Slovenian economic mirror No. 2, Vol. XXV, 2019 Slovenian Economic Mirror No. 2 / Vol. XXV / 2019 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Acting Director Editor in Chief: Tina Nenadič, MSc Authors of Current Economic Trends (listed alphabetically): Urška Brodar; Lejla Fajic; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Lenart Milan Lah, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan; Dragica Šuc, MSc; Ana Vidrih, MSc Authors of Selected Topics: Branka Tavčar (Insolvency in 2018); Editorial Board: Marijana Bednaš, MSc; Lejla Fajic, Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translator: Marija Kavčič Data Preparation, Graphs, DTP: Bibijana Cirman Naglič, Mojca Bizjak Print: Eurograf d.o.o. Circulation: 80 copies ISSN 1318-3826 (print) ISSN 1581-1026 (pdf) © 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....................................................................................................8 Labour market............................................................................................................................................12 Prices..............................................................................................................................................................13 Balance of payments................................................................................................................................14 Financial markets.......................................................................................................................................15 Public finance.............................................................................................................................................16 Statistical appendix...............................................................................................................................19 Insolvency in 2018.....................................................................................................................................21 Statistical appendix...............................................................................................................................23 The Economic Mirror is prepared based on statistical data available by 4 April 2019. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No. 2/2019 In the spotlight 3 Favourable economic conditions continued at the beginning of the year. Activity growth in construction and manufacturing, while modest in the second half of 2018, strengthened significantly at the beginning of the year. Further growth was also recorded for turnover in market services and trade. The growth of goods exports also strengthened in January; the growth of services exports moderated but remained high. With regard to the expected developments in main trading partners in the euro area, the growth of exports is otherwise expected to moderate in the remainder of the year, given the steady decline in business and consumer confidence indicators in recent months. This was also one of the reasons for a considerable lowering of international institutions' forecasts for euro area GDP for 2019. Confidence in the Slovenian economy has remained almost unchanged since the middle of last year. At the beginning of the year, confidence increased only in retail trade, with sales expectations also improving amid higher sales, while consumer confidence and confidence in other sectors remained basically unchanged. The exception was manufacturing, where confidence fell again due to lower export orders, with the slowdown of growth in foreign demand also deteriorating business expectations regarding future exports. Specifically, global growth continues to moderate, especially in manufacturing and trade, which is also evident from the dynamics of the economic sentiment indicator (ESI), which declined again in all our main trading partners in the first quarter of 2019. The main reasons for lower expectations remain uncertainty about trade disputes and the UK's withdrawal from the EU and more and more apparent signs of a moderation in China's economy. Economic growth was also reflected on the labour market, where rising demand for labour contributed to high employment and a further decline in registered unemployment. The ILO unemployment rate came close to the pre-crisis level in the last quarter of 2018 and register data indicate a continuation of the positive labour market trend at the beginning of the 2019. In the first three months of the year, the number of registered unemployed dropped further and the number of employed remained high. The shortage of labour is reflected in a further increase in the employment of foreigners and upward pressure on wages. January's year-on-year wage growth was besides by labour shortages also affected by a rise in the minimum wage and the increase in general government wages agreed at the end of 2018. Stronger wage growth, alongside growth in social transfers, is increasing disposable income, which - amid relatively high consumer confidence - has a favourable impact on household spending. With more money available, also on account of higher consumer loans, households are mainly increasing spending on durable goods (passenger cars, furniture and household appliances) and tourist services at home and abroad. Growth in household consumption is thus affecting price rises in both goods and services. Year-on-year inflation therefore rose somewhat in March but remained relatively low. The surplus of the current account of the balance of payments remains high. The strengthening of the positive current account balance in the twelve months to January was primarily a consequence of a higher surplus of trade in services, particularly trade in transport services and net inflows from travel, and a lower deficit in primary income related to lower costs of external debt servicing and higher net inflows of labour income. On the other hand, the surplus of trade in goods narrowed somewhat year on year with the moderation of exports of most key manufactured goods, especially vehicles (due to the petering out of a one-off factor), and a concurrent significant increase in growth of consumer goods imports. In the spotlight 4 In the spotlight Slovenian Economic Mirror, No. 2/2019 I Since the autumn, a significant lowering of the forecasts by international institutions for the euro area for 2019 and a minor correction for 2020 ■ 2019 (Feb - Mar 19) A 2019 (Oct - Nov18) ■ 2020 (Feb - Mar 19) ♦ 2020 (Oct - Nov 18) 2.0 1.8 1.6 ^ 1.4 c £ 1.2 ä or 1.0 CT CL Q 0.8 u S 0.6 Œ 0.4 0.2 0.0 EC OECD Consensus Source: EC, OECD, Consensus Economics, ECB. f Favourable activity movements across most sectors at the end of 2018 and at the beginning of 2019 -Industrial production In man. -Turnover in trade Value of construction output -Merchandise exports -Turnover in services (nom.) 170 160 150 140 130 120 110 100 90 80 70 60 50 40 IV/ Source: SURS; calculations by IMAD. I Economic sentiment in Slovenia almost unchanged since mid-2018 I With an increase in the trade surplus in services and a decline in the surplus of primary income, a further increase in the current account surplus civ "D .E Ol ^ a rä E S - Economic sentiment -Retail trade Construction -Manufacturing -Service activities -Consumers 10 0 -10 -20 -30 -40 Secondary income Trade in goods Current account ■ Primary income Trade in services 5,000 Source: SURS; calculations by IMAD. Source: BoS; calculations by IMAD. 30 20 -50 -60 -4,000 I Growth in January's average wage on account of a wage rise in the general government sector and further strong wage growth in the private sector Total -Government sector -Private sector -Public corporations ■E £ 2.5 I Private consumption favourably affected by the increase in the wage bill and social transfers ■ Household consumption Wage bill, real -Social transfers, real -Household saving rate (right axis) 0 125 0 n £ 120 01 2 S 115 d ni 1 110 =§■ 105 a ly ! 100 23 15 14 13 12 11 10 Source: SURS; calculations by IMAD. OOOOOOOOO Source: MF, SURS; calculations by IMAD. Note: The Q1 2019 figure is the average for January and February. 10.0 16 7.5 5.0 0.0 -2.5 95 -5.0 current economic trends Slovenian Economic Mirror, No 1/2019 International environment Current Economic Trends 7 Confidence indicators indicate a further moderation of growth in the world economy and in Slovenia's main trading partners. At the beginning of the year the slowdown was the most pronounced in manufacturing. The values of the Purchasing Managers Index (PMI) for the global economy and Slovenia's main export markets reached the lowest levels in the last few years. Global trade declined further. The Economic Sentiment Indicator (ESI) also dropped again in the first quarter (particularly in industry) in all our main trading partners. In recent months international institutions thus substantially lowered their growth forecasts for this year and slightly for next. According to the ECB' most recent forecast, euro area GDP will increase by 1.1% and 1.6% respectively in real terms this year and next (instead of the previously expected 1.6% and 1.7%). I Table 1: Brent Crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2018 II 19 III 19 III 19/II 19 III 19/III 18 I-III 19/I-III 18 Brent USD, per barrel 71.01 63.96 66.14 3.4 0.2 -5.4 Brent EUR, per barrel 60.17 56.35 58.52 3.8 9.4 2.4 EUR/USD 1.181 1.135 1.130 -0.4 -8.4 -7.6 3-month EURIBOR, in % -0.322 -0.308 -0.309 0.1 1.9 2.0 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. I Figure 1: Purchasing Managers Index (PMI) in manufacturing for the world economy and main trading partners and world trade World trade in goods (right axis) Euro area -Germany -Austria Italy -France World Source: Markit Economics. Note: *A reading above 50 signals an expansion in manufacturing activity, while a figure below 50 indicates a contraction. 8 Current Economic Trends Slovenian Economic Mirror, No 1/2019 Economic developments in Slovenia I Figure 2: Trade in goods -Exports -Imports fOfCfCfCfCfCfCfCfCfCfC Source: SURS; calculations by IMAD. Following the moderation in the second half of last year, exports recorded fairly strong growth in January; the strong growth of imports also continued. Last year's moderation, amid the slowdown of economic activity in Slovenia's main trading partners, was affected by lower growth in most key manufactured goods and significantly lower vehicle exports (owing to the petering out of a one-off factor). Meanwhile, exports of medical and pharmaceutical products and some primary products strengthened significantly, including at the beginning of the year according to our estimate. Growth in imports was affected particularly by further growth in imports of consumer goods, as growth in intermediate and investment goods imports slowed notably towards the end of the year. I Table 2: Selected monthly indicators of economic activity in Slovenia in % 2018 I 19/XII 18 I 19/I 18 Merchandise exports, real1 6.9 7.73 12.5 Merchandise imports, real1 8.5 2.53 6.9 Services exports, nominal2 10.3 2.43 11.3 Services imports, nominal2 7.0 -2.23 0.4 Industrial production, real 4.4 5.93 5.74 - manufacturing 4.8 5.73 6.24 Construction -value of construction put in place, real 19.8 10.43 4.4 Distributive trades - real turnover 8.1 0.13 10.04 Market services (without trade) - nominal turnover 8.2 1.43 8.34 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. f Figure 3: Trade in services -Exports of services 750 700 650 600 550 500 450 400 350 300 Imports of services The growth of nominal exports of services has eased off in recent months, while the level of imports of services remains high. Slower growth is recorded for exports of transport services, which are strongly related to the moderation of international trade, and foreign tourist spending in Slovenia, while exports of construction and technical, trade related services continue to increase. In January, exports of services were up 11.3% year on year, while imports - with minor fluctuations - maintained a similarly high level in the whole period since the beginning of last year. Source: BoS; calculations by IMAD. 250 Slovenian Economic Mirror, No 1/2019 Current Economic Trends f Figure 4: Production volume in manufacturing according to technology intensity High-technology industries Medium-high-technology industries Medium-low-technology industries Low-technology industries -Manufacturing, total After the modest strengthening in the second half of 2018, manufacturing output increased notably at the beginning of this year, the most in high-technology industries, where it was more than one-fifth higher year on year (according to our estimate, mostly as a result of the pharmaceutical industry). Movements in the production of motor vehicles and most intermediates, particularly those for the European car industry, reflect the petering out of the one-off effect of the start of the production of a new passenger car in 2017, which was still strongly felt in the first months of last year, and the new global standard for measuring fuel consumption and emissions introduced in September 2018. In these industries, January's production was lower than or similar to that one year before. Source: SURS; calculations by IMAD. 9 200 180 160 5 140 120 100 80 I Figure 5: Activity in construction o 0 230 5 210 01 IN 190 0! U C 170 C o 150 u 130 O a 110 90 70 C o u 50 cc -Seasonally adjusted data -3-month moving averages, seasonally adjusted Source: SURS; calculations by IMAD. The value of construction output rose again in January after December's decline. Activity increased in all three segments (civil engineering works, residential and nonresidential buildings), over a longer period (one year) the most in the construction of civil-engineering works. The indicators of contracts, which suggest future activity in construction, dropped both in January and towards the end of last year. The stock of contracts in construction was thus down year on year in January. I Figure 6: Residential property prices and transactions -Transactions in new residential properties (left axis) -Transactions in existing residential properties (left axis) -Prices of new residential properties (right axis) -Prices of existing residential properties (right axis) 110 100 90 80 70 60 50 200 175 150 0 0 II 125 8 0 0 100 2 X 8? \ -1 r Ï> Xif V Year-on-year growth in Slovenian industrial producer prices has been hovering just above 1% in the first months of the year. The growth of commodity prices continues to ease, which is reflected in lower year-on-year growth than in 2018. Energy price growth on the domestic market has increased in the last few months (owing to higher prices in electricity supply). Price growth on foreign markets is lower than on the domestic market, in our assessment also as a consequence of the moderation in foreign demand. Source: SURS. I Table 4: Consumer price growth, in % XII 18/ III 19-IV 18/ III19/ III19/ I-III19/ XII 17 III 18-IV 17 II19 III18 I-III18 Total 1.4 1.7 0.7 1.6 1.3 Food 0.5 2.1 -0.2 -0.1 0.3 Fuels and energy 3.8 5.4 1.3 3.9 2.0 Services 3.0 2.6 -0.1 3.2 2.9 Other1 -0.3 -0.4 1.5 0.2 0.2 Core inflation - excluding food and energy 1.2 1.1 0.8 1.7 1.5 Core inflation - trimmed mean2 1.5 1.6 0.3 1.4 1.4 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. 14 Current Economic Trends Slovenian Economic Mirror, No 1/2019 Balance of payments I Figure 15: Components of the current account of the balance of payments ■ Secondary income Trade in goods -Current account ■ Primary income Trade in services The surplus of the current account of the balance of payments remains high. In the twelve months to January it totalled EUR 3.4 billion (6.9% of estimated GDP). The higher surplus in current transactions relative to the previous 12-month period continued to arise from a higher surplus in services trade, especially trade in transport services and net inflows from travel, and a smaller deficit in primary income related to lower external debt servicing costs and higher net inflows of labour income. Meanwhile, the surplus in goods trade was lower, while net outflows of secondary income were higher, which was lowering the surplus. Net outflows of secondary income were marked especially by higher payments into the EU budget. Source: BoS; calculations by IMAD. I Table 5: Balance of payments I 19, EUR m Balance, I 18, Inflows Outflows Balance EUR m Current account 3,575.0 3,163.6 411.4 231.8 Goods 2,702.0 2,518.2 183.7 74.4 Services 603.6 327.1 276.5 216.5 Primary income 207.5 187.6 19.9 -35.0 Secondary income 62.0 130.7 -68.7 -24.1 Capital account 138.0 151.8 -13.8 -11.8 Financial account 1,206.9 1,604.7 397.8 459.2 Direct investment 65.6 80.0 14.4 -6.5 Portfolio investment 1,470.6 -48.7 -1,519.3 -1,468.5 Other investment -327.0 1,547.6 1,874.5 1,936.8 Net errors and omissions 0.2 0.0 0.2 239.2 Source: BoS.Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts. the term »inflows" means total receipts and the term "outflows" means total expenditures; "balance" is the difference between inflows and outflows. On the financial account. "outflows" mean assets. while "inflows" mean liabilities abroad; "balance" is the difference between outflows and inflows. In financial inflows and outflows. the increase is recorded with a plus sign and the decrease with a minus sign. Slovenian Economic Mirror, No 1/2019 Financial markets Current Economic Trends 15 I Figure 16: Year-on-year growth in loans to domestic nonbanking sectors Non-financial corporations Households Total The situation in the banking system remains stable; the volume of loans to domestic non-banking sectors continues to strengthen steadily; the quality of banks' assets is improving. Year-on-year growth in the volume of loans to domestic non-banking sectors continues to arise from household borrowing in the form of consumer and housing loans. The year-on-year fall in the volume of loans to domestic non-financial corporations is gradually easing, which is a consequence of slightly more pronounced net borrowing early in the year. Besides on bank loans, firms are also relying on other sources for financing current operations and investment. The quality of banks' assets keeps improving. In 2018 the share of arrears of more than 90 days dropped by more than one third, to 2.3%. We estimate that this is a consequence of a gradual repayment of bad claims and better credit ratings of borrowers amid good business results. Vir: BS, preračuni UMAR. 20 10 0 -10 -20 -30 -40 I Figure 17: Yields to maturity of euro area bonds, selected countries -Austria -Ireland -Italy -Germany -Portugal -Slovenia -Spain Source: Bloomberg. The yields to maturity of euro area government bonds declined slightly more at the end of the first quarter. According to our estimate, this was a consequence of the introduction of the ECB's new monetary policy measure (TLTRO-III) and the postponement of the expected increase in key interest rates. The yield to maturity of the Slovenian bond thus dropped to 0.81%, the lowest value since the end of 2017, while the spread between the Slovenian and German bond yields narrowed to 76 basis points. I Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 28. II 18 31. XII 18 28.II 19 28. II 19/31. I 19 28. II 19/28. II 18 Loans total 22,315.8 22,371.3 22,585.5 0.1 1.2 Enterprises and NFI 10,584.5 10,247.2 10,412.8 0.0 -1.6 Government 1,953.7 1,754.1 1,746.5 -0.8 -10.6 Households 9,777.6 10,370.0 10,426.2 0.3 6.6 Consumer credits 2,430.0 2,682.9 2,725.6 0.9 12.2 Lending for house purchase 6,001.3 6,238.7 6,280.6 0.2 4.7 Other lending 1,346.2 1,448.4 1,420.0 -0.4 5.5 Bank deposits total 18,202.5 19,117.0 19,485.3 0.7 7.0 Overnight deposits 13,088.8 14,372.6 14,712.8 1.0 12.4 Term deposits 5,113.7 4,744.4 4,772.4 -0.3 -6.7 Government bank deposits, total 694.2 665.6 808.5 22.5 16.5 Deposits of non-financial corporations, total 6,282.7 6,833.3 6,515.7 -0.5 3.7 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI - Non-monetary Financial Institutions. 16 Current Economic Trends Slovenian Economic Mirror, No 1/2019 Public finance The general government deficit1 in the first two months was somewhat higher than in the same period of last year. Revenue growth was similar (5.7%) to that last year, amid the continuation of favourable labour market conditions and domestic consumption. Receipts from the EU were low. Expenditure growth accelerated (8.6%), with all major expenditure categories contributing equally to growth. Higher growth in transfers to individuals and households reflects legislative changes and the relaxation of austerity measures in the area of family benefits and social security2 and a higher regular adjustment of pensions (2.7%). The higher growth in the wage bill is a consequence of the higher valuation of most positions based on last year's agreement. Strong growth was also recorded for investment, driven by the accelerated implementation of projects in the areas of transport and transport infrastructure,3 as well as for expenditure on goods and services; this had been low in the same period of last year and strengthened only later in the year. The general government deficit, which arose solely from the state budget, is expected to turn into surplus by the end of the year (EUR 193 million) according to the revised budget. 1 According to the consolidated general government accounts on a cash basis, Ministry of Finance. 2 The amount of the minimum income remained at the same level as it was in the second half of 2018 and some transfers tied to the growth of GDP and the employment rate were relaxed (family benefits, parental compensations and scholarships). 3 Overview of general government developments, March 2019, Ministry of Finance. I Table 7: Consolidated general government revenue and expenditure on a cash basis I-II 2018 I-II 2019 I-II 2018 I-II 2019 Category EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % Category EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 2,788.4 5.8 2,948.7 5.7 EXPENDITURE TOTAL 2,830.5 2.5 3,075.3 8.6 Tax revenues' 1,570.4 8.9 1,649.7 5.0 Salaries, wages and other personnel expenditures2 650.7 3.1 701.8 7.9 Personal income tax 400.6 9.4 435.0 8.6 Expenditure on goods and services 354.6 0.9 381.8 7.7 Corporate income tax 116.1 46.5 129.9 11.9 Interest payments 241.5 -1.6 237.3 -1.8 Taxes on immovable property 11.9 6.5 10.3 -13.6 Reserves 18.9 19.7 16.2 -14.0 Value added tax 611.9 3.4 672.6 9.9 Transfers to individuals and households 1,113.7 2.7 1,184.2 6.3 Excise duties 253.4 1.1 245.2 -3.3 Other current transfers 276.4 0.0 275.9 -0.2 Social security contributions 1,050.5 7.1 1,139.2 8.4 Investment expenditure 79.8 -9.7 115.1 44.2 Non-tax revenues 112.2 -27.0 109.3 -2.6 Payments to the EU budget 95.0 35.8 162.9 71.4 Receipts from the EU budget 36.7 -23.4 28.1 -23.4 GENERAL GOVERNMENT BALANCE -42.1 -126.6 Other 18.5 81.8 22.5 21.5 PRIMARY BALANCE 199.1 110.3 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. I Figure 18: Revenue, expenditure and balance of the consolidated general government budgetary accounts g 14,000 ■ General government balance (right axis) -Revenue -Expenditure 1,000 -1,000 -1,500 g Source: MF, Bulletin of Government Finance; calculations by IMAD. 500 0 Slovenian Economic Mirror, No 1/2019 Current Economic Trends 17 I Figure 19: General government balance (ESA 2010), 2018 The public finance position4 improved further in 2018. In 2017 it was balanced, while in 2018 revenue exceeded expenditure by EUR 303 million (0.7% of GDP). The steady improvement in Slovenia's balance since 2013, when the general government deficit was at its highest, is a consequence of stabilisation measures, improved economic conditions and measures for increasing revenue and containing expenditure. In the last two years the decline in flexible expenditure, particularly investment, came to a halt. Last year investment increased strongly (24.8%) as a result of faster implementation of projects financed from national sources and from EU funds. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: SURS. According to the European system of national accounts 2010, SURS. I Figure 20: Consolidated general government debt (ESA 2010) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: SURS. The improvement in the general government balance in circumstances of strong economic growth has led to a rapid decline in the general government debt as a share of GDP in recent years. The rising of Slovenia's indebtedness after 2008, one of the highest in the EU amid double-dip recession and a longstanding persistence of high general government deficits and due to one-off factors, came to a stop in 2015 (at 82.6% of GDP). Since then the debt-to-GDP ratio has been rapidly falling, also when compared with other countries and faster than required by the Stability and Growth Pact. In 2018 it totalled 70.1% of GDP. The decline in the debt-to-GDP ratio took place under the impact of an improvement in the primary balance (surplus); the contribution of economic growth was also positive - in the last three years it has exceeded the counter-effect of interest expenditure, which also declines. 2 0 -10 - -12 -14 -16 I Figure 21: Receipts from the EU budget Structural Funds Total receipts (January-December 2018) Total receipts (January-December 2017) Other 0 50 100 150 200 250 300 350 In EUR m Slovenia's net budgetary position against the EU budget amounted to EUR 360.1 million in 2018 (EUR 8.8 million in 2017). Slovenia received EUR 793.5 million into the state budget (71.4% of the amount envisaged in the budget), while its payments into the EU budget totalled EUR 433.4 million. The majority of funding was from structural funds (68.3% of the planned amount). Receipts from the Cohesion Fund (62.3%) and under the Common Agricultural and Fisheries Policy (90.8%) were lower. The gap between the payments from the state budget and the reimbursements from the EU budget narrowed with the elimination of systemic errors in transferring data between the three information systems.5 Delays in the payment of EU funds into the state budget nevertheless remain one of the greatest challenges in the absorption of cohesion funds.6 5 In the implementation of the EU Cohesion Policy three information systems are used: eMA, eCA and MFeRAC. 6 The difference between payments from the state budget and certified funds is EUR 182 million (Report on the Implementation of the EU Cohesion Policy, as at 31 December 2018). selected topics Slovenian Economic Mirror, No. 2/2019 Selected topics 21 Insolvency in 2018 In 2018 solvency improved according to the majority of available indicators, but the number of bankruptcies was the largest since 2009.1 The solvency of legal entities and sole proprietors improved in terms of both the number of non-payers and the amounts owed. Payment delays shortened too, but long-term2 outstanding liabilities remain high, accounting for more than 56.2% of all outstanding liabilities in legal persons and as much as 80.8% of all outstanding liabilities in sole proprietors.3 The mutual indebtedness of business entities decreased as a result of set-offs. The number of personal bankruptcies declined significantly, but there were more bankruptcy, settlement and liquidation proceedings against legal entities. The solvency of legal entities and sole proprietors improved last year. The number of legal entities with outstanding liabilities declined by one tenth, the most in trade and construction, the two sectors that account for around a quarter of the total daily amount of outstanding liabilities. The average daily amounts of outstanding liabilities otherwise dropped by around one tenth, more than half of all being outstanding liabilities of micro enterprises. The number of sole proprietors was also one tenth lower than in 2017, while the average daily amounts of their unsettled liabilities declined by around one third. In 2018 the number of bankruptcy proceeding4 filed against legal entities exceeded the highest level on record, while the number of bankruptcies against sole proprietors declined. The number of bankruptcy filings against legal persons started to rise following the changes to legislation5 in 2013 and 2014. Last year almost half of all bankruptcy proceedings against legal entities were initiated in construction and trade. Because of insolvency6 and consequent bankruptcy, 10% more legal entities were struck off the business register than in 2017. The total number of bankruptcies filed against sole proprietors declined (by 3%) and was one third lower I.e. since data have been available. Liabilities that are more than one year overdue. These are past-due liabilities outstanding for more than five consecutive days in a month. AJPES keeps records of outstanding matured liabilities from court enforcement orders and from tax debt. These records do not include other outstanding liabilities from unpaid invoices between creditors and debtors. Bankruptcy proceedings are a form of winding-up an over-indebted or insolvent debtor. Under court supervision, bankruptcy proceedings are administered by a bankruptcy trustee, who liquidates the debtor's property to obtain financial assets for settling creditor claims. Upon completion of the bankruptcy proceedings, the legal entity is deleted from the court register. The Act Amending the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP), Official Gazette of the RS, No. 47/2013 of 31 May 2013, according to which the debtor no longer has to deposit an advance to cover the initial costs of bankruptcy proceedings. Insolvency is a situation where a debtor, over a longer period, can no longer meet its financial obligations that become due (prolonged illiquidity) or becomes unable to cover its financial obligations in the long term (long-term insolvency). I Figure 22: Legal entities with outstanding matured liabilities for more than five consecutive days in a month and the average daily amounts of their outstanding matured liabilities Average no. of legal entities with outstanding matured liabilities (left axis) -Average daily amount of outstanding matured liabilities, EUR m (right axis) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 fflfl 800 700 600 500 o 400 = t 300 Œ Z) 200 c 100 0 22222222222222 Source: AJPES I Figure 23: Average amounts of outstanding liabilities of legal entities by maturity Up to 3 months 3 months-1 year Over 1 year UI-JlU ll ill 23 2222222222 Source: AJPES Figure 24: Sole proprietors with outstanding matured liabilities for more than five consecutive days in a month and the average daily amounts of outstanding matured liabilities ^■Average daily amount of outstanding matured liabilities, EUR million (right axis) -Average no. of sole proprietors with outstanding matured liabilities (left axis) 10,000 9,000 8,000 7,000 6,000 z 5,000 4,000 3,000 2,000 1,000 0 Source: AJPES 600 500 400 s 300 200 0 22 Selected topics Slovenian Economic Mirror, No. 2/2019 I Table 8: Results of multilateral set-offs of mutual liablities from 2011 to 2018 Year Average number of debtors per round of set-offs in a given year Total amount of reported liabilities (in EUR) Total amount that was set off (in EUR) Share of liabilities that were set off (of total reported liabilities), in % 2011 14,019 9,708,516,883 643,976,767 6.6 2012 12,937 9,252,229,008 682,850,748 7.4 2013 8,083 7,229,521,573 502,411,677 6.9 2014 6,431 6,710,356,571 445,832,469 6.6 2015 5,263 5,687,126,549 392,064,605 6.9 2016 4,447 4,607,380,291 307,810,589 6.7 2017 3,681 4,074,346,034 272,107,493 6.7 2018 3,137 3,887,209,350 252,500,152 6.5 Source: AJPES. Note: Set-offs ae carried out on a monthly basis. than the record figure in 2015. More than half of all were in construction, accommodation and food service and transport activities. In recent years, in the majority of cases sole proprietors had no assets when filing for bankruptcy, while entrepreneurs opted for bankruptcy because this is the cheapest way to close down a business.7 The number of initiated personal bankruptcies8 also dropped further last year, being almost half lower than in the record year 2015. The amounts of reported claims increased again. In 2018 the number of initiated and completed liquidation proceedings was the highest thus far, while the number of initiated settlement proceedings (both compulsory and simplified9) has declined in the last years. Including December's round of compulsory and voluntary set-offs, the mutual indebtedness of business entities declined by EUR 3.5 billion in the period since April 2011.10 In 2018, debtors reported liabilities in the total amount of EUR 3.9 billion, of which 6.5% was set off. Two third of these were in trade (41%) and manufacturing (26%). I Figure 25: Number of bankruptcy filings No. of bankruptcy proceedings initiated against legal entities (left axis) No. of bankruptcy proceedings aganst sole proprietors (right axis) 210 1,400 1,200 1,000 800 600 400 200 0 I I I I I I I 2222 2222 180 150 120 90 60 30 Source: AJPES, Business Register of Slovenia. I Figure 26: Number of personal bankruptcy filings and amounts of reported claims Amunts of reported claims, in EUR million -Number of initiated personal bankrupties In bankruptcy proceedings, it is only necessary to file a proposal, while the advance is paid by the court; in liquidation proceedings, it is necessary to pay notaries! attorneys' and court fees. According to data from the Supreme Court of the Republic of Slovenia. By filing for personal bankruptcy, debtors can prevent the attachment of their assets or stop public auctions of their property. The ZFPPIPP provides for the possibility of a simplified compulsory settlement procedure for small businesses. It is much easier and cheaper than the regular compulsory settlement procedure and is intended for micro enterprises and sole proprietors. 0 According to the Act on Prevention of Late Payments (ZPreZP-1) (Official Gazette of the RS, No. 57/2012, from 27 July 2012), which entered into force on 28 July 2012. 5,000 4,000 2,000 co oï a rN m ^r vo 00000000000 22222222222 Source: Supreme Court. 1,000 600 m 0 000 1,200 800 o 3,000 400 1,000 200 0 statistical appendix Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 25 Main indicators 2013 2014 2015 2016 2017 2018 2019 | 2020 | 2021 Spring forecast 2019 GDP (real growth rates, in %) -1.1 3.0 2.3 3.1 4.9 4.5 3.4 3.1 2.8 GDP in EUR million (current prices) 36,239 37,603 38,863 40,357 43,000 45,948 48,797 51,578 54,443 GDP per capita, in EUR (current prices) 17,596 18,238 18,836 19,547 20,815 22,182 23,619 24,964 26,351 GDP per capita (PPS)1 21,900 22,700 23,800 24,100 25,500 GDP per capita (PPS EU28=100)1 82 82 82 83 85 Rate of registered unemployment 13.1 13.1 12.3 11.2 9.5 8.2 7.6 7.0 6.4 Standardised rate of unemployment (ILO) 10.1 9.7 9.0 8.0 6.6 5.1 4.3 3.9 3.7 Labour productivity (GDP per employee) 0.0 2.6 1.0 1.3 1.9 1.4 1.4 2.1 2.2 Inflation2, year average 1.8 0.2 -0.5 -0.1 1.4 1.7 1.6 1.9 2.2 Inflation2, end of the year 0.7 0.2 -0.4 0.5 1.7 1.4 2.2 2.2 2.2 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 3.1 5.7 5.0 6.4 10.7 7.2 5.1 5.3 4.7 Exports of goods 3.3 6.3 5.3 6.2 11.0 6.6 4.9 5.2 4.6 Exports of services 1.9 3.4 3.7 7.6 9.9 9.5 5.9 5.5 4.9 Imports of goods and services (real growth rates, in %) 2.1 4.1 4.7 6.6 10.3 7.7 6.0 5.8 5.4 Imports of goods 2.9 3.8 5.1 7.0 11.1 8.1 6.2 5.9 5.5 Imports of services -3.0 6.2 2.3 4.2 5.9 5.3 5.0 5.3 4.6 Current account balance3, in EUR million 1,594 2,179 1,760 2,224 3,077 3,375 3,162 3,247 3,220 As a per cent share relative to GDP 4.4 5.8 4.5 5.5 7.2 7.3 6.5 6.3 5.9 Gross external debt, in EUR million 41,632 48,709 46,627 44,810 43,813 42,567 43658* As a per cent share relative to GDP 114.9 129.5 120.0 111.0 101.9 92.6 Ratio of USD to EUR 1.328 1.329 1.110 1.107 1.129 1.181 1.135 1.134 1.134 DOMESTIC DEMAND Private consumption (real growth rates, in %) -4.1 1.9 2.3 3.9 1.9 2.2 2.9 2.4 2.2 As a % of GDP 55.4 54.4 53.6 53.3 51.9 50.8 50.3 49.8 49.3 Government consumption (real growth rates, in %) -2.1 -1.2 2.4 2.7 0.5 2.6 2.2 1.9 1.4 As a % of GDP 19.5 18.6 18.5 18.8 18.2 17.8 17.9 17.9 17.9 Gross fixed capital formation (real growth rates, in %) 3.2 1.0 -1.6 -3.7 10.7 10.6 7.7 7.0 7.0 As a % of GDP 19.8 19.4 18.8 17.5 18.5 19.7 20.6 21.4 22.3 Sources: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast 2019). Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End January 2019. 26 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Production 2016 2017 2018 2016 2017 2018 2017 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 2 1 3 | 4 | 5 INDUSTRIAL PRODUCTION, y-o-y growth rates, % ndustry B+C+D 7.1 7.7 4.4 6.6 7.5 5.7 7.8 9.8 7.3 5.2 3.2 2.2 3.0 12.7 1.2 8.2 B Mining and quarrying 1.7 2.6 -1.0 -1.6 11.4 8.0 3.0 -10.6 -16.9 6.6 6.5 0.3 11.6 15.2 7.1 7.8 C Manufacturing 8.2 8.3 4.8 7.4 7.7 6.4 8.4 10.8 8.0 5.5 3.4 2.5 2.9 13.7 1.2 9.0 D Electricity, gas & steam supply1 -3.4 1.9 1.0 -0.4 4.6 -1.1 1.3 2.7 4.1 0.7 0.4 -1.1 1.5 1.8 0.4 -0.3 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -17.7 17.7 19.8 -9.2 19.8 17.3 8.3 26.0 18.6 17.1 28.8 14.9 20.9 41.4 26.8 4.7 Buildings 2.4 27.6 16.8 19.0 36.8 40.0 9.4 30.7 25.5 16.5 28.5 2.4 25.7 56.5 53.7 33.6 Civil engineering -24.8 14.4 21.1 -19.0 15.1 9.1 8.3 25.0 13.3 17.8 29.4 20.5 21.6 37.2 17.4 -5.0 MARKET SERVICES, year-on-year growth rates, % Services, total 5.0 8.2 8.2 3.4 6.2 7.9 8.2 10.1 7.3 8.5 8.8 8.3 3.9 10.6 4.8 11.0 Transportation and storage 3.6 10.8 9.4 3.3 11.0 9.8 10.9 11.4 8.6 10.1 9.6 9.1 6.2 16.8 4.9 16.0 Information and communication activities 3.5 5.8 3.9 1.2 3.5 7.7 4.5 7.2 6.1 1.0 4.2 4.6 1.9 4.6 5.4 9.5 Professional, scientific and technical activities -0.8 3.7 16.1 -0.2 1.2 3.4 1.2 7.8 10.9 18.5 16.5 17.6 -3.8 3.1 -1.1 4.3 Administrative and support service activities 7.7 12.2 7.3 11.6 11.9 12.3 9.2 15.6 8.5 11.2 7.9 1.9 11.4 14.5 13.9 12.1 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 6.7 8.5 8.1 9.2 10.8 7.8 10.0 6.0 3.9 7.8 8.3 11.7 6.0 13.2 3.5 9.4 Real turnover in retail trade 4.4 7.4 4.6 10.1 12.1 8.3 8.1 2.2 -0.9 2.5 4.2 11.9 8.7 13.3 5.8 9.4 Real turnover in the sale and maintenance of motor vehicles 21.8 14.1 11.6 20.8 15.8 12.7 13.5 14.6 12.3 15.9 15.8 3.4 9.0 18.9 9.6 12.8 Nominal turnover in wholesale trade & commission trade 3.5 6.9 9.4 5.0 8.5 5.7 8.8 5.0 4.1 8.8 9.2 14.8 3.3 11.3 -0.3 8.5 TOURISM, y-o-y growth rates, % Total, overnight stays 8.5 12.3 10.5 12.2 6.0 19.4 12.8 8.5 2.4 10.7 11.8 14.4 5.1 6.7 28.7 5.5 Domestic tourists, overnight stays 3.3 5.0 -0.1 3.9 5.2 6.5 3.3 6.4 -2.9 3.2 -1.8 2.4 -1.7 21.1 -1.2 6.0 Foreign tourists, overnight stays 11.5 16.1 15.4 18.0 6.6 26.0 16.6 9.8 6.4 14.0 16.7 21.7 13.0 -2.4 48.7 5.3 Accommodation and food service activities 11.0 8.9 7.1 12.2 7.8 11.7 9.2 6.4 6.5 6.7 8.0 6.7 5.9 10.5 12.9 9.6 AGRICULTURE Purchase of agricultural products, n EUR m 465.7 518.7 524.8 132.9 108.7 119.8 135.2 155.0 110.9 122.0 140.9 151.0 34.2 39.5 36.8 42.0 BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.5 12.5 11.9 7.7 11.0 11.1 12.0 15.8 14.2 12.7 9.7 10.8 10.5 12.7 11.7 9.5 Confidence indicator in manufacturing 6 10 8 6 10 8 9 13 12 8 4 8 10 12 9 6 in construction -10 12 22 -1 5 10 17 18 23 25 20 19 7 6 10 7 in services 19 25 24 21 24 25 24 28 24 25 24 25 23 27 27 24 in retail trade 19 22 14 16 19 18 22 26 19 11 13 14 18 28 12 10 consumer confidence indicator -14 -4 -2 -10 -7 -5 -4 0 0 1 -5 -6 -9 -9 -5 -6 Source: SURS. Opombe: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 27 2017 2018 2019 6 7 8 1 9 1 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 1 2 | 3 7.5 7.3 7.5 8.3 13.3 9.8 6.0 11.1 7.5 3.9 9.5 5.9 0.8 7.7 5 -2.4 6.9 2.3 -3.5 5.4 - - 9.0 38.7 1.2 -16.1 -17.8 -3.0 -8.3 -7.2 -18.8 -23.6 6.2 6.5 7.1 4.8 15.3 0.3 19.1 -7.0 -15.9 -8.2 - - 8.6 7.8 7.9 9.3 14.4 10.8 6.9 12.8 8.1 4.0 10.4 6.3 0.6 8.4 5.2 -2.4 7.3 2.3 -3.0 5.8 - - -3.4 -2.0 3.0 3.0 9.1 1.5 -1.9 -0.9 5.8 7.8 0.8 0.3 0.9 1.5 2.0 -2.2 -0.5 3.5 -5.9 3.5 - - 21.7 10.4 7.5 7.0 31.1 26.0 20.0 77.2 6.6 -2.0 12.7 30.7 9.8 25.8 34.0 26.9 18.5 19.5 4.3 4.3 - - 34.7 13.6 3.1 11.3 44.8 30.4 17.7 65.5 19.7 3.9 13.1 29.3 8.5 27.7 29.6 28.5 7.0 6.4 -7.5 -1.9 - - 16.2 9.9 10.0 5.5 26.4 23.8 24.9 79.4 -1.0 -5.5 12.5 31.5 11.2 25.1 36.5 26.8 23.6 25.4 9.6 6.7 - - 7.8 9.8 8.1 6.8 11.5 10.3 8.6 11.2 5.3 5.7 9.9 8.4 7.3 9.0 10.0 7.3 11.6 7.8 5.8 8.6 - - 8.4 13.0 11.2 8.8 15.3 12.4 6.5 13.5 6.3 6.5 11.8 8.0 10.7 12.3 8.7 7.8 13.7 9.3 3.7 8.6 - - 8.1 5.5 4.3 3.6 8.8 6.5 6.7 5.2 4.7 8.1 2.2 2.6 -1.6 7.0 4.2 1.6 6.1 3.5 4.3 8.7 - - 6.8 1.6 -2.2 3.9 7.4 3.9 11.6 15.5 9.5 8.5 23.0 19.4 13.8 11.5 24.1 14.7 22.0 16.9 14.7 12.0 - - 11.0 11.4 7.6 8.5 14.7 22.6 10.1 12.7 9.6 4.1 8.7 13.6 11.3 8.1 11.4 4.3 4.9 -2.6 3.5 6.1 - - 10.5 10.8 11.6 7.6 8.5 8.7 0.9 5.7 2.5 3.6 8.3 8.9 6.4 10.9 7.6 6.5 16.0 9.2 10.0 10.5 - - 9.8 9.4 7.8 7.2 2.7 6.2 -1.6 -1.0 -2.2 0.3 -0.3 4.8 2.9 3.0 4.3 5.2 15.9 8.9 11.0 10.0 - - 15.7 12.0 18.9 10.5 21.6 16.1 6.3 14.2 12.0 11.1 19.2 16.8 12.0 27.4 18.5 2.3 5.2 3.1 1.7 9.9 - - 8.7 10.4 10.8 5.6 7.7 7.3 0.1 7.2 2.3 3.1 10.8 8.8 7.1 11.8 7.0 8.9 20.1 11.8 12.3 11.2 - - 25.1 14.0 14.9 7.1 6.8 7.7 11.3 6.0 -0.7 2.0 5.4 20.2 7.6 11.5 10.3 15.4 13.1 17.0 13.9 -2.1 12.1 - 12.7 5.4 5.5 -4.2 15.2 0.3 3.5 11.1 -3.9 -12.2 7.5 0.5 2.2 -3.4 -2.4 2.1 -1.3 5.5 3.8 -8.8 13.9 - 31.2 17.5 18.5 11.7 2.9 13.6 16.9 3.2 2.5 13.0 4.5 28.4 9.9 17.1 14.6 20.1 20.8 24.9 20.2 2.0 10.3 - 12.8 11.5 11.3 4.3 6.5 7.2 5.7 10.8 3.7 5.2 6.7 8.5 5.2 6.3 8.4 9.6 5.4 8.1 6.9 6.2 - - 41.1 45.8 42.3 47.1 57.6 48.4 49.0 37.2 34.0 39.7 39.6 41.5 40.9 42.9 42.2 55.8 59.3 45.317 46.385 39.781 - - 12.2 11.7 11.6 12.5 15.4 16.1 15.8 16.0 14.4 12.2 13.1 12 13.1 10.5 10.5 8.1 11.5 9.9 11.0 12.3 9.1 9.1 9 8 8 10 12 13 13 13 13 10 9 8 8 5 6 2 10 7 6 7 2 3 13 17 17 18 22 13 20 22 23 24 25 25 26 22 21 17 18 23 16 18 18 17 24 24 25 23 27 29 28 25 24 23 25 25 24 24 24 25 24 23 27 25 25 23 32 24 19 24 28 30 21 32 19 5 10 0 23 11 11 17 19 10 14 28 17 24 -3 -4 -4 -3 0 -1 1 2 0 -1 1 0 1 -2 -4 -9 -7 -6 -4 -3 -5 -6 28 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Labour market 2016 2017 2018 2016 2017 2018 2017 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 FORMAL LABOUR FORCE (A=B+E) 920.4 934.1 951.2 926.2 927.6 934.3 932.5 942.0 943.1 948.8 949.2 963.9 926.4 927.5 928.8 933.4 PERSONS IN FORMAL EMPLOYMENT (B=C+D)' 817.2 845.5 872.8 828.3 827.5 846.5 849.3 858.5 858.1 872.0 874.0 886.9 822.7 826.2 833.6 842.3 In agriculture, forestry, fishing 23.1 25.0 26.3 22.8 22.3 27.3 25.2 25.2 24.7 27.2 25.2 27.9 22.2 22.3 22.4 27.3 In industry, construction 260.3 269.1 280.9 263.3 261.2 268.7 271.9 274.8 273.7 279.6 283.0 287.1 258.7 260.4 264.6 266.6 - in manufacturing 186.7 193.9 202.6 189.0 189.7 192.8 195.0 198.0 199.3 201.6 203.2 206.4 188.6 189.6 190.9 191.5 - in construction 53.9 55.7 58.4 54.7 52.2 56.3 57.2 57.2 54.9 58.1 59.8 60.7 50.8 51.5 54.3 55.6 In services 533.8 551.3 565.7 542.3 544.0 550.6 552.3 558.5 559.7 565.2 565.8 571.9 541.7 543.6 546.6 548.5 - in public administration 48.4 48.8 49.0 48.6 48.6 48.8 49.0 49.0 48.8 49.1 49.1 49.0 48.4 48.5 48.7 48.6 - in education, health-services and social work 127.7 131.6 135.0 130.0 130.8 131.4 130.8 133.5 134.3 135.0 133.9 136.7 130.3 130.8 131.2 131.3 FORMALLY EMPLOYED (C)1 730.5 755.3 780.2 741.1 740.5 754.3 758.9 767.4 767.5 778.9 782.5 792.0 735.8 739.2 746.4 750.3 In enterprises and organisations 680.2 704.3 729.3 690.2 691.1 702.6 707.3 716.2 718.1 727.7 730.9 740.3 687.1 690.3 695.9 699.0 By those self-employed 50.3 51.0 50.9 50.9 49.4 51.7 51.6 51.2 49.4 51.2 51.5 51.7 48.7 48.9 50.5 51.3 SELF-EMPLOYED AND FARMERS (D) 86.7 90.2 92.6 87.2 87.0 92.1 90.4 91.2 90.6 93.2 91.5 94.9 86.8 87.0 87.2 92.1 REGISTERED UNEMPLOYMENT (E) 103.2 88.6 78.5 97.9 100.1 87.8 83.2 83.5 84.9 76.7 75.3 77.0 103.7 101.3 95.2 91.1 Female 52.4 45.4 39.9 50.2 49.5 45.5 43.7 42.9 42.1 39.3 38.9 39.2 50.5 49.8 48.3 46.9 By age: 15 to 29 22.5 17.5 15.1 21.6 20.7 17.0 15.2 17.1 16.4 14.1 13.7 16.1 21.6 20.9 19.4 18.2 Aged over 50 36.5 34.3 31.5 35.0 36.9 34.3 33.2 32.7 33.8 31.7 30.5 29.9 37.6 37.2 35.8 35.0 Primary education or less 30.2 26.7 24.3 28.8 30.6 26.3 24.6 25.2 26.6 23.7 23.0 24.0 32.0 31.2 28.6 27.2 For more than 1 year 55.1 47.0 40.6 52.3 51.2 48.1 45.2 43.7 42.9 40.8 39.5 39.1 52.1 51.3 50.3 49.1 Those receiving benefits 23.1 21.5 20.0 21.5 27.3 19.5 19.8 20.2 24.4 18.7 18.3 18.5 28.4 26.8 24.7 20.3 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 11.2 9.5 8.3 10.6 10.8 9.4 8.9 8.9 9.0 8.1 7.9 8.0 11.2 10.9 10.2 9.8 Male 10.2 8.5 7.5 9.5 10.4 8.3 7.8 7.9 8.4 7.3 7.0 7.2 10.6 10.3 9.3 8.7 Female 12.4 10.6 9.2 11.8 11.8 10.7 10.2 9.9 9.7 9.0 9.0 8.9 11.9 11.7 11.3 11.0 FLOWS OF FORMAL LABOUR FORCE -13.5 -14.6 -6.5 4.5 1.7 -10.4 -3.8 4.1 -3.8 -6.2 -1.2 4.8 4.1 -2.4 -6.2 -4.1 New unemployed first-job seekers 14.2 12.3 11.4 6.5 1.8 1.8 2.3 5.7 2.1 1.6 2.1 5.6 1.0 0.8 0.8 0.6 Redundancies 75.7 70.0 65.1 20.3 17.1 13.7 15.5 18.6 19.5 13.4 14.9 17.4 12.0 5.2 5.1 4.6 Registered unemployed who found employment 74.9 68.6 61.5 14.5 12.6 18.5 14.3 13.6 20.0 16.4 12.7 12.4 6.3 6.3 9.7 6.9 Other outflows from unemployment (net) 28.6 28.3 21.6 7.9 4.6 7.4 7.3 6.7 5.4 4.8 5.5 5.8 2.6 2.0 2.4 2.4 FIXED TERM WORK PERMITS FOR FOREIGNERS 19.2 18.0 24.0 17.1 16.8 17.2 18.4 19.4 21.0 23.6 24.2 27.0 16.9 16.8 16.8 16.9 As % of labour force 2.1 1.9 2.5 1.8 1.8 1.8 2.0 2.1 2.2 2.5 2.5 2.8 1.8 1.8 1.8 1.8 Sources: SURS, PDII, ESS. Notes: 1 In 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 quarterly figure for farmers from the Labour Force Survey. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 29 2017 2018 2019 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 934.4 935.1 931.6 931.7 934.2 941.4 943.4 941.3 942.3 942.5 944.4 947.9 949.0 949.6 947.7 948.4 951.7 961.9 964.1 965.7 964.0 846.8 850.3 846.9 847.9 853.2 858.4 861.0 856.2 854.4 856.8 863.2 869.3 872.3 874.6 871.6 872.4 877.9 885.7 888.0 887.2 881.2 27.2 27.3 25.1 25.2 25.2 25.3 25.3 25.1 24.7 24.5 24.9 27.2 27.2 27.2 25.3 25.2 25.2 27.9 27.9 27.9 25.5 268.9 270.5 271.1 271.6 273.0 275.2 276.3 272.9 272.0 272.7 276.4 278.3 279.6 281.1 281.8 282.7 284.5 286.5 287.3 287.5 285.5 193.0 193.9 194.5 194.8 195.8 197.6 198.3 198.1 198.4 199.0 200.4 200.9 201.6 202.4 202.5 203.1 204.1 205.6 206.3 207.4 206.9 56.3 56.9 56.9 57.1 57.5 58.0 58.4 55.3 54.2 54.2 56.3 57.4 58.1 58.8 59.4 59.7 60.4 60.9 61.0 60.3 58.9 550.8 552.4 550.7 551.1 555.0 557.9 559.4 558.2 557.7 559.5 561.9 563.9 565.5 566.3 564.6 564.6 568.2 571.3 572.7 571.8 570.2 48.9 48.9 49.0 49.0 49.1 49.1 49.0 48.8 48.7 48.8 48.9 49.0 49.2 49.2 49.0 49.1 49.1 49.0 49.1 48.9 48.7 131.6 131.4 130.0 130.0 132.4 133.2 133.7 133.7 134.0 134.2 134.6 134.9 135.0 135.1 133.3 133.1 135.4 136.3 136.9 136.8 136.5 754.7 758.0 756.8 757.5 762.5 767.3 769.7 765.1 763.8 766.3 772.3 776.2 779.0 781.4 780.3 781.0 786.1 790.9 792.9 792.3 788.7 703.0 705.9 705.1 705.9 710.9 715.5 718.1 715.1 714.8 717.3 722.2 725.3 727.8 730.0 728.8 729.6 734.4 738.9 740.8 741.2 738.3 51.8 52.1 51.7 51.6 51.6 51.8 51.6 50.0 49.0 49.0 50.1 50.9 51.2 51.4 51.5 51.4 51.7 52.1 52.1 51.1 50.4 92.1 92.2 90.1 90.4 90.7 91.1 91.3 91.1 90.6 90.5 90.9 93.1 93.2 93.2 91.3 91.5 91.8 94.8 95.1 94.9 92.5 87.7 84.8 84.7 83.8 81.0 83.0 82.4 85.1 87.9 85.7 81.2 78.6 76.7 75.0 76.1 75.9 73.8 76.2 76.1 78.5 82.8 45.5 44.1 44.5 44.3 42.3 43.4 42.8 42.5 43.1 42.1 41.0 40.2 39.3 38.4 39.4 39.5 37.9 39.3 39.1 39.1 40.4 17.0 15.9 15.7 15.3 14.6 17.3 16.9 17.0 17.2 16.4 15.5 14.7 14.0 13.4 13.8 13.8 13.5 16.3 15.9 15.9 16.2 34.3 33.6 33.6 33.3 32.7 32.4 32.4 33.2 34.5 34.0 32.8 32.2 31.7 31.1 31.0 30.6 29.9 29.7 29.6 30.5 32.3 26.3 25.4 24.9 24.6 24.3 24.5 24.6 26.4 27.7 27.0 25.2 24.2 23.7 23.2 23.1 23.0 23.0 23.3 23.6 25.1 26.8 48.1 46.9 46.0 45.2 44.3 44.2 43.7 43.3 43.7 42.9 42.2 41.5 41.0 40.1 39.9 39.6 39.1 39.3 39.2 39.0 39.7 19.2 19.1 19.8 20.0 19.4 19.0 19.2 22.2 25.7 24.6 23.0 19.3 18.6 18.1 18.0 18.9 17.9 17.0 18.2 20.5 24.8 9.4 9.1 9.1 9.0 8.7 8.8 8.7 9.0 9.3 9.1 8.6 8.3 8.1 7.9 8.0 8.0 7.8 7.9 7.9 8.1 8.6 8.3 8.0 8.0 7.8 7.6 7.8 7.7 8.3 8.8 8.5 7.9 7.5 7.3 7.1 7.1 7.1 6.9 7.1 7.0 7.5 8.1 10.7 10.3 10.4 10.4 9.9 10.1 9.9 9.9 10.0 9.7 9.5 9.2 9.0 8.8 9.1 9.1 8.8 9.0 8.9 8.9 9.2 -3.4 -2.9 -0.1 -0.8 -2.9 2.0 -0.6 2.6 2.9 -2.2 -4.5 -2.7 -1.9 -1.7 1.1 -0.1 -2.1 2.5 -0.1 2.4 4.3 0.6 0.6 0.5 0.6 1.2 4.0 1.0 0.7 0.9 0.6 0.6 0.6 0.6 0.5 0.4 0.5 1.1 4.1 1.0 0.6 0.8 4.6 4.4 6.0 4.5 5.0 5.6 5.4 7.6 10.3 4.6 4.6 4.7 4.5 4.2 6.0 4.2 4.6 5.5 5.2 6.7 10.6 6.1 5.4 4.3 3.5 6.4 5.1 4.8 3.7 6.2 5.6 8.2 6.5 5.3 4.6 3.6 3.2 5.9 4.8 4.4 3.3 5.3 2.6 2.4 2.4 2.3 2.6 2.6 2.2 1.9 2.2 1.7 1.5 1.4 1.6 1.8 1.8 1.7 2.0 2.3 1.9 1.6 1.8 17.2 17.6 18.0 18.5 18.8 18.6 19.8 19.8 20.2 21.1 21.8 22.5 23.6 24.6 23.3 24.2 25.1 26.2 27.1 27.9 28.6 1.8 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.3 2.4 2.5 2.6 2.5 2.5 2.6 2.7 2.8 2.9 3.0 30 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Wages in EUR 2016 2017 2018 2016 2017 2018 2018 1 Q4 18 1 Jan 19 Q4 Q1 1 Q2 1 Q3 1 Q4 Q1 1 Q2 1 Q3 1 Q4 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,682 1,757 1,729 1.8 2.7 3.4 1.9 1.5 2.3 2.8 3.9 3.6 3.6 3.0 3.3 Private sector activities (A-N; R-S) 1,627 1,721 1,656 1.3 2.7 3.8 1.5 1.6 2.3 2.6 4.1 3.8 4.0 3.4 4.1 Public service activities (OPQ) 1,857 1,874 1,969 3.3 2.8 2.4 2.9 1.3 2.7 3.6 3.5 3.2 3.0 2.2 1.3 ndustry (B-E) 1,697 1,813 1,732 1.9 3.2 3.8 2.5 2.3 2.7 2.6 4.8 4.0 4.0 3.8 3.5 Trad. market services (GHI) 1,489 1,572 1,511 0.9 2.7 4.0 0.8 1.7 2.2 2.8 4.0 3.7 4.3 3.5 4.5 Other market services (J-N; R-S) 1,794 1,889 1,836 0.7 2.1 3.9 0.9 0.7 1.7 2.5 3.5 3.8 3.9 2.7 5.1 A Agriculture, forestry and fishing 1,381 1,485 1,430 -0.4 0.2 5.3 -3.3 0.2 0.3 -1.2 1.5 1.1 5.6 6.0 7.8 B Mining and quarrying 2,239 2,254 2,356 2.7 1.2 7.6 5.6 4.2 3.2 0.5 -2.8 12.6 4.7 3.9 9.1 C Manufacturing 1,659 1,774 1,695 2.1 3.2 3.9 2.8 2.2 2.7 2.8 5.0 4.2 4.1 4.1 3.5 D Electricity, gas, steam and air conditioning supply 2,519 2,697 2,513 1.3 4.3 2.9 0.9 4.2 3.1 3.6 6.2 1.5 6.5 1.3 2.2 E Water supply sewerage, waste management and remediation activities 1,624 1,751 1,698 1.9 3.5 3.0 1.2 4.2 4.0 1.4 4.2 2.2 1.4 3.7 4.5 F Constrution 1,290 1,331 1,282 1.3 2.7 4.2 0.4 1.1 2.7 2.3 4.4 4.8 4.3 4.0 3.9 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,548 1,634 1,570 1.6 3.3 4.2 1.3 2.5 2.6 3.4 4.5 4.2 4.7 3.6 4.4 H Transportation and storage 1,542 1,647 1,553 -0.5 1.7 3.3 -0.5 0.5 1.5 1.5 3.1 2.4 3.1 2.9 4.6 Accommodation and food service activities 1,170 1,201 1,203 1.4 2.8 4.9 2.2 1.1 2.9 3.3 3.8 4.4 5.2 4.9 5.1 J Information and communication 2,245 2,374 2,287 0.6 2.4 4.1 0.6 1.8 1.4 3.1 3.2 1.8 3.6 4.4 6.3 K Financial and insurance activities 2,480 2,615 2,461 1.5 3.2 4.8 2.4 2.3 2.4 2.8 5.3 6.3 5.8 2.1 4.8 L Real estate activities 1,530 1,611 1,550 0.7 1.8 0.9 1.2 1.5 2.7 2.5 0.6 1.1 0.1 0.2 2.3 M Professional, scientific and technical activities 1,883 1,978 1,948 0.7 3.9 4.2 1.0 1.4 3.4 4.9 5.8 5.7 4.2 2.8 4.1 N Administrative and support service activities 1,143 1,208 1,179 3.4 2.5 5.8 2.9 1.0 2.5 2.3 4.2 5.7 5.6 4.9 7.0 O Public administration and defence, compulsory social security 2,010 2,039 2,213 4.7 4.0 3.2 2.3 1.5 4.5 6.0 4.0 4.0 2.6 2.9 3.4 P Education 1,732 1,739 1,817 2.5 1.7 0.9 3.0 1.4 1.9 2.3 1.2 1.3 0.9 0.5 0.8 Q Human health and social work activities 1,877 1,895 1,948 3.1 3.1 3.4 3.4 1.0 2.2 3.2 5.9 4.6 5.6 3.5 0.1 R Arts, entertainment and recreation 1,706 1,753 1,759 2.7 1.7 1.7 3.3 1.9 1.6 3.1 0.1 1.0 2.4 0.5 2.8 S Other service activities 1,363 1,404 1,421 -0.8 0.9 1.2 -1.4 -1.0 1.5 1.3 1.7 1.3 0.1 1.3 2.3 Source: SURS, calculations by IMAD. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 31 2017 2018 2019 5 6 7 8 | 9 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 3.4 2.4 2.8 2.7 3.0 3.4 4.1 4.2 4.2 3.6 2.9 4.6 3.1 3.2 3.6 3.5 1.8 3.4 3.2 3.4 4.2 3.6 2.4 2.6 2.8 2.4 3.4 4.3 4.6 4.5 3.9 3.1 5.4 3.2 3.4 3.9 3.6 2.5 4.6 3.9 3.9 3.6 2.8 2.6 3.4 2.7 4.8 3.5 3.7 3.3 3.7 3.0 2.7 2.8 3.0 3.1 3.2 3.2 0.2 0.5 1.1 2.3 6.3 4.6 2.1 2.9 2.8 2.2 4.6 3.9 5.9 5.9 4.1 2.1 5.5 3.2 3.3 5.0 4.2 2.2 4.7 4.0 1.8 3.3 3.5 2.9 2.9 3.2 2.4 3.2 5.5 3.1 3.4 4.4 3.3 6.3 3.1 3.5 3.9 3.4 3.3 4.5 3.0 6.0 4.5 2.4 2.1 2.1 2.3 3.1 2.2 3.7 4.5 3.6 3.0 4.7 4.6 3.3 3.8 2.3 3.7 2.2 4.8 5.2 5.2 4.4 2.1 -0.6 -3.2 1.1 -1.5 1.5 1.1 1.9 4.7 1.9 -2.9 6.9 5.7 4.3 6.8 4.1 7.0 8.5 7.5 7.4 6.0 1.9 1.5 2.0 -1.0 0.5 -2.3 -3.5 -2.8 28.5 2.7 6.5 6.7 10.9 -2.8 4.0 5.5 2.2 8.3 7.3 11.8 -11.9 4.5 2.2 3.2 2.8 2.3 5.3 4.1 5.7 5.9 4.5 2.4 5.6 3.5 3.1 5.2 4.5 2.5 4.6 4.1 2.0 3.5 8.5 -0.7 0.9 6.2 3.7 0.1 2.9 15.5 4.7 -0.5 0.6 5.0 0.7 14.0 3.1 1.9 -1.2 7.5 3.3 -3.2 4.2 4.1 5.8 2.2 1.7 0.3 2.3 6.8 3.3 2.3 4.6 -0.1 3.5 2.8 -1.9 4.9 3.7 2.6 5.4 4.8 3.4 6.2 4.4 3.8 2.8 3.0 1.1 4.5 4.2 4.5 6.6 5.8 2.2 6.8 3.5 2.7 5.1 2.6 4.2 4.8 3.7 3.2 1.0 3.9 3.8 3.6 3.7 2.9 3.8 4.3 5.3 4.0 5.0 3.7 7.3 3.7 3.0 4.0 3.4 3.4 4.3 4.3 4.6 5.0 3.2 1.6 1.2 2.0 1.4 2.2 9.3 -1.9 1.8 3.3 2.3 4.5 1.2 3.7 3.4 2.8 2.4 4.4 0.2 9.1 3.2 3.1 2.5 3.3 3.8 2.7 2.8 4.2 4.6 4.5 4.2 4.5 5.6 4.5 5.4 4.7 5.1 4.8 5.5 3.3 6.4 4.8 2.0 1.9 2.0 3.8 3.5 1.3 3.7 4.5 2.3 3.9 -0.6 5.0 3.3 2.7 5.5 5.5 2.2 8.1 3.8 7.1 5.0 2.2 2.4 2.9 1.9 3.6 2.7 8.2 4.5 4.4 -0.7 14.7 5.1 4.4 8.0 2.7 0.8 2.8 4.4 5.0 4.8 0.6 4.5 0.3 1.9 4.1 1.6 0.8 -0.4 1.2 1.0 1.2 1.1 0.5 -1.0 0.8 1.0 -1.3 0.8 2.1 2.5 2.5 4.1 4.5 4.9 4.1 5.7 5.0 4.7 6.5 6.0 7.0 5.8 4.3 5.9 4.4 2.3 3.6 3.3 1.4 3.2 4.6 4.4 4.4 4.0 2.6 2.6 1.2 3.1 3.6 3.4 5.5 3.9 7.2 6.0 6.6 4.5 5.6 1.2 8.3 5.6 6.5 9.0 5.6 7.4 5.1 4.2 7.2 4.7 6.3 3.9 4.9 3.1 4.9 3.5 3.5 2.5 2.5 2.9 4.0 3.6 1.0 2.9 2.3 4.9 10.1 1.9 2.3 1.6 1.8 3.3 1.1 1.5 1.0 1.8 1.4 0.9 1.3 0.9 0.7 1.6 1.4 -1.3 0.5 0.5 1.2 5.0 1.8 1.7 2.2 2.0 5.3 6.0 5.3 6.3 4.9 4.7 4.3 4.9 5.8 6.2 4.5 4.9 1.1 -1.6 0.6 1.3 4.4 1.2 1.0 1.8 2.2 5.4 -0.1 -0.8 1.1 1.8 1.2 0.0 1.3 2.7 3.2 1.3 1.8 -1.5 2.1 1.3 4.9 4.1 3.3 1.1 1.2 0.6 2.2 2.3 0.9 1.9 1.6 1.1 1.1 1.0 -0.8 0.1 1.6 2.2 0.0 2.0 2.5 2.4 4.4 32 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Prices and indicators of overall competitiveness 2016 2017 2018 2017 2018 2019 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 CPI, y-o-y growth rates, % 0.5 1.7 1.4 1.8 1.4 1.2 1.3 1.3 1.9 1.9 1.9 1.3 1.9 1.8 1.5 0.9 :ood, non-alcoholic beverages 1.7 2.9 0.6 2.9 1.9 1.6 2.4 3.0 3.5 2.6 1.7 0.4 2.4 1.8 2.6 1.3 Alcoholic beverages, tobacco 0.4 3.0 0.4 1.3 1.8 2.8 3.0 2.6 2.5 1.1 0.8 0.4 2.1 1.9 1.9 1.6 Clothing and footwear -2.9 1.3 0.3 -0.9 0.6 2.4 -1.0 0.1 -1.6 -1.3 -0.2 0.7 -0.3 1.0 0.6 0.3 Housing, water, electricity, gas -0.1 3.6 4.7 2.5 2.6 2.0 3.1 3.1 3.3 4.3 5.4 4.2 3.1 2.8 2.6 2.4 Furnishing, household equipm. 0.9 0.4 0.9 0.4 -0.2 -0.5 0.2 0.2 1.5 0.6 0.9 0.9 0.7 -0.3 0.1 -0.4 Medical, pharmaceutical produ. 0.8 0.2 1.3 0.8 0.5 0.0 0.3 1.0 1.7 1.3 1.1 1.7 0.9 0.8 0.7 -0.1 Transport -0.1 1.6 -0.7 3.9 1.8 0.7 1.2 -0.2 0.8 1.9 0.6 -1.3 4.0 3.1 2.2 0.1 Communications 2.9 -2.3 3.3 2.8 1.1 -0.8 -1.8 -1.6 0.2 0.8 2.0 3.0 2.1 2.9 -0.4 0.7 Recreation and culture 0.2 0.8 1.9 0.0 0.4 0.8 0.4 -0.6 1.8 1.2 2.5 2.4 -0.5 0.4 0.2 0.6 Education 0.3 3.7 1.7 0.5 0.5 0.5 3.8 3.9 4.1 4.4 1.8 2.2 0.5 0.5 0.5 0.5 Catering services 1.0 1.6 2.4 0.8 1.5 2.0 1.6 2.6 2.5 2.7 2.6 2.8 0.9 1.2 1.7 1.6 Miscellaneous goods & services 1.6 1.3 1.7 1.8 1.3 1.4 1.2 1.5 1.9 1.8 1.7 1.3 2.0 1.9 1.1 1.0 HICP 0.6 1.9 1.4 2.0 1.4 1.3 1.5 1.5 2.1 2.1 1.9 1.4 2.0 1.7 1.5 0.9 Core inflation (excluding :resh food and energy) 0.4 0.9 1.2 0.7 0.9 0.9 0.6 0.6 0.9 0.8 1.0 1.5 0.8 1.2 0.8 0.7 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.5 2.2 1.4 1.7 2.3 2.3 2.3 2.2 2.1 2.4 1.6 - 1.9 2.3 2.4 2.2 Domestic market -0.2 1.8 1.2 0.6 1.3 1.5 1.9 2.1 2.0 2.2 1.4 - 0.9 1.3 1.5 1.2 Non-domestic market 1.2 2.6 1.6 2.8 3.2 3.1 2.7 2.2 2.2 2.6 1.8 - 3.0 3.2 3.2 3.1 Euro area 0.6 2.3 1.6 2.1 2.6 2.8 2.2 2.1 2.4 2.9 1.9 - 2.5 2.5 2.7 2.5 Non-euro area 2.3 3.6 1.7 4.4 4.6 3.9 4.0 2.5 1.6 2.1 1.7 - 4.0 4.7 4.6 4.5 mport price indices 2.7 1.6 1.7 4.8 3.8 2.4 2.4 0.5 2.4 4.3 2.8 - 4.7 4.9 4.0 2.5 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 1.0 0.5 0.7 -0.2 -0.1 1.1 1.2 1.6 0.9 0.3 0.1 - -0.1 -0.4 -0.1 0.2 Real (deflator HICP) 0.3 0.4 0.8 0.0 -0.2 0.7 1.0 1.7 1.2 0.3 0.1 - 0.2 -0.4 0.0 -0.3 Real (deflator ULC) 1.0 -0.1 0.5 -1.4 -1.0 1.6 0.6 1.4 1.2 -1.0 - - USD/EUR 1.1066 1.1293 1.2 1.0647 1.1003 1.1744 1.1777 1.2294 1.1922 1.1631 1.1412 - 1.0685 1.0723 1.1058 1.1229 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate - a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 33 2017 2018 2019 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 1.0 1.2 1.4 1.0 1.2 1.7 1.5 1.2 1.2 1.5 2.0 2.1 1.9 1.8 2 2.2 2 1.4 1.1 1.2 1.6 1.5 1.4 2.0 1.7 2.7 2.9 2.9 2.4 3.6 3.7 3.4 3.3 2.5 2.8 2.5 2.7 1.9 0.6 0.8 0.4 0.1 2.8 2.9 2.8 2.9 3.1 3.0 3.6 2.1 2.2 2.2 2.7 2.5 1.2 0.9 1.1 1.2 0.9 0.4 0.8 0.3 0.1 3.4 1.2 2.7 -2.4 -1.8 1.3 0.1 1.5 -1.2 -1.7 -1.4 -1.8 -1.8 -1.1 -1 0.1 -1 0.3 0.5 -0.5 2.1 1.5 2.2 2.3 2.8 2.9 3.6 3.8 2.9 2.5 3.2 3.3 3.4 4 3.8 5.2 5.9 5.5 4.7 3.5 3.9 5.1 -0.3 -1.0 -0.2 0.5 -0.3 0.4 0.7 -0.2 0.2 1.6 1.4 1.4 0.4 0.3 1 0.4 1.4 0.9 0.5 1.5 0.7 -0.3 -0.2 0.4 0.5 0.3 0.2 0.5 0.6 2.0 1.9 1.7 1.4 1.6 1.5 0.9 0.8 1.3 1.3 1.6 1.5 2.0 0.0 1.5 0.6 0.8 1.1 1.6 0.0 0.2 -0.7 -0.3 0.5 2.2 2.1 1.9 1.6 1.5 1.0 -0.7 -2 -1.6 -0.2 -0.1 -0.2 -2.1 -1.7 -1.5 -2.3 -1.3 -2.5 -1.0 -1.5 1.5 0.6 0.2 0.8 1.3 1.4 1.2 3.3 2.1 3.9 3.1 0.3 0.7 1.5 0.4 0.0 0.8 -0.5 -0.3 -1.0 1.1 2.8 1.6 1.4 1.0 1.2 2.6 3 1.9 2.7 2.5 1.9 0.5 0.5 0.6 3.8 3.8 3.7 4.0 3.9 3.9 3.9 4.1 4.4 4.4 4.4 4.5 1.8 1.8 1.7 1.6 2.5 2.6 2.1 2.1 1.8 1.7 1.5 1.6 2.7 2.5 2.5 2.4 2.6 2.6 2.6 2.5 3.1 2.6 2.7 2.4 3.1 2.7 2.6 1.2 1.5 1.4 1.2 1.2 1.3 1.7 1.4 1.4 1.5 2.0 2.1 2.3 1.6 1.6 1.5 1.9 1.7 0.8 1.2 2.0 1.2 1.4 1.4 1.3 1.4 1.9 1.7 1.4 1.5 1.9 2.2 2.3 2.1 2.0 2.2 2.3 2.1 1.4 1.2 1.3 1.6 1.0 0.8 0.9 0.4 0.5 0.9 0.9 0.5 0.4 0.5 1.2 0.9 0.8 0.7 0.9 1.0 1.0 1.2 1.3 1.4 1.7 2.3 2.3 2.3 2.3 2.5 2.2 2.2 2.1 2.2 2.0 1.9 2.3 2.4 2.5 2.2 1.9 1.6 1.4 1.1 1.2 - 1.4 1.5 1.6 1.8 2.1 1.8 1.8 2.1 2.5 2.1 1.7 2.2 2.2 2.3 2.0 1.7 1.4 1.2 1.2 1.6 - 3.2 3.2 3.0 2.8 2.8 2.6 2.7 2.0 1.9 1.9 2.2 2.6 2.6 2.8 2.5 2.1 1.8 1.6 1.1 0.8 - 2.9 2.9 2.6 2.2 2.2 2.3 2.3 2.1 1.9 2.2 2.4 2.7 2.9 2.9 2.8 2.3 1.8 1.6 1.5 1.1 - 4.1 3.7 4.0 4.1 4.2 3.6 3.6 2.0 2.1 1.0 1.7 2.1 2.0 2.4 2.0 1.6 1.7 1.7 0.1 0.1 - 1.9 2.7 2.7 2.7 3.0 1.6 0.6 0.4 0.4 1.1 2.1 3.8 4.0 4.4 4.4 4.1 2.6 1.7 1.6 1.3 - 0.8 1.2 1.2 1.1 1.1 1.3 1.4 1.8 1.7 1.6 0.7 0.5 0.6 0.1 0.2 0.2 0.1 0.0 -0.3 -0.5 - 0.3 0.8 0.9 0.7 0.7 1.6 1.6 1.7 1.7 1.9 0.9 0.7 0.6 0.0 0.3 0.2 0.2 -0.2 -0.5 -0.8 - 1.1511 1.1807 1.1915 1.1756 1.1738 1.1836 1.2200 1.2348 1.2336 1.2276 1.1812 1.1678 1.1686 1.1549 1.1659 1.1484 1.1367 1.1384 1.1416 1.1351 - 34 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Balance of payments 2016 2017 2018 2016 2017 2018 2017 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 1 1 2 | 3 | 4 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,224 3,077 3,203 372 764 653 1,001 660 680 946 982 596 262 260 241 257 Goods 1,536 1,561 1,149 227 362 421 479 299 329 429 370 22 88 100 174 151 Exports 24,991 28,462 31,147 6,407 6,868 7,131 7,035 7,428 7,544 7,938 7,608 8,057 2,120 2,154 2,595 2,203 Imports 23,454 26,901 29,998 6,180 6,507 6,711 6,556 7,128 7,215 7,509 7,238 8,035 2,032 2,054 2,421 2,052 Services 2,251 2,719 3,147 544 602 686 804 627 612 751 966 818 195 182 224 252 Exports 6,487 7,275 8,024 1,717 1,557 1,761 2,069 1,888 1,661 1,926 2,317 2,120 493 497 567 587 Imports 4,236 4,556 4,877 1,173 956 1,075 1,265 1,261 1,049 1,175 1,351 1,302 297 315 343 335 Primary income -1,215 -926 -740 -340 -112 -368 -220 -226 -135 -167 -241 -198 6 10 -129 -113 Receipts 1,487 1,669 1,520 331 449 438 365 417 434 391 324 370 184 162 103 131 Expenditures 2,702 2,596 2,260 671 561 806 586 643 569 558 565 568 178 152 231 245 Secondary income -349 -276 -353 -59 -88 -86 -62 -41 -126 -66 -113 -47 -28 -32 -27 -33 Receipts 724 838 837 210 187 203 207 241 188 209 179 261 65 61 61 69 Expenditures 1,073 1,115 1,190 269 275 289 269 282 314 275 292 308 93 93 89 102 Capital account -303 -324 -210 -107 -142 -65 -59 -59 -40 -32 -25 -113 -11 -17 -113 -15 Financial account 1,153 1,754 2,108 152 453 590 608 103 523 755 496 334 469 122 -138 189 Direct investment -864 -414 -1,132 99 -179 76 -101 -211 -147 -158 -498 -329 82 -45 -216 60 Assets 434 551 151 143 174 266 96 16 247 -86 5 -15 57 82 36 134 Liabilities 1,298 966 1,284 44 354 190 196 226 394 72 503 315 -25 126 252 75 Portfolio investment 5,094 2,958 706 2,697 -326 526 662 2,095 -1,335 1,542 986 -487 -666 315 25 359 Financial derivatives -216 -248 -27 -45 -73 -118 -24 -33 -6 -12 -7 -2 -6 -32 -35 -36 Other investment -2,764 -630 2,510 -2,583 989 73 45 -1,737 2,023 -594 -56 1,137 1,032 -71 28 -191 Assets -2,340 -1,584 1,747 -690 -30 -343 -1,143 -69 674 260 -463 1,276 -6 235 -259 296 Other equity 0 -1 -1 -2 0 -1 0 0 1 1 0 -3 0 0 0 0 Currency and deposits -2,205 -2,190 1,356 -282 -626 -460 -1,290 186 142 66 -353 1,501 -276 14 -365 311 Loans -203 -115 201 -111 -49 6 -38 -35 -7 92 48 68 -24 -27 2 -22 Insurance, pension schemes, and standardised guarantee schemes 10 5 2 1 3 -1 3 0 1 1 -1 0 1 1 1 0 Trade credit and advances 156 599 325 -206 517 161 110 -189 449 95 49 -268 193 189 135 74 Other assets -97 119 -136 -88 126 -49 73 -31 87 6 -206 -22 100 57 -32 -67 Liabilities 423 -954 -763 1,893 -1,019 -416 -1,187 1,668 -1,349 854 -408 140 -1,038 306 -286 487 Other equity 4 20 2 0 0 20 0 0 0 0 0 2 0 0 0 0 Currency and deposits 1,175 438 -433 1,353 -856 60 -410 1,644 -1,263 232 264 335 -915 177 -118 576 Loans -818 -1,854 -582 334 -391 -507 -695 -262 -237 131 -119 -358 -75 17 -333 -49 Insurance, pension schemes, and standardised guarantee schemes -8 5 34 -3 19 -8 2 -8 27 21 -14 0 6 6 6 -3 Trade credit and advances 137 410 336 233 191 53 -57 223 112 243 -202 183 -50 110 131 -7 Other liabilities -67 26 -121 -24 18 -34 -28 70 11 227 -337 -22 -5 -5 28 -30 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -97 89 52 -17 43 33 25 -12 -12 -22 70 16 27 -45 61 -2 Net errors and omissions -768 -999 -885 -113 -169 1 -334 -498 -117 -159 -461 -149 218 -120 -266 -53 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,781 3,201 3,557 772 746 791 786 877 834 894 856 973 228 229 289 240 Intermediate goods 13,731 15,335 16,674 3,456 3,826 3,864 3,746 3,898 4,090 4,210 4,102 4,272 1,213 1,195 1,418 1,199 Consumer goods 8,459 9,730 10,639 2,166 2,260 2,431 2,444 2,594 2,622 2,774 2,533 2,709 665 700 895 742 mport of investment goods 3,292 3,660 4,208 941 845 892 858 1,066 1,016 1,022 1,024 1,146 261 267 317 263 Intermediate goods 13,792 16,185 17,913 3,559 3,959 4,021 3,943 4,262 4,314 4,558 4,309 4,731 1,272 1,237 1,451 1,220 Consumer goods 7,028 7,761 8,585 1,843 1,897 1,968 1,919 1,977 2,074 2,124 2,055 2,332 559 613 724 617 Sources: 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, Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 35 2017 2018 2019 5 6 7 8 | 9 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 117 279 316 213 471 450 57 153 232 148 300 321 234 391 379 263 339 251 246 98 411 69 200 174 32 274 235 51 14 74 67 188 166 63 200 195 74 101 15 90 -83 184 2,416 2,513 2,347 2,075 2,612 2,639 2,576 2,213 2,391 2,367 2,787 2,510 2,680 2,748 2,738 2,245 2,625 2,912 2,859 2,286 2,702 2,346 2,313 2,174 2,044 2,338 2,404 2,525 2,199 2,316 2,300 2,599 2,345 2,618 2,547 2,544 2,171 2,524 2,897 2,769 2,369 2,518 203 231 240 300 264 282 147 199 217 169 226 251 242 258 315 313 338 337 263 218 276 565 610 687 717 665 658 564 666 542 505 613 650 621 654 789 782 745 751 659 710 604 362 379 447 417 401 376 416 468 326 336 387 400 379 396 475 469 407 414 396 492 327 -135 -119 -62 -100 -58 -52 -122 -52 -35 -29 -71 -60 -47 -61 -85 -81 -74 -79 -80 -39 20 157 149 134 104 127 125 137 154 156 159 119 129 139 123 112 101 112 109 107 154 207 292 269 196 204 186 177 260 206 191 188 191 189 186 183 197 182 186 188 187 193 188 -20 -33 -36 -18 -8 -15 -19 -7 -24 -59 -43 -36 -25 -6 -45 -42 -26 -23 -26 2 -69 71 63 64 67 76 77 74 90 62 60 65 70 63 76 61 55 63 87 71 103 62 92 96 100 85 84 91 94 98 86 119 108 106 88 82 106 97 89 110 97 101 131 -18 -31 -141 91 -9 31 -5 -85 -12 -14 -14 -7 -7 -17 -23 7 -9 3 -6 -110 -14 165 236 88 181 339 332 -21 -208 459 246 -182 219 525 11 271 10 215 386 258 -310 398 -14 30 69 -29 -141 99 -139 -170 -7 -103 -38 -49 13 -121 -211 -159 -127 105 -145 -290 14 35 96 86 -124 133 171 -107 -48 35 116 96 -11 -63 -12 103 -211 113 224 -27 -212 80 49 66 17 -95 274 72 32 122 42 219 133 38 -76 109 315 -52 240 119 118 78 66 -300 468 402 257 3 1,067 423 605 -1,468 309 -175 314 1,275 -47 229 452 305 99 -676 91 -1,519 -37 -44 -11 -5 -8 -10 -12 -10 1 0 -7 -6 -4 -2 -5 1 -3 1 -2 0 1 514 -250 -382 -56 482 -838 -256 -643 1,937 75 11 -33 -760 198 253 -302 -6 169 1,071 -104 1,875 -356 -283 -435 -302 -405 -112 54 -10 307 48 319 -140 33 367 -83 -435 54 333 1,066 -123 1,548 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 -1 -1 -1 -428 -343 -455 -154 -681 -222 64 343 189 -240 193 7 -20 79 -77 -45 -231 167 1,020 314 1,105 26 2 -8 -17 -13 14 -17 -32 2 14 -22 8 28 56 4 -18 61 38 7 23 33 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 85 24 -174 261 118 11 -318 64 133 252 -49 -20 164 22 -197 223 95 27 -390 173 44 -26 3 42 27 -23 -4 -4 51 140 -104 -106 45 67 -32 -175 0 34 14 -70 238 -870 -33 -53 -246 -888 726 309 633 -1,630 -27 307 -108 793 169 -335 -133 60 164 -5 -20 -327 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 -574 58 176 76 -662 695 231 718 -1,347 -131 214 -63 380 -85 73 138 53 111 -5 229 -64 -313 -144 -167 -300 -227 -115 -127 -19 -160 -18 -59 32 84 15 -2 -59 -57 -31 -4 -323 -104 -3 -3 1 1 1 -3 -3 -3 9 9 9 7 7 7 -5 -5 -5 0 0 0 0 -14 74 -50 -95 89 151 135 -63 -184 70 226 -13 -5 261 -53 -227 79 69 52 62 -275 13 -17 -12 73 -88 -3 74 -1 52 43 -84 -70 327 -29 -348 20 -9 16 -48 10 117 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 33 10 14 2 14 -36 11 -4 -34 26 -6 1 -17 6 18 47 13 10 -7 27 66 -12 -87 -123 -124 -150 -72 -275 239 112 -468 -94 298 -363 -85 -261 -115 132 18 -298 0 275 275 266 220 300 311 284 282 243 271 321 279 308 307 306 252 297 319 332 322 N/A 1,345 1,320 1,261 1,118 1,367 1,389 1,403 1,106 1,314 1,307 1,469 1,338 1,419 1,453 1,454 1,227 1,421 1,610 1,533 1,129 N/A 783 906 811 706 928 907 876 811 824 807 991 873 937 965 948 730 856 952 957 799 N/A 305 324 276 274 308 345 364 357 356 305 355 315 367 341 350 297 377 375 401 370 N/A 1,399 1,403 1,327 1,231 1,385 1,439 1,525 1,298 1,382 1,382 1,551 1,399 1,599 1,559 1,534 1,244 1,531 1,759 1,654 1,319 N/A 706 646 634 599 687 683 701 593 642 673 758 690 728 706 717 662 677 823 784 725 N/A 36 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Monetary indicators and interest rates 2016 2017 2018 2016 2017 10 | 11 | 12 1 2 3 4 5 6 7 8 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BoS on central government 4,618 6,247 6,290 4,390 4,432 4,618 4,621 4,770 4,823 4,937 5,041 5,173 5,297 5,485 Central government (S.1311) 6,273 5,170 5,154 6,769 6,391 6,273 6,350 6,246 6,029 5,856 5,784 5,699 5,524 5,489 Other government (S.1312,1313,1314) 576 571 576 564 561 576 591 587 588 588 581 573 572 563 Households (S.14, 15) 9,154 9,733 9,765 9,041 9,075 9,154 9,174 9,208 9,305 9,352 9,413 9,447 9,476 9,541 Non-financial corporations (S.11) 9,664 9,644 9,682 9,485 9,473 9,664 9,759 9,814 9,720 9,790 9,745 9,800 9,824 9,828 Non-monetary financial nstitutions (S.123, 124, 125) 1,411 1,566 1,627 1,352 1,376 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 Monetary financial institutions (S.121, 122) 3,541 3,886 3,682 3,642 4,100 3,541 3,555 3,573 4,212 3,910 3,860 3,550 3,635 3,625 Claims on domestic sectors, TOTAL n domestic currency 23,969 25,496 25,363 23,314 23,796 23,969 24,066 24,020 24,759 24,613 24,492 24,313 24,338 24,377 n foreign currency 672 528 545 711 714 672 683 670 656 642 630 624 597 596 Securities, total 5,889 4,450 4,487 6,743 6,379 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 26,497 28,021 28,115 25,811 25,976 26,497 26,421 26,508 27,165 27,190 27,177 27,037 27,148 27,289 Overnight 15,081 17,331 17,476 14,505 14,839 15,081 15,253 15,487 15,776 15,858 16,019 16,021 16,377 16,515 With agreed maturity - short-term 3,955 3,398 3,294 3,584 3,442 3,955 3,706 3,707 3,706 3,651 3,472 3,426 3,261 3,292 With agreed maturity - long-term 6,829 6,734 6,679 7,084 7,041 6,829 6,730 6,667 7,026 6,976 6,969 6,901 6,821 6,763 Short-term deposits redeemable at notice 632 558 666 638 654 632 732 647 657 705 717 689 689 719 Deposits in foreign currency, total 687 636 638 680 705 687 711 695 705 682 684 699 699 694 Overnight 564 547 542 549 567 564 586 567 582 561 557 582 582 573 With agreed maturity - short-term 65 45 53 72 78 65 69 72 69 68 74 67 69 74 With agreed maturity - long-term 58 44 43 59 60 58 56 56 54 53 53 50 48 47 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 0.02 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.21 0.13 0.16 0.20 0.19 0.23 0.19 0.18 0.11 0.15 0.10 0.11 0.11 0.11 New loans to households in domestic currency Housing loans, 5-10 year fixed nterest rate 2.66 2.63 2.65 2.68 2.57 2.49 2.55 2.63 2.60 2.66 2.53 2.63 2.72 2.72 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.07 1.53 2.02 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.264 -0.329 -0.321 -0.309 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 6-month rates -0.164 -0.260 -0.266 -0.207 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 LIBOR 3-month rates -0.747 -0.732 -0.735 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 6-month rates -0.671 -0.658 -0.653 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 Sources: BoS, EUROSTAT. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 37 2017 2018 2019 9 10 | 11 12 1 2 3 4 5 6 | 7 8 9 10 11 12 1 1 2 5,600 5,781 6,041 6,247 6,290 6,273 6,471 6,524 6,600 6,791 6,915 7,042 7,041 7,059 7,088 7,165 7,256 7,023 5,491 5,136 5,114 5,170 5,154 5,099 4,927 4,859 4,904 4,912 4,870 4,877 4,831 4,905 4,939 4,937 4,980 4,805 559 556 550 571 576 571 563 568 565 564 560 562 554 559 558 580 588 587 9,604 9,660 9,699 9,733 9,765 9,778 9,860 9,905 9,996 10,033 10,075 10,161 10,231 10,296 10,339 10,370 10,397 10,426 9,816 9,780 9,716 9,644 9,682 9,687 9,598 9,628 9,582 9,627 9,648 9,647 9,647 9,656 9,628 9,496 9,665 9,676 1,545 1,558 1,548 1,566 1,627 1,621 1,528 1,547 1,616 1,611 1,605 1,592 1,593 1,497 1,503 1,502 1,503 1,490 3,440 3,705 3,824 3,886 3,682 3,798 3,884 3,955 3,800 3,954 4,269 4,186 4,060 3,614 3,904 4,275 4,247 4,380 24,478 24,840 24,940 25,496 25,363 25,448 25,461 25,580 25,444 25,584 25,959 26,051 25,973 25,600 25,921 26,181 26,367 26,516 571 567 554 528 545 535 529 498 518 533 489 491 485 467 451 446 435 432 5,308 4,887 4,858 4,450 4,487 4,474 4,266 4,266 4,399 4,481 4,477 4,381 4,356 4,354 4,393 4,429 4,475 4,397 27,403 27,541 27,770 28,021 28,115 28,191 28,201 28,253 28,453 28,499 28,888 28,940 28,943 29,065 29,227 29,442 29,468 29,903 16,792 16,825 17,075 17,331 17,476 17,601 17,727 17,889 18,084 18,260 18,664 18,752 18,740 18,786 19,014 19,440 19,389 19,615 3,290 3,303 3,257 3,398 3,294 3,287 3,260 3,232 3,184 3,160 3,147 3,214 3,280 3,333 3,299 3,261 3,212 3,353 6,661 6,708 6,718 6,734 6,679 6,664 6,566 6,550 6,497 6,419 6,414 6,349 6,275 6,276 6,228 6,166 6,210 6,175 660 705 720 558 666 639 648 582 688 660 663 625 648 670 686 575 657 760 656 658 664 636 638 641 660 665 690 670 661 636 657 644 644 651 625 634 551 542 549 547 542 540 552 573 585 568 585 562 583 568 570 581 552 564 58 69 69 45 53 58 66 49 61 61 36 34 34 36 33 31 33 29 47 47 46 44 43 43 42 43 44 41 40 40 40 40 41 39 40 41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.14 0.13 0.13 0.14 0.14 0.15 0.16 0.16 0.16 0.16 0.15 0.18 0.16 0.16 0.17 0.17 0.16 0.18 2.68 2.64 2.51 2.65 2.60 2.57 2.56 2.58 2.63 2.65 2.79 2.62 2.69 2.66 2.71 2.74 2.81 2.72 1.15 1.56 0.8 1.15 1.06 1.78 2.02 2.53 1.68 4.27 0.85 1.36 4.59 2.23 1.15 0.75 1.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.329 -0.330 -0.329 -0.328 -0.329 -0.329 -0.328 -0.329 -0.325 -0.322 -0.321 -0.319 -0.319 -0.318 -0.316 -0.312 -0.308 -0.308 -0.273 -0.274 -0.274 -0.271 -0.274 -0.275 -0.271 -0.270 -0.270 -0.269 -0.269 -0.267 -0.268 -0.264 -0.257 -0.241 -0.236 -0.232 -0.726 -0.726 -0.745 -0.755 -0.740 -0.745 -0.740 -0.733 -0.726 -0.732 -0.725 -0.726 -0.731 -0.741 -0.745 -0.735 -0.704 -0.713 -0.650 -0.649 -0.653 -0.653 -0.644 -0.662 -0.657 -0.650 -0.647 -0.645 -0.647 -0.649 -0.652 -0.662 -0.667 -0.659 -0.639 -0.652 38 Statistical Appendix Slovenian Economic Mirror, No. 2/2019 Public finance 2016 2017 2018 2016 2017 2018 2017 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 3 1 4 | 5 | 6 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 15,842.2 16,803.3 18,593.0 4,162.9 3,958.5 4,445.0 4,026.9 4,372.9 4,170.8 4,712.5 4,607.9 5,101.9 1,323.3 1,532.6 1,451.8 1,460.6 Current revenues 15,203.9 16,251.4 17,575.5 3,940.7 3,799.1 4,312.2 3,927.5 4,212.6 3,994.9 4,525.9 4,251.7 4,803.1 1,221.9 1,460.7 1,427.7 1,423.8 Tax revenues 14,240.5 15,162.0 16,224.9 3,720.1 3,581.5 3,910.7 3,678.7 3,991.2 3,782.0 4,230.9 3,914.8 4,297.3 1,158.0 1,344.2 1,230.6 1,335.9 Taxes on income and profit 2,680.8 2,967.0 3,296.3 692.8 669.3 944.3 582.5 770.8 785.5 990.7 651.8 868.2 223.8 330.5 273.5 340.3 Social security contributions 5,720.6 6,092.1 6,549.8 1,477.8 1,472.6 1,510.8 1,510.5 1,598.2 1,592.8 1,619.6 1,622.4 1,715.0 491.7 508.2 499.0 503.6 Taxes on payroll and workforce 19.8 21.3 21.6 5.2 5.0 5.4 4.9 6.1 5.0 5.6 5.0 6.1 1.6 1.9 1.7 1.8 Taxes on property 256.2 274.2 277.7 78.2 27.4 70.9 100.1 75.9 28.1 65.0 106.7 77.9 8.8 15.1 23.8 31.9 Domestic taxes on goods and services 5,432.9 5,722.8 5,989.3 1,403.4 1,326.7 1,411.3 1,463.5 1,521.3 1,336.8 1,519.5 1,500.6 1,632.4 377.6 512.6 440.6 458.2 Taxes on international trade & transactions 81.9 83.3 89.8 19.0 21.4 20.4 21.7 19.9 22.6 21.4 22.7 23.2 8.1 6.4 6.2 7.7 Other taxes 48.2 1.3 0.5 43.6 59.1 -52.4 -4.4 -1.0 11.2 9.3 5.6 -25.6 46.4 -30.6 -14.2 -7.6 Non-tax revenues 963.4 1,089.4 1,350.6 220.6 217.6 401.5 248.8 221.4 212.9 295.0 336.9 505.8 63.9 116.5 197.1 87.8 Capital revenues 96.2 91.2 152.7 42.8 16.5 24.3 17.4 33.0 28.6 37.3 43.9 43.0 6.7 6.2 7.3 10.8 Grants 10.4 9.5 12.4 1.6 0.7 1.3 6.0 1.5 0.2 1.5 7.1 3.6 0.3 0.5 0.4 0.4 Transferred revenues 51.1 52.3 55.6 0.3 0.1 1.1 50.0 1.1 0.4 0.5 51.4 3.3 0.0 0.0 0.4 0.7 Receipts from the EU budget 480.5 399.0 796.8 177.4 142.2 106.1 25.9 124.8 146.7 147.4 253.8 249.0 94.3 65.2 16.1 24.9 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 16,496.7 17,102.0 18,066.6 4,405.9 4,333.3 3,931.9 4,115.7 4,721.1 4,337.0 4,282.8 4,387.6 5,059.2 1,571.3 1,242.0 1,328.3 1,361.5 Current expenditures 7,407.1 7,733.0 7,966.9 1,921.7 2,064.5 1,782.9 1,782.3 2,103.4 2,027.9 1,919.2 1,877.2 2,142.5 821.1 562.5 589.6 630.8 Wages, salaries and other personnel expenditures 3,785.4 3,938.1 4,168.2 960.8 955.4 1,017.6 956.5 1,008.5 980.7 1,091.2 1,016.8 1,079.5 324.5 311.1 317.3 389.2 Expenditures on goods and services 2,371.4 2,626.6 2,633.2 714.0 563.5 590.9 586.2 886.0 552.0 642.6 640.6 798.0 212.2 170.2 197.3 223.4 Interest payments 1,074.2 985.3 867.9 197.1 518.4 144.2 206.5 116.2 462.5 145.7 190.3 69.5 273.0 71.4 66.9 5.8 Reserves 176.1 183.0 297.5 49.8 27.1 30.2 33.0 92.7 32.7 39.7 29.4 195.6 11.4 9.8 8.1 12.4 Current transfers 7,700.0 7,912.9 8,235.0 1,911.5 2,039.2 1,882.0 2,001.8 1,989.8 2,034.4 2,027.4 2,071.1 2,102.1 679.0 599.8 642.1 640.1 Subsidies 397.0 425.4 443.8 89.2 170.4 67.1 79.8 108.2 159.9 103.9 52.7 127.3 17.0 20.5 24.4 22.2 Current transfers to individuals and households 6,495.5 6,665.1 6,925.4 1,592.8 1,644.1 1,652.2 1,718.8 1,650.0 1,678.4 1,715.1 1,811.9 1,720.0 560.1 546.8 552.8 552.6 Current transfers to nonprofit institutions, other current domestic transfers 727.8 748.0 792.5 194.2 210.3 146.7 184.6 206.5 174.8 192.4 193.4 231.9 95.8 23.8 62.8 60.2 Current transfers abroad 79.7 74.3 73.4 35.3 14.4 16.0 18.7 25.2 21.3 16.0 13.1 22.9 6.0 8.8 2.1 5.1 Capital expenditures 784.3 891.0 1,158.6 356.6 109.0 145.4 208.1 428.5 111.2 197.5 292.4 557.6 36.1 39.4 52.5 53.4 Capital transfers 177.8 186.6 272.7 94.4 22.7 23.1 37.0 103.8 29.7 54.4 42.1 146.4 7.1 7.2 10.8 5.1 Payments to the EU budget 427.4 378.5 433.4 121.7 98.0 98.4 86.5 95.6 133.8 84.4 104.8 110.5 28.0 33.0 33.4 32.1 SURPLUS / DEFICIT -654.5 -298.7 526.4 -243.0 -374.8 513.1 -88.8 -348.2 -166.2 429.7 220.3 42.7 -248.0 290.6 123.5 99.1 Source: 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. Slovenian Economic Mirror, No. 2/2019 Statistical Appendix 39 2017 2018 2019 7 8 9 | 10 11 12 1 2 2 4 5 6 | 7 8 9 10 11 12 1 1 2 1,284.0 1,345.2 1,397.7 1,443.3 1,404.1 1,525.5 1,465.5 1,322.9 1,382.4 1,717.1 1,418.4 1,577.0 1,461.6 1,682.9 1,463.3 1,790.8 1,542.8 1,768.2 1,547.5 1,401.2 1,269.7 1,336.2 1,321.6 1,426.3 1,356.0 1,430.3 1,431.0 1,302.2 1,261.7 1,582.6 1,391.2 1,552.0 1,390.2 1,471.5 1,390.0 1,764.5 1,498.0 1,540.6 1,525.6 1,372.5 1,181.9 1,257.2 1,239.6 1,351.5 1,287.2 1,352.5 1,376.0 1,245.0 1,161.1 1,515.1 1,275.0 1,440.8 1,237.8 1,367.4 1,309.6 1,418.4 1,435.5 1,443.3 1,473.5 1,315.3 102.0 253.1 227.4 251.4 244.9 274.5 263.2 252.9 269.4 347.6 284.7 358.4 115.2 279.3 257.3 271.5 280.8 316.0 289.6 275.3 497.1 501.7 511.6 509.4 514.6 574.1 542.8 507.7 542.3 543.5 537.1 539.0 541.0 537.8 543.6 540.7 550.6 623.7 575.5 563.7 1.9 1.5 1.5 1.9 1.9 2.2 1.8 1.5 1.7 1.9 1.8 1.9 1.9 1.5 1.6 1.8 1.9 2.3 1.9 1.7 25.2 44.1 30.8 38.2 22.3 15.4 12.2 7.6 8.3 18.2 16.8 29.9 33.1 38.3 35.3 39.2 23.3 15.4 10.6 8.1 523.5 477.7 462.3 531.3 516.1 473.9 516.9 457.1 362.8 590.1 418.9 510.4 533.5 518.1 449.0 591.4 561.5 479.6 531.1 503.3 7.0 7.1 7.6 7.5 6.3 6.1 6.7 9.6 6.4 8.3 5.5 7.5 7.5 8.1 7.1 7.8 8.6 6.9 7.3 8.9 25.3 -28.0 -1.8 11.8 -18.9 6.2 32.3 8.6 -29.7 5.5 10.1 -6.3 5.5 -15.7 15.7 -33.9 8.9 -0.5 57.6 -45.8 87.8 79.0 82.0 74.8 68.8 77.8 55.0 57.2 100.6 67.5 116.2 111.3 152.4 104.1 80.4 346.1 62.5 97.2 52.1 57.2 5.6 5.8 6.0 7.8 11.0 14.1 7.7 11.1 9.7 10.3 9.4 17.6 17.6 8.8 17.4 16.2 12.9 13.9 7.6 8.1 0.3 1.2 4.6 0.6 0.5 0.3 -0.7 0.2 0.7 0.5 0.2 0.8 1.2 0.4 5.5 1.0 0.7 2.0 0.0 5.0 0.0 0.0 50.0 0.9 0.0 0.2 0.1 0.1 0.2 0.0 0.4 0.0 50.1 1.1 0.1 0.5 0.0 2.8 0.1 1.7 8.4 2.0 15.5 7.7 36.6 80.6 27.5 9.2 110.0 123.7 17.2 6.5 2.5 201.0 50.3 8.7 31.3 209.0 14.2 13.9 1,463.9 1,328.2 1,323.6 1,359.6 1,588.2 1,773.3 1,412.4 1,418.1 1,506.5 1,448.8 1,379.5 1,454.5 1,554.8 1,454.6 1,378.2 1,439.2 1,598.1 2,022.0 1,572.5 1,502.8 581.6 602.7 598.0 586.0 772.6 744.8 651.8 613.8 762.3 678.4 587.1 653.7 638.6 646.6 592.0 582.7 706.0 853.9 688.8 648.2 322.1 320.7 313.8 332.1 327.6 348.9 321.1 329.5 330.0 326.2 336.2 428.8 341.4 343.9 331.5 349.7 348.2 381.6 341.7 360.1 203.4 205.8 176.9 209.3 350.4 326.3 176.1 178.5 197.4 219.4 216.7 206.5 242.8 217.3 180.5 215.3 251.8 331.0 194.4 187.4 44.9 66.4 95.3 33.5 77.7 4.9 147.5 94.0 221.0 118.7 21.6 5.4 44.9 75.2 70.2 7.9 56.8 4.8 145.4 91.9 11.2 9.8 12.0 11.1 16.9 64.6 7.0 11.8 13.9 14.1 12.6 13.0 9.5 10.1 9.7 9.8 49.3 136.5 7.3 8.9 772.2 616.0 613.6 623.5 661.0 705.3 683.3 706.8 644.3 679.9 681.5 666.0 776.0 653.9 641.3 658.1 680.2 763.9 766.3 693.9 43.3 16.3 20.2 20.6 45.1 42.4 73.5 76.6 9.8 39.3 37.4 27.2 13.9 15.4 23.4 21.1 22.2 84.0 122.5 8.6 659.8 528.9 530.2 538.0 540.2 571.8 551.7 561.9 564.7 573.6 573.7 567.7 688.6 564.7 558.6 567.5 570.6 582.0 577.0 607.3 62.2 63.3 59.0 63.9 61.6 80.9 51.6 62.5 60.8 59.5 65.7 67.3 67.9 68.2 57.2 67.8 72.4 91.6 56.2 68.3 6.9 7.5 4.2 0.9 14.1 10.2 6.5 5.7 9.0 7.6 4.7 3.7 5.6 5.5 2.1 1.7 14.9 6.3 10.6 9.7 67.8 77.9 62.4 87.2 103.8 237.5 30.4 34.2 46.6 47.6 64.0 85.9 94.5 106.2 91.7 132.0 151.1 274.4 44.4 55.1 8.9 9.9 18.3 30.6 19.1 54.1 8.4 6.9 14.4 10.0 19.4 25.0 13.0 12.8 16.3 30.0 24.5 92.0 7.3 8.2 33.5 21.7 31.3 32.2 31.8 31.6 38.6 56.4 38.7 32.9 27.5 23.9 32.8 35.1 37.0 36.4 36.2 37.8 65.6 97.3 -179.9 17.0 74.1 83.7 -184.1 -247.8 53.1 -95.2 -124.1 268.3 39.0 122.5 -93.2 228.3 85.1 351.7 -55.2 -253.8 -25.0 -101.6 40 Acronyms Slovenian Economic Mirror, No. 2/2019 Acronyms Acronyms in the text BoS - Bank of Slovenia, CPI - consumer price index, EA - euro area, ECB - European Central Bank, EIA - Energy Information Administration, EC - European Commission, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, EU - European union, EUR - Euro, EUROSTAT - Statistical Office of the European Union, HICP - Harmonised Index of Consumer Prices, ICT - Information and Communication Technology, IEA - International Energy Agency, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, MF - Ministry of Finance, NFI - Nonmonetary Financial Institutions, PMI - Purchasing Managers Index, PPI - Producer Price Index, REER - Real Effective Exchange Rate, SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, UK - United Kingdom. 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 ofrecorded 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 equipmentn.e.c.,29- Manufacture ofmotor vehicles, trailers and semi-trailers,30- Manufacture ofother 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 remediationactivities, 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 AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 2, Vol. XXV, 2019 ISSN 1318-3826 9 ff J IU JULUUI 9771318382607