No. 2, Vol. XXIX, 2023 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 2 / Vol. XXIX / 2023 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Urška Brodar Authors: Barbara Bratuž Ferk, MSc; Urška Brodar; Lejla Fajić; 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; Jure Povšnar; Denis Rogan, MSc; Urška Sodja; Dragica Šuc, MSc; Nataša Todorovič Jemec, MSc; Ana Vidrih, MSc Selected topic: Valerija Korošec, PhD (Life satisfaction, 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, April 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 ........................................................................................................................ 7 International environment ........................................................................................................................9 Economic developments in Slovenia .................................................................................................. 11 Labour market ............................................................................................................................................. 18 Prices ............................................................................................................................................................... 20 Financial markets ....................................................................................................................................... 21 Balance of payments ................................................................................................................................. 23 Public finance .............................................................................................................................................. 24 Selected topic.............................................................................................................................................27 Life satisfaction, 2023................................................................................................................................ 29 Statistical appendix ................................................................................................................................31 The Economic Mirror is prepared based on statistical data available by 14 April 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 2/2023 In the spotlight In the spotlight 3 The available indicators for the euro area point to modest quarter-on-quarter economic growth in the first quarter after stagnating in the fourth quarter of last year; the IMF forecasts growth of slightly less than one percent for the euro area this year, followed by a modest recovery next year. Amid high inflation, tight financing conditions and high uncertainty, euro area GDP was unchanged in the fourth quarter of last year compared to the third quarter (1.8% year-on-year growth). Private consumption and investment declined significantly, while the contribution of net trade was positive. According to the available indicators, economic activity in the euro area slowly gathered momentum again in the first quarter. At the beginning of the year, industrial production and construction activity increased in current terms, while turnover in retail trade remained similar to that in the previous quarter. Confidence indicators improved in the first three months as a whole compared to the previous quarter. In its April outlook, the IMF slightly downgraded its forecast for global growth for this year and next (by 0.1 p.p.). The global economy continues to recover as China’s economy reopens, problems in supply chains and energy and food markets ease, and inflation gradually declines, but uncertainty has increased following the recent collapse of some banks and growing tensions in financial markets. According to the baseline scenario, which assumes that the financial turmoil in the banking sector is contained, global economic growth is expected to slow from 3.4% in 2022 to 2.8% in 2023, followed by a slight increase in 2024. In the euro area, growth is expected to slow from 3.5% last year to 0.8% this year, before picking up to 1.4% next year. Short-term indicators of economic activity for Slovenia in the early months of the year point to weak growth in the export-oriented part of the economy and in most services (with the exception of retail trade) but to further strengthening in construction. After a deterioration in the export-oriented part of the economy towards the end of last year and a decline in export market share in the EU market, trade in goods picked up in February, though remaining lower than a year ago. Manufacturing output increased on average in January and February compared to the fourth quarter of last year. It remained largely unchanged year-on-year. Output was higher in both high-technology industries (the manufacture of ICT equipment and, in our assessment, the pharmaceutical industry), which are less affected by the slowdown in external demand growth and the energy crisis. Output was lower in all other groups, especially in more energy-intensive industries. Growth of trade in services, driven since spring last year mainly by the postCOVID-19 recovery in tourism, continued in January and remained high year-on-year. Real income in services rose in January after falling in the previous months and was significantly higher year-on-year; high growth continued in accommodation and food service activities and in professional and technical activities. Real turnover in retail trade in January and February was lower on average than in the previous quarter and also yearon-year. At the beginning of the year, household expenditure on food, non-food products and overnight stays in Slovenia decreased year-on-year, while it increased on cars and tourist services abroad. Construction activity further increased in February. Compared to previous years, construction of residential buildings stood out in terms of activity. The economic climate improved in the first quarter as a whole compared to the fourth quarter of last year, but it deteriorated compared to the same period of 2022. Quarter-on-quarter, confidence was higher in most activities (with the exception of construction and retail trade) and among consumers, while year-on-year it was only higher in services. Growth in the number of persons in employment continued at the beginning of the year with a strong influx of foreign workers, as did the decline in the number of unemployed; the average gross wage was higher year-on-year in real terms in January. With the number of persons in employment at a record high, year-on-year growth in January was 1.9%, similar as in the previous months. Due to labour shortages in most activities, the employment of foreign workers has been increasingly contributing to overall growth in the number of persons in employment – almost 80% in January. According to seasonally adjusted data, the number of registered unemployed continued to decline in March and was 16.9% lower year-on-year. The number of long-term unemployed was almost a third lower than a year ago, given the severe labour shortage 4 In the spotlight Slovenian Economic Mirror, No 2/2023 and high demand for labour. The average gross wage was 1.3% higher year-on-year in real terms in January, mainly due to an increase in the minimum wage at the beginning of the year. In the private sector, the average gross wage increased by 2.2% year-on-year in real terms, while in the public sector it remained unchanged year-on-year. In March, consumer prices remained unchanged from the previous month, while year-on-year inflation increased, as expected (to 10.5%). Much of this increase was due to the lower base from last year, when the government significantly reduced electricity prices by abolishing certain levies and charges. Consequently, prices were almost 50% higher year-on-year in March this year. The main contribution to inflation came from the prices of food and non-alcoholic beverages, which were almost one-fifth higher year-on-year, and the contribution of price growth in non-energy industrial goods and services also remained high. Core inflation – price growth excluding the impact of energy, food and non-alcoholic beverages – remains around 8%. The year-on-year growth of Slovenian industrial producer prices slowed further in February, to 14.9%, the lowest level since January 2022. The slowdown was entirely due to the high base from last year, as prices increased significantly (by 1.5%) compared to the previous month. In the first two months of this year, the consolidated general government budgetary accounts showed a surplus of EUR 119.8 million, similar to the same period last year. In the first two months of the year, revenue fell year-on-year (by 0.5%). Receipts from the EU budget were lower, after a sharp rise last year related to the disbursement of part of the advance payment from the Recovery and Resilience Facility, as was some other nontax revenue. At the same time, tax revenue growth, which had surged in the same period last year due to the post-pandemic recovery, has slowed significantly, and the slowdown is partly due to a decrease in the tax burden. Revenue growth was mainly driven by the growth in social contributions in the context of rising employment and accelerated wage growth. Expenditure was also slightly lower than in the same period last year (by 0.5%). This was mainly due to lower expenditure on reserves (receipts from the Recovery and Resilience Facility) and payments to the EU budget, but also to lower transfers related to the lifting of measures to mitigate the consequences of COVID-19. On the expenditure side, wages and other labour costs increased. The main factors behind the increase were the agreement on public sector wage increase, interest rates and investment. In the spotlight Slovenian Economic Mirror, No 2/2023 Seasonally adjusted real index 2010=100, 3-month moving average 180 160 140 120 100 80 60 Economic sentiment Retail trade Construction Year-on-year growth, in % Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 2,000 12 -4 -4,000 Jan 23 Jul 22 -2917.2 -3542.2 Source: MF; calculations by IMAD. I-II 2023 -4 -3,000 I-II 2022 -2 2022 -2 -1577.3 -2,000 2021 0 2020 2 0 2019 2 -1,000 2018 4 2017 6 4 2016 6 118.6 119.8 0 2015 8 Primary balance 1,000 2014 8 General government balance 2013 10 In EUR million 10 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 Mar 23 Jul 21 In the first two months, the general government surplus was similar to that in the same period of last year Fuels and energy Other Source: SURS; calculations by IMAD. Jan 22 -10 Source: SURS. Year-on-year growth, in % Food Services TOTAL -5 Jan 19 Jan 23 23 Mar Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -40 0 Jan 21 -30 Jul 20 -20 5 Jan 20 -10 10 Jul 19 0 Prices of food and non-alcoholic beverages continue to contribute significantly to year-on-year inflation, which is becoming increasingly broad-based Contribution to y-o-y growth, in p. p. Average wage, real growth Average wage, nominal growth 15 Source: SURS; calculations by IMAD. 12 Jan 17 With an increase in the minimum wage, the average gross wage in January was higher year-on-year in real terms 20 10 -50 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. Manufacturing Service activities Consumers 20 Jan 13 Seasonally adjusted indicator value, 3-month moving average 30 Jan 14 40 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. The economic climate in Slovenia improved in the first quarter as a whole compared to the last quarter of last year, but it remained weaker than in the same period last year Goods export* Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Jan 13 Jan 23 Mar 23 Services Jan 22 Jan 21 Manufacturing Jan 20 Jan 19 Jan 18 PMI value for euro area Composite index 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Short-term indicators of economic activity for Slovenia in the early months of the year point to weak growth in the export-oriented part of the economy and in most services but to further strengthening in construction Jan 15 The composite Purchasing Managers’ Index (PMI) for the euro area increased in March to the highest level in ten months, mainly due to services 5 current economic trends Current Economic Trends Slovenian Economic Mirror, No 2/2023 9 The international environment Figure 1: Euro area composite Purchasing Managers’ Index (PMI), March 2023 Jan 23 Mar 23 Services Jan 22 Jan 21 Manufacturing Jan 20 Jan 19 Jan 18 PMI value for euro area Composite index 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. The available indicators for the euro area point to a modest growth of economic activity in the first quarter after stagnating in the last quarter of 2022. Amid high inflation, tighter financing conditions and high uncertainty, euro area GDP was unchanged in the fourth quarter of last year compared to the third quarter (1.8% year-on-year growth). Private consumption and investment declined significantly, while the contribution of net trade was positive. According to the available indicators, activity in the euro area slowly gathered momentum again in the first quarter. At the beginning of the year, industrial production and construction activity increased in current terms, while turnover in retail trade remained similar to that in the previous quarter. The composite PMI further rose in March, reaching its highest level in ten months. This was mainly due to activity in the services sector, while manufacturing output continued to be held back by weak demand. The Economic Sentiment Indicator (ESI) fell slightly in March, due to lower confidence in all activities and among consumers, but its quarterly average was higher than in the previous quarter. Economic sentiment in Slovenia’s largest trading partner Germany improved in March for the fifth month in a row. According to the German ifo Business Climate Index, companies were more optimistic about activities in the coming months and also about their current business situation. Figure 2: IMF economic outlook, April 2023 6 2022 2023 2024 Previous forecast Real GDP growth, in % 5 4 3 2 1 0 -1 World US China Euro Area Source: IMF WEO, January and April 2023. Germany Italy France In April, the IMF slightly downgraded its growth forecasts for the global economy. The global economy continues to recover as China’s economy reopens, problems in supply chains and energy and food markets ease, and inflation gradually declines, but uncertainty has increased following the recent collapse of some banks and growing tensions in financial markets. According to the baseline scenario, which assumes that the financial turmoil in the banking sector is contained, global economic growth is expected to slow from 3.4% in 2022 to 2.8% in 2023 (0.1 p.p. lower than in the January forecast), followed by a slight increase in 2024 (to 3%). Growth in advanced economies in particular is expected to slow. Growth in the euro area is expected to fall from 3.5% last year to 0.8% this year, before picking up slightly next year (to 1.4%). 10 Current Economic Trends Slovenian Economic Mirror, No 2/2023 Figure 3: Commodity prices, March 2023 Energy Food 180 The average energy commodity prices on international markets fell significantly in the first quarter. Given that the storage capacities were relatively full for this time of the year (they were 55.6% full at the end of March), the euro prices of natural gas on the European market (Dutch TTF) further declined in March, by 17% month-on-month and by 77% year-on-year. The Brent Crude oil price was also significantly lower year-on-year in March, with a similar decline in dollar and euro prices (by around 30%). Compared to the previous month, the average prices per barrel fell by 5%, with the dollar price down to USD 78.4 and the euro price down to EUR 73.3. Oil prices fell as a result of weaker demand and growing uncertainty about future demand due to financial market tensions. According to the World Bank, the average dollar price of non-energy commodities fell by 2% in March compared to the previous month. Dollar prices of non-energy commodities were much lower year-on-year on average (by 18%), though still significantly higher than before the epidemic. On the international commodity markets, prices of all commodity groups were noticeably lower year-on-year, most notably those of fertilisers. Non-energy commodities Metals 160 Index 2010=100 140 120 100 80 60 40 20 Jan 23 Mar 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 0 Source: World Bank. Figure 4: Effective exchange rates, Q1 2023 NEER 106 REER hicp The price competitiveness of manufacturing deteriorated again in the first quarter of 2023. The exchange rate of the euro against the basket of currencies of Slovenia’s main trading partners (NEER) was relatively stable in the first months of this year. Competitiveness indicators (REER ppi and REER hicp) have thus deteriorated due to higher price growth in Slovenia compared to its trading partners. According to preliminary estimates, the gap was more pronounced especially in the growth of the producer price index (PPI), where relative prices had already started to rise in the course of last year. With a significant increase in the first quarter of this year, REER ppi matched the early 2009 peak. REER ppi 2007=100 104 102 100 98 96 Q1 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 Q1 07 94 Source: ECB, calculations by IMAD. NEER - nominal effective exchange rate, REER hicp (ppi) - real effective exchange rate deflated by HICP (PPI). An increase in the value indicates an appreciation of the euro and/or an increase in relative prices against a basket of 37 trading partners' currencies weighted by their importance in Slovenia's trade in goods. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average Brent USD, per barrel Brent EUR, per barrel change, in %1 2022 II 23 III 23 III 23/II 23 III 23/III 22 I-III 23/I-III 22 100.79 82.59 78.43 -5.0 -33.1 -19.1 95.79 77.09 73.28 -4.9 -31.1 -15.5 131.98 52.79 44.03 -16.6 -66.5 -46.2 USD/EUR 1.054 1.072 1.071 -0.1 -2.8 -4.3 3-month EURIBOR, in % 0.342 2.640 2.911 27.0 340.6 316.1 123.59 117.11 114.55 -2.2 -18.0 -11.4 Natural gas (TTF)2, EUR/MWh Non-energy commodity prices, index 2010=100 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. Current Economic Trends Slovenian Economic Mirror, No 2/2023 11 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 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. Jan 23 Feb 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 5: Short-term indicators of economic activity in Slovenia, January–February 2023 Short-term indicators of economic activity for Slovenia in the first two months point to weak growth in the export-oriented part of the economy and in most service sectors (with the exception of retail trade) but to further strengthening in construction. After several months of decline, trade in goods increased in February but was lower than a year ago. Manufacturing output increased on average in the first two months compared to the last quarter of last year, but it remained largely unchanged year-on-year. In most industries, especially the more energy-intensive ones, it was lower year-on-year, but it was higher in the two high-technology industries. Year-on-year growth in trade in services remained strong at the beginning of the year, mainly due to a significant recovery in trade in tourism-related services. Real income in services rose in January after falling in the previous months and was significantly higher year-on-year. However, real turnover in retail trade in January and February was lower on average than in the previous quarter and also year-onyear. Construction activity further increased in February. Compared to previous years, construction of residential buildings stood out in terms of activity. The economic climate improved in the first quarter compared to the last quarter of last year but deteriorated compared to the same period of 2022. 30 25 20 15 10 5 0 -5 -10 -15 -20 Austria Italy France Germany Croatia Slovenia 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 Year-on-year change, in % Figure 6: Electricity consumption, March 2023 Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until August 2022. In March, electricity consumption was 7% lower yearon-year – the same decrease as in February. We assess that this was mainly due to lower industrial consumption. This is related both to a reduction in production activity, especially in some energy-intensive companies as a result of high energy prices, and to more efficient energy consumption. Household consumption also contributed to lower year-on-year consumption due to more rational use of energy and also because fewer people stayed at home than in the same period last year, when the number of COVID-19 infections increased and containment measures were in place. Slovenia’s main trading partners also recorded a year-on-year decline in consumption in March (France by 9%, Austria and Germany by 5%, Croatia by 4%, and Italy by 3%). 12 Current Economic Trends Slovenian Economic Mirror, No 2/2023 Figure 7: Electricity consumption by consumption group, March 2023 Industry Households Small business consumption Total distribution network consumption Year-on-year change, in % 30 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 -30 In March, electricity consumption in the distribution network was lower year-on-year in all consumption groups. As in previous months, industrial consumption declined the most (by 7.2%), which we assess to be mainly due to the energy-intensive part of the economy adjusting to high energy prices by increasing energy efficiency and reducing production. Household consumption was also lower in March than a year earlier (by 3.6%). We assess that this was due to a more rational energy consumption and the impact of COVID-19 measures (remote work, isolations and absences due to illness) on the higher base of last year. Small business consumption1 was 2.6% lower year-on-year in March. 1 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. 50 40 40 30 30 20 20 10 10 0 0 -10 Feb -30 20/3/23 6/2/23 27/2/23 16/1/23 5/12/22 26/12/22 14/11/22 3/10/22 -20 Mar Oct 12/9/22 1/8/22 22/8/22 Jan Dec -20 Aug -30 Nov Sep -10 Difference to the comparable five-year average, in % 50 Daily consumption of natural gas in Slovenia Average comparable natural gas consumption over the previous five years 14-day moving averages of daily declines (right axis) Average monthly decline (right axis) 24/10/22 Natural gas consumption, in GWh Figure 8: Natural gas consumption, March 2023 Source: Plinovodi d.o.o., calculations by IMAD. Note: Final data until 31 January 2023. Gas consumption in March and in the period between August last year and March this year was 18% and 14% lower respectively than the average consumption in the same periods during the five preceding years. Lower gas consumption was due to lower production in some industries as a result of high gas prices and government measures to encourage more rational consumption, while mild weather also widened the gap with average gas consumption in March compared to February. In the last eight months, the decline in gas consumption in Slovenia compared to the same periods during the five preceding years was slightly below the EU recommendation to reduce gas consumption by at least 15%, whereas the EU as a whole reduced gas consumption by a fifth between August last year and January this year.2 2 Source of data: Eurostat. Figure 9: Value of fiscally verified invoices – nominal, March 2023 50 40 20 10 0 -10 -20 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Jan 23 Oct 22 Jul 22 Apr 22 Jan 22 Oct 21 Jul 21 Apr 21 Jan 21 Oct 20 Jul 20 Apr 20 -40 Mar 23 -30 Jan 20 Y-on-y change , in % 30 Year-on-year nominal growth in the value of fiscally verified invoices almost halved in March, given the high base of last year. It slowed to 7% due to last year’s high base, which was related to the lifting of containment measures and also to the outbreak of war in Ukraine.3 Year-on-year turnover growth more than halved in accommodation and food services (from 26% in February to 13% in March), certain creative, arts, entertainment and sports activities, and gambling and betting activities (total growth in other service activities4 was 15%). Yearon-year growth also slowed significantly (from 11% to 6%) in trade, which accounted for almost 80% of the total value of fiscally verified invoices issued. Turnover increased by 5% in nominal terms in retail trade and by 22% in the sale of motor vehicles. Turnover in wholesale trade was similar to March last year. 3 4 In addition to the lifting of the recovered/vaccinated/tested rule and other operating restrictions (from 21 February 2022), this was influenced, especially in the first half of March last year, by increased purchases of automotive fuel (due to expected further price increases) and certain food products (due to potential shortages) in the wake of the outbreak of the war in Ukraine. Activities R, S and T according to NACE classification. Current Economic Trends Slovenian Economic Mirror, No 2/2023 13 Figure 10: Trade in goods – in real terms, February 2023 Exports Exports to the EU Seasonally adjusted real index 2010=100, 3-month moving average 190 Imports Imports from the EU 180 170 160 150 140 130 120 110 100 90 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 80 Source: SURS; calculations by IMAD. After several months of decline, trade in goods increased in February but remained lower than a year ago. After months of decline, real exports rose by 1.5% in February (by 4.5% to EU Member States, seasonally adjusted), while imports fell by 3.9% (by 5.3% from EU Member States, seasonally adjusted).5 On the export side, the development in recent months was mainly influenced by weak activity in Slovenia’s main trading partners within the EU, especially the decline in exports of intermediate goods (mainly metals and metal products).6 On the import side, the large monthly fluctuations in imports of intermediate goods point to uncertainty about activity growth in manufacturing. Sentiment in export-oriented activities remained low in March, as did export expectations. 5 6 Total exports and imports adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Detailed data on foreign trade are available until January 2023. Figure 11: Slovenia’s export market share in the EU market, Q4 2022 Market share Slovenian exports to the EU Imports from the EU 30 20 10 0 -10 Source: SURS, Eurostat; calculations by IMAD. Q4 22 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 -30 Q1 14 -20 Q1 13 Year-on-year change, in % 40 Slovenia’s export market share in the EU market continued to decline in the last quarter of 2022 (by 4.2% year-on-year). It has been declining since the second half of 2021 and was 5% lower in 2022 as a whole, according to initial estimates. Although the decline was largely due to lower foreign demand for products that account for a relatively large share of Slovenian exports (a structural effect), the export performance of individual products also deteriorated in 2022. Market shares have declined in the last quarter and in 2022 as a whole for most main manufacturing product groups, most markedly for road vehicles and electrical machinery, apparatus and appliances. Among energy-intensive products, market shares declined in 2022 for chemical and non-metallic mineral products, and in the last quarter also for nonferrous metals and paper. Among Slovenia’s main trading partners, France and Germany recorded the strongest drops compared to both the previous year and the preepidemic level. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2022 II 23/I 23 II 23/II 22 I-II 23/I-II 22 14.8 1.63 15.3 15.1 4.1 4.53 0.9 -2.8 10.7 -15.33 -5.7 5.8 - from the EU 1.8 -5.33 -6.3 0.1 Industrial production, real 1.3 -3.63 -0.2 -3.2 - manufacturing 3.7 -2.33 1.6 0.4 22.2 1.03 17.5 21.1 Merchandise exports, real1 - to the EU Merchandise imports, real1 Construction - value of construction put in place, real In % 2022 I 23/XII 22 I 23/I 22 Services exports, nominal2 30.7 2.53 25.3 Services imports, nominal 24.6 0.2 4.6 Distributive trades - real turnover 10.2 3.83 8.44 Market services (without trade) - real turnover 11.3 1.83 8.24 2 3 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 2/2023 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Imports of services Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Exports of services 1000 950 900 850 800 750 700 650 600 550 500 450 400 350 300 250 Jan 13 In EUR million, seasonally adjusted, 3-month moving average Figure 12: Trade in services – nominal, January 2023 Source: BoS; calculations by IMAD. At the end of January, exports of services continued to increase, while the decline in imports came to a halt (seasonally adjusted). As in previous months, export growth was mainly driven by the exports of ICT and other business services, while the value of exports of transportation and tourism-related services remained at the same level as at the end of last year. Among the main import groups, imports of tourism-related services and other business services increased, while imports of transportation services decreased. This was particularly related to weak activity in manufacturing in Slovenia and its main trading partners. Year-on-year growth in trade in services remained strong at the beginning of the year, mainly due to a significant recovery in trade in tourismrelated services. Trade in tourism-related services has been above pre-epidemic levels since June 2022, although its share in total services trade is still noticeably lower than before the epidemic.7 7 The share of travel exports in total services exports was 30.2% in January 2020 and 26.3% in January 2023. The share of travel imports in total services imports was 24.5% in January 2020 and 21% in January 2023. 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 Source: SURS, calculations IMAD. Jan 23 Feb 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, February 2023 Manufacturing output in the first two months was higher than in the last quarter of last year and similar to the same period last year. Output was higher year-on-year in both high-technology industries (the pharmaceutical industry8 and manufacture of ICT equipment), which are less affected by the slowdown in external demand growth and the energy crisis. Output was lower on average in all other industry groups in terms of technological intensity. In particular, it was lower in more energy-intensive industries and in the manufacture of motor vehicles. Output was lower than a year ago also in certain low-technology industries (the woodprocessing and furniture industries, other manufacturing, manufacture of wearing apparel) and – after high growth in 2022 – the manufacture of electrical equipment. 8 IMAD’s estimate. Current Economic Trends Slovenian Economic Mirror, No 2/2023 15 Seasonally adjusted data 3-month moving averages, seasonally adjusted 120 110 100 90 80 70 60 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 23 Mar 23 50 Jan 13 Real construction production index (2010=100) Figure 14: Activity in construction, February 2023 Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 220 200 180 160 140 120 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Feb 23 Jan 23 100 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 15: Turnover in trade, January–February 2023 According to data on the value of construction work put in place, construction activity further increased in February. After a sharp upturn at the beginning of 2022, the value of construction work remained roughly unchanged throughout the year before rising sharply towards the end of last year and the beginning of this. In February, it was 18% higher year-on-year. Compared to previous years, construction of buildings, especially of residential buildings, stood out in terms of the level of activity. The implicit deflator of the value of construction work put in place used to measure prices in the construction sector was 12% in February, which was slightly below the 2022 average. However, some other data suggest significantly lower growth in construction activity. Data on the value of industrial production in two activities traditionally strongly linked to construction do not point to such high growth. Production in other mining and quarrying was 2% lower in February than in the same month of 2022, while it was 7% lower in the manufacture of other nonmetallic mineral products. After a temporary increase in January, real turnover fell in most trade sectors in February. After a sharp decline in the last quarter of last year, turnover in wholesale trade rose in January, to a level similar to that in January last year, and it also increased in the retail sale of food, beverages and tobacco, which remained significantly lower year-on-year (by 5.1% in real terms). In January, growth continued in the sale of motor vehicles, where turnover increased significantly year-on-year (14.5% in real terms) due to the low base. After stagnating in the second half of last year, turnover in retail sale of non-food products decreased in January. Preliminary SURS data for February point to lower turnover in all sectors for which data are available. . Source: SURS; calculations by IMAD. Source: SURS; calculations by IMAD. Note: * including real estate. Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 200 180 160 140 120 100 80 60 40 20 0 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, January 2023 After a decline, real turnover increased significantly in most market services in January. Total turnover in market services declined in the final months of 2022, but it rose in current terms at the start of this year (by 1.8%). High growth continued in the accommodation and food service activities and in professional and technical activities. After a two-month decline, turnover in information and communication activities also recovered, this time driven by significant growth in the sale of computer services in both the domestic and foreign markets. Turnover in transportation and storage declined again, especially in land transport. Turnover in administrative and support service activities remained high, at the level of the end of 2022. In January, total turnover was 7% higher year-on-year in real terms. It was higher year-on-year in all market services and fell short of pre-epidemic levels (compared to January 2019) only in administrative and support service activities (the most in employment agencies, by 28%). 16 Current Economic Trends Slovenian Economic Mirror, No 2/2023 Figure 17: Selected indicators of household consumption, January–February 2023 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 160 140 120 100 80 60 40 20 0 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 Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons At the beginning of the year, household expenditure on food, non-food products and overnight stays in Slovenia decreased year-on-year, while it increased on cars and tourist services abroad. The sale of food, beverages and tobacco, which has been declining since last spring, and of non-food products was lower on average in real terms in January and February than in the last quarter of last year and also compared to the same period last year. The number of overnight stays by domestic tourists9 was also lower than a year ago, while expenditure on tourist services abroad10 increased yearon-year. The sale of passenger cars increased as supply chains eased but was still far behind pre-epidemic levels. 9 Source: SURS; calculations by IMAD. Note: The Q1 2023 figure for the turnover in accommodation and food service is value for January, for others is the average value for January and February. 10 Overall, Slovenia recorded 3% fewer overnight stays by domestic tourists and 58% more overnight stays by foreign tourists in the first two months of the year, which also had a significant impact on the growth of turnover in accommodation and food service activities. In January, imports of private travel increased by 22% in nominal terms and the number of overnight stays by Slovenians in Croatia increased by 65%. Figure 18: Economic sentiment, March 2023 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Jan 23 23 Mar 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 Manufacturing Service activities Consumers Source: SURS; calculations by IMAD. In March, the value of the economic sentiment indicator remained similar to that in February (-0.3 p.p.), while it fell by 2.7 p.p. year-on-year. Compared to the previous month, confidence fell in retail trade, construction and manufacturing, while it rose slightly in services and among consumers. According to the original data, the same confidence indicators deteriorated year-on-year and month-on-month, while confidence improved in services and among consumers. The rise in consumer confidence was driven by more optimistic expectations about the country’s economic situation and the financial situation of households, while service providers assessed their business situation as improved and expected higher demand. The economic climate improved in the first quarter compared to the last quarter of last year, but it deteriorated compared to the same quarter of 2022. Road Road – cross-trade Road - loaded, unloaded and national Railway 240 220 200 180 160 140 120 100 80 Source: SURS; calculations by IMAD. Q4 22 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 60 Q1 12 In million tkm, seas. adj. index 2010=100 Figure 19: Road and rail transport, Q4 2022 In the last quarter of last year, the volume of road freight transport remained similar to the previous quarter, while the volume of rail freight transport decreased significantly. The volume of road transport performed by Slovenian vehicles decreased slightly quarter-on-quarter due to lower cross-trade and was 4% below the level of the same quarter in 2019 (crosstrade was 20% lower, while other road traffic performed at least partially on Slovenian territory was 12% higher). With the decline in the volume of cross-trade performed by Slovenian vehicles, its share in total traffic also fell sharply (to 43%) and was again significantly lower than in the pre-epidemic period (when it was 51%).11 Rail freight transport, already declining before the epidemic, was 8% lower than in the same quarter of 2019. 11 The share of foreign vehicle traffic on Slovenian motorways (measured in kilometres driven) was only slightly lower in Q4 2022 than in the same period of 2019 (by 0.8 p.p.), according to DARS data. Current Economic Trends Slovenian Economic Mirror, No 2/2023 17 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 Q4 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 0 Q1 08 Index 2010=100, 4-quarter moving averages Figure 20: Residential real estate, Q4 2022 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. The growth of dwelling prices moderated in Q4 2022 amid a further decline in turnover but remained high year-on-year. Prices were 1% higher than in Q3 2022 and 11.3% higher than in Q4 2021. The still high year-onyear growth was mainly due to higher prices of existing dwellings (by 12%), where the number of transactions was almost a quarter lower year-on-year. Prices of newly built dwellings were also higher (by 5.1%), but these dwellings accounted for only 2% of all transactions. After an increase of 11.5% in 2021, prices rose by 14.7% year-on-year in 2022 as a whole. They were 34.3% higher in nominal terms than in 2008, with prices of existing dwellings rising by 41.1% (by 38.1% in Ljubljana and by 59.9% elsewhere) and prices of newly built dwellings by 11.8%.12 12 General price growth (inflation) was 26.5% higher in 2022 than in 2008, while average gross wage was 45.5% higher. Figure 21: Households facing financial distress, March 2023 Running into debt Having to draw on savings Financial distress - total 9 8 7 6 5 4 3 2 1 Source: SURS (Consumer Survey). Jan 23 Mar 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 in the first quarter remained similar on average to the last quarter of last year, but it deteriorated compared to the same quarter of 2022. Compared to the previous quarter, the share of households from the lowest-income quartile facing financial distress13 decreased (by 1.9 p.p.). This was, according to our estimate, due to the increase in the minimum wage in January and measures taken by the government to mitigate the impact of rising prices on the most vulnerable population groups. The financial situation of households from the second quartile deteriorated (by 2 p.p.). Compared to the same period last year, the share of households facing financial distress was 2 p.p. higher on average in the first quarter. Households facing financial distress continued to cover their financial needs to a greater extent by drawing on savings. 13 Financial distress is defined as households having to draw on savings or run into debt to cover current expenditures. 18 Current Economic Trends Slovenian Economic Mirror, No 2/2023 Labour market Figure 22: Number of persons in employment, January 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 23 Jul 22 Oct 22 Jan 22 Apr 22 Jul 21 Oct 21 Jan 21 Apr 21 Jul 20 Oct 20 Jan 20 Apr 20 Jul 19 Oct 19 Jan 19 Apr 19 90 In January, year-on-year growth in the number of persons in employment was similar to the previous months (1.9%). The strongest growth was seen in construction, which is facing a major labour shortage and saw the largest increase in the number of persons in employment compared to the same period in 2019. Employment of foreign workers has been the largest contributor to the overall growth in the number of persons in employment for quite some time – its contribution was 78% year-on-year in January, which is slightly more than in the previous months. Foreigners accounted for 14% of total employment, up 1.3 p.p. from the previous year. The sectors with the highest share of foreigners were construction (47%), transportation and storage (32%), and administrative and support service activities (26%). Source: SURS; calculations by IMAD. Figure 23: Number of registered unemployed, March 2023 According to the seasonally adjusted data, the monthly decline in the number of registered unemployed was similar in March (by 1.3%) as in the previous two months. According to original data, 50,327 people were unemployed at the end of March, 5.8% less than at the end of February. Unemployment was down 16.9% year-on-year. Against the backdrop of a severe labour shortage, the number of long-term unemployed fell by a third. Long-term unemployed 120 100 80 60 40 20 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 0 Jan 23 Mar Number of registered unemployed in '000 All unemployed 140 Source: ESS. Beneficiaries of financial social assistance (FSA) Recipients of unemployment benefits (UB) 120 100 80 60 40 20 Sources: MDDSZ, ESS, calculations by IMAD. Feb Jan 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, February 2023 The year-on-year decline in the number of financial social assistance (FSA) beneficiaries and unemployment benefit (UB) recipients moderated in February. The number of FSA beneficiaries has been declining since the middle of 2021, mainly due to an improvement in the labour market situation, and reached its lowest level in October 2022. Since then the number of FSA beneficiaries has increased slightly, mainly due to the fact that from October 2022 to March 2023, property was not taken into account when determining eligibility for the FSA for new applicants.14 In February, 79,082 people were entitled to FSA, which is around 2,700 more than in October 2022 and 8.9% less than in February 2022. The number of UB recipients was also lower year-on-year in February, by 10.7% (15,593 people). 14 Temporary government measure to mitigate the impact of rising prices for the most vulnerable groups of the population, with the aim of expanding the group of FSA beneficiaries and thus also the eligibility for the energy allowance. Current Economic Trends Slovenian Economic Mirror, No 2/2023 19 Figure 25: Average nominal gross wage per employee, January 2023 Private sector 20 Public sector Total 12 8 4 0 -4 -8 -12 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -20 Jan 14 -16 Jan 13 Year-on-year real growth, 3-month moving average, in % 16 Despite high inflation, the average gross wage increased by 1.3% year-on-year in real terms in January. This was mainly due to the sharp increase in the minimum wage at the beginning of the year and the relatively low base from January 2022. In the private sector, the average gross wage was up 2.2% year-on-year in real terms. Growth was strongest in accommodation and food service activities, a sector which is facing a major labour shortage. In the public sector, gross wages fell by 0.1% year-on-year in real terms, which is a much smaller decline than in previous months. Compared to January last year, the average gross wage increased by 11.5% in nominal terms – by 9.9% in the public sector and by 12.4% in the private sector. Source: SURS; calculations by IMAD. Table 3: Indicators of labour market trends Change, in % 2022 I 23/XII 22 Persons in formal employment2 2.4 0.1 1.9 Average nominal gross wage 2.8 0.6 11.5 private sector 6.2 1.4 12.4 public sector -2.5 0.6 9.9 of which general government -4.9 0.4 8.4 of which public corporations 4.6 1.5 14.6 2022 I 22 XII 22 5.8 6.3 5.2 5.0 Change, in % 2022 III 23/II 23 III 23/III 22 I-III 23/I-III 22 Registered unemployed -23.8 -5.8 -16.9 -17.6 Rate of registered unemployment (in %), seasonally adjusted I 23/I 22 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). I 23 20 Current Economic Trends Slovenian Economic Mirror, No 2/2023 Prices Figure 26: Consumer prices, March 2023 In March, consumer prices remained unchanged from the previous month, while year-on-year growth increased as expected and amounted to 10.5%. Much of the year-on-year increase was due to the lower base from last year, when the government significantly reduced electricity prices by abolishing certain levies and charges. Consequently, prices were almost 50% higher year-on-year in March this year. Prices of food and nonalcoholic beverages, which rose by 19% year-on-year in March, continue to contribute significantly to inflation. Growth of semi-durable goods prices rose to around 6%, with a slightly more pronounced seasonal increase in the prices of clothing and footwear. Amid a monthly decline in furniture prices, year-on-year price growth for durable goods fell sharply to 5.9%, the lowest level since November 2021. Price growth in services also slowed slightly year-on-year (to 6.8%), which we assess to be mainly due to a somewhat more pronounced seasonal drop in prices of package holidays. Euro area Jan 23 Mar 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. Figure 27: Slovenian industrial producer prices, February 2023 Domestic market The year-on-year growth of Slovenian industrial producer prices slowed further in February, falling to 14.9%, the lowest level since January 2022. The slowdown was entirely due to the high base from last year, as prices increased significantly (by 1.5%) compared to the previous month. They rose in all industrial groups, with only prices of durable consumer goods declining (by 2.2%). Price growth slowed year-on-year in both domestic (18.6%) and foreign markets (11.2%). Growth of intermediate goods prices slowed further (13.1%), while growth of capital goods (9.1%) and consumer goods (14.2%) prices remained broadly unchanged. Domestic energy prices, which rose by almost 15% month-onmonth (while they remained unchanged in foreign markets due to stable conditions), were still significantly higher year-on-year (49.7%). Non-domestic market 160 Index 2015=100 150 140 130 120 110 100 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 90 Source: SURS. Table 4: Consumer price growth, in % XII 22/XII 21 Total IV 22-III 23/ IV 21-III 22 III 23/II 22 III 23/III 22 I-III 23/I-III 22 10.3 9.8 0.0 10.5 9.9 Food 18.9 15.8 1.1 19.1 19.0 Fuels and energy 15.9 21.1 -0.8 15.4 10.1 Services 7.7 6.1 -2.4 6.9 7.5 Other1 7.5 6.8 1.8 8.4 8.1 Core inflation - excluding food and energy 7.4 6.7 -0.1 7.8 7.8 Core inflation - trimmed mean2 9.5 9.4 0.4 10.1 9.6 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 2/2023 21 Financial markets Figure 28: Loans to domestic non-banking sectors, February 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 Feb Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 -40 Source: BoS. After a gradual slowdown in previous months, the year-on-year growth in the volume of bank loans to domestic non-banking sectors slowed significantly in February. At 4%, growth was the lowest since November 2021, mainly due to a 3.5% monthly decline in the volume of loans to domestic non-banking sectors. This was mainly due to net repayment of corporate and NFI debts (more than EUR 900 million), but also to a slight decrease in loans to households (by EUR 19.4 million).15 The slowdown in lending activity by the banking system is, in our assessment, due to the cooling of economic activity and the tightening of borrowing conditions as a result of tightened ECB monetary policy. According to data on new lending, lending to non-financial corporations and households declined by more than a quarter in the first two months of the year compared to the same period last year. Year-on-year growth in domestic nonbanking sector deposits (6.2%) continues to gradually weaken. Deposit rates are still rising much more slowly than lending rates, so most of the growth comes from an increase in overnight deposits, which account for almost 85% of total domestic non-banking sector deposits and more than 60% of the banking system’s total assets. The quality of banks’ assets remains solid and the share of non-performing loans is still slightly above 1%. 15 The biggest decline was seen in other loans, and the volume of consumer and housing loans was also lower. The latter decreased for the second month in a row. Figure 29: Bond, Q1 2023 Austria Portugal 8 Ireland Slovenia Italy Spain Germany 7 5 4 3 2 1 0 -1 Source: Bloomberg. Jan 23 23 Mar 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 % 6 After rising sharply in 2022, yields to maturity of euro area government bonds continued to rise slightly in the first quarter of this year. The yield to maturity of the Slovenian government bond was thus 3.48% in the first quarter of 2023, which is the highest since 2014. The spread to the German bond fell by about 10 bps (to 114 bps) compared to the last quarter of 2022. 22 Current Economic Trends Slovenian Economic Mirror, No 2/2023 Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth, % Domestic bank loans to non-banking sector and household savings 28. II 22 31. XII 22 28. II 23 28. II 23/31. I 23 Loans total 24,477.9 26,175.2 25,461.4 -3.5 4.0 11,365.3 12,412.1 11,727.9 -7.2 3.2 -11.2 Enterprises and NFI 28. II 23/28. II 22 Government 1,474.9 1,324.0 1,309.2 -0.2 Households 11,637.7 12,439.2 12,424.3 -0.2 6.8 2,580.2 2,616.8 2,628.6 0.0 1.9 Consumer credits Lending for house purchase 7,580.1 8,215.4 8,211.4 0.0 8.3 Other lending 1,477.4 1,606.9 1,584.3 -0.9 7.2 Bank deposits total Overnight deposits Term deposits Government bank deposits, total Deposits of non-financial corporations, total 24,781.2 26,332.9 26,526.9 0.5 7.0 21,704.8 23,421.5 23,543.9 0.4 8.5 3,076.5 2,911.4 2,983.0 1.4 -3.0 588.0 741.2 638.6 -11.5 8.6 8,650.0 9,774.7 9,216.9 -2.8 6.6 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Current Economic Trends Slovenian Economic Mirror, No 2/2023 23 Balance of payments Figure 30: Current account of the balance of payments, February 2023 The 12-month current account surplus (until February) was lower year-on-year, amounting to EUR 154.1 million (0.2% of estimated GDP). The lower surplus was largely attributable to the goods trade balance, which turned from a surplus to a deficit in March last year. The primary income deficit was similar to the previous year, while the secondary income deficit was higher year-onyear due to lower receipts from the EU budget and higher VAT- and GNI-based contributions to the EU budget. The surplus in trade in services continued to increase, especially in trade in travel and transportation services. Trade in services Secondary income 5000 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Feb Jan 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 Trade in goods Primary income Current account Source: BoS; calculations by IMAD. Table 6: Balance of payments I-II 2023, in EUR million Inflows Outflows Balance Balance, I-II 2022 Current account 8,936.2 8,643.4 292.8 -108.3 Goods 6,846.2 6,880.9 -34.7 -284.7 Services 1,529.0 1,039.4 489.6 351.8 Primary income 369.3 447.5 -78.2 -79.0 Secondary income 191.7 275.6 -83.9 -96.4 612.6 675.9 -63.4 21.2 2,814.1 3,192.6 378.5 -48.0 Capital account Financial account Direct investment 389.4 220.7 -168.8 -216.1 Portfolio investment 1,217.2 321.0 -896.3 -1,729.2 Other investment 1,217.6 2,580.0 1,362.4 1,858.0 0.0 149.0 149.0 39.1 Statistcal error 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 2/2023 Public finance Figure 31: Balance of the consolidated general government budgetary accounts, January–February 2023 General government balance Primary balance 2,000 1,000 118.6 119.8 -1,000 -1577.3 -2,000 -3,000 I-II 2023 I-II 2022 Source: MF; calculations by IMAD. 2022 2020 2019 2018 2017 2016 2015 2014 2013 -4,000 -2917.2 -3542.2 2021 In EUR million 0 In the first two months of this year, the consolidated general government budgetary accounts showed a surplus of EUR 119.8 million, similar to the same period last year. In the first two months of the year, revenue fell year-on-year (by 0.5%). Receipts from the EU budget were lower, after a sharp increase last year related to the disbursement of part of the advance payment from the Recovery and Resilience Facility and some other nontax revenue. At the same time, the growth in tax revenues, which at this time last year was still rising sharply due to the post-pandemic recovery, has weakened considerably, the slowdown being partly due to a decrease in tax burdens (income tax, VAT and excise duties on energy products, tax on air pollution from CO2 emissions). Revenue growth was mainly driven by the growth in social contributions in the context of rising employment and accelerated wage growth. Expenditure was also slightly lower than in the same period last year (by 0.5%). This was mainly due to lower expenditure on reserves16 and payments to the EU budget, but also to lower transfers (subsidies to individuals and households) related to the lifting of measures to mitigate the consequences of COVID-19. On the expenditure side, wages and other labour costs increased. The main factors behind the increase were the agreement to increase public sector wages,17 interest rates and investment. The advance payment from the Recovery and Resilience Facility received last year was simultaneously transferred to a special budget fund within the reserves. 17 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 Figure 32: EU budget receipts, February 2023 Total receipts (January–February 2022) Expected reimbursements in the revised budget 2023 Total receipts (January–February 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 400 500 600 Slovenia’s net budgetary position against the EU budget was positive in the first two months of this year (at EUR 29.9 million). In this period, Slovenia received EUR 146.1 million from the EU budget (8.3% of receipts envisaged in the state budget for 2023) and paid EUR 116.2 million into it (17.8% of planned payments). The bulk of receipts were resources from structural funds (59.2% of all reimbursements to the state budget)18 and resources from the Cohesion Fund (32.1%). The highest payments into the EU budget came from GNI-based payments (50.3% of all payments). According to the Cohesion Policy Office,19 by the end of February funding decisions taken accounted for 113%20 of the allocated funds under the 2014–2020 MFF (ReactEU – 87.4%) and disbursements for 74% of the allocated funds (React-EU – 33.8%). The European Regional Development Fund (ERDF) and the European Social Fund (ESF). 19 Ministry of Cohesion and Regional Development. 20 In order to ensure better absorption of European funds, a contingency reserve of 15% of the allocated funds is foreseen. 18 Current Economic Trends Slovenian Economic Mirror, No 2/2023 25 Table 7: Consolidated general government revenue and expenditure on a cash basis I-II 2022 Category REVENUES TOTAL Tax revenues1 I-II 2023 Y-o-y growth, in % EUR m 3,818.4 1,899.1 20.9 22.8 I-II 2022 Y-o-y growth, in % EUR m 3,799.5 1,948.8 Category -0.5 EXPENDITURE TOTAL Salaries, wages and other 2.6 personnel expenditures2 Personal income tax 529.5 6.9 522.5 -1.3 Expenditure on goods and services Corporate income tax 156.1 23.4 191.8 22.9 Interest payments 10.0 1.0 9.0 Value added tax Taxes on immovable property 764.8 39.1 786.0 2.8 Excise duties 231.3 13.3 248.7 7.5 Other current transfers Social security contributions -9.9 Reserves Transfers to individuals and households I-II 2023 Y-o-y growth, in % EUR m EUR m Y-o-y growth, in % 3,699.8 -2.4 3,679.8 -0.5 863.1 -7.3 953.3 10.5 490.4 12.9 493.3 0.6 41.4 -61.4 70.3 70.0 161.3 345.7 50.4 -68.7 1,522.7 -7.6 1,510.3 -0.8 321.4 -7.4 311.1 -3.2 1,357.6 6.8 1,475.1 8.7 Investment expenditure 158.2 25.5 174.9 10.5 Non-tax revenues 252.0 15.8 179.1 -28.9 Payments to the EU budget 141.3 -12.5 116.2 -17.8 Receipts from the EU budget 255.4 163.3 146.8 -42.5 54.3 105.4 49.7 Other GENERAL GOVERNMENT BALANCE -8.5 PRIMARY BALANCE 118.6 119.8 147.2 169.2 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. selected topic Selected Topic Slovenian Economic Mirror, No 2/2023 2 3 60 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 40 2012 50 Source: Eurobarometer, 2023. Note: spring–summer survey and the most recent survey. 90 85 80 75 70 65 60 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 50 2010 55 Source: Eurobarometer, 2023. Note: spring–summer survey and the most recent survey. 1 70 95 2009 Share of (very) satisfied respondents, in % EU 80 2011 Slovenia 100 EU, satisfaction with the personal job situation EU, satisfaction with the financial situation of the household SI, satisfaction with the personal job situation SI, satisfaction with the financial situation of the household 2010 Figure 33: Life satisfaction, Slovenia and the EU Figure 34: Satisfaction with the personal job situation and the financial situation of the household, Slovenia and the EU 2009 Life satisfaction1 in Slovenia, as measured by the Eurobarometer survey in January and February 2023, remained well above the EU average (Figure 33). The high average perceived life satisfaction in Slovenia on the ten-level Likert scale was also confirmed by the latest Slovenian public opinion poll (7.7) (CJMMK, 2022) and the EU-SILC survey (SURS, 2023), which found the highest ever recorded values2 for life satisfaction in Slovenia in the last two years (7.7 and 7.6 respectively). According to the latest Eurobarometer survey (Eurobarometer, 2023),3 overall life satisfaction in Slovenia increased by 1 p.p. to 92% compared to the June–July 2022 survey (the EU average decreased by 2 p.p. to 83%). In our opinion, the high life satisfaction in Slovenia is the result of government measures to mitigate the consequences of rising energy prices, high employment, and changed expectations and priorities of the population. Overall life satisfaction remained high during the epidemic and in the period of increased energy uncertainty due to the war in Ukraine and other geopolitical uncertainties and high inflation. This is due to the fiscal policy measures of recent years, which have provided massive support to businesses to maintain their economic potential during the COVID-19 crisis. In addition, the government has strongly supported private consumption through measures to mitigate the impact of the epidemic and rising energy prices on the financial situation of the population. Satisfaction with personal job situation in Slovenia slightly decreased at the beginning of 2023, while the share of respondents satisfied with the financial situation of the household (75%) is among the highest in the EU (Figure 34). Expectation that the household’s financial situation will remain the same or improve in the next 12 months improved by 12 p.p. at the beginning of 2023, as uncertainty about energy supply and price developments decreased. Satisfaction with the personal job situation declined slightly, as did the expectation that the situation will improve in the next 12 months. At the EU level, satisfaction with the personal job situation and the financial situation of the household has gradually declined since 2021, when it peaked. Share of (very) satisfied respondents, in % Life satisfaction, 2023 29 The Eurobarometer survey 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. According to SURS, life satisfaction reached its highest level ever measured in 2021 (81%), followed by a decline by 1 p.p. in 2022. By gender, life satisfaction in 2022 was higher than ever before among men (82%), while it fell by 1 p.p. among women (to 80%). SEB98; Standard Eurobarometer, January–February 2023. Respondents in Slovenia are more satisfied with the economic situation in the country (49%) than respondents in the EU on average (35%). Compared to the last survey (June–July 2022), satisfaction in Slovenia decreased by 15 p.p., while it increased by 1 p.p. in the EU as a whole. In all seven dimensions (economic situation in the country, job situation in the country, situation in the country in general, economic situation in the EU, personal job situation, financial situation of the household and general life satisfaction), positive expectations for the next 12 months at the EU level have improved or remained the same as in the last survey (though they are still lower than in 2021) and are higher than in Slovenia. Positive expectations in Slovenia have decreased compared to the previous survey, with the exception of the financial situation of the household and overall life satisfaction. In our assessment, the negative expectations for the economic situation at the national level are associated with the slowdown of the high postCOVID-19 economic growth from mid-2022 onwards due to the energy crisis and the increased uncertainty in the international environment, as well as the persistence of inflation at a relatively high level. 30 Selected Topic Slovenian Economic Mirror, No 2/2023 In January and February 2023, the main concerns cited by respondents were still inflation, health and healthcare, and energy supply. The most important issues at the personal level were rising prices (45% compared to 54% in the previous survey) and health and social security (a slightly lower share than in the previous survey) (Figure 35). The most important issues at the national level cited by Slovenian respondents were health and the healthcare system (50%, similar to the period of COVID-19), while the percentage of those citing high cost of living and energy supply decreased (Figure 36). The share of Slovenian respondents that cited energy supply as the main concern at the EU level decreased (from 42% to 36%), as did the share of those who cited rising prices (from 42% to 27%) and the international situation and climate crisis, while the share of those who cited immigration and the economic situation in the EU increased (Figure 37). Figure 35: Main concerns at the personal level (in %) June–July 2022 Figure 36: Main concerns at the national level (in %) June–July 2022 The environment/climate crisis Taxation Public debt Pensions Housing Economic situation Energy supply Inflation/cost of living Health and health system 0 10 January–February 2023 June–July 2022 Crime Health The education system State of Member States public finances Financial situ. of one’s household EU’s influence in the world Nothing The environment/climate crisis Working conditions The economic situation in the EU Living conditions Immigration Pensions International situation Health and social security Price growth/cost of living Inflation/cost of living Energy supply 20 30 40 50 30 40 50 60 Figure 37: Main concerns at the EU level (in %) Housing 10 20 Source: Eurobarometer, 2023. Notes: spring– summer survey and the most recent survey; first 10 most frequently mentioned categories. Taxation 0 January–February 2023 Immigration 60 Source: Eurobarometer, 2023. Notes: spring– summer survey and the most recent survey; first 10 most frequently mentioned categories. 0 10 January–February 2023 20 30 40 50 Source: Eurobarometer, 2023. Notes: spring– summer survey and the most recent survey; first 10 most frequently mentioned categories. statistical appendix Statistical Appendix Slovenian Economic Mirror, No 2/2023 Main indicators GDP (real growth rates, in %) 2017 2018 2019 2020 2021 2022 2023 2024 33 2025 Spring Forecast 2023 4.8 4.5 3.5 -4.3 8.2 5.4 1.8 2.5 2.6 GDP in EUR million (current prices) 43,011 45,876 48,533 47,021 52,208 58,989 64,723 68,896 72,462 GDP per capita in EUR (current prices) 20,820 22,142 23,233 22,361 24,770 27,951 30,584 32,482 34,095 GDP per capita (PPS)1 25,100 26,500 27,800 26,800 29,200 GDP per capita (PPS EU27=100)1 86 87 89 89 90 Rate of registered unemployment 9.5 8.2 7.7 8.7 7.6 5.8 5.1 4.9 4.7 Standardised rate of unemployment (ILO) 6.6 5.1 4.5 5.0 4.7 4.2 4.0 3.8 3.7 Labour productivity (GDP per employee) 1.8 1.3 1.0 -3.7 6.8 2.9 0.8 1.8 2.2 Inflation2, year average 1.4 1.7 1.6 -0.1 1.9 8.8 7.1 4.2 2.4 Inflation2, end of the year 1.7 1.4 1.8 -1.1 4.9 10.3 5.1 2.8 2.0 11.1 6.2 4.5 -8.6 14.5 6.5 2.7 4.1 4.2 Exports of goods 11.0 5.7 4.5 -5.5 13.4 2.4 1.2 3.2 3.8 Exports of services 11.2 7.7 4.6 -20.0 19.3 23.8 8.1 7.5 5.6 10.7 7.1 4.7 -9.6 17.6 9.8 1.8 3.6 4.3 Imports of goods 10.7 7.4 5.0 -8.6 17.2 8.2 1.1 3.2 4.1 Imports of services 10.5 5.4 3.0 -15.0 19.5 19.0 6.0 6.1 5.2 2,674 2,731 2,884 3,552 1,985 -450 196 492 622 6.2 6.0 5.9 7.6 3.8 -0.8 0.3 0.7 0.9 43,231 42,139 44,442 47,998 50,818 51,803 100.5 91.9 91.6 102.1 97.3 87.8 1.129 1.181 1.120 1.141 1.184 1.054 1.087 1.087 1.087 1.9 3.5 5.3 -6.9 9.5 8.9 1.2 1.8 1.8 52.5 52.0 52.4 50.1 51.1 55.0 54.4 54.2 53.8 0.4 2.9 1.8 4.1 5.8 0.9 1.2 1.8 1.9 18.5 18.2 18.3 20.6 20.6 18.8 18.8 18.7 18.8 10.2 10.2 5.1 -7.9 13.7 7.8 2.8 2.2 5.0 18.3 19.3 19.6 18.9 20.3 22.0 22.1 21.9 22.3 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 (Spring forecast, March 2023). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 34 Statistical Appendix Production Slovenian Economic Mirror, No 2/2023 2020 2021 2022 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2021 Q3 Q4 2 3 4 5 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -5.2 10.2 1.3 1.4 3.3 25.5 6.2 7.9 6.3 2.9 2.1 -5.7 -2.4 14.5 34.9 25.9 B Mining and quarrying -2.1 -6.6 18.2 7.6 0.1 -2.7 -30.7 10.8 54.6 20.1 40.5 -28.2 4.8 7.4 -20.7 -3.4 C Manufacturing -5.0 11.8 3.7 1.6 4.3 28.8 8.1 8.4 6.8 5.5 4.7 -1.9 -2.2 16.2 39.5 29.3 D Electricity, gas & steam supply1 -9.1 -5.3 -26.4 -2.1 -8.1 -5.3 -9.3 0.8 -4.9 -29.3 -30.0 -40.1 -6.2 -5.0 -2.2 -5.9 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.7 -0.5 22.2 6.1 -0.5 11.5 1.1 -11.0 20.0 17.7 14.7 35.7 -7.3 6.4 10.6 5.4 -0.6 14.4 63.4 23.9 34.8 36.0 17.5 -16.1 34.6 53.8 58.5 109.5 52.4 49.3 40.5 27.2 2.7 5.9 13.4 9.6 6.1 14.3 8.0 -2.4 16.1 11.6 4.0 22.5 -8.6 22.3 3.1 5.1 -11.0 12.8 11.3 -9.2 -3.5 22.5 13.8 18.7 19.9 19.3 5.2 3.8 -7.1 13.5 28.3 22.8 Transportation and storage -8.0 14.3 7.3 1.7 5.7 28.4 12.5 12.5 11.6 11.9 7.1 -0.5 0.9 25.3 40.3 26.9 Information and communication activities -0.2 7.6 7.6 0.6 2.1 11.6 6.6 9.9 6.0 15.6 9.0 1.4 5.4 5.6 11.5 13.6 Professional, scientific and technical activities -3.0 10.6 8.9 -0.5 8.1 23.1 3.4 9.1 9.2 10.7 9.7 6.4 1.4 22.5 32.3 24.7 Administrative and support service activities -24.1 13.1 7.7 -21.7 -7.9 14.5 23.7 22.3 17.2 16.7 -2.1 2.9 -14.8 9.1 15.2 14.5 -7.4 11.6 10.2 -7.6 3.5 18.2 5.3 19.7 14.3 12.6 13.1 2.1 -3.9 27.7 33.3 15.5 -8.9 18.9 19.9 -12.0 3.6 17.5 13.8 40.5 26.9 25.8 25.7 5.2 -1.0 28.2 23.2 15.6 Real turnover in the sale and maintenance of motor vehicles -13.9 8.1 -4.8 -16.6 8.9 24.7 -8.2 9.3 -8.4 -7.1 -2.6 -0.5 -10.0 75.0 113.5 16.5 Nominal turnover in wholesale trade & commission trade -3.6 7.5 7.8 -0.7 1.4 16.3 4.0 8.9 13.9 10.2 7.8 0.3 -3.5 14.9 23.6 15.0 -41.7 22.2 38.5 -72.8 -86.3 118.6 14.9 283.2 679.7 180.0 4.2 -10.7 -89.4 -58.2 787.2 706.9 32.8 10.4 -14.7 -42.8 -82.4 126.7 78.8 -50.3 -49.1 -87.7 -54.3 6626.2 762.7 -70.5 42.9 110.1 -88.4 -89.0 103.3 81.8 332.9 78.8 394.5 61.2 71.6 -90.9 -61.6 262.1 611.2 -37.1 20.8 -62.5 -60.0 19.5 153.2 208.2 103.4 19.5 27.8 -66.2 -21.6 171.4 49.5 148.3 119.9 134.7 154.1 192.6 151.6 185.1 221.1 232.2 37.2 44.8 42.6 46.7 Buildings Civil engineering 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 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays Foreign tourists, overnight stays Accommodation and food service activities 56.7 49.2 -15.0 263.8 690.2 AGRICULTURE Purchase of agricultural products, in EUR m 535.5 601.4 773.6 BUSSINES TENDENCY (indicator values*) Sentiment indicator -11.8 2.5 0.6 -9.2 -3.7 4.1 5.8 3.6 4.4 2.3 -2.3 -2.1 -3.4 -0.8 -0.8 5.4 in manufacturing -9 8 0 1 7 10 10 6 8 1 -3 -6 5 10 8 11 in construction -5 18 21 -2 8 19 20 24 27 22 16 21 8 14 17 20 -10 9 17 -10 -3 8 14 15 15 19 17 18 -2 -1 -1 9 1 5 20 -6 -17 17 13 6 16 26 20 18 -16 -10 6 18 -26 -22 -33 -31 -24 -20 -20 0 -26 -31 -39 -35 -21 -23 -25 -18 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 2/2023 2021 6 7 8 9 2022 10 11 12 1 2 3 4 5 6 35 2023 7 8 9 10 11 12 1 2 3 17.5 3.8 9.8 5.6 0.7 8.3 15.9 15.3 0.3 4.0 0.2 3.9 4.5 1.2 4.4 1.2 -4.1 -2.9 -10.5 -6.0 -0.2 - 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 79.0 50.5 43.3 42.9 18.3 6.3 11.9 60.8 55.2 -23.0 -24.8 -36.7 -38.7 -42.2 - 19.7 5.6 11.9 7.7 1.2 9.4 16.0 12.0 3.1 5.7 3.0 6.4 7.1 3.0 7.7 3.9 0.7 0.9 -7.7 -0.7 1.6 - -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 37.0 -33.3 -18.9 -34.9 -26.8 -25.8 -21.3 -34.7 -33.6 -50.0 -38.7 -33.0 -44.5 -11.2 - 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 15.2 31.5 14.7 10.8 22.6 19.6 17.3 16.5 10.9 38.7 26.2 45.7 26.7 - - 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 15.1 54.4 34.7 57.7 55.3 48.4 37.0 95.9 51.8 106.9 119.7 101.4 60.2 - - 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 23.9 16.6 10.5 12.7 22.3 1.9 10.4 12.3 -7.2 18.9 16.0 38.5 16.1 - - 17.8 10.9 16.6 14.0 17.2 17.9 20.9 25.7 15.3 19.3 21.4 20.5 16.5 4.2 6.7 4.9 3.9 4.9 2.7 7.0 - - 20.3 10.7 15.9 11.4 12.2 13.3 12.0 18.2 9.6 8.5 10.5 14.0 11.2 3.7 10.5 7.4 2.3 -2.2 -1.5 0.8 - - 9.9 3.6 11.5 5.2 8.5 9.6 11.3 9.4 -1.0 9.5 14.0 10.9 21.5 6.9 12.0 8.3 6.7 3.2 -4.3 10.1 - - 14.6 -2.8 2.1 10.7 7.3 11.0 8.9 14.3 7.7 6.6 8.5 14.2 9.5 7.9 15.4 6.9 7.0 6.0 6.2 4.9 - - 13.8 22.4 21.8 26.8 27.3 13.5 26.3 18.9 12.4 20.0 20.5 20.7 10.1 -4.2 -4.5 2.2 -1.5 9.1 1.7 5.0 - - 9.3 -0.8 8.9 8.4 11.6 23.7 24.5 21.8 12.7 10.3 12.3 15.1 10.6 9.7 17.2 12.7 3.8 3.0 -0.3 9.7 - - 14.5 8.4 14.4 19.1 32.8 42.5 46.2 32.7 21.1 27.3 28.0 26.2 23.5 21.6 31.9 23.9 6.8 7.0 2.1 18.8 - - -4.3 -18.3 -2.0 -1.8 -7.3 17.3 22.6 1.0 -6.1 -16.1 -9.5 -3.1 -9.0 -5.4 -1.5 -0.9 -1.2 -1.7 1.3 14.5 - - 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.4 13.4 9.0 8.7 13.9 8.1 4.9 10.4 8.3 2.7 1.3 -3.0 0.5 - - 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 685.0 599.8 730.4 257.8 94.9 17.1 1.9 -9.5 -15.1 -10.0 -4.6 38.3 13.7 - 71.1 -11.9 -14.6 26.4 -45.7 -51.7 -54.5 -55.6 -43.1 -45.3 7.4 -10.6 - 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 596.6 555.2 1172.0 539.8 244.9 91.2 52.3 38.8 61.3 65.4 96.9 67.9 48.4 - 25.7 18.2 21.0 19.3 81.1 214.4 256.6 220.2 190.1 215.4 183.6 107.8 67.5 24.4 19.3 14.4 18.7 31.6 35.0 43.9 - 45.5 56.2 44.6 53.3 72.7 59.8 60.1 48.3 46.2 57.1 57.8 64.0 63.3 81.0 62.3 77.8 90.8 72.2 69.2 60.0 - 7.6 5.9 6.4 5.2 3.2 3.0 4.5 5.4 6.6 1.3 4.0 2.5 0.4 -1.3 -0.4 -5.1 -5.3 -1.8 0.7 -0.9 -1.1 -1.4 10 11 11 8 4 6 9 9 10 4 4 1 -1 -1 -1 -8 -9 -6 -3 -3 -5 -6 20 18 19 24 24 21 26 27 27 27 22 25 19 16 17 14 18 22 23 19 18 14 15 12 14 16 18 16 12 15 16 14 19 19 18 16 20 15 14 20 19 18 20 21 26 14 19 7 0 5 13 15 15 17 28 26 23 25 21 15 13 17 23 19 17 6 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 -28 -31 -34 -39 -39 -40 -38 -37 -31 -35 -34 -33 -19.7 88.1 909.9 1289.3 664.9 761.4 643.1 466.0 122.4 36 Statistical Appendix Slovenian Economic Mirror, No 2/2023 2020 2021 2021 2021 Labour market 2020 2021 2022 FORMAL LABOUR FORCE (A=B+E) 973.9 974.6 978.7 975.5 973.6 972.5 972.2 980.0 976.9 976.2 976.5 985.2 973.7 972.6 972.1 972.8 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 888.9 900.3 922.0 890.5 886.2 897.3 903.5 914.0 912.5 920.2 923.0 932.3 891.1 893.3 897.0 901.7 In agriculture, forestry, fishing 26.4 25.7 24.9 Q4 26.3 Q1 25.7 Q2 25.8 Q3 25.7 Q4 25.6 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 3 25.8 4 25.8 5 6 25.9 25.8 In industry, construction 288.5 294.1 304.7 288.9 288.4 293.1 295.4 299.6 300.1 303.6 305.9 309.5 290.8 291.8 292.7 294.8 - in manufacturing 202.8 205.6 210.8 202.5 202.8 205.4 205.9 208.4 209.1 210.5 210.6 212.9 203.9 204.8 205.1 206.2 - in construction In services - in public administration - in education, health-services and social work 64.9 67.8 73.0 574.0 580.4 592.4 49.3 49.6 49.5 65.6 65.1 67.0 68.7 70.2 70.2 72.2 74.2 75.5 575.3 572.1 578.4 582.3 588.8 587.6 591.8 592.2 597.9 49.6 49.3 49.7 49.6 49.8 49.4 49.5 49.5 49.6 66.3 66.9 67.7 574.5 575.7 578.4 581.1 49.4 66.3 49.6 49.7 49.6 141.5 146.1 149.7 143.8 144.4 146.0 145.5 148.4 148.9 149.7 148.8 151.6 145.4 145.7 146.1 146.2 FORMALLY EMPLOYED (C)1 794.6 804.4 824.1 795.6 791.6 801.9 807.3 817.0 815.8 822.8 824.8 833.1 796.1 798.3 801.5 805.8 In enterprises and organisations 744.8 756.2 775.8 746.7 744.6 753.7 758.3 768.3 768.3 774.4 776.0 784.4 748.8 750.6 753.4 757.1 By those self-employed 49.8 48.2 48.3 48.9 46.9 48.2 49.0 48.7 47.5 48.4 48.8 48.7 47.3 47.6 48.2 48.8 SELF-EMPLOYED AND FARMERS (D) 94.3 95.8 97.9 94.9 94.7 95.5 96.2 97.0 96.7 97.4 98.2 99.1 94.9 95.1 95.4 95.8 REGISTERED UNEMPLOYMENT (E) 85.0 74.3 56.7 85.0 87.4 75.2 68.7 66.0 64.4 55.9 53.4 52.9 82.6 79.3 75.1 71.1 Female 42.6 37.9 28.6 43.0 44.1 38.6 35.4 33.5 32.1 28.3 27.4 26.6 42.3 40.8 38.5 36.4 By age: 15 to 29 17.2 14.2 10.5 18.0 17.7 14.1 12.0 12.8 11.9 10.0 9.5 10.6 16.4 15.3 14.1 12.9 Aged over 50 31.0 28.2 22.3 30.3 31.6 28.7 27.1 25.5 25.2 22.4 21.2 20.4 30.4 29.6 28.7 27.7 Primary education or less 26.4 23.5 18.0 26.1 27.5 23.7 21.6 21.1 20.9 17.7 16.7 16.8 25.9 24.9 23.7 22.4 For more than 1 year 38.0 40.5 30.1 38.9 41.5 41.9 40.2 38.3 35.5 31.0 27.9 25.9 41.9 42.3 41.9 41.4 Those receiving benefits 25.9 18.9 15.1 24.0 25.1 17.6 16.7 16.3 17.8 14.3 14.5 14.0 22.0 18.9 17.4 16.4 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.7 7.6 5.8 8.7 9.0 7.7 7.1 6.7 6.6 5.7 5.5 5.3 8.5 8.5 7.7 7.3 Male 8.0 6.9 5.2 7.9 8.2 6.9 6.3 6.1 6.0 5.2 4.9 4.9 7.6 7.3 6.9 6.5 Female 9.6 8.5 6.5 9.7 9.9 8.7 8.0 7.5 7.2 6.4 6.2 6.0 9.5 9.2 8.7 8.2 FLOWS OF FORMAL LABOUR FORCE 1.0 -1.8 -1.1 1.2 -1.5 -3.8 -1.7 -0.1 -1.8 -2.2 -0.6 0.4 -5.4 -3.4 -4.1 -4.1 New unemployed first-job seekers 0.8 0.6 0.6 1.5 0.5 0.3 0.4 1.2 0.4 0.4 0.5 1.2 0.5 0.3 0.3 0.3 Redundancies 7.4 4.5 4.2 6.4 6.0 3.3 4.1 4.6 5.1 3.4 3.9 4.2 4.0 3.5 3.3 3.1 Registered unemployed who found employment 5.4 5.0 3.8 4.6 6.4 5.7 4.3 3.6 5.1 4.0 3.1 3.1 8.0 5.6 5.9 5.7 Other outflows from unemployment (net) 1.8 2.0 2.2 2.2 1.8 1.8 1.9 2.4 2.3 2.2 2.1 2.2 2.0 1.6 1.9 1.9 37.6 41.8 49.5 38.1 38.8 40.7 42.7 44.9 46.7 49.1 50.7 51.7 39.1 40.0 40.8 41.4 3.9 4.3 5.1 3.9 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.2 4.0 4.1 4.2 4.3 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 2/2023 2021 2022 37 2023 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 972.6 971.4 972.6 978.5 978.8 982.7 977.3 977.4 975.9 976.4 975.9 976.2 976.6 975.5 977.3 983.2 983.7 988.5 982.1 2 3 901.9 902.1 906.4 911.8 913.4 916.8 909.5 912.6 915.4 918.3 920.1 922.3 922.3 921.6 925.2 930.2 931.2 935.3 926.7 25.8 25.8 25.7 25.7 25.6 25.5 24.9 24.9 24.8 24.8 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.8 24.2 295.3 294.9 296.1 298.5 298.5 301.7 298.3 300.3 301.6 303.0 303.3 304.4 306.0 305.3 306.4 308.3 308.1 312.0 306.4 205.8 205.6 206.3 207.9 207.9 209.5 208.3 209.2 209.8 210.3 210.4 210.6 210.6 210.3 210.9 212.2 212.2 214.3 211.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 70.4 71.0 71.8 72.1 72.8 74.4 74.0 74.4 75.0 74.8 76.7 73.7 580.9 581.4 584.6 587.7 589.3 589.5 586.3 587.4 589.0 590.5 591.8 593.1 591.3 591.3 593.9 597.0 598.2 598.5 596.1 49.6 49.7 49.7 49.9 49.8 49.7 49.3 49.4 49.5 49.5 49.6 49.4 49.5 49.5 49.5 49.6 49.6 49.4 49.0 144.9 144.7 146.8 147.9 148.6 148.8 148.4 148.9 149.3 149.4 149.7 149.8 148.4 148.2 150.0 151.2 151.7 151.9 151.6 805.9 805.9 810.0 815.0 816.4 819.7 813.1 816.0 818.4 821.1 822.6 824.6 824.3 823.4 826.7 831.3 831.9 836.1 828.0 757.0 756.9 761.0 766.0 767.6 771.4 765.9 768.5 770.6 773.0 774.3 775.9 775.5 774.6 777.9 782.3 783.1 787.9 780.6 49.0 49.0 49.0 49.0 48.8 48.3 47.2 47.5 47.8 48.2 48.4 48.7 48.8 48.7 48.8 49.0 48.8 48.2 47.4 96.0 96.2 96.5 96.9 97.0 97.0 96.4 96.6 96.9 97.2 97.4 97.7 98.0 98.2 98.5 98.9 99.2 99.3 98.7 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 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 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 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 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 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 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 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 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 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 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 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 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 16.2 14.7 14.2 13.9 14.6 14.8 14.2 13.0 14.1 15.0 17.2 15.6 7.3 7.1 6.8 6.8 6.7 6.7 6.9 6.6 6.2 5.9 5.7 5.5 5.6 5.5 5.3 5.3 5.3 5.4 5.6 6.4 6.3 6.1 6.1 6.0 6.1 6.4 6.1 5.6 5.4 5.2 5.0 5.0 4.9 4.8 4.8 4.8 4.9 5.3 8.3 8.1 7.7 7.7 7.5 7.4 7.6 7.3 6.9 6.6 6.4 6.2 6.3 6.3 6.0 6.0 6.0 5.9 6.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -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 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 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 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 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 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 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 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 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 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 47.6 48.3 49.2 49.7 50.2 50.7 51.2 51.7 51.7 51.7 51.5 51.7 4.3 4.4 4.5 4.5 4.6 4.6 4.7 4.7 4.9 4.9 5.0 5.1 5.1 5.2 5.2 5.3 5.3 5.2 5.2 38 Statistical Appendix Wages Slovenian Economic Mirror, No 2/2023 in EUR 2022 Q4 22 Jan 23 GROSS WAGE PER EMPLOYEE, nominal in € 2020 2021 2022 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 Q3 Q4 y-o-y growth rates, % TOTAL 2,024 2,143 2,145 5.8 6.1 2.8 6.7 10.6 5.7 5.4 2.9 -1.2 0.8 5.0 6.5 Private sector activities (A–N; R–S) 1,963 2,094 2,073 3.8 5.8 6.0 3.2 6.1 3.9 5.9 6.9 4.0 6.6 6.7 6.9 Public service activities (OPQ) 2,216 2,297 2,371 10.5 6.8 -5.1 16.0 20.9 10.3 4.2 -6.8 -12.5 -11.8 0.5 5.3 Industry (B–E) 2,038 2,177 2,164 3.4 5.7 6.2 2.7 4.2 5.3 6.5 6.9 4.4 6.9 7.6 6.2 Trad. market services (GHI) 1,790 1,916 1,883 3.0 5.7 6.7 1.9 6.8 3.4 5.3 7.9 4.5 7.5 6.6 8.2 Other market services (J–N; R–S) 2,204 2,347 2,322 5.1 5.6 5.4 4.3 7.3 3.3 5.5 6.6 3.4 5.7 5.6 6.7 A Agriculture, forestry and fishing 1,694 1,827 1,797 4.6 3.8 9.6 2.4 1.8 0.9 4.9 7.4 6.8 10.1 10.0 11.5 B Mining and quarrying 2,512 2,809 2,558 5.1 2.3 4.1 3.7 -3.2 -2.9 6.1 9.1 0.4 3.4 5.7 6.1 C Manufacturing 2,000 2,135 2,129 3.2 6.2 6.3 2.7 4.6 6.1 7.0 7.2 4.8 6.9 7.4 6.2 D Electricity, gas, steam and air conditioning supply 2,948 3,151 3,044 4.0 1.5 6.2 1.5 -0.7 0.6 2.3 3.6 0.1 8.5 11.2 5.2 E Water supply sewerage, waste management and remediation activities 1,925 2,053 2,057 4.2 4.3 6.1 3.0 4.1 2.9 4.6 5.4 4.1 7.4 6.5 6.3 F Construction 1,593 1,675 1,660 5.5 7.1 7.0 5.7 8.9 3.6 7.5 7.9 6.8 7.1 6.5 7.9 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,878 2,012 1,967 4.2 5.4 6.3 3.9 5.9 3.0 5.2 7.1 4.8 7.7 5.7 7.2 H Transportation and storage 1,787 1,937 1,885 -0.1 5.0 8.7 -2.4 2.7 2.7 4.6 9.6 7.0 8.6 8.9 10.2 I Accommodation and food service activities 1,449 1,501 1,552 -3.8 12.7 8.9 -9.5 4.9 12.2 9.7 20.4 12.4 12.7 7.3 9.1 J Information and communication 2,742 2,886 2,842 4.5 4.7 5.6 3.6 4.5 3.4 5.6 5.4 4.9 6.0 5.9 5.6 K Financial and insurance activities 2,967 3,184 3,054 2.5 5.0 6.3 0.8 5.7 2.9 4.2 7.1 3.1 8.9 5.1 8.2 L Real estate activities 1,831 1,952 1,920 4.2 3.7 5.4 1.3 4.0 0.1 3.6 6.4 3.9 5.8 5.4 6.5 M Professional, scientific and technical activities 2,279 2,433 2,430 4.0 6.3 4.7 3.5 7.2 4.0 6.1 7.5 4.0 4.7 4.9 5.4 N Administrative and support service activities 1,437 1,537 1,529 4.7 5.9 7.8 4.1 5.2 3.0 6.6 8.2 5.8 8.1 8.6 9.0 O Public administration and defence, compulsory social security 2,431 2,536 2,554 7.4 6.9 -3.3 9.0 16.0 10.3 2.9 -1.3 -9.8 -10.6 1.9 6.9 P Education 2,017 2,080 2,175 6.2 8.9 -5.1 6.5 10.1 16.1 8.2 1.5 -5.7 -10.7 -5.7 2.3 Q Human health and social work activities 2,281 2,366 2,456 17.7 4.8 -6.3 31.4 36.2 5.7 1.2 -17.1 -20.0 -13.8 6.6 7.3 R Arts, entertainment and recreation 1,989 2,093 2,116 0.0 9.4 2.2 -1.1 7.5 11.7 7.3 10.5 3.0 2.4 0.5 3.7 S Other service activities 1,617 1,688 1,726 4.5 3.4 5.0 3.0 8.9 -1.9 3.6 2.7 1.1 5.6 5.9 7.1 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 2/2023 2021 5 6 7 8 2022 9 10 11 12 1 2 3 4 5 6 39 2023 7 8 9 10 11 12 1 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 -1.0 -0.1 0.4 -0.9 2.8 3.2 5.7 6.1 7.3 7.7 4.6 11.5 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 3.8 5.1 5.7 7.7 6.5 5.7 7.0 7.2 7.7 8.4 4.7 12.6 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 -11.3 -11.8 -11.0 -18.3 -5.5 -3.0 2.0 3.0 6.1 5.5 4.5 8.5 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 4.6 5.9 5.2 8.6 7.0 6.3 7.9 8.5 8.0 8.2 2.5 14.2 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 3.5 5.7 7.2 7.8 7.4 5.8 6.9 7.3 8.3 9.2 7.0 12.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 3.2 3.8 5.5 6.8 4.9 5.2 6.0 5.7 6.9 8.1 4.9 10.4 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 6.4 8.4 8.8 10.1 11.5 7.4 9.5 13.1 12.0 8.5 14.1 15.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 2.1 4.4 -0.4 1.2 9.5 3.3 8.1 5.9 8.6 15.1 -3.3 16.0 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 4.9 6.5 5.6 8.1 7.0 6.6 8.1 7.5 8.0 8.5 2.3 14.2 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 2.5 -1.9 -1.2 20.6 7.0 2.9 4.2 27.6 8.3 4.3 3.5 16.0 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 3.2 4.9 7.9 7.1 7.3 5.2 7.9 6.5 6.8 6.0 6.3 12.5 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 6.7 7.7 5.7 8.3 7.2 5.3 7.7 6.5 8.1 8.1 7.4 12.9 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 3.6 6.3 8.6 7.6 6.9 4.9 5.9 6.3 7.7 7.7 6.2 11.9 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 5.5 8.4 7.5 9.2 9.3 7.9 9.3 9.5 10.2 12.2 8.1 12.9 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 13.8 11.7 15.1 14.5 10.3 6.8 7.2 7.8 7.6 10.6 9.1 15.5 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 4.0 3.5 4.8 10.6 2.6 6.0 4.2 7.6 7.3 6.1 3.6 8.8 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 1.2 6.1 11.9 5.1 9.8 6.0 7.0 2.4 6.6 10.2 7.0 11.8 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 3.4 5.4 5.8 5.4 6.2 5.2 5.2 5.7 7.5 4.4 7.8 12.1 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 2.8 4.2 3.5 6.0 4.5 4.6 5.2 4.9 6.2 9.0 1.1 8.1 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 7.8 7.2 7.8 9.1 7.6 6.7 10.4 8.7 9.2 6.0 12.3 13.7 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 -9.9 -5.9 -9.0 -20.0 -1.3 0.6 2.8 2.3 6.3 6.7 7.7 8.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 -3.2 -6.3 -5.9 -16.3 -9.4 -13.2 -3.0 0.5 2.2 1.4 3.4 9.3 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 -18.9 -20.4 -16.8 -18.7 -4.4 6.4 6.9 6.5 10.4 8.8 3.2 7.5 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 6.9 0.8 4.8 3.6 -0.7 0.1 0.0 1.4 0.5 6.8 3.7 10.0 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 0.5 4.5 6.0 5.7 5.0 5.4 6.4 5.9 7.7 8.3 5.5 13.0 40 Statistical Appendix Slovenian Economic Mirror, No 2/2023 2021 2022 2021 2023 Prices and indicators of overall competitiveness 2020 CPI, y-o-y growth rates, % -1.1 4.9 10.3 -0.5 1.9 2.2 4.2 6.0 8.5 10.7 10.1 9.9 0.1 2.1 2.1 1.4 Food, non-alcoholic beverages 1.0 3.9 18.6 -0.3 -1.3 -1.0 1.8 5.9 10.8 13.8 18.3 18.9 -0.7 -0.4 -2.5 -0.9 Alcoholic beverages, tobacco 3.2 2.4 6.0 3.5 3.6 4.1 1.8 2.8 5.0 6.4 6.2 9.2 3.3 3.6 3.4 3.9 Clothing and footwear -5.4 5.9 2.3 -4.2 1.2 1.8 3.3 4.4 2.0 2.9 2.3 3.8 -8.8 -0.1 2.0 1.7 Housing, water, electricity, gas -0.6 8.6 13.3 1.7 8.5 3.6 7.9 8.4 13.5 22.0 14.6 13.0 7.7 11.2 11.8 2.5 Furnishing, household equipm. -0.4 5.7 12.9 -0.1 1.7 2.5 4.7 8.0 10.7 12.2 12.5 11.8 -0.1 1.9 2.0 1.3 Medical, pharmaceutical produ. 4.9 -0.5 7.2 1.1 2.5 2.7 0.6 4.2 3.0 3.7 5.7 6.7 0.5 1.7 2.7 3.2 -5.9 12.5 9.3 -2.6 5.3 9.0 13.0 13.0 16.3 16.9 10.1 5.0 -0.8 4.8 5.6 5.5 0.6 -3.6 1.2 0.3 0.2 -0.7 -3.5 -4.2 -4.6 -3.8 -0.8 2.6 -0.5 -2.0 1.2 1.4 -3.9 3.4 6.9 -3.0 -2.9 -2.2 1.2 4.0 5.9 5.3 6.6 8.6 -2.3 -2.5 -3.3 -2.8 Education 0.7 0.5 1.4 0.7 0.8 1.1 0.6 0.4 0.3 0.5 1.3 2.1 0.7 0.8 0.8 0.9 Catering services 0.6 6.1 10.8 0.6 1.3 4.0 5.8 7.1 9.0 9.1 10.2 11.2 0.5 0.6 0.9 2.5 Miscellaneous goods & services 0.7 -2.1 8.9 0.5 -0.3 -0.1 -0.4 0.9 2.6 4.1 6.7 7.1 0.6 -0.2 -0.4 -0.3 HICP -1.2 5.1 10.8 -0.6 2.0 2.3 4.5 6.3 9.0 11.3 10.6 9.9 0.1 2.2 2.2 1.7 Core inflation (excluding fresh food and energy) -0.1 3.1 7.4 -0.2 0.6 1.5 2.5 4.3 5.6 6.3 6.9 7.8 -0.8 0.4 0.7 0.8 Transport Communications Recreation and culture 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 PRODUCER PRICE INDICES, y-o-y growth rates, % Total -0.2 10.6 19.3 1.2 3.6 7.5 9.9 15.6 21.7 21.1 19.9 2.0 2.4 3.5 4.8 1.0 10.6 23.3 1.9 4.2 8.0 10.1 17.2 24.8 25.2 23.9 2.6 3.0 4.6 5.1 -1.4 10.6 15.3 0.4 2.9 6.9 9.7 13.9 18.5 17.0 15.8 1.3 1.8 2.4 4.6 Euro area -1.2 11.6 15.4 1.3 3.8 7.0 10.5 15.1 20.5 19.3 16.2 2.2 2.7 2.9 5.7 Non-euro area -1.8 8.5 15.1 -1.5 1.1 6.7 8.0 11.4 14.6 12.6 15.0 -0.6 -0.3 1.4 2.2 -2.6 25.9 11.9 1.3 8.6 14.9 24.5 27.5 29.5 24.9 14.6 4.0 7.0 8.6 10.3 Domestic market Non-domestic market Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.8 0.0 -1.1 1.2 0.4 -0.6 -1.0 -1.4 -1.4 -1.4 -0.2 0.4 0.6 0.6 0.5 -0.1 Real (deflator HICP) -0.4 -0.7 -0.3 -0.5 0.2 -1.3 -1.1 -1.0 -0.5 0.2 0.2 1.3 -0.8 0.9 0.5 -0.6 Real (deflator ULC) 3.8 0.0 -3.9 4.3 -0.1 2.2 -6.3 -7.9 -6.8 -2.2 1.8 1.141 1.184 1.054 1.206 1.206 1.179 1.144 1.123 1.065 1.007 1.021 1.073 1.190 1.198 1.215 1.205 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 2/2023 2021 7 8 9 2022 10 11 12 1 2 3 4 5 41 2023 6 7 8 9 10 11 12 1 2 3 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 6.9 8.1 10.4 11.0 11.0 10.0 9.9 10 10.3 10 9.3 10.5 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 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 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3.0 3.1 4.6 5.1 5.3 5.9 6.5 6.8 7 5.5 6 9.1 9.1 9.4 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 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 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 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 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8.0 8.5 9.2 10.5 12.3 12.0 11.6 13.0 12.5 12 12.9 12.3 12.2 10.8 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 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 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 15.1 16.7 17.2 19.7 16.5 14.5 10.4 10.5 9.3 6 6 3.1 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -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 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 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 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.8 1.3 1.3 1.4 1.4 2 2.9 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 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 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 2.3 2.4 3.1 3.6 4.1 4.7 5.5 5.8 8.9 6.7 7 7.5 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7.0 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 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 5.4 5.5 6.0 6.1 6.3 6.6 6.7 6.5 7.4 8 7.7 7.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 17.9 20.4 22.5 22.2 21.1 21.0 21.3 20.6 19.7 19.3 18.2 14.9 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 20.3 23.4 25.7 25.4 24.6 25.3 25.7 25.1 23.2 23.3 22.1 18.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 15.4 17.3 19.3 18.9 17.5 16.7 16.8 16 16.2 15.3 14.3 11.2 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 16.7 18.8 21.6 21.2 20.1 19.3 18.4 16.7 16.6 15.4 14.4 10.9 5.0 7.0 8.1 7.5 8.1 8.5 10.0 11.4 12.9 14.5 14.7 14.5 12.5 11.7 13.7 14.6 15.4 15.1 14 11.5 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 29.3 29.2 30.2 29.2 26.6 25.6 22.6 17.7 14.3 11.9 8.1 7.5 -0.3 -0.7 -0.8 -0.9 -0.9 -1 -1.5 -1.2 -1.4 -1.7 -1.4 -1.0 -1.5 -1.5 -1.3 -0.7 -0.1 0.3 0.4 0.3 0.5 -0.9 -1.6 -1.3 -1.4 -0.7 -1.1 -0.7 0.0 -2.3 -1.7 -0.8 1.0 1.0 0.5 -0.8 -0.9 0.3 1.2 0.7 0.3 2.7 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 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 42 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 2/2023 2020 2021 2022 2020 Q4 2021 Q1 Q2 2022 Q3 Q4 Q1 Q2 2021 Q4 Q3 2 3 4 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 3,552 1,985 -247 972 944 384 560 98 -254 -95 180 -79 224 360 336 Goods 2,333 882 -2,309 520 641 339 63 -160 -548 -617 -397 -747 163 219 184 138 51 Exports 29,622 35,255 42,611 7,991 8,268 8,815 8,473 9,699 10,019 11,045 10,841 10,707 2,649 3,192 2,901 2,884 Imports 27,289 34,373 44,920 9,860 10,567 11,661 11,238 11,454 7,471 7,627 8,476 8,410 2,486 2,974 2,717 2,833 2,057 2,455 3,577 528 463 570 733 688 593 902 1,111 972 140 188 176 149 Exports 6,956 8,447 11,042 1,864 1,594 1,896 2,505 2,452 2,127 2,748 3,290 2,877 507 626 603 573 Imports 4,899 5,992 1,336 1,131 1,325 1,772 1,764 1,534 1,846 2,179 1,904 367 438 427 425 Services 7,465 Primary income -386 -863 -991 15 17 -428 -149 -303 -163 -236 -402 -190 9 -30 -1 -52 Receipts 1,653 1,960 1,936 481 475 513 428 544 494 487 393 563 152 136 164 178 Expenditures 2,039 2,823 2,927 466 458 941 577 847 657 723 795 752 143 167 165 230 Secondary income -452 -489 -524 -91 -177 -97 -88 -127 -135 -144 -131 -114 -89 -16 -23 -10 Receipts Expenditures Capital account Financial account 994 1,124 1,228 309 241 325 272 287 283 314 309 322 77 92 101 118 1,447 1,614 1,752 400 418 422 360 414 418 457 441 437 166 108 124 128 -258 54 -259 -131 91 -67 45 -14 -41 -50 -13 -155 9 107 5 -40 2,984 2,254 -1,104 894 1,131 371 179 572 -501 -238 148 -512 730 65 449 109 Direct investment 262 -398 -1,221 504 -18 -735 -171 526 -364 -276 -311 -270 22 56 -269 -68 Assets 708 1,397 421 566 342 155 349 551 280 318 161 -337 207 164 175 208 446 1,795 1,642 62 360 890 520 25 644 593 472 -68 185 108 443 276 -1,826 3,203 -9 740 -170 1,630 39 1,704 -1,298 644 -292 937 484 479 920 621 59 21 -2 -2 5 3 669 -1,231 235 -473 -219 -434 -91 Liabilities Portfolio investment Financial derivatives 53 30 -28 27 2 10 39 -63 -45 Other investment 4,329 -1,406 -15 -440 1,305 -542 -374 -1,795 1,146 -599 Assets 4,832 2,932 3,333 205 3,192 253 537 -1,049 4 10 18 0 0 2 4,757 1,422 2,277 122 2,345 342 351 323 165 1 22 -5 -225 875 -47 254 502 4,339 4 -38 800 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other liabilities Special drawing rights (SDR) Reserve assets Net errors and omissions -21 1,733 928 1,364 -692 1,387 28 -23 8 10 2 0 5 0 0 1 0 11 358 -1,292 905 430 1,423 -481 1,066 -186 -38 -96 155 -8 -21 226 -27 186 33 131 14 103 -45 -63 -2 5 1 12 3 0 8 -13 0 2 2 0 0 912 -142 666 205 100 -96 919 367 9 -383 266 213 45 91 -191 62 21 42 88 102 -74 -64 -88 35 39 -105 13 -23 3,347 645 1,887 795 911 746 587 1,527 695 539 1,152 501 195 343 3 3 2 -42 1 1 -1 -1 1 4 0 0 0 0 2,359 1,681 263 788 909 371 290 526 237 543 375 180 294 369 285 -410 -17 827 131 758 -371 -401 -1 -441 780 276 211 794 -34 -166 -106 55 21 9 -9 30 27 8 -44 22 -34 22 0 10 10 9 9 -137 1,123 835 293 202 268 63 590 438 434 -98 61 130 203 3 154 190 215 -8 -35 107 4 194 -90 43 111 -49 -112 38 27 -19 0 0 675 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 166 824 168 62 13 7 707 97 77 37 24 31 -8 5 12 -13 -310 214 -598 53 96 55 -425 488 -207 -93 -20 -278 497 -402 108 11 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,817 991 917 999 978 1,172 1,088 1,244 1,180 1,304 297 359 329 334 Intermediate goods 15,446 19,633 25,763 3,552 4,067 4,148 4,544 4,848 4,841 5,400 6,030 6,642 6,747 6,344 1,445 1,717 1,600 1,585 Consumer goods 13,928 15,744 22,197 1,303 3,539 3,987 3,987 3,856 3,913 4,195 6,243 6,261 5,498 1,278 1,454 1,337 5,826 1,258 1,073 1,221 1,172 1,419 1,377 1,456 1,442 1,551 347 421 392 413 Intermediate goods 16,434 24,076 34,352 4,658 4,732 5,702 6,303 7,338 7,896 9,065 8,942 8,449 1,513 1,874 1,748 1,971 Consumer goods 11,670 12,588 16,566 3,210 2,905 3,209 3,020 3,454 3,726 4,388 4,175 4,277 1,098 1,153 1,029 Import of investment goods 4,008 4,885 906 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 2/2023 2021 6 7 8 9 2022 10 11 12 1 2 3 4 5 6 43 2023 7 8 9 10 11 12 1 2 -90 131 177 252 199 107 -208 120 -229 -145 -55 -32 -7 -107 -84 371 -8 17 -88 74 104 86 -49 26 58 32 -251 -7 -278 -263 -228 -263 -125 -221 -259 82 -259 -190 -298 -113 219 79 3,030 2,875 2,505 3,093 3,253 3,358 3,089 3,053 3,158 3,808 3,438 3,725 3,882 3,572 3,291 3,978 3,651 3,762 3,294 3,328 3,518 2,926 2,789 2,554 3,067 3,195 3,326 3,339 3,060 3,436 4,072 3,666 3,988 4,007 3,793 3,550 3,896 3,909 3,952 3,592 3,442 3,439 246 185 259 289 252 228 209 168 184 241 292 287 322 311 346 454 358 283 331 239 251 719 813 831 861 790 780 882 627 682 818 878 878 992 1,066 1,067 1,157 949 884 1,043 752 777 474 628 572 572 537 553 674 459 498 577 585 592 669 755 721 703 592 601 712 514 526 -376 -114 -14 -20 -70 -95 -138 3 -82 -84 -74 -26 -136 -126 -127 -149 -77 -35 -78 -16 -62 171 133 163 131 138 177 229 225 131 138 144 195 148 126 122 145 161 204 197 205 164 546 248 178 151 208 272 368 222 213 222 218 221 284 252 248 295 238 239 275 222 226 -65 -25 -20 -43 -42 -57 -28 -44 -52 -38 -45 -30 -69 -71 -45 -16 -30 -41 -43 -35 -49 106 92 97 83 96 80 110 97 91 95 99 100 115 100 88 122 97 94 131 90 102 171 117 117 126 138 138 138 141 143 133 144 130 183 171 132 138 128 135 174 125 150 -32 19 10 16 33 10 -57 -11 32 -62 4 -19 -36 -15 31 -29 -14 30 -171 -61 -3 -187 -349 303 225 618 50 -96 278 -326 -453 -203 220 -255 192 -249 205 -109 120 -523 340 38 -399 -80 -3 -88 525 142 -141 -88 -128 -148 -31 -220 -25 -5 -257 -49 41 -152 -159 23 -192 -228 27 76 246 602 147 -198 97 178 5 180 63 74 257 -184 88 77 -35 -379 115 105 171 107 79 334 77 5 -57 185 306 153 211 283 100 262 74 136 35 117 -220 92 297 90 -667 543 162 876 97 732 -1,797 68 431 256 85 304 -251 199 -240 447 53 437 -1,266 370 2 -5 -8 -8 12 13 14 -14 -17 -31 -17 -17 -11 13 24 22 -2 14 9 8 -1 111 397 -933 162 -803 -225 -766 2,114 -256 -712 -416 345 -528 438 -219 450 -608 198 -820 1,541 -179 367 403 -132 265 -341 48 -757 1,811 -69 -9 218 212 499 -178 372 1,169 -137 -29 -526 1,236 1,344 1 0 0 0 0 0 8 10 0 0 1 0 1 0 0 0 0 3 3 0 -1 145 381 -51 27 -694 -121 -477 1,642 -184 -553 -171 133 468 -270 598 1,095 -370 -81 -30 1,223 984 100 -39 -23 41 59 67 100 -87 -6 66 98 47 42 -42 48 27 9 60 62 -2 62 0 4 4 4 1 1 1 0 0 0 3 3 3 -4 -4 -4 0 0 0 0 0 69 -7 -81 187 273 88 -457 326 204 390 296 26 45 94 -246 160 147 49 -578 91 262 52 64 19 5 20 14 68 -80 -83 89 -8 3 -60 45 -24 -108 78 -59 17 -75 37 256 7 801 103 463 274 9 -303 187 703 634 -134 1,027 -616 591 719 471 -226 294 -305 1,523 -42 0 0 0 2 1 -2 0 -1 1 0 0 -1 0 0 0 0 1 3 0 0 255 93 7 271 180 149 -39 107 91 328 30 -38 244 59 263 221 46 385 -56 48 180 -99 -9 84 -477 -10 82 -73 -113 -291 -36 331 -25 474 -412 392 296 50 -299 461 -29 1,132 9 3 3 3 -15 -15 -15 7 7 7 -11 -11 -11 7 7 7 0 0 0 0 0 111 -137 -54 254 343 0 246 -269 371 335 212 -107 329 -247 -45 194 371 -255 -55 -321 228 23 57 86 52 -38 56 -109 -35 10 68 72 47 -8 -23 -26 0 4 -58 -58 -3 -17 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 6 704 -3 8 24 65 64 6 6 4 27 5 -3 4 22 13 8 10 34 41 -65 -499 116 -42 386 -67 169 169 -130 -246 -152 271 -212 314 -196 -138 -87 73 -264 327 -178 336 331 285 363 359 397 416 315 348 425 372 411 462 385 347 448 411 431 462 349 N/A 1,662 1,671 1,413 1,758 1,836 1,916 1,648 1,844 1,886 2,300 2,071 2,235 2,336 2,224 2,064 2,459 2,206 2,285 1,852 2,042 N/A 1,347 1,446 1,061 1,349 1,375 1,388 1,150 1,313 1,318 1,565 1,677 2,078 2,488 2,064 1,813 2,383 1,722 2,087 1,689 2,174 N/A 416 372 386 414 434 484 502 381 506 491 418 497 541 482 457 503 468 525 558 400 N/A 1,983 2,151 1,855 2,297 2,424 2,314 2,601 2,511 2,336 3,050 2,798 3,431 2,836 2,831 2,894 3,217 2,999 2,987 2,464 3,016 N/A 1,028 944 1,021 1,055 1,153 1,170 1,130 961 1,348 1,417 1,509 1,369 1,511 1,418 1,427 1,329 1,455 1,352 1,469 1,505 N/A 44 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 2/2023 2020 2021 2020 2022 10 2021 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 11,805 14,460 12,247 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 Central government (S,1311) 4,520 3,538 2,858 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 639 693 764 598 607 639 638 643 638 634 632 621 619 628 10,997 11,556 12,439 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 Non-financial corporations (S,11) 9,363 9,828 10,988 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 Non-monetary financial institutions (S,123, 124, 125) 1,640 1,602 1,903 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 Monetary financial institutions (S,121, 122) 7,969 10,607 9,764 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 30,341 34,136 35,279 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 345 284 256 352 343 345 337 330 324 316 310 310 307 314 4,361 3,302 3,096 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 Other government (S,1312,1313,1314) Households (S,14, 15) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 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 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 Overnight 25,218 29,146 31,836 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 With agreed maturity – short-term 3,381 2,707 3,066 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 With agreed maturity – long-term 5,348 5,849 3,751 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 Short-term deposits redeemable at notice 620 450 327 678 643 620 649 656 621 629 622 553 510 519 Deposits in foreign currency, total 723 828 974 706 711 723 721 740 786 776 810 789 812 817 Overnight 675 790 891 655 662 675 671 696 739 731 766 747 771 776 With agreed maturity – short-term 25 27 76 28 26 25 28 24 26 25 26 25 25 26 With agreed maturity – long-term 23 11 7 23 23 23 22 20 21 20 18 17 16 15 Short-term deposits redeemable at notice 0 0 0 - - - - - - - - - - - INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.00 0.01 0.01 0.01 0.01 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 0.07 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 1.72 2.31 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.78 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.21 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.23 1.13 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 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 3-month rates -0.425 -0.549 0.342 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 6-month rates -0.364 -0.523 0.673 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 3-month rates -0.708 -0.760 - -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 6-month rates -0.659 -0.715 - -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 INTERBANK INTEREST RATES EURIBOR LIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 2/2023 2021 2022 45 2023 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 12,425 12,733 12,247 12,706 12,411 4,183 3,762 3,705 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 3,060 3,086 2,858 3,006 3,007 627 627 636 693 706 698 693 691 689 692 691 695 695 702 710 764 764 775 11,365 11,449 11,514 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 12,387 12,425 12,439 12,444 12,424 9,511 9,945 9,886 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 11,281 11,349 10,988 11,210 10,935 1,726 1,731 1,737 1,602 1,616 1,637 1,734 1,743 1,752 1,772 1,820 1,828 1,852 1,883 1,865 1,903 1,909 1,165 10,135 9,858 9,931 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 8,834 9,124 9,764 9,548 10,045 33,010 33,252 33,347 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 34,599 34,982 35,279 35,284 34,835 298 295 293 284 281 273 303 320 298 295 310 302 292 265 262 256 251 252 4,146 3,727 3,667 3,302 3,432 3,474 3,320 3,368 3,495 3,463 3,511 3,401 3,226 3,193 3,229 3,096 3,261 3,179 37,242 37,128 37,224 38,152 37,999 38,015 37,946 38,013 38,338 37,574 37,805 38,130 38,293 38,537 38,573 38,980 38,815 38,497 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 30,845 31,170 31,836 31,650 31,196 2,808 2,761 2,687 2,707 2,619 2,596 2,674 2,622 2,666 2,639 2,719 2,693 2,790 3,057 2,848 3,066 3,120 3,241 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 4,332 4,228 3,751 3,699 3,693 493 547 519 450 477 468 411 340 332 282 271 281 289 303 327 327 346 367 804 835 839 828 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 1,066 1,033 974 931 946 771 803 803 790 799 817 847 883 894 953 964 1,005 1,041 957 927 891 851 860 19 19 24 27 24 24 109 115 134 132 131 120 113 102 99 76 74 80 14 13 12 11 11 10 9 9 8 8 8 8 7 7 7 7 6 6 - - - - - - - - - - - - - - - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.03 0.02 0.09 0.09 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.11 0.14 0.16 0.18 0.24 0.36 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 2.96 3.36 3.55 3.66 3.79 1.36 0.95 0.10 1.08 1.46 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 .. 3.87 1.26 .. .. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 1.25 1.25 2.00 2.50 2.50 3.00 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 1.428 1.825 2.066 2.345 2.640 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 1.997 2.321 2.567 2.858 3.135 -0.756 -0.766 -0.779 -0.778 - - - - - - - - - - - - - - -0.720 -0.714 -0.721 -0.726 - - - - - - - - - - - - - - 46 Statistical Appendix Public finance Slovenian Economic Mirror, No 2/2023 2020 2021 2022 2020 Q4 2021 Q1 Q2 2021 Q3 Q4 Q1 Q2 2021 Q3 Q4 4 5 6 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 4,892.0 4,803.9 5,574.1 5,151.3 5,853.2 5,613.9 6,079.7 5,648.8 5,968.9 1,894.8 1,880.1 1,799.2 Current revenues 17,578.7 20,124.0 21,965.7 4,617.4 4,525.9 5,334.6 4,874.2 5,389.3 5,138.5 5,824.1 5,398.2 5,604.8 1,802.4 1,799.2 1,733.0 16,460.4 18,785.7 20,556.5 4,379.8 4,241.4 4,902.8 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 5,258.6 1,739.7 1,550.9 1,612.3 Tax revenues Taxes on income and profit 3,261.8 3,981.3 4,517.5 832.8 1,149.6 411.8 414.8 378.9 Social security contributions 7,289.9 7,928.1 8,503.7 1,912.5 1,915.2 1,998.0 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 2,265.6 664.9 665.6 667.5 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 925.2 941.8 1,205.5 785.5 1,048.5 1,049.7 1,485.3 21.6 23.9 26.7 6.1 5.0 5.9 6.0 7.0 6.0 6.7 6.5 7.4 2.0 1.9 2.1 287.3 316.9 335.8 96.4 33.5 84.8 102.2 96.3 32.4 82.1 128.6 92.7 19.5 27.3 38.1 5,493.3 6,359.2 6,883.7 1,482.7 1,268.6 1,566.9 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 1,699.0 622.4 447.4 497.0 102.4 177.4 289.2 28.7 28.1 34.6 36.7 78.0 67.2 56.9 85.6 79.5 11.6 10.5 12.5 4.1 -1.1 -0.1 -71.7 49.2 7.2 -20.9 -36.6 34.7 -10.8 11.3 -35.2 7.5 -16.5 16.2 1,118.2 1,338.4 1,409.2 237.6 284.5 431.7 308.4 313.7 325.6 368.8 368.5 346.2 62.7 248.3 120.8 146.9 228.3 267.6 64.3 36.4 54.9 56.0 81.1 64.1 66.3 64.3 73.0 16.4 15.3 23.2 Grants 17.5 21.9 57.2 1.1 6.7 2.0 10.3 2.9 12.2 29.6 12.3 3.2 0.5 0.4 1.0 Transferred revenues 54.8 57.3 59.1 2.3 1.7 2.1 51.4 2.0 0.4 22.0 30.2 6.6 0.0 0.2 1.9 730.7 951.2 961.7 206.9 233.3 180.5 159.5 377.9 398.8 137.8 143.8 281.3 75.5 65.0 40.0 22,070.6 24,299.8 24,888.7 6,092.2 6,102.6 5,932.1 5,580.0 6,685.1 5,929.4 5,967.0 5,825.7 7,166.6 1,772.8 1,969.8 2,189.5 Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES Current expenditures 9,127.8 10,393.6 10,284.1 2,493.2 2,659.0 2,495.4 2,362.5 2,876.7 2,697.3 2,348.8 2,423.2 2,814.7 708.1 858.8 928.4 Wages, salaries and other personnel expenditures 4,965.3 5,765.3 5,481.5 1,221.7 1,484.0 1,623.4 1,330.1 1,327.7 1,309.4 1,411.8 1,316.9 1,443.5 423.6 554.4 645.4 Expenditures on goods and services 3,020.7 3,336.6 3,557.0 230.4 282.3 254.3 933.4 724.9 767.0 794.0 1,050.7 845.0 806.5 838.8 1,066.7 Interest payments 778.0 732.2 661.5 95.0 386.9 45.5 204.6 95.2 336.1 16.4 212.6 96.4 36.3 3.9 5.3 Reserves 363.8 559.5 584.0 243.2 63.1 59.5 33.9 403.1 206.7 114.2 55.0 208.2 17.9 18.2 23.4 10,867.7 11,318.7 11,259.3 2,706.9 3,018.3 2,984.0 2,605.1 2,711.3 2,780.8 2,952.4 2,602.7 2,923.3 914.2 958.0 1,111.8 Current transfers Subsidies 1,449.3 211.5 84.7 116.0 101.6 Current transfers to individuals and households 8,250.8 9,167.7 9,294.7 2,032.5 2,494.4 2,374.0 2,158.6 2,140.7 2,293.2 2,448.1 2,223.4 2,330.0 734.0 731.5 908.5 Current transfers to nonprofit institutions, other current domestic transfers 1,083.2 1,131.0 1,115.9 Current transfers abroad Capital expenditures 867.3 690.0 264.2 296.4 302.3 111.5 157.1 188.0 195.7 94.8 376.7 197.6 276.6 298.3 358.4 257.7 255.7 263.8 338.7 77.2 105.1 94.3 158.7 33.4 29.9 31.0 36.7 55.1 41.9 52.9 20.7 43.1 18.2 5.4 7.4 1,230.6 1,544.7 2,053.8 561.9 194.3 278.0 402.4 670.0 225.8 432.6 487.5 907.8 86.1 91.3 100.6 84.4 152.7 Capital transfers 318.5 413.9 562.1 178.0 33.4 55.7 86.2 238.6 43.2 60.5 132.2 326.1 24.1 14.5 17.1 Payments to the EU budget 526.0 628.9 729.5 152.2 197.5 119.1 123.8 188.5 182.2 172.7 180.0 194.6 40.4 47.2 31.4 -3,542.1 -2,917.2 -1,577.3 -1,200.1 -1,298.6 -358.0 -428.7 -831.9 -315.5 112.8 -176.9 -1,197.7 122.0 -89.7 -390.3 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 2/2023 2021 7 8 9 2022 10 11 12 1 2 3 4 5 6 47 2023 7 8 9 10 11 12 1 2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,093.4 2,035.8 1,782.6 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 2,109.9 1,982.5 1,817.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.3 1,822.8 1,686.0 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 1,936.4 1,882.1 1,720.9 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,761.0 1,737.9 1,518.8 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 1,807.9 1,788.9 1,635.0 141.7 334.6 309.2 331.7 327.6 389.2 332.6 348.2 368.9 406.6 578.7 500.0 132.7 371.6 328.5 347.1 381.2 421.2 353.7 360.3 661.3 658.9 643.9 639.5 651.3 760.1 680.4 677.2 691.2 704.3 698.5 688.2 700.6 697.7 700.0 693.7 730.2 841.7 720.8 754.3 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 1.9 2.2 2.1 2.4 2.4 1.9 2.1 2.2 2.3 2.9 2.0 2.1 35.7 34.1 32.4 43.5 33.2 19.7 12.4 8.5 11.5 20.5 23.2 38.5 48.9 41.6 38.1 45.1 33.8 13.9 11.2 8.4 643.4 517.1 531.7 661.1 576.3 594.1 623.0 483.3 467.7 638.3 531.2 574.6 681.5 594.3 590.8 613.1 565.5 520.4 631.8 502.6 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 26.2 27.0 15.0 14.9 39.1 18.2 28.3 30.7 21.2 27.6 17.9 19.6 -25.5 13.5 -8.9 -8.0 9.6 -38.2 60.3 -14.4 -11.3 51.5 -57.2 -5.1 28.2 -37.1 20.1 -11.8 -3.7 -19.8 51.6 -12.3 101.1 99.6 107.7 104.4 82.0 127.3 84.8 167.1 73.6 99.2 102.6 167.0 116.6 118.0 133.9 79.4 138.4 128.5 93.2 85.9 23.4 13.4 19.2 27.5 26.8 26.8 18.5 23.6 21.9 23.0 22.0 21.2 22.5 22.5 19.2 26.7 24.6 21.7 15.0 20.1 0.4 0.4 9.5 0.4 2.0 0.6 0.9 11.1 0.2 0.4 29.0 0.1 0.2 0.2 11.8 0.2 0.5 2.6 0.9 12.2 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 0.2 0.5 20.0 1.5 0.0 30.0 0.2 0.8 1.8 4.0 1.1 0.3 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 70.6 46.1 21.1 34.9 39.2 69.7 75.1 61.0 145.2 83.4 63.4 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,809.0 1,906.6 1,793.1 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 2,938.4 1,813.7 1,866.1 794.6 832.5 735.5 662.4 943.8 1,270.5 809.9 746.2 1,141.2 711.7 756.2 881.0 820.1 814.1 789.1 802.2 904.0 1,108.5 779.2 788.1 448.8 487.7 393.6 402.7 474.0 451.0 429.9 433.1 446.3 420.9 438.5 552.4 452.8 443.3 420.8 434.7 488.5 520.3 478.6 474.7 267.0 267.5 259.5 233.5 285.7 531.5 227.4 263.0 354.7 244.3 273.3 288.9 284.3 288.1 266.4 279.1 312.7 474.8 233.8 259.5 63.1 68.4 73.1 15.8 66.3 13.2 17.8 23.6 294.8 8.4 3.4 4.6 56.2 65.1 91.3 17.5 65.9 13.0 47.8 22.5 15.7 8.9 9.3 10.4 117.8 274.9 134.8 26.5 45.4 38.2 40.9 35.1 26.7 17.6 10.7 70.9 36.8 100.4 19.0 31.5 929.2 836.7 839.3 829.5 906.8 975.0 965.8 878.3 936.7 975.2 910.4 1,066.9 895.9 846.9 859.9 849.6 1,007.2 1,066.5 917.7 903.7 43.3 46.9 21.3 12.3 64.7 80.1 115.9 29.7 42.4 69.9 107.7 18.2 34.8 17.7 42.2 28.9 55.0 127.7 100.8 35.4 779.9 672.7 706.1 720.4 701.7 718.6 772.9 749.9 770.5 767.2 743.5 937.3 773.9 731.1 718.4 727.7 820.5 781.8 739.0 771.3 95.9 100.9 101.5 88.0 120.9 149.5 68.0 85.6 104.1 124.9 39.8 90.9 79.5 92.3 92.0 86.2 105.8 146.8 70.2 90.2 10.2 16.1 10.4 8.7 19.5 26.9 9.1 13.1 19.7 13.2 19.3 20.4 7.7 5.7 7.3 6.9 25.9 10.3 7.7 6.7 128.9 138.1 135.4 159.1 175.4 335.5 52.1 77.2 96.5 105.6 177.7 149.2 147.8 176.0 163.7 164.7 275.4 467.7 57.3 92.8 19.4 32.7 34.1 32.5 49.0 157.1 12.1 16.8 14.3 23.6 16.6 20.3 35.1 30.3 66.9 38.0 67.6 220.5 10.3 14.5 29.1 45.3 49.4 53.2 64.4 70.9 66.6 74.7 40.9 57.7 62.9 52.0 53.5 71.2 55.3 54.5 65.0 75.1 49.2 67.1 -253.7 -160.3 -14.6 131.2 -247.5 -715.6 129.2 -10.6 -434.1 170.1 87.4 -144.7 -144.7 -40.4 8.2 -6.8 -362.3 -828.5 168.8 -49.1 48 Acronyms Slovenian Economic Mirror, No 2/2023 Acronyms Acronyms in the text BoS – Bank of Slovenia, CO2 − carbon dioxide, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EU-SILC – EU statistics on income and living conditions, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, MFF – multiannual financial framework, MLFSAEO – Ministry of Labour, Family, Social Affairs and Equal Opportunities, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, NRP – The Recovery and Resilience Plan, POMCRC – The Public Opinion and Mass Communication Research Centre, PMI – Purchasing Managers' Index, REACT-EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, USD – US Dollar, VAT – value added tax, WEO – World Economic Outlook, 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. 2, Vol. XXIX, 2023