Slovenian Economic Mirror J IMAD Economic Analyses/May 2007 No. 5, Vol. XIII Slovenian Economic Mirror presents current macroeconomic developments as well as selected economic, social and environmental issues. The publication consists of articles, which present the main economic indicators, assess the realisation of the spring and autumn forecasts, and monitor implementation of economic policies (earnings, public finance, prices, competitiveness, etc.). The periodical is published monthly, except in September. This issue of Slovenian Economic Mirror was prepared by: Boštjan Vasle (In the Spotlight), Jure Brložnik (International Environment), Slavica Jurančič (Competitiveness), Miha Trošt (Price Trends & Policy), Marjan Hafner (Money Market - Household Savings, Money Market - Loans) Tomaž Kraigher (Labour Market), Saša Kovačič (Earnings), Katarina Ivas (Manufacturing), Janez Kušar (Construction), Mojca Vendramin (The Environmental Component of Economic Development), Tanja Čelebič (Student Exchange - Erasmus Programme), Judita Mirjana Novak (Business Entities in 2006, Performance of Commercial Companies and Co-operatives in 2006, Solvency of Business Entities), Andrej A. Chiaiutta (Slovenia's World Competitiveness by the IMD 2007). Director: Janez Šušteršič. Editor in Chief: Luka Žakelj. Translator: Tina Potrato. Language Editor: Murray Bales. Technical Editor: Ema Bertina Kopitar. Statistical Appendix, Data Preparation & Graphs: Bibijana Cirman Naglič, Marjeta Žigman. Distribution: Katja Ferfolja. Printed by: Tiskarna Štrok. Concept & Design: Sandi Radovan, Studio DVA. Circulation: 610 copies. Institute of Macroeconomic Analysis and Development Gregorčičeva 27, 1000 Ljubljana (+386 1) 478 10 12 fax: 478 10 70 Editor in chief: luka.zakeli@gov.si Translator: tina.potrato@gov.si Distribution: publicistika.umar@gov.si SEM can be found on the Internet at http://www.gov.si/umar/ Publication is included in Ebsco Publishing Database and Internet Securities Database. © Institute of Macroeconomic Analysis and Development, 2007. The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents Slovenian Economic Mirror IMAD No. 5/2007 p. 2 In the Spotlight Continuation of strong growth in manufacturing and construction p. 3 International Environment High GDP growth in the EMU continues this year and is set to be higher than in the USA for the first time since 2001 pp. 4, 5 Competitiveness Slovenia among the euro area countries that maintained price competitiveness at December's level in Q1 p. 6 Price Trends & Policy Prices remain stable despite the high inflation in April p. 7 Money Market -Household Savings Investments with a higher risk increasingly popular among savers p. 8 Money Market - Loans Foreign currency loans record a high increase due to lower interest rates p. 9 Labour Market Employment still on the rise while unemployment continues to decline p. 10 Earnings The longer working month affected private sector earnings p. 11 Manufacturing Companies are increasingly facing labour shortages p. 12 Construction The high activity in Q1 underpinned by weather conditions p. 13 SELECTED TOPICS The Environmental Component of Economic Development Environmental protection is lagging behind economic development p. 17 Student Exchange -Erasmus Programme The number of Slovenian Erasmus students is rising; most of them opt for business studies pp. 18, 19 Business Entities in 2006 For the fourth consecutive year, the highest increase in the number of business entities was recorded in real estate, renting and business services p. 20 Performance of Commercial Companies and Cooperatives in 2006 Commercial companies and co-operatives recorded the highest positive difference between net profit and loss since 2002 p. 21 Solvency of Business Entities The number of filed bankruptcy and liquidation procedures fell in 2006 p. 22 Slovenia's World Competitiveness by the IMD 2007 The latest analysis confirms the stagnation of Slovenia's competitiveness; progress was made in economic competitiveness while the low rankings of government and business efficiency continue pp. 23, 24 Data: (pp. A 1-A 12), Main indicators (p. A 13), International Comparisons (pp. A 14-15), Graphs (pp. A 16-17). Selected indicators of current economic Latest Compared to the previous month same period of previous year developments, change in % Data latest data pre-latest data pre-pre latest data Industrial production (value based) March 15.4 9.3 9.4 9.5 Manufacturing March 15.3 10.6 11.0 10.7 Electricity, gas and water supply March 1.5 -8.0 -5.5 0.5 Value of construction put in place, real terms March 25.6 35.0 33.9 37.4 Exports of goods (nominal terms)1 March 18.7 18.4 18.3 17.7 Imports of goods (nominal terms)1 March 17.2 16.6 19.0 23.3 Real effective exchange rate2 March 0.7 1.4 1.5 1.6 Gross wage per employee, real terms March 2.2 3.0 3.1 3.6 Total household savings in banks3, nominal terms March 0.0 8.7 8.6 8.0 General government revenue, real terms April 33.3 1.8 4.2 1.5 Growth in the no. of persons in paid employment March 0.5 3.3 3.3 3.1 Growth in the no. of registered unemployed April -2.2 -17.9 -17.4 -16.7 Growth in the no. of job vacancies April -12.6 8.0 6.9 5.8 Month current previous pre-previous Registered unemployment rate March 8.1 8.4 8.7 Month current cumulative annual4 Consumer prices May 1.2 2.5 2.9 Producer prices (domestic market) April 0.2 3.4 4.9 Sources of data: SORS, BS, ESS, estimates and calculations by IMAD. Notes: 1balance of payments' statistics; 2euro's exchange rate for Slovenia measured by relative consumer prices; the calculation of the effective exchange rate includes the currencies/prices of Slovenia's 17 trading partners (Austria, Belgium, Germany, Italy, France, Netherlands, Spain, Denmark, United Kingdom, Sweden, Czech Republic, Hungary, Poland, Slovakia, USA, Switzerland, Japan); 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; 3the year-on-year growth rate is defined as the ratio between the stock at the end of the current month and the stock in the same month of the previous year; 4total in the last 12 months. In the Spotlight Slovenian Economic Mirror IMAD No. 5/2007 p. 3 The most recent data support the forecasts that this year economic growth in the EU will remain at a similarly high level as in 2006. According to Eurostat's data, the year-on-year seasonally adjusted GDP growth in the euro area totalled 3.0% in the first quarter this year, compared with 3.3% in the final quarter of 2006. The European Commission projects that high GDP growth in the euro area will continue this and next year, and will be just slightly lower than in 2006 (2.7%). Contrary to the expectations from a few months ago, this also holds for Slovenia's four key trading partners. GDP growth in the euro area is thus forecast to be higher than in the USA for the first time since 2001 (see pp. 4-5). The continuation of high growth rates is also observed in the Slovenian manufacturing and construction sectors. Construction activity remained at a high level in the first quarter, having risen by 1.8% according to seasonally adjusted data. While this is the smallest quarterly increase seen in the past year, the value of construction put in place in larger companies was 35.0% higher in the first quarter than in the same period of 2006. The favourable weather conditions enabled brisk realisation of the planned projects in the first quarter this year, which is particularly evident in civil engineering where growth picked up strongly for the fourth consecutive quarter. The value of the construction of buildings put in place, which increased from quarter to quarter last year, declined in the first quarter this year but was still 21.0% higher than in the same period of 2006 (see p. 13). The first quarter also saw a large increase (10.6%, y-o-y) in manufacturing's industrial production, which was among the highest in the EU. For the first time since 1999, with the exception of the fourth quarter of 2002, the increase in the turnover generated in the domestic market was higher than that generated in foreign markets (see p. 12). While employment continues to rise in both branches, manufacturing companies report labour shortages. Amid the overall increase in employment (up 3.3% in Q1 over the same quarter of 2006, when last year's relatively high employment growth had still not set in), employment in construction continues to climb at the fastest pace (see p. 10). The number of people employed in the construction sector rose by 11.3% in the first quarter over the year before. It also rose in manufacturing, by 0.8% compared with the first quarter of 2006. While ever less companies report insufficient demand as a factor limiting production, the main impediment to production reported in the last few months has been the shortage of skilled labour. In addition, the shortage of labour in general also rose sharply, as both indicators reached their undeniable peaks in 11 months (see p. 12). The survey unemployment rate remained low in the first quarter of 2007, at 5.7%. While the number of people in employment rose somewhat, the survey employment rate did not increase significantly. A comparison with the increased number of people in formal employment in the first quarter of 2007 indicates a continuation of the decline in various informal types of employment that already started in the final quarter of 2006. The activity of the financial sector also remained strong in the first quarter. The total net flows of loans to enterprises and NFI were close to a quarter lower than in the same period of 2006, while the net flows of deposits in banks were 2.6-times higher in the first quarter than in the same period of 2006. The net flows into domestic-managed mutual funds are rising at an even faster pace. In the four months to April, they were 4.7-times higher than in the same period of 2006 and already higher than in 2006 as a whole. The total volume of assets in mutual funds thus equalled almost one-fifth of the total household savings in banks (see pp. 8-9). Although Slovenia has in recent years recorded the highest growth rates of mutual funds' assets per capita among all EU member states, it still achieves just around 6% of the average value in the euro area. The relatively high growth rates therefore appear to reflect Slovenia's catching up with the more developed financial markets. After the deflation recorded in the first two months of the year, consumer prices rose in the last three months - in May by 1.2%. The overall price increase observed in the first five months of the year thus amounted to 2.5%, which is 0.1 p.p. more than in the same period of 2006. The swings in the monthly inflation rates are largely explained by external factors and seasonal impacts. The main contributors to May's inflation were the higher prices of liquid fuels, clothing, holidays, and food. The contribution of the latter to inflation was 50% higher than in the same period of 2006. However, according to the EC the contributions of food prices to inflation also increased in some other EU countries. Long-term price trends remain stable despite the monthly fluctuations. Average inflation totalled 2.5% in May, thus remaining at a level observed from the beginning of 2006. According to preliminary estimates, core inflation also remained relatively stable in May. Slovenia has maintained its price competitiveness amid stable price growth. Measured by consumer prices, which rose more slowly than in Slovenia's trading partners in the first quarter, price competitiveness even improved somewhat, whereas measured by relative producer prices it deteriorated somewhat. Due to the gradual appreciation of the euro in international currency markets observed since the beginning of 2006, the deterioration in Slovenia's price competitiveness in the first quarter of 2007 was more pronounced outside the euro area. This is also corroborated by the calculations of the ECB, according to which Slovenia ranks among those euro area countries that retained their competitive positions in the first quarter this year (see p. 6). International Environment Slovenian Economic Mirror IMAD No. 5/2007 p. 4 Comparison of different forecasts or assumptions of real GDP growth (in %) 2007 2008 2005 2006 IMAD AR 06 EC Oct. 06 EC Feb. 06 IMAD SF 07 EC Apr. 07 CONS May 07 OECD May 07 IMAD AR 06 EC Oct. 06 IMAD SF 07 EC Apr. 07 CONS May 07 OECD May 07 EMU 1.4 2.7 1.8 2.1 2.4 2.4 2.6 2.5 2.7 1.9 2.2 2.2 2.5 2.2 2.3 Germany 0.9 2.8 1.1 1.2 1.8 1.9 2.5 2.4 2.9 1.5 2.0 2.0 2.4 2.3 2.2 France 1.7 2.2 1.9 2.3 2.2 2.0 2.4 2.1 2.2 1.9 2.1 2.0 2.3 2.1 2.2 Italy 0.1 1.9 1.2 1.4 2.0 1.8 1.9 1.8 2.0 1.5 1.4 1.5 1.7 1.6 1.7 Austria 2.0 3.1 2.3 2.6 n.p. 2.5 2.9 2.7 3.2 2.3 2.1 2.3 2.5 2.3 2.6 USA 3.2 3.3 2.7 2.3 n.p. 2.4 2.2 2.1 2.1 3.1 2.8 3.0 2.7 2.8 2.5 Sources of data: IMAD - Autumn Report (2006), Spring Forecast (2007); EC Autumn forecasts (November 2006), EC Interim Forecasts (February 2007), EC Spring Forecasts (May 2007); Consensus Forecasts (May 2007); OECD Economic Outlook (May 2007); Eurostat. According to the European Commission, last year's high GDP growth in the euro area is set to continue this year. In Slovenia's four main trading partners from the euro area, favourable economic trends are projected to continue at least this year, contrary to expectations a few months ago. GDP growth will thus be similarly high as last year while inflation will remain stable. Consequently, at least one more rise of the ECB's main interest rate is expected in the course of the year. GDP growth rates are projected to moderate slightly next year. The latest forecasts suggest that economic growth in the euro area will this year exceed the US GDP growth for the first time since 2001. Economic growth in the euro area eased off at the beginning of the year, but the slowdown was not as pronounced as expected. Consequently, the forecasts for this year's GDP growth are still improving. According to Eurostat's data, the y-o-y seasonally adjusted GDP growth in the euro area totalled 3.0% in Q1 this year, compared with 3.3% in Q4 of 2006. According to the EC's most recent forecasts, GDP growth will be only slightly lower this and next year than in 2006 (2.7%) and will be driven by the growth of domestic demand, whereas the growth of exports will soften gradually due to the expected slowdown in the growth of global trade and due to the appreciation of the euro. Robust growth is expected to continue in investment in equipment, which will assume the role of the main driver of GDP growth in the next two years. Meanwhile, investment in construction, which benefited from the warm winter in the past few months, will moderate in the next two years when higher interest rates will contribute to a decline in the demand for mortgage loans; in addition, the price rises of housing are also projected to cool off in some countries. Amid an improvement in the labour market, where the unemployment rate is projected to decline further from 7.9% in 2006 to 6.9% in 2008, and due to the expected wage increases, the growth of private consumption is also set to gather momentum this and next year. Sentiment indicators also suggest a continuation of favourable trends. The EC's business climate indicator reached its highest value in April while the indicator of economic sentiment remained at the highest level since 2000 for the second consecutive month in April. The same holds for the Ifo business climate index for the euro area, which has risen for three quarters in a row, while the ZEW index of investor sentiment for the euro area has been going up since June 2006. After reaching its peak level in six years in 2006 (2.8%), Germany's GDP growth will remain strong this year despite the VAT rise. As expected, GDP growth slowed down from 3.6% recorded at the end of 2006 to 3.3% in Q1 this year due to the VAT increase (y-o-y, seasonally adjusted). The negative impact of the drop in private consumption was offset by the increase in investment as investment in machinery and equipment reached its highest growth in seven years, while the warmest winter since 1901 boosted the growth of investment in construction. The latest forecasts of GDP growth for 2007 project even higher growth than last year, which is corroborated by all sentiment indicators. In May, the Ifo business climate indicator was at its second highest level for the second consecutive month, while its highest level was recorded in December 2006. The ZEW index of investor confidence was at its eleven-month high in May. Consumer sentiment appears to be improving as well, as the Gfk index, after having declined for two months at the beginning of the year, rose for the third month in a row in May, reaching its top level in five months. This is one of the several indications showing that consumers have by now largely adjusted to the VAT rise. This year, investment will remain the main engine of growth while next year private consumption will take over, still boosted by the decline in the unemployment rate (the EC projects a decrease from 8.4% in 2006 to 6.5% in 2008) and, from this year on, by a rise in earnings. The largest industry trade union, IG Metall, succeeded in negotiating a 3% wage rise in the next International Environment Slovenian Economic Mirror IMAD No. 5/2007 p. 5 year and a half, which will also serve as a benchmark for other trade unions. The export growth rate will gradually decrease, although less than in other European countries due to the stronger improvement in competitiveness in the last few years. In the other three main trading partners within the EU (France, Italy, Austria), favourable economic trends will likewise continue this year with similar GDP growth rates as last year, while only a slight deceleration is projected for 2008. In Q1, the (y-o-y, seasonally adjusted) GDP growth in France (down from 2.2% to 2.0%) and Austria (up from 3.0% to 3.2%) was similar as at the end of 2006 while it slowed down in Italy (from 2.8% to 2.3%). The projected GDP growth rates for France and Italy in 2007 and 2008 are similar to those achieved last year. In both countries, private consumption will remain the main driving force of growth; apart from that, investment in equipment is expected to accelerate due to the high capacity utilisation which has exceeded its long-term average. The growth of exports will ease off again after the acceleration seen last year, mainly due to the appreciation of the euro and the non-competitiveness of exporters, which is, according to the EC, the result of inappropriate specialisation of both the products and the geographical orientation of exports. Austria will not experience any slowdown in GDP growth this year, mainly due to the projected continuation of the high investment growth rates from 2006, which are set to accelerate even further this year. Private consumption is also expected to record higher growth rates, while export growth will remain robust. There are two main downside risks to the EC's baseline scenario for the euro area: the possibility of an even stronger deceleration in the US GDP growth and higher inflationary pressures than currently expected. In Q1 this year, GDP growth in the USA totalled only 1.9% (y-oy, seasonally adjusted) and is projected to be a good percentage point lower this year (2.2%) than in 2006 according to the latest forecasts. While it is at this point still impossible to say whether the housing downturn has already hit rock bottom, it appears that the FED's scenario, projecting a gradual increase in GDP growth during the year after the initial slowdown, will come true. According to the EC's baseline scenario, inflationary pressures in the euro area will remain limited. The EC thus projects a further decrease in inflation in both 2007 and 2008, from 2.2% in 2006 to 1.9%. These expectations are confirmed by the data for the first four months of 2007, when y-o-y inflation in the euro area was below 2.0%. The ECB is nevertheless expected to raise its main interest rate for the eighth time since December 2005, from 3.75% to 4.0%. Despite the appreciation of the euro, which reached its record-high daily nominal value against the US dollar on 27 April (1.3682 EUR/USD) while its average value in the four months to April was 9.3% higher than in the same period of 2006, further rises of the main interest rate cannot be ruled out over the course of the year. The EC warns of the possibility that amid the further decline in unemployment, pressures on wage growth could increase and could be higher than currently anticipated. The second reason for inflation potentially being higher than currently projected is the rebound in oil prices, which have been hovering above USD 67 per barrel of Brent crude in the last two months, whereas the average price in Q1 was USD 59/barrel. An important difference in comparison with 2006 is that oil production is lower this year as the OPEC is pumping almost two million barrels per day less than last year while the demand for oil has remained roughly the same amid the continued high growth rates of global GDP. Food prices appear to be another important factor. From the summer 2006 onwards, a leap has been recorded in the monthly data on y-o-y rises of food prices in the euro area, an issue that has also been raised by the OECD. Graph: Year-on-year GDP growth rates in the main trading partners within the EU, by quarters (in %) 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 Q1 2005 Q1 Q2 Q3 Q4 Q1 2006 2007 Sources of data: EC Spring Forecasts (May 2007). Competitiveness Slovenian Economic Mirror IMAD No. 5/2007 p. 6 Price competitiveness indicators, average indices 2005 2006 Q1 2007/Q4 2006 Q1 2007/Q1 2006 Effective exchange rate against 17 trading partners1 Nominal 99.3 100.2 100.2 100.9 Real exchange rate - based on consumer prices 99.7 100.7 99.6 101.4 Real exchange rate - based on producer prices2 99.4 99.1 100.9 102.1 Effective exchange rate against 10 trading partners outside the euro area Nominal 98.5 100.6 100.6 102.9 Real exchange rate - based on consumer prices 99.0 100.8 100.0 103.1 Real exchange rate - based on producer prices2 98.6 100.1 101.4 104.6 Effective exchange rate against 7 trading partners in the euro area1 Real exchange rate - based on consumer prices 100.1 100.6 99.5 100.6 Real exchange rate - based on producer prices2 99.8 98.8 100.7 101.0 Sources of data: SORS, AP, BS, OECD Main Economic Indicators; calculations by IMAD. Notes: 1against the basket of currencies of 17 trading partners (Austria, Belgium, Germany, Italy, France, Netherlands, Spain (7 euro area trading partners), Denmark, United Kingdom, Sweden, Czech Republic, Hungary, Poland, Slovakia, USA, Switzerland, and Japan (10 trading partners outside the euro area); 2deflated by manufacturing producer _prices in the domestic market._ Slovenia's price competitiveness measured by relative consumer prices was slightly better in Q1 of 2007 than in Q4 of 2006, however it deteriorated in year-on-year terms. The improvement at the quarterly level was the result of the drop in Slovenian consumer prices compared with prices abroad (by 0.5%). The Slovenian effective exchange rate of the euro depreciated against 17 trading partners in real terms from Q4 of 2006 (-0.4%) although it appreciated slightly in nominal terms (0.2%). Year on year, the Slovenian effective exchange rate rose somewhat more noticeably (1.4%), largely due to the stronger appreciation of the euro against the US dollar (10%) and the Japanese yen (11.3%). The annual increase in relative consumer prices recorded in Q1 this year (0.5%) was the same as in Q3 and Q4 of 2006. Measured by relative producer prices, Slovenia's price competitiveness deteriorated at both quarterly and year-on-year levels in Q1 of 2007. The growth of Slovenian producer prices in comparison with foreign prices slowed down somewhat at the quarterly level (from 1.4% in Q4 of 2006 to 0.7%) but accelerated at the year-on-year level (from 0.2% to 1.2%). Therefore, the real appreciation of the Slovenian effective exchange rate continued in Q1 this year, at a decelerated pace at the quarterly level (0.9% over 1.3% in Q4 of 2006) and at an accelerated pace at the year-on-year level (2.1% over 0.9%). Due to the gradual appreciation of the euro in international currency markets observed since the beginning of 2006, the deterioration of Slovenia's price competitiveness in Q1 of 2007 was more pronounced in comparison with the competitive countries outside the euro area, especially at the year-on-year level. Slovenia's effective exchange rate appreciated against the 10 trading partners from outside the euro area, by 2.9% in nominal terms and by 3.1% in real terms (measured by relative consumer prices, y-oy), whereas the real appreciation measured by relative producer prices totalled 4.6%. The real growth of the effective exchange rate against the currencies of the seven main trading partners from the euro area totalled just 0.6% and 1%, respectively. Three months after the euro adoption, Slovenia was among the euro area member states whose price competitiveness remained roughly at the December level, similarly as did that of Italy, the Netherlands, Greece, and Belgium. According to ECB's calculations, only the French price competitiveness improved in March over December (see the methodological note in the graph). In circumstances where the euro is appreciating, the nominal appreciation of Slovenia's effective exchange rate is relatively lower due to the regional structure of Slovenia's trade in goods. The share of Slovenia's trade with the euro area, where the common currency eliminates any currency risks, is higher than in most euro area countries. In addition, the evolution of Slovenia's relative consumer prices was also relatively favourable in the three months to March this year. Compared with Q1 of 2006, the price competitiveness of the euro area members deteriorated without exception due to the strong euro. In year-on-year comparisons, Slovenia was approximately in the middle of the member countries. Graph: Harmonised real effective exchange rates of the euro, deflated by relative consumer prices, in Q1 of 2007* 4.0 3.5 3.0 2.5 -f 2.0 1.5 1.0 + 0.5 0.0 +1 -0.5 □ Average Q1 2007/Q1 2006 □ March 2007/Dec. 2006 PT LU ES DE Euro area AT SI GR NL BE FR Source of data: ECB. Note: * 44 trading partners are included in the calculation of the real effective exchange rate for the euro area; for member countries, other members of the euro area are included next to these 44 trading partners; an increase in value indicates an appreciation and vice versa. E Price Trends & Policy Slovenian Economic Mirror IMAD No. 5/2007 p- 7 Price indices 2006 2007 Dec 2006/ Dec 2005 O (Jan 06-Dec 06)/ O (Jan 05-Dec 05) Apr 2007/ Mar 2007 Apr 2007/ Apr 2006 O (May 06-Apr 07)/ O (May 05-Apr 06) Consumer prices (CPI) 102.8 102.5 101.1 102.6 102.5 Goods 102.1 102.0 101.5 102.2 101.9 Fuels and energy 103.9 108.2 103.4 102.3 104.6 Other 101.7 100.5 101.0 102.2 101.3 Services 104.3 103.4 100.3 103.4 103.8 Consumer prices (HICP) 103.0 102.5 101.1 102.9 102.6 Administered prices1 102.1 105.8 102.6 102.2 103.4 Energy 103.7 108.0 103.6 102.1 104.4 Other 97.9 100.2 100.1 102.4 101.2 Core inflation: - trimmean 102.7 102.8 100.9 101.7 102.4 - excluding food & energy 102.0 101.2 100.4 101.5 101.6 Producer prices: - domestic market 102.8 102.3 100.2 104.9 103.3 - EMU 106.3 102.6 100.7 107.6 105.0 Consumer prices in the EMU 101.9 102.2 100.6 101.9 102.0 Sources of data: CPI, HICP, IPI: SORS; administered prices and core inflation: IMAD's estimate; MUICP in the EU: Eurostat (provisional data) and IMAD's recalculation. Note: figures are not directly comparable between the years due to the annual changes of the administered prices index. April's high inflation did not jeopardise the long-term price stability. Average inflation remained the same as in March, at 2.5%. At the year-on-year level, inflation was 0.3 p.p. higher compared with March and totalled 2.6%. Measured by the HICP, inflation totalled 2.9% at the year-on-year level (see the table). The prices of services rose less than in the same period of 2006, by 0.8%. The increase in merchandise prices was comparable to that seen last year, totalling 1.5%. The core inflation indicators still confirm the stability of prices in Slovenia. The price increase in April reflected the rises in the prices of food, clothing and footwear, and liquid fuels for transport and heating. Food prices rose by 2.1% and contributed 0.3 p.p. to inflation. The total increase in food prices this year has amounted to 3.5%, contributing 0.6 p.p. to inflation in this period. Most of this contribution may be attributed to the price rises of seasonal food (especially fresh vegetables). Given the seasonal character of these goods, we can therefore expect their prices to decrease in the months ahead and their contributions to inflation to turn negative. On the other hand, the prices of liquid fuels for transport and heating also rose in April over March and pushed inflation up by 0.3 p.p., whereas their total contribution this year has been slightly less than 0.4 p.p. The 3.3% increase in the prices of clothing and footwear added 0.3 p.p. to April's inflation. Compared with December, however, clothing and footwear was still 2% cheaper. In accordance with the Government's decision, the prices of household electricity were raised by 4.9% in April. This increase is in line with the price trends in the EU and appears to be macroeconomically sustainable, posing no threat to the stability of the overall price level. The household electricity market will be liberalised on 1 July this year; however, any further increases in electricity prices are not regarded as economically justified. Producer prices of Slovenian manufacturers are rising in both home and foreign markets. In the euro area, producer prices rose by 0.7% in April for the second consecutive month, while their year-on-year increase amounted to 7.6%. In foreign markets as a whole, the prices of industrial products rose by 4.4% year on year. This rise was prompted by the increase in the prices of energy and commodities sold by Slovenian producers abroad. These prices rose by a respective 9.9% and 9.6%, year on year. In the domestic market, the year-on-year increase in producer prices totalled close to 5%, largely reflecting February's rise in electricity prices. Graph: Price index of seasonal and non-seasonal food 110 100 90 80 70 .... Non-seasonal food products \ / \ ^A J \ * * * V y + \ j r * \ A / Jan 00 Jan 01 Jan 02 Jan Jan 03 04 Source of data: SORS. Jan 05 Jan 06 Jan 07 Money Market - Household Savings Slovenian Economic Mirror IMAD No. 5/2007 p. 8 Household savings in banks and mutual funds managed by domestic administrators EUR m, nominal Nominal growth rates, % 31 Dec 2006* 28 Mar 2007 31 Mar 2007/ 28 Feb 2007 31 Mar 2007/ 31 Dec 2006* 31 Mar 2007/ 31 Mar 2006* Total savings 11,451.3 11,627.0 0.0 1.5 8.7 Euro savings, total 7,181.3 11,193.0 0.1 N/A N/A Overnight deposits1 3,730.9 5,255.0 0.3 N/A N/A Short-term deposits 2,558.1 4,415.0 -0.4 N/A N/A Long-term deposits 677.2 1,097.0 -2.5 N/A N/A Dep. redeemable at notice 215.0 426.0 9.2 N/A N/A Foreign currency savings 4,270.0 434.0 -1.6 N/A N/A Overnight deposits1 1,794.3 188.0 -1.6 N/A N/A Short-term deposits 1,877.1 190.0 -1.6 N/A N/A Long-term deposits 474.4 46.0 -2.1 N/A N/A Dep. redeemable at notice 124.2 10.0 0.0 N/A N/A Mutual funds2 1,967.3 2,461.2 6.8 25.1 59.8 Source of data: Monthly Bulletin of the BS, IMAD's calculations. Notes: 1demand deposits, 2data for April 2007; *due to the transfer of euro loans to domestic currency loans, data from previous years are not comparable with data for 2007, and calculations of growth rates are therefore senseless. After four consecutive monthly increases, the volume of household deposits in banks stagnated in March. Only euro deposits achieved modest growth while foreign currency deposits continued to gradually decline. The largest drop in March (-2.5%) was recorded in long-term time deposits; on the other hand, deposits redeemable at notice achieved exceptionally high growth rates for the third month in a row, having surged by 28.5% over the first quarter. Due to February's strong net inflows, the total net flows amounted to EUR 175.7 m in the first quarter, 2.6-times more than in the same period of 2006. Short-term deposits and deposits redeemable at notice enjoyed the highest inflows while long-term and overnight deposits recorded net outflows. Since the year-on-year growth rate has been rising for approximately the last six months, we infer that this was possibly partly underpinned by the increases in deposit interest rates which, however, have lagged somewhat behind the rises in the lending interest rates as well as the rises in the comparable interest rates in the EMU. Domestic-managed mutual funds have resumed their strong growth in 2007. The volume of their assets has been rising month by month, exceeding the value from end-2006 by a good quarter in the first four months of the year. The highest (almost 30%) increase in assets was recorded by stock mutual funds. Within that group, the funds that target their investment strategies to the Balkan markets were the most successful. Previous high returns having made them highly attractive, the latter almost tripled the volume of assets in this period. The total volume of assets thus amounted to EUR 2,461.2 m, which corresponded to almost a fifth of household savings in banks. The net flows into domestic-managed mutual funds amounted to EUR 204.6 m in the four months to April, 4.7-times more than in the same period last year and more than in 2006 as a whole. We can therefore expect that this year, mutual funds will also exceed their highest value from 2004, when they achieved net inflows in the amount of EUR 342.4 m. Among individual groups of funds, bond mutual funds and funds of funds recorded net outflows. Savers' attitude towards risk has changed significantly over the last two years. While almost two-thirds of inflows were still invested in the somewhat safer mixed funds in 1997-2004, nowadays the bulk of inflows is directed to the more risky stock mutual funds, which have received more than 90% of the total inflows into mutual funds. Since a relatively small share of household savings is currently invested in the mutual funds with higher risk rates, we estimate that macroeconomic stability is not yet under any threat. There is, however, the possibility of high individual risks, especially for inexperienced investors. Graph: Net flows into mutual funds 60 50 40 30 20 10 0 -10 -20 -30 -40 □ Stock funds ■ Bond funds □ Money market mutual funds □ Mixed funds □ Funds of funds ^^^^r^r^r^r^r^r^r^^TiniDLOlDlDlDlDlDlDlDininCDCDtDCDCDCDCDCDCDCDcDtDI^I^I;:-!^ o o o o >, c 3 ct Q- < M O eae >, C 3 CT a. eae >, C 3 CT cp a u u e cr e S o Z a 2 a 2 e S o Z Source of data: SORS, www.euribor.org, British Banker's Association. Labour Market Slovenian Economic Mirror IMAD No. 5/2007 p. 10 thousands % growth Selected labour market indicators Jan-Dec Mar Dec Mar Mar 07/ Jan-Mar 07/ $ 2006/ 2006 2006 2006 2007 Feb 07 Jan-Mar 06 $ 2005 Registered labour force (A=B+C) 910.7 908.7 911.3 920.0 0.1 1.2 0.6 People in formal employment" 824.8 817.3 833.0 845.8 0.5 3.3 1.4 in enterprises and organisations 675.1 669.7 681.7 689.0 0.5 2.7 1.3 by those self-employed 66.5 64.5 67.5 68.0 1.0 5.1 1.7 self-employed and farmers 83.3 83.1 83.8 88.8 0.2 6.8 2.1 Registered unemployed 85.8 91.4 78.3 74.2 -4.4 -17.4 -6.6 women 47.0 49.6 42.6 40.7 -3.3 -16.4 -4.9 aged over 40 39.7 41.2 37.7 38.1 -1.6 -7.2 -0.9 unemployed over 1 year 41.9 43.2 39.7 37.9 -2.9 -10.9 -3.6 Rate of registered unemployment (C/A), % 9.4 10.1 8.6 8.1 - - - male 8.9 8.3 7.1 6.6 - - - female 12.0 12.2 10.5 10.0 - - - Job vacancies 19.0 21.7 15.9 23.6 32.6 6.9 12.3 for a fixed term, % 75.3 76.6 76.4 77.5 - - - No. of people hired 13.0 13.4 9.1 13.9 19.7 0.0 13.8 Lower education 3.9 4.1 2.6 4.6 20.4 5.9 19.4 Secondary education 7.1 7.3 5.2 7.5 21.8 -1.4 13.8 Tertiary education 2.0 2.0 1.3 1.8 10.4 -6.1 4.3 Sources of data: SORS, ESS, IMAD's calculations. Note: persons in employment according to administrative sources. Employment is still rising while unemployment continues to decline. The number of people in employment rose by a further 0.5% in March while the number of registered unemployed fell to 72,773 in April. In April, fewer people again lost work than found it. According to statistical data, the number of people employed in construction only rose by 0.4% in March, however this was due to the statistical recategorisation of DARS (the Slovenian motorway construction company) from the construction to the transport sector. If The registered unemployment rate decreased to this recategorisation were ignored, the number of 8.1% in March. The registered unemployment rate workers in construction would have risen by 2.°% in typically declines seasonally between February and March. On the other hanc1, for the same the June, but this year this process has been even more increase in the number of people employed in the pronounced. The number of employed persons rose transport sector would also have been lower in March, more than in the previous year, and consequently the 05% rather than 28% as shown by the statistical data. number of unemployed fell at a faster rate than it has In M1^1, employment also rose considerably in a|| other usually dropped in this period in the last 15 years. service activities except in public administration and Formal employment rose considerably in Q1. In education. March over February, it climbed by a further 0.5% (see Registered unemployment feN by 1.2% in Api-M. A total of 5,439 people registered anew, 3,955 thereof due the table). However, an increase in March is a common seasonal phenomenon due to the higher number of workers in construction. A particularly notable rise was recorded in the number of employees in enterprises and organisations (by 4,100 or 0.5%). The average number of people in employment in the first quarter of 2007 was thus 3.3% higher than in the same quarter of 2006. The highest increase in employment is still observed to job loss. 4,245 unemployed people were hired, which is less than in March and less than in April 2006. The number of the registered unemployed declined by a further 2,398 for other reasons. The number of vacancies saw a seasonal drop in April while the number of people hired continued to rise. The number of vacancies (20,591) fell by 12.5% in construction and in business services. January's from March but rose by 11.6% over April 2006, while the increase in the number of farmers, which was largely number of people hired (14,367) rose by 0.3% from statistical in nature, also contributed significantly to the March and decreased by 0.9% over April 2006. high y-o-y increase in Q1 of 2007 (see the graph)._ Graph: Increase in the number of persons in formal employment by sector, quarterly rises 2005-2007 120 • Agriculture • Construction • Education, health > Industry ■ Mainly market-oriented services Public administration 100 90 Q1 2005 Q2 Q3 Q4 Q1 2006 Q2 Source of data: SORS, calculations by IMAD. Q3 Q4 Q1 2007 B C D E F Earnings Slovenian Economic Mirror IMAD No. 5/2007 p. 11 Gross wage per employee, growth index Wages in In nominal terms In real terms1 EUR Mar 2007 Mar 07/ Feb 07 Mar 07/ Mar 06 Jan-Mar 07/ Jan-Mar 06 Mar 07/ Feb 07 Mar 07/ Mar 06 Jan-Mar 07/ Jan-Mar 06 Gross wage per employee, total 1,252.12 103.2 105.0 105.4 102.2 102.6 103.0 Private sector (activities A-K) 1,183.63 104.1 105.5 106.3 103.0 103.2 104.0 A Agriculture 1,023.44 104.7 105.5 106.4 103.6 103.1 104.1 B Fisheries 918.67 93.3 88.6 96.2 92.4 86.6 94.1 C Mining and quarrying 1,508.32 101.3 103.4 103.6 100.3 101.1 101.3 D Manufacturing 1,098.80 105.1 104.5 105.9 104.0 102.2 103.5 E Electricity, gas and water supply 1,500.51 104.1 101.6 103.0 103.0 99.3 100.7 F Construction 1,038.54 104.3 106.6 107.1 103.3 104.2 104.7 G Wholesale, retail; certain repairs 1,142.83 104.2 108.3 108.0 103.2 105.8 105.6 H Hotels and restaurants 906.02 103.7 105.4 104.0 102.7 103.0 101.6 I Transport, storage & communications 1,358.64 103.2 105.3 106.7 102.1 102.9 104.3 J Financial intermediation 1,830.11 101.1 106.0 107.9 100.1 103.6 105.5 K Real estate, renting, business services 1,320.61 103.6 105.1 105.3 102.6 102.8 103.0 Public services (activities L to O) 1,452.36 101.4 104.2 103.5 100.4 101.8 101.2 L Public administration 1,444.89 100.2 103.2 102.5 99.2 100.9 100.2 M Education 1,529.84 100.8 104.9 104.8 99.8 102.6 102.4 N Health and social work 1,368.74 101.8 103.0 102.7 100.8 100.7 100.4 O Other social and personal services 1,441.48 105.4 107.0 104.1 104.3 104.6 101.7 Source of data: SORS and IMAD's calculations for the private sector and public services. Note: deflated by the consumer price index. The gross wage per employee rose by a nominal 3.2% in March after a two-month decline. An increase in earnings is characteristic of that month since it is the longest in terms of working days. The effect of the higher number of working days was most evident in the private sector (A to K) where the gross wage per employee rose by 4.1% in nominal terms. Within the private sector, manufacturing industries typically have the highest share of paid overtime work relative to gross average wage. This is also the reason for the highest, 4.8% increase in the nominal gross wage per employee being recorded in industry and construction (activities C, D, E, F). Earnings rose the most in manufacturing, which was expected given that the growth of wages in this sector is the most dependent on the length of the working month. The smallest increase in March wages was observed in mining and quarrying, following the usual seasonal dynamics for this activity. The nominal wage rise in the group of production services (G, H, I) was somewhat slower. It totalled 3.9%, exhibiting no substantial divergence across the activities. Earnings in the group of business services (J, K) rose at the slowest pace, reaching 2.7% nominal growth on average. The main reason was the slower growth of earnings in financial intermediation compared with the real estate activity (see the table). Public services (L to O) recorded a 1.4% nominal rise in the gross wage per employee. The wage rise seen in March was the result of promotions, although in some activities the effect of promotions is not seen until April. In health and social care, the increase in earnings was also underpinned by the number of working days and the volume of paid overtime work - the latter rose considerably in March. In the first quarter of the year, the level of the gross wage achieved a 5.4% nominal and 3.0% real increase. The achieved real increase is comparable to that of 2006, when it totalled 3.1% and 2.1% in 2005. The gross wage per employee in the private sector rose by 6.3% in nominal and 4.0% in real terms, The real increase in the same period of 2006 totalled 3.7% while in 2005 it was 2.7%. In public services, earnings rose at a slower pace, by 3.5% in nominal and 1.2% in real terms. In the comparable periods of 2006 and 2005, the real gross wage in public services increased by 1.8% and 0.5%, respectively. Graph: Nominal gross wage per employee by groups of activities May Jun Jul Aug Sep Oct Source of data: SORS, calculations by IMAD. Jan 2007 Manufacturing Slovenian Economic Mirror IMAD No. 5/2007 p. 12 Selected economic indicators Growth rates, % Mar 2007/ Feb 2007 Mar 2007/ Mar 2006 Jan-Mar 2007/ Jan-Mar 2006 Jan-Dec 2006/ Jan-Dec 2005 Production value1 15.3 10.1 10.6 6.9 - highly export-oriented industries2 10.6 9.5 12.4 7.6 - mainly export-oriented industries3 16.7 13.2 12.2 8.8 - mainly domestic-market-oriented industries4 19.1 5.1 5.1 1.9 Average number of employees 0.1 1.1 0.8 -1.7 Labour productivity 15.2 8.9 9.7 8.7 Level of inventories5 1.4 6.6 5.7 1.8 Turnover5 15.5 6.9 8.6 5.4 New orders5 13.8 5.9 5.2 5.5 Industrial producer prices (domestic market) 0.4 3.8 4.0 2.3 - producer prices/inflation -0.6 1.5 1.7 -0.2 Source of data: SORS; IMAD's calculations. Notes: real growth calculated on the basis of data on production value - SORS' recalculation with the IPI (provisional data); Manufacturing industries (DG. DK. DM) which earn over 70% of their average net revenues from sales in foreign markets according to data on Slovenian commercial companies from the AJPES (2005); Manufacturing industries (DB. DC. DD. DH. DJ. DL. DN) which earn 50% to 70% of their average net revenues from sales in foreign markets; Manufacturing industries (DA. DE. DF. DI) which earn less than 50% of their average net revenues from sales in foreign markets; 5real growth. The first quarter of 2007 was characterised by the vigorous growth of industrial production in manufacturing. According to the SORS' provisional data, the value of production increased by 15.3% in March over February, and by 1.9% if the data are seasonally and working-day adjusted. At the year-on-year level, manufacturing enjoyed record-high, 10.6% growth in the first three months of the year, which was also one of the highest increases in the EU. At the end of the first quarter, the increase in turnover from sales in the domestic market was higher than the increase in foreign markets. With the exception of Q4 of 2002, this happened for the first time since 1999. Compared with the same period of 2006, the turnover generated in the domestic market rose by a real 8.9% in the first three months of 2007, with the highest growth rates being recorded in the subindustries DI (manufacture of other non-metal mineral products) and DD (wood-processing), both above 30%. The latter two industries also achieved the highest growth rates of production volumes in this period, which may be attributed to the favourable trends in construction (see p. 13). The increase in manufacturing's turnover generated in foreign markets was only slightly lower, at 8.5%. Within that, the real increase in the turnover generated in the euro area totalled 6.4% while the increase in turnover from sales in foreign currency areas was 11.9%. The share of companies reporting a shortage of labour is rising. While there are increasingly few companies that report insufficient demand, competitive imports, financial difficulties, and uncertain economic conditions as limiting factors for production, the main impediment to production stated by companies in the first half of 2007 was the shortage of skilled labour. The shortage of workers in general also rose substantially and both indicators thus reached their undeniable peaks in the last 11-year period. Companies are optimistic regarding production in the months ahead. In May, the seasonally adjusted value of the confidence indicator (comprising total order books, the level of inventories, and production expectations) rebounded to its historically highest level. This rise was largely underpinned by the high estimated total orders, coupled with the slightly improved production expectations for the next three months. On the other hand, the indicators of expected prices and the expected number of employees, which are not included in the confidence indicator, recorded lower values compared with the high April values. Graph: Business tendencies in manufacturing, limits to production 40 35 30 25 20 15 10 5 □ Average 1996 - 2006 ■ Average 2000 - 2006 □ Av erage 2007* tH 1 IT t>- -e E o O Source of data: SORS; calculations by IMAD. Note: *av erage of the first two quarters. 0 Construction Slovenian Economic Mirror IMAD No. 5/2007 p. 13 Selected construction indicators, real indices March 2007/ March 2006 Q1 2007/ Q12006 2006/ 2005 Value of construction put in place1 136.6 135.0 115.3 Buildings 123.6 121.0 114.0 Residential buildings 99.3 90.8 102.6 Non-residential buildings 132.1 131.6 117.7 Civil engineering 164.2 167.4 116.! Value of the stock of contracts1, 1 44.9 144.9 173.5 Value of new contracts1 79.2 77.6 152.3 Number of people employed in construction 110.5 111.3 107.5 Average gross wage per worker employed in construction 104.2 104.7 103.5 Sources of data: SORS, CCIS; calculations by IMAD. Notes: 1the analysis covers enterprises whose value of construction put in place totalled at least SIT 330 m according to the financial statements for 2004, divisions engaged in construction activity employing at least 20 workers, and several non-construction enterprises which carry out construction activity; 2end of period; 3deflated by the CPI. Construction activity remained at a high level in the first quarter of 2007. According to seasonally adjusted data, activity rose by 1.8% in Q1 relative to the previous quarter, recording the lowest quarterly increase in the past year (the average growth in previous quarters was above 9%). The value of construction put in place (see the note under the table) was 35.0% higher in Q1 than in the same period of 2006. Favourable weather conditions in the first quarter enabled the speedy realisation of planned projects, which is particularly evident in civil engineering. The increase in construction activity was higher in civil engineering. According to seasonally adjusted data, the value of construction put in place in civil engineering rose substantially for the fourth consecutive quarter (by 9.8% in Q1 alone) and was 67.4% higher than in the same quarter of 2006. This vigorous growth is estimated to reflect the accelerated construction of motorways. Activity in the construction of buildings declined according to seasonally adjusted data. The value of construction put in place in the construction of buildings rose steadily from quarter to quarter last year to reach a record-high level in Q4. The value of construction put in place decreased by 2.0% in the three months to March this year but was still 21.0% higher than in the same period last year. Seasonally adjusted activity declined both in the construction of residential and nonresidential buildings. Otherwise, activity rose considerably in the construction of non-residential buildings while it fell in the construction of residential buildings compared with the same period of 2006. In the latter, it even reached the lowest level in two years, according to seasonally adjusted data. In interpreting the value of residential construction put in place we note that these figures exclude the activity of smaller companies (see the note under the table) in which, in our estimate, the construction of buildings is the main activity. The increase in the number of employees continued in Q1. The number of people employed in the construction sector in 2006 was 7.5% higher than in the year before. In the first quarter of 2007, the number of employees rose by as much as 11.3% over the year before. The number of employees by activity rose particularly in building completion and general construction, similarly as last year. In terms of employee status, sole proprietors and their employees recorded higher growth rates (also see p. 10). In Q1, the total planned floor area of all buildings was smaller than in the same period of 2006 due to the decrease in non-residential buildings. The planned floor area of new buildings and extensions was 3.6% smaller than in the same period of 2006. The decline reflects the exceptionally large total floor area of non-residential buildings recorded in Q1 of 2006 (almost twice as high year on year), which was 26.7% smaller this year, year on year. The total planned floor area of residential buildings rose by 25.9% in Q1 over the same period of 2006. The issued building permits were granted for the construction of 1,946 new dwellings, 14.7% more than a year ago. Graph: Seasonally adjusted real indices of the value of construction put in place 170 160 150 140 130 120 110 100 90 Q1 2003 Source of data: SORS. Selected Topics Slovenian Economic Mirror IMAD No. 5/2007 pp. 15-24 The Environmental Component of Economic Development Slovenian Economic Mirror IMAD No. 5/2007 p. 17 A new paper entitled 'The Environmental Component of Economic Development in Slovenia in Recent Years', written by Mojca Vendramin, has been published in the IMAD Working Paper Series. The author discusses the issue of energy intensity and the related pressures on the environment caused by manufacturing industries, which increase when these industries are in a phase of expansion. Further, the author analyses trends in the utilisation of renewable energy sources and the generation of greenhouse gas emissions. Transport, whose development is strongly geared towards non-sustainable modes, is an important contributor to the latter. The paper also examines how successfully the pressures on the environment are being reduced in agriculture and waste management._ Slovenia has a relatively high energy intensity, which is partly due to its economic structure itself and to the modest policy measures aimed at promoting efficient energy use. Changes in sectoral energy intensity indicators have fluctuated considerably; however, an analysis of the 2000-2005 period shows that energy intensity improved on average in energy consumption in households and the commercial sector, stagnated in the transport sector, and even deteriorated slightly in manufacturing and construction. Following the substantial increase in 2003 and the slight improvement in 2004, manufacturing's energy intensity rebounded in 2005. This deterioration largely reflected the large increase in energy intensity in all of the three most energy intensive sub-industries: the manufacture of other non-metal mineral products, the manufacture of pulp and paper, and the manufacture of metals and metal products. These three branches, along with the chemical industry, include industries that also emit the highest concentrations of harmful substances per unit of product, i.e. the so-called emission-intensive industries. It is therefore unfavourable in terms of pressures on the environment that the growth of production volumes in these industries was much faster than the growth of other production volumes in 1999-2004. This gap narrowed in 2005 but reaccelerated in 2006 when the increase in the volume of production of emission-intensive industries was almost double the increase in other manufacturing industries. Slovenia's share of energy-intensive industries in manufacturing is one of the highest in the EU. The share of value added generated in manufacturing industries is among the highest in Slovenia. In 2005, it was the highest in the Czech Republic (25.9%), followed by Slovenia (24.6%) and Ireland. However, this does not necessarily indicate a high energy intensity of the economy, which also depends on the structure of manufacturing industries. The Slovenian structure has above-average shares of all energy intensive branches: non-metal, metal, and paper industries. The share of the metal industry is particularly high, almost double the EU average; it is only higher in Slovakia and equally high in the Czech Republic (4.1% of the total value added in 2004). In addition to these three countries, a high share of energy-intensive industries to the total value added is also found in Finland, however on account of its by far the highest share of paper industry. A comparison of energy consumption relative to value added shows a significant divergence towards higher energy intensity of the Slovenian paper and non-metal industries (according to the latest available data for 2004). The use of renewable energy sources is not on a rising trend. Although the use of RES fluctuates relative to climate conditions, the increase in energy consumption in 2000-2005 was much faster than the increase in RES. The ratio of RES to total energy consumption thus declined in this period on average. The share of RES-produced electricity consumption dropped even more since the production of electricity from these sources declined on average in this period. There are few national incentives to achieve the targets of efficient energy and RES use. In addition to price policy, the main instruments to achieve the environmental and energy policy goals include financial aid for programme implementation, however its share in GDP is modest and has been decreasing since 2003. Greenhouse gas emissions have been rising since 2000. In 2005, they were 0.5% higher than in 1986, which is the reference year for compliance with the Kyoto Protocol requirements. Emissions from transport are notably on the rise, having more than doubled by 2005 relative to the reference year. GHG emissions from industrial processes as well as from energetics and energy use in industry have also been rising steadily since 2000, whereas emissions from energy consumption in households and the commercial sector, and from agriculture decreased. The large increase in transport emissions reflects the growing road freight transport, both national and transit, particularly after Slovenia joined the EU, as well as the automobilisation of passenger transport. Such trends are also characteristic of other EU countries but they are more pronounced in Slovenia, which can be attributed to the consequences of transport policy that has directed all investments to the construction of the motorway network and neglected the railway infrastructure and public passenger transport. Pressures on the environment from agriculture are gradually declining. The consumption of nitrate fertilisers and the number of livestock per hectare of land are falling, while milk production and the yield of crops per hectare, which are still below the EU average in Slovenia, are rising. The use of pesticides has stabilised. The expansion of organic farming slowed down in 2005 after the strong acceleration in 2003. Although the share of organically farmed areas in Slovenia is above the EU average, it is still low given the country's natural endowments. In the area of waste management, the treatment of municipal waste is the most problematic since the bulk of it is still landfilled. While the growth of municipal waste lags behind economic growth, separate collection of this waste is still inefficient. Only an estimated quarter of the packaging waste produced by households and the commercial sector is currently collected. Separately collected waste is a precondition for the more sustainable forms of waste management, such as recycling or recovery. Student Exchange - Erasmus Programme Slovenian Economic Mirror IMAD No. 5/2007 p. 18 Share of students studying abroad within the Erasmus programme (%)1 Erasmus students abroad Number of foreign Erasmus students in the country Balance: students abroad -foreign students in the country Number Change (%) Academic year 99/00 00/01 01/02 02/03 03/04 2004/05 03/04-04/05 2004/05 2004/05 Belgium 1.4 1.3 1.3 1.3 1.4 4,833 0.9 4,728 105 Czech Rep. 0.5 0.8 0.9 1.1 1.2 4,178 16.4 1,946 2,232 Denmark 1.0 1.0 0.9 1.0 0.8 1,793 6.3 3,880 -2,087 Germany 0.8 0.8 0.8 0.9 1.0 22,427 8.4 17,273 5,154 Estonia N/A N/A 0.4 0.5 0.4 444 45.6 275 169 Ireland 1.0 0.9 N/A N/A 1.2 1,572 -7.8 3,649 -2,077 Greece 0.4 0.3 N/A N/A 0.4 2,491 4.4 1,658 833 Spain N/A N/A N/A N/A 1.1 20,819 3.9 25,511 -4,692 France 0.8 0.8 0.9 0.9 1.1 21,561 2.8 20,519 1,042 Italy 0.7 0.7 0.7 0.8 0.8 16,440 -2.3 13,370 3,070 Cyprus 0.2 0.0 0.3 0.3 0.2 93 45.3 95 -2 Latvia 0.2 0.2 0.2 0.2 0.2 607 97.1 150 457 Lithuania 0.3 0.5 0.5 0.6 0.6 1,473 23.4 388 1,085 Luxembourg N/A N/A N/A N/A 2.0 116 -15.9 16 100 Hungary 0.5 0.6 0.5 0.5 0.5 2,316 12.5 1,297 1,019 Malta 0.0 1.2 1.6 0.8 1.5 130 9.2 310 -180 Netherlands 0.9 0.8 0.8 0.8 0.9 4,743 8.1 6,842 -2,099 Austria 1.3 1.3 1.5 1.6 1.9 3,809 2.4 3,536 273 Poland 0.2 0.2 0.2 0.3 0.3 8,390 33.7 2,332 6,058 Portugal 0.7 0.7 0.7 0.8 1.0 3,845 1.7 4,166 -321 Slovenia 0.2 0.2 0.4 0.4 0.5 742 35.9 378 364 Slovakia 0.3 0.3 0.4 0.4 0.4 979 43.5 284 695 Finland 1.3 1.2 1.1 1.2 1.3 3,932 -0.5 5,351 -1,419 Sweden 0.9 0.8 0.7 0.7 0.7 2,698 1.2 6,626 -3,928 UK 0.6 0.5 0.4 0.4 0.4 7,214 -4.3 16,266 -9,052 Bulgaria 0.0 0.2 0.2 0.2 0.3 779 3.7 179 600 Romania 0.4 0.3 0.3 0.4 0.4 2,962 -1.4 602 2,360 Iceland 1.1 1.1 1.0 1.0 1.3 199 -10.0 253 -54 Liechtenstein 0.5 N/A 2.9 0.6 1.6 26 36.8 17 9 Norway 0.5 0.5 0.5 0.5 0.5 1,279 10.6 1,841 -562 Turkey 0.0 0.0 0.0 0.0 0.0 1,142 N/A 299 843 Sources of data: European Commission, SORS; calculations by IMAD. Notes: the analysis covers tertiary-education students. 1A calculation of the percentage of students who went on an Erasmus exchange in 2004/2005 is not possible because international data on the total number of students are not available yet. The numerator denotes students studying abroad within the Erasmus programme while the denominator denotes students studying at home and those studying abroad, whereas foreign students in a given country are not included. The indicator measures the percentage of home nationality students from a given country studying abroad within the Erasmus programme. Erasmus is an EU programme in the area of higher 'credit mobility', to be distinguished from 'diploma education that was launched in the 1987/1988 mobility' or 'long-term' mobility which refer to entire academic year. The participating countries in the studies being completed abroad. programme include EU member states and some other The number of students participating in Erasmus European countries (see the table). Slovenia joined the exchanges in Slovenia is increasing. 879 Slovenian programme in 1999/2000. The aim of the programme is students went on an Erasmus exchange in 2005/2006 to improve the quality of higher education and promote (742 in 2004/2005). The latest internationally mobility within the European higher education area. comparable data are available for 2004/2005 and show The programme's main purpose is to increase the a continuation of a positive trend in most European mobility of students. In addition, the programme also countries. The number of Erasmus students is rising promotes teaching staff mobility, transnational particularly rapidly in the new member states, including curriculum development, intensive courses Slovenia, where the number of Erasmus students rose (winter/summer schools), language courses, etc. by 35.9% from 2003/2004 (5.5% in the EU-25). Students can study at a higher education institution The percentage of Slovenian students studying abroad for a period of between 3 and 12 months. abroad within the Erasmus programme is relatively Students within the Erasmus programme typically low in comparison with other EU-25 countries. The complete only part of their study credits abroad. The most recent calculation at the international level can be European Commission refers to this type of mobility as Student Exchange - Erasmus Programme Slovenian Economic Mirror IMAD No. 5/2007 p. 19 made for 2003/2004. Data show that Slovenia ranks among the bottom half of the EU-25 countries according to this indicator. Nevertheless, between 1999/2000 and 2004/2005, the percentage of Slovenian Erasmus students rose more than that of most other member states. The highest percentages of Erasmus students are recorded in Luxembourg, Austria, and Malta (see the table). The average duration of studies of Slovenian students abroad is increasing. In 2004/2005, Slovenian Erasmus students spent an average of 6.2 months abroad (6.0 months in 2003/2004), which ranks Slovenia in the upper half among the EU-25 countries and in the top position among the new member states. Students of business studies comprise the highest share of Slovenian Erasmus students. The structure of students abroad by fields of study shows that most students (25.3%) studied business studies in 2004/2005, followed by language and philological sciences (19.0%). The percentage of law students was also relatively high (8.5%). The shares of students of mathematics and informatics are low. The number of foreign students in Slovenia is also rising, although the number of Slovenian Erasmus students abroad is much higher than the number of foreign students in Slovenia. The number of the latter in 2004/2005 was 396 (223 in 2003/2004), having risen sharply from 1999/2000 to 2004/2005 (around 20-fold). The biggest proportion of Slovenian students go on study exchanges to Germany, Spain, and Austria. Data show that most Erasmus student flows are exchanged between Slovenia and the old EU member states, although the percentage of Slovenian students studying in other new member states and that of students from other new member states studying in Slovenia are also on the increase. In the 2005/2006 academic year, 87.5% of Slovenian Erasmus students went to study in the EU-15 (94.9% in 2004/2005). Within that, most went to Germany (15.4%), Spain (13.0%), and Austria (10.0%). The most recent data on the number of foreign students in Slovenia are available for 2004/2005 and show a similar picture. Most students came to Slovenia from Germany, France, and Portugal, while the percentage of such students from the EU-15 totalled 81.3%. The most common problems facing Erasmus students include financial difficulties and lengthening the duration of their study. The European Commission's Survey of the Socio-Economic Background of Erasmus Students (2006), which covers students from the 2004/2005 academic year, showed that approximately half of all Erasmus students faced financial troubles since the Erasmus grant does not suffice to cover the study-related costs. 54.6% of the Slovenian students responded that the Erasmus grant was insufficient. Another problem that Erasmus students often encounter after returning home is the lengthening of their study (see Graph 1). Further, another important effect of the Erasmus programme is the change in career-related expectations (see Graph 2). Graph 1: Proportion of students reporting an increase in the length of their study as a result of their participation in the Erasmus programme, 2004/2005 100 80 60 40 20 0 ■SS E D . 3 = ■§ i a = g a -s i = CQ £ W Q- QCÛ I <3 Sources of data: European Commission 2006, Survey of the socio-economic background of Erasmus students (2006). .£2 -o « Graph 2: Change in Erasmus students' career-related expectations, 2004/2005 100 80 60 40 20 > I 8 yr c er O g D tr ar ra a g n & o P D m x > o co □ Not at all □ Very little □ Partly □ To some extent □ To a large extent zi Sources of data: European Commission 2006, Survey of the socio-economic background of Erasmus students (2006). 0 Business Entities in 2006 Slovenian Economic Mirror IMAD No. 5/2007 p. 20 Business entities, total Natural persons Activity (NACE) Legal entities Total Sole proprietors Other natural persons 1 = 2 + 3 2 3 = 4 + 5 4 5 A 1.964 572 1.392 691 701 B 141 32 109 99 10 C 139 71 68 68 0 D 19.069 7.507 11.562 11.074 488 E 457 218 239 197 42 F 17.708 5.295 12.413 12.404 9 G 25.198 14.108 11.090 11.005 85 H 9.062 2.175 6.887 5.300 1.587 I 9.394 2.625 6.769 6.741 28 J 1.508 808 700 700 0 K 25.151 13.406 11.745 10.446 1.299 L 9 5 4 4 0 M 939 493 446 425 21 N 2.706 719 1.987 365 1.622 O 10.809 1.500 9.309 4.778 4.531 TOTAL 124.254 49.534 74.720 64.297 10.423 Number of business entities on 31 December 2006 Source: AJPES - Business Register of Slovenia. At the end of 2006 a total of 124,254 business entities were registered in the Business Register of Slovenia (PRS). Within that, there were 49,534 (39.9%) legal entities and 74,720 (60.1%) natural persons. The predominant type of legal entities were limited liability companies (87.6%), followed by general partnerships (5.4%), limited partnerships (2.3%), and joint-stock companies (2.2%). The first three corporation types were most common in distributive trades and in real estate, renting and business services, while most joint-stock companies operated in manufacturing. The predominant type among natural persons were sole proprietors (86.0%), most of whom operated in construction, manufacturing, and distributive trades. Slightly less than half of all other individuals were recorded in other community, social, and personal services (see the table). Compared with end-2005 data, the number of business entities registered in the PRS increased by 2,956 (2.4%). The number of legal entities rose by 638 (1.3%) while the number of natural persons increased by 2,318 (3.2%). The number of legal entities rose due to the high increase in the number of limited liability companies, which rose by 1,405 (3.3%). In the category of natural persons, the number of sole proprietors was up by 1,623 (2.6%) while the number of other natural persons rose by 695 (7.1%). The numbers of limited liability companies and sole proprietors enjoyed the highest increases in real estate, renting and business services (by a respective 712 or 6.4% and 922 or 9.7%) and in construction (by 674 or 17.6% and 720 or 6.2%). The number of other natural persons rose most remarkably in agriculture, hunting and forestry (by 223 or 46.6%) and in hotels and restaurants (by 214 or 15.6%). Consequently, the total number of business entities saw the highest increase for the fourth consecutive year in real estate, renting and business services (by 1,572 or 6.7% from 31 December 2005 to 31 December 2006), followed, for the third year in a row, by the rise in construction (by 1,276 or 7.8%). In all quarters of 2006 except the first one, more business entities (legal and natural) were established than closed down (see the graph). In the first quarter alone, the total number of closures exceeded the total number of openings by 520. This happened due to the large number of closed legal entities, most of which were closed due to having been struck off the register of companies pursuant to the Financial Operations of Companies Act (see SEM 5/2006: 23, and SEM 5/2007: 22) Graph: Establishments and closures of business entities, by quarters of 2006 5,000 4,000 j§ 3,000 SE zs Z 2,000 1,000 0 □ Economy subjects - legal entities □ Individual private entrepreneurs □ Other natural persons 5 446! 2,106 ::1,042::: 445 2,097 1,073 426 374 1,914 845 194 5555 552 1,125 345 452 2,099 1,179 203 m? m» 1,356 532 Establishments Cessations Establishments Cessations Establishments Cessations Establishments Cessations Q I Q II Q III Source of data: AJPES - Business Register of Slovenia. Q IV 184 Performance of Commercial Companies and Co-operatives in 2006 Slovenian Economic Mirror IMAD No. 5/2007 p. 21 Commercial companies Cooperatives Indicators 2006 2005 2006 2005 Number of companies1 45,330 45,330 319 319 Number of employees 478,839 460,221 3,695 3,749 Difference between net profit and net loss, SIT m 616,228 438,479 1,264 -550 Ratios Net revenues from sales in foreign markets/Total net revenues, % 30.5 29.7 8,4 6.1 Valued added per employee, SIT thousand 7,465 7,058 5,081 4,824 Total efficiency ratio 1.052 1,041 1.011 0.998 Net profit margin rate 0.038 0,031 0.007 -0.003 Net return on assets ratio 0.034 - 0.011 - Net return on equity ratio 0.090 - 0.022 - Equity financing rate 0.399 0,413 0.480 0.479 Long-term assets rate 0.615 0,629 0.561 0.575 Equity to long-term assets ratio 0.645 0,653 0.856 0.833 Long-term financing to long-term assets and inventories ratio 0.946 0,944 0.837 0.830 Performance of commercial companies and co-operatives in 2006 Source of data: AJPES - data from the balance sheets and profit and loss accounts of commercial companies and co-operatives for 2006; _calculations by IMAD. Note: including commercial companies and co-operatives that operated in both 2005 and 2006._ Commercial companies and co-operatives kept their accounting records and prepared their annual reports for 2006 in accordance with the new Companies Act (ZGD-1, OG Nos. 42/06 and 60/06) and the new Slovenian Accounting Standards (SRS 2006, OG No. 118/05) or international accounting standards. Pursuant to ZGD-1, data from annual reports for 2006 were submitted for the national statistics to the Agency for Public Legal Records and Related Services (AJPES) by 31 March 2007. Data were submitted on standardised forms laid down by the AJPES in the methodological guidelines for submitting annual reports and other data of commercial companies, co-operatives and sole proprietors (OG No. 4/07). The new standardised forms comply with the ZGD-1 and SRS 2006. Due to the changeover to SRS 2006, companies and co-operatives had to make the necessary adjustments and recalculations in the standard forms on individual items for 2005 pursuant to Point 15 of the Explanation 3 to the Introduction to the SRS (2006) - Comparative data for 2005 (OG No. 75/06). The amounts in the standardised forms were presented in tolars for the last time, in accordance with the Explanation 1 to the Introduction to the SRS (2006) - Change of the presentation currency (OG No. 70/06). Company performance in 2006 was more successful than the year before. Data from annual reports for 2006 were submitted to the AJPES by 45,330 companies with 478,839 employees (4.0% more than in 2005), which recorded a positive difference between net profit and net loss in the amount of SIT 616,228 m (40.5% more than in 2005). In 2006, the equity financing rate and the equity to long-term assets ratio decreased, which is explained by the stronger borrowing of companies last year. The performance of co-operatives was strong last year. Data from annual reports for 2006 were submitted to the AJPES by 319 co-operatives with 3,695 employees (1.4% fewer than in 2005), which recorded a positive difference between net profit and net loss in the amount of SIT 1,264 m (compared to a negative difference between net profit and net loss totalling SIT 550 m in 2005). Selected performance indicators of cooperatives improved in 2006 over 2005; only the long-term assets rate declined (see the table). In 2006, commercial companies and co-operatives recorded the highest positive difference between net profit and net loss since 2002 (when SRS 2001 were enforced; see the graph). This is partly attributable to the better performance of companies and cooperatives, and partly to the enforcement of the new SRS (2006). Graph: Difference between net profit and net loss of companies and co-operatives in 2002-2006 (SIT bn) 700 600 500 400 300 200 100 0 Commercial companies 434 392 — 315 215 616 1.5 1.0 0.5 rn 0.0 -0.5 -1.0 Co-operatives 0.2 I I Tzzr -0.2 -0.9 -0.5 1.3 2002 2003 2004 2005 2006 Source of data: AJPES, calculations by IMAD. 2002 2003 2004 2005 2006 Source of data: AJPES, calculations by IMAD. Solvency of Business Entities Slovenian Economic Mirror IMAD No. 5/2007 p. 22 Average daily amount (SIT m) Of which more than 365 days Month No. of legal entities No. of legal entities Average daily amount (SIT m) January 3,324 27,983 1,477 18,459 February 3,225 28,021 1,473 19,074 March 3,299 28,019 1,451 18,847 April 3,361 29,263 1,462 18,780 May 3,383 29,254 1,486 19,253 June 3,363 29,891 1,494 19,406 July 3,353 29,948 1,532 18,860 August 3,314 29,851 1,552 19,155 September 3,408 28,569 1,460 18,284 October 3,501 29,457 1,441 18,480 November 3,391 28,473 1,361 17,668 December 3,317 27,816 1,185 17,712 Legal entities having outstanding matured liabilities for more than 5 consecutive days in a month in 2006 Source of data: AJPES; calculations by IMAD. The number of filed bankruptcy and liquidation procedures fell in 2006 over 2005. There was also a decline in the number of filed compulsory settlements, while the number of legal entities that were struck off the register of companies according to the Financial Operation of Companies Act (ZFPP) increased. According to the AJPES records, 3,353 legal entities on average had outstanding matured liabilities for more than five consecutive days in a month, amounting to an average daily amount of SIT 28,879 m. Among them, 1,448 (43.2%) legal entities had outstanding matured liabilities continually for over one year, averaging out at a daily amount of SIT 18,665 m (64.6% of the average daily amount of the matured liabilities that were outstanding continually for more than five days in a month). A comparison with 2005 is only realistic for the last four months because one of the banks only started to submit complete and accurate data to the AJPES in September 2005. In December 2006 over December 2005, there were 1.6% fewer legal entities that had outstanding matured liabilities for more than five consecutive days in a month, whereas the average daily amount of their liabilities was 1.3% higher (see SEM 5/2006: 23). In the same comparable period, there were 8.0% fewer legal entities that had outstanding matured liabilities for over one year continually, while their average daily amount of liabilities was 0.1% lower. Legal entities that had outstanding matured liabilities for over a year were again a heavy burden for the analysed records in 2006 and met the conditions to be struck off the register of companies pursuant to the 2nd paragraph of Article 25 of the ZFPP. In accordance with the ZFPP, the courts issued a decision to strike 924 legal entities off the register of companies in 2006, 68.1% fewer than in 2005, while 2,136 legal entities were actually struck off, 56.6% more than in 2005. The increase in the number of legal entities struck off pursuant to the ZFPP was thus almost half smaller in 2006 over 2005 than in 2005 over 2004 (see SEM 5/2006: 23). This difference may be partly explained by the fact that the last condition to be struck off the register pursuant to the ZFPP began to apply in 2005 (point 1 of the 25th paragraph, applying if a company has not submitted its annual report to the AJPES for two consecutive financial years). In 2006, the number of compulsory settlements filed at courts was 21.9% lower than in 2005 while the number of bankruptcy and liquidation procedures declined by 20.3%. According to data released in the Official Gazette of the RS, the following procedures were filed at courts in 2006: i) 82 compulsory settlement procedures (23 fewer than in 2004), 76 of which were against legal entities (18 fewer than in 2005) and 6 against sole proprietors (5 fewer); ii) 552 bankruptcy procedures (149 fewer than in 2005), 374 of which were against legal entities (44 fewer) and 178 against sole proprietors (105 fewer than in 2005); and iii) 21 liquidation procedures (3 more than in 2005), all of which were filed against legal entities. Graph: Total number of bankruptcy and liquidation procedures filed in 2000-2006 800 700 600 500 400 300 200 100 □ Individual private entrepreneurs □ Legal entities 373 381 336 2002 2003 2004 Source of data: Official Gazette of the RS. 452 436 395 270 0 2005 2006 Slovenia's World Competitiveness by the IMD 2007 Slovenian Economic Mirror IMAD No. 5/2007 p. 23 IMD report 2007 Aggregate index (WCI) Economic performance Government efficiency Business efficiency Infrastructure 061 07 061 07 061 07 061 07 061 07 Country2 r/v r/v r/v r/v r/v r/v r/v r/v r/v r/v Austria 13/79.30 11/83.18 27/45.09 21/53.28 15/60.25 10/69.68 5/75.90 11/76.12 12/65.74 13/71.25 Belgium 26/68.09 25/71.54 21/47.88 20/53.39 32/41.55 28/46.26 26/48.20 23/57.81 13/64.52 17/66.30 Bulgaria 41/50.87 41/48.74 39/38.28 31/48.57 37/38.44 38/41.23 42/26.85 54/11.01 40/29.70 41/31.74 Czech Rep. 28/63.00 32/59.62 23/46.77 29/48.76 29/44.67 41/39.31 30/43.99 36/38.85 25/46.36 27/49.18 Denmark 5/86.03 5/91.93 29/44.63 18/53.95 3/76.58 4/82.16 3/80.84 3/88.48 3/71.85 4/80.71 Estonia 19/71.42 22/74.30 11/56.23 9/63.72 11/64.96 13/68.96 21/53.18 24/57.04 31/41.12 31/45.09 Finland 10/80.89 17/77.34 34/41.04 32/46.38 5/73.00 17/65.55 10/68.90 20/63.55 7/70.42 11/71.46 France 30/60.81 28/62.56 16/50.67 19/53.88 42/31.63 42/37.88 41/30.59 42/30.07 19/60.14 18/66.01 Greece 36/54.15 36/57.43 43/36.36 46/38.87 40/35.61 30/45.78 40/32.75 35/39.54 29/41.66 34/43.12 Ireland 11/80.65 14/81.86 9/57.02 25/51.26 7/71.75 5/79.42 6/74.84 8/79.67 24/48.76 24/54.67 Italy 48/43.53 42/48.27 44/36.14 39/43.67 52/13.67 51/21.90 47/15.67 47/23.76 34/38.43 35/41.33 Lithuania -/- 31/61.07 -/- 37/43.86 -/- 26/48.15 -/- 29/43.70 -/- 30/46.16 Luxembourg 9/81.51 4/92.21 2/74.41 3/82.80 16/59.57 9/70.75 16/64.36 5/84.03 20/57.49 15/68.85 Hungary 35/57.32 35/57.63 37/38.99 38/43.85 35/39.74 40/40.82 33/37.36 41/31.96 28/42.95 25/51.47 Germany 25/68.64 16/78.02 20/48.34 8/64.92 28/45.31 23/53.67 28/44.18 25/55.02 9/66.51 7/76.08 Netherlands 15/75.93 8/85.86 17/50.48 5/67.20 18/54.28 18/64.58 14/65.94 10/76.59 16/62.79 10/72.68 Poland 50/39.96 52/42.73 46/35.15 41/42.42 50/16.15 52/18.08 52/7.62 52/14.76 39/30.69 40/33.27 Portugal 37/52.81 39/55.98 42/36.48 48/38.22 36/39.28 24/51.37 43/23.97 44/27.69 30/41.28 32/44.25 Romania 49/42.13 44/47.29 41/36.67 35/44.59 46/27.41 45/31.72 50/10.83 50/19.33 48/23.39 42/31.10 Slovakia 33/57.44 34/57.72 47/34.60 42/42.17 22/52.25 37/42.13 31/40.25 28/48.46 37/32.42 38/35.72 Slovenia 39/51.64 40/55.17 33/42.87 24/51.37 43/31.48 43/34.47 44/21.24 43/28.72 32/40.76 33/43.73 Spain 31/58.38 30/61.21 32/43.12 27/50.42 34/40.19 29/45.95 36/34.61 33/39.80 26/45.40 29/46.26 Sweden 14/76.99 9/84.12 26/45.71 17/54.01 21/53.61 14/67.32 12/67.47 13/74.88 6/70.96 5/77.86 UK 20/71.39 20/75.45 8/58.15 7/65.50 24/48.29 22/53.87 23/52.38 22/59.04 21/56.53 22/60.97 USA 1/100.00 1/100.00 1/97.00 1/93.83 14/61.47 19/61.46 4/76.56 6/82.30 1/94.85 1/100.00 EU-243 27.1/64.0 26.5/67.1 28.1/45.4 25.9/52.0 28.1/46.1 27.5/50.9 28.4/44.4 29.1/48.7 23.9/50.0 24.3/54.6 NMS-93 36.8/54.2 36.8/56.0 34.6/41.2 31.8/47.7 34.1/39.4 37.2/40.5 37.9/30.2 39.7/32.6 35.0/35.9 34.1/40.8 EU-15 22.0/69.3 20.3/73.8 24.7/47.7 22.3/54.5 24.9/49.6 21.7/57.1 23.3/52.0 22.7/58.4 17.9/57.5 18.4/62.8 Source of data: IMD World Competitiveness Yearbook 2007, Lausanne, www.imd.ch/wcy; calculations by IMAD. Notes: In its 2007 Yearbook, the IMD calculated aggregate indices for 55 countries (regional economies were excluded while Ukraine and Lithuania were included) based on 325 indicators classified into 20 indices with equal weight; 1the rankings for the new group of countries in IMD 2007 were recalculated for the past five years; 2the reference countries include EU countries and the USA; 3IMD does not publish data for three new EU member states (NMS) (Cyprus, Latvia, Malta); r - rank, v - index value; bold print - an increase in competitiveness by at least three places _(significant improvement); grey cells - a drop by at least three places (significant deterioration)._ The leading two methodologies used to estimate the competitiveness of countries (IMD and WEF) show Slovenia's stagnation in the past few years. Since 2002, Slovenia has hovered around 30th place in the group of up to 125 economies analysed in the WEF's Global Competitiveness Reports (released in the autumn), and around 40th place in the smaller group of up to 55 economies assessed in the IMD's World Competitiveness Reports (released in spring). According to the new recalculation by the IMD 2007 for the past five years, Slovenia's rankings improved by an average of five places because the number of analysed countries was reduced to 55 (its 45th place from last year is now recalculated as 39th place). Such methodological changes affect the changes in country rankings and are therefore one of the serious constraints on competitiveness measurement systems. In order to interpret data objectively, we must also take into account that the aggregate IMD and WEF competitiveness indices in the abovementioned yearbooks are computed on the basis of data for 2003, 2004, 2005 and 2006, and on the basis of surveys carried out among only one of the stakeholder groups - managers - at the beginning of 2007 and 2006, respectively. Bearing these limitations in mind, competitiveness measurement systems are nevertheless a valuable indicator of changes in the perceived factors of country competitiveness. Over the past year, Slovenia's ranking indices slipped on both the IMD 2007 and WEF 2006-07 indices (see SEM 1/2007: 24). An analysis of the results of IMD 2007 is presented below1. According to the IMD report 2007, Slovenia's global position on the aggregate index of world competitiveness (WCI) and aggregate indices deteriorated. Slovenia's ranking on the WCI index (40th) slipped by one place, while the value of this index rose (by 3.5 points) to 55.17. The overall aggregate index (WCI) fell behind all European averages. The lowering of Slovenia's ranking in comparison with the rankings of other EU member states (EU-24), which improved by 0.7 places on average, indicate an additional relative decline in Slovenia's competitiveness within the EU. The average ranking of other new member states (EU-9) remained unchanged, but the old member states (EU-15) improved their world competitiveness significantly, by 1.7 places (see the table). The increase in the WCI value is again bigger in comparison with the average changes in the EU-24 (by 3.1 points) and EU-9 (1.8 points) but not in comparison with the EU-15 (4.5 points). It is important to point out that rankings are best used in year-on-year comparisons, since index values are not entirely comparable across the years due to the annual changes in 1This topic is discussed in greater detail in an IMAD Working Paper due to be published at the end of June 2007._ Slovenia's World Competitiveness by the IMD 2007 Slovenian Economic Mirror IMAD No. 5/2007 p. 24 methodology and are therefore primarily used for comparisons of factors and countries within a given year (annual computation of indices and normalisation at the annual level). Among the EU-24 countries, Slovenia is (only) ahead of Bulgaria, Italy, Romania, and Poland (in the WEF 2006-07 also ahead of Portugal, Lithuania, Slovakia, Hungary, and Greece). Italy, Luxembourg, Germany, the Netherlands, Romania, and Sweden recorded significant improvements in their world competitiveness whereas the Czech Republic, Estonia, Finland, and Ireland registered visible declines. However, the WEF 2006-07 methodology shows the opposite trend in some countries (Italy, Estonia), which is another limitation of such country competitiveness measuring. Slovenia's ranking on the WCI index is the result of stagnation in the rankings on three world competitiveness indices - government efficiency, business efficiency, and infrastructure - despite the increase in their values. Slovenia's biggest strengths2 and above-average ranks were observed in the aggregate economic performance index (ranked above the EU-24 and EU-9 averages) and the aggregate infrastructure index (above EU-9). In sub-indices, the main strengths included prices, international trade, domestic economy (size, growth, welfare, forecasts of trends), education and public finance (management of public finances, government budget surplus/deficit, total general government debt). The main weaknesses3 were recorded in the aggregate indices of government and business efficiency. These include the subindices of international investment, fiscal policy (taxes), business legislation, labour market efficiency and financial markets. The biggest positive shifts were achieved in the price sub-index and domestic economy sub-index while the main negative shifts were recorded in sub-indices of business legislation, financial markets, and basic infrastructure. Below we present the main weaknesses, strengths, and changes in the four competitiveness aggregates. According to the aggregate index of economic performance, Slovenia is this year ranked a visible nine ranks higher, in 24th place. This index is therefore a competitive strength. All the sub-indices of economic performance recorded an improvement. The international investment sub-index still ranks the lowest (50th). Other subindices represent comparative advantages4. Sub-indices with a significant improvement are employment (28th place), domestic economy (24th place; up 11 places), and prices (2nd place; up 7 places). The following indicators/survey assessments in the area of economic performance were Aggregate indices where the ranking is higher than the WCI (40th place) and sub-indices (areas within the four aggregate indices) where the ranking is higher than the highest-ranking aggregate index (24th place). Aggregate indices where the ranking is lower than WCI (40th place) and sub-indices (areas within the four aggregate indices) where the ranking is lower than the lowest-ranking aggregate index (43rd place). 4A ranking better than Slovenia's ranking on the aggregate WCI. ranked the lowest: relocation of R&D facilities (54th place), direct investment stock inward (51st place), exports of commercial services (49th place), direct investment flow inward (49th place), and relocation of services (48th place). The government efficiency index is one of Slovenia's competitive weaknesses, ranking Slovenia 43rd for the second year in a row. The main weaknesses include the lowest-ranking business legislation (51st place), which is the biggest national weakness that also recorded a significant decline on the scale (down 6 places), and fiscal policy (taxes; 47th place), which recorded an improvement. The public finance sub-index (management of public finances, government budget surplus/deficit, and total general government debt) is one of the comparative strengths and greatest improvements (17th place; up 7 places). The following indicators/survey assessments of government efficiency were ranked lowest: state ownership of enterprises (55th place), employee's social security contribution rate (54th place), unemployment legislation (54th place), investment incentives for foreign investors (54th place), and real corporate taxes that discourage entrepreneurial activity (52nd place). Slovenia's ranking on the aggregate business efficiency index improved by one place (43rd), however its value is the lowest (28.72) and represents the biggest competitive weakness for the fourth consecutive year. The following sub-indices were comparative weaknesses and recorded declines: attitudes and values (51st place), which is still the greatest comparative weakness, finance (43rd place), which recorded a significant decline (by three places), and labour market (42nd place; down 2 places). The management practices sub-index was a comparative strength that improved significantly (37th place). The following indicators/survey assessments of government efficiency were ranked lowest: shortage of foreign high-skilled and experienced people in the domestic business environment (54th place), flexibility and adaptability of people are low when faced with new challenges (52nd place), large corporations are inefficient by international standards (52nd place), the national culture is not open to foreign ideas (51st place), corporate boards do not supervise the management of companies effectively (51st place). Despite having slipped by one place, the aggregate infrastructure sub-index ranks Slovenia 33rd and is a comparative strength. All sub-indices of the factors of infrastructural competitiveness are national comparative strengths. The health and environment sub-index was ranked the lowest (34th place) but recorded an improvement. The biggest decline was seen in basic infrastructure (32nd place; down 4 places), while education was ranked the highest (26th place). The following indicators/survey assessments were ranked the lowest: insufficient funding for technological development (53rd place), shortage of qualified engineers in the labour market (52nd place), the legal environment does not support the development and application of technology (52nd place), percentage of high-tech exports (50th place), and technological regulation does not support business development and innovation (50th place). Statistical Appendix Slovenian Economic Mirror IMAD No. 5/2007 pp. 1-17 Gross Domestic Product / I Slovenian Economic Mirror IMAD No. 5/2007 p. A 2 2003-2004 constant previous year prices, 2005-2004 constant 2004 prices In SIT m In EUR m Real growth rates in % 2007 2008 2009 2007 2008 2009 2003 2004 2005 2006 forecast 2004 2005 2006 forecast VALUE ADDED BY ACTIVITIES AND GROSS DOMESTIC PRODUCT A Agriculture, hunting, forestry 123,680 149,634 138,342 132,255 557 563 571 17.1 -5.2 -4.4 1.0 1.0 1.5 B Fishing 896 881 869 884 4 4 4 -16.9 9.5 1.7 0.0 1.0 1.0 C Mining and quarrying 23,617 27,037 30,948 31,737 132 132 1 31 2.5 -0.2 2.6 0.0 -0.5 -0.5 D Manufacturing 1,259,492 1,386,846 1,444,152 1,550,355 6,845 7,176 7,499 4.1 2.8 7.4 5.8 4.8 4.5 E Electricity, gas and water supply 140,256 149,089 173,849 176,805 741 753 756 0.8 6.6 1.7 0.5 1.5 0.5 F Construction 274,175 294,211 322,680 360,659 1,597 1,712 1,772 1.3 4.0 11.8 6.1 7.2 3.5 G Wholesale, retail; certain repairs 553,700 610,259 653,633 689,909 3,003 3,117 3,220 3.1 4.0 5.6 4.3 3.8 3.3 H Hotels and restaurants 110,905 116,979 123,365 130,211 571 601 631 -0.1 0.7 5.6 5.0 5.3 5.0 I Transport, storage and communications 334,458 360,946 451,071 479,488 2,121 2,238 2,383 0.1 9.0 6.3 6.0 5.5 6.5 J Financial intermediation 221,699 260,587 276,319 300,799 1,362 1,464 1,567 17.2 10.4 8.9 8.5 7.5 7.0 K Real estate, renting and business services 742,611 826,027 901,517 939,841 4,091 4,266 4,458 4.7 3.6 4.3 4.3 4.3 4.5 L Public administration and defence 311,343 357,775 349,322 355,784 1,526 1,569 1,600 7.3 2.3 1.9 2.8 2.8 2.0 M Education 269,600 296,231 326,464 333,613 1,426 1,461 1 ,498 2.7 3.0 2.2 2.4 2.5 2.5 N Health and social work 241,059 261,747 278,144 284,263 1,219 1,256 1,300 3.7 2.9 2.2 2.8 3.0 3.5 O Other community and personal services 158,845 175,356 199,499 207,080 907 957 1,010 5.7 5.8 3.8 5.0 5.5 5.5 P Private households with employed persons 1,163 1,228 1,436 1,386 6 6 6 -8.1 5.9 -3.5 1.0 1.0 1.0 VALUE ADDED (A+...+P) 4,767,499 5,274,834 5,671,609 5,975,070 26,108 27,274 28,406 4.5 3.9 5.3 4.7 4.5 4.2 Taxes on products and services 751,595 827,981 884,055 919,417 4,005 4,158 4,320 4.2 4.8 4.0 4.4 3.8 3.9 Less: subsidies on products and services 21,731 31,976 31,237 30,487 125 122 119 7.1 -0.6 -2.4 -2.0 -2.0 -3.0 GDP 5,497,364 6,070,840 6,524,427 6,864,000 29,988 31,309 32,607 4.4 4.0 5.2 4.7 4.4 4.1 Source of data: SORS 2003-2005; IMAD's calculations and Spring Forecast 2007. Real growth rates: SORS 2003-2006; IMAD's calculations and Spring Forecast 2007. Note: a comparison of nominal values is possible under the technical assumption of the SIT/EUR exchange rate = 239.64, which has been used since 2007. Gross Domestic Product / II Slovenian Economic Mirror IMAD No. 5/2007 p. A 3 Current prices, in SIT m Current prices, in EUR m Structure in %, current prices, GDP=100 2003 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009 forecast forecast SUPPLY AND USE OF GROSS NATIONAL DISPOSABLE INCOME 1. GROSS DOMESTIC PRODUCT 5,813,540 6,271,795 6,620,145 7,126,012 31,918 34,444 36,783 100.0 100.0 100.0 100.0 100.0 100.0 2. Net primary income from the rest of the world -46,845 -75,400 -61,078 -87,702 -433 -464 -540 -1.2 -0.9 -1.2 -1.4 -1.3 -1.5 3. GROSS NATIONAL INCOME (1+2) 5,766,695 6,196,395 6,559,066 7,038,310 31,485 33,980 36,243 98.8 99.1 98.8 98.6 98.7 98.5 4. Net current transfers from the rest of the world 3,527 -14,815 -32,675 -53,754 -191 -81 -40 -0.2 -0.5 -0.8 -0.6 -0.2 -0.1 5. GROSS NATIONAL DISPOSABLE INCOME ( 3+4 ) 5,770,222 6,181,580 6,526,391 6,984,556 31,294 33,899 36,203 98.6 98.6 98.0 98.0 98.4 98.4 6. Final consumption expenditure 4,381,447 4,666,049 4,931,809 5,220,816 23,134 24,602 26,087 74.4 74.5 73.3 72.5 71.4 70.9 Private consumption 3,242,319 3,438,530 3,636,387 3,848,237 17,034 18,078 19,159 54.8 54.9 54.0 53.4 52.5 52.1 Government consumption 1,139,128 1,227,519 1,295,422 1,372,579 6,100 6,524 6,928 19.6 19.6 19.3 19.1 18.9 18.8 7. GROSS SAVINGS ( 5-6 ) 1,388,776 1,515,531 1,594,581 1,763,740 8,160 9,297 10,116 24.2 24.1 24.8 25.6 27.0 27.5 8. GROSS CAPITAL FORMATION 1,436,604 1,680,755 1,724,428 1,956,119 8,788 9,569 10,180 26.8 26.0 27.5 27.5 27.8 27.7 9. SURPLUS ON THE CURRENT ACCOUNT WITH THE ROW (7-8) -47,829 -165,224 -129,846 -192,379 -629 -273 -64 -2.6 -2.0 -2.7 -2.0 -0.8 -0.2 Source of data: SORS 2003-2006, BS; IMAD's calculations and Spring Forecast 2007. Note: a comparison of nominal values is possible under the technical assumption of the SIT/EUR exchange rate = 239.64, which has been used since 2007. EXPENDITURE STRUCTURE OF GROSS DOMESTIC PRODUCT, 2000-2006 constant previous year prices In SIT m In EUR m Real growth rates, in % GROSS DOMESTIC PRODUCT (3+4+5) 5,497,364 6,070,840 6,524,427 6,864,000 29,988 31,309 32,607 4.4 4.0 5.2 4.7 4.4 4.1 1. Exports of goods and services 3,155,890 3,651,048 4,157,224 4,570,904 20,924 22,839 24,849 12.5 10.5 10.0 9.7 9.2 8.8 2. Imports of goods and services 3,186,667 3,685,560 4,106,912 4,534,031 20,566 22,345 24,110 13.4 7.0 10.4 8.7 8.6 7.9 3. EXTERNAL BALANCE * (1-2) -30,777 -34,512 50,312 36,873 358 494 738 -0,5* 2,0* -0,3* 0,7* 0,5* 0,8* 4. FINAL CONSUMPTION 4,150,646 4,505,482 4,811,325 4,975,387 21,509 22,233 22,923 2.8 3.1 3.4 3.6 3.4 3.1 Private consumption 3,075,724 3,327,207 3,556,451 3,673,077 15,906 16,468 17,025 2.6 3.4 3.3 3.8 3.5 3.4 Government consumption (individual and collective) 1,074,922 1,178,275 1,254,875 1,302,309 5,603 5,765 5,898 3.4 2.2 3.8 3.1 2.9 2.3 5. GROSS CAPITAL FORMATION 1,377,495 1,599,870 1,662,790 1,851,740 8,121 8,582 8,946 11.4 -1.1 11.4 5.1 5.7 4.2 Gross fixed capital investment 1,296,953 1,459,991 1,559,267 1,744,180 7,708 8,213 8,575 7.9 1.5 11.9 5.9 6.6 4.4 Changes in inventories and valuables* 80,542 139,879 103,523 107,560 414 369 371 1,0* -0,6* 0,1* -0,1* -0,1* 0,0* Source of data: Nominal: SORS 2003-2005, BS; IMAD's calculations and Spring Forecast 2007. Real growth rates: SORS 2003-2006, BS; IMAD's calculations and Spring Forecast 2007. Note: a comparison of nominal values is possible under the technical assumption of the SIT/EUR exchange rate = 239.64, which has been used since 2007. *as contributions to real GDP growth (in percentage points). Slovenian Economic Mirror IMAD Industrial Production No. 5/2007 p. A 4 2006 2007 2006 2007 2002 2003 2004 2005 2006 QI QII QIII QIV QIV 2 3 4 5 6 7 8 9 10 11 12 1 2 3 INDUSTRIAL PRODUCTION by sectors *, indices, 2000=100; January 2007 data are provisional INDUSTRY, total 105.4 106.9 112.8 116.5 124.1 118.2 124.5 122.4 131.1 129.2 111.2 128.2 114.0 130.5 129.1 125.1 108.7 133.4 135.1 140.2 118.0 126.2 121.4 140.1 C Mining and quarrying 99.2 104.9 97.6 104.2 114.9 103.8 115.2 106.4 134.3 116.4 98.2 103.6 108.8 124.8 112.0 98.1 102.2 119.0 135.2 152.6 115.1 108.3 96.1 144.7 D Manufacturing 104.8 106.5 111.6 115.6 123.6 117.0 124.6 122.9 130.0 129.5 109.8 128.0 113.3 130.9 129.7 125.9 108.3 134.5 135.0 139.6 115.3 125.4 122.2 140.9 DA Food, beverages, tobacco 98.6 99.6 89.4 88.0 86.7 76.8 88.3 87.4 94.3 78.5 71.4 82.8 81.9 89.3 93.6 87.2 86.3 88.7 87.7 103.3 91.9 75.1 75.1 85.4 DB Textiles & textile products 80.5 71.3 61.7 54.1 52.1 57.5 49.4 54.0 47.3 56.3 49.7 57.9 44.5 49.5 54.2 59.8 44.0 58.2 51.2 49.9 40.9 54.8 52.1 62.0 DC Leather & leather products 83.6 72.7 68.2 72.7 76.4 78.3 77.8 72.1 77.4 72.9 73.0 86.6 66.5 85.8 81.2 67.0 66.5 82.9 90.3 91.1 50.8 85.6 61.1 72.0 DD Wood & wood products 94.3 91.0 94.7 100.7 104.1 93.7 109.8 104.5 108.5 111.4 93.2 107.4 100.0 116.8 112.7 109.8 88.5 115.2 114.8 119.6 91.0 96.9 110.5 126.8 DE Paper, publishing, printing 1 100.9 100.6 101.2 104.8 108.1 104.6 108.2 105.7 114.0 107.7 96.8 117.6 103.5 114.1 106.9 104.3 101.0 111.7 115.0 118.0 109.0 106.1 97.9 119.1 DF Coke, petrol. prod., nuclear fuel 2 34.2 36.3 - - - - - - 20.9 22.3 - - - - - - 15.8 19.9 21.1 21.6 19.9 22.8 21.2 23.0 DG Chem., prod., man-made fibers 114.5 128.0 147.5 158.7 179.4 172.9 183.2 172.1 189.3 200.4 162.1 178.6 173.4 196.2 180.0 191.6 154.3 170.3 207.3 198.6 161.9 208.8 192.9 199.4 DH Rubber & plastic products 99.8 103.6 116.5 122.2 129.9 120.2 126.8 136.8 135.8 136.9 115.2 132.0 114.3 132.6 133.4 134.6 124.7 151.2 145.5 149.6 112.2 129.2 127.3 154.1 DI Non-metal mineral products 100.9 101.6 84.6 78.7 83.6 66.6 88.0 90.7 89.1 79.6 58.8 79.2 75.6 90.6 97.8 91.7 85.3 95.0 96.3 98.0 73.1 72.9 73.9 92.0 DJ Basic metals & fabricated. prod. 108.3 112.0 107.8 116.3 130.3 121.1 130.9 131.7 137.4 142.4 117.4 132.7 118.4 137.9 136.3 133.2 120.1 141.8 149.0 147.0 116.1 140.2 134.5 152.6 DK Machinery & equipment nec. 128.6 120.9 138.5 140.9 149.7 143.9 147.9 144.7 162.1 164.0 137.7 159.5 136.0 151.4 156.3 153.6 121.2 159.4 162.5 174.4 149.4 159.9 152.8 179.4 DL Electrical & optical equipment 110.3 122.8 153.0 157.7 182.3 168.0 182.9 183.9 194.6 188.3 158.2 181.4 152.4 198.1 198.2 172.6 152.8 226.2 194.6 211.0 178.1 173.8 176.6 214.5 DM Transport equipment 106.4 111.7 152.7 184.7 177.4 200.1 185.5 149.5 174.4 195.2 172.9 230.1 182.0 186.9 187.6 176.4 75.6 196.5 176.1 180.7 166.4 179.9 185.6 220.2 DN Manufacturing nec. 106.3 102.6 103.4 108.7 108.3 104.1 108.7 108.6 111.8 107.1 99.5 119.5 99.0 116.1 111.1 109.4 97.6 118.9 115.7 122.8 96.8 100.6 105.6 115.0 E Electricity, gas & water supply 3 115.3 111.3 132.9 130.9 129.6 137.6 122.3 117.7 140.9 126.5 133.4 137.2 121.6 122.1 123.3 121.2 113.1 118.7 130.7 137.5 154.6 142.8 117.5 119.2 NUMBER OF PERSONS IN PAID EMPLOYMENT IN INDUSTRY 4 Total, in 1000 259.9 255.1 251.7 247.3 243.3 242.8 243.0 243.0 244.7 244.6 242.7 242.6 242.4 242.9 243.6 242.9 242.7 243.3 244.6 245.4 244.0 244.1 244.8 245.0 C Mining & quarrying 5.1 4.8 4.4 4.2 4.0 4.1 4.0 4.0 3.9 3.9 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 3.9 3.9 3.9 3.9 3.9 3.8 D Manufacturing 243.1 238.9 236.1 231.8 227.9 227.5 227.5 227.5 229.2 229.4 227.5 227.3 227.0 227.5 228.0 227.4 227.2 227.8 229.1 229.9 228.7 228.9 229.6 229.7 E Electricity, gas & water supply 11.7 11.4 11.3 11.4 11.4 11.2 11.4 11.5 11.5 11.3 11.2 11.3 11.4 11.4 11.5 11.5 11.5 11.5 11.5 11.5 11.4 11.3 11.3 11.4 CONSTRUCTION 5, real indices of construction put in place, indices 2000=100 Construction 97.9 105.7 108.4 111.7 128.8 76.7 120.0 149.0 169.4 103.5 74.9 90.6 101.1 115.0 143.9 140.4 132.3 174.2 188.1 163.2 157.0 88.7 98.1 123.8 Buildings 104.2 104.9 114.6 126.4 144.2 100.3 131.4 165.3 179.6 121.5 102.3 114.8 119.0 117.8 157.3 152.7 156.1 187.1 191.9 169.9 177.0 107.2 115.3 141.9 Civil engineering 92.1 106.4 102.6 98.0 114.5 54.8 109.5 133.8 160.0 91.7 49.6 68.1 84.5 112.5 131.5 128.9 110.2 162.3 184.6 157.1 138.4 76.6 86.8 111.8 Persons in paid employment in construction 4 99.4 99.1 97.5 102.0 109.6 102.5 108.6 113.1 114.3 114.0 102.0 104.0 106.5 108.7 110.5 112.2 112.9 114.2 114.9 115.2 112.7 112.9 114.4 114.8 Source of data: SORS. Notes: *From February 2004 onwards the industrial production indices have been provisional. For the period up until January 2004 they are calculated according to data on produced quantities of industrial goods. From February 2004 onwards, data on production value have been taken as the basis for the calculation. The value of production is calculated according to the following formula: turnover in the month (x) + value of stocks in the month (x) - value of stocks in the month (x-1).1Enterprises with activity of publishing are excluded; 2data not published because of confidentiality; 3only companies with activity of electricity supply are included. In January 2005, the SORS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARiMa model based on quarterly figures for farmers from the Labor Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. 5The survey covers all larger construction enterprises and some other enterprises that perform construction work. Slovenian Economic Mirror IMAD Production No. 5/2007 p. A 5 2006 2007 2006 2007 2002 2003 2004 2005 2006 QI QII QIII QIV QI 3 4 5 6 7 8 9 10 11 12 1 2 3 TRANSPORT Passenger-km in transport for hire or reward (1000) 1,143 1,065 980 848 850 211 236 180 223 208 74 73 82 81 50 46 85 79 77 66 70 62 76 Passenger-km in rail transport, in m 749 778 764 777 788 191 197 189 210 196 64 62 69 66 60 58 70 72 71 69 Passenger-km in air transport, in m 794 837 896 1,019 1,044 182 251 411 200 182 63 69 77 104 147 143 121 83 60 57 62 56 64 Tonne-km in rail transport, in m 3,078 3,274 3,466 3,402 3,373 799 815 817 942 918 287 267 287 261 289 259 269 315 321 306 Tonne-km in maritime transport, in m 28,578 28,361 37,047 52,513 49,155 13,498 11,545 12,618 11,494 10,813 4,725 3,494 3,552 4,498 4,709 3,955 3,954 4,381 2,846 4,267 4,477 2,949 3,387 Tonne-km in road transport, in m 6,609 7,040 9,007 11,033 12,112 2,901 3,413 2,778 3,020 2,972 - - - - - - - - - - - - - Urban passenger traffic, in m 103.9 98.4 100.2 97.2 94.0 27.3 24.3 14.6 27.7 26.3 9.5 8.6 8.1 7.6 4.0 3.7 6.9 9.1 9.4 9.2 8.7 8.5 9.1 Airport passengers traffic, in 000 866 922 1,047 1,228 1,339 236 334 488 282 251 85 90 112 132 169 171 148 116 88 79 82 78 91 Harbour freight transport, in 000 t 9,305 10,788 12,063 12,625 15,462 3,871 3,877 3,555 4,158 4,282 1,265 1,103 1,372 1,402 1,245 895 1,416 1,426 1,362 1,370 1,197 1 ,323 1,762 Transport of gas, million m3 1,007 1,098 1,097 1,136 - - - - - - - - - - - - - - - - - - - TOURISM, overnight stays, in 000 Total 7,321 7,503 7,589 7,573 7,722 1,404 1 ,81 4 3,115 1,389 1,472 476 474 575 765 1,157 1,209 749 548 407 434 472 497 502 Domestic tourists 3,300 3,327 3,226 3,173 3,233 697 691 1,226 620 700 236 169 220 303 498 457 271 219 197 203 177 282 242 Foreign tourists 4,021 4,175 4,363 4,399 4,489 708 1,123 1,889 769 771 240 306 355 462 659 753 478 329 209 231 296 215 261 Health resorts 2,327 2,360 2,417 2,464 2,434 523 573 853 484 555 181 158 197 217 275 324 255 219 83 183 175 191 189 Seaside 2,052 2,010 2,002 1,949 1,871 201 493 961 216 203 91 139 139 215 367 346 248 118 31 67 47 62 94 AGRICULTURE, slaughter in slaughterhouses, in 000 tons Cattle 40.5 43.1 40.1 37.4 37.9 8.9 9.0 8.4 11.7 8.0 3.1 2.9 3.3 2.8 2.5 2.9 2.9 3.4 4.0 4.3 2.6 2.5 2.9 Pigs 37.1 37.3 34.6 31.7 33.6 8.3 9.1 7.9 8.4 8.2 3.1 2.8 3.2 3.0 2.6 2.7 2.6 2.7 2.6 3.1 2.7 2.5 2.9 Poultry 51.4 56.0 52.0 53.4 49.2 12.4 12.0 12.3 12.5 13.9 4.7 3.4 4.3 4.3 4.3 4.2 3.8 4.2 4.1 4.1 4.6 4.1 5.2 Purchase of agricultural products, SIT bn, since 2007 in EURO m 101.6 103.3 102.4 103.7 106.7 21.7 25.6 26.1 33.4 101.3 8.2 8.1 8.9 8.6 7.9 8.9 9.3 9.6 10.5 13.3 32.2 31.1 37.9 FISHING, in 000 tons Catches in marine waters 1459.8 1087.5 815.9 1021.6 736.7 131.1 155.0 271.3 278.4 174.5 15.9 36.3 36.6 82.1 84.2 92.7 94.3 91.4 51.8 36.1 83.4 65.3 25.8 Source of data: SORS. Balance of Payments Slovenian Economic Mirror IMAD No. 5/2007 p. A 6 2002 2003 2004 2005 2006 2006 2006 2007 QI QII QIII QIV 1 2 3 4 5 6 7 8 9 10 11 12 1 2 BALANCE OF PAYMENTS, in EUR m Current account 247 -196 -720 -547 -756 -163 52 -214 -431 44 -111 -97 36 -30 46 -96 -71 -47 -23 -188 -221 8 -170 Trade balance 1 -265 -543 -1,009 -1,026 -1,121 -204 -117 -258 -542 7 -93 -119 18 -77 -59 -76 -115 -67 -93 -186 -263 -53 -93 Exports 11,082 11,417 12,933 14,599 17,032 4,028 4,285 4,163 4,555 1,248 1,271 1,509 1,334 1,463 1,488 1,453 1,175 1,535 1,578 1,601 1,376 1,470 1,489 Imports 11,347 11,960 13,942 15,625 18,152 4,232 4,403 4,421 5,097 1,241 1,363 1,628 1,316 1,540 1,547 1,529 1,290 1,601 1,670 1,788 1,639 1,523 1,582 Services 620 540 688 856 885 207 254 213 211 73 57 76 69 94 90 29 95 89 103 46 61 108 28 Exports 2,440 2,465 2,783 3,210 3,538 729 864 1,040 906 240 225 263 257 292 315 340 386 314 309 291 306 294 213 Imports 1,820 1,925 2,095 2,354 2,653 522 610 826 695 1 67 168 187 1 87 197 226 311 291 224 206 244 244 185 185 Income -168 -219 -322 -283 -349 -77 -78 -92 -102 -20 -29 -28 -35 -25 -18 -30 -29 -33 -35 -33 -34 -35 -42 Receipts 490 510 530 641 737 157 192 188 200 52 52 54 57 63 72 62 62 64 63 62 75 55 52 Expenditure 657 728 852 924 1,086 234 270 280 302 72 80 82 92 88 90 92 91 97 98 95 109 90 94 Current transfers 60 26 -76 -94 -171 -89 -6 -77 2 -1 6 -47 -26 -16 -23 33 -19 -22 -36 2 -15 15 -12 -62 Receipts 500 474 561 708 784 160 224 163 238 45 57 58 58 57 108 61 55 47 84 59 95 44 60 Expenditure 439 449 638 802 955 249 230 240 236 62 104 83 75 81 75 80 77 83 83 73 80 55 122 Capital and financial account 3 46 698 404 1,010 103 112 345 450 -197 222 78 80 10 21 152 82 111 -133 75 508 96 349 Capital account -164 -165 -96 -1 14 -118 -8 -21 -32 -57 4 -6 -6 8 -9 -19 -21 6 -17 -8 -9 -41 19 -4 Financial account 167 211 794 518 1,128 111 132 377 508 -201 228 84 73 19 40 174 75 128 -126 84 549 77 353 Direct investment 1,556 -151 224 -58 -287 -64 -60 5 -167 -161 57 40 6 -44 -22 31 -28 2 -45 -177 54 -90 -80 Domestic abroad -166 -421 -441 -503 -590 -108 -178 -109 -194 -90 -20 1 -87 -18 -73 -8 -33 -68 -43 -159 8 -95 -137 Foreign in Slovenia 1,722 270 665 445 303 45 118 114 27 -71 77 39 93 -26 51 39 5 70 -2 -18 46 4 56 Portfolio investment -69 -223 -637 -1,618 -1,458 -257 -178 -351 -672 -103 -116 -39 -28 -106 -45 -86 -271 6 -65 -183 -424 -905 -150 Financial derivatives 0 0 6 -10 -13 -2 -10 -3 2 2 -4 0 0 -9 -1 -6 1 2 -3 2 4 5 -4 Other investment 565 849 945 2,393 1,605 526 85 43 950 296 283 -53 19 168 -102 -175 120 98 56 355 540 880 713 Assets -538 -730 -1,308 -1,531 -1,899 -389 -881 -380 -249 53 -171 -271 -58 -600 -222 40 -22 -399 85 -23 -311 -534 -739 Commercial credits -135 -116 -237 -1 95 -431 -288 -180 -76 114 -54 -106 -128 -62 -57 -61 -35 76 -118 -92 -54 259 -31 -158 Loans -174 -223 -281 -413 -713 -158 -179 -96 -280 -29 -32 -98 -32 -60 -87 -46 30 -80 -50 -73 -157 -18 -74 Currency and deposits -157 -323 -720 -835 -747 57 -522 -199 -83 135 -33 -45 36 -483 -74 121 -128 -192 227 104 -413 -469 -506 Other assets -71 -68 -69 -88 -9 0 0 -9 0 0 0 0 -1 1 0 0 0 -9 0 0 -1 -16 -1 Liabilities 1,104 1,579 2,252 3,924 3,503 915 966 423 1,199 243 454 218 78 768 120 -215 1 41 497 -30 378 851 1,414 1,452 Commercial credits 95 59 214 236 448 -10 129 58 271 -105 68 27 14 49 65 71 -61 48 124 111 37 -158 211 Loans 838 1,123 1,671 2,649 2,056 365 849 369 473 1 27 79 158 48 856 -55 -40 1 49 260 -53 300 225 151 -53 Deposits 130 428 335 1 ,01 4 1,061 587 1 8 464 254 309 25 -2 -114 116 -243 61 191 -96 -35 594 -428 292 Other liabilities 39 -31 33 25 -61 -27 -13 -12 -10 -33 -1 8 16 -23 -6 -2 -7 -2 -5 1 -5 1,847 1,002 International reserves 2 -1,885 -264 256 -1 89 1,281 -92 295 684 394 -234 6 136 76 10 210 409 254 20 -68 86 376 187 -126 Statistical error -250 150 22 1 44 -254 61 -164 -132 -19 153 -111 18 -117 20 -67 -57 -1 1 -64 156 113 -287 -104 -179 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 1,542 1,634 1,873 2,058 2,492 551 615 622 705 158 169 224 1 86 212 217 222 168 231 224 245 236 N/A N/A Intermediate goods 5,245 5,463 6,342 6,990 8,429 1,992 2,139 2,094 2,203 61 8 630 744 656 736 750 720 604 770 772 810 621 N/A N/A Consumer goods 4,175 4,188 4,568 5,349 5,840 1,432 1,453 1,366 1,589 453 456 523 470 482 501 485 367 515 560 532 497 N/A N/A Import of investment goods 2,072 2,322 2,494 2,624 3,076 629 723 746 978 152 224 253 213 239 271 245 204 297 276 344 358 N/A N/A Intermediate goods 6,816 7,079 8,348 9,534 11,064 2,632 2,713 2,738 2,981 778 842 1,012 796 950 966 972 800 966 1,010 1,072 900 N/A N/A Consumer goods 2,686 2,838 3,301 3,646 4,172 992 1,011 986 1,183 290 318 383 310 352 349 320 289 376 399 409 375 N/A N/A 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; 2 reserve assets of the BS. Monetary Indicators Slovenian Economic Mirror IMAD No. 5/2007 p. A 7 2005 2006 2005 2006 2007 December 12 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1 1 2 1 3 MONETARY SYSTEM - CONSOLIDATED BALANCE SHEET OF MONETARY FINANCIAL INSTITUTIONS, end of the month, in SIT bn Banknotes and coins 217.3 152.8 217.3 205.9 206.8 207.5 220.9 216.5 220.7 212.1 210.3 213.1 214.0 197.6 152.8 2,709 2,684 2,689 Overnight deposits at other MFI 1,491.0 1,694.1 1,491.0 1,475.5 1,482.4 1,513.3 1,535.3 1,571.7 1,598.7 1,595.6 1,594.9 1,605.7 1,590.4 1,612.5 1,694.1 6,902 6,866 6,867 Overnight deposits of NFI at the BS 3.1 5.0 2.8 3.5 2.8 5.7 6.5 4.9 3.6 3.6 5.7 4.8 6.0 4.5 5.0 47 37 36 Overnight deposits of other government sector (central government excluded) at the BS 3.3 1.3 2.7 2.2 2.0 1.9 2.1 2.1 1.8 2.2 2.1 2.1 1.9 1.9 1.3 6 7 5 Total overnight deposits at the BS 6.4 6.4 5.5 5.7 4.8 7.6 8.5 7.0 5.3 5.9 7.8 6.9 7.9 6.4 6.4 53 43 41 Deposits with agreed maturity at the BS 0.3 0.0 0.4 0.3 0.4 0.5 0.4 0.7 0.5 0.5 0.0 0.0 0.0 0.0 0.0 - - - Deposits with agreed maturity at other MFI 1,688.0 1,747.3 1,688.0 1,728.4 1,742.3 1,730.3 1,661.7 1,682.0 1,678.2 1,710.8 1,692.2 1,735.0 1,720.9 1,744.1 1,747.3 7,379 7,441 7,607 Deposits at redeemable notice 164.9 197.5 122.4 138.2 140.6 163.6 172.0 168.7 179.8 166.0 170.8 182.7 184.6 187.9 197.5 962 918 985 Debt securities, units/shares of money market funds and repos 9.5 9.2 9.5 8.8 9.1 9.4 9.7 9.1 6.7 7.0 7.7 7.3 7.5 7.9 9.2 29 32 46 Banknotes and coins and demand deposits 1,713.9 1,853.3 1,713.9 1,687.0 1,694.1 1,728.4 1,764.8 1,795.3 1,824.8 1,813.5 1,812.9 1,825.7 1,812.3 1,816.5 1,853.3 9,664 9,593 9,597 Banknotes and coins and deposits with maturity of up to two years 3,524.6 3,798.1 3,524.6 3,553.9 3,577.4 3,622.9 3,598.9 3,646.6 3,683.3 3,690.7 3,675.9 3,743.4 3,717.7 3,748.5 3,798.1 18,005 17,952 18,189 Banknotes and coins and instruments with maturity of up to two years 3,534.2 3,807.2 3,534.2 3,562.7 3,586.5 3,632.3 3,608.5 3,655.7 3,690.0 3,697.7 3,683.6 3,750.7 3,725.2 3,756.4 3,807.2 18,035 17,984 18,235 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in SIT bn Claims of the BS on central government 17.6 16.6 17.4 17.3 17.3 17.1 16.9 16.9 16.9 16.9 16.8 16.9 16.8 16.8 16.6 69 69 69 Central government (S. 1311) 780.5 776.6 780.5 808.0 792.9 767.3 773.6 777.2 774.9 774.5 777.8 782.2 792.5 787.7 776.6 3,204 3,241 2,965 Other government (S. 1312, 1313, 1314) 17.8 24.9 23.1 19.2 19.4 23.9 23.8 23.4 23.2 23.4 20.6 20.4 21.5 21.8 24.9 108 106 107 Households (S. 14, 15) 976.0 1,289.8 1,025.9 1,040.6 1,053.2 1,080.5 1,108.6 1,138.2 1,157.3 1,180.4 1,203.7 1,229.2 1,252.3 1,277.6 1,289.8 5,428 5,488 5,637 Non-financial corporations (S. 11) 2,620.9 3,245.5 2,620.9 2,695.3 2,738.2 2,800.0 2,882.7 2,910.3 2,951.5 2,988.9 3,025.0 3,096.8 3,157.9 3,214.5 3,245.5 14,087 14,250 14,666 Non-monetary financial institutions (S. 123, 124, 125) 230.9 365.6 230.9 231.2 243.6 253.1 263.0 278.0 283.0 287.5 296.5 303.5 325.7 338.3 365.6 1,554 1,563 1,569 Monetary financial institutions (S. 121, 122) 1,408.2 1,157.1 1,408.2 1,493.7 1,496.0 1,485.2 1,407.3 1,438.3 1,413.4 1,293.7 1,235.5 1,249.4 1,265.8 1,244.9 1,157.1 3,615 2,879 2,381 Claims on domestic sectors, TOTAL In domestic currency 2,099.2 2,307.3 2,099.2 2,106.1 2,136.3 2,124.1 2,132.1 2,114.1 2,149.9 2,121.8 2,136.1 2,152.6 2,200.9 2,223.5 2,307.3 21,870 21,743 21,845 In foreign currency 2,199.4 3,109.6 2,199.4 2,286.2 2,352.9 2,455.8 2,539.0 2,618.8 2,716.2 2,748.5 2,814.9 2,894.6 2,992.1 3,048.8 3,109.6 1,048 1,100 1,160 Securities, total 1,791.0 1,442.6 1,791.0 1,895.7 1,853.9 1,830.1 1,787.9 1,832.5 1,737.3 1,678.1 1,608.1 1,634.4 1,622.8 1,612.5 1,442.6 5,076 4,684 4,321 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in SIT bn Deposits in domestic currency, total 2,608.5 2,904.1 2,610.3 2,692.7 2,651.4 2,651.7 2,685.9 2,704.6 2,749.2 2,751.9 2,773.1 2,846.7 2,885.5 2,893.7 2,904.1 17,823 17,912 17,914 Overnight 987.0 1,178.1 987.0 962.5 950.4 991.4 1,003.6 1,032.6 1,073.0 1,056.9 1,057.6 1,067.4 1,052.8 1,079.0 1,178.1 6,645 6,598 6,648 With agreed maturity - short-term 1,175.5 1,252.9 1,175.5 1,295.1 1,264.0 1,222.8 1,229.3 1,233.5 1,225.4 1,257.0 1,270.0 1,323.3 1,361.3 1,353.8 1,252.9 7,673 7,837 7,639 With agreed maturity - long-term 309.9 291.9 309.9 312.7 313.2 295.1 295.7 286.4 285.2 282.7 285.8 286.9 305.0 287.5 291.9 2,486 2,492 2,560 Short-term deposits redeemable at notice 136.0 181.2 137.8 122.3 123.9 142.3 157.2 152.1 165.6 155.3 159.8 169.1 166.3 173.3 181.2 1,019 985 1,067 Deposits in foreign currency, total 1,349.9 1,454.0 1,346.6 1,344.7 1,372.8 1,403.8 1,367.3 1,417.4 1,432.4 1,424.9 1,420.9 1,433.9 1,425.8 1,448.4 1,454.0 634 614 607 Overnight 395.6 552.7 534.8 542.5 550.7 546.3 546.0 559.0 556.9 559.1 565.0 562.8 564.7 576.3 552.7 311 293 285 With agreed maturity - short-term 623.7 544.7 481.2 474.9 491.5 516.0 480.9 514.1 533.6 521.4 506.3 517.6 510.0 519.0 544.7 240 239 237 With agreed maturity - long-term 295.2 318.5 295.2 295.7 297.9 300.5 302.8 310.9 307.8 311.1 316.1 319.2 313.8 317.5 318.5 64 64 62 Short-term deposits redeemable at notice 35.4 38.0 35.4 31.6 32.7 41.0 37.6 33.4 34.1 33.3 33.6 34.3 37.3 35.7 38.0 19 18 23 Source of data: Bank of Slovenia. Slovenian Economic Mirror IMAD Prices No. 5/2007 p. A 8 Indices, 2005 = 100 2002 2003 2004 2005 2006 2006 2007 2006 2007 QI QII QIII QIV QI 4 5 6 7 8 9 10 11 12 1 2 3 4 GROWTH IN SELECTED PRICE INDICATORS CPI 89.2 94.2 97.6 100.0 102.5 100.8 102.8 103.2 103.2 103.1 102.3 103.2 102.9 102.6 103.3 103.6 102.8 103.1 103.6 102.9 102.7 103.8 104.9 Food, non-alcoholic beverages 95.9 100.3 100.8 100.0 102.3 101.6 102.0 102.3 103.1 105.3 101.2 102.8 102.1 101.7 102.6 102.7 101.9 103.4 104.0 105.7 104.7 105.5 107.5 Alcoholic beverages, tobacco 80.8 91.0 96.3 100.0 103.7 101.5 101.9 105.2 106.2 107.1 101.8 101.8 102.1 105.3 105.1 105.2 106.3 106.1 106.2 106.9 107.0 107.4 107.6 Clothing and footwear 93.5 99.3 101.0 100.0 99.5 93.7 104.8 94.0 105.5 95.4 104.1 105.7 104.5 92.5 90.5 99.2 104.9 106.2 105.5 92.9 93.3 100.1 103.4 Housing, water, electricity, gas 80.2 85.4 91.7 100.0 105.3 104.4 106.1 107.0 103.8 104.2 105.7 106.6 105.9 106.5 106.8 107.6 103.3 103.8 104.2 103.6 103.9 105.1 106.7 Furnishings, household equip. 90.1 94.3 96.5 100.0 104.1 101.9 102.9 105.2 106.2 107.0 103.0 102.8 102.9 104.1 105.6 106.0 106.1 106.1 106.4 106.9 106.7 107.5 108.0 Medical, pharmaceutical products 93.4 98.8 100.3 100.0 98.3 98.4 98.5 98.0 98.3 99.9 98.6 98.6 98.3 98.0 98.1 97.9 98.0 98.2 98.7 99.2 99.7 100.8 100.0 Transport 88.0 92.1 97.4 100.0 101.3 99.9 101.8 103.0 100.3 99.7 101.2 102.6 101.7 102.0 103.8 103.0 100.3 100.1 100.6 99.8 99.3 100.1 101.6 Communications 98.5 99.8 100.0 100.0 100.3 100.0 99.2 100.4 101.5 100.0 99.7 99.5 98.5 99.4 99.6 102.2 102.2 101.1 101.1 101.5 99.3 99.2 99.3 Recreation and culture 89.8 94.2 97.7 100.0 102.1 100.0 101.7 105.8 101.1 102.5 100.6 101.4 103.1 106.3 107.8 103.3 100.6 100.9 101.8 102.3 102.9 102.3 102.0 Education 83.5 87.1 93.4 100.0 103.1 102.0 104.1 103.5 102.9 103.1 104.1 104.1 104.1 104.1 104.1 102.1 102.9 102.9 102.9 103.0 103.1 103.0 103.0 Catering services 84.9 91.1 95.8 100.0 104.5 102.2 104.0 105.4 106.3 109.2 103.5 104.0 104.4 104.9 105.3 105.8 106.0 105.5 107.4 108.9 109.3 109.6 110.3 Miscellaneous goods & services 88.8 94.5 98.1 100.0 104.1 102.1 103.9 104.4 105.9 106.4 103.6 104.0 104.0 104.4 104.2 104.6 105.7 105.8 106.1 106.2 106.5 106.7 106.7 HCPI 89.1 94.2 97.6 100.0 102.5 100.8 102.8 103.2 103.3 103.4 102.3 103.3 103.0 102.7 103.4 103.7 102.9 103.2 103.7 103.1 103.0 104.1 105.3 Producer price indices (domestic market) 91.0 93.3 97.4 100.0 102.4 101.3 102.2 102.6 103.3 105.9 102.1 102.2 102.4 102.6 102.3 102.9 103.1 103.1 103.6 104.3 106.5 106.8 107.1 Intermediate goods 89.6 91.4 96.9 100.0 103.5 101.9 103.3 104.1 104.7 109.1 103.0 103.3 103.7 104.0 103.7 104.7 104.4 104.5 105.3 106.1 110.4 110.8 111.3 Capital goods 94.8 94.7 97.0 100.0 100.2 99.8 99.6 100.5 100.8 101.2 99.5 99.3 100.0 100.1 100.4 100.9 100.9 100.7 100.9 101.4 101.0 101.4 101.4 Consumption goods 91.8 95.3 98.1 100.0 101.5 101.0 101.6 101.2 102.1 103.1 101.7 101.6 101.6 101.4 101.1 101.2 102.1 101.9 102.3 102.8 103.0 103.4 103.2 PRICE CONTROL1 Energy prices 81.1 83.3 89.4 100.0 108.0 104.7 109.6 111.9 105.9 102.6 107.8 111.4 109.7 110.4 112.7 112.6 106.2 105.5 105.9 103.6 100.4 103.7 107.5 Oil products 78.9 80.2 86.7 100.0 110.3 105.6 113.4 116.3 105.7 101.4 110.4 116.1 113.8 114.5 117.5 117.0 106.5 105.1 105.6 102.9 98.4 103.0 107.5 Electricity for households 90.4 93.8 98.6 100.0 101.6 100.8 100.8 102.0 102.7 101.7 100.8 100.8 100.8 100.8 102.7 102.7 102.7 102.7 102.7 101.9 101.0 102.4 107.1 Basic utilities 83.4 88.6 96.2 100.0 97.4 100.1 100.9 100.9 87.8 93.8 101.2 100.7 100.7 100.7 100.9 100.9 83.3 89.3 90.7 92.5 94.4 94.4 94.7 Transport & communications 91.5 95.2 97.9 100.0 101.5 101.2 101.6 101.6 101.6 101.9 101.6 101.6 101.6 101.6 101.6 101.6 101.6 101.6 101.6 101.7 101.8 102.2 102.2 Other controlled prices 86.0 89.8 95.7 100.0 102.6 101.8 102.2 103.2 103.3 104.9 102.2 102.2 102.3 103.2 103.2 103.2 103.2 103.3 103.3 104.2 105.1 105.3 105.3 Direct control - total 82.5 85.5 91.5 100.0 107.0 103.7 107.3 110.2 106.9 105.6 106.1 108.5 107.4 107.9 109.5 113.3 106.5 106.9 107.3 106.0 104.1 106.6 109.4 Source of data: SORS, calculations and estimates IMAD. Note: 1 the structure of groups varies, data published are not directly comparable to those published previously. Interest Rates and Investment Slovenian Economic Mirror IMAD No. 5/2007 p. A 9 End year 2006 2007 2002 2003 2004 2005 2006 2 3 4 5 6 7 8 9 10 11 12 12 3 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits - - - 0.47 0.32 0.38 0.36 0.34 0.30 0.30 0.30 0.30 0.28 0.27 0.28 0.27 0.33 0.33 0.33 Time deposits with maturity of up to one year - - - 3.34 2.96 3.23 3.02 3.03 2.99 2.98 2.86 2.81 2.82 2.80 2.81 2.84 2.83 2.91 3.01 New loans to households in domestic current y Housing loans 1-5 year fixed interest rate - - 4.18 4.99 4.56 4.67 4.68 4.80 4.51 4.26 4.74 4.57 4.60 4.42 5.19 4.29 5.16 5.44 5.50 New loans to non-financial corporations in domestic currency Loan over EUR 1 million 1-5 year fixed interest rate - 8.58 5.36 5.23 4.64 4.22 5.12 4.98 4.43 - 4.66 4.47 3.61 4.66 5.04 5.11 5.49 6.53 - INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations | 3.21 2.25 2.00 2.02 2.78 2.25 2.50 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 3.50 3.50 3.50 3.75 INVESTMENT, outlays, in SIT m, since 2007 thousand EURO Total 524,626 610,923 760,662 772,675 824,957 51,609 63,277 52,510 56,768 62,748 55,592 56,808 62,610 58,911 86,544 147,057 283,943 287,486 252,076 Industry total 114,794 136,349 184,271 181,466 164,226 10,971 12,392 10,174 11,172 13,613 12,797 9,218 11,634 12,008 16,069 22,452 54,811 66,902 68,461 Energy sector 36,959 31,538 39,105 38,701 36,856 3,337 2,340 1,405 2,119 1,934 2,995 2,119 3,460 2,294 4,832 7,335 11,771 26,320 12,892 Manufacturing 77,835 104,811 145,163 142,765 127,370 7,634 10,052 8,769 9,053 11,679 9,802 7,099 8,174 9,714 11,237 15,117 43,040 40,582 55,568 Construction* 8,937 11,350 21,470 129,609 170,369 8,929 10,808 7,472 11,717 11,122 11,561 15,119 14,507 13,065 14,565 43,112 97,608 68,472 -120,858 Transport and communications* 58,244 39,779 54,720 63,689 57,978 2,762 4,692 3,855 4,716 4,085 3,935 5,076 7,245 3,401 9,931 4,165 11,029 32,975 194,924 Trade 66,950 67,852 80,272 93,793 82,460 6,019 7,889 4,879 4,880 11,155 5,304 6,325 4,527 6,229 4,926 6,846 16,599 12,242 25,851 Hotels and restaurants 9,144 14,665 1 4,206 15,641 12,356 650 1,705 840 889 962 1,298 1,319 816 439 722 1,483 7,841 5,197 7,092 Financial and technical services 40,339 48,049 52,291 48,192 47,530 2,486 3,284 4,210 4,957 4,109 5,117 4,199 2,560 3,805 4,297 4,655 11,926 22,401 9,369 Other 226,220 292,876 353,432 240,285 290,038 19,792 22,507 21,080 18,437 17,702 15,580 15,552 21,321 19,964 36,034 64,344 84,129 79,297 67,236 In economic infrastructure, total1 162,078 177,777 223,096 180,751 197,802 11,312 11,724 7,283 13,947 12,868 13,319 16,649 16,725 13,348 19,366 49,344 89,489 105,196 64,170 Energy sector 36,959 46,562 46,469 42,212 36,857 3,337 2,340 1,405 2,119 1,934 2,995 2,119 3,460 2,294 4,832 7,335 11,770 26,320 12,892 Electricity supply 25,132 26,903 23,107 24,251 22,736 1,947 1,394 941 1,381 1,261 1,963 1,200 2,516 1,304 3,331 3,946 6,664 21,210 7,479 Gas supply 1,380 1,282 689 678 729 32 51 41 30 51 56 80 58 26 111 117 229 242 335 Hot water supply 1,168 2,725 2,027 2,564 2,640 205 211 41 140 90 240 125 216 240 346 714 1,540 898 640 Cold water supply 9,280 15,652 20,645 14,720 10,752 1,153 685 381 569 532 737 714 670 724 1,044 2,558 3,337 3,970 4,439 Transport infrastructure 125,119 131,215 176,627 138,539 160,945 7,975 9,384 5,878 11,828 10,934 10,324 14,530 13,265 11,054 14,534 42,009 77,719 78,876 51,278 Railways 16,924 1,717 1,822 2,615 6,677 123 586 608 571 372 558 1,487 1,653 77 493 70 590 1,360 897 Air traffic 618 1,774 2,660 3,462 2,120 216 73 10 207 101 49 469 96 123 139 502 1,508 2,028 1,515 Roads, motorways 81,467 103,849 141,157 106,040 136,142 5,887 5,968 3,760 9,044 8,994 9,224 11,516 11,064 10,310 13,150 40,435 72,863 62,228 46,038 Postal and telecom services 24,573 20,923 26,717 24,143 13,609 1,621 2,563 1,330 1,749 1,308 292 770 372 432 399 613 1,717 1,402 1,780 Other 1,538 2,952 4,271 2,279 2,397 128 195 171 257 157 201 287 80 112 354 389 1,041 11,858 1,048 Sources of data: SORS, BS, AP. Notes: a large infrastructure company has been included in the construction activity since April 2007 (change of main activity from F to I). 1Outlays collected on the basis of data for individual investors. Slovenian Economic Mirror IMAD Labour Market No. 5/2007 p. A 10 Number in thousand 2002 2003 2004 2005 2006 2006 2007 2006 2007 Q I Q II Q III Q IV Q I 3 4 5 6 7 8 9 10 11 12 1 2 3 A FORMAL LABOUR FORCE (A=B+E) 911.4 899.1 900.3 905.0 910.7 908.2 910.9 909.6 914.0 919.1 908.7 909.9 910.7 912.3 910.8 908.2 909.8 915.0 915.5 911.3 918.0 919.2 920.0 B PERSONS IN FORMAL EMPLOYMENT (C+D) 808.7 801.4 807.5 813.1 824.8 814.6 823.6 826.6 834.5 841.8 817.3 819.9 823.6 827.4 825.2 825.2 829.5 833.7 836.7 833.0 838.0 841.5 845.8 In agriculture, forestry, fishing 45.4 37.7 41.2 38.7 38.9 39.5 39.1 38.7 38.5 43.1 39.6 39.2 39.1 39.0 38.8 38.7 38.7 38.6 38.6 38.4 43.0 43.1 43.1 In industry, construction 323.3 318.4 313.9 310.9 313.3 308.2 312.2 315.1 317.6 317.4 308.9 310.3 312.3 314.1 314.5 314.7 316.2 317.9 318.9 315.9 316.2 317.8 318.3 Of which: in manufacturing 243.1 238.9 236.1 233.7 227.9 227.5 227.5 227.5 229.2 229.4 227.3 227.0 227.5 228.0 227.4 227.2 227.8 229.1 229.9 228.7 228.9 229.6 229.7 In construction 63.4 63.3 62.2 61.7 69.9 65.4 69.3 72.2 72.9 72.8 66.3 67.9 69.4 70.5 71.6 72.0 72.8 73.3 73.5 71.9 72.1 73.0 73.3 In services 440.0 445.2 452.3 463.5 472.6 467.0 472.3 472.8 478.4 481.3 468.8 470.3 472.2 474.3 471.9 471.8 474.7 477.2 479.2 478.7 478.8 480.7 484.4 Of which: in public administration 45.9 47.7 49.9 49.1 50.2 49.8 50.4 50.3 50.1 49.7 50.1 50.3 50.4 50.6 50.5 50.3 50.2 50.3 50.2 49.9 49.8 49.7 49.7 in education, health-services social work 101.6 102.7 105.0 106.5 109.1 108.5 109.3 108.6 110.0 109.9 108.7 108.9 109.3 109.7 108.2 108.0 109.5 109.9 110.2 109.8 109.5 109.9 110.2 C FORMALLY EMPLOYED 1 721.4 722.1 724.4 731.6 741.6 731.7 740.6 743.4 750.7 753.1 734.2 737.0 740.5 744.2 742.1 742.0 746.1 750.1 752.9 749.2 749.5 752.9 757.0 In enterprises and organisations 654.6 656.0 658.7 666.2 675.1 667.6 674.2 675.9 682.6 685.8 669.7 671.5 674.2 676.9 674.7 674.7 678.2 681.6 684.3 681.7 682.8 685.6 689.0 In small scale sector 66.8 66.2 65.6 65.4 66.5 64.0 66.4 67.5 68.2 67.3 64.5 65.5 66.4 67.3 67.3 67.3 67.9 68.5 68.6 67.5 66.7 67.3 68.0 D SELF EMPLOYED AND FARMERS 87.3 79.2 83.1 81.5 83.3 83.0 83.1 83.2 83.7 88.7 83.1 82.9 83.0 83.2 83.1 83.2 83.5 83.6 83.8 83.8 88.5 88.6 88.8 E REGISTERED UNEMPLOYMENT 102.6 97.7 92.8 91.9 85.8 93.6 87.3 83.0 79.5 77.3 91.4 90.0 87.1 84.9 85.6 83.1 80.2 81.3 78.8 78.3 80.0 77.7 74.2 Female 52.5 51.6 49.3 49.4 47.0 50.3 47.9 46.3 43.6 42.0 49.6 49.1 47.7 46.8 47.9 46.4 44.6 44.9 43.3 42.6 43.2 42.1 40.7 By age: under 26 24.7 25.5 24.3 22.2 18.2 21.7 18.9 16.4 16.0 14.0 20.7 20.0 18.8 17.8 17.8 16.6 14.8 16.8 15.8 15.2 15.1 14.2 12.8 Older than 40 50.7 43.1 39.7 40.1 39.7 41.7 40.1 39.3 37.9 38.7 41.2 40.9 40.1 39.4 39.6 39.3 38.9 38.2 37.6 37.7 39.0 38.8 38.1 Unskilled 48.2 43.2 38.6 37.5 33.7 37.4 34.3 32.2 30.8 30.4 36.4 35.5 34.3 33.2 32.8 32.3 31.6 31.1 30.6 30.8 31.6 30.7 29.0 For more than 1 year 55.8 47.5 42.9 43.4 41.9 43.6 42.4 41.5 40.2 38.8 43.2 43.0 42.3 41.9 41.9 41.3 41.2 41.0 39.9 39.7 39.6 39.0 37.9 Those receiving benefits 24.4 24.3 22.3 23.3 22.7 25.4 23.6 22.4 19.4 13.0 25.3 23.7 24.2 22.8 22.9 22.7 21.7 19.9 19.4 18.9 19.9 19.1 18.3 F RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 11.3 10.9 10.3 10.2 9.4 10.3 9.6 9.1 8.7 8.4 10.1 9.9 9.6 9.3 9.4 9.1 8.8 8.9 8.6 8.6 8.7 8.4 8.1 G FLOWS OF FORMAL LABOUR FORCE -2.3 -10.2 1.5 8.0 5.2 2.6 3.6 -2.5 1.6 8.7 0.4 1.2 0.8 1.6 -1.5 -2.5 1.5 5.3 0.5 -4.2 6.7 1.2 0.8 New unemployed first job seekers 21.4 25.4 26.0 21.7 18.6 3.7 3.2 3.5 8.2 2.9 1.3 1.2 1.0 1.0 1.0 1.0 1.5 5.8 1.4 1.0 1.3 0.8 0.9 Redundancies 66.0 68.8 69.6 67.2 63.8 19.4 14.4 15.2 14.8 15.4 5.5 4.9 5.1 4.4 5.6 4.5 5.1 4.8 5.0 5.0 7.6 3.8 4 Registered unemployed who found employment 52.2 50.5 54.3 53.9 57.4 15.6 14.7 13.5 13.6 14.8 6.1 4.9 5.5 4.3 3.5 4.6 5.3 5.1 5.0 3.5 5.1 4.4 5.2 Other unemployed erased out of register 39.9 47.3 46.6 33.1 39.2 8.7 9.4 9.8 11.3 7.6 3.4 2.6 3.5 3.3 2.4 3.4 4.1 4.4 3.9 3.1 2.0 2.5 3.1 Change in number of work permits for foreigners 2.1 3.5 -0.5 3.9 7.8 2.7 3.3 1.6 0.3 3.9 1.9 1.6 0.9 0.8 0.5 0.8 0.3 0.4 0.1 -0.2 -0.8 2.2 2.5 Retirements 2 15.9 16.1 16.4 16.7 18.7 4.3 3.9 4.5 6.1 4.7 1.2 1.3 1.1 1.5 1.2 1.0 2.4 2.2 2.0 1.9 1.8 1.6 1.2 Deaths 2 2.6 2.6 2.5 2.3 2.5 0.6 0.6 0.6 0.6 0.6 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Others who found employment 2 30.4 24.9 39.5 32.6 37.3 8.9 10.0 6.3 9.8 13.8 1.7 2.2 3.3 4.5 0.4 -0.2 6.0 5.4 4.5 -0.2 9.9 2.2 1.6 H JOB VACANCIES 3 11.6 12.1 14.1 16.9 19.0 19.1 20.5 18.9 17.4 20.5 21.7 18.4 20.3 22.7 17.7 16.4 22.7 19.5 16.9 15.9 20.0 17.8 23.6 For fixed term, in % 74.4 73.8 73.7 75.6 75.3 71.6 74.9 77.6 77.5 76.7 76.6 75.4 73.7 75.5 75.5 78.5 78.7 77.9 78.0 76.4 77.1 75.1 77.5 WORK PERMITS FOR FOREIGNERS 35.3 39.7 39.7 41.6 48.3 44.2 48.1 50.0 50.9 53.4 45.7 47.2 48.1 48.9 49.4 50.2 50.5 50.9 51.0 50.7 52.2 53.4 54.7 As % of labour force (I/A) 3.9 4.4 4.4 4.6 5.3 4.9 5.3 5.5 5.6 5.8 5.0 5.2 5.3 5.4 5.4 5.5 5.5 5.6 5.6 5.6 5.7 5.8 5.9 Sources of data: SORS, PDII, ESS. Notes: nin 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. 2Estimated by IMAD, based on data by PDII and ESS; 3According to ESS. Wages, Competitiveness, Exchange Rate Slovenian Economic Mirror IMAD No. 5/2007 p. A 11 2006 2007 2006 2007 2005 Qii Qiii Qiv Q| 3 4 5 6 7 8 9 10 11 12 1 2 3 GROSS WAGE PER EMPLOYEE, in SIT, since 2007 in EUR Total 264,403 277,279 290,635 283,981 286,917 309,709 1,238 285,690 279,896 286,316 285,731 283,047 290,148 287,557 293,121 333,799 302,207 1,250 1,213 1,252 Agriculture, fishing 215,981 224,253 236,822 229,953 234,180 255,337 1,010 232,932 224,718 233,088 232,053 227,255 236,221 239,065 246,013 275,462 244,538 1,030 978 1,021 A Agriculture 216,252 224,225 236,681 230,000 234,330 255,564 1,010 232,534 224,525 233,168 232,308 227,341 236,385 239,263 246,477 275,255 244,960 1,030 978 1,023 B Fishing 205,207 218,670 236,027 228,451 228,286 245,222 970 248,433 233,254 229,976 222,124 223,864 229,792 231,201 225,990 283,455 226,221 1,007 984 919 Industry, construction 229,615 243,067 256,362 249,392 252,418 275,098 1,096 254,527 242,758 252,268 253,148 247,126 258,208 251,919 259,650 302,333 263,312 1,120 1,059 1,110 C Mining and quarrying 324,410 344,670 360,110 355,425 347,764 390,549 1,504 349,545 345,081 361,792 359,403 341,267 357,349 344,675 356,344 465,162 350,142 1,516 1,488 1,508 D Manufacturing 225,806 238,985 252,162 245,578 248,069 269,029 1,086 251,857 239,263 247,879 249,593 243,298 253,828 247,080 255,616 293,054 258,417 1,113 1,046 1,099 E Electricity, gas & water supply 322,478 353,836 373,743 350,785 355,321 439,645 1,494 353,915 341,094 360,776 350,485 347,759 364,848 353,355 364,284 550,174 404,477 1,539 1,442 1,501 F Construction 214,536 224,794 238,698 232,640 239,102 253,871 1,017 233,339 225,300 236,219 236,402 231,933 243,748 241,624 245,043 271,568 245,003 1,018 996 1,038 Production services 242,355 253,747 266,326 260,251 261,841 286,264 1,150 261,993 257,312 262,884 260,558 258,907 263,514 263,104 269,263 309,080 280,448 1,151 1,128 1,171 G Distributive trade 233,682 244,880 258,521 252,136 254,723 278,198 1,122 252,962 249,304 254,451 252,654 252,603 255,915 255,650 263,133 294,774 276,686 1,127 1,097 1,143 H Hotels & restaurants 196,458 202,895 211,873 209,789 210,678 221,166 893 206,041 207,644 212,160 209,563 207,008 213,505 211,520 213,344 225,866 224,287 898 873 906 I Transport, storage & communications 284,881 299,377 310,080 302,935 302,254 334,933 1,333 309,176 299,354 306,447 303,005 297,889 304,311 304,562 309,630 379,872 315,296 1,324 1,317 1,359 Business services 312,967 325,355 340,552 332,172 328,901 375,481 1,437 330,931 330,016 335,420 331,080 323,043 332,310 331,351 332,557 428,155 365,729 1,448 1,412 1,450 J Financial intermediation 388,044 413,896 443,595 431,824 415,908 523,782 1,812 413,684 426,939 440,529 428,004 404,927 414,649 428,147 415,140 668,928 487,279 1,797 1,810 1,830 K Real estate 283,421 292,763 304,295 296,412 298,125 324,256 1,307 300,999 294,896 297,842 296,499 293,992 303,078 297,304 303,947 345,433 323,388 1,326 1,274 1,321 Public services 319,911 330,580 341,999 336,529 343,246 353,578 1,445 334,193 334,641 337,356 337,588 341,724 343,977 344,037 347,973 360,551 352,211 1,449 1,433 1,452 L Public administration 322,928 333,302 343,572 338,545 346,124 351,537 1,446 335,376 335,054 339,019 341,562 344,886 345,285 348,201 351,350 353,047 350,213 1,450 1,442 1,445 M Education 325,463 340,967 357,301 350,291 362,784 368,215 1,521 349,399 348,245 349,298 353,330 360,988 363,395 363,969 365,467 370,135 369,042 1,516 1,518 1,530 N Health & social work 310,990 316,827 325,245 322,107 323,843 336,103 1,367 318,501 321,717 324,668 319,936 323,527 325,081 322,920 329,682 341,294 337,332 1,387 1,344 1,369 O Other social & personal services 316,566 325,159 332,137 324,515 324,566 356,170 1,402 322,783 323,475 327,509 322,560 320,629 328,908 324,162 330,619 395,357 342,534 1,395 1,368 1,441 INDICATORS OF OVERALL COMPETITIVENESS, 2001=100 Foreign exchange rates Effective exchange rate1, nominal 94.6 94.0 94.1 94.1 94.4 94.3 94.4 93.7 94.0 94.1 94.3 94.4 94.3 94.4 94.2 94.2 94.4 94.3 94.5 94.5 Real (relative consumer prices) 105.2 104.9 105.6 105.8 106.2 106.0 105.6 104.7 105.4 106.2 105.9 105.7 106.1 106.7 105.7 106.0 106.3 105.6 105.3 106 Real (relative producer prices)2 103.1 102.5 101.6 101.3 101.2 102.5 103.4 101.6 101.3 101.2 101.3 101.1 100.7 101.9 102.3 102.3 102.9 103.4 103.5 103.4 SIT/US$ 192.4 192.7 191.0 190.9 188.0 185.9 - 199.5 195.9 187.6 189.2 188.9 187.1 188.1 190.0 186.2 181.4 - - - SIT/EUR 238.9 239.6 239.6 239.6 239.6 239.6 - 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 239.6 - - - US$/EUR 1.2433 1.2448 1.2557 1.2564 1.2741 1.2902 1.3105 1.2020 1.2271 1 .2770 1.2650 1.2684 1.2811 1.2727 1.2611 1.2881 1.3213 1.2999 1 .3074 1.3242 Sources of data: SORS, AP, BS, OECD Main Economic Indicators, calculations IMAD. Notes: The September 2005 data on the monthly gross wage per employee were calculated according to the new methodology for 2004 and beyond. 1Change of methodology: the calculation of the tolar's effective exchange rate includes the currencies/prices of Slovenia's 17 trading partners (Austria, Belgium, Germany, Italy, France, Netherlands, Spain, Denmark, United Kingdom, Sweden, Czech Republic, Hungary, Poland, Slovakia, USA, Switzerland, Japan); 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. 2Producer prices in manufacturing activities. 3in enterprises and organizations. 4Based on producer prices in SIT. 5Only domestic factors. Slovenian Economic Mirror IMAD Public Finance No. 5/2007 p. A 12 Current prices in SIT million, . 2006 2006 2007 since 2007 in EURO thousand 2003 2004 2005 2006 QI QII QIII QIV 6 7 8 9 10 11 12 1 2 CONSOLIDATED GENERAL GOVERNMENT REVENUES TOTAL REVENUES 2,477,425 2,683,055 2,869,949 3,105,421 684,600 817,212 729,600 874,009 250,235 249,793 257,716 222,090 276,487 287,812 309,710 1,061,069 958,433 Current revenues 2,440,298 2,609,053 2,759,987 2,970,410 665,816 782,080 706,346 816,169 231,435 242,449 249,677 214,220 259,442 265,390 291,337 1,034,357 926,145 Tax revenues 2,291,071 2,446,899 2,608,230 2,818,643 637,904 746,742 665,880 768,117 219,703 232,024 234,557 199,299 243,250 252,118 272,749 994,506 883,169 Taxes on income and profit 460,520 506,878 537,260 655,486 130,290 235,706 134,797 154,693 42,467 43,014 47,180 44,603 41,871 49,212 63,610 188,151 189,870 Social security contributions 839,216 899,400 955,611 1,013,970 242,274 248,707 250,117 272,872 83,279 83,794 82,071 84,253 84,480 86,391 102,001 358,356 360,464 Taxes on payroll and workforce 107,424 117,676 126,097 113,334 26,465 27,214 27,376 32,279 9,262 9,324 8,803 9,249 9,226 9,804 13,249 32,835 32,096 Taxes on property 34,419 39,513 40,834 45,322 6,440 10,171 15,126 13,585 4,121 4,448 6,898 3,780 3,402 7,140 3,043 6,207 7,914 Domestic taxes on goods and services 814,577 856,610 938,118 977,082 229,658 221,864 235,012 290,547 79,496 90,261 88,669 56,082 103,301 97,968 89,279 403,169 286,860 Taxes on international trade & transactions 34,653 19,339 9,360 12,145 2,638 2,988 2,653 3,866 1,036 947 746 960 895 1,528 1,444 5,460 6,313 Other taxes 261 7,484 950 1,304 138 92 799 275 40 237 190 372 75 76 125 329 -347 Non-tax revenues 149,227 162,154 151,756 151,767 27,912 35,338 40,465 48,051 11,733 10,425 15,119 14,921 16,192 13,272 18,588 39,852 42,976 Capital revenues 15,857 20,751 27,181 39,971 7,032 7,299 10,175 15,465 2,133 2,504 2,869 4,802 4,651 6,163 4,651 6,450 5,008 Grants 13,384 1,877 2,173 1,287 178 344 356 409 90 97 105 154 61 177 1 71 713 398 Transferred revenues 7,887 7,536 8,140 10,259 83 75 117 9,985 34 55 -32 94 26 9,483 476 1,610 31 Receipts from the EU budget - 43,838 72,469 83,494 11,492 27,414 12,607 31,981 16,543 4,689 5,098 2,820 12,307 6,599 13,076 17,940 26,852 CONSOLIDATED GENERAL GOVERNMENT EXPENDITURE TOTAL EXPENDITURE 2,555,894 2,768,427 2,941,756 3,165,327 715,855 802,516 721,094 925,862 245,445 238,539 234,980 247,575 265,622 285,225 375,015 985,096 1,109,355 Current expenditure 1,225,523 1,234,113 1,283,018 1,363,301 337,178 349,651 308,809 367,663 102,211 103,403 101,202 104,203 115,023 117,158 135,482 489,190 473,635 Wages, salaries and other personnel expenditure 662,776 700,349 722,822 762,128 182,074 195,534 188,138 196,382 61,081 61,910 61,987 64,240 63,616 64,797 67,969 262,151 262,094 Expenditure on goods and services 451,440 429,861 457,942 496,830 108,972 125,618 111,986 150,253 39,008 38,815 37,555 35,616 41,887 46,338 62,028 192,052 146,434 Interest payments 92,661 91,933 89,180 90,199 43,396 25,453 5,439 15,910 1,150 1,519 706 3,215 8,325 5,011 2,574 32,428 62,373 Reserves 18,646 11,969 13,074 14,145 2,736 3,046 3,246 5,117 972 1,159 954 1,133 1,195 1,012 2,909 2,559 2,735 Current transfers 1,097,369 1,249,909 1,341,641 1,420,064 317,302 397,591 332,290 372,882 123,641 113,895 109,214 109,182 110,952 122,357 139,573 434,831 507,916 Subsidies 69,470 77,571 91,362 96,556 8,908 42,366 13,742 31,540 13,583 7,395 2,952 3,395 5,146 6,475 19,918 6,748 54,844 Current transfers to individuals and households 986,100 1,053,417 1,109,197 1,167,404 279,308 313,688 280,259 294,149 95,105 93,257 94,521 92,482 92,935 102,296 98,919 388,090 415,487 Current transfers to non-profit institut., other current domestic transfers 36,722 113,675 134,930 149,548 28,405 39,465 35,971 45,707 14,055 12,411 11,551 12,008 12,583 12,909 20,214 39,679 35,484 Current transfers abroad 5,077 5,247 6,154 6,556 680 2,071 2,319 1,485 898 832 190 1,297 288 676 521 315 2,101 Capital expenditure 142,131 151,305 156,784 216,016 29,681 26,537 42,704 117,094 10,452 11,239 14,307 17,158 19,780 26,348 70,967 44,660 46,398 Capital transfers 90,871 92,464 91,874 96,956 9,175 15,694 19,384 52,703 5,502 4,478 4,042 10,864 13,658 15,861 23,184 8,086 9,460 Payments to the EU budget - 40,637 68,438 68,990 22,520 13,044 17,907 15,520 3,639 5,524 6,215 6,168 6,210 3,501 5,810 8,330 71,946 SURPLUS / DEFICIT -78,469 -85,372 -71,807 -59,906 - - - - - - - - - - - - - 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. Main Indicators Slovenian Economic Mirror IMAD No. 5/2007 p. A 13 Real growth rates, in % 2001 2002 2007 2008 2003 Spring Forecast 2007 GDP 2.7 3.5 2.7 4.4 4.0 5.2 4.7 4.4 GDP per capita, in EUR 11,094 11,866 12,461 13,146 13,807 14,808 15,900 17,132 GDP per capita, PPS1 15,400 16,000 16,800 18,200 19,200 - - - Standardised rate of unemployment (ILO) 6.4 6.4 6.7 6.3 6.6 6.0 5.7 5.4 Labour productivity (GDP per employee) 2.2 3.8 3.1 3.9 3.7 4.0 3.8 3.6 Inflation2, annual average 8.4 7.5 5.6 3.6 2.5 2.5 2.2 2.5 INTERNATIONAL TRADE - BALANCE OF PAYMENTS STATISTICS Exports of goods and services3 6.3 6.7 3.1 12.5 10.5 10.0 9.7 9.2 Exports of goods 7.0 6.4 4.4 12.8 10.3 10.8 10.1 9.4 Exports of services 3.2 8.0 -2.5 10.9 11.7 6.4 7.6 8.0 Imports of goods and services3 3.0 4.8 6.7 13.4 7.0 10.4 8.7 8.6 Imports of goods 3.2 4.4 7.3 14.6 6.8 10.5 8.8 8.6 Imports of services 1.8 7.5 3.0 5.5 8.4 9.5 7.8 8.4 Current account balance, In EUR million 38 247 -196 -720 -547 -773 -629 -273 Average exchange rate, SIT/EUR 217.2 226.2 233.7 238.9 239.64 239.60 - - Foreign exchange reserves, In EUR million 6,514 7,842 7,703 7,484 8,833 8,005 7474 - Gross external debt, In EUR million 10,386 11,524 13,225 15,343 19,614 23,718 26,4045 - DOMESTIC DEMAND - NATIONAL ACCOUNTS STATISTICS (share in GDP in %) Private consumption 56.6 55.5 55.8 54.8 54.9 54.0 53.4 52.5 Government consumption 20.0 19.7 19.6 19.6 19.6 19.3 19.1 18.9 Gross fixed capital formation 24.1 22.6 23.3 24.5 24.4 25.8 26.2 26.7 CONSOLIDATED GENERAL GOVERNMENT REVENUE AND EXPENDITURE BY THE GFS - IMF METHODOLOGY (as a % of GDP) General government revenue 42.7 40.6 42.6 42.8 43.3 43.66 42.9 41.7 General government expenditure 44.0 43.5 44.0 44.1 44.4 44.46 43.8 42.5 Surplus (deficit) -1.3 -2.9 -1.4 -1.3 -1.1 -0.86 -0.9 -0.8 Sources of data: SORS, BS, MF, calculations, estimate and forecast by the IMAD - Spring Forecast 2007. Notes: 1Eurostat, March 2007; 2the consumer price index; 3balance of payments statistics (exports F.O.B., imports F.O.B.), changes in exchange rates and prices in foreign markets eliminated by calculating real rates; 4end April. From 1 January 2007, foreign exchange reserves of the Bank of Slovenia include foreign cash in convertible currencies, deposits abroad, and first class securities of issuers from outside the Euro area in foreign currency. The drop in data values is the result of Slovenia's entry to the Economic and Monetary Union.; 5end February; preliminary data of Ministry of finance. International Comparisons / I Slovenian Economic Mirror IMAD No. 5/2007 p. A 14 Real GDP growth GDP per capita in PPS1 EU25=100 Inflation2 (annual average) 2003 2004 2005 2006 2001 2002 2003 2004 2003 2004 2005 2006 Slovenia 2.7 4.4 4.0 5.2 74.5 77.4 79.9 81.9 5.7 3.7 2.5 2.5 EU27 1.3 2.5 1.7 3.0 95.6 95.8 95.9 96.1 N/A N/A N/A N/A EU25 1.3 2.4 1.7 2.9 100 100 100 100 2.0 2.0 2.2 2.2 Euro Area 0.8 2.0 1.4 2.7 107.9 107.5 106.6 106.2 2.1 2.1 2.2 2.2 Belgium 1.0 3.0 1.1 3.2 117.6 118.9 119.4 118.0 1.5 1.9 2.5 2.3 Bulgaria 5.0 6.6 6.2 6.1 28.4 31.1 32.4 33.7 2.3 6.1 6.0 7.4 Czech Republic 3.6 4.2 6.1 6.0* 67.7 70.7 72.1 73.6 -0.1 2.6 1.6 2.1 Denmark 0.4 2.1 3.1 3.2 121.4 119.3 119.4 121.8 2.0 0.9 1.7 1.9 Germany -0.2 1.2 0.9 2.7 108.5 112.5 111.1 110.0 1.0 1.8 1.9 1.8 Estonia 7.1 8.1 10.5 11.4 46.8 51.2 53.4 59.8 1.4 3.0 4.1 4.4 Greece 4.8 4.7 3.7 4.3 77.2 80.2 81.4 84.0 3.4 3.0 3.5 3.3 Spain 3.0 3.2 3.5 3.9 95.2 96.7 96.6 97.9 3.1 3.1 3.4 3.6 France 1.1 2.3 1.2 2.2* 112.0 107.7 107.7 108.1 2.2 2.3 1.9 1.9 Ireland 4.3 4.3 5.5 5.3* 132.3 134.4 135.7 138.8 4.0 2.3 2.2 2.7 Italy 0.0 1.2 0.1 1.9 110.0 106.0 103.1 100.7 2.8 2.3 2.2 2.2 Cyprus 1.8 4.2 3.9 3.8 82.6 85.2 87.6 88.9 4.0 1.9 2.0 2.2 Latvia 7.2 8.7 10.6 11.9 38.7 41.2 43.7 48.6 2.9 6.2 6.9 6.6 Lithuania 10.3 7.3 7.6 7.5 41.9 47.1 49.0 52.1 -1.1 1.2 2.7 3.8 Luxembourg 1.3 3.6 4.0 6.2 220.7 236.7 240.8 251.0 2.5 3.2 3.8 3.0 Hungary 4.1 4.9 4.2 3.9 59.1 60.8 61.3 62.5 4.7 6.8 3.5 4.0 Malta -2.3 0.4 3.0 2.9 74.9 74.3 72.1 71.7 1.9 2.7 2.5 2.6 Netherlands 0.3 2.0 1.5 2.9 125.3 123.8 124.6 125.5 2.2 1.4 1.5 1.7 Austria 1.1 2.4 2.0 3.1 120.0 123.4 123.4 122.9 1.3 2.0 2.1 1.7 Poland 3.8 5.3 3.5 5.8 46.3 46.9 48.7 49.7 0.7 3.6 2.2 1.3 Portugal -0.7 1.3 0.5 1.3 79.5 73.5 72.1 71.7 3.3 2.5 2.1 3.0 Romania 5.2 8.5 4.1 7.7 28.1 29.9 32.6 34.2 15.3 11.9 9.1 6.6 Slovakia 4.2 5.4 6.0 8.3 51.0 52.8 54.4 57.1 8.4 7.5 2.8 4.3 Finland 1.8 3.7 2.9 5.5 114.7 108.6 111.1 110.5 1.3 0.1 0.8 1.3 Sweden 1.7 4.1 2.9 4.4 113.7 115.4 115.4 114.7 2.3 1.0 0.8 1.5 United Kingdom 2.7 3.3 1.9 2.8 116.1 116.1 118.0 117.6 1.4 1.3 2.1 2.3 USA 2.5 3.9 3.2 3.3 145.4 146.3 147.9 149.9 2.3 2.7 3.4 N/A Sources of data: SORS; Eurostat. New Cronos. Notes: 1PPS - Purchasing Power Standard. Data for 2005 were published by Eurostat on 15 June 2006. 2 Harmonised Index of Consumer Prices for EU countries and Consumer Price Index for the USA. N/A - not available *Autumn Forecast European Commission International Comparisons / II Slovenian Economic Mirror IMAD No. 5/2007 p. A 15 Survey Unemployment Rate Current account balance1, % GDP General Government Balance2, % GDP General Government Gross Debt2, % GDP 2003 2004 2005 2006 2002 2003 2004 2005 2002 2003 2004 2005 2002 2003 2004 2005 Slovenia 6.7 6.3 6.5 6.0 -0.8 -2.6 -2.0 -2.7 -2.8 -2.3 -1.5 -1.4 28.6 28.9 28.4 27.8 EU 27 9.0 9.0 8.7 7.9 0.1 0.2 -0.5 -0.7 -3.1 -2.7 -2.4 -1.7 62.1 62.5 62.9 61.7 EU25 9.0 9.0 8.7 7.9 N/A N/A N/A N/A -3.1 -2.7 -2.4 -1.7 62.1 62.5 63.3 62.2 Euro Area 8.7 8.8 8.6 7.9 0.5 0.8 0.0 -0.1 -3.0 -2.8 -2.5 -1.6 69.2 69.7 70.5 69.0 Belgium 8.2 8.4 8.4 8.2 4.5 3.6 2.5 2.3 0.1 0.0 -2.3 0.2 98.6 94.3 93.2 89.1 Bulgaria 13.7 12.0 10.1 9.0 -5.5 -6.6 -12.0 -15.8 -0.9 2.2 1.9 3.3 45.9 37.9 29.2 22.8 Czech Republic 7.8 8.3 7.9 7.1 -6.5 -6.3 -2.7 -4.1 -6.6 -2.9 -3.5 -2.9 30.1 30.7 30.4 30.4 Denmark 5.4 5.5 4.8 3.9 3.4 3.1 3.6 2.5 0.0 2.0 4.7 4.2 45.8 44.0 36.3 30.2 Germany 9.0 9.5 9.5 8.4 2.0 3.9 4.2 4.7 -4.0 -3.7 -3.2 -1.7 63.9 65.7 67.9 67.9 Estonia 10.0 9.7 7.9 5.9 -11.5 -12.5 -11.1 -14.2 2.0 2.3 2.3 3.8 5.7 5.2 4.4 4.1 Greece 9.7 10.5 9.8 8.9 -10.0 -9.5 -9.2 -11.4 -6.2 -7.9 -5.5 -2.6 107.8 108.5 107.5 104.6 Spain 11.1 10.6 9.2 8.5 -4.0 -5.9 -7.5 -8.5 0.0 -0.2 1.1 1.8 48.8 46.2 43.2 39.9 France 9.4 9.6 9.7 9.4 0.2 -0.6 -2.1 -2.0 -4.1 -3.6 -3.0 -2.5 62.4 64.3 66.2 63.9 Ireland 4.7 4.5 4.3 4.4 0.0 -1.0 -3.1 -3.3 0.4 1.4 1.0 2.9 31.2 29.7 27.4 24.9 Italy 8.4 8.0 7.7 6.8 -0.9 -0.5 -1.2 -2.0 -3.5 -3.5 -4.2 -4.4 104.3 103.8 106.2 106.8 Cyprus 4.1 4.6 5.2 4.7 -2.2 -5.0 -5.6 -5.9 -6.3 -4.1 -2.3 -1.5 69.1 70.3 69.2 65.3 Latvia 10.5 10.4 8.9 6.8 -8.2 -12.9 -12.6 -21.1 -1.6 -1.0 -0.2 0.4 1 4.4 14.5 12.0 10.0 Lithuania 12.4 11.4 8.3 5.6 -6.8 -7.5 -6.9 -10.7 -1.3 -1.5 -0.5 -0.3 21.2 19.4 18.6 18.2 Luxembourg 3.7 5.1 4.5 4.7 8.0 11.8 11.1 8.6 0.4 -1.2 -0.3 0.1 6.3 6.6 6.1 6.8 Hungary 5.9 6.1 7.2 7.5 -7.9 -8.4 -6.8 -5.9 -7.2 -6.5 -7.8 -9.2 58.0 59.4 61.7 66.0 Malta 7.6 7.4 7.3 7.3 -2.8 -6.4 -8.3 -6.3 -10.0 -5.0 -3.1 -2.6 70.4 73.9 72.4 66.5 Netherlands 3.7 4.6 4.7 3.9 6.1 8.6 7.1 9.9 -3.1 -1.8 -0.3 0.6 52.0 52.6 52.7 48.7 Austria 4.3 4.8 5.2 4.8 1.7 2.1 2.9 3.7 -1.6 -1.2 -1.6 -1.1 64.6 63.9 63.5 62.2 Poland 19.6 19.0 17.7 13.8 -2.1 -4.4 -1.7 -2.3 -6.3 -5.7 -4.3 -3.9 47.1 45.7 47.1 47.8 Portugal 6.3 6.7 7.6 7.7 -6.5 -8.0 -9.6 -9.8 -2.9 -3.3 -6.1 -3.9 56.8 58.2 63.6 64.7 Romania 7.0 8.1 7.2 7.3 -4.8 -5.0 -8.7 -10.3 -1.5 -1.5 -1.4 -1.9 21.5 18.8 15.8 12.4 Slovakia 17.6 18.2 16.3 13.4 -2.1 -2.5 -7.9 -7.7 -2.7 -2.4 -2.8 -3.4 42.4 41.5 34.5 30.7 Finland 9.0 8.8 8.4 7.7 5.9 7.7 4.9 5.9 2.5 2.3 2.7 3.9 44.3 44.1 41.4 39.1 Sweden 5.6 6.3 7.4 7.0 6.6 6.5 5.8 7.0 -0.9 0.8 2.1 2.2 53.5 52.4 52.2 46.9 United Kingdom 4.9 4.7 4.8 5.3 -1.3 -1.6 -2.4 -3.4 -3.2 -3.1 -3.1 -2.8 38.8 40.3 42.2 43.5 USA 6.0 5.5 5.1 4.6 -4.7 -5.6 -6.2 -6.1 -4.6 -4.4 N/A N/A 62.5 63.4 N/A N/A Sources of data: SORS; Eurostat. Notes: 1EU25 and euro area aggregates are adjusted for reporting errors concerning intra-EU trade ; 2 data from Eurostat news release on 23 October 2006. Graphs Slovenian Economic Mirror IMAD No. 5/2007 p. A 16 INDUSTRY indices: average 2000=100 trend indices by the TRAMO-SEATS method PQ A fvf] \ V \ I ORIGINAL INDICES-TREND INDICES FREIGHT TRANSPORT BY ROAD AND RAIL (mio tonne km) 2004 QII QIII QIV 2005 QII QIII QIV 2006 QII QIII QIV 2007 QI QI QI QI GOODS TRADE FOB, EXCL. INTERCURRENCY CHANGES 12-month cummulatives in EUR, bn ] BALANCE (right)-EXPORTS o IMPORTS < O O & REAL INDICES OF CONSTRUCTION PUT IN PLACE indices: average 2000=100; trend indices by the TRAMO-SEATS method -CONSTRUCTION --BUII DINGS .......CIVIL ENGINEERING ^jf * t ^ OVERNIGHT STAYS TOTAL indices: average 1992=100; trend indices by the TRAMO-SEATS method -ORIGINAL INDICES — TREND INDICES \ ^ EMPLOYMENT AND UNEMPLOYMENT — EMPLOYMENT, indices 2000=100 i—UNEMPLOYMENT RATE (right axis) S & 3 M z o S & ■=5 Q. WZ o 145 180 135 160 125 140 120 105 100 95 80 500 0 50 15.5 4 3 13.5 2 11.5 0 96 9.5 9 7 92 7.5 Graphs Slovenian Economic Mirror IMAD No. 5/2007 p. A 17 NET WAGES AND OTHER REMUNERATION, in EUR million PAYMENTS FOR INVESTMENT in EUR million, constant 2000 prices ro « •■> o r- .id 3 <1) ^ g V O 0 < CO O 2! O S LJ- EFFECTIVE EXCHANGE RATE IN REAL TERMS indices: average 2001=100 HOUSEHOLDS' DEPOSITS in EUR million -r^.wwwwwwwwwwwwwwwwwwwY ^\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\^J ^\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\v/ ^\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\v/ wwwwwwwwwwwwwwwwwwwwwwwwww-j foreign CURRENCIES ^WWWWH \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\V/ WWWWWWWWWWWWWWWWWWWWWWWVi vvv»nvvvvvv» .. DOMESTIC CURRENCY a; o a; CO O z Q o GROWTH IN SELECTED PRICE INDICATORS INDICES:2005=100 8 £ PRICE CONTROL -♦—CONSUMER PRICE INDICES - -O—PRODUCER PRICE INDICES (DOMESTIC MARKET) 8 £ EURO EXCHANGE RATES indices average 2001 = 100 —•— US$ / EUR -0— GBP / EUR -JPY / EUR (right axis) deflated by consumer price indices s & st 700 12000 10500 600 9000 500 7500 400 6000 300 4500 200 3000 100 1500 0 0 500 115 450 110 400 350 105 300 100 250 200 95 150 90 100 1.4 165 1.3 160 1.2 155 1.1 150 1.0 145 0.9 140 0.8 135 0.7 130 0.6 125 Index Slovenian Economic Mirror IMAD No. 5/2007 p. A 18 Agriculture and food processing industry agricultural production 6/04:15, 2/07:15 age and education structure 8-9/02:22 agricultural holdings by size 7/02:18 CAP reform 7/03:18-19 negotiations with the EU 2/02:23, 1/03:17 prices 3/02:29, 3/03:14, 3/04:14, 3/05:13 reformed policy measures 5/02:16 sample surveys of agricultural holdings 10/03:15 cattle breeding main indicators, number of cattle, BSE, milk production 11/02:14 fishing 11/02:15, 8-9/04:16, 10/06:17 forestry 4/02:18, 5/04:16, 11/06:19 international trade 3/04:15, 4/06:23, 4/07:18 value added forecasting 4/07:21 Balance of payments see also External debt current account, capital and financial account, international money reserves 1/02:6, 2/02:6, 3/02:6, 4/02:5, 5/02:4, 6/02:4, 7/02:5, 8-9/02:6, 10/02:7, 11/02:5, 12/02:4, 1/03:3,4, 2/03:4, 3/03:7, 4/03:5, 5/03:4, 6/03:4, 7/03:5, 8-9/03:6, 10/03:4, 11/03:4, 12/03:4, 1/04:4, 2/04:4-5, 3/04:6, 4/04:6, 5/04:4, 6/04:4, 7/04:4, 8-9/04:4-5, 10/04:5, 11/04:4-5, 12/04:4, 1/05:4, 2/05:4-5, 4/05:5, 5/05:4-5, 6/05:3, 7/05:4, 8-9/05:5, 10/05:6, 11/05:7-8, 12/05:4, 1/06:4, 2/06:4-5, 3/06:4, 4/06:6, 5/06:6-7, 6/06:6, 7/06:4, 8-9/06:6, 10/06:4, 11/06:6-7, 12/06:10, 1/07:5, 2/07:6-7, 4/07:7 changes in the balance of payments 89/02:21 terms of trade 8-9/02:6, 2/03:4, 4/03:5, 5/03:4, 7/03:5 export financing and export credit insurance 3/02:11, 5/03:22 foreign exchange reserves 8-9/02:6 foreign direct investments 3/02:7 regional composition of trade 7/02:5, 2/05:4, 3/07:16-17 trade in services 3/02:8, 6/02:5, 8-9/02:7, 3/03:5, 7/03:5, 89/03:7, 2/04:6, 8-9/04:6, 12/04:29, 2/05:8, 89/05:6, 2/06:6, 8-9/06:7, 2/07:8 competitiveness of exports of services 12/02:18, 12/03:17 coverage of international trade in services (methodology) 3/03:24,25 regional distribution 6/04:20 Business subjects 5/03:21, 5/04:20-21 Economic subjects 4/05:17, 4/06:22 Co-operative societies business performance 12/02:17, 11/03:17, 12/04:30, 11/05:23 Corporate sector company performance R&D: 6/05:18 by kind of ownership 11/04:18, 8-9/05:23 by origin of capital 11/04:19, 10/05:22 by size 10/02:16, 10/03:22, 7/04:24, 89/04:26, 6/05:16 by share of exports in total revenues 11/02:19, 8-9/03:20, 10/04:20, 7/05:19 by no. of employees 7/05:18 in 1994-2000 4/01:8 overall performance 5/02:15, 6/03:13, 7/03:20, 6/04:21, 7/04:24, 5/05:19, 5/06:22, 10/06:20-21, 5/07:21 comparison of Slovenian and European enterprises 1/05:20-21 enterprises by size 7/05:17, 7/06:20-21 entrepreneurial activity 5/06:17-18 compulsory settlement, bankruptcies, liquidations 4/02:17, 3/05:19 ownership structure, ownership concentration 1/03:15, 3/05:22, 6/05:15 foreign direct investment performance of companies employing foreign capital 7/03:21, 8-9/03:21, 10/03:21 number of business entities 3/02:20, 5/07:20 solvency of business entities 3/05:23, 5/06:23, 5/07:22 small sole proprietorships 12/05:20 Doing Business rankings (WB) 12/06:24-25 Competitiveness (export competitiveness) price and cost competitiveness - effective exchange rate, unit labour costs: quarterly trends 2/02:7, 5/02:5, 8-9/02:8, 11/02:6, 2/03:7, 5/03:5, 8-9/03:8, 11/03:5, 3/04:4, 5/04:5, 8-9/04:7, 11/04:6, 2/05:6, 10/05:4, 11/05:6, 2/06:7, 6/06:4, 8-9/06:5, 12/06:8, 3/07:5, 5/07:6 annual trends 2/03:8, 3/04:5, 2/05:7, 3/07:5 international comparison SLO - CEFTA 3/02:10 market share 3/02:9, 5/02:5, 7/02:3, 11/02:6, 10/05:5, 6/06:5, 12/06:9, 4/07:6 value added and productivity methodological changes in measuring competitiveness 12/06:26 Competitiveness of nations country risk 3/02:4, 10/02:5 global competitiveness and country risk, int. comparison 3/03:6 global competitiveness IMD's annual report 5/03:17, 5/04:18, 5/05:20-21, 7/05:22-23, 5/06:19-20, 5/07:23-24 - corruption 1/02:4 - country's image 7/02:16 - location attractiveness 11/03:20-21 - state efficiency 7/02:15, 11/02:22 WEF Report 2/02:4, 11/02:22, 1/05:18-19, 12/05:17-18, 1/06:19, 1/07:24-25 - technology progress 2/02:4 Country risk see Competitiveness of nations Crime international comparison 3/03:26 trends in Slovenia 4/03:17 Development Report 3/03:20-21, 3/05:4-5, 5/06:4-5 Distributive trades companies performance 6/02:18 selected indicators 2/02:21, 3/06:11, 89/06:16, 12/06:18, 3/07:11 value added 10:02/16, 12/02:16, 3/03:15, 6/03:12, 8-9/03:17, 12/03:13, 6/04:14, 89/04:19, 3/06:11, 7/06:15, 8-9/06:16, 12/06:18, 3/07:11 sales capacities 12/06:23 competition 2/07:22 Earnings gross wage per employee by activities 1/02:13, 2/02:15, 4/02:13, 5/02:12, 6/02:12, 7/02:12, 8-9/02:15, 10/02:13, 11/02:12, 12/02:11, 1/03:10, 2/03:14-15, 4/03:12, 5/03:11, 6/03:10, 7/03:12, 8-9/03:13, 10/03:9, 11/03:11, 12/03:10, 1/04:11, 2/04:12, 3/04:12, 4/04:13, 5/04:11, 6/04:10, 7/04:11, 8-9/04:13, 10/04:13, 11/04:12, 12/04:10, 1/05:11, 2/05:14, 7/05:3, 8-9/05:12, 10/05:14, 11/05:14, 12/05:10, 1/06:12, 2/06:13, 3/06:9, 4/06:14, 5/06:10, 6/06:12-13, 7/06:11, 89/06:12, 10/06:11, 11/06:12, 12/06:15, 1/07:12, 2/07:12, 3/07:8, 4/07:14, 5/07:11 Economic growth see GDP see also Sustainable development see also Strategy for the Economic Development of Slovenia Economic Policy Government's Programme for Effective Integration into the European Union 7/03:3 Programme for Entering the ERM II and Introducing the Euro 11/03:3 Education see Human resources Energy sector electricity selected indicators (production and consumption, international comparison) 1/02:15, 2/02:19, 3/02:22, 4/02:21, 5/02:19, 6/02:16, 7/02:21, 10/02:18, 1/03:13, 4/03:15, 7/03:15, 10/03:12, 1/04:14, 4/04:15, 7/04:15, 10/04:16, 1/05:14, 4/05:14, 7/05:14, 10/05:17, 1/06:15, 4/06:17, 7/06:13, 10/06:14, 1/07:15, 4/07:16 prices 10/04:16, 2/07:20-21 international comparison 6/02:16, 7/06:13, 2/07:20-21 electricity market 2/07:20-21 oil and oil products excise duties 1/03:13, 7/03:15, 4/04:15 prices - international comparison 2/02:19, 4/02:21, 5/02:19, 7/02:21, 1/03:13, 4/03:15, 7/03:15, 10/03:12, 1/05:14 pricing model for liquid fuel prices 1/03:13, 4/03:15, 4/04:15, 7/04:15,19 Environment - Environmental policy see also Sustainable development environmentally intensive exports 3/02:26 merchandise export with high content of natural resources 3/02:27 environmental component of economic development 5/07:17 EU economic trends and forecasts 11/02:4, 3/03:4-5, 7/03:4, 8-9/03:5, 7/04:3,19, 11/05:3, 11/06:4 Lisbon strategy 11/05:4-5 Stability and growth pact 10/06:19 tax and contributions structure 11/05:19-20 public finance flows between SLO and EU 1/07:26 Slovenia's accession to the EU Report on Progress towards Accession 10/02:6 Exchange rate see Competitiveness Exchange rate mechanism (ERM) II 6/04:3, 6/04:6 External debt of Slovenia 2/03:6, 10/04:6, 3/05:6 external debt statistics according to new methodology: - gross external debt it s dynamic indicators 10/03:20 foreign exchange reserves/external debt 1/02:6, 2/03:6 Forecasts for Slovenian economy by IMAD autumn forecasts 10/02:3-4, 8-9/03:3, 10/04:3-4, 8-9/05:4, 8-9/06:4 spring forecasts 4/02:3, 4/03:3-4, 4/04:3-4, 4/05:3-4, 4/06:3-4, 4/07:4 Foreign analysts forecasts 11/02:3, 4/06:5 GDP - Slovenia annual growth 1/02:3, 3/02:3, 3/03:3, 8-9/03:4, 3/04:3, 3/05:3, 3/06:3, 3/07:3 - economic growth components 3/03:3, 89/03:4, 3/04:3, 3/05:3, 3/07:3 - international comparison see International environment quarterly growth 6/02:3, 8-9/02:3, 12/02:3, 6/03:3, 8-9/03:4, 12/03:3, 3/04:3, 6/04:3, 8-9/04:3, 12/04:3, 1/05:3, 3/05:3, 8-9/06:3, 11/06:4-5 Past and Future of Slovenian GDP 12/04:22 Room for Future Improvement of Slovenian GDP Growth 12/04:23 Global competitiveness see Competitiveness of nations Households Household Budget Survey 10:02/20 private consumption and indebtedness 1/02:11, 8-9/02:17, 12/02:13, 1/04:13, 7/04:13, 8-9/04:15, 12/04:12, 3/05:16, 6/05:11, 8-9/05:15, 12/05:11, 3/06:12, 6/06:15, 8-9/06:15, 12/06:17, 3/07:9, 3/07:18 available and allocated assets of households 12/05:19, 1/07:20-21 Human development see Social indicators Human resources see also Social Indicators education adults in secondary schools 7/06:22-23 informal, continuing education 10/06:18 lifelong learning 6/06:21-22 higher education7/02:24, 7/05:20-21, 89/05:22, 7/06:24 higher education-scholarships 8-9/06:21 mobility of students 4/07:24-25, 5/07:18-19 expenditure on educational institutions -international comparison 6/05:17, 1/06:20-21 public expenditure on education -international comparison 12/04:21, 1/06:2021 science and technology graduates 3/06:1617 Industry and construction construction 2/02:22, 4/02:20, 5/02:18, 6/02:15, Index Slovenian Economic Mirror IMAD No. 5/2007 p. A 19 7/02:20, 8-9/02:19, 10/02:17, 12/02:15, 2/03:17, 5/03:14, 8-9/03:16, 11/03:14, 2/04:15, 5/04:14, 8-9/04:18, 12/04:14, 2/05:17, 5/05:12, 8-9/05:14, 11/05:16, 2/06:15, 5/06:12, 8-9/06:14, 11/06:14, 2/07:14, 5/07:13 manufacturing export-oriented companies 6/02:14, 8-9/02:18 financial indicators 7/02:19 production volumes, trends, forecasts and employment 2/02:18, 3/02:21, 4/02:19, 5/02:17, 6/02:14, 8-9/02:18, 11/02:16, 12/02:14, 1/03:12, 3/03:17, 4/03:14, 5/03:13, 6/03:13, 7/03:14, 8-9/03:15, 10/03:11, 11/03:13, 12/03:12, 2/04:14, 5/04:13, 6/04:12, 7/04:14, 8-9/04:17, 10/04:15, 11/04:14, 12/04:13, 1/05:13, 2/05:16, 4/05:13, 5/05:11, 6/05:12, 7/05:12, 8-9/05:13, 10/05:15, 11/05:15, 12/05:12, 1/06:13, 2/06:14, 3/06:10, 4/06:15, 5/06:11, 6/06:14, 7/06:12, 8-9/06:13, 10/06:12, 11/06:13, 12/06:16, 1/07:13, 2/07:13, 4/07:15, 5/07:12 value added and productivity by activities 7/02:19, 12/02:3, 8-9/03:15 Industrial policy State aid - international comparisons 1/03:16 Industrial relations see also Labour market employment relationship collective bargaining coverage and extension procedures 2/04:22-23 employment relationships act 6/02:19 European works councils 5/05:22 working time 11/04:20 strikes data collections and international comparisons 3/04:20-21 membership in employers' organisations 12/03:18 employee participation in a European Joint-Stock Company 3/05:23 Inflation see Prices Information technology use of internet 3/02:28 Institutions trust in institutions 12/02:19, 4/06:21 Insurance sector international comparison export financing and export credit insurance see Balance of payments / foreign trade policy International environment 3/02:5, 7/02:4, 8-9/02:4-5, 11/02:4, 7/03:4, 89/03:5, 1/05:3, 5/05:3, 4/06:5, 12/06:6-7, 1/07:4, 2/07:4-5, 3/07:4, 4/07:5, 5/07:4-5 Germany 1/02:5, 3/03:4,5, 7/03:4, 4/06:5, 12/06:6-7, 2/07:4, 4/07:5, 5/07:4-5 candidate-countries for the EU economic developments and forecasts 4/02:4 Croatia 2/02:5, 8-9/02:5, 3/07:4 Labour market see also Industrial relations unemployment first-time job seekers 4/02:11 structure of registered unemployment 1/02:12, 5/02:11, 8-9/02:14, 2/03:13, 7/03:11, 8-9/03:12, 1/06:11 survey unemployment rate 2/02:13, 3/03:12, 5/03:10, 8-9/03:12, 2/04:11, 2/05:13, 2/06:3, 12/06:14, 2/07:3, 2/07:11, 5/07:3 selected labour market indicators 1/02:12, 2/02:13, 3/02:17, 4/02:11, 5/02:11, 6/02:11, 7/02:11, 8-9/02:14, 10/02:12, 11/02:11, 12/02:10, 1/03:9, 2/03:13, 3/03:12, 4/03:11, 5/03:10, 6/03:9, 7/03:11, 8-9/03:12, 10/03:8, 11/03:10, 12/03:9, 1/04:10, 2/04:11, 3/04:11, 4/04:12, 5/04:10, 6/04:9, 7/04:10, 89/04:12, 10/04:12, 11/04:11, 12/04:9, 1/05:10, 2/05:13, 3/05:11, 4/05:11, 5/05:10, 6/05:10, 7/05:11, 8-9/05:11, 10/05:13, 11/05:13, 12/05:9, 1/06:10, 2/06:11, 3/06:8, 4/06:12, 5/06:3, 5/06:9, 6/06:11, 7/06:10, 89/06:11, 10/06:10, 11/06:11, 12/06:14, 1/07:11, 2/07:10, 3/07:7, 4/07:13, 5/07:10 vacancies and people hired 2/06:12 accidents at work 2/02:24, 4/02:12 education structure of persons in employment 12/02:10, 12/03:9 employment by activities 2/02:13, 8-9/02:14, 4/06:13 employment rate of older workers 8-9/04:25 employment of foreigners 4/07:22-23 jobs and unemployment across regions 3/03:19 labour market flexibility 3/05:20-21 occupational structure of labour demand 3/02:17, 4/03:11 overtime work 6/02:11 structural unemployment 10/03:8 part-time work 2/03:19 work on contract 6/02:11 employment programmes 10,000 Programme 11/03:10 programme of refunding contributions of employers 7/02:11 Public Works Programmes 4/04:12 Programme of promoting self-employment 5/04:10 legislation Employment of Foreigners Act 3/01:15, 6/03:9 Active Employment Policy Programme for 2003 11/02:11 Vocational Rehabilitation and Employment of Disabled Persons Act 7/04:10 productivity growth 2/02:14, 1/04:10 Manufacturing see Industry Money market and monetary policy corporate liquidity 5/02:7 money aggregates, interest and exchange rates 1/02:8, 2/02:9, 3/02:13, 4/02:7, 5/02:7, 6/02:9, 7/02:7, 8-9/02:10, 10/02:9, 11/02:8, 12/02:6, 1/03:6, 2/03:10, 3/03:9, 4/03:7, 5/03:7, 6/03:6, 7/03:7, 10/03:6, 11/03:7, 12/03:6, 1/04:6, 2/04:8, 3/04:8, 4/04:8, 5/04:7, 6/04:6, 7/04:6, 8-9/04:9, 10/04:8, 11/04:8, 12/04:6, 1/05:6, 2/05:10, 3/05:8, 4/05:7, 5/05:7, 6/05:7, 7/05:6, 8-9/05:8, 10/05:8, 11/05:10, 12/05:6 monetary policy guidelines 10/02:3-4 banks interest rates 3/02:15, 10/02:10, 10/02:9 money market, loans 1/02:9, 2/02:11, 3/02:15, 4/02:9, 5/02:9, 7/02:9, 8-9/02:12, 10/02:11, 11/02:10, 12/02:8, 1/03:8, 2/03:12, 3/03:11, 4/03:9, 5/03:9, 6/03:8, 7/03:9, 89/03:11, 11/03:9, 12/03:8, 1/04:8, 2/04:10, 3/04:10, 4/04:10, 5/04:9, 6/04:8, 7/04:8, 89/04:11, 10/04:10, 11/04:10, 12/04:8,1/05:8, 2/05:12, 3/05:10, 4/05:9, 5/05:9, 6/05:9, 7/05:8, 8-9/05:10, 10/05:10, 11/05:12, 12/05:8, 1/06:7, 2/06:10, 3/06:7, 4/06:9, 6/06:8, 7/06:6, 8-9/06:9, 10/06:6, 11/06:9, 12/06:12, 1/07:7, 4/07:10, 5/07:9 savings with banks and mutual funds 1/02:9, 2/02:10, 3/02:14, 4/02:8, 5/02:8, 7/02:8, 8-9/02:11, 10/02:10, 12/02:7, 1/03:7, 2/03:11, 3/03:10, 4/03:8, 5/03:8, 6/03:7, 7/03:8, 8-9/03:10, 11/03:8, 12/03:7, 1/04:7, 2/04:9, 3/04:9, 4/04:9, 5/04:8, 6/04:7, 7/04:7, 8-9/04:10, 10/04:9, 11/04:9, 12/04:7, 1/05:7, 2/05:11, 3/05:9, 4/05:8, 5/05:8, 6/05:8, 7/05:7, 8-9/05:9, 10/05:9, 11/05:11, 12/05:7, 1/06:6, 2/06:9, 3/06:6, 4/06:8, 5/06:21, 6/06:9, 7/06:7, 8-9/06:10, 10/06:7, 11/06:10, 12/06:13, 1/07:8, 4/07:9, 5/07:8 Maastricht criteria long-term interest rates 5/04:19 Population 1/07:22-23 household savings see The money market Prices price trends - inflation, administered and unregulated prices 1/02:7, 2/02:8, 3/02:12, 4/02:6, 5/02:6, 6/02:6, 7/02:3,6, 8-9/02:9, 10/02:8, 11/02:7, 12/02:5, 1/03:5, 2/03:9, 3/03:8, 4/03:6, 5/03:6, 6/03:5, 7/03:6, 8-9/03:9, 10/03:5, 11/03:6, 12/03:5, 1/04:5, 2/04:7, 3/04:7, 4/04:7, 5/04:6, 6/04:5, 7/04:5, 8-9/04:8, 10/04:7, 11/04:7, 12/04:5, 1/05:5, 2/05:9, 3/05:7, 4/05:6, 5/05:6,23,24, 6/05:6, 7/05:5, 8-9/05:3, 8-9/05:7, 10/05:3, 10/05:7, 11/05:9, 12/05:3,5, 1/06:5, 2/06:8, 3/06:5, 4/06:7, 5/06:8, 6/06:7, 7/06:5,19, 8-9/06:8, 10/06:5, 11/06:8, 12/06:3, 12/06:11, 1/07:6, 1/07:19, 2/07:9, 3/07:6, 4/07:8, 4/07:3, 5/07:3, 5/07:7 prices policy 6/02:7-8, 10:02/3-4, 11:02/3, 5/05:23, 6/05:6 harmonised index of consumer prices 1/05:22 core inflation 10/02:8, 12/02:5, 2/03:9, 3/03:8, 6/03:5 producer prices 3/07:6 bond yield curve see Money market and Monetary policy and Stock Exchange Productivity see Industry and Competitiveness Private Consumption see Households Public finance general government debt 10/02:15 general government revenue 1/02:14, 2/02:16, 3/02:18, 4/02:14, 5/02:13, 6/02:13, 7/02:13, 8-9/02:16, 10/02:14, 11/02:13, 12/02:12, 1/03:11, 2/03:16, 3/03:13, 4/03:13, 5/03:12, 6/03:11, 7/03:13, 10/03:10, 11/03:12, 12/03:11, 1/04:12, 2/04:13, 3/04:13, 4/04:14, 5/04:12, 6/04:11, 7/04:12, 8-9/04:14, 10/04:14, 11/04:13, 12/04:11, 1/05:12, 2/05:15, 4/05:12, 7/05:10, 10/05:12, 1/06:9, 4/06:11, 7/06:9, 10/06:9, 1/07:10, 4/07:12 general government expenditures 3/05:12, 6/06:10 general government balance 12/04:3, 3/05:12 state budget expenditure 3/05:12 budget expenditure on culture 3/02:19 public expenditure on education - international comparison 12/04:21 Public services network see also Human resources 7/04:20 - international comp. 7/04:21 Public institutes financial results in 2002 11/03:18 financing 11/03:19 Public Health Institutes 2/04:20-21 Quality of life seeSocial indicators Research and development see Technological development Regional development company performance by regions 7/02:14, 7/05:24, 2/07:24-25 development deficiency index 7/06:25 jobs and unemployment across regions 10/03:16, 4/04:20, 7/05:24, 2/07:24-25 regional GDP 2/02:17, 8-9/03:19, 4/04:20, 7/04:23, 7/05:24, 2/06:19 population's education structure - regional aspect 6/03:15, 4/04:20 population's demographic structure 5/06:24 personal income tax base per capita 6/06:20 Report on structural reforms 10/03:3 structural changes in network industries 4/07:26-27 Report on economic and social cohesion 2/04:18-19 Services domestic trade see Distributive trades information technology see Information technology public services see also Public services network 5/02:22 international comparison 5/02:23 real estate, renting and business services 4/02:23, 4/04:16, 5/05:15, 12/05:13 prices of telecommunication services 2/06:20 tourism see Tourism trade in services see Balance of payments Social indicators civil society see Civil society equal opportunities policy 3/02:30, 8-9/02:24, 1/04:20-21, 3/04:18-19, 2/05:21-22 trust in other people 6/06:19 Human Development Report 5/03:18-19, 8-9/05:19, 11/06:17 Social Overview 2006 12/06:4-5 human resources mortality caused by injuries: - due to external causes of injury 4/03:18 - by age and gender 5/03:20 Index Slovenian Economic Mirror IMAD No. 5/2007 p. A 20 gender-related development index 3/03:22, 10/05:21 gender empowerment measure 10/03:17, 10/04:19 gender equality 10/04:19 human development index 8-9/02:20, 7/03:17, 7/04:22 health insurance - supplementary 1/04:19 health expenditure 2/07:23, 4/07:30-31 social welfare cash benefits 11/06:18 social protection of the elderly 3/03:23 indicators (happiness, satisfaction with life, etc) 12/04:24-25, 3/06:18, 4/07:28-29 jobless households 3/07:15 long-term care 12/04:26-27, 4/07:32 parental leave-paternity leave 8-9/02:24 the poverty risk rate 5/02:24, 12/02:20, 11/03:22, 11/04:17 Time Use Survey 10/02:21 transfers expenditures for social protection 8-9/02:23, 4/04:19, 3/06:19 social benefits: - parents 3/02:30 - pensions 2/07:19 - financial social assistance 1/05:17 trust in institutions see Institutions Stock exchange turnover, capitalisation, indices 1/02:10, 2/02:12, 3/02:16, 4/02:10, 6/02:10, 7/02:10, 8-9/02:13, 12/02:9, 4/03:10, 7/03:10, 10/03:7, 1/04:9, 4/04:11, 7/04:9, 10/04:11, 1/05:9, 4/05:10, 7/05:9, 10/05:11, 1/06:8, 4/06:10, 7/06:8, 10/06:8, 1/07:9, 4/07:11 bonds 4/04:11 authorised investment companies 5/02:10 indicators share turnover ratio 2/02:12, 7/02:10, 12/02:9 industrial sector indices 2/02:12, 12/02:9 investment by residents in foreign bourses 3/02:16 investment by non-residents 1/02:10, 2/02:12, 89/02:13, 12/02:9 mutual funds 6/02:10, 8-9/02:11 Strategy of Slovenia's Development 6/05:4,5 Sustainable development ecological footprint 8-9/05:20-21 Technological development R&D activity in Slovenia 10/03:18-19 R&D expenditure 4/02:16 R&D researches 7/02:17 Technology Achievement Index by UNDP 11/02:20 Public Research Institutes 11/05:21,22 science and technology graduates 3/06:1617 Tourism travels of domestic population 1/03:14, 3/03:16, 5/03:15, 7/03:16, 1/04:16, 12/04:28, 1/06:22, 1/07:27 foreign exchange receipts 3/06:15, 12/06:19 international comparison 2/02:20 overnight stays by resort 3/03:16, 5/03:15, 1/04:15, 5/06:13 selected indicators 1/02:16, 2/02:20, 3/02:24, 4/02:22, 5/02:20, 7/02:22, 11/02:17, 3/03:16, 5/03:15, 10/03:13, 1/04:15, 6/04:13, 89/04:21, 12/04:17, 3/05:14, 5/05:14, 10/05:18, 1/06:16, 5/06:13, 8-9/06:17, 12/06:19, 3/07:10 survey on foreign tourists in the summer season 6/04:19 Transport selected indicators 3/02:23, 6/02:17, 11/02:18, 5/03:16, 11/03:15, 2/04:16, 5/04:15, 8-9/04:20, 12/04:15, 3/05:15, 7/05:13, 10/05:16, 1/06:14, 4/06:16, 7/06:14, 10/06:13, 1/07:14, 4/07:17 Value added see Competitiveness and Industry and Distributive trades Welfare see Sustainable development social welfare indicators: see Social indicators Acronyms in the text have the following meanings: AIS-Agricultural Institute of Slovenia, AJPES-Agency of the Republic of Slovenia for Public Legal Records and Related Services, AP-Agency of the Republic of Slovenia for Payments, APr-Agency of the Republic of Slovenia for Privatisation, BS-Bank of Slovenia, bn - billion, CCIS-Chamber of Commerce and Industry of Slovenia, CSCC-Central Securities Clearing Corporation, DAIA-Directorate of Administrative Interior Affairs, DURS-Tax Administration of the Republic of Slovenia, EIMV-Electro Institute Milan Vidmar, ELES-Electro Slovenia, ESS-Employment Service of Slovenia, GEM-Global Entrepreneurship Monitor, HICP-Harmonised Index of Consumer Prices, HII-Health Insurance Institute, ICT-information and communications technologies, IER-Institute for Economic Research, IAAD-International Administrative Affairs Directorate, IMAD-Institute of Macroeconomic Analysis and Development, IPI-Industrial Price Index, LSE-Ljubljana Stock Exchange, m-million, MAFF-Ministry of Agriculture, Forestry and Food, MEA-Ministry of Economic Affairs, MES-Ministry of Education and Sport, MESP-Ministry of the Environment and Spatial Planning, MF-Ministry of Finance, MIA-Ministry of Internal Affairs, MLFSA-Ministry of Labour, Family and Social Affairs, MMTS-Market Maker Trading Segment, MST-Ministry of Science and Technology, N/A or (-) - not available, N/R-not reasonable, NFC-National Financial Corporation, OG-Uradni list Republike Slovenije (Official Gazette of the Republic of Slovenia), PDII-Pension and Disability Insurance Institute, p.p.-percentage points, PPA-Public Payments Administration of the Republic of Slovenia, PPP-purchasing power parity, PPS-purchasing parity standards, SDC-Slovene Development Corporation, SEC-Slovene Exports Corporation, SIA-Slovenian Insurance Association, SITC-Standard International Trade Classification, SMARS-Surveying and Mapping Authority of the Republic of Slovenia, SORS-Statistical Office of the Republic of Slovenia. Acronyms of Standard Classification of Activities (SCA): A-Agriculture, hunting, forestry, B-Fishing, C-Mining and quarrying, D-manufacturing, DA-food beverages and tobacco, DB-textiles and textile products, DC-leather and leather products, DD-wood and wood products, DE-paper, publishing, printing, DF-coke, petroleum products and nuclear fuel, DG-chemicals, DH-rubber and plastic products, DI-non-metal mineral products, DJ-metals and metal products, DK-machinery and equipment, DL-electrical and optical equipment, DM-transport equipment, DN-furniture and NEC, E-Electricity, gas and water supply, F-Construction, G-Wholesale, retail, trade, repair, H-Hotels and restaurants, I-Transport, storage, communications, J-Financial intermediation, K-Real estate, renting and business activities, L-Public administ. & defence; comp. soc. sec., M-Education, N-Health and social work, O-Other social and personal services. Acronyms of Countries: AT-Austria, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, EL-Greece, FR-France, FI-Finland, HU-Hungary, I-Italy, IE-Ireland, JP-Japan, LU-Luxembourg, LV-Latvia, LT-Lithuania, MT-Malta, NL-Netherlands, NO-Norway, PT-Portugal, RO-Romania, RU-Russia, SE-Sweden, UA-Ukraine, UK-United Kingdom, US-United States of America, PL-Poland, SI-Slovenia, SK-Slovakia. The IMAD's Other Publications Slovenian Economic Mirror IMAD No. 5/2007 Social Overview 2006, 2007 Slovenia's Development Strategy (SDS 2006-2013), 2005 Analysis, Research and Development Spring Report 2006 Autumn Report 2006 Human Development Report Slovenia 2002-2003 Development Report 2006 Slovenia - On the Way to the Information Society Working papers • No. 11/2006. Firm of Private Value: What is Behind the Creation of Multiple Blockholder Structure?, A. Brezigar Masten, A. Gregorič, K. Zajc • No. 2/2006. 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