No. 1, Vol. XXX, 2024 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 1 / Vol. XXX / 2024 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Barbara Bratuž Ferk, MSc Authors: Barbara Bratuž Ferk, MSc; Urška Brodar; Lejla Fajič; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Helena Mervic; Tina Nenadič, MSc; Jure Povšnar; Denis Rogan, MSc; Urška Sodja; Ana Vidrih, MSc Selected topic: Valerija Korošec, PhD (Life satisfaction, October–November 2023) 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, January 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 ............................................................................................................................................. 16 Prices ............................................................................................................................................................... 18 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................. 22 Public finance .............................................................................................................................................. 23 Selected topic.............................................................................................................................................25 Life satisfaction, October–November 2023....................................................................................... 26 Statistical appendix ................................................................................................................................28 The Economic Mirror is prepared based on statistical data available by 15 January 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 1/2024 In the spotlight In the spotlight 3 Sentiment indicators for the euro area suggest that the dynamics of economic activity remained weak in the last quarter of 2023; in its baseline scenario, the ECB forecasts slightly higher growth for 2024 and 2025 than expected for 2023. After falling to its lowest level in three years in October, the composite Purchasing Managers’ Index (PMI) for the euro area improved slightly in November and then remained unchanged in December. The index remained below the 50 mark, which is the threshold between economic expansion and contraction. The Economic Sentiment Indicator (ESI) for the euro area improved in December but remained below the long-term average. Confidence was up in all activities and among consumers. In their November and December forecasts, some international institutions estimate that economic activity picked up in the final quarter of last year and that the gradual strengthening of growth will continue in the coming quarters. GDP growth is expected to strengthen this year and next, mainly driven by rising private consumption supported by increased confidence, low unemployment and wage growth, and a further decline in inflation. The ECB estimates that euro area GDP rose by 0.6% in 2023 and forecasts slightly higher growth of 0.8% and 1.5% in 2024 and 2025 respectively according to the baseline scenario, which is subject to considerable uncertainty in connection with the development of the conflict in the Middle East. Most available short-term economic indicators for Slovenia improved at the end of 2023. However, with the exception of construction and some segments of household consumption, they have largely not reached the level of a year ago. After two months of growth, trade in goods contracted again in November amid ongoing weak activity and uncertain situation in Slovenia’s main trading partners. In the first 11 months of 2023, real exports fell by 7.1% year-on-year and real imports by 7.5%. The values of the competitiveness indicators improved slightly in the fourth quarter of 2023, after a long period of negative developments, but still point to unfavourable price competitiveness of Slovenian exporters. Slovenia’s export market share in the EU market increased again year-on-year in the third quarter but still did not exceed the levels recorded before the energy crisis. Since September, manufacturing output has increased in all industry groups according to technology intensity. The effect of high energy prices, which had the greatest impact on energy-intensive industries, started to ease gradually. In the first 11 months of 2023, manufacturing output was still 3.2% lower year-on-year. According to data on the value of construction work put in place, construction activity remained unchanged in November, although it was one-fifth higher in the period from January to November 2023 than in the same period a year earlier. Real turnover in most trade sectors rose in October after several months of decline, while real turnover in market services decreased again and remained similar to the same period a year earlier. Trade in services decreased slightly in October but remained close to its peak. In the first ten months of 2023, exports of services rose by an average of 6.4% year-on-year in nominal terms and imports by 4.7%. The year-on-year growth was mainly due to a significant recovery in trade in tourism-related services. Household consumption picked up in the fourth quarter. Household expenditure on tourism services abroad was higher year-onyear in October, as were sales of passenger cars to private customers in October and November. However, the year-on-year decline in household expenditure on non-food and food products, beverages, and tobacco has decreased significantly. The recovery in consumption is also evident from the stronger year-on-year growth in the nominal value of fiscally verified invoices, which was positive again in real terms after two quarters of decline. In December, the value of the economic sentiment indicator rose compared to November, while it remained lower year-on-year. Year-on-year growth in the number of persons in employment and decline in the number of unemployed slowed at the end of last year. The year-on-year increase in October was driven by the employment of foreign workers, while the number of employed Slovenian citizens fell year-on-year. Since September, the number of persons employed in the manufacturing sector has fallen (seasonally adjusted), which contributed to the deceleration of year-on-year growth. The average gross wage increased by 2.2% year-on-year in real terms in October. It increased by 2.3% in real terms in the private sector and by 1.9% in the public sector; growth in the latter was lower than in previous months due to the higher base of last year related to the implementation of the wage increase agreement. In the first ten months, year-on-year gross wage growth was 1.8% in 4 In the spotlight Slovenian Economic Mirror, No 1/2024 real terms (1.4% in the private sector and 2.5% in the public sector) and 10% in nominal terms (9.6% in the private sector and 10.8% in the public sector). Growth in the private sector was highest in administrative and support service activities and accommodation and food service activities, which along with construction are among the activities facing the greatest labour shortages. The number of unemployed in December 2023 was almost one-tenth lower than a year earlier and, amid labour shortages, the number of longterm unemployed fell by almost one-fifth. In 2023, 48,709 persons were registered as unemployed on average, 14% fewer than a year earlier. As a result, with high employment and low unemployment, the number of social assistance beneficiaries and unemployment benefit recipients declined year-on-year. Year-on-year inflation fell to 4.2% at the end of last year and more than halved compared to December 2022. The rise in prices for all major consumer groups is slowing down. Compared to the start of 2023, lower growth of food prices and lower energy prices in particular contributed to the slowdown in inflation. At 4.2%, year-on-year rise in food prices was still only around one-fifth of what it was at the start of 2023. Energy prices, which had risen by almost 10% year-on-year at the beginning of last year, fell by 2.3% year-on-year in December due to falling global prices and government measures. The year-on-year increase in services prices has also slowed, particularly in December, but remains high (6.1%). Slovenian industrial producer prices continued to fall in November and were only slightly above the level of a year ago. The year-on-year growth rate, which had been close to 20% at the beginning of 2023, moderated further to 0.3%, the lowest since December 2020. The slowdown in year-on-year growth was still mainly due to developments in the intermediate goods group; in most other groups, with the exception of energy, the year-on-year price increase is also gradually weakening. At EUR 1,081.3 million, the consolidated general government deficit in the first 11 months of 2023 was EUR 332.5 million higher than in the same period of 2022. Revenue was up 6.1% year-on-year and expenditure 7.4%. The strongest growth in revenue was seen in excise duties (increase in excise duties on energy products and tobacco), social contributions (higher wage growth), and personal income tax. Against the backdrop of weakening economic activity, overall tax revenue growth was also dampened by a slowdown in VAT revenue growth, which was also affected by the reduction in the VAT rate on energy products until September last year. Revenue from corporate income tax declined markedly due to the lower last balancing payment of tax. Expenditure growth was mainly due to growth in wages and other remunerations, which were influenced by the agreement on wage increases in the public sector, and certain transfers (subsidies for companies to mitigate the consequences of rising energy prices and flood recovery, transfers to the social insurance funds). Growth in capital expenditure remained high. In the spotlight Slovenian Economic Mirror, No 1/2024 140 120 100 80 60 4 4 2 2 Jan 23 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. Sentiment in Slovenian economy improved month-onmonth in December but remained lower than a year ago Sep 23 Dec 23 Jan 23 May 23 Sep 22 Jan 22 May 22 Sep 21 Jan 21 May 21 Sep 20 Jan 20 -4 May 20 -2 -4 Sep 19 0 Jan 19 0 -2 Year-on-year growth, in % 6 Source: SURS; calculations by IMAD. Year-on-year growth in the number of persons in employment and decline in the number of unemployed slowed at the end of last year Employed according to SRE (left axis) Registered unemployed (right axis) 940 180 920 160 900 140 880 120 860 100 840 80 820 60 800 780 40 760 20 740 0 Nov 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 30 8 6 Number of registered unemployed, in '000, seasonally adjusted 160 Economic sentiment Retail trade Construction 8 May 19 Contribution to y-o-y growth, in p. p. 180 12 10 Number of employed according to SRE, in ‘000, seasonally adjusted Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Jan 13 Source: SURS, ESS; calculations by IMAD. The deficit of the consolidated balance of public finances was higher year-on-year in the first 11 months of 2023, mainly due to moderation of economic activity and wage increases and government measures (rising energy prices, floods) Manufacturing Service activities Consumers 2,000 General government balance Primary balance 1,000 20 0 -3,000 Source: SURS; calculations by IMAD. 2019 2018 2017 2016 2015 -4,000 -2917.2 -3542.2 2014 Jan 23 Dec 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -50 Jan 13 -40 I-XI 2023 -30 -1577.3 -2,000 I-XI 2022 -20 -748.8 -1081.3 -1,000 2022 -10 2021 0 2020 In EUR million 10 2013 Seasonally adjusted real index 2010=100, 3-month moving average Most available short-term economic indicators for Slovenia improved at the end of the year, but they did not yet reach the level of the previous year Fuels and energy Other 10 Dec 23 Jan 23 Jan 22 Jan 21 Jan 20 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Seasonally adjusted indicator value, 3-month moving average Food Services TOTAL Services Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Dec 23 Manufacturing Year-on-year inflation more than halved in December compared to the previous year 12 Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Composite index Jan 18 PMI value After falling to its lowest level in three years in October, the composite Purchasing Managers’ Index (PMI) for the euro area improved slightly in November 2023 and then remained unchanged in December 5 Source: MF, Bulletin of Government Finance; calculations by IMAD. current economic trends Current Economic Trends Slovenian Economic Mirror, No 1/2024 7 The international environment Jan 23 Dec 23 Services 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 Figure 1: Composite Purchasing Managers’ Index (PMI) for the euro area, December 2023 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Sentiment indicators for the euro area suggest that the dynamics of economic activity remained weak in the fourth quarter of 2023. After falling to its lowest level in three years in October, the composite Purchasing Managers’ Index (PMI) for the euro area improved slightly in November and remained unchanged in December (47.6). Both indicators that form the composite PMI (i.e. for manufacturing and services) are still below the 50 mark (the threshold between economic expansion and contraction). The Economic Sentiment Indicator (ESI) for the euro area, which has been below its long-term average since July 2022, improved in December. Sentiment improved in all activities and among consumers. In December, the economic climate remained largely unchanged compared to a year ago, while confidence was significantly higher among consumers and significantly lower in manufacturing and construction. The survey indicators therefore suggest that activity probably began to recover in the fourth quarter of last year but remained weak. Source: ECB. 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 7 6 5 4 3 2 1 0 -1 -2 -3 -4 -5 -6 -7 Change in inventories and valuables Gross fixed capital formation Government consumption Private consumption Exports of goods and services Real GDP growth (in %) 2014 Contribution to change, in p.p. Figure 2: ECB economic outlook, December 2023 Similarly to the forecasts of other international institutions, according to the ECB’s December forecast, euro area economic growth is expected to gradually recover slightly in the coming quarters. Euro area GDP in the third quarter of 2023 was down 0.1%, reflecting a negative contribution to growth from destocking, and survey indicators point to weak activity also in the fourth quarter of 2023. Some international institutions (the ECB and EC) estimate in their latest forecasts that economic activity picked up in the final quarter of last year and that the gradual strengthening of growth will continue in the coming quarters. GDP growth is expected to strengthen this year and next, mainly driven by rising private consumption supported by increased confidence, low unemployment and wage growth, and a further decline in inflation. Tight financing conditions are expected to continue to have a negative impact on growth, but this impact will fade gradually. The ECB estimates that euro area GDP rose by 0.6% in 2023 and forecasts that it will strengthen to 0.8% and 1.5% in 2024 and 2025 respectively according to the baseline scenario. The outlook is surrounded by high uncertainty related to a potential escalation of the conflict in the Middle East, which would have a negative impact on the euro area economy, particularly through higher energy prices and increased uncertainty. According to the ECB’s alternative scenario, euro area economic growth would be 0.7 p.p. lower in 2024 and 0.3 p.p. lower in 2025 than in the baseline scenario. 8 Current Economic Trends Slovenian Economic Mirror, No1/2024 Figure 3: Commodity prices, December 2023 Energy Food 180 Brent oil prices continued to fall in December 2023; prices for non-energy commodities have been largely unchanged for several months. The average dollar price of Brent crude oil in December was USD 77.8 (-6.2% month-on-month) and the euro price was EUR 71.3 (-7.2% month-on-month). After a significant oil price rise in September due to Saudi Arabia and Russia’s decision to extend their production cuts, the start of the war in the Middle East had no impact on the average price until the end of last year. Year-on-year, the dollar Brent oil price was 4% lower in December and the euro price was 6.8% lower. In 2023, the oil price in dollars or euros was on average around 20% lower than in 2022. The euro prices of natural gas on the European market (Dutch TTF) fell in November and December after an increase in October related to oil extraction problems at some fields and damage to the Baltic Sea pipeline, while they were 69% lower year-on-year in December. According to the World Bank, the average dollar price of non-energy commodities has remained almost unchanged since the summer, while it was 5.2% lower year-on-year in December. Non-energy commodities Metals 160 Index 2010=100 140 120 100 80 60 40 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 0 Dec 23 20 Source: World Bank. Figure 4: Effective exchange rates, Q3 2023 NEER 108 REER hicp Although the values of the competitiveness indicators improved in the fourth quarter of 2023, they still point to unfavourable price competitiveness of Slovenian exporters. As price growth in Slovenia was stronger than in its trading partners, the price competitiveness indicators of the Slovenian economy (REER ppi and REER hicp) deteriorated sharply last year. The appreciation of the euro against a basket of currencies of Slovenia’s main trading partners (NEER) also contributed slightly to the deterioration. The gap in price growth was particularly pronounced for industrial producer prices in manufacturing (PPI), which peaked in the second quarter of 2023, according to currently available data. REER ppi 106 2007=100 104 102 100 98 96 Q1 23 Q4 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 Q1 08 Q1 07 94 Source: ECB; calculations by IMAD. NEER - nominal effective exchange rate, REER HICP (PPI or ULC) - real effective exchange rate deflated by HICP (PPI or ULC). An increase in the indicator means an appreciation of the euro and/or an increase in relative prices against a basket of 37 trading partners' currencies, weighted according to their importance in Slovenia's trade. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2023 XI 23 XII 23 XII 23/XI 23 XII 23/XII 22 2023/2022 Brent USD, per barrel 82.51 82.94 77.76 -6.2 -4.0 -18.1 Brent EUR, per barrel 76.32 76.77 71.27 -7.2 -6.8 -20.3 Natural gas (TTF) , EUR/MWh 41.35 45.03 35.97 -20.1 -69.0 -64.2 USD/EUR 1.081 1.081 1.090 0.9 3.6 2.7 3-month EURIBOR, in % 3.430 3.972 3.933 -3.9 187.0 308.9 110.14 108.99 107.20 -1.6 -5.2 -9.8 2 Non-energy commodity prices, index 2010=100 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 1/2024 9 Current economic trends 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 Nov 23 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 5: Short-term indicators of economic activity in Slovenia, October–November 2023 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. Most available short-term economic indicators for Slovenia improved at the end of 2023. However, with the exception of construction and some segments of household consumption, they have largely not reached the level of a year ago. After two months of growth, trade in goods contracted again in November amid ongoing weak activity and uncertain situation in Slovenia’s main trading partners. The values of the competitiveness indicators improved slightly in the fourth quarter of 2023 after a long period of negative developments but still point to unfavourable price competitiveness of Slovenian exporters. Slovenia’s export market share in the EU market increased again year-onyear in the third quarter but still did not exceed the levels recorded before the energy crisis. Production volume in manufacturing, which began to rise in all industry groups according to technology intensity in September 2023, was still lower in November than a year ago. The effects of high energy prices, which had the greatest impact on energy-intensive industries, started to ease gradually in the autumn months. According to data on the value of construction work put in place, construction activity remained unchanged in November, although it remained one-fifth higher between January and November 2023 than in the same period a year earlier. Real turnover in most trade sectors rose in October after several months of decline, while real turnover in market services decreased again and remained similar to the same period a year earlier. Trade in services decreased slightly in October but remained close to its peak. Household consumption picked up in the fourth quarter. In December, the value of the economic sentiment indicator rose compared to November, while it remained lower year-on-year. Figure 6: Electricity consumption, December 2023 Austria Italy Croatia Slovenia 20 15 10 5 0 -5 -10 -15 Dec 23 Sep 23 Jun 23 Mar 23 Sep 22 Dec 22 Jun 22 Mar 22 Sep 21 Dec 21 Jun 21 Mar 21 Sep 20 Dec 20 Jun 20 -20 Mar 20 Year-on-year change, in % 25 France Germany Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until August 2022. Electricity consumption was 4% lower year-on-year in December 2023. The year-on-year decline was lower than in previous months, partly due to the resumption of part of production at a large direct consumer (the company SIJ Acroni) and the resumption of production lines at companies affected by the floods in August. The smaller year-on-year decline was also due to a relatively low base at the end of 2022, which was caused by high electricity prices and a slowdown in economic activity. Among Slovenia’s main trading partners, lower consumption compared to December 2022 was recorded also by Austria (-1%), while consumption in other trading partners was higher year-on-year, in Italy, Germany and Croatia by 1%, and in France by 3%. 10 Current Economic Trends Slovenian Economic Mirror, No1/2024 Figure 7: Electricity consumption by consumption group, November 2023 30 Year-on-year change, in % Electricity consumption in the distribution network in November 2023 was lower again year-on-year, but the decline was less pronounced than in previous months. Industrial consumption recorded a small yearon-year decline (1.2%), which was partly due to a relatively low base in 2022, most likely related to the slowdown in economic activity and high electricity prices. Household consumption fell by 2.3% year-on-year in November, while small business consumption1 fell by 3.9% year-onyear. Industry Households Small business consumption Total distribution network consumption 20 10 0 -10 -20 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 -30 1 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. 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. Figure 8: Value of fiscally verified invoices – nominal, December 2023 50 40 20 10 0 -10 -20 -30 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Sep 23 Dec 23 May 23 Jan 23 Sep 22 Jan 22 May 22 Sep 21 May 21 Jan 21 Sep 20 Jan 20 -40 May 20 Y-on-y change, in % 30 The nominal value of fiscally verified invoices was 4% higher year-on-year in December 2023. With two working days less than in December 2022, year-on-year growth in total turnover was similar to that in November. In trade, which accounted for almost 80% of the total value of fiscally verified invoices, turnover growth was lower than in the previous three months (at 3%, against 5% in November and 7% in October). Growth was lower in all three main trade segments. In retail trade it was 3%, in the sale of motor vehicles 11% and in wholesale trade 3% lower year-on-year. Year-on-year turnover growth in accommodation and food service activities, certain creative, arts, entertainment and sports services, and betting and gambling accelerated (overall growth in accommodation and food service activities and in other service activities2 increased from 8% to 12%). 2 Activities R, S and T according to NACE classification. Current Economic Trends Slovenian Economic Mirror, No 1/2024 11 Nov 23 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 190 180 170 160 150 140 130 120 110 100 90 80 Jan 14 Exports of goods (3MMA*) Non-smoothed data Imports of goods (3MMA*) Non-smoothed data Jan 13 Seasonally adjusted real index 2010=100 Figure 9: Trade in goods – in real terms, November 2023 Source: SURS, calculations by IMAD. Note: *3MMA - 3-month moving average. Trade in goods fell slightly in November 2023 and the year-on-year decline deepened.3 After two months of growth, real exports of goods fell by 1.7% and imports by 3.5%. Nevertheless, the average trade in goods in October and November was still above the average of the third quarter (seasonally adjusted). In the first 11 months, exports fell by 7.1% year-on-year and imports by 7.5%. In a year-on-year comparison, the decline in exports was more pronounced with EU countries (EU: -8.2%; non-EU: -2.7%), while the decline in imports was more pronounced with non-EU countries (EU: -5.9%; non-EU: -13.0%). According to the available data,4 imports of intermediate goods imported by Slovenia from non-EU countries (e.g. iron and steel and non-ferrous metals) and exported to the EU (e.g. metal products and machinery) have decreased in particular. Although sentiment in export-oriented activities deteriorated slightly in December, it improved quarter-on-quarter in the fourth quarter of 2023. Amid great uncertainty in the international environment, export orders remained significantly lower than at the start the year. 3 4 According to the external trade statistics by SURS. Deflation and seasonal adjustment by IMAD. Total exports and imports and exports and imports to/from non-EU countries are adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Detailed data by sections of SITC are available until October 2023. The analysis takes into account the change in value and in mass. Figure 10: Slovenia’s export market share in the EU market, Q3 2023 Market share of goods Market share of energy-intensive products SI exports of goods to the EU (nom.) Total exports of goods (nom.) 150 130 120 110 100 90 Source: SURS, calculations by IMAD. Note: Energy-intensive products include paper, chemical, metal and non-metal mineral products. Q3 23 Q1 23 Q1 22 Q1 21 70 Q1 20 80 Q1 19 Q1 2019 =100 140 Slovenia’s export market share in the EU market increased again year-on-year in the third quarter (by 3.5%) but still did not exceed the levels recorded before the energy crisis. Slovenia’s export market share in the EU market decreased by 2.0% and 5.5% in 2021 and 2022 respectively. The decline was particularly pronounced in the second half of 2022, due in particular to stagnation in energy-intensive products. Preliminary estimates suggest that the decline in market share during the energy crisis was to some extent temporary and related to the rationalisation of production at a time of great uncertainty about energy supply and prices, as it increased year-on-year in the first three quarters of 2023 (by 3% on average). However, growth in the first three quarters of last year was not enough to bring the market share back to the level of two years ago. This was due to the loss of price competitiveness in the meantime and the structure of exports;5 among the product groups, road vehicles in particular contributed negatively to the growth in market share. 5 Higher growth in the value of EU import demand for product groups that have a below-average share in the structure of Slovenia’s exports (e.g. raw commodities). 12 Current Economic Trends Slovenian Economic Mirror, No1/2024 Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 1100 1000 900 800 700 600 500 400 300 Jan 23 Oct 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 200 Jan 13 In EUR million, seasonally adjusted Figure 11: Trade in services – nominal, October 2023 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Trade in services decreased slightly in October 2023 but remained close to its peak, mainly due to the growth of trade in tourism-related services. Compared to the previous month, exports of services fell by 0.3%, mainly due to a further decline in exports of transport services, while exports of construction and other business services also fell after a significant increase in September. Exports of tourism-related services rose again and reached their highest level to date (seasonally adjusted). Imports of services fell by 0.7%, while imports of most major service groups, ex cept ICT services, including tourism-related services, declined (seasonally adjusted). In the first ten months of 2023, exports of services rose by an average of 6.4% year-on-year and imports by 4.7%. The year-on-year growth was mainly due to a significant recovery in trade in tourism-related services. Exports and imports of transport services fell markedly (by -4.7% and -8.3% respectively), which we believe was mainly due to a decline in trade in goods and activity in manufacturing in Slovenia and its main trading partners. 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 IMAD. Nov 23 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 12: Production volume in manufacturing, November 2023 Production volume in manufacturing, which started to strengthen in September 2023, was still lower in November than a year ago. After bottoming out in August 2023, manufacturing production has risen in all industry groups according to technology intensity since the end of the third quarter. Against the backdrop of monthly production growth and the low base effect (influenced by high energy prices), the year-onyear decline in production weakened in October and November 2023. The effect of high energy prices, which had the greatest impact on energy-intensive industries, started to ease gradually. Only in the paper industry did the year-on-year decline in the final months of 2023 remain similar to the average for the first nine months of 2023 (around 20%), while in the other sectors the yearon-year decline was smaller or production increased year-on-year (in the manufacture of basic metals also due to the resumption of part of the production of a large direct customer). The year-on-year decline in most other manufacturing activities has also slowed since the middle of the third quarter, and production in October– November was on average around 0.5% lower than in the same period in 2022. In the first 11 months of 2023, manufacturing output was on average 3.2% lower yearon-year. Current Economic Trends Slovenian Economic Mirror, No 1/2024 13 Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 23 Nov 23 50 Jan 13 Real construction production index (2010=100) Figure 13: Activity in construction, November 2023 Source: SURS; calculations by IMAD. According to data on construction put in place, construction activity in November 2023 remained unchanged compared to the previous month but was higher than a year earlier. After a sharp rise in the value of construction put in place at the start of 2023, activity fluctuated greatly in the following months and was slightly lower in October and November than at the start of the year. The total value of construction put in place was 20% higher in the first 11 months of 2023 than in the same period of 2022. In this comparison, activity was higher in all three segments covered by the statistics: in specialised construction by 32%, in civil engineering by 21% and in building construction by 11%. Some other data, however, point to much lower growth in construction activity. According to VAT data, the activity of construction companies in the first 11 months of 2023 was only 11% higher than a year earlier. 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. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2022 XI 23/X 23 XI 23/XI 22 I-XI 23/I-XI 22 Merchandise exports, real1 5.1 -1.73 -7.5 -7.1 - to the EU 3.7 -3.03 -6.9 -8.2 Merchandise imports, real1 5.3 -3.53 -9.1 -7.5 - from the EU 1.5 -2.73 -7.0 -5.9 Industrial production, real 1.2 3.7 -0.8 -4.44 - manufacturing 3.9 4.7 -0.4 -3.24 22.2 0.1 11.6 19.94 Construction - value of construction put in place, real In % 3 3 3 4 4 4 2022 X 23/IX 23 X 23/X 22 I-X 23/I-X 22 Services exports, nominal2 31.4 -0.33 4.04 6.44 Services imports, nominal2 22.0 -0.73 1.64 4.74 Distributive trades - real turnover 10.2 -0.1 -5.3 -4.84 Market services (without trade) - real turnover 11.3 -1.3 -0.2 1.54 3 3 4 4 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. Total Wholesale trade Retail trade, except fuel 240 Sale of motor vehicles Retail trade 220 200 180 160 140 120 . by IMAD. Source: SURS; calculations Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Nov 23 100 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 14: Turnover in trade, October–November 2023 Real turnover in most trade sectors increased in October 2023 after falling in previous months. In retail trade (excluding automotive fuels), with relatively high current growth, it was higher year-on-year for the first time in 2023. This was due to growth in the sales of non-food products, while the sales of food, beverages and tobacco were similar to October 2022. Turnover in wholesale trade also increased for the second month in a row, though still falling short of 2022 turnover. The high year-on-year growth was maintained by turnover in the sales of motor vehicles (18%), which was the only major trade segment to also exceed 2022 sales in the first ten months of the year. According to preliminary SURS data, this intensified in November, while turnover in retail trade was again slightly below the previous year’s figure. 14 Current Economic Trends Slovenian Economic Mirror, No1/2024 Jan 23 Oct 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 200 180 160 140 120 100 80 60 40 20 0 Total * Transportation and storage (H) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 15: Turnover in market services, October 2023 Source: SURS; calculations by IMAD. Note: * including real estate activities (L). Real turnover in market services fell in October 2023. Total turnover fell by 1.3% in current terms, after having risen quite sharply in the previous month. The decline was due to a fall in turnover in accommodation and food service activities and in administrative and support service activities, which recorded strong growth in September. Turnover growth in other service activities was modest. In transportation and storage, where a negative trend had continued since May 2022, turnover increased, particularly in port traffic. Turnover growth in information and communication activities was mainly due to the increase of sales in computer services on the domestic and foreign markets. Turnover in professional and technical activities stagnated. Total turnover in market services rose by 1.4% year-on-year in real terms in October and by 1.5% in the first ten months of last year, driven by growth in most activities, with the exception of transport. In employment services, it remained below pre-epidemic (October 2019) levels (by 21%). Q1 23 Q4 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 275 250 225 200 175 150 125 100 75 50 25 0 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Overnight stays by domestic tourists Sale of passenger cars to natural persons Q1 10 Seasonally adjusted index 2010=100 Figure 16: Selected indicators of household consumption, October–December 2023 Source: SURS; calculations by IMAD. Note: The Q4 2023 figure is the average value for October and November. The available data point to a recovery in household consumption in the fourth quarter of 2023. The sales of new passenger cars to private customers increased by 16% year-on-year in October and November on average after declining year-on-year in the third quarter. Spending on tourism services outside Slovenia also increased year-on-year in October (by 6% in nominal terms), with the number of overnight stays by Slovenians in Croatia similar to a year earlier. Household spending on non-food products and food, beverages and tobacco was slightly lower year-on-year on average in October and November (down 1% in real terms), but the decline recorded in the previous quarters reduced significantly. The revival in consumption in the last quarter of last year is also evident from the stronger year-on-year growth in the nominal value of fiscally verified invoices (6%), which was positive again in real terms after two quarters of decline. Figure 17: Economic sentiment, December 2023 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Source: SURS; calculations by IMAD. Dec 23 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -50 Jan 14 -40 Jan 13 Seasonally adjusted indicator value, 3-month moving average 30 Manufacturing Service activities Consumers The economic sentiment indicator further increased month-on-month in December 2023, while it was still down year-on-year. Compared to the previous month, confidence was higher in retail trade, slightly higher in construction, manufacturing and among consumers, while it remained unchanged in services. Compared to December 2022, confidence was lower in all activities, while it remained unchanged among consumers (in 2022 it had fallen significantly due to lower purchasing power as a result of rising prices). On average for 2023, it was slightly higher year-on-year only among consumers, where it was still the furthest behind the long-term average in December. Confidence in manufacturing was also significantly below the long-term average. Confidence in retail trade and services averaged slightly above the long-term average in 2023, while confidence in construction was already well above it. Current Economic Trends Slovenian Economic Mirror, No 1/2024 15 Transactions in new residential properties Transactions in existing residential properties Prices of new residential properties Prices of existing residential properties 225 200 175 150 125 100 75 50 Q1 23 Q3 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 0 Q1 09 25 Q1 08 Index 2010=100, 4-quarter moving averages Figure 18: Real estate, Q3 2023 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. In the third quarter of 2023, the growth of dwelling prices weakened further amid the further decline in the total number of transactions. Prices rose by 0.7% compared to the second quarter6 and by 5.7% compared to the third quarter of 2022.7 Quarter-on-quarter growth was driven by relatively strong price growth in newly built dwellings (11.5%), with the number of sales rising to 4% of total transactions in the third quarter. However, for the first time since the last quarter of 2019, prices of existing dwellings fell in current terms (by 0.2%); the number of sales also continued to decline. A total of 2,397 dwellings were sold. This is a drop of more than one-fifth compared to the third quarter of 2022 and the lowest level since the second quarter of 2020, when the number of transactions was severely affected by business restrictions due to the outbreak of the epidemic. 6 7 This was significantly less than in the first half of the year (1.7% on average over the two quarters) and the quarterly average in 2022 (2.8%). After average growth of 11.5% in 2021 and 14.8% in 2022. Figure 19: Households facing financial distress, December 2023 Running into debt Having to draw on savings Financial distress - total 9 8 7 6 5 4 3 2 1 Dec 23 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 13 Share of answers in %, 12-month moving average 10 The financial situation of households improved slightly over the last quarter of 2023 compared to the previous quarter and year-on-year. Compared to the previous quarter, the share of households from the lowest-income quartile facing financial distress8 decreased by 4.9 p.p. (by 1.7 p.p. year-on-year). According to our estimate, this was partly due to a gradual slowdown in inflation, greater predictability in energy prices and developments on the labour market (high demand for labour). The financial situation of households from the second quartile deteriorated again (by 3.5 p.p. year-onyear). The share of households facing financial distress having to draw on savings to meet their needs and the share of households running into debt deceased slightly. Source: SURS (Consumer Survey). 8 Financial distress is defined as households having to draw on savings or run into debt to cover current expenditures. 16 Current Economic Trends Slovenian Economic Mirror, No1/2024 Labour market Figure 20: Number of persons in employment, October 2023 Persons in employment Construction (F) Public services (O–Q) 135 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) Index, January 2019 = 100 130 125 120 115 110 105 100 95 Jul 23 Oct 23 Jan 23 Jul 22 Jan 22 Jul 21 Jan 21 Jul 20 Jan 20 Jul 19 Jan 19 90 Year-on-year growth in the number of persons in employment (0.8%) continued to slow in October 2023. This was mainly due to the decline in the number of persons in employment in manufacturing in October (according to seasonally adjusted data). The overall yearon-year increase in the number of persons in employment was due to a higher number of employed foreign nationals, while the number of employed Slovenian citizens was lower. The share of foreign citizens among all persons in employment was 14.7% in October, 0.9 p.p. higher than a year earlier. Activities with the largest share of foreigners are construction (48%), transportation and storage (33%), and administrative and support service activities (27%). Source: SURS; calculations by IMAD. Figure 21: Number of registered unemployed, December 2023 All unemployed Long-term unemployed 120 100 80 60 40 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Dec 23 20 Jan 13 Number of registered unemployed in '000 140 According to the seasonally adjusted data, the monthly decline in the number of registered unemployed in December 2023 (0.8%) was similar to previous months but lower than at the beginning of the year. According to the original data, 48,353 people were unemployed at the end of December, 2.5% more than at the end of November. This largely reflects seasonal trends related to a higher inflow into unemployment due to expiry of fixed-term employment contracts. Unemployment was down 9.1% year-on-year. Amid labour shortages, the number of long-term unemployed (more than one year) was almost one-fifth lower yearon-year at the end of December. In 2023, 48,709 persons were registered as unemployed on average, 14% fewer than a year earlier. Source: ESS. In November, the number of financial social assistance (FSA) beneficiaries and unemployment benefit (UB) recipients was lower year-on-year. Amid high employment and a fall in the number of long-term unemployed, who are often eligible for FSA, the number of FSA beneficiaries has been declining since February 2023. In November, 72,738 people were entitled to FSA (original data), which is 6.7% less than in November 2022. Among the FSA beneficiaries, 20,250 were registered as unemployed. The number of UB recipients was also lower year-on-year, by 2.7% (13,674 people according to original data). Beneficiaries of financial social assistance (FSA) Recipients of unemployment benefits (UB) 120 100 80 60 40 20 Sources: MDDSZ, ESS, calculations by IMAD. Nov 23 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 13 Number of FSA beneficiaries and UB recipients in '000, seasonally adjusted, 3-month moving average Figure 22: Number of FSA beneficiaries and UB recipients, November 2023 Current Economic Trends Slovenian Economic Mirror, No 1/2024 17 Figure 23: Average nominal gross wage per employee, October 2023 Private sector Public sector Total 16 12 8 4 0 -4 -8 Source: SURS; calculations by IMAD. Jan 23 Oct 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 -16 Jan 16 -12 Jan 15 Year-on-year real growth, 3-month moving average, in % 20 The average wage growth in October 2023 (2.2%) was slightly higher in real terms than in the previous month (1.8%). It stood at 2.3% in the private sector. It was highest in administrative and support service activities, which (along with construction and accommodation and food service activities) are among the activities facing the greatest labour shortages. In the public sector, it was 1.9% year-on-year in real terms, lower than in previous months. Growth was lower mainly due to the agreement on wage increases (the first of which took place in October 2022). Nominal year-on-year growth in the average gross wage in October was slightly lower than in previous months, at 9.2%. Growth in the private sector was 9.4% and in the public sector 8.9%. In the first ten months, the average year-on-year gross wage growth was 1.8% in real terms (1.4% in the private sector and 2.5% in the public sector). Year-on-year nominal growth in the same period was 10% (9.6% in the private sector and 10.8% in the public sector). Table 3: Indicators of labour market trends Change, in % 2022 X 23/IX 23 X 23/X 22 Persons in formal employment2 2.4 0.11 0.8 I-X 23/I-X 22 1.4 Average nominal gross wage 2.8 0.61 9.2 10.0 private sector 6.2 0.71 9.4 9.6 public sector -2.5 -0.31 8.9 10.8 of which general government -4.9 0.51 8.1 10.5 of which public corporations 4.6 1.71 11.2 11.6 2022 X 22 IX 23 X 23 5.8 5.3 4.7 4.8 Change, in % 2023 XII 23/XI 23 XII 23/XII 22 I-XII 23/I-XII 22 Registered unemployed -14.0 2.5 -9.1 -14.0 Rate of registered unemployment (in %), seasonally adjusted Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). 18 Current Economic Trends Slovenian Economic Mirror, No1/2024 Prices Jan 23 Dec 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Euro area Jan 14 Jan 13 Jan 11 Jan 12 Slovenia 12 11 10 9 8 7 6 5 4 3 2 1 0 -1 -2 Jan 10 Year-on-year inflation, in % Figure 24: Consumer prices, December 2023 Source: SURS, Eurostat. Year-on-year growth in consumer prices slowed markedly again in December 2023, to 4.2% (by 0.7 p.p.), and more than halved compared to the same month in 2022 (10.3%). This time, the main reason for the slowdown was lower year-on-year growth in services prices, which had been running at around 8% since April last year but began to weaken in the last two months, reaching 6.1% in December. The slowdown in the growth of services prices in December mainly came from year-on-year lower prices in the telephone and telefax services group (-0.1%), especially for mobile telephony services. With a significant monthly price fall (of 8.5%), the contribution of refuse collection was also lower. The contributions of some other services, which together account for more than half of the services included in the consumer price index, were also lower or at least remained unchanged. Food price inflation continued to gradually weaken year-on-year and, at 4.2%, was only at around one-fifth of the level at the start of 2023. The price increase for non-energy industrial goods is also moderating. Prices for semi-durable goods rose by 2.1% year-on-year, while prices for durable goods fell by 0.3%, as car prices were 3.3% lower year-on-year. Against the backdrop of government measures to mitigate the consequences of high energy prices and favourable developments on the markets for oil and solid fuels, energy prices were 2.3% lower year-on-year. Compared to the beginning of the year, lower growth of food prices and lower energy prices in particular contributed to the slowdown in inflation. Figure 25: Slovenian industrial producer prices, November 2023 Domestic market 160 Non-domestic market 140 130 120 110 Source: SURS. Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 90 Nov 23 100 Jan 13 Index 2015=100 150 Slovenian industrial producer prices continued to fall in November and were only slightly above the level of a year earlier. They fell by 0.4% month-on-month, with a similar fall in prices on the domestic and foreign markets. The year-on-year growth rate, which had been close to 20% at the beginning of 2023, moderated further to 0.3%, the lowest since December 2020. The slowdown in yearon-year growth was still mainly due to developments in the intermediate goods group, where prices were 3.7% lower in November than a year earlier. In most other groups, with the exception of energy, the year-on-year price increase is gradually weakening. Although energy prices fell by 4.3% month-on-month, they were 7.1% higher year-on-year due to a lower base, and this was the highest increase of all product groups. On the other hand, the year-on-year price increase for capital and consumer goods continued to weaken gradually and was slightly below 4%. Current Economic Trends Slovenian Economic Mirror, No 1/2024 19 Table 4: Consumer price growth, in % XII 22/XII 21 I-XII 23/I-XII 22 XII 23/XI 23 XII 23/XII 22 10.3 7.4 -0.5 4.2 Food 18.9 11.9 0.2 4.2 Fuels and energy 15.9 2.1 -3.2 -2.3 Services 7.7 7.8 -0.5 6.0 Other Total 7.5 6.9 0.1 4.7 Core inflation - excluding food and energy 7.4 7.3 -0.2 5.2 Core inflation - trimmed mean2 9.5 7.8 -0.3 4.2 1 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. 20 Current Economic Trends Slovenian Economic Mirror, No1/2024 Financial markets Figure 26: Growth in loans to domestic non-banking sectors, November 2023 Consumer loans Enterprises and NFIs 30 Lending for house purchase Total Year-on-year growth, in % 20 10 0 -10 -20 -30 Jan 23 Nov 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 -40 Source: BoS. The year-on-year contraction in the volume of loans granted to domestic non-banking sectors continued in November 2023 (down 2.5%). The volume of corporate and NFI loans continued to shrink in current terms in the face of weakening economic activity and higher interest rates and was already 7.8% lower yearon-year, the sharpest decline since November 2016. The year-on-year growth in household loans (3.6%) increased slightly in November as consumer and other loans (overdrafts) increased. In addition to the lowering of threshold for creditworthiness9 at the beginning of the second half of last year, we believe that this was also due to a certain extent to the recovery in consumption suggested by the indicators for the last quarter of 2023. Growth in housing loans, which was only 0.7% year-onyear in November, continues to gradually slow. Year-onyear growth in domestic non-banking sector deposits fell below 4% in November. Their maturity structure is improving gradually. Overnight deposits, which still account for about 80% of all deposits (almost 85% at the end of 2022) therefore fell by 1.7% year-on-year, while term deposits increased by just over one-third amid higher deposit interest rates. The quality of banks’ assets remains solid and the share of non-performing loans is still at 1%. 9 I.e. the minimum amount that borrowers must be left with after the loan obligations have been settled, whereby the banks can also take certain additional benefits (e.g. child benefit) into account. Figure 27: Bond, Q4 2023 Austria Portugal Ireland Slovenia Italy Spain Germany 8 7 5 4 3 2 1 0 Source: Bloomberg. Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Dec 23 -1 Jan 13 Yields to maturity in % 6 Yields to maturity of euro area government bonds decreased in the last quarter of 2023. After yields were still rising in October, they began to fall as inflation eased and the ECB was expected to discontinue its interest rate hikes. The fall was most noticeable in December, when the yield on Slovenian bonds fell below 3% for the first time since September 2022. In the last quarter of last year, it fell by 4 basis points compared to the previous quarter, to 3.41%. A similar quarter-on-quarter increase was seen in the spread to the German bond, which reached 89 basis points, a good quarter less than in the same period a year earlier. Current Economic Trends Slovenian Economic Mirror, No 1/2024 21 Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth,% Domestic bank loans to non-banking sector and household savings 30. XI 22 31. XII 22 30. XI 23 30. XI 23/31.X 23 30. XI 23/30. XI 22 Loans total 26,527.6 26,175.3 25,870.2 -0.1 -2.5 12,716.7 12,412.1 11,728.4 -0.8 -7.8 Government 1,386.2 1,324.0 1,275.1 -0.2 -8.0 Households 12,424.7 12,439.2 12,866.6 0.5 3.6 Consumer credits 2,617.6 2,616.8 2,899.6 1.3 10.8 Lending for house purchase 8,202.5 8,215.4 8,261.1 0.2 0.7 Other lending 1,604.7 1,606.9 1,705.9 0.8 6.3 25,714.5 26,332.9 26,751.4 -0.1 4.0 22,888.5 23,421.5 22,618.7 -1.1 -1.2 2,826.1 2,911.4 4,132.8 5.7 46.2 798.1 741.2 607.7 -2.9 -23.9 9,498.4 9,774.7 10,287.4 1.8 8.3 Enterprises and NFI 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. 22 Current Economic Trends Slovenian Economic Mirror, No1/2024 Balance of payments Trade in goods Primary income Current account 5000 Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -5000 Nov 23 -4000 Jan 13 12-month cumulatives, in EUR million Figure 28: Current account of the balance of payments, November 2023 Source: BoS; calculations by IMAD. The current account of the balance of payments in the first 11 months of 2023 recorded a surplus of EUR 2.6 billion, compared to a deficit of EUR 239.9 million in the same period of 2022. The main reason for the significant year-on-year change in the current account balance is the goods trade balance, which, with imports falling more sharply than exports, once again showed a surplus. The growth of the services surplus continued, especially in trade in transport services. The decline in imports of transport services was much larger than the decline in exports, which is related to the development of trade in goods, where the decline was also larger for imports, and to the lower activity in manufacturing in 2023. Growth in the services surplus was also driven by trade in construction services and other knowledgebased services (telecommunications, computer and information services, financial services, and research and development services). The primary income deficit was lower year-on-year, mainly due to lower net outflows from equity income (dividends and profits) and higher net interest receipts from abroad. The higher secondary income deficit stemmed mainly from higher pension transfers to foreign countries. The 12-month balance of the current account of the balance of payments showed a surplus of EUR 2.3 billion in November (3.7% of estimated GDP). Table 6: Balance of payments I-XI 2023, in EUR million Inflows Outflows Balance Current account 52,491.7 49,852.4 2,639.3 Balance, I-XI 2022 -239.9 Goods 38,255.9 37,664.6 591.2 -1,820.2 Services 10,736.3 7,281.6 3,454.6 3,203.6 Primary income 2,283.4 3,048.4 -764.9 -1,024.3 Secondary income 1,216.1 1,857.8 -641.6 -599.1 Capital account 3,853.3 3,931.5 -78.2 -59.1 Financial account 6,110.9 8,968.6 2,857.7 -890.7 Direct investment 1,208.5 815.4 -393.1 -961.2 Portfolio investment 2,161.5 1,613.1 -548.4 -448.5 Other investment 2,822.1 6,599.6 3,777.6 496.3 296.6 -591.6 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 1/2024 23 Public finance Figure 29: Revenue of the consolidated general government budgetary accounts, November 2023 18 Tax revenues Non-tax revenues Other Social security contributions Receipts from the EU budget TOTAL REVENUE (growth in %) Contribution to growth, in p.p. 15 12 9.9 9 6.1 6 3 0 I-XI 2023 Source: MF; calculations by IMAD. I-XI 2022 2022 2021 2020 2019 2018 2017 2016 2015 2014 -6 2013 -3 Figure 30: Expenditure of the consolidated general government budgetary accounts, November 2023 15 12 7.4 9 2.1 6 3 0 -3 In addition, the growth of excise duties on energy products is also influenced by the deferred payment in 2022 and payment of overdue instalments in 2023. 11 On 28 December 2023, Slovenia received EUR 536 million based on the second payment request under the Recovery and Resilience Facility, consisting of the second and third instalments for grants and the first instalment for loans. 12 The agreement regulating measures relating to salaries and other labour costs in the public sector for 2022 and 2023 (October 2022) resulted in a 4.5% increase in the value of salary grades as of 1 October 2022 and higher meal allowance. As of 1 April 2023, wages increased by one salary grade. 13 The largest increases were in investment transfers to municipalities (EUR 218 million) and in intervention costs for municipalities (EUR 71 million), which had not yet spent the majority of the funds earmarked for this purpose and had a high surplus in the first 11 months, and in social security transfers (EUR 42 million). I-XI 2023 2022 2021 2020 I-XI 2022 Source: MF; calculations by IMAD. 2019 2018 2017 2016 2015 10 2014 -6 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 %) At EUR 1,081.3 million, the consolidated general government deficit in the first 11 months of 2023 was EUR 332.5 million higher than in the same period of 2022. Revenues in the first 11 months of 2023 were 6.1% higher year-on-year. The strongest revenue growth was seen in excise duties, due to an increase in excise duties on energy products and tobacco,10 and in social contributions, boosted by higher wage growth, and in personal income tax. Certain capital and transfer revenues were also higher. Revenue from corporate income tax declined markedly due to the lower last balancing payment of tax. Against the backdrop of weakening economic activity, overall tax revenue growth was also dampened by a slowdown in VAT revenue growth, which was also affected by the reduction in the VAT rate on energy products until September last year. Revenues from the EU budget declined year-on-year but were higher in 2023 as a whole due to the inflow of funds in December based on the second payment request under the Recovery and Resilience Facility (RRF).11 Expenditure in the first 11 months of 2023 was 7.4% higher year-onyear. This was mainly due to growth in wages and other remunerations, which were influenced by the agreement on wage increases in the public sector,12 and other current transfers (subsidies for companies to mitigate the consequences of rising energy prices and flood recovery and transfers to the social insurance funds). Growth in capital expenditure remained high (13.9%). By the end of November 2023, EUR 453 million13 had been disbursed from the state budget to rectify the consequences of floods and landslides and EUR 480 million to mitigate rising energy costs. 24 Current Economic Trends Slovenian Economic Mirror, No1/2024 Figure 31: EU budget receipts, November 2023 Slovenia’s net budgetary position against the EU budget was positive in the first 11 months of 2023 (at EUR 160.8 million). In this period, Slovenia received EUR 761.3 million from the EU budget (52.3% of receipts envisaged in the revised state budget for 2023) and paid EUR 600.5 million into it (82.2% of planned payments). The bulk of receipts (39.1% of all reimbursements to the state budget, 79.2% of the planned reimbursements in 2023) were resources from structural funds14 and appropriations for the implementation of the Common Agricultural and Fisheries Policies (32.7% of all reimbursements to the state budget, 74.1% of the planned reimbursements in 2023). Reimbursements from the Cohesion Fund amounted to 18.8% of all reimbursements (54.4% of the planned reimbursements in 2023). The highest payments into the EU budget came from GNI-based payments (55.4% of all payments). Total receipts (January–November 2022) Expected reimbursements in the revised budget 2023 Total receipts (January–November 2023) 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 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 November 2023), payments from the state budget totalled EUR 3.32 billion (EU share), which corresponds to 99.5% of the available funds, while payments into the state budget amounted to EUR 3.19 billion (EU share), which corresponds to 96% of the available funds. 14 The European Regional Development Fund (ERDF) and the European Social Fund (ESF). Table 7: Consolidated general government revenue and expenditure on a cash basis I-XI 2022 Category REVENUES TOTAL Tax revenues1 I-XI 2023 Y-o-y growth, EUR m in % 21,201.5 11,086.6 9.9 22,495.0 12.5 11,603.1 Personal income tax 2,638.1 3.3 2,860.3 Corporate income tax 1,445.6 40.8 1,281.7 254.2 6.6 270.0 Value added tax 4,350.7 14.1 4,684.8 Excise duties Taxes on immovable property I-XI 2022 Y-o-y growth, EUR m in % 1,367.1 1.3 1,532.0 Social security contributions 7,662.0 6.9 8,354.2 Non-tax revenues 1,280.7 5.8 1,251.6 Category 6.1 EXPENDITURE TOTAL I-XI 2023 Y-o-y growth, EUR m in % 21,950.3 Salaries. wages and other 4.7 personnel expenditures2 4,961.3 8.4 Expenditure on goods and services EUR m Y-o-y growth, in % 2.1 23,576.2 7.4 -6.4 5,529.1 11.4 3,082.2 9.3 3,356.3 8.9 648.5 -9.8 693.5 6.9 483.6 70.0 383.7 -20.7 8,512.9 0.8 8,804.8 3.4 1,679.9 -11.3 2,012.8 19.8 1,927.7 31.5 2,195.5 13.9 -2.3 Payments to the EU budget 654.4 17.3 600.5 -8.2 -748.8 -1,081.3 -151.1 -542.5 -11.3 Interest payments 6.2 Reserves 7.7 Transfers to individuals and households 12.1 Other current transfers 9.0 Investment expenditure Receipts from the EU budget 816.5 5.4 773.8 GENERAL GOVERNMENT -5.2 BALANCE Other 355.7 27.4 512.2 44.0 PRIMARY BALANCE 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. selected topic Selected Topic Slovenian Economic Mirror, No 1/2024 Figure 32: Life satisfaction, Slovenia and EU average EU average Slovenia 95 90 85 80 75 70 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Covid period 2021 2022 2023 Share of (very) satisfied people in % 100 Satisfaction with personal job situation Satisfaction with the financial situation of the household 80 75 70 65 60 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 40 2023 45 2022 50 2021 Covid period 55 2010 Life satisfaction15 in Slovenia remained at its highest level in October and November 202316 (93%) and well above the EU average (Figure 32).17 Compared to the survey conducted in mid-2023 (May–June 2023), life satisfaction in Slovenia remained unchanged, while it fell by 1 p.p. on average in the EU (to 84%). Overall life satisfaction did not fall significantly during the epidemic and then remained at a consistently high level amid increasing (geopolitical) uncertainty and high inflation. We estimate that this was due to the government measures to support the financial situation of the population and of companies, which had an impact in terms of maintaining high employment. There were also changes in people’s expectations and priorities: they were less concerned about rising prices and energy supply, more satisfied with the financial situation of their households, and more concerned about the geopolitical situation. Figure 33: Satisfaction with the personal job situation and the financial situation of the household, Slovenia 2009 Life satisfaction, October–November 2023 Share of (very) satisfied people in % 26 Source: Eurobarometer, 2023. Note: Last survey in the year. Expectations for the next 12 months in the autumn 2023 survey compared to the mid-2023 survey show that the share of those expecting their job situation to deteriorate increased by 1 p.p., while the share of those expecting their financial situation to improve remained unchanged in Slovenia and on average in the EU. In Slovenia, the proportion of people who are satisfied with the economic situation at the national level is higher than the EU average but has fallen significantly in the last year (Figure 34). In Slovenia and on average in the EU, the optimistic expectation that the situation in the country will improve in the next 12 months has fallen in the last six months in five measurement areas (employment situation in the country, situation in the country in general, economic situation in the country, economic situation in the EU and personal job situation), while expectations for the next 12 months regarding the financial situation of the household have remained Source: Eurobarometer, 2023. Note: Last survey in the year. 60 50 40 30 Source: Eurobarometer, 2023. Note: Last survey in the year. 2023 2022 2019 2018 2017 2016 2015 2014 2013 2012 0 2021 10 2020 Covid period 20 2011 17 Slovenia 70 2010 16 The Eurobarometer measures life satisfaction with the following question: “All things considered, how satisfied would you say you are with your life these days?” The respondents can choose between very satisfied, satisfied, dissatisfied and very dissatisfied. For the purposes of our analysis, the category of satisfied people includes very satisfied and satisfied people. Surveys for Slovenia have been conducted since 2004, when Slovenia joined the EU. SEB100; Standard Eurobarometer, October–November 2023. This is a continuation of the trend of high perceived life satisfaction in Slovenia in 2022, which was also confirmed by the latest Slovenian public opinion poll (7.7 on average) (CJMMK, 2022) and the EU-SILC survey (7.6 on average) (SURS, 2023) (both using a ten-point Likert scale). EU average 80 2009 15 Figure 34: Satisfaction with the economic situation in the country, Slovenia and the EU average Share of (very) satisfied people in % Satisfaction with the financial situation of the household and personal job satisfaction in Slovenia were at an all-time high (Figure 33). Compared to the mid-2023 survey, satisfaction with the personal job situation increased by 4 p.p., and satisfaction with the financial situation of the household by 1 p.p. On average in the EU, both indicators increased by 1 p.p. Selected Topic Slovenian Economic Mirror, No 1/2024 Figure 35: Slovenian respondents’ main concerns at the personal level (in %) October – November 2023 January – February 2023 Figure 36: Slovenian respondents’ main concerns at the national level (in %) October – November 2023 January – February 2023 May – June 2023 June – July 2022 May – June 2023 June – July 2022 Inflation and cost of living Inflation and cost of living Health and social security Immigration Living conditions Health Pensions The economic situation Working conditions The environment and climate change Financial situation of the household Housing The education system Pensions The environment and climate change Energy supply Nothing Taxation The economic situation in the country Government debt 0 10 20 30 40 Source: Eurobarometer, 2023. Note: Four most recent surveys. 10 most often cited categories. 50 60 unchanged. Expectations of general life satisfaction have also remained unchanged in the EU on average, while they have increased by 1 p.p. in Slovenia. The shares of those citing problems of rising prices and energy supply decreased significantly in 2023 at all three levels: personal, national and EU (Figure 37). The share of respondents citing inflation as a main concern at the personal level fell compared to the previous survey (May–June 2023). In our estimation, this was positively influenced by the fact that most of the available economic indicators for Slovenia improved at the beginning of the fourth quarter18 and that year-onyear consumer price inflation moderated significantly at the time of the survey compared to the previous survey (Figures 35 and 36). Nevertheless, rising prices are still cited as the main concerns at the personal and national levels. Among the problems at the EU level, Slovenian respondents most often cited the war in Ukraine, with the shares of those citing migration and terrorism rising significantly compared to the previous survey. 18 27 For more, see Slovenian Economic Mirror 8/2023. 0 10 20 30 40 Source: Eurobarometer, 2023. Note: Four most recent surveys. 10 most often cited categories. 50 60 Figure 37: Slovenian respondents’ main concerns at the EU level (in %) October – November 2023 January – February 2023 May – June 2023 June – July 2022 Ukraine war Immigration The international situation Inflation and cost of living Environment and climate crisis Terrorism The economic situation in the EU Energy supply The EU's influence in the world Crime 0 10 20 30 Source: Eurobarometer, 2023. Note: Four most recent surveys. 10 most often cited categories. 40 50 statistical appendix Statistical Appendix Slovenian Economic Mirror, No 1/2024 Main indicators GDP (real growth rates, in %) 2017 2018 2019 2020 2021 2023 2022 2024 29 2025 Autumn Forecast 2023 4.8 4.5 3.5 -4.2 8.2 2.5 1.6 2.8 2.5 GDP in EUR million (current prices) 43,011 45,876 48,582 47,045 52,279 57,038 62,970 67,318 71,105 GDP per capita in EUR (current prices) 20,820 22,142 23,256 22,373 24,803 27,040 29,672 31,588 33,254 GDP per capita (PPS) 25,100 26,500 27,800 26,800 29,200 32,500 GDP per capita (PPS EU27=100)1 86 87 89 89 90 92 Rate of registered unemployment 9.5 8.2 7.7 8.7 7.6 5.8 5.0 4.7 4.5 Standardised rate of unemployment (ILO) 6.6 5.1 4.5 5.0 4.7 4.0 3.6 3.5 3.4 Labour productivity (GDP per employee) 1.8 1.3 1.1 -3.6 6.8 -0.4 0.4 1.9 1.7 Inflation2, year average 1.4 1.7 1.6 -0.1 1.9 8.8 7.6 3.9 2.7 Inflation2, end of the year 1.7 1.4 1.8 -1.1 4.9 10.3 5.4 3.1 2.3 11.1 6.2 4.5 -8.5 14.5 7.2 0.1 3.3 3.8 Exports of goods 11.0 5.7 4.5 -5.5 13.4 2.9 -1.0 2.4 3.2 Exports of services 11.2 7.7 4.6 -19.7 19.1 24.9 4.2 6.1 5.6 10.7 7.1 4.7 -9.1 17.8 9.0 -3.9 5.3 3.9 Imports of goods 10.7 7.4 5.0 -8.6 17.2 7.7 -5.1 5.2 3.6 Imports of services 10.5 5.4 3.0 -12.0 20.7 15.9 3.1 5.8 5.2 2,674 2,695 2,844 3,398 1,732 -578 2,779 1,898 2,011 6.2 5.9 5.9 7.2 3.3 -1.0 4.4 2.8 2.8 43,231 42,137 44,491 48,049 50,923 51,825 100.5 91.8 91.6 102.1 97.4 90.9 1.129 1.181 1.120 1.141 1.184 1.054 1.090 1.096 1.096 1.9 3.5 5.5 -6.5 10.3 3.6 0.9 2.3 1.8 52.5 52.0 52.5 50.4 51.7 54.0 53.1 52.8 52.3 0.4 2.9 1.8 4.2 6.1 -0.5 1.4 1.9 2.2 18.5 18.2 18.3 20.6 20.7 19.5 19.3 19.1 19.3 10.2 10.2 5.0 -7.2 12.6 3.5 4.5 5.5 4.3 18.3 19.3 19.6 18.9 20.2 21.6 21.5 22.0 22.3 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 (Autumn forecast, September 2023). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 30 Statistical Appendix Production Slovenian Economic Mirror, No 1/2024 2020 2021 2022 2021 2022 2023 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6.2 7.9 6.4 2.8 1.7 -5.7 -3.5 -4.2 -8.3 8.3 15.9 15.5 0.3 4.2 0.2 3.8 10.8 38.5 13.5 25.4 -26.1 -30.2 -31.3 -3.8 -0.7 58.5 60.7 32.1 30.3 32.3 12.6 5.8 12.4 3.5 6.3 3.3 6.6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -5.2 10.2 B Mining and quarrying -2.1 -6.6 -5.0 11.8 3.9 8.1 8.4 7.3 -8.0 9.4 16.0 -9.1 -5.3 -26.4 -9.3 0.8 -4.9 -29.3 -30.0 -40.1 -39.3 -32.4 -27.6 -2.5 7.7 37.0 -33.3 -18.9 -34.9 -26.8 C Manufacturing D Electricity, gas & steam supply 1 1.2 10.2 -30.7 4.6 -1.8 -0.5 -3.3 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.7 -0.5 22.2 1.1 -11.0 20.0 17.7 14.7 35.7 24.2 23.1 22.3 -13.7 -9.7 15.2 31.5 14.7 10.8 22.6 Buildings -0.6 14.4 63.4 17.5 -16.1 34.6 53.8 58.5 109.5 21.6 1.6 -13.3 -17.3 -16.7 15.1 54.4 34.7 57.7 55.3 Civil engineering 2.7 5.9 13.4 8.0 -2.4 16.1 11.6 4.0 22.5 24.6 19.3 26.3 -8.6 0.7 23.9 16.6 10.5 12.7 22.3 -11.0 12.8 11.3 13.8 18.7 19.9 19.3 5.2 3.8 6.3 -1.0 -0.1 17.9 20.9 25.7 15.3 19.3 21.4 20.5 Transportation and storage -8.0 14.3 7.2 12.5 12.5 11.6 11.9 7.1 -0.7 -1.9 -6.8 -8.4 13.3 12.0 18.2 9.6 8.5 10.5 14.0 Information and communication activities -0.2 7.6 7.6 6.6 9.9 6.0 15.6 9.0 1.4 10.1 -4.1 0.5 9.6 11.3 9.4 -1.0 9.5 14.0 10.9 Professional, scientific and technical activities -3.0 10.6 8.9 3.4 9.1 9.2 10.7 9.7 6.4 7.1 1.9 4.1 11.0 8.9 14.3 7.7 6.6 8.5 14.2 Administrative and support service activities -24.1 13.1 7.7 23.7 22.3 17.2 16.7 -2.1 2.9 7.0 8.2 6.7 13.5 26.3 18.9 12.4 20.0 20.5 20.7 -7.4 11.6 10.2 5.3 19.7 14.3 12.6 13.1 2.2 0.6 -6.0 -9.7 23.7 24.5 21.8 12.7 10.3 12.3 15.1 -8.9 18.9 19.9 13.8 40.5 26.9 25.8 25.7 5.2 -0.1 -13.0 -18.5 42.5 46.2 32.7 21.1 27.3 28.0 26.2 -13.9 8.1 -4.8 -8.2 9.3 -8.4 -7.1 -2.7 -0.4 14.0 13.6 13.4 17.3 22.6 1.0 -6.1 -16.1 -9.5 -3.1 -3.6 7.5 7.8 4.0 8.9 13.9 10.2 7.8 0.4 -3.1 -6.4 -8.2 13.7 9.5 21.4 13.4 8.7 13.9 -41.7 22.2 38.5 4.2 -10.7 15.2 -1.6 2.6 745.3 995.0 804.7 685.0 599.8 730.4 257.8 Domestic tourists, overnight stays 32.8 10.4 -14.7 -15.0 263.8 690.2 -9.5 -39.5 -8.4 909.9 1289.3 664.9 761.4 643.1 466.0 122.4 Foreign tourists, overnight stays -70.5 42.9 110.1 81.8 332.9 78.8 394.5 61.2 71.6 44.5 27.4 6.2 516.4 616.7 997.0 596.6 555.2 1172.0 539.8 -37.1 20.8 19.5 153.2 208.2 103.4 19.5 28.0 32.0 15.0 16.6 214.4 256.6 220.2 190.1 215.4 183.6 107.8 MARKET SERVICES, year-on-year real growth rates, % Services, total 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 9.0 TOURISM, y-o-y growth rates, % Total, overnight stays Accommodation and food service activities 56.8 14.9 283.2 679.7 180.0 78.8 -50.3 -49.1 AGRICULTURE Purchase of agricultural products, in EUR m 535.5 601.4 773.6 154.1 192.6 144.0 176.5 221.0 232.1 178.8 179.5 189.7 59.8 60.1 46.1 43.9 53.9 54.8 61.1 BUSSINES TENDENCY (indicator values*) Sentiment indicator -11.8 2.4 0.6 6.1 3.4 4.2 2.4 -2.0 -2.3 -1.4 -3.5 -5.8 3.0 4.4 5.3 6.5 1.0 4.2 2.5 in manufacturing -9 8 0 10 6 7 2 -3 -6 -5 -10 -11 5 9 9 10 3 4 1 in construction -5 18 21 21 24 26 22 16 21 17 13 12 21 26 27 26 26 22 25 -10 8 17 14 15 15 18 17 18 19 17 13 16 12 15 16 14 19 19 1 5 20 14 6 16 26 21 17 14 16 12 6 13 15 16 18 28 27 -26 -22 -33 -20 0 -26 -31 -39 -36 -34 -31 -33 -27 -24 -24 -21 -33 -28 -31 Confidence indicator in services in retail trade 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 1/2024 2022 Production 31 2023 6 7 8 9 10 11 12 1 2 3 4 5 6 7 Industry B+C+D 4.3 0.7 3.7 1.1 -4.0 -2.8 -10.5 B Mining and quarrying 1.6 7.5 40.1 7.2 2.8 7.4 8 9 10 11 12 -6.8 0.1 -3.3 -8.3 -2.2 -2.4 -7.1 -13.0 -5.5 0.0 -0.8 32.9 -18.5 -21.7 -38.1 -25.7 -31.4 -32.6 -37.7 -27.9 -28.7 0.1 -11.0 -0.6 17.0 14.4 -6.3 -12.7 -5.6 -0.6 -0.4 -25.8 -21.3 -34.7 -33.6 -50.0 -38.7 -33.0 -46.0 -27.0 -37.9 -27.8 -37.1 -31.8 -34.3 -24.7 -23.0 -8.6 -23.5 INDUSTRIAL PRODUCTION, y-o-y growth rates, % C Manufacturing D Electricity, gas & steam supply 1 4.1 0.9 1.0 -7.7 -1.1 1.5 -1.6 -7.6 -1.1 -1.6 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 19.6 17.3 16.5 10.9 45.7 25.0 16.9 29.9 23.3 22.8 23.2 18.4 28.5 7.3 11.6 Buildings 48.4 37.0 95.9 51.8 106.9 119.7 101.4 57.4 8.9 8.3 -5.6 -3.3 14.3 -6.7 -10.3 -21.5 -25.2 -26.0 1.9 10.4 12.3 -7.2 18.9 16.0 38.5 16.0 33.5 24.3 24.1 12.8 21.8 14.6 21.8 41.3 10.3 14.3 16.5 4.2 6.7 4.9 3.9 4.8 2.7 6.7 5.7 6.3 -0.8 1.4 -3.5 0.7 -0.5 -0.4 1.4 Transportation and storage 11.2 3.7 10.5 7.2 2.1 -2.4 -1.7 0.5 -3.6 -2.4 -9.5 -1.6 -9.3 -7.0 -9.3 -8.8 -4.3 Information and communication activities 21.5 6.9 12.0 8.3 6.7 3.2 -4.3 9.3 10.8 10.2 -3.4 -0.9 -7.4 3.6 -0.7 -1.2 1.4 Professional, scientific and technical activities 9.5 7.9 15.4 6.9 7.0 6.0 6.3 3.0 7.6 9.9 3.1 -0.7 3.4 2.4 7.1 3.0 5.6 Administrative and support service activities 10.1 -4.2 -4.5 2.2 -1.5 9.1 1.7 4.3 9.3 7.5 6.2 10.3 8.0 6.6 8.3 5.5 4.8 10.6 9.7 17.1 12.7 3.8 3.0 -0.1 9.8 -1.8 -4.7 -6.0 -5.9 -6.1 -7.4 -12.0 -9.7 -4.5 Real turnover in retail trade 23.5 21.6 31.9 23.9 6.8 7.0 2.1 18.6 -3.1 -12.3 -10.3 -13.0 -15.3 -16.5 -21.4 -17.4 -15.0 -10.6 Real turnover in the sale and maintenance of motor vehicles -9.0 -5.4 -1.6 -1.0 -1.2 -1.7 1.8 14.5 10.4 16.5 14.7 10.2 16.2 16.8 10.8 12.4 18.0 8.1 4.9 10.4 8.3 2.7 1.3 -2.8 1.1 -4.6 -5.2 -8.9 -5.3 -5.2 -6.1 -8.8 -9.5 -1.9 94.9 17.1 1.9 -9.5 -15.1 -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 -9.4 -14.9 5.3 1.1 -0.7 4.8 Civil engineering 38.7 26.2 19.4 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 19.3 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays Foreign tourists, overnight stays 26.4 -45.7 -51.7 -54.5 -55.6 -43.1 -45.3 7.4 -10.6 -20.3 -21.7 -34.4 -50.2 244.9 91.2 52.3 38.8 61.3 65.4 96.9 67.9 48.4 20.9 38.6 37.0 16.1 15.2 -2.8 8.9 5.3 67.5 24.4 19.3 14.4 18.8 31.7 35.5 44.1 31.5 23.1 22.6 17.8 7.4 17.7 10.1 23.5 15.7 60.6 81.0 62.3 77.7 90.8 72.2 69.2 60.0 55.4 63.4 56.1 62.8 60.7 64.8 58.8 66.1 78.4 0.6 -1.0 -0.2 -4.8 -5.4 -1.8 0.3 -1.2 -1.3 -1.7 -2.7 -3.0 -4.8 -6.4 -5.9 -5.2 -5.4 -4.7 -3.4 0 -1 -1 -7 -9 -6 -4 -4 -5 -6 -9 -9 -10 -11 -10 -10 -10 -8 -7 in construction 19 16 18 14 19 22 23 19 18 14 16 13 12 13 9 14 10 13 17 in services 18 17 20 16 14 20 19 18 19 20 18 18 15 13 12 13 14 14 14 in retail trade 23 26 22 15 9 18 23 19 17 7 18 13 17 1 19 15 13 4 15 consumer confidence indicator -33 -39 -39 -40 -38 -37 -31 -35 -34 -33 -30 -30 -34 -33 -34 -33 -33 -32 -31 Accommodation and food service activities AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator in manufacturing 32 Statistical Appendix Slovenian Economic Mirror, No 1/2024 2021 2022 2023 2021 2022 Labour market 2020 2021 2022 FORMAL LABOUR FORCE (A=B+E) 973.9 974.6 978.7 972.2 980.0 976.9 976.2 976.5 985.2 982.0 981.5 979.6 982.7 977.3 977.4 975.9 976.4 975.9 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 888.9 900.3 922.0 903.5 914.0 912.5 920.2 923.0 932.3 929.0 934.2 932.7 916.8 909.5 912.6 915.4 918.3 920.1 In agriculture, forestry, fishing In industry, construction 26.4 25.7 24.9 Q3 25.7 Q4 25.6 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 Q3 24.3 12 25.5 1 24.9 2 24.9 3 24.8 4 24.8 5 24.9 288.5 294.1 304.7 295.4 299.6 300.1 303.6 305.9 309.5 307.4 309.0 307.9 301.7 298.3 300.3 301.6 303.0 303.3 - in manufacturing 202.8 205.6 210.8 205.9 208.4 209.1 210.5 210.6 212.9 211.8 212.0 210.7 209.5 208.3 209.2 209.8 210.3 210.4 - in construction 64.9 In services 67.8 73.0 68.7 70.2 70.2 72.2 74.2 75.5 74.5 75.7 75.9 71.3 69.3 70.4 71.0 71.8 72.1 574.0 580.4 592.4 582.3 588.8 587.6 591.8 592.2 597.9 597.4 600.8 600.4 589.5 586.3 587.4 589.0 590.5 591.8 - in public administration - in education, health-services and social work 49.3 49.6 49.5 49.6 49.8 49.4 49.5 49.5 49.6 49.1 49.2 49.1 49.7 49.3 49.4 49.5 49.5 49.6 141.5 146.1 149.7 145.5 148.4 148.9 149.7 148.8 151.6 152.1 153.0 152.1 148.8 148.4 148.9 149.3 149.4 149.7 FORMALLY EMPLOYED (C) 794.6 804.4 824.1 807.3 817.0 815.8 822.8 824.8 833.1 830.0 834.2 831.9 819.7 813.1 816.0 818.4 821.1 822.6 In enterprises and organisations 744.8 756.2 775.8 758.3 768.3 768.3 774.4 776.0 784.4 782.3 785.9 783.9 771.4 765.9 768.5 770.6 773.0 774.3 1 By those self-employed 49.8 48.2 48.3 49.0 48.7 47.5 48.4 48.8 48.7 47.7 48.0 48.3 47.2 47.5 47.8 48.2 48.4 SELF-EMPLOYED AND FARMERS (D) 94.3 95.8 97.9 96.2 97.0 96.7 97.4 98.2 99.1 99.0 100.0 100.8 97.0 96.4 96.6 96.9 97.2 97.4 REGISTERED UNEMPLOYMENT (E) 85.0 74.3 56.7 68.7 66.0 64.4 55.9 53.4 52.9 53.0 47.3 46.9 66.0 67.8 64.8 60.5 58.1 55.9 Female 42.6 37.9 28.6 35.4 33.5 32.1 28.3 27.4 26.6 26.2 23.7 23.8 33.0 33.5 32.3 30.5 29.4 28.2 By age: 15 to 29 17.2 14.2 10.5 12.0 12.8 11.9 10.0 9.5 10.6 10.0 8.5 8.4 12.7 12.7 11.9 11.0 10.5 9.9 Aged over 50 31.0 28.2 22.3 27.1 25.5 25.2 22.4 21.2 20.4 20.6 18.9 18.5 25.4 26.3 25.3 24.0 23.1 22.4 Primary education or less 26.4 23.5 18.0 21.6 21.1 20.9 17.7 16.7 16.8 17.4 15.4 15.0 21.5 22.3 21.1 19.3 18.4 17.6 For more than 1 year 38.0 40.5 30.1 40.2 38.3 35.5 31.0 27.9 25.9 24.4 22.6 21.7 37.2 37.0 35.7 33.9 32.4 31.0 Those receiving benefits 25.9 18.9 15.1 16.7 16.3 17.8 14.3 14.5 14.0 15.9 13.1 13.8 17.2 19.6 17.5 16.2 14.7 14.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.7 7.6 5.8 7.1 6.7 6.6 5.7 5.5 5.3 5.4 4.8 4.8 6.7 6.9 6.6 6.2 5.9 5.7 Male 8.0 6.9 5.2 6.3 6.1 6.0 5.2 4.9 4.9 5.0 4.4 4.3 6.1 6.4 6.1 5.6 5.4 5.2 Female 9.6 8.5 6.5 8.0 7.5 7.2 6.4 6.2 6.0 5.9 5.3 5.4 7.4 7.6 7.3 6.9 6.6 6.4 FLOWS OF FORMAL LABOUR FORCE 1.0 -1.8 -1.1 -1.7 -0.1 -1.8 -2.2 -0.6 0.4 -1.0 -1.4 -0.1 0.6 1.9 -3.1 -4.2 -2.5 -2.2 New unemployed first-job seekers 0.8 0.6 0.6 0.4 1.2 0.4 0.4 0.5 1.2 0.5 0.3 0.4 0.4 0.4 0.3 0.4 0.4 0.4 Redundancies 7.4 4.5 4.2 4.1 4.6 5.1 3.4 3.9 4.2 4.9 3.4 3.9 5.4 8.0 3.5 3.7 3.6 3.3 Registered unemployed who found employment 5.4 5.0 3.8 4.3 3.6 5.1 4.0 3.1 3.1 4.6 3.4 2.9 2.9 4.6 5.0 5.8 4.4 3.9 Other outflows from unemployment (net) 1.8 2.0 2.2 1.9 2.4 2.3 2.2 2.1 2.2 2.0 1.9 1.8 2.5 2.2 2.1 2.8 2.1 2.2 37.6 41.8 49.5 42.7 44.9 46.7 49.1 50.7 51.7 51.8 52.2 52.0 45.7 46.1 46.4 47.6 48.3 49.2 3.9 4.3 5.1 4.4 4.6 4.8 5.0 5.2 5.2 5.3 5.3 5.3 4.6 4.7 4.7 4.9 4.9 5.0 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.2 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 1/2024 2022 Labour market 6 7 8 9 2023 10 11 12 1 2 3 4 5 6 7 8 9 10 FORMAL LABOUR FORCE (A=B+E) 976.2 976.6 975.5 977.3 983.2 983.7 988.5 982.1 982.3 981.8 981.6 981.3 981.6 980.3 978.6 979.7 984.8 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 922.3 922.3 921.6 925.2 930.2 931.2 935.3 926.7 928.9 931.4 933.0 934.1 935.4 933.0 931.2 933.7 937.6 In agriculture, forestry, fishing In industry, construction 24.9 24.9 24.9 24.9 33 24.9 24.9 24.8 24.2 24.2 24.3 24.3 24.4 24.4 24.3 24.3 24.3 11 12 24.2 304.4 306.0 305.3 306.4 308.3 308.1 312.0 306.4 307.3 308.4 309.0 308.9 309.1 308.8 307.7 307.3 308.7 - in manufacturing 210.6 210.6 210.3 210.9 212.2 212.2 214.3 211.7 211.5 212.1 212.1 212.1 211.8 211.2 210.7 210.2 211.0 - in construction 72.8 In services 74.4 74.0 74.4 75.0 74.8 76.7 73.7 74.7 75.1 75.7 75.5 76.0 76.3 75.7 75.7 76.3 593.1 591.3 591.3 593.9 597.0 598.2 598.5 596.1 597.4 598.8 599.6 600.8 602.0 599.9 599.2 602.2 604.7 - in public administration - in education, health-services and social work 49.4 49.5 49.5 49.5 49.6 49.6 49.4 49.0 49.2 49.2 49.1 49.2 49.1 49.1 49.2 49.1 49.3 149.8 148.4 148.2 150.0 151.2 151.7 151.9 151.6 152.2 152.7 152.8 153.1 153.0 151.8 151.5 153.1 154.2 FORMALLY EMPLOYED (C) 824.6 824.3 823.4 826.7 831.3 831.9 836.1 828.0 829.9 832.0 833.2 834.1 835.2 832.5 830.5 832.6 836.1 In enterprises and organisations 775.9 775.5 774.6 777.9 782.3 783.1 787.9 780.6 782.3 784.0 785.1 785.8 786.8 784.4 782.6 784.7 788.0 1 By those self-employed 48.7 48.8 48.7 48.8 49.0 48.8 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 97.7 98.0 98.2 98.5 98.9 99.2 99.3 98.7 99.0 99.4 99.8 100.0 100.3 100.5 100.8 101.1 101.5 REGISTERED UNEMPLOYMENT (E) 53.9 54.3 53.9 52.0 53.0 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 Female 27.3 27.9 27.8 26.5 26.9 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 9.5 9.6 9.6 9.2 10.9 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 Aged over 50 21.7 21.6 21.3 20.8 20.4 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 Primary education or less 17.0 16.8 16.7 16.5 16.5 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 For more than 1 year 29.6 28.6 28.0 27.1 26.5 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 Those receiving benefits 13.9 14.6 14.8 14.2 13.0 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 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 5.5 5.6 5.5 5.3 5.3 5.3 5.4 5.6 5.4 5.1 5.0 4.8 4.7 4.8 4.8 4.7 4.8 Male 5.0 5.0 4.9 4.8 4.8 4.8 4.9 5.3 5.0 4.7 4.5 4.4 4.3 4.3 4.3 4.3 4.4 Female 6.2 6.3 6.3 6.0 6.0 6.0 5.9 6.1 5.9 5.7 5.5 5.3 5.2 5.4 5.5 5.2 5.3 FLOWS OF FORMAL LABOUR FORCE -2.0 0.5 -0.4 -1.9 0.9 -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 New unemployed first-job seekers 0.4 0.3 0.3 0.8 2.6 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 Redundancies 3.4 4.5 3.4 3.9 4.0 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 Registered unemployed who found employment 3.6 2.5 2.3 4.6 3.6 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 Other outflows from unemployment (net) 2.3 2.0 2.1 2.3 2.3 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 49.7 50.2 50.7 51.2 51.7 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 5.1 5.1 5.2 5.2 5.3 5.3 5.2 5.2 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 By age: 15 to 29 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.3 48.4 48.1 47.8 47.9 48.1 34 Statistical Appendix Wages Slovenian Economic Mirror, No 1/2024 in EUR 2022 Q3 23 Oct23 GROSS WAGE PER EMPLOYEE, nominal in € 2020 2021 2022 2021 Q3 2022 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 Q3 2 3 4 y-o-y growth rates, % TOTAL 2,024 2,200 2,211 5.8 6.1 2.8 5.4 2.9 -1.2 0.8 5.0 6.5 10.4 9.9 10.0 -1.0 -0.1 0.4 Private sector activities (A–N; R–S) 1,963 2,117 2,136 3.8 5.8 6.0 5.9 6.9 4.0 6.6 6.7 6.9 11.1 9.5 9.2 3.8 5.1 5.7 Public service activities (OPQ) 2,216 2,460 2,446 10.5 6.8 -5.1 4.2 -6.8 -12.5 -11.8 0.5 5.3 8.4 11.0 12.3 -11.3 -11.8 -11.0 Industry (B–E) 2,038 2,190 2,199 3.4 5.7 6.2 6.5 6.9 4.4 6.9 7.6 6.2 12.2 10.4 8.2 4.6 5.9 5.2 Trad. market services (GHI) 1,790 1,930 1,971 3.0 5.7 6.7 5.3 7.9 4.5 7.5 6.6 8.2 10.8 9.0 9.7 3.5 5.7 7.2 Other market services (J–N; R–S) 2,204 2,377 2,384 5.1 5.6 5.4 5.5 6.6 3.4 5.7 5.6 6.7 10.0 8.9 9.9 3.2 3.8 5.5 A Agriculture, forestry and fishing 1,694 1,850 1,907 4.6 3.8 9.6 4.9 7.4 6.8 10.1 10.0 11.5 13.0 11.2 8.9 6.4 8.4 8.8 B Mining and quarrying 2,512 2,671 2,769 5.1 2.3 4.1 6.1 9.1 0.4 3.4 5.7 6.1 12.3 22.9 4.0 2.1 4.4 -0.4 C Manufacturing 2,000 2,143 2,157 3.2 6.2 6.3 7.0 7.2 4.8 6.9 7.4 6.2 12.1 10.1 8.0 4.9 6.5 5.6 D Electricity, gas, steam and air conditioning supply 2,948 3,290 3,147 4.0 1.5 6.2 2.3 3.6 0.1 8.5 11.2 5.2 14.2 13.4 10.1 2.5 -1.9 -1.2 E Water supply sewerage, waste management and remediation activities 1,925 2,093 2,111 4.2 4.3 6.1 4.6 5.4 4.1 7.4 6.5 6.3 12.4 9.1 10.1 3.2 4.9 7.9 F Construction 1,593 1,746 1,761 5.5 7.1 7.0 7.5 7.9 6.8 7.1 6.5 7.9 10.9 9.3 9.7 6.7 7.7 5.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,878 2,004 2,057 4.2 5.4 6.3 5.2 7.1 4.8 7.7 5.7 7.2 10.2 8.5 9.5 3.6 6.3 8.6 H Transportation and storage 1,787 1,946 1,987 -0.1 5.0 8.7 4.6 9.6 7.0 8.6 8.9 10.2 11.2 9.7 10.1 5.5 8.4 7.5 I Accommodation and food service activities 1,449 1,622 1,615 -3.8 12.7 8.9 9.7 20.4 12.4 12.7 7.3 9.1 13.9 10.6 10.3 13.8 11.7 15.1 J Information and communication 2,742 2,916 2,912 4.5 4.7 5.6 5.6 5.4 4.9 6.0 5.9 5.6 7.3 8.0 7.3 4.0 3.5 4.8 K Financial and insurance activities 2,967 3,089 3,178 2.5 5.0 6.3 4.2 7.1 3.1 8.9 5.1 8.2 9.4 6.5 11.1 1.2 6.1 11.9 L Real estate activities 1,831 1,950 1,957 4.2 3.7 5.4 3.6 6.4 3.9 5.8 5.4 6.5 10.1 8.2 8.1 3.4 5.4 5.8 M Professional, scientific and technical activities 2,279 2,464 2,441 4.0 6.3 4.7 6.1 7.5 4.0 4.7 4.9 5.4 10.1 8.6 9.4 2.8 4.2 3.5 N Administrative and support service activities 1,437 1,598 1,590 4.7 5.9 7.8 6.6 8.2 5.8 8.1 8.6 9.0 12.8 11.2 11.6 7.8 7.2 7.8 O Public administration and defence, compulsory social security 2,431 2,707 2,638 7.4 6.9 -3.3 2.9 -1.3 -9.8 -10.6 1.9 6.9 8.4 11.8 12.5 -9.9 -5.9 -9.0 P Education 2,017 2,226 2,257 6.2 8.9 -5.1 8.2 1.5 -5.7 -10.7 -5.7 2.3 9.0 10.5 11.5 -3.2 -6.3 -5.9 Q Human health and social work activities 2,281 2,542 2,520 17.7 4.8 -6.3 1.2 -17.1 -20.0 -13.8 6.6 7.3 8.0 11.0 13.3 -18.9 -20.4 -16.8 R Arts, entertainment and recreation 1,989 2,163 2,180 0.0 9.4 2.2 7.3 10.5 3.0 2.4 0.5 3.7 10.8 10.2 10.3 6.9 0.8 4.8 S Other service activities 1,617 1,751 1,780 4.5 3.4 5.0 3.6 2.7 1.1 5.6 5.9 7.1 11.2 8.3 8.9 0.5 4.5 6.0 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 1/2024 Wages GROSS WAGE PER EMPLOYEE 2022 5 6 7 8 35 2023 9 10 11 12 1 2 3 4 5 6 7 8 9 10 y-o-y growth rates, % TOTAL -0.9 2.8 3.2 5.7 6.1 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 Private sector activities (A–N; R–S) 7.7 6.5 5.7 7.0 7.2 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 -18.3 -5.5 -3.0 2.0 3.0 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 Industry (B–E) 8.6 7.0 6.3 7.9 8.5 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 Trad. market services (GHI) 7.8 7.4 5.8 6.9 7.3 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 Other market services (J–N; R–S) 6.8 4.9 5.2 6.0 5.7 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 A Agriculture, forestry and fishing 10.1 11.5 7.4 9.5 13.1 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 B Mining and quarrying 1.2 9.5 3.3 8.1 5.9 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 C Manufacturing 8.1 7.0 6.6 8.1 7.5 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 20.6 7.0 2.9 4.2 27.6 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 E Water supply sewerage, waste management and remediation activities 7.1 7.3 5.2 7.9 6.5 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 F Construction 8.3 7.2 5.3 7.7 6.5 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 G Wholesale and retail trade, repair of motor vehicles and motorcycles 7.6 6.9 4.9 5.9 6.3 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 H Transportation and storage 9.2 9.3 7.9 9.3 9.5 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 I Accommodation and food service activities 14.5 10.3 6.8 7.2 7.8 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 J Information and communication 10.6 2.6 6.0 4.2 7.6 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 K Financial and insurance activities 5.1 9.8 6.0 7.0 2.4 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 L Real estate activities 5.4 6.2 5.2 5.2 5.7 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 M Professional, scientific and technical activities 6.0 4.5 4.6 5.2 4.9 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 N Administrative and support service activities Public service activities (OPQ) D Electricity, gas, steam and air conditioning supply 9.1 7.6 6.7 10.4 8.7 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 O Public administration and defence, compulsory social security -20.0 -1.3 0.6 2.8 2.3 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 P Education -16.3 -9.4 -13.2 -3.0 0.5 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 Q Human health and social work activities -18.7 -4.4 6.4 6.9 6.5 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 R Arts, entertainment and recreation 3.6 -0.7 0.1 0.0 1.4 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 S Other service activities 5.7 5.0 5.4 6.4 5.9 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 36 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 1/2024 2021 2022 2021 2022 2023 CPI, y-o-y growth rates, % 4.9 10.3 4.2 4.2 6.0 Food, non-alcoholic beverages 3.9 18.6 4.6 1.8 Alcoholic beverages, tobacco 2.4 6.0 9.4 Clothing and footwear 5.9 2.3 Housing, water, electricity, gas 8.6 Furnishing, household equipm. Q4 Q1 Q2 2023 Q1 Q2 2021 Q3 Q4 12 2022 Q3 Q4 1 2 8.5 10.7 10.1 9.9 8.2 6.6 5.3 4.9 5.8 6.9 3 5.4 4 6.9 5 8.1 5.9 10.8 13.8 18.3 18.9 14.4 10.2 6.0 3.9 4.6 6.3 6.9 9.2 10.8 1.8 2.8 5.0 6.4 6.2 9.2 9.2 8.9 9.3 2.4 2.4 3.0 3.1 4.6 5.1 1.3 3.3 4.4 2.0 2.9 2.3 3.8 6.4 6.6 1.9 5.9 2.1 5.6 5.5 1.4 2.6 13.3 2.7 7.9 8.4 13.5 22.0 14.6 13.0 9.2 5.3 5.2 8.6 10.7 13.2 1.3 6.2 10.4 5.7 12.9 3.9 4.7 8.0 10.7 12.2 12.5 11.8 9.1 6.4 4.6 5.7 7.6 8.0 8.5 9.2 10.5 Medical, pharmaceutical produ. -0.5 7.2 8.5 0.6 4.2 3.0 3.7 5.7 6.7 11.3 11.8 8.8 -0.5 4.1 4.1 4.4 3.2 2.7 Transport 12.5 9.3 -0.5 13.0 13.0 16.3 16.9 10.1 5.0 1.0 -1.0 1.1 12.5 12.5 12.5 14.1 15.1 16.7 Communications -3.6 1.2 0.1 -3.5 -4.2 -4.6 -3.8 -0.8 2.6 3.7 3.8 2.6 -3.6 -4.4 -3.6 -4.6 -2.7 -5.9 Recreation and culture 3.4 6.9 6.3 1.2 4.0 5.9 5.3 6.6 8.6 7.9 8.5 6.7 3.4 4.1 5.4 2.4 6.2 5.9 Education 0.5 1.4 8.7 0.6 0.4 0.3 0.5 1.3 2.1 4.6 5.3 8.7 0.5 0.5 0.4 0.4 0.3 0.3 Catering services 6.1 10.8 7.9 5.8 7.1 9.0 9.1 10.2 11.2 9.1 9.0 8.5 6.1 6.8 7.1 7.3 7.9 9.6 Miscellaneous goods & services -2.1 8.9 6.2 -0.4 0.9 2.6 4.1 6.7 7.1 7.5 7.4 6.5 -2.1 0.7 1.1 0.8 2.3 2.4 HICP 5.1 10.8 3.8 4.5 6.3 9.0 11.3 10.6 9.9 8.0 6.3 5.0 5.1 6.0 7.0 6.0 7.4 8.7 Core inflation (excluding fresh food and energy) 3.1 7.4 5.2 2.5 4.3 5.6 6.3 6.9 7.8 8.0 7.4 5.9 3.1 3.8 4.7 4.5 5.4 5.5 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 10.6 19.3 9.9 15.6 21.7 21.1 19.9 15.5 7.1 2.4 10.6 12.3 16.5 17.9 20.4 22.5 Domestic market 10.6 23.3 10.1 17.2 24.8 25.2 23.9 19.2 9.9 4.6 10.6 12.8 18.4 20.3 23.4 25.7 Non-domestic market 10.6 15.3 9.7 13.9 18.5 17.0 15.8 11.8 4.3 0.2 10.6 11.7 14.5 15.4 17.3 19.3 11.6 15.4 10.5 15.1 20.5 19.3 16.2 11.8 3.8 -0.7 11.6 12.5 16.1 16.7 18.8 21.6 8.5 15.1 8.0 11.4 14.6 12.6 15.0 11.4 4.6 1.9 8.5 10.0 11.4 12.9 14.5 14.7 25.9 11.9 24.5 27.5 29.5 24.9 14.6 6.4 -1.6 -4.4 25.9 26.4 26.7 29.3 29.2 30.2 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 -1.3 -1.8 -2.0 -2.3 -0.7 0.1 0.7 1.8 0.6 -2 -1.9 -1.6 -2.0 -2.4 -2.0 Real (deflator HICP) -0.5 -0.4 2.4 -1.1 -1.1 -0.7 -0.2 0.3 1.6 2.3 3.1 2.5 -1.3 -0.7 0.0 -2.5 -1.9 -0.9 Real (deflator ULC) 0.5 -0.3 -4.6 -2.9 -3.2 0.8 4.3 6.5 6.4 6.1 1.184 1.054 1.144 1.123 1.065 1.007 1.021 1.073 1.089 1.088 1.079 1.130 1.131 1.134 1.102 1.082 1.058 USD / EUR 1.082 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 1/2024 2022 Prices and indicators of overall competitiveness 6 7 8 9 CPI, y-o-y growth rates, % 10.4 11.0 11.0 10.0 Food, non-alcoholic beverages 12.5 13.2 13.8 Alcoholic beverages, tobacco 5.3 5.9 Clothing and footwear 2.0 Housing, water, electricity, gas 37 2023 11 12 1 9.9 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 14.4 17.2 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 6.5 6.8 7.0 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 1.8 2.6 4.2 2.7 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 23.9 24.6 25.3 16.2 15.6 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 Furnishing, household equipm. 12.3 12.0 11.6 13.0 12.5 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 Medical, pharmaceutical produ. 3.2 3.4 3.8 4.0 3.7 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 Transport 17.2 19.7 16.5 14.5 10.4 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 Communications -5.3 -3.7 -4.0 -3.8 -2.2 -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 Recreation and culture 5.7 4.8 5.2 5.9 6.6 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 Education 0.4 0.4 0.4 0.8 1.3 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 Catering services 9.5 8.8 9.0 9.6 9.9 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 Miscellaneous goods & services 3.1 3.6 4.1 4.7 5.5 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 10.8 11.7 11.5 10.6 10.3 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 6.0 6.1 6.3 6.6 6.7 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 22.2 21.1 21.0 21.3 20.6 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 Domestic market 25.4 24.6 25.3 25.7 25.1 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 Non-domestic market 18.9 17.5 16.7 16.8 16.0 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 Euro area 21.2 20.1 19.3 18.4 16.7 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 Non-euro area 14.5 12.5 11.7 13.7 14.6 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 29.2 26.6 25.6 22.6 17.7 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 HICP Core inflation (excluding fresh food and energy) 10 2 3 4 5 6 7 8 9 10 11 12 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 -1.7 -2.3 -2.4 -2.3 -1.4 -0.7 -0.1 0.1 -0.1 0.3 1.0 0.5 0.5 1.7 1.9 1.6 0.9 0.4 0.1 Real (deflator HICP) 0.8 0.6 0.1 -1.3 -1.1 0.5 1.5 1.0 0.6 3.3 3.2 2.3 1.4 2.1 2.8 4.4 4.2 1.7 1.0 1.057 1.018 1.013 0.990 0.983 1.020 1.059 1.077 1.072 1.071 1.097 1.087 1.084 1.106 1.091 1.068 1.056 1.090 1.090 Real (deflator ULC) USD / EUR 38 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 1/2024 2020 2021 2022 2021 Q3 2022 Q4 Q1 Q2 2023 Q3 Q4 Q1 2021 Q2 Q3 11 2022 12 1 2 3 4 -127 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account 3,398 Goods 2,333 1,732 -578 470 28 -146 -232 153 -354 560 1,091 533 84 -231 161 -205 -102 882 -2,174 63 -160 -512 -517 -378 -767 50 485 -17 32 -251 5 -274 -242 -205 Exports 29,622 35,255 42,628 8,473 9,699 10,000 11,045 10,834 10,749 10,863 10,820 9,464 3,358 3,089 3,050 3,147 3,803 3,437 Imports 27,289 34,373 44,802 8,410 9,860 10,511 11,562 11,212 11,516 10,814 10,335 9,481 3,326 3,339 3,045 3,421 4,045 3,642 1,913 2,198 3,482 641 622 603 909 1,093 877 830 985 1,010 202 193 171 187 246 297 Exports 6,985 8,471 11,133 2,509 2,458 2,143 2,773 3,329 2,889 2,559 2,953 3,303 780 887 632 686 824 885 Imports 5,072 6,273 7,651 1,867 1,836 1,539 1,865 2,235 2,012 1,729 1,968 2,293 578 694 461 499 578 588 Primary income -314 -756 -1,232 -120 -280 -70 -447 -399 -315 -179 -153 -283 -84 -137 40 -54 -57 -163 Receipts 1,725 2,086 2,156 458 579 537 553 452 613 606 706 585 188 242 238 140 159 152 Expenditures 2,039 2,841 3,387 578 859 608 1,000 852 928 785 859 867 272 379 197 194 216 315 -535 -594 -655 -114 -154 -167 -176 -163 -149 -141 -227 -177 -66 -37 -55 -64 -49 -56 994 1,113 1,243 269 284 286 317 313 327 311 315 350 79 109 98 92 95 100 156 Services Secondary income Receipts 1,529 1,707 1,898 383 438 453 494 476 476 452 542 527 146 146 153 156 144 Capital account Expenditures -258 163 -220 61 17 -41 -60 -13 -107 -92 -28 20 19 -44 -11 32 -62 4 Financial account 3,670 1,774 -1,678 412 62 -459 -396 85 -908 235 870 945 208 -390 289 -328 -419 -321 Direct investment 262 -414 -1,288 -164 485 -228 -339 -271 -450 -364 -258 48 139 -183 -47 -98 -84 -116 Assets 708 1,442 763 362 557 364 431 209 -241 185 140 170 145 -194 114 201 49 192 Liabilities 446 1,856 2,051 526 72 592 770 480 209 550 398 122 6 -11 161 298 133 309 Portfolio investment -1,136 2,778 -12 270 1,232 -1,298 644 -295 936 -608 149 -546 257 477 -1,797 68 431 256 Financial derivatives 53 30 -176 -21 58 -127 9 -34 -1 13 14 -14 -17 -32 -17 Other investment 4,325 -1,444 569 -1,298 1,162 1,008 1,445 -225 -764 2,082 -288 -742 -448 Assets 4,830 186 4 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity 39 -63 -45 -371 -379 -1,792 1,053 -694 2,923 2,940 531 -1,051 4 18 4,757 1,422 1,914 340 348 1 22 -225 -47 505 1,639 834 1,267 -799 2,914 1,242 2,393 48 -759 1,779 -100 -40 8 10 2 0 5 -4 1 0 0 8 10 0 0 1 358 -1,292 811 335 1,328 -560 2,294 1,055 2,564 -121 -477 1,611 -215 -585 -203 340 -22 225 -27 186 33 148 34 74 -37 67 100 -87 -6 66 98 -8 12 3 0 8 -13 -3 9 -6 0 1 1 0 0 0 3 873 846 100 -97 920 367 7 -448 683 127 -198 88 -458 326 204 390 296 254 -169 88 102 -74 -64 -88 57 -102 -10 63 14 68 -80 -83 89 -8 4,367 3,311 910 741 586 1,528 699 499 1,752 234 948 273 5 -303 187 702 634 -6 4 -38 1 1 1 -1 -1 1 2 11 1 -6 1 -2 0 -1 1 0 Currency and deposits 800 2,359 1,681 371 290 526 237 543 375 391 393 766 149 -39 107 91 328 30 Loans -407 16 833 -403 -3 -441 781 277 215 983 36 441 81 -73 -113 -291 -36 331 55 21 3 8 -44 22 -34 22 -7 54 13 0 -15 -15 7 7 7 -11 Trade credit and advances -137 1,119 801 63 586 437 434 -95 26 149 -327 -23 0 243 -269 372 334 213 Other liabilities 190 215 -8 194 -90 43 111 -49 -113 164 118 -230 56 -109 -35 10 68 72 0 675 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 166 824 168 707 97 77 37 24 31 37 6 -1 24 65 64 6 6 4 531 -121 -880 -119 17 -272 -105 -56 -448 -232 -193 391 105 -115 138 -156 -255 -198 Insurance, pension schemes, and standardised guarantee schemes Special drawing rights (SDR) Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,817 978 1,172 1,090 1,244 1,181 1,301 1,183 1,225 1,177 397 416 315 348 426 372 Intermediate goods 15,446 19,633 25,763 3,552 4,067 4,841 5,400 6,008 6,626 6,646 6,347 6,484 6,276 5,309 1,916 1,648 1,839 1,875 2,294 2,066 Consumer goods 13,928 15,744 22,197 1,677 3,856 3,913 4,196 6,218 6,251 5,501 6,631 6,532 6,170 1,388 1,150 1,312 1,318 1,566 5,826 1,172 1,419 1,377 1,455 1,443 1,562 1,387 1,446 1,368 484 502 380 507 490 416 Intermediate goods 16,434 24,076 34,352 6,303 7,338 7,869 8,969 8,893 8,416 8,873 8,743 8,511 2,314 2,601 2,504 2,328 3,036 2,779 Consumer goods 11,670 12,588 16,566 3,020 3,454 3,726 4,392 4,191 4,311 4,315 4,025 4,164 1,170 1,130 960 1,349 1,417 1,509 Import of investment goods 4,008 4,885 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 1/2024 Balance of payments 2022 5 6 7 39 2023 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods -26 -79 -175 -57 384 12 -27 -338 132 146 281 241 453 396 191 51 292 278 178 -181 -131 -208 -243 72 -238 -175 -354 -65 18 96 63 216 206 85 -211 109 76 -3 Exports 3,729 3,879 3,573 3,289 3,972 3,664 3,769 3,317 3,319 3,500 4,044 3,313 3,778 3,729 3,250 2,751 3,464 3,612 3,496 Imports 3,910 4,011 3,781 3,532 3,900 3,902 3,944 3,670 3,384 3,482 3,948 3,250 3,562 3,523 3,165 2,962 3,354 3,536 3,499 Services 453 335 263 279 267 257 306 238 336 329 301 Exports 886 1,002 1,078 1,081 1,170 961 900 1,028 792 805 962 849 1,001 1,103 1,118 1,138 1,047 988 933 Imports 593 684 778 741 717 626 637 749 526 548 656 611 644 713 825 758 710 659 632 Primary income -98 -187 -186 -99 -115 -44 -63 -207 -22 -67 -90 -5 -26 -122 -114 -100 -68 -71 -80 Receipts 214 187 135 139 178 169 213 231 222 181 202 247 252 207 197 182 206 204 184 Expenditures 312 374 320 238 293 213 276 438 244 248 292 252 277 329 312 282 274 275 263 -41 -79 -81 -55 -26 -41 -52 -56 -48 -62 -31 -55 -94 -79 -73 -19 -85 -56 -41 Receipts 101 116 101 89 123 99 95 133 92 103 116 101 96 118 90 142 118 115 125 Expenditures 166 Secondary income 293 318 300 340 357 390 293 380 142 195 182 144 149 140 147 189 139 165 148 156 189 197 163 161 204 170 Capital account -28 -36 -15 31 -29 10 44 -161 -59 -3 -30 36 -23 -42 -7 22 6 8 14 Financial account 166 -242 150 -244 179 -161 40 -788 308 123 -195 339 319 211 267 312 367 677 130 Direct investment Assets Liabilities Portfolio investment -242 19 -17 -218 -36 60 -183 -327 -19 -175 -170 6 -56 -209 229 -201 20 108 74 97 142 271 -154 92 88 -22 -307 94 126 -35 97 138 -96 -48 -36 254 148 172 338 123 288 65 128 28 161 20 114 301 135 91 194 113 -276 165 234 40 98 85 304 -251 198 -242 447 53 437 -1,261 370 283 74 561 -486 -71 254 -729 505 -47 -3 Financial derivatives -17 -11 13 24 21 -51 -36 8 -1 3 -7 -14 -13 6 -5 -7 5 Other investment 313 -559 407 -252 413 -629 198 -867 1,547 -112 -274 254 -151 905 91 259 1,095 46 118 Assets 179 468 -209 339 1,136 -601 1,276 1,358 226 1,012 279 230 1,884 121 -70 0 1 0 101 437 -302 47 42 -42 48 3 3 -4 -4 25 46 95 3 -60 45 -134 1,027 -616 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity -163 -36 0 0 3 566 1,063 -396 -107 27 9 -4 -1 -247 159 -24 -108 591 723 0 -40 279 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 0 148 48 -644 87 236 361 -72 -31 230 78 -43 22 -88 37 -51 20 2 -32 467 -234 266 -271 1,470 552 -250 377 107 3 0 0 0 1 -1 608 1,546 -163 -36 -16 27 20 0 0 0 0 -110 -360 271 223 -88 2 -21 83 32 35 188 -30 789 76 -188 0 -1 0 0 0 0 1 1 10 0 1 0 1 0 -6 0 0 0 0 Currency and deposits -38 244 59 263 221 46 385 -56 14 180 197 -6 102 298 245 182 339 32 123 Loans -25 474 -412 392 297 47 -299 468 -30 1,019 -6 91 137 -192 31 165 245 106 -348 Insurance, pension schemes, and standardised guarantee schemes -11 -11 7 7 7 -2 -2 -2 18 18 18 4 4 4 0 0 0 0 0 -107 329 -247 -46 197 373 -261 -86 -328 222 255 -437 97 13 -4 -291 272 -53 -11 47 -8 -23 -26 0 4 -58 -59 46 32 87 98 37 -16 -77 -86 -67 -9 49 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27 5 -3 4 22 13 8 10 34 41 -38 12 -20 14 12 2 -14 26 -19 220 -127 339 -218 -177 -183 24 -289 235 -19 -447 62 -111 -143 84 239 69 391 -62 348 449 411 431 459 334 384 464 361 428 436 390 351 436 Trade credit and advances Other liabilities Special drawing rights (SDR) Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 474 N/A Intermediate goods 2,229 2,330 2,218 1,974 2,454 2,203 2,293 1,851 2,040 2,110 2,334 1,901 2,137 2,238 1,802 1,533 1,973 1,978 N/A Consumer goods 2,075 2,466 2,056 1,812 2,383 1,722 2,088 1,692 2,172 2,008 2,450 1,661 2,342 2,529 2,167 1,673 2,330 2,458 N/A Import of investment goods 411 497 461 542 385 481 458 504 469 518 576 400 469 517 443 500 503 445 425 498 507 N/A Intermediate goods 3,354 2,836 2,822 2,858 3,214 2,964 2,943 2,508 2,911 2,604 3,358 2,578 3,375 2,790 2,297 2,779 3,435 3,091 N/A Consumer goods 1,369 1,514 1,417 1,442 1,332 1,460 1,377 1,474 1,537 1,203 1,576 1,240 1,426 1,359 1,081 1,559 1,524 1,280 N/A 40 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 1/2024 2020 2021 2022 2021 7 8 2022 9 10 11 12 1 2 3 4 5 6 7 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) 11,805 14,460 12,247 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 13,290 13,055 13,574 4,520 3,538 2,858 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 639 693 764 619 628 627 627 636 693 706 698 693 691 689 692 691 10,997 11,556 12,439 Other government (S,1312,1313,1314) Households (S,14, 15) 14,012 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 Non-financial corporations (S,11) 9,363 9,828 10,988 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 Non-monetary financial institutions (S,123, 124, 125) 1,640 1,602 1,903 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 1,743 1,752 1,778 1,820 Monetary financial institutions (S,121, 122) 7,969 10,607 9,764 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 30,341 34,136 35,279 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 345 284 256 307 314 298 295 293 284 281 273 303 320 298 295 310 4,361 3,302 3,096 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 3,368 3,495 3,469 3,511 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 34,567 38,152 38,980 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,014 37,946 38,013 38,338 37,574 37,805 Overnight 25,218 29,146 31,836 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 With agreed maturity – short-term 3,381 2,707 3,066 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,595 2,674 2,622 2,666 2,639 2,719 With agreed maturity – long-term 5,348 5,849 3,751 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 Short-term deposits redeemable at notice 620 450 327 510 519 493 547 519 450 477 468 411 340 332 282 271 Deposits in foreign currency, total 723 828 974 812 817 804 835 839 828 834 851 965 1,007 1,036 1,093 1,103 Overnight 675 790 891 771 776 771 803 803 790 799 817 847 883 894 953 964 With agreed maturity – short-term 25 27 76 25 26 19 19 24 27 24 24 109 115 134 132 131 With agreed maturity – long-term 23 11 7 16 15 14 13 12 11 11 10 9 9 8 8 8 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 Time deposits with maturity of up to one year 0.15 0.12 0.08 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 2.21 1.72 2.31 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.79 2.02 2.22 1.13 1.78 1.40 0.89 1.36 0.95 0.10 1.08 1.35 0.79 0.97 0.92 1.48 2.10 1.02 0.00 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 3-month rates -0.425 -0.549 0.342 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 6-month rates -0.364 -0.523 0.673 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 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 1.23 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 INTERBANK INTEREST RATES EURIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 1/2024 Monetary indicators and interest rates 2022 8 9 41 2023 10 11 12 1 2 3 4 5 6 7 8 9 10 11 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 13,025 12,457 12,425 12,733 12,247 12,706 12,411 12,179 12,321 12,414 12,307 12,289 12,260 12,027 12,139 12,492 3,318 3,114 3,060 3,086 2,830 2,981 2,965 2,913 2,957 2,995 3,017 3,010 2,996 2,970 3,055 3,128 695 695 702 710 764 764 775 775 761 776 774 782 785 786 789 789 Households (S,14, 15) 12,252 12,333 12,387 12,425 12,439 12,444 12,424 12,495 12,509 12,552 12,522 12,598 12,662 12,725 12,799 12,867 Non-financial corporations (S,11) 11,131 11,098 11,281 11,349 10,987 11,210 10,921 10,787 11,030 10,963 10,996 10,987 10,905 10,834 10,910 10,798 Non-monetary financial institutions (S,123, 124, 125) 1,828 1,852 1,883 1,865 1,903 1,909 1,165 1,181 1,193 1,214 1,233 1,244 1,239 1,254 1,262 1,270 Monetary financial institutions (S,121, 122) 8,832 9,227 8,834 9,124 9,761 9,546 10,029 10,587 9,995 10,074 11,225 11,321 11,728 11,385 10,753 11,013 34,239 34,682 34,599 34,982 35,279 35,284 34,835 35,324 34,984 35,078 36,163 36,345 36,728 36,591 36,116 36,295 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 302 292 265 262 256 251 252 243 247 247 243 245 241 216 215 219 3,401 3,226 3,193 3,229 3,064 3,234 3,107 3,088 3,131 3,175 3,286 3,280 3,274 3,066 3,157 3,273 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,130 38,293 38,537 38,573 38,980 38,815 38,497 38,322 38,207 38,374 38,293 38,362 38,651 38,568 38,741 38,864 Overnight 30,790 30,951 30,845 31,170 31,836 31,650 31,196 31,107 30,968 31,020 31,260 31,353 31,442 31,048 30,868 30,726 With agreed maturity – short-term 2,693 2,790 3,057 2,848 3,066 3,120 3,241 3,268 3,223 3,285 3,308 3,240 3,359 3,381 3,510 3,569 With agreed maturity – long-term 4,366 4,263 4,332 4,228 3,751 3,699 3,693 3,620 3,686 3,715 3,364 3,400 3,409 3,668 3,876 4,038 Short-term deposits redeemable at notice 281 289 303 327 327 346 367 327 330 354 361 369 441 471 487 531 Deposits in foreign currency, total 1,133 1,161 1,066 1,033 974 931 946 931 922 926 898 904 940 918 912 920 Overnight 1,005 1,041 957 927 891 851 860 849 840 838 804 815 854 849 889 849 With agreed maturity – short-term 120 113 102 99 76 74 80 76 76 81 87 82 79 62 15 63 With agreed maturity – long-term 8 7 7 7 7 6 6 6 6 7 7 7 7 7 8 8 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.02 0.03 0.02 0.09 0.09 0.09 0.09 0.10 0.10 0.14 0.14 0.13 0.13 0.14 Time deposits with maturity of up to one year 0.04 0.13 0.15 0.18 0.19 0.25 0.37 0.58 0.44 0.47 0.72 0.88 1.05 1.29 1.46 1.31 2.52 2.64 2.96 3.36 3.55 3.66 3.79 3.83 3.89 3.86 3.80 3.80 3.80 3.74 3.78 3.80 3.03 .. 3.87 1.26 .. .. 5.12 5.12 .. 7.12 6.06 4.69 2.29 4.82 4.27 0.50 1.25 1.25 2.00 2.50 2.50 3.00 3.50 3.50 3.75 4.00 4.00 4.25 4.50 4.50 4.50 3-month rates 0.395 1.011 1.428 1.825 2.066 2.345 2.640 2.911 3.167 3.366 3.536 3.672 3.780 3.880 3.968 3.972 6-month rates 0.837 1.596 1.997 2.321 2.567 2.858 3.135 3.267 3.498 3.679 3.825 3.943 3.945 4.030 4.115 4.065 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 2.74 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR 42 Statistical Appendix Public finance Slovenian Economic Mirror, No 1/2024 2020 2021 2022 2021 Q3 2021 Q4 Q1 Q2 2022 2023 Q3 Q4 Q1 Q2 Q3 1 2 3 4 5 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 18,528.6 21,382.6 23,311.4 5,151.3 5,853.2 5,613.9 6,079.7 5,648.8 5,969.0 5,736.1 6,274.8 6,045.9 2,035.8 1,782.6 1,795.5 2,043.9 2,011.2 Current revenues 17,578.7 20,124.0 21,966.7 4,874.2 5,389.3 5,138.5 5,824.1 5,398.2 5,605.9 5,401.6 6,000.2 5,743.4 1,822.8 1,686.0 1,629.8 1,949.4 1,894.0 Tax revenues 16,460.4 18,785.7 20,557.0 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 1,737.9 1,518.8 1,556.2 1,850.3 1,791.4 Taxes on income and profit 3,261.8 3,981.3 4,517.4 959.7 332.6 348.2 368.9 406.6 578.7 Social security contributions 7,289.9 7,928.1 8,503.7 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 680.4 677.2 691.2 704.3 698.5 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 785.5 1,048.5 1,049.7 1,485.3 832.8 1,149.5 1,100.5 1,308.1 21.6 23.9 26.7 6.0 7.0 6.0 6.7 6.5 7.4 6.2 6.9 6.5 2.2 1.9 1.9 2.2 2.1 287.3 316.9 336.5 102.2 96.3 32.4 82.1 128.6 93.5 38.9 90.0 116.9 12.4 8.5 11.5 20.5 23.2 5,493.3 6,359.2 6,883.8 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 623.0 483.3 467.7 638.3 531.2 102.4 177.4 289.2 36.7 78.0 67.2 56.9 85.6 79.5 51.4 61.8 49.9 27.0 14.0 26.2 27.0 15.0 4.1 -1.1 -0.3 -20.9 -36.6 34.7 -10.8 11.3 -35.5 23.9 5.1 11.2 60.3 -14.4 -11.3 51.5 -57.2 1,118.2 1,338.4 1,409.7 308.4 313.7 325.6 368.8 368.5 346.8 278.5 412.9 354.2 84.8 167.1 73.6 99.2 102.6 146.9 228.3 268.1 56.0 81.1 64.1 66.3 64.3 73.5 59.0 65.6 61.5 18.5 23.6 21.9 23.0 22.0 Grants 17.5 21.9 57.2 10.3 2.9 12.2 29.6 12.3 3.1 13.8 -8.7 19.7 0.9 11.1 0.2 0.4 29.0 Transferred revenues 54.8 57.3 57.7 51.4 2.0 0.4 22.0 30.2 5.2 3.6 0.4 67.3 0.1 0.1 0.2 0.5 20.0 730.7 951.2 961.8 159.5 377.9 398.8 137.8 143.8 281.4 258.2 217.4 154.1 193.5 61.8 143.4 70.6 46.1 Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 22,070.6 24,299.8 24,886.3 5,580.0 6,685.1 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.9 6,431.3 1,906.6 1,793.1 2,229.6 1,873.8 1,923.8 9,127.8 10,393.6 10,283.4 2,362.5 2,876.7 2,697.3 2,348.8 2,423.2 2,814.1 2,687.4 2,655.2 2,736.6 809.9 746.2 1,141.2 711.7 756.2 Wages, salaries and other personnel expenditures 4,965.3 5,765.3 5,481.1 1,330.1 1,327.7 1,309.4 1,411.8 1,316.9 1,443.1 1,433.5 1,599.2 1,502.3 429.9 433.1 446.3 420.9 438.5 Expenditures on goods and services 3,020.7 3,336.6 3,556.6 794.0 1,050.7 845.0 806.5 838.8 1,066.3 795.0 910.6 918.0 227.4 263.0 354.7 244.3 273.3 Interest payments 778.0 732.2 661.5 204.6 95.2 336.1 16.4 212.6 96.4 370.2 18.1 219.2 17.8 23.6 294.8 8.4 3.4 Reserves 363.8 559.5 584.2 33.9 403.1 206.7 114.2 55.0 208.3 88.6 127.2 97.1 134.8 26.5 45.4 38.2 40.9 10,867.7 11,318.7 11,261.4 2,605.1 2,711.3 2,780.8 2,952.4 2,602.7 2,925.5 2,865.0 3,057.2 2,840.7 965.8 878.3 936.7 975.2 910.4 Current transfers Subsidies 1,449.3 181.6 115.9 29.7 42.4 69.9 107.7 Current transfers to individuals and households 8,250.8 9,167.7 9,294.5 2,158.6 2,140.7 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 2,547.4 2,311.9 772.9 749.9 770.5 767.2 743.5 Current transfers to non-profit institutions, other current domestic transfers 1,083.2 1,131.0 1,118.0 Current transfers abroad Capital expenditures 867.3 690.2 111.5 157.1 188.0 195.7 94.8 211.7 287.8 205.6 298.3 358.4 257.7 255.7 263.8 340.9 231.5 284.1 316.7 68.0 85.6 104.1 124.9 39.8 158.7 36.7 55.1 41.9 52.9 20.7 43.1 28.4 20.1 30.4 9.1 13.1 19.7 13.2 19.3 1,230.6 1,544.7 2,053.5 402.4 670.0 225.8 432.6 487.5 907.5 269.0 469.0 529.5 52.1 77.2 96.5 105.6 177.7 84.4 152.7 Capital transfers 318.5 413.9 558.5 86.2 238.6 43.2 60.5 132.2 322.5 42.0 80.1 163.0 12.1 16.8 14.3 23.6 16.6 Payments to the EU budget 526.0 628.9 729.5 123.8 188.5 182.2 172.7 180.0 194.6 166.6 158.5 161.5 66.6 74.7 40.9 57.7 62.9 -3,542.1 -2,917.2 -1,574.9 -428.7 -831.9 -315.5 112.8 -176.9 -1,195.2 -293.9 -145.1 -385.4 129.2 -10.6 -434.1 170.1 87.4 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 1/2024 Public finance 2022 6 7 8 9 43 2023 10 11 12 1 2 3 4 5 6 7 8 9 10 11 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 2,024.7 1,807.8 1,898.1 1,942.9 1,902.3 1,956.8 2,110.0 1,982.6 1,816.9 1,936.7 2,205.6 1,952.9 2,116.4 1,940.0 1,987.9 2,118.0 2,270.3 2,167.9 Current revenues 1,980.7 1,750.1 1,806.2 1,841.9 1,799.5 1,868.9 1,937.4 1,882.1 1,720.8 1,798.7 2,046.4 1,892.8 2,061.0 1,874.1 1,943.0 1,926.3 2,047.8 2,016.2 Tax revenues 1,813.7 1,633.5 1,688.2 1,708.0 1,720.2 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 1,940.3 1,917.6 Taxes on income and profit 500.0 132.7 371.6 328.5 347.1 381.2 421.2 353.7 360.3 386.5 419.9 458.0 430.2 178.1 419.8 361.8 390.5 392.3 Social security contributions 688.2 700.6 697.7 700.0 693.7 730.2 841.7 720.8 754.3 749.4 759.2 764.7 763.9 765.7 768.0 770.7 759.2 778.2 2.4 2.4 1.9 2.1 2.2 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 38.5 48.9 41.6 38.1 45.1 33.8 14.6 11.2 8.4 19.3 24.5 25.4 40.0 44.7 40.8 31.5 43.1 40.2 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 574.6 681.5 594.3 590.8 613.1 565.5 520.4 631.8 502.6 543.2 681.5 546.5 599.6 747.9 587.9 604.8 723.0 693.0 Taxes on international trade & transactions 14.9 39.1 18.2 28.3 30.7 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 Other taxes -5.1 28.2 -37.1 20.1 -11.8 -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 Non-tax revenues 167.0 116.6 118.0 133.9 79.4 138.4 129.0 93.2 85.8 99.5 100.7 110.3 202.0 111.1 128.5 114.6 107.5 98.7 21.2 22.5 22.5 19.2 26.7 24.6 22.2 15.0 20.1 23.8 20.4 19.2 25.9 21.8 16.7 23.1 25.3 53.1 Grants 0.1 0.2 0.2 11.8 0.2 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 Transferred revenues 1.5 0.0 30.0 0.2 0.8 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 21.1 34.9 39.2 69.7 75.1 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 Capital revenues Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 2,169.4 1,952.5 1,938.5 1,934.7 1,909.1 2,319.2 2,936.0 1,813.2 1,865.6 2,351.3 1,955.9 2,079.1 2,384.9 2,107.2 2,181.2 2,142.9 2,289.3 2,406.4 881.0 820.1 814.1 789.1 802.2 904.0 1,107.9 778.7 787.8 1,120.9 808.6 842.7 1,003.8 885.8 968.8 882.0 930.6 954.1 Wages, salaries and other personnel expenditures 552.4 452.8 443.3 420.8 434.7 488.5 519.9 478.6 474.6 480.3 464.0 493.8 641.4 517.4 507.5 477.4 488.0 505.4 Expenditures on goods and services 288.9 284.3 288.1 266.4 279.1 312.7 474.4 233.3 259.2 302.5 266.2 312.6 331.7 305.8 332.1 280.1 380.0 354.6 4.6 56.2 65.1 91.3 17.5 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 35.1 26.7 17.6 10.7 70.9 36.8 100.6 19.0 31.5 38.2 75.9 30.8 20.6 3.7 47.7 45.8 46.9 23.8 1,066.9 895.9 846.9 859.9 849.6 1,007.2 1,068.7 917.6 903.5 1,043.9 948.0 976.6 1,132.6 953.9 949.4 Interest payments Reserves Current transfers Subsidies 937.4 1,014.7 1,039.8 18.2 34.8 17.7 42.2 28.9 55.0 127.9 100.8 35.4 151.6 70.1 77.6 57.8 57.4 52.7 71.5 93.4 92.5 Current transfers to individuals and households 937.3 773.9 731.1 718.4 727.7 820.5 781.6 738.9 771.2 807.3 784.8 789.6 973.0 774.3 778.3 759.3 808.5 819.8 Current transfers to non-profit institutions, other current domestic transfers 90.9 79.5 92.3 92.0 86.2 105.8 148.9 70.2 90.2 71.0 80.8 103.7 99.6 105.3 113.6 97.8 109.3 101.9 Current transfers abroad 20.4 7.7 5.7 7.3 6.9 25.9 10.3 7.7 6.7 14.0 12.3 5.7 2.1 16.8 4.8 8.8 3.5 25.5 149.2 147.8 176.0 163.7 164.7 275.4 467.4 57.4 92.8 118.8 133.4 168.9 166.8 169.8 180.1 179.5 196.1 258.5 Capital transfers 20.3 35.1 30.3 66.9 38.0 67.6 216.9 10.3 14.4 17.3 18.7 30.7 30.7 34.4 36.8 91.8 86.2 101.8 Payments to the EU budget 52.0 53.5 71.2 55.3 54.5 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 -144.7 -144.7 -40.4 8.2 -6.8 -362.3 -826.1 169.4 249.7 -126.2 -268.6 -167.2 -193.3 -24.9 -19.0 -238.5 Capital expenditures SURPLUS / DEFICIT -48.7 -414.6 44 Acronyms Slovenian Economic Mirror, No 1/2024 Acronyms Acronyms in the text BoS – Bank of Slovenia, 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, 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, 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, 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, ULC – Unit Labour Costs, USD – US Dollar, VAT – value added tax, ZPGOPEK – Act Determining the Aid to the Economy to Mitigate the Consequences of the Energy Crisis, ZPIZ – Pension and Disability Insurance Institute of Slovenia, 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. 1, Vol. XXX, 2024