.^'IMAD O fü Q) £ u E o >< O Ü) O u 0) m CD fO ^ C fO Slovenian Economic Mirror ISSN 1318-3826 No. 1 / Vol. XIX / 2013 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Ana T. Selan, MSc Authors of Current Economic Trends (listed alphabetically): Jure Brložnik, Gonzalo Caprirolo, MSc, Janez Dodič, Marjan Hafner, Matevž Hribernik, Slavica Jurančič, Mojca Koprivnikar Šušteršič, Janez Kušar, Urška Lušina, MSc, Jože Markič, PhD, Helena Mervic, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Branka Tavčar, Ana T. Selan, MSc, Dragica Šuc, MSc Editorial Board: Lidija Apohal Vučkovič, Marijana Bednaš, MSc, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation and Graphs: Bibijana Cirman Naglič, Marjeta Žigman Concept and Design: Katja Korinšek, Pristop DTP: Bibijana Cirman Naglič Print: SORS Circulation: 90 copies © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight................................................................................................................................................................3 Current economic trends..............................................................................................................................................5 International environment...............................................................................................................................................7 Economic activity in Slovenia..........................................................................................................................................8 Labour market..................................................................................................................................................................14 Prices..................................................................................................................................................................................16 Balance of payments.......................................................................................................................................................19 Financial markets.............................................................................................................................................................21 Public finance....................................................................................................................................................................23 Boxes Box 1: The volume of road and rail freight transport................................................................................................10 Box 2: (In)solvency...........................................................................................................................................................11 Box 3: Extra year-end payments...................................................................................................................................15 Statistical appendix.....................................................................................................................................................25 On January 2008, the new classification of activities of business entities NACE Rev.2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia, the national version of the standard classification, SKD 2008, which includes the entire European classification of activities but also adds some national subclasses, came into force on the mentioned date. In the Slovenian Economic Mirror, all analyses are based on the SKD 2008, except when the previous SKD 2002 classification is explicitly referred to. More general information about the introduction of the new classification is available on the SORS website http://www.stat.si/eng/ skd nace 2008.asp. All seasonally adjusted data in the Economic Mirror are calculations by IMAD. In the spotlight Towards the end of 2012 economic activity in the euro area decelerated further but the situation on financial markets improved slightly. In November manufacturing output and the value of construction works in the euro area contracted again, whereas turnover in retail trade remained unchanged. Some confidence indicators (PMI, ESI, BCI) improved at the end of the year; nevertheless, expectations regarding a recovery remain subdued. The situation on European financial and stock markets is improving, though the interbank market remains weak. Much like certain other institutions in the previous months, in January the IMF downgraded its growth forecasts for this year; economic activity in the euro area is projected to contract by 0.2%. Short-term indicators in Slovenia at the end of the year suggest a continuation of the contraction of economic activity in the last quarter of 2012. Manufacturing output, which had been growing modestly since mid-2012, plunged in November. Merchandise exports slightly picked up in October and November, but they were below Q3 level in both months. Construction activity was also significantly below the previous quarter despite an uptick in November. Real turnover in retail trade remains at the lowest level since 2008 and nominal turnover in market services declined further. The labour market conditions were further tightened at the end of 2012; November's wage movements were marked by the disbursement of extraordinary payments, but they were at the lowest in eight years. Employment according to the statistical register declined again in November (seasonally adjusted), to its lowest level after 2000, while the registered unemployment rate, after changing little in the first three quarters, hit the highest level in that period (12.1% seasonally adjusted). The average gross wage per employee remained flat y-o-y in the first eleven months. Having stagnated in the third quarter, it dropped significantly in November owing to subdued payment of the 13th wage and Christmas bonuses, in particular in public corporations, which made substantially lower extraordinary payments than at the end of 2011. Consumer prices increased more in Slovenia than in the euro area last year. Much like in the euro area, the key drivers of inflation in Slovenia were higher energy prices (particularly prices of liquid fuels), and higher prices of food and services. Food prices in particular grew at a faster rate than in the euro area. Last year's price growth was also marked by tax changes, which contributed substantially to the consumer price increase, mainly due to higher excise duties on tobacco products, liquid fuels and alcoholic beverages, and, to a lesser extent, increases in certain environmental taxes. Slovenia's price and cost competitiveness continued to improve last year, but at a pace that was among the slowest in the euro area. Price competitiveness advanced for the third year in a row due to the lower euro exchange rate, but the improvement was more modest relative to the other euro area members owing to the structure of Slovenia's external trade. In the first nine months of 2012 the economy's cost competitiveness continued to rise y-o-y as a result of the lower euro and relative unit labour costs. Despite more favourable trends in the past two years, Slovenia remains in the group of euro area countries which have experienced a more substantial deterioral^ion of cost competitiveness during the crisis, owing to the pronounced dip in 2008-2009. The volume of domestic bank loans to domestic non-banking sectors declined more notably towards the end of 2012, while net repayment of domestic banks' foreign liabilities continued. The decline in loans to domestic non-banking sectors was the biggest to date in the last two months, totalling almost EUR 900 m. In 2012 domestic non-banking sectors deleveraged by EUR 1.2 bn, an increase of 60% y-o-y. Loans to companies and non-financial institutions dropped by EUR 1.6 bn last year and loans to households by about EUR 190 m. Net repayment of foreign liabilities accelerated towards the end of last year, amounting to EUR 3.2 bn in the first eleven months for a about EUR 8 bn cumulatively since 2009. Deposits by households surged in December after having declined for much of last year. At the annual level their volume edged down just EUR 45 m, while deposits by the general government dropped by nearly EUR 290 m. The volume of bad claims in the banking sector totalled EUR 6.8 bn in November. But even as they rose in nominal terms, the share of bad claims did not increase owing to an inflow of general government deposits, which buttressed banks' high-quality liabilities. The central government deficit was at EUR 1.1 bn last year according to preliminary data (3.1% of the forecast GDP), which is in line with the supplementary budget. As a result of fiscal consolidation it was substantially reduced compared to 2011 (by EUR 420 m or 27.5%). This was mainly due to expenditure cuts (by EUR 369 m), while revenue increased slightly. The decline in expenditure is attributed in particular to lower current transfers, which include transfers to individuals and other levels of government, and subsidies. Compared to the previous year non-tax revenue and revenue from the EU budget increased, but among tax revenue only revenue from taxes on goods and services rose slightly. ■o £ Q) E o £ 0 u 01 £ 01 3 U International environment In January the IMF cut its growth forecasts for the largest economies in the world and for the euro area, similar to some other international institutions in previous months. In comparison with the autumn forecast, particularly the forecast for the euro area was revised downwards (by 0.4 p.p.), predicting a contraction of economic activity for the second year in a row (-0.2%). Global growth this year will be slightly higher than last year, mainly due to emerging Asian economies. The IMF finds that the conditions on the global financial markets improved somewhat in the last quarter of 2012. Regardless of some positive signs and expectations, the available short-term indicators have yet to show a more visible recovery of global trade and industrial production. Downside risks remain significant, and they are mainly related to progress in dealing with the crisis in the euro area. The IMF therefore stresses that the EU should maintain the momentum in solving fiscal problems by pursuing greater fiscal integration and further steps towards a full banking union. Another great risk to growth is the US. So far it has managed to avoid the fiscal cliff, but it still has to resolve the debt ceiling issue and ensure a credible medium-term fiscal consolidation. Figure 1: World trade movement and IMF growth projections ^^m World trade (right axis) -World growth -----Advanced economies -Emerging economies a a a Source: IMF, CPB. Economic conditions in the euro area deteriorated further in the last months of 2012, but confidence indicators improved. Production volume in manufacturing and the value of construction output dropped again in November, seasonally adjusted. Turnover in retail trade remained at October's value, but was lower than last year's average. In the last two months the values of confidence and economic sentiment indicators (ESI, BCI) have risen in all areas and recorded the highest values since last June. In January the situation on financial markets continued to improve, while the interbank market conditions remained tight. The situation on government bond markets was, in addition to the ECB's measures, also influenced by measures at the EU level (such as the agreement on the banking union) and macroeconomic policy measures of individual euro area countries. The required yields of government bonds of the most exposed euro area countries dropped further in January, having exceeded 6% only in Greece in Portugal. The yields of the highest-quality AAA government bonds rose slightly and they remain just above the lowest levels recorded thus far. The situation on EU stock markets is also improving, as evident from growth in the main stock exchange indices and a decline in volatility indicators (Euro Stoxx 50). The interbank market situation remains tight, as amid a further deterioration of lending conditions the lending activity at the level of the euro area dropped further in the last quarter of 2012. However, some indicators already suggest that the conditions ceased deteriorating,1 and some banks have already availed themselves of the opportunity to return funds borrowed under the ECB's longer-term financing operations.2 Figure 2: Yields on ten-year government bonds - Slovenia - Portugal -Italy Ireland ................ France - Spain ■ Germany ............r...... .....' is JJ ^^ Source: Bloomberg. Interbank interest rates in the euro area rose slightly in January, for the first time in 14 months. In January the value of the three-month EURIBOR rose to 0.21%, being down 102 basis points y-o-y. The three-month US dollar and Swiss franc LIBOR rates remained almost unchanged (0.31% and 0.02%, respectively), as did the key interest rates of main central banks (ECB 0.75%, Fed 0.0%, BoE 0.5%, BoJ 0.0%). 1 The spread between the three-month Euribor and the Euro OverNight Index Average (Eonia) disappeared, which indicates increased confidence on the interbank market. 2 In January banks made EUR 137.2 bn in early repayments on the ECB loans from two longer-term financing operations (in December 2011 and February 2012), under which banks were granted loans in the total amount of EUR 1,019 bn. 16 c 14 12 c 10 8 75;; 6 T, 4 50 2 0 25 In January the euro continued to gain value against the main world currencies. Relative to the US dollar, the euro rose (1.3%; 3.0% y-o-y) in January to the highest value in the last twelve months (USD 1.329 to EUR 1). The euro also gained value against the Japanese yen (by 7.9%, to JPY 118.34 to EUR 1), the British pound sterling (by 2.5%, to GBP 0.833 to EUR 1) and the Swiss franc (by 1.6%, to CHF 1.229 to EUR 1). In January oil prices in dollars rose noticeably, after the decline in autumn months. In December the decline in prices of non-energy raw materials came to a halt. In the last month the average dollar price of Brent crude has risen (3.0%) to the highest level since September 2012 (USD 112.69 per barrel). Oil prices in euros rose by 1.7% in January, to EUR 84.15 per barrel. Prices of non-energy raw materials rose by 2.3% in December 2012, primarily due to higher prices of metals,3 and were up 4.6% y-o-y. In 2012 as a whole, they were nevertheless down 9.9%, following two years of significant growth. According to provisional data, prices of non-energy raw materials are expect to continue to grow slightly in January. Figure 3: Prices of Brent crude oil and the USD/EUR exchange rate -Price in EUR (left axis) -Price in USD (left axis) -Exchange rate of USD to EUR (right axis) 140 18 ■i-l Source: ECB, EIA; calculations by IMAD. Economic developments in Slovenia Most short-term indicators of economic activity deteriorated further in November last year, which, amid low expectations, indicates a further shrinkage of economic activity in the last quarter of 2012. Having grown modestly since mid-2012, production volume in manufacturing dropped sharply in November. Exports of goods otherwise rose somewhat in October and November, but were below the Q3 level in both months. Construction activity was also much lower than in Q3, despite November's increase. Real turnover in retail trade stayed at the lowest level since 2008, while nominal turnover in market services continued to decline. Figure 4: Short-term indicators of economic activity in Slovenia - Goods exports - Industrial production in manufacturing Value of construction output - Turnover in retail trade ^ S"i^urce:"'SORS;i^alcula^ionsb^y IMAÜ). ^ Table 1: Selected monthly indicators of economic activity in Slovenia in % 2011 XI 12/ X 12 XI 12/ XI 11 I-XI 12/ I-XI 11 Exports1 11.7 -3.8 1.8 2.3 -goods 13.3 -2.0 0.4 1.6 -services 4.8 -11.0 8.6 5.8 Imports1 11.3 -5.8 -7.8 -1.5 -goods 12.9 -7.5 -10.7 -1.6 -services 2.0 6.1 14.7 -0.5 Industrial production 2.2 -4.02 -3.63 0.63 -manufacturing 2.1 -4.42 -4.03 -0.43 Construction -value of construction put in place -25.6 14.92 -20.43 -16.63 Real turnover in retail trade 1.5 0.12 -5.93 -2.03 Nominal turnover in market services (without trade) 2.8 -0.32 -5.43 -2.43 Source: BS, Eurostat, SORS; calculations by IMAD. Notes: 1balance of payments statistics, ^seasonally adjusted, 3working-day adjusted data. Goods exports eased towards the end of 2012, as expected. After the unexpectedly strong growth in August, exports slowed down in autumn months in Slovenia and, among other countries, also in Germany and Italy. The slowdown was also indicated by slower growth in global trade and deterioration in indicators of expected exports. In the last three months of 2012 the value of the indicator of expected exports4 in Slovenia declined visibly in most main manufacturing industries, falling to the lowest 3 Metal prices rose by 5.9% in December and as much as 11.8% since the summer. Prices of aluminium, tin and iron ore went up in particular in this period, driven mainly by increased demand from China. 4 According to business trend data for manufacturing based on the survey asking business managers whether they expect their exports to grow or fall in the next three months. 1.6 1.2 Q 3 80 60 1.0 40 20 level since 2009, which indicates uncertain prospects for growth at the beginning of this year. We estimate that in the first eleven months of last year real5 exports of goods remained similar to those a year earlier (original data). Figure 5: Nominal merchandise exports -Exports -Slovenia -Exports -Germany-----Exports -Italy 120 Figure 6: Merchandise imports by end-use product Source: SORS, Destatis, Istat; calculations by IMAD. The decline in merchandise imports accelerated in the second half of 2012. The shrinkage of imports is, in addition to slower exports, primarily the result of a further drop in domestic demand, which is indicated by data on imports by end-use product groups, all of which recorded worse movements in 2012 than in 2011. Imports of intermediate goods, which account for nearly two thirds of total goods imports, stagnated y-o-y in the first ten months6 of last year, after the significant growth in 2011, which is related to less favourable movements in manufacturing production. Imports of consumer and investment goods, which in 2011 had still been growing, were down y-o-y in this period, the former largely owing to lower imports of passenger cars and semi-durable goods and the latter due to a decline in investment in machinery and equipment, which in 2011 had still been rising. By our estimate, real7 merchandise imports were down 3.5% y-o-y in the first eleven months (orig.). Nominal exports and imports of services strengthened towards the end of 2012 (seasonally adjusted).8 After the interruption in the summer months, in the autumn services exports continued to grow, chiefly as a consequence of stronger exports of other business services and the group of other services.9 In the first eleven months of 2012, exports of these groups of services, together with 5 The estimate of real exports is based on nominal exports according to the external trade statistics and industrial producer prices on the foreign market. 6 Detailed data on the structure of imports are available only for the first ten months of 2012; data on total imports for eleven. 7 The estimate of real imports is based on nominal imports according to the external trade statistics and the index of import prices. 8 According to the balance of payments statistics. 9 When adjusting data for seasonal effects, we include communication, group 18 Intermediate Consumer Investment Imports -goods goods goods total Source: SORS; calculations by IMAD. exports of travel, contributed to a strengthening of the y-o-y growth in total services exports (5.8%), while the y-o-y growth in exports of transport services slowed noticeably. Imports of services also improved further in the autumn, particularly in November. In the first eleven months of 2012, they were nevertheless down y-o-y (-0.5%) and all groups of services recorded less favourable movements than in the same period of the previous year. The least favourable movements were observed in imports of travel, where the y-o-y drop deepened in 2012, which indicates lower purchasing power of Slovenian consumers, according to our estimate. Figure 7:Trade in services - nominal - Exports of services - total - Imports of services - total - Exports of travel • Imports of travel 120 (5 115 :> !Z 110 O E JZ 105 O 100 95 90 X ■ö !Z 85 T^ ro 80 c (D 75 (5 70 !!!!!!! ; V ;.....4.......f......T-^-T.......i-......4.......4' .... -4—4......4-- i \ M i ij\i i i i i i i i i hi .......t...... tMk\iU i n r Source: BS; calculations by IMAD. construction, financial, computer and information activities, personal service activities, arts, entertainment and recreation activities, government services, insurances and licences, patents and copyrights into the group of other services. Together, they account for just over a tenth of services exports and almost a third of services imports. Having grown modestly since mid-2012, production volume in manufacturing plummeted in November, seasonally adjusted. The decline was mainly due to the drop in medium-low-technology industries. Production volume in low-technology industries also declined. In 2012 it dropped to the level before the recovery at the beginning of 2010. Production volume in industries of higher technology intensity, having increased until the middle of the year, has remained more or less unchanged since August. The decline in production volume in the least technology-intensive industries, which are primarily oriented to the domestic market, is mainly related to modest domestic demand. Revenues from sales on the domestic market, which have been declining since the beginning of 2011, were down 7.9% y-o-y in the first eleven months of 2012. In the second half of last year, growth in revenues from sales on foreign markets - which were up y-o-y outside the euro area in the first eleven months (7.2%, -0.5% in the euro area) - eased. Figure 8: Production volume in manufacturing according to technology intensity and sales revenues according to geographical orientation ---Low-technology industries ---------Medium-low-technology industries -Medium-high and high-technology industries ---Sales revenues -domestic market - Sales revenues -foreign market .....r.....V / .........r..............1....... ■[■ ...... Source: SORS^ calculations bby IMAD. Construction activity increased in November last year, but remained much lower y-o-y. Amid strong monthly fluctuations, the value of construction output was up 14.9% in November, but 20.4% lower than in the same month of 2011. Relative to the pre-crisis year 2008, activity dropped most notably in the construction of residential buildings,10 somewhat less in non-residential construction and the least, albeit still by more than half, in the construction of civil-engineering works. The data on the value of residential construction output should be interpreted with caution, as they do not include small enterprises, which are, according to our estimates, mainly engaged in the construction of residential buildings. Box 1: The volume of road and rail freight transport Road freight transport continued to drop in the third quarter, while rail freight transport stopped declining. Slovenian road freight operators perform more than half of international transport with three countries, Germany, Italy and Austria.1 In these countries economic activity as measured by production volume in manufacturing was down y-o-y2 in the third quarter of 2012, which was reflected in a lower volume of international transport carried out by Slovenian road freight operators (-3.3%). National transport, which dropped most notably y-o-y, is largely related to activity in construction,3 where the value of construction output was down 12.7%. Rail freight transport ceased declining (0.4%, seasonally adjusted), being similar to that in 2008 (-0.3%). Figure 9: Road and rail freight transport -Road (left axis) -Rail (right axis) 4,300 1,100 1,000 H 3,600 700 600 500 400 O O O Source: SORS; calculations by IMAD. Table 2: Road freight transport by category 2011 Q3 12/ Q2 12 Q3 12/ Q3 11 Q1-Q3 12/ Q1-Q3 11 Total 3.2 -2.8' -5.9 -1.8 Legal entities 10.8 -3.0' -1.1 3.1 Natural persons -9.7 -2.1' -16.2 -12.1 National -4.9 -3.6' -20.3 -19.0 International 4.5 -0.8' -3.3 1.0 Note: 1seasonally adjusted data. Source: SORS; calculations by IMAD. 1 According to SORS data for 2011. 2 By 2.7%, 7.1% and 0.2%, respectively. 3 According to SORS, in 2011, more than 36% of all national transport consisted of transport of ores, rocks and non-metallic mineral products, i.e. materials used in construction. ^ 75 70 Box 2: (In)solvency matured liabilities, quarterly, 2008-2012 I No. of legal entities with outstanding matured liabilities (left axis) -Average daily amount of outstanding matured liabilities, EUR m (right axis) In 2012 nearly a tenth more compulsory settlement proceedings were initiated against business entities than in the previous year. 800 In 2012 the number of legal and natural persons with outstanding matured liabilities continued to increase.1 The number of legal entities unable to pay short term liabilities2 was approximately the same as in 2011, but the amount of liabilities was nearly half higher. The highest number of entities unable to cover their short-term liabilities was recorded in trade and Figure 10: Legal entities with outstanding matured construction (a fifth in each), while the highest average daily liabilities for more than five consecutive days in a amounts of outstanding matured liabilities per legal entity month and the average daily amounts of outstanding were posted in the financial and insurance sector and real estate and construction activities. The number of natural persons unable to meet their liabilities in the short term was rising throughout the year. At the end of 2012 it was up nearly a third y-o-y (9,157), as were the average daily amounts of outstanding matured liabilities. The number of business entities deleted from the court register for insolvency3 increased further last year, while the number of bankruptcy proceedings filed declined. In 2012, 12.9% more business entities were deleted from the court register for insolvency than in 2011, while the number of bankruptcy proceedings4 filed was by a similar percentage lower. Short-term inability of businesses to meet their obligations is usually the first step to insolvency, which is why last year the majority of bankruptcies were filed in trade, construction and manufacturing activities. 1,00^ ^^^ ^^^^^^HWKI' 'H-H-l' 100 8,000 7,000 6,000 5,000 (Ö -Q £ 4,000 71 3,000 2,000 1,000 0 300 200 a a Source: AJPES Table 3: Legal entities with outstanding matured liabilities for more than five consecutive days in a month, December 2012 Področja dejavnosti No. of legal entities with outst. mat. liab. in December 2012 Growth in % Average daily amount of outstanding matured liabilities in December 2012, in EUR '000 Growth in % Average daily amount of outst. mat. liab. per legal entity in December 2012, in EUR '000 XII 12/ XII 11 I-XII 12/ I-XII 11 XII 12/ XII 11 I-XII 12/ I-XII 11 C Manufacturing 870 37.0 2.3 93,221 29.0 67.6 107 F Constrution 1,425 23.0 -6.1 170,488 13.4 32.7 120 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,461 27.5 1.1 125,602 44.7 65.6 86 H Transportation and storage 406 32.2 -2.5 28,919 -55.5 -10.6 71 I Accommodation and food service ctivities 528 21.1 -3.6 23,806 13.7 -4.9 45 K Financial and insurance activities 105 20.7 9.4 73,296 271.0 49.5 698 L Real estate activities 237 38.6 14.2 36,472 30.6 92.7 154 M Professional, scientific and technical activities 903 51.5 9.5 75,868 -0.3 33.6 84 N Administrative and support service activities 227 45.5 0.1 23,787 2.3 37.2 105 Other activities (A,B,D,E,J,O-S)1 949 28.5 6.7 54,241 -9.4 104.8 57 Total 7,111 31.0 1.2 705,700 12.7 43.7 99 Source: AJPES. Note: A- Agriculture, forestry and fishing; B- Mining and quarrying; D- Electricity, gas and steam supply; E- Water supply, sewerage, waste management and remediation activities; J- Information and communication; O- Public administration and defence, compulsory social security; P- Education; Q- Human health and social work activities; R- Arts, entertainment and recreation; S- Other service activities. 1 AJPES records include outstanding matured liabilities for more than five consecutive days in a month according to writs of execution and tax debt, excluding other outstanding liabilities (unpaid bills between creditors and debtors). 2 Short-term insolvency of a business entity is the inability of a legal or natural person to meet its matured short-term financial obligations. 3 Insolvency is the situation where a debtor, in a longer period, can no longer meet its financial obligations that became due (permanent illiquidity), or becomes unable to cover its financial obligations in the long term. 4 Bankruptcy proceedings are a form of winding-up an over-indebted or insolvent debtor. Under court supervision, bankruptcy proceedings are administered by the bankruptcy trustee, who liquidates the entire debtor property to obtain financial assets for settling creditor claims. Upon completion of bankruptcy proceedings, the legal entity is deleted from the court register. 0 The highest number of compulsory settlement proceedings filed against companies and co-operatives was recorded in manufacturing (more than a third of all proceedings), and that in the manufacture of mineral products, furniture, food products and rubber and plastic products, followed by business entities in construction (more than a quarter). Figure 11: Bankruptcy proceedings filed and deletions from the Business Register of Slovenia (PRS) due to completed bankruptcy proceedings in companies and co-operatives and sole proprietors in Slovenia, 20092012 Companies and Sole proprietors co-operatives Source Slovenian BusinessRegister. November's data on new contracts in construction were relatively favourable. Amid strong monthly fluctuations, the value of new contracts (the flow of new contracts) increased in November and was also up y-o-y, but a Figure 12: Value of construction output, seasonally adjusted 120 110 100 90 80 70 60 50 40 30 20 Total Residential buildings Non-residential buildings Civil-engineering works comparison of data for the last five years still shows a decline. In November 2012 the value of the stock of contracts (at the end of the month) was only 2.1% lower y-o-y, considerably less than in previous months. Both indicators (new contracts, the stock of contracts) indicate an increase in the construction of civil-engineering works. At the end of 2012, activity in the trade sector remained low. In November, real turnover in retail trade, where turnover in the sale of non-food products11 continued to decline, remained lowest since 2008. Turnover in the sale of food products, beverages and tobacco products was up somewhat in the two months after September's strong decline, but it was still low. Turnover in the sale of automotive fuels also increased in November, which we estimate is a consequence of a more vigorous trade in other goods and services12 that are also sold by companies registered in this activity. After having dropped since autumn 2011, turnover in the sale and repair of motor vehicles picked up somewhat in October and November, but it remained down y-o-y.13 Nominal turnover in wholesale trade shrank further in November. In 2012 it fluctuated around the level recorded at the end of 2011. Figure 13: Turnover in trade sectors - Retail trade, real of which automotive fuels, real Sale, repair of motor vehicles, real - Wholesale trade, nom. Source: SORS; calculations by IMAD. Nominal turnover in market services (excluding trade)14 shrank further in November (seasonally adjusted), largely due to a significant decline in transport activity. In November turnover in transportation almost came close to the 2008 level. This was the only among all main market Source: SORS; calculations by IMAD. 11 Most notably in the sale of household appliances and audio/video recordings. 12 Such as merchandise, electricity, natural gas, etc. 13 In November last year the total number of new passenger car registrations was down 10.7% y-o-y, while turnover in the sale and repair of motor vehicles was 4.6% lower y-o-y. 14 Activities from H to N (SCA 2008) subject to the Council Regulation (EC) No. 1165/98 concerning short-term statistics. services that had, until then, recorded higher turnover than in 2008.15 Turnover in information-communication services also dropped again, primarily due to lower turnover by main telecommunications operators.16 Turnover in accommodation and food service activities rose in November due to an increase in overnight stays, particularly by foreign tourists, but at the end of 2012 it was similar to that at the beginning of the year because of monthly fluctuations. Despite the slight growth in November, turnover in professional-technical services has been declining in the last year, which can be explained by the continuation of the crisis in the construction sector. The standstill in the construction sector is dragging down the volume of architectural-engineering services. On account of last year's weak economic activity, turnover in legal-accounting services also dropped below that in 2008. Figure 14: Nominal turnover in market services (excluding trade) -Total -Transportation and storage (H) -----Communication activ. (J) -----Professional, technical activ. (M) -----Accommodation and food service activities (I) ^ 110 Source: Eurostat; calculations by IMAD. At the end of 2012 household consumption continued to decline, according to the available data on short-term indicators. The net wage bill shrank further in the last quarter of 2012 (-1.0%, seasonally adjusted), falling to the level of the first half of 2009. Real turnover in retail trade excluding automotive fuels also continued to fall. Consumption of durable goods17 remains low. In 2012 consumer loans dropped further (by EUR 240 m; in 2011 by EUR 111 m). Household savings were also down last 15 The decline was also indicated by some other y-o-y transport indicators: nominal turnover in transportation -1.7%, the number of trucks passing through toll stations -4.3% (DARS), exports of road transport services -6.6% (BS), production volume in German manufacturing -3.3% (DESTATIS) 16 The reasons for the decline cited by operators are regulatory requirements, tightened macroeconomic conditions, slower growth in fixed broadband market and competition in mobile telephony. 17 Spending on durable goods is estimated based on turnover in the sale of furniture, household appliances, construction material, audio/video recordings in specialised stores, turnover in the sale of motor vehicles, motorcycles, spare parts and accessories (SORS), and new car registrations by natural persons (MI-IAAD data, IMAD's estimate). Figure 15: Short-term indicators of household consumption -Turnover in sale of furniture, - househ. appl., construction mat., audio/video rec. (left) .....Net wage bill (left axis) - No. of first car registrations by natural persons (left axis) Consumer confdence indic., seas. adj. (right axis) Source: SORS, MI-IAAD; calculations by IMAD. year (by EUR 45 m). In January the consumer confidence indicator improved for the second time in a row, but remained down y-o-y. The value of the sentiment indicator improved somewhat again in January (seasonally adjusted), but remained down y-o-y. The sentiment indicator improved somewhat in all activities, except manufacturing (seasonally adjusted). Despite the improvement in recent months, it remains below the long-term average in all activities. Furthermore, in all activities the share of enterprises that assess the business climate as worse than it used to be exceeds the share of those estimating it to be better. Figure 16: Business trends -Economic sentiment -----Retail trade -Construction 40 - Manufacturing - Service activ. Consumers Labour market At the end of 2012, the labour market situation tightened further, with the employment rate reaching the lowest and the registered unemployment rate the highest levels since 2000. Employment according to the statistical register,18 having declined since the end of 2008, dropped further in November (-0.2%, seasonally adjusted), and remained lower y-o-y (-2.3%) Formal employment was down in most activities (seasonally adjusted), relatively most visibly in the construction sector, being also lower in manufacturing and market and public services. After remaining roughly unchanged in the first three quarters last year, the registered unemployment rate was up somewhat in October and November (12.1%, seasonally adjusted). Registered unemployment grew strongly in the last quarter of 2012. In the first half of last year it declined somewhat, then started rising steadily in the second. Figure 17: Seasonally adjusted labour market movements -Employed according to the statistical register (left axis) -Registered unemployed (right axis) 840 820 " iü 740 o o !E E (u tu 700 o 680 II 1 1 1111111 1111111 ' M if^ f "1......f.....V.....1.....7......1.....7..... 11 f ""I......f.....V.....1.....7......1.....7..... J .....r-r--; r ...........'......|.....'..... 120 i3 60 40 Source: SORS, ESS; calculations by IMAD. Table 4: Employment by activity It increased more noticeably particularly in the last quarter (2.6%, seasonally adjusted), when it was also up y-o-y (1.7%). At the end of December the number of registered unemployed (118,061) was highest since 1999. December's increase is attributable to a higher number of people who registered as unemployed (31.5%), primarily permanently redundant workers and those who had lost work due to the bankruptcy of their employer (67.2%). After stagnating in the third quarter, the average gross earnings per employee dropped again in November (-0.6%, seasonally adjusted) due to a more modest disbursement of 13th month payments and Christmas bonuses. The substantial decline is a result of the lowest growth in November's gross earnings per employee in the last nine years (according to original data). Earnings remained similar to those in the previous month only in the Table 5: Labour market indicators in % 2011 XI 12/ X 12 XI 12/ XI 11 I-XI 12/ I-XI 11 Labour force -0.1 -0.2 -1.9 -1.5 Persons in formal employment -1.3 -0.2' -2.2 -1.6 Employed in enterprises and organisations and by those self-employed -2.4 -0.3 -2.4 -1.5 Registered unemployed 10.1 0.4^ 0.4 -0.9 Average nominal gross wage 2.0 -0.6^ -2.4 0.1 - private sector 2.6 -0.5^ -1.5 0.6 - public sector 1.0 -3.5^ -4.1 -0.8 -of which general government 0.0 0.1' -3.7 -2.2 2011 XI 11 X 12 XI 12 Rate of registered unemployment, in %, seasonally adjusted 11.8 11.9 12.1 12.1 Average nominal gross wage (in EUR) 1,524.65 1,651.88 1,515.95 1,611.93 Private sector (in EUR) 1,388.65 1,536.77 1,397.17 1,513.79 Public sector (in EUR) 1,778.45 1,867.69 1,733.23 1,791.83 -of which general government (in EUR) 1,801.27 1,810.81 1,728.58 1,743.23 Sources: ESS. SORS; calculations by IMAD. Note: 1seasonally adjusted. Number in '000 Change in Number 2011 XI 11 X 12 XI 12 2011/ 2010 XI 12/ X 12 XI 12/ XI 11 I-XI 12/ I-XI 11 Manufacturing 184.8 186.6 181.8 181.2 -3,725 -599 -5476 -1,479 Construction 67.8 65.0 59.0 58.1 -10,709 -957 -6,906 -8,000 Market services 342.2 341.7 337.2 336.7 -3,400 -532 -5,007 -3,503 -of which: Wholesale and retail trade, repair of motor vehicles and motorcycles 109.7 109.5 107.3 107.2 -2,078 -42 -2,314 -1,762 Public services 170.2 171.5 171.3 171.5 1,406 176 -77 1,677 Public administration and defence, compulsory social security 51.4 51.4 50.2 50.2 -661 -27 -1,172 -568 Education 64.7 65.5 65.4 65.6 1,145 125 103 866 Human health and social work activities 54.1 54.7 55.6 55.7 922 78 992 1,379 Other 59.0 58.6 57.9 57.6 5,355 -227 -951 -1,715 Source: SORS; calculations by IMAD. 8 Employed and self-employed persons, excluding self-employed farmers. 220 200 Ji 180 " 160 140 100 80 Box 3: Extra year-end payments November's extra payments,1 which should reflect company Figure 18: November's extra payments and wage growth performance in the current year, were lowest in the last eight years. A total of EUR 63 m was disbursed, mainly in 13'h month payments and Christmas bonuses. This is 17.7% lower than in 2011, and half lower than in 2007 when these payments were highest (EUR 126.2 m). The share of persons in paid employment who received extra payments and the average amount paid declined relative to November 2011. Both were down in most activities. Average gross amount of extra payments*, in EUR (right axis) • Monthly growth in gross wage per employee, in % (left axis) I Share of employees who received payments, in % (left axis) ^20 400 ^ uo m 200 wor The total amount of extra payments was down y-o-y in olp all sectors and subsectors, most notably in public non-financial companies. The bulk of all extra payments were |j10 received by employees in non-financial companies, almost ^ 92%. Their total amount declined by 15.3% y-o-y. In jS financial companies, the relative decline was much more ^ 5 pronounced (-40.0%), but these payments accounted only for 6.8% of the total amount. In the government sector, only one percent of all extraordinary payments was paid, and extra payments were down 14.5% y-o-y. The amount of extra payments in the private sector, which accounted for 82.2% of all extra payments last year, was down 10.5% y-o-y (in financial companies -54.3%; in non-financial companies -6.8%). In the public sector, the largest share of payments was received by employees in public companies (94.1%; non-financial 73.1%, financial 21.0%) and the rest by those in the government sector. The y-o-y decline in total extra payments was much larger in public non-financial (-45.5%) than financial companies (-19.2%). Table 6: November's extra payments by activity, 2008-2012 800 : 600 02 02 02 Source: SORS. Note: *For employees who received extra payments. Activity Gross extraordinary payments for employees who received extraordinary payments, in EUR Share of employees who received extraordinary payments, in % Total amount of extraordinary payments, in EUR m 2008 2011 2012 2008 2011 2012 2008 2011 2012 TOTAL 697.58 688.10 597.37 19.9 17.0 16.5 98.3 76.6 63.0 A Agriculture, forestry and fishing 729.21 585.74 504.68 24.1 28.4 27.4 0.8 0.6 0.5 B Mining and quarrying 148.78 731.42 745.21 56.6 50.3 58.0 0.3 1.0 1.1 C Manufacturing 517.62 770.69 767.48 25.0 22.1 20.9 25.2 28.1 25.9 D Electricity, gas and steam supply 1,323.39 1,039.36 645.72 83.0 61.5 53.6 8.4 5.0 2.7 E Water supply sewerage, waste management and remediation activities 865.44 609.02 546.57 42.4 38.4 21.1 3.1 2.1 1.0 F Constrution 576.06 714.44 679.54 13.8 4.7 4.5 4.6 1.4 1.1 G Wholesale and retail trade, repair of motor vehicles and motorcycles 673.92 743.58 476.12 16.7 16.2 26.8 11.1 11.0 11.3 H Transportation and storage 528.00 656.63 560.79 53.5 27.2 28.7 10.6 6.1 5.3 I Accommodation and food service activities 620.34 384.36 492.51 7.8 9.7 7.7 1.0 0.7 0.7 J Information and communication 1,020.06 783.18 1,439.23 29.8 27.7 8.1 6.2 4.3 2.3 K Financial and insurance activities 1,331.02 886.02 736.20 56.9 36.2 27.6 17.9 7.2 4.4 L Real estate activities 991.40 939.73 736.45 19.5 17.0 16.5 0.7 0.6 0.4 M Professional, scientific and technical activities 1,010.15 839.77 780.52 17.1 14.1 13.5 5.8 4.2 3.7 N Administrative and support service activities 300.68 331.03 420.18 21.4 21.7 11.6 1.6 1.7 1.1 O Public administration and defence, compulsory social security 65.65 9.69 2.6 7.3 0.1 0.0 P Education - 54.15 36.66 - 9.8 4.8 - 0.3 0.1 Q Human health and social work activities - 361.81 163.80 - 6.3 7.6 - 1.1 0.6 R Arts, entertainment and recreation 332.18 584.73 539.65 15.9 9.4 6.6 0.5 0.5 0.3 S Other service activities 1,287.78 960.27 602.02 8.9 8.5 7.4 0.6 0.4 0.2 ' Extra payments are payments on a basis other than a regular monthly wage, such as 13th month payments, Christmas bonuses, performance-related payments, etc. 25 700 15 Source: SORS. Figure 19: November's extra payments by sector 60 40 20 Private non- Public non- Private Public Government financial financial financial financial sector companies companies companies companies Source: SORS. Figure 20: Average gross wage per employee - Total -----Private sector -----Public sector - -of which general government -of which public companies Source: SORS. government sector19 (seasonally adjusted), while they dropped in the private sector and particularly in the public sector as a whole. In the latter, they were down sharply in public companies (-12.5%), where extra payments were much lower than a year earlier (-41.2%). Despite the moderation, gross earnings in these companies still recorded above-average y-o-y growth (2.1%) in the first eleven months of 2012. Meanwhile, the decline in earnings in the general government sector, the largest part of the public sector, deepened further. In the private sector, the increase in the first eleven months of last year stemmed only from non-financial companies (0.7%), as gross earnings in financial companies dropped y-o-y (-0.3%). In the comparable period, gross earnings were also down y-o-y in most activities (besides construction, particularly in service activities). Their growth slowed least in industry. Prices Last year, consumer prices in Slovenia increased more than in the euro area. They were up 3.1%,20 1.0 p.p. more than in 2011 when they grew less than in the euro area. Last year's y-o-y growth was mainly due to higher prices of energy (1.0 p.p.), food21 (0.9 p.p.) and services (0.8 p.p.). As in the entire euro area, price growth in Slovenia was significantly affected by higher prices of energy, particularly liquid fuels. As a result of higher excise duties and a larger share of energy in the structure of household consumption,22 their impact was 0.4 p.p. greater than in the euro area. Food prices also had a significant influence on the y-o-y price growth. Prices of non-processed food, in particular, recorded relatively strong growth in Slovenia Table 7: Wages by activity Gross wage per employee, in EUR Change, in % 2011 XI2012 2011/ 2010 XI 12/ X 12 XI 12/ XI 11 I-XI 12/ I-XI 11 Private sector activities (A-N; R-S) 1,451.57 1.584,95 2.6 8.4 -1.9 0.9 Industry (B-E) 1,408.91 1.609,96 3.6 10.8 -0.3 1.1 - of which manufacturing 1,362.79 1.552,82 3.9 10.3 0.5 2.6 Construction 1,235.95 1.234,20 2.0 0.7 -6.8 -2.3 Traditional services (G-I) 1,349.67 1.460,76 2.7 8.5 -1.7 0.4 Other market services (J-N;R-S) 1,718.65 1.811,81 0.7 7.0 -3.6 -0.3 Public service activities (O-Q) 1,750.03 1.692,81 0.0 0.8 -4.0 -2.2 - Public administration and defence, compulsory social security 1,784.27 1.747,06 0.3 1.7 -2.6 -1.8 - Education 1,733.58 1.646,91 0.2 0.3 -5.8 -3.1 - Human health and social work activities 1,735.19 1.696,54 -0.7 0.7 -3.0 -1.4 Source: SORS; calculations by IMAD. 19 As of June 2012, we only comment on data on wages in the private sector and public sector (within the latter, particularly in the general government), and only exceptionally on wages in activities of the private sector and in public service activities; for more see SEM 06/12, Selected Topics - Monitoring the movements of wages and wage earners in the public and private sector. As measured by the HICP. 21 Excluding alcohol and tobacco. 22 Compared with the euro area (5.8%), an average Slovenian household allocates a larger share of expenditure for transportation and heating (8.9%). 2012 50 ra 30 10 0 Figure 21: Growth in selected price groups in Slovenia and in the euro area in 2012 (HICP) Price growth in 2012 was also impacted by tax policy measures. The most recent Eurostat's data on the HICP show that tax changes made a substantial contribution to last year's price growth. They were mainly a consequence of higher excise duties on tobacco products, liquid fuels and alcohol beverages, which contributed 0.9 p.p. to price growth last year, with the increase in some environmental taxes accounting for an additional 0.1 p.p. Figure 22: Impact of tax changes on y-o-y price growth Impact of tax changes (right axis) -HICP -HICP-CT 8 inflation Processed Non- Energy Services Other* food, processed alcohol, food tobacco Source: Eurostat. Note: *Non-energy industrial goods. last year and contributed 0.7 p.p. to inflation y-o-y (in the euro area 0.3 p.p.). In addition to higher energy and food prices, Slovenia's inflation was also marked by growth in prices of services, which was somewhat higher than in the euro area and primarily a result of one-off factors (abolition of subsidies for school meals). Table 8: Breakdown of the HICP into sub-groups - December 2012 8 7 6 5 4 3 2 1 0 -1 -2 -3 -4 Source: Eurostat; calculations by I MAD. Note: The impact of tax changes was computed at the y-o-y level as the difference between the HICP and the HICP at constant tax rates (HICP-CT). Slovenia Euro area Cum. % Weight % Contribution in p.p. Cum. % Weight % Contribution in p.p. Total HICP 3.3 100.0 3.3 2.3 100.0 2.3 Goods 3.7 66.0 2.4 2.4 58.5 1.4 Processed food, alcohol and tobacco 4.7 15.4 0.7 2.2 11.9 0.3 Non-processed food 10.0 7.3 0.7 4.4 7.2 0.3 Non-energy industrial goods -0.1 28.8 0.0 1.1 28.5 0.3 Durables -2.8 10.6 -0.3 -0.2 9.0 0.0 Non-durables 1.5 8.8 0.1 2.2 8.2 0.2 Semi-durables 3.3 9.4 0.3 2.8 11.2 0.3 Energy 6.8 14.5 1.0 5.3 11.0 0.6 Electricity for households 4.2 2.7 0.1 5.9 2.6 0.2 Natural gas -8.4 1.1 -0.1 5.9 1.8 0.1 Liquid fuels for heating 8.8 1.7 0.2 5.4 0.9 0.0 Solid fuels -3.6 0.9 0.0 2.2 0.1 0.0 District heating 5.0 0.9 0.0 6.8 0.7 0.0 Fuels and lubricants 11.0 7.2 0.8 4.6 4.9 0.2 Services 2.2 34.0 0.7 1.8 41.5 0.7 Services - dwellings 0.0 3.0 0.0 1.6 10.1 0.2 Services - transport 3.2 5.9 0.2 3.6 6.5 0.2 Services - communications -1.1 3.5 0.0 -3.8 3.1 -0.1 Services - recreation, repairs, personal care 3.7 13.5 0.5 2.4 14.5 0.3 Services - other services 1.9 8.1 0.2 1.7 7.3 0.1 HICP excluding energy and non-processed food 1.8 78.2 1.4 1.6 81.8 1.3 Source: Eurostat; calculations by IMAD. Note: ECB classification 7 6 5 4 3 2 In 2012, the movement of industrial producer prices was moderate. Last year's growth in industrial producer prices on the domestic market was low (1.0%). The relatively moderate growth was mainly due to lower prices of metals and metal products (-3.0%; in the previous two years these prices were rising) and higher prices of food products (3.4%). The y-o-y price decline in the metal industry was also reflected in somewhat lower prices of industrial products on foreign markets (-0.2%). Figure 23: Movement of domestic producer prices of manufactured goods on the domestic and foreign markets -PPI (domestic) -----Mfr. of basic metals, fabric. metal prod.; exc. mach., equip. (domestic) ----Mfr. of food products; beverages; tobacco products (domestic) -PPI (foreign) 20 16 12 # 8 -12 -16 Source: SORS. Last year, growth in import prices was 0.7 p.p. higher in Slovenia than in producers from the euro area (2.3%). In addition to higher prices of oil products, the y-o-y growth was again marked primarily by higher prices of food (5.1%) and lower prices of metals and metal products (-2.1%). As a result of the decline in the exchange rate of the euro, the price competitiveness of the economy continued to Figure 24: Real effective exchange rates of euro area countries deflated by the HICP, in the first eleven months of 2012 ♦ REER HICP INEER I HICP Source: ECB; calculations by IMAD. improve y-o-y in 2012 for the third consecutive year, but the improvement was among the smallest in the euro area. Last year, the real effective exchange rate as measured by the HICP, which in 2011 had been declining y-o-y largely due to lower relative prices,23 was dropping primarily under the impact of the falling exchange rate of the euro, particularly against the USD, JPY and GBP.24 In November and in the first eleven months of 2012 it was down y-o-y in real terms, 1.1% and 1.3% respectively, less than in most other euro area countries. The relatively smaller gain in Slovenia's price competitiveness was largely attributable to the structure of its external trade. As Slovenia conducts an above-average proportion of trade with other euro area countries, the impact of the depreciation of the euro on Slovenia's price competitiveness was relatively smaller. As the result of a weaker euro and relative unit labour costs, the cost competitiveness of the economy continued to Table 9: Indicators of price and cost competitiveness Annual change, in % 2010 2011 q4 11 q1 12 q 12 q3 12 Effective exchange rate1 Nominal -2.1 -0.1 0.1 -0.5 -1.3 -1.8 Real, deflator HICP -1.8 -1.0 -0.5 -0.9 -1.4 -1.2 Real, deflator ULC -1.6 -2.3 -2.4 -2.8 -3.8 -3.5 Unit labour costs, economy and components Nominal unit labour costs 0.4 -0.6 1.8 0.8 0.7 1.4 Compensation of employees per employee, nominal 3.9 1.6 0.5 1.6 -1.5 -0.6 Labour productivity, real 3.5 2.2 -1.3 0.8 -2.3 -2.0 Real unit labour costs 1.5 -1.6 -0.1 -0.2 0.7 0.4 Labour productivity, nominal 2.3 3.2 0.7 1.8 -2.2 -1.0 Source: SORS, ECB; calculations by IMAD. Note: 1 against 36 trading partners, according to ECB. 23 In Slovenia, in comparison with its trading partners. 24 As well as against the CNY (Chinese Juan) and KRW (South Korean Won). improve y-o-y in the first nine months of 2012, but less so than in most other euro area countries. In the first nine months last year, the real effective exchange rate deflated by relative unit labour costs, which in 2011 had been declining mainly due to lower relative costs, dropped y-o-y (-3.3%) also due to a lower exchange rate of the euro. As the lower euro had a relatively smaller effect on Slovenia's cost competitiveness due to the structure of Slovenia's external trade, the gain in competitiveness was also smaller than in most other Member States. After the more pronounced drop in 2011 (-1.6%), real unit labour costs were up again y-o-y in the first nine months of last year (0.3%), but their increase was among the smallest in the EU, while in around a third of Member States real unit Figure 25: Real effective exchange rates of euro area countries deflated by ULC, in the first nine months of 2012 ■ NEER «ULC »REER ULC eJL^ — Q-^un — Q ___ Source: ECB; calculations by IMAD. Figure 26: Real unit labour costs (RULC) in Slovenia and the EU RULC Slovenia RULC EU -Productivity Slovenia -Productivity EU -----Compensation per empl.Slovenia 9 -----Compensation per empl. EU 3 a o 0 -3 Figure 27: Real unit labour costs in EU Member States in the first nine months of 20 1 225 Labour productivity - real* ■ Compensation per employee - real* ♦ RULC m u N 3 CQ CQ U 3 I Source: Eurostat; ca^ulations by IMAD. Note: *GDP deflator. labour costs declined. The renewed growth in real unit labour costs reflected the decline in labour productivity due to a new fall in economic activity. At the same time the compensation of employees per employee declined as a result of lower wages in the public sector due to the adoption of the ZUJF, albeit slightly less so than labour productivity. Despite the relatively more favourable movements in the last two years, Slovenia remains in the group of euro area and EU countries that have experienced greater losses of cost competitiveness during the crisis.26 Balance of payments The current account of the balance of payments, in surplus since March 2012, was up y-o-y in the first eleven months of 2012 mainly due to a higher surplus in external trade. Meanwhile, the deficit in the balance of factor incomes was lower y-o-y, while the balance of current transfers deteriorated. External trade has been in surplus since the beginning of 2012. In the first eleven months of last year the surplus in trade in goods and services widened y-o-y on account of lower imports and modest growth in exports. The goods trade deficit shrank substantially, while the surplus in services trade was much higher. In y-o-y terms, the deficit in factor incomes was up again slightly in November, and down in the first eleven months of 2012. The lower deficit in the first eleven months ScMjrce: Eurostatt^alculations by^MAD. 25 Data for the first nine months of 2012 are available for 26 EU Member States. 26 In terms of growth in the real effective exchange rate deflated by relative unit labour costs, Slovenia was in fourth place among euro area countries in the first nine months of 2012 (relative to the 2007 average), while in the other thirteen countries the real effective exchange rate declined; according to growth in real unit labour costs, it was second in the euro area and third in the EU (among 26 Member States). 6 -6 Figure 28: Components of the current account balance, in EUR m ^■Merchandise trade Services trade Factor incomes Current transfers -Current account Source: BS; calculations by IMAD. mainly reflected a higher net inflow of income from labour. We estimate that last year income from labour increased significantly owing to a higher number of daily migrants working abroad. The deficit in income from capital widened, largely as a result of higher payments of dividends and other profits to foreign direct investors. Net income from portfolio investment also declined amid Table 10: Balance of payments I-XI 12, v mio EUR Inflows Outflows Balance1 Balance, I-XI 11 Current account 26,525.5 25,683.6 841.9 108.7 - Trade balance (FOB) 19,948.8 20,136.3 -187.5 -819.3 - Services 4,675.0 3,053.3 1,621.7 1,348.5 - Income 743.0 1,253.2 -510.3 -536.0 Current transfers 1,158.7 1,240.7 -82.0 115.5 Capital and financial account 1,569.4 -2,513.3 -943.8 -636.6 - Capital account 240.7 -204.0 36.7 -12.6 - Capital transfers 238.7 -203.1 35.6 -8.6 - Non-produced, non-financial assets 2.1 -0.9 1.1 -3.9 - Financial account 1,328.7 -2,309.3 -980.6 -624.0 - Direct investment 208.2 150.7 358.9 345.7 - Portfolio investment -235.1 226.9 -8.3 1,898.3 - Financial derivates -91.5 57.2 -34.3 -128.2 - Other investment 1,397.8 -2,744.0 -1,346.2 -2,822.2 - Assets 0.0 -2,058.2 -2,058.2 -2,092.8 - Liabilities 1,397.8 -685.8 712.0 -729.4 - Reserve assets 49.3 0.0 49.3 82.4 Net errors and omissions 101.9 0.0 101.9 527.9 diminishing returns. The total net interest payments in the first eleven months of 2012 amounted to EUR 392.4 m (EUR 401.3 m in the same period of 2011). Last year's decline in net interest payments was largely attributable to deleveraging of the private sector and structural changes in debt instruments of the government sector (issuance of treasury bonds on the domestic financial market). In the first eleven months of 2012, the deficit in the balance of current transfers (in 2011 a surplus) was largely a consequence of higher net payments of other government transfers abroad (taxes and contributions) and other private transfers (taxes, rewards, etc.). In the first eleven months of last year Slovenia's net budgetary position relative to the EU budget was positive (EUR 280.6 m; EUR 307.0 m in the same period of 2011). International financial transactions recorded a net outflow in the amount of EUR 126.3 m in November, and EUR 1,029.9 m in the first eleven months of last year. In eleven months the net capital outflow of the private sector exceeded the net capital inflow of the general government and the BS. Capital flows of the government sector were mainly a result of two large transactions. In February last year the government repaid the 3-year RS64 bond worth EUR 1 bn and then issued a 10-year government bond in the amount of USD 2.25 bn in October (EUR 1.7 bn). The debt of the BS rose again last year, while the private sector continued to repay foreign loans. In the first eleven months the BS borrowed EUR 2,077.6 m from the Eurosystem and increased its financial assets abroad by investing in long-term bonds. In the private sector most of last year's transactions were again conducted through commercial banks, which have already repaid EUR 7.8 bn in external debt since the beginning of the crisis. Figure 29: Financial transactions of the balance of payments by instrument, in EUR m Direct investment Portfolio investment Financial derivatives Other investment -Net financial flow 2,000 1,500 1,000 500 E 0 jZ -500 -1,000 -1,500 -2,000 -2,500 Source: BS. Note: 1a minus sign (-) in the balance indicates a surplus of imports over exports in the current account and a rise in assets in the capital and financial account and the central bank's international reserves. Source: BS. Financial markets December 2012 recorded the largest decline in the volume of loans to non-banking sectors thus far (EUR 580.2 m). Most of it was attributable to further corporate and NFI deleveraging, along with household deleveraging, which was also up somewhat. Government loans increased slightly again. The volume of domestic banks' loans to domestic non-banking sectors was down EUR 1.2 bn in 2012, nearly 60% more than in 2011. Net repayments of foreign matured liabilities otherwise eased in December, but the volume of government deposits in the banking system dropped substantially, while household deposits expanded noticeably due to seasonal factors. At the end of 2012 households continued to reduce domestic bank loans. In December the volume of household loans shrank by around EUR 50 m. The bulk of the decline was once again due to the repayment of consumer loans (around EUR 35 m), although loans for other purposes also declined (around EUR 15 m), as did, for the second time last year, housing loans.27 Last year, household loans dropped by around EUR 190 m, in contrast to 2011, when they were up by more than EUR 170 m. This significant difference is the result of lower borrowing in the form of housing loans and higher repayments of consumer loans. In December last year, enterprises and NFIs had stepped up deleveraging in domestic banks, while in the last two months they increased their borrowing abroad.28 Loan volume was down by over EUR 550 m, mainly29 in enterprises. In 2012 the volume of domestic bank loans to enterprises and NFIs was down EUR 1.6 bn, nearly 60% more than in 2011. Figure 30: Increase in household, corporate, NFI and government loans Households Enterprises and NFI^ Government-Total 700 600 500 400 300 200 E 100 Iu 0 -100 -200 -300 -400 -500 -600 -700 Source: BS; calculations by IMAD. This larger decline in corporate and NFI loans is a result of nearly double the amount of corporate deleveraging, while NFI deleveraging was 30% lower than in 2011. Having already been relatively strong in October 2012, corporate and NFI borrowing abroad increased further in November, recording the highest level since July 2011 (EUR 95.9 m). The maturity structure of borrowing abroad was favourable this time. Enterprises net borrowed EUR 117.5 m in long-term loans, while they were net repaying short-term loans. Following the strong corporate and NFI borrowing abroad in October and November when net flows of foreign loans exceeded EUR 170 m, corporate and NFI net borrowing abroad totalled around EUR 85 m in the first eleven months of 2012, almost half less than in the same period of 2011. In 2012 the gaps between domestic and foreign interest rates of corporate and NFI loans started to widen again, amounting to 255 basis points in November. Figure 31: Net corporate and NFI borrowing abroad and gaps between domestic and foreign interest rates Short-term loans (left axis) Long-term loans (left axis) -Diff. between domestic and foreign interest reates (right axis) 300 350 E 0 -100 -200 -400 200 150 27 The decline in housing loans was modest. 28 Data for borrowing abroad pertain to October and November. Figures for December are not yet available. 29 Around 90% of the total amount. Source: BS; calculations by IMAD. Banks increased again slightly the repayment of foreign liabilities in November. Net repayments amounted to almost EUR 350 m. Once again the bulk of net repayments came from long-term sources of finance (long-term loans), though net repayments were also recorded for short-term loans and deposits. Net repayments of liabilities to foreign banks totalled EUR 3.2 bn in the first eleven months of 2012, which is around 70% more than in the same period of 2011. In the period since 2009 net repayments of foreign liabilities totalled as much as around EUR 8 bn. Having been dropping for most of 2012, household deposits rose by over EUR 140 m in December; government deposits declined. December saw the largest increase in household deposits last year, by our estimate also due to Christmas bonuses and 13th month payments, even though these were lower than in previous years. Households placed 300 250 100 50 0 Figure 32: Net repayments of foreign liabilities by domestic banks 2,000 --:-:-:-- 1,500 1,000 500 E cc 3 0 -500 -1,000 -1,500 Bonds Deposits Short-term loans Long-term loans Total Source: BS; calculations by IM AD. around two thirds of funds in overnight deposits, and the rest evenly in short-term and long-term deposits. December's strong growth alleviated significantly the annual decline in household deposits (around EUR 45 m; only short-term deposits were down). Government deposits, having resulted from proceeds of the dollar bond in October and November, dropped by around EUR 210 m in December. The government was mainly withdrawing overnight and short-term deposits from banks. In 2012 government deposits shrank by nearly Table 11: Financial market indicators EUR 290 m, in contrast to 2011 when they had increased by EUR 170m. Bad claims30 increased somewhat again in November, but their share declined by 0.1 p.p. The lower share is a consequence of a larger increase in higher-quality claims, with banks investing November's inflows of government deposits mainly in domestic and foreign banks. Bad claims rose modestly, but their structure has changed Figure 33: Shares of bad and non-performing claims and creation of impairments and reservation in the Slovenian banking system Provisions and impairments (left axis) 480 450 420 390 360 330 300 270 E 240 cc iü3 210 iE 180 150 120 90 60 30 0 -30 Share of non-performing claims (right axis) -Share of C-rated claims (right axisi Source: BS; calculations by IM AD. 17 16 15 14 13 12 11 10 9 # 8 7 6 5 4 3 2 1 0 Domestic bank loans to nonbanking sector and household savings Nominal amounts, EUR bn Nominal loan growth, % 31. XII 11 31. XII 12 31. XII 12/ 30. XI 12 31. XII 12/ 31. XII 11 31. XII 11/ 31. XII 10 Loans total 32,733.86 31,499.1 -1.8 -3.8 -2.3 Enterprises and NFI 22,065.54 20,491.2 -2.6 -7.1 -4.2 Government 1,214.88 1,741.2 1.5 43.3 1.4 Households 9,453.45 9,266.7 -0.6 -2.0 1.8 Consumer credits 2,723.04 2,481.8 -1.4 -8.8 -3.9 Lending for house purchase 5,163.55 5,258.9 0.0 1.8 6.7 Other lending 1,566.85 1,526.1 -1.0 -2.6 -2.7 Bank deposits total 15,097.17 15,051.0 1.0 -0.3 1.7 Overnight deposits 6,440.82 6,478.1 1.4 0.6 3.9 Short-term deposits 4,127.66 4,011.4 0.7 -2.8 -7.7 Long-term deposits 4,521.12 4,555.2 0.5 0.8 8.8 Deposits redeemable at notice 7.57 6.2 0.7 -17.6 -19.0 Mutual funds 1,810.64 1,830.0 -0.4 1.1 -11.6 Government bank deposits, total 2,848.94 2,562.5 -7.6 -10.1 6.4 Overnight deposits 139.72 188.6 -31.2 35.0 117.0 Short-term deposits 694.47 836.3 -8.4 20.4 25.1 Long-term deposits 2,013.33 1,537.0 -1.3 -23.7 -2.0 Deposits redeemable at notice 1.42 0.5 -98.0 -61.6 -59.0 Sources: Monthly Bulletin of the BS, SMA (Securities Market Agency); calculations by IMAD. 0 C-, D- and E-rated claims. somewhat in recent months. Non-performing claims31 keep growing, while the volume of C-rated claims is falling steadily. Banks continue to create additional impairments and provisions. They were up strongly in December last year, totalling EUR 470 m; around EUR 1.5 bn in the entire 2012 (nearly 30% more than in 2011). Public finance According to provisional data, the central government budget deficit (based on the national methodology on the cash basis) totalled EUR 1.1 bn last year, 3.1% of the predicted GDP, which is in line with the revised state budget. The deficit was EUR 420 m (27.5%) lower than in the previous year, largely on account of lower expenditure (by EUR 369 m). Revenue was up somewhat (EUR 51 m). In December, total revenue rose substantially due to a one-off increase in non-tax revenues (up EUR 79 m y-o-y) and higher absorption of EU funds. Expenditure continued its declining trend. In 2012, total central government revenue was EUR 58 m lower than planned in the revised state budget. Particularly tax revenues were lower than anticipated (EUR 62 m), mainly due to lower revenue from taxes on goods and services and lower absorption of EU funds (EUR 47 m). Non-tax revenues were higher than foreseen (EUR 71 m). Total central government expenditure was EUR 20 m lower than planned in the revised budget. Current expenditure was down in particular (EUR 99 m), due to a decline in intermediate consumption and interest payments. The latter were lower than planned, but still EUR 79 m higher than in 2011. Current transfers, which include transfers to individuals, government bodies and subsidies, were EUR Figure 34: Central government budget revenue and expenditure -Total revenue -Total revenue 10.0 ,, ^^ is ^^ ,, Source: MF; calculations by IMAD. 90 m higher than anticipated in the revised budget, yet as much as EUR 260 m lower than in 2011. Investment expenditure and transfers were in line with the revised budget, down EUR 81 m from 2011. The decline was the result of lower investment expenditure, as investment transfers remained similar to those a year earlier. In December Slovenia's receipts from the EU budget were the highest (EUR 180.5 m) and its payments the lowest in 2012 (EUR 9.8 m); December's net budgetary position was therefore the highest last year (EUR 170.7 m). More than half of December's revenue (53.3%) came from structural funds (EUR 95.9 m), of which three quarters from the European Fund for Regional Development (EUR 71.7 m). Funds under the Common Agricultural and Fisheries Policies (EUR 57.1 m) represented less than a third of December's total revenue from the EU budget, while receipts from the Cohesion Fund (EUR 16.8 m) accounted for only a tenth. In 2012 Slovenia received EUR 841.6 m from the EU budget, EUR 29.4 m less than a year earlier. The absorption rate with regard to the 2012 state budget was 80.1%, with regard the revised budget 94.7% and similar to that in 201 1.32 In 2012, Slovenia received EUR 267.5 m under the Common Agricultural and Fisheries Policies, 105.2% of the level planned in the revised budget (98.2% in 2011); EUR 434.8 m, or 105.0% of the level foreseen, from the EU Structural Funds (102.7% in 2011); and EUR 107.0 m from the Cohesion Fund, 56.1% of the level planned (58.0% in 2011). Figure 35: Planned and absorbed EU funds ■ Funds planned in the revised state budget for 2012 ■ Funds planned in the state budget for 2011 ■ Total receipts in 2012 (January-December) ■ Total receipts in 2011 (January-December) Other Common Agricultural Policy 100 200 300 400 In EUR m Source: MF; calculations by IMAD. ' Claims of the lowest quality, which are assigned ratings D and E. 32 The realisation in 2012 of payments into the EU budget with regards to the revised budget was somewhat lower (96.7%) than in 2011 (102.9%). X "ö C a a (O "iS u (O MAIN INDICATORS 2007 2008 2009 2010 2011 2012 2013 2014 Autumn forecast 2012 GDP (real growth rates, in %) 7.0 3.4 -7.8 1.2 0.6 -2.0 -1.4 0.9 GDP in EUR million (current prices and current exchange rate) 34,594 37,244 35,556 35,607 36,172 35,700 35,495 36,129 GDP per capita, in EUR (current prices and current exchange rate) 17,135 18,420 17,415 17,379 17,620 17,457 17,327 17,610 GDP per capita (PPS)1 22,100 22,700 20,600 20,800 21,300 GDP per capita (PPS EU27=100)' 88 91 87 85 84 Gross national income (current prices and current fixed exchange rate) 33,859 36,262 34,868 35,029 35,670 34,970 34,626 35,235 Gross national disposable income (current prices and current fixed exchange rate) 33,618 35,923 34,693 35,085 35,776 35,099 34,946 35,271 Rate of registered unemployment 7.7 6.7 9.1 10.7 11.8 11.9 13.1 13.1 Standardised rate of unemployment (ILO) 4.9 4.4 5.9 7.3 8.2 8.3 9.1 9.1 Labour productivity (GDP per employee) 3.5 0.8 -6.1 3.5 2.2 -0.6 0.9 1.4 Inflation,2 year average 3.6 5.7 0.9 1.8 1.8 2.8 2.2 1.8 Inflation,2 end of the year 5.6 2.1 1.8 1.9 2.0 3.3 1.9 1.8 INTERNATIONAL TRADE - BALANCE OF PAYMENTS STATISTICS Exports of goods and services3 (real growth rates, in %) 13.7 4.0 -16.7 10.1 7.0 0.1 1.9 4.7 Exports of goods 13.9 1.8 -17.4 11.9 8.5 -0.3 1.8 5.0 Exports of services 13.2 14.3 -13.7 3.7 1.4 1.9 2.3 3.2 Imports of goods and services3 (real growth rates, in %) 16.7 3.7 -19.5 7.9 5.2 -5.2 -1.0 3.8 Imports of goods 16.2 3.0 -20.7 8.9 6.1 -5.1 -1.0 3.9 Imports of services 19.7 8.2 -12.0 2.7 -0.3 -5.9 -0.8 3.2 Current account balance, in EUR million -1,646 -2,295 -246 -209 2 810 1,363 1,142 As a per cent share relative to GDP -4.8 -6.2 -0.7 -0.6 0.0 2.3 3.8 3.2 Gross external debt, in EUR million 34,783 39,234 40,294 40,723 40,241 41,0445 As a per cent share relative to GDP 100.5 105.3 113.3 114.4 111.2 Ratio of USD to EUR 1.371 1.471 1.393 1.327 1.392 1.267 1.240 1.322 DOMESTIC DEMAND - NATIONAL ACCOUNTS STATISTICS Private consumption (real growth rates, in %) 6.1 3.7 -0.1 -0.7 -0.3 -1.2 0.2 1.5 As a % of GDP4 52.4 53.2 55.8 56.0 56.8 57.1 56.6 56.2 Government consumption (real growth rates, in %) 0.6 6.1 2.9 1.5 -0.9 -3.5 -0.7 0.3 As a % of GDP4 17.3 18.1 20.3 20.8 20.6 19.8 19.3 19.0 Gross fixed capital formation (real growth rates, in %) 13.3 7.8 -23.3 -8.3 -10.7 -1.5 4.0 3.0 As a % of GDP4 27.8 28.8 23.4 21.6 19.5 19.4 20.0 20.3 Sources of data: SORS, BS, Eurostat, calculations and forecasts by IMAD (Autumn Forecast, September 2012). Notes: 'Measured in purchasing power standard. ^Consumer price index. ^Balance of payments statistics (exports F.O.B., imports F.O.B.); real growth rates are adjusted for inter currency changes and changes in prices on foreign markets. 4Shares GDP are calculated for GDP in current prices at fixed exchange rate (EUR=239.64). 5End November 2012. PRODUCTION 2009 2010 2011 2010 2011 2012 2010 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -17.4 6.2 2.2 7.2 7.4 8.7 3.6 0.1 -3.0 0.9 -0.7 0.6 4.3 13.8 13.8 6.5 6.5 B Mining and quarrying -2.9 11.0 -8.1 23.7 15.7 -5.6 -9.3 -9.3 -7.9 -10.0 -1.6 -3.0 -2.5 39.7 -6.4 -1.2 -8.4 C Manufacturing -18.7 6.6 2.1 7.3 7.1 9.1 3.7 -0.3 -3.6 0.3 -2.0 -0.9 5.0 12.4 14.6 6.6 6.9 D Electricity, gas & steam supply1 -6.6 1.8 5.0 3.6 7.0 6.9 3.8 5.1 4.0 8.2 12.8 16.1 0.6 17.4 11.0 6.3 3.6 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total -21.0 -17.0 -25.6 -16.4 -16.2 -25.3 -31.1 -25.4 -20.1 -17.7 -16.4 -12.7 -17.5 -12.2 -20.9 -23.6 -29.7 Buildings -22.6 -14.0 -39.7 -16.5 -19.2 -41.5 -46.5 -34.3 -35.9 -13.0 -6.7 -18.2 -28.1 -12.4 -25.9 -41.2 -53.1 Civil engineering -19.9 -18.9 -15.3 -16.2 -14.1 -6.3 -20.7 -20.0 -10.0 -21.2 -20.9 -10.0 -10.3 -12.1 -15.4 2.7 -5.2 TRANSPORT, tonne-km in m, y-o-y growth rates, % Tonne-km in road transport -9.2 7.9 3.2 9.5 -6.3 -3.2 1.5 3.6 11.7 6.0 -5.3 -5.9 Tonne-km in rail transport -24.2 28.2 9.7 32.2 28.2 23.3 10.8 8.5 -1.6 -8.7 -8.0 -5.8 Distributive trades, y-o-y growth rates, % Total real turnover* -13.0 3.6 3.1 4.7 5.8 7.5 3.6 2.9 -0.5 0.6 -4.3 -3.2 9.0 4.1 8.7 9.8 3.9 Real turnover in retail trade -10.6 -0.1 1.4 2.0 1.8 3.4 0.4 2.2 0.2 2.5 -2.7 -1.7 3.6 0.4 4.0 5.5 0.6 Real turnover in the sale and maintenance of motor vehicles -21.7 12.1 6.6 11.8 15.0 15.8 9.9 4.4 -1.9 -2.8 -7.2 -5.7 20.2 14.1 19.2 18.3 9.8 Nominal turnover in wholesale trade & commission trade -21.4 1.4 5.8 5.5 3.7 12.2 3.8 4.5 3.4 3.4 -0.6 1.2 4.8 5.3 11.2 15.4 10.4 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays -3.4 -1.5 5.3 -2.2 0.4 3.1 6.6 6.6 3.1 0.7 1.2 1.2 -0.8 -1.2 4.9 -1.9 6.7 Domestic tourists, overnight stays 2.8 -4.2 0.5 -9.6 -0.3 0.1 0.4 0.8 0.4 -0.5 -4.6 -7.5 -0.5 3.2 0.1 -2.0 2.7 Foreign tourists, overnight stays -8.0 0.7 9.1 3.2 1.0 6.5 11.3 10.2 5.5 2.0 5.1 6.3 -1.1 -5.4 8.6 -1.7 11.0 Nominal turnover market services (without distributive trades) -7.8 2.8 3.7 4.2 5.4 5.7 4.7 4.8 -0.3 -0.6 0.5 -0.4 4.5 4.9 7.2 4.9 5.2 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 449.3 454.5 478.9 115.6 137.5 100.4 113.3 125.7 139.5 108.4 110.4 128.4 44.1 47.7 32.9 30.5 36.9 BUSSINES TENDENCY (indicator values**) Sentiment indicator -23 -9 -7 -6 -8 -7 -4 -6 -10 -12 -16 -1^ -8 -9 -7 -7 -6 Confidence indicator - in manufacturing -23 -1 0 2 1 3 3 -1 -7 -6 -11 -14 -1 -1 3 3 3 - in construction -50 -57 -46 -56 -53 -53 -46 -44 -43 -41 -44 -39 -53 -56 -56 -51 -51 - in services -14 -3 1 -2 -2 0 3 3 -4 -8 -8 -14 -1 -1 0 -2 3 - in retail trade -12 7 8 11 10 6 12 1 12 6 4 2 8 11 7 12 -1 Consumer confidence indicator -30 -25 -25 -27 -26 -27 -25 -25 -24 -26 -36 -39 -24 -27 -26 -28 -26 Source of data: SORS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. 2011 2012 2013 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 3.3 4.3 3.1 -1.5 -1.5 2.8 -1.9 0.6 -8.0 1.3 4.4 -2.3 3.3 -3.2 -1.9 4.3 4.3 -5.5 7.1 -3.6 - -4.7 -22.1 0.2 -8.5 -17.3 -1.7 -6.0 -2.5 -16.3 5.9 -11.5 -21.2 -7.4 10.3 -6.4 -5.2 2.0 -5.4 1.8 -18.6 3.2 4.9 3.1 -1.9 -2.4 3.0 -2.6 -0.5 -8.2 1.0 3.2 -2.7 3.3 -4.5 -4.2 2.6 2.8 -6.8 6.7 -4.0 5.7 3.2 2.4 4.4 11.8 -0.4 4.7 13.1 -4.0 3.4 16.2 5.2 5.7 9.5 24.0 22.6 16.3 9.8 11.8 2.3 - -27.0 -29.3 -36.2 -27.0 -31.2 -17.5 -25.4 -9.6 -24.6 -24.4 -26.6 -5.0 -14.5 -23.2 -10.9 -19.4 -14.4 -5.2 -21.4 -20.4 - -37.9 -48.0 -52.8 -36.0 -36.7 -30.0 -33.3 -28.6 -44.5 -31.1 -31.0 27.6 -7.2 -15.6 4.4 -23.9 -11.9 -18.6 -34.6 -16.7 -19.0 -16.6 -25.9 -21.2 -28.0 -9.7 -21.0 0.7 -7.0 -18.1 -22.8 -22.0 -18.6 -26.5 -17.0 -17.1 -15.7 1.2 -15.0 -21.8 - - - - - - - - - - - 3.4 6.0 1.4 0.0 6.3 2.4 0.7 -0.5 -1.8 2.6 1.0 -1.8 -4.0 -5.2 -3.7 -0.6 -3.7 -10.2 -3.4 -5.4 - 0.3 1.8 -0.9 -1.1 5.6 2.1 0.5 1.3 -1.1 4.0 3.5 -0.1 -3.5 -3.1 -1.5 -0.6 -0.8 -6.5 -4.1 -5.8 9.8 14.0 5.9 2.2 8.0 3.0 1.3 -3.6 -3.4 -0.1 -3.5 -4.8 -5.1 -8.8 -7.7 -0.6 -10.6 -17.5 -1.9 -4.6 4.2 6.2 1.1 -0.3 8.5 5.6 5.7 5.6 -0.9 8.6 3.9 -0.9 0.1 0.4 -2.3 7.2 2.8 -5.6 4.2 -3.1 13.6 -4.2 10.6 4.1 7.0 9.8 1.9 7.0 1.2 0.2 -0.3 2.4 -0.9 7.9 -1.9 1.3 2.5 -1.4 -3.5 9.3 - 9.3 -3.0 -3.4 -3.7 2.1 7.3 -2.9 8.6 -3.3 -0.3 -3.3 2.8 -14.3 -1.6 0.9 -9.9 -4.1 -9.8 -6.6 -8.1 17.2 -5.0 21.6 9.7 10.0 11.2 5.5 5.2 5.8 0.6 4.5 1.9 9.4 14.1 -3.7 8.4 6.3 3.1 -1.3 28.2 7.0 0.5 6.8 2.1 4.7 7.6 -1.5 0.2 0.5 0.3 -3.6 1.4 -1.0 2.5 0.0 1.1 0.6 -3.0 -3.9 0.4 36.9 39.6 36.8 42.2 39.8 43.7 48.9 44.0 46.7 34.3 35.1 39.0 37.0 38.3 35.1 47.2 37.9 43.3 47.1 41.0 - - -4 -3 -5 -5 -7 -6 -10 -10 -11 -12 -12 -12 -16 -14 -17 -16 -19 -21 -23 -22 -17 -16 5 3 1 0 -1 -1 -8 -7 -5 -3 -6 -8 -10 -11 -13 -12 -14 -15 -17 -14 -10 -12 -49 -44 -45 -46 -43 -42 -42 -45 -41 -43 -40 -40 -45 -43 -43 -41 -36 -40 -42 -41 -35 -30 4 2 3 3 5 2 0 -2 -9 -11 -9 -5 -8 -7 -10 -11 -14 -17 -20 -19 -15 -13 10 15 12 1 -11 12 13 14 10 6 7 6 8 2 3 1 0 4 -2 -3 -2 0 -26 -25 -23 -24 -27 -23 -26 -26 -20 -27 -26 -26 -38 -33 -37 -36 -35 -45 -39 -38 -35 -30 LABOUR MARKET 2009 2010 2011 2010 2011 2012 2010 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 FORMAL LABOUR FORCE (A=B+E) 944.5 935.5 934.7 933.8 934.8 936.8 937.5 931.1 933.3 926.6 923.7 915.2 929.0 936.0 937.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)' 858.2 835.0 824.0 835.4 829.3 821.9 828.4 823.9 821.7 812.7 816.5 809.1 819.0 820.9 821.7 In agriculture, forestry, fishing 37.9 33.4 38.8 34.0 33.3 38.0 40.1 38.8 38.0 35.2 37.8 37.4 33.1 38.0 38.0 In industry, construction 306.9 287.3 272.9 287.0 281.9 273.7 274.2 272.7 271.0 265.4 266.3 263.1 276.0 274.4 273.6 Of which: in manufacturing 199.8 188.6 184.8 188.1 186.8 184.1 184.7 184.4 186.2 184.6 184.1 182.5 184.1 183.9 184.3 in construction 86.8 78.5 67.8 78.6 75.0 69.7 69.3 67.9 64.4 60.5 61.6 60.1 72.1 70.7 69.5 In services 513.4 514.3 512.3 514.3 514.1 510.2 514.1 512.4 512.7 512.1 512.4 508.6 509.9 508.5 510.1 Of which: in public administration 51.5 52.0 51.4 52.1 51.8 51.2 51.5 51.4 51.3 50.9 51.2 50.8 51.5 51.2 51.2 in education, health-services, social work 113.8 116.7 118.8 116.3 118.0 117.8 118.8 118.5 120.1 120.7 121.6 120.3 117.7 117.3 117.8 FORMALLY EMPLOYED (C)1 767.4 747.2 729.1 747.0 740.6 728.1 731.9 728.9 727.4 720.9 722.7 716.2 730.5 727.3 727.8 In enterprises and organisations 699.4 685.7 671.8 685.7 681.3 671.4 673.9 671.3 670.7 666.4 667.4 661.4 673.0 670.7 671.3 By those self-employed 67.9 61.5 57.2 61.4 59.3 56.7 58.0 57.6 56.6 54.5 55.4 54.8 57.6 56.6 56.6 SELF-EMPLOYED AND FARMERS (D) 90.8 87.8 94.9 88.3 88.7 93.8 96.5 95.0 94.4 91.8 93.8 92.9 88.5 93.5 93.8 REGISTERED UNEMPLOYMENT (E) 86.4 100.5 110.7 98.4 105.5 114.9 109.1 107.2 111.6 114.0 107.2 106.1 110.0 115.1 115.6 Female 42.4 47.9 52.1 47.8 50.2 52.9 50.9 51.1 53.3 53.2 51.0 50.9 51.2 53.2 53.2 By age: under 26 13.3 13.9 12.9 12.4 15.1 14.5 12.6 11.3 13.4 12.7 10.8 10.1 14.4 14.7 14.7 aged over 50 26.2 31.4 39.0 31.1 34.5 40.1 39.1 38.7 38.2 39.2 38.1 37.4 38.9 40.2 40.2 Unskilled 34.1 37.5 39.5 36.6 38.2 41.6 39.2 38.1 39.3 41.0 39.2 37.8 39.9 41.6 41.9 For more than 1 year 31.5 42.8 50.2 44.0 47.2 48.7 48.6 49.6 53.8 57.2 55.1 54.5 47.4 48.6 49.0 Those receiving benefits 27.4 30.0 36.3 29.3 29.7 39.7 36.4 34.9 34.4 37.8 33.2 31.5 31.2 39.2 40.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 9.1 10.7 11.8 10.5 11.3 12.3 12.2 11.5 12.0 12.3 11.6 11.6 11.8 12.3 12.3 Male 8.3 10.1 11.4 9.7 10.7 12.0 11.9 10.9 11.3 11.9 11.1 11.0 11.4 12.0 12.0 Female 10.2 11.6 12.4 11.5 12.1 12.6 12.5 12.3 12.7 12.7 12.3 12.3 12.4 12.7 12.7 FLOWS OF FORMAL LABOUR FORCE 30.4 13.3 2.7 -0.3 12.1 3.9 -6.9 0.0 5.7 -1.9 -5.2 -0.2 6.2 5.1 0.5 New unemployed first-job seekers 17.0 16.8 14.4 2.8 8.7 3.2 2.0 2.7 6.5 2.4 1.9 3.0 0.9 1.3 1.0 Redundancies 90.5 83.5 82.2 18.5 28.6 24.4 16.8 18.7 22.3 22.6 17.9 20.9 13.2 11.8 6.0 Registered unemployed who found employment 48.6 57.0 61.0 15.5 14.5 17.5 17.2 13.4 12.9 17.3 14.0 13.5 4.7 5.8 4.9 Other outflows from unemployment (net) 28.5 29.9 32.8 6.0 10.7 6.2 8.5 8.0 10.2 9.6 11.1 10.7 3.3 2.2 1.6 REGISTERED VACANCIES3 161.3 174.6 194.5 45.9 46.5 45.5 52.9 52.3 43.8 44.9 41.2 46.8 14.3 15.2 14.3 For a fixed term, in % 78.1 80.7 81.7 82.2 80.0 81.5 81.0 82.8 81.4 82.9 83.4 84.0 78.1 80.9 81.7 WORK PERMITS FOR FOREIGNERS 54.9 41.6 35.6 40.7 39.4 38.0 35.5 34.7 34.3 34.2 34.4 33.9 38.5 38.3 38.1 As % of labour force 5.8 4.4 3.8 4.4 4.2 4.1 3.8 3.7 3.7 3.7 3.7 3.7 4.1 4.1 4.1 NEW JOBS 111.4 104.1 118.3 27.9 27.5 27.3 27.3 26.3 37.4 30.8 27.3 26.9 7.8 10.0 7.6 Sources of data: SORS, PDII, ESS. Notes: 'In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figures for farmers from the Labour Force Survey. Data for previous years dating back to January 2000 have also been calculated according to the new methodology. ^Estimated by IMAD, based on data by PDII and ESS; ^According to ESS. 2011 2012 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 937.1 938.4 937.7 936.3 931.7 930.0 931.5 935.3 934.5 930.1 927.5 927.1 925.4 926.0 923.7 921.3 917.4 914.5 913.8 918.0 916.5 823.1 826.9 829.0 829.2 824.2 823.0 824.5 824.4 823.4 817.3 811.6 812.0 814.5 816.9 816.9 815.7 810.5 808.4 808.3 807.1 805.0 38.1 40.1 40.1 40.1 38.9 38.8 38.8 38.1 38.1 37.9 35.2 35.1 35.3 37.7 37.8 37.9 37.2 37.4 37.6 37.5 37.4 273.1 273.5 274.7 274.4 272.6 272.8 272.7 273.5 272.1 267.4 265.4 264.7 266.1 266.6 266.6 265.7 264.0 263.2 262.2 261.1 259.5 184.3 184.3 185.1 184.6 183.8 184.0 185.2 186.8 186.6 185.1 184.6 184.6 184.6 184.4 184.2 183.8 182.9 182.5 182.1 181.8 181.2 68.9 69.1 69.4 69.4 68.4 68.4 67.0 66.2 65.0 62.1 60.7 59.9 61.0 61.7 61.8 61.4 60.5 60.2 59.6 59.0 58.1 511.9 513.3 514.3 514.7 512.7 511.4 513.1 512.8 513.2 512.0 510.9 512.2 513.1 512.6 512.5 512.1 509.3 507.9 508.5 508.5 508.1 51.2 51.5 51.6 51.6 51.4 51.5 51.2 51.3 51.4 51.2 50.8 50.9 50.9 51.1 51.2 51.2 50.8 50.8 50.7 50.2 50.2 118.3 118.6 118.9 119.0 118.2 118.1 119.3 119.8 120.2 120.3 119.9 120.8 121.5 121.6 121.7 121.4 120.3 119.8 120.8 121.1 121.3 729.0 730.5 732.5 732.6 729.0 728.1 729.7 730.1 729.0 723.0 719.6 720.3 722.7 723.0 723.1 722.1 717.7 715.6 715.2 713.7 711.6 672.1 672.9 674.3 674.4 671.1 670.5 672.2 672.7 671.9 667.6 665.2 666.1 667.9 667.7 667.7 666.7 662.8 660.9 660.5 659.2 657.7 56.9 57.6 58.2 58.2 57.9 57.5 57.4 57.4 57.0 55.5 54.5 54.2 54.8 55.3 55.4 55.3 55.0 54.7 54.7 54.5 53.9 94.1 96.4 96.5 96.6 95.1 95.0 94.8 94.3 94.5 94.3 91.9 91.8 91.8 93.9 93.8 93.6 92.8 92.8 93.1 93.4 93.4 113.9 111.6 108.6 107.1 107.6 107.0 107.0 110.9 111.1 112.8 116.0 115.0 110.9 106.8 106.8 105.6 106.9 106.1 105.4 110.9 111.5 52.4 51.8 50.7 50.2 50.9 51.0 51.3 53.5 53.4 53.2 54.2 53.4 52.0 51.7 50.9 50.5 51.2 50.9 50.5 53.3 53.3 14.1 13.4 12.5 11.9 11.5 11.1 11.2 13.6 13.5 13.2 13.2 12.9 12.0 11.4 10.7 10.3 10.2 10.1 10.1 14.2 14.0 39.9 39.4 39.1 38.8 38.9 38.8 38.4 38.2 37.9 38.4 39.6 39.4 38.6 38.5 38.1 37.7 37.9 37.4 37.1 37.0 37.1 41.2 40.1 39.1 38.4 38.1 37.9 38.3 38.7 39.0 40.1 41.4 41.6 40.0 40.0 39.0 38.4 38.2 37.7 37.5 38.3 38.7 48.7 48.8 48.6 48.5 48.8 49.6 50.4 51.8 52.9 56.7 58.0 57.3 56.3 55.4 55.0 54.7 54.6 54.6 54.3 54.3 53.6 39.8 37.5 36.4 35.3 35.2 35.1 34.4 33.9 33.7 35.5 38.5 38.3 36.7 34.2 33.4 31.9 32.1 31.4 31.2 31.5 31.9 12.2 11.9 11.6 11.4 11.5 11.5 11.5 11.9 11.9 12.1 12.5 12.4 12.0 11.8 11.6 11.5 11.7 11.6 11.5 12.1 12.2 11.9 11.5 11.2 11.0 11.0 10.9 10.8 11.1 11.2 11.6 12.1 12.1 11.6 11.3 11.0 10.9 11.0 11.0 10.9 11.4 11.6 12.5 12.3 12.1 12.0 12.2 12.3 12.3 12.7 12.7 12.7 13.0 12.8 12.5 12.4 12.2 12.2 12.4 12.4 12.3 12.9 12.9 -1.7 -2.4 -2.9 -1.6 0.5 -0.6 0.1 3.9 0.2 1.7 3.2 -0.9 -4.2 -1.8 -2.3 -1.2 1.3 -0.8 -0.6 5.4 0.6 0.9 0.7 0.7 0.7 0.6 0.7 1.4 4.4 1.3 0.8 0.8 0.7 0.8 0.7 0.6 0.6 0.8 0.8 1.4 6.3 1.8 6.6 5.4 5.6 5.7 6.4 5.7 6.6 6.9 7.1 8.2 10.6 6.1 5.9 6.5 5.8 5.6 8.0 5.6 7.3 8.4 8.2 6.8 6.0 6.3 4.9 4.0 4.1 5.4 4.4 4.5 4.0 5.0 5.2 7.1 5.5 4.7 3.9 4.0 4.0 5.5 4.9 5.1 2.4 2.5 3.0 3.0 2.6 2.9 2.5 3.1 3.8 3.3 3.3 2.6 3.7 3.5 4.1 3.5 3.5 3.3 3.8 4.3 4.3 16.0 15.7 17.8 19.3 15.5 17.2 19.5 15.8 14.3 13.6 15.6 13.1 16.2 14.0 14.2 13.0 15.4 16.4 15.1 15.9 11.3 81.8 81.5 82.1 79.3 80.9 83.5 83.9 84.0 81.6 78.5 80.3 82.7 85.7 83.3 83.9 83.0 83.7 84.6 83.8 83.0 81.0 37.7 37.4 34.6 34.5 34.5 34.7 34.9 34.5 34.3 34.2 34.2 34.2 34.2 34.7 34.4 34.1 33.8 33.9 33.9 33.6 33.3 4.0 4.0 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.6 9.6 9.4 9.2 8.7 7.6 6.5 12.3 11.9 12.6 12.8 11.8 8.4 10.6 10.0 9.0 8.4 8.2 7.0 11.6 10.5 8.3 WAGES AND INDICATORS OF OVERALL COMPETITIVENESS 2009 2010 2011 2010 2011 2012 2011 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 2 3 GROSS WAGE PER EMPLOYEE, y-o-y growth rates, % Activity - Total 3.4 3.9 2.0 4.2 3.3 3.1 2.0 1.7 1.1 1.6 0.3 -0.7 3.3 4.3 1.7 A Agriculture, forestry and fishing -0.2 5.8 3.1 7.4 6.9 7.1 4.2 1.1 0.4 0.1 -1.0 -1.5 7.7 8.0 5.7 B Mining and quarrying 0.9 4.0 3.8 1.9 6.0 3.6 0.3 5.8 5.9 8.4 10.6 2.2 3.4 0.4 6.8 C Manufacturing 0.8 9.0 3.9 8.7 6.8 5.4 3.6 3.5 3.1 3.4 2.5 2.0 5.6 10.1 1.0 D Electricity, gas, steam and air conditioning supply 3.8 3.7 2.3 3.6 4.4 1.6 5.2 3.5 -0.5 5.6 3.9 4.9 -0.2 1.2 3.7 E Water supply sewerage, waste management and remediation activities 2.0 2.2 -0.1 2.0 1.3 -0.1 1.5 1.1 -2.7 2.1 -0.5 0.4 -0.2 0.1 -0.2 F Constrution 1.0 4.4 2.0 4.1 5.2 5.5 1.5 0.3 0.5 -0.3 -2.8 -2.8 6.1 6.4 4.2 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1.9 3.7 2.8 4.3 3.9 3.2 2.6 2.3 3.0 2.1 1.6 0.0 3.8 4.3 1.5 H Transportation and storage 0.7 2.0 2.7 2.5 3.1 2.3 3.0 3.9 1.6 2.2 0.6 -1.7 2.7 3.4 0.8 I Accommodation and food service activities 1.6 4.0 2.1 4.5 4.5 4.7 2.4 2.0 -0.6 -0.4 -0.7 -1.0 5.1 5.6 3.5 J Information and communication 1.4 2.6 0.9 3.4 3.5 1.0 1.2 1.8 -0.2 0.3 1.3 -1.2 2.1 1.4 -0.6 K Financial and insurance activities -0.7 1.0 0.6 2.6 -2.6 2.3 2.4 0.8 -2.4 4.5 -1.7 2.2 5.2 1.6 0.3 L Real estate activities 1.9 3.0 2.9 2.9 1.0 4.1 2.9 3.4 1.6 1.1 -1.3 -0.6 3.0 2.9 6.5 M Professional, scientific and technical activities 2.1 1.6 -0.4 2.3 0.7 0.4 0.2 -0.6 -1.6 -0.5 -0.8 -1.7 1.0 0.2 0.0 N Administrative and support service activities 1.8 4.1 3.5 4.6 4.8 4.3 3.2 3.9 2.7 3.0 0.3 -0.9 5.3 4.5 3.0 O Public administration and defence, compulsory social security 5.9 -0.6 0.3 0.4 0.3 1.2 0.6 -0.1 -0.4 -0.2 -1.5 -3.2 0.5 1.0 2.2 P Education 3.6 0.6 0.2 1.0 0.6 0.7 -0.1 -0.3 0.4 -0.3 -2.2 -5.0 0.6 0.8 0.8 Q Human health and social work activities 12.0 -0.3 -0.7 0.3 -0.3 -0.9 -0.8 -0.5 -0.5 -0.5 -1.0 -1.7 -1.4 -0.7 -0.5 R Arts, entertainment and recreation 3.9 0.5 -0.7 1.2 -1.2 -0.2 -1.2 -1.0 -0.3 -0.6 -1.5 -4.4 -0.6 -0.3 0.3 S Other service activities 1.3 4.2 0.9 5.5 3.3 2.7 1.5 0.6 -1.1 0.5 -0.6 -1.0 2.5 3.8 1.7 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate,2 nominal 1.1 -2.1 -0.1 -2.5 -2.4 -1.3 0.6 0.4 0.1 -0.5 -1.3 -1.6 -2.2 -1.3 -0.4 Real (deflator HICP) 1.3 -1.8 -1.0 -2.0 -2.7 -1.8 -0.5 -1.2 -0.5 -0.9 -1.3 -0.9 -2.4 -2.0 -1.0 Real (deflator ULC) 6.1 -1.6 -2.3 -2.0 -2.9 -2.9 -1.5 -2.3 -2.4 -2.8 -3.8 -3.5 USD/EUR 1.3933 1.3268 1.3917 1.2910 1.3593 1.3669 1.4393 1.4126 1.3480 1.3110 1.3196 1.2669 1.3360 1.3649 1.3999 Sources of data: SORS, AP, BS, ECB, OECD Main Economic Indicators; calculations by IMAD. Notes: 1 Change in the source for effective exchange rate series as of April 2012; the new source ECB, before that own calculations (IMAD). ^Harmonised effective exchange rate - 20 group of trading partners and 17 Euro area countries; a rise in the value indicates appreciation of national currency and vice versa. 2011 2012 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 1.4 2.8 2.0 1.3 2.5 1.4 1.5 1.1 0.8 2.2 2.0 0.7 1.0 1.3 -1.3 -0.1 -0.7 -1.2 0.4 -2.4 2.5 6.8 3.4 -1.5 3.8 1.1 0.2 4.1 -3.5 2.1 0.3 -2.1 -0.1 -0.5 -2.5 1.3 -1.9 -3.9 2.5 -5.9 9.0 -5.8 -1.4 6.4 4.3 6.6 9.7 2.2 6.8 10.0 11.9 3.8 4.0 14.9 13.2 1.4 5.4 -0.2 1.5 1.7 1.9 5.2 3.8 1.8 5.2 3.4 2.8 4.6 1.8 4.5 3.8 1.9 2.7 3.9 1.0 4.3 1.3 0.3 5.2 0.5 1.6 7.2 6.8 3.6 4.7 2.2 3.7 -8.1 5.6 5.5 8.0 3.6 5.2 6.5 0.3 4.0 2.6 8.3 7.8 -6.6 -1.1 3.4 2.3 -1.2 3.3 1.1 2.2 -7.5 -1.3 3.1 2.8 0.5 0.4 0.7 -2.5 4.0 -0.1 -2.6 2.2 -7.0 -0.5 1.6 3.4 -0.9 0.9 0.8 -0.5 2.3 -0.5 1.1 1.4 -3.1 -1.3 -0.4 -6.6 -1.4 -1.9 -5.1 0.2 -6.8 2.2 2.4 3.3 2.0 3.2 1.7 2.4 4.3 2.4 3.3 2.2 1.0 2.9 1.8 0.0 0.7 0.5 -1.0 0.5 -0.8 1.5 2.0 5.4 9.6 4.0 -1.5 3.5 0.8 0.8 3.7 0.8 2.0 1.5 2.1 -1.9 -6.3 -1.3 2.7 -1.1 -3.9 2.8 1.7 2.6 1.3 3.3 1.6 0.6 -1.9 -0.3 0.2 0.4 -1.7 -1.4 0.5 -1.2 -0.1 -1.1 -1.9 -0.9 -0.9 1.2 1.7 0.5 -0.3 2.5 3.1 1.2 -0.4 -1.3 0.1 0.2 0.5 2.3 1.7 -0.1 0.8 -1.2 -3.1 0.1 -7.1 2.6 9.0 -4.0 -1.7 3.2 0.9 -0.6 -6.2 0.5 1.5 8.4 3.8 -0.4 -4.4 -0.2 1.8 1.8 3.0 3.5 -4.0 2.2 4.4 2.3 2.0 4.7 3.4 1.7 1.0 2.0 2.3 2.5 -1.5 -0.1 -1.3 -2.4 0.1 -1.0 -1.1 0.1 -2.3 0.0 0.9 -0.3 -1.2 0.2 -0.9 0.5 -2.9 -2.3 0.0 -0.5 -1.1 -0.7 1.0 -2.7 -0.8 -1.9 -2.4 -0.9 -1.9 2.9 2.8 3.8 3.5 3.1 5.2 2.4 3.2 2.5 2.1 5.1 2.0 -0.2 1.7 -0.6 -0.1 0.0 -2.5 1.4 -1.1 0.6 0.7 0.6 0.2 0.1 -0.6 -1.3 0.2 -0.1 0.6 -0.4 -0.7 -0.7 -0.3 -3.5 -3.4 -3.3 -2.9 -2.9 -2.6 0.3 -0.2 -0.3 -0.4 -0.5 0.1 1.0 -0.4 0.5 0.1 -0.6 -0.5 -1.5 -0.4 -4.6 -4.8 -5.0 -5.2 -5.8 -5.8 -0.9 -0.8 -0.6 -0.1 -1.0 -0.5 -0.5 -0.4 -0.5 -0.5 -0.4 -0.6 -0.3 -1.0 -1.6 -2.2 -2.0 -1.0 -2.8 -3.0 -1.6 -2.1 0.1 -0.2 -1.2 -1.4 1.6 -1.6 -0.8 -1.3 -1.9 1.3 -0.9 0.0 -3.5 -4.1 -3.6 -5.4 -6.3 -3.9 0.0 2.4 2.0 -1.0 1.6 1.1 0.0 -1.6 -1.8 2.0 -0.4 0.0 -0.6 0.1 -1.2 -0.1 -2.2 -0.7 -1.2 -4.0 0.2 0.6 1.0 0.2 0.5 0.4 -0.1 0.2 0.1 -0.1 -0.4 -0.9 -1.2 -1.2 -1.5 -1.8 -2.1 -1.5 -1.6 -1.7 -1.0 -0.1 -0.5 -1.6 -1.3 -0.6 -0.5 -0.3 -0.7 -0.8 -0.6 -1.3 -1.1 -1.5 -1.5 -1.5 -1.5 -0.4 -1.0 -1.3 1.4442 1.4349 1.4388 1.4264 1.4343 1.3770 1.3706 1.3556 1.3179 1.2905 1.3224 1.3201 1.3162 1.2789 1.2526 1.2288 1.2400 1.2856 1.2974 1.2828 PRICES 2010 2011 2012 2010 2011 2012 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10 11 12 1 2 CPI, y-o-y growth rates, % 1.8 1.8 2.6 1.7 1.7 1.7 1.3 2.5 2.5 2.5 2.9 2.6 1.9 1.4 1.9 1.8 1.4 Food, non-alcoholic beverages 1.0 4.4 4.1 2.0 3.9 5.0 3.7 5.1 3.9 4.2 3.9 4.4 1.9 1.9 2.2 3.7 4.1 Alcoholic beverages, tobacco 7.2 5.7 6.5 8.1 8.1 6.3 3.7 4.9 4.2 5.1 7.2 9.5 8.2 8.0 8.1 7.8 8.3 Clothing and footwear -1.9 -1.5 -0.2 -0.4 -0.7 -2.4 -4.2 0.9 -2.2 1.6 0.7 -0.8 -1.1 0.0 -0.1 0.1 -0.1 Housing, water, electricity, gas 10.2 5.6 3.8 9.0 6.8 5.4 4.8 5.4 4.9 4.2 4.4 1.8 11.7 7.1 8.3 7.4 6.6 Furnishings, household equipment 1.4 2.7 0.1 2.1 2.7 3.9 2.4 1.7 1.2 0.0 -0.1 -0.9 2.0 1.8 2.6 2.4 2.5 Medical, pharmaceutical products 2.1 1.6 0.4 4.6 2.9 2.6 0.8 0.3 -0.2 1.4 0.2 0.3 5.1 4.4 4.3 3.2 3.0 Transport -0.3 1.0 3.3 -0.5 0.8 0.5 1.1 1.7 2.6 3.2 3.9 3.5 -0.6 -1.2 0.3 0.7 1.0 Communications 1.4 1.2 -2.4 2.8 2.7 1.6 2.3 -1.8 -1.2 -2.9 -3.6 -2.0 2.5 2.8 3.2 1.4 3.3 Recreation and culture 0.4 -1.5 1.4 0.1 -2.6 -1.0 -1.7 -0.8 2.6 1.2 1.2 0.4 0.1 -0.1 0.4 -0.9 -6.5 Education 1.6 1.7 2.9 0.8 1.7 1.6 1.9 1.4 1.1 1.3 4.3 4.8 0.4 1.3 0.7 1.7 1.8 Catering services -2.5 -6.8 4.5 -11.0 -11.0 -10.9 -6.2 2.0 2.3 2.5 3.7 9.4 -10.9 -11.0 -11.1 -11.1 -11.1 Miscellaneous goods & services 1.4 2.2 2.4 0.7 1.4 2.3 2.4 2.6 2.5 1.2 3.3 2.8 0.9 0.6 0.6 0.8 1.2 HCPI 2.1 2.1 2.8 2.0 2.2 2.0 1.5 2.6 2.5 2.5 3.2 3.0 2.1 1.6 2.2 2.3 2.0 Core inflation (excluding fresh food and energy) 0.3 1.3 2.0 0.4 0.5 1.1 1.2 2.3 2.2 1.8 2.0 1.9 0.5 0.2 0.6 0.4 0.2 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 2.1 4.5 0.9 3.8 5.7 4.8 4.1 3.6 1.3 0.8 0.7 0.6 3.5 3.8 4.2 5.2 5.9 Domestic market 2.0 3.8 1.0 3.2 4.5 4.1 3.7 2.9 1.1 0.9 0.9 1.2 3.1 3.2 3.5 4.0 4.8 Non-domestic market 2.2 5.3 0.7 4.4 6.9 5.5 4.6 4.4 1.6 0.7 0.4 0.1 3.9 4.5 4.9 6.4 7.1 euro area 2.2 6.1 0.1 4.8 8.2 6.5 5.1 4.6 0.8 0.2 0.1 -0.5 4.1 4.8 5.6 7.5 8.6 non-euro area 2.1 3.6 2.0 3.5 4.0 3.1 3.5 3.8 3.4 2.0 1.3 1.5 3.2 3.6 3.6 4.0 3.6 Import price indices 7.4 5.4 1.9 8.9 8.9 5.5 4.5 2.9 1.9 1.2 1.3 3.2 7.6 8.9 10.3 10.4 8.5 PRICE CONTROL,1 y-o-y growth rates, % Energy prices 16.5 10.9 12.7 15.3 15.1 9.9 8.3 10.8 12.1 12.5 14.5 11.6 18.2 12.2 15.7 15.5 15.6 Oil products 17.3 11.9 13.0 14.6 15.7 10.5 9.9 11.7 12.3 12.7 14.4 12.6 16.6 11.6 15.6 15.8 16.3 Transport & communications 1.8 1.1 1.6 1.1 1.1 1.1 1.1 1.1 0.7 0.0 0.0 5.7 1.1 1.1 1.1 1.1 1.1 Other controlled prices 1.3 0.0 -0.6 0.1 0.1 0.1 0.0 -0.2 -0.2 -0.3 0.1 -1.8 0.1 0.1 0.1 0.1 0.1 Direct control - total 14.2 2.8 9.2 12.2 7.2 1.5 0.5 2.1 7.3 9.5 11.0 8.9 15.9 9.2 11.8 11.8 5.4 Source of data: SORS, calculations and estimates IMAD. Note: "The structure of groups varies, data published are not directly comparable to those published previously. The electricity market was liberalized on 1 July 2007. Data from July 2007 onwards are not comparable. Since July 2009, formation of prices for utility services is no longer under government control. 2011 2012 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1.9 1.7 2.2 1.3 0.9 0.9 2.1 2.7 2.7 2.0 2.3 2.9 2.3 2.6 2.4 2.3 2.4 2.9 3.3 2.7 2.3 2.7 3.9 4.2 6.3 4.6 2.9 3.8 4.4 5.6 4.8 4.9 3.9 3.9 4.0 4.7 4.3 3.7 4.1 3.7 4.0 4.3 4.2 4.7 8.3 6.3 6.4 6.2 5.4 2.8 3.0 4.8 4.9 4.9 4.1 3.9 4.7 5.1 5.2 5.1 7.4 7.1 7.0 9.6 9.5 9.4 -2.1 -2.8 -1.5 -3.0 -4.2 -4.9 -3.4 2.0 2.1 -1.5 -2.2 -3.5 -1.2 0.2 3.0 1.6 0.8 1.8 -0.3 -1.5 -1.7 0.8 6.5 6.3 5.9 3.9 4.4 4.9 5.1 5.5 5.7 5.0 4.7 5.3 4.7 4.0 3.7 4.9 3.9 4.2 5.2 2.7 1.5 1.3 3.3 3.5 4.2 3.9 3.5 1.7 2.1 1.8 2.0 1.4 1.3 1.5 0.8 0.7 0.1 -0.7 -0.3 0.1 -0.2 -0.8 -1.2 -0.7 2.6 2.5 2.6 2.8 1.0 0.8 0.5 0.5 0.2 0.0 -0.3 -0.3 0.1 1.5 1.5 1.3 0.1 0.2 0.3 0.3 0.4 0.2 0.7 0.4 0.7 0.4 0.1 1.1 2.0 1.9 1.9 1.4 2.0 2.5 3.3 4.1 2.8 2.6 2.4 4.5 4.7 3.9 3.3 3.4 3.3 2.3 1.9 0.5 3.4 2.5 0.9 -1.8 -0.3 -3.3 -0.1 -1.2 -2.4 -2.6 -3.2 -2.8 -3.1 -4.4 -3.2 -1.6 -3.3 -1.1 -0.4 -0.5 -1.1 -1.3 -1.8 -2.0 -1.2 -0.3 -0.9 -1.2 0.8 6.8 0.4 0.9 1.2 1.6 1.3 1.2 1.2 0.1 0.9 0.2 1.7 1.7 1.6 1.6 1.6 1.6 2.5 1.8 0.9 1.6 1.0 1.1 1.2 1.3 1.3 1.3 1.3 5.9 5.7 4.8 5.0 4.7 -10.9 -11.2 -10.9 -10.5 -10.2 -9.8 2.7 2.0 2.0 2.2 2.5 2.4 2.1 2.8 2.6 2.1 1.4 0.9 8.9 9.1 9.7 9.3 2.3 2.5 2.4 2.2 2.2 2.3 2.7 2.4 2.5 2.8 2.9 2.7 1.9 1.9 1.1 0.6 2.5 3.7 3.7 3.1 2.9 2.4 2.4 2.0 2.4 1.6 1.1 1.2 2.3 2.9 2.8 2.1 2.3 2.8 2.4 2.9 2.4 2.4 2.6 3.1 3.7 3.2 2.8 3.1 1.0 1.0 1.3 1.1 1.0 0.8 1.9 2.3 2.5 2.1 2.4 2.6 1.6 1.9 1.9 1.7 1.9 2.0 2.0 1.9 1.8 2.0 6.0 5.7 4.2 4.4 4.1 4.2 4.1 3.7 3.6 3.6 2.4 0.8 0.7 0.7 1.0 0.7 0.8 0.4 0.7 0.8 0.7 0.4 4.8 5.0 3.6 3.7 3.7 3.8 3.6 3.1 2.9 2.6 1.9 0.7 0.6 0.7 1.3 0.8 0.9 0.8 0.9 1.2 1.3 1.0 7.2 6.4 4.9 5.1 4.6 4.6 4.6 4.3 4.3 4.5 3.0 0.9 0.8 0.8 0.8 0.5 0.6 0.1 0.6 0.4 0.1 -0.2 8.6 7.9 5.8 5.8 4.8 5.2 5.2 4.4 4.7 4.7 2.8 -0.1 -0.2 0.0 0.4 0.1 0.5 -0.5 0.2 -0.1 -0.6 -0.8 4.2 3.0 2.8 3.6 4.1 3.2 3.2 4.1 3.5 4.0 3.5 3.3 3.4 2.8 1.7 1.4 1.0 1.3 1.6 1.7 1.8 1.1 7.9 6.3 5.4 5.0 4.5 4.8 4.3 4.1 3.0 1.8 0.9 2.1 2.8 2.0 1.2 0.3 0.1 1.1 2.7 2.9 3.7 3.0 14.3 12.0 9.7 7.9 6.3 9.1 9.6 10.8 11.9 9.7 10.3 12.0 13.8 14.7 11.8 10.9 10.1 14.6 18.8 14.7 10.4 9.8 15.2 12.7 10.2 8.7 7.7 10.8 11.3 12.3 12.7 10.3 10.5 12.2 14.2 15.3 11.9 10.8 9.2 14.4 19.4 15.8 11.4 10.5 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.6 8.6 0.1 0.1 0.1 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.2 -0.2 -0.2 -0.3 -0.3 -0.3 -0.3 0.1 0.1 0.1 -3.0 -1.1 -1.1 4.5 3.0 1.5 0.1 -1.0 1.1 1.4 2.2 2.9 1.3 2.0 9.5 10.6 11.1 9.0 8.5 7.9 11.0 14.0 10.1 8.5 8.1 BALANCE OF PAYMENTS 2009 2010 2011 2010 2011 2012 2010 2011 Q^ Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 BALANCE OF PAYMENTS, in EUR m Current account -246 -209 2 -61 -62 55 73 -91 -36 -30 264 274 -40 18 37 -54 Goods1 -498 -997 -1,043 -185 -447 -227 -219 -214 -383 -230 -96 15 -128 -186 -47 -91 Exports 16,410 18,762 21,265 4,732 4,962 5,179 5,486 5,245 5,354 5,330 5,502 5,259 1,742 1,525 1,582 1,655 Imports 16,908 19,759 22,308 4,917 5,409 5,406 5,705 5,458 5,738 5,560 5,598 5,244 1,869 1,711 1,628 1,746 Services 1,165 1,285 1,443 341 314 316 399 358 370 405 451 458 87 96 110 83 Exports 4,347 4,616 4,839 1,343 1,174 1,052 1,186 1,381 1,219 1,114 1,247 1,434 356 425 341 317 Imports 3,182 3,331 3,396 1,002 860 736 787 1,023 849 709 795 976 269 329 231 234 Income -754 -599 -550 -226 -116 -85 -143 -238 -84 -175 -118 -127 -44 -37 -26 -31 Receipts 666 574 918 140 160 204 237 220 257 180 227 210 43 72 57 58 Expenditure 1,420 1,173 1,469 366 276 289 380 459 341 355 345 337 87 109 83 89 Current transfers -159 102 153 8 188 52 36 3 61 -30 27 -72 45 144 -1 -15 Receipts 959 1,203 1,373 273 448 378 320 311 364 338 354 274 125 233 85 131 Expenditure 1,119 1,100 1,220 265 260 326 284 308 302 368 327 347 80 89 86 146 Capital and financial account 175 535 -452 230 -2 48 -244 -84 -172 138 -174 -500 -223 135 -167 54 Capital account 14 53 -102 24 -37 -7 -6 -8 -82 6 26 1 6 -61 -9 1 Financial account 161 482 -350 206 35 55 -239 -77 -89 132 -200 -502 -229 197 -158 52 Direct investment -657 431 638 82 358 -9 240 246 160 202 56 45 230 46 -117 -29 Domestic abroad -187 160 -81 46 54 -15 31 55 -152 4 90 29 53 0 -57 22 Foreign in Slovenia -470 271 719 36 304 6 209 191 313 198 -34 15 177 46 -60 -51 Portfolio investment 4,628 1,956 1,838 -51 392 2,592 -300 -440 -15 -935 213 -1,006 183 139 1,136 -206 Financial derivatives -2 -117 -136 -14 -15 -80 -15 -24 -18 -20 -17 0 -4 -4 -29 -31 Other investment -3,976 -1,806 -2,762 171 -689 -2,457 -177 108 -236 845 -447 480 -622 29 -1,159 301 Assets -267 783 -1,461 536 594 -1,525 -159 -349 572 -1,478 -90 246 -632 1,392 -1,040 352 Commercial credits 416 -174 -47 30 232 -322 -88 44 319 -349 -35 110 -77 410 -218 29 Loans -1 203 -52 21 20 -99 -22 48 22 4 -95 84 -3 56 -50 5 Currency and deposits -603 672 -1,315 391 346 -1,109 -48 -408 250 -1,143 13 6 -547 912 -763 325 Other assets -80 81 -46 94 -4 5 0 -33 -18 10 26 46 -5 14 -9 -7 Liabilities -3,708 -2,589 -1,301 -365 -1,283 -932 -18 457 -808 2,323 -357 234 10 -1,363 -118 -51 Commercial credits -452 362 94 -63 72 199 -18 -85 -3 168 138 -97 62 -124 -42 60 Loans -2,911 -986 -1,235 -8 -385 -388 -298 203 -753 -122 -223 -177 242 -388 -109 -88 Deposits -318 -1,954 -169 -305 -928 -787 334 340 -57 2,287 -288 530 -288 -820 3 -8 Other liabilities -27 -11 9 12 -42 42 -36 0 3 -10 16 -22 -7 -30 31 -15 International reserves2 167 19 72 18 -11 9 12 33 19 39 -6 -21 -16 -13 10 17 Statistical error 71 -326 450 -170 64 -104 171 175 207 -108 -90 226 262 -153 131 0 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 1,788 1,834 1,999 450 516 446 517 506 530 471 541 506 171 178 127 142 Intermediate goods 8,117 10,044 11,906 2,574 2,662 2,904 3,097 3,001 2,904 3,040 3,079 3,001 941 792 904 929 Consumer goods 6,189 6,550 6,909 1,627 1,694 1,737 1,757 1,622 1,792 1,681 1,727 1,605 601 523 522 553 Import of investment goods 2,295 2,323 2,504 579 671 563 616 589 736 557 583 566 229 252 151 174 Intermediate goods 9,839 12,210 14,010 3,059 3,339 3,500 3,588 3,452 3,471 3,628 3,567 3,400 1,138 1,039 1,051 1,130 Consumer goods 5,021 5,522 5,938 1,360 1,493 1,390 1,526 1,501 1,522 1,428 1,400 1,351 542 449 424 455 Sources of data: BS, SORS. Notes: 'Exports and imports (F.O.B.) include also the adjustment for exports and imports of goods by ITRS and duty-free shops reports. 2Reserve assets of the BS. 2011 2012 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 910 11 73 49 -94 117 26 -127 10 70 2 -107 -56 -113 139 69 99 96 77 3 194 134 200 -89 -73 -162 16 20 -137 -97 -51 -108 -224 -118 -52 -60 -5 -43 -48 26 -86 75 9 115 1,942 1,747 1,882 1,857 1,782 1,534 1,929 1,830 1,901 1,622 1,638 1,714 1,978 1,792 1,847 1,863 1,818 1,600 1,840 1,949 1,909 2,031 1,820 2,043 1,842 1,762 1,671 2,025 1,882 2,010 1,846 1,755 1,766 2,038 1,797 1,890 1,911 1,792 1,687 1,765 1,940 1,795 122 145 122 132 81 122 155 151 125 94 147 99 158 142 183 126 116 157 185 188 120 394 400 381 406 459 459 463 416 382 421 375 323 416 393 436 418 485 480 469 466 415 271 255 258 274 378 337 308 265 257 327 228 223 258 251 253 292 368 323 285 278 295 -28 -49 -55 -39 -94 -89 -56 -31 -39 -14 -61 -58 -56 -43 -38 -37 -39 -43 -45 -47 -43 89 68 82 87 74 65 82 80 77 99 60 58 61 72 79 75 71 69 70 63 63 117 117 137 126 167 154 138 111 116 114 121 117 117 115 118 112 110 112 115 109 107 68 27 0 9 19 -23 7 0 24 37 -25 -102 97 -25 -3 56 -26 -25 -21 -16 8 162 115 105 99 117 71 123 94 115 155 69 65 204 92 110 153 108 82 85 87 105 95 88 105 91 98 95 115 93 91 118 94 167 107 117 113 97 134 106 106 103 96 162 18 60 -322 55 -48 -92 -297 -60 185 85 191 -139 -136 -189 150 -63 -210 -228 -297 -110 1 -2 0 -4 -7 -4 3 -2 9 -89 -6 9 3 26 1 0 0 2 -2 -2 5 161 20 60 -318 62 -44 -95 -295 -68 274 91 183 -142 -161 -190 150 -63 -212 -226 -296 -115 136 89 111 39 65 69 113 -82 -50 292 -27 108 121 -89 91 54 39 -13 19 -13 69 20 -9 14 26 -44 41 57 -77 4 -79 -30 7 28 -24 41 73 11 35 -16 -18 45 116 98 98 13 109 27 55 -6 -53 372 3 102 93 -65 50 -19 28 -48 35 5 24 1,662 -361 288 -226 72 -64 -448 225 -179 -61 211 -820 -325 107 162 -56 -619 -168 -219 1,674 45 -20 -5 -5 -5 -4 -4 -16 -2 -8 -8 -11 0 -9 -4 -2 -10 -2 -1 2 2 0 -1,599 283 -335 -125 -59 -59 227 -421 125 61 -13 835 23 -176 -439 167 560 -28 -52 -1,984 -240 -836 78 -87 -150 -498 -17 166 -361 301 632 -613 99 -963 -387 118 179 142 167 -63 -298 -439 -133 -83 31 -36 -39 202 -118 -135 42 412 -87 -86 -177 23 -32 -26 16 159 -65 -29 29 -54 12 -17 -18 -20 27 41 -48 23 46 21 129 -146 -153 -28 86 40 52 -8 17 -48 -671 138 -97 -89 -424 -228 244 -187 234 203 -545 39 -637 -262 161 115 55 -59 10 -134 -416 21 10 -3 -7 -14 -18 -1 9 3 -29 -3 17 -4 4 17 5 31 15 0 -151 -4 -763 205 -248 25 439 -42 61 -60 -177 -572 600 737 986 212 -557 -12 418 -195 11 -1,687 198 181 143 4 -165 -10 -263 188 -24 137 -116 -81 152 97 -17 -75 230 -9 -147 59 6 20 -190 -214 -226 142 240 -41 5 -201 -429 -122 77 -212 13 103 -213 -113 -83 -61 -32 15 -163 -781 274 -26 86 202 237 -99 158 103 -319 550 833 904 115 -278 -126 527 12 -9 -1,726 359 27 2 0 -38 7 25 -33 7 12 -15 54 -36 -28 10 9 -2 -17 1 -6 18 -17 -18 13 1 -2 -12 15 29 -15 44 -10 -68 59 48 0 -2 -4 -41 -3 23 26 11 -235 -67 34 205 -82 175 82 227 58 -78 -29 -78 -1 66 90 -246 -14 207 34 163 -90 177 156 183 178 178 154 173 171 177 181 143 155 173 180 186 175 169 161 176 188 N/A 1,070 996 1,060 1,042 1,005 903 1,093 1,026 1,052 826 950 988 1,102 1,001 1,043 1,034 1,046 929 1,027 1,106 N/A 663 560 599 599 559 439 624 594 629 570 500 527 654 556 567 604 552 463 590 612 N/A 238 185 227 205 204 166 219 203 226 307 174 159 224 186 201 196 215 162 189 210 N/A 1,319 1,153 1,265 1,170 1,119 1,059 1,275 1,203 1,254 1,014 1,167 1,169 1,292 1,174 1,206 1,187 1,172 1,091 1,136 1,236 N/A 511 477 557 491 475 474 552 504 536 482 445 456 526 449 474 478 441 447 463 533 N/A MONETARY INDICATORS AND INTEREST RATES 2009 2010 2011 2010 2011 8 1 9 1 10 1 11 1 12 1 1 2 1 3 1 4 1 5 1 6 2SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BS on central government 160 138 102 142 140 139 139 138 132 101 99 76 76 76 Central government (S. 1311) 3,497 3,419 4,299 3,326 3,422 3,447 3,453 3,419 3,332 3,326 3,409 3,319 3,327 3,282 Other government (S. 1312, 1313, 1314) 376 526 584 421 417 434 497 526 538 536 541 532 530 533 Households (S. 14, 15) 8,413 9,282 9,454 9,062 9,119 9,149 9,225 9,282 9,226 9,233 9,276 9,304 9,383 9,425 Non-financial corporations (S. 11) 21,704 21,646 20,876 21,815 21,862 21,848 21,790 21,646 21,793 21,775 21,772 21,782 21,714 21,725 Non-monetary financial institutions (S. 123, 124, 125) 2,680 2,497 2,229 2,502 2,488 2,496 2,497 2,497 2,454 2,402 2,372 2,350 2,341 2,325 Monetary financial institutions (S. 121, 122) 5,302 5,811 5,445 5,315 5,399 5,079 5,688 5,811 5,674 5,740 6,504 5,179 5,275 5,259 Claims on domestic sectors, TOTAL In domestic currency 34,731 35,994 35,692 35,381 35,616 35,430 35,931 35,994 35,993 36,008 36,712 35,736 35,811 35,836 In foreign currency 1,895 1,843 1,536 1,884 1,828 1,742 1,777 1,843 1,760 1,739 1,691 1,689 1,751 1,724 Securities, total 5,345 5,345 5,659 5,175 5,263 5,282 5,444 5,345 5,265 5,266 5,470 5,043 5,008 4,990 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 27,965 26,767 28,420 27,358 26,819 26,696 27,486 26,767 27,630 27,235 28,129 27,080 27,205 27,384 Overnight 7,200 8,155 8,245 8,041 8,031 7,926 8,119 8,155 8,245 8,179 8,799 8,206 8,237 8,259 With agreed maturity -short-term 10,408 8,193 7,868 8,621 8,096 8,100 8,256 8,193 8,816 8,483 8,724 8,477 8,614 8,615 With agreed maturity -long-term 9,788 10,337 12,248 10,529 10,532 10,587 11,003 10,337 10,496 10,550 10,583 10,375 10,324 10,470 Short-term deposits redeemable at notice 569 82 59 167 160 83 108 82 73 23 23 22 30 40 Deposits in foreign currency, total 434 463 579 491 462 456 471 463 452 453 449 444 459 464 Overnight 238 285 386 307 277 286 291 285 282 287 284 286 295 304 With agreed maturity -short-term 141 121 133 121 125 113 118 121 115 116 113 107 111 107 With agreed maturity -long-term 45 55 59 60 57 55 59 55 53 49 51 50 52 52 Short-term deposits redeemable at notice 10 2 1 3 3 2 3 2 2 1 1 1 1 1 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.28 0.21 0.22 0.19 0.19 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.21 Time deposits with maturity of up to one year 2.51 1.81 2.15 1.82 1.85 1.86 1.88 1.94 2.04 1.98 2.04 2.08 2.15 2.20 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 6.43 5.53 5.46 5.33 5.17 5.50 5.43 5.65 5.85 5.17 5.45 5.51 5.42 5.52 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 6.28 5.76 5.72 5.84 4.98 5.72 6.00 5.44 5.83 5.45 5.40 5.25 5.82 5.97 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operation^ 1.2^ 1.0^ 1.2^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.2^ 1.2^ 1.25 INTERBANK INTEREST RATES EURIBOR 3-month rates 1.23 0.81 1.39 0.90 0.88 1.00 1.04 1.02 1.02 1.09 1.18 1.32 1.42 1.49 6-month rates 1.44 1.08 1.64 1.15 1.14 1.22 1.27 1.25 1.25 1.35 1.48 1.62 1.71 1.75 LIBOR CHF 3-month rates 0.37 0.19 0.12 0.16 0.17 0.17 0.17 0.17 0.17 0.17 0.18 0.18 0.18 0.18 6-month rates 0.50 0.27 0.18 0.23 0.24 0.24 0.24 0.24 0.24 0.24 0.25 0.26 0.25 0.24 Sources of data: BS, BBA - British Bankers' Association. 2011 2012 7 1 8 1 9 1 10 1 11 1 12 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 76 76 77 76 83 102 111 119 182 169 188 204 227 227 207 226 224 221 3,276 3,328 3,355 3,387 3,436 4,299 4,465 4,580 4,801 4,752 4,796 4,811 4,870 4,814 4,874 5,138 5,144 5,057 534 536 535 541 554 584 588 589 588 591 580 584 589 590 585 583 580 610 9,507 9,490 9,468 9,481 9,467 9,454 9,421 9,391 9,412 9,380 9,380 9,362 9,341 9,346 9,338 9,341 9,318 9,267 21,656 21,537 21,369 21,444 21,434 20,876 20,976 20,896 20,933 20,922 20,843 20,693 20,561 20,506 20,398 20,294 20,044 19,520 2,323 2,292 2,298 2,286 2,277 2,229 2,210 2,234 2,323 2,320 2,300 2,291 2,247 2,244 2,210 2,204 2,186 2,131 5,224 5,422 5,375 5,491 5,224 5,445 5,111 4,846 5,644 5,527 5,613 5,918 5,248 5,229 5,210 4,930 5,012 5,239 35,720 35,854 35,763 35,970 35,784 35,692 35,407 35,334 36,103 35,955 35,979 36,202 35,461 35,440 35,316 35,131 34,943 34,638 1,794 1,705 1,628 1,586 1,557 1,536 1,529 1,505 1,492 1,472 1,458 1,439 1,423 1,402 1,372 1,354 1,348 1,309 5,007 5,046 5,008 5,075 5,052 5,659 5,837 5,697 6,105 6,066 6,076 6,018 5,972 5,886 5,928 6,004 5,990 5,872 27,392 27,423 27,337 27,631 27,376 28,420 28,359 27,926 30,197 30,165 30,208 30,322 29,703 29,591 29,354 29,457 30,062 29,581 8,303 8,241 8,236 8,058 8,436 8,245 8,399 8,195 8,177 8,404 8,375 9,151 8,573 8,632 8,523 8,648 8,763 8,616 8,471 8,468 8,369 8,372 7,791 7,868 7,688 7,468 7,553 7,362 7,441 7,111 7,134 7,052 6,964 6,980 7,417 7,117 10,567 10,662 10,683 11,148 11,089 12,248 12,180 12,171 14,395 14,319 14,309 13,982 13,930 13,852 13,751 13,755 13,763 13,780 51 52 49 53 60 59 92 92 72 80 83 78 66 55 116 74 119 68 488 476 486 494 538 579 570 564 577 568 559 583 597 591 579 571 576 552 317 305 320 329 365 386 391 384 384 385 381 397 410 412 397 388 399 372 113 108 109 109 114 133 117 120 132 124 116 125 125 119 124 126 119 123 57 62 57 55 58 59 61 59 60 58 61 60 61 59 57 56 57 56 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0.23 0.23 0.24 0.24 0.26 0.24 0.24 0.24 0.23 0.22 0.22 0.22 0.19 0.19 0.18 0.17 0.17 0.17 2.20 2.18 2.17 2.24 2.27 2.28 2.39 2.35 2.38 2.38 2.37 2.29 2.27 2.23 2.23 2.28 2.28 2.24 5.39 5.49 5.45 5.50 5.43 5.27 5.37 5.40 5.46 5.36 5.45 5.42 5.37 5.41 5.62 5.53 6.00 5.31 6.17 6.48 5.91 4.25 5.20 6.51 3.79 3.00 6.04 5.81 6.27 5.83 3.94 5.06 6.52 6.51 5.48 5.57 1.5^ 1.5^ 1.5^ 1.5^ 1.2^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 1.0^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.7^ 0.75 1.60 1.55 1.54 1.58 1.48 1.43 1.22 1.05 0.86 0.74 0.68 0.66 0.50 0.33 0.25 0.21 0.19 0.19 1.82 1.75 1.74 1.78 1.71 1.67 1.50 1.35 1.16 1.04 0.97 0.93 0.78 0.60 0.48 0.41 0.36 0.32 0.18 0.06 0.01 0.04 0.05 0.05 0.06 0.08 0.10 0.11 0.11 0.09 0.07 0.05 0.05 0.02 0.03 -- 0.24 0.12 0.05 0.08 0.09 0.10 0.11 0.14 0.16 0.18 0.19 0.18 0.18 0.16 0.16 0.11 0.12 -- PUBLIC FINANCE 2009 2010 2011 2010 2011 2012 2011 Q^ Q4 Q1 1 Q2 1 Q3 1 Q4 Q1 1 Q2 1 Q3 3 1 4 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 14,408.0 14,794.0 14,982.3 3,649.9 4,356.8 3,600.7 3,826.7 3,538.4 4,016.5 3,618.4 3,712.0 3,576.7 1,277.0 1,256.2 Current revenues 13,639.5 13,771.5 14,037.9 3,462.4 3,784.8 3,364.6 3,638.6 3,319.1 3,715.6 3,410.8 3,485.7 3,367.2 1,172.5 1,185.3 Tax revenues 12,955.4 12,848.4 13,209.2 3,186.0 3,489.9 3,155.9 3,451.0 3,129.7 3,472.7 3,172.7 3,314.0 3,170.4 1,111.1 1,131.8 Taxes on income and profit 2,805.1 2,490.7 2,723.5 554.5 706.4 635.4 827.7 562.9 697.5 629.5 723.0 511.1 212.1 294.5 Social security contributions 5,161.3 5,234.5 5,267.6 1,293.5 1,362.9 1,300.6 1,316.9 1,303.8 1,346.2 1,342.5 1,332.8 1,306.4 438.4 438.3 Taxes on payroll and workforce 28.5 28.1 29.2 6.5 8.1 6.7 7.6 6.7 8.2 7.2 6.4 5.8 2.3 2.5 Taxes on property 207.0 219.7 215.2 76.7 60.0 24.0 53.8 84.2 53.1 26.6 64.8 79.4 8.3 7.1 Domestic taxes on goods and services 4,660.2 4,780.7 4,856.2 1,231.6 1,325.9 1,165.5 1,217.4 1,148.4 1,324.9 1,164.0 1,164.5 1,244.1 441.6 380.3 Taxes on international trade & transactions 90.5 90.7 100.2 22.5 24.8 23.7 27.6 23.8 25.1 22.3 21.9 17.9 8.2 9.1 Other taxes 2.9 4.0 17.2 0.7 1.8 -0.1 -0.1 -0.2 17.6 -19.4 0.5 5.8 0.2 -0.1 Non-tax revenues 684.1 923.0 828.7 276.5 294.9 208.7 187.6 189.5 242.9 238.1 171.8 196.8 61.4 53.5 Capital revenues 106.5 175.7 65.3 26.1 121.9 7.6 21.6 14.4 21.7 10.5 10.8 11.7 2.8 10.9 Grants 11.1 12.6 10.4 2.5 5.0 2.4 3.0 1.0 4.0 1.3 1.8 1.6 1.1 1.0 Transferred revenues 54.3 109.5 53.8 3.8 102.9 2.3 0.4 50.5 0.6 0.1 0.5 50.0 0.7 0.1 Receipts from the EU budget 596.5 724.7 814.9 155.1 342.2 223.9 163.2 153.3 274.6 195.6 213.1 146.2 99.8 58.9 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,368.2 16,692.7 16,546.3 3,948.1 4,586.9 4,191.6 4,159.0 3,955.7 4,240.0 4,326.5 3,857.4 3,836.4 1,363.8 1,359.4 Current expenditures 6,800.8 6,960.4 6,926.7 1,636.9 1,771.0 1,898.6 1,742.3 1,645.5 1,640.3 1,995.1 1,668.7 1,553.2 622.9 629.0 Wages, salaries and other personnel expenditures 3,911.9 3,912.4 3,882.7 963.6 980.0 967.0 1,010.3 955.0 950.4 960.7 976.1 913.0 324.9 312.2 Expenditures on goods and services 2,510.3 2,512.4 2,443.4 587.7 743.1 585.3 615.7 603.4 638.9 587.3 596.8 548.9 199.2 213.0 Interest payments 336.1 488.2 526.7 76.4 29.2 311.3 108.1 78.0 29.3 431.8 81.5 79.4 88.2 101.3 Reserves 42.5 47.4 73.9 9.2 18.8 35.0 8.2 9.1 21.6 15.3 14.3 11.8 10.5 2.5 Current transfers 7,339.4 7,628.5 7,818.9 1,810.9 1,973.6 1,942.5 2,076.4 1,855.7 1,944.4 1,957.3 1,878.7 1,903.5 640.3 635.9 Subsidies 597.9 581.9 496.3 103.7 194.7 171.2 127.6 69.1 128.2 177.1 107.8 57.3 27.4 40.9 Current transfers to individuals and households 6,024.5 6,277.7 6,533.5 1,514.7 1,562.9 1,606.6 1,745.6 1,583.0 1,598.3 1,609.2 1,588.7 1,636.9 552.2 534.7 Current transfers to non-profit institutions, other current domestic transfers 678.1 728.8 737.2 183.3 206.3 158.8 186.2 189.0 203.2 158.0 169.6 196.7 58.8 54.9 Current transfers abroad 38.9 40.1 52.0 9.1 9.6 5.9 17.0 14.5 14.6 13.0 12.5 12.6 1.9 5.4 Capital expenditures 1,294.1 1,310.6 1,023.5 321.1 584.3 168.8 196.5 266.5 391.6 165.3 179.2 223.4 59.4 54.2 Capital transfers 494.6 396.4 372.1 82.0 176.9 42.4 73.3 97.0 159.4 47.0 44.3 74.3 18.4 20.4 Payments to the EU budget 439.3 396.8 405.1 97.3 81.1 139.3 70.6 91.0 104.4 161.8 86.5 82.0 22.9 19.9 SURPLUS / DEFICIT -1,960.2 -1,898.7 -1,564.1 - - - - - - - - - - - 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 general government are not consolidated. * In the ""corrected outturn" column, certain categories of revenues that remained on unallocated fund accounts were estimated based on previous months' dynamics. Unallocated funds are a consequence of the introduction of a new DURS information system and the modification of the fiscal revenue payment system on 1 October 2011. 2011 2012 5 1 6 1 7 1 8 1 9 1 10* 1 11* 12M 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1,269.2 1,301.3 1,097.3 1,220.5 1,220.6 1,290.5 1,361.2 1,364.8 1,181.7 1,094.3 1,342.3 1,283.1 1,159.5 1,269.3 1,188.4 1,234.9 1,153.4 1,300.3 1,208.5 1,244.8 1,037.4 1,181.0 1,100.8 1,235.8 1,265.0 1,214.8 1,152.0 1,056.4 1,202.5 1,230.7 1,101.3 1,153.8 1,119.9 1,189.8 1,057.5 1,256.2 1,141.3 1,177.8 976.9 1,111.6 1,041.2 1,170.4 1,185.5 1,116.8 1,106.6 952.1 1,114.0 1,174.5 1,049.3 1,090.3 1,059.0 1,107.5 1,003.9 1,188.8 237.9 295.4 106.0 221.0 235.8 223.8 227.5 246.2 214.7 219.2 195.6 248.3 194.8 279.9 91.6 210.5 209.0 215.7 439.6 439.0 436.3 431.5 436.1 416.5 444.0 485.8 443.5 438.0 461.0 441.3 449.0 442.5 432.2 446.0 428.2 430.0 2.5 2.6 2.7 1.9 2.1 2.6 2.4 3.3 2.0 2.0 3.2 2.2 2.2 2.0 2.2 1.7 1.9 2.0 25.7 21.0 25.4 30.8 28.0 4.7 33.9 14.5 8.2 9.7 8.7 10.5 27.4 26.9 26.3 26.4 26.6 20.0 426.2 410.9 397.3 420.1 331.1 456.6 495.4 373.0 443.6 282.4 438.0 460.7 371.2 332.7 496.8 414.2 333.2 512.5 9.4 9.0 9.2 6.4 8.2 7.3 8.6 9.2 6.7 7.3 8.3 8.8 6.6 6.5 5.9 5.6 6.3 7.6 0.0 0.0 -0.1 -0.1 0.0 58.9 -26.3 -15.0 -12.1 -6.6 -0.7 2.7 -1.9 -0.3 4.2 3.0 -1.4 1.0 67.2 66.9 60.5 69.4 59.6 65.5 79.5 98.0 45.4 104.3 88.5 56.2 52.0 63.5 60.8 82.4 53.6 67.5 3.4 7.3 5.1 4.2 5.1 3.6 6.1 12.0 2.2 4.2 4.1 2.4 3.5 4.8 4.7 2.9 4.1 3.6 1.1 0.8 0.3 0.3 0.5 0.5 2.2 1.2 0.2 0.3 0.8 0.6 0.9 0.4 0.4 0.7 0.4 0.3 0.1 0.1 0.2 0.0 50.3 0.2 0.2 0.3 0.1 0.0 0.0 0.1 0.0 0.4 0.0 0.1 49.8 0.5 56.0 48.2 54.3 35.1 63.9 50.3 87.6 136.6 27.2 33.5 134.9 49.4 53.8 109.9 63.4 41.3 41.6 39.7 1,476.9 1,322.8 1,308.6 1,321.4 1,325.8 1,328.8 1,368.3 1,542.9 1,491.0 1,446.9 1,388.7 1,366.7 1,249.3 1,241.5 1,346.7 1,241.4 1,248.2 1,332.9 585.2 528.1 535.5 540.4 569.6 544.4 530.7 565.2 679.4 648.3 667.4 628.1 515.4 525.2 530.0 507.0 516.2 563.8 377.7 320.3 321.5 320.6 312.8 322.2 320.0 308.2 332.1 317.3 311.3 330.7 316.3 329.1 324.2 305.8 283.1 295.0 203.2 199.5 207.4 215.5 180.5 196.4 204.5 238.0 205.6 190.9 190.7 215.1 191.4 190.3 198.1 194.4 156.4 214.7 1.5 5.3 3.9 2.3 71.7 21.9 1.9 5.6 136.4 134.8 160.6 77.3 2.6 1.6 5.1 2.2 72.1 48.5 2.8 2.9 2.6 1.9 4.5 3.9 4.3 13.4 5.4 5.3 4.7 5.0 5.2 4.1 2.5 4.7 4.6 5.5 781.7 658.8 620.8 619.8 615.0 607.7 642.7 694.0 707.5 632.8 617.1 638.5 627.2 613.0 697.0 607.6 598.9 611.4 36.8 49.9 22.7 22.9 23.6 17.0 39.3 71.9 117.0 40.5 19.6 47.2 31.8 28.8 14.7 20.6 22.0 27.4 673.0 537.8 530.5 529.9 522.6 526.4 540.0 531.9 535.4 534.5 539.3 530.2 531.1 527.4 611.7 520.0 505.3 524.3 61.9 69.4 61.5 65.9 61.6 63.0 62.3 77.8 49.0 53.4 55.6 56.3 59.0 54.2 67.3 62.4 67.0 56.7 9.9 1.7 6.2 1.1 7.2 1.2 1.1 12.4 6.1 4.3 2.6 4.6 5.2 2.7 3.3 4.6 4.7 3.0 62.0 80.3 78.5 105.5 82.5 94.6 111.5 185.6 56.7 55.0 53.6 50.9 63.9 64.3 76.7 72.4 74.2 86.5 21.1 31.8 41.4 29.1 26.5 49.3 48.1 61.9 12.3 18.6 16.1 14.3 10.2 19.8 23.5 24.5 26.3 43.3 26.9 23.8 32.3 26.5 32.1 32.8 35.3 36.2 35.1 92.2 34.6 34.9 32.5 19.1 19.5 29.9 32.6 27.9 - - - - - - - - - Acronyms Acronyms in the text AJPES - Agency of the Republic of Slovenia for Public Legal Records and Related Services, BCI - Business Climate Indicator, BoE - Bank of England, BoJ - Bank of Japan, BS - Bank of Slovenia, CPB - Netherlands Bureau for Economic Policy Analysis, DARS - Motorway Company of the Republic of Slovenia, DESTATIS - Statistisches Bundesamt, EC - European Commission, ECB - European Central Bank, EIA - Energy Information Administration, EMU - European Monetary Union, ES - European Council, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, Euribor - Euro Interbank Offered Rate, EUROSTAT - Statistical Office of the European Union, FED - Federal Reserve System, GDP - Gross domestic product, HICP -Harmonized Index of Consumer Prices, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, ISTAT - Instituto nazionale di statistica, Libor - London Interbank Offered Rate, MF - Ministry of Finance, MIP - Ministry of Infrastructure and Spatial Planning, NEER - Nominal Effective Exchange Rate, NFI - Non-monetary Financial Institutions, PMI - Purchasing Managers Index, PRS - Slovenian Business Register, REER - Real Effective Exchange Rate, RS -Republic of Slovenia, RULC - Relative Unit Labor Cost, SCA - Standard Classification of Activities, SMA - Securities Market Agency, SORS - Statistical Office of the Republic of Slovenia, SRE - Statistical Register of Employment, ULC - Unit Labour Cost, ZUJF - The Public Finance Balance Act. Acronyms of Standard Classification of Activities (SCA) A - Agriculture, forestry and fishing, B - Mining and quarrying, C - Manufacturing, 10 - Manufacture of food products, 11 - Manufacture of beverages, 12 - Manufacture of tobacco products, 13 - Manufacture of textiles, 14 - Manufacture of wearing apparel, 15 - Manufacture of leather and related products, 16 - Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 - Manufacture of paper and paper products, 18 - Printing and reproduction of recorded media, 19- Manufacture of coke andrefinedpetroleum products, 20 - Manufacture of chemicals and chemical products, 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 - Manufacture of rubber and plastic products, 23 - Manufacture of other non-metallic mineral products, 24 - Manufacture of basic metals, 25 - Manufacture of fabricated metal products, except machinery and equipment, 26 - Manufacture of computer, electronic and optical products, 27 - Manufacture of electrical equipment, 28 - Manufacture of machinery and equipment n.e.c., 29- Manufactureof motorvehicles,trailersand semi-trailers, 30- Manufactureof othertransportequipment, 31 - Manufacture of furniture, 32 - Other manufacturing, 33 - Repair and installation of machinery and equipment, D-Electricity,gas,steamandairconditioningsupply,E-Watersupplysewerage,wastemanagementandremediationactivities, F - Construction, G - Wholesale and retail trade, repair of motor vehicles and motorcycles, H - Transportation and storage, I - Accommodation and food service activities, J - Information and communication, K - Financial and insurance activities, L -Real estate activities, M - Professional, scientific and technical activities, N - Administrative and support service activities, O - Public administration and defence, compulsory social security, P - Education, Q - Human health and social work activities, R - Arts, entertainment and recreation, S - Other service activities, T - Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U - Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. Slovenian economic mirror January 2013, No. 1, Vol. XIX