.^'IMAD O fü Q) £ u E o > O Ü) o fN o u 0) Ö cu _Q O Slovenian Economic Mirror ISSN 1318-3826 No. 10 / Vol. XVII / 2011 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Director: Boštjan Vasle, MSc Editor in Chief: Barbara Ferk, MSc Slovenian Economic Mirror was prepared by: Matevž Hribernik, (International environment); Slavica Jurančič, Janez Kušar, Jože Markič, PhD, Tina Nenadič, MSc, Judita-Mirjana Novak, Jure Povšnar, Mojca Koprivnikar Šušteršič, Ana Vidrih, MSc, (Economic developments in Slovenia); Mojca Lindič, MSc, Ana T. Selan, MSc (Labour market); Slavica Jurančič, Miha Trošt (Prices); Jože Markič, PhD (Balance of payments); Marjan Hafner (Financial markets); Jasna Kondža, Dragica Šuc, MSc (Public finance); Mateja Kovač, MSc (Agricultural production in 2010); Valerija Korošec, PhD (Migrant Integration Policy Index (MIPEX)); Matevž Hribernik (The Doing Business 2012 report by the World Bank); Urška Lušina, MSc (seasonal adjustment of time series) Editorial Board: Lidija Apohal Vučkovič, Marijana Bednaš, MSc, Lejla Fajič, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation and Graphs: Bibijana Cirman Naglič, Marjeta Žigman Concept and Design: Katja Korinšek, Pristop DTP: Bibijana Cirman Naglič Print: Circulation: 90 copies © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight................................................................................................................................................................3 Current economic trends..............................................................................................................................................5 International environment...............................................................................................................................................7 Economic developments in Slovenia.............................................................................................................................9 Labour market..................................................................................................................................................................16 Prices..................................................................................................................................................................................18 Balance of payments.......................................................................................................................................................20 Financial markets.............................................................................................................................................................21 Public finance....................................................................................................................................................................24 Selected topics..............................................................................................................................................................27 Agricultural production in 2010....................................................................................................................................29 Migrant Integration Policy Index (MIPEX)...................................................................................................................30 The Doing Business 2012 report by the World Bank.................................................................................................32 Boxes Box 1: Credit rating downgrades in the euro area.......................................................................................................8 Box 2: Market shares........................................................................................................................................................10 Box 3: (In)solvency...........................................................................................................................................................13 Box 4: Road and rail freight transport volumes.........................................................................................................15 Statistical appendix.....................................................................................................................................................33 On 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, which includes the entire European classification of activities but also adds some national subclasses, came into force on the mentioned date. In the Slovenian Economic Mirror, all analyses are based on the SKD 2008, except when the previous SKD 2002 classification is explicitly referred to. More general information about the introduction of the new classification is available on the SORS website http://www.stat.si/eng/ skd nace 2008.asp. All seasonally adjusted data in the Economic Mirror are calculations by IMAD. In the spotlight International institutions expect the economic situation in the euro area to deteriorate further by the end of the years. They are also significantly reducing the forecasts for economic growth in 2012. The current indicators of economic activity in the euro area otherwise do not show any major slowdown yet, but the indicators of expectations have been worsening for several months; according to the most recent Consensus and OECD forecasts, economic growth in the euro area is set to ease noticeably in 2012 (0.6% and 0.3%, respectively). The deterioration of prospects is significantly influenced by uncertainty on financial, particularly government bond, markets. The lending conditions in the euro area tightened strongly in the third quarter, which is reflected in increased margins on loans. As the public finance conditions deteriorate, most countries lack credible measures for their improvement, which is also reflected in credit rating downgrades. This year, the three main rating agencies significantly downgraded the credit ratings of euro area countries with the greatest public finance difficulties. The credit rating agency Standard & Poor's also reduced the credit rating of Slovenia by one level in October, following the downgrades by Fitch and Moody's in September. The values of short-term indicators of economic activity in Slovenia indicate further growth in exports and an ongoing decline in construction activity. In recent months, the situation has also deteriorated in manufacturing. The situation in the construction sector remains tight, as activity declined once again in August and was already nearly 60% lower than on average in 2008. In manufacturing, the situation has also deteriorated in recent months, with production remaining at a similar level as in autumn 2010, after the stagnation in August. Turnover in wholesale and retail trade and services is stagnating, which indicates that domestic demand remains subdued. In contrast, foreign demand grows, so that exports increased once again and exceeded the average 2008 level by almost 8% in August. In the first half of this year, Slovenia's share on the global market declined only slightly y-o-y (owing to growth on the German and Croatian markets), while its market share in the EU was already higher than in the same period last year. The slight deterioration of labour market conditions continued in August and September; the growth of the average gross wage increased in August but remains modest. The number of employed persons declined somewhat in August for the third successive month, being down 2.0% from August 2010. Registered unemployment recorded stronger growth in September (1.3%, seasonally adjusted). At the end of the month, unemployment was up 9.3% from the same time last year. Among the persons who registered as unemployed, the number of those who registered anew after a pause (particularly due to the termination of contracts for formal education programmes under the active employment policy) stood out the most. The total gross wage grew further in August (0.3%, seasonally adjusted), as a result of wage rises in the private sector. The greatest contribution to growth came from manufacturing, where wage movements were significantly impacted by extraordinary payments in the pharmaceutical industry. In the public sector, the average gross wage declined slightly for the third month in a row. Amid relatively high monthly price growth (0.7%), y-o-y inflation rose to 2.7% in October. The greatest contribution to the monthly growth stemmed from prices of clothing and footwear, which increased more than usual in this time of the year for the second month in a row. The stronger seasonal fluctuations are also related to methodological changes in capturing prices of seasonal goods and services at the level of the EU at the beginning of the year. Prices of other consumer goods groups continue to move according to expectations and are, amid relatively stable prices of energy, mainly due to modest growth in economic activity. Net repayments of non-banking sector loans and the creation of provisions and impairments by domestic banks strengthened in September, while the lending activity of banks in the euro area increased. Slovenian enterprises, NFIs and households recorded net repayments of loans in September, while the volume of government debt remained almost unchanged. In the first nine months of 2011, the volume of domestic non-banking sector loans with domestic banks shrank by EUR 265.1 m (in the same period of last year, it increased by EUR 1 bn). The volume of non-performing claims reached as much as 4.9% of all bank claims by the end of August (EUR 2.4 bn). In addition to activities related to construction and management takeovers, the faster deterioration of the quality of banks' assets was also due to certain manufacturing industries. In September, banks increased the creation of impairments and provisions, which amounted to EUR 609.6 m in the first nine months (an increase of more than one third relative to the same period last year). In contrast, the borrowing of non-banking sectors in the euro area increased in September, but was still somewhat lower y-o-y in the nine months as a whole. According to the consolidated balance of the MF, general government revenue amounted to EUR 8.5 bn and general government expenditure to EUR 9.6 bn in the first seven months of this year. The deficit thus totalled EUR 1,1 bn. General government revenue was down 2.2% in the first seven months of 2011 compared with the same period of the pre-crisis year 2008, while general government expenditure was up by as much as 16.1%. In the first seven months, expenditures on interest payments and transfers to individuals and households increased the most, while investment expenditure shrank by more than one tenth. Among revenues, in addition to refunds from the EU budget, revenue from taxes on income and profit expanded most notably after last year's decline. A further tightening of the public finance situation is also indicated by September's data on payments of taxes and social security contributions, which dropped y-o-y for the third month in a row. ■ö £ Q) E o £ O u Q) £ Q) 3 U International environment Short-term indicators of economic activity do not yet show a significant slowdown in growth in Slovenia's main trading partners, but the indicators of expectations are deteriorating. The production volume of manufacturing industries in the euro area increased in August for the second month in a row (seasonally adjusted by 1.6%; y-o-y by 6.5%). The volume of new orders for manufactured goods also rose, but particularly in Germany a notable decline has been observed in recent months. Labour market conditions remain tight, given that the unemployment rate in the euro area has not changed much in the last year and is still hovering around 10%. This also weighs on turnover in retail trade, which was down 1% y-o-y in August. The volume of construction remained at a similar level as in July but was still about 15% lower than before the crisis. The values of main confidence indicators for the euro area have deteriorated visibly in recent months (ESI, PMI, Ifo), which suggests a significant slowdown of growth by the end of the year. The confidence is significantly affected by uncertainty in financial, particularly government bond, markets. Furthermore, economic activity also continues to ease in the US and China, which is corroborated by the latest available sub-indicators of the PMI. Consensus forecasts were down again in October, predicting 1.6% GDP growth for the euro area this year and a slowdown to a mere 0.6% next year. New forecasts for Slovenia's main trading partners (except Austria) for 2012 are also much lower than September's forecasts by the IMF. The OECD forecasts for next year were also revised down significantly. They predict 0.3% growth for the euro area, 1.7 p.p. lower than projected in May, and 1.8% growth for the US, 1.2 p.p. lower than the previous forecast. Figure 1: Movement of Consensus Forecasts for 2012 GDP growth ■ June 2011 ■ Jul. 2011 ■ Aug. 2011 Sep.2011 ■ Oct. 2011 US EMU EU Germany Source: Consensus Forecasts. The lending conditions in the euro deteriorated significantly in the third quarter. According to the ECB Lending Survey, the share of banks reporting a tightening of credit standards was 16% larger (in the second quarter, only 2%) than the share of those reporting an easing. The tightening mainly shows in wider margins on loans, particularly the riskier ones. The main factor of the continued tightening was limited access to funding, coupled with negative expectations of banks regarding the economic recovery and their own liquidity. Demand for loans of all maturities from enterprises of all sizes decreased for the first time since the second quarter of 2010. Banks' expectations are greatly affected by uncertainties in financial markets, as the survey also predicts a tightening of credit standards for the last quarter of 2011, as well as a further decline in demand for loans. As in the case of corporate loans, banks also reported a further tightening of credit standards for household loans (18% of banks reported a tightening in the third quarter, compared with 9% in the second). Uncertainty is reflected primarily in a significant decline in demand for loans on house purchase. Figure 2: The ECB Euro Area Bank Lending Survey Credit standards for loans to enterprises over the past 3-m. (left axis) Credit standards for loans to enterprises over the next 3-m. (left axis) Demand for loans to enterprises over the past 3 months (rigth axis) Demand for loans to enterprises over the next 3 months (right axis) 70 o o c cp (U !t= 1:3 60 50 40 30 20 10 Interbank interest rates were raised in October and the situation on government bond markets remained tight. The aggravation of financial market conditions is reflected in high yields on 10-year government bonds of euro area countries that face the greatest public finance difficulties, with yield spreads over German bonds exceeding 200 basis points in as many as nine countries of the euro area. The ECB continued to carry out the Securities Markets Programme and purchased a further EUR 16.8 bn in government bonds in October (EUR 173.5 bn, in total, since the beginning of the Programme). The three-month 0 3.5 EURIBOR rate increased by 4 b.p. to 1.58% (58 b.p. y-o-y). The three-month US dollar LIBOR and Swiss franc LIBOR rates were also up slightly (6 b.p. to 0.40% and 3 b.p. to 0.03%, respectively). The ECB cut its main refinancing operations rate at the beginning of November. By lowering the key interest rate by 25 b.p. to 1.25%, it is trying to spur economic growth, as some of the downside risks have materialised in recent months. Other main central banks left their key interest rates unchanged (Fed 0.0%; BoE 0.5%). In October, the euro lost value against most main global currencies, except the Swiss franc. The euro lost 0.5% of its value against the US dollar (USD 1.37 to EUR 1) and was down 1.4% y-o-y. The Japanese yen also gained value against the euro (0.6%, to JPY 105.06 to EUR 1), as did the British pound sterling (0.2%, to GBP 0.87 to EUR 1), while the value of the Swiss franc declined by 2.4%, to CHF 1.23 Box 1: Credit rating downgrades in the euro area to EUR 1. Relative to the Japanese yen, the euro hit its 10-year low. Oil and non-energy commodity prices dropped in October. The average oil price per barrel slumped to its 8-month low, by 2.9% to USD 109.55 a barrel (in euros, by 1.3% to EUR 78.94 a barrel). Oil prices in US dollars were up 32.4% y-o-y and oil prices in euros by 31.1%. The oil price decline also reflects deteriorated prospects for recovery in certain advanced economies, as well as lower expectations regarding growth in oil demand in some of the emerging Asian markets. Non-energy commodity prices drop further; according to the most recent IMF data, they fell by 2.9% in September, being 13.0% higher y-o-y. The monthly decline largely stemmed from lower prices of metals (by 3.8%) and food (by 3.3%), which dropped to December 2010 levels. According to preliminary data, prices continued to drop in October. In response to the tightening of the sovereign crisis, the three main credit rating agencies significantly downgraded the credit ratings of euro area countries with the greatest public finance difficulties this year. Downgraded the most were the credit ratings of Greece (Ca/CCC/CC), Ireland (to Ba1/BBB+/BBB+) and Portugal (Ba2/BBB-/BBB-), which have all already requested financial assistance from the EU. The main reasons for the downgrades are inefficient dealing with debt problems in the euro area, over-indebtedness of companies and banks, weak political support for structural reforms and the implementation of austerity measures. Only six euro area countries (Austria, France, Finland, Luxembourg, Germany and the Netherlands) still have the highest credit ratings (AAA or Aaa), but the agencies have already warned about a possible downgrade for France. Lower credit ratings of government bonds entail riskier and hence more expensive borrowing by the government and domestic banks on international markets. Following the downgrades by Fitch and Moody's, in October Slovenia's credit ratings were also lowered one notch (to AA-) by Standard & Poor's. The main reasons for this lower estimate of Slovenia's credit risk are the significant deterioration in the country's fiscal position over the last three years and a lack of the government's commitment to a credible fiscal consolidation. Standard & Poors's nevertheless estimates Slovenia's outlook as stable, provided that the new government continues with structural reforms and contains the general government gross debt below 45% of GDP by fiscal consolidation. Table 1: Credit rating downgrades in the euro area Country Agencies Rating Sep 2008 Rating Dec 2010 Rating Oct 2011 Difference 2011/2008 Difference 2011/2010 Cyprus Fitch Moody's S&P AA-Aa3 A+ AA-Aa3 A(neg) BBB (neg) Baa1 BBB (neg) 15 i4 i5 i4 i3 Greece Fitch Moody's S&P A A1 A BBB-Ba1 (neg) BB+ CCC Ca CC (neg) 115 ^12 17 18 i7 Ireland Fitch Moody's S&P AAA Aaa AAA BBB+ Baa1 A BBB+ (neg) Ba1 (neg) BBB+ 17 i3 i2 Italy Fitch Moody's S&P AA-Aa2 A+ AA-Aa2 A+ A+ (neg) A2 (neg) A (neg) i! 13 i1 i3 i1 Malta Fitch Moody's S&P A+ A1 A A+ A1 A A+ (neg) A2 A i1 Portugal Fitch Moody's S&P AA Aa2 AA- A+ (neg) A1 A- BBB- (neg) Ba2 (neg) BBB- (neg) i7 i6 i5 i7 i3 Slovenia Fitch Moody's S&P AA Aa2 AA AA Aa2 AA AA- (neg) Aa3 (neg) AA- i1 i1 i1 Spain Fitch Moody's S&P AAA Aaa AAA AA+ Aa1 AA (neg) AA- (neg) A1 (neg) AA- (neg) 13 14 i3 i2 i3 il Source: Fitch, Moody's, Standard & Poor's. Note: Standard & Poor's; neg - negative outlook; no. of arrows means the extent of credit rating downgrade; difference - the extent of credit rating downgrade in a certain period. Figure 3: 10-year government bond yield spreads vis-avis German bond Table 2: Selected monthly indicators of economic activity in Slovenia 14 !E (Ü e) ^^ 0 Economic developments in Slovenia The values of short-term indicators of economic activity in Slovenia indicate further growth in exports and a decline in construction activity. In recent months, the situation has also deteriorated in manufacturing. The situation in the construction sector remains tight, as activity continued to decline in August and was already almost 60% lower than, on average, in 2008. Over the last few months, the situation has also deteriorated in manufacturing, where following the stagnation in August, production remains at a similar level as in autumn 2010. Turnover in wholesale Figure 4: Short-term indicators of economic activity in Slovenia - Merchandise exports (nom.) • Industrial production in manufacturing ■ Value of construction put in place Turnover in trade ■ Turnover in wholesale (nom.) Turnover in service activities in % 2010 VIII 11/ VII 11 VIII 11/ VIII 10 I-VIII 11/ I-VIII 10 Exports1 12.2 -10.1 13.0 13.6 -goods 13.7 -13.1 15.3 15.1 -services 6.6 0.7 6.3 7.6 Imports1 14.3 -7.1 12.0 13.1 -goods 16.1 -5.9 14.7 14.9 -services 4.5 -12.7 0.8 2.7 Industrial production 6.2 1.42 -1.53 4.63 -manufacturing 6.6 0.32 -2.53 4.83 Construction -value of construction put in place -16.9 -6.62 -32.83 -29.03 Real turnover in retail trade -0.2 2.92 6.13 3.13 Nominal turnover in market services (without distributive trades) 6.32 1.22 3.13 5.13 Sources: BS, SORS; calculations by IMAD. Notes: 1balance of payments statistics, ^seasonally adjusted, 3working-day adjusted data. and retail trade and service activities is stagnant, which indicates that domestic demand has yet to increase. In contrast, foreign demand is growing, as exports rose once again and exceeded the average 2008 level by almost 8% in August. Slovenia's global market share was thus only marginally lower y-o-y in the first half of this year (owing to market share growth in Germany and Croatia) while its market share in the EU was already higher than in the same period last year. Merchandise exports1 strengthened further at the monthly level in August, but their growth is expected to slow gradually. Seasonally adjusted, exports expanded by 3.5% in nominal terms in August, but y-o-y data for the second half of the year show that their growth has already dropped. In view of the anticipated decline in economic growth in the EU, y-o-y growth rates are expected to decelerate further in the upcoming months, which is in line with the forecasts. Figure 5: Merchandise trade Merchandise exports Merchandise imports Source: SORS; calculations by IMAD. 1 According to the external trade statistics. 18 16 12 10 8 6 4 ra 2 Box 2: Market shares1 Following a more moderate decline in the first quarter and growth in the second, Slovenia's share on the world goods market in the first half of the year was still slightly smaller (-0.3%) than a year before. After it has been shrinking for three years since the beginning of the crisis,2 the somewhat more favourable movement in the first half of the year mainly reflects market share growth in Germany and Croatia. Owing to market share growth in Germany, as well as on certain relatively less important EU markets,3 Slovenia's market share in the EU expanded once again in the first half of the year (by 1.2% y-o-y), despite the continued declines in France, Austria and Italy, which are Slovenia's main markets in the EU, besides Germany. The contraction of Slovenia's market shares outside the EU, which had deepened last year, eased in the first half of the year due to market share growth in Croatia, as well as in Serbia and the US. On other main markets outside the EU, Russia, Macedonia and Bosnia and Herzegovina, Slovenia's market shares continued to shrink. Figure 6: Slovenia's market shares in the 14 main trading partners ^MTotal 14 trading partners -EU-8 -Extra EU-6 0,50 0,45 0,40 0,35 0,30 0,25 0,20 0,15 a a a a Source: SORS, Eurostat, WIIW, U.S. Census bureau. The renewed growth of Slovenia's market share in the EU in the first half of the year was driven particularly by medical and pharmaceutical products, amid a concurrent increase in market shares of most main SITC sections.4 The only exception is the decline in the market share of road vehicles attributable to last year's phase-out of incentives for car purchases, which was also reflected in a contraction of Slovenia's market share in France. However, owing to its exceptional growth (by close to a quarter) in 2009 when the incentives were introduced,5 in the first half of this year Slovenia's market share in France was still larger than before the crisis. Market shares of the other main divisions of the machinery and transport equipment section of the SITC (electrical machinery, apparatus and appliances, power generating machinery and equipment, machinery specialised for particular industries) rose in the first six months. Besides medical and pharmaceutical products, rubber manufactures, textiles and iron and steel also stand out in terms of accelerated market share growth in the EU this year. Moreover, the market share of furniture also grew more noticeably in the first half of the year, after several years of contraction, which had already started way before the crisis. Figure 7: Changes in Slovenia's market shares in individual trading partners Figure 8: Changes in market shares in the EU by main SITC sections I 1st half of 2011 »Share in EU exports, 2010 20 15 10 5 0 -5 -10 I Source: SORS, UN Comtrade, Eurostat, WIIW, U.S. Census bureau. ^ ^ ^^ ^ Source: SORS, Eurostat; calculations by IMAD. 1 The market share on the world goods market is a share of Slovenian goods exports in world goods exports. The market share in the main trading partners (14) is calculated as the share of Slovenia's goods exports in the total imports of these countries. The market shares in individual trading partners or SITC sections are calculated in the same way (shares of Slovenia's exports in the total imports of a given trading partner or EU SITC section). 2 Before the crisis, Slovenia's market share grew steadily in 2001-2007, except in 2006. 3 The UK, Hungary, Belgium, the Netherlands, Denmark, Greece, Finland, Sweden and Romania. 4 Accounting for 2% or greater shares in total goods exports in 2010. 5 They mainly encouraged the sale of small and environmentally friendly vehicles, which are also manufactured by our car industry; see SEM, December 2010. 2010 -15 This year's growth of Slovenian merchandise exports comes from medium-high-and medium-low-technology industries, which account for a predominant share in merchandise exports. According to the available data for the first seven months, the greatest contributions to nominal export growth came from growth in exports of metals, electrical appliances, other machinery and equipment, and chemicals and chemical products, which was also due to higher selling prices on foreign markets. Figure 9: Merchandise exports according to technological intensity -High- and medium-high-technology-intensive industries -----Medium-low-technology-intensive industries -Low-technology-intensive industries -----Manufacturing exports Figure 10: Trade in services -Exports of services - Imports of services 450 T-;-;-;-;-;-;-;-;-;-;-;-r Source: SORS; calculations by IMAD. Imports were also up again in August, 3.9% relative to July (seasonally adjusted) and 14.3% y-o-y. Broken down by end-use products, imports of intermediate goods increased most notably in the first seven months of this year, particularly due to higher import prices of primary commodities and energy. Investment goods and consumer goods registered lower growth, in view of meagre domestic demand and lower growth in import prices. The value of trade in services declined in August. After increasing in the previous two months, services exports declined 2.5% in August, according to seasonally adjusted data. Y-o-y they were up 6.3% in nominal terms. The largest contributions to y-o-y growth again came from exports of road freight transport and travel, while exports of the group of other services declined. Imports of services also shrank in August (by 3.0%, seasonally adjusted), being only 0.8% higher y-o-y. The values of domestic households' travel abroad and imports of transport services were slightly higher than in the same month last year, while imports of the group of all other services dropped y-o-y for the first time in 2011. Production volume in manufacturing declined in the summer months. After shrinking in July, production Source: BS; calculations by IMAD. volume in manufacturing remained practically unchanged in August, but in the period from June to August, it was lower, on average, than in the first five months of the year. Looking at manufacturing industries according to technology intensity, production volume in medium-low-technology industries dropped most notably in the above-mentioned months, due to a slump in July. Production in medium-high- and high-technology industries also shrank somewhat. In industries with the lowest degree of technology intensity, which started to recover last, production continued to grow. Production growth in these industries, which are otherwise primarily oriented to the domestic market, also reflects foreign demand: in some industries, revenues from sales on foreign markets grow, while revenues on the domestic Figure 11: Production volume in manufacturing according to technology intensity -High-and medium-high-technology-intensive industries -----Medium-low-technology-intensive industries -Low-technology-intensive industries 11^ .-----Manufacturing total market mainly persist at similar levels as in 2010. As a result of weaker activity in more export-oriented medium-low-, medium-high- and high-technology industries in the summer months, only low-technology industries exceeded the average production level seen in the first five months of the year. In recent months, expectations of enterprises in manufacturing have deteriorated particularly as regards demand. In October, expectations about exports and total demand worsened once again, with both indicators hitting their respective two-year lows. Deteriorated expectations about exports and total demand are also reflected in lower expectations of enterprises regarding production and hiring in the last quarter. Amid the deterioration of indicators of expected demand and situation indicators of export and total orders in the past few months, coupled with lower revenues from sales on both the domestic market and abroad in the summer (seasonally adjusted), enterprises lowered the estimates of their competitive position on the domestic market and abroad (particularly on EU markets). Having been relatively stable over the past year and a half (the least on non-EU markets), the competitive position of most enterprises surveyed deteriorated in the third quarter. Despite deteriorated prospects for the last quarter, capacity utilisation did not decline. Moreover, at the beginning of the last quarter it was even somewhat higher (79.9%) than at the beginning of the third. Figure 12: Quarterly business trends in manufacturing Figure 13: Value of construction put in place 15 10 -Competitive position on domestic market ----Competitive position on EU markets ---------Competitive position on non-EU markets - Capacity utilisation (right axis) -10 -15 -25 -30 ......f......f^iV '•A i \\\ 95 90 85 80 75 I 70" 65 60 55 50 a a a a a Source: SORS. Amid sharp fluctuations from month to month, construction activity continues to decline. Having picked up in July (9.9%), the value of construction put in place declined in August (6.6%, seasonally adjusted), being down 30.6% from the previous August. After all construction sector segments strengthened in July, they all dropped in August. Residential construction swung most markedly again, dropping by 40% in August, after enjoying more than 100% growth in July. 120 110 100 90 80 ■Ö 70 60 ro |5 50 Construction -total Buildings Civil engineering Source: SORS; calculations by IMAD. Prospects for the construction sector remain uncertain. After two months, the value of new contracts in major construction companies dropped to its lowest level since the onset of the crisis. The value of the stock of contracts was down 11.9% y-o-y. Turnover in all three trade sectors increased in August (seasonally adjusted) but remains at approximately the same level as at the beginning of the year due to the fluctuations in the first half of the year. Regardless of its growth in the last two months, real turnover in the sale and repair of motor vehicles is at a lower level than in previous months. After last year's sluggish growth, real turnover in retail trade is stagnant this year. In this sector, the sale of automotive fuels, in particular, as well as the sale of textiles, clothing and footwear has otherwise already been growing since the end of 2009. In specialised stores selling furniture, Figure 14: Turnover in trade sectors 105 SŠ 90 !E d! 85 80 >< 75 70 65 - Retail trade, real Automotive fuel, real Sale, repair of motor vehicles , real Wholesale, nominal 40 30 5 0 -5 m -20 S 100 95 Box 3: (In)solvency Insolvency of business entitles increased In the first nine months of this year. Over a quarter more legal entities and nearly a third more sole proprietors and other registered natural persons than in the same period last year had outstanding matured liabilities for more than five consecutive days in a month (hereafter outstanding liabilities), on average, according to the AJPES1 records. The average daily amount of their outstanding liabilities increased even more than their number (by more than half in each of these business entity groups). March 2011 saw adoption of the Act on Prevention of Late Payments,2 which instituted mandatory multilateral set-off. In the first six monthly set-off procedures that have been executed since April, participants set off EUR 70 m in obligations per month, on average, which is 6.5% of all notified obligations. In the first nine months of this year, two fifths more bankruptcy proceedings were filed against legal entities than in the same period last year, and half more personal bankruptcy proceedings against sole proprietors. Figure 15: Legal entities with outstanding matured liabilities for more than five consecutive days in a month and average total amount of outstanding liabilities 7,000 6,500 6,000 5,500 5,000 -Q 4,500 4,000 3,500 3,000 2,500 ■ No. of legal entities (left axis) -Average total daily amount of outstanding liabilities (right axis) 2,000 440 360 280 J^ 240 160 80 Altogether 6,271 legal entities had outstanding matured liabilities in September (up 16.6% y-o-y), in a total amount of EUR 474.2 m (up 52.0%y-o-y). Relative to the same month last year, their number went up most notably in real estate, followed by Source: ajpes. accommodation and food service activities, and professional, scientific and technical activities, while the largest y-o-y increases in the amount of outstanding matured liabilities were recorded in transportation and storage, followed by professional, scientific and technical activities, and accommodation and food service activities. In September 2011, the highest number of these legal entities (over a fifth) with the largest amount of outstanding liabilities (close to a third) was again recorded in construction. Among sole proprietors and other registered natural persons, 9,077 natural persons (up 16.1% y-o-y) had outstanding liabilities in a total amount of EUR 120.1 m (up 42.4% y-o-y) in September this year. The highest number of these natural persons (a quarter) with the largest amount of outstanding liabilities (close to a third) was again recorded in the construction sector, followed by wholesale and retail trade, repair of motor vehicles, and accommodation and food service activities. Table 3: Legal entities with outstanding matured liabilities for more than five consecutive days in a month, September 2011 Number of legal entities with outstanding matured liabilities (whole number) Growth Sep.11/ Sep. 10 in % Growth I-IX 11/ I-IX 10 in % Average daily amount of outstanding matured liabilities in EUR Growth Sep. 11/ Sep. 10 in % Growth I-IX 11/ I-IX 10 in % Average daily amount of outstanding matured liabilities per legal entity, in EUR Construction 1,351 14.0 20.7 145,334,800 42.3 65.6 107,576 Professional, scientific and technical activities 708 16.3 32.9 72,350,686 191.9 180.2 102,190 Transportation and storage 355 0.3 18.1 59,532,218 241.6 92.7 167,696 Trade; maintenance and repair of motor vehicles 1,320 13.9 29.2 57,781,697 40.7 47.9 43,774 Manufacturing 766 8.2 20.8 43,289,874 17.2 -0.4 56,514 Accommodation and food service activities 478 19.8 28.9 21,794,811 111.1 113.2 45,596 Real estate activities. 182 30.9 44.9 20,863,634 51.2 182.1 114,635 Other activities 1,111 34.7 35.1 53,249,979 -18.8 18.9 47,930 Total 6,271 16.6 27.0 474,197,699 52.0 56.8 75,618 Source: AJPES. 1 The AJPES records refer only to outstanding liabilities according to writs of execution and tax debt. They do not include other outstanding liabilities arising from unpaid bills. 2 OG of RS, No. 18/2011. 480 400 320 200 120 In the first nine months, 62.5% more compulsory settlement proceedings and 44.1% more bankruptcy proceedings were filed against legal entities than in the same period last year, as well as 53.2% more personal bankruptcy proceedings against sole proprietors. Overall, 39 compulsory settlement proceedings (mainly in the construction sector, followed by manufacturing, and wholesale and retail trade, repair of motor vehicles), 454 bankruptcies (the most in construction, then wholesale and retail trade, repair of motor vehicles and manufacturing), and 5 liquidation proceedings were launched against legal entities by the end of September. Against sole proprietors, 72 personal bankruptcy proceedings were filed (mainly in construction, followed by wholesale and retail trade, repair of motor vehicles, manufacturing, transportation and storage, and accommodation and food service activities). Figure 16: Filing of bankruptcy procedures Bankruptcy proceedings against legal entities (left axis) —■— Personal bankruptcy proceedings against sole proprietors (right axis) 90 household equipment, construction material, computer and telecommunication equipment and books, turnover has been declining for several months, while turnover in the sale of pharmaceutical, medical, cosmetic and toilet articles and in the sale of food products is mainly stagnating at the level recorded in 2009. Turnover in wholesale trade is rising slowly, amid strong fluctuations, but still lags more notably behind the 2008 level than other trade sectors. The increase at the beginning of the year was followed by very moderate growth in nominal turnover in market services (excluding distributive trades)2 until August, which drew close to the average level recorded in 2008. The bulk of turnover in market services is generated by transportation and storage (H), information-communication (J), and professional and technical activities (M). Since the end of 2009, the largest contribution to the total turnover growth has come from transportation and storage activities, where turnover has already exceeded the 2008 average by 15%, while in most other service activities turnover remains lower than it was in 2008. Land transport has retained its moderate growth, after January's hike, while nominal turnover in warehousing and support activities for transportation has been rising modestly since the latter half of 2010. In information and communication services, turnover in telecommunications has undergone practically no change for as long as since the end of 2010, whereas computer programming activities still register modest growth. The bulk of turnover in professional and technical services is generated by architectural and engineering activities, where, with slight fluctuations, nominal turnover has been shrinking since the end of 2009 due to the crisis in the construction sector. On the other hand, turnover in legal and accounting activities and management consultancy activities3 has been 80 70 50 iE -Q !E 40 30 20 10 Source: AJPES -e-release of judicial affairs. expanding since the end of 2009, being already above the average 2008 level since the end of last year. After declining in 2009, turnover in accommodation and food service activities has been growing steadily last year and in 2011, reaching the 2008 average in August. Figure 17: Nominal turnover in market services (without distributive trades) - Total -Transportation and storage (H) -----Information and communication (J) ^ -----Professional, scient. and techn. activ. (M) CT -----Accommod. and food service act. (I) ^ 110 105 2 Activities from H to N. 3 A united activity according to SCA 2008 (69 + 70.2). 85 80 Source: Eurostat; calculations by IMAD. Short-term indicatorssuggestweakconsumption,given that labour market conditions will remain a drag on consumer spending in the last months of the year. Expectations also remain low. After September's increase (0.5%, seasonally adjusted), the third quarter saw a similar net wage bill as the second, though slightly lower in real terms than in the previous year. Real turnover in retail trade excluding automotive fuels increased by 2.5% in August (seasonally adjusted) but remained lower than at the beginning of 60 0 100 95 90 75 Box 4: Road and rail freight transport volumes More detailed data on freight transport, which are available with a delay, indicate that the volume of road freight transport increased somewhat again in the second quarter (2.1%, seasonally adjusted), after the strong growth in the first. It almost reached the highest levels recorded before the crisis. A solid half of growth was attributable to increased transport by natural persons (sole proprietors), with transport by legal persons (companies) accounting for the remaining near-half.1 While in the preceding two quarters transport volume still lagged behind the level recorded a year earlier, it exceeded it somewhat again in the second quarter (1.5%). Throughout the last three quarters, the volume of transport carried out by companies has been higher y-o-y, while the volume of transport by natural persons has been lower. The volume of rail freight transport fell somewhat in the second quarter compared with the first (1.7%, seasonally adjusted) but was still more than a tenth higher than in the same period last year. In the last few quarters, rail transport volume has already been higher than before the crisis. Figure 18: Volume of road freight transport 1000 70 60 50 -20 .!5 -30 -40 -50 Legal entities ■ Natural persons 1 Companies otherwise carry out two thirds of transport and natural persons only one third. the year and is set to drop again, according to preliminary data for September. The number of new passenger car registrations by natural persons was up somewhat in October (1.2%, seasonally adjusted), but remains much lower than it was early this year. It was down 13.6% y-o-y in the first ten months as a whole. Purchases of durable goods are not expected to increase in the coming months either, given that consumers remained pessimistic with regard to future major purchases in October. As a result of reduced spending, households made net repayments of consumer loans again in September (in the first nine months, in a total amount of EUR 73.1 m, which is more than in the entire year 2010). Consumer confidence declined in October, due to deteriorated expectations regarding the financial situation in households and future savings. Figure 19: Household consumption indicators -Turnover in retail trade excluding automotive fuels (left axis) -No. of first car registrations by natural persons (left axis) -----Net wage bill (left axis) -Consumer confdence indicator, original value (right axis) i r>i r>i Source: Eurostat, SORS; calculations by IMAD. The volume of agricultural production in the EU as a whole declined in 2010, but in the last five-year period, it remained practically unchanged. Slovenia lags behind the EU particularly in the growth of crop production. After declining by 0.8% in 2009, on average, the volume of agricultural production in the EU-27 is estimated to have dropped by 1.2% last year. In contrast to agricultural production in Slovenia, it was crop production that declined in the EU (by 2.6%), while the volume of animal production increased by 0.8%. All main crops in the EU-27 recorded lower yields, on average, except olive oil, the yield of which increased. Animal production saw a decline in beef production, but it was smaller than in Slovenia, while pig production, which dropped significantly once again in Slovenia, rose by 2.1%. However, growth in the total agricultural production varies significantly across countries. In Slovenia, agricultural production declined somewhat less than in the EU-27 average, and less than in Austria and Hungary, while agricultural production in Italy even increased. According to this comparison, Slovenia's gap to the EU is larger in a somewhat longer period. While the total production in the EU-27 remained around the 2005 level last year, the total production in Slovenia shrank by 5.4%. The gap is narrower in animal production and wider in crop production. The latter fell by 7.2% in Slovenia, while remaining unchanged in the EU-27. This comparison, particularly considering the low food security and growing demand for fresh food of plant origin, also shows that Slovenia is failing to take advantage of the potential for agricultural development particularly in the crop production sector. Migrant Integration Policy Index (MIPEX) The Migration Integration Policy Index (MIPEX) is an interactive tool and a reference guide to assess, compare and improve integration policy.17 International migration is an important source and part of social change, as it does not only mean the movement of people but also the flows of information, knowledge and ideas. However, its influence is highly dependent on the openness of the country, i.e. the extent to which it is willing to integrate migrants. Despite its great significance for contemporary society, the issue of migration has been insufficiently dealt with, both in terms of data collection and analysis, which holds especially true for the area of migrant integration. The new indicator therefore attempts to fill this void. The project is managed by the British Council, in partnership with the Migration Policy Group. For most of the countries, the MIPEX is based on estimates of two national experts from a given country, who assess the legislation and policy in the area of migrant integration. The obtained results are then peer-reviewed by another two experts from that country. The MIPEX thus relies on subjective estimates of experts. The MIPEX has been published three times so far. The first pilot version in 2004 evaluated 15 old EU Member States. The MIPEX II (2007) covered 28 countries, while the MIPEX III, released in 2011 (conducted in 2010), included 37 governmental, non-governmental and other research institutions from 31 European and North American countries and was financed as part of the project "Outcomes for Policy Change" of the European Fund for the Integration of Third Country Nationals. The goal of the MIPEX III was to identify the highest European or international standards aimed at achieving equal rights and responsibilities for all residents in all areas that are important for integration. The methodology was as follows: 17 See also: www.mipex.eu. 0 95 90 85 80 The index covered seven policy areas (education, labour market access, family reunion, political participation, long-term residence and access to nationality and antidiscrimination), each of them in four dimensions, and used 148 indicators, which could be awarded 1 to the maximum of 3 points. Slovenia ranks among the countries that are halfway favourable for migrants. In 2007, it received an overall score of 55, being placed 11'h among 28 countries, along with France and Luxembourg; in 2011, it was 18'h, with an overall score of 48. The two rankings are not directly comparable, as three new countries were added to the MIPEX data set in 2011, as well as a new policy area (education), on which Slovenia scored relatively low (24'h), which additionally affected its lower overall score. However, we cannot estimate the extent to which this lower rating was due to the fact that certain countries may have improved their performance while Slovenia has not done much in the area of migration in the last two years, according to MIPEX expert estimates. Namely, comparing the areas covered by both analyses, Slovenia's MIPEX II and MIPEX III results are identical in all areas. The 2011 average of all areas together and Slovenia's overall MIPEX III score is 48. Slovenia is ranked highest in the areas of long-term residence (4'h) and family reunion (5'h), while it scores worst in labour market access (24'h) and education (24'h). This overall result places it in the same group of countries as in 2007, i.e. among those that have policies just halfway favourable for integration (41-59 scores). The published index is certainly a welcome comparable indicator of integration policies in European Union Member States, although it has its flaws. After all, it relies on expert opinion rather than empirical evidence. Erroneous Tabela 13: Total indicator of integration policies for migrants and results of seven sub-areas Country MIPEX III, in % Labour market access Family reunion Education Political participation Long-term residence Access to nationality Anti-discrimination EU average 52 57 60 39 44 59 44 59 Sweden 83 100 84 77 75 78 79 88 Portugal 79 94 91 63 70 69 82 84 Canada 72 81 89 71 38 63 74 89 Finland 69 71 70 63 87 58 57 78 Netherlands 68 85 58 51 79 68 66 68 Belgium 67 53 68 66 59 79 69 79 Norway 66 73 68 63 94 61 41 59 Spain 63 84 85 48 56 78 39 49 US 62 68 67 55 45 50 61 89 Italy 60 69 74 41 50 66 63 62 Luxembourg 59 48 67 52 78 56 66 48 Germany 57 77 60 43 64 50 59 48 United Kingdom 57 55 54 58 53 31 59 86 Denmark 53 73 37 51 62 66 33 47 France 51 49 52 29 44 46 59 77 Greece 49 50 49 42 40 56 57 50 Irland 49 39 34 25 79 43 58 63 Slovenia 48 44 75 24 28 69 33 66 Slovenia's ranking 18'h place 24'h place 5'h place 24'h place 21'h place 4'h place 19'h place 13'h place Czech Republic 46 55 66 44 13 65 33 44 Estonia 46 65 65 50 28 67 16 32 Hungary 45 41 61 12 33 60 31 75 Romania 45 68 65 20 8 54 29 73 Switzerland 43 53 40 45 59 41 36 31 Austria 42 56 41 44 33 58 22 40 Poland 42 48 67 29 13 65 35 36 Bulgaria 41 40 51 15 17 57 24 80 Lithuania 40 46 59 17 25 57 20 55 Malta 37 43 48 16 25 64 26 36 Slovakia 36 21 53 24 21 50 27 59 Cyprus 35 21 39 33 25 37 32 59 Latvia 31 36 46 17 18 59 15 25 Source: Migrant Integration Policy Index III. (2011). British Council and Migration Policy Group. statistical data for 2009 in the enclosed statistical table also raise doubt; according to the MIPEX, the share of foreign-born residents in Slovenia totalled 3.5% in 2009, compared with 12% as calculated from data by SORS. Furthermore, the fact that MIPEX II results were practically identical to MIPEX III figures not only for Slovenia, but also Finland, France, Germany, Malta, the Netherlands, Poland, Slovakia, Sweden and Switzerland, also raises doubt. It is not clear whether this is due to a) the level of subjectivity involved; b) insufficiently sensible and responsive methodology; or c) the fact that in the last two years these countries have really not done anything along these lines that would change the index value. Anyhow, indices like this should be accompanied by more in-debt analyses and studies. Expert estimates about good integration practices could be complemented by objective data on people who integrated into society as migrants and decided to stay. If people keep migrating into a country, this is certainly one of the first solid indicators of its good migration if not also good integration policies. The Doing Business 2012 report by the World Bank According to the World Bank's Doing Business 2012 report, Slovenia retained its ranking on the ease of doing business this year. Among the 183 evaluated countries, Singapore, Hong Kong and New Zealand top the scale, with three EU countries also being among the first ten (Denmark, the United Kingdom and Ireland). Slovenia was ranked 37'h out of all countries surveyed (the same place as last year) and 15'h among EU countries. Slovenia scores higher in terms of the ease of doing business according to the World Bank report than according to other competitiveness surveys (including this year's IMD and WEF reports), as the World Bank evaluates countries only by the quality of the regulatory environment, with the subjective estimates of managers and the current macroeconomic conditions having no impact on the results. The World Bank finds that the number of implemented reforms increased by more than a tenth this year, as 125 economies carried out a total of 245 reforms. The main feature of most successful reforms is putting procedures online (which cuts the number of procedures and reduces the time and costs) and introducing one-stop shops for various services. Due to a number of major methodological changes, the results and rankings of the most recent report cannot be compared with those for previous years. With frequent changes to the methodology for calculating the index and with more and more countries included in the analysis, it is difficult to make comparisons over individual (longer) periods of time. The results (rankings) can thus only be compared with those for the previous year, which were re-calculated by the current year methodology. Moreover, a new indicator, which measures the number of procedures and the time related to obtaining an electricity connection, was introduced this year, while the area, which had monitored the ease of closing a business in previous years, was transformed into resolving insolvency. Slovenia's ranking advanced in two areas of regulation, remained unchanged in three, and slipped in five. According to the World Banks report, Slovenia improved the ease of doing business by implementing three major reforms last year. In the registering property area, Slovenia made transferring property easier and less costly by introducing online procedures and reducing fees, which improved its ranking by 20 places. Furthermore, Slovenia accelerated trading across borders by introducing on-line submission of customs declaration forms, simplified and streamlined the insolvency process and strengthened professional requirements for insolvency administrators. The Doing Business report ranks Slovenia highest on the areas of starting a business (28'h), getting electricity (27'h) and protecting investors (24'h). In contrast, the IMD survey places Slovenia very low precisely on the indicator of minority shareholder protection. According to our estimates, the differences are largely due to certain practices that may be deemed unethical but are not illegal in Slovenia. Slovenia ranks worst on the getting credit indicator (98'h), which shows the limitations of the current legislation in this area and a lack of a quality credit information system for all customers. Burdensome procedures for obtaining documentation and permits are still the main obstacle to doing business in Slovenia. According to data collected by the World Bank, it takes 110 days to register property in Slovenia, 199 days to obtain a building permit and as many as 1290 days to enforce a contract, which is still much more than in other comparable countries. Doing business is also hindered by the number and length of procedures for paying taxes, as on average, enterprises make 22 tax payments a year and spend 260 hours dealing with tax affairs. Table 14: Slovenia's ranking on the Doing Business scale« Rank 2011 Rank2012 Change 2011/2010 Ease of doing business 37 37 0 Starting a business 28 28 0 Dealing with construction permits 74 81 -7 Getting electricity 27 27 0 Registering property 99 79 20 Getting credit 96 98 -2 Protecting investors 21 24 -3 Paying taxes 86 87 -1 Trading across borders 60 50 10 Enforcing contracts 58 58 0 Resolving insolvency 38 39 -1 Source: Doing Business, World Bank, 2011. Note: The survey included 183 countries. Due to methodological changes, this year's rankings can only be compared with last year's. X "O C o a a (U "5 u (U MAIN INDICATORS 2006 2007 2008 2009 2010 2011 2012 2013 Autumn forecast 2011 GDP (real growth rates, in %) 5.8 6.9 3.6 -8.0 1.4 1.5 2.0 2.5 GDP in EUR million (current prices and current exchange rate) 31,050 34,562 37,280 35,311 35,416 35,924 37,334 38,871 GDP per capita, in EUR (current prices and current exchange rate) 15,464 17,120 18,437 17,295 17,286 17,601 18,256 18,974 GDP per capita (PPS)1 20,700 22,100 22,800 20,700 21,200 - - - GDP per capita (PPS EU27=100)1 88 88 91 88 87 - - - Gross national income (current prices and current fixed exchange rate) 30,677 33,828 36,232 34,593 34,894 35,357 36,522 38,032 Gross national disposable income (current prices and current fixed exchange rate) 30,462 33,601 35,871 34,344 34,940 35,420 36,460 38,039 Rate of registered unemployment 9.4 7.7 6.7 9.1 10.7 11.8 11.8 11.8 Standardised rate of unemployment (ILO) 6.0 4.9 4.4 5.9 7.2 8.0 8.0 8.0 Labour productivity (GDP per employee) 4.2 3.4 1.0 -6.3 4.0 3.0 2.0 2.5 Inflation,2 year average 2.5 3.6 5.7 0.9 1.8 1.6 1.8 2.0 Inflation,2 end of the year 2.8 5.6 2.1 1.8 1.9 1.7 1.9 1.9 INTERNATIONAL TRADE - BALANCE OF PAYMENTS STATISTICS Exports of goods and services3 (real growth rates, in %) 12.5 13.7 2.9 -17.2 9.5 7.9 6.3 6.7 Exports of goods 13.4 13.9 0.5 -18.1 11.0 8.7 6.9 7.1 Exports of services 8.6 13.2 14.3 -13.7 4.1 4.6 3.8 4.9 Imports of goods and services3 (real growth rates, in %) 12.2 16.7 3.7 -19.6 7.2 5.2 4.6 4.9 Imports of goods 12.7 16.2 3.0 -20.8 8.0 5.5 4.6 4.9 Imports of services 8.8 19.7 8.2 -12.0 2.6 3.1 4.9 5.4 Current account balance, in EUR million -771 -1646 -2574 -456 -297 -351 -181 378 As a per cent share relative to GDP -2.5 -4.8 -6.9 -1.3 -0.8 -1.0 -0.5 1.0 Gross external debt, in EUR million 24,067 34,783 39,234 40,294 40,699 42,5815 As a per cent share relative to GDP 77.5 100.6 105.2 114.1 114.9 Ratio of USD to EUR 1.254 1.371 1.471 1.393 1.327 1.418 1.434 1.434 DOMESTIC DEMAND - NATIONAL ACCOUNTS STATISTICS Private consumption (real growth rates, in %) 2.8 6.1 3.7 -0.1 -0.7 0.0 0.2 0.5 As a % of GDP4 52.8 52.4 53.2 55.8 56.0 56.3 55.3 54.4 Government consumption (real growth rates, in %) 4.0 0.6 6.1 2.9 1.5 0.3 -0.5 0.1 As a % of GDP4 18.8 17.3 18.1 20.3 20.8 20.8 20.1 19.6 Gross fixed capital formation (real growth rates, in %) 10.4 13.3 7.8 -23.3 -8.3 -7.5 6.0 5.0 As a % of GDP4 26.5 27.8 28.8 23.4 21.6 20.0 20.8 21.5 Sources of data: SORS, BS, Eurostat, calculations and forecasts by IMAD (Autumn Report, September 2011). Notes: 'Measured in purchasing power standard. ^Consumer price index. 3Balance of payments statistics (exports F.O.B., imports F.O.B.); real growth rates are adjusted for inter currency changes and changes in prices on foreign markets. 4Shares GDP are calculated for GDP in current prices at fixed exchange rate (EUR=239.64). 5End August 2011. PRODUCTION 2008 2009 2010 2009 2010 2011 2009 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 9 10 11 12 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 2.5 -17.4 6.2 -24.6 -18.4 -7.1 -0.4 10.7 7.2 7.4 8.9 4.0 -17.6 -16.8 -19.6 -1.8 4.7 B Mining and quarrying 5.5 -2.9 11.0 -13.7 6.1 4.8 -7.2 11.9 23.7 15.7 -5.2 13.3 1.8 -4.3 32.4 -14.8 C Manufacturing 2.6 -18.7 6.6 -25.9 -19.5 -7.9 -0.1 12.0 7.3 7.1 9.5 4.4 -19.4 -17.2 -20.8 -2.6 5.2 D Electricity, gas & steam supply1 2.1 -6.6 1.8 -8.6 -9.7 -5.5 -2.8 -0.5 3.6 7.0 6.6 3.4 -7.3 -11.9 -5.6 -4.6 -6.3 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total 15.7 -21.0 -17.0 -19.0 -24.5 -20.5 -18.9 -16.8 -16.4 -16.2 -25.3 -31.1 -19.5 -32.0 -28.3 -18.3 -9.5 Buildings 11.5 -22.6 -14.0 -21.8 -27.4 -19.6 -7.4 -12.4 -16.5 -19.2 -41.5 -46.5 -26.8 -31.4 -28.2 -20.0 -7.4 Civil engineering 18.9 -19.9 -18.9 -17.2 -22.6 -21.1 -29.3 -19.6 -16.2 -14.1 -6.3 -20.7 -14.1 -32.3 -28.4 -17.2 -11.3 TRANSPORT, tonne-km in m, y-o-y growth rates, % Tonne-km in road transport 18.4 -9.2 7.9 -7.6 -12.3 -4.7 19.8 10.7 9.5 -6.3 -3.2 1.5 - - Tonne-km in rail transport -2.3 -24.2 28.2 -26.0 -30.7 -15.9 18.8 33.9 32.2 28.2 23.3 10.8 - - Distributive trades, y-o-y growth rates, % Total real turnover* 10.1 -13.0 3.6 -15.5 -16.0 -10.0 -1.4 4.9 4.7 5.3 6.7 5.8 -15.1 -18.2 -13.0 -11.1 -5.9 Real turnover in retail trade 12.2 -10.6 -0.1 -11.3 -13.8 -11.1 -4.7 0.3 2.0 1.8 2.7 1.8 -13.3 -16.7 -12.9 -13.5 -7.0 Real turnover in the sale and maintenance of motor vehicles 6.2 -21.7 12.1 -28.0 -23.6 -8.1 6.3 15.4 11.8 14.1 15.4 15.0 -20.6 -24.6 -16.0 -7.2 -1.2 Nominal turnover in wholesale trade & commission trade 17.1 -21.4 1.4 -23.9 -26.7 -18.1 -7.9 4.1 5.5 3.7 12.2 3.6 -24.8 -27.6 -23.4 -19.0 -11.1 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays 1.8 -3.4 -1.5 -4.6 -1.8 -5.3 -0.4 -2.4 -2.2 0.4 3.1 6.6 0.8 -3.9 -2.9 -7.2 -6.5 Domestic tourists, overnight stays 5.2 2.8 -4.2 1.2 6.7 -4.0 1.3 -3.0 -9.6 -0.3 0.1 0.4 6.8 2.1 1.9 -5.1 -9.2 Foreign tourists, overnight stays -0.5 -8.0 0.7 -8.6 -7.1 -6.4 -2.1 -2.0 3.2 1.0 6.5 11.3 -3.0 -7.3 -6.5 -9.3 -3.7 Nominal turnover market services (without distributive trades) 6.7 -7.8 2.9 -8.2 -8.0 -11.0 0.0 1.5 4.2 5.4 5.5 4.0 -5.9 -10.3 -11.2 -11.6 -10.3 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 529.9 449.3 454.5 105.9 109.0 129.0 94.6 106.7 115.6 137.5 100.4 113.3 33.8 39.2 43.4 38.4 47.2 BUSSINES TENDENCY (indicator values**) Sentiment indicator 3 -22 -9 -28 -18 -13 -12 -9 -6 -8 -7 -4 -19 -13 -12 -14 -13 Confidence indicator - in manufacturing -5 -23 -1 -27 -19 -12 -7 -1 2 1 4 3 -20 -14 -15 -11 -11 - in construction 2 -50 -57 -51 -54 -51 -57 -60 -56 -53 -52 -46 -58 -55 -55 -48 -49 - in services 27 -14 -3 -24 -9 -1 -2 -5 -1 -3 1 4 -11 -4 5 -5 -3 - in retail trade 22 -13 7 -17 -9 -7 -6 11 12 12 1 14 -6 -6 -7 -7 -6 Consumer confidence indicator -20 -30 -25 -32 -23 -26 -25 -23 -27 -25 -27 -25 -26 -17 -26 -25 -26 Source of data: SORS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. "Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels; »»Seasonally adjusted data. 2010 2011 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 -8.4 -1.6 8.1 8.5 14.1 9.6 6.3 12.4 4.0 4.8 4.3 13.8 13.9 6.9 6.7 3.6 4.6 3.8 -0.9 -1.5 -5.5 -16.5 0.2 9.4 19.0 7.4 15.9 37.4 19.2 20.7 -2.5 39.7 -5.6 -0.7 -8.4 -4.3 -22.4 0.6 -8.3 -19.4 -8.8 -1.3 9.0 9.7 15.2 11.0 7.4 13.1 3.0 4.8 5.0 12.4 14.7 7.1 7.5 3.6 5.5 4.1 -1.3 -2.4 - - -7.7 -2.0 1.9 -2.1 3.1 -2.3 -3.6 1.2 13.6 2.2 0.6 17.4 10.6 5.9 3.2 5.3 2.9 2.0 4.0 11.8 - - -11.3 -24.2 -19.8 -17.9 -15.5 -17.2 -17.4 -13.0 -18.7 -18.0 -17.5 -12.2 -20.9 -23.6 -29.7 -27.0 -29.3 -36.2 -27.0 -32.8 -6.6 -10.2 -5.5 -13.7 -7.5 -15.8 -11.2 -17.8 -20.3 -17.4 -28.1 -12.4 -25.9 -41.2 -53.1 -37.9 -48.0 -52.8 -36.0 -36.9 -15.9 -38.5 -30.8 -20.6 -20.3 -18.0 -21.0 -10.0 -17.6 -18.3 -10.3 -12.1 -15.4 2.7 -5.2 -19.0 -16.6 -25.9 -21.2 -30.5 - - - - - - - - - - - - - - - - - - - - - - - - - -4.8 -3.6 4.2 3.1 4.2 7.3 2.4 5.0 6.8 4.2 9.0 4.1 8.7 9.7 3.9 3.4 6.0 1.3 -0.1 6.7 - -8.5 -5.2 -0.5 -1.7 -1.0 3.6 1.8 1.0 3.1 1.3 3.6 0.4 3.9 5.5 0.6 0.3 1.8 -1.0 -1.1 6.1 1.7 5.2 -0.4 14.1 14.5 16.0 15.6 3.8 16.2 15.3 10.7 20.2 14.1 19.2 18.3 9.8 9.8 14.0 5.9 2.2 8.0 3.3 -10.8 -13.1 -0.9 -3.4 5.0 10.8 3.1 7.9 5.6 1.1 4.8 5.3 11.2 15.4 10.4 4.2 5.9 0.8 -0.6 8.3 - - 1.0 -2.1 0.1 -1.7 -3.0 -2.5 -1.7 -3.6 -0.3 2.5 -0.8 -1.2 4.9 -1.9 6.7 13.6 -4.2 10.6 4.1 7.0 9.6 3.5 -0.1 1.1 2.1 -7.2 -3.3 -9.0 -11.1 -7.9 -3.0 -0.5 3.2 0.1 -2.0 2.7 9.3 -3.0 -3.4 -3.7 2.1 7.2 - -0.9 -5.2 -1.0 -4.6 -0.1 -1.8 4.3 1.6 4.4 7.0 -1.1 -5.4 8.6 -1.7 11.0 17.2 -5.0 21.6 9.7 10.0 11.0 - 0.5 -1.5 1.1 -1.4 2.3 3.6 5.6 4.8 2.2 6.8 4.5 4.9 7.2 4.9 5.2 7.0 0.5 6.7 1.7 4.1 - - 29.7 28.6 36.4 35.5 36.0 35.1 37.4 36.2 42.1 45.7 44.1 47.7 32.9 30.5 36.9 36.9 39.6 36.8 42.2 39.8 -10 -11 -15 -12 -9 -6 -5 -7 -7 -7 -8 -8 -7 -7 -6 -4 -3 -5 -5 -7 -6 -10 -6 -8 -6 -3 -2 1 5 1 1 3 -1 0 4 4 3 5 3 1 0 -2 -2 -9 -55 -56 -61 -62 -58 -59 -60 -56 -51 -50 -54 -56 -55 -50 -50 -49 -44 -45 -46 -42 -43 -43 5 2 -12 -9 -4 -3 0 -2 -2 -4 -2 -2 0 -2 4 5 3 3 4 5 2 0 -8 -6 -5 9 9 14 10 14 12 13 10 12 -4 12 -4 13 17 13 -2 -8 16 15 -25 -23 -26 -24 -23 -21 -27 -27 -27 -26 -24 -26 -26 -28 -26 -27 -24 -23 -24 -27 -23 -26 LABOUR MARKET 2008 2009 2010 2009 2010 2011 2009 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 FORMAL LABOUR FORCE (A=B+E) 942.5 944.5 935.5 945.6 942.6 943.9 935.8 937.8 933.8 934.8 936.8 937.5 942.1 945.0 945.5 PERSONS IN FORMAL EMPLOYMENT (B=C+D)' 879.3 858.2 835.0 861.0 854.3 848.4 836.3 839.2 835.4 829.3 821.9 828.4 853.8 850.4 850.0 In agriculture, forestry, fishing 39.7 37.9 33.4 38.0 37.9 37.8 31.9 34.6 34.0 33.3 38.0 40.1 37.9 37.9 37.8 In industry, construction 330.4 306.9 287.3 309.3 304.0 296.8 290.9 289.2 287.0 281.9 273.7 274.2 302.8 298.8 297.6 Of which: in manufacturing 222.4 199.8 188.6 201.4 196.7 191.7 190.0 189.4 188.1 186.8 184.1 184.7 195.9 192.5 192.1 in construction 87.9 86.8 78.5 87.6 86.9 84.8 80.9 79.6 78.6 75.0 69.7 69.3 86.5 86.0 85.2 In services 509.1 513.4 514.3 513.7 512.4 513.7 513.5 515.3 514.3 514.1 510.2 514.1 513.1 513.7 514.6 Of which: in public administration 51.0 51.5 52.0 51.5 51.7 51.6 51.8 52.3 52.1 51.8 51.2 51.5 51.8 51.6 51.7 in education, health-services, social work 111.1 113.8 116.7 114.1 113.3 114.7 115.9 116.8 116.3 118.0 117.8 118.8 114.2 114.6 114.9 FORMALLY EMPLOYED (C)1 789.9 767.4 747.2 770.8 762.9 756.1 750.1 751.0 747.0 740.6 728.1 731.9 762.1 758.3 757.7 In enterprises and organisations 717.6 699.4 685.7 701.9 695.5 690.5 687.2 688.7 685.7 681.3 671.4 673.9 695.2 691.8 691.8 By those self-employed 72.3 67.9 61.5 68.8 67.4 65.7 62.9 62.3 61.4 59.3 56.7 58.0 66.8 66.5 65.9 SELF-EMPLOYED AND FARMERS (D) 89.4 90.8 87.8 90.3 91.4 92.2 86.2 88.1 88.3 88.7 93.8 96.5 91.7 92.1 92.3 REGISTERED UNEMPLOYMENT (E) 63.2 86.4 100.5 84.6 88.3 95.6 99.4 98.6 98.4 105.5 114.9 109.1 88.4 94.6 95.4 Female 33.4 42.4 47.9 41.6 43.2 46.4 47.0 46.8 47.8 50.2 52.9 50.9 43.0 46.3 46.5 By age: under 26 9.1 13.3 13.9 13.1 12.8 15.2 14.7 13.5 12.4 15.1 14.5 12.6 12.2 15.5 15.1 aged over 50 21.9 26.2 31.4 25.6 26.9 28.3 29.6 30.3 31.1 34.5 40.1 39.1 27.1 27.8 28.3 Unskilled 25.4 34.1 37.5 33.6 34.8 36.6 38.2 37.1 36.6 38.2 41.6 39.2 35.0 36.1 36.4 For more than 1 year 32.3 31.5 42.8 30.4 31.1 33.4 38.1 41.8 44.0 47.2 48.7 48.6 31.7 32.5 33.3 Those receiving benefits 14.4 27.4 30.0 27.4 28.6 30.8 31.6 29.3 29.3 29.7 39.7 36.4 28.3 30.8 30.3 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 6.7 9.1 10.7 8.9 9.4 10.1 10.6 10.5 10.5 11.3 12.3 12.2 9.4 10.0 10.1 Male 5.6 8.3 10.1 8.1 8.5 9.3 10.1 9.9 9.7 10.7 12.0 11.9 8.6 9.1 9.3 Female 8.1 10.2 11.6 10.0 10.4 11.1 11.3 11.3 11.5 12.1 12.6 12.5 10.4 11.1 11.2 FLOWS OF FORMAL LABOUR FORCE -2.2 30.4 13.3 6.8 1.9 8.3 2.2 -0.7 -0.3 12.1 3.9 -6.9 0.3 6.2 0.9 New unemployed first-job seekers 12.5 17.0 16.8 2.6 3.0 8.1 2.9 2.4 2.8 8.7 3.2 2.0 1.5 5.9 1.3 Redundancies 53.0 90.5 83.5 22.5 19.9 23.2 19.9 16.6 18.5 28.6 24.4 16.8 7.2 8.5 7.9 Registered unemployed who found employment 41.7 48.6 57.0 11.8 14.2 13.1 14.2 12.8 15.5 14.5 17.5 17.2 5.5 4.4 4.8 Other outflows from unemployment (net) 26.1 28.5 29.9 6.5 6.9 9.9 6.3 6.9 6.0 10.7 6.2 8.5 2.8 3.8 3.6 REGISTERED VACANCIES3 240.5 161.3 174.6 40.3 41.9 39.0 37.9 44.3 45.9 46.5 45.5 52.9 14.9 15.7 11.7 For a fixed term, in % 74.5 78.1 80.7 77.9 80.8 78.6 78.9 81.2 82.2 80.0 81.5 81.0 80.7 78.2 80.1 WORK PERMITS FOR FOREIGNERS 51.5 54.9 41.6 58.7 53.0 47.3 44.1 42.1 40.7 39.4 38.0 35.5 51.4 48.9 47.2 As % of labour force 5.5 5.8 4.4 6.2 5.6 5.0 4.7 4.5 4.4 4.2 4.1 3.8 5.5 5.2 5.0 NEW JOBS 162.7 111.4 104.1 27.3 28.2 28.3 23.6 25.1 27.9 27.5 27.3 27.3 12.6 11.9 8.9 Sources of data: SORS, PDII, ESS. Notes: 1In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figures for farmers from the Labour Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. ^Estimated by IMAD, based on data by pDiI and ESS; 3According to ESS. 2009 2010 2011 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 941.3 935.7 935.8 935.8 938.6 937.3 937.5 934.3 933.0 934.1 938.2 937.2 929.0 936.0 937.3 937.1 938.4 937.7 936.3 931.7 930.0 844.7 836.1 836.0 836.9 839.3 838.9 839.3 835.9 834.0 836.2 835.5 833.4 819.0 820.9 821.7 823.1 826.9 829.0 829.2 824.2 823.0 37.7 31.9 31.9 31.9 34.6 34.6 34.7 34.1 34.0 34.0 33.3 33.3 33.1 38.0 38.0 38.1 40.1 40.1 40.1 38.9 38.8 294.0 291.5 290.6 290.7 289.9 289.2 288.6 287.9 286.5 286.6 285.8 283.9 276.0 274.4 273.6 273.1 273.5 274.7 274.4 272.6 272.8 190.6 190.0 189.9 190.0 189.7 189.4 189.0 188.5 187.7 188.1 188.4 187.9 184.1 183.9 184.3 184.3 184.3 185.1 184.6 183.8 184.0 83.3 81.5 80.7 80.5 80.1 79.5 79.3 79.1 78.6 78.2 77.1 75.8 72.1 70.7 69.5 68.9 69.1 69.4 69.4 68.4 68.4 512.9 512.6 513.5 514.4 514.7 515.1 516.1 514.0 513.4 515.7 516.4 516.1 509.9 508.5 510.1 511.9 513.3 514.3 514.7 512.7 511.4 51.6 51.6 51.8 52.0 52.3 52.3 52.4 52.2 52.1 52.1 52.0 52.0 51.5 51.2 51.2 51.2 51.5 51.6 51.6 51.4 51.5 114.7 115.4 115.9 116.4 116.7 116.8 116.9 115.8 115.6 117.5 117.9 118.5 117.7 117.3 117.8 118.3 118.6 118.9 119.0 118.2 118.1 752.4 749.7 749.8 750.9 750.9 750.8 751.3 748.1 745.7 747.3 746.8 744.6 730.5 727.3 727.8 729.0 730.5 732.5 732.6 729.0 728.1 687.8 686.4 686.9 688.3 688.5 688.6 689.1 686.3 684.4 686.4 686.2 684.8 673.0 670.7 671.3 672.1 672.9 674.3 674.4 671.1 670.5 64.6 63.3 62.8 62.7 62.4 62.2 62.1 61.8 61.3 61.0 60.5 59.8 57.6 56.6 56.6 56.9 57.6 58.2 58.2 57.9 57.5 92.2 86.4 86.3 86.0 88.4 88.0 88.1 87.8 88.3 88.9 88.8 88.8 88.5 93.5 93.8 94.1 96.4 96.5 96.6 95.1 95.0 96.7 99.6 99.8 98.9 99.3 98.4 98.2 98.4 99.0 97.9 102.7 103.8 110.0 115.1 115.6 113.9 111.6 108.6 107.1 107.6 107.0 46.5 47.2 47.0 46.6 47.0 46.7 46.8 47.5 48.1 47.7 49.8 49.5 51.2 53.2 53.2 52.4 51.8 50.7 50.2 50.9 51.0 14.8 15.0 14.7 14.3 14.1 13.4 13.0 12.6 12.5 12.2 15.7 15.1 14.4 14.7 14.7 14.1 13.4 12.5 11.9 11.5 11.1 28.7 29.5 29.7 29.7 30.1 30.3 30.5 30.9 31.1 31.3 31.7 33.0 38.9 40.2 40.2 39.9 39.4 39.1 38.8 38.9 38.8 37.2 38.3 38.4 37.9 37.6 37.1 36.7 36.4 36.6 36.7 37.2 37.5 39.9 41.6 41.9 41.2 40.1 39.1 38.4 38.1 37.9 34.4 36.9 37.9 39.4 40.6 41.8 42.9 43.2 44.1 44.6 46.7 47.5 47.4 48.6 49.0 48.7 48.8 48.6 48.5 48.8 49.6 31.2 32.2 31.7 30.9 29.9 29.2 28.9 29.0 29.4 29.4 28.2 29.7 31.2 39.2 40.2 39.8 37.5 36.4 35.3 35.2 35.1 10.3 10.6 10.7 10.6 10.6 10.5 10.5 10.5 10.6 10.5 10.9 11.1 11.8 12.3 12.3 12.2 11.9 11.6 11.4 11.5 11.5 9.6 10.0 10.1 10.0 10.0 9.9 9.8 9.8 9.8 9.7 10.1 10.4 11.4 12.0 12.0 11.9 11.5 11.2 11.0 11.0 10.9 11.2 11.4 11.3 11.2 11.3 11.2 11.3 11.5 11.6 11.5 12.0 11.9 12.4 12.7 12.7 12.5 12.3 12.1 12.0 12.2 12.3 1.2 2.9 0.2 -0.9 0.4 -0.9 -0.2 0.2 0.6 -1.1 4.8 1.1 6.2 5.1 0.5 -1.7 -2.4 -2.9 -1.6 0.5 -0.6 0.9 1.0 0.8 1.0 0.9 0.7 0.8 0.7 0.8 1.4 6.3 1.4 0.9 1.3 1.0 0.9 0.7 0.7 0.7 0.6 0.7 6.8 8.6 5.4 5.8 5.7 5.5 5.4 6.1 5.7 6.7 7.1 8.2 13.2 11.8 6.0 6.6 5.4 5.6 5.7 6.4 5.7 3.9 5.0 4.0 5.1 3.9 4.7 4.2 4.8 4.0 6.8 4.8 4.9 4.7 5.8 4.9 6.8 6.0 6.3 4.9 4.0 4.1 2.5 1.7 2.0 2.6 2.4 2.4 2.1 1.8 1.8 2.4 3.8 3.6 3.3 2.2 1.6 2.4 2.5 3.0 3.0 2.6 2.9 11.6 12.7 11.7 13.5 14.5 13.7 16.1 15.2 14.9 15.8 17.4 14.7 14.3 15.2 14.3 16.0 15.7 17.8 19.3 15.5 17.2 77.7 77.2 79.9 79.7 82.2 81.8 79.8 81.1 83.0 82.6 81.4 80.4 78.1 80.9 81.7 81.8 81.5 82.1 79.3 80.9 83.5 45.8 44.8 44.2 43.3 42.9 42.1 41.4 40.7 40.8 40.7 40.2 39.4 38.5 38.3 38.1 37.7 37.4 34.6 34.5 34.5 34.7 4.9 4.8 4.7 4.6 4.6 4.5 4.4 4.4 4.4 4.4 4.3 4.2 4.1 4.1 4.1 4.0 4.0 3.7 3.7 3.7 3.7 7.6 8.9 7.0 7.7 8.9 7.8 8.4 8.2 6.6 13.0 10.9 8.8 7.8 10.0 7.6 9.6 9.4 9.2 8.7 7.6 6.5 WAGES AND INDICATORS OF OVERALL COMPETITIVENESS 2008 2009 2010 2009 2010 2011 2009 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 5 6 7 8 9 GROSS WAGE PER EMPLOYEE, y-o-y growth rates, % Activity - Total 8.3 3.4 3.9 4.6 2.3 1.7 3.7 4.3 4.2 3.3 3.1 2.0 4.1 4.7 3.8 0.7 2.4 A Agriculture, forestry and fishing 9.1 -0.2 5.8 1.6 -0.5 -2.9 3.3 5.2 7.4 6.9 7.1 4.2 -1.8 4.7 -0.4 -0.3 -0.7 B Mining and quarrying 13.4 0.9 4.0 2.4 1.6 -4.9 3.4 4.7 1.9 6.0 3.6 0.3 -5.9 9.4 2.3 6.2 -3.5 C Manufacturing 7.5 0.8 9.0 -0.5 0.4 3.7 10.1 10.0 8.7 6.8 5.4 3.6 -1.3 0.1 0.1 -0.6 1.6 D Electricity, gas, steam and air conditioning supply 9.5 3.8 3.7 7.8 5.1 -3.2 4.7 2.4 3.6 4.4 1.6 5.2 5.5 10.3 5.6 2.9 6.7 E Water supply sewerage, waste management and remediation activities 7.8 2.0 2.2 3.2 1.2 0.1 2.7 3.0 2.0 1.3 -0.1 1.5 1.0 5.2 1.6 1.2 0.9 F Constrution 7.5 1.0 4.4 1.0 1.6 0.9 2.9 5.8 4.1 5.2 5.5 1.5 -0.9 3.4 2.9 0.6 1.4 G Wholesale and retail trade, repair of motor vehicles and motorcycles 7.7 1.9 3.7 2.3 1.2 0.1 2.6 4.1 4.3 3.9 3.2 2.6 2.9 2.4 1.6 1.5 0.6 H Transportation and storage 8.4 0.7 2.0 2.1 0.5 -1.4 1.1 1.2 2.5 3.1 2.3 3.0 2.2 1.1 2.0 -4.8 4.4 I Accommodation and food service activities 8.3 1.6 4.0 1.7 0.6 1.0 2.8 4.2 4.5 4.5 4.7 2.4 0.4 1.3 1.4 0.6 -0.2 J Information and communication 7.3 1.4 2.6 3.1 0.8 -1.6 1.0 2.5 3.4 3.5 1.0 1.2 2.5 3.4 2.5 0.0 0.0 K Financial and insurance activities 6.0 -0.7 1.0 -3.8 0.3 -0.5 1.2 3.2 2.6 -2.6 2.3 2.4 -5.4 -1.6 2.0 0.5 -1.7 L Real estate activities 6.0 1.9 3.0 0.0 1.8 4.5 2.6 5.3 2.9 1.0 4.1 2.9 -0.6 -0.5 1.9 1.4 2.0 M Professional, scientific and technical activities 8.4 2.1 1.6 3.3 1.5 0.0 1.6 1.8 2.3 0.7 0.4 0.2 2.2 3.3 2.0 1.1 1.3 N Administrative and support service activities 9.6 1.8 4.1 2.1 -0.2 -0.6 2.5 4.3 4.6 4.8 4.3 3.2 1.6 1.4 0.0 -0.1 -0.4 O Public administration and defence, compulsory social security 12.2 5.9 -0.6 9.8 2.5 0.5 -1.9 -1.1 0.4 0.3 1.2 0.6 10.0 8.4 5.3 -0.3 2.6 P Education 7.0 3.6 0.6 6.1 1.2 0.6 0.2 0.7 1.0 0.6 0.7 -0.1 6.0 5.7 2.9 -1.7 2.6 Q Human health and social work activities 12.0 12.0 -0.3 22.6 5.5 1.4 -0.4 -1.0 0.3 -0.3 -0.9 -0.8 22.2 19.3 16.0 0.4 1.7 R Arts, entertainment and recreation 5.3 3.9 0.5 5.7 2.2 0.9 0.7 1.4 1.2 -1.2 -0.2 -1.2 6.0 4.0 5.8 0.1 1.1 S Other service activities 8.2 1.3 4.2 1.0 0.7 0.0 3.2 4.9 5.5 3.3 2.7 1.5 1.0 1.2 0.9 0.8 0.3 INDICATORS OF OVERALL COMPETITIVENESS, y-o-y growth rates, % Effective exchange rate,1 nominal 0.5 0.4 -1.7 -0.3 0.3 1.8 -0.3 -1.9 -2.3 -2.2 -1.3 0.6 -0.3 0.1 -0.1 0.2 0.9 Real (relative consumer prices) 2.8 0.7 -1.4 0.0 0.2 2.3 -0.3 -1.3 -1.7 -2.3 -1.9 -0.3 0.1 0.3 -0.4 0.2 0.9 Real (relative producer prices)2 0.8 2.9 -2.8 3.4 3.7 1.4 -2.4 -3.3 -2.9 -2.8 -2.1 -0.7 3.2 4.0 4.1 3.1 3.8 USD/EUR 1.471 1.393 1.327 1.362 1.431 1.478 1.384 1.273 1.291 1.359 1.367 1.439 1.365 1.402 1.409 1.427 1.456 Sources of data: SORS, AP, BS, ECB, OECD Main Economic Indicators; calculations by IMAD. Notes: Relative to 17 trading partners; weights are the shares of individual trading partners in Slovenian exports and imports of goods within manufacturing (5-8 SITC) in 2001-2003; exports are double weighted; a rise in the index value indicates an appreciation of domestic currency and vice versa. ^Industrial producer prices in manufacturing activities. 2009 2010 2011 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 1.7 1.3 2.1 2.2 3.6 5.2 4.2 4.2 4.4 4.0 5.1 3.6 2.7 4.1 3.1 3.3 4.3 1.7 1.4 2.8 2.0 1.3 2.5 -5.5 -0.9 -2.5 1.1 3.0 5.7 5.6 4.3 5.6 7.1 8.6 6.6 5.6 5.9 9.3 7.7 8.0 5.7 2.5 6.8 3.4 -1.5 3.8 -20.3 16.1 -8.7 2.0 3.5 4.7 1.4 14.0 -0.8 0.8 1.8 3.1 -0.4 0.8 18.6 3.4 0.4 6.8 9.0 -5.8 -1.4 6.4 4.3 1.9 4.6 4.3 6.7 8.3 15.2 10.7 10.1 9.4 8.1 11.0 7.0 5.1 8.3 6.8 5.6 10.1 1.0 1.9 5.2 3.8 1.8 5.2 -10.4 -8.6 12.1 3.5 6.6 4.3 3.3 0.8 3.0 1.6 6.5 2.7 -3.4 13.0 1.6 -0.2 1.2 3.7 1.6 7.2 6.8 3.6 4.7 -3.3 2.1 1.1 0.0 3.0 5.1 3.5 3.6 2.0 1.6 2.9 1.5 -1.2 3.3 1.5 -0.2 0.1 -0.2 -1.1 3.4 2.3 -1.2 3.3 -1.4 1.1 2.9 1.0 2.9 4.6 7.2 5.8 4.5 2.1 6.5 3.8 5.6 5.6 4.4 6.1 6.4 4.2 -0.5 1.6 3.4 -0.9 0.9 0.4 -0.8 0.6 0.3 2.4 5.2 4.2 4.0 4.1 4.0 4.5 4.3 4.2 4.5 2.9 3.8 4.3 1.5 2.2 2.4 3.3 2.0 3.2 -1.0 -3.3 0.5 -1.5 1.8 3.2 1.5 1.6 0.5 1.8 3.4 2.3 2.6 4.0 2.7 2.7 3.4 0.8 1.5 2.0 5.4 9.6 4.0 -0.3 3.2 0.0 2.2 1.8 4.4 3.7 4.2 4.6 4.0 4.1 5.5 5.1 4.1 4.3 5.1 5.6 3.5 2.8 1.7 2.6 1.3 3.3 0.7 -3.6 -1.6 0.0 1.6 1.5 2.3 3.1 2.1 2.9 4.3 3.1 1.1 5.9 3.3 2.1 1.4 -0.6 1.2 1.7 0.5 -0.3 2.5 6.3 -1.8 -5.1 1.0 1.6 1.1 2.5 -0.6 7.6 5.0 1.2 1.5 -4.1 -4.6 1.4 5.2 1.6 0.3 2.6 9.0 -4.0 -1.7 3.2 4.2 5.3 4.0 1.8 3.3 2.7 3.7 3.9 8.4 4.1 3.1 1.5 0.8 2.3 -0.4 3.0 2.9 6.5 2.2 4.4 2.3 2.0 4.7 0.4 0.6 -0.9 1.0 1.7 2.0 1.8 1.5 2.1 1.7 3.9 1.3 -0.2 1.4 0.8 1.0 0.2 0.0 0.0 0.9 -0.3 -1.2 0.2 -1.0 -1.8 1.1 -1.2 4.1 4.7 5.1 4.1 3.9 3.8 5.3 4.6 5.5 5.7 3.1 5.3 4.5 3.0 2.9 2.8 3.8 3.5 3.1 1.1 -2.0 2.4 -1.1 -1.5 -3.0 -2.1 -0.6 -0.5 0.9 -0.1 0.3 1.3 0.6 -0.9 0.5 1.0 2.2 0.6 0.7 0.6 0.2 0.1 1.8 0.0 -0.1 0.5 0.5 -0.4 0.2 1.0 1.0 0.7 1.2 1.2 0.6 1.2 0.1 0.6 0.8 0.8 0.3 -0.2 -0.3 -0.4 -0.5 2.4 0.8 1.0 -1.6 1.2 -0.6 -2.3 -0.2 -0.4 0.7 0.2 0.0 0.3 0.0 -1.2 -1.4 -0.7 -0.5 -0.9 -0.8 -0.6 -0.1 -1.0 3.2 -0.5 -0.1 0.5 0.6 1.0 2.1 1.3 0.7 0.9 1.1 1.5 -2.2 0.0 -1.5 -0.6 -0.3 0.3 -1.6 -2.1 0.1 -0.2 -1.2 -0.4 -0.4 0.6 3.4 2.2 4.1 6.1 3.9 4.7 6.0 5.9 4.5 5.4 3.7 1.0 2.5 3.8 1.7 0.0 2.4 2.0 -1.0 1.6 2.2 2.3 0.9 0.4 -0.3 -1.1 -1.1 -1.9 -2.7 -2.1 -2.3 -2.5 -2.0 -2.2 -2.5 -2.1 -1.2 -0.6 0.1 0.5 1.1 0.6 0.7 2.1 3.3 1.5 0.5 -0.1 -1.1 -0.4 -1.4 -2.2 -1.6 -1.4 -2.0 -1.8 -2.5 -2.5 -2.4 -2.1 -1.1 -0.8 0.0 -0.2 -1.1 -1.1 3.9 1.6 -1.0 -1.9 -2.1 -3.2 -3.8 -2.9 -3.3 -2.9 -2.5 -3.2 -2.8 -2.5 -3.2 -2.7 -1.9 -1.6 -0.7 -1.1 -0.3 -1.1 -0.7 1.482 1.491 1.461 1.427 1.369 1.357 1.341 1.257 1.221 1.277 1.2894 1.3067 1.390 1.366 1.322 1.336 1.365 1.400 1.444 1.435 1.439 1.426 1.434 PRICES 2008 2009 2010 2009 2010 2011 2009 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 7 8 9 10 11 CPI, y-o-y growth rates, % 5.7 0.9 1.8 -0.2 1.1 1.4 2.1 2.1 1.7 1.7 1.7 1.3 -0.6 0.0 -0.1 0.0 1.6 Food, non-alcoholic beverages 10.1 0.6 1.0 -0.7 -1.0 -1.4 0.7 2.6 2.0 3.9 5.0 3.7 -1.3 -0.4 -0.4 -1.2 -0.8 Alcoholic beverages, tobacco 3.2 6.7 7.2 8.5 7.9 7.1 6.5 7.3 8.1 8.1 6.3 3.7 9.1 8.6 7.7 7.7 8.1 Clothing and footwear 4.4 -0.6 -1.9 -2.2 -3.0 -5.0 -1.9 -0.6 -0.4 -0.7 -2.4 -4.2 -1.3 -1.7 -3.6 -2.7 -2.8 Housing, water, electricity, gas 9.7 -0.3 10.2 -3.5 3.0 8.3 11.3 12.0 9.0 6.8 5.4 4.8 -4.9 -3.5 -2.2 -1.7 4.5 Furnishings, household equipment 5.8 4.0 1.4 3.5 1.9 1.3 0.8 1.3 2.1 2.7 3.9 2.4 4.0 4.0 2.5 2.1 2.2 Medical, pharmaceutical products 2.9 4.0 2.1 1.4 0.7 -0.6 0.6 4.0 4.6 2.9 2.6 0.8 1.9 1.6 0.7 0.6 1.3 Transport 1.9 -3.0 -0.3 -4.1 0.6 1.2 -0.1 -1.8 -0.5 0.8 0.5 1.1 -5.6 -3.5 -3.1 -2.8 1.9 Communications 0.6 -4.1 1.4 -4.3 -3.2 0.0 1.4 1.3 2.8 2.7 1.6 2.3 -4.1 -4.2 -4.6 -3.7 -4.0 Recreation and culture 4.4 3.0 0.4 2.8 2.5 1.2 0.4 -0.2 0.1 -2.6 -1.0 -1.7 3.0 2.7 2.7 3.1 2.7 Education 5.2 3.4 1.6 2.7 2.7 2.0 1.9 1.6 0.8 1.7 1.6 1.9 3.0 3.0 2.2 2.7 2.6 Catering services 9.6 4.4 -2.5 4.0 2.7 1.9 1.9 -2.9 -11.0 -11.0 -10.9 -6.2 4.4 4.2 3.3 3.1 2.3 Miscellaneous goods & services 3.9 3.8 1.4 4.4 3.9 2.3 2.0 0.5 0.7 1.4 2.3 2.4 4.5 4.4 4.3 4.2 4.1 HCPI 5.5 0.9 2.1 -0.2 1.4 1.7 2.4 2.3 2.0 2.2 2.0 1.5 -0.6 0.1 0.0 0.2 1.8 Core inflation (excluding fresh food and energy) 4.6 1.9 0.3 1.2 0.7 0.0 0.4 0.4 0.4 0.5 1.1 1.2 1.4 1.3 0.9 0.7 1.0 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 3.8 -1.3 2.1 -3.1 -1.8 -1.0 2.3 3.4 3.8 5.7 4.8 4.1 -3.0 -3.3 -2.8 -2.4 -1.9 Domestic market 5.6 -0.4 2.0 -1.5 -1.1 0.2 2.0 2.8 3.2 4.5 4.1 3.7 -1.3 -1.7 -1.6 -1.4 -1.1 Non-domestic market 2.2 -2.2 2.2 -4.5 -2.5 -2.1 2.6 4.0 4.4 6.9 5.5 4.6 -4.7 -4.9 -4.0 -3.2 -2.6 euro area 2.2 -3.5 2.2 -6.0 -3.0 -2.4 2.5 4.0 4.8 8.2 6.5 5.1 -6.7 -6.4 -4.8 -3.9 -2.8 non-euro area 2.1 0.3 2.1 -1.7 -1.6 -1.6 2.7 3.8 3.5 4.0 3.1 3.5 -0.6 -2.0 -2.4 -1.9 -2.3 Import price indices 1.3 -3.3 7.4 -4.7 -1.8 4.0 8.8 7.8 8.9 8.9 5.5 4.5 -4.7 -5.0 -4.5 -3.7 -2.1 PRICE CONTROL,1 y-o-y growth rates, % Energy prices 12.4 -12.3 16.5 -17.3 0.4 16.1 18.8 15.9 15.3 15.1 9.9 8.3 -21.5 -16.3 -13.9 -12.6 3.8 Oil products 11.7 -12.0 17.3 -15.9 6.2 21.9 20.3 13.5 14.6 15.7 10.5 9.9 -20.9 -14.8 -11.5 -9.4 10.3 Basic utilities 0.6 3.6 0.8 10.8 - - - - 0.8 0.8 0.8 0.8 16.3 Transport & communications -0.4 0.6 1.8 2.5 2.5 2.5 2.7 1.1 1.1 1.1 1.1 1.1 2.5 2.5 2.5 2.5 2.5 Other controlled prices 1.8 4.9 1.3 5.6 4.9 4.9 0.4 0.1 0.1 0.1 0.1 0.0 7.1 4.9 4.9 4.9 4.9 Direct control - total 8.6 -6.9 14.2 -10.9 2.9 14.1 16.1 14.4 12.2 7.2 1.5 0.5 -13.7 -10.2 -8.6 -7.6 6.0 Source of data: SORS, calculations and estimates IMAD. Note: 'The structure of groups varies, data published are not directly comparable to those published previously. The electricity market was liberalized on 1 July 2007. Data from July 2007 onwards are not comparable. Since July 2009, formation of prices for utility services is no longer under government control.. 2009 2010 2011 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 1.8 1.5 1.3 1.4 2.3 2.1 1.9 2.1 2.3 2.0 1.9 1.4 1.9 1.8 1.4 1.9 1.7 2.2 1.3 0.9 0.9 2.1 -1.1 -2.4 -1.2 -0.7 -0.1 0.4 1.7 2.8 2.9 2.2 1.9 1.9 2.2 3.7 4.1 3.9 4.2 6.3 4.6 2.9 3.8 4.4 8.0 7.9 7.6 5.9 9.9 5.1 4.5 5.2 8.2 8.5 8.2 8.0 8.1 7.8 8.3 8.3 6.3 6.4 6.2 5.4 2.8 3.0 -3.4 -5.9 -5.7 -3.6 -0.9 -2.4 -2.3 -2.1 -1.7 1.9 -1.1 0.0 -0.1 0.1 -0.1 -2.1 -2.8 -1.5 -3.0 -4.2 -4.9 -3.4 6.3 7.6 8.4 8.9 10.7 11.6 11.7 12.4 12.3 11.4 11.7 7.1 8.3 7.4 6.6 6.5 6.3 5.9 3.9 4.4 4.9 5.1 1.5 1.8 1.6 0.6 1.0 0.7 0.8 0.5 1.3 2.2 2.0 1.8 2.6 2.4 2.5 3.3 3.5 4.2 3.9 3.5 1.7 2.1 0.3 -0.3 -0.7 -0.7 0.7 0.5 0.5 2.8 4.0 5.2 5.1 4.4 4.3 3.2 3.0 2.6 2.5 2.6 2.8 1.0 0.8 0.5 2.9 2.3 0.5 0.9 0.8 0.4 -1.5 -1.2 -2.0 -2.1 -0.6 -1.2 0.3 0.7 1.0 0.7 0.4 0.7 0.4 0.1 1.1 2.0 -1.9 -0.6 0.2 0.4 1.0 1.5 1.6 -0.3 0.7 3.5 2.5 2.8 3.2 1.4 3.3 3.3 2.3 1.9 0.5 3.4 2.5 0.9 1.7 1.7 1.0 0.8 0.9 0.6 -0.2 -0.6 -0.3 0.3 0.1 -0.1 0.4 -0.9 -6.5 -0.4 -0.5 -1.1 -1.3 -1.8 -2.0 -1.2 2.6 2.4 1.8 1.8 1.8 1.9 1.9 1.9 1.9 0.9 0.4 1.3 0.7 1.7 1.8 1.7 1.7 1.6 1.6 1.6 1.6 2.5 2.6 2.0 1.8 2.0 1.9 2.1 1.7 1.3 1.2 -11.2 -10.9 -11.0 -11.1 -11.1 -11.1 -10.9 -11.2 -10.9 -10.5 -10.2 -9.8 2.7 3.6 3.3 2.3 1.3 1.8 2.1 2.0 0.7 0.4 0.4 0.9 0.6 0.6 0.8 1.2 2.3 2.5 2.4 2.2 2.2 2.3 2.7 2.1 1.8 1.6 1.8 2.7 2.4 2.1 2.3 2.4 2.1 2.1 1.6 2.2 2.3 2.0 2.4 2.0 2.4 1.6 1.1 1.2 2.3 0.3 0.1 -0.1 0.0 0.6 0.4 0.2 0.2 0.5 0.6 0.5 0.2 0.6 0.4 0.2 1.0 1.0 1.3 1.1 1.0 0.8 1.9 -1.2 -1.4 -1.2 -0.2 1.0 2.9 3.0 3.4 3.5 3.2 3.5 3.8 4.2 5.2 5.9 6.0 5.7 4.2 4.4 4.1 4.2 4.1 -0.7 -0.1 0.1 0.5 0.7 2.6 2.6 2.7 2.9 2.8 3.1 3.2 3.5 4.0 4.8 4.8 5.0 3.6 3.7 3.7 3.8 3.6 -1.7 -2.8 -2.5 -0.9 1.3 3.2 3.3 4.2 4.1 3.6 3.9 4.5 4.9 6.4 7.1 7.2 6.4 4.9 5.1 4.6 4.6 4.6 -2.3 -3.0 -3.1 -1.0 1.3 3.2 3.1 4.5 4.1 3.4 4.1 4.8 5.6 7.5 8.6 8.6 7.9 5.8 5.8 4.8 5.2 5.2 -0.6 -2.4 -1.5 -0.8 1.4 3.2 3.6 3.4 4.1 4.0 3.2 3.6 3.6 4.0 3.6 4.2 3.0 2.8 3.6 4.1 3.2 3.2 0.4 3.3 3.2 5.4 8.3 9.4 8.7 7.6 7.9 7.7 7.6 8.9 10.3 10.4 8.5 7.9 6.3 5.4 5.0 4.5 4.8 4.3 13.0 16.9 13.9 17.5 20.1 20.5 15.8 17.4 15.6 14.6 18.2 12.2 15.7 15.5 15.6 14.3 12.0 9.7 7.9 6.3 9.1 9.6 21.9 24.4 18.6 22.8 22.7 22.8 15.6 15.2 13.2 12.1 16.6 11.6 15.6 15.8 16.3 15.2 12.7 10.2 8.7 7.7 10.8 11.3 15.4 - - - - - - - - - - - - - - - - - - - - - 2.5 2.5 2.5 2.7 2.7 2.7 2.7 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 4.9 4.9 4.9 4.9 1.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 11.8 14.6 12.6 15.2 16.7 17.2 14.4 15.5 14.3 13.5 15.9 9.2 11.8 11.8 5.4 4.5 3.0 1.5 0.1 -1.0 1.1 1.4 BALANCE OF PAYMENTS 2008 2009 2010 2009 2010 2011 2009 Q^ Q3 1 Q4 Q1 Q2 Q3 Q4 Q1 1 Q2 8 9 10 11 BALANCE OF PAYMENTS, in EUR m Current account -2,574 -456 -297 78 -268 -10 -4 -118 -84 -91 -54 72 -162 -10 -37 99 Goods1 -2,648 -703 -1,205 -30 -230 -287 -190 -273 -234 -508 -306 -252 -162 -17 -50 -79 Exports 20,032 16,167 18,386 4,064 3,950 4,219 4,205 4,695 4,640 4,847 5,021 5,339 1,065 1,484 1,499 1,471 Imports 22,680 16,870 19,591 4,094 4,180 4,506 4,394 4,968 4,874 5,355 5,327 5,591 1,227 1,501 1,549 1,550 Services 1,424 1,165 1,308 321 258 303 291 356 346 315 353 439 99 114 130 95 Exports 4,957 4,347 4,633 1,057 1,222 1,104 981 1,129 1,348 1,176 1,084 1,216 415 392 384 333 Imports 3,533 3,182 3,325 736 964 800 690 773 1,001 861 731 777 317 278 254 238 Income -1,062 -766 -507 -198 -235 -107 -51 -158 -202 -95 -147 -154 -64 -78 -62 18 Receipts 1,262 666 682 176 137 221 135 194 168 185 213 224 43 43 45 107 Expenditure 2,324 1,432 1,188 374 372 328 186 353 370 280 360 378 107 121 107 89 Current transfers -287 -152 106 -15 -61 81 -53 -43 6 196 47 40 -34 -29 -55 65 Receipts 887 966 1,218 268 177 377 263 220 274 461 374 317 53 44 61 149 Expenditure 1,174 1,118 1,112 283 238 296 317 263 268 265 328 277 88 73 116 84 Capital and financial account 2,605 154 319 -71 211 80 -19 253 190 -106 106 -302 -56 152 75 -50 Capital account -25 -9 8 41 -4 -42 46 3 16 -56 -7 -6 -2 1 1 25 Financial account 2,631 164 311 -112 215 121 -65 251 174 -50 113 -296 -54 151 75 -75 Direct investment 346 -644 334 -449 -36 -86 -132 74 57 335 89 257 33 -13 -30 -81 Domestic abroad -983 -174 60 -274 22 -20 -51 59 19 32 3 37 20 -19 -29 35 Foreign in Slovenia 1,329 -470 274 -176 -58 -66 -81 15 37 303 86 219 13 5 -2 -115 Portfolio investment 572 4,628 1,947 1,151 2,293 310 1,106 508 -54 388 2,584 -359 -216 1,644 -14 -71 Financial derivatives 46 -2 -117 12 12 -2 -22 -65 -14 -15 -80 0 6 8 3 3 Other investment 1,645 -3,985 -1,872 -870 -2,041 -120 -1,077 -216 167 -746 -2,489 -206 94 -1,499 109 63 Assets -333 -277 683 -149 -976 105 241 -594 531 504 -1,570 -195 723 -1,068 213 -403 Commercial credits -142 416 -174 164 -35 226 -223 -213 30 232 -323 -85 84 -117 -69 -32 Loans -325 -1 164 -77 -39 46 -348 510 20 -18 -100 -21 58 -46 -1 35 Currency and deposits 130 -613 609 -239 -913 -68 815 -885 387 292 -1,152 -91 576 -911 281 -407 Other assets 4 -80 84 3 11 -99 -2 -6 94 -2 6 2 5 6 3 2 Liabilities 1,978 -3,708 -2,555 -721 -1,065 -226 -1,319 378 -364 -1,250 -919 -11 -629 -431 -105 465 Commercial credits -73 -452 364 -102 24 -75 91 262 -63 73 211 -11 -111 114 89 82 Loans 1,869 -2,911 -974 -1,325 -78 -973 -403 -189 -8 -373 -386 -298 -29 -62 -160 33 Deposits 190 -318 -1,934 700 -983 822 -1,079 358 -305 -909 -787 334 -491 -482 -36 358 Other liabilities -7 -27 -11 6 -28 0 72 -54 12 -42 42 -36 3 -2 2 -8 International reserves2 21 167 19 46 -13 20 62 -50 18 -11 9 12 29 12 8 11 Statistical error -31 302 -21 -7 58 -70 22 -135 -106 197 -53 230 218 -142 -38 -49 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,241 1,783 1,811 461 407 473 403 456 442 510 440 508 110 150 167 154 Intermediate goods 10,760 8,090 9,951 1,996 2,025 2,093 2,235 2,542 2,544 2,630 2,842 3,037 552 751 782 730 Consumer goods 6,808 6,144 6,481 1,568 1,482 1,620 1,533 1,663 1,620 1,664 1,700 1,741 392 572 540 578 Import of investment goods 3,441 2,288 2,293 551 521 633 450 612 570 661 556 601 154 197 218 208 Intermediate goods 13,735 9,823 12,117 2,335 2,458 2,649 2,711 3,064 3,032 3,311 3,439 3,497 711 886 913 937 Consumer goods 5,870 5,004 5,470 1,262 1,255 1,292 1,290 1,355 1,351 1,475 1,376 1,514 381 441 447 433 Sources of data: BS, SORS. Notes: 'Exports and imports (F.O.B.) include also the adjustment for exports and imports of goods by ITRS and duty-free shops reports; 2Reserve assets of the BS. 2009 2010 2011 12 1 2 3 4 5 6 7 8 9 10 11 12 12 3 4 5 6 7 8 -72 30 -112 78 -27 -87 -5 -21 -58 -6 -41 -57 7 -5 -95 46 35 -77 114 37 -82 -158 -25 -121 -44 -99 -147 -27 -45 -122 -68 -155 -151 -202 -71 -116 -119 -96 -167 10 -7 -131 1,248 1,228 1,328 1,649 1,468 1,566 1,661 1,604 1,306 1,729 1,656 1,700 1,491 1,534 1,602 1,884 1,692 1,834 1,814 1,733 1,506 1,406 1,253 1,448 1,693 1,567 1,713 1,688 1,649 1,428 1,797 1,811 1,850 1,693 1,605 1,719 2,003 1,787 2,000 1,804 1,740 1,637 78 99 84 107 119 125 113 88 115 143 132 87 97 124 94 136 161 134 144 88 141 387 315 302 363 373 370 386 462 448 437 394 356 426 353 326 405 412 389 415 473 476 308 216 218 256 254 245 274 374 333 295 262 269 330 229 233 269 251 256 270 385 336 -62 -17 -24 -11 -28 -39 -91 -90 -57 -56 -28 -36 -31 -55 -55 -37 -58 -46 -51 -64 -70 70 42 40 53 58 72 64 65 52 51 54 52 80 61 63 88 66 80 77 73 66 132 59 64 64 85 112 156 155 108 106 81 88 110 117 118 125 124 126 128 137 136 70 -27 -52 26 -18 -25 0 25 6 -25 9 43 144 -2 -17 66 28 1 10 19 -21 167 65 85 113 57 83 80 117 89 68 103 125 234 84 129 161 114 104 98 115 70 97 93 136 87 75 108 80 92 83 93 93 82 90 86 147 95 86 103 88 96 91 54 5 35 -59 88 5 160 142 -40 88 59 -236 71 -138 65 180 19 -9 -312 9 -31 -67 -7 -2 55 2 -3 4 -8 -4 27 3 4 -63 -9 1 1 -2 0 -4 -7 -4 121 12 37 -114 86 8 157 149 -36 61 56 -240 134 -129 63 179 21 -9 -308 15 -27 25 -37 -72 -23 -26 19 81 89 36 -68 74 213 47 -78 -5 171 98 102 57 24 80 -26 16 -54 -14 -11 29 41 8 25 -14 -8 36 5 -54 22 35 -8 8 37 -53 46 51 -54 -18 -9 -15 -11 41 80 11 -54 82 178 43 -24 -26 136 106 93 20 76 35 394 1,357 -446 195 609 -202 100 78 -29 -103 68 182 138 1,136 -207 1,655 -360 226 -224 72 -47 -7 -2 -2 -19 -11 -21 -33 -5 -4 -5 -8 -4 -4 -29 -31 -20 0 0 0 0 0 -292 -1,356 550 -271 -518 272 31 -9 -34 211 -97 -615 -34 -1,168 288 -1,609 270 -338 -138 -69 -75 295 172 44 25 -24 -631 61 697 -203 37 -168 -624 1,296 -1,063 338 -845 65 -96 -164 -512 -35 327 0 -42 -182 -37 -88 -87 -6 195 -158 -102 -68 402 -224 28 -128 -81 31 -34 -41 198 13 -24 19 -343 415 25 70 127 18 -124 -33 -3 18 -51 5 -55 14 -16 -19 -19 29 59 203 62 551 -409 -554 78 568 -488 308 -20 -547 858 -779 311 -685 121 -107 -105 -438 -244 -104 -6 5 -1 7 -13 0 9 73 12 -13 -5 17 -9 -7 22 11 -3 -6 -14 -18 -587 -1,528 506 -296 -494 902 -30 -705 168 173 71 8 -1,330 -106 -49 -764 205 -242 26 443 -40 -246 -89 69 112 54 127 82 -30 -182 149 135 61 -123 -29 60 180 142 11 -164 -8 -262 -846 -39 -18 -346 -279 328 -238 -40 -21 53 -240 242 -375 -109 -86 -190 -213 -226 141 242 -41 500 -1,394 448 -133 -206 455 109 -607 348 -46 180 -288 -801 3 -8 -781 274 -26 86 202 237 5 -6 6 72 -63 -8 17 -28 23 17 -5 -7 -30 30 -15 27 2 0 -38 7 27 1 51 7 4 32 -60 -23 -3 -4 25 19 -16 -13 10 17 -18 13 1 -2 -12 15 18 -35 77 -20 -62 82 -155 -121 97 -82 -18 293 -79 144 30 -226 -54 86 198 -45 113 151 116 120 167 142 155 158 159 125 159 164 170 176 126 142 172 153 180 174 172 N/A 581 657 725 853 803 856 883 878 713 952 920 927 783 888 904 1,050 975 1,039 1,023 979 N/A 502 445 473 615 513 543 607 554 458 607 558 591 515 509 544 647 548 594 599 564 N/A 207 122 149 180 213 218 180 179 148 243 188 226 247 148 173 235 182 220 199 187 N/A 799 794 906 1,010 956 1,068 1,040 1,039 888 1,106 1,153 1,128 1,030 1,032 1,106 1,301 1,127 1,230 1,140 1,098 N/A 413 362 395 533 430 462 463 452 420 479 496 536 443 422 451 503 471 555 488 490 N/A MONETARY INDICATORS AND INTEREST RATES 2008 2009 2010 2009 2010 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1 1 2 1 3 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BS on central government 68 160 138 140 142 151 167 166 161 161 160 176 177 140 Central government (S. 1311) 2,162 3,497 3,419 3,542 3,472 3,456 3,427 3,610 3,625 3,581 3,497 3,334 3,382 2,884 Other government (S. 1312, 1313, 1314) 212 376 526 254 251 257 262 281 305 336 376 390 395 390 Households (S. 14, 15) 7,827 8,413 9,282 7,946 7,951 8,055 8,135 8,231 8,295 8,345 8,413 8,452 8,480 8,601 Non-financial corporations (S. 11) 21,149 21,704 21,648 21,516 21,517 21,557 21,671 21,704 21,688 21,645 21,704 21,792 21,896 21,950 Non-monetary financial institutions (S. 123, 124, 125) 2,815 2,680 2,496 2,838 2,835 2,838 2,868 2,846 2,846 2,772 2,680 2,684 2,669 2,620 Monetary financial institutions (S. 121, 122) 3,666 5,302 5,812 4,008 4,365 4,382 4,334 4,723 4,563 4,589 5,302 6,141 5,093 5,057 Claims on domestic sectors, TOTAL In domestic currency 32,113 34,731 35,994 33,140 33,353 33,601 33,628 34,045 33,922 33,962 34,731 35,678 34,817 34,893 In foreign currency 2,370 1,895 1,843 2,122 2,059 2,017 2,003 1,969 1,939 1,919 1,895 1,904 1,894 1,887 Securities, total 3,346 5,345 5,345 4,843 4,979 4,925 5,067 5,380 5,460 5,386 5,345 5,211 5,204 4,723 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 23,129 27,965 26,767 26,021 26,576 26,207 25,956 26,950 26,861 26,932 27,965 28,953 28,198 27,716 Overnight 6,605 7,200 8,155 6,876 7,163 6,862 7,011 7,079 6,940 7,028 7,200 7,949 7,139 7,396 With agreed maturity -short-term 10,971 10,408 8,193 13,703 12,647 11,167 10,667 11,332 11,109 10,917 10,408 10,385 10,137 9,233 With agreed maturity -long-term 4,157 9,788 10,337 4,901 6,212 7,630 7,749 8,000 8,257 8,396 9,788 10,042 10,390 10,583 Short-term deposits redeemable at notice 1,396 569 82 541 554 548 529 539 555 591 569 577 532 504 Deposits in foreign currency, total 490 434 463 495 492 480 463 463 458 453 434 426 438 436 Overnight 215 238 285 251 249 239 240 244 242 261 238 240 241 250 With agreed maturity -short-term 198 141 121 197 199 195 178 171 169 142 141 133 137 127 With agreed maturity -long-term 41 45 55 41 39 39 38 43 42 43 45 48 52 55 Short-term deposits redeemable at notice 36 10 2 6 5 7 7 5 5 7 10 5 8 4 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.46 0.28 0.21 0.25 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.22 0.22 0.22 Time deposits with maturity of up to one year 4.30 2.51 1.82 2.28 2.40 2.35 2.27 2.14 2.04 1.97 2.00 1.91 1.75 1.69 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 6.77 6.43 5.53 6.37 6.59 6.74 6.57 6.64 6.74 5.00 6.28 6.11 6.08 5.33 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 6.62 6.28 5.75 6.10 6.19 6.36 6.20 6.66 6.47 5.94 6.06 6.15 6.31 5.64 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operation^ 3.8^ 1.2^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.00 INTERBANK INTEREST RATES EURIBOR 3-month rates 4.63 1.23 0.81 1.28 1.23 0.98 0.86 0.77 0.74 0.72 0.71 0.68 0.66 0.64 6-month rates 4.72 1.44 1.08 1.48 1.44 1.21 1.12 1.04 1.02 0.99 1.00 0.98 0.97 0.95 LIBOR CHF 3-month rates 2.58 0.37 0.19 0.40 0.40 0.37 0.34 0.30 0.27 0.25 0.25 0.25 0.25 0.25 6-month rates 2.69 0.50 0.27 0.54 0.52 0.49 0.45 0.41 0.39 0.36 0.35 0.34 0.33 0.33 Sources of data: BS, BBA - British Bankers' Association. 2010 2011 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1|2|3|4|5|6|7|8|9 140 142 141 140 142 140 139 139 138 132 101 99 76 76 76 76 76 77 2,897 3,001 3,120 3,130 3,326 3,422 3,447 3,453 3,419 3,332 3,326 3,409 3,319 3,327 3,282 3,276 3,328 3,355 392 395 401 415 421 417 434 497 526 538 536 541 532 530 533 534 536 535 8,647 8,701 8,897 8,928 9,062 9,119 9,149 9,225 9,282 9,226 9,233 9,276 9,304 9,383 9,425 9,507 9,490 9,468 22,062 21,997 22,015 22,022 21,815 21,862 21,848 21,790 21,648 21,793 21,775 21,772 21,782 21,714 21,725 21,656 21,537 21,369 2,606 2,558 2,525 2,524 2,502 2,488 2,496 2,497 2,496 2,454 2,402 2,372 2,350 2,341 2,325 2,323 2,292 2,298 5,555 5,638 6,120 5,445 5,315 5,399 5,079 5,688 5,812 5,674 5,740 6,504 5,179 5,275 5,259 5,224 5,422 5,375 35,430 35,620 35,929 35,495 35,381 35,616 35,430 35,931 35,994 35,993 36,008 36,712 35,736 35,811 35,836 35,720 35,854 35,763 1,859 1,852 1,915 1,860 1,884 1,828 1,742 1,777 1,843 1,760 1,739 1,691 1,689 1,751 1,724 1,794 1,705 1,628 4,871 4,819 5,234 5,112 5,175 5,263 5,282 5,444 5,345 5,265 5,266 5,470 5,043 5,008 4,990 5,007 5,046 5,008 27,949 28,085 27929 27,079 27,358 26,819 26,696 27,486 26,767 27,630 27,235 28,129 27,080 27,205 27,384 27,391 27,423 27,337 7,351 7,732 7976 7,936 8,041 8,031 7,926 8,119 8,155 8,245 8,179 8,799 8,206 8,237 8,259 8,303 8,241 8,236 9,006 8,674 8377 8,574 8,621 8,096 8,100 8,256 8,193 8,816 8,483 8,724 8,477 8,614 8,618 8,473 8,468 8,369 11,067 11,196 11401 10,413 10,529 10,532 10,587 11,003 10,337 10,496 10,550 10,583 10,375 10,324 10,467 10,564 10,662 10,683 525 483 175 156 167 160 83 108 82 73 23 23 22 30 40 51 52 49 450 496 705 462 491 462 456 471 463 452 453 449 444 459 464 488 476 486 270 299 513 280 307 277 286 291 285 282 287 284 286 295 304 317 305 320 121 130 129 122 121 125 113 118 121 115 116 113 107 111 107 113 108 109 55 59 61 58 60 57 55 59 55 53 49 51 50 52 52 57 62 57 4 8 2 2 3 3 2 3 2 2 1 1 1 1 1 1 1 0 0.22 0.21 0.22 0.19 0.19 0.19 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.21 0.23 0.23 0.24 1.66 1.72 1.83 1.87 1.82 1.85 1.86 1.88 1.94 2.04 1.98 2.04 2.08 2.15 2.20 2.20 2.18 2.17 5.80 5.38 5.42 5.12 5.33 5.17 5.50 5.43 5.65 5.85 5.17 5.45 5.51 5.42 5.52 5.39 5.49 5.45 5.98 6.03 5.61 5.40 5.84 4.98 5.72 6.00 5.44 5.83 5.45 5.4 5.25 5.82 5.97 6.17 6.48 5.91 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.2^ 1.2^ 1.2^ 1.5^ 1.5^ 1.50 0.64 0.69 0.73 0.85 0.90 0.88 1.00 1.04 1.02 1.02 1.09 1.18 1.32 1.42 1.49 1.60 1.55 1.54 0.96 0.98 1.01 1.10 1.15 1.14 1.22 1.27 1.25 1.25 1.35 1.48 1.62 1.71 1.75 1.82 1.75 1.74 0.24 0.19 0.10 0.13 0.16 0.17 0.17 0.17 0.17 0.17 0.17 0.18 0.18 0.18 0.18 0.18 0.06 0.33 0.28 0.20 0.22 0.23 0.24 0.24 0.24 0.24 0.24 0.24 0.25 0.26 0.25 0.24 0.24 0.12 - PUBLIC FINANCE 2008 2009 2010 2009 2010 2011 2010 Q^ Q3 1 Q4 Q1 1 Q2 1 Q3 1 Q4 Q1 1 Q2 1 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 15,339.2 14,408.0 14,794.0 3,542.8 3,558.8 4,023.5 3,310.2 3,477.0 3,649.9 4,356.8 3,600.7 3,826.7 1,076.9 1,164.2 Current revenues 14,792.3 13,639.5 13,771.5 3,322.8 3,470.3 3,642.3 3,157.4 3,366.8 3,462.4 3,784.8 3,364.6 3,638.6 1,047.8 1,116.0 Tax revenues 13,937.4 12,955.4 12,848.4 3,164.5 3,279.0 3,453.0 2,983.4 3,189.2 3,186.0 3,489.9 3,155.9 3,451.0 994.1 1,053.8 Taxes on income and profit 3,442.2 2,805.1 2,490.7 617.5 735.5 744.8 635.5 594.4 554.5 706.4 635.4 827.7 224.3 219.9 Social security contributions 5,095.0 5,161.3 5,234.5 1,280.9 1,260.6 1,334.5 1,274.4 1,303.8 1,293.5 1,362.9 1,300.6 1,316.9 424.0 414.6 Taxes on payroll and workforce 258.0 28.5 28.1 7.2 6.2 7.7 6.3 7.2 6.5 8.1 6.7 7.6 2.1 2.0 Taxes on property 214.9 207.0 219.7 51.5 74.6 60.2 24.1 58.9 76.7 60.0 24.0 53.8 6.7 8.6 Domestic taxes on goods and services 4,805.3 4,660.2 4,780.7 1,177.5 1,184.2 1,283.1 1,023.9 1,199.2 1,231.6 1,325.9 1,165.5 1,217.4 331.1 401.7 Taxes on international trade & transactions 120.1 90.5 90.7 29.2 17.2 21.7 18.7 24.7 22.5 24.8 23.7 27.6 5.7 6.9 Other taxes 1.8 2.9 4.0 0.7 0.7 1.0 0.5 1.0 0.7 1.8 -0.1 -0.1 0.1 0.1 Non-tax revenues 854.9 684.1 923.0 158.4 191.3 189.3 174.1 177.6 276.5 294.9 208.7 187.6 53.8 62.1 Capital revenues 117.3 106.5 175.7 29.7 19.3 43.5 9.8 17.9 26.1 121.9 7.6 21.6 2.3 2.7 Grants 10.4 11.1 12.6 1.7 1.9 4.7 2.9 2.2 2.5 5.0 2.4 3.0 0.2 0.2 Transferred revenues 53.9 54.3 109.5 1.5 1.1 51.5 0.5 2.3 3.8 102.9 2.3 0.4 0.0 0.2 Receipts from the EU budget 365.4 596.5 724.7 186.9 66.2 281.5 139.6 87.8 155.1 342.2 223.9 163.2 26.5 45.1 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 15,441.7 16,368.2 16,692.7 4,064.6 3,767.1 4,659.5 4,035.1 4,122.7 3,948.1 4,586.9 4,190.5 4,156.7 1,307.3 1,372.1 Current expenditures 6,557.5 6,800.8 6,960.4 1,682.7 1,578.1 1,771.3 1,795.2 1,757.3 1,636.9 1,771.0 1,898.2 1,740.4 520.0 631.6 Wages, salaries and other personnel expenditures 3,578.9 3,911.9 3,912.4 1,005.6 955.4 985.9 956.4 1,012.5 963.6 980.0 966.5 1,009.8 316.6 315.2 Expenditures on goods and services 2,527.5 2,510.3 2,512.4 618.0 603.9 741.4 556.8 624.9 587.7 743.1 585.4 614.2 170.8 179.3 Interest payments 335.2 336.1 488.2 48.4 12.0 29.0 272.6 110.0 76.4 29.2 311.3 108.1 28.7 134.5 Reserves 116.0 42.5 47.4 10.9 6.8 14.9 9.4 9.9 9.2 18.8 35.0 8.2 3.9 2.7 Current transfers 6,742.2 7,339.4 7,628.5 1,936.1 1,736.9 1,918.2 1,849.0 1,995.1 1,810.9 1,973.6 1,941.9 2,076.1 651.3 578.4 Subsidies 476.5 597.9 581.9 126.9 86.5 219.4 160.7 122.8 103.7 194.7 171.2 127.6 111.1 22.6 Current transfers to individuals and households 5,619.2 6,024.5 6,277.7 1,614.8 1,475.9 1,497.6 1,529.0 1,671.1 1,514.7 1,562.9 1,606.1 1,745.3 495.1 506.0 Current transfers to non-profit institutions, other current domestic transfers 598.3 678.1 728.8 178.5 164.5 195.1 150.6 188.6 183.3 206.3 158.7 186.2 42.5 48.3 Current transfers abroad 48.2 38.9 40.1 15.9 9.9 6.1 8.7 12.6 9.1 9.6 5.9 17.0 2.6 1.6 Capital expenditures 1,255.5 1,294.1 1,310.6 237.2 297.5 584.1 192.8 212.5 321.1 584.3 168.8 196.5 73.6 60.9 Capital transfers 458.6 494.6 396.4 112.9 86.0 259.9 47.5 90.1 82.0 176.9 42.4 73.1 19.1 14.1 Payments to the EU budget 427.9 439.3 396.8 95.6 68.7 126.1 150.6 67.8 97.3 81.1 139.3 70.6 43.3 87.0 SURPLUS / DEFICIT -102.5 -1,960.2 -1,898.7 - - - - - Source of data: MF Bulletin. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the state are not consolidated. Data prior to 2007 are recalculated on the basis of the irrevocable SIT/EUR exchange rate = 239.64. 2010 2011 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1|2|3|4|5|6|7|8 1,069.1 1,083.1 1,146.4 1,247.5 1,183.6 1,286.2 1,180.1 1,188.3 1,461.5 1,707.1 1,205.5 1,118.2 1,277.0 1,256.2 1,269.2 1,301.2 1,097.1 1,220.6 993.6 1,062.1 1,113.2 1,191.5 1,110.0 1,232.7 1,119.7 1,132.5 1,263.8 1,388.4 1,147.1 1,045.0 1,172.5 1,185.3 1,208.5 1,244.8 1,037.2 1,181.0 935.4 1,000.9 1,057.0 1,131.4 1,027.0 1,103.3 1,055.6 1,073.1 1,189.1 1,227.7 1,094.8 950.0 1,111.1 1,131.8 1,141.3 1,177.8 976.9 1,111.6 191.3 108.0 210.0 276.4 114.1 226.9 213.4 218.8 219.0 268.6 215.1 208.1 212.1 294.5 237.9 295.4 106.0 221.0 435.7 437.4 431.5 434.8 432.7 428.8 432.0 434.9 436.4 491.6 437.7 424.6 438.4 438.3 439.6 439.0 436.3 431.5 2.2 2.5 2.2 2.5 2.6 1.9 2.0 2.6 2.4 3.1 2.3 2.1 2.3 2.5 2.5 2.6 2.7 1.9 8.8 9.7 31.2 18.0 24.7 27.4 24.6 13.7 31.2 15.1 7.4 8.3 8.3 7.1 25.7 21.0 25.4 30.8 291.0 434.8 373.4 391.1 444.4 411.2 376.1 393.8 492.0 440.2 424.5 299.4 441.6 380.3 426.2 410.9 397.3 420.1 6.1 8.3 8.4 8.1 8.4 6.8 7.3 9.2 7.1 8.5 7.8 7.7 8.2 9.1 9.4 9.0 9.2 6.4 0.3 0.2 0.3 0.5 0.2 0.2 0.3 0.1 1.2 0.5 0.0 -0.2 0.2 -0.1 0.0 0.0 -0.1 -0.1 58.2 61.2 56.2 60.1 83.0 129.4 64.1 59.5 74.7 160.8 52.3 95.0 61.4 53.5 67.2 66.9 60.4 69.4 4.9 7.3 5.3 5.3 9.4 13.5 3.3 7.3 31.1 83.5 2.0 2.7 2.8 10.9 3.4 7.3 5.1 4.2 2.5 0.8 1.0 0.3 1.1 1.0 0.5 1.2 1.9 1.9 0.9 0.4 1.1 1.0 1.1 0.8 0.3 0.2 0.3 0.9 0.6 0.8 2.0 0.9 0.9 0.5 100.9 1.5 1.5 0.0 0.7 0.1 0.1 0.1 0.2 0.0 67.9 12.0 26.3 49.5 61.2 38.1 55.8 46.7 63.7 231.8 54.1 70.0 99.8 58.9 56.0 48.2 54.3 35.1 1,355.7 1,322.7 1,464.5 1,335.4 1,302.9 1,272.4 1,372.8 1,373.5 1,419.6 1,793.9 1,418.7 1,408.1 1,363.7 1,359.2 1,474.7 1,322.7 1,308.2 1,321.2 643.6 613.9 594.4 548.9 529.5 529.0 578.4 557.2 543.8 670.0 638.7 636.7 622.9 629.0 583.3 528.1 535.5 540.3 324.6 313.9 377.2 321.5 319.7 324.8 319.0 329.2 322.8 328.0 325.9 315.9 324.8 312.1 377.6 320.2 321.4 320.5 206.8 193.4 211.9 219.6 203.2 200.5 183.9 203.2 216.9 323.0 202.2 183.8 199.4 213.1 201.4 199.7 207.6 215.6 109.4 104.0 1.5 4.6 4.0 0.9 71.5 21.9 1.5 5.8 88.6 134.5 88.2 101.3 1.5 5.3 3.9 2.3 2.8 2.7 3.9 3.3 2.5 2.8 4.0 2.9 2.7 13.2 22.0 2.5 10.5 2.5 2.8 2.9 2.6 1.9 619.2 612.0 753.2 629.9 608.7 590.1 612.0 624.5 633.0 716.1 673.7 628.0 640.2 635.7 781.7 658.7 620.4 619.7 27.0 39.7 42.2 40.9 39.3 27.6 36.8 46.4 50.2 98.1 97.5 46.4 27.4 40.9 36.8 49.9 22.7 22.9 527.9 510.2 647.4 513.6 509.1 501.2 504.4 516.8 519.5 526.6 521.5 532.4 552.1 534.6 673.0 537.8 530.1 529.8 59.8 60.2 60.3 68.0 59.0 59.4 64.9 58.2 59.0 89.1 51.1 48.7 58.8 54.9 61.9 69.4 61.5 65.9 4.5 1.9 3.2 7.5 1.4 1.9 5.8 3.1 4.2 2.3 3.6 0.4 1.9 5.4 9.9 1.7 6.2 1.1 58.3 58.6 67.2 86.7 108.2 99.7 113.2 116.1 161.6 306.6 58.8 50.7 59.4 54.2 62.0 80.3 78.5 105.6 14.3 18.6 19.5 52.0 25.6 22.1 34.3 40.7 68.1 68.2 12.5 11.5 18.4 20.4 20.9 31.8 41.4 29.0 20.3 19.6 30.2 17.9 30.8 31.6 34.9 35.1 13.1 33.0 35.1 81.3 22.9 19.9 26.9 23.8 32.3 26.5 - - - - - - - - - Acronyms Acronyms in the text AJPES - Agency of the Republic of Slovenia for Public Legal Records and Related Services, APZ - aktivna politika zaposlovanja, BoE - Bank of England, BS - Bank of Slovenia, EC - European Commission, ECB - European Central Bank, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, FED - Federal Reserve System, GDP - Gross Domestic Product, HICP - Harmonised Index of Consumer Prices, IAADP - Internal Administrative Affairs Directorate, ifo - Information und Forschung Institut, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, MF - Ministry of Finance, MI - Ministry of the Interior, NFI - Non-monetary Financial Institutions, PMI -Purchasing Managers Index, PPA - Public Payments Administration of the Republic of Slovenia, RS - Republic of Slovenia, SCA - Standard Classification of Activities, SITC - Standard International Trade Classification, SMA - Securities Market Agency, SORS - Statistical Office of the Republic of Slovenia. Acronyms of Standard Classification of Activities (SCA) 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 recordedmedia, 19-Manufacture of coke and refined petroleum products, 20- Manufacture of chemicals and chemical products, 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 - Manufacture of rubber and plastic products, 23 - Manufacture of other non-metallic mineral products, 24 - Manufacture of basic metals, 25 - Manufacture of fabricated metal products, except machinery and equipment, 26 - Manufacture of computer, electronic and optical products, 27 - Manufacture of electrical equipment, 28 - Manufacture of machinery and equipmentn.e.c.,29-Manufacture ofmotor vehicles, trailersandsemi-trailers,30-Manufactureofother transport equipment, 31 - Manufacture of furniture, 32 - Other manufacturing, 33 - Repair and installation of machinery and equipment, D-Electricity,gas,steamandairconditioningsupply,E-Watersupplysewerage,wastemanagementandremediationactivities, F - Construction, G - Wholesale and retail trade, repair of motor vehicles and motorcycles, H - Transportation and storage, I - Accommodation and food service activities, J - Information and communication, K - Financial and insurance activities, L -Real estate activities, M - Professional, scientific and technical activities, N - Administrative and support service activities, O - Public administration and defence, compulsory social security, P - Education, Q - Human health and social work activities, R - Arts, entertainment and recreation, S - Other service activities, T - Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U - Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. Slovenian economic mirror October 2011, No. 10. Vol. XVI