No. 4, Vol. XXX, 2024 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 4 / Vol. XXX / 2024 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Urška Brodar Authors: Urška Brodar; Marjan Hafner, MSc; Matevž Hribernik, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc;Andrej Kuštrin, PhD; Jože Markič, PhD; Tina Nenadič, MSc; Jure Povšnar; Denis Rogan, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, June 2024 ISSN 1581-1026 (pdf ) ©2024, Institute of Macroeconomic Analysis and Development The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ............................................................................................................................................ 3 Current economic trends ........................................................................................................................ 6 International environment ........................................................................................................................7 Economic developments in Slovenia .....................................................................................................9 Labour market ............................................................................................................................................. 14 Prices ............................................................................................................................................................... 16 Financial markets ....................................................................................................................................... 17 Balance of payments ................................................................................................................................. 18 Public finance .............................................................................................................................................. 19 Statistical appendix ................................................................................................................................21 The Economic Mirror is prepared based on statistical data available by 14 June 2024. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 4/2024 In the spotlight In the spotlight 3 The euro area economy recovered in the first quarter, supported by net trade and private consumption, and the ECB expects growth to continue in the coming quarters. After declining in the fourth quarter of last year (-0.1%), euro area GDP grew by 0.3% at the beginning of the year (by 0.4% year-on-year). According to available indicators, similar economic growth is expected to persist into the second quarter. The composite Purchasing Managers’ Index (PMI) for the euro area further strengthened in May, reaching a one-year high (52.2), supported by services, while the manufacturing PMI continues to indicate contraction. According to June ECB staff projections, GDP growth is expected to be 0.9% in 2024, strengthening to 1.4% in 2025 and 1.6% in 2026. Amid wage growth and rising confidence, real disposable income is expected to continue increasing, supporting private consumption, which will be the main driver of economic growth. Foreign demand is expected to continue to expand, supporting export growth. Euro area inflation continued to fall in the first five months of the year and the ECB expects it to decline further. It therefore decided to lower the key interest rates by 25 basis points at its June meeting. The ECB forecasts HICP inflation of 2.5% this year, falling further to 2.2% in 2025 and 1.9% in 2026 as cost pressures continue to ease. According to economic indicators for Slovenia, activity in manufacturing and trade improved at the beginning of the second quarter. Manufacturing output recovered in April after a significant decline in March and is now close to the level of the first two months of the year. Compared to the previous April, it was 8.2% higher. In the first four months of the year, it was similar to the same period last year. Trade in goods decreased month-onmonth in April but increased year-on-year. In the first four months, exports and imports of goods remained on average lower year-on-year. Sentiment in export-oriented activities improved in May, although export orders remained at a very low level. After stagnating in the first quarter, real turnover in most trade sectors increased month-on-month in April and was also higher year-on-year. According to preliminary data, year-on-year growth of household consumption of durable goods continued, with turnover in the sales of motor vehicles and retail sales of non-food products rising by 22.3% and 5.6% respectively yearon-year. Total real turnover in market services continued to rise in the first quarter and was also higher year-on-year. After high growth at the beginning of last year, construction activity gradually declined amid monthly fluctuations. According to data on construction put in place, the value of construction was 3.2% lower in the first four months than in the same period last year. Sentiment in the Slovenian economy deteriorated slightly in May compared to April, though it improved year-on-year. Compared to the same period last year, consumers are much more optimistic as inflation eases. In May, 3,098 fewer people were unemployed than in the same period last year; amid labour shortage, wage growth remains relatively high despite slowing growth rates. The monthly decline in the number of registered unemployed in May was slightly lower than in the previous months (seasonally adjusted). Year-on-year, the total number of unemployed fell by 6.6% and the number of long-term unemployed by 14.5%, amid labour shortages. Due to a methodological change, the growth in the number of persons in employment in May was slightly higher than in the final months of last year. This growth continued to be driven by a higher number of foreigners in employment, particularly in construction, transportation and storage, and administrative and support service activities. Wage growth has moderated slightly. In March, the average gross wage was 6.4% higher year-on-year in nominal terms. In real terms, it was 2.7% higher, with a 3.5% increase in the public sector and a 1.3% increase in the private sector. In the first three months, the nominal growth of the average gross wage (7.1%) was lower than in previous quarters. Year-on-year growth in consumer prices slowed to 2.5% in May, the lowest level since September 2021. This moderation compared to previous months was mainly due to the significantly lower growth in the prices of housing, water, electricity, and gas and other fuels (3.1%). Prices of food and non-alcoholic beverages were 0.2% lower year-onyear in May. The price increase for services is also weakening (4.1% year-on-year) but remains relatively high compared to other groups. Of all groups of goods and services, the highest year-on-year price increases were still recorded in restaurants and hotels (6.8%) 4 Aktualno In the spotlight Slovenian Economic Mirror, No 4/2024 and education (6%). Core inflation (excluding the impact of food and energy prices) thus continues to exceed overall inflation, falling to 3% in May. In April, Slovenian industrial producer prices continued to rise month-on-month, driven by higher prices for consumer goods, with the year-on-year decline being slightly lower than in previous months. In the first four months of this year, the deficit of the consolidated balance of public finances was slightly higher year-on-year. It totalled EUR 55 million, compared to EUR 44 million in the same period last year. Revenue increased by 10.8% year-on-year. In the first four months of this year, alongside the increase in revenue from social contributions due to the transformation of the complementary health contribution into a mandatory contribution, revenue from corporate income tax picked up significantly, driven by higher balancing payments of tax this year. Growth in personal income tax revenues also accelerated significantly, influenced partly by the non-adjustment of the income tax scale and tax relief to inflation. Growth in non-tax revenues was also higher, due to higher revenue from profit sharing, dividends and surplus of revenues over expenditure. Growth in revenue from excise duties was low due to the dynamics of adoption of measures to mitigate the consequences of rising energy prices and also last year’s late payment by some excise registrants. Total receipts from the EU budget were lower year-on-year. In the first four months of the year, expenditure increased by 10.9% year-on-year. The main contributors were expenditure on salaries and wages and other personnel expenditure, the early payment of the holiday allowance, the increase in expenditure on goods and services and other healthcare expenditure in connection with the transformation of the supplementary health insurance into a mandatory contribution, and transfers to individuals and households, partly as a result of the high regular annual indexation of pensions. The contribution from investment and interest expenditure was slightly lower. From August 2023 to the end of April 2024, EUR 672.3 million had been disbursed from the state budget to rectify the consequences of floods and landslides, of which EUR 114.2 million was disbursed in the first four months of this year, most of it for ongoing maintenance and insurance under the emergency Flood Recovery Act. In the spotlight Slovenian Economic Mirror, No 4/2024 According to economic indicators for Slovenia, activity in manufacturing and trade improved at the beginning of the second quarter 160 140 120 100 80 60 -10 -20 -30 2 0 -2 -4 -4 Source: SURS; calculations by IMAD. The general government deficit was slightly higher in the first four months of this year than in the same period last year General government balance Primary balance -2.271 -3.000 I-IV 2024 I-IV 2023 Source: MF; calculations by IMAD. 2023 -3.542 2022 -4.000 -2.917 2021 0 -1.577 -2.000 2020 740 -55 -1.000 2019 760 20 -44 2018 40 0 2017 780 1.000 2016 60 Source: SURS, ESS; calculations by IMAD. 0 -2 2015 80 800 Jan 24 Apr 24 4 2 2014 100 820 Jan 23 6 4 2013 120 840 Jan 22 8 6 In EUR million 140 Number of registered unemployed, in '000, seasonally adjusted 160 900 860 Jan 21 8 180 920 880 Jan 20 10 2.000 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 May 24 Number of employed according to SRE, in ‘000, seasonally adjusted 940 Jan 19 12 10 Source: SURS; calculations by IMAD. At the end of May, 6.6% fewer people were unemployed than in the same period last year Jan 18 12 Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -40 Fuels and energy Other Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21 Sep 21 Jan 22 May 22 Sep 22 Jan 23 May 23 Sep 23 Jan 24 May 24 Contribution to y-o-y growth, in p. p. 0 Employed according to SRE (left axis) Registered unemployed (right axis) Jan 17 Food Services TOTAL 10 -50 Inflation, still mainly due to services prices, was at its lowest level since September 2021 Manufacturing Service activities Consumers 20 Jan 14 Seasonally adjusted indicator value, 3-month moving average 30 Jan 16 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Year-on-year growth, in % The economic sentiment indicator in Slovenia fell slightly month-on-month in May, although it remained higher year-on-year for the second consecutive month Jan 15 40 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Jan 24 May 24 180 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Economic sentiment Retail trade Construction Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Services Jan 23 Jan 22 Jan 21 Manufacturing Jan 20 Composite index Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value The composite Purchasing Managers’ Index (PMI) for the euro area reached a one-year high in May, suggesting continued activity growth, especially in services 5 current economic trends Current Economic Trends Slovenian Economic Mirror, No 4/2024 7 The international environment 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 -0.8 -1.0 2022 Q2 Change in inventories and valuables Gross fixed capital formation Government consumption Private consumption Exports of goods and services Real GDP growth (in %) 2022 Q1 Contribution to change, in p.p. Figure 1: Contributions to GDP growth in the euro area, Q1 2024 Source: Eurostat. The euro area economy recovered in the first quarter and the ECB expects continued growth in subsequent quarters. Net trade and private consumption contributed to the 0.3% quarter-on-quarter economic growth (0.4% year-on-year) in the first quarter. According to available indicators, similar economic growth is expected to persist into the second quarter. The composite Purchasing Managers’ Index (PMI) for the euro area further strengthened in May, reaching a one-year high (52.2), supported by services, while the manufacturing PMI continues to indicate contraction. According to June ECB staff projections, GDP growth is expected to be 0.9% in 2024, strengthening to 1.4% in 2025 and 1.6% in 2026. Amid wage growth and rising confidence, real disposable income is expected to continue increasing, supporting private consumption, which will be the main driver of economic growth. Foreign demand is expected to continue to expand, supporting export growth. Euro area inflation continued to fall in the first five months of the year, and the ECB expects it to decline further. It therefore decided to lower the key interest rates by 25 basis points at its June meeting. The ECB forecasts HICP inflation of 2.5% this year, falling further to 2.2% in 2025 and 1.9% in 2026 as cost pressures continue to ease. Figure 2: Commodity prices, May 2024 Energy Food 180 Non-energy commodities Metals 160 120 100 80 60 40 20 Source: World Bank. Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Index 2010=100 140 The Brent oil price declined in May but was higher year-on-year; prices for non-energy commodities were also higher year-on-year but unchanged compared to April. After gradually increasing since the beginning of the year, the average dollar price of Brent crude oil declined in May, reaching USD 81.8 (an 8.8% decrease compared to April). The average euro price also fell, reaching EUR 75.7 (a 9.5% decrease compared to April). Year-on-year, the dollar price of Brent oil increased by 8% and the euro price rose by 8.8%. At 31.94 EUR/ MWh, the euro prices of natural gas on the European market (Dutch TTF) were higher in May than in April (by 10.6%) and similar to prices a year ago. According to the World Bank, the average dollar price of non-energy commodities remained unchanged in May compared to April. Among the main commodity groups, prices of metals and minerals, in particular, saw a notable increase (up by 5.5%). After nearly two years of decline, prices of non-energy commodities where higher year-on-year for the second consecutive month in April (by 5.1%). Prices of beverages, especially cocoa, and metals and minerals in particular were higher (by 62% and 16% respectively). 8 Current Economic Trends Slovenian Economic Mirror, No 4/2024 Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2023 III 24 IV 24 IV 24/III 24 IV 24/IV 23 I-IV 24/I-IV 23 Brent USD, per barrel 82.51 89.77 81.83 -8.8 8.0 4.1 Brent EUR, per barrel 76.32 83.67 75.74 -9.5 8.8 4.0 Natural gas (TTF)2, EUR/MWh 41.35 28.89 31.94 10.6 -0.3 -38.9 USD/EUR 1.082 1.073 1.081 0.8 -0.5 0.1 3-month EURIBOR, in % Non-energy commodity prices, index 2010=100 3.430 3.886 3.814 -7.3 44.7 100.8 110.24 115.03 115.11 0.1 5.1 0.5 Source: EIA, ECB, World Bank; calculations by IMAD. Notes: 1 for Euribor, change is in basis points, 2 trading point for natural gas in the Netherlands. Current Economic Trends Slovenian Economic Mirror, No 4/2024 9 The international environment Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities 180 160 140 120 100 80 60 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 3: Short-term indicators of economic activity in Slovenia, March−April 2024 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. According to economic indicators for Slovenia, activity in manufacturing and trade improved at the beginning of the second quarter. Manufacturing output recovered in April after a significant decline in March and is now close to the level of the first two months of the year. Compared to the previous April, it was 8.2% higher. In the first four months of the year, it was similar to the same period last year. Trade in goods decreased monthon-month in April but increased year-on-year. In the first four months, exports and imports of goods remained on average lower year-on-year. Sentiment in export-oriented activities improved in May, although export orders remained at a very low level. After stagnating in the first quarter, real turnover in most trade sectors increased month-on-month in April and was also higher year-onyear. According to preliminary data, year-on-year growth of household consumption of durable goods continued, with turnover in the sales of motor vehicles and retail sales of non-food products rising by 22.3% and 5.6% respectively year-on-year. Total real turnover in market services continued to rise in the first quarter and was also higher year-on-year. According to data on the value of construction work put in place, construction activity fell in April and was also down year-on-year. The economic sentiment indicator fell slightly month-on-month in May, although it remained higher year-on-year for the second consecutive month. Compared to the same period last year, consumers are much more optimistic as inflation eases. Figure 4: Electricity consumption by consumption group, May 2024 30 20 10 0 -10 -20 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. Apr 24 May 24 Jan 24 Oct 23 Jul 23 Jan 23 Apr 23 Oct 22 Jul 22 Apr 22 Jan 22 Jul 21 Oct 21 Jan 21 Apr 21 Oct 20 Jul 20 Jan 20 -30 Apr 20 Year-on-year change, in % Electricity consumption in the distribution network was lower year-on-year in May in all consumption groups. With the same number of working days, industrial consumption in May was 4.1% lower year-onyear, as was consumption by small business customers.1 As in recent months, household consumption was lower year-on-year in May (by 7.5%), which may also have been influenced by higher end prices for electricity due to higher network charges, changes in consumption billing (90:10) and higher VAT. Industry Households Small business consumption Total distribution network consumption 1 In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. 10 Current Economic Trends Slovenian Economic Mirror, No 4/2024 Figure 5: Value of fiscally verified invoices – nominal, May 2024 50 40 Y-on-y change, in % 30 20 10 0 -10 -20 -30 May 24 Jan 24 Sep 23 Jan 23 May 23 Sep 22 May 22 Jan 22 Sep 21 Jan 21 May 21 Sep 20 May 20 Jan 20 -40 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. The nominal value of fiscally verified invoices was 2% higher year-on-year in May. After rising in April (by 8%), year-on-year growth of total turnover weakened significantly. Growth of turnover in trade, which accounted for more than three-quarters of the total value of fiscally verified invoices, moderated from 7% to 1%. Turnover growth in retail trade remained relatively strong (5%), while turnover in the sales of motor vehicles and wholesale trade fell year-on-year after rising in April. Year-on-year turnover growth in accommodation and food service activities and in certain creative, arts, entertainment, and sports services and betting and gambling remained high (total growth in accommodation and food service activities and other service activities2 was 11%). 2 Activities R, S and T according to NACE classification. Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 190 180 170 160 150 140 130 120 110 100 90 80 Jan 15 Exports of goods (3MMA*) Non-smoothed data Imports of goods (3MMA*) Non-smoothed data Jan 14 Seasonally adjusted real index 2010=100 Figure 6: Trade in goods – in real terms, April 2024 Source: SURS, calculations by IMAD. Note: *3MMA - 3-month moving average. In April, trade in goods declined month-on-month but increased year-on-year. Real seasonally adjusted exports of goods fell by 0.4% and imports by 1.5%.3 The decline was due to trade with non-EU countries, while exports to and imports from EU Member States increased slightly (trade with France in particular increased, while trade with Austria and Italy declined). Exports of most main product groups increased, while exports of primary products and of metals and metal products were lower. Imports of consumer goods fell for the third consecutive month, while imports of intermediate goods rose, reaching the highest level since the beginning of the year (seasonally adjusted). In the first four months, exports and imports of goods (including with EU Member States) were still on average lower year-on-year (by 1.6% and 1.2% respectively). Sentiment in export-oriented activities improved in May, although export orders remained at a very low level. 3 Total exports and imports adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Current Economic Trends Slovenian Economic Mirror, No 4/2024 11 Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 1100 1000 900 800 700 600 500 400 300 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 Jan 14 In EUR million, seasonally adjusted Figure 7: Trade in services – nominal, April 2024 Trade in services increased month-on-month in April and was also higher year-on-year. Exports of services increased mainly due to robust growth in other business services, which otherwise fluctuate significantly from month to month. Among the main service groups, exports of transport and tourism-related services also rose. Imports of services also increased, mainly due to higher imports of tourism-related services (seasonally adjusted). Both exports and imports of services were higher in the first four months than in the same period last year, mainly due to the strong growth in exports of some important service groups (transport, ICT and other business) in April compared to the previous year. Exports and imports of tourism-related services also remained higher in April than last year, but their year-on-year growth is slowing. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2023 IV 24/III 24 IV 24/IV 23 I-IV 24/I-IV 23 Merchandise exports, real1 -6.8 -0.43 10.9 1.6 - to the EU -7.6 1.13 13.2 2.2 Merchandise imports, real1 -7.2 0.03 10.2 1.2 - from the EU -5.6 1.53 12.9 0.0 2 Services exports, nominal 6.4 5.6 18.2 3.8 Services imports, nominal2 4.6 1.83 8.14 2.4 Industrial production, real -5.6 5.93 7.44 -0.74 3 4 - manufacturing -4.5 5.73 8.24 0.24 Construction - value of construction put in place, real 19.4 -2.73 -5.24 -3.2 2023 III 24/II 24 III 24/III 23 I-III 24/I-III 23 -2.7 0.03 0.74 0.8 2.2 0.93 0.14 1.9 In % Distributive trades - real turnover Market services (without trade) - real turnover Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. 280 High-tech ind. Medium-low-tech. ind. 260 240 220 200 180 160 140 120 100 Source: SURS, calculations by IMAD. Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 8: Production volume in manufacturing, April 2024 Manufacturing output recovered in April after a significant decline in March and is now close to the level of the first two months of the year. Production recovered above all in the more technology-intensive industries, while production in the less technologyintensive industries in April was still below the level at the beginning of the year. Compared to the previous April, manufacturing output was 8.2% higher (with three more working days this April). In the first four months of the year, it was similar to the same period last year (with large monthly fluctuations). Production in the energy-intensive chemical industry and manufacture of other non-metallic mineral products n.e.c. and in some less technologyintensive industries remained down year-on-year. The production of machinery and equipment n.e.c. was also lower. 12 Current Economic Trends Slovenian Economic Mirror, No 4/2024 Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 40 Jan 15 50 Jan 14 Real construction production index (2010=100) Figure 9: Activity in construction, April 2024 Source: SURS; calculations by IMAD. According to data on the value of construction work put in place, construction activity fell in April and was also down year-on-year. After strong growth at the beginning of last year, activity gradually declined amid monthly fluctuations. In April, construction activity was 5% lower compared to the same month last year. The largest year-on-year decline in activity was recorded in civil engineering (by 8%). Activity also declined in the construction of buildings and specialised construction activities. Some other data, however, point to growth in construction activity. According to VAT data, the activity of construction companies in April was 4% higher than last year. Compared with data on the value of construction put in place, the difference shown in the growth of this activity was thus 9 p.p. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 240 220 200 180 160 140 120 100 Jan 24 24 Apr Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 10: Turnover in trade, March–April 2024 Source: SURS; calculations. by IMAD. After stagnating in the first quarter, real turnover in most trade sectors increased month-on-month in April, according to preliminary data, and was also higher year-on-year. In the first quarter, only turnover in wholesale trade increased quarter-on-quarter, while it was lower year-on-year (-1%) for the fifth consecutive quarter. Turnover in retail sales of non-food products was also down year-on-year (-1%), while turnover in retail sales of food, beverages and tobacco rose year-on-year (by 4%). Following strong growth last year, turnover in the sales of motor vehicles is stagnating this year, while it was still significantly higher year-on-year (by 9%). According to preliminary data from SURS, turnover in most sectors picked up in April and, with three more working days than in April last year, was also higher year-on-year. Source: SURS; calculations by IMAD. Note: * including real estate activities (L). Jan 24 24 Mar Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 180 160 140 120 100 80 60 40 20 0 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 11: Turnover in market services, March 2024 Total real turnover in market services continued to rise in the first quarter (by 1.5%) and was also higher yearon-year (by 1.2%). Turnover growth in information and communication accelerated compared to the previous quarter, with sales of computer services increasing, particularly in the domestic market. Turnover growth also accelerated in professional and technical activities, driven by continued growth in architectural and engineering services. Turnover growth in administrative and support service activities slowed somewhat, despite a renewed growth in employment services. With a higher number of overnight stays, turnover in accommodation and food service activities was similar to the level recorded at the end of last year, as was the case in transportation and storage. In the first quarter, total real turnover in market services was only lower year-on-year in transportation and storage. Current Economic Trends Slovenian Economic Mirror, No 4/2024 13 Figure 12: Selected indicators of household consumption, April 2024 160 140 120 100 80 60 40 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 0 Q1 15 20 Q1 14 Seasonally adjusted index 2010=100 At the beginning of the second quarter, household consumption of durable goods continued to rise year-on-year, according to preliminary data. In April, turnover in the sales of motor vehicles and retail sales of non-food products rose by 22.3% and 5.6% respectively year-on-year. Turnover in retail sales of food, beverages and tobacco was similar to April last year. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in accomodation and food service Source: SURS; calculations by IMAD. Note: The Q2 2024 figure is the value for April. Figure 13: Economic sentiment, May 2024 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Source: SURS; calculations by IMAD. Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -50 Jan 15 -40 Jan 14 Seasonally adjusted indicator value, 3-month moving average 30 Manufacturing Service activities Consumers The economic sentiment indicator fell slightly month-on-month in May, although it remained higher year-on-year. The monthly decline was due to lower confidence indicators in retail trade and service activities, while confidence increased in construction and manufacturing and remained unchanged among consumers. Economic sentiment improved year-on-year for the second consecutive month. With inflation easing, consumers are much more optimistic than they were a year ago and in particular had higher expectations regarding the household financial situation in May. Sentiment in manufacturing was also better than in the same period last year, with higher indicators for expected production and exports. Sentiment in construction was significantly lower but still above the long-term average. 14 Current Economic Trends Slovenian Economic Mirror, No 4/2024 Labour market Figure 14: Number of persons in employment, March 2024 Persons in employment Construction (F) Public services (O–Q) 140 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) Index, January 2019 = 100 135 130 125 120 115 110 105 100 Jul 23 Jan 23 Jul 22 Jan 22 Jul 21 Jan 21 Jul 20 Jan 20 Jul 19 Jan 19 90 Jan 24 Mar 24 95 Source: SURS; calculations by IMAD. The number of persons in employment continued to rise year-on-year in March. Growth was similar (1.4%) to the first two months of this year and higher than in the last months of 2023. The acceleration was mainly due to a change in the definition of persons in employment, which now also includes workers posted abroad.4 Growth was the highest in construction, which faces great labour shortages, and the increase was further boosted by the aforementioned change in the definition of the labour force. The year-on-year increase in the total number of persons in employment was due to a higher number of employed foreign nationals, while the number of employed Slovenian citizens fell. The share of foreign citizens among all persons in employment was 15.6% in March, 1.4 p.p. higher than a year earlier. Notably, the activities with the largest shares of foreign workers were construction (50%), transportation and storage (33%), and administrative and support service activities (29%). 4 Inclusion of individuals posted to work or undergo training abroad and caregivers of family members among the persons in employment at the beginning of 2024. According to SURS data, just over 6,900 persons were posted to work or undergo training abroad at the end of 2023. These persons will most likely become persons in paid employment when their existing insurance basis expires (as of January 2024, there were just under 4,600 posted workers remaining). The effect of the changed definition is the largest in construction and among foreign nationals (see SURS https://www.stat.si/StatWeb/en/news/ Index/12740). According to our estimate, they contribute about a half to the total year-on-year growth. Figure 15: Number of registered unemployed, May 2024 All unemployed The monthly decline in the seasonally adjusted number of registered unemployed in May (0.7%) was slightly lower than in previous months. According to original data, 44,088 people were unemployed at the end of May, 6.6% less than a year ago. Amid labour shortages, the number of long-term unemployed (more than one year) and the number of unemployed over 50 fell year-onyear at the end of May, by 14.5% and 8.8% respectively. In the first five months, just over 1% of the unemployed moved to inactivity or retirement each month, also contributing to the decline in unemployment. Long-term unemployed 120 100 80 60 40 20 Source: ESS. Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Number of registered unemployed in '000 140 Current Economic Trends Slovenian Economic Mirror, No 4/2024 15 Figure 16: Active and inactive population, Q1 2024 Number of employed ILO unemployment rate (right axis) -6 Q1 24 -6 Q1 23 -3 Q1 22 -3 Q1 21 0 Q1 20 0 Q1 19 3 Q1 18 3 Q1 17 6 Q1 16 6 Q1 15 9 Seasonally adjusted rate, in % 12 9 Q1 14 Year-on-year growth rate, in % 12 According to survey data, the number of unemployed was lower year-on-year in the first quarter of this year, while the number of persons in employment increased. Thirty-six thousand persons were unemployed, which is 5.3% less than in the first quarter of last year. The survey unemployment rate (3.4 %) fell by 0.4 p.p. year-on-year. As economic activity continued to increase in the first quarter of this year, the year-on-year increase in the number of persons in employment (3.2%) was more pronounced than in previous quarters. This growth was mainly driven by increases in employees in labour relation and the self-employed. Source: SURS; calculations by IMAD. Table 3: Indicators of labour market trends Change, in % 2023 III 24/II 24 III 24/III 23 I-III 24/I-III 23 Persons in formal employment2 1.3 0.11 1.4 1.4 Average nominal gross wage 9.7 0.81 6.4 7.2 private sector 9.4 1.31 7.2 8.0 public sector 1 10.3 0.0 5.0 5.6 of which general government 10.1 0.41 6.1 5.6 of which public corporations 10.9 -1.21 2.1 5.6 2023 III 23 II 24 III 24 Rate of registered unemployment (in %), seasonally adjusted 5.0 5.1 4.7 4.7 Change, in % 2023 V 24/IV 24 V 24/V 23 I-V 24/I-V 23 Registered unemployed -14.0 -2.5 -6.6 -6.8 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Figure 17: Average real gross wage per employee, March 2024 Private sector 20 Public sector Total 12 8 4 0 -4 -8 -12 Source: SURS; calculations by IMAD. Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 -20 Jan 16 -16 Jan 15 Year-on-year real growth, 3-month moving average, in % 16 In March, the average gross wage growth (2.7%) was slightly lower in real terms compared to the first two months of the year. With inflation slightly higher, this was mainly due to the high base effect from last year, when the minimum wage saw a larger increase at the beginning of the year compared to this year. In the private sector, the average gross wage in March increased by 3.5% year-on-year in real terms, with the highest growth recorded in administrative and support service activities and manufacturing. Real growth in the public sector was 1.3%. Nominal year-on-year growth in the average gross wage (6.4%) was slightly lower than in previous months. It increased by 7.2% in the private sector and by 5% in the public sector. In the first three months, it was on average 7.1% higher in nominal terms, which is less than in previous quarters. 16 Current Economic Trends Slovenian Economic Mirror, No 4/2024 Prices Figure 18: Consumer prices, May 2024 Slovenia 12 Year-on-year growth in consumer prices fell for the second consecutive month in May, reaching 2.5%, the lowest level since September 2021. Prices rose by 0.5% month-on-month, but the increase was half the fiveyear May average and also the lowest for this period. The moderation of year-on-year growth was mainly due to almost one-third lower price growth in the group housing, water, electricity, gas and other fuels (3.1%) compared to previous months. Year-on-year price growth in alcoholic drinks and tobacco (4.2%) was also lower, attributed to a higher base last year due to an increase in excise duties on tobacco. Prices of food and non-alcoholic beverages were 0.2% lower year-on-year after stagnating in April. Yearon-year growth in prices of semi-durable goods remained roughly unchanged (1.7%), while prices of durable goods continue to fall year-on-year (-0.9%). Growth in service prices further moderated (4.1% year-on-year). Among all groups of goods and services, the strongest year-onyear price increases were still recorded in restaurants and hotels (6.8% year-on-year) and education (6%). Euro area Year-on-year inflation, in % 10 8 6 4 2 0 Source: SURS, Eurostat. Jan 24 May 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Figure 19: Slovenian industrial producer prices, April 2024 Domestic market 160 In April, industrial producer prices increased slightly month-on-month for the second consecutive month (0.1%), while the year-on-year decline continued to narrow slightly (-2.9%). The month-on-month growth was driven by a 0.5% increase in prices of consumer goods (mainly durable goods, which rose by 1.6%), while prices of capital goods and raw materials remained unchanged. Energy prices fell by 0.5% month-on-month due to lower prices for coke and petroleum products (-2.7%). Year-onyear, the decline in prices of raw materials (-5.5%) and energy (-9.4%) slowed slightly, while the rise in prices of capital goods (0.7%) and consumer goods (1.2%) accelerated. Industrial producer prices fell by 3.8% yearon-year on the domestic market and by 1.9% on foreign markets. The smaller decline on foreign markets was mainly due to higher prices on non-euro-area markets (2.7%), while the decline in prices in the euro area (-3.6%) was comparable to the decline on the domestic market. Non-domestic market Index 2015=100 150 140 130 120 110 100 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 90 Source: SURS. Table 4: Consumer price growth 2023 VI 23-V 24/VI 22-V 23 Total Food Fuels and energy V 24/IV 24 V 24/V 23 I-V 24/I-V 23 4.2 4.8 0.5 2.5 3.2 4.2 5.1 0.8 -0.4 1.0 -2.3 0.0 -0.5 3.0 2.2 Services 6.0 6.6 1.0 4.3 4.9 Other1 4.7 4.5 0.2 2.1 3.0 Core inflation - excluding food and energy 5.2 5.6 0.7 3.1 3.9 Core inflation - trimmed mean2 4.2 5.3 0.3 2.6 3.3 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc. 2 An approach that excludes the share of extreme price changes in each month. Current Economic Trends Slovenian Economic Mirror, No 4/2024 17 Financial markets Figure 20: Loans to domestic non-banking sectors, April 2024 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -40 Source: BoS. In April, year-on-year growth in the volume of loans to the domestic non-bank sector fell slightly (0.9%) amid a higher base, though it increased month-onmonth. This slowdown was due to a sharper year-onyear decline in the volume of corporate and NFI loans, which remained comparable to the end of the previous year (-5.3%). Growth in household loans continued to strengthen (5%), with consumer loans already up 15.5% year-on-year in April. In the first four months, new consumer loans amounted to slightly above EUR 530 million, almost 50% higher than the same period last year. Year-on-year growth of housing loans increased slightly, though it remained relatively modest (1.5%). Year-onyear growth in non-banking sector deposits (3.2%) remained largely unchanged in April. The volume of term deposits increased by more than 35% year-on-year. The volume of overnight deposits fell by 3.3% compared to April last year, with their share declining by 5 b.p. (to 78%). The quality of banks’ assets remains solid, with the share of non-performing loans unchanged at 1% in the first quarter. Table 5: Financial market indicators Nominal amounts. EUR million Nominal loan growth.% Domestic bank loans to non-banking sector and household savings 31. III 23 31. XII 23 31. III 24 31. III 24/29. II 24 Loans total 25,645.0 25,574.6 25,887.0 0.7 0.9 11,869.9 11,352.9 11,436.9 0.7 -3.6 4.1 Enterprises and NFI 31. III 24/31. III 23 Government 1,265.6 1,336.4 1,317.7 0.5 Households 12,509.5 12,885.3 13,132.5 0.7 5.0 Consumer credits 2,673.6 2,918.3 3,088.4 1.7 15.5 Lending for house purchase 8,213.6 8,271.7 8,340.2 0.5 1.5 Other lending 1,622.3 1,695.3 1,704.0 0.1 5.0 26,367.5 27,072.2 26,960.9 -0.1 2.3 23,280.2 22,753.5 22,235.9 -0.4 -4.5 3,087.3 4,318.7 4,725.0 1.5 53.0 111.3 118.7 98.3 -18.4 -11.7 9,414.6 11,022.5 10,544.5 -0.5 12.0 Bank deposits total Overnight deposits Term deposits Government bank deposits. total Deposits of non-financial corporations. total Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. 18 Current Economic Trends Slovenian Economic Mirror, No 4/2024 Balance of payments Trade in goods Primary income Current account 5000 The 12-month current account surplus increased compared to the previous 12-month period, reaching EUR 3.1 billion (4.7% of estimated GDP). This increase was mainly driven by the improved goods balance, as imports declined more sharply than exports. The surplus in trade in services widened, especially in trade in processing, transport, construction and financial services. Primary and secondary income also contributed to the improvement of the current account balance. The primary income deficit decreased due to lower net outflows of income from equity capital (dividends and profits) and higher net interest receipts by the Bank of Slovenia from deposits in foreign accounts. The secondary income deficit decreased due to higher private sector transfers (payments of non-life insurance premiums) and higher net positive transfers to the government sector from abroad (funds for current international cooperation from the EU budget). Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -5000 Jan 14 12-month cumulatives, in EUR million Figure 21: Current account of the balance of payments, April 2024 Source: BoS; calculations by IMAD. Table 6: Balance of payments I-IV 2024, in EUR million Inflows Outflows Balance Balance, I-IV 2023 Current account 19,261.3 18,168.7 1,092.6 776.2 13,979.1 13,839.4 139.6 94.4 Services 3,542.1 2,409.3 1,132.8 1,061.7 Primary income 1,065.6 1,123.1 -57.5 -184.1 674.6 796.9 -122.3 -195.8 889.4 863.9 25.5 -56.4 1,869.7 2,658.0 788.3 595.9 -375.5 Goods Secondary income Capital account Financial account Direct investment 630.3 706.2 75.9 Portfolio investment 866.1 2,485.0 1,618.8 -534.2 Other investment 382.3 -765.5 -1,147.8 1,453.8 -329.7 -123.9 Statistical error Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Current Economic Trends Slovenian Economic Mirror, No 4/2024 19 Public finance Figure 22: Revenue of the consolidated general government budgetary accounts, April 2024 18 Tax revenues Non-tax revenues Other Social security contributions Receipts from the EU budget TOTAL REVENUE (growth in %) 12 9 6 3 0 I-IV 2024 Source: MF; calculations by IMAD. I-IV 2023 2023 2022 2021 2020 2019 2018 2017 2016 2015 -6 2014 -3 2013 Contribution to growth, in p.p. 15 Figure 23: Expenditure of the consolidated general government budgetary accounts, April 2024 15 12 9 6 3 0 I-IV 2024 2023 2022 2021 I-IV 2023 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 2015 -6 2014 -3 2013 Contribution to growth, in p.p. 18 Salaries, wages and other personnel expend. with social contrib. Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) In the first four months of this year, the deficit of the consolidated balance of public finances was slightly higher year-on-year. It totalled EUR 55 million, compared with EUR 44 million in the same period last year. Revenue increased by 10.8% year-on-year. In the first four months of this year, alongside the increase in revenue from social contributions due to the transformation of the complementary health contribution into a mandatory contribution, revenue from corporate income tax9 picked up significantly, driven by higher balancing payments of tax this year. Personal income tax revenues also saw significant growth, influenced partly by the nonadjustment of the income tax scale and tax relief to inflation. Growth in non-tax revenues was also higher due to higher revenue from profit sharing, dividends and surplus of revenues over the expenditure. Growth in revenue from excise duties was low due to the dynamics of adoption of measures to mitigate the consequences of rising energy prices and also last year’s late payment by some excise registrants. Total receipts from the EU budget were lower year-on-year. In the first four months of the year, expenditure increased by 10.9% year-on-year. The main contributors were expenditure on salaries, wages and other personnel expenditure,6 and the early payment of the holiday allowance, the increase in expenditure on goods and services and other healthcare expenditure in connection with the transformation of the supplementary health insurance into a mandatory contribution, as well as transfers to individuals and households, partly as a result of the high regular annual indexation of pensions. Contribution from investment and interest expenditure was slightly lower. From August 2023 to the end of April 2024, EUR 672.3 million had been disbursed from the state budget to rectify the consequences of floods and landslides, of which EUR 114.2 million was disbursed in the first four months of this year, most of it for ongoing maintenance and insurance under the emergency Flood Recovery Act. 5 6 The Reconstruction, Development and Provision of Financial Resources Act (ZORZFS) provides for a temporary increase (from 2024 to 2028 inclusive) in the corporate tax rate from 19% to 22% to finance projects and measures related to the floods and landslides. The amount resulting from the 3 p.p. increase is an earmarked revenue for the Fund for the Reconstruction of Slovenia. The Agreement on Measures Regarding Public Sector Wages and Other Compensation for 2022 and 2023 (October 2022). As of 1 April 2023, wages increased by one salary grade. 20 Current Economic Trends Slovenian Economic Mirror, No 4/2024 Figure 24: EU budget receipts, April 2024 Slovenia’s net budgetary position against the EU budget was positive in the first four months of 2024 (at EUR 41.2 million). In this period, Slovenia received EUR 237.7 million from the EU budget (16.4% of receipts envisaged in the adopted state budget for 2024) and paid EUR 196.5 million into it (27.3% of planned payments). The bulk of receipts (42.6% of all reimbursements to the state budget, 100.5% of the planned reimbursements in 2024) were resources from the Cohesion Fund and from structural funds7 (30.3% of all reimbursements to the state budget, 24.2% of the planned reimbursements in 2024). Receipts for the implementation of the Common Agricultural and Fisheries Policies amounted to 18.8% of all reimbursements (12.2% of the planned reimbursements in 2024). The highest payments into the EU budget came from GNI-based payments (46.1% of all payments). According to the MKRR data, under the Operational Programme for the Implementation of EU Cohesion policy 2014–2020 (from January 2014 to the end of April 2024), payments from the state budget totalled EUR 3.54 billion (EU share), which corresponds to 106%8 of the available funds, while certain payments from the state budget are planned for the first half of 2024 (about EUR 66 million according to estimates made by line ministries). Under the Operational Programme for the Implementation of EU Cohesion policy 2021–2027 (from January 2021 to the end of April 2024), payments from the state budget totalled EUR 25.8 million (EU share), which corresponds to 1% of the available funds. Total receipts (January–April 2023) Expected reimbursements in the budget 2024 Total receipts (January–April 2024) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 Figure 25: Absorption of 2014–2020 ECP funds (EU part) for the period 1 January 2014–30 April 2024 Payments from the state budget Commitment appropriations Total CF ESF ERDF 7 0 1000 2000 3000 In EUR million 8 4000 Source: MKRR. Note: ESF includes YEI funds. REACT-EU funds are included. The European Regional Development Fund (ERDF) and the European Social Fund (ESF). The additional appropriations (over 100%) allow that, in the event of the usually lower final realisation of reimbursements from the European budget (due to identified ineligible expenditure, withdrawal from cofinancing, etc.), all available funds can still be used and the objectives of the Operational Programme for the Implementation of European Cohesion Policy can be achieved. Table 7: Consolidated general government revenue and expenditure on a cash basis I-IV 2023 Category REVENUES TOTAL Tax revenues 1 Personal income tax Corporate income tax Taxes on immovable property Value added tax Excise duties Social security contributions Non-tax revenues Receipts from the EU budget Other I-IV 2024 Y-o-y growth, EUR m in % 7,941.8 3.7 I-IV 2023 Y-o-y growth, EUR m in % 8,798.0 Category 10.8 EXPENDITURE TOTAL 4,085.1 4.5 4,668.7 Salaries. wages and other 14.3 personnel expenditures2 1,109.3 3.2 1,291.2 16.4 Expenditure on goods and services 412.2 6.8 664.3 41.3 44.0 37.8 1,643.9 5.4 1,767.9 505.3 24.8 510.5 2,983.7 8.4 3,408.9 379.3 -10.7 404.1 396.9 -15.4 240.2 96.9 -3.6 76.1 I-IV 2024 Y-o-y growth, EUR m in % Y-o-y growth, EUR m in % 7,985.9 2.3 8,853.1 10.9 1,908.3 10.3 2,201.4 15.4 20.1 1,051.2 -3.5 1,262.9 61.2 Interest payments 372.8 8.2 444.6 19.3 -8.5 Reserves 164.5 -32.8 98.0 -40.4 3,102.2 1.4 3,411.7 10.0 7.5 Transfers to individuals and households 1.0 Other current transfers 711.2 2.2 700.2 -1.5 14.3 Investment expenditure 462.1 16.0 537.8 16.4 213.7 -10.9 196.5 -8.1 6.6 Payments to the EU budget GENERAL GOVERNMENT -39.5 BALANCE -44.2 -55.1 -21.4 PRIMARY BALANCE 285.4 318.0 Source: MF; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. statistical appendix Statistical Appendix Slovenian Economic Mirror, No 4/2024 Main indicators GDP (real growth rates, in %) 2018 2019 2020 2021 2022 2024 2023 2025 23 2026 Spring Forecast 2024 4.5 3.5 -4.2 8.2 2.5 1.6 2.4 2.5 2.5 GDP in EUR million (current prices) 45,876 48,582 47,045 52,279 57,038 63,090 66,833 70,936 74,608 GDP per capita in EUR (current prices) 22,142 23,256 22,373 24,803 27,040 29,753 31,360 33,175 34,792 GDP per capita (PPS) 26,500 27,800 26,900 29,300 31,900 GDP per capita (PPS EU27=100)1 87 89 89 90 90 Rate of registered unemployment 8.2 7.7 8.7 7.6 5.8 5.0 4.8 4.8 4.7 Standardised rate of unemployment (ILO) 5.1 4.5 5.0 4.7 4.0 3.8 3.8 3.8 3.7 Labour productivity (GDP per employee) 1.3 1.1 -3.6 6.8 -0.4 0.4 1.7 1.8 2.2 Inflation2, year average 1.7 1.6 -0.1 1.9 8.8 7.4 2.7 3.4 2.2 Inflation2, end of the year 1.4 1.8 -1.1 4.9 10.3 4.2 3.1 3.1 2.1 6.2 4.5 -8.5 14.5 7.2 -2.0 1.5 3.2 4.2 Exports of goods 5.7 4.5 -5.5 13.4 2.9 -2.5 0.9 2.6 3.9 Exports of services 7.7 4.6 -19.7 19.1 24.9 0.3 3.8 5.2 5.1 7.1 4.7 -9.1 17.8 9.0 -5.1 3.7 4.0 4.2 Imports of goods 7.4 5.0 -8.6 17.2 7.7 -6.0 3.7 3.8 4.1 Imports of services 5.4 3.0 -12.0 20.7 15.9 0.1 4.1 4.9 4.7 2,695 2,844 3,398 1,732 -578 2,770 1,509 1,165 1,125 5.9 5.9 7.2 3.3 -1.0 4.4 2.3 1.6 1.5 42,137 44,491 48,049 50,923 51,825 57,780 91.8 91.6 102.1 97.4 90.9 91.6 1.181 1.120 1.141 1.184 1.054 1.082 1.088 1.088 1.088 3.5 5.5 -6.5 10.3 3.6 1.3 1.6 2.0 1.9 52.0 52.5 50.4 51.7 54.0 53.0 52.3 52.0 51.5 2.9 1.8 4.2 6.1 -0.5 2.4 6.8 1.9 3.8 18.2 18.3 20.6 20.7 19.5 19.5 20.6 20.7 21.1 10.2 5.0 -7.2 12.6 3.5 9.5 4.2 4.0 3.5 19.3 19.6 18.9 20.2 21.6 22.5 23.0 23.2 23.4 1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2024). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 24 Statistical Appendix Production Slovenian Economic Mirror, No 4/2024 2021 2022 2023 2022 2023 2024 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 8 9 10 6.4 2.8 1.8 -5.7 -3.4 -4.1 -10.1 -5.1 -3.1 0.1 3.8 4.3 0.7 3.8 1.2 -4.0 38.5 13.5 25.4 -26.1 -30.2 -31.3 -3.5 16.3 10.8 32.3 12.5 1.6 7.4 39.9 7.3 5.8 -9.9 -4.7 -2.2 3.2 6.6 7.3 2.8 7.4 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 10.2 B Mining and quarrying -6.6 C Manufacturing 11.8 D Electricity, gas & steam supply 1 1.2 -5.6 10.2 -15.1 3.9 -4.5 -5.3 -26.4 -31.6 4.6 -1.8 -0.4 -3.3 32.9 -18.5 4.1 0.9 -4.9 -29.3 -30.0 -40.2 -39.4 -32.3 -27.7 -23.7 -33.7 -34.8 -26.9 -25.7 -21.2 -34.7 -33.5 -50.0 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.5 22.2 19.5 20.0 17.7 14.8 35.6 24.1 Buildings 14.5 63.4 -5.7 34.6 53.7 58.5 109.5 21.6 5.9 13.4 19.5 16.1 11.6 4.0 22.5 24.6 19.3 26.3 11.0 12.7 12.1 2.2 19.5 19.5 6.7 5.1 6.7 -0.5 0.4 14.3 7.2 -5.9 11.4 11.8 6.9 -0.2 -1.6 -6.7 7.6 9.9 5.6 6.7 17.2 12.0 4.6 11.2 Professional, scientific and technical activities 10.6 10.0 4.3 9.3 11.8 11.3 8.1 Administrative and support service activities 13.1 5.7 6.1 12.0 12.3 -0.8 11.6 5.1 -2.7 8.8 6.2 18.9 5.5 -6.3 9.8 8.1 -3.5 14.6 7.5 8.0 -5.9 22.2 38.5 Civil engineering 23.1 23.2 10.1 -2.5 10.7 22.5 19.5 17.4 16.6 11.0 38.7 1.6 -13.3 -23.4 -16.8 57.6 55.3 48.4 37.0 95.9 51.7 107.0 -3.4 12.7 22.3 2.0 10.3 12.3 -7.1 19.0 2.5 1.2 20.9 20.4 17.5 5.5 7.9 6.6 5.3 -8.1 -6.9 -6.1 10.4 13.7 11.4 2.9 10.5 7.5 1.9 -1.7 2.8 10.3 6.9 14.9 12.0 24.3 9.8 14.8 11.6 9.8 7.5 2.2 3.9 4.0 2.6 9.3 15.0 11.0 9.2 16.4 9.0 9.1 1.5 7.0 7.7 6.0 3.8 4.4 13.8 16.1 7.6 -3.4 -3.7 4.4 -0.4 5.3 0.7 -1.1 -3.8 -4.6 -1.4 1.5 6.6 8.4 3.9 1.8 7.7 6.6 2.2 7.4 4.6 0.8 -4.9 -8.3 -7.0 -4.9 4.8 12.4 6.2 4.2 0.0 6.9 7.4 2.1 -7.6 -5.7 -1.2 1.2 15.1 13.8 13.7 15.9 4.3 -8.1 -1.7 -7.6 -4.0 -0.1 0.5 0.3 14.3 10.2 8.1 0.4 -3.8 -6.7 -8.6 -4.7 -1.5 8.6 13.8 8.1 5.2 10.9 8.3 2.9 4.2 -10.7 15.2 -1.6 2.6 5.0 5.7 730.4 257.8 94.9 17.1 1.9 -9.5 -39.5 -8.4 0.5 -1.6 466.0 122.4 26.4 -45.7 -51.7 -54.5 -55.6 11.1 1172.0 539.8 244.9 91.2 52.3 38.8 61.3 10.0 188.2 110.2 69.6 25.8 20.5 15.5 20.1 MARKET SERVICES, year-on-year real growth rates, % Services, total Transportation and storage Information and communication activities DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Real turnover in retail trade Real turnover in the sale and maintenance of motor vehicles Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays 3.5 679.7 180.0 Domestic tourists, overnight stays 10.4 -14.7 -17.0 690.2 Foreign tourists, overnight stays 42.9 110.1 14.7 78.8 394.5 61.2 71.6 44.5 27.4 6.2 7.8 20.8 18.9 212.1 106.0 20.7 29.6 32.4 15.0 16.6 16.0 Accommodation and food service activities 58.6 78.8 -50.3 -49.1 -9.5 -15.1 AGRICULTURE Purchase of agricultural products, in EUR m 601.4 773.6 751.4 144.0 176.5 221.0 232.1 178.5 179.8 189.5 203.4 165.6 54.8 61.1 60.6 81.0 62.3 77.7 90.8 BUSSINES TENDENCY (indicator values*) Sentiment indicator 2.4 0.6 -3.8 4.2 2.5 -1.9 -2.5 -1.4 -3.4 -5.7 -4.7 -3.5 4.3 2.6 0.7 -0.9 -0.2 -4.5 -5.4 8 0 -8 7 2 -3 -7 -5 -9 -10 -9 -9 4 2 0 0 -1 -6 -9 18 21 14 26 22 16 21 17 14 12 13 10 23 25 19 16 18 13 19 in services 8 17 16 15 18 17 18 19 17 13 14 16 19 19 18 17 20 16 14 in retail trade 5 20 13 16 26 21 17 14 16 12 10 10 28 27 23 26 22 15 9 -22 -33 -33 -26 -31 -39 -35 -34 -31 -33 -32 -28 -28 -31 -33 -39 -39 -40 -38 Confidence indicator in manufacturing in construction consumer confidence indicator Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2 The survey covers all larger construction enterprises and some other enterprises that perform construction work. * Seasonally adjusted SURS data. Statistical Appendix Slovenian Economic Mirror, No 4/2024 2022 Production 11 2023 12 25 2024 1 2 3 4 5 6 7 -6.9 0.1 -3.3 -8.2 -2.2 -2.4 -21.6 -38.1 -25.7 -31.5 -32.6 -37.8 -27.9 -28.7 8 9 10 11 -7.7 -15.8 -7.7 -2.2 0.3 -10.8 -0.3 -6.8 -15.7 -7.8 12 1 2 3 4 5 -2.7 -11.0 -3.5 2.6 -7.6 7.4 17.1 14.2 18.0 13.1 33.3 -8.8 31.7 -3.1 -2.6 -9.3 -1.7 3.0 -7.1 8.2 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -2.9 -10.5 B Mining and quarrying C Manufacturing 0.9 D Electricity, gas & steam supply -7.7 -1.1 1.5 -1.5 -7.6 -1.1 -1.6 -38.7 -33.0 -46.1 -27.1 -37.9 -27.9 -37.0 -31.7 -34.3 -24.6 -23.1 1 -8.8 -22.0 -34.7 -48.9 -20.5 -24.0 -19.6 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total Buildings 26.1 45.6 25.0 16.8 29.9 23.4 22.8 23.2 19.4 119.6 101.4 57.4 8.9 8.3 -5.6 -3.3 14.2 -6.7 -10.3 -21.5 -25.2 -26.0 -18.3 -31.8 -0.6 -16.4 -20.2 Civil engineering 20.3 29.6 8.1 13.0 9.0 -4.1 5.6 -7.7 -5.3 16.0 38.4 15.9 33.6 24.4 24.0 12.8 21.8 14.7 21.8 41.2 10.3 16.1 4.7 -5.0 3.9 -8.0 -7.8 5.7 4.2 7.3 6.1 6.7 -0.6 2.3 -2.8 1.3 -0.4 0.3 1.0 3.3 3.3 6.1 1.5 -3.2 Transportation and storage -1.9 -0.6 0.5 -3.6 -1.5 -9.6 -1.4 -9.0 -6.6 -9.0 -8.6 -9.7 -5.7 -5.1 -2.7 0.0 -13.8 Information and communication activities 5.7 -0.2 11.0 12.3 10.4 -2.7 2.6 -4.6 6.1 0.5 2.1 4.5 14.9 11.3 14.2 4.7 2.3 Professional, scientific and technical activities 7.3 7.9 3.6 8.3 10.1 3.0 -0.2 3.9 2.6 6.7 2.6 6.1 3.9 2.5 11.1 1.4 -2.9 Administrative and support service activities 6.2 -1.0 4.4 9.3 7.3 6.1 10.1 6.8 5.9 7.7 4.8 5.7 1.8 4.1 11.0 3.2 0.0 1.5 -1.7 4.1 -2.1 -4.3 -5.4 -3.1 -2.9 -3.2 -5.0 -5.4 0.5 -0.6 -4.1 -0.1 4.8 -3.8 Real turnover in retail trade 2.9 -2.2 4.1 -3.9 -12.4 -9.4 -6.8 -8.6 -7.9 -5.9 -7.2 -3.6 -4.8 -6.2 -2.1 0.7 -2.8 2.4 Real turnover in the sale and maintenance of motor vehicles 0.0 3.5 16.6 11.3 16.9 14.8 10.5 16.4 17.2 11.2 12.7 18.2 18.1 11.2 14.1 11.0 2.2 22.3 1.2 -2.9 0.5 -5.2 -6.0 -9.1 -5.6 -5.6 -6.5 -9.2 -9.9 -2.5 -4.2 -7.6 -4.0 4.9 -6.7 -10.0 -4.6 38.3 13.7 -1.3 12.9 7.0 -13.4 9.0 -5.6 8.0 3.8 2.4 8.7 -4.1 4.5 17.6 -10.5 -9.4 -14.9 5.3 1.1 -0.7 1.0 -6.6 3.1 -2.4 33.1 -11.6 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays -43.1 -45.3 Foreign tourists, overnight stays 65.4 96.9 67.9 48.4 20.9 38.6 37.0 16.1 15.2 -2.8 8.9 5.3 4.8 14.1 -2.5 5.8 33.5 37.0 44.7 32.1 23.1 22.6 17.9 7.4 17.8 10.1 23.4 15.2 14.8 17.7 7.4 12.3 10.4 72.2 69.2 60.2 54.7 63.6 56.3 63.0 60.6 64.7 58.8 66.1 78.4 61.4 63.6 55.7 51.8 58.4 57.0 -2.0 0.0 -1.1 -1.3 -1.8 -2.6 -3.0 -4.8 -6.4 -5.9 -4.9 -5.4 -4.9 -3.7 -3.1 -3.2 -4.1 -2.0 -2.3 in manufacturing -6 -5 -3 -5 -6 -9 -9 -10 -11 -10 -9 -10 -9 -8 -7 -9 -10 -8 -8 in construction 22 22 19 19 13 17 13 12 13 9 13 10 13 16 13 8 11 4 7 in services 20 19 18 19 20 18 18 15 13 12 13 14 14 14 13 18 16 17 16 in retail trade 18 23 19 17 7 19 13 17 1 19 15 13 4 15 16 10 5 22 14 consumer confidence indicator -37 -31 -35 -34 -33 -31 -30 -34 -33 -34 -33 -33 -32 -31 -28 -29 -29 -26 -26 Accommodation and food service activities 7.4 -10.6 -20.3 -21.7 -34.4 -50.2 -7.8 AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator 26 Statistical Appendix Slovenian Economic Mirror, No 4/2024 2022 2023 2024 2022 Labour market 2021 2022 2023 FORMAL LABOUR FORCE (A=B+E) 974.6 978.7 982.4 976.9 976.2 976.5 985.2 982.0 981.5 979.6 986.7 991.0 975.9 976.2 976.6 975.5 977.3 983.2 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 900.3 922.0 933.7 912.5 920.2 923.0 932.3 929.0 934.2 932.7 939.1 941.6 920.1 922.3 922.3 921.6 925.2 930.2 In agriculture, forestry, fishing In industry, construction 25.7 24.9 24.3 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 Q3 24.3 Q4 24.2 Q1 23.6 5 24.9 6 24.9 7 24.9 8 24.9 9 24.9 10 24.9 294.1 304.7 308.4 300.1 303.6 305.9 309.5 307.4 309.0 307.9 309.2 312.5 303.3 304.4 306.0 305.3 306.4 308.3 - in manufacturing 205.6 210.8 211.4 209.1 210.5 210.6 212.9 211.8 212.0 210.7 211.2 212.2 210.4 210.6 210.6 210.3 210.9 212.2 - in construction 67.8 In services 73.0 75.7 70.2 72.2 74.2 75.5 74.5 75.7 75.9 76.5 78.9 72.1 72.8 74.4 74.0 74.4 75.0 580.4 592.4 601.1 587.6 591.8 592.2 597.9 597.4 600.8 600.4 605.7 605.6 591.8 593.1 591.3 591.3 593.9 597.0 - in public administration - in education, health-services and social work 49.6 49.5 49.2 49.4 49.5 49.5 49.6 49.1 49.2 49.1 49.4 49.4 49.6 49.4 49.5 49.5 49.5 49.6 146.1 149.7 153.0 148.9 149.7 148.8 151.6 152.1 153.0 152.1 154.8 155.4 149.7 149.8 148.4 148.2 150.0 151.2 FORMALLY EMPLOYED (C) 804.4 824.1 833.4 815.8 822.8 824.8 833.1 830.0 834.2 831.9 837.5 839.9 822.6 824.6 824.3 823.4 826.7 831.3 In enterprises and organisations 756.2 775.8 785.5 768.3 774.4 776.0 784.4 782.3 785.9 783.9 789.8 793.3 774.3 775.9 775.5 774.6 777.9 782.3 1 By those self-employed 48.2 48.3 47.9 47.5 48.4 48.8 48.7 47.7 46.6 48.4 48.7 48.8 48.7 48.8 49.0 SELF-EMPLOYED AND FARMERS (D) 95.8 97.9 100.4 96.7 97.4 98.2 99.1 99.0 100.0 100.8 101.7 101.7 97.4 97.7 98.0 98.2 98.5 98.9 REGISTERED UNEMPLOYMENT (E) 74.3 56.7 48.7 64.4 55.9 53.4 52.9 53.0 47.3 46.9 47.6 49.4 55.9 53.9 54.3 53.9 52.0 53.0 Female 37.9 28.6 24.3 32.1 28.3 27.4 26.6 26.2 23.7 23.8 23.6 23.9 28.2 27.3 27.9 27.8 26.5 26.9 By age: 15 to 29 14.2 10.5 9.2 11.9 10.0 9.5 10.6 10.0 8.5 8.4 9.9 9.6 9.9 9.5 9.6 9.6 9.2 10.9 Aged over 50 28.2 22.3 19.0 25.2 22.4 21.2 20.4 20.6 18.9 18.5 17.9 18.8 22.4 21.7 21.6 21.3 20.8 20.4 Primary education or less 23.5 18.0 15.9 20.9 17.7 16.7 16.8 17.4 15.4 15.0 15.6 16.9 17.6 17.0 16.8 16.7 16.5 16.5 For more than 1 year 40.5 30.1 22.4 35.5 31.0 27.9 25.9 24.4 22.6 21.7 21.0 20.6 31.0 29.6 28.6 28.0 27.1 26.5 Those receiving benefits 18.9 15.1 14.1 17.8 14.3 14.5 14.0 15.9 13.1 13.8 13.6 16.5 14.2 13.9 14.6 14.8 14.2 13.0 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.6 5.8 5.0 6.6 5.7 5.5 5.3 5.4 4.8 4.8 4.8 5.0 5.7 5.5 5.6 5.5 5.3 5.3 Male 6.9 5.2 4.5 6.0 5.2 4.9 4.9 5.0 4.4 4.3 4.4 4.7 5.2 5.0 5.0 4.9 4.8 4.8 Female 8.5 6.5 5.5 7.2 6.4 6.2 6.0 5.9 5.3 5.4 5.3 5.4 6.4 6.2 6.3 6.3 6.0 6.0 FLOWS OF FORMAL LABOUR FORCE -1.8 -1.1 -0.4 -1.8 -2.2 -0.6 0.4 -1.0 -1.4 -0.1 0.8 -0.5 -2.2 -2.0 0.5 -0.4 -1.9 0.9 New unemployed first-job seekers 0.6 0.6 0.6 0.4 0.4 0.5 1.2 0.5 0.3 0.4 1.2 0.5 0.4 0.4 0.3 0.3 0.8 2.6 Redundancies 4.5 4.2 4.1 5.1 3.4 3.9 4.2 4.9 3.4 3.9 4.3 5.3 3.3 3.4 4.5 3.4 3.9 4.0 Registered unemployed who found employment 5.0 3.8 3.4 5.1 4.0 3.1 3.1 4.6 3.4 2.9 2.9 4.6 3.9 3.6 2.5 2.3 4.6 3.6 Other outflows from unemployment (net) 2.0 2.2 1.9 2.3 2.2 2.1 2.2 2.0 1.9 1.8 2.0 2.0 2.2 2.3 2.0 2.1 2.3 2.3 41.8 49.5 52.0 46.7 49.1 50.7 51.7 51.8 52.2 52.0 51.9 51.6 49.2 49.7 50.2 50.7 51.2 51.7 4.3 5.1 5.3 4.8 5.0 5.2 5.2 5.3 5.3 5.3 5.3 5.2 5.0 5.1 5.1 5.2 5.2 5.3 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.2 48.0 47.7 Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix Slovenian Economic Mirror, No 4/2024 2022 Labour market 11 2023 12 1 2 3 4 5 6 2024 7 8 9 10 11 12 1 2 3 FORMAL LABOUR FORCE (A=B+E) 983.7 988.5 982.1 982.3 981.8 981.6 981.3 981.6 980.3 978.6 979.7 984.8 985.6 989.6 990.6 991.4 991.2 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 931.2 935.3 926.7 928.9 931.4 933.0 934.1 935.4 933.0 931.2 933.7 937.6 938.5 941.3 939.0 941.6 944.3 In agriculture, forestry, fishing In industry, construction 24.9 24.8 24.2 24.2 24.3 24.3 24.4 24.4 27 24.3 24.3 24.3 24.2 24.2 24.2 23.5 23.5 4 5 23.6 308.1 312.0 306.4 307.3 308.4 309.0 308.9 309.1 308.8 307.7 307.3 308.7 308.1 310.7 311.3 312.6 313.6 - in manufacturing 212.2 214.3 211.7 211.5 212.1 212.1 212.1 211.8 211.2 210.7 210.2 211.0 210.6 212.2 212.2 212.3 212.3 - in construction 74.8 In services 76.7 73.7 74.7 75.1 75.7 75.5 76.0 76.3 75.7 75.7 76.3 76.2 77.2 77.8 79.0 79.9 598.2 598.5 596.1 597.4 598.8 599.6 600.8 602.0 599.9 599.2 602.2 604.7 606.1 606.4 604.2 605.5 607.1 - in public administration - in education, health-services and social work 49.6 49.4 49.0 49.2 49.2 49.1 49.2 49.1 49.1 49.2 49.1 49.3 49.3 49.5 49.3 49.3 49.5 151.7 151.9 151.6 152.2 152.7 152.8 153.1 153.0 151.8 151.5 153.1 154.2 154.9 155.2 154.9 155.4 155.8 FORMALLY EMPLOYED (C) 831.9 836.1 828.0 829.9 832.0 833.2 834.1 835.2 832.5 830.5 832.6 836.1 836.7 839.6 837.5 840.0 842.3 In enterprises and organisations 783.1 787.9 780.6 782.3 784.0 785.1 785.8 786.8 784.4 782.6 784.7 788.0 788.9 792.5 791.1 793.4 795.5 1 By those self-employed 48.8 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 99.2 99.3 98.7 99.0 99.4 99.8 100.0 100.3 100.5 100.8 101.1 101.5 101.8 101.7 101.5 101.7 102.0 REGISTERED UNEMPLOYMENT (E) 52.5 53.2 55.4 53.4 50.3 48.6 47.2 46.2 47.3 47.4 46.0 47.2 47.2 48.4 51.6 49.7 46.9 45.2 44.1 Female 26.6 26.4 27.1 26.3 25.1 24.3 23.6 23.2 24.0 24.1 23.1 23.7 23.6 23.5 24.7 24.0 22.9 22.3 21.8 By age: 15 to 29 10.6 10.4 10.7 10.1 9.3 8.8 8.5 8.2 8.4 8.5 8.5 10.0 9.8 9.9 10.1 9.6 9.0 8.5 8.1 Aged over 50 20.3 20.4 21.3 20.7 19.8 19.3 18.9 18.6 18.8 18.6 18.1 17.8 17.7 18.1 19.4 18.9 18.0 17.5 17.2 Primary education or less 16.6 17.2 18.2 17.6 16.4 15.8 15.4 15.0 15.1 14.9 15.0 15.1 15.4 16.4 17.7 17.1 15.8 15.1 14.6 For more than 1 year 25.9 25.4 25.2 24.4 23.6 23.0 22.6 22.2 22.0 21.7 21.4 21.2 21.0 20.8 21.1 20.6 20.1 19.6 19.3 Those receiving benefits 14.1 15.0 17.2 15.6 14.9 13.4 12.8 13.2 13.8 14.1 13.6 12.4 13.7 14.6 17.4 17.0 15.3 12.9 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 5.3 5.4 5.6 5.4 5.1 5.0 4.8 4.7 4.8 4.8 4.7 4.8 4.8 4.9 5.2 5.0 4.7 Male 4.8 4.9 5.3 5.0 4.7 4.5 4.4 4.3 4.3 4.3 4.3 4.4 4.4 4.6 4.9 4.7 4.4 Female 6.0 5.9 6.1 5.9 5.7 5.5 5.3 5.2 5.4 5.5 5.2 5.3 5.3 5.3 5.5 5.4 5.2 FLOWS OF FORMAL LABOUR FORCE -0.5 0.6 2.2 -2.0 -3.1 -1.7 -1.4 -1.0 1.1 0.1 -1.4 1.2 -0.1 1.2 3.3 -1.9 -2.8 -1.7 -1.1 New unemployed first-job seekers 0.7 0.4 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.8 2.5 0.6 0.4 0.6 0.4 0.4 0.3 0.3 Redundancies 4.1 4.5 7.3 3.7 3.6 3.3 3.4 3.4 4.5 3.4 3.8 4.2 4.1 4.6 8.2 4.0 3.6 3.6 3.3 Registered unemployed who found employment 3.2 2.5 3.8 4.6 5.2 3.8 3.3 3.1 2.1 2.1 4.4 3.4 3.0 2.3 3.9 4.7 5.1 3.9 3.1 Other outflows from unemployment (net) 2.3 1.9 2.2 1.8 2.2 1.7 2.1 1.9 1.7 1.8 1.9 2.3 2.0 1.7 2.1 1.9 2.1 2.0 1.9 51.7 51.7 51.5 51.7 52.1 52.3 52.3 52.1 52.0 52.0 52.1 51.9 52.0 51.9 51.8 51.5 51.3 51.1 5.3 5.2 5.2 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.2 5.2 5.2 5.2 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.3 48.4 48.1 47.8 47.9 48.1 47.8 47.1 46.3 46.6 46.8 28 Statistical Appendix Wages Slovenian Economic Mirror, No 4/2024 in EUR 2023 Q1 24 Mar24 GROSS WAGE PER EMPLOYEE, nominal in € 2021 2022 2023 2021 Q4 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 Q3 Q4 7 8 9 y-o-y growth rates, % TOTAL 2,221 2,310 2,333 6.1 2.8 9.7 -1.2 0.8 5.0 6.5 10.4 9.9 10.0 8.7 7.1 3.2 5.7 6.1 Private sector activities (A–N; R–S) 2,153 2,260 2,291 5.8 6.0 9.6 4.0 6.6 6.7 6.9 11.1 9.5 9.2 8.9 7.7 5.7 7.0 7.2 Public service activities (OPQ) 2,436 2,464 2,462 6.8 -5.1 9.9 -12.5 -11.8 0.5 5.3 8.4 11.0 12.3 7.9 5.5 -3.0 2.0 3.0 Industry (B–E) 2,243 2,393 2,401 5.7 6.2 10.1 4.4 6.9 7.6 6.2 12.2 10.4 8.2 9.7 8.6 6.3 7.9 8.5 Trad. market services (GHI) 1,959 2,037 2,066 5.7 6.7 9.5 4.5 7.5 6.6 8.2 10.8 9.0 9.7 8.4 7.6 5.8 6.9 7.3 Other market services (J–N; R–S) 2,408 2,507 2,580 5.6 5.4 9.3 3.4 5.7 5.6 6.7 10.0 8.9 9.9 8.3 6.5 5.2 6.0 5.7 A Agriculture, forestry and fishing 1,864 1,908 1,897 3.8 9.6 10.0 6.8 10.1 10.0 11.5 13.0 11.2 8.9 7.2 6.8 7.4 9.5 13.1 B Mining and quarrying 2,766 2,871 2,748 2.3 4.1 10.1 0.4 3.4 5.7 6.1 12.3 22.9 4.0 3.0 11.5 3.3 8.1 5.9 C Manufacturing 2,198 2,357 2,363 6.2 6.3 9.9 4.8 6.9 7.4 6.2 12.1 10.1 8.0 9.6 8.6 6.6 8.1 7.5 D Electricity, gas, steam and air conditioning supply 3,315 3,319 3,446 1.5 6.2 12.4 0.1 8.5 11.2 5.2 14.2 13.4 10.1 12.0 8.6 2.9 4.2 27.6 E Water supply sewerage, waste management and remediation activities 2,126 2,220 2,196 4.3 6.1 10.4 4.1 7.4 6.5 6.3 12.4 9.1 10.1 10.3 8.1 5.2 7.9 6.5 F Construction 1,746 1,827 1,850 7.1 7.0 9.6 6.8 7.1 6.5 7.9 10.9 9.3 9.7 8.8 8.3 5.3 7.7 6.5 G Wholesale and retail trade, repair of motor vehicles and motorcycles 2,050 2,135 2,184 5.4 6.3 9.1 4.8 7.7 5.7 7.2 10.2 8.5 9.5 8.3 7.5 4.9 5.9 6.3 H Transportation and storage 1,957 2,034 2,032 5.0 8.7 9.6 7.0 8.6 8.9 10.2 11.2 9.7 10.1 7.6 8.7 7.9 9.3 9.5 I Accommodation and food service activities 1,615 1,661 1,675 12.7 8.9 11.4 12.4 12.7 7.3 9.1 13.9 10.6 10.3 11.1 6.6 6.8 7.2 7.8 J Information and communication 2,943 3,018 3,064 4.7 5.6 7.3 4.9 6.0 5.9 5.6 7.3 8.0 7.3 6.7 5.7 6.0 4.2 7.6 K Financial and insurance activities 3,222 3,464 4,015 5.0 6.3 8.6 3.1 8.9 5.1 8.2 9.4 6.5 11.1 7.8 7.4 6.0 7.0 2.4 L Real estate activities 1,985 2,030 2,071 3.7 5.4 8.4 3.9 5.8 5.4 6.5 10.1 8.2 8.1 7.4 5.1 5.2 5.2 5.7 M Professional, scientific and technical activities 2,486 2,569 2,545 6.3 4.7 9.1 4.0 4.7 4.9 5.4 10.1 8.6 9.4 8.2 5.7 4.6 5.2 4.9 N Administrative and support service activities 1,598 1,681 1,684 5.9 7.8 11.2 5.8 8.1 8.6 9.0 12.8 11.2 11.6 9.7 8.8 6.7 10.4 8.7 O Public administration and defence, compulsory social security 2,675 2,673 2,696 6.9 -3.3 10.0 -9.8 -10.6 1.9 6.9 8.4 11.8 12.5 7.4 5.4 0.6 2.8 2.3 P Education 2,212 2,258 2,247 8.9 -5.1 9.7 -5.7 -10.7 -5.7 2.3 9.0 10.5 11.5 7.9 5.7 -13.2 -3.0 0.5 Q Human health and social work activities 2,513 2,543 2,535 4.8 -6.3 10.2 -20.0 -13.8 6.6 7.3 8.0 11.0 13.3 8.5 5.4 6.4 6.9 6.5 R Arts, entertainment and recreation 2,180 2,218 2,288 9.4 2.2 9.6 3.0 2.4 0.5 3.7 10.8 10.2 10.3 7.3 3.8 0.1 0.0 1.4 S Other service activities 1,765 1,837 1,842 3.4 5.0 9.1 1.1 5.6 5.9 7.1 11.2 8.3 8.9 8.3 6.2 5.4 6.4 5.9 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 4/2024 Wages GROSS WAGE PER EMPLOYEE 2022 10 11 2023 12 1 2 3 4 5 6 29 2024 7 8 9 10 11 12 1 2 3 y-o-y growth rates, % TOTAL 7.3 7.7 4.6 11.5 10.7 9.2 9.0 11.0 9.9 10.0 10.7 9.5 9.2 8.1 8.7 8.1 6.9 6.4 Private sector activities (A–N; R–S) 7.7 8.4 4.7 12.6 11.3 9.6 8.2 10.9 9.4 9.5 9.8 8.3 9.7 8.5 8.7 8.9 7.6 6.6 Public service activities (OPQ) 6.1 5.5 4.5 8.5 9.0 7.8 10.9 11.1 11.0 11.1 13.2 12.8 7.9 7.0 8.9 5.6 4.9 5.9 Industry (B–E) 8.0 8.2 2.5 14.2 12.0 10.4 9.4 11.7 10.2 8.5 9.2 6.8 9.9 10.7 8.5 10.6 7.6 7.8 Trad. market services (GHI) 8.3 9.2 7.0 12.5 11.2 8.9 7.6 11.0 8.6 9.9 10.3 9.0 9.7 7.8 7.9 8.0 7.8 7.1 Other market services (J–N; R–S) 6.9 8.1 4.9 10.4 10.3 9.5 7.3 10.1 9.2 10.2 10.0 9.4 9.6 6.5 9.3 7.8 7.1 4.8 A Agriculture, forestry and fishing 12.0 8.5 14.1 15.8 13.1 10.1 11.1 11.3 11.2 11.7 9.3 5.8 8.8 11.5 1.4 7.4 7.4 5.7 B Mining and quarrying 8.6 15.1 -3.3 16.0 10.9 10.2 47.8 17.0 6.0 3.5 6.4 1.9 8.8 -0.4 1.2 12.9 19.4 2.8 C Manufacturing 8.0 8.5 2.3 14.2 12.0 10.1 9.3 11.7 9.4 8.1 8.8 7.1 9.8 10.8 8.0 10.6 7.1 8.0 D Electricity, gas, steam and air conditioning supply 8.3 4.3 3.5 16.0 10.0 16.3 6.0 8.7 26.2 14.8 14.9 1.9 9.9 9.6 16.5 9.0 11.6 5.7 E Water supply sewerage, waste management and remediation activities 6.8 6.0 6.3 12.5 14.5 10.4 5.6 14.0 7.8 9.5 11.7 9.2 11.7 11.2 7.8 10.8 7.7 5.7 F Construction 8.1 8.1 7.4 12.9 11.1 8.9 8.4 10.2 9.2 10.3 9.6 9.2 8.7 7.6 10.2 8.9 9.4 6.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 7.7 7.7 6.2 11.9 11.0 7.9 6.2 11.1 8.5 9.7 10.0 8.8 9.8 8.0 7.3 7.6 7.4 7.4 10.2 12.2 8.1 12.9 11.2 9.5 9.1 10.8 9.1 10.3 10.7 9.3 9.8 5.4 8.2 9.6 9.4 7.1 I Accommodation and food service activities 7.6 10.6 9.1 15.5 13.0 13.4 11.9 11.2 8.7 10.5 11.3 9.1 9.6 13.0 10.9 6.5 7.3 5.9 J Information and communication 7.3 6.1 3.6 8.8 6.6 6.6 6.8 8.9 8.3 8.0 7.8 6.0 7.9 6.4 6.1 6.2 5.8 5.0 K Financial and insurance activities 6.6 10.2 7.0 11.8 11.5 5.8 2.4 9.7 7.6 11.3 11.4 10.4 12.8 2.7 9.5 4.8 11.6 7.0 L Real estate activities 7.5 4.4 7.8 12.1 9.7 8.7 6.4 10.5 7.6 7.9 8.4 8.1 6.2 9.4 6.7 4.1 5.7 5.7 M Professional, scientific and technical activities 6.2 9.0 1.1 8.1 10.7 11.5 7.5 9.4 9.0 9.9 9.6 8.7 8.6 7.1 9.2 9.0 6.0 2.1 N Administrative and support service activities 9.2 6.0 12.3 13.7 13.5 11.1 10.4 12.1 10.9 11.3 10.7 12.7 10.1 6.6 12.7 11.0 7.2 8.2 O Public administration and defence, compulsory social security 6.3 6.7 7.7 8.8 9.4 7.1 10.7 12.0 12.6 11.1 14.0 12.3 7.2 6.5 8.5 5.5 5.0 5.6 P Education 2.2 1.4 3.4 9.3 8.8 8.8 10.5 10.5 10.4 10.4 11.3 12.7 8.1 7.4 8.1 6.0 5.3 6.0 10.4 8.8 3.2 7.5 8.9 7.5 11.6 11.0 10.5 12.0 14.6 13.4 8.5 7.0 10.0 5.3 4.6 6.2 R Arts, entertainment and recreation 0.5 6.8 3.7 10.0 6.0 16.5 10.3 10.3 10.0 9.8 9.9 11.3 8.1 6.4 7.5 3.7 5.0 2.8 S Other service activities 7.7 8.3 5.5 13.0 12.5 8.2 8.3 8.8 7.8 8.9 9.2 8.6 7.7 8.9 8.3 5.9 5.8 6.9 H Transportation and storage Q Human health and social work activities 30 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 4/2024 2022 2021 2022 2023 CPI, y-o-y growth rates, % 4.9 10.3 4.2 6.0 Food, non-alcoholic beverages 3.9 18.6 4.6 Alcoholic beverages, tobacco 2.4 6.0 Clothing and footwear 5.9 Housing, water, electricity, gas Q1 Q2 2023 Q1 Q2 2024 Q3 Q4 Q3 Q4 Q1 8.5 10.7 10.1 9.9 8.2 6.6 5.3 3.4 5.9 10.8 13.8 18.3 18.9 14.4 10.2 6.0 9.4 2.8 5.0 6.4 6.2 9.2 9.2 8.9 2.3 1.3 4.4 2.0 2.9 2.3 3.8 6.4 8.6 13.3 2.7 8.4 13.5 22.0 14.6 13.0 Furnishing, household equipm. 5.7 12.9 3.9 8.0 10.7 12.2 12.5 Medical, pharmaceutical produ. -0.5 7.2 8.5 4.2 3.0 3.7 Transport 12.5 9.3 -0.5 13.0 16.3 Communications -3.6 1.2 0.1 -4.2 Recreation and culture 3.4 6.9 6.3 Education 0.5 1.4 Catering services 6.1 Miscellaneous goods & services 2022 5 6 7 8 9 8.1 10.4 11.0 11.0 10.0 10 9.9 2.0 10.8 12.5 13.2 13.8 14.4 17.2 9.3 6.3 5.1 5.3 5.9 6.5 6.8 7.0 6.6 1.9 3.8 2.6 2.0 1.8 2.6 4.2 2.7 9.2 5.3 5.2 4.3 10.4 23.9 24.6 25.3 16.2 15.6 11.8 9.1 6.4 4.6 2.2 10.5 12.3 12.0 11.6 13.0 12.5 5.7 6.7 11.3 11.8 8.8 8.7 2.7 3.2 3.4 3.8 4.0 3.7 16.9 10.1 5.0 1.0 -1.0 1.1 0.6 16.7 17.2 19.7 16.5 14.5 10.4 -4.6 -3.8 -0.8 2.6 3.7 3.8 2.6 -1.3 -5.9 -5.3 -3.7 -4.0 -3.8 -2.2 4.0 5.9 5.3 6.6 8.6 7.9 8.5 6.7 3.8 5.9 5.7 4.8 5.2 5.9 6.6 8.7 0.4 0.3 0.5 1.3 2.1 4.6 5.3 8.7 8.1 0.3 0.4 0.4 0.4 0.8 1.3 10.8 7.9 7.1 9.0 9.1 10.2 11.2 9.1 9.0 8.5 6.1 9.6 9.5 8.8 9.0 9.6 9.9 -2.1 8.9 6.2 0.9 2.6 4.1 6.7 7.1 7.5 7.4 6.5 5.4 2.4 3.1 3.6 4.1 4.7 5.5 HICP 5.1 10.8 3.8 6.3 9.0 11.3 10.6 9.9 8.0 6.3 5.0 3.4 8.7 10.8 11.7 11.5 10.6 10.3 Core inflation (excluding fresh food and energy) 3.1 7.4 5.2 4.3 5.6 6.3 6.9 7.8 8.0 7.4 5.9 4.2 5.5 6.0 6.1 6.3 6.6 6.7 10.6 19.3 0.0 15.6 21.7 21.1 19.9 15.5 7.1 2.4 0.4 -2.6 22.5 22.2 21.1 21.0 21.3 20.6 Domestic market 10.6 23.3 2.0 17.2 24.8 25.2 23.9 19.2 9.9 4.6 2.5 -2.3 25.7 25.4 24.6 25.3 25.7 25.1 Non-domestic market 10.6 15.3 -2.0 13.9 18.5 17.0 15.8 11.8 4.3 0.2 -1.6 -3.0 19.3 18.9 17.5 16.7 16.8 16.0 11.6 15.4 -1.9 15.1 20.5 19.3 16.2 11.8 3.8 -0.7 -1.8 -3.5 21.6 21.2 20.1 19.3 18.4 16.7 8.5 15.1 -2.2 11.4 14.6 12.6 15.0 11.4 4.6 1.9 -1.2 -1.4 14.7 14.5 12.5 11.7 13.7 14.6 25.9 11.9 -4.1 27.5 29.5 24.9 14.6 6.4 -1.6 -4.4 -4.2 -3.6 30.2 29.2 26.6 25.6 22.6 17.7 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Euro area Non-euro area Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.0 -1.7 0.8 -1.8 -2.0 -2.3 -0.7 0.1 0.7 1.8 0.6 1.6 -1.7 -2.3 -2.4 -2.3 -1.4 -0.7 Real (deflator HICP) -0.4 -0.4 2.4 -1.1 -0.7 -0.2 0.3 1.6 2.3 3.1 2.5 -0.1 0.8 0.6 0.1 -1.3 -1.0 0.6 Real (deflator ULC) 0.6 -0.2 5.7 -2.9 -3.2 0.7 4.6 6.6 6.6 6.0 4.0 1.184 1.054 1.082 1.123 1.065 1.007 1.021 1.073 1.089 1.088 1.076 1.217 1.057 1.018 1.013 0.990 0.983 1.020 USD / EUR Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix Slovenian Economic Mirror, No 4/2024 2022 2023 31 2024 Prices and indicators of overall competitiveness 11 12 1 CPI, y-o-y growth rates, % 10.0 10.3 10.0 9.3 10.5 9.4 8.4 6.9 6.1 6.2 7.5 6.9 4.9 4.2 3.3 3.4 3.6 3.0 2.5 Food, non-alcoholic beverages 19.0 18.6 19.3 18.3 19.0 15.8 14.9 12.4 11.1 10.4 9.2 7.3 6.2 4.6 3.2 2.0 0.9 0.0 -0.2 Alcoholic beverages, tobacco 5.5 6.0 9.1 9.1 9.4 7.4 10.3 10.0 9.2 8.8 8.8 8.6 10.0 9.4 6.2 6.3 6.3 7.0 4.2 Clothing and footwear 1.9 2.3 3.9 1.8 5.6 8.3 5.3 5.6 7.3 6.6 5.9 2.7 1.6 1.3 1.9 4.6 4.8 2.4 1.9 Housing, water, electricity, gas 14.9 13.3 11.1 7.9 19.9 13.7 10.6 3.3 2.0 2.0 12.0 10.0 2.9 2.7 3.6 4.7 4.7 4.8 3.1 Furnishing, household equipm. 12.0 12.9 12.3 12.2 10.8 10.2 8.9 8.1 6.7 6.8 5.7 5.0 4.9 3.9 3.1 1.6 1.9 2.0 1.2 Medical, pharmaceutical produ. 6.3 7.2 4.8 5.4 9.8 10.1 10.6 13.3 13.7 11.0 10.7 11.4 6.4 8.5 9.4 10.9 5.7 6.1 5.5 Transport 10.5 9.3 6.0 6.0 3.1 2.9 0.5 -0.3 -3.4 -0.6 0.9 3.1 0.7 -0.5 0.1 0.3 1.3 1.2 1.4 Communications -1.4 1.2 2.4 2.1 3.3 3.7 4.2 3.2 3.0 3.8 4.5 4.0 3.7 0.1 -1.6 -1.4 -0.9 -1.1 -0.3 Recreation and culture 6.2 6.9 10.1 9.6 6.1 7.5 7.7 8.5 8.9 8.7 7.8 7.1 6.7 6.3 2.7 2.6 6.0 3.2 2.9 Education 1.3 1.4 1.4 2.0 2.9 4.0 4.5 5.3 5.2 5.2 5.5 8.7 8.7 8.7 8.6 8.0 7.7 6.6 6 Catering services 9.8 10.8 12.1 11.3 10.2 9.6 8.8 8.9 9.2 8.7 9.2 9.1 8.4 7.9 5.5 6.0 6.7 7.3 6.8 Miscellaneous goods & services 5.8 8.9 6.7 7.0 7.5 7.3 7.8 7.5 7.8 7.3 7.1 6.9 6.5 6.2 5.8 5.2 5.1 4.9 4.6 10.8 10.8 9.9 9.4 10.4 9.2 8.1 6.6 5.7 6.1 7.1 6.6 4.5 3.8 3.4 3.4 3.4 3.0 2.5 6.5 7.4 8.0 7.7 7.8 8.0 8.0 8.0 7.8 7.3 7.2 6.5 5.9 5.2 3.9 4.2 4.4 3.6 3.1 19.7 19.3 18.2 14.9 13.4 9.9 6.6 4.9 4.1 2.1 1.0 0.9 0.3 0.0 -1.0 -3.5 -3.3 -2.9 Domestic market 23.2 23.3 22.1 18.6 16.9 13.3 9.2 7.3 6.8 3.9 3.1 2.5 2.9 2.0 0.3 -3.4 -3.7 -3.8 Non-domestic market 16.2 15.3 14.3 11.2 9.8 6.4 4.0 2.5 1.4 0.3 -1.1 -0.7 -2.2 -2.0 -2.3 -3.6 -3.0 -1.9 Euro area 16.6 15.4 14.4 10.9 10.0 6.5 3.4 1.5 0.7 -1.0 -1.7 -1.2 -2.3 -1.9 -2.1 -4.0 -4.5 -3.6 Non-euro area 15.4 15.1 14.0 11.5 8.7 5.1 4.5 4.3 2.4 3.1 0.3 0.4 -1.9 -2.2 -3.0 -2.4 1.3 2.7 14.3 11.9 8.1 7.5 3.6 0.6 -1.9 -3.4 -5.0 -3.8 -4.3 -4.0 -4.5 -4.1 -3.4 -3.9 -3.4 -2.1 HICP Core inflation (excluding fresh food and energy) 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.1 0.1 -0.1 0.3 1.0 0.5 0.5 1.7 1.9 1.6 0.9 0.7 0.1 0.3 0.3 0.6 0.3 0.6 Real (deflator HICP) 1.5 1.0 0.7 3.3 3.2 2.3 1.4 2.1 2.8 4.4 4.2 2.4 0.9 1.0 1.1 1.6 0.9 0.7 1.059 1.077 1.072 1.071 1.097 1.087 1.084 1.106 1.091 1.068 1.056 1.081 1.090 1.091 1.079 1.087 1.073 1.081 Real (deflator ULC) USD / EUR 5 32 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 4/2024 2021 2022 2023 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 2022 Q1 4 5 6 7 8 9 384 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 1,732 -578 2,824 -146 -232 153 -354 544 1,087 550 643 700 -127 -26 -79 -175 -57 882 -2,174 462 -512 -517 -378 -767 34 483 -26 -28 112 -205 -181 -131 -208 -243 72 Exports 35,255 42,628 41,317 10,000 11,045 10,834 10,749 10,858 10,819 9,466 10,174 10,380 3,437 3,729 3,879 3,573 3,289 3,972 Imports 34,373 44,802 40,854 10,511 11,562 11,212 11,516 10,824 10,337 9,492 10,202 10,268 3,900 3,642 3,910 4,011 3,781 3,532 3,846 603 909 1,093 877 830 985 1,027 1,004 795 297 293 318 300 340 453 Exports 8,471 11,133 11,850 2,143 2,773 3,329 2,889 2,562 2,961 3,333 2,995 2,535 885 886 1,002 1,078 1,081 1,170 Imports 6,273 Services 2,198 3,482 7,651 8,004 1,539 1,865 2,235 2,012 1,732 1,975 2,306 1,991 1,740 588 593 684 778 741 717 -756 -1,232 -873 -70 -447 -399 -315 -178 -155 -278 -262 -43 -163 -98 -187 -186 -99 -115 Receipts 2,086 2,156 2,503 537 553 452 613 607 704 587 606 800 152 214 187 135 139 178 Expenditures 2,841 3,387 3,375 608 1,000 852 928 785 858 865 868 842 315 312 374 320 238 293 -594 -655 -611 -167 -176 -163 -149 -142 -226 -172 -71 -165 -56 -41 -79 -81 -55 -26 Receipts 1,113 1,243 1,430 286 317 313 327 311 315 349 454 446 100 101 116 101 89 123 Expenditures 1,707 1,898 2,041 453 494 476 476 453 541 522 525 611 156 142 195 182 144 149 163 -220 -168 -41 -60 -13 -107 -92 -28 20 -67 16 4 -28 -36 -15 31 -29 1,774 -1,678 2,596 -459 -396 85 -908 255 877 1,034 431 460 -321 166 -242 150 -244 179 Direct investment -414 -1,288 -520 -228 -339 -271 -450 -381 -256 63 53 -48 -116 -242 19 -17 -218 -36 Assets 1,442 763 536 364 431 209 -241 186 140 169 42 568 192 97 142 271 -154 92 Liabilities 1,856 2,051 1,056 592 770 480 209 567 395 106 -11 617 309 338 123 288 65 128 -259 -1,298 -242 Primary income Secondary income Capital account Financial account Portfolio investment 2,778 -12 644 -295 936 -608 149 -546 746 1,344 256 85 304 -251 198 Financial derivatives 30 -176 -46 -63 -45 58 -127 9 -34 -18 -3 1 -17 -17 -11 13 24 21 Other investment -1,444 -371 3,420 1,053 -694 569 -1,298 1,198 1,012 1,535 -325 -1,041 -448 313 -559 407 -252 413 Assets 2,923 2,940 6,285 1,639 834 1,267 -799 2,916 1,241 2,483 -355 -704 186 179 468 -209 339 1,136 4 18 -3 10 2 0 5 -4 1 0 0 8 1 0 1 0 0 0 1,422 1,914 5,708 811 335 1,328 -560 2,294 1,055 2,564 -205 -1,320 -203 101 437 -302 566 1,063 348 340 181 -27 186 33 148 34 74 -37 110 -49 98 47 42 -42 48 27 22 -8 65 0 8 -13 -3 9 -6 62 0 0 3 3 3 -4 -4 -4 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances 873 846 349 920 367 7 -448 685 127 -197 -265 590 296 25 46 95 -247 159 Other assets 254 -169 -14 -74 -64 -88 57 -102 -10 91 6 67 -8 3 -60 45 -24 -108 4,367 3,311 2,866 586 1,528 699 499 1,718 230 948 -29 338 634 -134 1,027 -616 591 723 -38 1 7 -1 -1 1 2 11 1 -6 0 2 0 0 -1 0 0 0 2,359 1,681 1,833 526 237 543 375 391 393 766 283 132 30 -38 244 59 263 221 Loans 16 833 1,050 -441 781 277 215 965 35 457 -408 23 331 -25 474 -412 392 297 Insurance, pension schemes, and standardised guarantee schemes 21 3 29 22 -34 22 -7 54 13 -38 0 0 -11 -11 -11 7 7 7 Liabilities Other equity Currency and deposits Trade credit and advances 1,119 801 -288 437 434 -95 26 150 -327 -25 -86 172 213 -107 329 -247 -46 197 Other liabilities 215 -8 235 43 111 -49 -113 146 114 -207 182 10 72 47 -8 -23 -26 0 Special drawing rights (SDR) 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 824 168 2 77 37 24 31 37 6 -1 -41 205 4 27 5 -3 4 22 -121 -880 -60 -272 -105 -56 -448 -196 -182 463 -145 -256 -198 220 -127 339 -218 -177 Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,980 1,090 1,244 1,181 1,301 1,187 1,230 1,180 1,383 1,188 372 411 461 385 348 449 Intermediate goods 19,633 25,763 23,625 4,067 4,817 6,008 6,626 6,646 6,347 6,485 6,284 5,329 5,527 5,847 2,066 2,229 2,330 2,218 1,974 2,454 Consumer goods 15,744 22,197 26,466 2,383 4,196 6,218 6,251 5,501 6,647 6,556 6,200 7,063 7,460 1,677 2,075 2,466 2,056 1,812 5,914 1,377 1,455 1,443 1,562 1,389 1,446 1,369 1,709 1,448 416 497 542 481 458 504 Intermediate goods 24,076 34,352 34,532 7,869 8,969 8,893 8,416 8,875 8,736 8,505 8,417 9,440 2,779 3,354 2,836 2,822 2,858 3,214 Consumer goods 12,588 16,566 16,634 3,726 4,392 4,191 4,311 4,325 4,032 4,180 4,097 5,015 1,509 1,369 1,514 1,417 1,442 1,332 Import of investment goods 4,885 5,826 Sources: BoS, SURS, Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix Slovenian Economic Mirror, No 4/2024 Balance of payments 2022 10 11 2023 12 1 2 3 4 33 2024 5 6 7 8 9 10 11 12 1 2 3 4 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 12 -27 -338 123 143 278 233 455 400 202 61 287 280 225 138 251 140 309 393 -238 -175 -354 -71 14 91 61 214 208 86 -213 101 44 -35 -38 110 -56 57 28 Exports 3,664 3,769 3,317 3,317 3,498 4,043 3,313 3,778 3,729 3,251 2,752 3,463 3,605 3,570 2,999 3,324 3,407 3,649 3,599 Imports 3,902 3,944 3,670 3,387 3,484 3,952 3,252 3,563 3,522 3,165 2,965 3,362 3,561 3,605 3,037 3,214 3,463 3,592 3,571 Services 335 263 279 263 258 309 232 322 255 247 294 Exports 961 900 1,028 794 805 963 852 1,003 1,106 1,124 1,151 1,057 1,011 360 393 304 393 330 365 317 938 1,045 792 815 927 1,007 337 Imports 626 637 749 531 547 654 620 642 713 821 758 727 646 622 723 538 568 634 Primary income -44 -63 -207 -22 -67 -90 -6 -26 -122 -116 -101 -61 -75 -83 -104 -40 2 -4 -15 Receipts 169 213 231 223 182 202 246 251 206 195 179 213 199 180 228 247 273 279 266 Expenditures 213 276 438 244 248 292 252 277 329 311 281 273 274 262 331 287 271 283 281 -41 -52 -56 -48 -62 -31 -54 -93 -78 -71 -17 -84 -54 26 -43 -74 -53 -38 43 99 95 133 92 103 116 101 96 118 90 142 118 114 190 150 157 139 151 228 140 147 189 139 165 148 156 189 197 161 159 202 168 164 193 231 192 189 186 10 44 -161 -59 -3 -30 36 -23 -42 -7 22 6 8 13 -89 56 0 -40 9 -161 40 -788 326 123 -194 341 318 218 294 336 403 633 110 -312 456 129 -125 328 Direct investment 60 -183 -327 -33 -179 -169 6 -54 -207 236 -199 26 96 74 -116 2 -175 124 124 Assets 88 -22 -307 94 126 -35 97 138 -96 -48 -36 253 131 188 -277 114 135 319 138 Liabilities 28 161 20 127 305 134 92 192 111 -285 163 227 36 114 -161 112 310 195 14 447 53 437 -1,261 370 283 74 561 -486 -71 254 -729 505 -41 282 -537 1,394 487 274 -8 Secondary income Receipts Expenditures Capital account Financial account Portfolio investment Financial derivatives -40 -51 -36 8 -1 3 -7 -14 -13 1 -11 -7 5 -1 -5 1 -8 Other investment -629 198 -867 1,578 -108 -273 256 -154 910 116 288 1,131 14 90 -430 907 -1,201 -747 -107 Assets -163 -36 -601 1,294 1,359 225 1,012 299 250 1,934 -62 0 3 -396 -107 Loans 9 Insurance, pension schemes, and standardised guarantee schemes -1 262 4 -1 -2 1 0 0 0 -57 1,277 1,029 -12 37 229 789 411 64 75 -2 54 -19 19 28 27 -23 3 -1 -1 3 3 3 -2 -2 -2 21 148 48 -644 87 237 362 -71 -32 230 78 -43 22 -70 37 -69 20 2 -32 467 -234 266 -284 1,467 535 -252 379 0 1 1 10 0 1 0 1 Currency and deposits 46 385 -56 14 180 197 -6 Loans 47 -299 468 -44 1,015 -5 Insurance, pension schemes, and standardised guarantee schemes -2 -2 -2 18 18 18 Other equity Currency and deposits Trade credit and advances Other assets Liabilities Other equity Trade credit and advances 3 0 4 670 121 -58 -418 323 -785 -242 0 1 -1 0 1 6 1 2 608 1,545 -162 -35 -8 474 -1,131 -663 -76 -16 27 26 57 -39 20 -31 1 21 21 0 0 0 0 0 0 0 -110 -360 273 223 -83 -406 -115 306 399 29 2 -21 111 32 35 -61 1 14 52 -19 102 183 -38 803 107 -149 12 -583 416 505 45 0 -6 0 0 0 0 0 0 1 1 0 102 298 245 182 339 32 123 129 -220 78 274 15 89 139 -193 39 168 250 105 -353 -161 114 -19 -72 155 4 4 4 -13 -13 -13 0 0 0 0 0 0 0 0 373 -261 -86 -327 222 256 -437 97 13 -5 -290 270 -59 -5 -22 -390 312 250 -36 Other liabilities 4 -58 -59 46 32 69 98 37 -20 -77 -86 -45 29 87 66 -92 51 50 -93 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 -7 3 3 13 8 10 34 41 -38 12 -20 14 12 2 -14 26 -19 -48 80 115 10 44 -183 24 -289 263 -16 -443 72 -114 -141 99 253 111 345 -129 -361 149 -11 -394 -74 334 386 467 363 430 438 391 352 437 470 446 466 365 396 Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 427 418 Intermediate goods 2,203 2,293 1,851 2,040 2,110 2,335 1,902 2,139 2,243 1,809 1,540 1,980 1,972 2,029 1,526 1,915 1,939 1,993 1,977 Consumer goods 1,722 2,088 1,692 2,174 2,015 2,458 1,667 2,350 2,538 2,178 1,684 2,339 2,458 2,643 1,963 2,675 2,118 2,667 3,457 Import of investment goods 411 469 431 518 459 576 401 470 518 443 501 502 444 425 501 512 587 610 414 489 544 462 Intermediate goods 2,964 2,943 2,508 2,913 2,605 3,357 2,575 3,372 2,788 2,293 2,776 3,435 3,097 3,255 2,064 3,239 3,282 2,918 3,614 Consumer goods 1,460 1,377 1,474 1,540 1,206 1,579 1,243 1,428 1,361 1,085 1,564 1,531 1,290 1,534 1,273 1,535 1,798 1,682 1,626 34 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 4/2024 2021 2022 2023 2021 12 2022 1 2 3 4 5 6 7 8 9 10 11 12 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) 14,460 12,247 12,921 14,546 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 12,425 12,733 12,247 3,538 2,858 3,142 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 3,060 3,086 2,830 693 764 855 693 706 698 693 691 689 692 691 695 695 702 710 764 Other government (S,1312,1313,1314) Households (S,14, 15) 14,460 11,556 12,439 12,885 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 12,387 12,425 12,439 Non-financial corporations (S,11) 9,828 10,988 10,390 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 11,281 11,349 10,987 Non-monetary financial institutions (S,123, 124, 125) 1,602 1,301 1,602 1,616 1,637 1,734 1,743 1,752 1,778 1,820 1,828 1,852 1,883 1,865 1,903 Monetary financial institutions (S,121, 122) 10,607 9,764 11,707 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 8,834 9,124 9,761 34,136 35,279 36,727 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 34,599 34,982 35,279 1,903 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 284 256 212 284 281 273 303 320 298 295 310 302 292 265 262 256 3,302 3,096 3,268 3,302 3,432 3,474 3,320 3,368 3,495 3,469 3,511 3,401 3,226 3,193 3,229 3,064 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,152 38,980 39,444 38,152 37,999 38,014 37,946 38,013 38,338 37,574 37,805 38,130 38,293 38,537 38,573 38,980 Overnight 29,146 31,836 31,034 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 30,845 31,170 31,836 With agreed maturity – short-term 2,707 3,066 3,721 2,707 2,619 2,595 2,674 2,622 2,666 2,639 2,719 2,693 2,790 3,057 2,848 3,066 With agreed maturity – long-term 5,849 3,751 4,147 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 4,332 4,228 3,751 Short-term deposits redeemable at notice 450 327 542 450 477 468 411 340 332 282 271 281 289 303 327 327 Deposits in foreign currency, total 828 974 890 828 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 1,066 1,033 974 Overnight 790 891 821 790 799 817 847 883 894 953 964 1,005 1,041 957 927 891 With agreed maturity – short-term 27 76 61 27 24 24 109 115 134 132 131 120 113 102 99 76 With agreed maturity – long-term 11 7 8 11 11 10 9 9 8 8 8 8 7 7 7 7 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.01 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.03 0.02 Time deposits with maturity of up to one year 0.12 0.08 0.85 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.13 0.15 0.18 0.19 1.72 2.31 3.80 1.69 1.66 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 2.96 3.36 3.55 1.77 4.98 1.08 1.35 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 .. 3.87 1.26 0.00 0.67 3.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 1.25 1.25 2.00 2.50 3-month rates -0.549 0.342 3.431 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 1.428 1.825 2.066 6-month rates -0.523 0.673 3.690 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 1.997 2.321 2.560 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.13 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 4/2024 Monetary indicators and interest rates 2023 1 2 3 4 5 35 2024 6 7 8 9 10 11 12 1 2 3 4 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 12,706 12,411 12,179 12,321 12,414 12,307 12,289 12,260 12,027 12,139 12,492 12,921 12,859 12,783 12,907 12,776 2,981 2,965 2,913 2,957 2,995 3,017 3,010 2,996 2,970 3,055 3,097 3,142 3,300 3,319 3,501 3,532 764 775 775 761 776 774 782 785 786 789 789 856 860 860 855 852 Households (S,14, 15) 12,444 12,424 12,495 12,509 12,552 12,522 12,598 12,662 12,725 12,799 12,867 12,885 12,912 12,961 13,041 13,133 Non-financial corporations (S,11) 11,210 10,921 10,787 11,030 10,963 10,996 10,987 10,905 10,834 10,910 10,798 10,391 10,394 10,361 10,394 10,456 Non-monetary financial institutions (S,123, 124, 125) 1,909 1,165 1,181 1,193 1,214 1,233 1,244 1,239 1,254 1,262 1,270 1,301 1,307 1,309 1,316 1,338 Monetary financial institutions (S,121, 122) 9,546 10,029 10,587 9,995 10,074 11,225 11,321 11,728 11,385 10,753 11,013 11,707 10,749 10,372 9,519 8,849 35,284 34,835 35,324 34,984 35,078 36,163 36,345 36,728 36,591 36,116 36,295 36,729 35,795 35,427 34,656 34,161 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 251 252 243 247 247 243 245 241 216 215 219 212 210 207 200 195 3,234 3,107 3,088 3,131 3,175 3,286 3,280 3,274 3,066 3,157 3,242 3,268 3,445 3,543 3,766 3,800 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,815 38,497 38,322 38,207 38,374 38,293 38,362 38,651 38,568 38,740 38,864 39,444 38,907 38,807 38,867 38667 Overnight 31,650 31,196 31,107 30,968 31,020 31,260 31,353 31,442 31,048 30,868 30,726 31,034 30,496 30,273 30,031 29913 With agreed maturity – short-term 3,120 3,241 3,268 3,223 3,285 3,308 3,240 3,359 3,381 3,515 3,569 3,721 4,064 4,058 4,336 4292 With agreed maturity – long-term 3,699 3,693 3,620 3,686 3,715 3,364 3,400 3,409 3,668 3,870 4,038 4,147 4,231 4,356 4,317 4351 Short-term deposits redeemable at notice 346 367 327 330 354 361 369 441 471 487 531 542 116 120 183 111 Deposits in foreign currency, total 931 946 931 922 926 898 904 940 918 912 920 890 908 896 884 814 Overnight 851 860 849 840 838 804 815 854 849 889 849 821 839 826 811 772 With agreed maturity – short-term 74 80 76 76 81 87 82 79 62 15 63 61 60 60 63 32 With agreed maturity – long-term 6 6 6 6 7 7 7 7 7 8 8 8 9 10 10 10 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.09 0.09 0.09 0.09 0.10 0.10 0.14 0.14 0.13 0.13 0.14 0.13 0.13 0.13 0.14 0.14 Time deposits with maturity of up to one year 0.25 0.37 0.58 0.44 0.47 0.72 0.88 1.05 1.29 1.46 1.31 1.34 1.42 1.36 1.37 1.34 3.66 3.79 3.83 3.89 3.86 3.80 3.80 3.80 3.74 3.78 3.8 3.88 3.84 3.71 3.72 3.67 .. 5.12 5.12 .. 7.12 6.06 4.69 2.29 4.82 4.27 5.34 0.60 1.37 .. 3.45 2.50 3.00 3.50 3.50 3.75 4.00 4.00 4.25 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3-month rates 2.345 2.640 2.911 3.167 3.366 3.536 3.672 3.780 3.880 3.968 3.972 3.933 3.925 3.923 3.922 3.886 6-month rates 2.858 3.135 3.267 3.498 3.679 3.825 3.943 3.945 4.030 4.115 4.065 3.924 3.892 3.901 3.893 3.839 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate .. INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR 36 Statistical Appendix Public finance Slovenian Economic Mirror, No 4/2024 2021 2022 2023 2021 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 2024 Q3 Q4 Q1 6 7 8 9 10 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 21,382.6 23,311.4 25,034.8 5,613.9 6,079.7 5,648.8 5,969.0 5,736.3 6,274.9 6,045.9 6,977.8 6,198.8 2,024.7 1,807.8 1,898.1 1,942.9 1,902.3 Current revenues 20,124.0 21,966.7 23,386.7 5,138.5 5,824.1 5,398.2 5,605.9 5,401.7 6,000.1 5,743.3 6,241.6 5,959.4 1,980.7 1,750.1 1,806.2 1,841.9 1,799.5 Tax revenues 18,785.7 20,557.0 21,977.3 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 5,877.8 5,662.6 1,813.7 1,633.5 1,688.2 1,708.0 1,720.2 Taxes on income and profit 3,981.3 4,517.4 4,601.4 1,049.7 1,485.3 959.7 1,233.1 1,251.4 500.0 132.7 371.6 328.5 347.1 Social security contributions 7,928.1 8,503.7 9,258.4 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 2,441.7 2,526.7 688.2 700.6 697.7 700.0 693.7 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Taxes on international trade & transactions Other taxes Non-tax revenues Capital revenues 832.8 1,149.5 1,100.5 1,308.1 23.9 26.7 27.5 6.0 6.7 6.5 7.4 6.2 6.9 6.5 7.9 7.0 2.4 2.4 1.9 2.1 2.2 316.9 336.5 346.9 32.4 82.1 128.6 93.5 38.9 90.0 116.9 101.1 30.4 38.5 48.9 41.6 38.1 45.1 6,359.2 6,883.8 7,508.8 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 2,063.0 1,780.8 574.6 681.5 594.3 590.8 613.1 177.4 289.2 223.1 67.2 56.9 85.6 79.5 51.4 61.8 49.9 59.9 47.1 14.9 39.1 18.2 28.3 30.7 -1.1 -0.3 11.2 34.7 -10.8 11.3 -35.5 23.9 5.1 11.2 -29.0 19.2 -5.1 28.2 -37.1 20.1 -11.8 1,338.4 1,409.7 1,409.4 325.6 368.8 368.5 346.8 278.6 412.9 354.1 363.8 296.8 167.0 116.6 118.0 133.9 79.4 228.3 268.1 288.3 64.1 66.3 64.3 73.5 59.0 65.7 61.6 102.0 39.5 21.2 22.5 22.5 19.2 26.7 Grants 21.9 57.2 37.7 12.2 29.6 12.3 3.1 13.8 -8.7 19.7 12.9 2.6 0.1 0.2 0.2 11.8 0.2 Transferred revenues 57.3 57.7 228.8 0.4 22.0 30.2 5.2 3.6 0.4 67.3 157.6 5.1 1.5 0.0 30.0 0.2 0.8 961.8 1,093.2 398.8 137.8 143.8 281.4 258.2 217.4 154.1 463.5 192.2 21.1 34.9 39.2 69.7 75.1 Receipts from the EU budget 951.2 GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 24,299.8 24,886.3 27,308.4 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.1 6,430.4 8,428.8 6,570.2 2,169.4 1,952.5 1,938.5 1,934.7 1,909.1 Current expenditures 10,393.6 10,283.4 11,572.2 2,697.3 2,348.8 2,423.2 2,814.1 2,687.5 2,655.1 2,735.5 3,494.1 3,018.4 881.0 820.1 814.1 789.1 802.2 Wages, salaries and other personnel expenditures 5,765.3 5,481.1 6,093.5 1,309.4 1,411.8 1,316.9 1,443.1 1,441.7 1,607.5 1,509.4 1,534.8 1,682.9 552.4 452.8 443.3 420.8 434.7 Expenditures on goods and services 3,336.6 3,556.6 3,868.7 845.0 806.5 838.8 1,066.3 786.9 902.2 909.7 1,269.8 910.3 288.9 284.3 288.1 266.4 279.1 Interest payments 732.2 661.5 711.0 336.1 16.4 212.6 96.4 370.2 18.1 219.2 103.4 361.0 4.6 56.2 65.1 91.3 17.5 Reserves 559.5 584.2 899.0 206.7 114.2 55.0 208.3 88.6 127.2 97.1 586.0 64.2 35.1 26.7 17.6 10.7 70.9 11,318.7 11,261.4 12,049.5 2,780.8 2,952.4 2,602.7 2,925.5 2,865.3 3,057.1 2,840.6 3,286.5 3,012.7 1,066.9 895.9 846.9 859.9 849.6 Current transfers Subsidies 152.3 18.2 34.8 17.7 42.2 28.9 Current transfers to individuals and households 9,167.7 9,294.5 9,730.6 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 2,547.3 2,311.8 2,554.1 2,526.8 937.3 773.9 731.1 718.4 727.7 Current transfers to non-profit institutions, other current domestic transfers 1,131.0 1,118.0 1,197.7 Current transfers abroad Capital expenditures 867.3 690.2 1,002.5 188.0 195.7 94.8 211.7 288.1 205.6 181.6 327.2 257.7 255.7 263.8 340.9 231.3 283.8 316.8 365.8 306.1 90.9 79.5 92.3 92.0 86.2 118.7 41.9 52.9 20.7 43.1 28.6 20.3 30.4 39.4 27.4 20.4 7.7 5.7 7.3 6.9 1,544.7 2,053.5 2,353.9 225.8 432.6 487.5 907.5 268.9 468.5 529.7 1,086.8 328.3 149.2 147.8 176.0 163.7 164.7 152.7 158.7 Capital transfers 413.9 558.5 660.4 43.2 60.5 132.2 322.5 41.8 80.0 163.0 375.6 67.6 20.3 35.1 30.3 66.9 38.0 Payments to the EU budget 628.9 729.5 672.3 182.2 172.7 180.0 194.6 166.6 158.5 161.5 185.7 143.2 52.0 53.5 71.2 55.3 54.5 -2,917.2 -1,574.9 -2,273.5 -315.5 112.8 -176.9 -1,195.2 -293.9 -144.2 -384.5 -1,451.0 -371.4 -144.7 -144.7 -40.4 8.2 -6.8 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 4/2024 Public finance 2022 11 2023 12 1 2 3 4 5 6 37 2024 7 8 9 10 11 12 1 2 3 4 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 1,956.8 2,110.0 1,982.8 1,817.0 1,936.5 2,205.5 1,953.0 2,116.4 1,939.9 1,987.9 2,118.1 2,271.1 2,169.9 2,536.8 2,216.9 1,986.1 1,995.8 2,599.2 Current revenues 1,868.9 1,937.4 1,882.3 1,720.9 1,798.5 2,046.3 1,892.8 2,061.0 1,874.0 1,943.0 1,926.3 2,048.5 2,018.3 2,174.8 2,086.6 1,957.0 1,915.9 2,522.3 Tax revenues 1,730.5 1,808.4 1,788.9 1,635.0 1,699.2 1,945.7 1,782.5 1,859.0 1,763.0 1,814.5 1,811.7 1,945.2 1,915.0 2,017.6 1,997.3 1,861.6 1,803.7 2,415.0 Taxes on income and profit 381.2 421.2 353.7 360.3 386.5 419.9 458.0 430.2 178.1 419.8 361.8 394.5 390.6 448.1 412.4 415.0 424.0 699.2 Social security contributions 730.2 841.7 720.8 754.3 749.4 759.2 764.7 763.9 765.7 768.0 770.7 759.2 778.2 904.3 810.6 857.2 858.8 882.3 2.3 2.9 2.0 2.1 2.1 2.4 2.2 2.3 2.4 1.9 2.2 2.4 2.5 3.1 2.4 2.2 2.4 2.6 33.8 14.6 11.2 8.4 19.3 24.5 25.4 40.0 44.7 40.8 31.5 43.9 39.5 17.7 10.8 8.1 11.6 29.2 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 565.5 520.4 631.8 502.6 543.2 681.5 546.5 599.6 747.9 587.9 604.8 723.2 692.9 646.9 715.1 563.5 502.3 766.8 Taxes on international trade & transactions 21.2 27.6 17.9 19.6 13.9 25.1 13.7 23.1 12.3 12.8 24.9 13.3 21.9 24.7 10.8 11.1 25.2 12.4 Other taxes -3.7 -20.0 51.6 -12.3 -15.3 33.2 -27.9 -0.2 11.9 -16.6 15.8 8.7 -10.5 -27.2 35.2 4.5 -20.5 22.4 Non-tax revenues 138.4 129.0 93.4 85.8 99.4 100.6 110.3 202.0 111.0 128.4 114.6 103.3 103.3 157.2 89.3 95.4 112.2 107.3 24.6 22.2 15.0 20.1 23.8 20.4 19.3 26.0 21.8 16.7 23.1 25.4 53.0 23.6 11.7 13.6 14.1 14.6 Grants 0.5 2.5 0.9 12.2 0.6 0.6 -9.6 0.3 0.1 4.0 15.6 2.5 1.2 9.3 1.3 0.9 0.3 12.7 Transferred revenues 1.8 2.5 1.1 0.3 2.1 -0.6 0.7 0.3 0.7 1.6 65.0 130.0 18.0 9.6 0.6 0.8 3.7 1.6 61.0 145.3 83.4 63.4 111.4 138.7 49.8 28.8 43.4 22.7 88.1 64.6 79.4 319.5 116.7 13.7 61.7 48.0 Capital revenues Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 2,319.2 2,936.0 1,813.2 1,865.6 2,351.4 1,955.8 2,078.9 2,384.4 2,106.7 2,181.0 2,142.6 2,295.2 2,404.3 3,729.3 1,855.6 2,128.4 2,586.2 2,282.9 904.0 1,107.9 778.7 787.6 1,121.1 809.2 842.6 1,003.2 885.3 968.5 881.8 930.3 955.2 1,608.6 801.7 892.5 1,324.2 988.5 Wages, salaries and other personnel expenditures 488.5 519.9 481.0 477.7 483.0 466.6 496.2 644.8 519.6 510.1 479.7 492.0 506.1 536.7 514.7 522.4 645.8 518.5 Expenditures on goods and services 312.7 474.4 230.9 256.0 300.0 264.3 310.1 327.8 302.9 329.2 277.6 375.6 355.4 538.8 257.0 317.6 335.7 352.5 Interest payments 65.9 13.0 47.8 22.5 299.9 2.6 5.5 10.0 59.0 81.5 78.7 15.7 70.3 17.4 23.9 30.8 306.2 83.6 Reserves 36.8 100.6 19.0 31.5 38.2 75.9 30.8 20.6 3.7 47.7 45.8 46.9 23.5 515.6 6.0 21.7 36.5 33.8 1,007.2 1,068.7 917.6 903.9 1,043.9 948.0 976.6 1,132.4 953.8 949.4 Current transfers Subsidies 937.4 1,014.6 1,040.2 1,231.8 923.6 1,034.8 1,054.3 1,099.3 55.0 127.9 100.8 35.7 151.6 70.1 77.6 57.8 57.4 52.7 71.5 93.4 92.5 141.3 12.0 87.4 52.9 73.9 Current transfers to individuals and households 820.5 781.6 738.9 771.2 807.3 784.8 789.6 973.0 774.2 778.3 759.3 810.0 818.9 925.2 828.4 830.1 868.4 884.9 Current transfers to non-profit institutions, other current domestic transfers 105.8 148.9 70.2 90.3 70.8 80.8 103.7 99.3 105.4 113.6 97.8 107.6 103.2 154.9 76.6 108.0 121.5 133.3 25.9 10.3 7.7 6.7 14.2 12.3 5.7 2.3 16.8 4.8 8.7 3.5 25.5 10.4 6.6 9.2 11.6 7.2 275.4 467.4 57.4 92.8 118.7 132.7 168.8 167.0 170.0 180.2 179.5 206.0 254.1 626.7 69.2 124.7 134.4 119.0 Capital transfers 67.6 216.9 10.3 14.2 17.3 18.7 30.6 30.7 34.4 36.8 91.8 82.6 102.7 190.3 16.3 26.5 24.8 23.0 Payments to the EU budget 65.0 75.1 49.2 67.1 50.4 47.1 60.3 51.1 63.2 46.2 52.2 61.7 52.1 71.8 44.8 50.0 48.4 53.3 -362.3 -826.1 169.6 249.7 -125.9 -268.0 -166.8 -193.1 -24.5 -24.1 -234.5 -1,192.5 361.3 -142.3 -590.4 316.3 Current transfers abroad Capital expenditures SURPLUS / DEFICIT -48.6 -414.9 38 Acronyms Slovenian Economic Mirror, No 4/2024 Acronyms Acronyms in the text BoS – Bank of Slovenia, CF – Cohesion Fund, CHP – combined heat and power, CPI − Index of Consumer Prices, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FSA – financial social assistance, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, GFS – Government Finance Statistics, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, IR – interest rate, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MKRR – Ministry of Cohesion and Regional Development, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers' Index, REACT - EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RES – renewable energy sources, RRP – The Recovery and Resilience Plan, SIJ – Slovenian steel industry, SITC – Standard International Trade Classification, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, UB – unemployment benefit, ULC – Unit Labour Costs, USD – US Dollar, VAT – value added tax, YEI – Youth Employment Initiative, ZPGOPEK – Act Determining the Aid to the Economy to Mitigate the Consequences of the Energy Crisis, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CYCyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 4, Vol. XXX, 2024