No. 3, Vol. XXX, 2024 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 3 / 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; Marjan Hafner, MSc; Matevž Hribernik, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Tina Nenadič, MSc; Jure Povšnar; Denis Rogan, MSc; Nataša Todorović Jemec, MSc; Ana Vidrih, MSc Selected Topic: Jure Povšnar (Business results of companies in 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, May 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 ............................................................................................................................................. 15 Prices ............................................................................................................................................................... 17 Financial markets ....................................................................................................................................... 18 Balance of payments ................................................................................................................................. 19 Public finance .............................................................................................................................................. 20 Selected topic ............................................................................................................................................22 Business results of companies in 2023 ............................................................................................... 23 Statistical appendix ................................................................................................................................26 The Economic Mirror is prepared based on statistical data available by 16 May 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 3/2024 In the spotlight In the spotlight 3 In the first quarter of this year, year-on-year economic growth in Slovenia was similar to the fourth quarter of last year, supported by private and government consumption; investment growth slowed and total exports remained negative year-on-year. Real gross domestic product (GDP) stagnated month-on-month in the first quarter of the year (following growth of around 1% in the previous quarter), while it rose by 2.1% year-on-year. Household consumption rose by 0.9% year-on-year in the first quarter, with households spending more on tourist services abroad, cars and food and less on non-food products and overnight stays in Slovenia. Growth in government consumption increased further, mainly due to the transformation of supplementary health insurance into a mandatory contribution. Investment activity, which experienced significant growth in the previous year, has weakened, along with growth in construction activity. After a marked negative contribution last year, inventories made a positive contribution to the growth in gross investment this time. Exports of goods and value added in manufacturing increased for the second consecutive quarter and were also higher year-on-year. Total exports of goods and services fell due to a decline in exports of services, while total imports experienced an even sharper decline, positively impacting GDP growth. Economic activity in the euro area picked up slightly in the first quarter, as expected by international institutions; the OECD revised its growth forecasts for this year and next upwards. After contracting quarter-on-quarter in the second half of last year due to tighter financing conditions, weak confidence and a loss of competitiveness, euro area GDP grew by 0.3% in Q1 (by 0.4% year-on-year). Available indicators suggest that this trend will continue into the second quarter. The composite Purchasing Managers’ Index (PMI) continued to rise in April, reaching its highest level in 11 months. In April, Germany’s composite PMI climbed above the 50 mark (the threshold between economic expansion and contraction) for the first time in ten months. The economic sentiment indicator (ESI) in the euro area, along with confidence in all activities and among consumers, was higher in April than in the second half of last year, when economic activity had contracted. In May, the OECD revised its growth forecasts for the world’s major economies upward. The euro area’s GDP growth is projected to gradually strengthen, mainly driven by increased private consumption supported by higher confidence, low unemployment and wage growth, along with a further decline in inflation. According to OECD forecasts, growth is expected to be 0.7% this year, rising to 1.5% in 2025. However, the outlook is surrounded by high uncertainty related to the potential further escalation of the situation in the Middle East. At the beginning of the year, the year-on-year increase in the number of persons in employment and the decline in the number of the unemployed continued. Due to a methodological change, the recorded growth in the number of persons in employment is slightly higher than in the final months of last year. Growth continues to be driven by a higher number of foreigners in employment, particularly in construction, transportation and storage, and administrative and support service activities. In April, the monthly decline in the number of registered unemployed was similar to the previous two months (seasonally adjusted). Year-on-year, the total number of unemployed fell by 7% and the number of long-term unemployed by 15%, against the backdrop of labour shortages. In February, the average gross wage rose by 6.9% year-on-year in nominal terms and by 3.4% in real terms, indicating slightly lower growth compared to January given the similar level of inflation and a higher base from last year. The average wage increased by 3.9% in the private sector and by 2.4% in the public sector. In April, year-on-year inflation dropped to 3%, the lowest level since October 2021; industrial producer prices continued to fall year-on-year, although the decline has slowed somewhat. The slowdown in inflation compared to March was mainly due to less pronounced seasonal rises in prices of package holidays and clothing and footwear. Prices of food and non-alcoholic beverages remained unchanged year-on-year. Prices of durable goods fell again year-on-year (-0.7%), while the growth of services prices fell by one-quarter (4.5%). Industrial producer prices were 3.3% lower year-on-year in March. 4 In the spotlight Slovenian Economic Mirror, No 3/2024 Despite relatively high monthly price increases, the year-on-year price decline in the energy product group slowed somewhat, though remaining substantial (-12.2%). The year-on-year decline of intermediate goods prices accelerated slightly (-5.8%). In the first quarter of this year, the consolidated general government budgetary accounts showed a deficit of EUR 372 million, which is higher than the deficit recorded in the same period last year (EUR 294 million). Revenue increased by 8.1% year-on-year, due to growth of revenue from social contributions (due to the transformation of the supplementary health insurance into a mandatory contribution) and a sharp rise in personal income tax revenues in the first quarter. These were stagnant in the same period last year due to the increase in tax relief, while the increase this year was partly influenced by the non-adjustment of tax relief and net annual tax bases. Total receipts from the EU budget were lower year-on-year. Expenditure in the first quarter was 9% higher year-on-year. The main contributors were expenditure on salaries, wages and other personnel expenditure, which were influenced by last year’s agreement on pay rises in the public sector and this year’s early payment of the holiday allowance, the increase in expenditure on goods and services and other healthcare expenditure in connection with the transformation of the supplementary health insurance into a mandatory contribution, and transfers to individuals and households, partly as a result of the high regular annual indexation of pensions. Growth in capital expenditure strengthened. Business results of companies improved last year as the energy crisis subsided, especially in the energy sector, while performance indicators returned to the levels of 2021. In 2023, net profit increased by 10.1% to EUR 6,699 million in nominal terms, but taking inflation into account (7.4% year-on-year), the increase was more modest in real terms. All sectors operated at a profit in 2023, but the primary driver of the overall profit increase was the strong improvement in the business results in electricity, gas, steam and air-conditioning supply. The sharp fluctuations in operating profit in this area over the last two years were strongly influenced by various factors: river level fluctuations, major changes in energy prices on the market, price regulation and longer-term contracts with consumers, which had a negative impact on the business results in 2022 and a positive impact in 2023. There was also a notable improvement in business activity in nominal terms in construction and trade. Conversely, the most significant declines were seen in manufacturing and professional, scientific and technical activities. In manufacturing, net profit fell markedly in energy-intensive manufacturing activities, although it was still above the highest levels achieved before the epidemic. After high growth in 2022, the sharpest decline was recorded in the manufacture of basic metals. Net profit further declined in the chemical industry, while it increased in the paper industry and the manufacture of non-metal mineral products. In the spotlight Slovenian Economic Mirror, No 3/2024 France Austria Italy -2 -4 -4 Source: SURS; calculations by IMAD. 2023 2400 2200 2000 1800 1600 1400 1200 800 600 1000 I-III 2024 I-III 2023 2023 2022 2021 2020 2019 2018 2017 -3542.2 400 -2271.2 -2917.2 200 -1577.3 Source: MF; calculations by IMAD. 2022 0 -293.9 -1,000 -400 0 2016 Business results of companies improved last year, especially in the energy sector A B C D E F G H I J K L M N Q R Oth. 1,000 -3,000 Jan 24 Apr 24 -2 Jul 23 0 Jan 23 2 0 Jul 22 4 2 Jan 22 4 Jul 21 6 Jan 21 8 6 Jul 20 8 Jan 20 10 Jul 19 12 10 Jan 19 12 Primary balance -2,000 Fuels and energy Other Year-on-year growth, in % Food Services TOTAL Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 General government balance 2015 Germany -1.5 Services 2,000 2014 EU -1.0 -200 Manufacturing In the first quarter of this year, the general government deficit was higher than in the same period last year 2013 EA -0.5 In April, inflation, still mainly driven by services prices, was the lowest for two and a half years Contribution to y-o-y growth, in p. p. Composite index Jan 18 PMI value Q1 24 0.0 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. In EUR million Q4 23 Source: Eurostat. The composite Purchasing Managers’ Index (PMI) for the euro area increased in April due to services -4,000 Q3 23 0.5 Source: SURS. 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Q2 23 1.0 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Government consumption Changes in inventories and val. Imports of goods and services Q1 18 Q1 17 Q1 16 Q1 15 40 35 30 25 20 15 10 5 0 -5 -10 -15 -20 -25 -30 -35 Q1 14 Contributions to year-on-year GDP growth, in p. p. Private consumption Gross fixed capital formation Exports of goods and services GDP, real growth Modest growth of economic activity in Slovenia’s main trading partners in the first quarter Quarterly seasonally adjusted growth, in % In the first quarter of this year, year-on-year GDP growth was similar to the fourth quarter of last year; household and government consumption were the main contributors to growth 5 In EUR million Source: AJPES, calculations by IMAD. Note: For a description of activities, see the list of acronyms in the Appendix. current economic trends Current Economic Trends Slovenian Economic Mirror, No 3/2024 7 The international environment 1.0 Q2 23 Q3 23 Q4 23 Q1 24 0.5 0.0 -0.5 France Austria Italy EU -1.5 Germany -1.0 EA Quarterly seasonally adjusted growth, in % Figure 1: Economic growth in Slovenia’s main trading partners, Q1 2024 Source: Eurostat. After contracting in the second half of last year, economic activity in the euro area picked up in the first quarter, and available indicators suggest that growth will continue into the second. After a quarter-onquarter contraction in the second half of last year (of 0.1% in Q3 and Q4) due to tighter financing conditions, weak confidence and a loss of competitiveness, euro area GDP grew by 0.3% in Q1 (by 0.4% year-on-year). On average, the EU recorded quarter-on-quarter growth of 0.3%, while year-on-year growth was 0.4%. Most international institutions (the EC, ECB, IMF and OECD) expected GDP growth in the euro area and the EU in the first quarter, according to their latest forecasts. All main Slovenian economic partners have experienced modest quarteron-quarter economic growth. Italy’s GDP grew by 0.3% compared to the previous quarter, while Germany, France and Austria saw growth of 0.2%. According to available indicators, economic growth in the euro area is expected to continue in the second quarter. The composite PMI continued to rise in April, reaching its highest level in 11 months (51.7). This increase was driven by activity in the services sector, while manufacturing output continues to be held back by weak demand. In April, Germany’s composite PMI climbed above the 50 mark (the threshold between economic expansion and contraction) for the first time in ten months. The economic sentiment indicator (ESI) in the euro area and confidence in all activities and among consumers were at a similar level in April as in the first quarter and higher than in the second half of last year. Figure 2: OECD economic outlook, May 2024 6 2023 2024 2025 Previous forecast World US China Euro area Germany Real GDP growth, in % 5 4 3 2 1 0 -1 Source: OECD Outlook, May and February 2024. Italy France In May, the OECD revised its growth forecasts for the world’s major economies upward. Global GDP growth is expected to be slightly higher than projected at the beginning of the year, driven by more significant reductions in inflation than anticipated. This year, global GDP is forecast to remain unchanged from last year (3.1% ), before edging up slightly in 2025 (to 3.2%). GDP in the USA is projected to grow by 2.6% this year, moderating to 1.8% in 2025 amid high borrowing costs and lower domestic demand. In China, economic growth is expected to ease to 4.9% this year and 4.5% next year amid ongoing problems in the real estate sector. The euro area’s GDP growth is projected to gradually strengthen this year, mainly driven by increased private consumption supported by higher confidence, low unemployment and wage growth and a further decline in inflation. The OECD forecasts growth of 0.7% in the euro area in 2024 and 1.5% in 2025. However, the outlook is surrounded by high uncertainty related to a potential further escalation of the situation in the Middle East, which could weigh on the global and euro area economies, particularly through higher energy prices, elevated uncertainty and tightening in financial markets. 8 Current Economic Trends Slovenian Economic Mirror, No 3/2024 Figure 3: Commodity prices, April 2024 Energy Food 180 Prices of Brent crude oil and non-energy commodities continued to rise in April. After increasing gradually since the beginning of the year, the average dollar price of Brent crude oil reached USD 89.8 in April (up by 5.1% month-on-month), while the average euro price was EUR 83.67 (up by 6.5% month-on-month). The surge in oil prices was primarily driven by escalating conflicts in the Middle East. Compared to last April, the dollar price of Brent oil increased by 5.9% and the euro price rose by 8.3%. The euro prices of natural gas on the European market (Dutch TTF) were significantly lower in April compared to a year ago, by 31.3%. According to the World Bank, the average dollar price of non-energy commodities rose month-on-month for the second month in a row in April (by 5.3%). Among the main commodity groups, prices of metals and minerals in particular saw a notable increase (up by 8.9%). After nearly two years of decline, prices of non-energy commodities were higher also yearon-year in April (by 1.4%). Commodity prices, which were 30% higher in April than in the same period before the epidemic, are being driven up in particular by geopolitical tensions, investments related to the green transition, and investments in infrastructure and production capacity in China. Non-energy commodities Metals 160 Index 2010=100 140 120 100 80 60 40 20 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Source: World Bank. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2023 III 24 IV 24 IV 24/III 24 IV 24/IV 23 I-IV 24/I-IV 23 Brent USD, per barrel 82.51 85.41 89.77 5.1 5.9 3.2 Brent EUR, per barrel 76.32 78.56 83.67 6.5 8.3 2.9 Natural gas (TTF)2, EUR/MWh 41.35 26.85 28.89 7.6 -31.3 -45.0 USD/EUR 1.082 1.087 1.073 -1.3 -2.2 0.2 3-month EURIBOR, in % 3.430 3.922 3.886 -3.6 71.9 114.9 110.24 109.24 115.01 5.3 1.4 -3.7 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 3/2024 9 The international environment Figure 4: GDP, Q1 2024 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Government consumption Changes in inventories and val. Imports of goods and services Q1 18 Q1 17 Q1 16 Q1 15 40 35 30 25 20 15 10 5 0 -5 -10 -15 -20 -25 -30 -35 Q1 14 Contributions to year-on-year GDP growth, in p. p. Private consumption Gross fixed capital formation Exports of goods and services GDP, real growth Source: SURS. GDP stagnated in the first quarter of this year, while it was 2.1% higher year-on-year (not seasonally adjusted). Household consumption rose by 0.9% yearon-year in the first quarter of 2024, with households spending more on tourist services abroad, cars and food and less on non-food products and overnight stays in Slovenia. The growth in government consumption increased further (by 5.1% year-on-year), mainly due to the transformation of supplementary health insurance into a mandatory contribution (now a public source of funding). Investment activity, following a period of strong growth in the previous year, has weakened (0.6% year-onyear), along with growth in construction activity. After a marked negative contribution last year, inventories made a positive contribution (0.1 p.p.) to the growth in gross investment this time. Exports of goods and value added in manufacturing increased for the second consecutive quarter and were also higher year-on-year. Total exports of goods and services fell by 0.6% due to a decline in exports of services and total imports fell by 0.9%, which had a positive impact on GDP growth as the contribution of the foreign trade balance was 0.2 p.p. Figure 5: Electricity consumption, April 2024 Austria Italy Electricity consumption in April was 8% lower year-on-year. This decline can partly be attributed to numerous power outages due to maintenance works and snowfall. Among Slovenia’s main trading partners, lower consumption compared to April 2023 was recorded by Austria (-5%), Croatia (–6%) and Italy (-1%), while consumption was higher year-on-year in Germany (1%) and France (2%). Croatia Slovenia 20 15 10 5 0 -5 -10 -15 Apr 24 Jan 24 Jul 23 Oct 23 Jan 23 Apr 23 Oct 22 Jul 22 Jan 22 Apr 22 Jul 21 Oct 21 Apr 21 Jan 21 Jul 20 Oct 20 -20 Apr 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 2023. 10 Current Economic Trends Slovenian Economic Mirror, No 3/2024 Figure 6: Electricity consumption by consumption group, April 2024 30 Year-on-year change, in % In April, the year-on-year decline of electricity consumption in the distribution network was slightly lower, partly due to more working days. With three more working days this April, industrial consumption was 2.3% higher year-on-year, while small business consumption was slightly lower (by 0.9%). Household electricity consumption in April was 6.9% lower year-onyear, partly attributable to frequent power outages due to maintenance works and snowfall. Industry Households Small business consumption Total distribution network consumption 20 10 0 -10 -20 Jan 24 Apr 24 Jul 23 Oct 23 Jan 23 Apr 23 Jul 22 Oct 22 Jan 22 Apr 22 Jul 21 Oct 21 Jan 21 Apr 21 Jul 20 Oct 20 Jan 20 Apr 20 -30 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. Figure 7: Value of fiscally verified invoices – nominal, April 2024 50 40 20 10 0 -10 -20 -30 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Jan 24 Apr 24 Jul 23 Oct 23 Jan 23 Apr 23 Jul 22 Oct 22 Jan 22 Apr 22 Jul 21 Oct 21 Jan 21 Apr 21 Jul 20 Oct 20 Jan 20 -40 Apr 20 Y-on-y change, in % 30 The nominal value of fiscally verified invoices was 8% higher year-on-year in April. With three working days more than in April 2023, year-on-year growth in total turnover was higher than on average in the first quarter, when it was 5%. Growth of turnover in trade, which accounted for almost 80% of the total value of fiscally verified invoices, accelerated (from 5% to 7%). Turnover growth in the sales of motor vehicles and retail trade remained relatively strong, and for the first time this year, turnover in wholesale trade was higher yearon-year. Year-on-year turnover growth was strong in accommodation and food service activities and in certain creative, arts, entertainment and sports services and betting and gambling (total growth in accommodation and food service activities and other service activities1 was 8%, similar to the first quarter). 1 Activities R, S and T according to NACE classification. Current Economic Trends Slovenian Economic Mirror, No 3/2024 11 Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 190 180 170 160 150 140 130 120 110 100 90 80 Jan 15 Exports of goods (3MMA*) Non-smoothed data Imports of goods (3MMA*) Non-smoothed data Jan 14 Seasonally adjusted real index 2010=100 Figure 8: Trade in goods – in real terms, March 2024 Source: SURS, calculations by IMAD. Note: *3MMA - 3-month moving average. Trade in goods increased month-on-month in the first quarter of this year (seasonally adjusted) but was still lower than a year ago.2 Real exports of goods declined by 2.1% compared to the previous quarter, while imports fell by 1%, marked by significant monthly fluctuations. Exports of vehicles rose sharply (which also contributed to the sharp increase in exports to France) and exports of chemical products also increased. Imports of intermediate goods and consumer goods contributed to the increase in imports of goods, while imports of capital goods fell (seasonally adjusted). Compared to the same period last year, both exports and imports continued to decline in the first quarter of 2024, with exports to nonEU countries and imports from EU countries experiencing particularly steep declines. In April, sentiment in exportoriented industries remained subdued, and export orders remained at very low levels. In the second quarter, companies continued to cite uncertain economic conditions, weak foreign demand and a shortage of skilled labour as the main limiting factors to business operations. 2 According to the external trade statistics by SURS. Deflation and seasonal adjustment by IMAD. Total exports and imports adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 1100 1000 900 800 700 600 500 400 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 Jan 24 Mar 24 300 Jan 14 In EUR million, seasonally adjusted Figure 9: Trade in services – nominal, March 2024 Trade in services increased month-on-month in the first quarter but was lower than in the same period last year. Among the main service groups, exports of tourism-related, construction and ICT services increased compared to the previous quarter. Exports of transport services continued to decline. Exports were also lower in administrative and support service activities, which have experienced marked fluctuations in recent months. Imports of most main service groups increased, with the exception of administrative and support service activities (seasonally adjusted). Trade in services was lower than in the first quarter of last year, primarily due to a significant decline in transport services and administrative and support service activities. 12 Current Economic Trends Slovenian Economic Mirror, No 3/2024 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 Jan24 24 Mar Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 10: Production volume in manufacturing, March 2024 Source: SURS, calculations IMAD. Despite a decline in March, manufacturing production in the first quarter increased in all industry groups according to technology intensity, while the year-onyear decline was less pronounced compared to the fourth quarter of last year. The relatively sharp yearon-year decline in March (-6.1%) contributed to a 1.8% decline in manufacturing production in the first quarter (growth in the first two months was 0.7). Manufacturing output was lower year-on-year, particularly in some less technology-intensive sectors. In the energy-intensive manufacture of other non-metallic mineral products n.e.c., it fell by almost a fifth, while in the energy-intensive chemical industry it fell by 8.2% and in the wood and furniture industry and the repair and installation of machinery and equipment by around 10%. Industries that surpassed last year’s first-quarter levels mostly recorded modest growth of up to about 4%. The only activities where growth was higher were other manufacturing (14.5%) and the textile industry (8.3%). Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 50 Source: SURS; calculations by IMAD. Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Real construction production index (2010=100) Figure 11: Activity in construction, March 2024 According to data on the value of construction work put in place, construction activity fell in March and was also down year-on-year. After strong growth at the beginning of last year, activity declined gradually amid monthly fluctuations. In the first quarter, it was 3% lower than in the first quarter of last year. The sharpest decline in activity was recorded in building construction (7%). Some other data, however, point to growth in construction activity. According to VAT data, the activity of construction companies in the first quarter was 8% higher than the same period last year. When compared to the data on the value of construction put in place, this represents a notable difference of 11 p.p. in the growth of this activity. Current Economic Trends Slovenian Economic Mirror, No 3/2024 13 Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 240 220 200 180 160 140 120 100 . by IMAD. Source: SURS; calculations Jan 24 24 Mar Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 12: Turnover in trade, February–March 2024 In February, real turnover further increased in most trade sectors and was also higher year-on-year. Following growth in the fourth quarter of last year, turnover further increased in the retail sales of nonfood products, which were up 4% year-on-year, and in wholesale trade, which was higher year-on-year for the first time since January 2023 (by 7%). Turnover in retail sales of food, beverages and tobacco products remained higher year-on-year (by 4%), thus maintaining the level achieved in recent months after recording modest growth in the second half of last year. Following strong growth last year, turnover in the sales of motor vehicles fell in February, though it was still significantly higher year-on-year (by 11%). According to preliminary SURS data, turnover in March was again higher year-on-year in the sales of motor vehicles and retail sales of food, while turnover in retail sales of non-food products was lower. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2023 III 24/II 24 III 24/III 23 I-III 24/I-III 23 Merchandise exports, real1 -6.8 -0.43 -5.6 -0.3 - to the EU -7.6 3 -0.5 -3.8 0.5 Merchandise imports, real1 -7.2 -7.53 -9.5 -2.9 - from the EU -5.6 -10.33 -4.4 -5.9 Services exports, nominal2 6.4 0.23 -6.14 -3.9 Services imports, nominal2 4.6 -0.63 -5.9 4 -2.6 Industrial production, real -5.6 -5.9 -6.9 -2.94 - manufacturing -4.5 -3.5 -6.1 -1.84 Construction - value of construction put in place, real In % Distributive trades - real turnover Market services (without trade) - real turnover 3 3 4 4 19.4 -7.4 -8.6 -2.8 2023 II 24/I 24 II 24/II 23 I-II 24/I-II 23 -2.7 -0.63 1.24 1.3 2.2 -1.8 1.1 2.9 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. Source: SURS; calculations by IMAD. Note: * including real estate activities (L). Jan 24 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 180 160 140 120 100 80 60 40 20 0 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 13: Turnover in market services, February 2024 In February, total real turnover in market services fell significantly (by 1.8%), while it was 1.8% higher yearon-year in real terms. Following robust growth in January, the most significant downturn occurred in information and communication. Additionally, a sharp decline in turnover was recorded in professional and technical activities, where only one sector, a small one in terms of turnover, recorded growth. In accommodation and food service activities, turnover fell for the second month in a row, following a period of relatively strong growth in the fourth quarter of last year. Turnover continued to decline in administrative and support service activities, with further decreases noted in employment services. Only transportation and storage recorded a slight increase in turnover, with both land transport and warehousing and storage contributing to this growth. Year-on-year growth in total turnover of market services slowed significantly in February (from 5.8% in January to 1.8%), and a marked decline was recorded in real estate activities. 14 Current Economic Trends Slovenian Economic Mirror, No 3/2024 Figure 14: Selected indicators of household consumption, February–March 2024 160 140 120 100 80 60 40 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 0 Q1 15 20 Q1 14 Seasonally adjusted index 2010=100 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in accomodation and food service Source: SURS; calculations by IMAD. Note: The Q1 2024 figure for the turnover in accommodation and food service is the average value for January and February. Household consumption in the first quarter was 0.9% higher year-on-year in real terms. The number of new passenger cars used by natural persons sold was 4% higher year-on-year, while spending on tourism services abroad was 5% higher (in nominal terms). Retail sales of food, beverages and tobacco were 4% higher year-on-year in real terms on average in the first quarter, while turnover in the sales of non-food products was 1% lower in real terms due to a weaker March (according to preliminary data). The number of overnight stays by domestic tourists in Slovenia was also lower year-on-year (by 2%). In the first quarter, the nominal value of fiscally verified invoices (a turnover indicator) reached year-onyear growth of 5% in nominal terms, which in a context of lower price growth means higher real growth than in previous quarters. Figure 15: Economic sentiment, April 2024 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Jan 24 24 Apr Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -50 Jan 15 -40 Jan 14 Seasonally adjusted indicator value, 3-month moving average 30 In April, the economic sentiment indicator increased both month-on-month and year-on-year. Compared to March, confidence improved in all activities except construction. Compared to April last year, confidence was slightly higher on average. Broken down by segment, it was higher in manufacturing and retail trade and among consumers, while it was slightly lower in services and significantly lower in construction. Despite reaching its highest level in 13 months, economic confidence remained below the long-term average, though it surpassed it in services, retail trade and construction. Manufacturing Service activities Consumers Source: SURS; calculations by IMAD. Road Road – cross-trade Road - loaded, unloaded and national Railway 240 220 200 180 160 140 120 100 Source: SURS; calculations by IMAD. Q4 23 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 60 Q1 15 80 Q1 14 In million tkm, seas. adj. index 2010=100 Figure 16: Road and rail freight transport, Q4 2023 Road freight transport further declined in the fourth quarter of 2023, while rail transport experienced growth. The decline in the volume of road transport performed by Slovenian vehicles, which was lower than in the previous two quarters, was still influenced by reduced cross-trade (by more than 2%), while road traffic performed at least partially on Slovenian territory (exports, imports and national transport) exhibited a slight overall increase. Year-on-year, the volume of road goods transport fell by more than one-tenth, and even slightly more compared to the fourth quarter of 2019 (pre-epidemic period). The share of cross-trade, which accounted for half of all goods transport a few years ago, fell to less than 40%. Rail freight transport, which had been on a downward trajectory already before the epidemic, saw a significant increase in the fourth quarter (by 7%). It was also several percentage points higher yearon-year, while it was lower compared to the same period in 2019. Current Economic Trends Slovenian Economic Mirror, No 3/2024 15 Labour market Figure 17: Number of persons in employment, March 2024 Persons in employment Construction (F) Public services (O–Q) 140 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) Index, January 2019 = 100 135 130 125 120 115 110 105 100 Jul 23 Jan 23 Jul 22 Jan 22 Jul 21 Jan 21 Jul 20 Jan 20 Jul 19 Jan 19 90 Jan 24 Mar 24 95 Source: SURS; calculations by IMAD. The number of persons in employment continued to rise year-on-year in March. Growth was similar (1.4%) to the first two months of the year and higher than in the final months of 2023. The acceleration was mainly due to a change in the definition of persons in employment, which now also includes workers posted abroad.3 Growth was the highest in construction, which faces severe labour shortage, and the increase was further boosted by the aforementioned change in the definition of the labour force. The year-on-year increase in the total number of persons in employment was due to the higher number of employed foreign nationals, while the number of employed Slovenian citizens fell. The share of foreign citizens among all persons in employment was 15.6% in March, 1.4 p.p. higher than a year earlier. Notably, the activities with the largest shares of foreign workers were construction (50%), transportation and storage (33%), and administrative and support service activities (29%). 3 At the beginning of 2024, individuals sent to work or undergo training abroad and caregivers of family members were included among persons in employment. According to SURS data, just over 6,900 persons were sent to work or undergo training abroad at the end of 2023. These persons will most likely become part of persons in paid employment as their existing insurance basis expires (as of January 2024, there were just under 4,600 posted workers remaining). The effect of the changed definition is the largest in construction and among foreign nationals (see SURS, https://www.stat.si/StatWeb/en/news/ Index/12740). According to our estimate, they contribute about half to the total year-on-year growth. Figure 18: Number of registered unemployed, April 2024 All unemployed According to the seasonally adjusted data, the monthly decline in the number of registered unemployed was similar in April (1.1%) as in the previous two months. According to original data, 45,219 people were unemployed at the end of April, 7% less than a year ago. Amid labour shortages, the number of longterm unemployed (more than one year) fell by 14.8% year-on-year at the end of April, while the number of unemployed over 50 fell by 9.2%. Long-term unemployed 120 100 80 60 40 20 Source: ESS. Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Number of registered unemployed in '000 140 16 Current Economic Trends Slovenian Economic Mirror, No 3/2024 Figure 19: Average real gross wage per employee, February 2024 Private sector 20 Public sector In February, the average gross wage growth (3.4%) was slightly lower in real terms compared to January. With inflation largely unchanged, this was mainly due to last year’s high base effect related to the increase in the minimum wage, which was higher than this year. In the private sector, the average gross wage in February increased by 3.9% year-on-year in real terms, with the highest growth observed in construction, transportation and storage. Real growth in the public sector was 2.4%. Nominal year-on-year growth in the average gross wage (6.9%) was slightly lower than in previous months. Growth was 7.4% in the private sector and 5.9% in the public sector. Total 12 8 4 0 -4 -8 -12 Jan 24 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 -20 Jan 16 -16 Jan 15 Year-on-year real growth, 3-month moving average, in % 16 Source: SURS; calculations by IMAD. Table 3: Indicators of labour market trends Change, in % 2023 III 24/II 24 III 24/III 23 1.3 0.11 1.4 1.4 2023 II 24/I 24 II 24/II 23 I-II 24/I-II 23 9.7 0.21 6.9 7.6 private sector 9.4 -0.21 7.4 8.4 public sector 10.3 0.31 5.9 5.9 of which general government 10.1 -0.11 5.1 5.4 of which public corporations 10.9 0.51 8.2 7.6 2023 III 23 II 24 III 24 Persons in formal employment2 Change, in % Average nominal gross wage Rate of registered unemployment (in %), seasonally adjusted I-III 24/I-III 23 5.0 5.1 4.7 4.7 Change, in % 2023 IV 24/III 24 IV 24/IV 23 I-IV 24/I-IV 23 Registered unemployed -14.0 -3.5 -7.0 -6.9 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Current Economic Trends Slovenian Economic Mirror, No 3/2024 17 Prices Figure 20: Consumer prices, April 2024 Slovenia 12 Euro area Year-on-year inflation, in % 10 8 6 4 2 0 Jan 24 Apr 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Source: SURS, Eurostat. After a slight increase in the preceding two months, year-on-year growth of consumer prices fell to 3% in April, marking the lowest level since October 2021. The slowdown in year-on-year growth was primarily driven by a less pronounced seasonal increase in prices of package holidays (rising by 13.8% month-on-month). The year-on-year price increase in the recreation and culture group nearly halved compared to March (3.2%), while the growth in services prices decreased by around onequarter to 4.5%. Similarly, the seasonal price hike in the clothing and footwear group was less pronounced (4.2%), contributing to lower price growth in semi-durable goods, which increased by 1.8% year-on-year. Prices in the food and non-alcoholic beverages group fell by 1% monthon-month but remained stable year-on-year. The prices of durable goods fell year-on-year (-0.7%). Among the 12 groups of goods and services, the most significant price increases were observed in the restaurants and hotels group (7.3% year-on-year), where growth accelerated again after a slowdown at the beginning of the year. Prices in the education and health groups are also rising rapidly (by 6.6% and 6.1% respectively). Figure 21: Slovenian industrial producer prices, March 2024 Domestic market 160 Non-domestic market 150 Index 2015=100 140 130 120 110 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 90 Source: SURS. Jan 24 Mar 24 100 In March, industrial producer prices saw a slight month-on-month increase (0.1%), while the yearon-year decline has slowed somewhat (-3.3%). The monthly increase was mainly due to a 4.1% rise in energy prices, with prices for capital goods (0.5%) and consumer goods (0.2%) also experiencing a slight rise. Prices of intermediate goods fell slightly and the year-on-year decline in prices in this group accelerated slightly (-5.8%). Against the backdrop of relatively high monthly price increases, the year-on-year price decline in the energy product group slowed somewhat, though remaining substantial at 12.2%. The growth of prices for capital and consumer goods continued to weaken, registering a year-on-year increase of slightly below 1%. The decline in Slovenian producer prices was somewhat more pronounced on the domestic market (-3.7%) than on the foreign markets (-3.0%). Table 4: Consumer price growth, in % 2023 V23-IV24/V22-IV23 Total Food Fuels and energy IV24/III24 IV24/IV23 I-IV24/I-IV23 4.2 5.3 1.0 3.0 3.3 4.2 6.3 -1.1 -0.1 1.3 -2.3 -0.1 0.5 4.3 2.0 Services 6.0 6.9 2.3 4.5 5.1 Other1 4.7 5.0 0.9 2.7 3.0 Core inflation - excluding food and energy 5.2 6.0 1.6 3.6 4.0 Core inflation - trimmed mean2 4.2 5.9 0.4 3.0 3.5 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. 18 Current Economic Trends Slovenian Economic Mirror, No 3/2024 Financial markets Figure 22: Loans to domestic non-banking sectors, March 2024 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -40 Source: BoS. The growth of loans to domestic non-banking sectors strengthened slightly year-on-year in March but remains relatively modest (1.3%). A large part of the growth stems from household borrowing, where consumer credit has increased rapidly since the middle of last year,4 with a year-on-year rise of almost 15%. New loans to households in the form of consumer loans in the first quarter amounted to EUR 386.6 million, almost 50% higher than in the same period last year. The yearon-year increase in housing loans has stabilised at around 1% over recent months. The volume of corporate and NFI loans fell by 2.2% year-on-year in March, but the decline has slowed in recent months. Growth in domestic non-banking sector deposits has been around 3% since the end of last year. In recent months, the yearon-year growth in corporate deposits (5.7% in March) was significantly higher than that of household deposits (2.3% in March). Amid low deposit interest rates and the supply of government bonds for private investors, the volume of household deposits actually fell slightly in the first quarter of this year. The quality of banks’ assets remains solid and the share of non-performing loans remained unchanged at 1% at the beginning of the year. 4 In July 2023, the Bank of Slovenia lowered the limit for the creditworthiness of households from 76% of the gross minimum wage (EUR 914) to the level of the minimum cost of living (EUR 745), and certain additional benefits, for example child benefit, can also be included by banks in the calculation of the consumer’s annual income. Table 5: Financial market indicators Nominal amounts. EUR million Nominal loan growth.% Domestic bank loans to non-banking sector and household savings 31. III 23 31. XII 23 31. III 24 31. III 24/29. II 24 Loans total 25,385.4 25,572.9 25,713.3 0.4 1.3 11,610.6 11,352.0 11,360.6 0.3 -2.2 2.5 Enterprises and NFI 31. III 24/31. III 23 Government 1,279.4 1,335.9 1,311.5 -0.6 Households 12,495.4 12,885.1 13,041.2 0.6 4.4 Consumer credits 2,654.3 2,918.3 3,035.6 1.5 14.4 Lending for house purchase 8,216.3 8,271.7 8,302.6 0.2 1.1 Other lending 1,624.8 1,695.1 1,703.1 1.2 4.8 26,378.9 27,072.2 26,990.4 0.4 2.3 23,338.9 22,753.5 22,336.0 0.1 -4.3 3,040.0 4,318.7 4,654.4 1.6 53.1 147.9 118.7 120.5 -9.0 -18.5 9,484.4 10,859.2 10,597.2 -0.1 11.7 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. Current Economic Trends Slovenian Economic Mirror, No 3/2024 19 Balance of payments Trade in goods Primary income Current account 5000 In the first quarter of this year, the current account surplus widened year-on-year. This was mainly due to the goods trade balance. Real exports of goods increased year-on-year while imports fell and the terms of trade improved due to a further decline in energy and industrial producer prices. We estimate that volume and price movements contributed similarly to the year-onyear change in the nominal goods trade balance (EUR 261 million) in the first quarter. The surplus in trade in services was lower year-on-year, mainly due to a lower surplus in trade in transport services. The primary income deficit was similar to that in the same period last year. The lower secondary income deficit resulted mainly from lower net outflows of general government transfers to the rest of the world. The 12-month balance of the current account of the balance of payments showed a surplus of EUR 3.1 billion in March (4.6% of estimated GDP). Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -5000 Jan 14 12-month cumulatives, in EUR million Figure 23: Current account of the balance of payments, March 2024 Source: BoS; calculations by IMAD. Table 6: Balance of payments I-III 2024, in EUR million Inflows Outflows Balance Balance, I-III 2023 Current account 14,182.6 13,356.0 826.6 543.7 10,508.9 10,213.7 295.1 33.8 2,462.8 1,687.3 775.5 829.6 Primary income 773.0 947.4 -174.4 -178.2 Secondary income 437.9 507.6 -69.7 -141.5 603.0 590.0 13.0 -92.3 1,572.1 1,987.5 415.4 255.0 Direct investment 485.9 530.4 44.5 -381.1 Portfolio investment 684.6 2,013.9 1,329.3 -608.2 Other investment 410.7 -752.6 -1,163.3 1,198.0 -424.2 -196.4 Goods Services Capital account Financial account 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. 20 Current Economic Trends Slovenian Economic Mirror, No 3/2024 Public finance 40 40 30 30 20 20 10 10 0 0 -10 -10 -20 -20 Year-on-year growth, in % Tax revenues* Social security contributions Non-tax revenues Receipts from the EU budget Other TOTAL REVENUES (right axis) Q1 18 Q2 Q3 Q4 Q1 19 Q2 Q3 Q4 Q1 20 Q2 Q3 Q4 Q1 21 Q2 Q3 Q4 Q1 22 Q2 Q3 Q4 Q1 23 Q2 Q3 Q4 Q1 24 Contribution to year-on-year growth, in p.p. Figure 24: Revenue of the consolidated general government budgetary accounts, Q1 2024 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note: *Excluding social contributions. Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: *Other personnel expenditure includes social contributions paid by the employer. 32 28 24 20 16 12 8 4 0 -4 -8 Year-on-year growth, in % 32 28 24 20 16 12 8 4 0 -4 -8 Salaries, wages and other personnel expend.* Expenditure on goods and services Interest payments Reserves Current transfers to individuals and households Expenditure on investments Other current transfers Payments to the EU budget TOTAL EXPENDITURE (right axis) Q1 18 Q2 Q3 Q4 Q1 19 Q2 Q3 Q4 Q1 20 Q2 Q3 Q4 Q1 21 Q2 Q3 Q4 Q1 22 Q2 Q3 Q4 Q1 23 Q2 Q3 Q4 Q1 24 Contribution to the year-on-year growth, in p.p. Figure 25: Expenditure of the consolidated general government budgetary accounts, Q1 2024 In the first quarter of this year, the deficit of the consolidated balance of public finances was higher year-on-year. It totalled EUR 372 million, compared to EUR 294 million in the same period last year. Revenues increased by 8.1% year-on-year in the first quarter. In addition to revenues from social contributions due to the transformation of the supplementary health contribution into a mandatory contribution, the first quarter of this year saw a strong upturn in personal income tax revenues, which had stagnated in the same period last year due to increased tax relief, while this year’s increase is also due to the non-adjustment of the tax relief and tax base. The dynamics of the adoption of measures to mitigate the consequences of rising prices and last year’s late payment by some excise registrants have led to lower growth in excise duty revenues this year. Total revenues from the EU budget declined year-on-year, after Slovenia received funds based on the second payment request under the Recovery and Resilience Facility (RRF) at the end of last year.5 Expenditure increased by 9% year-on-year in the first quarter. The main contributors were expenditure on salaries, wages and other personnel expenditure, which were influenced by the agreement on pay rises in the public sector6 and the early payment of the holiday allowance, the increase in expenditure on goods and services and other healthcare expenditure in connection with the transformation of the supplementary health insurance into a mandatory contribution, and transfers to individuals and households, partly as a result of the high regular annual indexation of pensions. Growth in capital expenditure strengthened (27.4%). Subsidies to companies for the mitigation of the effects of rising energy prices, which saw a marked increase last year, were lower year-on-year. From August 2023 to the end of March 2024, EUR 633 million was disbursed from the state budget to rectify the consequences of floods and landslides, of which EUR 75 million was disbursed in the first three months of this year, most of it for ongoing maintenance and insurance under the emergency Flood Recovery Act. 5 6 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. The Agreement on Measures Regarding Public Sector Wages and Other Compensation for 2022 and 2023 (October 2022). As of 1 April 2023, wages increased by one salary grade. Current Economic Trends Slovenian Economic Mirror, No 3/2024 21 Figure 26: EU budget receipts, March 2024 Slovenia’s net budgetary position against the EU budget was positive in the first three months of 2024 (at EUR 46.8 million). In this period, Slovenia received EUR 190.1 million from the EU budget (13.1% of receipts envisaged in the adopted state budget for 2024) and paid EUR 143.2 million into it (19.9% of planned payments). The bulk of receipts (53.3% of all reimbursements to the state budget, 100.4% of the planned reimbursements in 2024) were resources from the Cohesion Fund and from structural funds7 (31.4% of all reimbursements to the state budget, 20% of the planned reimbursements in 2024). Receipts for the implementation of the Common Agricultural and Fisheries Policies amounted to 5.7% of all reimbursements (3% of the planned reimbursements in 2024). The highest payments into the EU budget came from GNI-based payments (47% of all payments). Total receipts (January–March 2023) Expected reimbursements in the budget 2024 Total receipts (January–March 2024) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 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 March 2024), payments from the state budget totalled EUR 3.53 billion (EU share). This corresponds to 106%8 of the available funds, while certain payments from the state budget are still planned for the first half of 2024 (about EUR 66 million according to estimates made by line ministries). Under the Operational Programme for the Implementation of EU Cohesion Policy 2021–2027 (from January 2021 to the end of March 2024), payments from the state budget totalled EUR 23.9 million (EU share), which corresponds to 1% of the available funds. Figure 27: Absorption of 2014–2020 ECP funds (EU part) for the period 1 January 2014–31 March 2024 Payments from the state budget Commitment appropriations Total CF ESF ERDF 7 8 0 1000 2000 3000 In EUR million 4000 Source: MKRR. Note: ESF includes YEI funds. REACT-EU funds are included. The European Regional Development Fund (ERDF) and the European Social Fund (ESF). The additional appropriations (over 100%) allow that, in the event of the usually lower final realisation of reimbursements from the European budget (due to identified ineligible expenditure, withdrawal from cofinancing, etc.), all available funds can still be used and the objectives of the Operational Programme for the Implementation of European Cohesion Policy can be achieved. Table 7: Consolidated general government revenue and expenditure on a cash basis I-III 2023 I-III 2024 Y-o-y growth, EUR m in % Category REVENUES TOTAL Tax revenues 5,736.3 2.2 6,198.4 2,898.6 4.9 3,136.0 Personal income tax 804.7 -0.4 944.7 Corporate income tax 296.9 20.4 310.5 21.7 55.0 14.1 1 Taxes on immovable property Value added tax Excise duties Social security contributions 1,150.4 7.7 1,209.6 371.6 13.6 373.5 2,224.5 8.6 2,526.7 Non-tax revenues 278.6 -14.4 296.4 Receipts from the EU budget 258.2 -35.3 192.2 76.4 -0.3 47.1 Other I-III 2023 Y-o-y growth, EUR m in % Category 8.1 EXPENDITURE TOTAL Salaries. wages and other 8.2 personnel expenditures2 17.4 Expenditure on goods and services 4.6 Interest payments -35.1 Reserves Transfers to individuals and 5.1 households I-III 2024 Y-o-y growth, EUR m in % Y-o-y growth, EUR m in % 6,030.1 1.7 6,570.5 9.0 1,441.7 10.1 1,683.2 16.7 786.9 -6.9 910.3 15.7 370.2 10.1 361.0 -2.5 88.6 -57.1 64.2 -27.6 2,317.4 1.1 2,527.0 9.0 0.5 Other current transfers 548.0 12.4 485.8 -11.3 13.6 Investment expenditure 310.7 15.5 395.9 27.4 166.6 -8.6 143.2 -14.0 6.4 Payments to the EU budget -25.6 GENERAL GOVERNMENT BALANCE -38.3 PRIMARY BALANCE -293.9 -372.1 44.6 -63.3 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 3/2024 Business results of companies in 2023 Business results of companies improved last year as the energy crisis subsided, especially in the energy sector, with performance indicators returning to 2021 levels on average. In 2023, net profit increased by 10.1% to EUR 6,699 million in nominal terms, but taking inflation into account (7.4%), the increase was more modest in real terms. The increase in net operating profit was more pronounced in nominal terms (16.1%), while net profit from financial operations declined. All performance indicators9 improved (especially operating efficiency and return on revenue) and were higher than before the epidemic and the global financial crisis. In 2023, the value added of commercial companies increased by 12.1% in nominal terms, to EUR 33,422 million. Table 8: Company performance indicators 2007 2019 2020 2021 2022 2023 Operating efficiency, ratio 1.048 1.051 1.042 1.057 1.048 1.057 Return on total revenue, in % 4.4 4.5 2.9 4.7 4.1 Return on average assets, in % 3.9 4.6 2.7 5.1 5.0 4.6 5.1 Return on average equity, in % 10.2 9.4 5.4 10.3 10.1 10.3 23 river level fluctuations, major changes in energy prices on the market, price regulation and longer-term contracts with consumers, which had a negative impact on the business results in 2022 and a positive impact in 2023. The operating results turned from a loss to a strong profit of EUR 719 million. Net profit for all companies, which increased by a tenth in 2023, fell by almost 2% excluding the results of the companies mentioned above. Strong improvement in business activity in nominal terms was also recorded in construction (an increase of EUR 113 million, +41%) and trade (an increase of EUR 53 million, +4%), while the most significant deteriorations were seen in manufacturing (a decrease of EUR 287 million, -12%) and professional, scientific and technical activities (a decrease of EUR 70 million, -11%). In manufacturing, net profit fell markedly in energy-intensive manufacturing activities10 (by almost one-third or EUR 156 million), although it was still above the highest levels achieved before the epidemic (in 2018 and 2019). After strong growth in 2022, the sharpest decline was recorded in the manufacture of basic metals. Net profit further declined in the chemical industry, while it increased in the paper industry and the manufacture of non-metal mineral products. Source: AJPES; calculations by IMAD. Figure 29: Net profit by activity 2023 Figure 28: Companies’ net profit and its main components 10,000 2022 2021 2020 2019 A Net financial profit/loss Net operating profit/loss Net profit/loss in the accounting period B C D 8,000 E F 4,000 G 2,000 H 0 I -2,000 J -4,000 K 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 In EUR m 6,000 L M Source: AJPES. N Q R 2400 2200 2000 1800 1600 1400 1200 800 1000 600 400 0 200 -200 Oth. -400 All sectors operated at a profit in 2023, but the primary driver of the overall profit increase was the strong improvement in the business results in electricity, gas, steam and air-conditioning supply. The sharp fluctuations in operating profit in this area over the last two years were strongly influenced by various factors: In EUR million Source: AJPES, calculations by IMAD. Note: For a description of activities, see the list of acronyms in the Appendix. 9 Operational efficiency = operating revenue/operating expenses; return on revenue = net profit (loss) in the accounting period/total revenue; return on assets = net profit (loss) in the accounting period/average assets; return on equity = net profit (loss) in the accounting period/ average equity. 10 The share of energy costs in the operating costs of energy-intensive manufacturing companies is on average more than twice as high as the average for all manufacturing companies. Selected Topic Slovenian Economic Mirror, No 3/2024 Figure 30: Net profit of energy-intensive manufacturing activities 2023 2022 2021 2020 Figure 31: Revenues from sales and subsidies 2019 Manufacture of basic metals Subsidies, grants…(AOP 124) Revenues from sales on the domestic market Revenues from sales in the EU Revenues from sales outside the EU 90 80 Manufacture of other non-metallic mineral products In EUR billion 70 Chemical industry 60 50 40 30 20 Paper industry Source: AJPES; calculations by IMAD. The strong growth in sales revenue over the previous two years came to a halt in 2023, while the value of subsidies increased again. Sales revenue increased by only 0.1% in nominal terms compared to 2022; when taking into account the above-mentioned inflation and the higher sales prices of goods and services, this means a significant decrease in sales volume. Sales on the domestic market continued to rise, by 5.9%, while sales on the EU and non-EU markets fell by 5.8% and 9.8% respectively. Amid these trends, companies’ export orientation fell to 42.4%, slightly lower than before the epidemic (in the previous decade, it had seen mostly growth, from levels around 30%). Subsidies (AOP 124), which are part of business revenues, amounted to EUR 528 million before the epidemic and increased to EUR 1,354 million in 2020, when epidemic-related aid to companies was also recorded therein. They fell in the following two years but remained at a high level due to new subsidies during the energy crisis. In 2023, they rose again, by over a quarter, to EUR 1,146 million. The reasons for the increase were varied and ranged from further aid to energy companies to aid following the floods and higher subsidies in passenger transport. 2023 2022 2021 2020 2019 2018 2017 2016 2015 0 2014 200 2013 150 2012 50 100 In EUR million 2011 0 2010 -50 2009 10 2008 24 Source: AJPES. The share of labour costs in operating expenses, which had surged in 2020, fell sharply by 2022 amid increasing inflation, before returning to the preepidemic levels in 2023. During the epidemic, the government adopted labour market measures, and in accordance with the methodology, employers recorded the state aid as labour costs, meaning that labour costs actually rose slightly despite the contraction of economic activity. The share of labour costs in the reduced operating expenses thus increased significantly. In the period of post-COVID-19 recovery, the increase in operating income and operating expenses was much more pronounced than the increase in labour costs, meaning that their share has fallen. In 2022 (with inflation fuelled by high energy prices), operating expenses continued to rise sharply and again outpaced the increase in labour costs, causing their share to fall further to a historically low level of 12.9%. In 2023, the slowdown in economic activity led to a slight decline in operating expenses and, given the labour shortage, the increase in the minimum wage and employees’ pressures for real income growth, labour costs rose even more strongly than in 2022, by 11.7%, meaning that their share rose again, to 14.6%, i.e. to the pre-epidemic level. Selected Topic Slovenian Economic Mirror, No 3/2024 Figure 32: Operating expenses, labour costs and their share in operating expenses Figure 33: Breakdown of financial expenses and financial revenues Other financial expenses Financial expenses from impairment and write-offs Financial expenses from financial liabilities Financial revenues 16.5 4.5 140 16.0 120 15.5 3.5 100 15.0 3.0 80 14.5 60 14.0 40 13.5 20 13.0 0 12.5 In EUR billion 2.5 2.0 1.5 1.0 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Figure 34: Debt, equity and debt as a percentage of total liabilities Debt Equity Share of debt in total liabilities (right axis) 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 Source: AJPES, calculations by IMAD. In % In 2021 and 2022, companies once again achieved a net profit from financial operations, while last year, when loans were more expensive, the financial result was almost balanced. In 2020, the loss from financial operations was caused, on the expenditure side, by a renewed increase in impairments and write-offs and, on the revenue side, by a decline in revenue from shares. In the two subsequent years, a significant net profit from financial operations was again achieved, totalling EUR 339 million and EUR 534 million respectively, before falling to just EUR 23 million in 2023. The decline was primarily due to lower revenue from shares in group companies in conjunction with lower dividend payments and, on the other hand, higher financial expenses from loans received in conjunction with higher interest rates due to inflation. Financial revenue thus fell by 5.7%, while financial expenses rose by 28.8%. Since 2016, commercial companies have increased both debt and equity, while the debt to total liabilities ratio has stabilised at around 50%, which is much lower than at the outbreak of the global financial crisis in 2008. In the first year of the epidemic, the value of equity continued to rise, while the value of debt fell slightly. Corporate indebtedness, measured as debt as a percentage of total liabilities, continued to decrease, reaching the lowest value thus far, i.e. 50.1%. In the following years, the value of both capital and debt continued to rise, while after a slight increase, the share of debt in total liabilities fell again slightly in 2023 (to 50.2%). Unlike in 2008, when debt accounted for almost two-thirds of corporate liabilities and companies entered the global financial crisis heavily indebted, their situation is now much more stable in this respect. In EUR billion The share of energy costs in operating expenses, which rose sharply in 2022 during the energy crisis, remained largely stable in 2023. Energy costs for companies rose by almost 60% in 2022 (more than half of this increase was in manufacturing) but fell by just 2% in 2023. For all companies, energy costs accounted for 2.7% of operating expenses in 2023. In manufacturing, this figure was 4.0% and the highest share, 11.7%, was still recorded in transportation and storage. These two activities are the largest energy consumers and account for around twothirds of the total energy costs of all companies. 2010 Source: AJPES. Source: AJPES, calculations by IMAD. The share of labour costs in the value added of all companies fell slightly in 2023, while it increased in several activities. The sharpest declines can be seen in energy, gas, steam and air-conditioning supply (by 31.8 p.p.), financial and insurance activities, mining and quarrying, and construction, while a significant increase can be observed in manufacturing (by 3.2 p.p.), health and social work, transportation and storage, information and communication, and professional, scientific and technical services. This has led to a loss of competitiveness in activities with a higher proportion of labour costs. 2009 0.0 2008 0.5 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 In % 4.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 In EUR billion 160 Operating expenses Labour costs Labour costs/operating expenses (right axis) 25 statistical appendix Statistical Appendix Slovenian Economic Mirror, No 3/2024 Main indicators GDP (real growth rates, in %) 2018 2019 2020 2021 2022 2024 2023 2025 27 2026 Spring Forecast 2024 4.5 3.5 -4.2 8.2 2.5 1.6 2.4 2.5 2.5 GDP in EUR million (current prices) 45,876 48,582 47,045 52,279 57,038 63,090 66,833 70,936 74,608 GDP per capita in EUR (current prices) 22,142 23,256 22,373 24,803 27,040 29,753 31,360 33,175 34,792 GDP per capita (PPS) 26,500 27,800 26,900 29,300 31,900 GDP per capita (PPS EU27=100)1 87 89 89 90 90 Rate of registered unemployment 8.2 7.7 8.7 7.6 5.8 5.0 4.8 4.8 4.7 Standardised rate of unemployment (ILO) 5.1 4.5 5.0 4.7 4.0 3.8 3.8 3.8 3.7 Labour productivity (GDP per employee) 1.3 1.1 -3.6 6.8 -0.4 0.4 1.7 1.8 2.2 Inflation2, year average 1.7 1.6 -0.1 1.9 8.8 7.4 2.7 3.4 2.2 Inflation2, end of the year 1.4 1.8 -1.1 4.9 10.3 4.2 3.1 3.1 2.1 6.2 4.5 -8.5 14.5 7.2 -2.0 1.5 3.2 4.2 Exports of goods 5.7 4.5 -5.5 13.4 2.9 -2.5 0.9 2.6 3.9 Exports of services 7.7 4.6 -19.7 19.1 24.9 0.3 3.8 5.2 5.1 7.1 4.7 -9.1 17.8 9.0 -5.1 3.7 4.0 4.2 Imports of goods 7.4 5.0 -8.6 17.2 7.7 -6.0 3.7 3.8 4.1 Imports of services 5.4 3.0 -12.0 20.7 15.9 0.1 4.1 4.9 4.7 2,695 2,844 3,398 1,732 -578 2,770 1,509 1,165 1,125 5.9 5.9 7.2 3.3 -1.0 4.4 2.3 1.6 1.5 42,137 44,491 48,049 50,923 51,825 57,780 91.8 91.6 102.1 97.4 90.9 91.6 1.181 1.120 1.141 1.184 1.054 1.082 1.088 1.088 1.088 3.5 5.5 -6.5 10.3 3.6 1.3 1.6 2.0 1.9 52.0 52.5 50.4 51.7 54.0 53.0 52.3 52.0 51.5 2.9 1.8 4.2 6.1 -0.5 2.4 6.8 1.9 3.8 18.2 18.3 20.6 20.7 19.5 19.5 20.6 20.7 21.1 10.2 5.0 -7.2 12.6 3.5 9.5 4.2 4.0 3.5 19.3 19.6 18.9 20.2 21.6 22.5 23.0 23.2 23.4 1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2024). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 28 Statistical Appendix Production Slovenian Economic Mirror, No 3/2024 2021 2022 2023 2022 2023 2024 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 7 8 9 6.4 2.8 1.8 -5.7 -3.4 -4.1 -10.1 -5.1 -2.9 4.3 0.1 3.8 4.3 0.7 3.8 1.2 38.5 13.5 25.4 -26.1 -30.2 -31.3 -3.5 16.3 10.9 30.2 32.3 12.5 1.6 7.4 39.9 32.9 7.3 5.8 -9.9 -4.7 -1.8 6.3 3.2 6.6 7.3 2.8 7.4 4.1 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 10.2 B Mining and quarrying -6.6 C Manufacturing 11.8 D Electricity, gas & steam supply 1 1.2 -5.6 10.2 -15.1 3.9 -4.5 -5.3 -26.4 -31.6 4.6 -1.8 -0.4 -3.3 -4.9 -29.3 -30.0 -40.2 -39.4 -32.3 -27.7 -23.7 -34.5 -19.0 -34.8 -26.9 -25.7 -21.2 -34.7 -33.5 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.5 22.2 19.4 20.0 17.7 14.8 35.6 24.1 Buildings 14.5 63.4 -5.7 34.6 53.7 58.5 109.5 21.6 5.9 13.4 19.5 16.1 11.6 4.0 22.5 24.6 19.3 26.3 11.0 12.7 12.1 2.2 19.5 19.5 6.7 5.1 6.7 -0.5 0.5 14.3 7.2 -5.9 11.4 11.8 6.9 -0.2 -1.6 -6.7 7.6 9.9 5.6 6.7 17.2 12.0 4.6 11.2 Professional, scientific and technical activities 10.6 10.0 4.7 9.3 11.8 11.3 8.1 Administrative and support service activities 13.1 5.7 6.1 12.0 12.3 -0.8 11.6 5.1 -2.7 8.8 6.2 18.9 5.5 -6.3 9.8 8.1 -3.5 14.6 7.5 8.0 -5.9 22.2 38.5 Civil engineering 23.1 23.0 10.1 -2.8 14.7 10.7 22.5 19.5 17.4 16.6 11.0 1.6 -13.3 -23.4 -18.0 34.7 57.6 55.3 48.4 37.0 95.9 51.7 10.5 12.7 22.3 2.0 10.3 12.3 -7.1 2.7 19.3 20.9 20.4 17.5 5.5 7.9 6.6 -8.1 -6.9 8.0 10.4 13.7 11.4 2.9 10.5 7.5 -1.7 2.8 10.3 11.4 14.9 12.0 24.3 9.8 14.8 11.6 7.5 2.2 4.6 4.6 7.3 9.3 15.0 11.0 9.2 16.4 9.0 1.5 7.0 7.7 6.0 3.8 14.5 13.8 16.1 7.6 -3.4 -3.7 4.4 5.3 0.7 -1.1 -3.8 -4.6 -1.4 5.0 6.6 8.4 3.9 1.8 7.7 6.6 7.4 4.6 0.8 -4.9 -8.3 -7.0 -4.9 -1.2 11.0 12.4 6.2 4.2 0.0 6.9 7.4 -7.6 -5.7 -1.2 1.2 15.1 13.8 13.7 15.9 8.7 -14.8 -8.1 -1.7 -7.6 -4.0 -0.1 0.5 14.3 10.2 8.1 0.4 -3.8 -6.7 -8.6 -4.7 9.5 8.6 13.8 8.1 5.2 10.9 8.3 4.2 -10.7 15.2 -1.6 2.6 5.0 5.7 599.8 730.4 257.8 94.9 17.1 1.9 -9.5 -9.5 -39.5 -8.4 0.5 -1.6 643.1 466.0 122.4 26.4 -45.7 -51.7 -54.5 -3.3 MARKET SERVICES, year-on-year real growth rates, % Services, total Transportation and storage Information and communication activities DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Real turnover in retail trade Real turnover in the sale and maintenance of motor vehicles Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays 3.5 679.7 180.0 Domestic tourists, overnight stays 10.4 -14.7 -17.0 690.2 Foreign tourists, overnight stays 42.9 110.1 14.7 78.8 394.5 61.2 71.6 44.5 27.4 6.2 7.8 11.1 555.2 1172.0 539.8 244.9 91.2 52.3 38.8 20.8 18.9 212.1 106.0 20.7 29.6 32.4 15.0 16.6 15.9 221.0 188.2 110.2 69.6 25.8 20.5 15.5 Accommodation and food service activities 58.6 78.8 -50.3 -49.1 AGRICULTURE Purchase of agricultural products, in EUR m 601.4 773.6 751.4 144.0 176.5 221.0 232.1 178.5 179.8 189.5 203.4 165.6 53.9 54.8 61.1 60.6 81.0 62.3 77.7 BUSSINES TENDENCY (indicator values*) Sentiment indicator 2.4 0.6 -3.8 4.2 2.5 -1.9 -2.5 -1.4 -3.4 -5.7 -4.7 -3.5 0.9 4.2 2.7 0.7 -0.9 -0.2 -4.5 8 0 -8 7 2 -3 -7 -5 -9 -10 -9 -9 3 4 2 0 0 -1 -6 18 21 14 26 22 16 21 17 14 12 13 10 26 22 25 19 16 18 13 in services 8 17 16 15 18 17 18 19 17 13 14 16 14 19 19 18 17 20 16 in retail trade 5 20 13 16 26 21 17 14 16 12 10 10 18 28 28 23 26 22 15 -22 -33 -33 -26 -31 -39 -35 -34 -31 -33 -32 -28 -33 -28 -31 -33 -39 -39 -40 Confidence indicator in manufacturing in construction consumer confidence indicator Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2 The survey covers all larger construction enterprises and some other enterprises that perform construction work. * Seasonally adjusted SURS data. Statistical Appendix Slovenian Economic Mirror, No 3/2024 2022 Production 2023 10 11 12 -4.0 -2.9 -10.5 29 2024 1 2 3 4 5 6 7 -6.9 0.1 -3.3 -8.2 -2.2 -2.4 -18.5 -21.6 -38.1 -25.7 -31.5 -32.6 -37.8 -27.9 -28.7 8 9 10 11 -7.7 -15.8 -7.7 -2.2 0.3 -10.8 -0.3 -6.8 -15.7 -7.8 12 1 2 3 4 -2.7 -11.0 -3.5 2.5 -6.9 17.1 14.2 18.0 13.1 33.1 -8.2 -3.1 -2.6 -9.3 -1.6 2.9 -6.1 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D B Mining and quarrying C Manufacturing 0.9 D Electricity, gas & steam supply 0.9 -7.7 -1.1 1.5 -1.5 -7.6 -1.1 -1.6 -50.0 -38.7 -33.0 -46.1 -27.1 -37.9 -27.9 -37.0 -31.7 -34.3 -24.6 -23.1 1 -8.8 -22.0 -34.7 -48.9 -20.5 -26.7 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total Buildings 38.7 45.6 25.0 16.8 29.9 23.4 22.8 23.2 18.5 107.0 119.6 101.4 57.4 8.9 8.3 -5.6 -3.3 14.2 -6.7 -10.3 -21.5 -25.2 -26.0 -18.3 -31.8 -0.6 -19.9 Civil engineering 26.1 20.3 29.6 8.1 13.0 9.0 -4.0 5.7 -8.6 19.0 16.0 38.4 15.9 33.6 24.4 24.0 12.8 21.8 14.7 21.8 41.2 10.3 16.1 4.7 -5.0 3.9 -7.9 5.3 5.7 4.2 7.3 6.1 6.7 -0.6 2.3 -2.8 1.4 -0.2 0.3 1.1 3.3 3.5 5.8 1.8 Transportation and storage 1.9 -1.9 -0.6 0.5 -3.6 -1.5 -9.6 -1.4 -9.0 -6.6 -9.0 -8.6 -9.7 -5.7 -5.1 0.9 3.4 Information and communication activities 9.8 5.7 -0.2 11.0 12.3 10.4 -2.7 2.6 -4.6 6.1 0.5 2.1 4.5 14.9 11.3 14.6 6.3 Professional, scientific and technical activities 9.1 7.3 7.9 3.6 8.3 10.1 3.0 -0.2 3.9 3.3 7.6 3.3 6.9 3.9 3.5 8.9 -0.2 Administrative and support service activities -0.4 6.2 -1.0 4.4 9.3 7.3 6.1 10.1 6.8 5.9 7.7 4.8 5.7 1.8 4.1 6.7 0.1 2.2 1.5 -1.7 4.1 -2.1 -4.3 -5.4 -3.1 -2.9 -3.2 -5.0 -5.4 0.5 -0.6 -4.1 1.0 5.9 Real turnover in retail trade 2.1 2.9 -2.2 4.1 -3.9 -12.4 -9.4 -6.8 -8.6 -7.9 -5.9 -7.2 -3.6 -4.8 -6.2 -2.0 1.4 -2.8 Real turnover in the sale and maintenance of motor vehicles 0.3 0.0 3.5 16.6 11.3 16.9 14.8 10.5 16.4 17.2 11.2 12.7 18.2 18.1 11.2 14.2 11.2 2.6 2.9 1.2 -2.9 0.5 -5.2 -6.0 -9.1 -5.6 -5.6 -6.5 -9.2 -9.9 -2.5 -4.2 -7.6 -1.8 6.6 -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 8.7 -4.1 4.5 17.6 -9.4 -14.9 5.3 1.1 -0.7 1.0 -6.6 3.1 -2.4 33.1 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays -55.6 -43.1 -45.3 Foreign tourists, overnight stays 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 4.8 14.1 -2.5 5.8 20.1 33.5 37.0 44.7 32.1 23.1 22.6 17.9 7.4 17.8 10.1 23.4 15.2 14.8 17.7 7.8 12.5 90.8 72.2 69.2 60.2 54.7 63.6 56.3 63.0 60.6 64.7 58.8 66.1 78.4 61.4 63.6 55.7 51.8 58.4 -5.4 -2.0 -0.1 -1.1 -1.3 -1.9 -2.7 -2.8 -4.7 -6.4 -5.9 -4.9 -5.4 -5.0 -3.8 -3.1 -3.2 -4.2 -2.1 in manufacturing -9 -6 -5 -3 -5 -6 -9 -9 -10 -11 -10 -9 -10 -9 -8 -8 -9 -10 -8 in construction 19 22 22 19 18 13 17 13 12 13 9 13 10 13 16 13 8 11 4 in services 14 20 19 18 19 20 18 18 15 13 12 13 14 14 14 13 18 16 17 9 18 23 18 17 7 18 14 17 1 19 15 13 4 14 16 10 5 21 -38 -37 -31 -35 -34 -33 -31 -30 -34 -33 -34 -33 -33 -32 -31 -28 -29 -29 -26 Accommodation and food service activities 7.4 -10.6 -20.3 -21.7 -34.4 -50.2 AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator in retail trade consumer confidence indicator 30 Statistical Appendix Slovenian Economic Mirror, No 3/2024 2022 2023 2024 2022 Labour market 2021 2022 2023 FORMAL LABOUR FORCE (A=B+E) 974.6 978.7 982.4 976.9 976.2 976.5 985.2 982.0 981.5 979.6 986.7 991.0 976.4 975.9 976.2 976.6 975.5 977.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 900.3 922.0 933.7 912.5 920.2 923.0 932.3 929.0 934.2 932.7 939.1 941.6 918.3 920.1 922.3 922.3 921.6 925.2 In agriculture, forestry, fishing In industry, construction 25.7 24.9 24.3 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 Q3 24.3 Q4 24.2 Q1 23.6 4 24.8 5 24.9 6 24.9 7 24.9 8 24.9 9 24.9 294.1 304.7 308.4 300.1 303.6 305.9 309.5 307.4 309.0 307.9 309.2 312.5 303.0 303.3 304.4 306.0 305.3 306.4 - in manufacturing 205.6 210.8 211.4 209.1 210.5 210.6 212.9 211.8 212.0 210.7 211.2 212.2 210.3 210.4 210.6 210.6 210.3 210.9 - in construction 67.8 In services 73.0 75.7 70.2 72.2 74.2 75.5 74.5 75.7 75.9 76.5 78.9 71.8 72.1 72.8 74.4 74.0 74.4 580.4 592.4 601.1 587.6 591.8 592.2 597.9 597.4 600.8 600.4 605.7 605.6 590.5 591.8 593.1 591.3 591.3 593.9 - in public administration - in education, health-services and social work 49.6 49.5 49.2 49.4 49.5 49.5 49.6 49.1 49.2 49.1 49.4 49.4 49.5 49.6 49.4 49.5 49.5 49.5 146.1 149.7 153.0 148.9 149.7 148.8 151.6 152.1 153.0 152.1 154.8 155.4 149.4 149.7 149.8 148.4 148.2 150.0 FORMALLY EMPLOYED (C) 804.4 824.1 833.4 815.8 822.8 824.8 833.1 830.0 834.2 831.9 837.5 839.9 821.1 822.6 824.6 824.3 823.4 826.7 In enterprises and organisations 756.2 775.8 785.5 768.3 774.4 776.0 784.4 782.3 785.9 783.9 789.8 793.3 773.0 774.3 775.9 775.5 774.6 777.9 1 By those self-employed 48.2 48.3 47.9 47.5 48.4 48.8 48.7 47.7 46.6 48.2 48.4 48.7 48.8 48.7 48.8 SELF-EMPLOYED AND FARMERS (D) 95.8 97.9 100.4 96.7 97.4 98.2 99.1 99.0 100.0 100.8 101.7 101.7 97.2 97.4 97.7 98.0 98.2 98.5 REGISTERED UNEMPLOYMENT (E) 74.3 56.7 48.7 64.4 55.9 53.4 52.9 53.0 47.3 46.9 47.6 49.4 58.1 55.9 53.9 54.3 53.9 52.0 Female 37.9 28.6 24.3 32.1 28.3 27.4 26.6 26.2 23.7 23.8 23.6 23.9 29.4 28.2 27.3 27.9 27.8 26.5 By age: 15 to 29 14.2 10.5 9.2 11.9 10.0 9.5 10.6 10.0 8.5 8.4 9.9 9.6 10.5 9.9 9.5 9.6 9.6 9.2 Aged over 50 28.2 22.3 19.0 25.2 22.4 21.2 20.4 20.6 18.9 18.5 17.9 18.8 23.1 22.4 21.7 21.6 21.3 20.8 Primary education or less 23.5 18.0 15.9 20.9 17.7 16.7 16.8 17.4 15.4 15.0 15.6 16.9 18.4 17.6 17.0 16.8 16.7 16.5 For more than 1 year 40.5 30.1 22.4 35.5 31.0 27.9 25.9 24.4 22.6 21.7 21.0 20.6 32.4 31.0 29.6 28.6 28.0 27.1 Those receiving benefits 18.9 15.1 14.1 17.8 14.3 14.5 14.0 15.9 13.1 13.8 13.6 16.5 14.7 14.2 13.9 14.6 14.8 14.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.6 5.8 5.0 6.6 5.7 5.5 5.3 5.4 4.8 4.8 4.8 5.0 5.9 5.7 5.5 5.6 5.5 5.3 Male 6.9 5.2 4.5 6.0 5.2 4.9 4.9 5.0 4.4 4.3 4.4 4.7 5.4 5.2 5.0 5.0 4.9 4.8 Female 8.5 6.5 5.5 7.2 6.4 6.2 6.0 5.9 5.3 5.4 5.3 5.4 6.6 6.4 6.2 6.3 6.3 6.0 FLOWS OF FORMAL LABOUR FORCE -1.8 -1.1 -0.4 -1.8 -2.2 -0.6 0.4 -1.0 -1.4 -0.1 0.8 -0.5 -2.5 -2.2 -2.0 0.5 -0.4 -1.9 New unemployed first-job seekers 0.6 0.6 0.6 0.4 0.4 0.5 1.2 0.5 0.3 0.4 1.2 0.5 0.4 0.4 0.4 0.3 0.3 0.8 Redundancies 4.5 4.2 4.1 5.1 3.4 3.9 4.2 4.9 3.4 3.9 4.3 5.3 3.6 3.3 3.4 4.5 3.4 3.9 Registered unemployed who found employment 5.0 3.8 3.4 5.1 4.0 3.1 3.1 4.6 3.4 2.9 2.9 4.6 4.4 3.9 3.6 2.5 2.3 4.6 Other outflows from unemployment (net) 2.0 2.2 1.9 2.3 2.2 2.1 2.2 2.0 1.9 1.8 2.0 2.0 2.1 2.2 2.3 2.0 2.1 2.3 41.8 49.5 52.0 46.7 49.1 50.7 51.7 51.8 52.2 52.0 51.9 51.6 48.3 49.2 49.7 50.2 50.7 51.2 4.3 5.1 5.3 4.8 5.0 5.2 5.2 5.3 5.3 5.3 5.3 5.2 4.9 5.0 5.1 5.1 5.2 5.2 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.2 48.0 47.7 Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix Slovenian Economic Mirror, No 3/2024 2022 Labour market 10 11 2023 12 1 2 3 4 5 6 2024 7 8 9 10 11 12 1 2 3 FORMAL LABOUR FORCE (A=B+E) 983.2 983.7 988.5 982.1 982.3 981.8 981.6 981.3 981.6 980.3 978.6 979.7 984.8 985.6 989.6 990.6 991.4 991.2 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 930.2 931.2 935.3 926.7 928.9 931.4 933.0 934.1 935.4 933.0 931.2 933.7 937.6 938.5 941.3 939.0 941.6 944.3 In agriculture, forestry, fishing In industry, construction 24.9 24.9 24.8 24.2 24.2 24.3 24.3 24.4 24.4 31 24.3 24.3 24.3 24.2 24.2 24.2 23.5 23.5 4 23.6 308.3 308.1 312.0 306.4 307.3 308.4 309.0 308.9 309.1 308.8 307.7 307.3 308.7 308.1 310.7 311.3 312.6 313.6 - in manufacturing 212.2 212.2 214.3 211.7 211.5 212.1 212.1 212.1 211.8 211.2 210.7 210.2 211.0 210.6 212.2 212.2 212.3 212.3 - in construction 75.0 In services 74.8 76.7 73.7 74.7 75.1 75.7 75.5 76.0 76.3 75.7 75.7 76.3 76.2 77.2 77.8 79.0 79.9 597.0 598.2 598.5 596.1 597.4 598.8 599.6 600.8 602.0 599.9 599.2 602.2 604.7 606.1 606.4 604.2 605.5 607.1 - in public administration - in education, health-services and social work 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 49.3 49.5 49.3 49.3 49.5 151.2 151.7 151.9 151.6 152.2 152.7 152.8 153.1 153.0 151.8 151.5 153.1 154.2 154.9 155.2 154.9 155.4 155.8 FORMALLY EMPLOYED (C) 831.3 831.9 836.1 828.0 829.9 832.0 833.2 834.1 835.2 832.5 830.5 832.6 836.1 836.7 839.6 837.5 840.0 842.3 In enterprises and organisations 782.3 783.1 787.9 780.6 782.3 784.0 785.1 785.8 786.8 784.4 782.6 784.7 788.0 788.9 792.5 791.1 793.4 795.5 1 By those self-employed 49.0 48.8 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 98.9 99.2 99.3 98.7 99.0 99.4 99.8 100.0 100.3 100.5 100.8 101.1 101.5 101.8 101.7 101.5 101.7 102.0 REGISTERED UNEMPLOYMENT (E) 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 51.6 49.7 46.9 45.2 Female 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 24.7 24.0 22.9 22.3 By age: 15 to 29 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 10.1 9.6 9.0 8.5 Aged over 50 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 19.4 18.9 18.0 17.5 Primary education or less 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 17.7 17.1 15.8 15.1 For more than 1 year 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 21.1 20.6 20.1 19.6 Those receiving benefits 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 14.6 17.4 17.0 15.3 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 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 4.8 4.9 5.2 5.0 4.7 Male 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 4.4 4.6 4.9 4.7 4.4 Female 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 5.3 5.3 5.5 5.4 5.2 FLOWS OF FORMAL LABOUR FORCE 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 3.3 -1.9 -2.8 -1.7 New unemployed first-job seekers 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 0.6 0.4 0.4 0.3 Redundancies 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 8.2 4.0 3.6 3.6 Registered unemployed who found employment 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 3.9 4.7 5.1 3.9 Other outflows from unemployment (net) 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 2.1 1.9 2.1 2.0 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 51.9 51.8 51.5 51.3 51.1 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 5.3 5.2 5.2 5.2 5.2 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.3 48.4 48.1 47.8 47.9 48.1 47.8 47.1 46.3 46.6 46.8 32 Statistical Appendix Wages Slovenian Economic Mirror, No 3/2024 in EUR 2023 Q4 23 Feb24 GROSS WAGE PER EMPLOYEE, nominal in € 2021 2022 2023 2021 Q4 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 Q3 Q4 6 7 8 y-o-y growth rates, % TOTAL 2,221 2,329 2,280 6.1 2.8 9.7 2.9 -1.2 0.8 5.0 6.5 10.4 9.9 10.0 8.7 2.8 3.2 5.7 Private sector activities (A–N; R–S) 2,153 2,280 2,232 5.8 6.0 9.6 6.9 4.0 6.6 6.7 6.9 11.1 9.5 9.2 8.9 6.5 5.7 7.0 Public service activities (OPQ) 2,436 2,480 2,426 6.8 -5.1 9.9 -6.8 -12.5 -11.8 0.5 5.3 8.4 11.0 12.3 7.9 -5.5 -3.0 2.0 Industry (B–E) 2,243 2,388 2,384 5.7 6.2 10.1 6.9 4.4 6.9 7.6 6.2 12.2 10.4 8.2 9.7 7.0 6.3 7.9 Trad. market services (GHI) 1,959 2,077 2,010 5.7 6.7 9.5 7.9 4.5 7.5 6.6 8.2 10.8 9.0 9.7 8.4 7.4 5.8 6.9 Other market services (J–N; R–S) 2,408 2,542 2,437 5.6 5.4 9.3 6.6 3.4 5.7 5.6 6.7 10.0 8.9 9.9 8.3 4.9 5.2 6.0 A Agriculture, forestry and fishing 1,864 1,959 1,898 3.8 9.6 10.0 7.4 6.8 10.1 10.0 11.5 13.0 11.2 8.9 7.2 11.5 7.4 9.5 B Mining and quarrying 2,766 2,894 2,978 2.3 4.1 10.1 9.1 0.4 3.4 5.7 6.1 12.3 22.9 4.0 3.0 9.5 3.3 8.1 C Manufacturing 2,198 2,339 2,354 6.2 6.3 9.9 7.2 4.8 6.9 7.4 6.2 12.1 10.1 8.0 9.6 7.0 6.6 8.1 D Electricity, gas, steam and air conditioning supply 3,315 3,530 3,192 1.5 6.2 12.4 3.6 0.1 8.5 11.2 5.2 14.2 13.4 10.1 12.0 7.0 2.9 4.2 E Water supply sewerage, waste management and remediation activities 2,126 2,263 2,185 4.3 6.1 10.4 5.4 4.1 7.4 6.5 6.3 12.4 9.1 10.1 10.3 7.3 5.2 7.9 F Construction 1,746 1,822 1,825 7.1 7.0 9.6 7.9 6.8 7.1 6.5 7.9 10.9 9.3 9.7 8.8 7.2 5.3 7.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 2,050 2,180 2,104 5.4 6.3 9.1 7.1 4.8 7.7 5.7 7.2 10.2 8.5 9.5 8.3 6.9 4.9 5.9 H Transportation and storage 1,957 2,085 2,003 5.0 8.7 9.6 9.6 7.0 8.6 8.9 10.2 11.2 9.7 10.1 7.6 9.3 7.9 9.3 I Accommodation and food service activities 1,615 1,669 1,656 12.7 8.9 11.4 20.4 12.4 12.7 7.3 9.1 13.9 10.6 10.3 11.1 10.3 6.8 7.2 J Information and communication 2,943 3,081 2,973 4.7 5.6 7.3 5.4 4.9 6.0 5.9 5.6 7.3 8.0 7.3 6.7 2.6 6.0 4.2 K Financial and insurance activities 3,222 3,432 3,191 5.0 6.3 8.6 7.1 3.1 8.9 5.1 8.2 9.4 6.5 11.1 7.8 9.8 6.0 7.0 L Real estate activities 1,985 2,097 2,022 3.7 5.4 8.4 6.4 3.9 5.8 5.4 6.5 10.1 8.2 8.1 7.4 6.2 5.2 5.2 M Professional, scientific and technical activities 2,486 2,633 2,514 6.3 4.7 9.1 7.5 4.0 4.7 4.9 5.4 10.1 8.6 9.4 8.2 4.5 4.6 5.2 N Administrative and support service activities 1,598 1,686 1,661 5.9 7.8 11.2 8.2 5.8 8.1 8.6 9.0 12.8 11.2 11.6 9.7 7.6 6.7 10.4 O Public administration and defence, compulsory social security 2,675 2,725 2,629 6.9 -3.3 10.0 -1.3 -9.8 -10.6 1.9 6.9 8.4 11.8 12.5 7.4 -1.3 0.6 2.8 P Education 2,212 2,243 2,223 8.9 -5.1 9.7 1.5 -5.7 -10.7 -5.7 2.3 9.0 10.5 11.5 7.9 -9.4 -13.2 -3.0 Q Human health and social work activities 2,513 2,568 2,508 4.8 -6.3 10.2 -17.1 -20.0 -13.8 6.6 7.3 8.0 11.0 13.3 8.5 -4.4 6.4 6.9 R Arts, entertainment and recreation 2,180 2,247 2,171 9.4 2.2 9.6 10.5 3.0 2.4 0.5 3.7 10.8 10.2 10.3 7.3 -0.7 0.1 0.0 S Other service activities 1,765 1,828 1,841 3.4 5.0 9.1 2.7 1.1 5.6 5.9 7.1 11.2 8.3 8.9 8.3 5.0 5.4 6.4 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 3/2024 Wages GROSS WAGE PER EMPLOYEE 2022 9 10 2023 11 12 1 2 3 4 5 6 33 2024 7 8 9 10 11 12 1 2 y-o-y growth rates, % TOTAL 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 8.1 8.7 8.1 6.9 Private sector activities (A–N; R–S) 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 8.5 8.7 8.9 7.6 Public service activities (OPQ) 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 7.0 8.9 5.6 4.9 Industry (B–E) 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 10.7 8.5 10.6 7.6 Trad. market services (GHI) 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 7.8 7.9 8.0 7.8 Other market services (J–N; R–S) 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 6.5 9.3 7.8 7.1 A Agriculture, forestry and fishing 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 11.5 1.4 7.4 7.4 B Mining and quarrying 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 -0.4 1.2 12.9 19.4 C Manufacturing 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 10.8 8.0 10.6 7.1 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 9.6 16.5 9.0 11.6 E Water supply sewerage, waste management and remediation activities 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 11.2 7.8 10.8 7.7 F Construction 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 7.6 10.2 8.9 9.4 G Wholesale and retail trade, repair of motor vehicles and motorcycles 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 8.0 7.3 7.6 7.4 H Transportation and storage 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 5.4 8.2 9.6 9.4 I Accommodation and food service activities 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 13.0 10.9 6.5 7.3 J Information and communication 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 6.4 6.1 6.2 5.8 K Financial and insurance activities 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 2.7 9.5 4.8 11.6 L Real estate activities 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 9.4 6.7 4.1 5.7 M Professional, scientific and technical activities 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 7.1 9.2 9.0 6.0 N Administrative and support service activities 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 6.6 12.7 11.0 7.2 O Public administration and defence, compulsory social security 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 6.5 8.5 5.5 5.0 P Education 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 7.4 8.1 6.0 5.3 Q Human health and social work activities 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 7.0 10.0 5.3 4.6 R Arts, entertainment and recreation 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 6.4 7.5 3.7 5.0 S Other service activities 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 8.9 8.3 5.9 5.8 D Electricity, gas, steam and air conditioning supply 34 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 3/2024 2022 2021 2022 2023 CPI, y-o-y growth rates, % 4.9 10.3 4.2 6.0 Food, non-alcoholic beverages 3.9 18.6 4.6 Alcoholic beverages, tobacco 2.4 6.0 Clothing and footwear 5.9 Housing, water, electricity, gas Q1 Q2 2023 Q1 Q2 2024 Q3 Q4 Q1 2022 Q3 Q4 4 8.5 10.7 10.1 9.9 8.2 6.6 5.3 3.4 6.9 5.9 10.8 13.8 18.3 18.9 14.4 10.2 6.0 2.0 9.4 2.8 5.0 6.4 6.2 9.2 9.2 8.9 9.3 2.3 1.3 4.4 2.0 2.9 2.3 3.8 6.4 6.6 8.6 13.3 2.7 8.4 13.5 22.0 14.6 13.0 9.2 Furnishing, household equipm. 5.7 12.9 3.9 8.0 10.7 12.2 12.5 11.8 Medical, pharmaceutical produ. -0.5 7.2 8.5 4.2 3.0 3.7 5.7 Transport 12.5 9.3 -0.5 13.0 16.3 16.9 Communications -3.6 1.2 0.1 -4.2 -4.6 Recreation and culture 3.4 6.9 6.3 4.0 Education 0.5 1.4 8.7 Catering services 6.1 10.8 Miscellaneous goods & services -2.1 HICP Core inflation (excluding fresh food and energy) 5 6 7 8 9 8.1 10.4 11.0 11.0 10.0 9.2 10.8 12.5 13.2 13.8 14.4 6.3 4.6 5.1 5.3 5.9 6.5 6.8 1.9 3.8 1.4 2.6 2.0 1.8 2.6 4.2 5.3 5.2 4.3 6.2 10.4 23.9 24.6 25.3 16.2 9.1 6.4 4.6 2.2 9.2 10.5 12.3 12.0 11.6 13.0 6.7 11.3 11.8 8.8 8.7 3.2 2.7 3.2 3.4 3.8 4.0 10.1 5.0 1.0 -1.0 1.1 0.6 15.1 16.7 17.2 19.7 16.5 14.5 -3.8 -0.8 2.6 3.7 3.8 2.6 -1.3 -2.7 -5.9 -5.3 -3.7 -4.0 -3.8 5.9 5.3 6.6 8.6 7.9 8.5 6.7 3.8 6.2 5.9 5.7 4.8 5.2 5.9 0.4 0.3 0.5 1.3 2.1 4.6 5.3 8.7 8.1 0.3 0.3 0.4 0.4 0.4 0.8 7.9 7.1 9.0 9.1 10.2 11.2 9.1 9.0 8.5 6.1 7.9 9.6 9.5 8.8 9.0 9.6 8.9 6.2 0.9 2.6 4.1 6.7 7.1 7.5 7.4 6.5 5.4 2.3 2.4 3.1 3.6 4.1 4.7 5.1 10.8 3.8 6.3 9.0 11.3 10.6 9.9 8.0 6.3 5.0 3.4 7.4 8.7 10.8 11.7 11.5 10.6 3.1 7.4 5.2 4.3 5.6 6.3 6.9 7.8 8.0 7.4 5.9 4.2 5.4 5.5 6.0 6.1 6.3 6.6 10.6 19.3 0.0 15.6 21.7 21.1 19.9 15.5 7.1 2.4 0.4 -2.6 20.4 22.5 22.2 21.1 21.0 21.3 Domestic market 10.6 23.3 2.0 17.2 24.8 25.2 23.9 19.2 9.9 4.6 2.5 -2.3 23.4 25.7 25.4 24.6 25.3 25.7 Non-domestic market 10.6 15.3 -2.0 13.9 18.5 17.0 15.8 11.8 4.3 0.2 -1.6 -3.0 17.3 19.3 18.9 17.5 16.7 16.8 11.6 15.4 -1.9 15.1 20.5 19.3 16.2 11.8 3.8 -0.7 -1.8 -3.5 18.8 21.6 21.2 20.1 19.3 18.4 8.5 15.1 -2.2 11.4 14.6 12.6 15.0 11.4 4.6 1.9 -1.2 -1.4 14.5 14.7 14.5 12.5 11.7 13.7 25.9 11.9 -4.1 27.5 29.5 24.9 14.6 6.4 -1.6 -4.4 -4.2 -3.6 29.2 30.2 29.2 26.6 25.6 22.6 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Euro area Non-euro area Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.0 -1.7 0.8 -1.8 -2.0 -2.3 -0.7 0.1 0.7 1.8 0.6 0.4 -2.4 -2.0 -1.7 -2.3 -2.4 -2.3 Real (deflator HICP) -0.4 -0.4 2.4 -1.1 -0.7 -0.2 0.3 1.6 2.3 3.1 2.5 1.2 -2.0 -0.9 0.8 0.6 0.1 -1.3 Real (deflator ULC) 0.6 -0.2 6.0 -2.8 -3.1 0.8 4.5 6.6 6.5 6.3 4.5 1.184 1.054 1.082 1.123 1.065 1.007 1.021 1.073 1.089 1.088 1.076 1.086 1.082 1.058 1.057 1.018 1.013 0.990 USD / EUR Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix Slovenian Economic Mirror, No 3/2024 Prices and indicators of overall competitiveness 2022 2023 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 3.3 3.4 3.6 3.0 Food, non-alcoholic beverages 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 3.2 2.0 0.9 0.0 Alcoholic beverages, tobacco 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 6.2 6.3 6.3 7.0 Clothing and footwear 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 1.9 4.6 4.8 2.4 Housing, water, electricity, gas 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 3.6 4.7 4.7 4.8 Furnishing, household equipm. 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 3.1 1.6 1.9 2.0 Medical, pharmaceutical produ. 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 9.4 10.9 5.7 6.1 Transport 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 0.1 0.3 1.3 1.2 Communications -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 -1.6 -1.4 -0.9 -1.1 Recreation and culture 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 2.7 2.6 6.0 3.2 Education 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 8.6 8.0 7.7 6.6 Catering services 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 5.5 6.0 6.7 7.3 Miscellaneous goods & services 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 5.8 5.2 5.1 4.9 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 3.4 3.4 3.4 3.0 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 3.9 4.2 4.4 3.6 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 0.0 -1.0 -3.5 -3.3 Domestic market 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 2.0 0.3 -3.4 -3.7 Non-domestic market 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 -2.0 -2.3 -3.6 -3.0 Euro area 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 -1.9 -2.1 -4.0 -4.5 Non-euro area 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 -2.2 -3.0 -2.4 1.3 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 -4.1 -3.4 -3.9 -3.4 HICP Core inflation (excluding fresh food and energy) 2 3 4 5 6 2024 11 CPI, y-o-y growth rates, % 10 35 7 8 9 10 11 12 1 2 3 4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -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 0.7 0.1 0.3 0.3 0.6 Real (deflator HICP) -1.0 0.6 1.5 1.0 0.7 3.3 3.2 2.3 1.4 2.1 2.8 4.4 4.2 2.4 0.9 1.0 1.1 1.4 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 1.081 1.090 1.091 1.079 1.087 0.3 Real (deflator ULC) USD / EUR 1.073 36 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 3/2024 2021 2022 2023 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 2022 Q1 3 4 5 6 7 8 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 1,732 -578 2,824 -146 -232 153 -354 544 1,087 550 643 827 -102 -127 -26 -79 -175 -57 882 -2,174 462 -512 -517 -378 -767 34 483 -26 -28 295 -242 -205 -181 -131 -208 -243 Exports 35,255 42,628 41,317 10,000 11,045 10,834 10,749 10,858 10,819 9,466 10,174 10,509 3,803 3,437 3,729 3,879 3,573 3,289 Imports 34,373 44,802 40,854 10,511 11,562 11,212 11,516 10,824 10,337 9,492 10,202 10,214 4,045 3,642 3,910 4,011 3,781 3,532 Services 2,198 3,482 3,846 603 909 1,093 877 830 985 1,027 1,004 776 246 297 293 318 300 340 Exports 8,471 11,133 11,850 2,143 2,773 3,329 2,889 2,562 2,961 3,333 2,995 2,463 824 885 886 1,002 1,078 1,081 Imports 6,273 741 7,651 8,004 1,539 1,865 2,235 2,012 1,732 1,975 2,306 1,991 1,687 578 588 593 684 778 -756 -1,232 -873 -70 -447 -399 -315 -178 -155 -278 -262 -174 -57 -163 -98 -187 -186 -99 Receipts 2,086 2,156 2,503 537 553 452 613 607 704 587 606 773 159 152 214 187 135 139 Expenditures 2,841 3,387 3,375 608 1,000 852 928 785 858 865 868 947 216 315 312 374 320 238 -594 -655 -611 -167 -176 -163 -149 -142 -226 -172 -71 -70 -49 -56 -41 -79 -81 -55 Receipts 1,113 1,243 1,430 286 317 313 327 311 315 349 454 438 95 100 101 116 101 89 Expenditures 1,707 1,898 2,041 453 494 476 476 453 541 522 525 508 144 156 142 195 182 144 163 Primary income Secondary income Capital account -220 -168 -41 -60 -13 -107 -92 -28 20 -67 13 -62 4 -28 -36 -15 31 1,774 -1,678 2,596 -459 -396 85 -908 255 877 1,034 431 415 -419 -321 166 -242 150 -244 Direct investment -414 -1,288 -520 -228 -339 -271 -450 -381 -256 63 53 44 -84 -116 -242 19 -17 -218 Assets 1,442 763 536 364 431 209 -241 186 140 169 42 530 49 192 97 142 271 -154 Liabilities 1,856 2,051 1,056 592 770 480 209 567 395 106 -11 486 133 309 338 123 288 65 2,778 -12 -259 -1,298 644 -295 936 -608 149 -546 746 1,329 431 256 85 304 -251 198 58 -127 9 -34 -18 -3 1 -32 -17 -17 -11 13 24 569 -1,298 1,198 1,012 1,535 -325 -1,163 -742 -448 313 -559 407 -252 339 Financial account Portfolio investment Financial derivatives 30 -176 -46 -63 -45 Other investment -1,444 -371 3,420 1,053 -694 Assets 2,923 2,940 6,285 1,639 834 1,267 -799 2,916 1,241 2,483 -355 -753 -40 186 179 468 -209 4 18 -3 10 2 0 5 -4 1 0 0 8 0 1 0 1 0 0 1,422 1,914 5,708 811 335 1,328 -560 2,294 1,055 2,564 -205 -1,319 -585 -203 101 437 -302 566 348 340 181 -27 186 33 148 34 74 -37 110 -52 66 98 47 42 -42 48 22 -8 65 0 8 -13 -3 9 -6 62 0 0 0 3 3 3 -4 -4 -247 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances 873 846 349 920 367 7 -448 685 127 -197 -265 576 390 296 25 46 95 Other assets 254 -169 -14 -74 -64 -88 57 -102 -10 91 6 35 89 -8 3 -60 45 -24 4,367 3,311 2,866 586 1,528 699 499 1,718 230 948 -29 411 702 634 -134 1,027 -616 591 Liabilities Other equity -38 1 7 -1 -1 1 2 11 1 -6 0 2 1 0 0 -1 0 0 2,359 1,681 1,833 526 237 543 375 391 393 766 283 132 328 30 -38 244 59 263 Loans 16 833 1,050 -441 781 277 215 965 35 457 -408 86 -36 331 -25 474 -412 392 Insurance, pension schemes, and standardised guarantee schemes 21 3 29 22 -34 22 -7 54 13 -38 0 0 7 -11 -11 -11 7 7 Currency and deposits Trade credit and advances 1,119 801 -288 437 434 -95 26 150 -327 -25 -86 197 334 213 -107 329 -247 -46 Other liabilities 215 -8 235 43 111 -49 -113 146 114 -207 182 -6 68 72 47 -8 -23 -26 Special drawing rights (SDR) 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 824 168 2 77 37 24 31 37 6 -1 -41 204 6 4 27 5 -3 4 -121 -880 -60 -272 -105 -56 -448 -196 -182 463 -145 -424 -255 -198 220 -127 339 -218 Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,817 1,090 1,244 1,181 1,301 1,187 1,230 1,180 1,383 1,175 426 372 411 461 385 348 Intermediate goods 15,446 19,633 25,763 3,552 4,067 6,008 6,626 6,646 6,347 6,485 6,284 5,329 5,527 5,822 2,294 2,066 2,229 2,330 2,218 1,974 Consumer goods 13,928 15,744 22,197 1,812 4,196 6,218 6,251 5,501 6,647 6,556 6,200 7,063 7,618 1,566 1,677 2,075 2,466 2,056 5,826 1,377 1,455 1,443 1,562 1,389 1,446 1,369 1,709 1,435 490 416 497 542 481 458 Intermediate goods 16,434 24,076 34,352 7,869 8,969 8,893 8,416 8,875 8,736 8,505 8,417 9,406 3,036 2,779 3,354 2,836 2,822 2,858 Consumer goods 11,670 12,588 16,566 3,726 4,392 4,191 4,311 4,325 4,032 4,180 4,097 5,015 1,417 1,509 1,369 1,514 1,417 1,442 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 3/2024 Balance of payments 2022 9 10 2023 11 12 1 2 3 4 37 2024 5 6 7 8 9 10 11 12 1 2 3 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 384 12 -27 -338 123 143 278 233 455 400 202 61 287 280 225 138 278 153 395 72 -238 -175 -354 -71 14 91 61 214 208 86 -213 101 44 -35 -38 111 2 183 Exports 3,972 3,664 3,769 3,317 3,317 3,498 4,043 3,313 3,778 3,729 3,251 2,752 3,463 3,605 3,570 2,999 3,314 3,479 3,717 Imports 3,900 3,902 3,944 3,670 3,387 3,484 3,952 3,252 3,563 3,522 3,165 2,965 3,362 3,561 3,605 3,037 3,203 3,477 3,534 Services 453 335 263 279 263 258 309 232 322 252 235 289 Exports 1,170 961 900 1,028 794 805 963 852 1,003 1,106 1,124 1,151 1,057 1,011 938 1,045 773 785 905 Imports 717 626 637 749 531 547 654 620 642 713 821 758 727 646 622 723 521 550 616 Primary income -115 -44 -63 -207 -22 -67 -90 -6 -26 -122 -116 -101 -61 -75 -83 -104 -79 -41 -54 Receipts 178 169 213 231 223 182 202 246 251 206 195 179 213 199 180 228 244 256 272 Expenditures 293 213 276 438 244 248 292 252 277 329 311 281 273 274 262 331 324 298 326 -26 -41 -52 -56 -48 -62 -31 -54 -93 -78 -71 -17 -84 -54 26 -43 -5 -42 -23 Receipts 123 99 95 133 92 103 116 101 96 118 90 142 118 114 190 150 153 137 148 Expenditures 171 Secondary income 360 393 304 393 330 365 317 149 140 147 189 139 165 148 156 189 197 161 159 202 168 164 193 157 179 Capital account -29 10 44 -161 -59 -3 -30 36 -23 -42 -7 22 6 8 13 -89 53 -4 -35 Financial account 179 -161 40 -788 326 123 -194 341 318 218 294 336 403 633 110 -312 337 182 -104 Direct investment -36 60 -183 -327 -33 -179 -169 6 -54 -207 236 -199 26 96 74 -116 7 -130 167 Assets 92 88 -22 -307 94 126 -35 97 138 -96 -48 -36 253 131 188 -277 110 117 303 128 28 161 20 127 305 134 92 192 111 -285 163 227 36 114 -161 102 247 136 Portfolio investment -242 447 53 437 -1,261 370 283 74 561 -486 -71 254 -729 505 -41 282 -540 1,376 493 Financial derivatives 21 -51 -36 -40 8 -1 3 -7 -14 -13 1 -8 -11 -7 5 -1 413 -629 198 -867 1,578 -108 -273 256 -154 910 116 288 1,131 14 90 1,136 -163 -36 -601 1,294 1,359 225 1,012 299 250 1,934 0 0 3 1,063 -396 -107 Loans 27 9 Insurance, pension schemes, and standardised guarantee schemes -4 -1 Trade credit and advances 159 Other assets -108 723 Liabilities Other investment Assets Other equity Currency and deposits Liabilities Other equity 262 4 -1 -2 1 0 0 0 -57 1,277 1,029 -12 37 229 789 411 64 75 -2 54 -19 19 28 27 -23 3 -1 -1 3 3 3 -2 -2 -2 21 148 48 -644 87 237 362 -71 -32 230 78 -43 22 -70 37 -69 20 2 -32 467 -234 266 -284 1,467 535 -252 379 102 3 0 4 -5 1 -430 784 -1,174 -774 -251 121 -58 -418 227 -729 0 1 -1 0 1 6 1 608 1,545 -162 -35 -8 471 -1,129 -661 -16 27 26 57 -40 20 -32 21 21 0 0 0 0 0 0 -110 -360 273 223 -83 -406 -108 296 387 2 -21 111 32 35 -61 -98 78 54 183 -38 803 107 -149 12 -557 445 523 0 0 0 1 1 10 0 1 0 1 0 -6 0 0 0 0 0 0 1 1 Currency and deposits 221 46 385 -56 14 180 197 -6 102 298 245 182 339 32 123 129 -220 78 273 Loans 297 47 -299 468 -44 1,015 -5 89 139 -193 39 168 250 105 -353 -161 136 7 -57 7 -2 -2 -2 18 18 18 4 4 4 -13 -13 -13 0 0 0 0 0 0 Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances 197 373 -261 -86 -327 222 256 -437 97 13 -5 -290 270 -59 -5 -22 -382 318 261 Other liabilities 0 4 -58 -59 46 32 69 98 37 -20 -77 -86 -45 29 87 66 -91 41 45 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22 13 8 10 34 41 -38 12 -20 14 12 2 -14 26 -19 -48 80 115 10 -177 -183 24 -289 263 -16 -443 72 -114 -141 99 253 111 345 -129 -361 5 34 -463 459 334 386 467 363 430 438 391 352 437 470 446 466 360 Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 389 426 Intermediate goods 2,454 2,203 2,293 1,851 2,040 2,110 2,335 1,902 2,139 2,243 1,809 1,540 1,980 1,972 2,029 1,526 1,906 1,935 1,980 Consumer goods 2,383 1,722 2,088 1,692 2,174 2,015 2,458 1,667 2,350 2,538 2,178 1,684 2,339 2,458 2,643 1,963 2,676 2,200 2,742 Import of investment goods 449 504 411 469 431 518 576 401 470 518 443 501 502 444 425 501 512 587 610 413 490 532 Intermediate goods 3,214 2,964 2,943 2,508 2,913 2,605 3,357 2,575 3,372 2,788 2,293 2,776 3,435 3,097 3,255 2,064 3,231 3,293 2,882 Consumer goods 1,332 1,460 1,377 1,474 1,540 1,206 1,579 1,243 1,428 1,361 1,085 1,564 1,531 1,290 1,534 1,273 1,538 1,805 1,672 38 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 3/2024 2021 2022 2023 2021 11 2022 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 Central government (S,1311) 14,460 12,247 12,921 14,460 14,546 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 12,425 12,733 3,538 2,858 3,142 3,705 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 3,060 3,086 693 764 855 636 693 706 698 693 691 689 692 691 695 695 702 710 Other government (S,1312,1313,1314) Households (S,14, 15) 14,736 11,556 12,439 12,885 11,514 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 12,387 12,425 Non-financial corporations (S,11) 9,828 10,988 10,390 9,886 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 11,281 11,349 Non-monetary financial institutions (S,123, 124, 125) 1,602 1,301 1,737 1,602 1,616 1,637 1,734 1,743 1,752 1,778 1,820 1,828 1,852 1,883 1,865 Monetary financial institutions (S,121, 122) 10,607 9,764 11,707 9,931 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 8,834 9,124 34,136 35,279 36,727 33,347 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 34,599 34,982 1,903 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 284 256 212 293 284 281 273 303 320 298 295 310 302 292 265 262 3,302 3,096 3,268 3,667 3,302 3,432 3,474 3,320 3,368 3,495 3,469 3,511 3,401 3,226 3,193 3,229 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,152 38,980 39,444 37,224 38,152 37,999 38,014 37,946 38,013 38,338 37,574 37,805 38,130 38,293 38,537 38,573 Overnight 29,146 31,836 31,034 28,272 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 30,845 31,170 With agreed maturity – short-term 2,707 3,066 3,721 2,687 2,707 2,619 2,595 2,674 2,622 2,666 2,639 2,719 2,693 2,790 3,057 2,848 With agreed maturity – long-term 5,849 3,751 4,147 5,746 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 4,332 4,228 Short-term deposits redeemable at notice 450 327 542 519 450 477 468 411 340 332 282 271 281 289 303 327 Deposits in foreign currency, total 828 974 890 839 828 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 1,066 1,033 Overnight 790 891 821 803 790 799 817 847 883 894 953 964 1,005 1,041 957 927 With agreed maturity – short-term 27 76 61 24 27 24 24 109 115 134 132 131 120 113 102 99 With agreed maturity – long-term 11 7 8 12 11 11 10 9 9 8 8 8 8 7 7 7 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.01 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.03 Time deposits with maturity of up to one year 0.12 0.08 0.85 0.15 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.13 0.15 0.18 1.72 2.31 3.80 1.67 1.69 1.66 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 2.96 3.36 1.77 4.98 0.10 1.08 1.35 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 .. 3.87 0.00 0.67 3.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 1.25 1.25 2.00 3-month rates -0.549 0.342 3.431 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 1.428 1.825 6-month rates -0.523 0.673 3.690 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 1.997 2.321 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.13 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 3/2024 Monetary indicators and interest rates 2022 2023 12 1 2 3 4 39 2024 5 6 7 8 9 10 11 12 1 2 3 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 12,247 12,706 12,411 12,179 12,321 12,414 12,307 12,289 12,260 12,027 12,139 12,492 12,921 12,859 12,783 12,907 2,830 2,981 2,965 2,913 2,957 2,995 3,017 3,010 2,996 2,970 3,055 3,097 3,142 3,287 3,319 3,501 764 764 775 775 761 776 774 782 785 786 789 789 855 860 860 855 Households (S,14, 15) 12,439 12,444 12,424 12,495 12,509 12,552 12,522 12,598 12,662 12,725 12,799 12,867 12,885 12,912 12,960 13,041 Non-financial corporations (S,11) 10,987 11,210 10,921 10,787 11,030 10,963 10,996 10,987 10,905 10,834 10,910 10,798 10,390 10,393 10,360 10,394 Non-monetary financial institutions (S,123, 124, 125) 1,903 1,909 1,165 1,181 1,193 1,214 1,233 1,244 1,239 1,254 1,262 1,270 1,301 1,307 1,309 1,306 Monetary financial institutions (S,121, 122) 9,761 9,546 10,029 10,587 9,995 10,074 11,225 11,321 11,728 11,385 10,753 11,013 11,707 10,749 10,372 9,519 35,279 35,284 34,835 35,324 34,984 35,078 36,163 36,345 36,728 36,591 36,116 36,295 36,727 35,793 35,425 34,656 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 256 251 252 243 247 247 243 245 241 216 215 219 212 210 207 200 3,064 3,234 3,107 3,088 3,131 3,175 3,286 3,280 3,274 3,066 3,157 3,242 3,268 3,432 3,543 3,766 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,980 38,815 38,497 38,322 38,207 38,374 38,293 38,362 38,651 38,568 38,741 38,864 39,444 38,907 38,807 38,867 Overnight 31,836 31,650 31,196 31,107 30,968 31,020 31,260 31,353 31,442 31,048 30,868 30,726 31,034 30,496 30,273 30,031 With agreed maturity – short-term 3,066 3,120 3,241 3,268 3,223 3,285 3,308 3,240 3,359 3,381 3,510 3,569 3,721 4,064 4,058 4,336 With agreed maturity – long-term 3,751 3,699 3,693 3,620 3,686 3,715 3,364 3,400 3,409 3,668 3,876 4,038 4,147 4,231 4,356 4,317 Short-term deposits redeemable at notice 327 346 367 327 330 354 361 369 441 471 487 531 542 116 120 183 Deposits in foreign currency, total 974 931 946 931 922 926 898 904 940 918 912 920 890 908 896 884 Overnight 891 851 860 849 840 838 804 815 854 849 889 849 821 839 826 811 With agreed maturity – short-term 76 74 80 76 76 81 87 82 79 62 15 63 61 60 60 63 With agreed maturity – long-term 7 6 6 6 6 7 7 7 7 7 8 8 8 9 10 10 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.02 0.09 0.09 0.09 0.09 0.10 0.10 0.14 0.14 0.13 0.13 0.14 0.13 0.13 0.13 0.14 Time deposits with maturity of up to one year 0.19 0.25 0.37 0.58 0.44 0.47 0.72 0.88 1.05 1.29 1.46 1.31 1.34 1.42 1.36 1.37 3.55 3.66 3.79 3.83 3.89 3.86 3.80 3.80 3.80 3.74 3.78 3.8 3.88 3.84 3.71 3.72 .. .. 5.12 5.12 .. 7.12 6.06 4.69 2.29 4.82 4.27 5.34 0.60 1.37 .. 2.50 2.50 3.00 3.50 3.50 3.75 4.00 4.00 4.25 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3-month rates 2.066 2.345 2.640 2.911 3.167 3.366 3.536 3.672 3.780 3.880 3.968 3.972 3.933 3.925 3.923 3.922 6-month rates 2.560 2.858 3.135 3.267 3.498 3.679 3.825 3.943 3.945 4.030 4.115 4.065 3.924 3.892 3.901 3.893 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 1.26 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR 40 Statistical Appendix Public finance Slovenian Economic Mirror, No 3/2024 2021 2022 2023 2021 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 2024 Q3 Q4 Q1 5 6 7 8 9 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 21,382.6 23,311.4 25,034.8 5,613.9 6,079.7 5,648.8 5,969.0 5,736.3 6,274.9 6,045.9 6,977.8 6,198.4 2,011.2 2,024.7 1,807.8 1,898.1 1,942.9 Current revenues 20,124.0 21,966.7 23,386.7 5,138.5 5,824.1 5,398.2 5,605.9 5,401.7 6,000.1 5,743.3 6,241.6 5,959.1 1,894.0 1,980.7 1,750.1 1,806.2 1,841.9 Tax revenues 18,785.7 20,557.0 21,977.3 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 5,877.8 5,662.6 1,791.4 1,813.7 1,633.5 1,688.2 1,708.0 Taxes on income and profit 3,981.3 4,517.4 4,601.4 1,049.7 1,485.3 959.7 1,233.1 1,251.4 578.7 500.0 132.7 371.6 328.5 Social security contributions 7,928.1 8,503.7 9,258.4 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 2,441.7 2,526.7 698.5 688.2 700.6 697.7 700.0 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Taxes on international trade & transactions Other taxes Non-tax revenues Capital revenues 832.8 1,149.5 1,100.5 1,308.1 23.9 26.7 27.5 6.0 6.7 6.5 7.4 6.2 6.9 6.5 7.9 7.0 2.1 2.4 2.4 1.9 2.1 316.9 336.5 346.9 32.4 82.1 128.6 93.5 38.9 90.0 116.9 101.1 30.4 23.2 38.5 48.9 41.6 38.1 6,359.2 6,883.8 7,508.8 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 2,063.0 1,780.8 531.2 574.6 681.5 594.3 590.8 177.4 289.2 223.1 67.2 56.9 85.6 79.5 51.4 61.8 49.9 59.9 47.1 15.0 14.9 39.1 18.2 28.3 -1.1 -0.3 11.2 34.7 -10.8 11.3 -35.5 23.9 5.1 11.2 -29.0 19.2 -57.2 -5.1 28.2 -37.1 20.1 1,338.4 1,409.7 1,409.4 325.6 368.8 368.5 346.8 278.6 412.9 354.1 363.8 296.4 102.6 167.0 116.6 118.0 133.9 228.3 268.1 288.3 64.1 66.3 64.3 73.5 59.0 65.7 61.6 102.0 39.5 22.0 21.2 22.5 22.5 19.2 Grants 21.9 57.2 37.7 12.2 29.6 12.3 3.1 13.8 -8.7 19.7 12.9 2.6 29.0 0.1 0.2 0.2 11.8 Transferred revenues 57.3 57.7 228.8 0.4 22.0 30.2 5.2 3.6 0.4 67.3 157.6 5.1 20.0 1.5 0.0 30.0 0.2 961.8 1,093.2 398.8 137.8 143.8 281.4 258.2 217.4 154.1 463.5 192.2 46.1 21.1 34.9 39.2 69.7 Receipts from the EU budget 951.2 GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 24,299.8 24,886.3 27,308.4 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.1 6,430.4 8,428.8 6,570.5 1,923.8 2,169.4 1,952.5 1,938.5 1,934.7 Current expenditures 10,393.6 10,283.4 11,572.2 2,697.3 2,348.8 2,423.2 2,814.1 2,687.5 2,655.1 2,735.5 3,494.1 3,018.6 756.2 881.0 820.1 814.1 789.1 Wages, salaries and other personnel expenditures 5,765.3 5,481.1 6,093.5 1,309.4 1,411.8 1,316.9 1,443.1 1,441.7 1,607.5 1,509.4 1,534.8 1,683.2 438.5 552.4 452.8 443.3 420.8 Expenditures on goods and services 3,336.6 3,556.6 3,868.7 845.0 806.5 838.8 1,066.3 786.9 902.2 909.7 1,269.8 910.3 273.3 288.9 284.3 288.1 266.4 Interest payments 732.2 661.5 711.0 336.1 16.4 212.6 96.4 370.2 18.1 219.2 103.4 361.0 3.4 4.6 56.2 65.1 91.3 Reserves 559.5 584.2 899.0 206.7 114.2 55.0 208.3 88.6 127.2 97.1 586.0 64.2 40.9 35.1 26.7 17.6 10.7 910.4 1,066.9 895.9 846.9 859.9 Current transfers Subsidies 11,318.7 11,261.4 12,049.5 2,780.8 2,952.4 2,602.7 2,925.5 2,865.3 3,057.1 2,840.6 3,286.5 3,012.8 152.3 107.7 18.2 34.8 17.7 42.2 Current transfers to individuals and households 9,167.7 9,294.5 9,730.6 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 2,547.3 2,311.8 2,554.1 2,527.0 743.5 937.3 773.9 731.1 718.4 Current transfers to non-profit institutions, other current domestic transfers 1,131.0 1,118.0 1,197.7 Current transfers abroad Capital expenditures 867.3 690.2 1,002.5 188.0 195.7 94.8 211.7 288.1 205.6 181.6 327.2 257.7 255.7 263.8 340.9 231.3 283.8 316.8 365.8 306.1 39.8 90.9 79.5 92.3 92.0 118.7 41.9 52.9 20.7 43.1 28.6 20.3 30.4 39.4 27.4 19.3 20.4 7.7 5.7 7.3 1,544.7 2,053.5 2,353.9 225.8 432.6 487.5 907.5 268.9 468.5 529.7 1,086.8 328.3 177.7 149.2 147.8 176.0 163.7 152.7 158.7 Capital transfers 413.9 558.5 660.4 43.2 60.5 132.2 322.5 41.8 80.0 163.0 375.6 67.6 16.6 20.3 35.1 30.3 66.9 Payments to the EU budget 628.9 729.5 672.3 182.2 172.7 180.0 194.6 166.6 158.5 161.5 185.7 143.2 62.9 52.0 53.5 71.2 55.3 -2,917.2 -1,574.9 -2,273.5 -315.5 112.8 -176.9 -1,195.2 -293.9 -144.2 -384.5 -1,451.0 -372.1 87.4 -144.7 -144.7 -40.4 8.2 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 3/2024 Public finance 2022 10 11 2023 12 1 2 3 4 5 6 41 2024 7 8 9 10 11 12 1 2 3 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 1,902.3 1,956.8 2,110.0 1,982.8 1,817.0 1,936.5 2,205.5 1,953.0 2,116.4 1,939.9 1,987.9 2,118.1 2,271.1 2,169.9 2,536.8 2,216.9 1,986.0 1,995.4 Current revenues 1,799.5 1,868.9 1,937.4 1,882.3 1,720.9 1,798.5 2,046.3 1,892.8 2,061.0 1,874.0 1,943.0 1,926.3 2,048.5 2,018.3 2,174.8 2,086.6 1,956.9 1,915.5 Tax revenues 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 1,945.2 1,915.0 2,017.6 1,997.3 1,861.6 1,803.7 Taxes on income and profit 347.1 381.2 421.2 353.7 360.3 386.5 419.9 458.0 430.2 178.1 419.8 361.8 394.5 390.6 448.1 412.4 415.0 424.0 Social security contributions 693.7 730.2 841.7 720.8 754.3 749.4 759.2 764.7 763.9 765.7 768.0 770.7 759.2 778.2 904.3 810.6 857.2 858.8 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 3.1 2.4 2.2 2.4 45.1 33.8 14.6 11.2 8.4 19.3 24.5 25.4 40.0 44.7 40.8 31.5 43.9 39.5 17.7 10.8 8.1 11.6 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 613.1 565.5 520.4 631.8 502.6 543.2 681.5 546.5 599.6 747.9 587.9 604.8 723.2 692.9 646.9 715.1 563.5 502.3 Taxes on international trade & transactions 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 24.7 10.8 11.1 25.2 Other taxes -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 -27.2 35.2 4.5 -20.5 Non-tax revenues 79.4 138.4 129.0 93.4 85.8 99.4 100.6 110.3 202.0 111.0 128.4 114.6 103.3 103.3 157.2 89.3 95.3 111.8 26.7 24.6 22.2 15.0 20.1 23.8 20.4 19.3 26.0 21.8 16.7 23.1 25.4 53.0 23.6 11.7 13.6 14.1 Grants 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 9.3 1.3 0.9 0.3 Transferred revenues 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 9.6 0.6 0.8 3.7 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 79.4 319.5 116.7 13.7 61.7 Capital revenues Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 1,909.1 2,319.2 2,936.0 1,813.2 1,865.6 2,351.4 1,955.8 2,078.9 2,384.4 2,106.7 2,181.0 2,142.6 2,295.2 2,404.3 3,729.3 1,855.6 2,128.5 2,586.4 802.2 904.0 1,107.9 778.7 787.6 1,121.1 809.2 842.6 1,003.2 885.3 968.5 881.8 930.3 955.2 1,608.6 801.7 892.5 1,324.3 Wages, salaries and other personnel expenditures 434.7 488.5 519.9 481.0 477.7 483.0 466.6 496.2 644.8 519.6 510.1 479.7 492.0 506.1 536.7 514.7 522.5 645.9 Expenditures on goods and services 279.1 312.7 474.4 230.9 256.0 300.0 264.3 310.1 327.8 302.9 329.2 277.6 375.6 355.4 538.8 257.1 317.6 335.6 Interest payments 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 17.4 23.9 30.8 306.2 Reserves 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 23.5 515.6 6.0 21.7 36.5 849.6 1,007.2 1,068.7 917.6 903.9 1,043.9 948.0 976.6 1,132.4 953.8 949.4 Current transfers Subsidies 937.4 1,014.6 1,040.2 1,231.8 923.6 1,034.8 1,054.4 28.9 55.0 127.9 100.8 35.7 151.6 70.1 77.6 57.8 57.4 52.7 71.5 93.4 92.5 141.3 12.0 87.4 52.9 Current transfers to individuals and households 727.7 820.5 781.6 738.9 771.2 807.3 784.8 789.6 973.0 774.2 778.3 759.3 810.0 818.9 925.2 828.4 830.1 868.4 Current transfers to non-profit institutions, other current domestic transfers 86.2 105.8 148.9 70.2 90.3 70.8 80.8 103.7 99.3 105.4 113.6 97.8 107.6 103.2 154.9 76.6 108.0 121.5 6.9 25.9 10.3 7.7 6.7 14.2 12.3 5.7 2.3 16.8 4.8 8.7 3.5 25.5 10.4 6.6 9.2 11.6 164.7 275.4 467.4 57.4 92.8 118.7 132.7 168.8 167.0 170.0 180.2 179.5 206.0 254.1 626.7 69.2 124.7 134.4 Capital transfers 38.0 67.6 216.9 10.3 14.2 17.3 18.7 30.6 30.7 34.4 36.8 91.8 82.6 102.7 190.3 16.3 26.5 24.8 Payments to the EU budget 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 71.8 44.8 50.0 48.4 SURPLUS / DEFICIT -6.8 -362.3 -826.1 169.6 249.7 -125.9 -268.0 -166.8 -193.1 -24.5 -24.1 -234.5 -1,192.5 Current transfers abroad Capital expenditures -48.6 -414.9 361.3 -142.5 -590.9 42 Acronyms Slovenian Economic Mirror, No 3/2024 Acronyms Acronyms in the text BoS – Bank of Slovenia, CF – Cohesion Fund, CHP – combined heat and power, CPI − Index of Consumer Prices, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FSA – financial social assistance, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, GFS – Government Finance Statistics, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, IR – interest rate, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MKRR – Ministry of Cohesion and Regional Development, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers' Index, REACT - EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RES – renewable energy sources, RRP – The Recovery and Resilience Plan, SIJ – Slovenian steel industry, SITC – Standard International Trade Classification, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, UB – unemployment benefit, ULC – Unit Labour Costs, USD – US Dollar, VAT – value added tax, YEI – Youth Employment Initiative, ZPGOPEK – Act Determining the Aid to the Economy to Mitigate the Consequences of the Energy Crisis, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CYCyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 3, Vol. XXX, 2024