No. 6, Vol. XXIX, 2023 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 6 / Vol. XXIX / 2023 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Matevž Hribernik, MSc Authors: Urška Brodar; Marta Gregorčič, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Helena Mervic; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Selected topic: Valerija Korošec, PhD (Life satisfaction, May–June 2023) Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, October 2023 ISSN 1581-1026 (pdf ) ©2023, Institute of Macroeconomic Analysis and Development The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ............................................................................................................................................ 3 Current economic trends ........................................................................................................................ 6 International environment ........................................................................................................................7 Economic developments in Slovenia .................................................................................................. 10 Labour market ............................................................................................................................................. 17 Prices ............................................................................................................................................................... 19 Financial markets ....................................................................................................................................... 21 Balance of payments ................................................................................................................................. 23 Public finance .............................................................................................................................................. 24 Selected topic.............................................................................................................................................26 Life satisfaction, May–June 2023........................................................................................................... 27 Statistical appendix ................................................................................................................................29 The Economic Mirror is prepared based on statistical data available by 10 October 2023. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 6/2023 In the spotlight In the spotlight 3 Sentiment indicators point to a slowdown in global economic growth and a contraction in euro area economic activity in the third quarter; the outlook for the euro area remains low for this year. The composite Purchasing Managers’ Index (PMI) for the global economy has gradually declined in recent months and was only just above the 50 mark (threshold between economic expansion and contraction) in September. For the euro area, the composite indicator has been pointing to a decline in activity for several months, especially in manufacturing, and the indicator for the services sector has also deteriorated. The OECD and the IMF expect the global economy to grow by 3% this year, easing off to 2.7%–2.9% in 2024, with risks tilted to the downside. These forecasts do not take into account the possible consequences of an escalation of the conflict in the Middle East, especially for oil prices. Economic growth in the euro area is expected to remain very low on average this year (between 0.6 and 0.8%), as a pick-up in economic activity is expected only in early 2024. The contraction in economic activity in Germany, Slovenia’s main trading partner, is also expected to slow by the end of the year. Most of the available economic indicators in Slovenia deteriorated in July and August. After months of decline, exports and imports of goods increased slightly in August, while manufacturing output continued to contract. The year-on-year decline in activity in export-oriented sectors deepened, with energy-intensive industries being the hardest hit. Export expectations in manufacturing also remained very low, falling to their lowest level since mid-2020 in September. Data on electricity consumption for August and September also point to a significant year-on-year decline in electricity consumption, particularly to lower industrial consumption. Current growth in services trade also declined, but remains strong year-on-year due to a significant recovery in trade in tourism-related services. Real turnover in market services declined in July, most notably in transport. Turnover in most trade sectors also fell, with the negative trend continuing in August, according to preliminary data. Year-on-year, turnover remained higher only in the sale of motor vehicles. In July and August, Slovenian households spent less on food, non-food products, overnight stays in Slovenia and new cars than a year earlier. According to data on the fiscal verification of invoices, total turnover, which was weaker in August, increased slightly in September. According to data on the value of work put in place, construction activity decreased in July, although it was still significantly higher than last year. Economic sentiment, which had deteriorated since the beginning of the year, improved slightly in September but remained relatively low. Confidence in most sectors remained lower than a year ago and in the pre-epidemic period. The decline in the number of registered unemployed continued in September, with average gross wage rising 3.7% in real terms in July and 1.4% in the first seven months of the year. At the end of September, unemployment totalled 45,999, which is 11.6% less than a year ago. On a seasonally adjusted basis, the monthly decline (-0.8%) was similar to the previous months. Amid severe labour shortages, the number of longterm unemployed fell by 21% year-on-year. Employment growth in July was slightly lower than in previous months, mainly due to a slowdown in year-on-year employment growth in construction and manufacturing. For some time now, employment of foreign workers has contributed more than 80% to employment growth. The average wage in the first seven months, including July, was higher year-on-year in real terms (1.4%). The increase in the public sector was more pronounced than in the private sector, mainly due to the wage increase in the public sector agreed last year. The number of financial social assistance (FSA) beneficiaries continued to fall and the number of unemployment benefit (UB) recipients was also low. As expected, year-on-year growth in consumer prices accelerated in September (from 6.2 to 7.5%). This was mainly due to the expiry of the temporary measures to mitigate the high energy prices. In addition, the prices of food, whose growth has slowed and reached the lowest level since April 2022, and services, especially health and catering services, continue to be major contributors to year-on-year inflation. Slovenian industrial producer prices fell at the monthly level for the fifth month in a row in August. The yearon-year growth rate has thus slowed markedly (to 2.1%) in recent months, compared to the growth of almost 20% at the end of last year. 4 In the spotlight Slovenian Economic Mirror, No 6/2023 In the first eight months of this year, the deficit of the consolidated balance of public finances was higher year-on-year. It totalled EUR 800 million, compared with EUR 388 million in the same period last year. Revenues increased by 3.5% year-on-year. This was mainly driven by increased growth in social contributions and income tax revenues, alongside growth in employment and wages. Growth in excise revenue has also accelerated, due to higher excise duties on energy and tobacco products. However, the growth of some other tax revenues, notably VAT, has slowed considerably, linked to the fiscal measures to mitigate the consequences of the energy crisis and a slowdown in private consumption growth. Revenue from corporate income tax and receipts from the EU budget, and some capital and transfer revenues also declined significantly. Expenditure increased by 6% year-on-year. The main reason for the increase was the rise in wages and other remunerations (12.2%) as a result of last year’s agreement on the public sector wage increase. Various transfers (subsidies and transfers to individuals and households) were also higher than a year ago. The increase this year was due to measures to mitigate the consequences of rising energy prices. Investment expenditure was 11.7% higher year-on-year. In the spotlight Slovenian Economic Mirror, No 6/2023 180 160 140 120 100 80 60 Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 18 Jan 19 Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Primary balance 500 0 -500 -387.8 -1,000 -800.3 -1,500 -1577.3 -2,000 -2,500 -3,000 -2917.2 -3,500 I-VIII 2023 2022 2021 2020 2019 I-VIII 2022 Source: MF; calculations by IMAD. 2018 2017 2016 2015 2014 2013 -3542.2 2012 -4,000 2011 In EUR million -4 General government balance 1,000 Year-on-year growth, in % -4 Sep 23 -2 May 23 -2 Jan 23 0 Sep 22 0 May 22 2 Jan 22 2 Sep 21 4 May 21 4 Jan 21 6 Sep 20 6 May 20 8 Jan 20 8 Sep 19 10 Jan 19 Jan 18 Jan 13 1,500 12 Source: SURS; calculations by IMAD. 20 The general government deficit was higher in the first eight months of this year than in the same period last year Fuels and energy Other 10 May 19 Contribution to y-o-y growth, in p. p. Year-on-year inflation rose in September, as expected, mainly due to the withdrawal of measures to mitigate the consequences of high energy prices 12 40 Source: ESS. Source: SURS; calculations by IMAD. Food Services TOTAL 60 0 Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -40 80 Jan 17 -30 100 Jan 16 -20 120 Jan 15 0 -10 Long-term unemployed 140 Jan 14 10 -50 Jan 17 All unemployed 20 Jan 13 Seasonally adjusted indicator value, 3-month moving average 30 Manufacturing Service activities Consumers The decline in the number of registered unemployed continued in July; the number of long-term unemployed also declined Number of registered unemployed in '000 Economic sentiment Retail trade Construction Jan 16 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. In Slovenia, the value of the economic sentiment indicator rose slightly in September, although it remained relatively low Jan 14 40 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Germany Sep 23 Euro Area 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value World In Slovenia, the value of short-term indicators of economic activity mostly declined in July and August Jan 15 The composite Purchasing Managers’ Index (PMI) for the world has declined in recent months, although it is still above 50, while the composite PMI for the euro area and Germany points to a contraction in economic activity 5 current economic trends Current Economic Trends Slovenian Economic Mirror, No 6/2023 7 The international environment Figure 1: IMF’s economic outlook, October 2023 6 2022 2023 2024 Previous forecast World US China Euro Area Real GDP change, in % 5 4 3 2 1 0 -1 Germany Italy France Source: IMF WEO, July and October 2023. Global GDP growth is expected to slow in the second half of the year. GDP growth in the first half of the year was relatively strong, mainly due to strong growth in the US, supported by strong domestic demand and a resilient labour market. In their autumn forecasts, the OECD and IMF expect global GDP growth to weaken over the course of the year due to tighter monetary policy and the slowdown in China’s recovery related to problems in the real estate sector. This is also suggested by the composite Purchasing Managers’ Index (PMI) for the global economy, which has gradually declined in the second half of the year and was only just above the 50 mark (threshold between economic expansion and contraction) in September. The OECD and the IMF expect the global economy to grow by 3% this year, moderating to 2.7% and 2.9% respectively in 2024. The risks to economic growth are tilted to the downside, as inflation could remain elevated amid higher-than-expected energy and food prices, and monetary policy could have a stronger-than-expected impact on the economic slowdown. Another important risk is a stronger-than-expected economic slowdown in China. Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Sep 23 Services Jan 23 Jan 22 Manufacturing Jan 21 Jan 20 Composite index Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value Figure 2: Composite Purchasing Managers’ Index (PMI) for the euro area, September 2023 Survey indicators for the euro area point to a contraction in economic activity in the third quarter. The quarterly average of the composite Purchasing Managers’ Index (PMI) declined from the previous quarter (to 47.5), falling further below the 50 mark (threshold between economic expansion and contraction). The average manufacturing PMI still pointed to contraction in September, and the services PMI also pointed to weaker activity. The Economic Sentiment Indicator (ESI) for the euro area also fell on average in the third quarter, with confidence declining in most sectors and among consumers. According to the forecasts of international institutions, economic activity in the euro area will start picking up slightly only in early 2024, when foreign demand1 is expected to increase and real income is expected to rise amid lower inflation, wage growth and low unemployment. Growth will be relatively subdued due to the ECB’s monetary tightening and adverse credit conditions spilling over to the business sector, and the withdrawal of fiscal support. In September, international institutions (EC, ECB, OECD) forecast euro area growth of 0.6–0.8% this year, rising to 0.9–1.3% in 2024. 1 In contrast to global economic growth, which is expected to weaken next year, external demand growth will pick up after stagnating this year. 8 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Figure 3: Economic growth forecasts for Germany, September 2023 Forecast for 2023 1.5 Forecast for 2024 Real GDP growth, in % 1.0 0.5 0.0 -0.5 -1.0 EC OECD Ifw Kiel German institutes* Source: EC, DIW, Ifo, Ifw, IWH, OECD, RWI . *Joint Economic Forecast of German economic institutes (DIW, Ifo, Ifw, IWH, RWI). International institutions expect the contraction of economic activity in Germany to slow by the end of this year and GDP to rise again in 2024. Energy-intensive industries in Germany were hit hard by the energy price shock following the start of the war in Ukraine. The EC notes that even after energy prices started to ease off, their level in Germany remained relatively high compared to other non-EU countries, which has a negative impact on German competitiveness. The German construction industry has been hit mainly by rising interest rates. High inflation has also had a significant impact on household purchasing power. Economic sentiment in Germany continued to deteriorate in the third quarter, but the downward trend in sentiment indicators (PMI, ESI) was halted in September. According to the forecasts of international institutions, GDP will contract by 0.2–0.6% this year and in 2024 economic growth will reach 0.9– 1.3%. Increases in real wages and government transfers, and a decline in inflation should lead to a strong recovery in private consumption, which will also boost activity in consumption-related sectors and strengthen foreign demand. Figure 4: Commodity prices, September 2023 Energy Food 180 Non-energy commodities Metals 160 120 100 80 60 40 20 Source: World Bank. Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 13 Index 2010=100 140 Oil prices on the international markets were higher in September than a year ago. The average dollar price of Brent crude oil, which has been growing since July this year, was USD 93.7 on average in September (+8.8% month-on-month) and the average euro price was EUR 87.7 (+11.2% month-on-month). The increase was significantly influenced by the decision of Saudi Arabia and Russia to cut production until the end of 2023. In September, the dollar price of Brent crude oil was 4.4% higher year-on-year, while the euro price was slightly lower year-on-year (by 3.2%). With storage capacities almost full, the euro prices of natural gas on the European market (Dutch TTF) were similar to the previous month (5% higher), while they were 81.7% lower year-on-year. According to the World Bank, the average dollar price of non-energy commodities increased slightly (by 1.5%) in September, while it remained lower year-on-year (by 3.9%). On the international commodity markets, prices of food and fertilisers fell year-on-year in September, while prices of agricultural raw materials (wood) and metals and minerals increased. Current Economic Trends Slovenian Economic Mirror, No 6/2023 9 Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2022 VIII 23 IX 23 IX 23/VIII 23 IX 23/IX 22 I-IX 23/I-IX 22 Brent USD, per barrel 100.79 86.12 93.72 8.8 4.4 -21.7 Brent EUR, per barrel 95.79 78.94 87.74 11.2 -3.2 -23.2 131.98 35.00 36.87 5.4 -81.7 -34.0 1.054 1.091 1.068 -2.1 7.9 1.8 Natural gas (TTF)2, EUR/MWh USD/EUR 3-month EURIBOR, in % Non-energy commodity prices, index 2010=100 0.342 3.780 3.880 10.0 286.9 339.1 123.59 109.08 110.69 1.5 -3.9 -11.4 Source: EIA, ECB, World Bank; calculations by IMAD. Notes: 1 for Euribor, change is in basis points, 2 trading point for natural gas in the Netherlands. Figure 5: Effective exchange rate, Q3 2023 NEER REER hicp REER ppi 108 106 102 100 98 96 Q1 23 Q3 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 Q1 08 94 Q1 07 2007=100 104 Source: ECB; calculations by IMAD. NEER - nominal effective exchange rate, REER HICP (PPI or ULC) - real effective exchange rate deflated by HICP (PPI or ULC). An increase in the indicator means an appreciation of the euro and/or an increase in relative prices against a basket of 37 trading partners' currencies, weighted according to their importance in Slovenia's trade. The competitiveness indicators continue to point to an unfavourable price competitiveness position of Slovenian exporters in the third quarter of this year. As price growth in Slovenia was stronger than in its trading partners, the price competitiveness indicators of the Slovenian economy (REER ppi, REER hicp) have further deteriorated this year. The appreciation of the euro, which was weak last year, against a basket of currencies of Slovenia’s main trading partners (NEER) also contributed slightly to the deterioration. The gap in price growth was particularly pronounced for industrial producer prices in manufacturing (PPI), which peaked in the second quarter of this year, according to currently available data. 10 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Current economic trends Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities 180 160 140 120 100 80 60 Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 6: Short-term indicators of economic activity in Slovenia, July–August 2023 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Most of the available economic indicators in Slovenia deteriorated in July and August. After months of decline, exports and imports of goods increased slightly in August, while manufacturing output continued to contract. The year-on-year decline in activity in export-oriented sectors deepened, with energy-intensive industries being the hardest hit. Export expectations in manufacturing also remained very low, falling to their lowest level since mid2020 in September. Data on electricity consumption for August and September also point to a significant year-onyear decline in electricity consumption, due particularly to lower industrial consumption. Current growth in services trade also declined, but remains strong year-on-year due to a significant recovery in tourism-related services trade. Real turnover in market services declined in July, most notably in transport. Turnover in most trade sectors also decreased. Preliminary data suggest that similar trends continued in August. Turnover remained higher only in the sale of motor vehicles. In July and August, households spent less on food, non-food products, overnight stays in Slovenia and new cars than a year earlier. According to data on the fiscal verification of invoices, total turnover, which was weaker in August, increased slightly in September. According to data on the value of work put in place, construction activity decreased in July, although it was still significantly higher than last year. Economic sentiment, which had deteriorated since the beginning of the year, improved slightly in September but remained relatively low. Confidence in most sectors remained lower than a year ago and in the pre-epidemic period. Figure 7: Electricity consumption, August 2023 Austria Italy Croatia Slovenia 20 15 10 5 0 -5 -10 -15 Sep 23 Jun 23 Mar 23 Dec 22 Sep 22 Jun 22 Mar 22 Dec 21 Sep 21 Jun 21 Mar 21 Sep 20 Dec 20 Jun 20 -20 Mar 20 Year-on-year change, in % 25 France Germany Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and 18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until August 2022. Electricity consumption was 17% lower year-on-year in September. According to our estimate, this was mainly due to lower industrial consumption. The decrease in electricity consumption could also be partly due to the floods in August, which resulted in some residential and manufacturing/service units not yet being back in use in September. Among Slovenia’s main trading partners, lower consumption compared to September 2022 was recorded by Austria (-10%), Croatia (-3%), Italy (-1%) and Germany (-1%), while consumption was higher in France (3%). Current Economic Trends Slovenian Economic Mirror, No 6/2023 11 Figure 8: Electricity consumption by consumption group, August 2023 30 Year-on-year change, in % In August, electricity consumption in the distribution network was lower year-on-year in all consumption groups. Industrial consumption fell by 12% year-on-year, slightly more than in the previous months. The decline deepened also due to the floods and their impact on the production processes of some companies. The yearon-year decline in consumption was also somewhat more pronounced among small business consumers2 (2.8%). For households, the year-on-year decline (0.5%) was lower than in previous months, which could also be related to higher electricity consumption due to the drying of properties after the floods. Industry Households Small business consumption Total distribution network consumption 20 10 0 -10 -20 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Aug 23 -30 2 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. 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. Figure 9: Value of fiscally verified invoices – in nominal terms, September 2023 50 40 20 10 0 -10 -20 -30 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Sep 23 May 23 Jan 23 Sep 22 May 22 Jan 22 Sep 21 May 21 Jan 21 Sep 20 May 20 -40 Jan 20 Y-on-y change , in % 30 The nominal value of fiscally verified invoices was 6% higher year-on-year in September. Following weaker growth in August,3 total turnover growth rose to 6% yearon-year in September, the strongest since May when it was 7%. Turnover in trade rose 4% year-on-year, following a 1% increase in August. Turnover in retail trade, which accounted for almost half of the total value of fiscally verified invoices, increased by 3% year-on-year, turnover in the sale of motor vehicles by 15%, while turnover in wholesale trade fell by 1% year-on-year. Turnover growth strengthened significantly in accommodation and food service activities (from 5% to 15%) and in certain creative, arts, entertainment and sports services and betting and gambling (total growth in other service activities4 was 21%, compared to 7% in August). 3 4 The weaker sales (2% higher year-on-year) are probably also related to lower sales after the floods that hit Slovenia at the beginning of August. Activities R, S and T according to NACE classification. 12 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Figure 10: Trade in goods – real, August 2023 190 Exports of goods (3MMA*) Imports of goods (3MMA*) Non-smoothed data Non-smoothed data 170 160 150 140 130 120 110 100 90 Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100 180 The year-on-year decline in trade in goods5 deepened in August. After months of contraction, real exports and imports of goods rose slightly in August, mainly due to higher trade with EU Member States (seasonally adjusted). However, their year-on-year decline intensified; trade in goods thus fell to pre-2020 levels. In the first eight months of this year, exports fell by 6.1% year-on-year (by 5.7% to EU Member States) and imports by 8% year-onyear (by 6.3% from EU Member States). Weak economic activity in Slovenia’s main trading partners continued to weigh on sentiment and expectations in export-oriented activities, as expectations for exports in manufacturing fell further in September, reaching the lowest level since May 2020 (seasonally adjusted). 5 Source: SURS, calculations by IMAD. Note: *3MMA - 3-month moving average. Total exports and imports adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Figure 11: Slovenia’s export market share in the EU market, Q2 2023 Market share of goods Market share of energy-intensive products SI exports of goods to the EU (nom.) Total exports of goods (nom.) 150 Q1 2019 =100 140 130 120 110 100 90 80 Q1 23 Q2 23 Q1 22 Q1 21 Q1 20 Q1 19 70 Source: SURS, calculations by IMAD. Note: Energy-intensive products include paper, chemical, metal and non-metal mineral products. After almost two years of contraction, Slovenia’s export market share in the EU market increased year-on-year in the first half of 2023 (by 3.1% overall). Slovenia’s export market share in the EU market decreased by 2% and 5.3% in 2021 and 2022 respectively. The decline was particularly pronounced in the second half of last year, strongly influenced by energy-intensive products. Preliminary estimates suggest that the decline in market share last year was to some extent temporary and related to the rationalisation of production at a time of great uncertainty about energy supply and prices. Namely, Slovenia’s market share increased again year-onyear in the first and second quarters of this year (by 3.6% and 2.6% respectively), though against the backdrop of a significant decline in the value of import demand from EU countries. However, it is still below the level of two years ago, which we attribute to the deterioration of price competitiveness in the interim period and to the structure of exports.6 6 Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 1100 1000 900 800 700 600 500 400 300 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 23 Jul 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 200 Jan 13 In EUR million, seasonally adjusted Figure 12: Trade in services – nominal, July 2023 Strong growth in the value of EU import demand for product groups that have a below-average share in the composition of Slovenia’s exports. Trade in services remained at a high level at the start of the third quarter, with year-on-year growth slowing. Compared to June, exports of services declined in July and imports of services increased slightly (seasonally adjusted). The development of trade in services in recent months has been mainly influenced by the higher monthly fluctuations in exports of administrative and support service activities. Trade in transport services further declined, while exports of tourism-related services further increased (seasonally adjusted). Yearon-year growth of trade in services is gradually slowing, although it remained high on average in the first seven months of this year, due to a significant recovery in trade in tourism-related services. Current Economic Trends Slovenian Economic Mirror, No 6/2023 13 Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. 280 High-tech ind. Medium-low-tech. ind. 260 240 220 200 180 160 140 120 100 Jan 23 Avg 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 13: Production volume in manufacturing, August 2023 Source: SURS, calculations IMAD. Manufacturing output further contracted in August. After a decline in the second quarter, output in less and medium-high technology industries continued to fall on average in July and August. After growth in the first half of the year, output in high-technology industries also declined in the summer months, with output in the first eight months higher than a year earlier, while it fell in all other industry groups. On average, total manufacturing output in the first eight months was 3.5% lower year-onyear. The year-on-year decline was more pronounced in the more energy-intensive industries, with the largest drop (by almost one-quarter) in the chemical industry. Companies do not expect production activity to pick up until the end of the year, which we attribute to insufficient (mainly foreign) demand and an uncertain economic situation. Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 50 Source: SURS; calculations by IMAD. Jan 23 Jul 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 13 Real construction production index (2010=100) Figure 14: Activity in construction, July 2023 According to data on the value of construction work put in place, construction activity fell in July although it remained significantly higher than last year. After high growth in the value of construction work at the beginning of the year, activity fluctuated around the level reached in subsequent months. In the first seven months of this year, it was 23% higher year-on-year. In this comparison, activity was higher in all three segments covered by the statistics: most markedly in specialised construction (up 38%), followed by civil engineering and building construction (up 20% and 17% respectively). Some other data, however, point to much lower growth in construction activity. According to VAT data, the activity of construction companies in the first seven months was 11% higher than last year. Based on data on the value of construction put in place, the difference in the growth of this activity was 12 p.p. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2022 VIII 23/VII 23 VIII 23/VIII 22 I-VIII 23/I-VIII 22 Merchandise exports, real1 5.1 1.73 -12.3 -6.1 - to the EU 3.7 4.33 4.3 -5.7 Merchandise imports, real 5.3 3 0.5 -15.7 -8.0 - from the EU 1.5 4.23 -8.7 -6.3 Industrial production, real 1.2 -1.23 -12.3 -5.1 - manufacturing 3.9 -1.93 -12.1 -3.5 2022 VII 23/VI 23 VII 23/VII 22 I-VII 23/I-VII 22 Services exports, nominal2 31.4 -4.23 0.54 8.64 2 Services imports, nominal 22.0 1.8 -0.6 4.94 Construction - value of construction put in place, real Distributive trades - real turnover Market services (without trade) - real turnover 1 In % 3 4 22.2 3 -6.5 17.6 23.0 10.2 -0.33 -7.34 -3.24 11.3 -0.23 -0.74 2.14 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. 14 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 220 200 180 160 140 120 . by IMAD. Source: SURS; calculations Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Aug 23 100 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 15: Turnover in trade, July–August 2023 In most trade sectors, real turnover continued to fall in July and, according to preliminary data, also in August; only turnover in the sale of motor vehicles remained higher year-on-year. Turnover in the sale of motor vehicles, which has been rising in current terms since the second half of last year, rose by 17% year-onyear in July. Turnover in wholesale trade, which continued to decline in July, fell by 6% year-on-year, and turnover in retail trade (excluding automotive fuel) fell by 4%. Turnover in retail sale of food, beverages and tobacco, which had risen slightly in July, fell by 3% year-on-year and turnover in the sale of non-food products fell by 5%. Among non-food products, the largest year-on-year decline, similar to previous months, was seen in the sale of durable and certain semi-durable goods.7According to preliminary SURS data, turnover in August was still lower year-on-year in retail trade and higher in the sale of motor vehicles. 7 Sales of furniture and domestic appliances fell by 11%, and sales of computers and telecommunication equipment and books and sports equipment by 14%. Jan 23 Jul 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 180 160 140 120 100 80 60 40 20 0 Jan 14 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 16: Turnover in market services, July 2023 Source: SURS; calculations by IMAD. Note: * including real estate (L). After decreasing in the second quarter, real turnover in market services declined further in July. Total turnover thus declined by 0.2% in current terms, having already declined significantly in the second quarter (by 2.3%). Turnover in transportation and storage continued to decline, with the negative trend continuing since May last year. This time the decline came mainly in postal activities and warehousing and storage. Turnover also declined in administrative and support service activities, amid weak growth in employment and a further decline in travel agencies, which has been observed since March. Due to the high growth in overnight stays by foreign tourists, accommodation and food service activities experienced a strong upswing in turnover. Growth also accelerated in professional and technical activities, although turnover in architectural and engineering services dropped significantly. Turnover also continued to grow in information and communication activities, mainly due to the increase of turnover in computer services on the domestic and foreign markets. Yearon-year, total turnover in market services fell by 0.1% in real terms in July, due to declines in transportation and storage and real estate activities. After a long time, turnover in transportation and storage again fell below pre-epidemic (July 2019) levels (by 8%), and it was still below pre-epidemic levels in administrative and support service activities (by 6%), among which the sharpest decline was in employment activities (by 19%). Current Economic Trends Slovenian Economic Mirror, No 6/2023 15 Figure 17: Selected indicators of household consumption, July–August 2023 225 200 175 150 125 100 75 50 Q1 23 Q3 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 0 Q1 11 25 Q1 10 Seasonally adjusted index 2010=100 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Overnight stays by domestic tourists Sale of passenger cars to natural persons Source: SURS; calculations by IMAD. Note: The Q3 2023 figure is the average value for July and August. Household expenditure on food, non-food products, new vehicles and overnight stays in Slovenia was lower in real terms in the summer than in the same period last year. Purchases of non-food products (down 6% in real terms), food, beverages and tobacco (down 2% in real terms) and overnight stays by domestic tourists in Slovenia (down 12%) were still lower year-on-year on average in July and August. After growth in previous quarters, sales of new passenger cars also declined yearon-year (by 3%). Expenditure on tourist services abroad remained higher year-on-year in July (up 6% in nominal terms), while the number of overnight stays by Slovenians in Croatia fell by 2% year-on-year. Against the backdrop of continued relatively high growth in gross disposable income,8 mainly due to favourable labour market conditions, the household savings rate is expected to remain high in the third quarter. According to SURS data, it was 23.3% in the first half of the year, 2.6 p.p. higher than in the first half of last year and 6.1 p.p. higher than in the first half of the pre-epidemic year 2019. 8 In the first half of the year, gross disposable income was 12.5% higher year-on-year in nominal terms. Figure 18: Economic sentiment, September 2023 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Source: SURS; calculations by IMAD. Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -50 Jan 14 -40 Jan 13 Seasonally adjusted indicator value, 3-month moving average 30 In September, the value of the economic sentiment indicator rose slightly, although it remained relatively low. Compared to the previous month, confidence was higher in services, construction and among consumers, while it was lower in retail trade. Confidence in manufacturing remained at the previous month’s level and was noticeably lower than in September last year. This is mainly related to the uncertain economic situation and weak domestic and foreign demand. Confidence in most sectors remained lower than a year ago and in the preepidemic period. Consumer confidence is an exception, but the indicator is still well below its long-term average. Manufacturing Service activities Consumers 16 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Transactions in new residential properties Transactions in existing residential properties Prices of new residential properties Prices of existing residential properties 225 200 175 150 125 100 75 50 25 Q1 22 Q1 23 23 Q2 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 0 Q1 08 Index 2010=100, 4-quarter moving averages Figure 19: Residential housing – Q2 2023 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. In the second quarter, subdued growth of dwelling prices continued amid a further decline in the volume of sales. Prices were 1.9% higher than in the first quarter9 and 7.4% higher than in the second quarter of 2022. Year-on-year growth, which weakened considerably compared to previous years,10 was driven by higher prices for existing dwellings (by 7.9%). Prices of newly built dwellings were also slightly higher year-on-year (by 0.7%), but these dwellings accounted for only slightly more than 1% of all transactions due to lack of supply. A total of 2,421 dwellings were sold. This is a drop of almost one third compared to the second quarter of last year and the lowest level since the second quarter of 2020, when the number of transactions was severely affected by business restrictions due to the outbreak of the epidemic. 9 10 This is similar to the first quarter (1.6%) and much lower than the quarterly average in 2022 (2.8%). After an average growth of 11.5% in 2021 and 14.8% in 2022. Figure 20: Households facing financial distress, September 2023 Running into debt Having to draw on savings Financial distress - total 9 8 7 6 5 4 3 2 1 Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 13 Share of answers in %, 12-month moving average 10 The financial situation of households continued to deteriorate in the third quarter, most markedly among households in the first income quartile.11 With inflation persisting and the measures to address the impact of energy price increases on the poorest households coming to an end, the proportion of households in financial distress increased by an average of 1.2 p.p. in the third quarter of this year compared to the previous quarter (by 0.8 p.p. year-on-year). In this respect, 18.9% of households from the first income quartile struggled the most to make ends meet, which is the highest proportion in seven years. The share of households having to draw on savings to make ends meet continued to increase. The proportion of households running into debt continued to fall slightly as interest rates rose. Source: SURS (Consumer Survey). 11 Financial distress is defined as households having to draw on savings or running into debt to cover current expenditures. Current Economic Trends Slovenian Economic Mirror, No 6/2023 17 Labour market Figure 21: Number of persons in employment, July 2023 Persons in employment Construction (F) Public services (O–Q) 135 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) Index, January 2019 = 100 130 125 120 115 110 105 100 95 Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 90 Year-on-year growth in the number of persons in employment was lower in July than in the previous months (1.2%). This was mainly due to a slowdown in year-on-year growth in construction and also manufacturing. The strongest growth was in information and communication. For some time now, the employment of foreigners has contributed almost exclusively to the overall growth in the number of persons in employment – 96% year-on-year in July, slightly more than in previous months. Foreigners accounted for 14.6% of total employment in July, up 1 p.p. year-on-year. The sectors with the highest share of foreigners were construction (48%), transportation and storage (33%), and administrative and support service activities (27%). Source: SURS; calculations by IMAD. Figure 22: Number of registered unemployed persons, September 2023 Number of registered unemployed in '000 All unemployed According to the seasonally adjusted data, the monthly decline in the number of registered unemployed was slightly higher in September (-0.8%) than in the previous three months. According to original data, 45,999 people were unemployed at the end of September, 2.9% less than at the end of August. Unemployment was down 11.6% year-on-year. Amid severe labour shortages, the number of long-term unemployed (more than 1 year) fell by 21% year-on-year at the end of September. Long-term unemployed 140 120 100 80 60 40 20 Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 0 Source: ESS. Table 3: Indicators of labour market trends Change, in % 2022 VII 23/VI 23 VII 23/VII 22 Persons in formal employment2 2.4 0.01 1.2 1.6 Average nominal gross wage 2.8 0.81 10.0 10.1 private sector 6.2 0.81 9.0 9.9 public sector -2.5 0.81 11.6 10.6 of which general government -4.9 0.51 11.5 10.1 of which public corporations 4.6 0.71 11.8 12.1 2022 VII 22 VI 23 VII 23 5.8 5.7 5.0 4.9 Change, in % 2022 IX 23/VII 23 IX 23/IX 22 I-IX 23/I-IX 22 Registered unemployed -23.8 -0.8 -11.6 -15.3 Rate of registered unemployment (in %), seasonally adjusted Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). I-VII 23/I-VII 22 18 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Private sector Public sector Total 20 16 12 8 4 0 -4 -8 -12 Jan 23 Jul 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 -20 Jan 16 -16 Jan 15 Year-on-year real growth, 3-month moving average, in % Figure 23: Average real gross wage per employee, July 2023 The average gross wage increased by 3.7% yearon-year in real terms in July. In the private sector, the average gross wage increased by 2.8% year-on-year in real terms. Growth was strongest in administrative and support service activities and in accommodation and food service activities, which are facing a major labour shortage. The average gross wage in the public sector increased by 5.2% year-on-year in real terms, mainly due to last year’s agreement on wage increases. Compared to July last year, the average gross wage increased by 10% in nominal terms – by 11.6% in the public sector and by 9% in the private sector. In the first seven months, the average year-on-year gross wage growth was 1.4% (1.2% in the private sector and 1.9% in the public sector). Source: SURS; calculations by IMAD. Beneficiaries of financial social assistance (FSA) Recipients of unemployment benefits (UB) 120 100 80 60 40 20 Sources: MDDSZ, ESS, calculations by IMAD. Jan 23 Avg 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 13 Number of FSA beneficiaries and UB recipients in '000, seasonally adjusted, 3-month moving average Figure 24: Number of FSA beneficiaries and UB recipients, August 2023 In August, the number of financial social assistance (FSA) beneficiaries continued to fall slightly and the number of unemployment benefit (UB) recipients also remained low. The number of FSA beneficiaries has fallen since February this year amid high employment levels and a drop in the number of long-term unemployed. There were 74,113 FSA beneficiaries in August, 5.8% fewer than a year ago. The unemployed recipients of financial social assistance (20,456 persons), mainly include the long-term unemployed and persons with a lower level of education. Despite the high demand on the labour market, some people are unable to find a suitable job because they belong to the group of people with low employment prospects. The number of UB recipients has increased slightly in recent months, mainly due to the expiry of fixed-term employment contracts, while in August it was still lower year-on-year (by 4.5%). Current Economic Trends Slovenian Economic Mirror, No 6/2023 19 Prices Figure 25: Consumer prices, September 2023 Euro area Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Year-on-year inflation, in % Slovenia 12 11 10 9 8 7 6 5 4 3 2 1 0 -1 -2 Source: SURS, Eurostat. As expected, year-on-year growth in consumer prices accelerated in September (from 6.2% to 7.5%). This was mainly due to the lifting of measures to mitigate the consequences of high energy prices. On 1 September this year, the Decree on the method of determining and calculating the contribution for ensuring support for the production of electricity from high-efficiency cogeneration and renewable energy sources, which reduced the monthly contribution for the provision of the aforementioned support by half, expired. The electricity price thus increased by one-tenth month-onmonth. The higher year-on-year growth was also due to the lower base related to the reduction in VAT rates on certain energy products from September last year to May this year. Growth in prices of food and non-alcoholic beverages continued to ease gradually and at 9.2% was the lowest since April 2022. The year-on-year growth in durable goods prices slowed further (1%) and the growth in semi-durable goods prices also slowed (5.5%), with a slightly less pronounced seasonal increase in the clothing and footwear group. Since May this year, price growth in services has remained roughly unchanged (between 8 and 8.4%). The highest year-on-year price growth was recorded in the health group (10.7%), and prices in the group restaurants and hotels also rose sharply (9.2%). Figure 26: Slovenian industrial producer prices, August 2023 Domestic market 160 Non-domestic market 140 130 120 110 100 Source: SURS. Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 90 Jan 13 Index 2015=100 150 Slovenian industrial producer prices fell at the monthly level for the fifth month in a row in August. They were 0.5% lower than in July, with decreases in both the domestic market (0.7%) and the foreign markets (0.2%). This means that the year-on-year growth rate has slowed to 2.1%, compared to the growth of almost 20% at the end of last year. The main reason for the slowdown was price developments in the intermediate goods group, where prices fell year-on-year in August for the first time since January 2021, by 3.9% (19.4% growth at the end of the year). Price growth is also weakening in other industrial groups. The slowdown was most pronounced in the energy group, where prices had still risen by almost 80% year-on-year at the end of last year, while growth in August was 7.4%. However, we estimate that their contribution to the slowdown in overall growth is lower than that of intermediate goods, as their share in the price structure of industrial products is relatively small. A similar price increase (6.8%) was recorded for consumer goods, while the year-on-year price increase for capital goods remained largely unchanged (4.4%). 20 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Table 4: Consumer price growth, in % 2022 Total X 22-IX 23/X 21-IX 22 IX 23/VIII 23 IX 23/IX 22 I-IX 23/I-IX 22 10.3 8.6 0.3 7.5 8.2 Food 18.9 15.2 0.0 8.7 14.2 Fuels and energy 15.9 6.0 3.6 6.7 2.5 Services 7.7 7.7 -1.6 8.4 8.0 Other1 7.5 7.4 1.0 6.5 7.7 Core inflation - excluding food and energy 7.4 7.5 -0.3 7.2 7.7 Core inflation - trimmed mean2 9.5 8.8 0.3 7.0 8.7 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. Current Economic Trends Slovenian Economic Mirror, No 6/2023 21 Financial markets Figure 27: Loans to domestic non-banking sectors, August 2023 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 23 Avg 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 -40 Source: BoS. The volume of loans to domestic non-banking sectors contracted by 1.4% year-on-year in August as borrowing conditions continued to tighten. This was primarily due to corporate and especially NFI deleveraging, while the volume of loans to the government also declined. Growth in loans to households, which reached 3.4% year-on-year, is also slowing, reflecting a rapid deceleration in growth in housing loans, which at 1.6% was the lowest since 2016. In the first eight months of this year, new borrowing in the form of housing loans amounted to around EUR 780 million, which is more than 50% less than in the same period last year. The volume of consumer loans has increased markedly in recent months, up 7.1% year-on-year in August, while the volume of new loans has risen by almost a quarter this year. We believe this is due to both changes in minimum credit standards for new loans to households12 and a change in banks’ lending policies that are now focused on consumer loans with higher interest rates compared to housing loans.13 Year-on-year deposit growth in the domestic nonbanking sector remained roughly unchanged (4.7%). The quality of banks’ assets remains solid and the share of non-performing loans is still at 1%. 12 13 The main change concerns the lower limit for determining creditworthiness, which has been set at 76% of the gross minimum wage (EUR 914), at the level of the minimum cost of living (EUR 745), and banks will also be able to take into account certain additional benefits (e.g. child benefit). Since the measure came into force in July this year, average monthly new borrowing in the form of consumer loans increased by around 40% in July and August. This can partly be attributed to seasonal factors. The average interest rate on a housing loan was 3.6% in August, while the interest rate on consumer loans was 7%. Figure 28: Government bonds, Q3 2023 Austria Portugal Ireland Slovenia Italy Spain Germany 8 6 5 4 3 2 1 0 -1 Source: Bloomberg. Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Jan 13 Yields to maturity in % 7 Yields to maturity of euro area government bonds rose slightly in the third quarter of this year amid the ECB’s continued restrictive monetary policy. In this period, the yield to maturity of the Slovenian government bond increased by 17 basis points, to 3.45%. The spread to the German bond fell again slightly quarter-on-quarter, to 85 basis points. 22 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR million Nominal growth,% 31. VIII 22 31. XII 21 26,105.1 26,175.3 25,743.9 -0.1 -1.4 12,444.5 12,412.1 11,790.3 -0.7 -5.3 Government 1,408.7 1,324.0 1,291.2 0.2 -8.3 Households 12,251.9 12,439.2 12,662.4 0.5 3.4 Consumer credits 2,595.2 2,616.8 2,779.0 1.2 7.1 Lending for house purchase 8,096.9 8,215.4 8,228.5 0.0 1.6 Other lending 1,559.7 1,606.9 1,654.9 1.9 6.1 25,607.9 26,332.9 26,953.5 0.0 5.3 22,875.1 23,421.5 23,555.2 -0.2 3.0 2,732.8 2,911.4 3,398.3 1.9 24.4 Loans total Enterprises and NFI Bank deposits total Overnight deposits Term deposits Government bank deposits, total Deposits of non-financial corporations, total 31. VIII 23 31. VIII 23/31. VII 23 31. VIII 23/31. VIII 22 794.3 741.2 634.7 12.7 -20.1 8,996.3 9,774.7 9,811.5 2.2 9.1 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Current Economic Trends Slovenian Economic Mirror, No 6/2023 23 Balance of payments Trade in goods Primary income Current account 5000 The current account surplus increased further in July. In the last 12 months it amounted to EUR 2.1 billion, compared to a deficit of EUR 151.9 million in the previous 12-month period. The main contributor to this change was the goods trade balance (the annual trade deficit has been declining since February this year), as imports of goods declined amid weak export growth. The surplus in trade in services also increased, especially in trade in travel and transportation services, but also in trade in other services – especially construction services, but also in higher value-added services (telecommunications, computer and information services, research and development services, and financial services). The primary income deficit was higher year-on-year mainly because the income of foreign workers in Slovenia increased more than that of Slovenian workers abroad. Net outflows of income from equity capital (dividends and profits) were also higher. Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 23 Jul 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -5000 Jan 13 12-month cumulatives, in EUR million Figure 29: Current account of the balance of payments, July 2023 Source: BoS; calculations by IMAD. Table 6: Balance of payments I-VII 2023, in EUR million Inflows Outflows Balance Current account 33,774.2 31,695.9 2,078.3 -552.5 25,104.2 24,220.6 883.7 -1,236.6 Services 6,509.8 4,387.0 2,122.8 1,812.3 Primary income 1,447.2 1,952.8 -505.6 -703.6 713.1 1,135.6 -422.5 -424.6 Capital account 2,554.0 2,690.6 -136.6 -114.9 Financial account 4,398.3 5,547.5 1,149.2 -705.2 665.2 228.6 -436.6 -583.7 Portfolio investment 1,481.3 954.8 -526.4 -904.7 Other investment 2,285.5 4,332.2 2,046.7 766.3 0.0 -792.5 -792.5 -37.9 Goods Secondary income Direct investment Statistical error Balance, I-VII 2022 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. 24 Current Economic Trends Slovenian Economic Mirror, No 6/2023 Public finance Figure 30: Revenue of the consolidated general government budgetary accounts, August 2023 Tax revenues Non-tax revenues Other Social security contributions Receipts from the EU budget TOTAL REVENUE (growth in %) Contribution to growth, in p.p. 18 15 12 9 6 3 0 I-VIII 2023 Source: MF; calculations by IMAD. I-VIII 2022 2022 2021 2020 2019 2018 2017 2016 2015 2014 -6 2013 -3 18 Salaries, wages and other personnel expend. with social contrib. Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) 15 12 9 6 3 0 I-VIII 2023 2022 2021 2020 I-VIII 2022 Source: MF; calculations by IMAD. 2019 2018 2017 2016 2015 -6 2014 -3 2013 Contribution to growth, in p.p. Figure 31: Expenditure of the consolidated general government budgetary accounts, August 2023 PIn the first eight months of this year, the deficit of the consolidated balance of public finances was higher year-on-year. It totalled EUR 800 million, compared to EUR 388 million in the same period last year. Revenues increased by 3.5% (by 12% last year). The main contributors to this growth were higher increases in social contributions and personal income taxes, alongside growth in employment and wages, as well as in excise revenue, due to increases in excise duties on energy and tobacco products. Revenue from corporate income tax declined markedly due to lower balancing payments of tax this year. Overall tax revenue growth remained subdued, also due to a slowdown in VAT revenue growth as a result of the reduced VAT on energy products (until the end of May), and a slowdown in private consumption growth. Receipts from the EU budget14 and some capital and transfer revenues declined significantly. Expenditure increased by 6% year-on-year, while it decreased by 0.2% in the same period last year. The main reason for the increase this year was the rise in wages and other remunerations (12.2%) as a result of the agreement on the public sector wage increase.15 Investment expenditure was 11.3% higher. Interest payments were also higher. Various transfers (subsidies and transfers to individuals and households), which had fallen in the same period last year due to the lifting of COVID-19 measures, have also risen this year due to measures to mitigate the consequences of rising energy prices. Expenditure related to measures to mitigate the consequences of COVID-19 amounted to EUR 162 million in the first eight months of this year (compared to EUR 642 million in the same period last year) while expenditure on measures to mitigate price increases amounted to EUR 309.8 million (EUR 86 million in the same period last year). The latter includes mainly subsidies to the economy under Article 14 of the ZPGOPEK16 (EUR 181.9 million). In September 2023, Slovenia sent a second payment request to the EC, containing the second and third instalments for grants and the first instalment for loans. 15 The Agreement regulating measures relating to salaries and other labour costs in the public sector for 2022 and 2023 (October 2022) resulted in a 4.5% increase in the value of salary grades as of 1 October 2022 and higher meal allowance. 16 Act Determining the Aid to the Economy to Mitigate the Consequences of the Energy Crisis. 14 Current Economic Trends Slovenian Economic Mirror, No 6/2023 25 Figure 32: EU budget receipts, August 2023 Slovenia’s net budgetary position against the EU budget was positive in the first eight months of this year (at EUR 99.9 million). In this period, Slovenia received EUR 534.3 million from the EU budget (36.7% of receipts envisaged in the revised state budget for 2023) and paid EUR 434.4 million into it (59.5% of planned payments). The bulk of receipts were resources from structural funds17 (36.7% of all reimbursements to the state budget, 52.2% of the planned reimbursements in 2023) and resources under the Common Agricultural and Fisheries Policy (34.5% of all reimbursements, 54.7% of the planned reimbursements). Reimbursements from the Cohesion Fund amounted to 15.9% of all reimbursements (32.2% of the planned reimbursements). In April, Slovenia received EUR 49.8 million on the basis of its first payment request for a grant from the Recovery and Resilience Facility (12.8% of the planned amount). More than half of payments to the EU budget came from gross national income. According to the MKRR,18 by the end of June funding decisions taken accounted for 115%19 of the allocated funds under the 2014–2020 MFF (ECP20 – 116%, ReactEU – 105%) and disbursements for 89% of the allocated funds (ECP – 93%, React-EU – 42%). Total receipts (January–August 2022) Expected reimbursements in the revised budget 2023 Total receipts (January–August 2023) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 The European Regional Development Fund (ERDF) and the European Social Fund (ESF+). Ministry of Cohesion and Regional Development. 19 Funding decisions include the value of applications for each project, programme or call for proposals, excluding ineligible costs. In order to ensure better absorption of European funds, a contingency reserve of 15% of the allocated funds is foreseen. 20 European Cohesion Policy 2014–2020. 17 18 Table 7: Consolidated general government revenue and expenditure on a cash basis I-VIII 2022 Category REVENUES TOTAL Tax revenues1 I-VIII 2023 Y-o-y growth, EUR m in % 15,399.5 8,051.9 3.5 EXPENDITURE TOTAL 15.8 8,241.8 2.4 1,877.8 2.7 2,027.7 Corporate income tax 1,148.3 46.0 968.0 154.7 6.0 171.5 Value added tax Excise duties Social security contributions Non-tax revenues Category 12.0 15,939.0 Personal income tax Taxes on immovable property I-VIII 2022 Y-o-y growth, EUR m in % 3,155.4 20.3 3,279.0 956.7 2.0 1,104.4 5,538.1 5.8 6,046.0 929.0 1.3 931.2 Salaries, wages and other personnel expenditures2 8.0 Expenditure on goods and services -15.7 Interest payments 10.8 Reserves Transfers to individuals and 3.9 households 15.4 Other current transfers 9.2 Investment expenditure 0.2 Payments to the EU budget Receipts from the EU budget 610.7 33.8 541.6 GENERAL GOVERNMENT -11.3 BALANCE Other 269.9 40.2 178.4 -33.9 PRIMARY BALANCE I-VIII 2023 Y-o-y growth, EUR m in % 15,787.3 3,617.3 Y-o-y growth, EUR m in % -0.2 16,739.3 6.0 -10.3 4,058.1 2,223.9 9.2 2,343.6 5.4 473.8 -16.0 528.8 11.6 365.2 148.3 267.3 -26.8 6,246.3 -1.2 6,417.4 2.7 1,229.7 -15.0 1,408.3 14.5 1,151.4 30.8 1,281.3 11.3 479.6 22.7 434.4 -9.4 -387.8 -800.3 67.0 -373.3 Source: MF; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. 12.2 selected topic Selected Topic Slovenian Economic Mirror, No 6/2023 23 50 40 30 20 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 EU average 80 70 60 50 40 10 2021 2020 2019 2018 2017 0 Source: Eurobarometer, 2023. Note: Spring-summer survey, second survey in 2023. 2023 20 2022 Covid period 30 2016 Share of (very) satisfied people in % Slovenia 2015 The Eurobarometer measures life satisfaction with the following question: “All things considered, how satisfied would you say you are with your life these days?” The respondents can choose between very satisfied, satisfied, dissatisfied and very dissatisfied. For the purposes of our analysis, the category of satisfied people includes very satisfied and satisfied people. Surveys for Slovenia have been conducted since 2004, when Slovenia joined the EU. SEB99; Standard Eurobarometer, May–June 2023. This is a continuation of the trend of high perceived life satisfaction in Slovenia in 2022, which was also confirmed by the latest Slovenian public opinion poll (7.7 on average) (CJMMK, 2022) and the EU-SILC survey (7.6 on average) (SURS, 2023) on a ten-point Likert scale. 2012 Figure 35: Satisfaction with the economic situation in the country, Slovenia and the EU average 2014 70 Source: Eurobarometer, 2023. Note: Spring-summer survey, second survey in 2023. 2013 75 2011 10 2012 Covid period 80 Satisfaction with the financial situation of the household in Slovenia remains at its highest level (75%), while satisfaction with the personal job situation was 4 p.p. lower in mid-2023 than a year earlier (Figure 34). Compared to the survey conducted at the beginning of the year, satisfaction with personal job situation increased by 1 p.p., while satisfaction 22 60 0 85 Source: Eurobarometer, 2023. Note: Spring-summer survey – second survey in 2023. 21 70 2010 90 Covid period 80 2011 95 90 2009 Slovenia 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Share of (very) satisfied people in % 100 EU average Satisfaction with personal job situation Satisfaction with the financial situation of the household 2010 Figure 33: Life satisfaction in Slovenia and on average in the EU Figure 34: Satisfaction with the personal job situation and the financial situation of the household in Slovenia 2009 In Slovenia, 93% of respondents were satisfied with their lives21 in May–June 2023;22 this is the highest level ever and well above the EU average (Figure 33).23 Compared to the survey conducted at the beginning of the year (January–February 2023), life satisfaction in Slovenia increased by 1 p.p. (in the EU it increased by 2 p.p. on average, to 85%). Overall life satisfaction remained high throughout the epidemic and afterwards, in a period of heightened (geopolitical) uncertainty and consequently high inflation. We estimate that this was due to high employment, changes in people’s expectations and priorities, and certain government measures. Last year this was also due to the increase in the minimum wage, and in the last three years due to the expansionary fiscal policy that allowed companies to maintain their economic potential during the COVID-19 crisis by providing them with significant support, and measures aimed at mitigating the consequences of the epidemic and rising energy costs on the financial situation of the population in the last three years. with the financial situation of the household remained unchanged. Expectations for the next 12 months indicate a 3 p.p. higher share of those expecting their job situation to improve in mid-2023 compared to the beginning of the year. Conversely, the share of those expecting the financial situation of the household to improve in the next 12 months fell by 2 p.p., reflecting the still high inflation and slow easing off in prices, especially food prices. On average in the EU, the share of those who are satisfied with their personal job situation and the financial situation of the household increased by 1 p.p., and the expectation that the situation will improve in the next 12 months increased even more; expectations of the EU population that their job situation will improve increased by 3 p.p. on average, and expectations that the financial situation of the household will improve increased by 2 p.p. Share of (very) satisfied people in % Life satisfaction, May–June 2023 27 28 Selected Topic Although the percentage of people who are satisfied with the economic situation in the country has decreased in the last year, it is above the EU average in Slovenia (Figure 35). Satisfaction with the economic situation in Slovenia was 10 p.p. lower in mid-2023 than a year earlier. However, expectations that the economic situation in Slovenia will improve in the next 12 months have increased by 2 p.p. in Slovenia and on average in the EU over the last six months. The other six measurement areas also show a marked increase in positive expectations in the EU on average compared to the beginning of the year (the employment situation in the country, general situation in the country, economic situation in the EU, personal job situation, the financial situation of the household and general life satisfaction). In Slovenia, positive expectations have also increased or remained the same compared to the measurement at the beginning of the year, with the exception of the financial situation of the household and the general situation in the country. In our view, this reflects respondents’ expectation that relatively high inflation will persist and that the rise in the cost of living is likely to continue. Slovenian Economic Mirror, No 6/2023 Figure 36: Main concerns at the personal level (in %) 2023 2021 Health and social security Pensions Living conditions Financial situation of the household Nothing Taxation The education system The environment and climate change Working conditions 0 20 Source: Eurobarometer, 2023. Note: Spring-summer survey. 10 most often cited categories. 40 60 Figure 37: Main concerns at the national level (in %) 2023 In May and June 2023, the main concerns cited by respondents in Slovenia were still inflation, health and healthcare, pensions and energy supply. Respondents cited rising prices and health and social security as main concerns at the personal level (Figure 36) (a slightly higher proportion than last year). The health concern is probably related to problems in the provision of primary healthcare or difficulties in accessing a personal physician. At the national level (Figure 37), the failure to implement the announced reform of the health and social system and the problems in longterm care due to rising prices and staff shortages have further contributed to highlighting the problem. At the national level, inflation and the cost of living are cited as the main concerns for the third year in a row, although the percentage of those citing this problem in 2023 was lower than the year before. Prior to 2022, inflation and the cost of living, and energy supply and the international situation (Figure 38) were not among the most frequently cited concerns, but the percentages increased in 2022 and then fell noticeably in 2023: energy supply from 42% in 2022 to 28% in 2023, rising prices and cost of living from 42% to 27%, and the international situation from 24% in 2022 to 20% in 2023. However, the percentage of those who cited immigration, the economic situation in the EU and Member States’ public finances as their main concerns at EU level increased in 2023. 2022 Inflation and cost of living 2022 2021 Inflation and cost of living Health Pensions Energy supply Housing The economic situation Taxation Government debt The environment and climate change Immigration 0 20 Source: Eurobarometer, 2023. Note: Spring-summer survey. 10 most often cited categories. 40 60 Figure 38: Main concerns at the EU level (in %) 2023 2022 2021 Energy supply Inflation and cost of living Immigration The international situation The economic situation in the EU Environment and climate crisis The state of Member State's public finances The EU's influence in the world Health Crime 0 20 Source: Eurobarometer, 2023. Note: Spring-summer survey. 10 most often cited categories. 40 60 statistical appendix Statistical Appendix Slovenian Economic Mirror, No 6/2023 Main indicators GDP (real growth rates, in %) 2017 2018 2019 2020 2021 2023 2022 2024 31 2025 Autumn Forecast 2023 4.8 4.5 3.5 -4.2 8.2 2.5 1.6 2.8 2.5 GDP in EUR million (current prices) 43,011 45,876 48,582 47,045 52,279 57,038 62,970 67,318 71,105 GDP per capita in EUR (current prices) 20,820 22,142 23,256 22,373 24,803 27,040 29,672 31,588 33,254 GDP per capita (PPS) 25,100 26,500 27,800 26,800 29,200 32,500 GDP per capita (PPS EU27=100)1 86 87 89 89 90 92 Rate of registered unemployment 9.5 8.2 7.7 8.7 7.6 5.8 5.0 4.7 4.5 Standardised rate of unemployment (ILO) 6.6 5.1 4.5 5.0 4.7 4.0 3.6 3.5 3.4 Labour productivity (GDP per employee) 1.8 1.3 1.1 -3.6 6.8 -0.4 0.4 1.9 1.7 Inflation2, year average 1.4 1.7 1.6 -0.1 1.9 8.8 7.6 3.9 2.7 Inflation2, end of the year 1.7 1.4 1.8 -1.1 4.9 10.3 5.4 3.1 2.3 11.1 6.2 4.5 -8.5 14.5 7.2 0.1 3.3 3.8 Exports of goods 11.0 5.7 4.5 -5.5 13.4 2.9 -1.0 2.4 3.2 Exports of services 11.2 7.7 4.6 -19.7 19.1 24.9 4.2 6.1 5.6 10.7 7.1 4.7 -9.1 17.8 9.0 -3.9 5.3 3.9 Imports of goods 10.7 7.4 5.0 -8.6 17.2 7.7 -5.1 5.2 3.6 Imports of services 10.5 5.4 3.0 -12.0 20.7 15.9 3.1 5.8 5.2 2,674 2,695 2,844 3,398 1,732 -578 2,779 1,898 2,011 6.2 5.9 5.9 7.2 3.3 -1.0 4.4 2.8 2.8 43,231 42,137 44,491 48,049 50,923 51,825 100.5 91.8 91.6 102.1 97.4 90.9 1.129 1.181 1.120 1.141 1.184 1.054 1.090 1.096 1.096 1.9 3.5 5.5 -6.5 10.3 3.6 0.9 2.3 1.8 52.5 52.0 52.5 50.4 51.7 54.0 53.1 52.8 52.3 0.4 2.9 1.8 4.2 6.1 -0.5 1.4 1.9 2.2 18.5 18.2 18.3 20.6 20.7 19.5 19.3 19.1 19.3 10.2 10.2 5.0 -7.2 12.6 3.5 4.5 5.5 4.3 18.3 19.3 19.6 18.9 20.2 21.6 21.5 22.0 22.3 1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast,September 2023). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 32 Statistical Appendix Production Slovenian Economic Mirror, No 6/2023 2020 2021 2022 2021 2022 2023 2021 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 9 10 1.2 25.5 6.2 7.9 6.4 2.8 1.7 -5.7 -3.4 -4.2 9.8 5.6 0.7 10.8 38.5 13.5 25.4 -26.1 -30.2 -31.3 -30.0 -41.0 5.8 2022 11 12 1 2 8.3 15.9 15.5 0.3 -6.5 -0.7 58.5 60.7 32.1 12.4 3.5 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -5.2 10.2 B Mining and quarrying -2.1 -6.6 10.2 -5.0 11.8 3.9 28.8 8.1 8.4 7.3 -3.3 11.9 7.7 1.2 9.4 16.0 -9.1 -5.3 -26.4 -5.3 -9.3 0.8 -4.9 -29.3 -30.0 -40.1 -39.3 -32.4 -5.4 -9.7 -3.1 -2.5 7.7 37.0 -33.3 3.2 -8.9 -13.7 -9.7 15.2 31.5 C Manufacturing D Electricity, gas & steam supply 1 -2.7 -30.7 4.6 -1.8 -0.4 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.7 -0.5 22.2 11.5 1.1 -11.0 20.0 17.7 14.7 35.7 24.2 23.9 0.4 Buildings -0.6 14.4 63.4 36.0 17.5 -16.1 34.6 53.8 58.5 109.5 21.6 1.9 3.2 20.6 -14.3 -17.3 -16.7 15.1 54.4 Civil engineering 2.7 5.9 13.4 14.3 8.0 -2.4 16.1 11.6 4.0 22.5 24.6 19.9 -3.5 16.8 3.4 -8.6 0.7 23.9 16.6 -11.0 12.8 11.3 22.5 13.8 18.7 19.9 19.3 5.2 3.8 6.3 -1.0 16.6 14.0 17.2 17.9 20.9 25.7 15.3 Transportation and storage -8.0 14.3 7.2 28.4 12.5 12.5 11.6 11.9 7.1 -0.7 -1.9 -6.8 15.9 11.4 12.2 13.3 12.0 18.2 9.6 Information and communication activities -0.2 7.6 7.6 11.6 6.6 9.9 6.0 15.6 9.0 1.4 10.1 -4.1 11.5 5.2 8.5 9.6 11.3 9.4 -1.0 Professional, scientific and technical activities -3.0 10.6 8.9 23.1 3.4 9.1 9.2 10.7 9.7 6.4 7.1 1.9 2.1 10.7 7.3 11.0 8.9 14.3 7.7 Administrative and support service activities -24.1 13.1 7.7 14.5 23.7 22.3 17.2 16.7 -2.1 2.9 7.0 8.2 21.8 26.8 27.3 13.5 26.3 18.9 12.4 -7.4 11.6 10.2 18.2 5.3 19.7 14.3 12.6 13.1 2.2 0.6 -6.0 8.9 8.4 11.6 23.7 24.5 21.8 12.7 -8.9 18.9 19.9 17.5 13.8 40.5 26.9 25.8 25.7 5.2 -0.1 -13.0 14.4 19.1 32.8 42.5 46.2 32.7 21.1 -13.9 8.1 -4.8 24.7 -8.2 9.3 -8.4 -7.1 -2.7 -0.4 14.0 13.5 -2.0 -1.8 -7.3 17.3 22.6 1.0 -6.1 -3.6 7.5 7.8 16.3 4.0 8.9 13.9 10.2 7.8 0.4 -3.1 -6.4 8.2 4.6 3.7 13.7 9.5 21.4 13.4 -41.7 22.2 4.2 -10.7 15.2 -1.6 18.7 Domestic tourists, overnight stays 32.8 10.4 -14.7 126.7 -15.0 263.8 690.2 Foreign tourists, overnight stays -70.5 42.9 110.1 103.3 81.8 332.9 78.8 394.5 61.2 71.6 44.5 27.4 87.6 117.2 215.8 516.4 616.7 997.0 596.6 -37.1 20.8 19.5 153.2 208.2 103.4 19.5 28.0 32.0 15.0 21.0 19.3 81.1 214.4 256.6 220.2 190.1 535.5 601.4 773.6 134.7 154.1 192.6 144.0 176.5 221.0 232.1 178.8 179.5 44.6 53.3 72.7 59.8 60.1 46.1 43.9 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Real turnover in retail trade Real turnover in the sale and maintenance of motor vehicles Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays Accommodation and food service activities 38.5 118.6 56.8 49.2 14.9 283.2 679.7 180.0 78.8 -50.3 -49.1 15.4 118.7 745.3 995.0 804.7 685.0 -9.5 -39.5 -14.6 -19.7 88.1 909.9 1289.3 664.9 761.4 AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator -11.8 2.4 0.6 4.1 5.9 3.5 4.3 2.4 -2.1 -2.2 -1.4 -3.5 6.5 5.2 3.1 3.0 4.4 5.3 6.4 in manufacturing -9 8 0 10 10 6 8 2 -4 -6 -5 -10 11 8 4 6 9 9 10 in construction -5 18 21 19 21 24 26 22 16 21 17 14 20 24 24 21 26 27 26 -10 8 17 8 14 15 15 19 17 18 19 17 14 16 18 16 12 15 16 1 5 20 17 14 6 16 26 21 17 14 17 20 7 0 5 13 14 15 -26 -22 -33 -20 -20 0 -26 -31 -39 -35 -34 -31 -20 -21 -25 -27 -24 -24 -21 Confidence indicator in services in retail trade consumer confidence indicator 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 SURS data. Statistical Appendix Slovenian Economic Mirror, No 6/2023 2022 Production 33 2023 3 4 5 6 7 8 9 10 11 12 4.2 0.2 3.8 4.3 0.7 3.7 1.1 -4.0 -2.8 -10.5 30.3 32.3 12.6 1.6 7.5 40.1 6.3 3.3 6.6 7.2 2.8 7.4 1 2 3 4 5 6 7 8 9 -6.8 0.2 -3.3 -8.3 -2.2 -2.4 -7.0 -12.3 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D B Mining and quarrying C Manufacturing D Electricity, gas & steam supply 32.9 -18.5 -21.7 -38.1 -25.7 -31.4 -32.6 -37.7 -27.9 -28.7 4.1 0.9 1.0 -7.7 -1.1 1.6 -1.6 -7.5 -1.1 -1.6 0.1 -4.6 -6.1 -12.1 -18.9 -34.9 -26.8 -25.8 -21.3 -34.7 -33.6 -50.0 -38.7 -33.0 -46.0 -27.0 -37.9 -27.8 -37.1 -31.8 -34.3 -24.7 1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 14.7 10.8 22.6 19.6 17.3 16.5 10.9 38.7 26.2 45.7 25.0 16.9 29.9 24.0 23.8 24.0 17.6 Buildings 34.7 57.7 55.3 48.4 37.0 95.9 51.8 106.9 119.7 101.4 57.4 8.9 8.3 -5.6 -3.1 15.0 -6.6 Civil engineering 10.5 12.7 22.3 1.9 10.4 12.3 -7.2 18.9 16.0 38.5 16.0 33.5 24.3 24.4 13.6 22.4 13.3 19.3 21.4 20.5 16.5 4.2 6.7 4.9 3.9 4.8 2.7 6.7 5.7 6.3 -0.7 1.4 -3.5 -0.1 Transportation and storage 8.5 10.5 14.0 11.2 3.7 10.5 7.2 2.1 -2.4 -1.7 0.3 -3.6 -2.4 -9.5 -1.6 -9.3 -9.3 Information and communication activities 9.5 14.0 10.9 21.5 6.9 12.0 8.3 6.7 3.2 -4.3 9.3 10.8 10.2 -3.4 -0.9 -7.4 0.6 Professional, scientific and technical activities 6.6 8.5 14.2 9.5 7.9 15.4 6.9 7.0 6.0 6.3 3.0 7.6 9.9 3.1 -0.7 3.4 4.4 Administrative and support service activities 20.0 20.5 20.7 10.1 -4.2 -4.5 2.2 -1.5 9.1 1.7 4.3 9.3 7.5 6.2 10.3 8.0 6.0 10.3 12.3 15.1 10.6 9.7 17.1 12.7 3.8 3.0 -0.1 9.8 -1.8 -4.8 -6.1 -5.9 -6.1 -7.2 Real turnover in retail trade 27.3 28.0 26.2 23.5 21.6 31.9 23.9 6.8 7.0 2.1 18.6 -3.1 -12.3 -10.3 -13.0 -15.3 -16.5 -21.3 Real turnover in the sale and maintenance of motor vehicles -16.1 -9.5 -3.1 -9.0 -5.4 -1.6 -1.0 -1.2 -1.7 1.8 14.5 10.4 16.4 14.5 10.2 16.2 16.9 9.0 8.7 13.9 8.1 4.9 10.4 8.3 2.7 1.3 -2.8 1.1 -4.6 -5.2 -8.8 -5.3 -5.2 -5.7 599.8 730.4 257.8 94.9 17.1 1.9 -9.5 -15.1 -10.0 -4.6 38.3 13.7 -1.3 12.9 7.0 -13.4 9.0 Domestic tourists, overnight stays 643.1 466.0 122.4 26.4 -45.7 -51.7 -54.5 -55.6 -43.1 -45.3 Foreign tourists, overnight stays 555.2 1172.0 539.8 244.9 91.2 52.3 38.8 61.3 65.4 96.9 67.9 48.4 20.9 38.6 37.0 16.1 15.2 215.4 183.6 107.8 67.5 24.4 19.3 14.4 18.8 31.7 35.5 44.1 31.5 23.1 22.6 17.8 7.5 17.5 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade 10.3 TOURISM, y-o-y growth rates, % Total, overnight stays Accommodation and food service activities 7.4 -10.6 -20.3 -21.7 -34.4 -50.2 -5.6 -9.4 -14.9 -2.8 AGRICULTURE Purchase of agricultural products, in EUR m 53.9 54.8 61.1 60.6 81.0 62.3 77.7 90.8 72.2 69.2 60.0 55.4 63.4 56.1 62.8 60.7 64.8 1.1 4.2 2.6 0.5 -1.1 -0.3 -5.0 -5.3 -1.8 0.5 -1.1 -1.3 -1.7 -2.7 -3.0 -4.9 -6.5 -6.0 -5.4 4 4 1 0 -1 -2 -8 -9 -6 -3 -3 -5 -6 -9 -10 -10 -11 -11 -10 in construction 26 22 25 19 16 18 13 18 22 23 19 18 14 16 13 12 13 8 13 in services 14 19 19 18 16 20 15 15 20 19 18 19 20 18 18 15 13 12 13 in retail trade 18 28 28 23 26 22 14 12 17 22 18 16 7 19 14 17 1 19 15 consumer confidence indicator -33 -28 -31 -33 -39 -39 -40 -38 -37 -31 -35 -34 -33 -30 -30 -34 -33 -34 -33 BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator in manufacturing 34 Statistical Appendix Slovenian Economic Mirror, No 6/2023 2021 2022 2023 2021 2022 Labour market 2020 2021 2022 FORMAL LABOUR FORCE (A=B+E) 973.9 974.6 978.7 972.5 972.2 980.0 976.9 976.2 976.5 985.2 982.0 981.5 972.6 978.5 978.8 982.7 977.3 977.4 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 888.9 900.3 922.0 897.3 903.5 914.0 912.5 920.2 923.0 932.3 929.0 934.2 906.4 911.8 913.4 916.8 909.5 912.6 In agriculture, forestry, fishing In industry, construction 26.4 25.7 24.9 Q2 25.8 Q3 25.7 Q4 25.6 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 9 25.7 10 25.7 11 25.6 12 25.5 1 24.9 2 24.9 288.5 294.1 304.7 293.1 295.4 299.6 300.1 303.6 305.9 309.5 307.4 309.0 296.1 298.5 298.5 301.7 298.3 300.3 - in manufacturing 202.8 205.6 210.8 205.4 205.9 208.4 209.1 210.5 210.6 212.9 211.8 212.0 206.3 207.9 207.9 209.5 208.3 209.2 - in construction 64.9 In services 67.8 73.0 67.0 68.7 70.2 70.2 72.2 74.2 75.5 74.5 75.7 69.0 69.6 69.8 71.3 69.3 70.4 574.0 580.4 592.4 578.4 582.3 588.8 587.6 591.8 592.2 597.9 597.4 600.8 584.6 587.7 589.3 589.5 586.3 587.4 - in public administration - in education, health-services and social work 49.3 49.6 49.5 49.7 49.6 49.8 49.4 49.5 49.5 49.6 49.1 49.2 49.7 49.9 49.8 49.7 49.3 49.4 141.5 146.1 149.7 146.0 145.5 148.4 148.9 149.7 148.8 151.6 152.1 153.0 146.8 147.9 148.6 148.8 148.4 148.9 FORMALLY EMPLOYED (C) 794.6 804.4 824.1 801.9 807.3 817.0 815.8 822.8 824.8 833.1 830.0 834.2 810.0 815.0 816.4 819.7 813.1 816.0 In enterprises and organisations 744.8 756.2 775.8 753.7 758.3 768.3 768.3 774.4 776.0 784.4 782.3 785.9 761.0 766.0 767.6 771.4 765.9 768.5 1 By those self-employed 49.8 48.2 48.3 48.2 49.0 48.7 47.5 48.4 48.8 48.7 47.7 48.2 49.0 49.0 48.8 48.3 47.2 47.5 SELF-EMPLOYED AND FARMERS (D) 94.3 95.8 97.9 95.5 96.2 97.0 96.7 97.4 98.2 99.1 99.0 100.0 96.5 96.9 97.0 97.0 96.4 96.6 REGISTERED UNEMPLOYMENT (E) 85.0 74.3 56.7 75.2 68.7 66.0 64.4 55.9 53.4 52.9 53.0 47.3 66.1 66.7 65.4 66.0 67.8 64.8 Female 42.6 37.9 28.6 38.6 35.4 33.5 32.1 28.3 27.4 26.6 26.2 23.7 33.8 34.1 33.4 33.0 33.5 32.3 By age: 15 to 29 17.2 14.2 10.5 14.1 12.0 12.8 11.9 10.0 9.5 10.6 10.0 8.5 11.5 13.1 12.7 12.7 12.7 11.9 Aged over 50 31.0 28.2 22.3 28.7 27.1 25.5 25.2 22.4 21.2 20.4 20.6 18.9 26.3 25.9 25.3 25.4 26.3 25.3 Primary education or less 26.4 23.5 18.0 23.7 21.6 21.1 20.9 17.7 16.7 16.8 17.4 15.4 21.1 21.0 20.7 21.5 22.3 21.1 For more than 1 year 38.0 40.5 30.1 41.9 40.2 38.3 35.5 31.0 27.9 25.9 24.4 22.6 39.6 39.3 38.3 37.2 37.0 35.7 Those receiving benefits 25.9 18.9 15.1 17.6 16.7 16.3 17.8 14.3 14.5 14.0 15.9 13.1 16.4 15.9 15.9 17.2 19.6 17.5 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.7 7.6 5.8 7.7 7.1 6.7 6.6 5.7 5.5 5.3 5.4 4.8 6.8 6.8 6.7 6.7 6.9 6.6 Male 8.0 6.9 5.2 6.9 6.3 6.1 6.0 5.2 4.9 4.9 5.0 4.4 6.1 6.1 6.0 6.1 6.4 6.1 Female 9.6 8.5 6.5 8.7 8.0 7.5 7.2 6.4 6.2 6.0 5.9 5.3 7.7 7.7 7.5 7.4 7.6 7.3 FLOWS OF FORMAL LABOUR FORCE 1.0 -1.8 -1.1 -3.8 -1.7 -0.1 -1.8 -2.2 -0.6 0.4 -1.0 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 New unemployed first-job seekers 0.8 0.6 0.6 0.3 0.4 1.2 0.4 0.4 0.5 1.2 0.5 0.3 0.7 2.6 0.7 0.4 0.4 0.3 Redundancies 7.4 4.5 4.2 3.3 4.1 4.6 5.1 3.4 3.9 4.2 4.9 3.4 3.8 4.1 4.2 5.4 8.0 3.5 Registered unemployed who found employment 5.4 5.0 3.8 5.7 4.3 3.6 5.1 4.0 3.1 3.1 4.6 3.4 5.7 4.1 3.8 2.9 4.6 5.0 Other outflows from unemployment (net) 1.8 2.0 2.2 1.8 1.9 2.4 2.3 2.2 2.1 2.2 2.0 1.9 2.1 2.3 2.4 2.5 2.2 2.1 37.6 41.8 49.5 40.7 42.7 44.9 46.7 49.1 50.7 51.7 51.8 52.2 43.6 44.2 45.0 45.7 46.1 46.4 3.9 4.3 5.1 4.2 4.4 4.6 4.8 5.0 5.2 5.2 5.3 5.3 4.5 4.5 4.6 4.6 4.7 4.7 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix Slovenian Economic Mirror, No 6/2023 2022 Labour market 3 4 5 6 7 2023 8 9 10 11 12 1 2 3 4 5 6 7 FORMAL LABOUR FORCE (A=B+E) 975.9 976.4 975.9 976.2 976.6 975.5 977.3 983.2 983.7 988.5 982.1 982.3 981.8 981.6 981.3 981.6 980.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 915.4 918.3 920.1 922.3 922.3 921.6 925.2 930.2 931.2 935.3 926.7 928.9 931.4 933.0 934.1 935.4 933.0 In agriculture, forestry, fishing In industry, construction 24.8 24.8 24.9 24.9 24.9 35 24.9 24.9 24.9 24.9 24.8 24.2 24.2 24.3 24.3 24.4 24.4 8 9 24.3 301.6 303.0 303.3 304.4 306.0 305.3 306.4 308.3 308.1 312.0 306.4 307.3 308.4 309.0 308.9 309.1 308.8 - in manufacturing 209.8 210.3 210.4 210.6 210.6 210.3 210.9 212.2 212.2 214.3 211.7 211.5 212.1 212.1 212.1 211.8 211.2 - in construction 71.0 In services 71.8 72.1 72.8 74.4 74.0 74.4 75.0 74.8 76.7 73.7 74.7 75.1 75.7 75.5 76.0 76.3 589.0 590.5 591.8 593.1 591.3 591.3 593.9 597.0 598.2 598.5 596.1 597.4 598.8 599.6 600.8 602.0 599.9 - in public administration - in education, health-services and social work 49.5 49.5 49.6 49.4 49.5 49.5 49.5 49.6 49.6 49.4 49.0 49.2 49.2 49.1 49.2 49.1 49.1 149.3 149.4 149.7 149.8 148.4 148.2 150.0 151.2 151.7 151.9 151.6 152.2 152.7 152.8 153.1 153.0 151.8 FORMALLY EMPLOYED (C) 818.4 821.1 822.6 824.6 824.3 823.4 826.7 831.3 831.9 836.1 828.0 829.9 832.0 833.2 834.1 835.2 832.5 In enterprises and organisations 770.6 773.0 774.3 775.9 775.5 774.6 777.9 782.3 783.1 787.9 780.6 782.3 784.0 785.1 785.8 786.8 784.4 1 By those self-employed 47.8 48.2 48.4 48.7 48.8 48.7 48.8 49.0 48.8 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 96.9 97.2 97.4 97.7 98.0 98.2 98.5 98.9 99.2 99.3 98.7 99.0 99.4 99.8 100.0 100.3 100.5 REGISTERED UNEMPLOYMENT (E) 60.5 58.1 55.9 53.9 54.3 53.9 52.0 53.0 52.5 53.2 55.4 53.4 50.3 48.6 47.2 46.2 47.3 47.4 46.0 Female 30.5 29.4 28.2 27.3 27.9 27.8 26.5 26.9 26.6 26.4 27.1 26.3 25.1 24.3 23.6 23.2 24.0 24.1 23.1 By age: 15 to 29 11.0 10.5 9.9 9.5 9.6 9.6 9.2 10.9 10.6 10.4 10.7 10.1 9.3 8.8 8.5 8.2 8.4 Aged over 50 24.0 23.1 22.4 21.7 21.6 21.3 20.8 20.4 20.3 20.4 21.3 20.7 19.8 19.3 18.9 18.6 18.8 18.6 18.1 Primary education or less 19.3 18.4 17.6 17.0 16.8 16.7 16.5 16.5 16.6 17.2 18.2 17.6 16.4 15.8 15.4 15.0 15.1 14.9 15.0 For more than 1 year 33.9 32.4 31.0 29.6 28.6 28.0 27.1 26.5 25.9 25.4 25.2 24.4 23.6 23.0 22.6 22.2 22.0 21.7 21.4 Those receiving benefits 16.2 14.7 14.2 13.9 14.6 14.8 14.2 13.0 14.1 15.0 17.2 15.6 14.9 13.4 12.8 13.2 13.8 14.1 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 6.2 5.9 5.7 5.5 5.6 5.5 5.3 5.3 5.3 5.4 5.6 5.4 5.1 5.0 4.8 4.7 4.8 Male 5.6 5.4 5.2 5.0 5.0 4.9 4.8 4.8 4.8 4.9 5.3 5.0 4.7 4.5 4.4 4.3 4.3 Female 6.9 6.6 6.4 6.2 6.3 6.3 6.0 6.0 6.0 5.9 6.1 5.9 5.7 5.5 5.3 5.2 5.4 FLOWS OF FORMAL LABOUR FORCE -4.2 -2.5 -2.2 -2.0 0.5 -0.4 -1.9 0.9 -0.5 0.6 2.2 -2.0 -3.1 -1.7 -1.4 -1.0 1.1 0.1 -1.4 New unemployed first-job seekers 0.4 0.4 0.4 0.4 0.3 0.3 0.8 2.6 0.7 0.4 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.8 Redundancies 3.7 3.6 3.3 3.4 4.5 3.4 3.9 4.0 4.1 4.5 7.3 3.7 3.6 3.3 3.4 3.4 4.5 3.4 3.8 Registered unemployed who found employment 5.8 4.4 3.9 3.6 2.5 2.3 4.6 3.6 3.2 2.5 3.8 4.6 5.2 3.8 3.3 3.1 2.1 2.1 4.4 Other outflows from unemployment (net) 2.8 2.1 2.2 2.3 2.0 2.1 2.3 2.3 2.3 1.9 2.2 1.8 2.2 1.7 2.1 1.9 1.7 1.8 1.9 47.6 48.3 49.2 49.7 50.2 50.7 51.2 51.7 51.7 51.7 51.5 51.7 52.1 52.3 52.3 52.1 52.0 52.0 4.9 4.9 5.0 5.1 5.1 5.2 5.2 5.3 5.3 5.2 5.2 5.3 5.3 5.3 5.3 5.3 5.3 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.3 48.4 48.1 8.5 8.5 36 Statistical Appendix Wages Slovenian Economic Mirror, No 6/2023 in EUR 2022 Q2 23 Jul 23 GROSS WAGE PER EMPLOYEE, nominal in € 2020 2021 2022 2021 Q2 Q3 2022 Q4 Q1 Q2 2023 Q3 Q4 Q1 2021 Q2 11 2022 12 1 y-o-y growth rates, % TOTAL 2,024 2,199 2,202 5.8 6.1 2.8 5.7 5.4 2.9 -1.2 0.8 5.0 6.5 10.4 9.9 2.8 2.1 -2.7 Private sector activities (A–N; R–S) 1,963 2,113 2,103 3.8 5.8 6.0 3.9 5.9 6.9 4.0 6.6 6.7 6.9 11.1 9.5 8.0 7.0 3.1 Public service activities (OPQ) 2,216 2,467 2,514 10.5 6.8 -5.1 10.3 4.2 -6.8 -12.5 -11.8 0.5 5.3 8.4 11.0 -10.1 -9.0 -14.4 Industry (B–E) 2,038 2,193 2,158 3.4 5.7 6.2 5.3 6.5 6.9 4.4 6.9 7.6 6.2 12.2 10.4 7.6 8.9 2.6 Trad. market services (GHI) 1,790 1,937 1,929 3.0 5.7 6.7 3.4 5.3 7.9 4.5 7.5 6.6 8.2 10.8 9.0 9.2 6.4 4.4 Other market services (J–N; R–S) 2,204 2,358 2,376 5.1 5.6 5.4 3.3 5.5 6.6 3.4 5.7 5.6 6.7 10.0 8.9 7.6 6.3 3.2 A Agriculture, forestry and fishing 1,694 1,861 1,861 4.6 3.8 9.6 0.9 4.9 7.4 6.8 10.1 10.0 11.5 13.0 11.2 9.9 6.6 5.9 B Mining and quarrying 2,512 2,925 2,595 5.1 2.3 4.1 -2.9 6.1 9.1 0.4 3.4 5.7 6.1 12.3 22.9 -2.3 30.1 -5.3 C Manufacturing 2,000 2,141 2,119 3.2 6.2 6.3 6.1 7.0 7.2 4.8 6.9 7.4 6.2 12.1 10.1 7.7 9.5 2.9 D Electricity, gas, steam and air conditioning supply 2,948 3,375 3,118 4.0 1.5 6.2 0.6 2.3 3.6 0.1 8.5 11.2 5.2 14.2 13.4 7.1 1.7 -0.1 E Water supply sewerage, waste management and remediation activities 1,925 2,093 2,057 4.2 4.3 6.1 2.9 4.6 5.4 4.1 7.4 6.5 6.3 12.4 9.1 8.8 3.6 4.2 F Construction 1,593 1,726 1,733 5.5 7.1 7.0 3.6 7.5 7.9 6.8 7.1 6.5 7.9 10.9 9.3 11.0 5.7 5.8 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,878 2,027 1,998 4.2 5.4 6.3 3.0 5.2 7.1 4.8 7.7 5.7 7.2 10.2 8.5 7.2 7.4 4.5 H Transportation and storage 1,787 1,927 1,962 -0.1 5.0 8.7 2.7 4.6 9.6 7.0 8.6 8.9 10.2 11.2 9.7 15.7 6.5 7.1 I Accommodation and food service activities 1,449 1,608 1,608 -3.8 12.7 8.9 12.2 9.7 20.4 12.4 12.7 7.3 9.1 13.9 10.6 21.6 15.9 11.8 J Information and communication 2,742 2,912 2,891 4.5 4.7 5.6 3.4 5.6 5.4 4.9 6.0 5.9 5.6 7.3 8.0 6.1 6.8 7.2 K Financial and insurance activities 2,967 3,143 3,187 2.5 5.0 6.3 2.9 4.2 7.1 3.1 8.9 5.1 8.2 9.4 6.5 10.5 5.1 1.0 L Real estate activities 1,831 1,963 1,954 4.2 3.7 5.4 0.1 3.6 6.4 3.9 5.8 5.4 6.5 10.1 8.2 8.1 6.7 3.0 M Professional, scientific and technical activities 2,279 2,411 2,447 4.0 6.3 4.7 4.0 6.1 7.5 4.0 4.7 4.9 5.4 10.1 8.6 7.3 8.7 4.9 N Administrative and support service activities 1,437 1,568 1,578 4.7 5.9 7.8 3.0 6.6 8.2 5.8 8.1 8.6 9.0 12.8 11.2 9.6 7.3 2.4 O Public administration and defence, compulsory social security 2,431 2,729 2,703 7.4 6.9 -3.3 10.3 2.9 -1.3 -9.8 -10.6 1.9 6.9 8.4 11.8 -2.7 -1.3 -13.2 P Education 2,017 2,242 2,296 6.2 8.9 -5.1 16.1 8.2 1.5 -5.7 -10.7 -5.7 2.3 9.0 10.5 2.9 -2.2 -7.6 Q Human health and social work activities 2,281 2,528 2,617 17.7 4.8 -6.3 5.7 1.2 -17.1 -20.0 -13.8 6.6 7.3 8.0 11.0 -24.2 -18.8 -20.6 R Arts, entertainment and recreation 1,989 2,173 2,184 0.0 9.4 2.2 11.7 7.3 10.5 3.0 2.4 0.5 3.7 10.8 10.2 14.6 5.7 1.4 S Other service activities 1,617 1,750 1,740 4.5 3.4 5.0 -1.9 3.6 2.7 1.1 5.6 5.9 7.1 11.2 8.3 3.1 -0.8 -1.7 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 6/2023 Wages GROSS WAGE PER EMPLOYEE 2022 2 3 4 5 6 7 37 2023 8 9 10 11 12 1 2 3 4 5 6 7 y-o-y growth rates, % TOTAL -1.0 -0.1 0.4 -0.9 2.8 3.2 5.7 6.1 7.3 7.7 4.6 11.5 10.7 9.2 9.0 11.0 9.9 10.0 Private sector activities (A–N; R–S) 3.8 5.1 5.7 7.7 6.5 5.7 7.0 7.2 7.7 8.4 4.7 12.6 11.3 9.6 8.2 10.9 9.4 9.5 -11.3 -11.8 -11.0 -18.3 -5.5 -3.0 2.0 3.0 6.1 5.5 4.5 8.5 9.0 7.8 10.9 11.1 11.0 11.1 Industry (B–E) 4.6 5.9 5.2 8.6 7.0 6.3 7.9 8.5 8.0 8.2 2.5 14.2 12.0 10.4 9.4 11.7 10.2 8.5 Trad. market services (GHI) 3.5 5.7 7.2 7.8 7.4 5.8 6.9 7.3 8.3 9.2 7.0 12.5 11.2 8.9 7.6 11.0 8.6 9.9 Other market services (J–N; R–S) 3.2 3.8 5.5 6.8 4.9 5.2 6.0 5.7 6.9 8.1 4.9 10.4 10.3 9.5 7.3 10.1 9.2 10.2 A Agriculture, forestry and fishing 6.4 8.4 8.8 10.1 11.5 7.4 9.5 13.1 12.0 8.5 14.1 15.8 13.1 10.1 11.1 11.3 11.2 11.7 B Mining and quarrying 2.1 4.4 -0.4 1.2 9.5 3.3 8.1 5.9 8.6 15.1 -3.3 16.0 10.9 10.2 47.8 17.0 6.0 3.5 C Manufacturing 4.9 6.5 5.6 8.1 7.0 6.6 8.1 7.5 8.0 8.5 2.3 14.2 12.0 10.1 9.3 11.7 9.4 8.1 D Electricity, gas, steam and air conditioning supply 2.5 -1.9 -1.2 20.6 7.0 2.9 4.2 27.6 8.3 4.3 3.5 16.0 10.0 16.3 6.0 8.7 26.2 14.8 E Water supply sewerage, waste management and remediation activities 3.2 4.9 7.9 7.1 7.3 5.2 7.9 6.5 6.8 6.0 6.3 12.5 14.5 10.4 5.6 14.0 7.8 9.5 F Construction 6.7 7.7 5.7 8.3 7.2 5.3 7.7 6.5 8.1 8.1 7.4 12.9 11.1 8.9 8.4 10.2 9.2 10.3 G Wholesale and retail trade, repair of motor vehicles and motorcycles 3.6 6.3 8.6 7.6 6.9 4.9 5.9 6.3 7.7 7.7 6.2 11.9 11.0 7.9 6.2 11.1 8.5 9.7 H Transportation and storage 5.5 8.4 7.5 9.2 9.3 7.9 9.3 9.5 10.2 12.2 8.1 12.9 11.2 9.5 9.1 10.8 9.1 10.3 13.8 11.7 15.1 14.5 10.3 6.8 7.2 7.8 7.6 10.6 9.1 15.5 13.0 13.4 11.9 11.2 8.7 10.5 J Information and communication 4.0 3.5 4.8 10.6 2.6 6.0 4.2 7.6 7.3 6.1 3.6 8.8 6.6 6.6 6.8 8.9 8.3 8.0 K Financial and insurance activities 1.2 6.1 11.9 5.1 9.8 6.0 7.0 2.4 6.6 10.2 7.0 11.8 11.5 5.8 2.4 9.7 7.6 11.3 L Real estate activities 3.4 5.4 5.8 5.4 6.2 5.2 5.2 5.7 7.5 4.4 7.8 12.1 9.7 8.7 6.4 10.5 7.6 7.9 M Professional, scientific and technical activities 2.8 4.2 3.5 6.0 4.5 4.6 5.2 4.9 6.2 9.0 1.1 8.1 10.7 11.5 7.5 9.4 9.0 9.9 N Administrative and support service activities 7.8 7.2 7.8 9.1 7.6 6.7 10.4 8.7 9.2 6.0 12.3 13.7 13.5 11.1 10.4 12.1 10.9 11.3 O Public administration and defence, compulsory social security -9.9 -5.9 -9.0 -20.0 -1.3 0.6 2.8 2.3 6.3 6.7 7.7 8.8 9.4 7.1 10.7 12.0 12.6 11.1 P Education -3.2 -6.3 -5.9 -16.3 -9.4 -13.2 -3.0 0.5 2.2 1.4 3.4 9.3 8.8 8.8 10.5 10.5 10.4 10.4 -18.9 -20.4 -16.8 -18.7 -4.4 6.4 6.9 6.5 10.4 8.8 3.2 7.5 8.9 7.5 11.6 11.0 10.5 12.0 R Arts, entertainment and recreation 6.9 0.8 4.8 3.6 -0.7 0.1 0.0 1.4 0.5 6.8 3.7 10.0 6.0 16.5 10.3 10.3 10.0 9.8 S Other service activities 0.5 4.5 6.0 5.7 5.0 5.4 6.4 5.9 7.7 8.3 5.5 13.0 12.5 8.2 8.3 8.8 7.8 8.9 Public service activities (OPQ) I Accommodation and food service activities Q Human health and social work activities 38 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 6/2023 2021 2022 2020 2021 2022 CPI, y-o-y growth rates, % -1.1 4.9 10.3 2.2 4.2 6.0 Food, non-alcoholic beverages 1.0 3.9 18.6 -1.0 1.8 Alcoholic beverages, tobacco 3.2 2.4 6.0 4.1 Clothing and footwear -5.4 5.9 2.3 Housing, water, electricity, gas -0.6 8.6 Furnishing, household equipm. -0.4 Medical, pharmaceutical produ. Q3 Q4 Q1 Q2 2023 Q1 Q2 2021 Q3 9 10 2022 Q3 Q4 11 12 1 8.5 10.7 10.1 9.9 8.2 6.6 2.4 3.0 4.6 4.9 5.8 2 6.9 5.9 10.8 13.8 18.3 18.9 14.4 10.2 -0.4 0.3 1.1 3.9 4.6 6.3 1.8 2.8 5.0 6.4 6.2 9.2 9.2 8.9 4.0 0.7 2.2 2.4 2.4 3.0 1.8 3.3 4.4 2.0 2.9 2.3 3.8 6.4 6.6 -0.7 -1.2 5.3 5.9 2.1 5.6 13.3 3.6 7.9 8.4 13.5 22.0 14.6 13.0 9.2 5.3 4.4 6.7 8.3 8.6 10.7 13.2 5.7 12.9 2.5 4.7 8.0 10.7 12.2 12.5 11.8 9.1 6.4 2.3 3.4 5.0 5.7 7.6 8.0 4.9 -0.5 7.2 2.7 0.6 4.2 3.0 3.7 5.7 6.7 11.3 11.8 2.7 3.0 -0.6 -0.5 4.1 4.1 Transport -5.9 12.5 9.3 9.0 13.0 13.0 16.3 16.9 10.1 5.0 1.0 -1.0 9.6 11.7 14.7 12.5 12.5 12.5 Communications 0.6 -3.6 1.2 -0.7 -3.5 -4.2 -4.6 -3.8 -0.8 2.6 3.7 3.8 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 Recreation and culture -3.9 3.4 6.9 -2.2 1.2 4.0 5.9 5.3 6.6 8.6 7.9 8.5 -1.6 -0.9 1.2 3.4 4.1 5.4 Education 0.7 0.5 1.4 1.1 0.6 0.4 0.3 0.5 1.3 2.1 4.6 5.3 1.2 0.7 0.7 0.5 0.5 0.4 Catering services 0.6 6.1 10.8 4.0 5.8 7.1 9.0 9.1 10.2 11.2 9.1 9.0 5.2 5.2 6.2 6.1 6.8 7.1 Miscellaneous goods & services 0.7 -2.1 8.9 -0.1 -0.4 0.9 2.6 4.1 6.7 7.1 7.5 7.4 0.0 0.3 0.7 -2.1 0.7 1.1 HICP -1.2 5.1 10.8 2.3 4.5 6.3 9.0 11.3 10.6 9.9 8.0 6.3 2.7 3.5 4.9 5.1 6.0 7.0 Core inflation (excluding fresh food and energy) -0.1 3.1 7.4 1.5 2.5 4.3 5.6 6.3 6.9 7.8 8.0 7.4 1.5 1.5 2.9 3.1 3.8 4.7 -0.2 10.6 19.3 7.5 9.9 15.6 21.7 21.1 19.9 15.5 7.1 8.6 9.2 9.9 10.6 12.3 16.5 Domestic market 1.0 10.6 23.3 8.0 10.1 17.2 24.8 25.2 23.9 19.2 9.9 9.0 9.5 10.1 10.6 12.8 18.4 Non-domestic market -1.4 10.6 15.3 6.9 9.7 13.9 18.5 17.0 15.8 11.8 4.3 8.2 8.8 9.7 10.6 11.7 14.5 Euro area -1.2 11.6 15.4 7.0 10.5 15.1 20.5 19.3 16.2 11.8 3.8 8.3 9.5 10.4 11.6 12.5 16.1 Non-euro area -1.8 8.5 15.1 6.7 8.0 11.4 14.6 12.6 15.0 11.4 4.6 8.1 7.5 8.1 8.5 10.0 11.4 -2.6 25.9 11.9 14.9 24.5 27.5 29.5 24.9 14.6 6.4 -1.6 17.8 22.5 25.0 25.9 26.4 26.7 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.6 0.0 -1.7 -0.6 -1.3 -1.8 -2.0 -2.3 -0.7 0.1 0.7 1.8 -0.8 -1.0 -1.1 -2 -1.9 -1.6 Real (deflator HICP) -0.5 -0.5 -0.4 -1.1 -1.1 -1.1 -0.7 -0.2 0.2 1.5 2.1 2.7 -1.1 -1.3 -0.7 -1.3 -0.7 0.0 Real (deflator ULC) 3.7 0.3 -4.2 2.6 -6.3 -8.7 -7.4 -2.6 2.4 6.2 6.6 1.141 1.184 1.054 1.179 1.144 1.123 1.065 1.007 1.021 1.073 1.089 1.087 1.177 1.160 1.141 1.130 1.131 1.134 USD / EUR Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix Slovenian Economic Mirror, No 6/2023 Prices and indicators of overall competitiveness 2022 3 4 5 39 2023 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 CPI, y-o-y growth rates, % 5.4 6.9 8.1 10.4 11.0 11.0 10.0 9.9 10.0 10.3 10.0 9.3 10.5 9.4 8.4 6.9 6.1 6.2 7.5 Food, non-alcoholic beverages 6.9 9.2 10.8 12.5 13.2 13.8 14.4 17.2 19.0 18.6 19.3 18.3 19.0 15.8 14.9 12.4 11.1 10.4 9.2 Alcoholic beverages, tobacco 3.1 4.6 5.1 5.3 5.9 6.5 6.8 7.0 5.5 6.0 9.1 9.1 9.4 7.4 10.3 10.0 9.2 8.8 8.8 Clothing and footwear 5.5 1.4 2.6 2.0 1.8 2.6 4.2 2.7 1.9 2.3 3.9 1.8 5.6 8.3 5.3 5.6 7.3 6.6 5.9 Housing, water, electricity, gas 1.3 6.2 10.4 23.9 24.6 25.3 16.2 15.6 14.9 13.3 11.1 7.9 19.9 13.7 10.6 3.3 2.0 2.0 12.0 Furnishing, household equipm. 8.5 9.2 10.5 12.3 12.0 11.6 13.0 12.5 12.0 12.9 12.3 12.2 10.8 10.2 8.9 8.1 6.7 6.8 5.7 Medical, pharmaceutical produ. 4.4 3.2 2.7 3.2 3.4 3.8 4.0 3.7 6.3 7.2 4.8 5.4 9.8 10.1 10.6 13.3 13.7 11.0 10.7 Transport 14.1 15.1 16.7 17.2 19.7 16.5 14.5 10.4 10.5 9.3 6.0 6.0 3.1 2.9 0.5 -0.3 -3.4 -0.6 0.9 Communications -4.6 -2.7 -5.9 -5.3 -3.7 -4.0 -3.8 -2.2 -1.4 1.2 2.4 2.1 3.3 3.7 4.2 3.2 3.0 3.8 4.5 Recreation and culture 2.4 6.2 5.9 5.7 4.8 5.2 5.9 6.6 6.2 6.9 10.1 9.6 6.1 7.5 7.7 8.5 8.9 8.7 7.8 Education 0.4 0.3 0.3 0.4 0.4 0.4 0.8 1.3 1.3 1.4 1.4 2.0 2.9 4.0 4.5 5.3 5.2 5.2 5.5 Catering services 7.3 7.9 9.6 9.5 8.8 9.0 9.6 9.9 9.8 10.8 12.1 11.3 10.2 9.6 8.8 8.9 9.2 8.7 9.2 Miscellaneous goods & services 0.8 2.3 2.4 3.1 3.6 4.1 4.7 5.5 5.8 8.9 6.7 7.0 7.5 7.3 7.8 7.5 7.8 7.3 7.1 HICP 6.0 7.4 8.7 10.8 11.7 11.5 10.6 10.3 10.8 10.8 9.9 9.4 10.4 9.2 8.1 6.6 5.7 6.1 7.1 Core inflation (excluding fresh food and energy) 4.5 5.4 5.5 6.0 6.1 6.3 6.6 6.7 6.5 7.4 8.0 7.7 7.8 8.0 8.0 8.0 7.8 7.3 7.2 17.9 20.4 22.5 22.2 21.1 21.0 21.3 20.6 19.7 19.3 18.2 14.9 13.4 9.9 6.6 4.9 4.1 2.1 Domestic market 20.3 23.4 25.7 25.4 24.6 25.3 25.7 25.1 23.2 23.3 22.1 18.6 16.9 13.3 9.2 7.3 6.8 3.9 Non-domestic market 15.4 17.3 19.3 18.9 17.5 16.7 16.8 16.0 16.2 15.3 14.3 11.2 9.8 6.4 4.0 2.5 1.4 0.3 Euro area 16.7 18.8 21.6 21.2 20.1 19.3 18.4 16.7 16.6 15.4 14.4 10.9 10.0 6.5 3.4 1.5 0.7 -1.0 Non-euro area 12.9 14.5 14.7 14.5 12.5 11.7 13.7 14.6 15.4 15.1 14.0 11.5 8.7 5.1 4.5 4.3 2.4 3.1 29.3 29.2 30.2 29.2 26.6 25.6 22.6 17.7 14.3 11.9 8.1 7.5 3.6 0.6 -1.9 -3.4 -5.0 -3.8 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -2.0 -2.4 -2.0 -1.7 -2.3 -2.4 -2.3 -1.4 -0.7 -0.1 0.1 -0.1 0.3 1.0 0.5 0.5 1.7 1.9 1.6 Real (deflator HICP) -2.5 -1.9 -0.9 0.8 0.6 0.1 -1.3 -1.1 0.4 1.4 0.9 0.5 3.1 3.0 2.1 1.2 1.9 2.6 3.8 1.102 1.082 1.058 1.057 1.018 1.013 0.990 0.983 1.020 1.059 1.077 1.072 1.071 1.097 1.087 1.084 1.106 1.091 1.068 Real (deflator ULC) USD / EUR 40 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 6/2023 2020 2021 2022 2021 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 2021 Q2 7 8 9 10 11 12 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account 3,398 Goods 2,333 1,732 -578 335 470 28 -146 -232 153 -354 579 1,229 97 147 225 176 84 882 -2,174 339 63 -160 -512 -517 -378 -767 125 592 86 -49 26 58 32 -231 -251 Exports 29,622 35,255 42,628 8,815 8,473 9,699 10,000 11,045 10,834 10,749 10,907 10,874 2,875 2,505 3,093 3,253 3,358 3,089 Imports 27,289 34,373 44,802 9,860 10,511 11,562 11,212 11,516 10,782 10,282 8,476 8,410 2,789 2,554 3,067 3,195 3,326 3,339 1,913 2,198 3,482 518 641 622 603 909 1,093 877 781 1,031 150 230 261 227 202 193 Exports 6,985 8,471 11,133 1,905 2,509 2,458 2,143 2,773 3,329 2,889 2,520 2,906 814 833 862 791 780 887 Imports 5,072 6,273 7,651 1,387 1,867 1,836 1,539 1,865 2,235 2,012 1,739 1,875 663 604 600 564 578 694 Primary income -314 -756 -1,232 -398 -120 -280 -70 -447 -399 -315 -188 -180 -105 -5 -10 -59 -84 -137 Receipts 1,725 2,086 2,156 546 458 579 537 553 452 613 596 666 143 173 141 149 188 242 Expenditures 2,039 2,841 3,387 944 578 859 608 1,000 852 928 784 846 248 178 152 208 272 379 -535 -594 -655 -124 -114 -154 -167 -176 -163 -149 -139 -214 -34 -29 -52 -51 -66 -37 994 1,113 1,243 322 269 284 286 317 313 327 310 313 91 96 82 95 79 109 146 Services Secondary income Receipts 1,529 1,707 1,898 446 383 438 453 494 476 476 449 528 125 125 134 146 146 Capital account Expenditures -258 163 -220 -40 61 17 -41 -60 -13 -107 -94 -34 20 17 25 42 19 -44 Financial account 3,670 1,774 -1,678 416 412 62 -459 -396 85 -908 112 969 -107 273 247 244 208 -390 Direct investment 262 -414 -1,288 -725 -164 485 -228 -339 -271 -450 -367 -244 -79 0 -85 529 139 -183 Assets 708 1,442 763 168 362 557 364 431 209 -241 179 132 32 80 250 606 145 -194 Liabilities 446 1,856 2,051 893 526 72 592 770 480 209 546 376 111 79 336 77 6 -11 -1,136 2,778 -12 1,664 270 1,232 -1,298 644 -295 936 -611 158 -421 509 181 498 257 477 53 58 -127 9 -5 -5 -8 -8 12 13 14 569 -1,298 1,044 1,054 391 -932 162 -803 -225 -764 -759 Portfolio investment Financial derivatives 30 -176 10 39 -63 -45 Other investment 4,325 -1,444 -371 -541 -379 -1,792 -21 1,053 -694 Assets 4,830 2,923 2,940 253 531 -1,051 4 4 18 2 4,757 1,422 1,914 340 348 1 22 -225 -47 1,639 834 1,267 -799 2,773 1,285 398 -132 265 -341 48 8 10 2 0 5 -4 1 -6 0 0 0 0 8 11 358 -1,292 811 335 1,328 -560 2,157 1,093 381 -51 27 -694 -121 -477 340 -8 -22 225 -27 186 33 148 34 72 -39 -24 41 59 67 100 -8 1 12 3 0 8 -13 -3 9 0 4 4 4 1 1 1 873 846 205 100 -97 920 367 7 -448 680 128 -7 -81 187 273 88 -458 254 -169 42 88 102 -74 -64 -88 57 -102 -9 64 19 5 20 14 68 505 4,367 3,311 793 910 741 586 1,528 699 499 1,730 231 6 800 103 462 273 5 4 -38 1 -42 1 1 -1 -1 1 2 11 1 0 0 0 2 1 -2 Currency and deposits 800 2,359 1,681 909 371 290 526 237 543 375 369 373 93 7 271 180 149 -39 Loans -407 16 833 -372 -403 -3 -441 781 277 215 981 38 -9 83 -477 -11 81 -73 55 21 3 27 8 -44 22 -34 22 -7 54 0 3 3 3 -15 -15 -15 Trade credit and advances -137 1,119 801 268 63 586 437 434 -95 26 148 -328 -137 -54 254 343 0 243 Other liabilities 190 215 -8 4 194 -90 43 111 -49 -113 166 147 57 86 52 -38 56 -109 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity Insurance, pension schemes, and standardised guarantee schemes Special drawing rights (SDR) Reserve assets Net errors and omissions -6 0 675 0 0 675 0 0 0 0 0 0 0 0 675 0 0 0 0 166 824 168 7 707 97 77 37 24 31 37 6 6 704 -3 8 24 65 531 -121 -880 121 -119 17 -272 -105 -56 -448 -373 -226 -225 109 -2 27 105 -115 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,817 999 978 1,172 1,090 1,244 1,181 1,301 1,184 1,226 331 285 363 359 397 416 Intermediate goods 15,446 19,633 25,763 3,552 4,067 4,848 4,841 5,400 6,008 6,626 6,646 6,347 6,530 6,303 1,671 1,413 1,758 1,836 1,916 1,648 Consumer goods 13,928 15,744 22,197 1,150 3,987 3,856 3,913 4,196 6,218 6,251 5,501 6,640 6,536 1,446 1,061 1,349 1,375 1,388 5,826 1,221 1,172 1,419 1,377 1,455 1,443 1,562 1,387 1,446 372 386 414 434 484 502 Intermediate goods 16,434 24,076 34,352 5,702 6,303 7,338 7,869 8,969 8,893 8,416 8,849 8,723 2,151 1,855 2,297 2,424 2,314 2,601 Consumer goods 11,670 12,588 16,566 3,209 3,020 3,454 3,726 4,392 4,191 4,311 4,307 4,015 944 1,021 1,055 1,153 1,170 1,130 Import of investment goods 4,008 4,885 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix Slovenian Economic Mirror, No 6/2023 Balance of payments 2022 1 2 3 4 5 41 2023 6 7 8 9 10 11 12 1 2 3 4 5 6 7 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 161 -205 -102 -127 -26 -79 -175 -57 384 12 -27 -338 145 165 269 264 492 473 270 5 -274 -242 -205 -181 -131 -208 -243 72 -238 -175 -354 -32 48 109 77 247 268 166 Exports 3,050 3,147 3,803 3,437 3,729 3,879 3,573 3,289 3,972 3,664 3,769 3,317 3,352 3,530 4,025 3,305 3,804 3,764 3,323 Imports 3,045 3,421 4,045 3,642 3,910 4,011 3,781 3,532 3,900 3,902 3,944 3,670 3,384 3,483 3,916 3,228 3,557 3,496 3,157 Services 171 187 246 297 293 453 335 263 279 248 248 285 253 370 Exports 632 686 824 885 886 1,002 1,078 1,081 1,170 318 300 340 961 900 1,028 778 797 945 839 985 1,082 1,084 408 311 Imports 461 499 578 588 593 684 778 741 717 626 637 749 530 548 661 586 614 675 773 Primary income 40 -54 -57 -163 -98 -187 -186 -99 -115 -44 -63 -207 -25 -70 -93 -16 -36 -128 -137 Receipts 238 140 159 152 214 187 135 139 178 169 213 231 219 178 199 234 238 194 186 Expenditures 197 194 216 315 312 374 320 238 293 213 276 438 244 248 292 250 274 322 323 -55 -64 -49 -56 -41 -79 -81 -55 -26 -41 -52 -56 -47 -61 -31 -50 -90 -74 -69 98 92 95 100 101 116 101 89 123 99 95 133 91 103 116 101 95 118 89 153 156 144 156 142 195 182 144 149 140 147 189 138 164 148 151 184 192 158 Secondary income Receipts Expenditures Capital account -11 32 -62 4 -28 -36 -15 31 -29 10 44 -161 -61 -3 -30 36 -25 -44 -9 Financial account 289 -328 -419 -321 166 -242 150 -244 179 -161 40 -788 228 72 -188 307 355 307 68 174 Direct investment -47 -98 -84 -116 -242 19 -17 -218 -36 60 -183 -327 -17 -181 -168 0 -47 -197 Assets 114 201 49 192 97 142 271 -154 92 88 -22 -307 94 120 -35 97 137 -102 -82 Liabilities 161 298 133 309 338 123 288 65 128 28 161 20 111 301 133 97 184 95 -256 -74 Portfolio investment -1,797 68 431 256 85 304 -251 198 -242 447 53 437 -1,262 Financial derivatives -14 -17 -32 -17 -17 -11 13 24 21 -51 -36 -40 Other investment 2,082 -288 -742 -448 313 -559 407 -252 413 -629 Assets 1,779 -100 -40 186 179 468 -209 339 1,136 10 0 0 1 0 1 0 1,611 -215 -585 -203 101 437 -302 -87 -6 66 98 47 42 -42 48 0 0 0 3 3 3 -4 -4 Trade credit and advances 326 204 390 296 25 46 95 Other assets -80 -83 89 -8 3 -60 45 -303 187 702 634 -134 1,027 -616 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Liabilities Other equity 369 282 77 564 -483 8 -1 3 3 -5 -3 6 198 -867 1,466 -156 -266 215 -137 976 -51 -601 1,226 1,314 235 1,031 274 -163 -36 0 0 3 566 1,063 -396 -107 27 9 64 75 -4 -1 -1 -1 -247 159 148 48 -24 -108 78 -43 591 723 467 -234 266 0 234 19 0 -1 -2 1 0 0 0 -57 1,229 986 -59 51 242 800 400 -2 54 -19 19 27 26 -26 3 3 3 0 0 0 0 -644 85 235 361 -72 -36 236 -103 22 -90 37 -50 20 2 -31 3 -240 1,470 500 -196 372 56 325 3 0 -1 1 0 0 -1 0 0 0 0 1 1 9 0 2 0 1 0 -6 Currency and deposits 107 91 328 30 -38 244 59 263 221 46 385 -56 48 180 142 49 102 222 320 Loans -113 -291 -36 331 -25 474 -412 392 297 47 -299 468 -31 1,018 -6 95 136 -193 24 7 7 7 -11 -11 -11 7 7 7 -2 -2 -2 18 18 18 0 0 0 0 -269 372 334 213 -107 329 -247 -46 197 373 -261 -86 -329 221 255 -438 94 16 1 -35 10 68 72 47 -8 -23 -26 0 4 -58 -59 46 32 89 98 39 10 -14 Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other liabilities Special drawing rights (SDR) Reserve assets Net errors and omissions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 64 6 6 4 27 5 -3 4 22 13 8 10 34 41 -38 12 -20 14 12 138 -156 -255 -198 220 -127 339 -218 -177 -183 24 -289 144 -90 -427 8 -112 -123 -193 372 411 461 385 348 449 411 431 459 334 386 464 361 428 436 387 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 315 348 426 Intermediate goods 1,839 1,875 2,294 2,066 2,229 2,330 2,218 1,974 2,454 2,203 2,293 1,851 2,073 2,141 2,316 1,891 2,150 2,262 1,796 Consumer goods 1,312 1,318 1,566 1,677 2,075 2,466 2,056 1,812 2,383 1,722 2,088 1,692 2,176 2,011 2,453 1,663 2,344 2,529 2,168 Import of investment goods Intermediate goods Consumer goods 380 507 490 416 497 542 481 458 504 469 518 576 400 470 517 444 501 501 438 2,504 2,328 3,036 2,779 3,354 2,836 2,822 2,858 3,214 2,964 2,943 2,508 2,911 2,606 3,331 2,558 3,376 2,789 2,295 960 1,349 1,417 1,509 1,369 1,514 1,417 1,442 1,332 1,460 1,377 1,474 1,536 1,200 1,570 1,238 1,422 1,356 1,100 42 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 6/2023 2020 2021 2022 2021 4 5 2022 6 7 8 9 10 11 12 1 2 3 4 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) 11,805 14,460 12,247 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 4,520 3,538 2,858 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 3,496 639 693 764 634 632 621 619 628 627 627 636 693 706 698 693 691 10,997 11,556 12,439 Other government (S,1312,1313,1314) Households (S,14, 15) 12,359 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 11,859 Non-financial corporations (S,11) 9,363 9,828 10,988 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 10,539 Non-monetary financial institutions (S,123, 124, 125) 1,640 1,602 1,903 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 1,743 Monetary financial institutions (S,121, 122) 7,969 10,607 9,764 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 9,264 30,341 34,136 35,279 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 33,792 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 345 284 256 316 310 310 307 314 298 295 293 284 281 273 303 320 4,361 3,302 3,096 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 3,368 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 34,567 38,152 38,980 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,014 37,946 38,013 Overnight 25,218 29,146 31,836 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 With agreed maturity – short-term 3,381 2,707 3,066 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,595 2,674 2,622 With agreed maturity – long-term 5,348 5,849 3,751 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 Short-term deposits redeemable at notice 620 450 327 629 622 553 510 519 493 547 519 450 477 468 411 340 Deposits in foreign currency, total 723 828 974 776 810 789 812 817 804 835 839 828 834 851 965 1,007 Overnight 675 790 891 731 766 747 771 776 771 803 803 790 799 817 847 883 With agreed maturity – short-term 25 27 76 25 26 25 25 26 19 19 24 27 24 24 109 115 With agreed maturity – long-term 23 11 7 20 18 17 16 15 14 13 12 11 11 10 9 9 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.00 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 Time deposits with maturity of up to one year 0.15 0.12 0.08 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 2.21 1.72 2.31 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.13 1.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.35 0.79 0.97 0.92 0.00 0.67 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 3-month rates -0.425 -0.549 0.342 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 6-month rates -0.364 -0.523 0.673 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.23 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 INTERBANK INTEREST RATES EURIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 6/2023 Monetary indicators and interest rates 2022 5 6 7 8 43 2023 9 10 11 12 1 2 3 4 5 6 7 8 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 13,290 13,055 13,574 13,025 12,457 12,425 12,733 12,247 12,706 12,411 12,179 12,321 12,414 12,307 12,289 12,260 3,458 3,429 3,430 3,318 3,114 3,060 3,086 2,830 2,981 2,965 2,913 2,957 2,995 3,017 3,010 2,996 689 692 691 695 695 702 710 764 764 775 775 761 776 774 782 785 Households (S,14, 15) 11,965 12,037 12,140 12,252 12,333 12,387 12,425 12,439 12,444 12,424 12,495 12,509 12,552 12,522 12,598 12,662 Non-financial corporations (S,11) 10,589 10,664 10,968 11,131 11,098 11,281 11,349 10,987 11,210 10,921 10,787 11,030 10,963 10,996 10,987 10,905 Non-monetary financial institutions (S,123, 124, 125) 1,752 1,778 1,820 1,828 1,852 1,883 1,865 1,903 1,909 1,165 1,181 1,193 1,214 1,233 1,244 1,239 Monetary financial institutions (S,121, 122) 9,830 8,687 8,844 8,832 9,227 8,834 9,124 9,761 9,546 10,029 10,587 9,995 10,074 11,225 11,321 11,728 34,381 33,413 33,958 34,239 34,682 34,599 34,982 35,279 35,284 34,835 35,324 34,984 35,078 36,163 36,345 36,728 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 298 295 310 302 292 265 262 256 251 252 243 247 247 243 245 241 3,495 3,469 3,511 3,401 3,226 3,193 3,229 3,064 3,234 3,107 3,088 3,131 3,175 3,286 3,280 3,274 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,338 37,574 37,805 38,130 38,293 38,537 38,573 38,980 38,815 38,497 38,322 38,207 38,374 38,293 38,362 38,651 Overnight 29,899 30,138 30,374 30,790 30,951 30,845 31,170 31,836 31,650 31,196 31,107 30,968 31,020 31,260 31,353 31,442 With agreed maturity – short-term 2,666 2,639 2,719 2,693 2,790 3,057 2,848 3,066 3,120 3,241 3,268 3,223 3,285 3,308 3,240 3,359 With agreed maturity – long-term 5,441 4,515 4,441 4,366 4,263 4,332 4,228 3,751 3,699 3,693 3,620 3,686 3,715 3,364 3,400 3,409 Short-term deposits redeemable at notice 332 282 271 281 289 303 327 327 346 367 327 330 354 361 369 441 1,036 1,093 1,103 1,133 1,161 1,066 1,033 974 931 946 931 922 926 898 904 940 Overnight 894 953 964 1,005 1,041 957 927 891 851 860 849 840 838 804 815 854 With agreed maturity – short-term 134 132 131 120 113 102 99 76 74 80 76 76 81 87 82 79 With agreed maturity – long-term 8 8 8 8 7 7 7 7 6 6 6 6 7 7 7 7 Deposits in foreign currency, total INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.00 0.01 0.01 0.01 0.02 0.03 0.02 0.09 0.09 0.09 0.09 0.10 0.10 0.14 0.14 Time deposits with maturity of up to one year 0.04 0.03 0.03 0.04 0.13 0.15 0.18 0.19 0.25 0.37 0.58 0.44 0.47 0.72 0.88 1.05 1.79 2.02 2.22 2.52 2.64 2.96 3.36 3.55 3.66 3.79 3.83 3.89 3.86 3.80 3.80 3.8 2.1 1.02 2.74 3.03 .. 3.87 1.26 .. .. 5.12 5.12 .. 7.12 6.06 4.69 0.00 0.00 0.50 0.50 1.25 1.25 2.00 2.50 2.50 3.00 3.50 3.50 3.75 4.00 4.00 4.25 3-month rates -0.386 -0.239 0.037 0.395 1.011 1.428 1.825 2.066 2.345 2.640 2.911 3.167 3.366 3.536 3.672 3.780 6-month rates -0.144 0.162 0.467 0.837 1.596 1.997 2.321 2.567 2.858 3.135 3.267 3.498 3.679 3.825 3.943 3.945 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.48 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR 44 Statistical Appendix Public finance Slovenian Economic Mirror, No 6/2023 2020 2021 2022 2021 Q2 Q3 2021 Q4 Q1 Q2 2021 2023 Q3 Q4 Q1 Q2 10 11 2022 12 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 18,528.6 21,382.6 23,311.4 5,574.1 5,151.3 5,853.2 5,613.9 6,079.7 5,648.8 5,969.0 5,736.1 6,274.8 1,868.0 1,891.9 2,093.4 2,035.8 1,782.6 Current revenues 17,578.7 20,124.0 21,966.7 5,334.6 4,874.2 5,389.3 5,138.5 5,824.1 5,398.2 5,605.9 5,401.6 6,000.2 1,803.4 1,697.6 1,888.3 1,822.8 1,686.0 Tax revenues 16,460.4 18,785.7 20,557.0 4,902.8 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 1,699.0 1,615.6 1,761.0 1,737.9 1,518.8 Taxes on income and profit 3,261.8 3,981.3 4,517.4 1,205.5 832.8 1,149.5 1,100.5 1,308.1 331.7 327.6 389.2 332.6 348.2 Social security contributions 7,289.9 7,928.1 8,503.7 1,998.0 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 639.5 651.3 760.1 680.4 677.2 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Taxes on international trade & transactions Other taxes Non-tax revenues Capital revenues 785.5 1,048.5 1,049.7 1,485.3 21.6 23.9 26.7 5.9 6.0 7.0 6.0 6.7 6.5 7.4 6.2 6.9 2.1 2.2 2.7 2.2 1.9 287.3 316.9 336.5 84.8 102.2 96.3 32.4 82.1 128.6 93.5 38.9 90.0 43.5 33.2 19.7 12.4 8.5 5,493.3 6,359.2 6,883.8 1,566.9 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 661.1 576.3 594.1 623.0 483.3 102.4 177.4 289.2 34.6 36.7 78.0 67.2 56.9 85.6 79.5 51.4 61.8 29.1 15.5 33.3 27.0 14.0 4.1 -1.1 -0.3 7.2 -20.9 -36.6 34.7 -10.8 11.3 -35.5 23.9 5.1 -8.0 9.6 -38.2 60.3 -14.4 1,118.2 1,338.4 1,409.7 431.7 308.4 313.7 325.6 368.8 368.5 346.8 278.5 412.9 104.4 82.0 127.3 84.8 167.1 146.9 228.3 268.1 54.9 56.0 81.1 64.1 66.3 64.3 73.5 59.0 65.6 27.5 26.8 26.8 18.5 23.6 Grants 17.5 21.9 57.2 2.0 10.3 2.9 12.2 29.6 12.3 3.1 13.8 -8.7 0.4 2.0 0.6 0.9 11.1 Transferred revenues 54.8 57.3 57.7 2.1 51.4 2.0 0.4 22.0 30.2 5.2 3.6 0.4 0.7 0.4 0.9 0.1 0.1 730.7 951.2 961.8 180.5 159.5 377.9 398.8 137.8 143.8 281.4 258.2 217.4 36.0 165.1 176.8 193.5 61.8 Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 22,070.6 24,299.8 24,886.3 5,932.1 5,580.0 6,685.1 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.9 1,736.7 2,139.4 2,809.0 1,906.6 1,793.1 9,127.8 10,393.6 10,283.4 2,495.4 2,362.5 2,876.7 2,697.3 2,348.8 2,423.2 2,814.1 2,687.4 2,655.2 662.4 943.8 1,270.5 809.9 746.2 Wages, salaries and other personnel expenditures 4,965.3 5,765.3 5,481.1 1,623.4 1,330.1 1,327.7 1,309.4 1,411.8 1,316.9 1,443.1 1,433.5 1,599.2 402.7 474.0 451.0 429.9 433.1 Expenditures on goods and services 3,020.7 3,336.6 3,556.6 767.0 794.0 1,050.7 845.0 806.5 838.8 1,066.3 795.0 910.6 233.5 285.7 531.5 227.4 263.0 Interest payments 778.0 732.2 661.5 45.5 204.6 95.2 336.1 16.4 212.6 96.4 370.2 18.1 15.8 66.3 13.2 17.8 23.6 Reserves 363.8 559.5 584.2 59.5 33.9 403.1 206.7 114.2 55.0 208.3 88.6 127.2 10.4 117.8 274.9 134.8 26.5 10,867.7 11,318.7 11,261.4 2,984.0 2,605.1 2,711.3 2,780.8 2,952.4 2,602.7 2,925.5 2,865.0 3,057.2 829.5 906.8 975.0 965.8 878.3 Current transfers Subsidies 1,449.3 205.6 12.3 64.7 80.1 115.9 29.7 Current transfers to individuals and households 8,250.8 9,167.7 9,294.5 2,374.0 2,158.6 2,140.7 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 2,547.4 720.4 701.7 718.6 772.9 749.9 Current transfers to non-profit institutions, other current domestic transfers 1,083.2 1,131.0 1,118.0 Current transfers abroad Capital expenditures 867.3 690.2 302.3 111.5 157.1 188.0 195.7 94.8 211.7 287.8 276.6 298.3 358.4 257.7 255.7 263.8 340.9 231.5 284.1 88.0 120.9 149.5 68.0 85.6 158.7 31.0 36.7 55.1 41.9 52.9 20.7 43.1 28.4 20.1 8.7 19.5 26.9 9.1 13.1 1,230.6 1,544.7 2,053.5 278.0 402.4 670.0 225.8 432.6 487.5 907.5 269.0 469.0 159.1 175.4 335.5 52.1 77.2 84.4 152.7 Capital transfers 318.5 413.9 558.5 55.7 86.2 238.6 43.2 60.5 132.2 322.5 42.0 80.1 32.5 49.0 157.1 12.1 16.8 Payments to the EU budget 526.0 628.9 729.5 119.1 123.8 188.5 182.2 172.7 180.0 194.6 166.6 158.5 53.2 64.4 70.9 66.6 74.7 -3,542.1 -2,917.2 -1,574.9 -358.0 -428.7 -831.9 -315.5 112.8 -176.9 -1,195.2 -293.9 -145.1 131.2 -247.5 -715.6 129.2 -10.6 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 6/2023 Public finance 2022 3 4 5 6 7 45 2023 8 9 10 11 12 1 2 3 4 5 6 7 8 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 1,795.5 2,043.9 2,011.2 2,024.7 1,807.8 1,898.1 1,942.9 1,902.3 1,956.8 2,110.0 1,982.6 1,816.9 1,936.7 2,205.6 1,952.9 2,116.4 1,940.0 1,987.8 Current revenues 1,629.8 1,949.4 1,894.0 1,980.7 1,750.1 1,806.2 1,841.9 1,799.5 1,868.9 1,937.4 1,882.1 1,720.8 1,798.7 2,046.4 1,892.8 2,061.0 1,874.1 1,943.0 Tax revenues 1,556.2 1,850.3 1,791.4 1,813.7 1,633.5 1,688.2 1,708.0 1,720.2 1,730.5 1,808.4 1,788.9 1,635.0 1,699.2 1,945.7 1,782.5 1,859.0 1,763.0 1,814.5 Taxes on income and profit 368.9 406.6 578.7 500.0 132.7 371.6 328.5 347.1 381.2 421.2 353.7 360.3 386.5 419.9 458.0 430.2 178.1 419.8 Social security contributions 691.2 704.3 698.5 688.2 700.6 697.7 700.0 693.7 730.2 841.7 720.8 754.3 749.4 759.2 764.7 763.9 765.7 768.0 1.9 2.2 2.1 2.4 2.4 1.9 2.1 2.2 2.3 2.9 2.0 2.1 2.1 2.4 2.2 2.3 2.4 1.9 11.5 20.5 23.2 38.5 48.9 41.6 38.1 45.1 33.8 14.6 11.2 8.4 19.3 24.5 25.4 40.0 44.7 40.8 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 467.7 638.3 531.2 574.6 681.5 594.3 590.8 613.1 565.5 520.4 631.8 502.6 543.2 681.5 546.5 599.6 747.9 587.9 Taxes on international trade & transactions 26.2 27.0 15.0 14.9 39.1 18.2 28.3 30.7 21.2 27.6 17.9 19.6 13.9 25.1 13.7 23.1 12.3 12.8 Other taxes -11.3 51.5 -57.2 -5.1 28.2 -37.1 20.1 -11.8 -3.7 -20.0 51.6 -12.3 -15.3 33.2 -27.9 -0.2 11.9 -16.6 Non-tax revenues 73.6 99.2 102.6 167.0 116.6 118.0 133.9 79.4 138.4 129.0 93.2 85.8 99.5 100.7 110.3 202.0 111.1 128.5 21.9 23.0 22.0 21.2 22.5 22.5 19.2 26.7 24.6 22.2 15.0 20.1 23.8 20.4 19.2 25.9 21.8 16.7 Grants 0.2 0.4 29.0 0.1 0.2 0.2 11.8 0.2 0.5 2.5 0.9 12.2 0.6 0.6 -9.6 0.3 0.1 4.0 Transferred revenues 0.2 0.5 20.0 1.5 0.0 30.0 0.2 0.8 1.8 2.5 1.1 0.3 2.1 -0.6 0.7 0.3 0.7 1.6 143.4 70.6 46.1 21.1 34.9 39.2 69.7 75.1 61.0 145.3 83.4 63.4 111.4 138.7 49.8 28.8 43.4 22.6 Capital revenues Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 2,229.6 1,873.8 1,923.8 2,169.4 1,952.5 1,938.5 1,934.7 1,909.1 2,319.2 2,936.0 1,813.2 1,865.6 2,351.3 1,955.9 2,079.1 2,384.9 2,107.2 2,181.8 Current expenditures 1,141.2 711.7 756.2 881.0 820.1 814.1 789.1 802.2 904.0 1,107.9 778.7 787.8 1,120.9 808.6 842.7 1,003.8 885.8 969.5 Wages, salaries and other personnel expenditures 446.3 420.9 438.5 552.4 452.8 443.3 420.8 434.7 488.5 519.9 478.6 474.6 480.3 464.0 493.8 641.4 517.4 508.0 Expenditures on goods and services 354.7 244.3 273.3 288.9 284.3 288.1 266.4 279.1 312.7 474.4 233.3 259.2 302.5 266.2 312.6 331.7 305.8 332.3 Interest payments 294.8 8.4 3.4 4.6 56.2 65.1 91.3 17.5 65.9 13.0 47.8 22.5 299.9 2.6 5.5 10.0 59.0 81.5 Reserves 45.4 38.2 40.9 35.1 26.7 17.6 10.7 70.9 36.8 100.6 19.0 31.5 38.2 75.9 30.8 20.6 3.7 47.7 Current transfers 936.7 975.2 910.4 1,066.9 895.9 846.9 859.9 849.6 1,007.2 1,068.7 917.6 903.5 1,043.9 948.0 976.6 1,132.6 953.9 949.3 Subsidies 42.4 69.9 107.7 18.2 34.8 17.7 42.2 28.9 55.0 127.9 100.8 35.4 151.6 70.1 77.6 57.8 57.4 52.7 Current transfers to individuals and households 770.5 767.2 743.5 937.3 773.9 731.1 718.4 727.7 820.5 781.6 738.9 771.2 807.3 784.8 789.6 973.0 774.3 778.3 Current transfers to non-profit institutions, other current domestic transfers 104.1 124.9 39.8 90.9 79.5 92.3 92.0 86.2 105.8 148.9 70.2 90.2 71.0 80.8 103.7 99.6 105.3 113.5 19.7 13.2 19.3 20.4 7.7 5.7 7.3 6.9 25.9 10.3 7.7 6.7 14.0 12.3 5.7 2.1 16.8 4.8 Capital expenditures 96.5 105.6 177.7 149.2 147.8 176.0 163.7 164.7 275.4 467.4 57.4 92.8 118.8 133.4 168.9 166.8 169.8 180.1 Capital transfers 14.3 23.6 16.6 20.3 35.1 30.3 66.9 38.0 67.6 216.9 10.3 14.4 17.3 18.7 30.7 30.7 34.4 36.8 Payments to the EU budget 40.9 57.7 62.9 52.0 53.5 71.2 55.3 54.5 65.0 75.1 49.2 67.1 50.4 47.1 60.3 51.1 63.2 46.2 -434.1 170.1 87.4 -144.7 -144.7 -40.4 8.2 -6.8 -362.3 -826.1 169.4 Current transfers abroad SURPLUS / DEFICIT -48.7 -414.6 249.7 -126.2 -268.6 -167.2 -194.0 46 Acronyms Slovenian Economic Mirror, No 6/2023 Acronyms Acronyms in the text BoS – Bank of Slovenia, CO2 − carbon dioxide, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, EU-SILC – EU statistics on income and living conditions, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, ILO – International Labour Organization, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MFF – multiannual financial framework, MKRR – Ministry of Cohesion and Regional Development, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, PMI – Purchasing Managers' Index, REACT-EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RRP – The Recovery and Resilience Plan, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, UN – United Nations, USD – US Dollar, VAT – value added tax, WEF – World Economic Forum, WEO – World Economic Outlook, WIIW – The Wienna Institute for International Economic Studies, ZPGOPEK – Act Determining the Aid to the Economy to Mitigate the Consequences of the Energy Crisis, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CYCyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 6, Vol. XXIX, 2023