sl ov en ia n ec on om ic m ir ro r N o. 3 , V ol . X XV III , 2 02 2 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 3 / Vol. XXVIII / 2022 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Urška Brodar Authors: Urška Brodar; Barbara Bratuž Ferk, MSc; Lejla Fajić; Tina Golob Šušteršič, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Laura Južnik Rotar, PhD; Jože Markič, PhD; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, April 2022 ISSN 1318-3826 (print) ISSN 1581-1026 (pdf ) The publication is available free of charge. © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 11 Labour market ............................................................................................................................................ 19 Prices .............................................................................................................................................................. 21 Financial markets ....................................................................................................................................... 22 Balance of payments ................................................................................................................................ 23 Public finance ............................................................................................................................................. 24 Statistical appendix ...............................................................................................................................27 Contents On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. The Economic Mirror is prepared based on statistical data available by 11th April 2022. In the spotlight 3Slovenian Economic Mirror, No 3/2022 Following the outbreak of war in Ukraine, survey indicators for the euro area point to a further slowdown in economic growth, and international institutions’ forecasts for this year were revised significantly downward. Growth in economic activity slowed at the end of 2021 given the deterioration in the epidemiological situation, ongoing supply chain disruptions and high energy prices, and it remained low in the first quarter of 2022, according to short-term indicators. March values of survey-based indicators for the euro area fell sharply after the start of the Russian military aggression, and in March, the Economic Sentiment Indicator (ESI) recorded the sharpest decline since the outbreak of the epidemic. After last year’s high economic growth of 5.3%, international institutions expect a sharper slowdown in growth in the euro area and among Slovenia’s main trading partners this year than was expected in the autumn and at the beginning of the year, given the tense geopolitical situation and high uncertainty. Before the outbreak of war, growth in the euro area was expected to reach 4% this year and slow to 2.5% in 2023. According to the March Consensus average forecasts, growth will reach 3.2% this year and slow to 2.3% next year. Amid heightened uncertainty, business expectations in Slovenia, which began to weaken at the beginning of the year, point to a further slowdown in the export part of the economy; activity in the rest of the economy was relatively more favourable at the beginning of the year. Slovenia’s export share in the EU market already declined further year-on-year in the last quarter of last year, mainly due to adverse developments in the automotive industry. In the EU Member States, the decline was mainly due to a deterioration in export trends to Slovenia’s largest trading partner, Germany. Trade in goods and manufacturing output were down in current terms in the first two months of the year amid ongoing supply chain disruptions. Following Russia’s military aggression against Ukraine, sentiment in the export-oriented part of the economy deteriorated further in view of significantly lower export expectations. In March, confidence also fell sharply among consumers, while it remained high in trade and services and in construction. Activity in sectors that are more dependent on domestic demand remained favourable at the beginning of the year. With the lifting of the recovered/vaccinated/ tested rule, along with expected further price increases and the fear of a possible shortage of some goods due to the crisis in Ukraine, activity in the first quarter was higher in trade and in most other services, according to data on the fiscal verification of invoices. After a gradual decline in 2021, activity in construction also increased in January, especially in the construction of non-residential buildings. Conditions in the labour market continue to be very favourable and labour shortages have put upward pressure on wage growth in some activities. The number of persons employed increased year-on-year in January, with the largest increases in accommodation and food service activities and construction. Given the shortage of domestic labour, which was most pronounced in construction, the contribution of foreign labour to overall employment growth in January was 50%. Registered unemployment was extremely low. According to original data, 60,534 people were unemployed at the end of March, 6.6% fewer than at the end of February and 26.7% fewer than a year earlier. The number of long-term unemployed also declined further and was 7.9% lower in March than at the start of the epidemic. Average nominal gross wages were down slightly year- on-year in January, as public sector wage growth slowed significantly due to the cessation of epidemic-related allowance payments. Year-on-year growth in the private sector was somewhat more modest than in previous months, partly due to a relatively high base in January last year (given a sharp increase in the minimum wage and the impact of the methodology used to calculate average wages). Growth was still high in construction, accommodation and food service activities, and transportation and storage, which may already be affected by labour shortage. In the spotlight In the spotlight4 Slovenian Economic Mirror, No 3/2022 Year-on-year growth in consumer prices slowed to 5.4% in March, reflecting a temporary fall in electricity prices. The contribution of energy to headline inflation has thus declined, but the high commodity prices are increasingly contributing to the rise in prices of other goods. Food prices rose by almost 7% year-on-year in March, the highest increase since 2008. The war in Ukraine has also increased the risk of further food price increases, as prices of fertilizers and some primary agricultural commodities have soared on international markets. High prices of energy and other commodities, along with increasing problems in the supply chain, are also affecting Slovenian industrial producer prices, which increased by 16.5% year-on-year in February. The general government deficit and debt declined slightly last year in the face of strong economic growth, and the general government indicators continued to improve at the beginning of the year. Last year, the deficit was 5.2% of GDP (2.6 p.p. of GDP lower than in 2020) and public debt was 74.7% of GDP (5.1 p.p. of GDP lower than in 2020). The main reasons for this improvement were the strong economic recovery and cuts in expenditure to mitigate the impact of the epidemic, which we estimate fell from 5.2% of GDP in 2020 to 4.5% of GDP, and the share of debt also fell due to the decline in the country's cash reserves. The surplus of the consolidated balance of public finances totalled EUR 117.5 million in the first two months of 2022 (there was a deficit in the same period last year of EUR 632 million). Revenue growth arose mainly from higher VAT receipts, while receipts from the EU budget also saw a sharp increase, mainly due to the inflow of funds from the Recovery and Resilience Facility and from structural funds, as funding under the 2014–2020 Financial Perspective is coming to an end. Expenditure decreased in the first two months, reflecting lower payments related to measures to mitigate the consequences of the epidemic (funds for wages, transfers to households and subsidies). In the spotlight 5Slovenian Economic Mirror, No 3/2022 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 Re al G D P gr ow th in 2 02 2, in % Source: Consensus Forecasts. EA EU Germany Italy France Austria International institutions expect a sharper slowdown in economic growth in the euro area this year than was expected in the autumn and at the beginning of the year, given the tense geopolitical situation -50 -40 -30 -20 -10 0 10 20 30 40 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in di ca to r v al ue Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers The economic sentiment in Slovenia deteriorated markedly after the Russian military aggression against Ukraine -4 -2 0 2 4 6 8 -4 -2 0 2 4 6 8 Ja n 19 M ar 1 9 M ay 1 9 Ju l 1 9 Se p 19 N ov 1 9 Ja n 20 M ar 2 0 M ay 2 0 Ju l 2 0 Se p 20 N ov 2 0 Ja n 21 M ar 2 1 M ay 2 1 Ju l 2 1 Se p 21 N ov 2 1 Ja n 22 M ar 2 2 Ye ar -o n- ye ar g ro w th , i n % Co nt rib ut io n to y -o -y g ro w th , i n p. p . Source: SURS; calculations by IMAD. Food Fuels and energy Services Other TOTAL Year-on-year growth in consumer prices slowed somewhat in March due to temporary reductions in electricity prices -3542.2 -2914.6 -632.2 117.5 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 I-I I 2 02 1 I-I I 2 02 2 EU R m ill io n General government balance Primary balance Source: MF, Bulletin of Government Finance; calculations by IMAD. The public finance position improved further at the beginning of the year Growth of average dwelling prices accelerated further at the end of last year and real prices of existing dwellings were above the 2008 peak 80 85 90 95 100 105 110 115 120 125 130 135 20 40 60 80 100 120 140 160 180 200 220 240 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 In de x 20 10 =1 00 , 4 -q ua rt er m ov in g av er ag es In de x 20 10 =1 00 , 4 -q ua rt er m ov in g av er ag es Transactions in existing dwellings (left axis) Transactions in newly built dwellings (left axis) Prices of existing dwellings (right axis) Prices of newly built dwellings (right axis) Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Labour market conditions remain favourable; employment is at historically high levels and unemployment continues to decline 0 20 40 60 80 100 120 140 160 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f r eg is te re d un em pl oy ed , in '0 00 , s ea so na lly a dj us te d N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS, ESS; calculations by IMAD. Employed according to SRE (left axis) Registered unemployed (right axis) cu rr en t e co no m ic tr en ds Current Economic Trends 9Slovenian Economic Mirror, No 3/2022 Figure 1: Contributions to GDP growth in 2021 in Slovenia’s main trading partners Economic growth in the euro area and in Slovenia’s main trading partners accelerated significantly in 2021, mainly due to the easing of containment measures, but also to a strong low base effect from 2020. Given the deterioration in the epidemiological situation, ongoing supply chain disruptions and high energy prices and resulting high inflation, growth in the euro area, which had picked up strongly in the second and third quarters of last year, slowed to 0.3% quarter- on-quarter in the last quarter and rose to 4.6% year-on- year (both seasonally adjusted) given the low base of last year. After a significant downturn in 2020 (-6.4%), euro area economy recovered last year (5.3% growth, seasonally adjusted), and reached its pre-crisis level. Given a significant easing of containment measures and adaptation of businesses to the pandemic situation, all GDP components recovered, with private consumption contributing the most to growth. The majority of Slovenia’s main trading partners recorded high and broad-based economic growth, the highest by Croatia and France. Figure 2: Economic sentiment indicator (ESI) Following the outbreak of war in Ukraine, survey indicators for the euro area point to a further slowdown in economic growth, and international institutions’ forecasts for this year were revised significantly downward. The value of the composite Purchasing Managers’ Index (PMI) fell in March and was slightly lower in the first quarter as a whole than in the last quarter of 2021. Due to the extension of delivery times and the sharp rise in input prices, the manufacturing PMI in particular was lower than in February. The ESI value was also down in March, recording the largest monthly decline since the outbreak of the epidemic. Economic sentiment deteriorated, especially among consumers and in trade and industry. Given the tense geopolitical situation, international institutions expect a sharper slowdown in economic growth in the euro area and in Slovenia’s main trading partners this year than was expected in the autumn and at the beginning of the year. Before the outbreak of war, growth in the euro area was expected to reach 4% this year and slow to 2.5% in 2023. According to March Consensus average forecasts, growth will reach 3.2% this year and slow to 2.3% next year. 50 60 70 80 90 100 110 120 -50 -40 -30 -20 -10 0 10 20 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Lo ng -t er m a ve ra ge = 10 0 D iff er en ce in th e sh ar e of p os . a nd n eg . an sw er s, in p .p ., se as on al ly a dj us te d Source: EC. Industry Services Consumers Retail trade Construction ESI (right axis) The international environment -6 -4 -2 0 2 4 6 8 10 12 14 16 EA Croatia France Italy Austria Germany In p .p . Source: Eurostat. Private consumption Government consumption Investments Change in inventories International trade GDP growth (in %) Current Economic Trends10 Slovenian Economic Mirror, No 3/2022 Table 1: Brent crude prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2021 II 22 III 22 III 22/II 22 III 22/III 21 I-III 22/I-III 21 Brent USD, per barrel 70.69 97.13 117.25 20.7 79.3 64.9 Brent EUR, per barrel 59.70 85.65 106.43 24.3 93.6 77.3 USD/EUR 1.184 1.134 1.102 -2.8 -7.4 -6.9 3-month EURIBOR, in % -0.549 -0.532 -0.495 3.7 4.4 1.3 Non-energy commodity prices, index 2010=100 112.13 128.79 139.25 8.1 31.7 25.1 Source: EIA, ECB, World Bank; calculations by IMAD. Note: * in Euribor change in basis points. Figure 3: Commodity prices With the escalation of geopolitical tensions, commodity prices on world markets rose sharply in March. Amid great uncertainty about the continued export of energy from Russia, the average dollar price of Brent Crude rose 20.7% month-on-month (79.3% year- on-year) to USD 117.3 per barrel, its highest level in ten years. The prices for natural gas rose even more. They were 55.7% higher on the European market than in February and as much as 591.9% higher year-on-year. In March, non-energy commodity prices on international markets also rose sharply. According to the World Bank, they rose by 8% compared to the previous month and by 32% year- on-year. Food and fertiliser prices rose the most, up 37% and 128% respectively year-on-year. Energy prices are the biggest contributor to the high year-on-year inflation, which stood at 7.5% in the euro area in March. 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 10 =1 00 Source: World Bank. Energy Non-energy commodities Food Metals Figure 4: Nominal and real effective exchange rates With a weaker euro and higher inflation, price competitiveness in the first quarter remained at the level of the end of last year. In the first few months of 2022, the euro continued to depreciate against most currencies of Slovenia’s main trading partners – especially the Chinese yuan, the US dollar and the Swiss franc. Overall, the nominal effective exchange rate of the euro against a basket of 37 trading partners’ currencies (weighted by their importance in Slovenia’s trade in goods) fell in the first quarter by 0.4% and was below pre-epidemic levels for the first time in two years. The price competitiveness indicator (REER hicp), which takes into account the movements of final prices (measured by the HICP) in addition to the changes in exchange rates, remained at a similar level as in the previous quarter due to slightly higher inflation in Slovenia compared to the average in its trading partners. 94 96 98 100 102 104 106 Q 1 12 Q 3 12 Q 1 13 Q 3 13 Q 1 14 Q 3 14 Q 1 15 Q 3 15 Q 1 16 Q 3 16 Q 1 17 Q 3 17 Q 1 18 Q 3 18 Q 1 19 Q 3 19 Q 1 20 Q 3 20 Q 1 21 Q 3 21 Q 1 22 20 07 = 1 00 Source: ECB, calculations by IMAD. A higher indicator value implies a deterioration in price competitivenes. Nominal effective exchange rate (NEER) Price competitiveness (REER hicp) Current Economic Trends 11Slovenian Economic Mirror, No 3/2022 Figure 5: Short-term indicators of economic activity in Slovenia In view of the significant increase in uncertainty due to the deteriorated international environment, business expectations in Slovenia point to a further slowdown in growth in the export part of the economy. Economic sentiment deteriorated markedly in March. Confidence was lower among consumers and in manufacturing, and export expectations were the lowest since mid-2020. Amid the ongoing supply chain disruptions, activity in the export-oriented part of the economy declined in current terms in the first two months of 2022, but year- on-year growth remained high. Given the low base from last year and higher activity this year related to the COVID-19 measures, expected further price increases and fear of possible shortages of some goods due to the crisis in Ukraine, the beginning of this year saw further year- on-year growth in trade and most other services sectors. After a gradual decline in 2021, activity in construction also increased in January, especially in the construction of non-residential buildings. 40 60 80 100 120 140 160 180 200 Ja n 05 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS, calculations by IMAD. Note: Data on real turnover in services are available from 2010 onwards. Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade Turnover in service activities Figure 6: Electricity consumption Electricity consumption in March was about the same as in the same period of 2021 but 4% lower than in March 2019. The gap with the same period before the epidemic was most likely due to the effect on industrial electricity consumption of supply chain disruptions and material shortages. Among Slovenia’s main trading partners, consumption was higher year-on-year in France (1%), Italy (3%) and Croatia (2%), while it was lower in Austria (-2%) and Germany (-4%). In addition to supply problems, the lower year-on-year consumption in Austria and Germany could also be a result of staff absences because of COVID-19 infections, the number of which in March was the highest since the beginning of the epidemic. Compared to March 2019, consumption was lower in Austria (-8%), Germany (-4%) and Italy (-1%), while it was higher in Croatia (6%). Consumption in France was about the same as in March 2019. -20 -15 -10 -5 0 5 10 15 20 25 30 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 Ye ar -o n- ye ar c ha ng e, in % Austria France Croatia Italy Germany Slovenia Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until December 2021. Economic developments in Slovenia Current Economic Trends12 Slovenian Economic Mirror, No 3/2022 Figure 8: Traffic of electronically tolled vehicles on Slovenian motorways In March, the volume of freight traffic on Slovenian motorways increased by 4% year-on-year. Compared to the same month last year, which had the same number of working days, the increase was significant, but the trend is no longer closely linked to the impact of the epidemic. Compared to the same period of 2019, freight traffic volumes were 5% higher in March (adjusted for working days). The share of foreign vehicle traffic, which changes slightly from month to month, was over 60% in March, close to the usual averages for that month (in the first year of the epidemic, it was much lower in March, at 52%). In March, which is one of the busiest months, traffic was more than a quarter higher than in January.-60 -40 -20 0 20 40 60 80 100 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 Y- on -y c ha ng e, in % Tolled vehicles Domestic Foreign Source: Internal reports obtained from DARS; calculations by IMAD. Figure 7: Electricity consumption by consumption group Industrial electricity consumption and small business electricity consumption were higher year-on-year in February, while the gap with the same period of 2020 was similar as in January. Industrial electricity consumption was 4.4% higher year-on-year in February and small business electricity consumption1 was 11.6% higher due to the low base last year. Household consumption was slightly lower year-on-year in February (-1.1%). Compared to February 2020, small business consumption was 3.4% lower and industrial consumption was 4.1% lower. This could be related to supply problems and a shortage of raw materials, which, according to the survey data, remains one of main factors limiting business activity. Household consumption was also higher in February than in the same period of 2020 (4.8%), but the surplus was lower than in the previous month (7.4%) due to the improved epidemiological situation. -30 -20 -10 0 10 20 30 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 Ye ar -o n- ye ar c ha ng e, in % Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. Industry Households Small business consumption Total distribution network consumption 1 In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. Current Economic Trends 13Slovenian Economic Mirror, No 3/2022 Figure 9: Turnover based on fiscal verification of invoices, in nominal terms According to data on the fiscal verification of invoices, turnover in March was 15% higher year-on-year in nominal terms and 24% higher than in the same period of 2019, which had two fewer working days. Compared to the same period of 2020, when activity of certain sectors was restricted due to the epidemic, turnover was more than 50% higher. Year-on-year growth in March, which was similar to that in February, was influenced by several factors. The lifting of the recovered/ vaccinated/tested rule on 21 February this year was reflected in increased turnover in some sectors in March, particularly in the sale of non-food products and gambling and betting. Higher turnover due to expected further price increases and the fear from a possible shortage of goods in the wake of the crisis in Ukraine, together with higher prices, led to a higher nominal level of turnover in the sale of automotive fuels and food. Year-on-year growth was still high for activities that were almost completely shut down in March 2021 – especially tourism-related services. -40 -30 -20 -10 0 10 20 30 40 50 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 Y- on -y c ha ng e in n om in al tu rn ov er , i n % Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Figure 10: Trade in goods – real Trade in goods declined slightly in the first two months of 2022.2 The decline in real exports, especially to EU Member States (seasonally adjusted), was largely influenced by ongoing supply chain disruptions and heightened uncertainty among our major trading partners, due in particular to rising inflation. Imports, especially from EU Member States, were higher than in previous months, which we believe could also be related to the search for alternative sources of supply for products within the EU and thus the shortening of supply chains. Year-on-year growth in trade with EU Member States remained high in the first two months, significantly exceeding the level of the same period in 2020. Due to the war in Ukraine, export expectations fell in March to their lowest level since mid-2020, while export orders remained relatively high. 80 90 100 110 120 130 140 150 160 170 180 190 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Exports to the EU Imports from the EU 2 It should be noted that the consequences of the outbreak of war in Ukraine are not yet clearly reflected in the foreign trade data for February. As in previous months, the fluctuations in trade with non-EU countries were mainly due to the re-export of pharmaceutical products to Switzerland. Current Economic Trends14 Slovenian Economic Mirror, No 3/2022 Figure 11: Slovenia’s export market share in the EU market Slovenia’s export market share in the EU market fell again year-on-year in the last quarter of 2021. According to initial estimates, it was down by 3% and by 1% in 2021 as a whole. Although the value of Slovenia’s exports to the EU market recorded a strong year-on-year increase, it was lower than the growth of EU imports in the second half of 2021.3 Slovenia’s market share in the EU market thus decreased last year for the first time since 2012. The unfavourable trends in the automotive industry contributed most to this decline. At the same time, previously growing market shares of the two groups that follow road vehicles in terms of their share in exports, pharmaceutical products and electrical machinery and equipment, began to decline in 2021. Non-ferrous metals and iron and steel made the largest positive contribution among manufacturing goods in the last quarter of 2021 and in 2021 as a whole – the growth in the value of Slovenia’s exports to the EU exceeded the high growth in the value of imports from EU Member States. Among EU Member States, the main reason for the decline in market share in the last quarter was the deterioration in export trends in Slovenia’s largest trading partner, Germany, while the main reason for 2021 overall was modest exports to France, largely related to subdued exports of road vehicles. -30 -20 -10 0 10 20 30 40 Q 1 12 Q 3 12 Q 1 13 Q 3 13 Q 1 14 Q 3 14 Q 1 15 Q 3 15 Q 1 16 Q 3 16 Q 1 17 Q 3 17 Q 1 18 Q 3 18 Q 1 19 Q 3 19 Q 1 20 Q 3 20 Q 1 21 Q 3 21 Ye ar -o n- ye ar c ha ng e, in % Market share Slovenian exports to the EU Imports from the EU Source: Eurostat, SURS, calculations by IMAD. Note: The change in Slovenia's market share is the difference between the change in Slovenia's exports to the EU market and EU Member States' imports from the world. 3 In addition to the low base, the value of international trade flows is pushed up by rising prices. Figure 12: Trade in services – nominal After a pronounced downturn in December, trade in services picked up in January and again exceeded pre-epidemic levels. The recovery in transportation services contributed most to the increase (seasonally adjusted), and trade in ICT and tourism-related services was also higher. Given the low base last year, year-on- year growth of trade in services was still extremely high in January (37%) and was about 2% above the level of the same period of 2020. Most services have been above pre- epidemic levels for several months, but those that were severely affected by the containment measures (trade in travel and trade in personal, cultural and recreational services) continue to lag behind.250 300 350 400 450 500 550 600 650 700 750 800 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In E U R m , s ea so na lly a dj us te d Source: BoS; calculations by IMAD. Exports of services Imports of services Current Economic Trends 15Slovenian Economic Mirror, No 3/2022 Figure 13: Production volume in manufacturing Manufacturing output fell for the second month in a row in February. Given the ongoing supply chain disruptions, the volume of production compared to January declined in high- and medium-high-technology industries, while it increased slightly in medium-low- and low-technology industries. Year-on-year, manufacturing growth was 2.4%,4 the lowest since October last year, with production volume rising the most in high- technology industries and falling in medium-high- technology industries. The decline was mainly due to the automotive industry, which recorded the sharpest year- on-year decline since September last year (22.1%), while contributions of the manufacture of electrical equipment and the manufacture of machinery and equipment n.e.c. were also negative. 80 100 120 140 160 180 200 220 240 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al i nd ex 2 01 0= 10 0 Source: SURS, calculations IMAD. High-tech ind. Medium-high-tech. ind. Medium-low-tech. ind. Low-tech ind. Manufacturing, tot. 4 Calculation based on original data. Figure 14: Activity in construction The value of construction output increased in January after falling gradually in 2021. After a gradual decline in construction activity in 2021, the value of completed works increased in January and was 5.8% higher year-on- year. The largest increase was seen in the construction of non-residential buildings, which was also the construction sector to have contracted most markedly last year. Activity in this construction sector remains relatively low. Fluctuations in other construction sectors are smaller; activity in civil engineering is still relatively high and was 10% higher in January than a year ago. Cost pressures are increasing. The implicit deflator of the value of completed construction works (used to measure prices in the construction sector) was above 14% in January, the highest level in the last 20 years. According to business trends in construction, high material costs were reported as a limiting factor by two-thirds of companies in March, while material shortage was reported by 30% of companies. Both indicators increased sharply over the past year and reached their highest levels in the past 20 years. 40 50 60 70 80 90 100 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Re al c on st ru ct io n pr od uc tio n in de x, 2 01 0= 10 0 Source: SURS; calculations by IMAD. Seasonally adjusted data 3-month moving averages, seasonally adjusted Table 2: Selected monthly indicators of economic activity in Slovenia In % 2021 II 22/II 21 II 22/I 22 I-II 22/I-II 21 Merchandise exports, real1 14.3 3.63 0.0 5.5 - to the EU 14.1 5.63 -0.6 9.9 Merchandise imports, real1 16.1 18.63 4.6 19.1 - from the EU 12.0 4.53 6.2 6.2 Industrial production, real 10.2 -8.33 -1.2 3.9 - manufacturing 11.8 -2.33 2.0 4.2 In % 2021 I 22/XII 21 I 22/I 21 Services exports, nominal2 19.2 2.93 34.64 Services imports, nominal2 19.0 7.23 41.04 Construction - value of construction put in place, real -0.5 14.93 5.9 Distributive trades - real turnover 11.6 -1.23 19.24 Market services (without trade) - real turnover 12.7 -0.73 22.64 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Current Economic Trends16 Slovenian Economic Mirror, No 3/2022 Figure 15: Turnover in trade Turnover in trade fell in January from the previous month but was more than a fifth higher year-on- year, partly due to the low base. The monthly decline was mainly the result of a sharp fall in retail trade, the dynamics of which have been determined by strong fluctuations in real turnover in the sale of automotive fuels in recent months. After high growth in December, it fell sharply in January but picked up again in February, according to preliminary data. Turnover in the sale of motor vehicles further decreased slightly in January. Due to delays in vehicle deliveries, this was the only main segment to fall short of pre-epidemic turnover. However, after a significant decline in the previous month, growth of turnover in wholesale trade gained momentum. 80 100 120 140 160 180 200 220 240 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade . Figure 16: Turnover in market services Compared to the previous month, real turnover increased again in most market services in January. Given the renewed strong growth in architectural and engineering services, the highest increase in turnover in current terms was observed in professional and technical activities. It increased again in accommodation and food service activities and was higher in information and communication activities due to higher turnover in computer and telecommunication services. Turnover in transportation and storage has been declining for the last two months, with the largest decline in land transport and support transportation activities. Since November 2021, it has also mostly declined in administrative and support service activities, due to lower income in all segments except employment services. Compared to the previous month, total real turnover fell slightly (by 0.7%), but was 25% higher year-on-year due to the low base last year. In January, turnover was higher year-on-year in all market services, while compared to the same period in 2020, it was still significantly lower in travel agencies (by 60%) and in motion picture activities, rental and leasing activities, and food and beverage service activities (by 23% on average). 0 20 40 60 80 100 120 140 160 180 200 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Source: SURS; calculations by IMAD. Note: * including real estate. Current Economic Trends 17Slovenian Economic Mirror, No 3/2022 Figure 17: Selected indicators of household consumption At the beginning of the year, household consumption was significantly higher year-on-year, partly due to the low base. In January and February, household spending on non-food products, food and beverages remained at a similar level as at the end of 2021. The already low sales of passenger cars to households further decreased, which was also affected by the extended delivery times due to supply chain disruptions. Domestic consumption for accommodation and food service activities5 increased in January and was also much higher year-on-year, as was consumption for some other, mainly tourism-related services, due to the almost complete shutdown in the first quarter of last year. Given the low base last year and higher sales this year related to the lifting of the recovered/vaccinated/tested rule and the expected further price increases, and also fear of possible shortages of goods (especially of automotive fuels and certain food products), we expect year-on-year growth in private household consumption to be high in the first quarter. According to our estimates, the savings rate,6 which fell by 6.4 p.p. to 16.2% last year, could thus approach its pre-epidemic level in the first quarter. 20 40 60 80 100 120 140 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Note: The Q1 2022 figure for the turnover in accommodation and food service is value for January, for others is the average value for January and February. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons 5 This is also influenced by the spending of foreign tourists and day visitors. 6 Among households and non-profit institutions serving households. The savings rate was highest in 2020, at 22.6%; it was 13.7% in 2019. Figure 18: Real estate Given the relatively high number of transactions, dwelling price growth accelerated in the fourth quarter.7 Prices were up 15.7% year-on-year and 11.5% in 2021 as a whole, which is a strong acceleration from the average growth of 4.6% in 2020. Price growth in the fourth quarter and in 2021 as a whole was similar for both existing and newly built dwellings, with the latter accounting for only 2% of all transactions in the year as a whole. In nominal terms, prices at the end of 2021 were 26% above the record average prices of 2008. Even taking into account overall price growth (inflation), dwelling prices were above the 2008 peak – prices of existing dwellings were 12% above this level in the last quarter of 2021, while prices of newly built dwellings were still 6% lower. Prices deflated by growth in nominal gross wages were lagging more significantly behind, i.e. by 9%, but were well above the long-term average last year (average between 2007 and 2021). 80 85 90 95 100 105 110 115 120 125 130 135 20 40 60 80 100 120 140 160 180 200 220 240 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 In de x 20 10 =1 00 , 4 -q ua rt er m ov in g av er ag es In de x 20 10 =1 00 , 4 -q ua rt er m ov in g av er ag es Transactions in existing dwellings (left axis) Transactions in newly built dwellings (left axis) Prices of existing dwellings (right axis) Prices of newly built dwellings (right axis) Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. 7 On the supply side, the main factors affecting growth of property prices for several years are the low supply of newly built dwellings and lately higher prices of construction raw materials and higher labour costs. On the demand side, prices are influenced by increased household demand stimulated by the increase in aggregate savings during the epidemic, the maintenance of relatively high disposable income, the persistence of favourable credit conditions, and the expectation of higher inflation and the associated depreciation of real savings. Current Economic Trends18 Slovenian Economic Mirror, No 3/2022 Figure 19: Economic sentiment Rising prices and the crisis in Ukraine are probably the main reasons for the decrease in the sentiment indicator in March. Year-on-year, it was lower especially among consumers and in manufacturing. Compared to the previous month, the value of the indicator decreased by 5.2 p.p., this being the largest decrease since November 2020. At the monthly level, the value of the consumer confidence indicator decreased the most, by 12 p.p., which is the largest monthly decline since April 2020 (i.e. the outbreak of the epidemic). Compared to March 2021, the value of the economic confidence indicator was still slightly higher (by 2.1 p.p.). Confidence was significantly higher year-on-year in retail trade (by 27 p.p.) and in service activities and construction (by 15 p.p. and 13 p.p. respectively). However, it was lower among consumers and in manufacturing (by 10 and 6 p.p. respectively). This is due to rising prices and uncertainty about further price increases, and thus the country’s economic situation and households’ financial situation, and to the impact of the international environment (bottlenecks in the supply of raw materials and rising commodity and energy prices). -50 -40 -30 -20 -10 0 10 20 30 40 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in di ca to r v al ue Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Current Economic Trends 19Slovenian Economic Mirror, No 3/2022 Labour market Figure 20: Number of employed persons Employment fell slightly in January compared to the previous month (-0.7%), mainly due to seasonal trends; year-on-year growth strengthened slightly (3.3%). Year-on-year growth was strongest in accommodation and food service activities and in construction. Employment in the latter was significantly higher than before the epidemic, while employment in the former remained slightly below the level of two years ago. Amid strong economic recovery, employment growth still depended largely on the hiring of foreign workers, whose contribution to overall growth in January was almost 50% year-on-year. The high share of foreign workers is also related to the shortage of domestic labour, which is the most pronounced in construction and administrative and support service activities (both having a high job vacancy rate). The economic sectors with the highest share of employed foreign workers in January were construction (45%), transportation and storage (31%), and administrative and support service activities (24%). 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS; calculations by IMAD. Figure 21: Number of registered unemployed persons Given the low unemployment rate, the decline in the number of registered unemployed in March was somewhat smaller than in previous months (-2%), according to seasonally adjusted data. According to original data, 60,534 people were unemployed at the end of March, 6.6% fewer than at the end of February and 26.7% fewer than a year earlier. The number of unemployed was also significantly lower (by 22.2%) than at the end of March 2020. Among the unemployed, the number of long-term unemployed increased in the first four months of last year but then decreased again by the end of the year, given the high demand for labour, which is also reflected in the high rate of job vacancies. The number of long-term unemployed, more than half of whom have been unemployed for more than two years, continued to fall in the first three months of 2022 – in March, their number fell by 19.2% compared to March 2021 and by 7.9% compared to the same period at the beginning of the epidemic. 0 20 40 60 80 100 120 140 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ju l 1 8 Ja n 19 Ju l 1 9 Ja n 20 Ju l 2 0 Ja n 21 Ju l 2 1 Ja n 22 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. All unemployed Long-term unemployed Figure 22: Average gross wage per employee In January, average wages in the public sector were 10.8% lower year-on-year, while they were 3.4% higher in the private sector.  Due to the cessation of epidemic-related allowances, year-on-year wage growth in the public sector slowed significantly in the second half of last year and turned negative year-on-year last November.8 In the private sector, year-on-year growth in January was somewhat more modest than in previous months, partly due to a relatively high base in January last year (with a sharp increase in the minimum wage and the impact of the methodology used to calculate average wages). Growth was still high in construction, accommodation and food service activities and transportation and storage, which could already be the consequence of labour shortages. -10 -5 0 5 10 15 20 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Source: SURS; calculations by IMAD. Private sector Public sector Total Ye ar -o n- ye ar g ro w th , 3 -m on th m ov in g av er ag e 8 An important factor behind these developments is the declaration of the epidemic in November 2020, which led to a significant increase in wages due to the payment of allowances. Current Economic Trends20 Slovenian Economic Mirror, No 3/2022 Table 3: Indicators of labour market trends Change, in % 2021 I 22/XII 21 I 22/I 21 Persons in formal employment2 1.3 0.21 3.1 Average nominal gross wage 6.1 -0.21 -2.7 private sector 6.1 -3.21 3.4 public sector 6.5 -0.11 -10.8 of which general government 7.0 -0.51 -13.3 of which public corporations 4.7 -0.31 -2.0 2021 I 21 XII 21 I 22 Rate of registered unemployment (in %), seasonally adjusted 7.6 8.7 6.5 6.3 Change, in % 2021 III 22/II 22 III 22/III 21 I-III 22/I-III 21 Registered unemployed -12.6 -6.6 -26.7 -26.3 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Current Economic Trends 21Slovenian Economic Mirror, No 3/2022 Prices Table 4: Consumer price growth, in % XII 21/XII 20 IV 21-III 22/IV 20-III 21 III 22/II 21 III 22/III 21 I-III 22/I-III 21 Total 4.9 3.5 -1.1 5.4 6.0 Food 4.0 1.3 0.4 6.9 6.0 Fuels and energy 19.1 16.4 -8.7 8.7 17.1 Services 1.5 1.2 -1.6 2.8 3.2 Other1 4.4 2.4 1.0 6.0 5.0 Core inflation - excluding food and energy 3.1 2.2 -0.2 4.5 4.3 Core inflation - trimmed mean2 3.6 2.8 0.5 5.6 5.5 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Figure 23: Consumer prices After a sharp increase at the beginning of this year, consumer price inflation eased slightly to 5.4% year- on-year in March. The lower inflation was mainly due to the passing of the Act on Intervention Measures to Mitigate the Consequences of High Energy Prices, which allowed for a temporary exemption from the payment of certain contributions, leading to a significant decrease in electricity prices (by 38.6% month-on-month and 29.8% year-on-year). The reintroduction of administered fuel prices also somewhat slowed the rise in petroleum product prices, which were nevertheless more than a quarter higher year-on-year. As the prices for package holidays fell significantly due to seasonal factors, the increase in service prices was lower year-on-year. Growth in prices for semi-durable goods remained at around 4.5% year-on-year, while growth in durable goods prices remained high (8.8%). Given the geopolitical tensions, cost pressures are intensifying due to high prices for energy and inputs, leading to an increase in food prices. These were almost 7% higher year-on-year in March, which is the highest increase since 2008. -2 -1 0 1 2 3 4 5 6 7 8 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar in fla tio n, in % Source: SURS, Eurostat. Slovenia Euro area Figure 24: Slovenian industrial producer prices Growth of Slovenian industrial producer prices is still high, i.e. 16.5% year-on-year in January. Prices are rising across all industrial groups, both in the domestic and foreign markets. Overall growth continues to be driven mainly by commodity prices, which increased by almost 22% year-on-year in February. Energy price growth increased significantly to almost 60%. Prices in the domestic market (61.5%) contributed the most to this high year-on-year growth. They increased by almost 45% in February, which we believe was due to the conclusion of new contracts with energy suppliers. Capital goods prices increased by more than 10% year-on-year in February. Given production bottlenecks, and higher energy and other commodity prices, consumer prices are also rising gradually, by 5.6% year-on-year. Prices of non- durable goods rose by 6% year-on-year, while prices of durable goods prices rose by about 4% year-on-year. 95 100 105 110 115 120 125 130 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 15 =1 00 Source: SURS. Domestic market Foreign market Current Economic Trends22 Slovenian Economic Mirror, No 3/2022 Financial markets Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 28. II 21 31. XII 21 28. II 22 28. II 22/31. I 22 28. II 22/28. II 21 Loans total 22,893.2 23,989.4 24,477.9 0.7 6.9 Enterprises and NFI 10,456.0 10,944.6 11,365.3 1.2 8.7 Government 1,497.0 1,488.4 1,474.9 -1.4 -1.5 Households 10,940.1 11,556.4 11,637.7 0.5 6.4 Consumer credits 2,665.4 2,590.7 2,580.2 0.0 -3.2 Lending for house purchase 6,883.6 7,479.0 7,580.1 0.7 10.1 Other lending 1,391.1 1,486.7 1,477.4 0.1 6.2 Bank deposits total 23,538.3 24,469.9 24,781.2 0.1 5.3 Overnight deposits 19,686.4 21,230.8 21,704.8 0.5 10.3 Term deposits 3,851.9 3,239.1 3,076.5 -2.6 -20.1 Government bank deposits, total 576.1 725.3 588.0 -15.9 2.1 Deposits of non-financial corporations, total 7,938.3 9,030.5 8,650.0 1.0 9.0 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Figure 25: The volume of deposits by domestic non-banking sectors The year-on-year growth in the volume of bank loans to domestic non-banking sectors increased further in February and approached 7%. Given the high economic activity and favourable financing conditions, the growth in the volume of corporate and NFI loans has been increasing since the end of last year, reaching 8.7% in February amid increased new borrowing. Growth in loans to households has also been steadily strengthening, especially in housing loans, which in February was already a tenth higher year-on-year. The decline in the volume of consumer loans gradually eased off to 3.2% year-on- year in February. Growth in domestic non-banking sector deposits is further slowing in line with the reduction in the savings rate. Amid higher spending, household deposits increased by about 5% year-on-year, which is more than half less than in the same period last year. The growth of deposits by non-financial corporations has been around 9% in recent months. The quality of banks’ assets remains solid and the share of non-performing loans is still relatively low (1.2%). -10 -5 0 5 10 15 20 25 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar g ro w th , i n % Source: BoS. Total Non-financial corporations Households Figure 26: Bonds Yields to maturity of euro area government bonds rose significantly in the first quarter. The higher yield was influenced by the further rise in inflation in the euro area and the decision by the ECB to slightly accelerate the scaling back of expansionary monetary policy measures. The yield to maturity of the Slovenian 10-year government bond was 0.81% in the first quarter, the highest figure in the last three years. The spread to the German bond was 65 basis points, about 15 basis points higher than in the previous quarter, which is slightly above the pre- epidemic period. -2 -1 0 1 2 3 4 5 6 7 8 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Yi el ds to m at ur ity in % Source: Bloomberg. Austria Ireland Italy Germany Portugal Slovenia Spain Current Economic Trends 23Slovenian Economic Mirror, No 3/2022 Balance of payments Table 6: Balance of payments I 2022, in EUR million Inflows Outflows Balance Balance, I 2021 Current account 3,992.4 3,894.0 98.4 302.0 Goods 3,067.3 3,111.1 -43.8 236.1 Services 614.8 442.1 172.7 143.3 Primary income 216.1 200.9 15.2 -3.8 Secondary income 94.1 139.9 -45.7 -73.7 Capital account 391.1 385.0 6.1 -16.9 Financial account 1,337.8 1,804.0 466.2 229.3 Direct investment 169.9 111.3 -58.6 -145.1 Portfolio investment 1,429.9 -196.9 -1.626.8 -1.132.7 Other investment -259.8 1,826.0 2.085.7 1.492.6 Net errors and omissions 361.8 0.0 361.8 -55.8 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Figure 27: Current account of the balance of payments The current account surplus fell again in January, mainly due to a decline in the surplus in goods trade. Over the past 12 months, the current account surplus totalled EUR 1.5 billion (2.7% of estimated GDP). The lower year-on-year surplus was mainly a result of a lower surplus in trade in goods, which is related to the rising prices of energy and other primary commodities, which have the largest impact on the price increase of imported products. The deficits in primary and secondary income were up year-on-year. Net outflows of primary income were higher year-on-year, mainly due to higher payments of dividends and profits to foreign investors, while net outflows of secondary income were higher mainly due to higher VAT- and GNI-based contributions to the EU budget. The surplus in services trade continued to increase, especially in trade in travel and other business services. -2000 -1000 0 1000 2000 3000 4000 5000 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 12 -m on th c um ul at iv es , i n EU R m ill io n Source: BoS; calculations by IMAD. Trade in goods Trade in services Primary income Secondary income Current account Current Economic Trends24 Slovenian Economic Mirror, No 3/2022 Public finance Figure 28: General government deficit and debt The general government’s fiscal position improved in 2021 amid a rapid economic recovery and lower expenditure on measures to mitigate the impact of the epidemic. The deficit and public debt decreased slightly (from 7.8% to 5.2% of GDP and from 79.8% to 74.7% of GDP respectively), the latter also being affected by the decline in the country’s cash reserves, which still remain high. IMAD estimates that expenditure on measures to mitigate the impact of the epidemic fell from 5.2% of GDP in 2020 to 4.5% of GDP. In contrast to lower expenditure on measures to mitigate the impact of the epidemic, growth in other expenditure increased in 2021. This was due to stronger investment growth as part of a broader European response to support the recovery and to other expenditure, some of which is of a permanent nature. 0 10 20 30 40 50 60 70 80 90 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 Source: SURS. Co ns ol id at ed g ro ss g ov er nm en td eb t ( ES A 9 5) , as a % o f G D P Figure 29: Consolidated general government budgetary accounts The surplus of the consolidated balance of public finances9 totalled EUR 117.5 million in the first two months of 2022. The deficit in the same period last year was EUR 632 million. Revenue in the first two months of this year exceeded last year’s level (by 20.9%) due to further growth in economic activity and favourable conditions in the labour market. Revenue growth arose mainly from higher VAT receipts, while receipts from the EU budget also saw a sharp increase, mainly due to the inflow of funds from the Recovery and Resilience Facility and from structural funds, as funding under the 2014–2020 Financial Perspective is coming to an end. Expenditure decreased in the first two months (by 2.4% year-on-year), reflecting lower payments related to measures to mitigate the consequences of the epidemic. This was reflected in lower transfers to individuals and households (-7.6%), subsidies (-39.1%) and funds for wages (-8.6%). This year's expenditure on measures to mitigate the impact of the epidemic is mainly arising from the tenth anti-corona package (PKP10)10 and expenditure on containment measures (testing, vaccination, etc.), and in January and February payments from the state budget for these purposes totalled EUR 184 million (EUR 535 million in the same period last year). On the expenditure side, investments and expenditure on goods and services have increased year-on-year.11 9 The consolidated balance of public financing on a cash basis. 10 Act on Additional Measures to Stop Spreading and Mitigate, Control, Recover and Eliminate the Consequences of COVID-19 (ZDUPŠOP, 2021). 11 On the expenditure side, expenditure on reserves also increased due to inflows from the Recovery and Resilience Facility, which were allocated to a special budget fund. -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 13,000 15,000 17,000 19,000 21,000 23,000 25,000 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 12 -m on th c um ul at iv e, in E U R m 12 -m on th c um ul at iv e, in E U R m General government balance (right axis) Revenue Expenditure Source: MF, Bulletin of Government Finance; calculations by IMAD. Current Economic Trends 25Slovenian Economic Mirror, No 3/2022 Figure 30: Receipts from the EU budget Slovenia’s net budgetary position against the EU budget was positive in the first two months (at EUR 113.8 million). In this period, Slovenia received EUR 255.1 million from the EU budget (15.4% of receipts envisaged in the state budget for 2022) and paid EUR 141.3 million into it (25.1% of planned payments). The bulk of receipts were resources from the Recovery and Resilience Facility12 (46.4% of all reimbursements to the state budget) and resources from structural funds13 (25.1%), while the shares of resources from the Cohesion Fund (11.6%) were significantly lower. The highest payments into the EU budget came from GNI-based payments (53.2% of all payments). According to SVRK data, by the end of February, operations confirmed under the 2014– 2020 MFF (including funds under React-EU) accounted for 110.5%14 of all allocated funds and disbursements accounted for 68.6% of all allocated funds. 0 100 200 300 400 500 600 700 800 Other Receipts from centralised funds and other Cohesion Fund Structural Funds Common Agricultural Policy In EUR million Total receipts (January–February 2021) Expected reimbursements in the revised budget 2022 Total receipts (January–February 2022) Source: MF. 12 The second part of the 13% advance payment from the Recovery and Resilience Facility of EUR 118.3 million. The first part, of EUR 112.7 million, was paid in 2021. 13 ERDF and ESF. 14 In order to ensure better absorption of European funds, a contingency reserve of 15% of the allocated funds is foreseen. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-II 2021 I-II 2022 Category I-II 2021 I-II 2022 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 3,159.2 -0.1 3,817.9 20.9 EXPENDITURE TOTAL 3,791.4 17.7 3,700.4 -2.4 Tax revenues1 1,547.0 -10.4 1,899.1 22.8 Salaries,* wages and other personnel expenditures2 931.3 18.1 851.2 -8.6 Personal income tax 495.5 10.3 529.5 6.9 Expenditure on goods and services 434.3 -1.3 488.9 12.6 Corporate income tax 126.4 -9.4 156.1 23.4 Interest payments 107.2 -38.5 41.4 -61.4 Taxes on immovable property 9.9 15.0 10.0 1.0 Reserves 36.2 65.7 161.3 345.7 Value added tax 549.6 -22.0 764.8 39.1 Transfers to individuals and households 1,647.4 30.1 1,522.6 -7.6 Excise duties 204.1 -19.6 231.3 13.3 Other current transfers 347.2 26.4 335.3 -3.4 Social security contributions 1,271.1 4.7 1,357.6 6.8 Investment expenditure 126.1 -2.6 158.3 25.6 Non-tax revenues 217.6 60.1 252.1 15.9 Payments to the EU budget 161.6 28.7 141.3 -12.5 Receipts from the EU budget 97.0 73.7 255.4 163.3 GENERAL GOVERNMENT BALANCE -632.2 117.5 Other 26.4 -11.5 53.7 102.9 PRIMARY BALANCE -527.6 146.0 Source: MF; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social contributions. 2 Labour costs include social contributions by the employer. st at is ti ca l a pp en di x Statistical Appendix 29Slovenian Economic Mirror, No 3/2022 Main indicators 2015 2016 2017 2018 2019 2020 2021 2022 2023 Autumn Forecast 2021 GDP (real growth rates, in %) 2.2 3.2 4.8 4.4 3.3 -4.2 6.1 4.7 3.3 GDP in EUR million (current prices) 38,853 40,443 43,011 45,864 48,397 46,918 50,364 53,352 56,136 GDP per capita in EUR (current prices) 18,830 19,589 20,820 22,136 23,167 22,312 23,897 25,259 26,496 GDP per capita (PPS)1 83 84 86 87 89 89 GDP per capita (PPS EU27=100)1 12.3 11.2 9.5 8.2 7.7 8.7 7.7 6.9 6.6 Rate of registered unemployment 9.0 8.0 6.6 5.1 4.5 5.0 4.7 4.3 4.2 Standardised rate of unemployment (ILO) 0.9 1.3 1.8 1.2 0.8 -3.7 5.3 3.1 2.1 Labour productivity (GDP per employee) -0.5 -0.1 1.4 1.7 1.6 -0.1 1.4 2.0 1.9 Inflation2, year average -0.4 0.5 1.7 1.4 1.8 -1.1 2.5 1.9 2.0 Inflation2, end of the year -0.4 0.5 1.7 1.4 1.8 -1.1 1.1 1.5 2.0 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 4.7 6.2 11.1 6.2 4.5 -8.7 10.9 8.2 5.6 Exports of goods 5.3 5.7 11.0 5.7 4.5 -5.5 11.4 6.6 4.8 Exports of services 2.4 8.0 11.2 7.7 4.6 -20.5 8.8 15.2 9.0 Imports of goods and services (real growth rates, in %) 4.3 6.3 10.7 7.1 4.7 -9.6 12.6 8.8 5.8 Imports of goods 5.1 6.6 10.7 7.4 5.0 -8.6 13.4 8.2 5.6 Imports of services 0.1 4.7 10.5 5.4 3.0 -14.9 8.4 12.3 7.3 Current account balance3, in EUR million 1,483 1,932 2,674 2,731 2,898 3,462 2,337 2,138 2,116 As a per cent share relative to GDP 3.8 4.8 6.2 6.0 6.0 7.4 4.6 4.0 3.8 Gross external debt, in EUR million 46,171 44,325 43,231 42,148 43,796 48,252 51,683* As a per cent share relative to GDP 118.8 109.6 100.5 91.9 90.5 102.8 Ratio of USD to EUR 1.110 1.107 1.129 1.181 1.120 1.141 1.193 1.180 1.180 DOMESTIC DEMAND Private consumption (real growth rates, in %) 2.0 4.4 1.9 3.6 4.8 -6.6 5.6 6.0 3.1 As a % of GDP 54.0 54.0 52.5 52.0 52.4 50.2 50.1 51.1 51.0 Government consumption (real growth rates, in %) 2.3 2.4 0.4 3.0 2.0 4.2 1.8 1.5 1.0 As a % of GDP 18.8 19.0 18.5 18.3 18.3 20.6 20.5 19.4 19.1 Gross fixed capital formation (real growth rates, in %) -1.2 -3.6 10.2 9.7 5.5 -8.2 10.0 8.0 6.0 As a % of GDP 18.7 17.4 18.3 19.3 19.6 18.9 20.0 20.8 21.4 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 2021). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 3 Balance of payments statistics (exports FOB, imports FOB); the calculation of real growth rates excludes the impact of exchange rate changes and price fluctuations on foreign markets. *January 2022. Statistical Appendix30 Slovenian Economic Mirror, No 3/2022 Production 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 3.1 -5.2 10.3 1.6 -1.6 -17.5 -2.9 1.4 3.3 25.5 6.3 8.2 4.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.3 -2.5 14.5 34.9 25.9 17.5 4.0 9.9 5.8 1.4 8.6 15.7 14.1 - - B Mining and quarrying -3.4 -2.1 -6.6 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -30.7 10.8 -15.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.5 - - C Manufacturing 3.5 -5.0 11.9 2.3 -0.3 -17.9 -2.7 1.6 4.4 28.8 8.2 8.7 6.2 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.2 -2.2 16.3 39.5 29.3 19.7 5.7 11.9 7.9 1.9 9.7 15.9 11.7 - - D Electricity, gas & steam supply1 -0.8 -9.1 -5.3 -4.7 -13.9 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -14.2 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 30.2 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 -2.2 1.9 -13.4 2.7 6.1 -0.5 11.5 1.1 -11.0 1.7 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -1.6 -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 5.9 - - Buildings -0.1 -0.6 14.4 -7.2 -26.3 -0.9 2.8 23.9 34.8 36.0 17.5 -16.1 -55.3 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 9.5 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 5.3 - - Civil engineering 4.4 2.7 5.9 -2.6 5.8 -9.1 4.8 9.6 6.1 14.3 8.0 -2.4 17.9 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 3.0 -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 10.0 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 2.2 -11.0 12.7 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.8 18.7 2.0 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.3 22.7 17.9 10.9 16.6 14.0 17.2 17.9 20.8 25.5 - - Transportation and storage 3.2 -8.0 14.4 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 12.5 12.5 0.3 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 16.0 11.4 12.3 13.3 11.9 14.3 - - Information and communication activities 1.0 -0.2 7.6 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 10.0 8.2 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.6 11.5 5.3 8.5 9.6 11.4 11.8 - - Professional, scientific and technical activities 5.8 -3.0 10.5 3.2 -0.2 -11.4 -0.2 -0.5 8.1 23.1 3.4 8.9 8.7 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.4 15.6 - - Administrative and support service activities -5.9 -24.1 13.3 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.6 24.2 22.3 -11.1 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 14.2 22.8 22.3 27.3 27.3 13.5 26.3 16.5 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover 2.5 -7.4 11.6 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.2 5.3 19.7 1.3 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.6 24.4 22.3 - - Real turnover in retail trade 3.4 -8.9 18.9 -4.7 -5.3 -11.9 -6.3 -12.0 3.6 17.5 13.8 40.5 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.3 33.1 - - Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.7 -8.2 9.2 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.2 17.3 22.1 1.2 - - Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -5.2 -1.4 -10.2 -2.1 -0.7 1.4 16.3 3.9 8.9 2.1 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.6 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.9 - - TOURISM, y-o-y growth rates, % Total, overnight stays 0.5 -41.7 22.2 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 283.2 -2.5 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 686.5 - Domestic tourists, overnight stays -2.5 32.8 10.4 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 263.8 -9.0 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1289.3 664.9 762.4 - Foreign tourists, overnight stays 1.7 -70.5 42.9 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 332.9 3.7 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 598.9 - Accommodation and food service activities 7.6 -37.1 20.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 153.2 6.7 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 256.6 226.3 - AGRICULTURE Purchase of agricultural products, in EUR m 553.7 495.1 601.4 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 192.6 37.8 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 72.7 59.8 - - BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.8 2.4 3.2 1.9 -30.7 -8.8 -9.4 -3.6 4.3 5.6 3.4 4.7 -3.6 -37.5 -31.2 -23.3 -16.8 -5.9 -3.8 -6.0 -12.9 -9.3 -6.7 -3.4 -0.6 -0.5 5.7 7.7 5.7 6.5 4.7 2.3 3.0 4.9 5.5 6.7 1.5 Confidence indicator in manufacturing 0 -9 6 -2 -3 -29 -3 1 7 10 9 6 1 -8 -39 -27 -20 -11 -1 2 2 -1 1 5 5 10 9 12 10 10 11 7 3 5 10 9 10 4 in construction 11 -5 18 7 7 -23 -4 -1 9 18 19 25 7 5 -28 -28 -13 -7 -4 -2 0 -3 1 4 9 14 16 20 19 17 18 22 24 22 28 28 27 27 in services 21 -10 8 19 15 -34 -10 -10 -3 8 14 15 17 8 -38 -37 -28 -23 -5 -1 -3 -17 -11 -7 -2 -1 0 9 16 12 14 15 17 16 12 14 16 14 in retail trade 19 1 5 14 18 -19 12 -6 -17 16 14 6 31 6 -30 -22 -5 8 13 14 1 -11 -8 -22 -17 -11 6 17 26 15 20 7 -1 5 15 17 15 16 consumer confidence indicator -10 -26 -22 -14 -13 -35 -25 -30 -24 -20 -20 0 -13 -16 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 Source: SURS. 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. *Seasonally adjusted data. Statistical Appendix 31Slovenian Economic Mirror, No 3/2022 Production 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 3.1 -5.2 10.3 1.6 -1.6 -17.5 -2.9 1.4 3.3 25.5 6.3 8.2 4.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.3 -2.5 14.5 34.9 25.9 17.5 4.0 9.9 5.8 1.4 8.6 15.7 14.1 - - B Mining and quarrying -3.4 -2.1 -6.6 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -30.7 10.8 -15.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.5 - - C Manufacturing 3.5 -5.0 11.9 2.3 -0.3 -17.9 -2.7 1.6 4.4 28.8 8.2 8.7 6.2 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.2 -2.2 16.3 39.5 29.3 19.7 5.7 11.9 7.9 1.9 9.7 15.9 11.7 - - D Electricity, gas & steam supply1 -0.8 -9.1 -5.3 -4.7 -13.9 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -14.2 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 30.2 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 -2.2 1.9 -13.4 2.7 6.1 -0.5 11.5 1.1 -11.0 1.7 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -1.6 -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 5.9 - - Buildings -0.1 -0.6 14.4 -7.2 -26.3 -0.9 2.8 23.9 34.8 36.0 17.5 -16.1 -55.3 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 9.5 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 5.3 - - Civil engineering 4.4 2.7 5.9 -2.6 5.8 -9.1 4.8 9.6 6.1 14.3 8.0 -2.4 17.9 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 3.0 -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 10.0 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 2.2 -11.0 12.7 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.8 18.7 2.0 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.3 22.7 17.9 10.9 16.6 14.0 17.2 17.9 20.8 25.5 - - Transportation and storage 3.2 -8.0 14.4 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 12.5 12.5 0.3 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 16.0 11.4 12.3 13.3 11.9 14.3 - - Information and communication activities 1.0 -0.2 7.6 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 10.0 8.2 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.6 11.5 5.3 8.5 9.6 11.4 11.8 - - Professional, scientific and technical activities 5.8 -3.0 10.5 3.2 -0.2 -11.4 -0.2 -0.5 8.1 23.1 3.4 8.9 8.7 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.4 15.6 - - Administrative and support service activities -5.9 -24.1 13.3 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.6 24.2 22.3 -11.1 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 14.2 22.8 22.3 27.3 27.3 13.5 26.3 16.5 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover 2.5 -7.4 11.6 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.2 5.3 19.7 1.3 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.6 24.4 22.3 - - Real turnover in retail trade 3.4 -8.9 18.9 -4.7 -5.3 -11.9 -6.3 -12.0 3.6 17.5 13.8 40.5 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.3 33.1 - - Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.7 -8.2 9.2 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.2 17.3 22.1 1.2 - - Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -5.2 -1.4 -10.2 -2.1 -0.7 1.4 16.3 3.9 8.9 2.1 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.6 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.9 - - TOURISM, y-o-y growth rates, % Total, overnight stays 0.5 -41.7 22.2 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 283.2 -2.5 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 686.5 - Domestic tourists, overnight stays -2.5 32.8 10.4 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 263.8 -9.0 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1289.3 664.9 762.4 - Foreign tourists, overnight stays 1.7 -70.5 42.9 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 332.9 3.7 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 598.9 - Accommodation and food service activities 7.6 -37.1 20.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 153.2 6.7 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 256.6 226.3 - AGRICULTURE Purchase of agricultural products, in EUR m 553.7 495.1 601.4 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 192.6 37.8 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 72.7 59.8 - - BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.8 2.4 3.2 1.9 -30.7 -8.8 -9.4 -3.6 4.3 5.6 3.4 4.7 -3.6 -37.5 -31.2 -23.3 -16.8 -5.9 -3.8 -6.0 -12.9 -9.3 -6.7 -3.4 -0.6 -0.5 5.7 7.7 5.7 6.5 4.7 2.3 3.0 4.9 5.5 6.7 1.5 Confidence indicator in manufacturing 0 -9 6 -2 -3 -29 -3 1 7 10 9 6 1 -8 -39 -27 -20 -11 -1 2 2 -1 1 5 5 10 9 12 10 10 11 7 3 5 10 9 10 4 in construction 11 -5 18 7 7 -23 -4 -1 9 18 19 25 7 5 -28 -28 -13 -7 -4 -2 0 -3 1 4 9 14 16 20 19 17 18 22 24 22 28 28 27 27 in services 21 -10 8 19 15 -34 -10 -10 -3 8 14 15 17 8 -38 -37 -28 -23 -5 -1 -3 -17 -11 -7 -2 -1 0 9 16 12 14 15 17 16 12 14 16 14 in retail trade 19 1 5 14 18 -19 12 -6 -17 16 14 6 31 6 -30 -22 -5 8 13 14 1 -11 -8 -22 -17 -11 6 17 26 15 20 7 -1 5 15 17 15 16 consumer confidence indicator -10 -26 -22 -14 -13 -35 -25 -30 -24 -20 -20 0 -13 -16 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 Source: SURS. 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. *Seasonally adjusted data. Statistical Appendix32 Slovenian Economic Mirror, No 3/2022 Labour market 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 980.0 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 914.0 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 In agriculture, forestry, fishing 24.9 26.4 25.7 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 25.6 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 In industry, construction 291.7 288.5 294.1 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 299.6 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 - in manufacturing 207.9 202.8 205.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 208.4 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 - in construction 63.9 64.9 67.8 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 70.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 In services 577.6 574.0 580.4 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 588.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 - in public administration 49.0 49.3 49.6 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 49.8 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 - in education, health-services and social work 137.8 141.5 146.1 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 148.4 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 817.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 In enterprises and organisations 749.2 744.8 756.2 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 768.3 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 By those self-employed 52.7 49.8 48.2 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 48.7 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 97.0 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 66.0 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 60.5 Female 37.5 42.6 37.9 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 33.5 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 30.5 By age: 15 to 29 14.1 17.2 14.2 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 12.8 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 11.0 Aged over 50 29.7 31.0 28.2 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 25.5 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 24.0 Primary education or less 23.4 26.4 23.5 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 21.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 19.3 For more than 1 year 38.1 38.0 40.5 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 38.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 33.9 Those receiving benefits 19.3 25.9 18.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 16.3 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 6.7 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 Male 6.9 8.0 6.9 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 6.1 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 Female 8.5 9.6 8.5 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 7.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 FLOWS OF FORMAL LABOUR FORCE -0.3 1.0 -1.8 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -4.2 New unemployed first-job seekers 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 1.2 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 0.4 Redundancies 5.4 7.4 4.5 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 3.7 Registered unemployed who found employment 4.7 5.4 5.0 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 3.6 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 5.8 Other outflows from unemployment (net) 1.8 1.8 2.0 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.4 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 2.8 FIXED TERM WORK PERMITS FOR FOREIGNERS 33.1 37.6 41.8 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 44.9 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 As % of labour force 3.4 3.9 4.3 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 4.6 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS 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 figure for farmers from the Labour Force Survey. Statistical Appendix 33Slovenian Economic Mirror, No 3/2022 Labour market 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 980.0 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 914.0 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 In agriculture, forestry, fishing 24.9 26.4 25.7 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 25.6 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 In industry, construction 291.7 288.5 294.1 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 299.6 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 - in manufacturing 207.9 202.8 205.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 208.4 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 - in construction 63.9 64.9 67.8 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 70.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 In services 577.6 574.0 580.4 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 588.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 - in public administration 49.0 49.3 49.6 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 49.8 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 - in education, health-services and social work 137.8 141.5 146.1 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 148.4 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 817.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 In enterprises and organisations 749.2 744.8 756.2 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 768.3 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 By those self-employed 52.7 49.8 48.2 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 48.7 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 97.0 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 66.0 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 60.5 Female 37.5 42.6 37.9 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 33.5 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 30.5 By age: 15 to 29 14.1 17.2 14.2 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 12.8 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 11.0 Aged over 50 29.7 31.0 28.2 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 25.5 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 24.0 Primary education or less 23.4 26.4 23.5 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 21.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 19.3 For more than 1 year 38.1 38.0 40.5 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 38.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 33.9 Those receiving benefits 19.3 25.9 18.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 16.3 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 6.7 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 Male 6.9 8.0 6.9 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 6.1 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 Female 8.5 9.6 8.5 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 7.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 FLOWS OF FORMAL LABOUR FORCE -0.3 1.0 -1.8 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -4.2 New unemployed first-job seekers 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 1.2 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 0.4 Redundancies 5.4 7.4 4.5 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 3.7 Registered unemployed who found employment 4.7 5.4 5.0 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 3.6 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 5.8 Other outflows from unemployment (net) 1.8 1.8 2.0 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.4 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 2.8 FIXED TERM WORK PERMITS FOR FOREIGNERS 33.1 37.6 41.8 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 44.9 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 As % of labour force 3.4 3.9 4.3 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 4.6 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS 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 figure for farmers from the Labour Force Survey. Statistical Appendix34 Slovenian Economic Mirror, No 3/2022 Wages in EUR 2019 2020 2021 2019 2020 2021 2020 2021 2022 2021 Q4 21 Jan 22 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,970 2,012 1,924 4.3 5.8 6.1 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 2.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 Private sector activities (A–N; R–S) 1,852 1,958 1,841 3.6 3.8 5.8 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 6.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 Public service activities (OPQ) 2,335 2,181 2,186 6.5 10.5 6.8 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 -6.8 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 Industry (B–E) 1,918 2,050 1,895 3.4 3.4 5.7 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 6.9 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 Trad, market services (GHI) 1,679 1,771 1,674 3.4 2.8 6.1 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 7.9 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 Other market services (J–N; R–S) 2,092 2,200 2,103 5.1 5.0 5.7 4.8 3.2 7.7 5.1 4.3 7.3 3.3 5.5 6.6 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 A Agriculture, forestry and fishing 1,546 1,638 1,553 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 7.4 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 B Mining and quarrying 2,415 2,646 2,206 0.3 5.1 2.3 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 9.1 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 C Manufacturing 1,882 2,010 1,864 3.5 3.2 6.2 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 7.2 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 D Electricity, gas, steam and air conditioning supply 2,776 2,995 2,625 4.3 4.0 1.5 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 3.6 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 E Water supply sewerage, waste management and remediation activities 1,814 1,931 1,829 2.7 4.2 4.3 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 5.4 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 F Construction 1,488 1,553 1,470 2.2 5.5 7.1 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 7.9 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,877 1,758 3.9 4.2 5.4 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 7.1 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 H Transportation and storage 1,643 1,757 1,670 1.6 -0.1 5.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 9.6 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 I Accommodation and food service activities 1,330 1,376 1,344 4.8 -3.8 12.7 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 20.4 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 J Information and communication 2,597 2,734 2,613 5.7 4.5 4.7 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 5.4 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 K Financial and insurance activities 2,790 2,944 2,732 4.6 2.5 5.0 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 7.1 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 L Real estate activities 1,737 1,833 1,712 5.2 4.2 3.7 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 6.4 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 M Professional, scientific and technical activities 2,176 2,308 2,249 4.6 4.0 6.3 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 7.5 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 N Administrative and support service activities 1,333 1,409 1,345 5.1 4.7 5.9 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 8.2 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 O Public administration and defence, compulsory social security 2,514 2,372 2,348 8.9 7.4 6.9 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 -1.3 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 P Education 2,125 2,032 1,990 6.1 6.2 8.9 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 1.5 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 Q Human health and social work activities 2,433 2,205 2,285 5.1 17.7 4.8 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 -17.1 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 R Arts, entertainment and recreation 1,945 2,019 1,923 4.3 0.0 9.4 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 10.5 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 S Other service activities 1,541 1,576 1,527 4.7 4.5 3.4 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 2.7 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 Source: SURS, calculations by IMAD. Statistical Appendix 35Slovenian Economic Mirror, No 3/2022 Wages in EUR 2019 2020 2021 2019 2020 2021 2020 2021 2022 2021 Q4 21 Jan 22 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,970 2,012 1,924 4.3 5.8 6.1 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 2.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 Private sector activities (A–N; R–S) 1,852 1,958 1,841 3.6 3.8 5.8 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 6.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 Public service activities (OPQ) 2,335 2,181 2,186 6.5 10.5 6.8 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 -6.8 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 Industry (B–E) 1,918 2,050 1,895 3.4 3.4 5.7 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 6.9 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 Trad, market services (GHI) 1,679 1,771 1,674 3.4 2.8 6.1 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 7.9 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 Other market services (J–N; R–S) 2,092 2,200 2,103 5.1 5.0 5.7 4.8 3.2 7.7 5.1 4.3 7.3 3.3 5.5 6.6 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 A Agriculture, forestry and fishing 1,546 1,638 1,553 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 7.4 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 B Mining and quarrying 2,415 2,646 2,206 0.3 5.1 2.3 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 9.1 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 C Manufacturing 1,882 2,010 1,864 3.5 3.2 6.2 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 7.2 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 D Electricity, gas, steam and air conditioning supply 2,776 2,995 2,625 4.3 4.0 1.5 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 3.6 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 E Water supply sewerage, waste management and remediation activities 1,814 1,931 1,829 2.7 4.2 4.3 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 5.4 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 F Construction 1,488 1,553 1,470 2.2 5.5 7.1 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 7.9 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,877 1,758 3.9 4.2 5.4 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 7.1 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 H Transportation and storage 1,643 1,757 1,670 1.6 -0.1 5.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 9.6 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 I Accommodation and food service activities 1,330 1,376 1,344 4.8 -3.8 12.7 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 20.4 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 J Information and communication 2,597 2,734 2,613 5.7 4.5 4.7 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 5.4 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 K Financial and insurance activities 2,790 2,944 2,732 4.6 2.5 5.0 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 7.1 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 L Real estate activities 1,737 1,833 1,712 5.2 4.2 3.7 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 6.4 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 M Professional, scientific and technical activities 2,176 2,308 2,249 4.6 4.0 6.3 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 7.5 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 N Administrative and support service activities 1,333 1,409 1,345 5.1 4.7 5.9 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 8.2 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 O Public administration and defence, compulsory social security 2,514 2,372 2,348 8.9 7.4 6.9 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 -1.3 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 P Education 2,125 2,032 1,990 6.1 6.2 8.9 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 1.5 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 Q Human health and social work activities 2,433 2,205 2,285 5.1 17.7 4.8 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 -17.1 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 R Arts, entertainment and recreation 1,945 2,019 1,923 4.3 0.0 9.4 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 10.5 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 S Other service activities 1,541 1,576 1,527 4.7 4.5 3.4 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 2.7 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 Source: SURS, calculations by IMAD. Statistical Appendix36 Slovenian Economic Mirror, No 3/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 Food, non-alcoholic beverages 3.3 1.0 3.9 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 6.9 Alcoholic beverages, tobacco 1.9 3.2 2.4 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.8 2.8 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3.0 3.1 Clothing and footwear 0.5 -5.4 5.9 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 5.5 Housing, water, electricity, gas 2.7 -0.6 8.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 1.3 Furnishing, household equipm. 0.4 -0.4 5.7 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8.0 8.5 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 0.6 4.2 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 4.4 Transport 0.1 -5.9 12.5 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 Communications -0.4 0.6 -3.6 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 Recreation and culture 0.6 -3.9 3.4 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 2.4 Education 5.6 0.7 0.5 4.8 3.3 2.2 0.6 0.7 0.8 1.1 0.6 0.4 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 Catering services 3.2 0.6 6.1 2.0 1.3 1.0 0.7 0.6 1.3 4.0 5.8 7.1 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 7.3 Miscellaneous goods & services 4.4 0.7 -2.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 HICP 2.0 -1.2 5.1 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7.0 6.0 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.1 -0.6 -0.3 -0.1 1.2 3.6 7.5 9.9 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 Domestic market 2.1 1.0 10.6 1.3 0.3 0.3 0.9 1.9 4.2 8.0 10.1 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 Non-domestic market -0.9 -1.4 10.6 -1.4 -1.4 -0.8 -1.1 0.4 2.9 6.9 9.7 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 Euro area -0.7 -1.2 11.6 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 10.5 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 Non-euro area -1.2 -1.8 8.5 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 8.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10.0 11.4 Import price indices -1.4 -2.6 25.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 14.9 24.5 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -1.0 -1.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1.4 -1.5 -1.2 -1.4 Real (deflator HICP) -0.3 -0.4 -0.7 -0.1 -1.3 -0.1 0.0 -0.5 0.2 -1.3 -1.0 -0.1 0.0 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.3 -0.6 -0.8 0.9 0.5 -0.6 -0.9 -1.6 -1.3 -1.4 -0.6 -1.1 -0.6 0.1 0.1 Real (deflator ULC) 1.0 3.7 -2.2 2.8 5.6 1.2 5.2 1.4 -2.7 0.7 -7.9 USD / EUR 1.120 1.141 1.184 1.102 1.101 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.106 1.086 1.090 1.125 1.146 1.183 1.179 1.178 1.184 1.217 1.217 1.210 1.190 1.198 1.215 1.205 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 1.102 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix 37Slovenian Economic Mirror, No 3/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 Food, non-alcoholic beverages 3.3 1.0 3.9 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 6.9 Alcoholic beverages, tobacco 1.9 3.2 2.4 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.8 2.8 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3.0 3.1 Clothing and footwear 0.5 -5.4 5.9 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 5.5 Housing, water, electricity, gas 2.7 -0.6 8.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 1.3 Furnishing, household equipm. 0.4 -0.4 5.7 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8.0 8.5 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 0.6 4.2 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 4.4 Transport 0.1 -5.9 12.5 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 Communications -0.4 0.6 -3.6 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 Recreation and culture 0.6 -3.9 3.4 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 2.4 Education 5.6 0.7 0.5 4.8 3.3 2.2 0.6 0.7 0.8 1.1 0.6 0.4 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 Catering services 3.2 0.6 6.1 2.0 1.3 1.0 0.7 0.6 1.3 4.0 5.8 7.1 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 7.3 Miscellaneous goods & services 4.4 0.7 -2.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 HICP 2.0 -1.2 5.1 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7.0 6.0 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.1 -0.6 -0.3 -0.1 1.2 3.6 7.5 9.9 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 Domestic market 2.1 1.0 10.6 1.3 0.3 0.3 0.9 1.9 4.2 8.0 10.1 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 Non-domestic market -0.9 -1.4 10.6 -1.4 -1.4 -0.8 -1.1 0.4 2.9 6.9 9.7 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 Euro area -0.7 -1.2 11.6 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 10.5 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 Non-euro area -1.2 -1.8 8.5 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 8.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10.0 11.4 Import price indices -1.4 -2.6 25.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 14.9 24.5 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -1.0 -1.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1.4 -1.5 -1.2 -1.4 Real (deflator HICP) -0.3 -0.4 -0.7 -0.1 -1.3 -0.1 0.0 -0.5 0.2 -1.3 -1.0 -0.1 0.0 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.3 -0.6 -0.8 0.9 0.5 -0.6 -0.9 -1.6 -1.3 -1.4 -0.6 -1.1 -0.6 0.1 0.1 Real (deflator ULC) 1.0 3.7 -2.2 2.8 5.6 1.2 5.2 1.4 -2.7 0.7 -7.9 USD / EUR 1.120 1.141 1.184 1.102 1.101 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.106 1.086 1.090 1.125 1.146 1.183 1.179 1.178 1.184 1.217 1.217 1.210 1.190 1.198 1.215 1.205 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 1.102 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix38 Slovenian Economic Mirror, No 3/2022 Balance of payments 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,898 3,462 1,736 696 986 716 797 963 755 469 368 144 306 399 280 263 146 307 170 217 410 505 276 183 302 159 294 247 109 113 140 92 136 168 135 -159 98 Goods 1,311 2,366 519 273 568 568 700 530 540 206 -43 -183 137 243 188 164 123 281 344 89 267 277 187 66 236 133 172 127 17 62 62 -85 -20 21 23 -227 -44 Exports 32,013 29,656 35,335 7,904 7,857 6,431 7,368 8,001 8,250 8,783 8,506 9,797 2,581 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,428 2,638 3,183 2,875 2,874 3,033 2,887 2,512 3,107 3,269 3,385 3,143 3,067 Imports 30,702 27,290 34,816 7,630 7,289 5,862 6,668 7,471 7,709 8,577 8,549 9,980 2,444 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,192 2,506 3,011 2,749 2,857 2,971 2,825 2,597 3,127 3,249 3,362 3,370 3,111 Services 2,907 1,996 2,395 756 517 396 561 522 499 498 707 692 192 192 132 142 93 160 184 163 214 244 129 150 143 153 202 172 137 188 193 246 268 254 237 201 173 Exports 8,659 6,900 8,254 2,248 1,776 1,441 1,822 1,861 1,588 1,858 2,412 2,396 614 621 541 459 425 557 645 589 588 637 539 684 457 505 626 601 569 688 786 804 822 778 770 848 615 Imports 5,751 4,904 5,859 1,492 1,259 1,046 1,261 1,338 1,090 1,361 1,705 1,704 421 428 409 317 332 397 461 426 374 393 411 535 314 352 424 429 432 499 592 558 554 524 533 648 442 Primary income -811 -426 -672 -271 53 -116 -371 7 -100 -132 -203 -237 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -4 -35 -62 -28 -33 -71 -89 -47 -67 -65 -67 -105 15 Receipts 1,758 1,645 1,749 457 449 365 352 479 461 468 394 427 185 134 130 130 129 106 118 124 110 128 156 195 182 150 129 156 154 158 126 147 121 124 142 161 216 Expenditures 2,569 2,071 2,421 727 396 481 722 472 561 600 596 664 117 120 159 137 146 198 445 132 145 123 152 197 186 185 191 183 187 229 215 194 188 189 209 266 201 Secondary income -509 -473 -507 -62 -152 -132 -93 -96 -183 -103 -93 -128 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -74 -91 -18 -24 -12 -67 -27 -22 -45 -42 -58 -28 -46 Receipts 934 972 1,093 272 230 225 214 304 233 318 265 277 77 64 88 82 67 76 80 62 72 98 100 106 70 74 89 99 115 104 90 95 81 93 77 107 94 Expenditures 1,443 1,445 1,600 334 382 357 306 400 416 420 358 405 169 114 99 118 121 118 111 89 107 119 144 137 144 165 107 123 127 170 116 116 126 135 135 135 140 Capital account -187 -226 35 -120 -53 -17 -26 -130 143 -11 95 -193 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 28 -24 -14 38 23 35 18 -18 -193 6 Financial account 2,094 3,052 1,461 506 1,116 385 580 970 796 453 -47 259 360 451 306 368 -27 44 -4 265 319 453 434 83 229 612 -46 351 73 29 -409 217 144 566 -1 -306 466 Direct investment -762 266 -503 -119 -21 -37 -219 543 -182 -520 -269 468 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -145 -39 1 -325 -58 -136 -102 -51 -116 516 145 -193 -59 Assets 1,157 697 1,066 583 13 192 -65 557 309 81 269 408 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -41 199 151 156 180 -256 2 49 219 584 106 -282 111 Liabilities 1,919 431 1,569 701 33 229 155 14 491 600 538 -60 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 104 238 150 481 239 -120 104 100 334 68 -39 -89 170 Portfolio investment 734 -1,826 3,175 444 -1,953 -1,929 1,315 740 -170 1,630 38 1,677 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -667 543 162 876 96 705 -1,627 Financial derivatives -163 53 -25 8 53 -32 5 27 -18 10 -21 5 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 -5 -8 -8 0 1 3 2 Other investment 2,248 4,394 -2,011 167 2,989 2,354 -547 -402 1,154 -675 -502 -1,988 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,493 185 -523 -260 -479 64 359 -970 109 -835 -268 -885 2,086 Assets 3,250 4,856 2,154 260 3,346 1,988 -696 218 3,044 115 384 -1,388 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,723 1,345 -25 -75 -128 319 347 -184 221 -359 -9 -1,021 1,826 Other equity 27 4 5 -2 -1 5 0 0 0 2 0 3 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 3 10 Currency and deposits 2,811 4,753 782 656 2,751 2,672 -792 121 2,203 -132 213 -1,501 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,416 1,019 -232 -87 -143 98 331 -98 -21 -720 -167 -614 1,617 Loans 438 342 337 -18 79 40 57 165 153 -10 -23 218 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 40 58 66 93 -88 Insurance, pension schemes, and standardised guarantee schemes 13 1 19 2 2 3 -1 -2 5 1 12 0 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 0 0 0 0 Trade credit and advances 29 -224 905 -322 393 -544 67 -140 671 207 101 -75 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 215 46 92 69 -7 -82 190 277 89 -440 334 Other assets -69 -20 106 -56 122 -189 -27 74 11 47 81 -33 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -112 10 -13 50 58 16 7 26 4 -63 -48 Liabilities 1,002 462 4,165 93 358 -366 -150 620 1,889 791 886 600 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 231 1,161 498 185 351 255 -12 786 112 476 259 -135 -260 Other equity 2 4 -36 2 0 0 0 3 2 -42 1 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 0 0 Currency and deposits 1,009 800 2,359 308 199 222 116 263 788 909 371 290 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 285 255 93 7 271 180 149 -39 107 Loans -149 -409 -145 -250 40 -255 -325 131 756 -373 -403 -124 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -167 -107 -100 -10 83 -477 -9 86 -201 -118 Insurance, pension schemes, and standardised guarantee schemes 27 55 65 -35 40 18 6 -9 30 27 8 0 13 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 0 0 0 0 Trade credit and advances 62 -134 1,145 84 -59 -391 20 297 209 275 66 596 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -134 135 209 3 159 112 -141 -55 261 350 0 246 -270 Other liabilities 50 146 101 -17 138 39 33 -65 103 -5 169 -167 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 42 20 -30 4 21 42 72 54 -48 23 -142 22 Special drawing rights (SDR) 0 0 675 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 Reserve assets 37 166 824 5 49 29 26 62 13 7 707 97 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 Net errors and omissions -616 -184 -310 -71 184 -313 -191 137 -103 -5 -510 308 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -56 420 -467 76 -12 -70 -586 102 -27 380 -118 46 362 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,841 3,552 4,080 1,013 852 808 900 991 917 1,000 984 1,180 253 316 283 230 278 301 325 240 336 336 329 325 261 297 359 330 334 336 331 284 368 366 397 416 N/A Intermediate goods 17,045 15,446 19,949 4,097 4,211 3,290 3,797 4,148 4,578 4,885 4,931 5,554 1,398 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,391 1,455 1,731 1,602 1,599 1,684 1,702 1,436 1,793 1,873 1,974 1,708 N/A Consumer goods 12,661 13,928 15,488 3,288 3,790 3,168 3,430 3,539 3,932 3,921 3,781 3,854 1,329 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,255 1,429 1,309 1,277 1,335 1,417 1,044 1,320 1,345 1,354 1,155 N/A Import of investment goods 4,391 4,008 4,875 1,188 936 849 964 1,258 1,072 1,220 1,174 1,409 330 308 298 214 298 338 347 278 340 378 464 416 304 347 421 391 413 416 370 386 418 439 482 487 N/A Intermediate goods 18,508 16,434 24,546 4,450 4,426 3,386 3,963 4,658 4,816 5,807 6,445 7,478 1,494 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,372 1,532 1,912 1,780 1,998 2,029 2,189 1,901 2,355 2,473 2,354 2,652 N/A Consumer goods 11,183 11,670 12,585 3,232 3,011 2,579 2,871 3,210 2,907 3,209 3,019 3,449 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 901 907 1,099 1,153 1,027 1,029 944 1,021 1,054 1,155 1,168 1,126 N/A Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix 39Slovenian Economic Mirror, No 3/2022 Balance of payments 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,898 3,462 1,736 696 986 716 797 963 755 469 368 144 306 399 280 263 146 307 170 217 410 505 276 183 302 159 294 247 109 113 140 92 136 168 135 -159 98 Goods 1,311 2,366 519 273 568 568 700 530 540 206 -43 -183 137 243 188 164 123 281 344 89 267 277 187 66 236 133 172 127 17 62 62 -85 -20 21 23 -227 -44 Exports 32,013 29,656 35,335 7,904 7,857 6,431 7,368 8,001 8,250 8,783 8,506 9,797 2,581 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,428 2,638 3,183 2,875 2,874 3,033 2,887 2,512 3,107 3,269 3,385 3,143 3,067 Imports 30,702 27,290 34,816 7,630 7,289 5,862 6,668 7,471 7,709 8,577 8,549 9,980 2,444 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,192 2,506 3,011 2,749 2,857 2,971 2,825 2,597 3,127 3,249 3,362 3,370 3,111 Services 2,907 1,996 2,395 756 517 396 561 522 499 498 707 692 192 192 132 142 93 160 184 163 214 244 129 150 143 153 202 172 137 188 193 246 268 254 237 201 173 Exports 8,659 6,900 8,254 2,248 1,776 1,441 1,822 1,861 1,588 1,858 2,412 2,396 614 621 541 459 425 557 645 589 588 637 539 684 457 505 626 601 569 688 786 804 822 778 770 848 615 Imports 5,751 4,904 5,859 1,492 1,259 1,046 1,261 1,338 1,090 1,361 1,705 1,704 421 428 409 317 332 397 461 426 374 393 411 535 314 352 424 429 432 499 592 558 554 524 533 648 442 Primary income -811 -426 -672 -271 53 -116 -371 7 -100 -132 -203 -237 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -4 -35 -62 -28 -33 -71 -89 -47 -67 -65 -67 -105 15 Receipts 1,758 1,645 1,749 457 449 365 352 479 461 468 394 427 185 134 130 130 129 106 118 124 110 128 156 195 182 150 129 156 154 158 126 147 121 124 142 161 216 Expenditures 2,569 2,071 2,421 727 396 481 722 472 561 600 596 664 117 120 159 137 146 198 445 132 145 123 152 197 186 185 191 183 187 229 215 194 188 189 209 266 201 Secondary income -509 -473 -507 -62 -152 -132 -93 -96 -183 -103 -93 -128 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -74 -91 -18 -24 -12 -67 -27 -22 -45 -42 -58 -28 -46 Receipts 934 972 1,093 272 230 225 214 304 233 318 265 277 77 64 88 82 67 76 80 62 72 98 100 106 70 74 89 99 115 104 90 95 81 93 77 107 94 Expenditures 1,443 1,445 1,600 334 382 357 306 400 416 420 358 405 169 114 99 118 121 118 111 89 107 119 144 137 144 165 107 123 127 170 116 116 126 135 135 135 140 Capital account -187 -226 35 -120 -53 -17 -26 -130 143 -11 95 -193 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 28 -24 -14 38 23 35 18 -18 -193 6 Financial account 2,094 3,052 1,461 506 1,116 385 580 970 796 453 -47 259 360 451 306 368 -27 44 -4 265 319 453 434 83 229 612 -46 351 73 29 -409 217 144 566 -1 -306 466 Direct investment -762 266 -503 -119 -21 -37 -219 543 -182 -520 -269 468 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -145 -39 1 -325 -58 -136 -102 -51 -116 516 145 -193 -59 Assets 1,157 697 1,066 583 13 192 -65 557 309 81 269 408 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -41 199 151 156 180 -256 2 49 219 584 106 -282 111 Liabilities 1,919 431 1,569 701 33 229 155 14 491 600 538 -60 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 104 238 150 481 239 -120 104 100 334 68 -39 -89 170 Portfolio investment 734 -1,826 3,175 444 -1,953 -1,929 1,315 740 -170 1,630 38 1,677 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -667 543 162 876 96 705 -1,627 Financial derivatives -163 53 -25 8 53 -32 5 27 -18 10 -21 5 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 -5 -8 -8 0 1 3 2 Other investment 2,248 4,394 -2,011 167 2,989 2,354 -547 -402 1,154 -675 -502 -1,988 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,493 185 -523 -260 -479 64 359 -970 109 -835 -268 -885 2,086 Assets 3,250 4,856 2,154 260 3,346 1,988 -696 218 3,044 115 384 -1,388 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,723 1,345 -25 -75 -128 319 347 -184 221 -359 -9 -1,021 1,826 Other equity 27 4 5 -2 -1 5 0 0 0 2 0 3 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 3 10 Currency and deposits 2,811 4,753 782 656 2,751 2,672 -792 121 2,203 -132 213 -1,501 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,416 1,019 -232 -87 -143 98 331 -98 -21 -720 -167 -614 1,617 Loans 438 342 337 -18 79 40 57 165 153 -10 -23 218 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 40 58 66 93 -88 Insurance, pension schemes, and standardised guarantee schemes 13 1 19 2 2 3 -1 -2 5 1 12 0 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 0 0 0 0 Trade credit and advances 29 -224 905 -322 393 -544 67 -140 671 207 101 -75 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 215 46 92 69 -7 -82 190 277 89 -440 334 Other assets -69 -20 106 -56 122 -189 -27 74 11 47 81 -33 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -112 10 -13 50 58 16 7 26 4 -63 -48 Liabilities 1,002 462 4,165 93 358 -366 -150 620 1,889 791 886 600 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 231 1,161 498 185 351 255 -12 786 112 476 259 -135 -260 Other equity 2 4 -36 2 0 0 0 3 2 -42 1 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 0 0 Currency and deposits 1,009 800 2,359 308 199 222 116 263 788 909 371 290 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 285 255 93 7 271 180 149 -39 107 Loans -149 -409 -145 -250 40 -255 -325 131 756 -373 -403 -124 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -167 -107 -100 -10 83 -477 -9 86 -201 -118 Insurance, pension schemes, and standardised guarantee schemes 27 55 65 -35 40 18 6 -9 30 27 8 0 13 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 0 0 0 0 Trade credit and advances 62 -134 1,145 84 -59 -391 20 297 209 275 66 596 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -134 135 209 3 159 112 -141 -55 261 350 0 246 -270 Other liabilities 50 146 101 -17 138 39 33 -65 103 -5 169 -167 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 42 20 -30 4 21 42 72 54 -48 23 -142 22 Special drawing rights (SDR) 0 0 675 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 Reserve assets 37 166 824 5 49 29 26 62 13 7 707 97 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 Net errors and omissions -616 -184 -310 -71 184 -313 -191 137 -103 -5 -510 308 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -56 420 -467 76 -12 -70 -586 102 -27 380 -118 46 362 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,841 3,552 4,080 1,013 852 808 900 991 917 1,000 984 1,180 253 316 283 230 278 301 325 240 336 336 329 325 261 297 359 330 334 336 331 284 368 366 397 416 N/A Intermediate goods 17,045 15,446 19,949 4,097 4,211 3,290 3,797 4,148 4,578 4,885 4,931 5,554 1,398 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,391 1,455 1,731 1,602 1,599 1,684 1,702 1,436 1,793 1,873 1,974 1,708 N/A Consumer goods 12,661 13,928 15,488 3,288 3,790 3,168 3,430 3,539 3,932 3,921 3,781 3,854 1,329 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,255 1,429 1,309 1,277 1,335 1,417 1,044 1,320 1,345 1,354 1,155 N/A Import of investment goods 4,391 4,008 4,875 1,188 936 849 964 1,258 1,072 1,220 1,174 1,409 330 308 298 214 298 338 347 278 340 378 464 416 304 347 421 391 413 416 370 386 418 439 482 487 N/A Intermediate goods 18,508 16,434 24,546 4,450 4,426 3,386 3,963 4,658 4,816 5,807 6,445 7,478 1,494 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,372 1,532 1,912 1,780 1,998 2,029 2,189 1,901 2,355 2,473 2,354 2,652 N/A Consumer goods 11,183 11,670 12,585 3,232 3,011 2,579 2,871 3,210 2,907 3,209 3,019 3,449 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 901 907 1,099 1,153 1,027 1,029 944 1,021 1,054 1,155 1,168 1,126 N/A Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix40 Slovenian Economic Mirror, No 3/2022 Monetary indicators and interest rates 2019 2020 2021 2019 2020 2020 2021 2022 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 7,819 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 Central government (S,1311) 4,696 4,520 3,538 4,959 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 Other government (S,1312,1313,1314) 602 639 693 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 706 698 Households (S,14, 15) 10,981 10,997 11,556 10,950 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 Non-financial corporations (S,11) 9,589 9,363 9,828 9,869 9,882 9,587 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,479 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 4,011 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 26,728 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 In foreign currency 391 345 284 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 281 273 Securities, total 4,382 4,361 3,302 4,642 4,581 4,381 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 30,678 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 Overnight 21,278 25,218 29,146 20,611 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 With agreed maturity – short-term 3,478 3,381 2,707 3,448 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 With agreed maturity – long-term 5,723 5,348 5,849 5,806 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 Short-term deposits redeemable at notice 630 620 450 813 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 477 468 Deposits in foreign currency, total 634 723 828 646 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 834 851 Overnight 577 675 790 585 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 799 817 With agreed maturity – short-term 26 25 27 26 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 24 24 With agreed maturity – long-term 31 23 11 35 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 11 10 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.16 0.17 0.18 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.51 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 2.32 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.413 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 - 6-month rates -0.302 -0.364 -0.364 -0.362 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.774 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - 6-month rates -0.684 -0.659 -0.715 -0.711 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - Sources: BoS, EUROSTAT. Statistical Appendix 41Slovenian Economic Mirror, No 3/2022 Monetary indicators and interest rates 2019 2020 2021 2019 2020 2020 2021 2022 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 7,819 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 Central government (S,1311) 4,696 4,520 3,538 4,959 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 Other government (S,1312,1313,1314) 602 639 693 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 706 698 Households (S,14, 15) 10,981 10,997 11,556 10,950 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 Non-financial corporations (S,11) 9,589 9,363 9,828 9,869 9,882 9,587 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,479 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 4,011 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 26,728 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 In foreign currency 391 345 284 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 281 273 Securities, total 4,382 4,361 3,302 4,642 4,581 4,381 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 30,678 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 Overnight 21,278 25,218 29,146 20,611 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 With agreed maturity – short-term 3,478 3,381 2,707 3,448 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 With agreed maturity – long-term 5,723 5,348 5,849 5,806 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 Short-term deposits redeemable at notice 630 620 450 813 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 477 468 Deposits in foreign currency, total 634 723 828 646 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 834 851 Overnight 577 675 790 585 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 799 817 With agreed maturity – short-term 26 25 27 26 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 24 24 With agreed maturity – long-term 31 23 11 35 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 11 10 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.16 0.17 0.18 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.51 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 2.32 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.413 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 - 6-month rates -0.302 -0.364 -0.364 -0.362 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.774 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - 6-month rates -0.684 -0.659 -0.715 -0.711 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - Sources: BoS, EUROSTAT. Statistical Appendix42 Slovenian Economic Mirror, No 3/2022 Public finance 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.1 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,852.7 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,092.9 2,035.2 1,782.7 Current revenues 18,293.3 17,578.7 20,123.7 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.0 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.0 1,822.8 1,686.1 Tax revenues 17,179.1 16,460.4 18,782.9 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,072.9 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,758.3 1,737.9 1,518.8 Taxes on income and profit 3,614.0 3,261.8 3,981.2 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 1,048.4 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.1 332.6 348.2 Social security contributions 7,021.3 7,289.9 7,924.4 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,047.2 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 756.4 680.4 677.2 Taxes on payroll and workforce 23.2 21.6 23.9 6.6 5.9 4.0 5.6 6.1 5.0 5.9 6.0 7.0 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 Taxes on property 296.4 287.3 316.2 81.6 31.0 48.6 111.3 96.4 33.5 84.8 102.2 95.7 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.0 12.4 8.5 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.1 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.4 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.0 623.0 483.3 Taxes on international trade & transactions 98.6 102.4 177.4 22.1 24.0 24.5 25.3 28.7 28.1 34.6 36.7 78.0 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 Other taxes -1.1 4.1 0.7 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -34.8 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -36.4 60.3 -14.4 Non-tax revenues 1,114.2 1,118.2 1,340.7 253.1 249.7 339.7 291.3 237.6 284.5 431.7 308.4 316.1 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 129.7 84.9 167.3 Capital revenues 136.4 146.9 228.2 46.9 31.2 20.1 31.3 64.3 36.4 54.9 56.0 81.0 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.7 17.9 23.6 Grants 13.8 17.5 21.7 1.2 8.1 1.4 6.9 1.1 6.7 2.0 10.3 2.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.5 0.9 11.1 Transferred revenues 58.3 54.8 57.4 3.1 0.2 21.7 30.6 2.3 1.7 2.1 51.4 2.1 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 Receipts from the EU budget 730.5 730.7 951.2 238.0 200.9 133.3 189.6 206.9 233.3 180.5 159.5 378.0 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,296.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,682.0 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,805.8 1,906.8 1,793.5 Current expenditures 8,228.3 9,127.8 10,389.9 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,873.0 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,266.8 803.4 739.5 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,758.3 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,320.8 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 444.0 424.2 427.0 Expenditures on goods and services 2,728.0 3,020.7 3,340.5 786.0 686.8 661.6 739.0 933.4 724.9 767.0 794.0 1,054.6 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 535.4 226.6 262.4 Interest payments 791.5 778.0 732.2 88.9 442.4 53.7 187.0 95.0 386.9 45.5 204.6 95.2 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.1 17.8 23.6 Reserves 238.4 363.8 558.8 97.9 47.3 40.5 32.8 243.2 63.1 59.5 33.9 402.4 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.3 134.8 26.5 Current transfers 8,704.2 10,867.7 11,320.5 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,713.1 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 976.8 972.6 885.3 Subsidies 467.9 1,449.3 867.2 139.3 167.9 711.7 305.5 264.2 296.4 302.3 111.5 157.0 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.0 115.9 29.7 Current transfers to individuals and households 7,323.9 8,250.8 9,167.9 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.9 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.8 772.7 749.9 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,132.6 232.7 215.0 242.6 248.9 376.7 197.6 276.6 298.3 360.1 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 151.1 74.9 92.6 Current transfers abroad 84.7 84.4 152.7 25.9 23.2 11.2 16.6 33.4 29.9 31.0 36.7 55.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 9.1 13.1 Capital expenditures 1,252.9 1,230.6 1,541.8 541.2 172.8 232.7 263.2 561.9 194.3 278.0 402.4 667.0 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 332.6 52.1 77.1 Capital transfers 273.6 318.5 415.7 141.6 29.6 42.9 68.0 178.0 33.4 55.7 86.2 240.4 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 158.9 12.1 17.1 Payments to the EU budget 509.7 526.0 628.9 82.3 154.0 134.7 85.1 152.2 197.5 119.1 123.8 188.5 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 66.6 74.7 SURPLUS / DEFICIT 263.5 -3,542.1 -2,914.5 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -829.2 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -712.9 128.4 -10.9 Source: MF. Statistical Appendix 43Slovenian Economic Mirror, No 3/2022 Public finance 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.1 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,852.7 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,092.9 2,035.2 1,782.7 Current revenues 18,293.3 17,578.7 20,123.7 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.0 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.0 1,822.8 1,686.1 Tax revenues 17,179.1 16,460.4 18,782.9 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,072.9 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,758.3 1,737.9 1,518.8 Taxes on income and profit 3,614.0 3,261.8 3,981.2 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 1,048.4 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.1 332.6 348.2 Social security contributions 7,021.3 7,289.9 7,924.4 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,047.2 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 756.4 680.4 677.2 Taxes on payroll and workforce 23.2 21.6 23.9 6.6 5.9 4.0 5.6 6.1 5.0 5.9 6.0 7.0 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 Taxes on property 296.4 287.3 316.2 81.6 31.0 48.6 111.3 96.4 33.5 84.8 102.2 95.7 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.0 12.4 8.5 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.1 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.4 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.0 623.0 483.3 Taxes on international trade & transactions 98.6 102.4 177.4 22.1 24.0 24.5 25.3 28.7 28.1 34.6 36.7 78.0 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 Other taxes -1.1 4.1 0.7 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -34.8 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -36.4 60.3 -14.4 Non-tax revenues 1,114.2 1,118.2 1,340.7 253.1 249.7 339.7 291.3 237.6 284.5 431.7 308.4 316.1 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 129.7 84.9 167.3 Capital revenues 136.4 146.9 228.2 46.9 31.2 20.1 31.3 64.3 36.4 54.9 56.0 81.0 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.7 17.9 23.6 Grants 13.8 17.5 21.7 1.2 8.1 1.4 6.9 1.1 6.7 2.0 10.3 2.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.5 0.9 11.1 Transferred revenues 58.3 54.8 57.4 3.1 0.2 21.7 30.6 2.3 1.7 2.1 51.4 2.1 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 Receipts from the EU budget 730.5 730.7 951.2 238.0 200.9 133.3 189.6 206.9 233.3 180.5 159.5 378.0 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,296.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,682.0 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,805.8 1,906.8 1,793.5 Current expenditures 8,228.3 9,127.8 10,389.9 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,873.0 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,266.8 803.4 739.5 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,758.3 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,320.8 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 444.0 424.2 427.0 Expenditures on goods and services 2,728.0 3,020.7 3,340.5 786.0 686.8 661.6 739.0 933.4 724.9 767.0 794.0 1,054.6 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 535.4 226.6 262.4 Interest payments 791.5 778.0 732.2 88.9 442.4 53.7 187.0 95.0 386.9 45.5 204.6 95.2 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.1 17.8 23.6 Reserves 238.4 363.8 558.8 97.9 47.3 40.5 32.8 243.2 63.1 59.5 33.9 402.4 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.3 134.8 26.5 Current transfers 8,704.2 10,867.7 11,320.5 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,713.1 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 976.8 972.6 885.3 Subsidies 467.9 1,449.3 867.2 139.3 167.9 711.7 305.5 264.2 296.4 302.3 111.5 157.0 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.0 115.9 29.7 Current transfers to individuals and households 7,323.9 8,250.8 9,167.9 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.9 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.8 772.7 749.9 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,132.6 232.7 215.0 242.6 248.9 376.7 197.6 276.6 298.3 360.1 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 151.1 74.9 92.6 Current transfers abroad 84.7 84.4 152.7 25.9 23.2 11.2 16.6 33.4 29.9 31.0 36.7 55.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 9.1 13.1 Capital expenditures 1,252.9 1,230.6 1,541.8 541.2 172.8 232.7 263.2 561.9 194.3 278.0 402.4 667.0 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 332.6 52.1 77.1 Capital transfers 273.6 318.5 415.7 141.6 29.6 42.9 68.0 178.0 33.4 55.7 86.2 240.4 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 158.9 12.1 17.1 Payments to the EU budget 509.7 526.0 628.9 82.3 154.0 134.7 85.1 152.2 197.5 119.1 123.8 188.5 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 66.6 74.7 SURPLUS / DEFICIT 263.5 -3,542.1 -2,914.5 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -829.2 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -712.9 128.4 -10.9 Source: MF. Acronyms44 Slovenian Economic Mirror, No 3/2022 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, EUROSTAT – Statistical Office of the European Union, FURS – Financial Administration of the Republic of Slovenia, GDP– Gross domestic product, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, NPISHs – Non- Profit Institutions Serving Households, PMI – Purchasing Managers' Index, REACT-EU - Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, SVRK – Government Office for Development and European Cohesion Policy, USD – US Dollar, VAT – value added tax, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L  – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O  – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY- Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 3, Vol. XXVIII, 2022