning of the year. Growth in investment in machinery and equipment is related to high capacity utilisation, good business performance and lower corporate indebtedness. At the beginning of the year construction investment also started to rebound. In addition to the continuation of growth in housing investment, which started last year with the revival in the housing market, non-residential investment is also on the rise, private sector investment in particular according to our estimate. The growth of total investment activity is estimated to be also influenced by more favourable financing conditions than a few years ago and the first signs of rebound in the borrowing activity of companies. After last year’s significant fall in government investment (related to the modest absorption of EU funds upon the transition to the new financial perspective), the state budget’s investment expenditure at the beginning of the year remained similar to that in the same period of last year. Year-on-year inflation stood at 1.5% in May, being still mainly due to higher prices of energy and services under the impact of supply-side factors and a rise in demand. Higher energy prices are influenced by year-on- year rises in oil prices on world markets, although oil prices have dropped again since the beginning of the year. The growth of prices of services is mainly related to the strengthening of private consumption. Price rises are recorded particularly for services related to leisure (accommodation and food service activities). Non-energy prices remain similar year-on-year despite higher consumption. The favourable economic trends are reflected in strong growth in general government revenue, which, amid moderate expenditure growth, contributed to a further decline in the general government deficit. In the first quarter of 2017 the general government deficit on a cash basis (EUR 375.6 million) was one-third lower than in the same period last year, while the primary balance has turned positive. The strong revenue growth (7.4%) in the first quarter was mainly due to favourable economic conditions, including the situation on the labour market. The significantly more moderate growth of expenditure (2.6%) was largely a consequence of stagnant government investment and lower payments into the EU budget. In the spotlight 4 Slovenian Economic Mirror, No. 4/2017 In the Spotlight Broad-based economic growth in Slovenia accelerated further in the first quarter of this year; GDP was up 5.3% year-on-year. Growth in foreign demand and competitiveness gains contributed to a further strengthening of export growth and, in turn, of manufacturing production. -6 -4 -2 0 2 4 6 8 10 12 14 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Ye ar -o n- ye ar c ha ng e, in % Source: SURS, Eurostat, OECD; calculations by IMAD. Export markets Exports of merchandise and services Production volume in manufacturing 75 80 85 90 95 100 105 110 115 120 125 130 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d re al in de x 20 08 = 10 0 Source: SURS; calculations by IMAD. GDP Exports of merchandise and services Domestic consumption Growth in employment and earnings crucial for further growth in private consumption. Further growth of investment in machinery and equipment; construction activity also started to pick up this year. -8 -6 -4 -2 0 2 4 6 8 -4 -3 -2 -1 0 1 2 3 4 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Ye ar -o n- ye ar c ha ng e, in % Ye ar -o n- ye ar c ha ng e, in % Source: SURS. Employment Average gross wage Private consumption (right axis) -30 -20 -10 0 10 20 30 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Ye ar -o n- ye ar c ha ng e, in % Source: SURS. Investment in buildings and structures Investment in machinery and equipment -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 Dec 15 Dec 16 Apr 17 Co nt rib ut io n to y -o -y g ro w th , i n pp s Source: SURS; calculations by IMAD. Food Fuels and energy Services Other Inflation (%) -2,500 -2,000 -1,500 -1,000 -500 0 500 1,000 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 12 -m on th m ov in g to ta ls , i n EU R m Source: MF. General government balance Primary general government balance Inflation is mainly a consequence of higher prices of energy and services due to supply-side factors and the strengthening of consumption. The favourable general government movements are based on strong revenue growth as a result of good economic conditions and on moderate growth in expenditure. cu rr en t e co no m ic tr en ds 7Slovenian Economic Mirror, No. 4/2017 Current Economic Trends In the first quarter economic growth in the euro area continued. GDP in the euro area rose by 0.5% and was 1.7% higher year-on-year. Among Slovenia’s main trading partners, similar quarterly growth was recorded by Germany and Austria and slightly lower growth by France and Italy. In most countries the main factor of economic growth remains domestic consumption. In its spring forecast for the euro area, the EC expects GDP growth in 2017 and 2018 to remain similar to that last year. GDP is expected to increase by 1.7% this year and 0.1 pps more in 2018. Against a backdrop of the ECB’s expansionary monetary policy, high business and consumer confidence, and growth in the volume of global trade, the EU economy will continue to be driven particularly by private consumption and investment. The risks to the forecast are more balanced than at the beginning of the year. Downside risks still predominate, particularly uncertainty regarding the future economic policy of the US, China’s economic adjustment, the low profitability of the European banking sector and the UK’s exit from the EU. Upside risk is mainly related to the decline in political uncertainty. Figure 1: Quarterly growth in main trading partners in the euro area -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Euro area Germany Italy Austria France Q ua rt er ly g ro w th , s ea so na lly a dj us te d, in % Source: Eurostat. Q2 16 Q3 16 Q4 16 Q1 17 Figure 2: Contributions to economic growth in the euro area and the EC’s forecast -3 -2 -1 0 1 2 3 -3 -2 -1 0 1 2 3 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 Re al G D P ch an ge , i n % C on tr ib ut io n to G D P ch an ge , i n p p s Source: European Commission. Inventories Households Government Investment Net exports GDP (right axis) EC forecast Oil and non-energy raw material prices are lower than at the beginning of 2017. After hovering around USD 55 early in the year, the average price of a barrel of Brent Crude was down around one-tenth in May. Oil prices are falling despite OPEC’s decision to reduce oil production at the end of 2016, which is related to the slow contraction in the surplus of oil supply and the rising shale oil production in the US. The prices of non-energy raw materials in dollars are also lower. In May they were down 3% on January. At the year-on-year level, on the other hand, the prices of oil and non-energy raw materials remained higher. Figure 3: Dollar prices of oil and non-energy commodities 30 40 50 60 70 80 90 100 110 120 130 140 30 40 50 60 70 80 90 100 110 120 130 140 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 U SD , p er b ar re l In de x 20 08 = 10 0 Source: EIA, IMF; calculations by IMAD. Non-energy raw materials Brent crude oil The international environment 8 Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Table 1: Brent Crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2016 IV 17 V 17 V 17/IV 17 V 17/V 16 I-V 17/I-V 16 Brent USD, per barrel 44.80 52.29 50.37 -3.7 7.8 39.2 Brent EUR, per barrel 40.40 48.80 45.60 -6.6 10.2 44.8 EUR/USD 1.107 1.072 1.106 3.1 -2.2 -3.6 3-month EURIBOR, in % -0.265 -0.330 -0.329 0.1 -7.2 -11.6 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. 9Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Box 1: Gross domestic product, Q1 2017 In the first quarter of 2017, economic growth accelerated further; it is becoming increasingly broad-based. Quarterly economic growth strengthened further (1.5%, seasonally adjusted), while GDP was up 5.3% year-on-year. The main driver of growth remains exports, backed by rising foreign demand and improvement in the competitive position of Slovenian enterprises. Exports are closely related to further growth in manufacturing production. The situation also continues to improve in most market-service activities, particularly the distributive trades, transportation, accommodation and food service activities and information and communication activities. Positive labour market developments, with growth in employment and earnings, and a further improvement in consumer confidence have contributed to growth in private consumption (4.0%). Investment in machinery and equipment (mostly private investment) also continued to rise, which is related to the high level of capacity utilisation, good business results and lower corporate indebtedness; borrowing conditions are also better than a few years ago. Construction investment also started to pick up at the beginning of the year. In addition to the continuation of growth in housing investment, which started last year with the revival of the housing market, non-residential investment is also rising, particularly that of the private sector, according to our estimate. GDP growth significantly surpassed the euro area average again (1.7%), which represents a continuation of the three-year period of faster growth and hence a narrowing of the gap with the average development level in the EU. 86 88 90 92 94 96 98 100 102 104 106 108 110 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d in de x 20 08 = 10 0 Source: Eurostat; calculations by IMAD. Slovenia Germany France Italy Austria Croatia -6 -4 -2 0 2 4 6 -15 -10 -5 0 5 10 15 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Re al G D P gr ow th , i n % C on tr ib ut io ns to y ea r- on -y ea r g ro w th , i n pp s Source: SURS. Private consumption Government consumption Gross fixed capital formation Ch. in inventories and valuables Exports of goods and services Imports of goods and services Real GDP growth (right axis) Figure 4: GDP level in Slovenia and its main trading partners Figure 5: Expenditure structure of the change in GDP, Slovenia Table 2: Selected monthly indicators of economic activity in Slovenia In % 2016 III 17/II 17 III 17/III 16 I-III 17/I-III 16 Merchandise exports, real1 5.6 1.83 14.4 8.9 Merchandise imports, real1 4.7 2.03 13.0 9.9 Services exports, nominal2 8.1 -3.13 7.7 10.0 Services imports, nominal2 5.5 6.23 15.2 5.9 Industrial production, real 6.4 1.53 9.74 6.64 -manufacturing 7.7 1.73 10.54 6.74 Construction -value of construction put in place, real -17.7 6.53 41.4 19.9 Real turnover in retail trade 4.5 -0.93 12.94 13.54 Market services (without trade) - nominal turnover 4.0 0.23 7.34 6.34 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1External trade statistics; deflated by IMAD, 2balance of payments statistics, 3seasonally adjusted, 4working-day adjusted data. Economic developments in Slovenia 10 Slovenian Economic Mirror, No. 4/2017 Current Economic Trends The growth of real merchandise exports and imports strengthened further in the first quarter.1 The growth of exports continues to be underpinned by rising foreign demand and competitiveness gains in manufacturing activities. The growth of imports is underpinned, in addition to favourable export trends, by the strengthening of domestic private and investment consumption. Figure 6: Merchandise trade – real 4,600 4,800 5,000 5,200 5,400 5,600 5,800 6,000 6,200 6,400 6,600 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d, in E U R m , c on st an t p ri ce s, re fe re nc e ye ar 2 01 0 Source: SURS. Exports Imports 1 According to the national accounts statistics. 2 According to the national accounts statistics. 3 Compared with 2008, revenues from domestic sales were around one- third lower while revenues from sales abroad were around 15% higher. Production volume in manufacturing increased further in the first quarter of the year. Growth continued in all categories of industries according to technological intensity, remaining the lowest in low-technology industries. Growth in manufacturing production continues to be underpinned particularly by stronger foreign demand; sales on the domestic market are recovering at a slower pace.3 Reflecting the strengthening of demand, capacity utilisation is high, and the majority of enterprises expect further growth in production and hiring in the second quarter of the year. Figure 8: Production volume in manufacturing 80 90 100 110 120 130 140 150 160 170 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a d ju st ed in d ex 2 01 0= 10 0 Source: SURS; calculations by IMAD. Manufacturing, total High-technology industries Medium-high-tech. industries Medium-low-tech. industries Low-technology industries Exports and imports of services remained high in the first quarter of 2017, following the sizeable growth in the second half of last year.2 The growth of exports is underpinned primarily by higher exports of transport and technical, trade-related, services. The growth of imports arose mainly from transport services and professional and management consultancy services. Figure 7: Trade in services – nominal 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d, in E U R m , c on st an t p ric es , re fe re nc e ye ar 2 01 0 Source: SURS. Exports of services Imports of services 11Slovenian Economic Mirror, No. 4/2017 Current Economic Trends After remaining approximately unchanged in the second half of last year, the value of construction output strengthened in the first quarter of 2017. Amid a general improvement in economic conditions and a gradual rebound in the property market, the construction of buildings has recently started picking up. Activity in the construction of residential buildings, having started to pick up mid-2015, remained unchanged in the last two quarters. Activity in the construction of non-residential buildings, which started to recover mid-2016, continued at the beginning of 2017. The construction of civil- engineering works, which dropped sharply last year due to lower government investment, rose in the first quarter. The growth of investment in machinery and equipment continued at the beginning of the year. It is attributable to the rising demand and the high rate of capacity utilisation. Lending activity also shows the first signs of recovery. In our estimation, investment is increasing across most sectors, so its growth is not only due to a small number of large investment projects. 4 We estimate that turnover growth in the sale of automotive fuels was also a result of increased trade (at home and abroad) in other goods and services that are also sold by companies registered in this sector (such as electricity, natural gas, merchandise and certain services). 5 Between 2007 and 2016, discount retailers increased their share in total sales revenues on the Slovenian market from 6.5% to 22.4% (in 2016 by 1.2 pps). The increase was mainly a consequence of the expanding network of their stores, but also of changes in buying behaviour of Slovenian customers, which were also due to the economic crisis. 6 Measured by the Herfindahl Hirschman Index (HHI). The threshold based on U.S. Merger Guidelines (1997). Figure 9: Value of construction output 0 10 20 30 40 50 60 70 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d in de x 20 08 = 10 0 Source: SURS; calculations by IMAD. Construction Residential buildings Non-residential buildings Civil-engineering works Figure 10: Investment in machinery and equipment 70 74 78 82 86 90 50 60 70 80 90 100 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Source: SURS. C ap ac it y ut ili sa ti on , i n % Se as on al ly a dj us te d re al in de x 20 08 = 10 0 Investment in machinery and equipment (left axis) Capacity utilisation in manufacturing (right axis) In retail trade, sales of food products started to rise in the first quarter in addition to the rises in sales of non-food products and automotive fuels. Favourable trends in retail trade were boosted by the strengthening of private consumption and economic activity.4 Stores selling food, where turnover stagnated until the first quarter of this year, had otherwise recorded further turnover growth in discount stores last year.5 This was reflected in a renewed decline in the concentration ratio in this sector, which is already very close to the threshold between moderate and high market concentration.6. Figure 11: Concentration indices for retail sales in non- specialised stores with food predominating 30 40 50 60 70 80 90 100 400 900 1,400 1,900 2,400 2,900 3,400 3,900 20 00 20 03 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 In % H H I v al u e Source: AJPES; calculations by IMAD. Note: HHI – Herfindahl-Hirschman Index. HHI High concentration threshold The share of the three largest companies in net revenues from sales on the domestic market (right axis) 12 Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Turnover in the sale of motor vehicles to domestic and foreign customers continued to increase in the first quarter. At home, the sales to households and legal entities increased. The growth of sales to foreign markets has already been strengthening noticeably for five consecutive years; last year these also increased significantly (following several years of decline) on markets beyond the EU. Figure 12: Revenues from sales in the sale and repair of motor vehicles 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 2008 2009 2010 2011 2012 2013 2014 2015 2016 In E U R b n In E U R b n Source: AJPES (Statistical data from balance sheets and profit and loss statements). Revenue from sales on the domestic market Revenue from sales on the EU market (right axis) Revenue from sales outside the EU market (right axis) The first quarter also recorded a continuation of nominal turnover growth in wholesale trade, which started in the second half of last year. This year’s growth was, in addition to stronger domestic production activity, also influenced by rising prices. Last year prices declined and had the opposite effect, nominal turnover stagnating despite the favourable economic situation. However, with a concurrent decline in purchasing costs,7 the business results of the sector already improved significantly last year. Figure 13: Net profit of companies in wholesale trade -300 -200 -100 0 100 200 300 400 500 2013 2014 2015 2016 In E U R m Source: AJPES (Statistical data from companies’ balance sheets and profit and loss statements); calculations by IMAD. Net financial profit/loss Net operating profit/loss Net profit/loss in the accounting period 7 The costs of goods, materials and services. Figure 14: Nominal turnover in market services (other than trade) 75 80 85 90 95 100 105 110 115 120 125 130 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a d ju st ed in d ex 2 00 8= 10 0 Source: SURS; calculations by IMAD. Note: * including accommodation and food service activities. Total* Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) After the strong growth at the end of last year, nominal turnover in market services continued to increase in the first quarter of 2017. Its growth continues to be underpinned particularly by the export-oriented service sectors, particularly road transportation and computer services. With further growth in employment, turnover continues to increase in employment activities (part of N activities). In some sectors, especially in certain segments of professional and technical activities (particularly architectural and engineering services), on the other hand, activity has remained fairly low for some time. 13Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Economic sentiment remains favourable. Having improved in 2016 in most sectors and among consumers, confidence remains high in the middle of the second quarter. Figure 15: Business trends -60 -50 -40 -30 -20 -10 0 10 20 30 Ja n 1 1 Ju l 1 1 Ja n 1 2 Ju l 1 2 Ja n 1 3 Ju l 1 3 Ja n 1 4 Ju l 1 4 Ja n 1 5 Ju l 1 5 Ja n 1 6 Ju l 1 6 Ja n 1 7 Se as on al ly a d ju st ed in d ic at or v al ue , 3 -m on th m ov in g a ve ra g e Source: SURS; calculations by IMAD. Note: * Owing to methodological changes, the consumer confidence data published since January 2016 are not comparable with previous data. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers* 14 Slovenian Economic Mirror, No. 4/2017 Current Economic Trends The number of employed persons8 continues to increase across most activities, in recent months particularly in construction following a long period of stagnation in that sector. Short-term expectations of enterprises about future employment remain the highest since the onset of the crisis. However, there is a segment of enterprises, particularly in manufacturing, that are facing a shortage of skilled labour.9 After the relaxation of hiring restrictions in 2016, the number of employed persons in public service activities remained higher year-on-year in education (particularly at the primary level), the health sector and, though to a lesser extent, public administration. The survey10 data and data according to the statistics of national accounts also indicate a further strengthening of employment in the first quarter of this year. Figure 16: Employed persons by sector -1.0 -0.5 0.0 0.5 1.0 1.5 Manufacturing Construction Market services Public services Q ua rt er ly g ro w th , s ea so na lly a dj us te d, in % Source: SURS; calculations by IMAD. Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 The number of the registered unemployed continues to decline as a result of strong hiring and lower inflows. In the first five months of 2017 the outflow into employment remained at a similarly high level as in the same period of last year. The inflow into the unemployment register, related mainly to the termination of fixed-term contracts, was smaller year-on-year. There were also fewer first-time jobseekers, in our view as a result of better economic conditions and smaller generations of young people finishing school. At the end of May, 87,655 persons were registered as unemployed (14.3% fewer than in May 2016), which is close to the level recorded in 2005 and 2006. The survey data also show a further decline in the number of unemployed persons in the first quarter. Figure 17: Employed persons according to the SRE and registered unemployed 80 90 100 110 120 130 140 150 160 170 180 190 200 720 730 740 750 760 770 780 790 800 810 820 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 N um b er o f r eg is te re d un em p lo ye d, in '0 00 , se as on al ly a dj us te d N um b er o f e m p lo ye d ac co rd in g to S RE , i n '0 00 , se as on al ly a dj us te d Source: SURS, ESS, calculations by IMAD. Employed according to SRE (left axis) Registered unemployed (right axis) 8 According to the Statistical Register of Employment. Employed and self- employed persons, excluding self-employed farmers. 9 In the last few months, the share of manufacturing enterprises reporting skills shortages as a factor limiting production has exceeded the long- term average and reached the level of 2007. 10 According to the Active and Inactive Population survey (previously the Labour Force Survey). Figure 18: Average gross earnings per employee 90 95 100 105 110 115 120 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d in de x 20 08 = 10 0, 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Gross earnings per employee Private sector Public sector – general government – public corporations Wage movements in the first quarter were moderate. Average earnings per employee in the private sector remained at the level recorded at the end of last year, when they were marked by high extraordinary payments. In the public sector they rose slightly again and also remained close to the high December level increased by public servants’ promotion pays. The labour market 15Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Table 3: Labour market trend indicators change, in % 2016 III 17/II 17 III 17/III 16 I-III 17/I-III 16 Persons in formal employment2 1.6 0.21 3.0 1.5 Registered unemployed -8.5 -1.91 -13.6 -8.2 Average nominal gross wage 1.8 0.31 1.9 1.5 - private sector 1.7 0.31 2.1 1.7 - public sector 2.3 0.41 2.1 1.7 -of which general government 3.6 0.11 1.8 1.6 of which public corporations -0.5 0.61 3.0 2.0 2016 III 16 II 17 III 17 Rate of registered unemployment (in %), seasonally adjusted 11.2 11.3 10.1 9.9 Sources: ESS. SURS; calculations by IMAD. Note: 1seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers. 16 Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Prices Inflation continues to be influenced by year-on-year price rises in services and energy. The growth in service prices in some segments (e.g. accommodation and food service activities) mainly reflects a further strengthening of private consumption; additionally, the price movements in services are also significantly affected by year-on- year price rises in public utility services. Energy prices also continue to increase, but their contribution to the year-on-year inflation is gradually declining due to the base effect. Food prices also remain higher year-on-year, reflecting seasonally higher prices of unprocessed food in particular. Prices of semi-durable goods were similar to those one year before, while prices of durable goods remain down year-on-year. Figure 19: Structure of year-on-year inflation -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 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 Ye ar -o n- ye ar g ro w th (i n % ) Source: Eurostat. Slovenia HICP Euro area HICP Slovenia HICP - core inflation Euro area HICP - core inflation The year-on-year growth in industrial producer and import prices is strengthening. The main reason for the higher growth is the movement of commodity prices on global markets, which, amid rising demand, are gradually passed on to import prices and the prices of domestic industrial producers. Figure 20: Industrial producer prices and import prices 100 102 104 106 108 110 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 In de x 20 10 = 10 0 Source: SURS. PPI (domestic) PPI (foreign) Import prices Table 4: Consumer price growth in % 2016 V 17/IV 17 V 17/V 16 I-V 17/I-V 16 Total 0.5 0.7 1.5 1.7 Food 1.6 2.7 2.6 2.7 Fuels and energy -0.2 0.7 3.9 5.8 Services 1.6 0.1 1.7 1.9 Other1 -0.6 0.4 0.2 -0.1 Total excluding food and energy 0.4 0.3 0.8 0.8 Administered prices2 0.4 1.1 1.1 1.0 Tax impact – contribution in percentage points 0.0 0.0 0.0 0.0 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. The optimum share is determined in the period of the last five years as a difference between the moving average and the calculated trimmed mean. 17Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Price competitiveness improved slightly in the first four months of the year. The improvement was a consequence of the nominal depreciation of the euro against the currencies of Slovenia’s main trading partners in and outside the EU.11 The real effective exchange rate deflated by relative12 consumer prices consequently declined to just below the level from one year before, which is close to the lowest figures since Slovenia’s entry into the ERM2 in 2004. Among euro area countries, Slovenia was around the middle in terms of year-on-year movements of price competitiveness. Figure 21: Real effective exchange rates of euro area countries deflated by the HICP -2 -1 0 1 2 IE SK F I N L M T FR IT G R PT D E SI A T C Y LU E S LT BE LV EE EA Ye ar -o n- ye ar g ro w th J an –A p r 2 01 7, in % Source: ECB; calculations by IMAD. *A rise in the value indicates a loss in price competitiveness, and vice versa. SI against 19 partners extra EA SI against 18 partners EA SI against 37 partners EA and extra EA 11 Against the Polish zloty, Croatian kuna, Czech koruna, Japanese yen, South Korean won, Swiss franc and, in particular, Russian rouble (the last being from a broader set of 56 trading partners). 12 Slovenian prices in comparison with those in its trading partners. 18 Slovenian Economic Mirror, No. 4/2017 Current Economic Trends The current account surplus remains high; it reached 6.6% of estimated GDP in the 12 months to March. The larger surplus in current transactions in the first quarter in comparison with the same period of 2016 was mainly due to the higher trade surplus in services, while the surplus in trade in goods was already down year-on-year for the third quarter in a row. This was attributable not only to volume factors, but also to deteriorated terms of trade. As a result of higher euro prices of primary commodities and industrial producer prices, import prices were significantly higher (5.2%) than export prices (3.3%) year- on-year. The deficit in primary income was down year-on- year largely owing to lower net interest payments, while the deficit in secondary income was lower as a result of lower payments into the EU budget. Figure 22: Components of the current account of the balance of payments -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Fo ur -q ua rt er m ov in g s um o f t ra n sa ct io n s, in E U R m Source: BoS; calculations by IMAD. Merchandise trade Trade in services Primary income Secondary income Current account The net outflow of external financial transactions continues. In the first quarter the net capital outflow of the Bank of Slovenia (BoS) and the private sector exceeded the net capital inflow of the general government sector, with the BoS buying foreign debt securities under the public sector purchase programme (PSPP).13 Liabilities of the BoS within the Euroystem declined.14 In the private sector, transactions in portfolio investment and loans predominated. Commercial banks continued to increase investment in foreign securities and repay foreign loans. Short-term trade crediting of enterprises increased; this is related to the rising trade in goods and services. Figure 23: Financial transactions of the balance of payments -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17Fo ur -q ua rt er m ov in g su m o f t ra ns ac tio ns , i n EU R m Source: BoS; calculations by IMAD. Direct investment Portfolio investment Financial derivatives Other investment Financial transactions 13 In order to participate in the implementation of the Eurosystem monetary policy operations, the BoS is also buying euro area government bonds. 14 The government deposited the bulk of proceeds from the sale of the RS78 and RS79 bonds with the BoS. Balance of payments Table 5: Balance of payments I-III 2017, in EUR m Inflows Outflows Balance Balance, I-III 16 Current account 9,003.3 8,236.1 767.2 708.9 Goods 6,821.1 6,438.0 383.1 468.4 Services 1,515.4 956.2 559.2 474.7 Primary income 491.7 541.0 -49.3 -76.6 Secondary income 175.2 300.9 -125.7 -157.7 Capital account 114.6 145.3 -30.7 -38.4 Financial account 463.3 909.6 446.4 353.6 Direct investment 240.8 143.6 -97.2 -321.7 Portfolio investment 1,252.9 739.1 -513.8 584.4 Other investment -998.6 -14.8 983.8 87.2 Net errors and omissions 0.0 -290.1 -290.1 -316.8 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. 19Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Figure 24: Net interest income in the Slovenian banking system In April the volume of loans to domestic non-banking sectors15 was up year-on-year for the third consecutive month. Household borrowing is rising, while the decline in corporate and NFI loans is slowing noticeably. Owing to more favourable borrowing conditions abroad, financially sounder enterprises continue to withdraw from Slovenian banks, which contributes to a further decline in the banking sector’s net interest income 0 200 400 600 800 1,000 1,200 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 12 -m on th m ov in g su m , i n EU R m Source: BoS. 15 The analysis is made on the basis of statistical data, which differ from accounting data particularly in that they also include revisions. Significant differences between these data are seen for the volume of loans extended to non-financial corporations (both domestic and foreign). Financial markets Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. III 16 31. XII 16 31. III 17 31. III 17/28. II 17 31. III 17/31. III 16 Loans total 21,091.3 21,358.5 21,554.8 0.4 2.2 Enterprises and NFI 10,359.8 10,123.1 10,250.4 0.7 -1.1 Government 1,868.4 2,081.8 1,952.4 -1.6 4.5 Households 8,863.0 9,153.6 9,352.0 0.5 5.5 Consumer credits 2,047.9 2,144.0 2,250.8 1.3 9.9 Lending for house purchase 5,559.2 5,716.5 5,814.3 0.3 4.6 Other lending 1,255.9 1,293.1 1,286.9 0.3 2.5 Bank deposits total 16,240.9 16,935.0 17,227.7 0.2 6.1 Overnight deposits 9,620.3 10,956.4 11,683.7 1.2 21.4 Term deposits 6,620.6 5,978.6 5,544.1 -1.8 -16.3 Government bank deposits, total 1,052.4 1,088.0 943.8 -1.3 -10.3 Deposits of non-financial corporations, total 5,395.5 5,804.5 5,782.6 -2.6 7.2 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. 20 Slovenian Economic Mirror, No. 4/2017 Current Economic Trends Fiscal developments were favourable at the beginning of the year. In the first quarter, the general government deficit on a cash basis16 was one-third lower year-on-year; the primary balance turned from negative to positive in the same period. The favourable trends are based on the relatively rapid year-on-year growth in most revenue categories and moderate growth in expenditure. Figure 25: General government balance on a cash flow basis -2,000 -1,500 -1,000 -500 0 500 2011 2012 2013 2014 2015 2016 I-III 2016 I-III 2017 In E U R m General government balance Primary general government balance Source: MF, Bulletin of Government Finance; calculations by IMAD. 16 According to the consolidated general government budgetary accounts on a cash basis. 17 In tax revenues particularly the postponed payments of excise duties; in non-tax revenues primarily the accrued interest on the reopened RS76 bond. 18 In the first three months receipts from the EU budget totalled EUR 202 million. Within that, more than two-thirds were receipts under the Common Agricultural and Fisheries Policy, while receipts from structural and cohesion funds remained low. Slovenia’s net budgetary position against the EU budget in the three months to April amounted to EUR 70 million. Year-on-year growth in general government revenue amounted to 7.4% in the first quarter. The strong revenue growth is attributable, in addition to certain one-off factors,17 primarily to favourable economic conditions, including the situation on the labour market. Receipts from the EU budget remain an exception. Their year- on-year decline was primarily a consequence of the extremely low drawing on funds in January, while receipts from the EU budget in the following two months were increasing almost solely due to the inflow of funds under the Common Agricultural and Fisheries Policy.18 -8 -6 -4 -2 0 2 4 6 8 -8 -6 -4 -2 0 2 4 6 8 Q1 Q2 2016 Q3 Q4 Q1 2017 Ye ar -o n -y ea r g ro w th , i n % C on tr ib ut io n to y ea r- on -y ea r g ro w th , i n p p s Tax revenues Social security contributions Non-tax revenues Receipts from the EU budget Capital and transferred rev., donations TOTAL REVENUE (right axis) Source: MF, Bulletin of Government Finance; calculations by IMAD. Figure 26: Revenue growth and contributions of individual categories to growth Public finance Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-III 2016 I-III 2017 Category I-III 2016 I-III 2017 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 3,685.8 1.4 3,957.8 7.4 EXPENDITURE TOTAL 4,223.2 -1.6 4,333.5 2.6 Tax revenues* 1,949.2 1.9 2,108.8 8.2 Salaries, wages and other personnel expenditures** 925.4 0.2 961.3 3.9 Personal income tax 514.9 2.8 545.2 5.9 Expenditure on goods and services 535.5 6.6 556.8 4.0 Corporate income tax 119.9 18.7 124.1 3.4 Interest payments 489.5 -1.6 518.4 5.9 Taxes on immovable property 17.7 4.3 15.9 -10.3 Reserves 27.5 -40.5 27.1 -1.4 Value added tax 774.2 3.3 804.4 3.9 Transfers to individuals and households 1,604.7 2.6 1,643.9 2.4 Excise duties 304.0 -12.0 359.3 18.2 Other current transfers 369.3 -0.8 396.2 7.3 Social security contributions 1,395.1 4.1 1,472.6 5.6 Investment expenditure 131.5 -38.3 131.7 0.2 Non-tax revenues 167.5 3.9 217.1 29.6 Payments to the EU budget 139.9 -18.3 98.0 -30.0 Receipts from the EU budget 157.3 -24.3 142.1 -9.7 GENERAL GOVERNMENT BALANCE -537.4 -375.6 Other 16.7 16.6 17.1 2.5 PRIMARY BALANCE -53.1 133.7 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note:* Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions.** Labour costs include social contributions by the employer. 21Slovenian Economic Mirror, No. 4/2017 Current Economic Trends In the first quarter of 2017 general government expenditure was up 2.6% year-on-year. Its moderate growth, which is contributing to the rapid deficit reduction, is to a great extent affected by the standstill in government investment and a decline in payments into the EU budget. These two categories excluded, year-on-year expenditure growth would have come close to 4% in the first quarter. Expenditure growth was attributable primarily to growth in current transfers, particularly transfers to individuals and households and compensation of employees.19 Figure 27: Expenditure growth and contributions of individual categories to growth -10 -8 -6 -4 -2 0 2 4 6 -10 -8 -6 -4 -2 0 2 4 6 Q1 Q2 2016 Q3 Q4 Q1 2017 Ye ar -o n- ye ar g ro w th , i n % C on tr ib ut io n to y ea r- on -y ea r g ro w th , i n pp s Wages and other labour costs* Expenditure on goods and services Interest payments Reserves Current transfers Capital expenditure Payments to the EU budget TOTAL EXPENDITURE (right axis) Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: * Labour costs include social contributions by the employer. 19 Under the impact of the increase in the pay scale in September 2016, the promotion raises paid in December 2016 and growth in employment. se le ct ed to pi cs 25Slovenian Economic Mirror, No. 4/2017 Selected topics Company performance in 2016 In 2016 company performance improved further and came close to that recorded in the most successful years. Growth in value added was high,1 which is in line with the positive picture for economic growth indicated by SURS’s preliminary data for 2016. The net profit reached almost EUR 3.2 billion, a figure that lagged only behind that of 2007, and the net operating profit was the highest thus far. The net financial loss was the lowest since the beginning of the crisis. Companies’ performance2 again improved, primarily owing to the growth of revenue from exports to EU Member States.3 This is related to the rising demand on the EU market and the improvement in Slovenia’s export competitiveness on 1 According to AJPES data, the nominal growth of companies’ value added totalled 5.7% in 2016. 2 The operational efficiency is the ratio of operating revenue to operating expenses. 3 In the period analysed, export revenue as a share of total revenue rose by one-third, to almost 40%. Figure 28: Companies’ net profit and its main components -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 In E U R m Source: AJPES; calculations by IMAD. Net financial profit/loss Net operating profit/loss Net profit/loss in the accounting period Figure 29: Revenues from sales on the domestic and foreign markets 0 10 20 30 40 50 60 2008 2009 2010 2011 2012 2013 2014 2015 2016 In E U R bn Source: AJPES; calculations by IMAD. Revenue from sales on the domestic market Revenue from sales on the EU market Revenue from sales outside the EU market that market.4 Revenue from sales on the domestic market has also risen slightly since 2013 but remains significantly lower than before the crisis. On the expenditure side, the costs of materials have been relatively low in the last few years and there have been fewer write-offs. With a significant decline in activity at the onset of the crisis, the share of labour costs in operating expenses first rose strongly in 2009, but in the next few years labour costs declined, which had a positive impact on business results. Since 2012 labour costs have again been rising owing to the increased business volume, but they have continued to decline per unit of value added. Alongside the decline in raw material prices, the slowdown of expenditure growth in the last few years has thus been attributable particularly to the decline in the costs of certain materials and energy. In 2016 write-offs in value dropped significantly owing to the lower needs for the revaluation of assets. The large losses from financial operations typical for the crisis period had declined strongly by 2016. Owing to their high indebtedness, companies had high financial liabilities under this heading at the beginning of the crisis but these declined later on in the process of deleveraging. The impairment of financial investments,5 which also contributed to the high level of financial expenses during the crisis, has also been decreasing in recent years. Amid a concurrent increase in financial revenues, the loss from financial operations declined significantly. Corporate indebtedness6 has declined strongly and has reached the levels from the beginning of the previous decade. In the period until 2008 the indebtedness of companies had increased significantly owing to favourable financial market conditions and high economic activity. In the following years companies were deleveraging mainly by 4 In 2016 Slovenia’s market share in the EU expanded for the fourth year in a row (see also SEM 3–2017). 5 These were a consequence of bad loans, a decline in the value of shares, etc. 6 Share of debt in total liabilities. Figure 30: Labour costs in value added and operating expenses 13.50 13.75 14.00 14.25 14.50 14.75 15.00 15.25 15.50 60.0 60.5 61.0 61.5 62.0 62.5 63.0 63.5 64.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 In % In % Source: AJPES; calculations by IMAD. Labour costs/value added (left axis) Labour costs/operating expenses (right axis) 26 Slovenian Economic Mirror, No. 4/2017 Selected topics repaying old loans and selling assets. The value of total corporate debt also declined because of bankruptcies of indebted companies. The value of companies’ assets had consequently also been falling until last year, when it increased again. In 2016 profits increased again in most sectors. Business performance improved significantly in the largest sectors, i.e. manufacturing, the distributive trades and transportation; positive results were again recorded in electricity supply.7 A negative result was seen only in construction (owing to a large loss incurred by one particular company). Adult skills according to the PIAAC survey 8 Adults in Slovenia have poorer skills than the average in the OECD; this is reducing productivity and makes it difficult for Slovenia to adapt to the challenges of a long-living society. Skills are related to the productivity of workers, an individual’s performance on the labour market, social inclusion, the health of the population and more. According to the results of the OECD’s first PIAAC survey, in Slovenia adults score below the OECD average in literacy, numeracy and digital skills. Slovenia stands out particularly in its high share of adults who only have basic skills. Before the PIAAC survey, the only international comparison for adult skills in Slovenia was made within 7 In 2015 this sector generated a significant loss as a result of revaluations and write-offs related to TEŠ6. 8 The Survey of Adult Skills, a product of the OECD Programme for the International Assessment of Adult Competences (PIAAC), is an international survey on the competences of adults (16–65 years) conducted by the OECD. Slovenia participated in the second of the three rounds of the survey. Two rounds of the survey have been undertaken to date (2012 and 2015). None of the countries that had been included in the first round participated in the second round of the survey. Figure 31: Breakdown of financial expenses and financial revenues 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 In E U R bi lli on Source: AJPES; calculations by IMAD. Other financial expenses Financial expenses from impairment and write-offs Financial expenses from financial liabilities Financial revenues Figure 32: Debt , capital and the share of debt in total liabilities 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 80 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 In % In E U R bn Source: AJPES; calculations by IMAD. Debt Equity Share of debt in total liabilities (right axis) Figure 33: Net profit by activity -700 -350 0 350 700 1,050 1,400 Other activities together M Professional, scientific and technical activities L Real estate activities K Financial and insurance activities J Information and communication H Transportation and storage G Wholesale and retail trade, repair of motor vehicles and motorcycles F Construction D Electricity, gas, steam and air-conditioning supply C Manufacturing In EUR m Source: AJPES; calculations by IMAD. 2016 2015 Figure 34: Average proficiency of adults (25–65 years) in literacy and numeracy skills with regard to educational attainment, in points, 2012 and 2015 respectively 150 170 190 210 230 250 270 290 310 330 350 Less than upper secondary degree Upper secondary Tertiary Less than upper secondary degree Upper secondary Tertiary Literacy skills Numeracy skills Po in ts SI OECD Source: OECD, PIAAC. 27Slovenian Economic Mirror, No. 4/2017 Selected topics the International Survey of the Literacy of Adults (1994– 1998),9 but only literacy skills were compared therein and these have since improved significantly in Slovenia. The literacy, numeracy and digital skills of people with a low level of education and older people lag the most behind the OECD average. Adults score below the OECD average in all education and age groups, the gap being widest for those with less than upper secondary education and older people (55–65 years). The differences between adults who have not completed upper secondary education and those with a tertiary degree are also greater than on average in the OECD. The same holds true for the differences in the proficiency of older (55–65 years) and younger (25–34 years) people. The lower skill level of adults is also attributable to the lower attention to skills at company level. In countries where the application of high performance work practices 9 International Adult Literacy Survey. Table 8: Literacy, numeracy and digital skills of adults (16–65 years) Literacy, in points1 Numeracy, in points1 Digital skills, shares in % First level or lower2,3 No experience with computers or no basic computer skills2 Slovenia 256.4 257.6 49.2 18.4 OECD Average 267.7 263.0 42.9 14.7 England (U. Kingdom) 272.6 261.8 48.9 9.9 Australia 280.4 267.6 38.1 7.5 Austria 269.5 275.0 40.8 13.7 Belgium 275.5 280.4 44.7 10.9 Czech R. 274.0 275.7 41.7 12.5 Chile 220.1 206.1 52.4 25.2 Denmark 270.8 278.3 46.8 7.8 Estonia 275.9 273.1 42.8 13.3 France 262.1 254.2 n.p. 16.5 Greece 253.9 251.9 47.9 20.2 Ireland 266.5 255.6 42.0 14.7 Israel 255.2 251.0 42.7 14.3 Japan 296.2 288.2 27.3 20.9 South Korea 272.6 263.4 39.4 24.6 Canada 273.5 265.5 44.8 10.4 Germany 269.8 271.7 44.8 11.6 Netherlands 284.0 280.3 45.0 6.7 Norway 278.4 278.3 43.3 6.9 New Zealand 280.7 271.1 45.3 4.9 Poland 266.9 259.8 31.0 26.0 Northern Ireland 268.7 259.2 51.0 15.8 Slovakia 273.8 275.8 37.7 24.2 Spain 251.8 245.8 n.p. 23.2 Sweden 279.2 279.1 43.9 6.4 Turkey 226.5 219.4 34.6 38.0 USA 269.8 252.8 48.9 9.3 Source: OECD, PIAAC. Notes: Shaded cells indicate values below the OECD average. 1 A higer value indicates a better result; 2 a lower value indicates a better result; 3 levels of digital skills below the difficulty levels 1, 2 and 3. (HPWPs) is more widespread,10 workers more frequently use information-processing skills in the workplace.11 The modest use of these practices in Slovenia represents one of the obstacles to increasing productivity;12 it could be stimulated by better human-resources management in companies. This could in turn also be achieved by improving managerial skills, where Slovenia ranks low on international scales in comparison with the OECD average.13 10 Flexibility at work – deciding on the sequence and the speed of tasks, the way of carrying out tasks, cooperating with others, instructing, teaching others, sharing information with others, organising own time and activities and management practices. 11 Reading, writing, numeracy, ICT skills and problem-solving. 12Research shows that the frequency of the use of skills at work is positively correlated with the productivity of the employee (Skills Matter: OECD Skills Studies, Further Results from the Survey of Adult Skills, 2016). 13 According to the IMD survey, Slovenia ranks badly in terms of the availability of appropriate managers and their education with regard to competitiveness demands; according to the WEF survey, it scores badly in the level of their professionalism. 28 Slovenian Economic Mirror, No. 4/2017 Selected topics The PIAAC survey showed that Slovenia should pay greater attention to adult skills. One of the ways to improve adult skills is increasing the participation of adults in lifelong learning and fostering the quality of lifelong learning programmes. Slovenia could follow the example of certain Northern European countries which score high in adult skills and also have a large share of adults participating in lifelong learning. Moreover, productivity could also be enhanced by measures aimed at improving workers’ skills at the level of companies, given the large extent of mismatches between the level and field of education and skills.14 For this to be achieved, Slovenia should establish a system for monitoring the skills needs of the government and the corporate sector in order to better adapt education to the needs of companies. 14 22.4% of workers are not well matched with their jobs in terms of the level of educational attainment (10.5% being under- and 11.8% being overqualified for their jobs). 28.8% of them are mismatched in terms of field of education (they were educated in one field but work in another, for example they may have a degree in social work but are employed in administration). 12.3% of workers are mismatched in terms of literacy skills and 14.1% in numeracy skills. Figure 35: Share of jobs that include high performance work practices, OECD, 2012 and 2015 respectively, in % 0 5 10 15 20 25 30 35 40 45 50 D K FI SE BE (F la nd er s) A T N L N Z ZD A IL C A U K (E ng la nd ) A U N O C Z O EC D EE JP D E ES PL S I U K (N . I re la nd ) IE C L FR KR SK I T TR G R Sh ar es , % Source: OECD, PIAAC. st at is ti ca l a pp en di x 31Slovenian Economic Mirror, No. 4/2017 Statistical Appendix MAIN INDICATORS 2011 2012 2013 2014 2015 2016 2017 2018 2019 Spring forecast 2017 GDP (real growth rates, in %) 0.6 -2.7 -1.1 3.1 2.3 2.5 3.6 3.2 2.6 GDP in EUR million (current prices) 36,896 36,003 35,917 37,332 38,570 39,769 41,625 43,675 45,577 GDP per capita, in EUR (current prices) 17,973 17,504 17,439 18,107 18,693 19,262 20,158 21,152 22,081 GDP per capita (PPS)1 21,700 21,800 21,700 22,800 GDP per capita (PPS EU28=100)1 83 82 81 83 Rate of registered unemployment 11.8 12.0 13.1 13.1 12.3 11.2 9.7 9.1 8.5 Standardised rate of unemployment (ILO) 8.2 8.9 10.1 9.7 9.0 8.0 7.0 6.4 6.0 Labour productivity (GDP per employee) 2.4 -1.8 0.0 2.6 1.2 0.5 1.4 1.7 1.6 Inflation,2 year average 1.8 2.6 1.8 0.2 -0.5 -0.1 1.8 1.6 2.0 Inflation,2 end of the year 2.0 2.7 0.7 0.2 -0.5 0.5 2.1 1.9 2.1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 6.9 0.6 3.1 5.7 5.6 5.9 6.0 5.1 4.8 Exports of goods 8.0 0.4 3.3 6.3 5.3 5.7 6.1 5.1 4.9 Exports of services 2.5 1.5 1.9 3.4 6.5 6.8 5.4 4.8 4.5 Imports of goods and services (real growth rates, in %) 5.0 -3.7 2.1 4.2 4.6 6.2 6.5 5.6 5.1 Imports of goods 6.0 -4.3 2.9 3.8 5.0 6.6 6.8 5.7 5.2 Imports of services -0.4 0.2 -3.1 6.3 2.2 4.1 5.0 4.8 4.4 Current account balance3, in EUR million 68 930 1,732 2,325 1,998 2,719 1,911 1,906 2,024 As a per cent share relative to GDP 0.2 2.6 4.8 6.2 5.2 6.8 4.6 4.4 4.4 Gross external debt, in EUR million 41,669 42,872 41,866 46,514 44,954 43,334 43,437* As a per cent share relative to GDP 112.9 119.1 116.6 124.6 116.6 109.0 Ratio of USD to EUR 1.392 1.286 1.328 1.329 1.110 1.107 1.067 1.068 1.068 DOMESTIC DEMAND Private consumption (real growth rates, in %) 0.0 -2.5 -4.0 2.0 0.5 2.8 3.5 2.7 2.0 As a % of GDP 56.0 56.8 55.0 54.0 52.1 51.7 52.0 51.7 51.3 Government consumption (real growth rates, in %) -0.7 -2.2 -2.1 -1.2 2.5 2.6 1.0 0.9 0.6 As a % of GDP 20.4 20.3 19.7 18.7 18.7 18.9 18.9 18.7 18.3 Gross fixed capital formation (real growth rates, in %) -4.9 -8.8 3.2 1.4 1.0 -3.1 7.0 7.0 6.0 As a % of GDP 20.2 19.3 20.0 19.6 19.5 18.4 19.1 19.9 20.7 Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast, March 2017). Notes: 1Measured in purchasing power standard; 2Consumer price index; 3 Balance of payments statistics; *End March 2017. 32 Slovenian Economic Mirror, No. 4/2017 Statistical Appendix PRODUCTION 2014 2015 2016 2015 2016 2017 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 2.2 5.6 6.4 6.7 5.2 5.5 5.2 5.6 8.2 6.0 5.9 7.9 0.9 6.1 8.4 2.6 B Mining and quarrying -3.8 0.4 1.7 0.4 -14.4 -1.9 23.3 8.3 -7.9 10.1 -1.6 13.0 -36.6 -0.8 6.8 11.4 C Manufacturing 4.3 6.0 7.7 6.8 5.8 6.3 5.3 6.9 9.7 7.1 7.0 8.1 1.6 6.8 9.0 3.1 D Electricity, gas & steam supply1 -14.2 2.5 -5.6 5.8 2.4 -0.5 2.2 -6.6 -5.9 -6.5 -3.4 3.9 2.1 0.6 4.7 -3.0 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total 19.5 -8.1 -17.7 0.3 -8.9 -12.5 -8.3 -31.3 -21.4 -12.7 -9.2 19.8 -6.9 -8.9 -10.5 -12.8 Buildings 3.8 -4.0 2.4 -5.3 -1.1 -5.6 -4.2 -6.6 -11.6 5.7 19.1 36.5 -5.4 1.0 0.9 -2.9 Civil engineering 26.5 -9.8 -24.7 2.5 -11.5 -15.2 -10.0 -39.9 -24.9 -19.3 -19.0 15.3 -7.5 -12.2 -14.3 -16.5 MARKET SERVICES, year-on-year growth rates, % Services, total 3.7 5.4 4.0 3.7 4.2 5.0 8.4 5.0 4.4 3.3 3.6 6.7 2.0 4.1 6.3 4.6 Transportation and storage 6.2 3.2 3.6 2.3 3.1 2.2 5.2 3.7 4.5 2.8 3.3 10.6 0.8 2.1 6.2 2.4 Information and communication activities 1.1 4.6 3.3 1.4 1.7 4.5 10.2 4.0 5.0 4.0 0.7 2.9 2.9 0.3 1.8 2.2 Professional, scientific and technical activities -1.8 3.5 -0.7 3.5 -0.4 2.6 7.7 0.8 0.9 -4.5 0.2 0.2 -4.5 2.5 1.0 2.6 Administrative and support service activities 2.5 11.6 10.1 14.2 15.5 9.7 8.0 12.2 6.5 8.7 13.8 10.7 12.4 13.5 20.2 8.7 Distributive trades, y-o-y growth rates, % Total real turnover* 2.4 5.7 10.2 4.9 6.8 4.5 6.6 9.0 9.1 8.8 13.6 13.5 2.7 8.1 9.8 3.5 Real turnover in retail trade 0.0 1.0 4.5 0.7 1.4 0.4 1.6 2.1 2.2 3.1 10.1 12.2 -0.9 2.5 2.6 0.2 Real turnover in the sale and maintenance of motor vehicles 6.9 14.0 21.7 12.0 15.9 12.6 15.2 23.0 24.1 18.9 20.8 15.8 8.9 17.6 21.4 9.7 Nominal turnover in wholesale trade & commission trade 3.7 1.4 2.0 0.4 1.5 0.6 2.9 0.2 1.2 0.1 6.2 13.8 -2.2 1.8 5.0 0.8 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays -0.5 7.2 7.6 6.8 7.0 9.1 3.3 9.6 0.9 9.0 11.3 4.7 6.1 8.1 6.7 10.9 Domestic tourists, overnight stays -3.5 6.3 2.8 6.8 4.9 8.7 3.4 1.3 1.0 4.6 3.4 4.1 10.5 -2.9 7.4 8.3 Foreign tourists, overnight stays 1.4 7.7 10.3 6.9 8.2 9.3 3.2 17.4 0.8 10.9 17.1 5.2 3.7 14.2 6.3 12.1 Accommodation and food service activities 0.2 7.4 11.1 5.0 6.6 8.5 9.3 9.9 8.3 13.5 12.2 8.3 2.2 9.0 8.2 10.3 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 506.9 472.9 465.7 102.5 111.3 123.6 135.5 104.6 110.1 118.2 132.9 108.7 37.1 37.0 37.2 43.3 BUSSINES TENDENCY (indicator values**) Sentiment indicator -2.3 5.2 5.5 4.4 4.9 5.5 5.9 3.6 4.6 6.0 7.9 11.0 4.4 5.3 5 3.6 Confidence indicator - in manufacturing 2 6 6 6 5 6 7 4 6 5 7 10 4 6 6 6 - in construction -11 -14 -10 -10 -14 -17 -15 -17 -15 -7 -1 4 -15 -14 -13 -15 - in services 5 16 19 15 16 16 19 17 19 19 21 24 16 16 15 16 - in retail trade 9 15 20 17 16 14 13 24 14 25 16 19 24 19 5 5 Consumer confidence indicator -22 -11 -14 -15 -10 -8 -12 -18 -17 -12 -10 -7 -12 -11 -6 -14 Source of data: SURS. Note: 1Only 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. 33Slovenian Economic Mirror, No. 4/2017 Statistical Appendix 2015 2016 2017 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 8.4 6.2 3.5 8.4 3.6 4.9 8.3 3.9 8.3 9.6 6.9 2.0 9.6 6.9 2.3 7.3 8.5 7.2 3.1 12.9 - - 9.3 -21.1 -10.8 27.4 77.5 10.0 7.1 7.9 -8.4 -6.1 -9.3 -24.6 9.7 50.3 33.2 -15.1 -18.4 5.6 11.0 21.6 - - 9.0 7.3 4.0 8.6 3.1 6.2 9.9 4.9 10.1 11.1 8.0 3.4 11.5 7.3 2.8 8.7 10.0 6.7 3.2 13.9 - - 1.8 -0.1 2.6 3.6 0.7 -5.8 -6.0 -8.1 -7.4 -5.1 -5.3 -8.1 -6.0 -5.4 -8.0 -3.2 0.8 9.9 0.8 1.1 - - -13.8 -10.7 -11.6 7.0 -22.2 -25.9 -29.7 -36.0 -27.4 -19.5 -17.9 -15.8 -14.9 -7.4 -15.2 -15.1 9.3 -9.5 21.1 41.5 - - -11.3 -1.7 -7.0 2.6 -8.1 -9.4 -2.8 -7.5 -12.3 -13.4 -9.4 6.6 1.3 9.4 8.6 14.3 37.5 24.3 26.4 55.0 - - -15.1 -14.1 -13.2 8.5 -28.3 -32.2 -39.3 -45.1 -32.5 -21.7 -21.0 -23.7 -20.9 -13.5 -23.1 -24.5 -2.0 -20.7 21.7 37.6 - - 5.7 4.7 6.4 12.3 7.0 4.7 6.5 3.8 4.0 4.7 4.5 -0.3 5.5 5.1 1.0 3.0 6.5 6.6 3.7 9.4 - - 3.9 0.6 3.9 8.6 3.3 3.6 5.5 2.2 4.1 4.6 4.6 -3.5 6.3 5.9 0.9 3.3 5.9 9.5 6.3 15.7 4.8 6.6 4.6 15.0 10.9 3.5 3.7 4.6 4.1 4.4 6.3 1.2 3.7 7.1 1.7 0.1 0.5 3.2 1.6 3.7 2.2 2.9 7.2 13.6 3.1 -0.7 2.1 0.9 0.0 2.9 -0.3 -7.4 0.2 -5.7 -7.5 -0.2 7.8 4.3 -3.4 0.2 9.9 10.5 9.7 10.8 3.6 11.4 13.7 11.7 8.2 8.3 3.5 8.1 9.6 8.3 6.9 13.4 22.1 7.2 9.2 15.0 - - 4.9 5.1 3.8 7.8 8.3 6.0 13.3 7.9 8.6 10.9 8.0 5.2 13.8 8.0 10.7 15.4 14.6 15.8 9.0 15.5 - - 0.2 0.8 0.4 1.8 2.8 0.8 3.7 2.0 0.5 1.6 4.3 1.3 5.6 2.4 7.7 11.4 11.2 14.0 8.9 13.4 - - 15.9 13.1 9.4 19.9 16.8 15.7 33.0 21.1 25.4 30.6 17.1 12.2 27.7 18.6 16.9 22.8 22.6 19.5 9.0 18.9 - - 0.3 0.8 -2.1 5.6 5.9 -0.2 2.2 -1.1 -1.9 3.0 2.4 -5.6 5.6 0.8 2.9 6.8 9.0 16.0 8.6 16.6 - - 8.7 7.0 1.1 0.6 8.8 9.3 7.0 12.8 -0.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 2.5 6.5 - - 10.2 6.4 0.9 5.0 5.1 6.8 2.7 -5.0 8.5 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 -3.6 20.9 - - 8.1 7.3 1.2 -3.0 11.7 11.0 12.5 28.8 -5.7 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 9.7 -3.0 - - 8.0 7.0 6.2 8.7 13.0 7.8 12.8 9.2 9.0 6.6 9.2 13.3 10.8 16.9 14.2 10.3 11.8 7.1 6.3 11.0 - - 36.2 44.2 49.0 40.3 46.2 33.7 34.2 36.7 36.0 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 34.2 39.5 - - 7.0 5.8 5.7 5.3 6.6 3.9 3.5 3.4 5.6 3.7 4.4 5.3 6.6 6.1 7.1 8.1 8.6 10.1 10.5 12.4 11.6 9.5 8 5 7 7 7 4 5 4 8.0 5 5 5 7 4 6 7 7 9 10 12 9 6 -15 -20 -15 -14 -15 -15 -17 -19 -16.0 -15 -13 -12 -8 -2 -2 -1 1 -1 7 5 9 7 16 17 18 18 20 16 17 19 21.0 17 18 19 18 19 21 22 21 22 23 26 27 24 15 23 14 14 12 28 23 20 10.0 14 17 20 24 30 10 19 19 13 17 27 14 12 -5 -6 -11 -14 -10 -16 -19 -19 -17.0 -18 -16 -13 -12 -11 -11 -10 -9 -3 -9 -9 -5 -6 34 Slovenian Economic Mirror, No. 4/2017 Statistical Appendix LABOUR MARKET 2014 2015 2016 2015 2016 2017 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 FORMAL LABOUR FORCE (A=B+E) 917.9 917.4 920.4 919.7 917.5 914.5 917.8 917.8 919.7 917.7 926.2 927.6 917.9 917.3 917.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 797.8 804.6 817.2 798.0 805.0 807.1 808.5 803.0 817.2 820.3 828.3 827.5 803.0 804.9 807.1 In agriculture, forestry, fishing 35.4 29.9 23.1 32.8 30.5 29.4 26.9 23.9 23.8 22.1 22.8 22.3 30.5 30.5 30.5 In industry, construction 252.4 255.2 260.3 250.4 255.2 257.3 257.9 254.7 260.7 262.5 263.3 261.2 254.2 255.1 256.2 Of which: in manufacturing 178.3 181.0 186.7 178.8 179.9 181.6 183.6 184.1 186.2 187.3 189.0 189.7 179.3 179.9 180.6 in construction 54.0 54.3 53.9 51.8 55.3 55.7 54.5 50.9 54.6 55.4 54.7 52.2 55.0 55.3 55.6 In services 510.0 519.6 533.8 514.9 519.3 520.4 523.7 524.4 532.7 535.7 542.3 544.0 518.2 519.2 520.4 Of which: in public administration 48.8 48.1 48.4 48.1 48.2 48.3 48.0 48.1 48.4 48.6 48.6 48.6 48.2 48.0 48.3 in education, health-services, social work 122.2 124.0 127.7 123.3 124.1 123.3 125.5 125.9 127.6 127.3 130.0 130.8 124.0 124.1 124.1 FORMALLY EMPLOYED (C)1 703.0 713.1 730.5 704.2 712.9 715.9 719.3 716.2 730.2 734.6 741.1 740.5 710.9 712.7 714.9 In enterprises and organisations 652.6 662.3 680.2 654.6 661.5 664.6 668.6 667.5 679.6 683.6 690.2 691.1 659.6 661.3 663.5 By those self-employed 50.5 50.8 50.3 49.7 51.4 51.4 50.6 48.7 50.7 51.0 50.9 49.4 51.4 51.4 51.4 SELF-EMPLOYED AND FARMERS (D) 94.8 91.6 86.7 93.8 92.1 91.1 89.2 86.9 87.0 85.8 87.2 87.0 92.0 92.2 92.1 REGISTERED UNEMPLOYMENT (E) 120.1 112.7 103.2 121.6 112.5 107.4 109.3 114.8 102.5 97.4 97.9 100.1 114.9 112.4 110.2 Female 59.6 57.5 52.4 60.0 57.7 55.9 56.2 56.6 52.3 50.6 50.2 49.5 58.5 57.6 56.8 By age: 15 to 29 30.4 26.7 22.5 30.0 26.5 23.9 26.4 26.1 21.7 20.5 21.6 20.7 27.7 26.4 25.4 aged over 50 37.3 36.7 36.5 37.8 36.8 36.2 36.1 38.6 36.8 35.4 35.0 36.9 37.0 36.8 36.7 Primary education or less 33.8 32.3 30.2 35.3 32.0 30.5 31.2 33.8 30.0 28.2 28.8 30.6 32.7 31.9 31.4 For more than 1 year 59.9 59.7 55.1 61.1 60.1 59.1 58.4 58.5 56.0 53.5 52.3 51.2 60.3 59.9 60.0 Those receiving benefits 26.6 23.7 23.1 28.7 22.4 21.4 22.2 28.9 21.3 20.5 21.5 27.3 23.1 22.4 21.8 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 13.1 12.3 11.2 13.2 12.3 11.7 11.9 12.5 11.1 10.6 10.6 11.1 12.5 12.3 12.0 Male 12.0 11.1 10.2 12.3 11.0 10.3 10.7 11.8 10.1 9.4 9.5 10.4 11.3 11.0 10.7 Female 14.3 13.7 12.4 14.4 13.8 13.4 13.4 13.4 12.4 12.0 11.8 11.8 14.0 13.8 13.6 FLOWS OF FORMAL LABOUR FORCE -4.6 -6.4 -13.5 -1.4 -7.9 -5.5 8.3 -2.9 -10.4 -4.7 4.5 1.7 -3.2 -2.5 -2.1 New unemployed first-job seekers 18.5 15.8 14.2 3.5 2.2 2.8 7.4 3.0 2.0 2.7 6.5 1.8 0.8 0.7 0.8 Redundancies 83.9 81.3 75.7 24.4 16.3 17.3 23.3 23.8 15.4 16.3 20.3 17.1 5.8 5.2 5.3 Registered unemployed who found employment 74.0 71.0 74.9 21.8 19.0 16.9 13.3 23.6 20.6 16.1 14.5 12.6 7.3 6.0 5.7 Other outflows from unemployment (net) 33.2 32.6 28.6 7.5 7.5 8.6 9.1 6.0 7.2 7.5 7.9 4.6 2.4 2.6 2.5 WORK PERMITS FOR FOREIGNERS 25.1 23.2 19.2 22.6 23.3 23.7 23.3 21.6 20.0 18.2 17.1 16.8 23.1 23.6 23.2 As % of labour force 2.7 2.5 2.1 2.5 2.5 2.6 2.5 2.4 2.2 2.0 1.8 1.8 2.5 2.6 2.5 Source of data: SURS, PDII, ESS. Note: 1In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterlyFigure for farmers from the Labour Force Survey. 35Slovenian Economic Mirror, No. 4/2017 Statistical Appendix 2015 2016 2017 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 915.0 913.6 914.8 917.9 918.8 916.7 916.2 918.0 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 805.5 805.6 810.1 810.4 811.4 803.6 798.0 801.9 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 29.5 29.3 29.3 27.0 26.8 26.9 23.9 23.9 24.0 23.8 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2 22.3 22.4 256.5 256.9 258.4 259.6 259.8 254.3 252.7 254.1 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 180.9 181.3 182.5 183.6 184.1 183.0 183.2 184.1 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 55.5 55.6 56.0 56.1 55.7 51.6 49.8 50.2 52.7 54.2 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8 51.5 54.3 519.5 519.4 522.3 523.8 524.8 522.5 521.4 524.0 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 48.2 48.3 48.2 47.9 48.3 48.0 47.9 48.1 48.3 48.3 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4 48.5 48.7 122.8 122.6 124.5 125.2 125.7 125.5 125.0 125.8 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 714.3 714.6 718.8 721.2 722.1 714.5 711.3 715.0 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 663.0 663.3 667.4 669.7 670.9 665.3 663.2 666.7 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 51.3 51.3 51.4 51.4 51.2 49.2 48.2 48.3 49.6 50.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7 48.9 50.5 91.2 91.0 91.3 89.3 89.2 89.1 86.7 86.9 87.0 86.9 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8 87.0 87.2 109.6 107.9 104.8 107.5 107.4 113.1 118.2 116.0 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 56.9 56.4 54.6 56.2 55.8 56.6 57.9 56.9 54.9 53.5 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5 49.8 48.3 24.8 23.9 22.9 26.2 26.9 26.9 27.3 26.4 24.7 22.9 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6 20.9 19.4 36.6 36.3 35.7 35.6 35.6 37.2 39.1 38.9 37.9 37.2 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6 37.2 35.8 31.0 30.5 30.1 30.3 30.4 33.0 34.6 34.3 32.4 30.8 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0 31.2 28.6 59.5 59.0 58.9 58.8 58.2 58.2 59.2 58.5 57.8 56.6 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1 51.3 50.3 21.8 21.5 20.8 20.6 20.7 25.3 30.2 29.5 26.9 22.1 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4 26.8 24.7 12.0 11.8 11.5 11.7 11.7 12.3 12.9 12.6 12.0 11.5 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2 10.9 10.2 10.6 10.4 10.1 10.3 10.4 11.4 12.2 11.9 11.1 10.5 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6 10.3 9.3 13.6 13.5 13.1 13.4 13.3 13.5 13.7 13.5 13.0 12.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9 11.7 11.3 -0.7 -1.6 -3.2 2.7 -0.1 5.7 5.1 -2.1 -5.8 -4.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1 -2.4 -6.2 0.7 0.7 1.4 5.0 1.3 1.1 1.2 0.9 0.9 0.7 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0 0.8 0.8 6.5 5.1 5.8 6.5 6.5 10.3 12.9 5.7 5.2 5.3 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0 5.2 5.1 5.2 4.7 7.0 5.4 4.8 3.1 6.7 6.9 10.0 8.4 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3 6.3 9.7 2.6 2.7 3.4 3.3 3.1 2.6 2.2 1.8 1.9 2.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6 2.0 2.4 23.3 23.6 24.1 23.8 23.3 22.8 22.1 21.8 21.0 20.3 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9 16.8 16.8 2.5 2.6 2.6 2.6 2.5 2.5 2.4 2.4 2.3 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.8 1.8 36 Slovenian Economic Mirror, No. 4/2017 Statistical Appendix WAGES EUR m 2014 2015 2016 2015 2016 2017 2016 Q1 17 Mar17 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 GROSS WAGE PER EMPLOYEE, nominal y-o-y growth rates, % TOTAL 1,584 1,599 1,624 1.1 0.7 1.8 0.5 0.6 0.4 1.3 2.3 1.5 1.7 1.9 1.5 Private sector activities (A–N; R–S) 1,526 1,540 1,572 1.5 0.8 1.3 0.4 0.8 0.6 1.2 1.8 1.1 1.0 1.5 1.6 Public service activities (OPQ) 1,765 1,782 1,783 0.3 0.6 3.3 0.8 0.2 -0.1 1.7 3.9 2.8 3.7 2.9 1.3 Industry (B–E) 1,585 1,609 1,642 3.2 1.7 1.9 1.4 1.9 1.2 2.1 2.2 1.6 1.3 2.5 2.3 Trad. market services (GHI) 1,394 1,399 1,428 1.0 0.9 0.9 0.2 1.4 1.0 1.0 1.6 0.8 0.5 0.8 1.7 Other market services (J–N; R–S) 1,691 1,703 1,740 -0.3 -0.4 0.7 -0.5 -0.9 -0.5 0.1 1.2 0.3 0.5 0.9 0.7 A Agriculture, forestry and fishing 1,310 1,296 1,346 0.7 0.2 -0.4 -0.6 0.0 -0.2 1.6 2.2 -0.8 0.7 -3.3 0.2 B Mining and quarrying 2,057 2,071 2,067 5.9 -5.9 2.7 -9.2 -4.8 -4.8 -4.9 1.1 1.6 2.4 5.6 4.2 C Manufacturing 1,546 1,571 1,602 3.3 2.1 2.1 2.1 2.3 1.8 2.3 2.4 1.7 1.5 2.8 2.2 D Electricity, gas, steam and air conditioning supply 2,347 2,381 2,477 2.5 -1.0 1.3 -4.4 1.7 -3.0 1.9 2.3 1.9 0.0 0.9 4.2 E Water supply sewerage, waste management and remediation activities 1,524 1,546 1,577 1.4 1.5 1.9 1.3 0.3 1.8 2.2 2.3 2.6 1.7 1.2 4.2 F Constrution 1,205 1,200 1,232 0.3 -0.2 1.3 -0.7 -0.8 -0.5 1.0 1.5 1.5 1.9 0.4 1.1 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,437 1,452 1,499 1.2 1.4 1.6 0.4 1.8 1.6 1.8 2.4 1.6 1.0 1.3 2.5 H Transportation and storage 1,467 1,451 1,458 1.1 0.5 -0.5 0.7 1.4 0.6 -0.5 -0.1 -0.6 -0.7 -0.5 0.5 I Accommodation and food service activities 1,085 1,089 1,086 -0.2 -1.0 1.4 -2.2 -1.0 -1.0 -0.1 2.0 0.3 1.0 2.2 1.1 J Information and communication 2,107 2,150 2,238 0.1 1.0 0.5 2.6 -0.2 1.0 0.7 1.1 0.6 -0.2 0.6 1.8 K Financial and insurance activities 2,293 2,338 2,407 1.2 2.1 1.5 3.9 1.9 1.8 1.0 2.0 -0.1 1.9 2.4 2.3 L Real estate activities 1,489 1,493 1,524 -1.2 -0.7 0.7 -1.1 -1.6 -0.5 0.5 0.4 0.5 0.5 1.2 1.5 M Professional, scientific and technical activities 1,739 1,756 1,797 1.1 0.8 0.8 0.9 1.7 0.5 -0.1 1.3 0.7 0.3 1.0 1.4 N Administrative and support service activities 1,054 1,055 1,063 2.5 0.4 3.4 0.3 -0.6 0.0 1.9 3.7 3.8 3.1 2.9 1.0 O Public administration and defence, compulsory social security 1,873 1,905 1,898 1.0 2.1 4.7 1.8 0.7 0.4 5.2 6.8 4.3 5.4 2.3 1.5 P Education 1,688 1,704 1,712 0.0 -0.2 2.5 0.5 -0.1 -0.6 -0.3 1.8 2.2 2.9 3.0 1.4 Q Human health and social work activities 1,760 1,768 1,768 -0.1 0.3 3.1 0.2 0.1 0.1 0.8 3.6 2.2 3.0 3.4 1.0 R Arts, entertainment and recreation 1,650 1,659 1,665 -0.5 -0.5 2.3 -0.5 -0.3 -1.6 0.3 1.6 2.4 1.7 3.3 1.9 S Other service activities 1,335 1,334 1,335 -1.1 -2.2 -0.9 -1.9 -2.8 -2.5 -1.5 -0.1 -1.0 -1.0 -1.4 -1.0 Source of data: SURS, calculations by IMAD. 37Slovenian Economic Mirror, No. 4/2017 Statistical Appendix 2015 2016 2017 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 0.4 0.5 0.2 -0.2 2.5 1.5 1.1 3.5 2.4 1.4 1.8 1.3 0.2 2.8 2.1 1.5 0.5 3.7 2.1 0.5 1.9 0.6 0.7 0.4 -0.3 3.1 0.6 0.0 3.3 2.0 0.9 1.6 0.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.0 -0.1 -0.2 0.1 0.9 4.1 4.0 4.0 3.6 3.0 2.7 2.8 3.6 3.1 4.4 4.8 3.0 0.9 1.0 1.4 1.5 1.6 1.2 1.0 0.6 4.8 0.5 -0.2 4.4 2.5 0.2 2.7 1.9 -1.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.2 1.1 0.7 0.2 1.9 0.6 0.6 2.8 1.4 1.7 0.7 0.0 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 -0.9 0.1 -0.6 -1.6 1.4 0.6 -0.6 2.5 1.7 0.8 0.6 -0.4 -0.5 1.5 0.5 0.1 1.2 1.5 0.9 0.1 1.0 -0.4 0.0 -0.2 -4.0 8.5 0.2 1.4 2.9 2.5 -0.9 1.3 -2.7 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 1.8 -9.6 -6.6 -4.2 -5.4 -5.1 -1.5 1.4 3.4 -3.9 -0.4 9.2 -6.6 10.1 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 1.2 2.2 1.8 1.0 4.6 1.1 0.0 4.7 2.4 0.5 2.9 1.6 -1.1 3.8 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 5.7 -8.2 -6.0 -2.6 12.1 -4.5 -0.7 3.4 4.3 -2.4 1.7 6.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 3.1 1.2 1.0 2.1 4.3 0.1 0.3 2.6 4.1 1.3 3.7 2.6 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 -0.6 -0.6 -0.4 -1.2 3.3 1.0 0.5 1.8 2.3 1.5 2.0 1.1 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 1.9 1.7 1.1 1.2 2.9 1.3 1.2 4.2 1.9 3.3 1.1 0.6 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 1.0 0.4 0.5 -1.6 0.3 -0.4 -0.8 -0.3 0.7 -0.9 0.2 -0.9 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -1.7 -0.1 -1.1 -0.8 0.9 -0.2 1.5 3.3 1.2 0.0 0.7 0.3 0.2 1.2 1.8 1.7 3.7 1.1 2.4 0.6 0.4 1.6 0.5 1.0 -0.3 1.2 1.2 0.1 1.4 1.8 0.7 1.5 -0.6 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 1.1 2.9 1.3 -2.9 3.0 3.0 -2.4 5.8 2.9 1.1 -0.4 -1.1 0.6 3.6 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 -0.9 0.0 -0.5 -0.3 1.0 0.7 0.2 1.0 -0.1 -0.7 0.0 2.3 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 0.2 2.5 -1.1 -1.4 1.5 -0.3 -0.9 2.7 2.0 0.4 1.6 0.0 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 -0.7 0.2 0.5 0.7 3.5 1.4 2.1 4.2 4.6 4.0 4.2 3.2 2.6 3.9 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.5 0.7 0.1 1.8 4.1 9.7 7.3 7.0 6.2 5.3 3.6 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 -0.5 -0.6 -0.6 -1.0 -0.8 1.1 1.7 1.6 2.0 2.1 2.2 2.4 2.6 2.6 3.5 4.1 2.9 1.8 1.1 1.6 1.4 0.2 0.0 0.0 -0.2 -0.1 2.6 3.7 4.0 3.1 2.0 2.4 2.3 3.4 2.1 3.6 4.9 3.3 2.0 0.9 0.9 1.2 -1.5 -1.4 -1.8 0.4 1.0 -0.4 1.5 2.1 1.3 4.9 1.1 1.3 2.4 0.2 2.6 4.1 3.5 2.2 1.1 2.1 2.6 -2.6 -2.1 -2.7 -2.2 -0.4 -1.8 0.3 -0.6 0.2 -1.4 -1.2 -0.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 38 Slovenian Economic Mirror, No. 4/2017 Statistical Appendix PRICES AND INDICATORS OF OVERALL COMPETITIVENESS 2014 2015 2016 2015 2016 2017 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 CPI, y-o-y growth rates, % 0.2 -0.5 0.5 -0.4 -0.6 -0.5 -0.6 -0.7 -0.2 0.1 0.6 1.8 -0.7 -0.5 -0.7 -0.4 Food, non-alcoholic beverages -0.3 0.9 1.7 -0.3 1.1 1.5 1.2 0.4 0.2 1.3 1.7 2.9 0.8 1.3 1.2 1.4 Alcoholic beverages, tobacco 3.6 1.9 0.4 4.2 2.1 1.0 0.6 0.1 0.3 0.3 0.3 1.3 4.1 1.8 0.6 1.1 Clothing and footwear -0.9 -0.9 -2.9 -0.9 -1.8 -0.4 -0.4 0.5 0.6 -1.7 -0.5 -0.9 -2.4 -1.7 -1.2 0.0 Housing, water, electricity, gas 0.1 -1.3 -0.1 -1.6 -1.3 -1.2 -1.0 -1.1 -1.3 -1.0 -0.5 2.5 -1.0 -1.3 -1.5 -1.9 Furnishings, household equipment -1.2 -1.2 0.9 -1.8 -1.9 -0.4 -0.8 0.0 0.2 0.2 0.5 0.4 -2.3 -2.1 -1.4 -0.4 Medical, pharmaceutical products -0.1 0.5 0.8 0.0 -0.1 1.2 0.8 0.2 0.5 0.5 0.7 0.8 -0.2 -0.3 0.2 1.2 Transport 0.2 -5.1 -0.1 -4.5 -4.4 -5.3 -6.3 -5.4 -4.8 -3.1 -0.3 3.9 -5.1 -4.0 -4.2 -4.5 Communications -1.9 1.1 2.9 -0.5 -1.3 1.7 4.3 4.0 5.2 2.6 2.2 2.8 -0.8 -0.5 -2.6 1.7 Recreation and culture 0.8 1.0 0.2 4.2 1.5 0.3 -1.6 -2.0 0.8 1.7 0.5 0.0 1.3 2.2 1.0 0.0 Education 0.1 0.6 0.3 0.7 0.8 0.8 0.0 0.1 0.0 0.0 0.3 0.5 0.8 0.8 0.9 0.8 Catering services 1.1 0.5 1.0 1.0 0.2 -0.1 1.0 1.7 2.1 2.8 1.4 0.8 0.8 -0.3 0.1 0.0 Miscellaneous goods & services 1.6 1.4 1.6 0.8 0.9 1.1 2.9 0.5 1.0 1.5 1.5 1.8 0.8 0.7 1.1 1.3 HCPI 0.4 -0.8 0.6 -0.5 -0.8 -0.8 -0.9 -0.9 -0.4 0.0 0.7 2.0 -0.7 -0.8 -0.9 -0.7 Core inflation (excluding fresh food and energy) 1.0 0.7 0.4 1.0 0.4 0.7 0.9 0.3 1.2 0.9 0.6 0.7 0.5 0.3 0.3 0.6 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -0.6 -0.2 0.5 0.1 0.6 -0.4 -1.2 -1.8 -2.2 -1.3 -0.1 1.7 0.9 0.6 0.4 0.2 Domestic market -1.1 -0.5 -0.2 -0.3 0.0 -0.5 -1.2 -1.6 -1.9 -1.5 -0.4 0.6 0.0 0.1 -0.2 -0.2 Non-domestic market -0.1 0.1 1.2 0.5 1.3 -0.3 -1.2 -2.0 -2.6 -1.2 0.5 2.8 1.8 1.1 1.0 0.5 euro area -0.7 0.1 0.6 0.7 1.0 0.1 -1.3 -2.3 -2.5 -1.9 0.1 2.1 1.2 0.8 1.0 0.8 non-euro area 1.1 -0.1 2.3 0.1 1.8 -1.1 -1.1 -1.4 -2.6 0.1 1.3 4.4 3.0 1.6 1.0 -0.2 Import price indices -1.4 -0.7 2.7 -0.7 0.2 -0.5 -1.6 -2.2 -2.3 -1.7 0.9 4.8 0.5 0.1 0.0 0.0 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate,2 nominal -2.8 0.8 -3.1 -3.7 -2.4 -1.9 0.5 1.4 0.6 0.7 -0.2 -4.2 -4.5 -3.6 -3.0 -3.2 Real (deflator HICP) -3.8 0.2 -3.6 -4.8 -3.5 -3.1 -0.7 0.8 0.2 0.4 0.0 -4.7 -5.4 -4.8 -4.3 -4.2 Real (deflator ULC) -3.5 1.1 -4.4 -4.3 -2.9 -2.3 0.8 2.6 0.6 0.2 USD / EUR 1.10961.1066 1.1270 1.1047 1.1119 1.0949 1.1018 1.1293 1.1164 1.0789 1.0647 1.0838 1.0779 1.1150 1.1213 1.0996 Source of data: SURS, ECB; calculations by IMAD. Note: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. 39Slovenian Economic Mirror, No. 4/2017 Statistical Appendix 2015 2016 2017 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 3 -0.3 -0.6 -0.8 -0.5 -0.5 -0.5 -0.7 -0.9 -0.6 -0.4 0.3 0.2 0 0.2 0.6 0.6 0.5 1.3 2.2 1.9 1.8 1.8 1.2 1.1 1.0 1.5 0.4 0.5 0.4 -0.2 -0.2 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6 2.4 1.8 1.0 0.9 0.7 0.9 0.1 0.2 0.2 0.0 0.3 0.2 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8 2.1 1.9 -0.7 -0.4 -2.0 0.1 0.8 0.3 0.8 0.5 0.8 0.7 0.4 -1.4 -0.9 -2.8 1.8 -0.3 -2.9 -1.8 -0.5 -0.3 1 -0.8 -0.9 -0.9 -1.1 -1.0 -0.7 -1.1 -1.4 -1.5 -1.3 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9 3.1 2.8 -0.4 -0.2 0.0 -1.4 -1.1 -0.7 0.4 0.2 0.2 0 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1 0.7 -0.3 1.3 0.9 0.8 0.7 0.7 -0.1 0.4 0.2 0.1 0.3 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9 0.9 0.8 -4.8 -6.5 -6.7 -7.0 -5.2 -4.5 -5.5 -6.2 -5.2 -5.3 -4 -3.8 -4.5 -0.9 -1 0.1 -0.1 3.3 4.3 4.0 3.1 1.7 1.7 3.3 4.3 5.3 5.3 2.9 3.9 4.5 5.2 6 2.3 2.2 3.4 2 1.8 2.9 3.0 3.4 2.1 2.9 0.3 0.6 -0.8 -1.8 -2.3 -1.8 -2.4 -1.9 0.1 0.5 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5 -0.5 0.4 0.8 0.6 0.1 0.0 0.0 0.2 0.0 0.0 0.0 0 0 0 0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 -0.4 0.0 0.2 1.4 1.4 1.2 2.1 1.9 1.8 2.2 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8 0.9 1.2 1.2 1.0 1.2 6.5 1.1 0.6 0.4 0.4 0.6 1.2 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9 2.0 1.9 -0.6 -1.0 -1.2 -0.9 -0.6 -0.8 -0.9 -0.9 -0.7 -0.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5 2.0 1.7 0.8 0.8 0.8 1.2 0.7 0.1 0.3 0.4 0.8 1.2 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0 0.8 1.2 -0.4 -1.0 -1.1 -1.2 -1.4 -1.6 -1.7 -2.2 -2.5 -2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9 1.9 2.3 -0.4 -0.9 -0.9 -1.3 -1.4 -1.5 -1.4 -1.9 -2 -1.9 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7 0.9 1.3 -0.4 -1.1 -1.2 -1.2 -1.3 -1.7 -1.9 -2.4 -2.9 -2.5 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0 3.0 3.2 0.0 -0.6 -1.0 -1.3 -1.6 -2.0 -2.3 -2.6 -2.7 -2.6 -2.3 -2.3 -2 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 -1.0 -2.2 -1.6 -0.9 -0.7 -1.1 -1.1 -2 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 -0.5 -0.8 -1.8 -1.7 -1.4 -1.9 -2.4 -2.4 -3.1 -2.2 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3 4.7 4.9 -2.5 -1.7 -1.6 -2.3 -1.8 -0.3 0.6 1.3 1.9 1.4 0.9 1.1 0.5 0.3 0.4 1.2 0.5 0.0 -0.6 -0.1 -0.3 -3.4 -2.8 -3.0 -3.6 -2.8 -1.6 -0.5 0.1 1.0 0.7 0.7 0.7 0.0 0.0 0.4 1.0 -0.2 -0.2 -0.1 0.1 -0.1 1.1139 1.1221 1.1235 1.0736 1.0877 1.0860 1.1093 1.1100 1.1339 1.1311 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643 1.0685 1.0723 40 Slovenian Economic Mirror, No. 4/2017 Statistical Appendix BALANCE OF PAYMENTS 2014 2015 2016 2015 2016 2017 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,325 1,998 2,698 435 462 641 460 709 737 722 531 767 230 85 174 203 Goods 1,181 1,498 1,536 348 382 424 344 468 446 375 246 383 219 7 122 253 Exports 22,961 24,039 24,951 5,881 6,063 5,934 6,160 6,055 6,391 6,116 6,389 6,821 2,196 1,942 1,950 2,172 Imports 21,780 22,541 23,416 5,533 5,681 5,510 5,817 5,587 5,945 5,742 6,142 6,438 1,977 1,935 1,828 1,919 Services 1,697 2,019 2,286 394 524 609 492 475 552 717 542 559 152 216 163 145 Exports 5,558 6,025 6,513 1,260 1,511 1,730 1,524 1,378 1,556 1,874 1,705 1,515 466 523 486 502 Imports 3,862 4,006 4,227 866 987 1,121 1,032 903 1,004 1,157 1,163 956 314 307 323 357 Primary income -125 -982 -630 -114 -331 -285 -252 -77 -166 -232 -156 -49 -95 -97 -60 -174 Receipts 1,396 1,632 1,602 437 417 371 407 485 378 347 392 492 105 120 135 162 Expenditures 1,521 2,614 2,233 551 748 656 659 562 544 579 548 541 200 217 196 335 Secondary income -428 -537 -493 -193 -113 -107 -124 -158 -95 -138 -101 -126 -45 -41 -50 -22 Receipts 709 725 712 153 184 173 215 155 171 172 214 175 54 61 53 70 Expenditures 1,137 1,262 1,205 346 296 280 339 312 267 311 315 301 100 102 103 92 Capital account 157 371 -312 46 62 127 136 -38 -112 -63 -99 -31 12 25 7 29 Financial account 2,377 1,772 936 569 557 478 168 354 125 385 73 446 49 41 163 353 Direct investment -584 -1,238 -742 -348 -45 -218 -628 -322 -262 -243 84 -97 -276 -187 -26 169 Assets 155 278 226 93 301 23 -140 143 15 1 67 144 -29 43 83 175 Liabilities 739 1,516 968 441 346 241 488 465 276 244 -18 241 247 231 110 6 Portfolio investment -3,968 2,929 4,210 689 1,684 -993 1,549 584 791 552 2,282 -514 200 1,070 339 275 Financial derivatives -3 28 50 22 5 -9 10 -7 -4 31 30 31 7 2 0 3 Other investment 6,843 166 -2,486 226 -1,110 1,746 -697 87 -361 95 -2,307 984 85 -800 -162 -148 Assets 4,815 -672 -2,071 434 -1,478 1,225 -853 92 -642 -1,087 -433 -15 107 -1,053 -153 -273 Other equity 84 10 -3 10 1 0 -2 1 -1 0 -4 0 6 3 -2 0 Currency and deposits 5,037 -545 -1,974 90 -1,272 1,273 -636 -294 -581 -1,027 -71 -584 -29 -863 -230 -179 Loans -299 -408 -207 -80 -224 -27 -78 10 -68 -36 -112 -47 -22 -45 -18 -160 Insurance, pension schemes, and standardised guarantee schemes 8 -8 10 12 -3 -15 -2 7 2 0 0 0 4 -1 -1 -1 Trade credit and advances -16 -4 176 341 27 -15 -357 314 118 -72 -184 497 198 -84 65 45 Other assets 1 283 -73 60 -7 8 222 54 -112 48 -63 120 -50 -63 33 22 Liabilities -2,028 -837 415 208 -369 -521 -156 4 -281 -1,182 1,874 -999 22 -253 9 -125 Other equity 7 1 0 0 0 1 0 0 0 1 0 0 0 0 0 0 Currency and deposits -831 -400 1,175 -178 -301 -37 116 548 -320 -406 1,353 -834 -24 -112 -170 -18 Loans -1,246 -315 -854 378 -82 -376 -235 -491 -114 -562 313 -381 -61 3 175 -259 Insurance, pension schemes, and standardised guarantee schemes -54 3 23 -7 4 2 4 11 12 0 0 0 -2 1 1 1 Trade credit and advances -144 -101 138 9 3 -122 9 -78 152 -169 233 189 146 -168 23 148 Other liabilities 240 -25 -68 5 7 12 -49 15 -12 -46 -25 27 -38 23 -20 4 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 89 -113 -97 -20 23 -49 -67 10 -40 -50 -17 43 32 -43 12 54 Net errors and omissions -105 -596 -1,449 88 33 -290 -428 -317 -500 -273 -359 -290 -193 -69 -19 121 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,343 2,596 2,781 581 632 630 753 644 691 674 772 N/A 220 204 212 216 Intermediate goods 12,924 13,355 13,698 3,280 3,406 3,348 3,322 3,360 3,536 3,358 3,444 N/A 1,189 1,142 1,095 1,169 Consumer goods 7,668 7,989 8,462 2,003 2,040 1,904 2,042 2,058 2,178 2,059 2,167 N/A 771 615 658 767 Import of investment goods 2,774 2,968 3,255 658 713 720 877 722 825 789 919 N/A 255 240 232 241 Intermediate goods 13,417 13,803 13,843 3,453 3,541 3,376 3,432 3,347 3,551 3,378 3,567 N/A 1,224 1,231 1,133 1,177 Consumer goods 6,389 6,534 7,009 1,604 1,637 1,592 1,701 1,693 1,756 1,730 1,830 N/A 577 537 527 573 Source of data: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. 41Slovenian Economic Mirror, No. 4/2017 Statistical Appendix 2015 2016 2017 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 236 123 282 220 212 27 227 161 321 229 213 294 208 148 366 288 120 123 240 257 270 198 -5 231 183 172 -11 158 141 169 141 118 187 144 6 225 139 47 60 84 120 179 2,146 1,595 2,193 2,177 2,116 1,867 1,838 2,022 2,196 2,088 2,100 2,202 2,071 1,743 2,302 2,163 2,218 2,008 2,104 2,140 2,577 1,947 1,600 1,962 1,995 1,944 1,878 1,680 1,881 2,026 1,948 1,982 2,015 1,927 1,737 2,077 2,024 2,170 1,948 2,020 2,020 2,399 186 236 187 183 150 159 154 117 204 186 183 184 198 265 254 229 161 151 193 169 197 586 603 541 508 471 545 423 442 512 506 503 546 607 655 613 577 537 591 484 479 552 400 367 354 325 321 386 269 325 308 321 321 363 408 390 359 347 376 440 291 310 355 -103 -75 -106 -119 -67 -66 -64 -13 0 -64 -50 -52 -83 -83 -66 -49 -51 -56 4 13 -67 128 108 135 122 118 167 113 171 201 125 127 126 109 118 120 121 127 145 198 177 116 231 183 241 241 185 234 177 183 201 189 177 178 192 201 186 170 178 200 194 164 184 -45 -33 -29 -27 -43 -54 -21 -84 -53 -33 -38 -25 -51 -40 -47 -31 -37 -33 -41 -46 -39 61 53 59 76 60 78 55 52 47 60 54 57 59 55 58 72 66 76 61 57 57 106 85 89 103 103 132 76 136 100 93 91 83 110 95 106 103 103 109 103 103 95 55 38 33 79 62 -5 -7 -16 -15 -35 -39 -37 -8 -17 -38 10 -36 -73 1 -16 -16 141 15 323 145 471 -448 203 122 29 -71 140 56 347 -127 165 -1,252 1,598 -273 490 199 -243 -50 -76 -91 -387 -9 -232 -236 72 -158 -358 52 45 -28 -186 -29 57 -62 89 48 -46 -100 73 -56 7 67 -8 -199 27 72 44 16 18 -20 124 -119 -3 122 -77 22 50 74 20 123 20 98 454 1 33 263 0 202 375 -34 -64 152 67 25 64 -15 -68 1 120 119 -1,044 -151 202 491 526 532 373 1,040 -829 477 197 116 321 331 -99 574 1,179 530 -668 314 -160 -3 -6 0 0 -3 14 -6 0 -1 8 2 -13 30 1 1 1 13 16 29 2 0 1,229 271 246 19 1 -718 45 -1,019 1,062 -169 -113 -79 42 -254 307 -1,884 502 -925 1,054 -27 -44 1,091 -141 275 170 187 -1,210 -118 -245 455 -977 39 296 -42 -938 -107 -522 318 -230 18 282 -315 0 1 0 0 0 -2 0 0 1 0 0 0 0 0 0 0 0 -4 0 0 0 1,093 32 148 111 176 -923 -117 -393 216 -890 131 178 -3 -736 -289 -705 411 223 -247 70 -407 -4 -27 4 -20 -13 -45 -11 -22 43 -31 -38 2 -21 -15 -1 -22 -25 -66 -24 -26 3 -5 -5 -5 -1 -1 -1 2 2 2 1 1 1 0 0 0 0 0 0 0 0 0 14 -143 114 15 42 -414 71 117 125 -4 4 117 -33 -203 164 144 3 -331 189 182 126 -8 1 14 65 -18 175 -64 51 67 -52 -59 -1 15 15 19 61 -71 -53 100 57 -37 -138 -412 29 151 185 -492 -163 775 -607 -808 152 375 -84 -685 -414 1,362 -184 695 -1,037 309 -271 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 63 13 -114 112 66 -62 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -109 -58 -361 43 -37 167 -365 15 -256 -250 -87 -100 73 -109 -320 -133 385 -125 52 -72 22 -330 1 1 1 1 1 1 4 4 4 4 4 4 0 0 0 0 0 0 0 0 0 -173 -31 81 45 -4 -32 -252 132 43 -2 76 78 -68 -140 38 155 79 -1 -52 109 132 29 -34 18 30 -44 -35 32 98 -115 11 -14 -8 -8 107 -145 131 -126 -29 -5 -5 36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 -23 -35 21 -43 -45 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -151 -146 7 -155 197 -470 -17 -23 -277 -265 -34 -201 146 -258 -162 -1,551 1,514 -323 250 -43 -497 232 167 231 246 243 264 177 221 246 226 231 234 231 191 252 249 259 264 225 228 N/A 1,207 935 1,206 1,219 1,160 944 1,060 1,122 1,179 1,176 1,168 1,191 1,113 1,004 1,240 1,202 1,218 1,024 1,204 1,189 N/A 696 471 737 701 694 646 602 686 769 692 699 787 722 535 802 710 736 722 661 695 N/A 248 210 262 271 283 322 207 237 278 277 262 286 299 223 267 293 312 314 249 244 N/A 1,200 976 1,201 1,205 1,161 1,067 1,045 1,119 1,183 1,139 1,211 1,201 1,142 1,001 1,235 1,172 1,281 1,114 1,271 1,230 N/A 568 459 565 590 565 546 483 582 627 594 575 586 546 551 634 616 645 569 563 611 N/A 42 Slovenian Economic Mirror, No. 4/2017 Statistical Appendix MONETARY INDICATORS AND INTEREST RATES 2014 2015 2016 2014 2015 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 m Claims of the BS on central government 263 2,327 4,618 263 265 282 445 642 838 1,045 1,299 1,488 1699 1,942 Central government (S. 1311) 7,240 7,112 6,273 7,240 7,443 7,502 7,163 7,368 7,380 7,387 7,449 7,445 7,301 7,380 Other government (S. 1312, 1313, 1314) 685 622 576 685 654 631 633 633 633 635 634 631 624 623 Households (S. 14, 15) 8,762 8,856 9,154 8,762 8,842 8,802 8,834 8,826 8,847 8,836 8,821 8,812 8,825 8,873 Non-financial corporations (S. 11) 11,729 10,502 9,664 11,729 11,823 11,726 11,674 11,569 11,493 11,396 11,190 11,137 10,941 10,819 Non-monetary financial institutions (S. 123, 124, 125) 1,485 1,432 1,411 1,485 1,463 1,455 1,642 1,519 1,511 1,466 1,470 1,405 1,435 1,417 Monetary financial institutions (S. 121, 122) 3,684 3,206 3,541 3,684 3,657 3,696 3,479 3,353 3,365 3,007 3,181 3,442 3,312 3,904 Claims on domestic sectors, TOTAL In domestic currency 25,155 23,816 23,969 25,155 25,232 25,179 24,885 24,707 24,661 24,240 24,316 24,469 24078 24,532 In foreign currency 950 824 672 950 1,059 1,003 983 957 955 937 904 874 845 839 Securities, total 7,469 7,059 5,889 7,469 7,576 7,615 7,539 7,566 7,574 7,512 7,486 7,494 7,478 7,606 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 25,843 25,885 26,497 25,843 25,930 25,800 25,389 25,884 25,894 25,715 25,974 26,073 25,652 26,330 Overnight 10,157 12,717 15,081 10,157 10,731 10,947 10,842 11,200 11,458 11,533 12,080 12,278 12,130 12,991 With agreed maturity – short-term 5,955 4,481 3,955 5,955 5,708 5,610 5,350 5,302 5,217 5,032 4,896 4,743 4,664 4,341 With agreed maturity – long-term 9,267 8,196 6,829 9,267 9,078 8,838 8,762 8,916 8,707 8,574 8,411 8,513 8,349 8,410 Short-term deposits redeemable at notice 464 491 632 464 413 405 435 466 512 576 587 539 509 588 Deposits in foreign currency, total 510 655 687 510 566 604 601 585 612 620 616 616 623 618 Overnight 354 508 564 354 401 447 442 433 464 469 468 475 484 478 With agreed maturity – short-term 84 80 65 84 86 77 81 75 71 77 73 69 71 71 With agreed maturity – long-term 72 67 58 72 79 80 78 77 77 74 75 72 68 69 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.07 0.04 0.02 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.03 0.03 0.03 0.03 Time deposits with maturity of up to one year 0.98 0.37 0.21 0.66 0.58 0.51 0.46 0.39 0.37 0.36 0.31 0.33 0.31 0.28 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 5.06 3.54 2.66 4.38 4.17 4.85 3.34 3.49 3.5 3.39 3.38 3.36 3.34 3.39 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 4.25 2.46 2.07 4.50 3.89 2.40 3.39 4.58 .. .. 1.90 .. 0.81 1.71 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.16 0.05 0.01 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 INTERBANK INTEREST RATES EURIBOR 3-month rates 0.210 -0.019 -0.264 0.081 0.063 0.048 0.027 0.005 -0.010 -0.014 -0.019 -0.028 -0.037 -0.054 6-month rates 0.309 0.054 -0.164 0.177 0.152 0.126 0.097 0.073 0.057 0.049 0.049 0.044 0.035 0.020 LIBOR 3-month rates 0.012 -0.755 -0.747 -0.020 -0.466 -0.889 -0.802 -0.812 -0.791 -0.782 -0.762 -0.729 -0.729 -0.728 6-month rates 0.066 -0.688 -0.671 0.023 -0.403 -0.773 -0.707 -0.727 -0.704 -0.711 -0.710 -0.681 -0.672 -0.674 Source of data: BS, EUROSTAT. 43Slovenian Economic Mirror, No. 4/2017 Statistical Appendix 2015 2016 2017 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 2,175 2,327 2,539 2,759 2,987 3,144 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770 4,823 4,937 7,387 7,112 7,212 6,957 7,022 6,739 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246 6,029 5,856 618 622 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 588 8,857 8,856 8,815 8,789 8,830 8,863 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208 9,305 9,352 10,688 10,502 10,527 10,046 9,904 9,953 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814 9,720 9,790 1,411 1,432 1,422 1,328 1,397 1,326 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,411 1,386 1,397 1,222 1,222 3,713 3,206 3,574 4,030 3,318 3,727 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573 4,212 3,910 24,226 23,789 24,152 24,088 23,407 23,796 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020 24,759 24,613 839 823 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 642 7,568 7,079 7,178 6,795 6,812 6,580 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,889 5,968 6,038 5,562 5,366 26,442 25,885 26,315 26,067 25,869 25,689 25,697 25,364 25,725 25,643 25,612 25,811 25,976 26,497 26,421 26,508 27,165 27,190 13,244 12,717 13,255 13,553 13,405 13,504 13,668 13,819 14,274 14,475 14,365 14,505 14,839 15,081 15,253 15,487 15,776 15,858 4,325 4,481 4,393 4,251 4,174 3,984 3,942 3,777 3,697 3,507 3,571 3,584 3,442 3,955 3,706 3,707 3,706 3,651 8,322 8,196 8,148 7,702 7,595 7,572 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667 7,026 6,976 551 491 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 705 651 655 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 682 498 508 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 561 82 80 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 68 71 67 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 53 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.28 0.28 0.25 0.25 0.24 0.20 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18 0.11 3.14 3.16 3.06 2.91 2.75 2.71 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63 2.6 .. 1.00 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.6 2.74 1.06 1.31 1.06 3.28 0.05 0.05 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.088 -0.126 -0.146 -0.184 -0.229 -0.249 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.015 -0.040 -0.061 -0.115 -0.134 -0.138 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.784 -0.792 -0.752 -0.775 -0.760 -0.727 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.754 -0.737 -0.685 -0.723 -0.698 -0.653 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 44 Slovenian Economic Mirror, No. 4/2017 Statistical Appendix PUBLIC FINANCE 2014 2015 2016 2015 2016 2017 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 8 9 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 15,492.0 15,714.1 15,840.8 3,635.8 3,972.6 3,864.3 4,241.4 3,685.8 4,108.9 3,884.6 4,161.5 3,957.8 1,325.9 1,227.9 Current revenues 14,377.0 14,702.6 15,203.0 3,413.6 3,756.8 3,596.3 3,935.9 3,511.7 3,948.8 3,802.7 3,939.9 3,798.6 1,260.8 1,135.8 Tax revenues 13,191.6 13,746.4 14,240.1 3,252.4 3,524.1 3,277.4 3,692.4 3,344.3 3,659.7 3,516.4 3,719.7 3,581.5 1,153.6 1,036.0 Taxes on income and profit 2,385.9 2,584.6 2,680.8 601.7 786.4 504.0 692.5 634.2 811.4 542.4 692.8 669.3 210.2 212.5 Social security contributions 5,272.5 5,473.9 5,720.6 1,339.5 1,353.4 1,357.7 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 451.3 450.3 Taxes on payroll and workforce 20.2 19.7 19.8 4.5 4.9 4.6 5.6 4.8 5.1 4.8 5.2 5.0 1.3 1.5 Taxes on property 244.2 237.8 255.2 26.9 41.7 85.2 84.1 27.2 46.3 104.5 77.2 27.4 29.4 30.3 Domestic taxes on goods and services 5,191.2 5,347.1 5,432.9 1,246.0 1,322.2 1,305.9 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 443.3 345.1 Taxes on international trade & transactions 77.7 82.5 81.9 21.3 21.5 20.2 19.6 22.3 19.8 20.8 19.0 21.4 6.6 6.5 Other taxes -0.2 0.6 48.7 12.5 -6.0 -0.2 -5.8 27.0 -11.7 -10.8 44.2 59.1 11.4 -10.2 Non-tax revenues 1,185.4 956.2 962.9 161.2 232.7 318.8 243.5 167.5 289.0 286.3 220.2 217.1 107.3 99.7 Capital revenues 51.4 96.3 95.8 10.8 16.2 26.2 43.2 14.7 17.5 21.2 42.4 16.5 6.7 8.3 Grants 18.9 12.2 10.3 2.3 1.7 4.7 3.4 1.3 1.8 5.7 1.5 0.6 0.5 3.9 Transferred revenues 4.5 20.6 51.1 1.2 0.3 19.3 -0.2 0.7 0.0 50.0 0.3 0.1 0.1 0.1 Receipts from the EU budget 1,040.3 882.4 480.5 207.9 197.5 217.9 259.1 157.3 140.8 5.0 177.4 142.1 57.8 79.9 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,751.2 16,956.4 16,492.1 4,290.6 3,980.9 3,974.9 4,710.0 4,223.2 3,882.0 3,985.6 4,401.4 4,333.5 1,263.5 1,304.6 Current expenditures 7,042.1 7,168.4 7,406.2 1,969.7 1,678.3 1,608.5 1,912.0 1,977.9 1,774.3 1,733.2 1,920.7 2,063.7 525.5 553.1 Wages, salaries and other personnel expenditures 3,610.4 3,610.2 3,785.4 923.7 903.4 875.0 908.2 925.4 970.7 928.6 960.8 961.3 287.5 291.5 Expenditures on goods and services 2,232.3 2,311.2 2,371.3 502.5 558.9 546.1 703.7 535.5 552.6 569.3 713.9 556.8 172.4 173.7 Interest payments 1,097.4 1,042.6 1,074.2 497.2 178.4 148.0 218.9 489.5 181.5 206.1 197.1 518.4 52.7 72.8 Reserves 102.1 204.4 175.3 46.2 37.6 39.5 81.1 27.5 69.6 29.2 48.9 27.1 12.9 15.0 Current transfers 7,591.9 7,540.1 7,698.4 1,936.5 1,863.9 1,899.4 1,840.3 1,974.0 1,896.0 1,918.5 1,910.0 2,040.1 584.5 586.6 Subsidies 467.4 399.0 396.8 201.2 79.1 47.7 71.0 186.4 78.4 42.9 89.0 170.4 14.4 15.5 Current transfers to individuals and households 6,335.0 6,370.8 6,494.8 1,564.2 1,592.7 1,657.7 1,556.2 1,604.7 1,619.1 1,678.9 1,592.1 1,643.9 510.8 510.1 Current transfers to non-profit institutions, other current domestic transfers 714.3 713.8 727.1 156.5 180.5 186.0 190.7 167.5 179.3 186.8 193.6 211.3 58.4 56.2 Current transfers abroad 75.2 56.5 79.7 14.5 11.6 8.1 22.3 15.4 19.2 9.8 35.3 14.4 0.8 4.8 Capital expenditures 1,444.4 1,520.0 785.2 175.3 285.2 350.4 709.1 98.6 115.5 213.6 357.5 108.9 111.6 122.8 Capital transfers 270.0 295.0 174.9 37.9 58.7 60.8 137.5 32.9 26.9 23.7 91.4 22.8 16.6 28.2 Payments to the EU budget 402.9 432.9 427.4 171.1 94.8 55.8 111.2 139.9 69.3 96.6 121.7 98.0 25.3 13.8 SURPLUS / DEFICIT -1,259.2 -1,242.3 -651.3 -654.8 -8.4 -110.6 -468.6 -537.4 226.9 -101.0 -239.9 -375.6 62.5 -76.6 Source of data: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. 45Slovenian Economic Mirror, No. 4/2017 Statistical Appendix 2015 2016 2017 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 2 1,429.6 1,388.0 1,423.9 1,329.1 1,179.0 1,177.6 1,352.7 1,391.7 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,500.3 1,444.7 1,190.3 1,322.8 1,367.4 1,245.3 1,323.2 1,234.0 1,132.3 1,145.5 1,299.8 1,297.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,339.8 1,428.6 1,148.3 1,221.7 1,287.9 1,178.2 1,226.3 1,176.4 1,080.9 1,086.9 1,244.9 1,217.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,259.8 1,330.4 1,093.1 1,158.0 206.9 228.6 257.0 214.8 212.6 206.8 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 453.5 457.4 512.4 465.0 460.6 469.4 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 2.0 1.6 2.0 1.7 1.7 1.5 1.5 1.8 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9 1.6 1.6 32.8 30.3 21.0 11.6 9.0 6.6 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 15.8 11.0 7.5 8.8 582.2 454.4 436.5 462.9 393.8 376.9 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 7.3 5.8 6.5 6.7 7.7 7.9 7.2 6.2 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1 7.2 8.1 3.3 0.0 -9.1 13.7 -4.5 17.8 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.1 63.5 -50.8 46.4 79.5 67.1 96.9 57.6 51.3 58.6 54.9 80.7 153.4 56.6 148.7 80.9 66.1 74.2 79.9 98.2 55.3 63.6 9.6 19.9 13.6 4.8 6.0 3.9 6.5 4.7 6.3 7.2 5.6 8.4 5.6 9.8 27.0 5.4 4.4 6.7 0.1 0.7 2.6 0.2 0.3 0.8 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.4 0.2 0.2 0.2 0.1 -0.5 0.2 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0 0.0 0.0 52.3 122.5 84.3 90.2 40.4 26.8 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.0 10.5 37.4 94.2 1,439.9 1,410.3 1,859.8 1,302.6 1,416.7 1,504.0 1,259.8 1,306.7 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,642.8 1,451.7 1,310.4 1,571.4 634.1 574.1 703.9 617.6 641.3 719.0 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 672.1 648.7 594.4 820.6 296.1 296.5 315.6 305.8 308.4 311.2 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 317.7 317.2 326.3 181.7 190.2 331.9 157.6 178.2 199.7 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.0 176.3 170.7 209.9 141.5 72.5 5.0 143.6 145.0 200.9 98.2 77.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4 96.0 273.0 14.8 14.9 51.4 10.5 9.7 7.3 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.0 5.3 10.5 11.4 581.8 601.2 657.3 615.9 654.7 703.4 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 674.7 724.5 636.0 679.5 14.0 15.6 41.4 30.6 54.2 101.7 12.4 46.2 19.8 10.3 11.2 21.5 18.5 27.8 42.7 91.1 62.3 17.0 507.5 517.8 531.0 529.0 534.0 541.6 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.2 541.5 542.3 560.1 57.8 54.1 78.8 47.4 63.7 56.4 55.0 56.9 67.4 66.4 62.0 58.4 55.8 62.5 75.3 86.5 28.4 96.4 2.5 13.8 6.1 8.9 2.8 3.7 12.1 4.1 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5 3.0 6.0 166.9 153.2 389.0 25.8 34.3 38.5 33.2 37.3 45.0 70.4 75.7 67.5 68.5 86.2 202.8 35.7 37.1 36.1 29.7 40.7 67.1 9.8 14.4 8.7 9.4 5.9 11.6 7.5 6.6 9.6 30.2 20.9 40.3 10.0 5.7 7.1 27.5 41.2 42.5 33.6 71.9 34.4 20.6 29.2 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8 37.2 28.0 -10.4 -22.3 -435.9 26.6 -237.7 -326.3 92.9 85.0 49.1 -213.0 77.3 34.7 -13.1 -84.3 -142.5 -7.0 -120.0 -248.6 46 Slovenian Economic Mirror, No. 4/2017 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, CPI – consumer price index, DV – Value added, ECB – European Central Bank, EIA – Energy Information Administration, EK – European Commission, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EUROSTAT – Statistical Office of the European Union, GD – Companies, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NFI – Non-monetary Financial Institutions, OPEC – Organization of Petroleum Exporting Countries, PDII – Pension and Disability Insurance Institute, PPI – Producer Price Index, RS – Republic of Slovenia, SITC – Standard International Trade Classification, SKD – Standard Classification of Activities, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, UL – Official Gazette , ULC – Unit Labour Costs, USD – US Dollar, VAT – value added. Acronyms 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, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, 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. No. 4, Vol. XXIII, 2017