sl ov en ia n ec on om ic m ir ro r N o. 8 , V ol . X XV III , 2 02 2 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 8 / Vol. XXVIII / 2022 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Urška Brodar Authors: Urška Brodar; Marjan Hafner, MSc; Matevž Hribernik, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Tina Nenadič, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Nataša Todorović Jemec, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, November 2022 ISSN 1581-1026 (pdf ) ©2022, 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 ............................................................................................................................................ 17 Prices .............................................................................................................................................................. 19 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................ 21 Public finance ............................................................................................................................................. 22 Statistical appendix ...............................................................................................................................25 On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. The Economic Mirror is prepared based on statistical data available by 17th November 2022. In the spotlight 3Slovenian Economic Mirror, No 8/2022 Economic growth in the euro area slowed significantly in the third quarter; according to the European Commission’s forecast, the euro area economy will slip into recession in the last quarter of this year. After real GDP growth of 0.8% in the second quarter, when the services sector in particular recovered as COVID-19 measures were eased, current growth slowed to 0.2% in the third quarter (from 4.3% to 2.1% year- on-year). Confidence indicators point to a weakening of the euro area economy in the coming months. The EC expects elevated uncertainty, high prices, erosion of households’ purchasing power, a weaker external environment and tighter financing conditions will tip most Member States into recession in the last quarter of the year. Nevertheless, real GDP in the euro area is expected to rise by 3.2% this year, mainly due to the carry-over from last year and robust growth in the first half of the year. In November, the EC revised its forecasts for 2023 significantly downwards. For the euro area, the EC expects GDP growth of 0.3% on the back of a modest recovery, which should resume in the spring as the effects of high inflation gradually fade. Economic growth is expected to increase to 1.5% in 2024. Inflation in the euro area is expected to peak at the end of this year, with the average yearly inflation rate in 2022 reaching 8.5%. Inflation is expected to decline in 2023 but to remain high, at 6.1%, before moderating in 2024 to around 2.6%. Uncertainty related to the limited availability and high prices of energy related to the war in Ukraine remains high, but with natural gas stocks currently high, it is moving towards the next winter. The risks of high inflation over the long term associated with energy prices and other factors, if materialised, could lead to greater tightening of monetary policy, which would have a negative impact on economic activity. The COVID-19 pandemic also remains a significant downside risk. This, especially due to the zero-Covid policy in China, and the possible deteriorating situation in Ukraine could lead to additional disruptions in global supply chains. In the third quarter of this year, GDP in Slovenia fell by 1.4% compared to the second quarter; the year-on-year growth (3.4%, not seasonally adjusted) was lower than in the first half of the year and in line with the 5% GDP growth forecast for 2022 as a whole published by IMAD in its Autumn Forecast of Economic Trends. Household consumption growth moderated year-on-year in the summer months as consumer confidence fell and real income declined. It was underpinned by sales of non- food products and services. Investment remained strong in the third quarter, especially in construction. At the end of the third quarter, deterioration in confidence indicators, uncertainty and a decline in new orders affected manufacturing activity, which increased only modestly in the third quarter after a sharp decline in September. In recent months, production in more energy-intensive industries has been lower year-on-year, while activity has been higher especially in some important high-technology industries (manufacture of pharmaceuticals and electrical equipment). The deterioration in export expectations has not yet had a noticeable impact on goods exports, where quarter-on- quarter growth continued in the third quarter, but since the spring this segment has been subject to strong monthly fluctuations given the great uncertainty in the international environment. Growth in trade in services also continued, albeit at a somewhat slower pace. The overall growth of exports exceeded the growth of imports, which contributed to a positive external trade balance. General government expenditure declined year-on- year after a period of increased growth, with lower spending on containment measures and lower government budget spending on certain types of goods and services at the time of the adoption of the revised state budget. The contribution from the change in inventories, after high positive values in the first half of the year, was neutral in the third quarter compared to the same period last year. Data on the economic sentiment at the beginning of the last quarter of this year point to a further deterioration. Compared to the previous month, confidence fell the most in October in retail trade, followed by manufacturing and service activities. Consumer sentiment was slightly more upbeat than in September, which we believe is related to the government’s measures to mitigate the impact of high energy prices; sentiment also improved in construction. Compared to last October, the economic sentiment indicator has dropped significantly, with confidence falling most sharply among consumers, where it is at the level of April 2020, and in manufacturing. In the spotlight In the spotlight4 Slovenian Economic Mirror, No 8/2022 Despite the cooling of the economy, unemployment is still falling and employment is rising. The number of people in employment was at a record high in August, though the year-on-year increase was slightly lower than at the beginning of the year. Employment of foreign citizens is increasingly contributing to overall growth (already over 70% year- on-year), with particularly high shares in construction, transportation and storage and administrative and support service activities. At the end of October, 52,991 people were registered as unemployed, a fifth less than in the same period of 2021. The number of long-term unemployed also continued to decline and was almost a third lower than a year ago. In the face of high inflation, the average gross wage again fell year-on-year in real terms in August. The decline was more pronounced in the public sector due to last year’s base effect, which was related to the payment of COVID-19 bonuses. Year-on-year consumer price growth remains high and is increasingly broad-based. Inflation, which exceeded 10% in the third quarter as a whole, moderated slightly year- on-year in October for the second month in a row (to 9.9%), mainly due to the higher base of last year and also to month-on-month lower oil derivatives prices. The year-on-year price increase for food and non-alcoholic beverages intensified in October and reached 17.2%. Core inflation, which excludes changes in energy and food prices, has been above the euro area average in recent months and continued to rise slightly in October (to 6.7%). The year-on-year increase in Slovenian producer prices had gradually slowed in recent months before rising slightly again in September (to 21.3%). The general government deficit in the first nine months was significantly lower than in the same period last year. In the first nine months, the deficit of the consolidated general government budgetary accounts amounted to EUR 378 million, compared to EUR 2.1 billion in the same period last year. Due to the good business performance last year, revenues increased mainly from corporate income tax and, with the strengthening of household consumption and inflation, from VAT. Due to the reduction in excise duties on energy and electricity as part of measures to mitigate the impact of rising prices and changes in personal income tax, these revenues recorded only a modest increase. Receipts from the EU budget also increased significantly. As the scale of COVID-19 measures was lower, expenditure on wages, transfers to individuals and households, and subsidies was lower year-on-year, which contributed to a low overall growth in expenditure this year. In the spotlight 5Slovenian Economic Mirror, No 8/2022 10 14 18 22 26 30 34 38 42 46 50 54 58 62 66 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 PM I v al ue fo r e ur o ar ea Composite index Manufacturing Services Source: S&P Global Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. O ct 2 2 Economic growth in the euro area slowed significantly in the third quarter; confidence indicators point to a further cooling of the economy -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 Co nt rib ut io ns to y ea r-o n- ye ar G D P gr ow th , i n p. p . Source: SURS. Private consumption Government consumption Gross fixed capital formation Changes in inventories and val. Exports of goods and services Imports of goods and services GDP, real growth Economic activity in Slovenia also slowed significantly in the third quarter -50 -40 -30 -20 -10 0 10 20 30 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in di ca to r v al ue , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers O ct 2 2 Economic sentiment in Slovenia deteriorated further in October; confidence among consumers remains low -3542.2 -2914.6 -2085.3 -3 78 .3 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 I-I X 20 21 I-I X 20 22 Ba la nc e, in E U R m ill io n Source: MF, Bulletin of Government Finance; calculations by IMAD. General government balance Primary balance The deficit of the consolidated balance of public finances was significantly lower in the first nine months of this year than in the same period last year The year-on-year increase in consumer prices continued to slow slightly in October but remains high and broad- based -4 -2 0 2 4 6 8 10 12 -4 -2 0 2 4 6 8 10 12 Ja n 19 A pr 1 9 Ju l 1 9 O ct 1 9 Ja n 20 A pr 2 0 Ju l 2 0 O ct 2 0 Ja n 21 A pr 2 1 Ju l 2 1 O ct 2 1 Ja n 22 A pr 2 2 Ju l 2 2 O ct 2 2 Ye ar -o n- ye ar g ro w th , i n % Co nt rib ut io n to y -o -y g ro w th , i n p. p . Source: SURS; calculations by IMAD. Food Fuels and energy Services Other TOTAL (right axis) The cooling of the economy is not yet reflected on the labour market 0 20 40 60 80 100 120 140 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. All unemployed Long-term unemployed O ct 2 2 cu rr en t e co no m ic tr en ds Current Economic Trends 9Slovenian Economic Mirror, No 8/2022 The international environment Figure 1: Economic growth in Slovenia’s main trading partners, Q3 2022 Economic growth in the euro area slowed in the third quarter but exceeded expectations. Quarterly growth, which was driven by private consumption, was 0.8% in the second quarter before slowing to 0.2% in the third (from 4.3% to 2.1% year-on-year). Growth in our two main trading partners (Germany and Italy), whose PMIs have pointed to a contraction since July, was much higher than had been expected by international institutions – quarterly GDP growth was 0.5% in Italy and 0.3% in Germany. GDP growth in France was 0.2%, while in Austria economic activity declined in the third quarter after high growth of almost two per cent in the previous quarter. For the last quarter of this year, confidence indicators point to a contraction of activity in the euro area. The value of the composite PMI for the euro area in October was the lowest since 2020, as was that of the Economic Sentiment Index (ESI). Against a backdrop of high prices and high uncertainty, the indicators deteriorated in both industry and services. Figure 2: EC economic forecasts for Slovenia’s main trading partners, November 2022 In November, the EC revised its economic growth forecasts for Slovenia’s main trading partners for the coming year significantly downwards; the forecasts do not deviate significantly from the assumptions made by IMAD in its Autumn Forecast. The EC projects that elevated uncertainty, high prices, erosion of households’ purchasing power, a weaker external environment and tighter financing conditions will tip most Member States (including all Slovenia’s main trading partners) into recession in the last quarter of the year. On the back of favourable growth in the first half of the year, when the services sector in particular recovered after the easing of COVID-19 restrictions, real GDP in the euro area is expected to grow by 3.2% on average this year (3.3% in the EU as a whole). The contraction of activity is expected to continue in the first quarter of 2023. The EC expects growth to return to Europe in the spring, as inflation gradually relaxes its grip on the economy. However, with powerful headwinds still holding back demand, economic activity is set to be subdued (0.3% in the EU and the euro area). By 2024, economic growth is forecast to progressively regain traction (averaging around 1.6% in the EU and the euro area). According to the EC forecast, inflation is expected to peak at the end of this year and the average yearly inflation rate in the euro area to be 8.5% (9.3% in the EU). Inflation is expected to decline in 2023 but to remain high, at 6.1% (7% in the EU), before moderating in 2024 to around 3%. Forecasts of economic growth are surrounded by great uncertainty. The biggest risk is a possible shortage of gas in Europe, especially in the 2023–2024 winter. Longer-lasting inflation and the uncertain scale and impact of monetary tightening also remain important risk factors. From a fiscal policy perspective, the EC forecasts only take into account the measures to mitigate the impact of surging prices and other measures that have already been adopted or announced with a high degree of credibility. -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 EU Eu ro a re a G er m an y Ita ly A us tr ia Fr an ce Cr oa tia Re al G D P gr ow th , i n % Source: EC Forecast, July and November 2022. 2021 Forecast for 2022 Forecast for 2023 Previous forecast -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 EA EU G er m an y Ita ly A us tr ia Fr an ce Q ua rt er ly s ea so na lly a dj us te d gr ow th , i n % Source: Eurostat. Q4 21 Q1 22 Q2 22 Q3 22 Current Economic Trends10 Slovenian Economic Mirror, No 8/2022 Figure 3: Commodity prices, October 2022 Although the average prices of energy and non- energy commodities on international markets fell further in October, they still remained high. With European storage capacities almost full, prices of natural gas (TTF) on the European market fell by 32.8% compared to September, although they were still high (+48.3% year-on-year). In October, the OPEC+ production cut agreement halted the decline in oil prices that began in July, and the dollar price of Brent crude rose 4% to USD 93.3 per barrel in September, up 11.7% on a year earlier. With the appreciation of the dollar, euro oil prices recorded an even higher year-on-year increase (32%). According to the World Bank, the average dollar prices of non-energy commodities continued to fall in October compared to September, as prices of most non-energy commodity groups (except food) fell. Dollar prices of non-energy commodities were also lower year-on-year on average (by 3%), although still significantly higher than before the epidemic. The prices of food and fertilisers continued to rise sharply, while prices of industrial raw materials and metals and minerals fell significantly year-on-year. 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 10 =1 00 Source: World Bank. Energy Non-energy commodities Food Metals and minerals O ct 2 2 Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in % 1 2021 IX 22 X 22 X 22/IX 22 X 22/X 21 I-X 22/I-X 21 Brent USD, per barrel 70.69 89.75 93.33 4.0 11.7 49.7 Brent EUR, per barrel 59.70 90.62 95.00 4.8 31.9 69.8 Natural gas (TTF)2, EUR/MWh 47.20 201.48 135.48 -32.8 48.3 265.5 USD/EUR 1.184 0.990 0.983 -0.8 -15.3 -11.4 3-month EURIBOR, in % -0.549 1.011 1.428 41.7 197.8 56.5 Non-energy commodity prices, index 2010=100 112.13 114.85 113.48 -1.2 -2.9 15.5 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 11Slovenian Economic Mirror, No 8/2022 Figure 4: GDP, Q3 2022 In the third quarter of this year, GDP fell by 1.4% compared to the second quarter; the year-on-year growth (3.4%) was lower than in the first half of the year and in line with IMAD’s expectations in its Autumn Forecast. Household consumption growth moderated to 2.6% year-on-year in the summer months as consumer confidence fell and real income declined. Growth was underpinned by the sale of non-food products and services. Investment remained strong in the third quarter, especially in construction. The deterioration in export expectations has not yet had a pronounced impact on the growth of goods exports, where steady growth continued in the third quarter, but since the spring this segment has been subject to large monthly fluctuations due to the great uncertainty in the international environment. Growth in trade in services also continued, albeit at a somewhat slower pace. The overall growth of exports exceeded the growth of imports, which contributed to a positive external trade balance. General government expenditure declined year-on-year after a period of increased growth, with lower spending on containment measures and lower government budget spending on certain types of goods and services. The contribution from the change in inventories, after high positive values in the first half of the year, was neutral in the third quarter compared to the same period last year. -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 Co nt rib ut io ns to y ea r- on -y ea r G D P gr ow th , i n p. p . Source: SURS. Private consumption Government consumption Gross fixed capital formation Changes in inventories and val. Exports of goods and services Imports of goods and services GDP, real growth Current economic trends Figure 5: Electricity consumption, October 2022 Electricity consumption was 12% lower year-on-year in October. We assess that this was mainly due to lower industrial consumption. This is related to a reduction in production activity, especially in some energy- intensive companies, due to high energy prices, and to more efficient energy consumption. Slovenia’s main trading partners also recorded a year-on-year decline in consumption in October (France by 3% and Austria, Italy, Germany and Croatia by 7%). -20 -15 -10 -5 0 5 10 15 20 25 30 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A vg 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 M ay 2 2 Ju n 22 Ju l 2 2 A ug 2 2 Se p 22 O ct 2 2 Ye ar -o n- ye ar c ha ng e, in % Austria France Croatia Italy Germany Slovenia Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until the end of August 2022. Current Economic Trends12 Slovenian Economic Mirror, No 8/2022 Figure 7: Natural gas consumption, August–October 2022 Natural gas consumption in August and September was below the comparable average consumption in the five preceding years (by 14% and 11% respectively)2, and based on available data, the decline in October is expected to be more than 20%, due to warmer than average weather. According to Eurostat, the average decline in gas consumption in EU Member States in August was the same as in Slovenia, while in September it was 15%. The decrease has been driven by various measures taken by EU Member States to reduce gas consumption and by adaptation of various industries to rising prices of gas by reducing consumption. The warm weather in October also contributed to lower consumption compared to previous years and helped to ensure that European gas storage facilities were almost full.3 According to preliminary data, gas consumption in Slovenia from 1 August to 4 November 2022 was about 17% lower than the comparable average consumption over the last five years. -30 -20 -10 0 10 20 30 -30 -20 -10 0 10 20 30 1. 8. 2 2 8. 8. 2 2 15 .8 . 2 2 22 .8 . 2 2 29 .8 . 2 2 5. 9. 2 2 12 .9 . 2 2 19 .9 . 2 2 26 .9 . 2 2 3. 10 . 2 2 10 .1 0. 2 2 17 .1 0. 2 2 24 .1 0. 2 2 31 .1 0. 2 2 D iff er en ce to th e co m pa ra bl e fiv e- ye ar a ve ra ge , i n % N at ur al g as c on su m pt io n, in G W h Source: Plinovodi d.o.o., calculations by IMAD. Note: Final data are until 30 September. 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) August September October Figure 6: Electricity consumption by consumption group, October 2022 In October, electricity consumption in the distribution network was lower year-on-year in all consumption groups. The largest decrease was in industrial consumption (by 7.1%). This is mainly due to the lower consumption by some energy-intensive companies, which reduced their production volume due to high electricity prices but were also able to reorganise their production processes and introduce more modern technologies, which made them more energy efficient. Due to more rational use of energy, household consumption and small business consumption1 were also lower year-on-year in October (by 4.3% and 2.2% respectively). -30 -20 -10 0 10 20 30 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 M ay 2 2 Ju n 22 Ju l 2 2 A ug 2 2 Se p 22 O ct 2 2 Ye ar -o n- ye ar c ha ng e, in % Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. Industry Households Small business consumption Total distribution network consumption 1 In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. 2 In accordance with Council Regulation (EU) 2022/1369 of 5 August 2022 on coordinated demand-reduction measures for gas, in the period from 1 August 2022 to 31 March 2023, all EU Member States have to reduce their gas consumption by at least 15% compared to their average consumption over the same period over the last five years. 3 According to Plinovodi, gas storage capacity in the EU was over 94% full at the end of October 2022. Current Economic Trends 13Slovenian Economic Mirror, No 8/2022 Figure 8: Value of fiscally verified invoices – nominal, October 2022 Amid high price growth, the value of fiscally verified invoices in October was higher year-on-year and compared to the same period of 2019 (by 11% and 13% respectively). The somewhat lower growth compared to previous months is mainly due to lower growth in trade (10%), which accounted for slightly more than three- quarters of the total value of fiscally verified invoices. On last year’s low base,4 growth in accommodation and food service activities (due to high growth in food and beverage service activities) and in some cultural, sports, entertainment and personal services was higher than in the previous two months. -40 -30 -20 -10 0 10 20 30 40 50 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 M ay 2 2 Ju n 22 Ju l 2 2 A ug 2 2 Se p 22 O ct 2 2 Y- on -y c ha ng e , i n % Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. 4 In mid-September last year, the recovered/vaccinated/tested rule was extended to users of most services. Figure 9: Trade in goods – in real terms, September 2022 Trade with EU Member States5 increased quarter- on-quarter in the third quarter; sentiment in export- oriented sectors deteriorated further in October. Amid considerable monthly fluctuations, real exports of goods to EU Member States rose by 2.6% compared to the previous quarter, while real imports of goods from EU Member States remained at the level reached (seasonally adjusted). Year-on-year growth in trade in goods with EU Member States in the third quarter was mainly driven by exports (exports 8.5%, imports 0.5%) and was more favourable than expected given the situation in the international environment and deteriorating confidence indicators. The high level of uncertainty in the international environment has had a significant impact on sentiment in export-oriented activities in recent months, as export orders continued to decline in October, reaching the lowest level since the end of 2020. According to the survey data, companies expect their competitive position both in the EU and non-EU markets to deteriorate in the last quarter and the volume of new orders to decline further. 80 90 100 110 120 130 140 150 160 170 180 190 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Exports to the EU Imports from the EU Se p 22 5 According to the external trade statistics by SURS. Deflation and seasonal adjustment by IMAD. Current Economic Trends14 Slovenian Economic Mirror, No 8/2022 Figure 10: Trade in services – nominal, August 2022 After a pause in growth in June and July, trade in services picked up again in August. Compared to the previous month, both imports and exports of services increased in August (seasonally adjusted). The favourable monthly development of trade in tourism-related services, which exceeded pre-epidemic levels in July and August, continued.6 Trade in most other main groups of services (transportation, other business services, ICT) also increased, with the exception of construction. Due to last year’s low base, year-on-year growth in trade in serviced remained very high in the first eight months (32.5%), exceeding pre-epidemic levels (January–August 2019) by more than a fifth. 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In E U R m ill io n, s ea so na lly a dj us te d, 3- m on th m ov in g av er ag e Source: BoS; calculations by IMAD. Exports of services Imports of services A ug 2 2 6 Year-on-year growth was 21.9% in July and August and 5.7% compared to the same months in 2019. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2021 IX 22/VIII 22 IX 22/IX 21 I-IX 22/I-IX 21 Merchandise exports, real1 14.3 1.53 30.7 17.2 - to the EU 14.1 -2.83 12.2 8.7 Merchandise imports, real1 16.1 -7.93 9.1 13.9 - from the EU 12.0 -9.83 -4.6 2.9 Industrial production, real 10.2 -2.63 -0.1 3.4 - manufacturing 11.8 -3.23 2.5 5.7 In % 2021 VIII 22/VII 22 VIII 22/VIII 21 I-VIII 22/I-VIII 21 Services exports, nominal2 19.2 4.63 25.04 35.34 Services imports, nominal2 19.0 2.03 15.84 26.14 Construction - value of construction put in place, real -0.5 1.73 31.8 25.1 Distributive trades - real turnover 11.6 2.93 16.64 13.54 Market services (without trade) - real turnover 12.8 3.13 8.14 16.14 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Current Economic Trends 15Slovenian Economic Mirror, No 8/2022 Figure 12: Activity in construction, August 2022 According to figures on the value of construction work put in place, construction activity in August was considerably higher than last year. After a marked upturn in activity at the beginning of this year, the value of construction work remained at the new level during the rest of the year and was 30.2% higher in August than in the same month of 2021. Compared to previous years, construction of buildings stands out; activity was also high in civil engineering, while it was lower in specialised construction work (installation works and building completion). The implicit deflator of the value of completed construction works (used to measure prices in the construction sector) was 18% in August, which is slightly less than in previous months. Some other data suggest significantly lower construction activity. According to the data on VAT, the activity of construction companies in the first seven months7 was 7% higher than last year. Based on data on the value of construction put in place, the difference in the growth of activity was 17 p.p. 40 50 60 70 80 90 100 110 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Re al c on st ru ct io n pr od uc tio n in de x (2 01 0= 10 0) Source: SURS; calculations by IMAD. Seasonally adjusted data 3-month moving averages, seasonally adjusted A ug 2 2 Figure 11: Production volume in manufacturing, September 2022 Manufacturing output rose slightly in the third quarter after falling in September. Growth continued in high-technology industries, and, after less favourable results in the first half of the year, manufacturing output also increased in medium-high-technology industries. Manufacturing output in low-technology industries declined and was lower than in the same period last year in most segments. In the more energy-intensive industries (the metal and paper industries and, among the high- technology industries, the manufacture of chemicals), production in the third quarter was also lower than a year ago or its growth slowed significantly (manufacture of other non-metallic mineral products n.e.c.). On average, manufacturing output in the third quarter was still higher than in the same quarter last year. The strongest growth was recorded by the pharmaceutical industry (according to our estimates) and the manufacture of ICT equipment, and there was also considerable growth in the manufacture of electrical equipment and, after a deep slump in the first half of the year, the manufacture of motor vehicles. 80 100 120 140 160 180 200 220 240 260 280 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22Se as on al ly a dj us te d re al i nd ex 2 01 0= 10 0, 3- m on th m ov in g av er ag es Source: SURS, calculations IMAD. Manufacturing, tot. High-tech ind. Medium-high-tech. ind. Medium-low-tech. ind. Low-tech ind. Se p 22 7 Data for August are not yet available. Current Economic Trends16 Slovenian Economic Mirror, No 8/2022 Figure 14: Turnover in market services, August 2022 After falling in July, real turnover in market services rose again in August, by 3.2% in current terms and by 7.8% year-on-year. After several months of decline, turnover in transportation, especially in storage, rose strongly again in current terms. Turnover also rose again in information and communication activities, with all services contributing to growth. Turnover continued to decline in administrative and support service activities, mainly due to a significant drop in travel agency activities. With the decline in current terms in overnight stays by domestic and foreign tourists, turnover in accommodation and food service activities also fell slightly. Turnover in professional and technical activities declined again, this due to a decrease in consultancy activities. 0 20 40 60 80 100 120 140 160 180 200 Ja n. 1 2 Ja n. 1 3 Ja n. 1 4 Ja n. 1 5 Ja n. 1 6 Ja n. 1 7 Ja n. 1 8 Ja n. 1 9 Ja n. 2 0 Ja n. 2 1 Ja n. 2 2 Se as on al ly a dj us te d re al in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e 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) A ug 2 2 Source: SURS; calculations by IMAD. Note: * including real estate. Figure 13: Turnover in trade, September 2022 According to preliminary data, turnover in trade declined in September after growth in August, but in the third quarter as a whole it remained similar to the second quarter in most sectors. The exception was turnover in wholesale trade, which recorded a significant drop, and turnover in the sale of motor vehicles, which increased significantly. Despite the increase, the latter was the only major trade segment to fall far short of pre- epidemic turnover, and turnover was also lower than in the third quarter last year. In the third quarter, turnover in retail sales of food, beverages and tobacco products also remained lower year-on-year. In other sectors, year-on- year turnover growth continued to weaken.8 80 100 120 140 160 180 200 220 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22Se as on al ly a dj us te d re al in de x 20 10 =1 00 , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel . Se p 22 8 The exception is the sale of automotive fuel, where turnover in the third quarter was almost 80% higher year-on-year, which is significantly more than can be seen from the data on the volume of petroleum products sold. Current Economic Trends 17Slovenian Economic Mirror, No 8/2022 Figure 15: Selected indicators of household consumption, August–September 2022 Household consumption in the third quarter was 2.6% higher than a year ago. Turnover in retail sales of non-food products increased by 3.7% year-on-year in real terms in the third quarter. The consumption of tourist services abroad9 was also slightly higher than last year, while household consumption of tourist services in the domestic market was significantly lower year-on- year after the deadline for the redemption of vouchers expired.10 Sales of new passenger cars to individuals and sales of food, beverages and tobacco products were also lower year-on-year (by 15.3% and 1.9% respectively). Since mid-September, a low base effect has also contributed to the year-on-year growth due to the tightening of COVID-19 measures last autumn, which (according to fiscal cash registers) mainly led to higher year-on-year growth in some cultural, sports, entertainment and personal services, food and beverage service activities, and in certain shops selling non-food products. 0 20 40 60 80 100 120 140 160 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Note: The Q3 2022 figure for the turnover in accommodation and food service is the average value for July and Avgust. 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 9 Overall, they were 1% lower in nominal terms in July and August, while the number of overnight stays by Slovenian tourists in Croatia was 6% higher year-on-year. 10 The number of overnight stays by domestic tourists was 50% lower than in the same period last year. Overall, turnover in accommodation and food service activities was 16% higher year-on-year in real terms in July and August due to higher spending by foreign tourists (the number of their overnight stays was 61% higher year-on-year in the third quarter). Figure 16: Economic sentiment, October 2022 The economic climate deteriorated further in October and remained below the long-term average. Compared to the previous month, confidence in retail trade deteriorated the most, followed by manufacturing and service activities. Consumer sentiment was somewhat more upbeat than in September, and sentiment also improved in construction. Year-on-year, only confidence in retail trade was higher, while it was significantly lower than a year ago in other activities. The sharpest year- on-year decline in confidence was recorded among consumers, where it is at the level of April 2020, and in manufacturing. Amid high inflation, consumers are increasingly pessimistic about the future economic situation of the country and the financial situation of households compared to last year, and manufacturing companies are scaling back their expectations for production and exports amid high prices of energy and other commodities and supply chain problems. -50 -40 -30 -20 -10 0 10 20 30 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in di ca to r v al ue , 3- m on th m ov in g av er ag e Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers O ct 2 2 Current Economic Trends18 Slovenian Economic Mirror, No 8/2022 Labour market Figure 17: Number of persons in employment, August 2022 Year-on-year growth in the number of persons in employment in August was similar to the previous two months (2.3%) and slightly lower than at the beginning of the year. It remained high in construction, which faces a significant labour shortage. Employment of foreign workers has recently been increasingly contributing to overall employment growth – in August, foreign workers contributed 73% to year-on-year employment growth. Consequently, the share of foreign nationals among all persons in employment is also increasing, up 1.4 p.p. to 13.6% over the last year. Activities with the largest share of foreign workers are construction (47%), transportation and storage (32%), and administrative and support service activities (26%). In the first eight months, the number of people in employment rose by an average of 2.8% year-on-year. 740 760 780 800 820 840 860 880 900 920 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS; calculations by IMAD. A ug 2 2 Figure 18: Number of registered unemployed persons, October 2022 According to seasonally adjusted data, the decline in the number of registered unemployed was similar as in previous months (-1.2%). According to original data, 52,991 persons were unemployed at the end of October, which is 1.8% more than at the end of September. This is mainly due to seasonal trends related to a higher inflow of first-time job seekers into unemployment. Year-on- year, unemployment was down 20.5%. Under conditions of high demand for labour, which is also reflected in the high vacancy rate, the number of long-term unemployed has also been declining since May last year – their number was almost a third lower year-on-year in October. The number of unemployed people over 50, who, like the long-term unemployed, are harder to place, is also declining – in October, their number was a good fifth lower than a year ago. 0 20 40 60 80 100 120 140 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. All unemployed Long-term unemployed O ct 2 2 Figure 19: Average nominal gross wage per employee, August 2022 Amid high inflation, the average gross wage fell by 4.8% year-on-year in real terms in August; due to the base effect of last year, the decline was more pronounced in the public sector (-7.2%) than in the private sector (-3.4%). In the private sector, the year-on- year decline was somewhat smaller in real terms than in July but stronger than in other months this year. In the public sector, on the other hand, the year-on-year decline in real terms was smaller than in previous months, which is related to the year-on-year effect of the cessation of payment of most COVID-19 bonuses in July last year. In the first eight months of this year, the average salary was 6.7% lower in real terms than in the same period last year (2.1% in the private sector, 13.5% in the public sector). -20 -16 -12 -8 -4 0 4 8 12 16 20 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Source: SURS; calculations by IMAD. Private sector Public sector Total Ye ar -o n- ye ar g ro w th , 3 -m on th m ov in g av er ag e, in % A ug 2 2 Current Economic Trends 19Slovenian Economic Mirror, No 8/2022 Table 3: Indicators of labour market trends Change, in % 2021 VIII 22/VII 22 VIII 22/VIII 21 I-VIII 22/I-VIII 21 Persons in formal employment2 1.3 0.21 2.2 2.6 Average nominal gross wage 6.1 0.51 5.7 0.9 private sector 6.1 0.71 7.3 5.9 public sector 6.5 -1.01 3.0 -6.4 of which general government 7.0 -2.71 1.6 -9.2 of which public corporations 4.7 1.11 6.8 2.5 2021 VIII 21 VII 22 VIII 22 Rate of registered unemployment (in %), seasonally adjusted 7.6 7.3 5.7 5.6 Change, in % 2021 X 22/IX 22 X 22/X 21 I-X 22/I-X 21 Registered unemployed -12.6 1.8 -20.5 -24.5 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Current Economic Trends20 Slovenian Economic Mirror, No 8/2022 Prices Figure 20: Consumer prices, October 2022 The year-on-year increase in consumer prices continued to slow slightly in October (to 9.9%). The increase in energy prices slowed further to 18.7% year-on- year, the lowest level in six months. Energy contributed 2.2 p.p. to year-on-year inflation. The slower growth was mainly the result of a higher base from last year and also the monthly decline in oil derivatives prices, which still largely exclude the 25 October price hike. In terms of energy prices, solid fuel prices continue to rise rapidly. In the last two months alone, they rose by more than 30%, and year-on-year they were up by almost 125%. The year- on-year increase in food and non-alcoholic beverage prices continued to strengthen in October, reaching 17.2% (the highest in two decades) and contributing 2.8 p.p. to inflation. The monthly increase in food and non- alcoholic beverage prices was 2.5%, the second highest this year. The year-on-year growth in durable goods prices, which had been just over 10% since the end of the first half of the year, fell to 9.8% in October. The year- on-year increase in prices of semi-durable goods was still relatively subdued at 4%. Service prices rose by almost 6% year-on-year. -2 0 2 4 6 8 10 12 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar in fla tio n, in % Source: SURS, Eurostat. *Note: Core inflation does not include the change in prices of energy and food. Slovenia Slovenia, core inflation Euro area Euro area, core inflation O ct 2 2 Figure 21: Slovenian industrial producer prices, September 2022 The year-on-year increase in Slovenian producer prices had gradually slowed in recent months before rising slightly again in September (to 21.3%). This was mainly due to the renewed increase in the growth of prices on the domestic market, where, as in August, energy prices rose the most (they were about 110% higher year-on-year), but also to the increase in consumer goods prices (16.9%). The year-on-year increase in the growth of producer prices in the groups of intermediate goods (19.8%) and capital goods (10.5%) slowed further as economic activity slowed. Prices on foreign markets rose year-on-year with a dynamics similar to that in August. The high, almost 30% monthly increase in energy prices stands out (23.3% year-on-year), but its contribution to overall growth is relatively small due to its low weight (1.8%). Year-on-year, the price increases in the intermediate goods (25.4%) and consumer goods (8.4%) groups slowed slightly. 90 100 110 120 130 140 150 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 15 =1 00 Source: SURS. Domestic market Non-domestic market Se p 22 Table 4: Consumer price growth XII 21/XII 20 XI 21-X 22/XI 20-X 21 X 22/IX 22 X 22/X 21 I-X 22/I-X 21 Total 4.9 7.9 0.8 9.9 8.6 Food 4.0 9.7 2.6 17.7 11.2 Fuels and energy 19.1 23.8 -1.1 18.7 24.4 Services 1.5 4.2 -0.3 5.9 4.7 Other1 4.4 5.6 1.6 7.6 6.2 Core inflation - excluding food and energy 3.1 5.1 0.7 6.7 5.6 Core inflation - trimmed mean2 3.6 7.3 0.9 9.4 8.1 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 21Slovenian Economic Mirror, No 8/2022 Financial markets Figure 22: Growth in loans to domestic non-banking sectors, September 2022 The year-on-year growth in the volume of bank loans to domestic non-banking sectors remained unchanged at 12% in September. We assume that the tightening of credit conditions is already having some impact on bank lending activity, especially on the volume of corporate and NFI loans, which stagnated in September compared to the previous month. The growth of loans to households also slowed slightly. Despite the slowdown, year-on-year growth in corporate and NFI loans remained relatively high (17.6%), while growth in household loans remained slightly above 8%. Growth in domestic non- banking sector deposits slowed year-on-year in the first half of the year; while it strengthened again slightly as the year progressed, at 7.1% in September it was still 1.5 p.p. lower than at the end of last year. In particular, growth in deposits by non-financial corporations (8.1%) is increasing, which we believe will strengthen funds in bank accounts after the elimination of deposit fees, while creating liquidity reserves as borrowing conditions tighten and economic activity slows. The quality of banks’ assets remains solid and the share of non-performing loans is still only slightly above 1%. -40 -30 -20 -10 0 10 20 30 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar g ro w th , i n % Source: BoS. Consumer loans Lending for house purchase Enterprises and NFIs Total Se p 22 Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR million Nominal loan growth, % 30. IX 21 31. XII 21 30. IX 22 30. IX 22/31. VIII 22 30. IX 22/30. IX 21 Loans total 23,350.6 23,989.4 26,145.2 0.2 12.0 Enterprises and NFI 10,574.5 10,944.6 12,439.8 0.0 17.6 Government 1,410.7 1,488.4 1,372.3 -2.6 -2.7 Households 11,365.4 11,556.4 12,333.1 0.7 8.5 Consumer credits 2,616.6 2,590.7 2,608.9 0.5 -0.3 Lending for house purchase 7,301.7 7,479.0 8,152.0 0.7 11.6 Other lending 1,447.2 1,486.7 1,572.2 0.8 8.6 Bank deposits total 24,276.4 24,469.9 25,607.9 0.0 5.5 Overnight deposits 20,853.3 21,230.8 22,860.4 -0.1 9.6 Term deposits 3,423.1 3,239.1 2,747.5 0.5 -19.7 Government bank deposits, total 483.3 725.3 816.4 2.8 68.9 Deposits of non-financial corporations, total 8,506.6 9,030.5 9,195.6 2.2 8.1 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Current Economic Trends22 Slovenian Economic Mirror, No 8/2022 Balance of payments Figure 23: Current account of the balance of payments, August 2022 The current account surplus in the last 12 months was significantly lower year-on-year (EUR 137.3 million compared to EUR 3 billion) and a deficit of EUR 212.5 million was recorded in the first eight months of 2022. The lower surplus was mainly due to the goods trade balance (the surplus turned into a deficit), as imports of goods grew faster in nominal terms than exports in the face of stronger domestic consumption and deteriorated terms of trade. Net outflows of primary and secondary income were also higher year-on-year. The primary income deficit was higher due to lower subsidies from the EU budget and more customs duties paid into the EU budget this year related to the import of electric vehicles for the entire EU market (via the port of Koper). The higher secondary income deficit arose from higher private sector transfers abroad. The services surplus increased, especially in trade in travel (easing of COVID-19 restrictions) and in trade in transport services related to the growth of international trade in goods. -4000 -3000 -2000 -1000 0 1000 2000 3000 4000 5000 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 12 -m on th c um ul at iv es , i n EU R m ill io n Source: BoS; calculations by IMAD. Trade in goods Trade in services Primary income Secondary income Current account A ug 2 2 Table 6: Balance of payments I-VIII 2022, in EUR million Inflows Outflows Balance Balance, I-VIII 2021 Current account 36,756.6 36,969.1 -212.5 1,635.7 Goods 27,801.9 29,355.9 -1,554.0 1,016.7 Services 6,944.4 4,609.7 2,334.7 1,477.8 Primary income 1,230.7 1,825.6 -594.9 -539.8 Secondary income 779.6 1,177.9 -398.3 -319.0 Capital account 2,690.6 2,899.8 -209.1 53.1 Financial account 5,161.7 4,237.8 -923.9 1,456.8 Direct investment 1,775.2 862.0 -913.2 -836.0 Portfolio investment 1,242.9 543.4 -699.4 1,336.8 Other investment 2,146.0 2,842.7 696.7 226.7 Statistcal error 0.0 -502.3 -502.3 -232.0 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. Current Economic Trends 23Slovenian Economic Mirror, No 8/2022 Public finance Figure 24: Consolidated general government revenue and expenditure, September 2022 The deficit of the consolidated balance of public finances11 was noticeably lower in the first nine months of 2022 than in the same period of 2021. It totalled EUR 378 million in the first nine months of 2022, compared with EUR 2.1 billion in the same period last year. Revenue increased by 11.7% year-on-year in the first nine months of the year. Due to better corporate performance, the growth came mainly from corporate income tax and, with the strengthening of private consumption and inflation, from VAT. Due to the reduction in excise duties on energy and electricity and changes in the personal income tax legislation, the growth in these revenues is modest, as is the growth in non-tax revenues, as there will be no one-off revenues from fees for the use of radio frequencies this year. Revenues from the EU budget increased significantly, due to the inflow of funds from the Recovery and Resilience Facility and from structural funds under the 2014–2021 multiannual financial framework (MFF). In the first nine months of the year, expenditure increased by 0.6% year-on-year. Expenditure on goods and services,12 capital formation and payments to the EU budget increased year-on-year. In the first nine months, measures to mitigate the consequences of the epidemic amounted to EUR 654 million, compared to EUR 2,388 million in the same period last year. Thus expenditure was lower mainly on civil servants’ wages, transfers to individuals and households, and subsidies. -20 -10 0 10 20 30 40 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 Ye ar -o n- ye ar g ro w th , i n % Consolidated general government revenue Consolidated general government expenditure Source: MF, calculations by IMAD. 11 The consolidated balance of public financing on a cash basis. 12 On the expenditure side, expenditure on reserves also increased due to inflows from the Recovery and Resilience Facility, which were allocated to a special budget fund as reserves. Figure 25: EU budget receipts, September 2022 Slovenia’s net budgetary position against the EU budget was positive in the first nine months of 2022 (EUR 142.4 million). In this period, Slovenia received EUR 677.3 million from the EU budget (56.9% of receipts envisaged in the state budget for 2022) and paid EUR 534.9 million into it (74.9% of planned payments). The bulk of receipts in this period were resources from structural funds (38.5% of all reimbursements to the state budget) and resources for the implementation of the Common Agricultural and Fisheries Policy (32.9%), while resources from the EU Cohesion Fund (9.1%) represented only a small part. The second instalment of the advance payment for the implementation of RRP was paid into the state budget from the Recovery and Resilience Facility. According to SVRK data, by the end of June 2022, Slovenia had absorbed (payments to beneficiaries) 71% of funds available under the 2014–2020 financial perspective (including React-EU).13 0 100 200 300 400 500 Other receipts (RRP) Receipts from centralised funds and other Cohesion Fund Structural Funds Common Agricultural Policy In EUR million Total receipts (January–September 2021) Expected reimbursements in the revised budget 2022 Total receipts (January–September 2022) Source: MF. 13 The European cohesion policy 2014–2020 includes funds from the React-EU programme. Current Economic Trends24 Slovenian Economic Mirror, No 8/2022 Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-IX 2021 I-IX 2022 Category I-IX 2021 I-IX 2022 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 15,529.4 13.9 17,340.7 11.7 EXPENDITURE TOTAL 17,614.7 10.2 17,719.0 0.6 Tax revenues1 7,832.8 16.9 9,059.9 15.7 Salaries, wages and other personnel expenditures2 4,425.4 18.2 3,985.2 -9.9 Personal income tax 2,059.1 16.1 2,106.0 2.3 Expenditure on goods and services 2,298.1 10.1 2,480.6 7.9 Corporate income tax 864.2 53.9 1,248.3 44.5 Interest payments 637.0 -6.7 565.1 -11.3 Taxes on immovable property 173.0 12.6 186.8 8.0 Reserves 156.4 29.6 375.9 140.4 Value added tax 2,961.2 17.5 3,542.4 19.6 Transfers to individuals and households 7,027.0 13.0 6,964.8 -0.9 Excise duties 1,075.5 8.1 1,097.5 2.0 Other current transfers 1,580.4 -18.6 1,433.2 -9.3 Social security contributions 5,877.2 9.3 6,238.0 6.1 Investment expenditure 1,050.0 29.8 1,379.4 31.4 Non-tax revenues 1,024.6 16.3 1,061.9 3.6 Payments to the EU budget 440.4 17.8 534.9 21.5 Receipts from the EU budget 573.3 9.4 680.4 18.7 GENERAL GOVERNMENT BALANCE -2,085.3 -378.3 Other 221.4 46.2 300.4 35.7 PRIMARY BALANCE -1,451.6 144.7 Source: MF, Bulletin of Government Finance; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. st at is ti ca l a pp en di x Statistical Appendix 27Slovenian Economic Mirror, No 7/2022 Main indicators 2016 2017 2018 2019 2020 2021 2022 2023 2024 Autumn Forecast 2022 GDP (real growth rates, in %) 3.2 4.8 4.5 3.5 -4.3 8.2 5.0 1.4 2.6 GDP in EUR million (current prices) 40,443 43,011 45,876 48,533 47,021 52,208 57,921 61,951 65,311 GDP per capita in EUR (current prices) 19,589 20,820 22,142 23,233 22,361 24,770 27,432 29,275 30,792 GDP per capita (PPS)1 23,600 25,100 26,400 27,700 26,500 29,100 GDP per capita (PPS EU27=100)1 84 86 87 88 89 90 Rate of registered unemployment 11.2 9.5 8.2 7.7 8.7 7.6 5.8 5.5 5.3 Standardised rate of unemployment (ILO) 8.0 6.6 5.1 4.5 5.0 4.7 4.2 4.1 3.9 Labour productivity (GDP per employee) 1.3 1.8 1.3 1.0 -3.7 6.8 1.9 0.7 2.0 Inflation2, year average -0.1 1.4 1.7 1.6 -0.1 1.9 8.9 6.0 2.9 Inflation2, end of the year 0.5 1.7 1.4 1.8 -1.1 4.9 9.8 3.9 2.2 INTERNATIONAL TRADE Exports of goods and services3 (real growth rates, in %) 6.2 11.1 6.2 4.5 -8.6 14.5 5.0 2.5 4.7 Exports of goods 5.7 11.0 5.7 4.5 -5.5 13.4 1.4 1.3 3.7 Exports of services 8.0 11.2 7.7 4.6 -20.0 19.3 20.2 7.2 8.6 Imports of goods and services3 (real growth rates, in %) 6.3 10.7 7.1 4.7 -9.6 17.6 6.5 2.2 3.8 Imports of goods 6.6 10.7 7.4 5.0 -8.6 17.2 5.0 1.6 3.5 Imports of services 4.7 10.5 5.4 3.0 -15.0 19.5 15.0 6.1 5.9 Current account balance, in EUR million 1,932 2,674 2,731 2,884 3,552 1,985 -312 -324 64 As a per cent share relative to GDP 4.8 6.2 6.0 5.9 7.6 3.8 -0.5 -0.5 0.1 Gross external debt, in EUR million 44,325 43,231 42,139 44,277 47,792 50,477 As a per cent share relative to GDP 109.6 100.5 91.9 91.2 101.6 96.7 Ratio of USD to EUR 1.107 1.129 1.181 1.120 1.141 1.184 1.058 1.022 1.022 DOMESTIC DEMAND Private consumption (real growth rates, in %) 4.4 1.9 3.5 5.3 -6.9 9.5 5.4 0.3 1.9 As a % of GDP 54.0 52.5 52.0 52.4 50.1 51.1 53.9 53.5 53.2 Government consumption (real growth rates, in %) 2.4 0.4 2.9 1.8 4.1 5.8 1.4 1.7 1.9 As a % of GDP 19.0 18.5 18.2 18.3 20.6 20.6 19.1 19.5 19.4 Gross fixed capital formation (real growth rates, in %) -3.6 10.2 10.2 5.1 -7.9 13.7 6.5 2.5 2.0 As a % of GDP 17.4 18.3 19.3 19.6 18.9 20.3 22.3 22.1 21.8 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 2022). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 3 Balance of payments statistics (exports FOB, imports FOB); the calculation of real growth rates excludes the impact of exchange rate changes and price fluctuations on foreign markets. Statistical Appendix28 Slovenian Economic Mirror, No 8/2022 Production 2019 2020 2021 2020 2021 2022 2020 2021 2022 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 3.1 -5.2 10.2 -17.5 -2.9 1.4 3.3 25.5 6.2 7.9 5.9 2.8 0.0 -1.4 2.1 4.0 -2.5 -2.4 14.5 34.9 25.9 17.5 3.8 9.8 5.6 0.7 8.3 15.9 14.8 0.0 3.7 0.1 3.8 4.3 0.9 4.6 - - B Mining and quarrying -3.4 -2.1 -6.6 -9.2 8.5 7.6 0.1 -2.7 -30.7 10.8 27.2 5.5 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.1 24.0 18.5 26.2 4.1 -7.2 -5.4 38.7 - - C Manufacturing 3.5 -5.0 11.8 -17.9 -2.7 1.6 4.3 28.8 8.1 8.4 6.9 5.8 -0.1 -1.4 2.1 4.7 -1.5 -2.2 16.2 39.5 29.3 19.7 5.6 11.9 7.7 1.2 9.4 16.0 12.1 3.2 5.8 3.2 6.7 7.2 3.1 8.2 - - D Electricity, gas & steam supply1 -0.8 -9.1 -5.3 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -6.7 -30.5 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 34.7 -34.6 -20.8 -36.0 -28.1 -27.0 -22.5 -35.7 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 -13.4 2.7 6.1 -0.5 11.5 1.1 -11.0 21.8 25.2 7.1 0.3 17.3 -0.8 -1.6 -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 15.2 32.2 18.6 15.0 30.2 29.8 29.9 30.2 - - Buildings -0.1 -0.6 14.4 -0.9 2.8 23.9 34.8 36.0 17.5 -16.1 34.6 53.8 13.4 14.7 41.1 18.6 9.5 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 15.1 54.4 34.7 57.7 55.3 48.4 37.0 87.2 - - Civil engineering 4.4 2.7 5.9 -9.1 4.8 9.6 6.1 14.3 8.0 -2.4 15.7 9.6 10.2 0.0 26.7 -1.0 3.0 -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 24.0 18.8 8.0 11.2 21.0 -1.1 8.5 13.2 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 2.2 -11.0 12.8 -22.5 -6.7 -9.2 -3.5 22.5 13.8 18.7 19.9 19.4 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.3 22.8 17.8 10.9 16.6 14.0 17.2 17.9 20.9 25.7 15.3 19.3 21.5 20.5 16.6 4.6 7.8 - - Transportation and storage 3.2 -8.0 14.3 -21.2 -6.7 1.7 5.7 28.4 12.5 12.5 11.7 11.9 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.3 10.7 15.9 11.4 12.2 13.3 12.0 18.2 9.6 8.5 10.5 14.0 11.3 3.6 13.6 - - Information and communication activities 1.0 -0.2 7.6 -7.1 2.4 0.6 2.1 11.6 6.6 9.9 6.0 15.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 9.9 3.6 11.5 5.2 8.5 9.6 11.3 9.4 -1.0 9.5 14.1 11.0 21.6 10.1 14.8 - - Professional, scientific and technical activities 5.8 -3.0 10.6 -11.4 -0.2 -0.5 8.1 23.1 3.4 9.1 9.2 10.7 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.9 14.3 7.7 6.6 8.5 14.2 9.5 7.4 14.9 - - Administrative and support service activities -5.9 -24.1 13.1 -33.7 -23.2 -21.7 -7.9 14.5 23.7 22.3 17.2 16.7 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 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 -5.5 -5.8 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover 2.5 -7.4 11.6 -13.9 -2.7 -7.6 3.5 18.2 5.3 19.7 14.3 12.6 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.7 24.5 21.9 12.7 10.2 12.3 15.0 10.5 9.8 17.0 - Real turnover in retail trade 3.4 -8.9 18.9 -11.9 -6.3 -12.0 3.6 17.5 13.8 40.5 26.9 26.0 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.2 32.7 21.1 27.3 28.3 26.5 23.4 22.0 32.4 23.8 - Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 -25.9 3.8 -16.6 8.9 24.7 -8.2 9.3 -8.4 -7.2 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.3 17.3 22.6 1.0 -6.1 -16.1 -9.4 -3.1 -9.3 -5.7 -2.2 -4.2 - Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -10.2 -2.1 -0.7 1.4 16.3 4.0 8.9 13.8 9.9 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.6 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.5 13.2 8.8 8.4 13.6 7.9 4.9 10.0 - TOURISM, y-o-y growth rates, % Total, overnight stays 0.5 -41.7 22.2 -82.9 -13.5 -72.8 -86.3 118.6 14.9 283.2 679.7 180.0 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 685.0 599.8 730.4 257.8 94.9 17.1 1.9 -9.4 - Domestic tourists, overnight stays -2.5 32.8 10.4 -56.3 172.1 -42.8 -82.4 126.7 -15.0 263.8 690.2 78.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1289.3 664.9 761.4 643.1 466.0 122.4 26.4 -45.7 -51.7 -54.4 - Foreign tourists, overnight stays 1.7 -70.5 42.9 -92.1 -65.7 -88.4 -89.0 103.3 81.8 332.9 78.8 394.5 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 596.6 555.2 1172.0 539.8 244.9 91.2 52.3 39.0 - Accommodation and food service activities 7.6 -37.1 20.8 -59.4 -12.9 -62.5 -60.0 49.2 19.5 153.3 208.2 103.3 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 256.9 220.2 190.1 215.4 183.4 107.7 67.4 25.3 20.3 - AGRICULTURE Purchase of agricultural products, in EUR m 553.7 535.5 601.4 123.6 143.4 148.3 119.9 134.7 154.1 192.6 151.6 185.1 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 60.1 48.3 46.2 57.1 57.8 64.0 63.3 81.0 62.3 - - BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.8 2.5 -30.9 -8.8 -9.2 -3.6 4.0 5.7 3.7 4.5 2.3 -3.5 -5.7 -12.7 -9.2 -6.6 -3.4 -0.7 -0.8 5.4 7.5 5.7 6.2 5.1 2.8 3.3 5.1 5.6 6.6 1.3 4.0 2.5 0.4 -1.5 -0.7 -5.2 -5.8 Confidence indicator in manufacturing 0 -9 6 -29 -3 1 6 10 10 6 8 2 2 2 -1 1 5 4 10 8 12 10 10 11 8 3 6 10 9 10 4 4 1 0 -1 -2 -8 -10 in construction 11 -5 18 -23 -4 -1 8 18 20 24 26 21 -1 0 -3 1 3 8 14 16 19 19 18 19 24 23 22 27 28 26 25 22 24 18 16 17 13 18 in services 21 -10 9 -34 -10 -10 -3 8 14 16 15 19 0 -3 -16 -11 -6 -2 -1 -1 9 15 12 14 15 17 17 13 15 16 14 19 19 18 16 19 15 14 in retail trade 19 1 5 -19 11 -6 -17 16 13 7 16 26 14 2 -11 -8 -22 -17 -11 6 17 25 14 19 7 0 5 15 17 15 16 28 27 22 24 20 15 12 consumer confidence indicator -10 -26 -22 -35 -24 -31 -24 -20 -20 0 -26 -31 -24 -29 -33 -30 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 -28 -31 -34 -39 -39 -40 -38 Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Seasonally adjusted data. Statistical Appendix 29Slovenian Economic Mirror, No 7/2022 Production 2019 2020 2021 2020 2021 2022 2020 2021 2022 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 3.1 -5.2 10.2 -17.5 -2.9 1.4 3.3 25.5 6.2 7.9 5.9 2.8 0.0 -1.4 2.1 4.0 -2.5 -2.4 14.5 34.9 25.9 17.5 3.8 9.8 5.6 0.7 8.3 15.9 14.8 0.0 3.7 0.1 3.8 4.3 0.9 4.6 - - B Mining and quarrying -3.4 -2.1 -6.6 -9.2 8.5 7.6 0.1 -2.7 -30.7 10.8 27.2 5.5 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.1 24.0 18.5 26.2 4.1 -7.2 -5.4 38.7 - - C Manufacturing 3.5 -5.0 11.8 -17.9 -2.7 1.6 4.3 28.8 8.1 8.4 6.9 5.8 -0.1 -1.4 2.1 4.7 -1.5 -2.2 16.2 39.5 29.3 19.7 5.6 11.9 7.7 1.2 9.4 16.0 12.1 3.2 5.8 3.2 6.7 7.2 3.1 8.2 - - D Electricity, gas & steam supply1 -0.8 -9.1 -5.3 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -6.7 -30.5 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 34.7 -34.6 -20.8 -36.0 -28.1 -27.0 -22.5 -35.7 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 -13.4 2.7 6.1 -0.5 11.5 1.1 -11.0 21.8 25.2 7.1 0.3 17.3 -0.8 -1.6 -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 15.2 32.2 18.6 15.0 30.2 29.8 29.9 30.2 - - Buildings -0.1 -0.6 14.4 -0.9 2.8 23.9 34.8 36.0 17.5 -16.1 34.6 53.8 13.4 14.7 41.1 18.6 9.5 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 15.1 54.4 34.7 57.7 55.3 48.4 37.0 87.2 - - Civil engineering 4.4 2.7 5.9 -9.1 4.8 9.6 6.1 14.3 8.0 -2.4 15.7 9.6 10.2 0.0 26.7 -1.0 3.0 -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 24.0 18.8 8.0 11.2 21.0 -1.1 8.5 13.2 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 2.2 -11.0 12.8 -22.5 -6.7 -9.2 -3.5 22.5 13.8 18.7 19.9 19.4 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.3 22.8 17.8 10.9 16.6 14.0 17.2 17.9 20.9 25.7 15.3 19.3 21.5 20.5 16.6 4.6 7.8 - - Transportation and storage 3.2 -8.0 14.3 -21.2 -6.7 1.7 5.7 28.4 12.5 12.5 11.7 11.9 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.3 10.7 15.9 11.4 12.2 13.3 12.0 18.2 9.6 8.5 10.5 14.0 11.3 3.6 13.6 - - Information and communication activities 1.0 -0.2 7.6 -7.1 2.4 0.6 2.1 11.6 6.6 9.9 6.0 15.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 9.9 3.6 11.5 5.2 8.5 9.6 11.3 9.4 -1.0 9.5 14.1 11.0 21.6 10.1 14.8 - - Professional, scientific and technical activities 5.8 -3.0 10.6 -11.4 -0.2 -0.5 8.1 23.1 3.4 9.1 9.2 10.7 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.9 14.3 7.7 6.6 8.5 14.2 9.5 7.4 14.9 - - Administrative and support service activities -5.9 -24.1 13.1 -33.7 -23.2 -21.7 -7.9 14.5 23.7 22.3 17.2 16.7 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 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 -5.5 -5.8 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover 2.5 -7.4 11.6 -13.9 -2.7 -7.6 3.5 18.2 5.3 19.7 14.3 12.6 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.7 24.5 21.9 12.7 10.2 12.3 15.0 10.5 9.8 17.0 - Real turnover in retail trade 3.4 -8.9 18.9 -11.9 -6.3 -12.0 3.6 17.5 13.8 40.5 26.9 26.0 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.2 32.7 21.1 27.3 28.3 26.5 23.4 22.0 32.4 23.8 - Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 -25.9 3.8 -16.6 8.9 24.7 -8.2 9.3 -8.4 -7.2 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.3 17.3 22.6 1.0 -6.1 -16.1 -9.4 -3.1 -9.3 -5.7 -2.2 -4.2 - Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -10.2 -2.1 -0.7 1.4 16.3 4.0 8.9 13.8 9.9 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.6 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.5 13.2 8.8 8.4 13.6 7.9 4.9 10.0 - TOURISM, y-o-y growth rates, % Total, overnight stays 0.5 -41.7 22.2 -82.9 -13.5 -72.8 -86.3 118.6 14.9 283.2 679.7 180.0 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 685.0 599.8 730.4 257.8 94.9 17.1 1.9 -9.4 - Domestic tourists, overnight stays -2.5 32.8 10.4 -56.3 172.1 -42.8 -82.4 126.7 -15.0 263.8 690.2 78.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1289.3 664.9 761.4 643.1 466.0 122.4 26.4 -45.7 -51.7 -54.4 - Foreign tourists, overnight stays 1.7 -70.5 42.9 -92.1 -65.7 -88.4 -89.0 103.3 81.8 332.9 78.8 394.5 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 596.6 555.2 1172.0 539.8 244.9 91.2 52.3 39.0 - Accommodation and food service activities 7.6 -37.1 20.8 -59.4 -12.9 -62.5 -60.0 49.2 19.5 153.3 208.2 103.3 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 256.9 220.2 190.1 215.4 183.4 107.7 67.4 25.3 20.3 - AGRICULTURE Purchase of agricultural products, in EUR m 553.7 535.5 601.4 123.6 143.4 148.3 119.9 134.7 154.1 192.6 151.6 185.1 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 60.1 48.3 46.2 57.1 57.8 64.0 63.3 81.0 62.3 - - BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.8 2.5 -30.9 -8.8 -9.2 -3.6 4.0 5.7 3.7 4.5 2.3 -3.5 -5.7 -12.7 -9.2 -6.6 -3.4 -0.7 -0.8 5.4 7.5 5.7 6.2 5.1 2.8 3.3 5.1 5.6 6.6 1.3 4.0 2.5 0.4 -1.5 -0.7 -5.2 -5.8 Confidence indicator in manufacturing 0 -9 6 -29 -3 1 6 10 10 6 8 2 2 2 -1 1 5 4 10 8 12 10 10 11 8 3 6 10 9 10 4 4 1 0 -1 -2 -8 -10 in construction 11 -5 18 -23 -4 -1 8 18 20 24 26 21 -1 0 -3 1 3 8 14 16 19 19 18 19 24 23 22 27 28 26 25 22 24 18 16 17 13 18 in services 21 -10 9 -34 -10 -10 -3 8 14 16 15 19 0 -3 -16 -11 -6 -2 -1 -1 9 15 12 14 15 17 17 13 15 16 14 19 19 18 16 19 15 14 in retail trade 19 1 5 -19 11 -6 -17 16 13 7 16 26 14 2 -11 -8 -22 -17 -11 6 17 25 14 19 7 0 5 15 17 15 16 28 27 22 24 20 15 12 consumer confidence indicator -10 -26 -22 -35 -24 -31 -24 -20 -20 0 -26 -31 -24 -29 -33 -30 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 -28 -31 -34 -39 -39 -40 -38 Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Seasonally adjusted data. Statistical Appendix30 Slovenian Economic Mirror, No 8/2022 Labour market 2019 2020 2021 2020 2021 2022 2020 2021 2021 2022 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 974.1 971.2 975.5 973.6 972.5 972.2 980.0 976.9 976.2 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 977.4 975.9 976.4 975.9 976.2 976.6 975.5 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 884.6 884.1 890.5 886.2 897.3 903.5 914.0 912.5 920.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 912.6 915.4 918.3 920.1 922.3 922.3 921.6 In agriculture, forestry, fishing 24.9 26.4 25.7 26.4 26.4 26.3 25.7 25.8 25.7 25.6 24.9 24.9 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 24.9 24.8 24.8 24.9 24.9 24.9 24.9 In industry, construction 291.7 288.5 294.1 288.0 286.0 288.9 288.4 293.1 295.4 299.6 300.1 303.6 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 300.3 301.6 303.0 303.3 304.4 306.0 305.3 - in manufacturing 207.9 202.8 205.6 202.6 200.1 202.5 202.8 205.4 205.9 208.4 209.1 210.5 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 209.2 209.8 210.3 210.4 210.6 210.6 210.3 - in construction 63.9 64.9 67.8 64.7 65.1 65.6 65.1 67.0 68.7 70.2 70.2 72.2 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 70.4 71.0 71.8 72.1 72.8 74.4 74.0 In services 577.6 574.0 580.4 570.2 571.7 575.3 572.1 578.4 582.3 588.8 587.6 591.8 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 587.4 589.0 590.5 591.8 593.1 591.3 591.3 - in public administration 49.0 49.3 49.6 49.2 49.4 49.6 49.3 49.7 49.6 49.8 49.4 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 49.4 49.5 49.5 49.6 49.4 49.5 49.5 - in education, health-services and social work 137.8 141.5 146.1 140.7 141.0 143.8 144.4 146.0 145.5 148.4 148.9 149.7 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 148.9 149.3 149.4 149.7 149.8 148.4 148.2 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 790.5 790.0 795.6 791.6 801.9 807.3 817.0 815.8 822.8 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 816.0 818.4 821.1 822.6 824.6 824.3 823.4 In enterprises and organisations 749.2 744.8 756.2 741.3 739.9 746.7 744.6 753.7 758.3 768.3 768.3 774.4 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 768.5 770.6 773.0 774.3 775.9 775.5 774.6 By those self-employed 52.7 49.8 48.2 49.2 50.1 48.9 46.9 48.2 49.0 48.7 47.5 48.4 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 47.5 47.8 48.2 48.4 48.7 48.8 48.7 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 94.0 94.1 94.9 94.7 95.5 96.2 97.0 96.7 97.4 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 96.6 96.9 97.2 97.4 97.7 98.0 98.2 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 89.5 87.1 85.0 87.4 75.2 68.7 66.0 64.4 55.9 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 60.5 58.1 55.9 53.9 54.3 53.9 52.0 53.0 Female 37.5 42.6 37.9 45.0 44.1 43.0 44.1 38.6 35.4 33.5 32.1 28.3 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 30.5 29.4 28.2 27.3 27.9 27.8 26.5 26.9 By age: 15 to 29 14.1 17.2 14.2 18.3 17.1 18.0 17.7 14.1 12.0 12.8 11.9 10.0 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 11.0 10.5 9.9 9.5 9.6 9.6 9.2 10.9 Aged over 50 29.7 31.0 28.2 31.9 31.3 30.3 31.6 28.7 27.1 25.5 25.2 22.4 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 24.0 23.1 22.4 21.7 21.6 21.3 20.8 20.4 Primary education or less 23.4 26.4 23.5 27.8 26.6 26.1 27.5 23.7 21.6 21.1 20.9 17.7 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 19.3 18.4 17.6 17.0 16.8 16.7 16.5 16.5 For more than 1 year 38.1 38.0 40.5 37.5 38.1 38.9 41.5 41.9 40.2 38.3 35.5 31.0 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 33.9 32.4 31.0 29.6 28.6 28.0 27.1 26.5 Those receiving benefits 19.3 25.9 18.9 29.8 25.6 24.0 25.1 17.6 16.7 16.3 17.8 14.3 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 16.2 14.7 14.2 13.9 14.6 14.8 14.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 9.2 9.0 8.7 9.0 7.7 7.1 6.7 6.6 5.7 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 6.6 6.2 5.9 5.7 5.5 5.6 5.5 Male 6.9 8.0 6.9 8.4 8.1 7.9 8.2 6.9 6.3 6.1 6.0 5.2 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 6.1 5.6 5.4 5.2 5.0 5.0 4.9 Female 8.5 9.6 8.5 10.2 10.0 9.7 9.9 8.7 8.0 7.5 7.2 6.4 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 7.3 6.9 6.6 6.4 6.2 6.3 6.3 FLOWS OF FORMAL LABOUR FORCE -0.3 1.0 -1.8 3.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 -1.8 -2.2 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -4.2 -2.5 -2.2 -2.0 0.5 -0.4 -1.9 0.9 New unemployed first-job seekers 0.8 0.8 0.6 0.5 0.6 1.5 0.5 0.3 0.4 1.2 0.4 0.4 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.3 0.3 0.8 2.6 Redundancies 5.4 7.4 4.5 9.5 6.0 6.4 6.0 3.3 4.1 4.6 5.1 3.4 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 3.7 3.6 3.3 3.4 4.5 3.4 3.9 4.0 Registered unemployed who found employment 4.7 5.4 5.0 4.8 6.5 4.6 6.4 5.7 4.3 3.6 5.1 4.0 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 5.8 4.4 3.9 3.6 2.5 2.3 4.6 3.6 Other outflows from unemployment (net) 1.8 1.8 2.0 1.3 2.0 2.2 1.8 1.8 1.9 2.4 2.3 2.2 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 2.8 2.1 2.2 2.3 2.0 2.1 2.3 2.3 FIXED TERM WORK PERMITS FOR FOREIGNERS 33.1 37.6 41.8 34.9 37.7 38.1 38.8 40.7 42.7 44.9 46.7 49.1 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 47.6 48.3 49.2 49.7 50.2 50.7 51.2 As % of labour force 3.4 3.9 4.3 3.6 3.9 3.9 4.0 4.2 4.4 4.6 4.8 5.0 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 4.7 4.9 4.9 5.0 5.1 5.1 5.2 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 31Slovenian Economic Mirror, No 7/2022 Labour market 2019 2020 2021 2020 2021 2022 2020 2021 2021 2022 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 974.1 971.2 975.5 973.6 972.5 972.2 980.0 976.9 976.2 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 977.4 975.9 976.4 975.9 976.2 976.6 975.5 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 884.6 884.1 890.5 886.2 897.3 903.5 914.0 912.5 920.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 912.6 915.4 918.3 920.1 922.3 922.3 921.6 In agriculture, forestry, fishing 24.9 26.4 25.7 26.4 26.4 26.3 25.7 25.8 25.7 25.6 24.9 24.9 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 24.9 24.8 24.8 24.9 24.9 24.9 24.9 In industry, construction 291.7 288.5 294.1 288.0 286.0 288.9 288.4 293.1 295.4 299.6 300.1 303.6 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 300.3 301.6 303.0 303.3 304.4 306.0 305.3 - in manufacturing 207.9 202.8 205.6 202.6 200.1 202.5 202.8 205.4 205.9 208.4 209.1 210.5 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 209.2 209.8 210.3 210.4 210.6 210.6 210.3 - in construction 63.9 64.9 67.8 64.7 65.1 65.6 65.1 67.0 68.7 70.2 70.2 72.2 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 70.4 71.0 71.8 72.1 72.8 74.4 74.0 In services 577.6 574.0 580.4 570.2 571.7 575.3 572.1 578.4 582.3 588.8 587.6 591.8 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 587.4 589.0 590.5 591.8 593.1 591.3 591.3 - in public administration 49.0 49.3 49.6 49.2 49.4 49.6 49.3 49.7 49.6 49.8 49.4 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 49.4 49.5 49.5 49.6 49.4 49.5 49.5 - in education, health-services and social work 137.8 141.5 146.1 140.7 141.0 143.8 144.4 146.0 145.5 148.4 148.9 149.7 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 148.9 149.3 149.4 149.7 149.8 148.4 148.2 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 790.5 790.0 795.6 791.6 801.9 807.3 817.0 815.8 822.8 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 816.0 818.4 821.1 822.6 824.6 824.3 823.4 In enterprises and organisations 749.2 744.8 756.2 741.3 739.9 746.7 744.6 753.7 758.3 768.3 768.3 774.4 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 768.5 770.6 773.0 774.3 775.9 775.5 774.6 By those self-employed 52.7 49.8 48.2 49.2 50.1 48.9 46.9 48.2 49.0 48.7 47.5 48.4 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 47.5 47.8 48.2 48.4 48.7 48.8 48.7 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 94.0 94.1 94.9 94.7 95.5 96.2 97.0 96.7 97.4 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 96.6 96.9 97.2 97.4 97.7 98.0 98.2 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 89.5 87.1 85.0 87.4 75.2 68.7 66.0 64.4 55.9 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 60.5 58.1 55.9 53.9 54.3 53.9 52.0 53.0 Female 37.5 42.6 37.9 45.0 44.1 43.0 44.1 38.6 35.4 33.5 32.1 28.3 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 30.5 29.4 28.2 27.3 27.9 27.8 26.5 26.9 By age: 15 to 29 14.1 17.2 14.2 18.3 17.1 18.0 17.7 14.1 12.0 12.8 11.9 10.0 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 11.0 10.5 9.9 9.5 9.6 9.6 9.2 10.9 Aged over 50 29.7 31.0 28.2 31.9 31.3 30.3 31.6 28.7 27.1 25.5 25.2 22.4 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 24.0 23.1 22.4 21.7 21.6 21.3 20.8 20.4 Primary education or less 23.4 26.4 23.5 27.8 26.6 26.1 27.5 23.7 21.6 21.1 20.9 17.7 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 19.3 18.4 17.6 17.0 16.8 16.7 16.5 16.5 For more than 1 year 38.1 38.0 40.5 37.5 38.1 38.9 41.5 41.9 40.2 38.3 35.5 31.0 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 33.9 32.4 31.0 29.6 28.6 28.0 27.1 26.5 Those receiving benefits 19.3 25.9 18.9 29.8 25.6 24.0 25.1 17.6 16.7 16.3 17.8 14.3 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 16.2 14.7 14.2 13.9 14.6 14.8 14.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 9.2 9.0 8.7 9.0 7.7 7.1 6.7 6.6 5.7 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 6.6 6.2 5.9 5.7 5.5 5.6 5.5 Male 6.9 8.0 6.9 8.4 8.1 7.9 8.2 6.9 6.3 6.1 6.0 5.2 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 6.1 5.6 5.4 5.2 5.0 5.0 4.9 Female 8.5 9.6 8.5 10.2 10.0 9.7 9.9 8.7 8.0 7.5 7.2 6.4 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 7.3 6.9 6.6 6.4 6.2 6.3 6.3 FLOWS OF FORMAL LABOUR FORCE -0.3 1.0 -1.8 3.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 -1.8 -2.2 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -4.2 -2.5 -2.2 -2.0 0.5 -0.4 -1.9 0.9 New unemployed first-job seekers 0.8 0.8 0.6 0.5 0.6 1.5 0.5 0.3 0.4 1.2 0.4 0.4 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.3 0.3 0.8 2.6 Redundancies 5.4 7.4 4.5 9.5 6.0 6.4 6.0 3.3 4.1 4.6 5.1 3.4 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 3.7 3.6 3.3 3.4 4.5 3.4 3.9 4.0 Registered unemployed who found employment 4.7 5.4 5.0 4.8 6.5 4.6 6.4 5.7 4.3 3.6 5.1 4.0 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 5.8 4.4 3.9 3.6 2.5 2.3 4.6 3.6 Other outflows from unemployment (net) 1.8 1.8 2.0 1.3 2.0 2.2 1.8 1.8 1.9 2.4 2.3 2.2 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 2.8 2.1 2.2 2.3 2.0 2.1 2.3 2.3 FIXED TERM WORK PERMITS FOR FOREIGNERS 33.1 37.6 41.8 34.9 37.7 38.1 38.8 40.7 42.7 44.9 46.7 49.1 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 47.6 48.3 49.2 49.7 50.2 50.7 51.2 As % of labour force 3.4 3.9 4.3 3.6 3.9 3.9 4.0 4.2 4.4 4.6 4.8 5.0 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 4.7 4.9 4.9 5.0 5.1 5.1 5.2 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 Appendix32 Slovenian Economic Mirror, No 8/2022 Wages in EUR 2019 2020 2021 2020 2021 2022 2020 2021 2022 2021 Q2 22 Aug 22 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,970 2,000 2,008 4.3 5.8 6.1 8.8 4.8 6.7 10.6 5.7 5.4 2.9 -1.2 0.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 -1.0 -0.1 0.4 -0.9 2.8 3.2 5.7 Private sector activities (A–N; R–S) 1,852 1,930 1,959 3.6 3.8 5.8 5.5 3.9 3.2 6.1 3.9 5.9 6.9 4.0 6.6 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 3.8 5.1 5.7 7.7 6.5 5.7 7.0 Public service activities (OPQ) 2,335 2,222 2,162 6.5 10.5 6.8 15.8 6.3 16.0 20.9 10.3 4.2 -6.8 -12.5 -11.8 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 -11.3 -11.8 -11.0 -18.3 -5.5 -3.0 2.0 Industry (B–E) 1,918 1,986 2,061 3.4 3.4 5.7 3.5 3.1 2.7 4.2 5.3 6.5 6.9 4.4 6.9 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 4.6 5.9 5.2 8.6 7.0 6.3 7.9 Trad. market services (GHI) 1,679 1,777 1,765 3.4 2.8 6.1 4.9 3.8 1.9 6.8 3.4 5.3 7.9 4.5 7.5 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 3.5 5.7 7.2 7.8 7.4 5.8 6.9 Other market services (J–N; R–S) 2,092 2,167 2,183 5.1 5.0 5.7 7.7 5.1 4.3 7.3 3.3 5.5 6.6 3.4 5.7 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 3.2 3.8 5.5 6.8 4.9 5.2 6.0 A Agriculture, forestry and fishing 1,546 1,673 1,688 3.0 4.6 3.8 7.7 3.5 2.4 1.8 0.9 4.9 7.4 6.8 10.1 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 6.4 8.4 8.8 10.1 11.5 7.4 9.5 B Mining and quarrying 2,415 2,381 2,630 0.3 5.1 2.3 9.8 2.8 3.7 -3.2 -2.9 6.1 9.1 0.4 3.4 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 2.1 4.4 -0.4 1.2 9.5 3.3 8.1 C Manufacturing 1,882 1,944 2,022 3.5 3.2 6.2 2.8 3.0 2.7 4.6 6.1 7.0 7.2 4.8 6.9 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 4.9 6.5 5.6 8.1 7.0 6.6 8.1 D Electricity, gas, steam and air conditioning supply 2,776 2,976 2,984 4.3 4.0 1.5 5.3 3.2 1.5 -0.7 0.6 2.3 3.6 0.1 8.5 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 2.5 -1.9 -1.2 20.6 7.0 2.9 4.2 E Water supply sewerage, waste management and remediation activities 1,814 1,918 1,927 2.7 4.2 4.3 7.7 3.6 3.0 4.1 2.9 4.6 5.4 4.1 7.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 3.2 4.9 7.9 7.1 7.3 5.2 7.9 F Construction 1,488 1,579 1,601 2.2 5.5 7.1 9.4 5.2 5.7 8.9 3.6 7.5 7.9 6.8 7.1 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 6.7 7.7 5.7 8.3 7.2 5.3 7.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,868 1,833 3.9 4.2 5.4 6.1 4.8 3.9 5.9 3.0 5.2 7.1 4.8 7.7 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 3.6 6.3 8.6 7.6 6.9 4.9 5.9 H Transportation and storage 1,643 1,757 1,768 1.6 -0.1 5.0 1.1 1.0 -2.4 2.7 2.7 4.6 9.6 7.0 8.6 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 5.5 8.4 7.5 9.2 9.3 7.9 9.3 I Accommodation and food service activities 1,330 1,454 1,496 4.8 -3.8 12.7 -5.9 2.2 -9.5 4.9 12.2 9.7 20.4 12.4 12.7 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 13.8 11.7 15.1 14.5 10.3 6.8 7.2 J Information and communication 2,597 2,696 2,723 5.7 4.5 4.7 6.5 4.1 3.6 4.5 3.4 5.6 5.4 4.9 6.0 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 4.0 3.5 4.8 10.6 2.6 6.0 4.2 K Financial and insurance activities 2,790 2,952 2,749 4.6 2.5 5.0 4.1 2.3 0.8 5.7 2.9 4.2 7.1 3.1 8.9 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 1.2 6.1 11.9 5.1 9.8 6.0 7.0 L Real estate activities 1,737 1,815 1,794 5.2 4.2 3.7 7.9 4.5 1.3 4.0 0.1 3.6 6.4 3.9 5.8 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 3.4 5.4 5.8 5.4 6.2 5.2 5.2 M Professional, scientific and technical activities 2,176 2,220 2,310 4.6 4.0 6.3 6.3 4.0 3.5 7.2 4.0 6.1 7.5 4.0 4.7 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 2.8 4.2 3.5 6.0 4.5 4.6 5.2 N Administrative and support service activities 1,333 1,411 1,452 5.1 4.7 5.9 7.4 3.9 4.1 5.2 3.0 6.6 8.2 5.8 8.1 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 7.8 7.2 7.8 9.1 7.6 6.7 10.4 O Public administration and defence, compulsory social security 2,514 2,441 2,393 8.9 7.4 6.9 14.2 3.6 9.0 16.0 10.3 2.9 -1.3 -9.8 -10.6 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 -9.9 -5.9 -9.0 -20.0 -1.3 0.6 2.8 P Education 2,125 2,029 1,951 6.1 6.2 8.9 6.4 8.3 6.5 10.1 16.1 8.2 1.5 -5.7 -10.7 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 -3.2 -6.3 -5.9 -16.3 -9.4 -13.2 -3.0 Q Human health and social work activities 2,433 2,277 2,224 5.1 17.7 4.8 26.5 6.6 31.4 36.2 5.7 1.2 -17.1 -20.0 -13.8 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 -18.9 -20.4 -16.8 -18.7 -4.4 6.4 6.9 R Arts, entertainment and recreation 1,945 1,972 1,956 4.3 0.0 9.4 -2.4 4.5 -1.1 7.5 11.7 7.3 10.5 3.0 2.4 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 6.9 0.8 4.8 3.6 -0.7 0.1 0.0 S Other service activities 1,541 1,616 1,620 4.7 4.5 3.4 12.3 3.7 3.0 8.9 -1.9 3.6 2.7 1.1 5.6 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 0.5 4.5 6.0 5.7 5.0 5.4 6.4 Source: SURS, calculations by IMAD. Statistical Appendix 33Slovenian Economic Mirror, No 7/2022 Wages in EUR 2019 2020 2021 2020 2021 2022 2020 2021 2022 2021 Q2 22 Aug 22 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,970 2,000 2,008 4.3 5.8 6.1 8.8 4.8 6.7 10.6 5.7 5.4 2.9 -1.2 0.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 -1.0 -0.1 0.4 -0.9 2.8 3.2 5.7 Private sector activities (A–N; R–S) 1,852 1,930 1,959 3.6 3.8 5.8 5.5 3.9 3.2 6.1 3.9 5.9 6.9 4.0 6.6 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 3.8 5.1 5.7 7.7 6.5 5.7 7.0 Public service activities (OPQ) 2,335 2,222 2,162 6.5 10.5 6.8 15.8 6.3 16.0 20.9 10.3 4.2 -6.8 -12.5 -11.8 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 -11.3 -11.8 -11.0 -18.3 -5.5 -3.0 2.0 Industry (B–E) 1,918 1,986 2,061 3.4 3.4 5.7 3.5 3.1 2.7 4.2 5.3 6.5 6.9 4.4 6.9 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 4.6 5.9 5.2 8.6 7.0 6.3 7.9 Trad. market services (GHI) 1,679 1,777 1,765 3.4 2.8 6.1 4.9 3.8 1.9 6.8 3.4 5.3 7.9 4.5 7.5 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 3.5 5.7 7.2 7.8 7.4 5.8 6.9 Other market services (J–N; R–S) 2,092 2,167 2,183 5.1 5.0 5.7 7.7 5.1 4.3 7.3 3.3 5.5 6.6 3.4 5.7 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 3.2 3.8 5.5 6.8 4.9 5.2 6.0 A Agriculture, forestry and fishing 1,546 1,673 1,688 3.0 4.6 3.8 7.7 3.5 2.4 1.8 0.9 4.9 7.4 6.8 10.1 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 6.4 8.4 8.8 10.1 11.5 7.4 9.5 B Mining and quarrying 2,415 2,381 2,630 0.3 5.1 2.3 9.8 2.8 3.7 -3.2 -2.9 6.1 9.1 0.4 3.4 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 2.1 4.4 -0.4 1.2 9.5 3.3 8.1 C Manufacturing 1,882 1,944 2,022 3.5 3.2 6.2 2.8 3.0 2.7 4.6 6.1 7.0 7.2 4.8 6.9 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 4.9 6.5 5.6 8.1 7.0 6.6 8.1 D Electricity, gas, steam and air conditioning supply 2,776 2,976 2,984 4.3 4.0 1.5 5.3 3.2 1.5 -0.7 0.6 2.3 3.6 0.1 8.5 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 2.5 -1.9 -1.2 20.6 7.0 2.9 4.2 E Water supply sewerage, waste management and remediation activities 1,814 1,918 1,927 2.7 4.2 4.3 7.7 3.6 3.0 4.1 2.9 4.6 5.4 4.1 7.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 3.2 4.9 7.9 7.1 7.3 5.2 7.9 F Construction 1,488 1,579 1,601 2.2 5.5 7.1 9.4 5.2 5.7 8.9 3.6 7.5 7.9 6.8 7.1 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 6.7 7.7 5.7 8.3 7.2 5.3 7.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,868 1,833 3.9 4.2 5.4 6.1 4.8 3.9 5.9 3.0 5.2 7.1 4.8 7.7 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 3.6 6.3 8.6 7.6 6.9 4.9 5.9 H Transportation and storage 1,643 1,757 1,768 1.6 -0.1 5.0 1.1 1.0 -2.4 2.7 2.7 4.6 9.6 7.0 8.6 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 5.5 8.4 7.5 9.2 9.3 7.9 9.3 I Accommodation and food service activities 1,330 1,454 1,496 4.8 -3.8 12.7 -5.9 2.2 -9.5 4.9 12.2 9.7 20.4 12.4 12.7 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 13.8 11.7 15.1 14.5 10.3 6.8 7.2 J Information and communication 2,597 2,696 2,723 5.7 4.5 4.7 6.5 4.1 3.6 4.5 3.4 5.6 5.4 4.9 6.0 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 4.0 3.5 4.8 10.6 2.6 6.0 4.2 K Financial and insurance activities 2,790 2,952 2,749 4.6 2.5 5.0 4.1 2.3 0.8 5.7 2.9 4.2 7.1 3.1 8.9 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 1.2 6.1 11.9 5.1 9.8 6.0 7.0 L Real estate activities 1,737 1,815 1,794 5.2 4.2 3.7 7.9 4.5 1.3 4.0 0.1 3.6 6.4 3.9 5.8 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 3.4 5.4 5.8 5.4 6.2 5.2 5.2 M Professional, scientific and technical activities 2,176 2,220 2,310 4.6 4.0 6.3 6.3 4.0 3.5 7.2 4.0 6.1 7.5 4.0 4.7 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 2.8 4.2 3.5 6.0 4.5 4.6 5.2 N Administrative and support service activities 1,333 1,411 1,452 5.1 4.7 5.9 7.4 3.9 4.1 5.2 3.0 6.6 8.2 5.8 8.1 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 7.8 7.2 7.8 9.1 7.6 6.7 10.4 O Public administration and defence, compulsory social security 2,514 2,441 2,393 8.9 7.4 6.9 14.2 3.6 9.0 16.0 10.3 2.9 -1.3 -9.8 -10.6 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 -9.9 -5.9 -9.0 -20.0 -1.3 0.6 2.8 P Education 2,125 2,029 1,951 6.1 6.2 8.9 6.4 8.3 6.5 10.1 16.1 8.2 1.5 -5.7 -10.7 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 -3.2 -6.3 -5.9 -16.3 -9.4 -13.2 -3.0 Q Human health and social work activities 2,433 2,277 2,224 5.1 17.7 4.8 26.5 6.6 31.4 36.2 5.7 1.2 -17.1 -20.0 -13.8 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 -18.9 -20.4 -16.8 -18.7 -4.4 6.4 6.9 R Arts, entertainment and recreation 1,945 1,972 1,956 4.3 0.0 9.4 -2.4 4.5 -1.1 7.5 11.7 7.3 10.5 3.0 2.4 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 6.9 0.8 4.8 3.6 -0.7 0.1 0.0 S Other service activities 1,541 1,616 1,620 4.7 4.5 3.4 12.3 3.7 3.0 8.9 -1.9 3.6 2.7 1.1 5.6 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 0.5 4.5 6.0 5.7 5.0 5.4 6.4 Source: SURS, calculations by IMAD. Statistical Appendix34 Slovenian Economic Mirror, No 8/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2020 2021 2022 2020 2021 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 8.5 10.7 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 6.9 8.1 10.4 11.0 11.0 10.0 9.9 Food, non-alcoholic beverages 3.3 1.0 3.9 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 10.8 13.8 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 6.9 9.2 10.8 12.5 13.2 13.8 14.4 17.2 Alcoholic beverages, tobacco 1.9 3.2 2.4 0.3 3.5 3.5 3.6 4.1 1.8 2.8 5.0 6.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3.0 3.1 4.6 5.1 5.3 5.9 6.5 6.8 7.0 Clothing and footwear 0.5 -5.4 5.9 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 2.0 2.9 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 5.5 1.4 2.6 2.0 1.8 2.6 4.2 2.7 Housing, water, electricity, gas 2.7 -0.6 8.6 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 13.5 22.0 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 1.3 6.2 10.4 23.9 24.6 25.3 16.2 15.6 Furnishing, household equipm. 0.4 -0.4 5.7 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 10.7 12.2 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8.0 8.5 9.2 10.5 12.3 12.0 11.6 13.0 12.5 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.0 3.8 1.1 2.5 2.7 0.6 4.2 3.0 3.7 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 4.4 3.2 2.7 3.2 3.4 3.8 4.0 3.7 Transport 0.1 -5.9 12.5 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 16.3 16.9 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 15.1 16.7 17.2 19.7 16.5 14.5 10.4 Communications -0.4 0.6 -3.6 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -4.6 -3.8 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 -2.7 -5.9 -5.3 -3.7 -4.0 -3.8 -2.2 Recreation and culture 0.6 -3.9 3.4 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 5.9 5.3 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 2.4 6.2 5.9 5.7 4.8 5.2 5.9 6.6 Education 5.6 0.7 0.5 2.2 0.6 0.7 0.8 1.1 0.6 0.4 0.3 0.5 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.8 1.3 Catering services 3.2 0.6 6.1 1.0 0.7 0.6 1.3 4.0 5.8 7.1 9.0 9.1 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 7.3 7.9 9.6 9.5 8.8 9.0 9.6 9.9 Miscellaneous goods & services 4.4 0.7 -2.1 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 2.6 4.1 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 2.3 2.4 3.1 3.6 4.1 4.7 5.5 HICP 2.0 -1.2 5.1 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 9.0 11.3 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7.0 6.0 7.4 8.7 10.8 11.7 11.5 10.6 10.3 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 5.6 6.3 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 5.4 5.5 6.0 6.1 6.3 6.6 6.7 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.3 -0.1 1.2 3.6 7.5 9.9 15.6 21.7 21.1 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 17.9 20.4 22.5 22.2 21.1 21.0 21.3 Domestic market 2.1 1.0 10.6 0.3 0.9 1.9 4.2 8.0 10.1 17.2 24.8 25.2 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 20.3 23.4 25.7 25.4 24.6 25.3 25.7 Non-domestic market -0.9 -1.4 10.6 -0.8 -1.1 0.4 2.9 6.9 9.7 13.9 18.5 17.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 15.4 17.3 19.3 18.9 17.5 16.7 16.8 Euro area -0.7 -1.2 11.6 -0.4 -0.8 1.3 3.8 7.0 10.5 15.1 20.5 19.3 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 16.7 18.8 21.6 21.2 20.1 19.3 18.4 Non-euro area -1.2 -1.8 8.5 -1.8 -1.9 -1.5 1.1 6.7 8.0 11.4 14.6 12.6 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10.0 11.4 12.9 14.5 14.7 14.5 12.5 11.7 13.7 Import price indices -1.4 -2.6 25.9 -3.5 -3.4 1.3 8.6 14.9 24.5 27.5 29.5 24.9 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 29.3 29.2 30.2 29.2 26.6 25.6 22.6 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 1.2 1.3 1.2 0.4 -0.6 -1.0 -1.4 -1.4 -1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1 -1.5 -1.2 -1.4 -1.7 -1.4 -1.0 -1.5 -1.5 -1.3 Real (deflator HICP) -0.3 -0.4 -0.7 -0.1 0.0 -0.5 0.2 -1.3 -1.1 -1.0 -0.5 0.7 0.4 -0.3 0.0 -0.2 -0.5 -0.8 0.9 0.5 -0.6 -0.8 -1.6 -1.4 -1.4 -0.7 -1.1 -0.6 0.0 -2.3 -1.7 -0.8 1.0 1.0 0.5 0.5 Real (deflator ULC) 0.9 3.7 -1.8 1.2 5.4 1.1 -2.7 1.4 -6.8 -6.1 USD / EUR 1.120 1.141 1.184 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.065 1.007 1.178 1.184 1.217 1.217 1.210 1.190 1.198 1.215 1.205 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 1.102 1.082 1.058 1.057 1.018 1.013 0.990 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 35Slovenian Economic Mirror, No 7/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2020 2021 2022 2020 2021 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 8.5 10.7 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 6.9 8.1 10.4 11.0 11.0 10.0 9.9 Food, non-alcoholic beverages 3.3 1.0 3.9 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 10.8 13.8 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 6.9 9.2 10.8 12.5 13.2 13.8 14.4 17.2 Alcoholic beverages, tobacco 1.9 3.2 2.4 0.3 3.5 3.5 3.6 4.1 1.8 2.8 5.0 6.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3.0 3.1 4.6 5.1 5.3 5.9 6.5 6.8 7.0 Clothing and footwear 0.5 -5.4 5.9 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 2.0 2.9 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 5.5 1.4 2.6 2.0 1.8 2.6 4.2 2.7 Housing, water, electricity, gas 2.7 -0.6 8.6 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 13.5 22.0 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 1.3 6.2 10.4 23.9 24.6 25.3 16.2 15.6 Furnishing, household equipm. 0.4 -0.4 5.7 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 10.7 12.2 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8.0 8.5 9.2 10.5 12.3 12.0 11.6 13.0 12.5 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.0 3.8 1.1 2.5 2.7 0.6 4.2 3.0 3.7 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 4.4 3.2 2.7 3.2 3.4 3.8 4.0 3.7 Transport 0.1 -5.9 12.5 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 16.3 16.9 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 15.1 16.7 17.2 19.7 16.5 14.5 10.4 Communications -0.4 0.6 -3.6 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -4.6 -3.8 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 -2.7 -5.9 -5.3 -3.7 -4.0 -3.8 -2.2 Recreation and culture 0.6 -3.9 3.4 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 5.9 5.3 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 2.4 6.2 5.9 5.7 4.8 5.2 5.9 6.6 Education 5.6 0.7 0.5 2.2 0.6 0.7 0.8 1.1 0.6 0.4 0.3 0.5 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.8 1.3 Catering services 3.2 0.6 6.1 1.0 0.7 0.6 1.3 4.0 5.8 7.1 9.0 9.1 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 7.3 7.9 9.6 9.5 8.8 9.0 9.6 9.9 Miscellaneous goods & services 4.4 0.7 -2.1 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 2.6 4.1 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 2.3 2.4 3.1 3.6 4.1 4.7 5.5 HICP 2.0 -1.2 5.1 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 9.0 11.3 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7.0 6.0 7.4 8.7 10.8 11.7 11.5 10.6 10.3 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 5.6 6.3 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 5.4 5.5 6.0 6.1 6.3 6.6 6.7 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.3 -0.1 1.2 3.6 7.5 9.9 15.6 21.7 21.1 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 17.9 20.4 22.5 22.2 21.1 21.0 21.3 Domestic market 2.1 1.0 10.6 0.3 0.9 1.9 4.2 8.0 10.1 17.2 24.8 25.2 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 20.3 23.4 25.7 25.4 24.6 25.3 25.7 Non-domestic market -0.9 -1.4 10.6 -0.8 -1.1 0.4 2.9 6.9 9.7 13.9 18.5 17.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 15.4 17.3 19.3 18.9 17.5 16.7 16.8 Euro area -0.7 -1.2 11.6 -0.4 -0.8 1.3 3.8 7.0 10.5 15.1 20.5 19.3 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 16.7 18.8 21.6 21.2 20.1 19.3 18.4 Non-euro area -1.2 -1.8 8.5 -1.8 -1.9 -1.5 1.1 6.7 8.0 11.4 14.6 12.6 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10.0 11.4 12.9 14.5 14.7 14.5 12.5 11.7 13.7 Import price indices -1.4 -2.6 25.9 -3.5 -3.4 1.3 8.6 14.9 24.5 27.5 29.5 24.9 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 29.3 29.2 30.2 29.2 26.6 25.6 22.6 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 1.2 1.3 1.2 0.4 -0.6 -1.0 -1.4 -1.4 -1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1 -1.5 -1.2 -1.4 -1.7 -1.4 -1.0 -1.5 -1.5 -1.3 Real (deflator HICP) -0.3 -0.4 -0.7 -0.1 0.0 -0.5 0.2 -1.3 -1.1 -1.0 -0.5 0.7 0.4 -0.3 0.0 -0.2 -0.5 -0.8 0.9 0.5 -0.6 -0.8 -1.6 -1.4 -1.4 -0.7 -1.1 -0.6 0.0 -2.3 -1.7 -0.8 1.0 1.0 0.5 0.5 Real (deflator ULC) 0.9 3.7 -1.8 1.2 5.4 1.1 -2.7 1.4 -6.8 -6.1 USD / EUR 1.120 1.141 1.184 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.065 1.007 1.178 1.184 1.217 1.217 1.210 1.190 1.198 1.215 1.205 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 1.102 1.082 1.058 1.057 1.018 1.013 0.990 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 Appendix36 Slovenian Economic Mirror, No 8/2022 Balance of payments 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,884 3,552 1,985 736 825 972 944 384 560 98 -148 -45 228 416 511 280 182 360 224 360 336 138 -90 131 177 252 199 107 -208 147 -181 -114 -33 22 -33 -89 70 Goods 1,298 2,333 882 561 692 520 641 339 63 -160 -488 -666 87 264 273 183 64 259 163 219 184 51 104 86 -49 26 58 32 -251 0 -239 -249 -252 -243 -172 -249 -151 Exports 31,999 29,622 35,255 6,423 7,360 7,991 8,268 8,815 8,473 9,699 10,031 10,924 2,008 2,662 2,820 2,776 2,395 2,426 2,649 3,192 2,901 2,884 3,030 2,875 2,505 3,093 3,253 3,358 3,089 3,054 3,162 3,815 3,399 3,685 3,840 3,526 3,321 Imports 30,701 27,289 34,373 5,862 6,668 7,471 7,627 8,476 8,410 9,860 10,518 11,590 1,921 2,398 2,547 2,594 2,330 2,167 2,486 2,974 2,717 2,833 2,926 2,789 2,554 3,067 3,195 3,326 3,339 3,053 3,400 4,065 3,651 3,928 4,011 3,775 3,472 Services 2,907 2,057 2,455 409 580 528 463 570 733 688 624 986 171 217 249 131 148 135 140 188 176 149 246 185 259 289 252 228 209 183 188 253 333 315 338 349 377 Exports 8,659 6,956 8,447 1,454 1,838 1,864 1,594 1,896 2,505 2,452 2,124 2,742 597 589 642 541 681 461 507 626 603 573 719 813 831 861 790 780 882 629 679 816 876 877 989 1,040 1,039 Imports 5,751 4,899 5,992 1,045 1,259 1,336 1,131 1,325 1,772 1,764 1,500 1,756 426 372 393 410 533 326 367 438 427 425 474 628 572 572 537 553 674 446 491 563 543 562 651 691 662 Primary income -821 -386 -863 -109 -358 15 17 -428 -149 -303 -152 -220 -5 -31 8 8 -1 38 9 -30 -1 -52 -376 -114 -14 -20 -70 -95 -138 7 -79 -80 -69 -21 -131 -116 -106 Receipts 1,749 1,653 1,960 368 353 481 475 513 428 544 491 488 124 110 129 157 196 186 152 136 164 178 171 133 163 131 138 177 229 224 129 137 144 196 148 128 124 Expenditures 2,569 2,039 2,823 477 712 466 458 941 577 847 643 708 129 141 121 148 197 148 143 167 165 230 546 248 178 151 208 272 368 217 208 218 213 216 279 245 231 Secondary income -500 -452 -489 -125 -88 -91 -177 -97 -88 -127 -132 -145 -25 -34 -19 -42 -29 -71 -89 -16 -23 -10 -65 -25 -20 -43 -42 -57 -28 -43 -51 -38 -46 -30 -69 -73 -48 Receipts 934 994 1,124 232 219 309 241 325 272 287 283 312 64 73 100 102 108 73 77 92 101 118 106 92 97 83 96 80 110 97 91 95 98 100 114 99 85 Expenditures 1,434 1,447 1,614 358 307 400 418 422 360 414 415 457 89 107 119 144 137 144 166 108 124 128 171 117 117 126 138 138 138 140 142 132 144 130 183 172 134 Capital account -222 -258 54 -30 -33 -131 91 -67 45 -14 -70 -113 0 -15 -16 -3 -112 -25 9 107 5 -40 -32 19 10 16 33 10 -57 -20 23 -73 -9 -38 -66 -38 12 Financial account 2,068 2,984 2,254 391 601 894 1,131 371 179 572 -500 -259 273 332 443 435 16 336 730 65 449 109 -187 -349 303 225 618 50 -96 278 -329 -449 -208 209 -260 145 -310 Direct investment -762 262 -398 -25 -202 504 -18 -735 -171 526 -368 -290 -88 65 44 15 446 -95 22 56 -269 -68 -399 -80 -3 -88 525 142 -141 -88 -129 -150 -30 -230 -31 -6 -249 Assets 1,157 708 1,397 193 -64 566 342 155 349 551 464 316 -94 234 182 80 303 -28 207 164 175 208 -228 27 76 246 602 147 -198 97 179 188 180 63 72 256 -174 Liabilities 1,919 446 1,795 218 139 62 360 890 520 25 832 606 -5 170 138 65 -142 67 185 108 443 276 171 107 79 334 77 5 -57 185 308 339 210 293 103 262 75 Portfolio investment 734 -1,826 3,203 -1,929 1,315 740 -170 1,630 39 1,704 -1,298 644 503 543 -416 516 640 -1,133 484 479 920 621 90 -667 543 162 876 97 732 -1,797 68 431 256 85 304 -248 202 Financial derivatives -163 53 30 -32 5 27 2 10 -21 39 -63 -45 0 1 4 10 13 5 -2 -2 5 3 2 -5 -8 -8 12 13 14 -14 -17 -31 -17 -17 -11 -14 -3 Other investment 2,221 4,329 -1,406 2,348 -543 -440 1,305 -542 -374 -1,795 1,151 -606 -143 -286 801 -121 -1,120 1,543 235 -473 -219 -434 111 397 -933 162 -803 -225 -766 2,113 -257 -705 -421 344 -528 416 -265 Assets 3,276 4,832 2,932 1,992 -690 205 3,192 253 537 -1,049 1,741 927 -254 -172 1,177 335 -1,306 1,777 1,387 28 -23 -91 367 403 -132 265 -341 48 -757 1,816 -68 -8 215 212 500 -185 360 Other equity 27 4 10 5 0 0 0 2 0 8 10 2 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 8 10 0 0 1 0 1 0 0 Currency and deposits 2,811 4,757 1,422 2,673 -790 122 2,345 11 358 -1,292 906 422 -132 -302 856 213 -947 1,464 1,066 -186 -38 -96 145 381 -51 27 -694 -121 -477 1,642 -184 -553 -175 131 465 -285 580 Loans 438 342 351 40 57 165 155 -8 -21 226 -25 186 46 45 70 47 49 37 14 103 -45 -63 100 -39 -23 41 59 67 100 -87 -4 66 98 47 42 -43 47 Insurance, pension schemes, and standardised guarantee schemes 13 1 22 3 -1 -2 5 1 12 3 0 8 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 1 1 1 0 0 0 3 3 3 0 0 Trade credit and advances 29 -225 875 -544 67 -142 666 205 100 -96 925 373 -124 97 228 90 -460 187 266 213 45 91 69 -7 -81 187 273 88 -457 332 203 390 296 28 49 98 -240 Other assets -43 -47 254 -186 -23 62 21 42 88 102 -74 -64 -44 -11 23 -14 54 87 39 -105 13 -23 52 64 19 5 20 14 68 -80 -83 89 -8 3 -59 45 -27 Liabilities 1,055 502 4,339 -356 -146 645 1,887 795 911 746 589 1,533 -111 114 375 456 -186 234 1,152 501 195 343 256 7 801 103 463 274 9 -297 189 697 636 -132 1,029 -602 625 Other equity 2 4 -38 0 0 3 2 -42 1 1 -1 -1 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 -2 0 -1 1 0 0 -1 0 0 Currency and deposits 1,009 800 2,359 222 116 263 788 909 371 290 526 237 15 5 149 109 5 315 180 294 369 285 255 93 7 271 180 149 -39 107 91 328 30 -38 244 59 263 Loans -149 -410 -17 -255 -325 131 758 -371 -401 -1 -436 784 -74 -138 47 230 -146 -2 794 -34 -166 -106 -99 -9 84 -477 -10 82 -73 -112 -289 -35 334 -24 474 -420 393 Insurance, pension schemes, and standardised guarantee schemes 27 55 21 18 6 -9 30 27 8 -44 22 -34 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 -15 -15 -15 7 7 7 -11 -11 -11 0 0 Trade credit and advances 62 -137 1,123 -391 20 293 202 268 63 590 442 433 -37 178 185 132 -24 -132 130 203 3 154 111 -137 -54 254 343 0 246 -264 371 335 212 -108 328 -248 -34 Other liabilities 104 190 215 50 36 -35 107 4 194 -90 36 115 -17 67 -2 -13 -20 42 38 27 -19 0 23 57 86 52 -38 56 -109 -35 10 61 72 50 -6 7 3 Special drawing rights (SDR) 0 0 675 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 37 166 824 29 26 62 13 7 707 97 77 37 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 6 6 4 27 6 -3 4 Net errors and omissions -594 -310 214 -316 -192 53 96 55 -425 488 -281 -101 46 -70 -51 158 -54 1 497 -402 108 11 -65 -499 116 -42 386 -67 169 152 -170 -263 -165 225 -161 272 -393 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,841 3,552 4,067 808 900 991 917 999 978 1,172 1,085 1,244 240 336 336 329 325 261 297 359 329 334 336 331 285 363 359 397 416 313 347 425 372 411 461 383 347 Intermediate goods 17,045 15,446 19,633 3,290 3,797 4,148 4,544 4,848 4,841 5,400 6,090 6,665 1,074 1,381 1,491 1,454 1,202 1,382 1,445 1,717 1,600 1,585 1,662 1,671 1,413 1,758 1,836 1,916 1,648 1,863 1,903 2,324 2,077 2,247 2,341 2,235 1,993 Consumer goods 12,661 13,928 15,744 3,168 3,430 3,539 3,987 3,987 3,856 3,913 4,204 6,248 905 1,247 1,339 1,201 999 1,255 1,278 1,454 1,337 1,303 1,347 1,446 1,061 1,349 1,375 1,388 1,150 1,313 1,322 1,569 1,680 2,081 2,487 2,058 1,812 Import of investment goods 4,391 4,008 4,885 849 964 1,258 1,073 1,221 1,172 1,419 1,377 1,458 278 340 378 464 416 304 347 421 392 413 416 372 386 414 434 484 502 381 506 491 420 497 541 481 451 Intermediate goods 18,508 16,434 24,076 3,386 3,963 4,658 4,732 5,702 6,303 7,338 7,927 9,085 1,152 1,407 1,510 1,770 1,378 1,346 1,513 1,874 1,748 1,971 1,983 2,151 1,855 2,297 2,424 2,314 2,601 2,517 2,345 3,064 2,804 3,436 2,845 2,834 2,888 Consumer goods 11,183 11,670 12,588 2,579 2,871 3,210 2,905 3,209 3,020 3,454 3,727 4,382 916 934 1,095 1,082 1,033 901 906 1,098 1,153 1,029 1,028 944 1,021 1,055 1,153 1,170 1,130 964 1,347 1,416 1,507 1,368 1,507 1,418 1,423 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 37Slovenian Economic Mirror, No 7/2022 Balance of payments 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,884 3,552 1,985 736 825 972 944 384 560 98 -148 -45 228 416 511 280 182 360 224 360 336 138 -90 131 177 252 199 107 -208 147 -181 -114 -33 22 -33 -89 70 Goods 1,298 2,333 882 561 692 520 641 339 63 -160 -488 -666 87 264 273 183 64 259 163 219 184 51 104 86 -49 26 58 32 -251 0 -239 -249 -252 -243 -172 -249 -151 Exports 31,999 29,622 35,255 6,423 7,360 7,991 8,268 8,815 8,473 9,699 10,031 10,924 2,008 2,662 2,820 2,776 2,395 2,426 2,649 3,192 2,901 2,884 3,030 2,875 2,505 3,093 3,253 3,358 3,089 3,054 3,162 3,815 3,399 3,685 3,840 3,526 3,321 Imports 30,701 27,289 34,373 5,862 6,668 7,471 7,627 8,476 8,410 9,860 10,518 11,590 1,921 2,398 2,547 2,594 2,330 2,167 2,486 2,974 2,717 2,833 2,926 2,789 2,554 3,067 3,195 3,326 3,339 3,053 3,400 4,065 3,651 3,928 4,011 3,775 3,472 Services 2,907 2,057 2,455 409 580 528 463 570 733 688 624 986 171 217 249 131 148 135 140 188 176 149 246 185 259 289 252 228 209 183 188 253 333 315 338 349 377 Exports 8,659 6,956 8,447 1,454 1,838 1,864 1,594 1,896 2,505 2,452 2,124 2,742 597 589 642 541 681 461 507 626 603 573 719 813 831 861 790 780 882 629 679 816 876 877 989 1,040 1,039 Imports 5,751 4,899 5,992 1,045 1,259 1,336 1,131 1,325 1,772 1,764 1,500 1,756 426 372 393 410 533 326 367 438 427 425 474 628 572 572 537 553 674 446 491 563 543 562 651 691 662 Primary income -821 -386 -863 -109 -358 15 17 -428 -149 -303 -152 -220 -5 -31 8 8 -1 38 9 -30 -1 -52 -376 -114 -14 -20 -70 -95 -138 7 -79 -80 -69 -21 -131 -116 -106 Receipts 1,749 1,653 1,960 368 353 481 475 513 428 544 491 488 124 110 129 157 196 186 152 136 164 178 171 133 163 131 138 177 229 224 129 137 144 196 148 128 124 Expenditures 2,569 2,039 2,823 477 712 466 458 941 577 847 643 708 129 141 121 148 197 148 143 167 165 230 546 248 178 151 208 272 368 217 208 218 213 216 279 245 231 Secondary income -500 -452 -489 -125 -88 -91 -177 -97 -88 -127 -132 -145 -25 -34 -19 -42 -29 -71 -89 -16 -23 -10 -65 -25 -20 -43 -42 -57 -28 -43 -51 -38 -46 -30 -69 -73 -48 Receipts 934 994 1,124 232 219 309 241 325 272 287 283 312 64 73 100 102 108 73 77 92 101 118 106 92 97 83 96 80 110 97 91 95 98 100 114 99 85 Expenditures 1,434 1,447 1,614 358 307 400 418 422 360 414 415 457 89 107 119 144 137 144 166 108 124 128 171 117 117 126 138 138 138 140 142 132 144 130 183 172 134 Capital account -222 -258 54 -30 -33 -131 91 -67 45 -14 -70 -113 0 -15 -16 -3 -112 -25 9 107 5 -40 -32 19 10 16 33 10 -57 -20 23 -73 -9 -38 -66 -38 12 Financial account 2,068 2,984 2,254 391 601 894 1,131 371 179 572 -500 -259 273 332 443 435 16 336 730 65 449 109 -187 -349 303 225 618 50 -96 278 -329 -449 -208 209 -260 145 -310 Direct investment -762 262 -398 -25 -202 504 -18 -735 -171 526 -368 -290 -88 65 44 15 446 -95 22 56 -269 -68 -399 -80 -3 -88 525 142 -141 -88 -129 -150 -30 -230 -31 -6 -249 Assets 1,157 708 1,397 193 -64 566 342 155 349 551 464 316 -94 234 182 80 303 -28 207 164 175 208 -228 27 76 246 602 147 -198 97 179 188 180 63 72 256 -174 Liabilities 1,919 446 1,795 218 139 62 360 890 520 25 832 606 -5 170 138 65 -142 67 185 108 443 276 171 107 79 334 77 5 -57 185 308 339 210 293 103 262 75 Portfolio investment 734 -1,826 3,203 -1,929 1,315 740 -170 1,630 39 1,704 -1,298 644 503 543 -416 516 640 -1,133 484 479 920 621 90 -667 543 162 876 97 732 -1,797 68 431 256 85 304 -248 202 Financial derivatives -163 53 30 -32 5 27 2 10 -21 39 -63 -45 0 1 4 10 13 5 -2 -2 5 3 2 -5 -8 -8 12 13 14 -14 -17 -31 -17 -17 -11 -14 -3 Other investment 2,221 4,329 -1,406 2,348 -543 -440 1,305 -542 -374 -1,795 1,151 -606 -143 -286 801 -121 -1,120 1,543 235 -473 -219 -434 111 397 -933 162 -803 -225 -766 2,113 -257 -705 -421 344 -528 416 -265 Assets 3,276 4,832 2,932 1,992 -690 205 3,192 253 537 -1,049 1,741 927 -254 -172 1,177 335 -1,306 1,777 1,387 28 -23 -91 367 403 -132 265 -341 48 -757 1,816 -68 -8 215 212 500 -185 360 Other equity 27 4 10 5 0 0 0 2 0 8 10 2 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 8 10 0 0 1 0 1 0 0 Currency and deposits 2,811 4,757 1,422 2,673 -790 122 2,345 11 358 -1,292 906 422 -132 -302 856 213 -947 1,464 1,066 -186 -38 -96 145 381 -51 27 -694 -121 -477 1,642 -184 -553 -175 131 465 -285 580 Loans 438 342 351 40 57 165 155 -8 -21 226 -25 186 46 45 70 47 49 37 14 103 -45 -63 100 -39 -23 41 59 67 100 -87 -4 66 98 47 42 -43 47 Insurance, pension schemes, and standardised guarantee schemes 13 1 22 3 -1 -2 5 1 12 3 0 8 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 1 1 1 0 0 0 3 3 3 0 0 Trade credit and advances 29 -225 875 -544 67 -142 666 205 100 -96 925 373 -124 97 228 90 -460 187 266 213 45 91 69 -7 -81 187 273 88 -457 332 203 390 296 28 49 98 -240 Other assets -43 -47 254 -186 -23 62 21 42 88 102 -74 -64 -44 -11 23 -14 54 87 39 -105 13 -23 52 64 19 5 20 14 68 -80 -83 89 -8 3 -59 45 -27 Liabilities 1,055 502 4,339 -356 -146 645 1,887 795 911 746 589 1,533 -111 114 375 456 -186 234 1,152 501 195 343 256 7 801 103 463 274 9 -297 189 697 636 -132 1,029 -602 625 Other equity 2 4 -38 0 0 3 2 -42 1 1 -1 -1 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 -2 0 -1 1 0 0 -1 0 0 Currency and deposits 1,009 800 2,359 222 116 263 788 909 371 290 526 237 15 5 149 109 5 315 180 294 369 285 255 93 7 271 180 149 -39 107 91 328 30 -38 244 59 263 Loans -149 -410 -17 -255 -325 131 758 -371 -401 -1 -436 784 -74 -138 47 230 -146 -2 794 -34 -166 -106 -99 -9 84 -477 -10 82 -73 -112 -289 -35 334 -24 474 -420 393 Insurance, pension schemes, and standardised guarantee schemes 27 55 21 18 6 -9 30 27 8 -44 22 -34 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 -15 -15 -15 7 7 7 -11 -11 -11 0 0 Trade credit and advances 62 -137 1,123 -391 20 293 202 268 63 590 442 433 -37 178 185 132 -24 -132 130 203 3 154 111 -137 -54 254 343 0 246 -264 371 335 212 -108 328 -248 -34 Other liabilities 104 190 215 50 36 -35 107 4 194 -90 36 115 -17 67 -2 -13 -20 42 38 27 -19 0 23 57 86 52 -38 56 -109 -35 10 61 72 50 -6 7 3 Special drawing rights (SDR) 0 0 675 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 37 166 824 29 26 62 13 7 707 97 77 37 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 6 6 4 27 6 -3 4 Net errors and omissions -594 -310 214 -316 -192 53 96 55 -425 488 -281 -101 46 -70 -51 158 -54 1 497 -402 108 11 -65 -499 116 -42 386 -67 169 152 -170 -263 -165 225 -161 272 -393 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,841 3,552 4,067 808 900 991 917 999 978 1,172 1,085 1,244 240 336 336 329 325 261 297 359 329 334 336 331 285 363 359 397 416 313 347 425 372 411 461 383 347 Intermediate goods 17,045 15,446 19,633 3,290 3,797 4,148 4,544 4,848 4,841 5,400 6,090 6,665 1,074 1,381 1,491 1,454 1,202 1,382 1,445 1,717 1,600 1,585 1,662 1,671 1,413 1,758 1,836 1,916 1,648 1,863 1,903 2,324 2,077 2,247 2,341 2,235 1,993 Consumer goods 12,661 13,928 15,744 3,168 3,430 3,539 3,987 3,987 3,856 3,913 4,204 6,248 905 1,247 1,339 1,201 999 1,255 1,278 1,454 1,337 1,303 1,347 1,446 1,061 1,349 1,375 1,388 1,150 1,313 1,322 1,569 1,680 2,081 2,487 2,058 1,812 Import of investment goods 4,391 4,008 4,885 849 964 1,258 1,073 1,221 1,172 1,419 1,377 1,458 278 340 378 464 416 304 347 421 392 413 416 372 386 414 434 484 502 381 506 491 420 497 541 481 451 Intermediate goods 18,508 16,434 24,076 3,386 3,963 4,658 4,732 5,702 6,303 7,338 7,927 9,085 1,152 1,407 1,510 1,770 1,378 1,346 1,513 1,874 1,748 1,971 1,983 2,151 1,855 2,297 2,424 2,314 2,601 2,517 2,345 3,064 2,804 3,436 2,845 2,834 2,888 Consumer goods 11,183 11,670 12,588 2,579 2,871 3,210 2,905 3,209 3,020 3,454 3,727 4,382 916 934 1,095 1,082 1,033 901 906 1,098 1,153 1,029 1,028 944 1,021 1,055 1,153 1,170 1,130 964 1,347 1,416 1,507 1,368 1,507 1,418 1,423 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 Appendix38 Slovenian Economic Mirror, No 8/2022 Monetary indicators and interest rates 2019 2020 2021 2020 2021 2021 2022 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 Central government (S,1311) 4,696 4,520 3,538 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 Other government (S,1312,1313,1314) 602 639 693 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 706 698 693 691 689 692 691 695 695 Households (S,14, 15) 10,981 10,997 11,556 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 Non-financial corporations (S,11) 9,589 9,363 9,828 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 1,743 1,752 1,772 1,820 1,828 1,852 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 In foreign currency 391 345 284 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 281 273 303 320 298 295 310 302 292 Securities, total 4,382 4,361 3,302 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 3,368 3,495 3,463 3,511 3,401 3,226 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 37,946 38,013 38,338 37,574 37,805 38,130 38,293 Overnight 21,278 25,218 29,146 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 With agreed maturity – short-term 3,478 3,381 2,707 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 2,674 2,622 2,666 2,639 2,719 2,693 2,790 With agreed maturity – long-term 5,723 5,348 5,849 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 Short-term deposits redeemable at notice 630 620 450 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 477 468 411 340 332 282 271 281 289 Deposits in foreign currency, total 634 723 828 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 Overnight 577 675 790 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 799 817 847 883 894 953 964 1,005 1,041 With agreed maturity – short-term 26 25 27 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 24 24 109 115 134 132 131 120 113 With agreed maturity – long-term 31 23 11 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 11 10 9 9 8 8 8 8 7 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 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.11 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 1.25 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 6-month rates -0.302 -0.364 -0.364 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - - - - - - - - 6-month rates -0.684 -0.659 -0.715 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - - - - - - - - Sources: BoS, EUROSTAT. Statistical Appendix 39Slovenian Economic Mirror, No 7/2022 Monetary indicators and interest rates 2019 2020 2021 2020 2021 2021 2022 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 Central government (S,1311) 4,696 4,520 3,538 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 Other government (S,1312,1313,1314) 602 639 693 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 706 698 693 691 689 692 691 695 695 Households (S,14, 15) 10,981 10,997 11,556 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 Non-financial corporations (S,11) 9,589 9,363 9,828 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 1,743 1,752 1,772 1,820 1,828 1,852 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 In foreign currency 391 345 284 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 281 273 303 320 298 295 310 302 292 Securities, total 4,382 4,361 3,302 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 3,368 3,495 3,463 3,511 3,401 3,226 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 37,946 38,013 38,338 37,574 37,805 38,130 38,293 Overnight 21,278 25,218 29,146 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 With agreed maturity – short-term 3,478 3,381 2,707 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 2,674 2,622 2,666 2,639 2,719 2,693 2,790 With agreed maturity – long-term 5,723 5,348 5,849 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 Short-term deposits redeemable at notice 630 620 450 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 477 468 411 340 332 282 271 281 289 Deposits in foreign currency, total 634 723 828 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 Overnight 577 675 790 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 799 817 847 883 894 953 964 1,005 1,041 With agreed maturity – short-term 26 25 27 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 24 24 109 115 134 132 131 120 113 With agreed maturity – long-term 31 23 11 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 11 10 9 9 8 8 8 8 7 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 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.11 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 1.25 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 6-month rates -0.302 -0.364 -0.364 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - - - - - - - - 6-month rates -0.684 -0.659 -0.715 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - - - - - - - - Sources: BoS, EUROSTAT. Statistical Appendix40 Slovenian Economic Mirror, No 8/2022 Public finance 2019 2020 2021 2020 2021 2022 2020 2021 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.6 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,853.2 5,613.9 6,079.7 5,647.3 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,093.4 2,035.8 1,782.5 1,795.5 2,043.8 2,011.2 2,024.7 1,807.8 1,897.4 1,942.1 Current revenues 18,293.3 17,578.7 20,124.0 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.3 5,138.5 5,824.1 5,397.5 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.3 1,822.8 1,685.9 1,629.8 1,949.4 1,894.0 1,980.7 1,750.2 1,806.3 1,841.1 Tax revenues 17,179.1 16,460.4 18,785.7 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,761.0 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 Taxes on income and profit 3,614.0 3,261.8 3,981.3 764.7 925.2 941.8 1,205.5 785.5 1,048.5 1,049.7 1,485.3 832.8 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.2 332.6 348.2 368.9 406.6 578.7 500.0 132.7 371.6 328.5 Social security contributions 7,021.3 7,289.9 7,928.1 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 760.1 680.4 677.2 691.2 704.3 698.5 688.2 700.6 697.7 700.0 Taxes on payroll and workforce 23.2 21.6 23.9 5.6 6.1 5.0 5.9 6.0 7.0 6.0 6.7 6.5 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 1.9 2.2 2.1 2.4 2.4 1.9 2.1 Taxes on property 296.4 287.3 316.9 111.3 96.4 33.5 84.8 102.2 96.3 32.4 82.1 128.6 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.7 12.4 8.5 11.5 20.5 23.2 38.5 48.9 41.6 38.1 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.2 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.1 623.0 483.3 467.7 638.3 531.2 574.6 681.5 594.3 590.8 Taxes on international trade & transactions 98.6 102.4 177.4 25.3 28.7 28.1 34.6 36.7 78.0 67.2 56.9 85.6 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 26.2 27.0 15.0 14.9 39.1 18.2 28.3 Other taxes -1.1 4.1 -1.1 -83.4 -71.7 49.2 7.2 -20.9 -36.6 34.7 -10.8 11.3 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -38.2 60.3 -14.4 -11.3 51.5 -57.2 -5.1 28.2 -37.1 20.1 Non-tax revenues 1,114.2 1,118.2 1,338.4 291.3 237.6 284.5 431.7 308.4 313.7 325.5 368.8 367.8 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 127.3 84.8 167.1 73.6 99.2 102.6 167.0 116.7 118.1 133.1 Capital revenues 136.4 146.9 228.3 31.3 64.3 36.4 54.9 56.0 81.1 64.1 66.3 63.5 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.8 18.5 23.6 21.9 23.0 22.0 21.2 22.5 21.7 19.2 Grants 13.8 17.5 21.9 6.9 1.1 6.7 2.0 10.3 2.9 12.2 29.6 12.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.6 0.9 11.1 0.2 0.4 29.0 0.1 0.2 0.2 11.8 Transferred revenues 58.3 54.8 57.3 30.6 2.3 1.7 2.1 51.4 2.0 0.4 22.0 30.2 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 0.2 0.5 20.0 1.5 0.0 30.0 0.2 Receipts from the EU budget 730.5 730.7 951.2 189.6 206.9 233.3 180.5 159.5 377.9 398.8 137.8 143.8 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 70.5 46.1 21.1 34.8 39.2 69.7 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,299.8 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,685.1 5,929.0 5,967.1 5,817.5 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,809.0 1,906.4 1,793.0 2,229.5 1,873.6 1,923.7 2,169.8 1,952.4 1,933.3 1,931.8 Current expenditures 8,228.3 9,127.8 10,393.6 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,876.7 2,676.4 2,327.8 2,403.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,270.5 803.2 739.1 1,134.1 704.4 749.1 874.4 813.2 806.6 783.4 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,765.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,327.7 1,292.0 1,393.4 1,300.2 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 451.0 424.2 427.0 440.8 414.5 432.4 546.5 447.4 436.7 416.1 Expenditures on goods and services 2,728.0 3,020.7 3,336.6 739.0 933.4 724.9 767.0 794.0 1,050.7 841.6 803.8 835.4 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 531.5 226.4 262.0 353.2 243.3 272.3 288.2 282.8 287.2 265.3 Interest payments 791.5 778.0 732.2 187.0 95.0 386.9 45.5 204.6 95.2 336.1 16.4 212.6 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.2 17.8 23.6 294.8 8.4 3.4 4.6 56.2 65.1 91.3 Reserves 238.4 363.8 559.5 32.8 243.2 63.1 59.5 33.9 403.1 206.7 114.2 55.0 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.9 134.8 26.5 45.4 38.2 40.9 35.1 26.7 17.6 10.7 Current transfers 8,704.2 10,867.7 11,318.7 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,711.3 2,800.6 2,973.2 2,623.8 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 975.0 972.3 885.1 943.2 982.2 917.2 1,073.7 902.6 854.9 866.3 Subsidies 467.9 1,449.3 867.3 305.5 264.2 296.4 302.3 111.5 157.1 188.0 195.8 94.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.1 115.9 29.7 42.4 69.9 107.7 18.2 34.8 17.7 42.2 Current transfers to individuals and households 7,323.9 8,250.8 9,167.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.7 2,292.8 2,447.8 2,223.7 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.6 772.6 749.8 770.4 767.1 743.4 937.3 774.0 731.2 718.4 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,131.0 248.9 376.7 197.6 276.6 298.3 358.4 277.8 276.7 284.6 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 149.5 74.7 92.5 110.7 132.1 46.8 97.8 86.1 100.3 98.3 Current transfers abroad 84.7 84.4 152.7 16.6 33.4 29.9 31.0 36.7 55.1 41.9 52.9 20.7 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 9.1 13.1 19.7 13.2 19.3 20.4 7.7 5.7 7.3 Capital expenditures 1,252.9 1,230.6 1,544.7 263.2 561.9 194.3 278.0 402.4 670.0 226.0 432.5 477.9 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 335.5 52.2 77.2 96.7 105.6 177.7 149.2 147.8 170.1 160.0 Capital transfers 273.6 318.5 413.9 68.0 178.0 33.4 55.7 86.2 238.6 43.7 60.9 132.6 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 157.1 12.1 17.1 14.6 23.7 16.8 20.5 35.2 30.4 66.9 Payments to the EU budget 509.7 526.0 628.9 85.1 152.2 197.5 119.1 123.8 188.5 182.2 172.7 180.0 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 66.6 74.7 40.9 57.7 62.9 52.0 53.5 71.2 55.3 SURPLUS / DEFICIT 263.5 -3,542.1 -2,917.2 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -831.9 -315.1 112.6 -170.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -715.6 129.4 -10.5 -434.0 170.2 87.5 -145.2 -144.6 -35.9 10.3 Source: MF, Consolidated balance of public financing. Statistical Appendix 41Slovenian Economic Mirror, No 7/2022 Public finance 2019 2020 2021 2020 2021 2022 2020 2021 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.6 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,853.2 5,613.9 6,079.7 5,647.3 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,093.4 2,035.8 1,782.5 1,795.5 2,043.8 2,011.2 2,024.7 1,807.8 1,897.4 1,942.1 Current revenues 18,293.3 17,578.7 20,124.0 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.3 5,138.5 5,824.1 5,397.5 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.3 1,822.8 1,685.9 1,629.8 1,949.4 1,894.0 1,980.7 1,750.2 1,806.3 1,841.1 Tax revenues 17,179.1 16,460.4 18,785.7 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,761.0 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 Taxes on income and profit 3,614.0 3,261.8 3,981.3 764.7 925.2 941.8 1,205.5 785.5 1,048.5 1,049.7 1,485.3 832.8 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.2 332.6 348.2 368.9 406.6 578.7 500.0 132.7 371.6 328.5 Social security contributions 7,021.3 7,289.9 7,928.1 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 760.1 680.4 677.2 691.2 704.3 698.5 688.2 700.6 697.7 700.0 Taxes on payroll and workforce 23.2 21.6 23.9 5.6 6.1 5.0 5.9 6.0 7.0 6.0 6.7 6.5 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 1.9 2.2 2.1 2.4 2.4 1.9 2.1 Taxes on property 296.4 287.3 316.9 111.3 96.4 33.5 84.8 102.2 96.3 32.4 82.1 128.6 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.7 12.4 8.5 11.5 20.5 23.2 38.5 48.9 41.6 38.1 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.2 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.1 623.0 483.3 467.7 638.3 531.2 574.6 681.5 594.3 590.8 Taxes on international trade & transactions 98.6 102.4 177.4 25.3 28.7 28.1 34.6 36.7 78.0 67.2 56.9 85.6 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 26.2 27.0 15.0 14.9 39.1 18.2 28.3 Other taxes -1.1 4.1 -1.1 -83.4 -71.7 49.2 7.2 -20.9 -36.6 34.7 -10.8 11.3 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -38.2 60.3 -14.4 -11.3 51.5 -57.2 -5.1 28.2 -37.1 20.1 Non-tax revenues 1,114.2 1,118.2 1,338.4 291.3 237.6 284.5 431.7 308.4 313.7 325.5 368.8 367.8 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 127.3 84.8 167.1 73.6 99.2 102.6 167.0 116.7 118.1 133.1 Capital revenues 136.4 146.9 228.3 31.3 64.3 36.4 54.9 56.0 81.1 64.1 66.3 63.5 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.8 18.5 23.6 21.9 23.0 22.0 21.2 22.5 21.7 19.2 Grants 13.8 17.5 21.9 6.9 1.1 6.7 2.0 10.3 2.9 12.2 29.6 12.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.6 0.9 11.1 0.2 0.4 29.0 0.1 0.2 0.2 11.8 Transferred revenues 58.3 54.8 57.3 30.6 2.3 1.7 2.1 51.4 2.0 0.4 22.0 30.2 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 0.2 0.5 20.0 1.5 0.0 30.0 0.2 Receipts from the EU budget 730.5 730.7 951.2 189.6 206.9 233.3 180.5 159.5 377.9 398.8 137.8 143.8 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 70.5 46.1 21.1 34.8 39.2 69.7 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,299.8 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,685.1 5,929.0 5,967.1 5,817.5 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,809.0 1,906.4 1,793.0 2,229.5 1,873.6 1,923.7 2,169.8 1,952.4 1,933.3 1,931.8 Current expenditures 8,228.3 9,127.8 10,393.6 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,876.7 2,676.4 2,327.8 2,403.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,270.5 803.2 739.1 1,134.1 704.4 749.1 874.4 813.2 806.6 783.4 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,765.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,327.7 1,292.0 1,393.4 1,300.2 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 451.0 424.2 427.0 440.8 414.5 432.4 546.5 447.4 436.7 416.1 Expenditures on goods and services 2,728.0 3,020.7 3,336.6 739.0 933.4 724.9 767.0 794.0 1,050.7 841.6 803.8 835.4 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 531.5 226.4 262.0 353.2 243.3 272.3 288.2 282.8 287.2 265.3 Interest payments 791.5 778.0 732.2 187.0 95.0 386.9 45.5 204.6 95.2 336.1 16.4 212.6 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.2 17.8 23.6 294.8 8.4 3.4 4.6 56.2 65.1 91.3 Reserves 238.4 363.8 559.5 32.8 243.2 63.1 59.5 33.9 403.1 206.7 114.2 55.0 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.9 134.8 26.5 45.4 38.2 40.9 35.1 26.7 17.6 10.7 Current transfers 8,704.2 10,867.7 11,318.7 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,711.3 2,800.6 2,973.2 2,623.8 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 975.0 972.3 885.1 943.2 982.2 917.2 1,073.7 902.6 854.9 866.3 Subsidies 467.9 1,449.3 867.3 305.5 264.2 296.4 302.3 111.5 157.1 188.0 195.8 94.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.1 115.9 29.7 42.4 69.9 107.7 18.2 34.8 17.7 42.2 Current transfers to individuals and households 7,323.9 8,250.8 9,167.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.7 2,292.8 2,447.8 2,223.7 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.6 772.6 749.8 770.4 767.1 743.4 937.3 774.0 731.2 718.4 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,131.0 248.9 376.7 197.6 276.6 298.3 358.4 277.8 276.7 284.6 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 149.5 74.7 92.5 110.7 132.1 46.8 97.8 86.1 100.3 98.3 Current transfers abroad 84.7 84.4 152.7 16.6 33.4 29.9 31.0 36.7 55.1 41.9 52.9 20.7 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 9.1 13.1 19.7 13.2 19.3 20.4 7.7 5.7 7.3 Capital expenditures 1,252.9 1,230.6 1,544.7 263.2 561.9 194.3 278.0 402.4 670.0 226.0 432.5 477.9 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 335.5 52.2 77.2 96.7 105.6 177.7 149.2 147.8 170.1 160.0 Capital transfers 273.6 318.5 413.9 68.0 178.0 33.4 55.7 86.2 238.6 43.7 60.9 132.6 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 157.1 12.1 17.1 14.6 23.7 16.8 20.5 35.2 30.4 66.9 Payments to the EU budget 509.7 526.0 628.9 85.1 152.2 197.5 119.1 123.8 188.5 182.2 172.7 180.0 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 66.6 74.7 40.9 57.7 62.9 52.0 53.5 71.2 55.3 SURPLUS / DEFICIT 263.5 -3,542.1 -2,917.2 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -831.9 -315.1 112.6 -170.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -715.6 129.4 -10.5 -434.0 170.2 87.5 -145.2 -144.6 -35.9 10.3 Source: MF, Consolidated balance of public financing. Acronyms42 Slovenian Economic Mirror, No 8/2022 Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, EBA – European Banking Authority, 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, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, EUROSTAT – Statistical Office of the European Union, FURS – Financial Administration of the Republic of Slovenia, GDP – Gross domestic product, GNI – gross national income, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, MFF – Multiannual Financial Framework, NEER – Nominal Effective Exchange Rate, NFI – Non- monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, OPEC+ – Organization of the Petroleum Exporting Countries, PMI – Purchasing Managers' Index, REACT-EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, RRP – Recovery and Resilience Plan, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, SVRK – Government Office for Development and European Cohesion Policy, TTF – Title Transfer Facility, USD – US Dollar, VAT – value added tax, ZPIZ – Pension and Disability Insurance Institute of Slovenia, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O  – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY- Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. Acronyms slovenian economic mirror No. 8, Vol. XXVIII, 2022