slovenian economic mirror No. 4, Vol. XXVII, 2021 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 4 / Vol. XXVII / 2021 Publisher: IMAD, Ljubljana, Gregorciceva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Matevž Hribernik, MSc Authors: Urška Brodar; Lejla Fajic; Tina Golob Šušteršic, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršic; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markic, PhD; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Selected Topic: Branka Tavcar (Solvency of business entities in Slovenia in the months of the COVID-19 epidemic) Editorial Board: Marijana Bednaš, MSc; Lejla Fajic; Marta Gregorcic, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupancic, MSc; Janez Kušar, MSc Translated by: Marija Kavcic Technical editing and layout: Bibijana Cirman Naglic Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, May 2021 ISSN 1318-3826 (print) ISSN 1581-1026 (pdf) The publication is available free of charge. © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 10 Labour market ............................................................................................................................................ 16 Prices .............................................................................................................................................................. 17 Financial markets ....................................................................................................................................... 18 Balance of payments ................................................................................................................................ 19 Public finance ............................................................................................................................................. 20 Selected topic ...........................................................................................................................................23 Solvency of business entities in Slovenia in the months of the COVID-19 epidemic........25 Statistical appendix ...............................................................................................................................29 The Economic Mirror is prepared based on statistical data available by 10th May 2021. 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. In the spotlight In the first quarter, economic activity in the euro area contacted somewhat relative to the previous quarter, but the outlook is favourable. Due to a rise in COVID-19 infections, many euro area countries extended or tightened containment measures at the beginning of the year, which restricted particularly service activities, while their impact on manufacturing and construction was limited. Among the largest euro area economies, which are also Slovenia’s most important trading partners, in the first quarter activity was affected the most in Germany (-1.7%), where the stringent containment measures weakened private consumption in particular. As containment measures are set to relax gradually, international institutions forecast a pick-up of activity in most euro area countries. The indicators of economic sentiment and confidence (ESI, PMI) mostly improved in April, reaching the highest levels since the beginning of the epidemic, some of them even record highs (e.g. the PMI for industry). For the first time in an extended period, activity growth was also shown by the indicators for the service sector. In Slovenia, growth in export-oriented activities continued; services also started to recover. The relatively favourable developments in the export-oriented part of the economy, which had reached pre-crisis levels at the end of last year, continued in the first quarter of this one. Goods exports to EU countries increased further compared with the previous quarter, as did manufacturing production. With the relaxation of some containment measures, service activities started to recover in February, although some of them remained strongly affected. In February, turnover increased in all market services, including accommodation and services activities, but remained considerably lower than before the epidemic. After strengthening in the second half of last year, activity in construction fell in February, particularly in the non-residential buildings sector. The tightening of containment measures at the beginning of April again mainly affected service activities, but data on fiscal verification of invoices indicate that turnover rebounded and exceeded last year’s levels in the second half of the month. The export part of the economy was again less affected by containment measures, judging by weekly data on freight traffic and electricity consumption. With a gradual relaxation of containment measures, household consumption picked up substantially in February and March. With the opening of most shops, the lifting of the ban on movement between municipalities and the making up for foregone purchases, particularly household expenditure on non-food and food products and motor vehicles increased in February and March. Higher household spending, amid a partial relaxation of measures, was also reflected in lower household deposits in banks; loan volume also rose slightly. However, turnover in service activities that remained mostly closed (especially accommodation and food service activities and arts and entertainment activities) fell further year on year in the first quarter according to data on fiscal verification of invoices. The year-on-year decline otherwise decreased in March compared with January and February due to last year’s low base and some additional relaxations, even turning to growth in some services. Labour market conditions remain tight, but they are gradually improving. In April, registered unemployment fell further, amounting to 79,285 persons at the end of the month, which is 4.1% less than at the end of March and 10.6% less than a year earlier. Employment, down 1.4% year on year in February, has remained at a similar level since May 2020. The largest year-on-year fall in employment was in accommodation and food service activities and administrative and support service activities, which were hit hardest by containment measures, while the largest increase was in health and social work, owing to the increased needs during the epidemic. The number of employed is lower than in the same period before the epidemic, while the number of unemployed is higher. In February, strong year-on-year wage growth continued, mainly due to the payment of crisis allowances in the public sector. Consumer price growth rose significantly in April for the second consecutive month. The main reason was year-on-year higher energy prices, mainly as a consequence of record low oil and oil product prices on world markets in April 2020 and government measures which temporarily exempted certain consumers from paying contributions for electricity consumption. In March, year-on-year growth in Slovenian industrial producer prices (on both the domestic and foreign markets) also strengthened significantly; import prices were also higher. Due to limited economic activity and measures to contain the epidemic, the deficit of the consolidated general government budgetary accounts increased significantly in the first quarter of this year, amounting to EUR 1.3 billion. The bulk of the deficit derived from a significant increase in expenditure, mostly due to the anti-coronavirus packages of measures to mitigate the consequences of the epidemic (EUR 830.7 million), which increased particularly funds for wages, transfers to individuals and households, and subsidies. Expenditure was 21.5% higher year on year, while revenue exceeded last year’s level by 3.3%. Amid wage growth, which was boosted particularly by the payment of allowances during the epidemic, revenues from social contributions and personal income taxes rose year on year; non-tax revenues were also higher. Owing to limited activity and deferred tax payments and lower advance payments, revenue from value added tax fell the most of all tax revenues. Seasonally adjusted index 2010=100 for January and February. Source: ESS. Year-on-year growth in consumer prices was mainly Due to limited economic activity and measures to attributable to higher energy prices contain the consequences of the epidemic, the general government deficit surged in the first quarter Food Services Fuels and energy General government balance Primary balance Other TOTAL 2.000 Source: Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Source: SURS; calculations by IMAD. The available indicators indicate increased household In April, the number of registered unemployed persons consumption in the first quarter fell further Source: SURS; calculations by IMAD. Note: The Q1 2021 figure for accommodation and food service activities is the average value Household consumption 1.000 0 -2.000 -3.000 94 -375,2 -1299,0 -3542,2 PMI value for euro area In the first quarter, economic activity in the euro area contracted slightly, but the prospects for manufacturing and services are favourable at the beginning of the second quarter Composite index Manufacturing Services 62 58 100 10 14 26 22 18 38 34 30 54 50 46 42 120 140 Q1 15Jan 20 Sale of passenger cars to natural persons Real turnover in the sale of food products Real turnover in accommodation and food service activities Real turnover in the sale of non-food products Q1 16 May 20 Jun 20 Jul 20Aug 20Sep 20 Oct 20Nov 20Dec 20 Jan 21 Q1 17 Q1 18 Q1 19 Q1 20Feb 21Q1 21 In EUR million Mar 21Apr 21 Number of registered unemployed persons, in 1,000 Seasonally adjusted index 2010=100 -1.000 74 76 78 80 82 84 86 88 90 92 80 60 40 100 120 140 160 180 Mar 20 Apr 20 May 20 Jun 20 Jul 20Jan 15 Jan 16 Jan 17Aug 20 Sep 20Jan 18Oct 20 Nov 20Jan 19Dec 20 Jan 21Jan 20 Activity in the export-oriented part of the economy increased further in the first quarter; service activities also started to recover with the relaxation of containment measures Merchandise exports Value of construction output Turnover in services Ind. prod. in manufacturing Turnover in trade 200 Feb 21 Mar 21Jan 21 Apr 21 Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 I-III 2020 I-III 2021 -4.000 Source: SURS; calculations by IMAD. Source: MF, Bulletin of Government Finance; calculations by IMAD. current economic trends The international environment Figure 1: Quarterly GDP change in Slovenia’s main trading partners Q2 20 Q3 20 Q4 20 Q1 21 Economic activity in the euro area contracted slightly 20 18 16 14 12 10 8 6 4 2 0 -2 -4 -6 -8 -10 -12 -14 again in the first quarter this year. After a strong rebound in the third quarter last year, economic activity has declined in the next two due to the resurgence of the epidemic and the tightening of containment measures. According to Eurostat’s preliminary estimate, economic activity contracted by 0.6% quarter on quarter in the first quarter of this year (in the fourth quarter of last year by 0.7%). The year-on-year decline was 1.8% (in the fourth quarter, 4.9%). Among the largest euro area economies, which are also Slovenia’s most important trading partners, in the first quarter activity was affected the most in Germany (-1.7%), where stringent containment Quarterly seasonally adjusted growth, in % EA EU Germany Italy Austria France measures weakened particularly private consumption. As containment measures are set to relax gradually, international institutions forecast a recovery of activity in Source: Eurostat. most euro area countries in the second quarter. Figure 2: Economic sentiment indicator (ESI) for the euro area Industry Services Consumers Euro area economic activity increased at the Retail trade Construction ESI (right axis) transition to the second quarter according to the 120 available indicators. The economic sentiment indicator (ESI) for the euro area improved substantially in April 110 for the second consecutive month and returned to the 100 90 80 70 Long-term average =100 pre-crisis level. Confidence improved in all activities and among consumers, most notably in industry, where it exceeded slightly the highest value measured to date. In April, an improvement in economic conditions was also indicated by the composite Purchasing Managers’ Index (PMI). The indicator for manufacturing improved for the 60 tenth month in a row, reaching the highest value in more than 20 years. For the first time since last summer, activity 50 growth was also shown by the indicator for the service sector. Jan 11 Jan 17Jan 18Jan 19Jan 20 Jan 21 Source: EC. Table 1: Brent Crude prices, USD/EUR exchange rate and EURIBOR average change, in %* 2020 III 21 IV 21 IV 21/III 21 IV 21/IV 20 I-IV 21/I-IV 20 Brent USD, per barrel 41.83 65.41 64.81 -0.9 250.9 45.5 Brent EUR, per barrel 36.57 54.97 51.52 -6.3 203.0 31.5 USD/EUR 1.142 1.190 1.198 0.7 10.3 9.6 3-month EURIBOR, in % -0.427 -0.539 -0.538 0.3 26.3 -17.4 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Economic developments in Slovenia Figure 3: Short-term indicators of economic activity in Slovenia Merchandise exports Ind. prod. in manufacturing Growth in export-oriented activities continued; Value of construction output Turnover in trade a recovery also started in services. The relatively Turnover in services (nom.) favourable developments in the export-oriented part of the economy, which had reached pre-crisis levels at the end of last year, continued in the first quarter of this year. Goods exports to EU countries increased further, as did manufacturing production. With the relaxation of some containment measures, service activities also started to recover in February, although some of them remain strongly affected. In February, turnover increased in all market services, including accommodation and services activities, where, however, it remains considerably lower than before the epidemic. With the opening of all non- Jan 05 Jan 06 Jan 07 Jan 08 Jan 09Jan 10Jan 11 Jan 12 Jan 13 Source: SURS; calculations by IMAD. Figure 4: Electricity consumption Oct 20 Jan 14 Jan 15 Jan 16 Jan 21Jan 17Jan 18Jan 19 Feb 21 Mar 21Jan 20 Apr 21 food shops, turnover also rose notably in trade and, according to preliminary data, growth also continued in March. After strengthening in the second half of last year, activity in construction fell in February, particularly in the non-residential buildings sector. The lockdown at the beginning of April again affected particularly service activities, but data on fiscal verification of invoices for the second half of the month indicate that turnover rebounded and exceeded last year’s levels. Judging by weekly data on electricity consumption and freight traffic, containment measures again affected the export-oriented part of the economy less than service activities. Austria France Croatia In April, electricity consumption was 13% higher year Italy Germany Slovenia on year but 4% lower than in April of the pre-crisis year 2019. The year-on-year increase in consumption was mainly due to the base effect, while the lag behind the pre-crisis level reflected the tightening of containment measures at the beginning of April. Year-on-year higher consumption was also recorded in our main trading partners, from 7% in France to 31% in Italy. Compared with April 2019, lower consumption was recorded in Austria (4%), France (8%) and Germany (1%), while consumption in Croatia and Italy was around 2% higher. Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Nov 20 Dec 20 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. Figure 5: Electricity consumption by consumption group Industry In February, the year-on-year decline in industrial Households electricity consumption deepened slightly compared Small business consumption with the previous months of the second wave of the Total distribution network consumption epidemic, while the year-on-year decline in small 20 business electricity consumption decreased. In 15 Source: SODO. essential services and shops were closed.2 On the other hand, household electricity consumption was higher year on year (7.7%) in February, as people spent more time at home due to the epidemic, but the increase was smaller than at the peak of the second wave of the epidemic. 1 In this consumption group, consumption is most frequently measured in service activities and shops. The group also includes warehouses, agricultural activity, etc. It can also include large manufacturing plants that at some measuring places do not need significant amounts of electricity. 2 In December, the year-on-year decline was 9.4%, reflecting the easing of measures around the time of public holidays. Figure 6: Traffic of electronically tolled vehicles on Slovenian motorways Tolled vehicles Domestic Foreign Freight traffic on Slovenian motorways3 in April was up 59% year on year and up 2% compared with April 2019. Domestic vehicle traffic was 31% and foreign vehicle traffic 85% higher year on year. These strong growth rates are mainly due to the base effect, as in April last year traffic was greatly restricted due to the stringent containment measures during the first wave of the epidemic. As foreign vehicle traffic then fell more, it is now also recovering more strongly year on year. The share of foreign vehicle traffic, which had dropped by more than 8 p.p. in April 2020, returned to the pre-crisis level of around 60% in a few months. In April the volume of domestic and foreign vehicle traffic was slightly higher compared with Source: Internal reports obtained from DARS; calculations by IMAD. 3 Measured in kilometres driven. Year-on-year change, in % 10 5 0 -5 -10 -15 -20 -25 -30 Jan 20Jan 20Feb 20Feb 20 Mar 20Mar 20Apr 20Apr 20May 20May 20Jun 20Jun 20Jul 20Jul 20Aug 20Aug 20 Sep 20 Oct 20Sep 20Nov 20Oct 20 Nov 20 Dec 20Dec 20 Jan 21Jan 21 Feb 21Feb 21 Mar 21 Apr 21 Mar 21 the same period of 2019, which is relatively favourable considering that there was one working day less. February, industrial electricity consumption was 8.1% lower year on year (in the last three months of 2020 as a whole 3.7%; in January this year 6.5%). The year-on-year fall in electricity consumption by small business consumers, which mainly include service activities and trade,1 decreased slightly in February (to 12.1%) with the partial relaxation of measures, after amounting to around 14% in November and January, when non­ Source: SURS; calculations by IMAD. of intermediate goods. 5 Detailed data by SITC sections are available until February 2021. According to data on fiscal verification of invoices, in April turnover was 36% higher year on year but 9% lower than in the same period of 2019. Year-on-year growth, which was largely a consequence of the low base, strengthened further in the second half of the month after the reopening of non-essential stores and some services. Growth was also favourably affected by the further easing of other measures (the ban on movement between regions was lifted again, some accommodation establishments opened, and restaurants and bars were allowed to serve guests outdoors and also indoors in some regions). However, in some segments of services, services, but also of one working day less and a different distribution of Easter holidays. 4 Particularly the sales of construction materials, furniture and passenger cars. Figure 8: Trade in goods – real Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Exports to the EU Imports from the EU Goods trade continued to recover in the first quarter of Slovenia; calculations by IMAD. Source: FURS Financial Administration of the Republic of Jan 20Feb 20Mar 20 Apr 20May 20Jun 20 Jul 20 Aug 20 Sep 20Oct 20Nov 20 Dec 20Jan 21 Feb 21 Jan 20 Mar 21 Apr 21 Jan 21 of industrial activities and consequently higher imports in March and exceeded pre-crisis levels in the first quarter. We assess that exports rebounded in most main sectors. Meanwhile, the recovery of vehicle exports came to a halt.5 Particularly the movements of exports of intermediate goods remained favourable. Export expectations, which have been improving in recent months, did not change significantly in April, but companies were more optimistic regarding future foreign demand than before the beginning of the epidemic. Goods imports also recovered further, which is attributable particularly to the recovery this year. Real goods exports to EU countries rose further which in 2020 had already reopened in the last third of April,4 year-on-year growth eased. Total turnover in April lagged 9% below its 2019 level, which was a consequence not only of this year’s (partial) closure of some shops and Figure 7: Fiscal verification of invoices Figure 9: Trade in services – nominal External trade in services was significantly lower year Exports of services Imports of services on year in the first two months of 2021. Exports of services in the first two months were around a quarter and imports a fifth lower than a year earlier. The measures to contain the epidemic, particularly the closure of hotels and restaurants and restrictions on crossing the state borders, significantly affected tourism, where export and import revenues were more than 85% lower year on year in the first two months. Trade in ICT services was also noticeably lower year on year. The movements of some other more important service activities (transport, administrative and support service activities) were more favourable during the second wave of the epidemic, but Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 trade in most of these services was nevertheless lower year on year due to the high base. On the other hand, Source: BoS; calculations by IMAD. trade in construction services was higher year on year. Growth in imports of transport services also stood out.6 6 Growth was a consequence of last year’s very low activity in maritime transport and transhipment of goods in Koper due to the beginning of the epidemic in Asia and a significant increase in transport costs in recent months. Table 2: Selected monthly indicators of economic activity in Slovenia Figure 10: Production volume in manufacturing Figure 12: Turnover in trade In % 2020 III 21/II 21 III 21/III 20 I-III 21/I-III 20 Merchandise exports, real1 -0.8 1.53 16.5 5.4 - to the EU -7.7 1.93 22.8 4.3 Merchandise imports, real1 -2.7 3.53 15.8 2.1 - from the EU -8.5 0.03 18.4 3.2 Industrial production, real -5.1 -0.93 8.5 3.0 - manufacturing -4.8 -1.43 9.2 3.4 In % 2020 II 21/I 21 II 21/II 20 I-II 21/I-II 20 Services exports, nominal2 -19.6 6.03 -22.04 -24.8 Services imports, nominal2 -15.2 4.33 -16.14 -20.4 Construction -value of construction put in place, real -0.7 -1.73 -9.3 -7.0 Distributive trades - real turnover -7.2 11.33 1.94 -3.9 Market services (without trade) - nominal turnover -11.1 7.43 -8.14 -10.5 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. Source: SURS; calculations by IMAD. Source: SURS, calculations by IMAD. Figure 11: Activity in construction Jan 11jan 10 Turnover in trade strengthened significantly with the Total Sale of motor vehicles Wholesale trade Retail trade opening of all non-food stores in February; according Jan 12 Seasonally adjusted data Construction activity declined somewhat in 3-month moving averages, seasonally adjusted February. The value of construction output fell by jan 11 Production volume in manufacturing increased High-tech ind. Medium-high-tech. ind. Medium-low-tech. ind. Low-tech ind. further in the first quarter of this year, despite Manufacturing, tot. somewhat weaker activity in March. After strengthening at the beginning of the year, in March activity declined, reflecting a fall in high-technology industries. Production in medium-high industries also decreased slightly. In high-technology industries, activity also contracted in quarterly terms, while activity in medium-high, medium-low and low-technology industries increased. In the first quarter, activity of high-technology industries was also lower year on year, according to our estimate mainly due to the worse performance of the pharmaceutical industry and last year’s high base. A minor year-on-year Jan 13 jan 12Jan 14jan 13Jan 15jan 14Jan 16jan 15Jan 17jan 16 jan 17Jan 18jan 18Jan 19jan 19Jan 20jan 20 Jan 21 Jan 21 jan 21 to preliminary data, growth also continued in March. With the re-opening of shops and the lifting of the ban on movement between municipalities, turnover increased in all three main segments (the most, almost by a fifth, in retail trade, where non-food sales were up more than a third, partly also due to the making up for foregone purchases on the part of consumers). Turnover in the sale of motor vehicles was also much higher than in January, although new passenger car sales were still more than a tenth lower year on year. In March, turnover strengthened further in all segments according to preliminary data. contracts declined after peaking in mid-2020 but remained markedly higher than in previous years. The value of new contracts has been highly volatile in recent months: after a relatively good last quarter, it was significantly lower year on year in February. paint a uniform picture. The value of the stock of 1.8%, being down 7.0% year on year in the first two months of the year. Compared with the pre-crisis years 2018 and 2019, construction activity in the last few months was significantly higher in residential buildings, slightly higher in specialised construction activities and civil engineering, but, due to a fall in February, significantly lower in the construction of non-residential buildings. Data on the stock of contracts and new contracts in construction do not fall was also seen in low-technology industries, where it was more broadly based. Activity in medium-high and medium-low technology industries was up year on year in the first quarter, worse results being recorded only for the automotive industry and the manufacture of non­metallic mineral products. . Source: SURS; calculations by IMAD. Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Figure 13: Turnover in market services Seasonally adjusted real index 2010=100 Total * In February, turnover increased in all market services. Transportation and storage (H) After falling since October, real turnover strengthened the Information and communication activities (J) most in accommodation and food service activities, partly Professional and technical activities (M) Administrative and support service activities (N) as a consequence of additional explanations regarding Source: SURS; calculations by IMAD. Note: * including real estate. hand, in professional and technical activities, information and communication activities and transport, last year’s turnover levels were already exceeded in this period. Figure 14: Selected indicators of household consumption Household consumption Household consumption strengthened significantly Real turnover in the sale of non-food products in February and March, being higher year on year Real turnover in the sale of food products in some segments but lower in those where activity Real turnover in accommodation and food service activities Sale of passenger cars to natural persons remained highly restricted. With the opening of most shops, the lifting of the ban on movement between municipalities and the making up for foregone purchases, particularly household expenditure in the retail sale of non-food and food products and motor vehicles increased in February and March. Owing to the year-on-year growth in February and even stronger growth in March due to the low base, in the first quarter retail sales of non-food products were more than a tenth and retail Accommodation and food service activities (I) 180 160 140 120 100 80 60 40 20 0 Source: SURS; calculations by IMAD. Note: The Q1 2021 figure for accommodation and food service activities is the average value for January and February. Q1 10Jan 10Q1 11Jan 11 Q1 12Jan 12Q1 13Jan 13Q1 14Jan 14Q1 15Jan 15Q1 16Jan 16Q1 17Jan 17Q1 18Jan 18Q1 19Jan 19Q1 20Jan 20Q1 21 Jan 21 vehicles, where March sales strengthened in particular. On the other hand, in service activities that remained mostly closed (especially accommodation and food service activities and arts, entertainment and recreation), sales fell further year on year in the first quarter.7 In March, the year-on-year decline otherwise decreased compared with January and February due to the low base and some additional relaxations and in some services even turned to growth. 7 According to data on fiscal verification of invoices. sales of food products 6.0% higher year on year. Almost a tenth higher turnover was also recorded for motor the possibility of offering services to legal persons. It also rose strongly in transportation and storage activities, particularly in land passenger and freight transport. In information and communication activities, growth accelerated mainly as a consequence of higher turnover in computer services on the domestic market. Turnover in professional and technical activities and in administrative and support service activities remained at the levels achieved in the previous month. The lags behind last year’s levels in accommodation and food service activities and travel agencies remained significant, in the first two months over 70% and 80% respectively. On the other Figure 15: Road and rail freight transport Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Economic sentiment Manufacturing Economic sentiment improved somewhat further Retail trade Service activities in April. With the announced relaxation of some Construction Consumers containment measures and the re-opening of public was less but in the longer term affected by containment measures (in the fourth quarter, it was down 9% year on year). Figure 16: Economic sentiment Q1 10 Q1 11 Source: SURS; calculations by IMAD. Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Jan 20 Q1 20 Jan 21 life in the middle of the month, confidence improved particularly in trade and, partly, service activities. Confidence in construction has also been rising for several months, reaching the highest level in the last two years. Confidence in the export part of the economy did not change much in April and remained higher than before the epidemic. Consumer confidence deteriorated further and remained very low. higher year on year. Freight transport by rail, which had already declined for several quarters before the epidemic, Road The volume of road freight transport increased Road – cross-trade markedly again in the last quarter of 2020, reaching Road - loaded, unloaded and national the level of the end of 2019. Slovenian hauliers carry Railway out a large part of their journeys abroad. As a result of strict containment measures in most EU countries in the first half of last year, road freight transport abroad declined significantly. While it picked up again as the measures were eased, it ceased to recover in the last quarter and remained 12% lower than a year earlier. The volume of road transport at least partially connected to the Slovenian territory (exports, imports and national transport combined) decreased less during the first wave of the epidemic and then recovered more slowly. In the fourth quarter, it increased more and was already 13% Source: SURS; calculations by IMAD. Labour market Figure 17: Number of employed persons and number of registered unemployed persons Employed according to SRE (left axis) The number of registered unemployed persons fell Registered unemployed (right axis) further in April. Following the increases in the number of unemployed in December and January, which, due to the retention of intervention measures, did not differ much from seasonal increases in the same period of previous years, the number of unemployed dropped seasonally adjusted from February to the first half of April. Overall 79,285 persons were unemployed at the end of April, 4.1% fewer than at the end of March and 10.6% fewer than a year earlier. Compared with the end of April 2019, the number was, however, 7.2% higher. The number of employed persons was down 1.4% year on year in February, which is similar to previous months. It fell the Jan 06Jan 07Jan 08 Jan 09 Jan 10 Jan 11Jan 12Jan 13Jan 14 Jan 15Jan 16Jan 17Jan 18 Jan 19 Jan 20 Jan 21 most in accommodation and food service activities and administrative and support service activities, which were hit hardest by containment measures, while rising the Source: SURS, ESS; calculations by IMAD. most in health and social work. Figure 18: Average gross wage per employee Private sector Public sector Total In February, year-on-year wage growth continued; it remained strongly influenced particularly by the payments of crisis allowances in the public sector. With the renewed payment of allowances (the extraordinary payment of allowances for hazardous working conditions and additional workload and the payment of the bonus for work in crisis conditions in accordance with the collective agreement), year-on-year wage growth in the public sector increased again towards the end of last year and in the first two months of this year, the most in social work and health (in February, it was 35.5%; in the entire public sector, 14.8%). In the private sector, wage growth did not rise in the second wave of the epidemic.8 The only exception was the increase in December (by 5.3%), due mainly to the payment of Christmas bonuses and Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: SURS; calculations by IMAD. 13th-month pay, while in February, wage growth was again somewhat lower (3.9%) despite the increase in the minimum wage at the beginning of the year. 8 In the second wave of the epidemic (October 2020–February 2021), the average year-on-year wage growth was 3.8%, i.e. lower than in the first wave of the epidemic and in the summer months (both 4.5%). Table 3: Indicators of labour market trends Change, in % 2020 II 21/I 21 II 21/II 20 I-II 21/I-II 20 Persons in formal employment2 -0.6 0.11 -1.4 -1.4 Average nominal gross wage 5.8 0.31 9.4 8.8 private sector 4.4 0.61 3.7 3.8 public sector 7.8 -2.91 18.4 16.6 of which general government 9.9 -4.11 22.9 20.5 of which public corporations 1.9 0.41 4.7 4.7 2020 II 20 I 20 II 21 Rate of registered unemployment (in %), seasonally adjusted 8.7 7.5 8.7 8.6 Change, in % 2020 IV 21/III 21 IV 21/IV 20 I-IV 21/I-IV 20 Registered unemployed 14.6 -1.5 -10.6 5.4 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Prices Figure 19: Consumer prices Jan 11 Source: SURS, Eurostat. Figure 20: Slovenian industrial producer prices Slovenia Euro area Consumer price growth strengthened considerably in April.9 The main reason was year-on-year higher energy prices, mainly as a consequence of record low global prices of oil and oil products in April 2020, but also government measures, i.e. the ordinance on temporary exemption of households and certain small business consumers from paying contributions for electricity consumption. However, after a pronounced decline in the previous two months, prices of semi-durable goods were higher year on year in April (by 0.2%), largely owing to price rises in the clothing and footwear group due to the arrival of new collections, which took place somewhat later than in previous years due to longer-lasting Source: SURS, Eurostat. on year after almost two years of decline. Table 4: Consumer price growth, in % XII 20/XII 19 V 20-IV 21/V 19-IV 20 IV 21/III 21 IV 21/IV 20 I-IV 21/I-IV 20 Total -1.1 -0.3 1.0 2.1 0.1 Food 1.1 2.1 0.5 -0.5 -0.3 Fuels and energy -9.9 -7.1 0.9 19.8 2.0 Services 0.2 0.8 0.7 -0.7 -0.3 Other1 -0.5 -0.4 1.5 0.8 0.1 Core inflation - excluding food and energy -0.1 0.3 1.2 0.4 -0.1 Core inflation - trimmed mean2 -0.4 0.3 0.8 0.8 0.2 Jan 11Jan 12 Slovenia Euro area With stronger price rises on the domestic and foreign markets, year-on-year growth in Slovenian industrial producer prices strengthened again in Jan 12Jan 13Jan 13 Jan 14Jan 14Jan 15Jan 15Jan 16Jan 16Jan 17Jan 17Jan 18Jan 18Jan 19Jan 19 Jan 20 Jan 20 Jan 21 Jan 21 to be driven particularly by higher prices of capital goods. In March, prices of intermediate goods were also up year March, reaching 2%. Price growth on the domestic market continues to be fuelled by price rises in the group of intermediate and capital goods. In March, energy price growth also strengthened notably, largely as a consequence of the lower base, as the government temporarily exempted households and certain small business consumers from paying electricity contributions in the first wave of the epidemic. Growth in consumer goods prices remains low amid more modest household consumption. Price growth on foreign markets continues containment measures. Prices of durable goods were also up year on year (by 1.2%) for the first time since August 2019. The year-on-year fall in services prices deepened slightly further in April (to 0.7%); an equal fall was also recorded in the food and non-alcoholic beverages group. 9 Due to the additional containment measures, SURS collected retail prices of certain non-food goods and services by phone and through the websites of providers. Missing prices were imputed using the average price change of similar products. In some cases, where there is a reason to expect that prices will remain the same once the situation returns to normal, the carry-forward method was used. For series with seasonal patterns (e.g. package holidays and some accommodation services), imputation with the monthly change of the previous year was used. The share of imputed data represents 5.2% of the consumer price index. Source: SURS. Ministry of Economic Development and Technology; 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. Financial markets Figure 21: Loans to domestic non-banking sectors Consumer loans Lending for house purchase The year-on-year fall in the volume of loans to Enterprises and NFIs Total domestic non-banking sectors remained at 2.5% in March. Despite the monthly growth of loans to enterprises and NFIs, their decline strengthened further year on year (to -4.5%). After being lower year on year in the first two months of this year, the volume of household loans was again somewhat higher in March. We assess that this is largely a consequence of higher household consumption due to the partial relaxation of measures to contain the epidemic. At the monthly level, the volume of loans for other purposes (mostly overdrafts) thus rose by almost 3%. After almost a year and a half of continuous decline, the volume of consumer loans strengthened Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 slightly in March but was still 7.5% lower than in the same month last year. Increased spending was also reflected Source: Bos. in lower household deposits in banks, but their year-on-year growth still exceeded 11%. The share of non­performing claims, as measured by arrears of more than 90 days, remained at around 1% in the first two months of the year. Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. III 20 31. XII 20 31. III 21 31. III 21/28. II 21 31. III 21/31. III 20 Loans total 23,620.0 22,860.9 23,050.0 0.7 -2.4 Enterprises and NFI 11,043.0 10,307.0 10,541.0 0.8 -4.5 Government 1,623.3 1,556.8 1,482.0 -1.0 -8.7 Households 10,953.8 10,997.0 11,027.0 0.8 0.7 Consumer credits 2,885.8 2,706.5 2,668.7 0.1 -7.5 Lending for house purchase 6,643.1 6,862.1 6,928.6 0.7 4.3 Other lending 1,424.8 1,428.4 1,429.6 2.8 0.3 Bank deposits total 21,071.0 22,915.7 23,528.9 0.0 11.7 Overnight deposits 16,718.9 18,975.7 19,726.7 0.2 18.0 Term deposits 4,352.0 3,939.9 3,802.2 -1.3 -12.6 Government bank deposits, total 696.5 595.3 549.3 -4.7 -21.1 Deposits of non-financial corporations, total 7,117.6 8,053.5 8,552.5 7.7 20.2 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Balance of payments Figure 22: Current account Secondary income Primary income The current account surplus remained high, Trade in goods Trade in services amounting to EUR 3.2 billion in the last 12-months Current account 4.000 3.000 2.000 1.000 -1.000 -2.000 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19 Jan 20 Jan 21 5.000 period (6.6% of GDP). Amid a further decline in the 12-month cumulatives, in EUR million surplus in services trade, which was severely affected by the epidemic, the year-on-year higher surplus in current transactions mainly arose from a higher surplus in trade in goods. This was a consequence of a larger real fall in goods imports than exports and the improved terms of trade. The year-on-year widening of the current account surplus was also due to lower net outflows of primary income, in particular lower payments of profits of foreign-owned companies, which is related to last year’s decline in economic activity. Slovenia also received higher subsidies from the EU budget for the Common Agricultural and Fisheries Policy. The higher net outflows Source: BoS; calculations by IMAD. of secondary income were marked by higher payments to the EU budget (VAT-based and GNI-based contributions). Table 6: Balance of payments I-II 2021, in EUR million Inflows Outflows Balance Balance, I-II 2020 Current account 6,408.8 5,924.7 484.2 571.7 Goods 5,043.5 4,590.1 453.4 391.2 Services 923.5 669.7 253.8 387.1 Primary income 316.2 369.0 -52.8 -56.4 Secondary income 125.7 295.9 -170.3 -150.1 Capital account 342.5 329.2 13.3 -34.5 Financial account 2,609.4 3,514.5 905.1 589.1 Direct investment 333.7 146.7 -186.9 -69.5 Portfolio investment 1,007.4 366.7 -640.6 -1,006.4 Other investment 1,272.6 2,988.5 1,715.9 1,605.1 Net errors and omissions 407.6 0.0 407.6 51.8 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts. the term »inflows” means total receipts and the term “outflows”means total expenditures; “balance”is the difference between inflows and outflows. On the financial account, “outflows”mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Public finance Figure 23: Revenue of the consolidated general government budgetary accounts Social security contributions Amid strong expenditure growth, which exceeded Tax revenues* Non-tax revenues Receipts from the EU budget revenue growth, the deficit of the consolidated Other TOTALREVENUE (right axis) general government budgetary accounts10 amounted 21 to EUR 1.3 billion in the first quarter of this year. Contribution to year-on-year growth, in p.p. 16 Revenue in this period exceeded last year’s level by 3.3%. Revenues from social contributions and personal income tax were higher year on year amid wage growth, which was boosted particularly by the payment of allowances during the epidemic. Receipts from the EU budget and other non-tax revenues were also higher than last year. On the other hand, owing to limited economic activity and due to deferrals of tax payments and lower advance Year-on-year growth, in % 11 6 1 -4 -9 -14 -14 -19 -19 Q1Q2Q3Q4Q1Q2 Q3Q4Q1Q2 Q3Q4Q1 18 19 20 21 Source: MF; calculations by IMAD. Note: * Without social contributions. payments enabled by the intervention legislation, some tax revenues were below last year’s level, especially revenue from value added tax (-9.6%). Expenditure increased significantly in this period under the impact of measures for mitigating the consequences of the epidemic (by 21.5% year on year). On the basis of anti-coronavirus packages (PKPs), EUR 830.7 million was paid from the state budget in the first quarter,11 the most for allowances for public sector employees (EUR 209.6 million), partial reimbursement of uncovered fixed costs (EUR 196.0 million), monthly basic income (EUR 103.5 million), reimbursement of wage compensation to workers on temporary layoff (EUR 86.7 million) and the crisis bonus (EUR 60.0 million). This was reflected in stronger growth in funds for public sector wages, transfers to individuals and households, and subsidies. Investment also strengthened slightly. According to the preliminary state budget data for April 2021, the increase in the deficit has slowed significantly. 10 The consolidated general government budgetary accounts on a cash basis. 11 The total expenditure related to the measures to contain the COVID-19 epidemic, i.e. including expenditure outside the PKP laws, was higher according to MF data (EUR 926 million).ec, in sicer 926 mio EUR. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-III 2020 EUR m Y-o-y growth* in % I-III 2021 EUR m Y-o-y growth* in % Category I-III 2020 I-III 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 4,649.5 2.9 4,803.6 3.3 EXPENDITURE TOTAL 5,024.6 7.1 6,102.7 21.5 Tax revenues1 2,339.7 -2.2 2,326.2 Salaries* wages and other -0.6 personnel expenditures2 1,183.0 10.6 1,483.4 25.4 Personal income tax 669.8 2.4 740.0 10.5 Expenditure on goods and services 686.8 14.4 724.7 5.5 Corporate income tax 212.8 8.4 201.9 -5.1 Interest payments 442.4 9.5 386.9 -12.5 Taxes on immovable property 17.5 35.2 19.5 11.1 Reserves 47.3 12.7 63.1 33.2 Value added tax 891.8 -1.3 806.3 Transfers to individuals and -9.6 households 1,902.6 6.6 2,494.0 31.1 Excise duties 314.0 -10.4 308.1 -1.9 Other current transfers 406.1 0.7 525.5 29.4 Social security contributions 1,819.7 6.4 1,915.2 5.2 Investment expenditure 202.4 11.8 227.5 12.4 Non-tax revenues 249.7 44.6 284.2 13.8 Payments to the EU budget 154.0 -24.8 197.5 28.2 Receipts from the EU budget 200.9 -5.3 233.2 GENERAL GOVERNMENT 16.1 BALANCE -375.2 -1,299.0 Other 39.5 27.7 44.8 13.4 PRIMARY BALANCE 64.6 -914.8 Source: MF; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. Figure 24: Expenditure of the consolidated general government budgetary accounts Expenditure on goods and services Expenditure on goods and services The current data of the consolidated general Interest payments Reserves government accounts and the projections of the Current transf. to indiv. and househ. Capital expenditure Other current transfers Payments to the EU budget Stability Programme 2021 indicate that the general government deficit will remain high in 2021. The 30 general government12 deficit is estimated at 8.6% of GDP 28 26 in 2021. Amid the expected improvement in economic 24 22 20 18 16 14 12 10 8 6 4 2 0 -2 -4 Year-on-year growth, in % conditions, a decline in the volume of measures to mitigate the consequences of the epidemic but expansionary fiscal policy of other expenditures, it will be higher than last year (8.4% of GDP). Its gradual decline is envisaged in the following years, by 2024 to 2.8%. The first medium-term fiscal projections since the beginning of the epidemic are associated with uncertainties about the further course of -6 the epidemic and possible new measures (tax changes, the long-term care act, etc.). In the whole period of the Source: MF, Bulletin of Government Finance; calculations by IMAD. projections, the MF projects lower growth in revenue Note: * Labour costs include social contributions by the employer. than nominal GDP as a consequence of tax cuts (excise duties on energy, motor vehicle tax)13 and the impact of tax deferrals and payment by instalments.14 With regard to the termination of the Multi-Annual Financial Framework 2014–2020 and the adopted Recovery and Resilience Plan, the Stability Programme envisages a high level of revenue from the EU budget. This also has an impact on the high expenditure level planned in the entire period (particularly subsidies and investment), in addition to the high level of investment from national sources15 and some other measures that will increase expenditure in this period (for example changes in pension legislation and a temporary increase in expenditure related to the EU presidency). The value of direct measures related to the mitigation of the consequences of COVID-19 declines in the projections. According to MF estimate, last year the total value of measures on the revenue and expenditure side amounted to EUR 2.8 billion or 6.1% of GDP (of which measures on the expenditure side 5.3% of GDP); in 2021 it is expected to amount to EUR 1.3 billion or 2.6% of GDP (of which only EUR 22 million on the revenue side) and in 2022 to EUR 55 billion. 12 According to the methodology of the European System of National Accounts, which is based on the accrual principle and also includes other general government units in addition to the four general government accounts covered by the consolidated general government budgetary accounts. 13 The new proposal for relieving the burden of personal income tax and the introduction of the social security cap are not taken into account in the projections. 14 Due to tax deferrals and payment by instalments, some tax revenues were higher on the accrual than on the cash basis in 2020, while in 2021 the maturing of these liabilities works in the opposite direction. 15 General government investment remains high over the entire projection period (at around EUR 3 billion); the highest growth is expected this year (from EUR 1.9 billion in 2020). Figure 25: Receipts from the EU budget Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other Total receipts (January–March2020) Expected reimbursements in the revised budget 2021 Total receipts (January–March 2021) In EUR m Source: MF. Slovenia’s net budgetary position against the EU budget was positive in the first three months (at EUR 34.3 million). Receipts from the EU budget amounted to EUR 231.8 million, while payments to the EU budget totalled EUR 197.5 million. The bulk of receipts were funds for the implementation of the Common Agricultural and Fisheries Policy (EUR 102.6 million – 33.9% of the revenue planned in the budget), which are very high each March due to direct payments to farmers.16 From the structural funds, the state budget received EUR 94.3 million (13.4% of the revenue planned) and from the Cohesion Fund EUR 30.6 (12.4% of the revenue planned). 16 77.5% of receipts were direct payments to farmers and 22.5 % resources from the fund for rural development. selected topic Solvency of business entities in Slovenia in the months of the COVID-19 epidemic1 In 2020 and 2021, a major deterioration in solvency was prevented by government measures, but the consequences of the COVID-19 epidemic and the related containment measures are not yet fully visible. Owing to a number of targeted intervention measures, the situation regarding the insolvency of business entities has not deteriorated notably in this period. This was also due to financial stability and generally good business results of business entities in the years before the epidemic. The indicators of solvency therefore do not yet show the consequences of the epidemic in their true dimensions. The crisis has so far affected particularly the service sector and sole proprietors.2 However, with the duration of the epidemic and regardless of government support measures, there is an increasing risk that the consequences will show with a delay, especially in the most exposed sectors. Businesses in those parts of the economy where activity will contract to such an extent that they will not be able to operate even with liquidity injections will have to solve problems by restructuring, types of business entities. One of the reasons was that an amendment to the insolvency legislation was adopted as part of the intervention measures, which introduced a moratorium on bankruptcy filings to give companies time to restructure. For the time of the epidemic, the government, in line with the anti-coronavirus packages, approved substantial financial assistance to the economy and – among other things – took over the payments of social contributions and wage compensation for workers on temporary layoff and deferred the payment of taxes for up to 24 months. Another reason was that it was difficult to initiate insolvency proceedings during the epidemic, as the courts were not functioning at full capacity in times of the emergency situation. Figure 26: Number of initiated insolvency proceedings in all business entities in 2019, 2020 and 2021, by month Bankruptcies Settlements* Liquidations* 160 140 120 100 80 JanFebMarAprMajJunJulAvgSepOktNovDec2019 JanFebMarAprMaj2020 JunJulAvgSepOktNovDec 2021 JanFebMar including through compulsory settlements by writing off part of the liabilities they will not be able to repay. The Number 60 40 decline in business operations is having a negative impact on the indicators of indebtedness, which is reflected in 20 lower solvency and an increase in overdue liabilities. The 0 loss of income makes it difficult to repay debts, which can lead to bankruptcies. Between April 2020 and March 2021, a total of 18,410 business entities were struck off the Business Register (12,626 sole proprietors and 3,042 companies). Compared with 2019, this is 3% more sole proprietors and almost a fifth fewer companies. Data show that during the epidemic, many sole proprietors closed their businesses because they were unable to meet their obligations due to the ban on operations. When the situation seemed to have settled, they registered anew. Despite instabilities, 15,094 sole proprietors and 3,345 companies thus registered anew, which is 8% and 16% fewer respectively than in 2019. The number of insolvency3 proceedings initiated up to March in 2021 was similar to that in 2019 for all 1 In the 12 months from April 2020 to March 2021. Data are calculated from April 2020, when the consequences of the epidemic became visible. In the first wave of COVID-19, Slovenia declared a state of epidemic on 12 March 2020. It lasted 80 days, until 31 May 2020. In the second wave, a state of epidemic was declared on 19 October 2020, initially for 30 days but continuously extended. The last extension is in force until 16 May 2021 . 2 Particularly enterprises and sole proprietors in market service activities – accommodation and food service activities, administrative and support service activities, and arts, entertainment and recreation. 3 Insolvency is a situation where a debtor, over a longer period, can no longer meet all of its financial obligations that fall due in this period (prolonged illiquidity) or becomes unable to cover its financial obligations in the long term. Source: AJPES – Business Register of Slovenia. Note: * Compulsory and voluntary. The number of bankruptcy proceedings4 initiated against legal entities and sole proprietors since the beginning of the epidemic was smaller than in 2019, mainly due to the non-functioning of the courts. Overall, 943 bankruptcy proceedings were initiated against legal entities, 16% less than in 2019. The most were in trade, construction, accommodation and food service activities, and professional, scientific and technical activities. A total of 72 bankruptcy proceedings were initiated against sole proprietors, 42% less than in 2019. The most were in trade, construction, and accommodation and food service activities. As a result of bankruptcy, 1,157 companies and 92 sole proprietors were deleted from the Business Register in this period, 8% and 28% less respectively than in 2019. When the government intervention measures are lifted, the number of bankruptcies is, however, expected to increase again. 4 Bankruptcy is a form of a court-ordered liquidation procedure for an over-indebted or insolvent business. It is administered under court supervision by a bankruptcy trustee, who liquidates the debtor’s property to obtain financial assets for settling creditor claims. Upon completion of the bankruptcy procedure, the legal entity is deleted from the court register. 2019 2020 2021 Source: AJPES – Business Register of Slovenia. During the epidemic, fewer personal bankruptcies5 were filed than in 2019. Between April 2020 and March 2021, the number of initiated (1,295) and the number of completed (2,370) personal bankruptcies were a third lower than in 2019. 5 According to data from the Supreme Court of the RS. Personal bankruptcy proceedings are conducted against a natural person having permanent or temporary residence in the Republic of Slovenia; against a consumer having no permanent or temporary residence in the Republic of Slovenia if he/she received a salary or other regular remunerations in the Republic of Slovenia or if he/she has assets in the Republic of Slovenia; or against a sole proprietor or a private person having neither permanent nor temporary residence in the Republic of Slovenia if his/ her registered office is in the Republic of Slovenia. 30 0 0 2019 2020 2021 Source: AJPES – Business Register of Slovenia. 2019 2020 2021 Source: AJPES. 5 0 implementation of the act on intervention measures to support the economy.7 30 5 by two-thirds (they nevertheless still account for 42% of all unpaid liabilities). This was mainly attributable to the 0 0 together account for almost half of all daily amounts due. Short-term outstanding liabilities (up to three months) declined by a third compared with 2019, while long­term outstanding liabilities (of over one year) fell almost Figure 28: Number of legal entities and sole proprietors deleted from the Business Register due to bankruptcy in 2019, 2020 and 2021, by month Initiated bankruptcy proceedings against legal entities (left axis) Initiated bankruptcy proceedings against sole proprietors (right axis) 180 20 150 Number Number Jan Feb Mar Apr MajJunJul AvgSepOkt Nov Dec Jan Feb Mar AprMajJun Jul Avg SepOktNov Dec Jan Feb Mar 10 15 10 15 Number Number Number 1.000 3.000 150 2.000 100 In EUR million Figure 27: Number of initiated bankruptcy proceedings in legal entities and sole proprietors in 2019, 2020 and 2021, by month Initiated bankruptcy proceedings against legal entities (left axis) Initiated bankruptcy proceedings against sole proprietors (right axis) 150 25 120 20 6 These are matured liabilities outstanding for more than five consecutive days in a month. AJPES keeps records of outstanding matured liabilities from court enforcement orders and tax debt. These records do not include other outstanding liabilities from unpaid invoices between creditors and debtors. 7 Data for April and May 2020 and January, February and March 2021 are not directly comparable with data for other periods due to the entry into force of: 1) the Act Determining the Intervention Measures to Contain the COVID-19 Epidemic and Mitigate its Consequences for Citizens and the Economy (ZIUZEOP) on 11 April 2020, which deferred the execution of enforcement orders in enforcement procedures conducted under the Claim Enforcement and Security Act (ZIZ) and suspended the execution of enforcement orders in procedures under the Tax Procedure Act (ZDavP-2) until 31 May 2020 (with the exception of procedures based on a claim for legal alimony or damages for lost alimony due to the death of the alimony provider) and 2) the Act Determining Intervention Measures to Assist in Mitigating the Consequences of the Second Wave of the COVID-19 Epidemic (ZIUPOPDVE) on 31 December 2020, which suspended the execution of enforcement orders in tax execution procedures until 31 January 2021, except for urgent cases. Publication in the Official Gazette of the Republic of Slovenia, No. 38/2021 of 16 March 2021 – decision on the prolongation of the measure until 18 April 2021. Figure 29: Legal entities with outstanding matured liabilities for more than five consecutive days in a month and average daily amounts of outstanding matured liabilities Number of legal entities with outstanding matured liabilities (left axis) Average daily amount of outstanding matured liabilities, in EUR million (right axis) 5.000 300 4.000 250 200 The number of legal entities with outstanding matured liabilities6 in the analysed period since the beginning of the epidemic was smaller than in 2019. The average monthly number of legal entities (2,820) was a quarter and the average daily amounts of outstanding liabilities 41% lower than in 2019. The number of non-payers decreased in all sectors, notably trade, construction, and professional, scientific and technical activities. The average daily amounts of outstanding liabilities declined the most in trade and construction. These sectors Figure 30: Average daily amounts of legal entities by the number of days of the recorded outstanding matured liabilities Up to 30 days From 91 to 365 days More than 365 days 300 250 In EUR million The mutual indebtedness of business entities declined by EUR 167 million due to set-offs during the epidemic, by a fifth less than in 2019. In the last 12 months, an average of 2,442 debtors per round of set-offs reported liabilities in the total amount of EUR 4.6 billion, but only 3.6% of the reported liabilities were set off. In all rounds of set-offs in the analysed period since the beginning of the epidemic, more than half of all offset liabilities were in trade (41%) and manufacturing (27%). In one round, approximately two-thirds of debtors set off at least part of their mutual liabilities. The participants of set-offs are companies and sole proprietors. 2019 2020 2021 Total amount of reported liabilities (left axis) Source: AJPES. Average number of debtors per round of set-offs (right axis) The number of sole proprietors8 with outstanding matured liabilities declined almost by a third between April 2020 and March 2021 in comparison with 2019; 200 150 100 50 0 Figure 32: Results of multilateral set-offs of mutual obligations in 2019, 2020 and 2021, by month the amounts due were also lower. In this period, their average monthly number (2,566) was 1,170 lower and the average daily amounts of their outstanding liabilities (EUR 27 million) were 40% lower year on year. The problem remains delays in payment and the concentration of non­payments, as more than a third of all non-payers together owe more than 40% of all average daily amounts for more than one year. Similar to the previous year, the majority of non-payers are in construction, trade, accommodation and food service activities, and professional, scientific and technical activities. Figure 31: Sole proprietors with outstanding matured liabilities for more than five consecutive days in a month and average daily amounts of outstanding matured liabilities Average daily amount of outstanding matured liabilities (right axis) Number of sole proprietors with outstanding matured liabilities (left axis) 4,500 100 4,000 90 3,500 80 3,000 70 New solutions in insolvency proceedings are being prepared in support of the economy.9 The Ministry of Justice is preparing amendments to the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act, in which several decisions of the Constitutional Court are to be taken into account. The amendments aim to introduce a new imminent insolvency proceeding (judicial restructuring before insolvency), change the compulsory settlement proceedings (for micro companies and entrepreneurs) and allow audits in insolvency proceedings. Moreover, the announcement of the sale of assets in these proceedings in one place would also become mandatory and the possibility of online public auctions allowed. However, the Association of Creditors in Bankruptcy Proceedings considers that the legislative changes will not save creditors or prevent 60 2,500 In EUR million Number 50 2,000 40 1,500 30 1,000 20 a major increase in insolvency.10 500 10 0 0 9 https://www.gov.si/novice/2020-04-21-13-redna-seja-vlade-republike­8 Sole proprietors and other natural persons engaging in activities slovenije/ registered in the Business Register of Slovenia. 10 IUS-INFO, iusinfo@lexpera.si, 14 April 2021. statistical appendix Main indicators 2015 2016 2017 2018 2019 2020 2021 2022 2023 Spring Forecast 2021 GDP (real growth rates, in %) 2.2 3.2 4.8 4.4 3.2 -5.5 4.6 4.4 3.3 GDP in EUR million (current prices) 38,853 40,443 43,009 45,863 48,393 46,297 48,452 51,345 54,026 GDP per capita in EUR (current prices) 18,830 19,589 20,819 22,135 23,165 22,014 22,973 24,250 25,427 GDP per capita (PPS)1 22,700 23,600 25,100 26,400 27,700 GDP per capita (PPS EU27=100)1 83 84 86 87 89 Rate of registered unemployment 12.3 11.2 9.5 8.2 7.7 8.7 8.5 8.1 7.6 Standardised rate of unemployment (ILO) 9.0 8.0 6.6 5.1 4.5 5.0 5.0 4.8 4.5 Labour productivity (GDP per employee) 0.9 1.3 1.8 1.2 0.7 -4.6 3.8 2.8 1.7 Inflation2, year average -0.5 -0.1 1.4 1.7 1.6 -0.1 0.8 1.2 1.7 Inflation2, end of the year -0.4 0.5 1.7 1.4 1.8 -1.1 1.1 1.5 2.0 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 4.7 6.2 11.1 6.3 4.1 -8.7 8.6 7.3 5.5 Exports of goods 5.3 5.7 11.1 5.9 4.3 -5.6 8.7 5.7 4.8 Exports of services 2.4 8.0 11.2 7.5 3.3 -20.2 8.0 14.5 8.4 Imports of goods and services (real growth rates, in %) 4.3 6.3 10.7 7.2 4.4 -10.2 8.8 8.1 6.1 Imports of goods 5.1 6.6 10.8 7.7 4.7 -8.9 9.1 7.4 5.8 Imports of services 0.1 4.7 10.6 4.8 3.3 -17.5 7.0 12.1 7.5 Current account balance3, in EUR million 1,483 1,932 2,674 2,680 2,723 3,366 3,220 3,128 3,107 As a per cent share relative to GDP 3.8 4.8 6.2 5.8 5.6 7.3 6.6 6.1 5.8 Gross external debt, in EUR million 46,171 44,325 43,231 42,148 43,796 48,252 50,197* As a per cent share relative to GDP 118.8 109.6 100.5 91.9 90.5 104.2 Ratio of USD to EUR 1.110 1.107 1.129 1.181 1.120 1.141 1.208 1.208 1.208 DOMESTIC DEMAND Private consumption (real growth rates, in %) 2.0 4.4 1.9 3.6 4.8 -9.7 4.0 4.7 2.9 As a % of GDP 54.0 54.0 52.6 52.1 52.4 49.2 49.2 49.1 48.9 Government consumption (real growth rates, in %) 2.3 2.4 0.4 3.0 1.7 1.8 2.4 1.7 1.4 As a % of GDP 18.8 19.0 18.4 18.2 18.4 20.4 19.9 19.4 19.1 Gross fixed capital formation (real growth rates, in %) -1.2 -3.6 10.2 9.6 5.8 -4.1 9.0 8.0 6.5 As a % of GDP 18.7 17.4 18.3 19.2 19.6 19.9 21.1 21.9 22.7 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2021). Notes: 1 Measured in purchasing power standard; Eurostat 15.12.2020 2 Consumer price index. 3 Balance of payments statistics. *end February 2021. Production 2018 2019 2020 2018 2019 2020 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.1 3.0 2.5 4.4 4.1 1.6 -1.4 -17.4 -2.8 1.6 0.8 11.7 3.8 -1.8 B Mining and quarrying -0.9 -3.4 -2.1 0.5 8.5 -1.6 -10.9 -7.6 -13.7 -9.2 8.5 7.6 21.7 5.1 -1.0 -8.6 C Manufacturing 5.7 3.5 -4.8 3.9 2.5 4.5 4.9 2.3 0.0 -17.8 -2.6 1.8 1.1 12.6 3.8 -2.3 D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 -5.8 0.2 3.6 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -6.8 1.2 4.3 5.5 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 12.7 20.9 8.4 -5.9 -2.2 1.9 -13.4 2.7 6.1 25.9 8.8 10.5 5.9 Buildings 17.2 -0.1 -0.6 4.5 31.7 -17.5 0.1 -7.2 -26.3 -0.9 2.8 23.9 11.0 -19.7 -15.4 -17.5 Civil engineering 17.6 4.4 2.7 15.2 23.3 8.8 -1.6 -2.6 5.8 -9.1 4.8 9.6 34.2 9.8 13.9 3.3 MARKET SERVICES, year-on-year growth rates, % Services, total 7.4 2.2 -11.1 7.4 4.4 2.6 3.2 -0.9 -5.4 -22.5 -6.7 -9.3 3.4 3.9 1.2 2.7 Transportation and storage 7.0 3.2 -8.0 6.2 5.8 5.9 4.3 -2.8 -5.3 -21.2 -6.6 1.6 4.5 5.8 3.6 8.4 Information and communication activities 6.0 1.0 -0.4 6.8 1.8 2.8 -0.8 0.5 3.3 -7.1 2.4 0.1 -0.5 4.0 4.3 0.1 Professional, scientific and technical activities 13.0 5.8 -3.0 14.4 8.6 1.4 11.3 3.2 -0.2 -11.3 -0.2 -0.5 9.1 5.4 -2.4 1.5 Administrative and support service activities 9.1 -5.9 -24.2 6.0 -3.9 -3.8 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -2.83 -2.75 -3.0 -5.7 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 4.3 -7.2 11.7 10.1 5.2 4.5 -1.5 -4.1 -13.5 -3.0 -7.8 6.3 11.9 4.2 0.0 Real turnover in retail trade 4.6 3.4 -8.9 11.9 9.1 6.7 4.1 -4.7 -5.3 -11.9 -6.3 -11.9 5.2 14.7 4.7 1.4 Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 3.3 9.0 2.7 0.0 3.6 -13.7 -25.9 3.8 -16.7 5.3 6.7 5.4 -4.0 Nominal turnover in wholesale trade & commission trade 9.3 5.2 -3.4 14.6 11.2 5.1 6.5 -0.7 0.6 -9.6 -2.8 -1.7 7.4 12.0 3.3 0.7 TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 14.4 3.1 4.4 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 0.9 8.6 -4.4 8.5 Domestic tourists, overnight stays -0.1 -2.5 32.8 2.4 4.4 -3.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 6.9 -14.4 4.0 -1.6 Foreign tourists, overnight stays 15.4 1.7 -70.5 21.7 2.2 7.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -2.7 19.2 -7.2 12.5 Accommodation and food service activities 7.1 7.6 -37.1 6.7 10.1 7.5 6.8 6.7 -15.4 -59.4 -12.9 -62.7 10.0 7.7 4.4 10.2 AGRICULTURE BUSSINES TENDENCY (indicator values**) Confidence indicator in manufacturing 8 0 -9 7 4 0 0 -2 -3 -28 -4 0 2 1 3 -3 in construction 22 11 -5 20 16 12 9 7 7 -23 -5 0 15 11 13 12 in services 24 21 -10 24 24 21 20 20 14 -35 -9 -10 22 22 20 21 in retail trade 14 19 1 13 22 20 20 13 18 -18 12 -8 25 15 27 18 consumer confidence indicator -7 -10 -26 -9 -8 -9 -9 -14 -14 -35 -24 -31 -9 -10 -8 -8 Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. 2019 2020 2021 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 7.5 0.6 5.2 -1.1 -2.9 -0.4 0.0 2.3 -13.5 -27.4 -12.8 0.0 -1.6 -5.3 -2.4 -7.1 -9.4 -7.1 -11.7 -3.3 - - 7.5 2.9 1.8 -5.0 -3.8 -5.3 -1.7 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.3 -14.2 -1.2 - - 0.1 -10.4 10.7 3.9 0.9 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.3 -18.6 -9.4 - - 10.6 2.5 6.1 0.1 -3.6 1.4 0.3 4.2 -2.2 -17.7 -10.4 -0.5 -3.7 -5.2 0.2 -4.5 -1.4 1.2 -7.1 -2.3 - - Labour market 2018 2019 2020 2018 2019 2020 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 963.9 965.3 967.8 965.6 974.9 974.9 974.1 971.2 975.5 967.2 968.1 968.0 965.6 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 886.9 885.3 895.5 894.6 901.5 896.5 884.6 884.1 890.5 893.2 896.1 897.2 893.8 In agriculture, forestry, fishing 26.3 24.9 26.4 27.9 25.6 25.4 23.8 24.8 26.3 26.4 26.4 26.3 25.4 25.4 25.4 23.8 In industry, construction 280.9 291.7 288.5 287.1 287.5 292.7 292.7 294.0 291.2 288.0 286.0 288.9 292.0 292.9 293.2 292.9 - in manufacturing 202.6 207.9 202.8 206.4 207.4 208.5 207.6 208.4 206.2 202.6 200.1 202.5 208.5 208.5 208.5 207.6 - in construction 58.4 63.9 64.9 60.7 60.4 64.2 65.1 65.8 64.3 64.7 65.1 65.6 63.5 64.3 64.7 65.2 In services 565.7 577.6 574.0 571.9 572.2 577.5 578.0 582.8 579.0 570.2 571.7 575.3 575.8 577.9 578.7 577.1 - in public administration 49.0 49.0 49.3 49.0 48.7 48.9 49.0 49.2 49.0 49.2 49.4 49.6 48.6 49.1 49.0 49.0 -in education, health-services and social work 135.0 137.8 141.5 136.7 137.0 137.8 137.0 139.6 140.4 140.7 141.0 143.8 137.7 137.9 137.8 136.5 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 792.0 792.7 803.0 803.3 808.6 802.4 790.5 790.0 795.6 800.7 803.5 804.6 802.7 In enterprises and organisations 729.3 749.2 744.8 740.3 741.6 749.7 750.0 755.5 751.3 741.3 739.9 746.7 747.8 750.3 751.2 749.4 By those self-employed 50.9 52.7 49.8 51.7 51.1 53.2 53.4 53.2 51.1 49.2 50.1 48.9 53.0 53.3 53.4 53.4 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 94.9 92.6 92.6 91.2 92.9 94.1 94.0 94.1 94.9 92.5 92.6 92.6 91.0 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 77.0 80.0 72.2 71.1 73.4 78.4 89.5 87.1 85.0 74.0 72.0 70.7 71.9 Female 39.9 37.5 42.6 39.2 39.6 36.8 36.6 36.8 38.3 45.0 44.1 43.0 37.7 36.7 36.1 37.1 By age: 15 to 29 15.1 14.1 17.2 16.1 15.5 13.1 12.6 15.0 15.3 18.3 17.1 18.0 13.7 13.1 12.6 12.8 Aged over 50 31.5 29.7 31.0 29.9 31.5 29.6 29.0 28.7 30.6 31.9 31.3 30.3 30.0 29.6 29.3 29.3 Primary education or less 24.3 23.4 26.4 24.0 25.8 22.8 22.1 23.0 25.2 27.8 26.6 26.1 23.4 22.8 22.3 22.3 For more than 1 year 40.6 38.1 38.0 39.1 39.2 38.3 37.9 37.2 37.3 37.5 38.1 38.9 38.4 38.4 38.0 38.0 Those receiving benefits 20.0 19.3 25.9 18.5 23.5 17.4 17.9 18.5 24.5 29.8 25.6 24.0 17.3 17.7 17.1 17.5 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 8.0 8.3 7.5 7.4 7.5 8.0 9.2 9.0 8.7 7.6 7.4 7.3 7.4 Male 7.5 6.9 8.0 7.2 7.7 6.7 6.5 6.8 7.5 8.4 8.1 7.9 6.9 6.7 6.5 6.6 Female 9.2 8.5 9.6 8.9 9.0 8.4 8.4 8.3 8.6 10.2 10.0 9.7 8.6 8.4 8.2 8.5 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 4.8 -0.7 -1.9 -0.3 1.8 0.9 3.8 -1.9 1.2 -2.6 -2.0 -1.3 1.1 New unemployed first-job seekers 11.4 0.8 0.8 5.6 0.6 0.4 0.6 1.6 0.6 0.5 0.6 1.5 0.4 0.4 0.4 0.4 Redundancies 65.1 5.4 7.4 17.4 6.5 4.1 4.8 6.2 7.5 9.5 6.0 6.4 4.5 4.1 3.8 5.8 Registered unemployed who found employment 61.5 4.7 5.4 12.4 6.2 4.8 3.9 3.9 5.5 4.8 6.5 4.6 5.9 4.7 3.8 3.3 Other outflows from unemployment (net) 21.6 1.8 1.8 5.8 1.7 1.7 1.8 2.1 1.7 1.3 2.0 2.2 1.6 1.7 1.6 1.8 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 27.0 29.6 32.3 34.2 35.7 35.6 34.9 37.7 38.1 31.6 32.3 32.9 33.5 As % of labour force 2.5 3.4 3.9 2.8 3.1 3.3 3.5 3.7 3.6 3.6 3.9 3.9 3.3 3.3 3.4 3.5 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. 2019 2020 2021 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 964.7 966.6 973.7 974.1 976.8 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 893.2 896.8 901.3 901.7 901.5 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 23.8 23.8 24.8 24.8 24.7 26.3 26.3 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 292.4 292.9 293.8 293.7 294.4 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 207.4 207.7 208.3 208.1 208.8 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 65.0 65.1 65.6 65.8 65.9 63.6 64.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 577.0 580.0 582.7 583.2 582.4 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 49.0 49.1 49.2 49.2 49.1 48.9 49.0 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 136.3 138.2 139.1 139.8 139.9 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 802.0 805.3 808.4 808.9 808.7 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 748.7 751.9 754.7 755.4 756.3 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 53.3 53.5 53.7 53.5 52.4 51.4 51.5 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 91.2 91.4 92.9 92.9 92.9 94.1 94.2 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 71.5 69.8 72.4 72.4 75.3 79.8 77.5 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 37.1 35.7 36.9 36.8 36.9 38.6 37.8 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 12.6 12.4 15.1 14.8 15.2 15.6 15.1 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 29.1 28.6 28.4 28.4 29.3 31.2 30.4 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 22.1 22.1 22.4 22.5 24.2 25.9 25.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 37.8 37.9 37.6 37.2 36.8 37.8 37.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 18.4 17.9 18.2 18.7 18.5 25.6 24.1 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 7.4 7.2 7.4 7.4 7.7 8.2 7.9 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 6.5 6.5 6.7 6.7 7.2 7.7 7.5 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 8.5 8.1 8.3 8.3 8.4 8.7 8.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 -0.3 -1.7 2.6 0.0 2.9 4.5 -2.4 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 0.3 1.0 3.6 0.8 0.5 0.7 0.6 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 3.9 4.8 5.9 5.3 7.4 10.6 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 2.9 5.4 4.6 3.9 3.2 4.7 5.8 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 1.6 2.0 2.3 2.1 1.8 2.0 1.7 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 34.1 35.0 35.7 36.3 36.6 37.2 36.6 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 3.5 3.6 3.7 3.7 3.7 3.8 3.7 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 Wages in EUR 2018 2019 2020 2018 2019 2020 2020 Q4 20 Feb 20 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,955 1,946 3.4 4.3 5.8 3.3 4.6 3.9 4.5 4.2 3.2 8.8 4.8 6.7 Private sector activities (A–N; R–S) 1,750 1,831 1,797 3.8 3.6 3.8 4.1 4.0 3.2 4.0 3.1 2.8 5.5 3.9 3.2 Public service activities (OPQ) 2,187 2,340 2,393 2.4 6.5 10.5 1.3 6.4 6.1 6.0 7.6 4.2 15.8 6.3 16.0 Industry (B–E) 1,815 1,918 1,891 3.8 3.4 3.4 3.5 3.5 3.2 3.9 3.0 4.3 3.5 3.1 2.7 Trad, market services (GHI) 1,583 1,642 1,618 4.0 3.4 2.8 4.5 4.3 3.1 3.8 2.5 1.1 4.9 3.8 1.9 Other market services (J–N; R–S) 1,979 2,065 1,999 3.9 5.1 5.0 5.1 5.7 4.4 5.4 4.8 3.2 7.7 5.1 4.3 A Agriculture, forestry and fishing 1,489 1,526 1,467 5.3 3.0 4.6 7.8 5.4 3.0 3.8 0.3 5.2 7.7 3.5 2.4 B Mining and quarrying 2,360 2,425 2,204 7.6 0.3 5.1 9.1 -3.0 -1.8 2.6 3.8 4.3 9.8 2.8 3.7 C Manufacturing 1,772 1,875 1,870 3.9 3.5 3.2 3.5 3.6 3.5 3.9 2.9 4.2 2.8 3.0 2.7 D Electricity, gas, steam and air conditioning supply 2,734 2,891 2,537 2.9 4.3 4.0 2.2 4.6 2.4 4.7 5.6 6.4 5.3 3.2 1.5 E Water supply sewerage, waste management and remediation activities 1,739 1,831 1,718 3.0 2.7 4.2 4.5 3.7 2.0 3.9 1.6 2.9 7.7 3.6 3.0 F Constrution 1,390 1,439 1,408 4.2 2.2 5.5 3.9 2.0 1.6 2.8 2.3 2.0 9.4 5.2 5.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,753 1,703 4.2 3.9 4.2 4.4 4.9 3.2 4.5 3.2 2.3 6.1 4.8 3.9 H Transportation and storage 1,565 1,604 1,561 3.3 1.6 -0.1 4.6 2.7 2.3 2.0 -0.2 0.3 1.1 1.0 -2.4 I Accommodation and food service activities 1,180 1,143 1,200 4.9 4.8 -3.8 5.1 5.2 4.6 4.3 5.2 -3.0 -5.9 2.2 -9.5 J Information and communication 2,480 2,594 2,536 4.1 5.7 4.5 6.3 6.8 5.9 4.6 5.4 4.0 6.5 4.1 3.6 K Financial and insurance activities 2,658 2,750 2,533 4.8 4.6 2.5 4.8 6.0 2.8 5.3 4.3 2.7 4.1 2.3 0.8 L Real estate activities 1,676 1,723 1,687 0.9 5.2 4.2 2.3 3.7 5.8 5.4 5.5 3.6 7.9 4.5 1.3 M Professional, scientific and technical activities 2,048 2,148 2,084 4.2 4.6 4.0 4.1 4.3 4.1 5.0 5.0 2.4 6.3 4.0 3.5 N Administrative and support service activities 1,258 1,302 1,265 5.8 5.1 4.7 7.0 6.1 4.4 6.1 3.6 4.0 7.4 3.9 4.1 O Public administration and defence, compulsory social security 2,352 2,403 2,541 3.2 8.9 7.4 3.4 9.5 9.4 8.6 8.1 3.0 14.2 3.6 9.0 P Education 1,951 2,003 2,005 0.9 6.1 6.2 0.8 5.3 5.4 5.3 8.1 3.8 6.4 8.3 6.5 Q Human health and social work activities 2,323 2,661 2,718 3.4 5.1 17.7 0.1 5.0 4.1 4.5 6.9 5.7 26.5 6.6 31.4 R Arts, entertainment and recreation 1,778 1,827 1,823 1.7 4.3 0.0 2.8 5.1 2.7 3.8 5.4 -1.1 -2.4 4.5 -1.1 S Other service activities 1,491 1,534 1,538 1.2 4.7 4.5 2.3 4.5 3.2 4.5 6.1 0.1 12.3 3.7 3.0 Source: SURS, calculations by IMAD. 2019 2020 2021 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3.9 5.2 3.4 4.9 3.9 4.7 4.1 4.5 5.0 0.3 11.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 2.9 5.0 2.7 4.4 2.9 3.5 2.9 4.5 5.5 -1.3 7.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 6.7 6.2 5.4 6.3 6.7 8.6 7.6 4.3 3.4 4.8 20.7 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 2.3 4.9 2.2 4.5 3.0 2.7 3.4 4.9 6.6 1.2 6.1 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 3.8 4.4 3.0 3.8 2.5 4.4 0.6 3.6 4.7 -4.9 7.4 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 4.0 6.8 3.9 5.7 3.9 4.9 5.5 5.6 5.4 -1.2 8.9 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 2.6 5.4 2.3 3.6 5.8 -4.8 0.3 4.1 6.6 5.0 9.0 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 -1.8 5.8 -2.5 4.6 3.8 4.8 2.8 1.2 8.2 3.7 14.4 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 2.4 5.0 2.3 4.5 3.0 2.6 3.2 5.0 6.9 0.6 5.3 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 2.0 5.2 3.9 5.0 2.9 8.1 5.6 6.9 5.3 6.9 7.2 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 2.9 5.2 2.2 4.3 3.0 -2.0 4.0 1.6 3.5 3.6 11.2 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 1.6 3.1 2.3 3.0 2.4 1.9 2.4 3.5 3.9 -1.4 11.5 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 4.1 4.4 3.9 5.1 3.3 3.6 2.7 4.6 5.5 -3.1 6.9 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 2.4 4.1 1.1 0.8 -0.2 5.3 -5.1 0.9 2.8 -2.9 3.3 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 5.3 5.0 3.3 4.7 4.5 7.1 3.9 5.1 4.7 -18.8 -0.1 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 5.9 4.3 3.3 6.4 2.9 6.9 6.4 5.9 5.1 1.2 6.7 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 1.8 5.9 3.5 6.7 2.0 4.4 6.4 5.6 7.7 -3.1 6.4 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 6.2 5.3 5.6 5.4 5.8 6.7 3.9 5.5 4.6 0.7 7.9 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 3.7 5.4 4.5 5.1 5.2 5.6 4.2 5.2 3.4 -1.5 5.9 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 3.7 11.1 3.2 4.1 4.0 1.4 5.4 4.8 5.9 1.2 9.3 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 9.6 10.3 7.4 8.0 8.0 8.9 7.5 4.4 2.1 2.6 11.8 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 5.4 5.1 5.0 5.8 6.0 9.4 8.9 4.5 4.1 2.8 8.9 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 5.6 3.8 4.4 5.4 6.3 7.6 6.6 4.1 4.0 9.0 38.4 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 4.6 3.8 3.7 3.7 3.0 9.2 4.0 2.7 3.0 -9.1 -0.9 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 4.4 4.2 3.9 5.4 4.1 6.0 8.3 3.3 2.3 -5.0 17.8 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 Prices and indicators of overall competitiveness 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 CPI, y-o-y growth rates, % 1.4 1.8 -1.1 1.3 1.6 2.0 1.5 1.5 -0.9 0.0 -0.7 -0.5 1.7 1.4 1.8 2.0 Food, non-alcoholic beverages 0.6 3.3 1.0 0.4 1.1 2.5 2.4 4.0 4.4 3.6 2.0 -0.3 0.5 0.7 2.2 2.9 Alcoholic beverages, tobacco 0.4 1.9 3.2 0.4 0.4 1.6 1.6 1.7 1.3 0.3 3.5 3.5 0.2 -0.2 1.1 1.6 Clothing and footwear 0.3 0.5 -5.4 0.7 0.5 3.6 0.5 1.3 -3.8 -4.1 -4.5 -4.2 -0.2 0.1 1.5 3.2 Housing, water, electricity, gas 4.7 2.7 -0.6 4.2 5.3 4.5 2.6 0.7 -5.5 0.7 -0.3 1.7 5.1 5.6 5.2 4.8 Furnishing, household equipm. 0.9 0.4 -0.4 0.9 1.0 1.9 0.9 1.0 -0.9 0.2 -0.2 -0.1 0.9 0.5 1.5 2.2 Medical, pharmaceutical produ. 1.3 1.4 4.9 1.7 2.0 1.3 1.5 1.0 0.0 1.0 3.8 1.1 1.9 2.1 2.1 1.2 Transport -0.7 0.1 -5.9 -1.3 0.1 -1.3 -0.8 -0.2 -7.4 -6.6 -6.7 -2.6 0.8 0.3 -0.9 -1.3 Communications 3.3 -0.4 0.6 3.0 0.0 -0.2 0.4 -1.5 0.0 1.0 0.9 0.3 1.7 -0.9 -0.7 -0.5 Recreation and culture 1.9 0.6 -3.9 2.4 1.3 2.1 0.5 -0.1 0.2 0.3 -1.7 -3.0 2.0 0.7 1.3 2.0 Education 1.7 5.6 0.7 2.2 3.5 4.2 5.6 4.8 3.3 2.2 0.6 0.7 3.1 3.8 3.5 3.5 Catering services 2.4 3.2 0.6 2.8 3.3 3.0 3.0 2.0 1.3 1.0 0.7 0.6 3.2 3.0 3.6 2.9 Miscellaneous goods & services 1.7 4.4 0.7 1.3 2.1 2.4 4.1 4.9 3.7 2.9 0.9 0.5 2.5 1.9 1.8 1.8 HICP 1.4 2.0 -1.2 1.4 1.8 2.0 1.6 1.7 -1.2 -0.6 -0.9 -0.6 1.8 1.6 1.9 2.0 Core inflation (excluding fresh food and energy) 1.2 1.6 -0.1 1.5 1.5 2.1 1.7 1.5 0.5 0.6 0.2 -0.2 1.7 1.2 1.7 1.9 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 1.4 0.6 -0.2 1.1 0.9 0.3 0.4 -0.1 -0.6 -0.3 -0.1 1.2 1.2 1.0 0.5 0.2 Domestic market 1.2 2.1 1.0 1.5 2.1 1.9 2.0 1.3 0.3 0.3 0.9 1.9 2.0 2.2 2.0 1.8 Non-domestic market 1.6 -0.9 -1.4 0.9 -0.3 -1.4 -1.2 -1.4 -1.4 -0.8 -1.1 0.4 0.3 -0.3 -0.9 -1.3 Euro area 1.6 -0.7 -1.2 1.2 -0.3 -1.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 0.3 -0.3 -0.9 -1.6 Non-euro area 1.7 -1.2 -1.8 0.0 -0.3 -0.7 -1.1 -0.5 -1.3 -1.8 -1.9 -1.5 0.3 -0.4 -0.9 -0.5 Import price indices 1.7 -1.4 -2.6 1.4 0.2 -1.9 -1.9 -2.3 -4.7 -3.5 -3.4 1.3 1.2 0.5 -1.2 -1.3 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2 , nominal 0.8 -0.4 0.8 -0.6 -0.2 -0.4 -0.3 0.0 0.7 1.2 1.3 1.2 -0.7 0.0 0.1 -0.5 Real (deflator HICP) 0.8 -0.3 -0.4 -0.8 -0.1 0.1 -0.3 -0.1 -1.3 -0.1 0.0 -0.5 -0.7 -0.1 0.4 -0.2 Real (deflator ULC) 0.8 0.9 3.4 0.0 1.6 1.3 0.7 4.6 2.7 1.2 5.3 USD / EUR 1.1815 1.1196 1.1413 1.1357 1.1239 1.1116 1.1072 1.1023 1.1006 1.1695 1.1928 1.2056 1.1238 1.1185 1.1293 1.1218 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. 2019 2020 2021 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 2.3 1.7 1.4 1.4 1.8 2.1 2.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.9 1.7 1.5 2.4 3.3 3.4 4.0 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 1.7 1.6 1.4 1.6 1.9 1.4 1.7 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 5.2 2.3 0.6 0.5 0.5 1.4 1.8 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 4.9 3.9 2.9 2.1 2.7 4.1 3.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 2.7 0.7 1.3 1.0 0.4 0.8 0.6 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 1.4 1.4 1.7 1.4 1.4 1.4 1.7 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 -0.7 -2.0 -0.9 -1.6 0.1 1.3 -0.3 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 -1.2 1.1 0.5 1.2 -0.4 -0.1 -2.3 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 2.1 2.2 0.8 0.2 0.6 -0.9 0.7 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 3.5 5.6 5.5 5.6 5.6 5.5 4.5 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 3.3 2.8 2.9 2.8 3.2 1.9 2.0 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 2.0 3.5 3.4 4.5 4.4 5.3 5.4 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 2.4 1.7 1.5 1.4 2.0 2.3 2.0 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.3 2.1 1.8 1.8 1.6 1.4 1.7 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.2 0.4 0.2 0.5 0.6 0.3 0.1 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 1.9 2.1 1.9 2.0 2.1 1.9 1.5 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 -1.5 -1.3 -1.5 -1.1 -0.9 -1.3 -1.2 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 -1.8 -1.5 -1.7 -1.1 -0.7 -1.5 -1.7 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 -0.8 -0.8 -1.0 -1.0 -1.2 -0.6 0.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -2.2 -2.2 -2.4 -2.0 -1.4 -1.5 -1.7 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 -0.1 -0.5 -0.4 -0.4 -0.3 -0.4 -0.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.5 0.6 0.7 -0.1 -0.2 -0.4 -0.2 -0.2 -0.3 0.0 -1.5 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.8 0.7 1.1126 1.1004 1.1053 1.1051 1.1113 1.1100 1.0905 1.1063 1.0862 1.0902 1.1255 1.1463 1.1828 1.1792 1.1775 1.1838 1.2170 1.2171 1.2098 1.1899 1.1979 Balance of payments 2018 2019 2020 2018 2019 2020 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,680 2,723 3,272 508 716 690 662 655 818 646 899 909 163 257 217 305 Goods 1,282 1,330 2,503 120 414 434 204 278 583 585 730 604 158 150 42 148 Exports 30,817 32,013 29,629 7,922 7,983 8,295 7,831 7,904 7,856 6,425 7,358 7,989 2,589 2,850 2,785 2,837 Imports 29,535 30,682 27,126 7,801 7,569 7,861 7,628 7,625 7,273 5,840 6,628 7,385 2,431 2,700 2,744 2,689 Services 2,625 2,787 1,985 692 534 691 831 732 512 398 536 538 149 186 286 203 Exports 8,104 8,548 6,871 2,148 1,794 2,097 2,431 2,227 1,773 1,448 1,796 1,854 575 650 735 660 Imports 5,478 5,762 4,887 1,456 1,260 1,406 1,600 1,495 1,261 1,050 1,260 1,316 426 463 449 457 Primary income -819 -853 -689 -230 -9 -329 -239 -276 -113 -191 -269 -116 -38 -34 -83 -18 Receipts 1,578 1,701 1,621 411 418 481 355 445 456 375 334 455 93 123 123 214 Expenditures 2,397 2,554 2,310 641 428 810 594 722 569 567 603 572 131 158 207 233 Secondary income -408 -541 -526 -75 -223 -106 -134 -78 -165 -146 -99 -117 -106 -44 -27 -28 Receipts 793 805 852 242 185 188 204 229 198 198 190 266 67 59 71 60 Expenditures 1,201 1,346 1,378 317 407 294 338 307 362 345 289 382 172 103 99 89 Capital account -225 -187 -217 -120 -27 -11 -30 -120 -54 -18 -26 -119 -19 9 -9 15 Financial account 2,524 2,454 2,033 206 785 522 722 425 811 152 535 535 430 -160 187 377 Direct investment -934 -748 23 -229 -323 -193 -120 -112 -172 -111 -109 415 -393 28 -127 -27 Assets 373 773 704 97 429 20 116 208 30 203 -77 548 176 177 -21 115 Liabilities 1,307 1,521 681 327 753 213 236 320 202 314 32 132 569 149 106 142 Portfolio investment 744 791 -1,775 -515 546 -88 -92 424 -1,940 -1,916 1,328 753 2,166 -113 175 41 Financial derivatives -81 -163 27 -31 -184 20 -8 8 53 -32 5 2 -56 -66 8 3 Other investment 2,743 2,537 3,591 965 725 737 975 100 2,822 2,182 -715 -698 -1,254 -36 106 354 Assets 2,039 3,424 4,898 1,216 696 1,484 1,055 189 3,399 2,030 -647 116 -1,307 234 221 771 Other equity 68 84 61 -25 43 35 28 -22 13 19 14 14 36 4 12 12 Currency and deposits 1,493 2,836 4,699 1,544 -4 1,123 1,058 659 2,751 2,673 -791 67 -1,461 165 199 564 Loans 215 412 245 74 49 324 57 -18 79 41 55 71 11 6 13 132 Insurance, pension schemes, and standardised guarantee schemes -7 13 3 -8 8 1 1 2 2 3 -1 0 3 3 0 0 Trade credit and advances 303 42 -203 -318 571 -56 -142 -332 402 -545 75 -136 195 196 19 -27 Other assets -33 38 93 -50 29 56 52 -100 151 -160 2 100 -90 -140 -22 90 Liabilities -704 887 1,307 251 -29 747 80 89 576 -151 69 813 -53 269 115 418 Other equity 2 2 2 2 0 -1 0 2 0 0 0 2 0 0 -1 0 Currency and deposits -524 935 1,652 365 42 327 231 335 416 440 334 463 82 52 92 116 Loans -482 -158 -407 -297 -107 146 53 -250 40 -256 -325 134 -185 70 53 70 Insurance, pension schemes, and standardised guarantee schemes 20 27 65 -14 40 13 9 -35 40 18 6 0 13 13 4 4 Trade credit and advances 331 62 -143 179 2 116 -140 84 -58 -393 20 288 151 137 -69 152 Other liabilities -51 19 137 16 -5 144 -72 -48 138 39 33 -73 -114 -4 36 74 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 52 37 166 16 21 44 -33 5 49 29 26 62 -33 27 25 7 Net errors and omissions 69 -81 -1,022 -182 96 -157 90 -110 47 -476 -338 -255 286 -426 -22 57 Sources: BS, 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. 2019 2020 2021 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 168 209 240 213 386 300 -30 236 335 246 213 127 306 397 128 374 460 265 185 310 174 244 139 42 22 214 137 -72 142 249 192 169 127 289 356 93 281 300 218 86 266 188 2,672 2,871 2,199 2,761 2,905 2,747 2,251 2,580 2,692 2,584 1,836 2,113 2,476 2,690 2,006 2,662 2,820 2,776 2,394 2,417 2,626 2,428 2,732 2,157 2,739 2,691 2,611 2,323 2,438 2,443 2,392 1,668 1,986 2,186 2,334 1,913 2,381 2,519 2,558 2,308 2,152 2,438 201 283 290 258 301 219 211 192 195 125 134 112 152 177 153 206 250 133 156 127 127 701 856 815 760 759 697 770 608 621 544 460 444 544 640 577 580 639 539 676 439 484 500 573 525 502 458 478 559 415 426 419 326 332 393 463 424 373 389 407 520 312 358 -227 -156 -50 -33 -78 -40 -159 -1 -55 -56 -49 -56 -87 -102 -90 -77 -66 -35 -15 -8 -45 143 122 106 127 130 144 172 187 139 130 137 134 105 114 109 111 118 155 182 174 142 371 278 157 159 207 184 331 188 194 186 186 190 191 216 199 188 185 190 197 182 187 -51 -57 -42 -34 -52 -16 -10 -97 -53 -14 -41 -57 -48 -34 -28 -37 -24 -51 -42 -75 -95 56 67 62 75 70 74 85 66 55 78 73 60 65 72 56 63 89 88 88 62 64 107 124 104 109 122 90 96 163 108 92 115 117 113 106 84 100 113 139 130 137 159 -18 -10 -10 -9 -9 29 -139 -17 -17 -19 -4 -3 -11 -16 2 -13 -15 0 -105 -17 30 -42 497 -213 438 429 182 -186 253 336 222 274 -106 -15 145 132 257 321 322 -108 241 664 -38 -45 -46 -29 107 -17 -201 -4 -65 -103 -285 -10 184 18 -170 43 -12 -36 464 -151 -35 -74 101 -91 106 161 59 -11 100 134 -204 -119 172 150 -207 -104 234 187 78 282 -49 196 -36 146 -44 134 54 76 190 104 199 -101 167 182 -34 -225 66 192 200 114 -182 103 231 -303 -282 -17 207 86 -48 386 -848 -158 -934 -1,575 -490 150 274 507 547 -412 521 645 -1,129 488 10 -1 -9 3 3 1 4 14 11 28 -17 -8 -7 4 0 1 -5 2 5 9 1 277 863 -152 264 221 260 -381 1,070 535 1,217 2,143 410 -371 -166 -206 -343 739 -179 -1,258 1,497 219 491 843 89 123 177 409 -396 886 795 1,718 1,850 371 -191 -245 -241 -161 1,188 292 -1,364 1,645 1,343 12 8 10 10 -8 -8 -7 5 4 5 4 6 9 5 5 4 5 5 4 5 5 360 904 196 -42 38 394 227 690 533 1,528 2,315 484 -127 -356 -132 -304 844 153 -930 1,330 1,002 179 -2 28 31 -25 11 -5 14 27 38 21 8 12 -35 46 44 69 49 -47 37 13 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 -47 -80 -178 117 184 -15 -500 53 251 98 -368 -163 -14 96 -125 104 230 92 -458 183 274 -12 12 33 7 -13 26 -113 124 -21 48 -122 34 -72 46 -35 -10 40 -7 67 91 50 214 -20 241 -141 -44 148 -15 -184 260 501 -293 -39 180 -79 -35 182 449 471 -107 148 1,124 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 1 1 1 0 119 45 187 -1 144 20 171 4 66 346 299 -48 188 169 88 77 221 132 109 253 181 24 152 172 -271 -239 32 -43 -2 112 -70 -93 -5 -158 -113 -74 -138 53 230 -149 2 793 4 3 3 3 -12 -12 -12 13 13 13 6 6 6 2 2 2 0 0 0 0 0 33 -173 -106 139 49 104 -68 -274 75 140 -502 -66 175 -122 -37 179 184 132 -28 -127 128 34 -46 -15 -11 15 4 -66 74 -7 72 -4 73 -31 -14 -13 61 -10 -24 -40 19 21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12 -37 11 -7 12 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 -192 298 -442 234 52 -147 -16 34 18 -5 65 -230 -311 -236 2 -104 -124 57 -187 -52 460 315 340 261 352 336 344 333 252 316 284 230 277 301 325 239 335 336 329 321 264 N/A 1,407 1,556 1,223 1,458 1,552 1,442 1,102 1,398 1,424 1,390 982 1,067 1,242 1,342 1,075 1,381 1,489 1,454 1,213 1,384 N/A 1,077 1,128 828 1,157 1,204 1,165 920 1,329 1,175 1,286 863 1,087 1,212 1,275 901 1,244 1,334 1,195 988 1,241 N/A 362 386 266 403 374 389 424 329 308 298 213 298 337 339 277 339 374 461 405 299 N/A 1,437 1,656 1,313 1,667 1,591 1,546 1,312 1,495 1,462 1,473 1,000 1,155 1,233 1,404 1,154 1,408 1,509 1,769 1,377 1,354 N/A 900 1,029 747 936 1,246 971 1,015 959 1,019 1,031 725 801 1,047 1,019 913 922 1,079 1,062 1,030 888 N/A Monetary indicators and 2018 2019 2020 2018 2019 interest rates 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 7,165 7,719 11,805 7,088 7,165 7,256 7,023 7,152 7,219 7,327 7,606 7,631 7,913 7,791 Central government (S,1311) 4,937 4,696 4,520 4,939 4,937 4,980 4,805 4,819 4,944 5,089 5,058 5,070 5,007 5,037 Other government (S,1312,1313,1314) 580 602 639 558 580 588 587 583 577 581 577 570 567 574 Households (S,14, 15) 10,370 10,981 10,997 10,339 10,370 10,397 10,426 10,507 10,570 10,628 10,642 10,703 10,781 10,833 Non-financial corporations (S,11) 9,496 9,589 9,363 9,628 9,496 9,665 9,676 9,681 9,637 9,571 9,749 9,738 9,878 9,868 Non-monetary financial institutions (S,123, 124, 125) 1,502 1,661 1,640 1,503 1,502 1,503 1,490 1,486 1,484 1,482 1,496 1,503 1,493 1,486 Monetary financial institutions (S,121, 122) 4,275 5,230 7,969 3,904 4,275 4,247 4,380 4,207 3,963 4,099 4,001 4,335 4,067 3,894 Claims on domestic sectors, TOTAL In domestic currency 26,181 27,913 30,341 25,921 26,181 26,367 26,516 26,385 26,138 26,329 26,381 26,725 26,651 26,509 In foreign currency 446 391 345 451 446 435 432 434 420 422 419 416 420 412 Securities, total 4,429 4,382 4,361 4,393 4,429 4,475 4,397 4,433 4,580 4,659 4,685 4,727 4,666 4,704 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Overnight deposits 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up 0.16 0.17 0.15 0.17 0.17 0.16 0.18 0.17 0.16 0.19 0.17 0.15 0.16 0.16 to one year New loans to non-financial corporations in domestic currency INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % 3-month rates -0.322 -0.356 -0.425 -0.316 -0.312 -0.308 -0.308 -0.309 -0.311 -0.312 -0.329 -0.365 -0.408 -0.418 6-month rates -0.266 -0.302 -0.364 -0.257 -0.241 -0.236 -0.232 -0.230 -0.231 -0.237 -0.279 -0.347 -0.405 -0.394 3-month rates -0.735 -0.737 -0.708 -0.745 -0.735 -0.704 -0.713 -0.707 -0.715 -0.713 -0.717 -0.751 -0.817 -0.812 6-month rates -0.653 -0.684 -0.659 -0.667 -0.659 -0.639 -0.652 -0.648 -0.650 -0.656 -0.673 -0.719 -0.802 -0.771 Sources: BoS, EUROSTAT. 2019 2020 2021 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 7,819 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 4,959 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 10,950 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,027 9,869 9,882 9,589 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,597 9,562 9,552 9,548 9,364 9,505 9,519 9,629 1,479 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 4,011 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 26,728 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,499 29,630 29,858 30,299 30,342 30,993 30,521 31,150 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 4,642 4,581 4,382 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.16 0.17 0.18 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 -0.413 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.362 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.774 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.711 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 Public finance 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 18,593.6 19,232.3 18,528.6 4,518.9 4,944.0 4,671.6 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.6 1,702.7 1,622.5 1,618.9 1,461.5 Current revenues 17,575.9 18,293.3 17,578.7 4,276.0 4,730.5 4,478.2 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.7 1,623.1 1,542.0 1,565.5 1,438.2 Tax revenues 16,225.3 17,179.1 16,460.4 4,103.3 4,350.6 4,169.7 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 1,545.1 1,400.4 1,405.1 1,308.2 Taxes on income and profit 3,296.4 3,614.0 3,261.8 850.4 1,058.4 717.7 987.4 879.9 692.0 764.7 925.2 941.8 426.4 300.1 332.0 126.7 Social security contributions 6,549.8 7,021.3 7,289.9 1,710.3 1,734.9 1,745.5 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 580.1 576.6 578.2 583.8 Taxes on payroll and workforce 21.6 23.2 21.6 5.3 5.9 5.4 6.6 5.9 4.0 5.6 6.1 5.0 1.9 1.8 2.1 2.1 Taxes on property 277.9 296.4 287.3 26.3 67.6 120.9 81.6 31.0 48.6 111.3 96.4 33.5 18.8 19.9 28.9 35.7 Domestic taxes on goods and services 5,989.3 6,126.7 5,493.3 1,427.8 1,490.3 1,565.7 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 541.8 492.5 456.0 564.8 Taxes on international trade & transactions 89.8 98.6 102.4 25.5 25.6 25.5 22.1 24.0 24.5 25.3 28.7 28.1 9.3 8.3 8.0 10.2 Other taxes 0.5 -1.1 4.1 57.8 -32.0 -11.1 -15.8 22.5 136.7 -83.4 -71.7 49.2 -33.1 1.2 -0.1 -15.2 Non-tax revenues 1,350.6 1,114.2 1,118.2 172.6 380.0 308.5 253.1 249.7 339.7 291.3 237.6 284.2 78.0 141.6 160.4 130.0 Capital revenues 152.8 136.4 146.9 23.9 31.2 34.4 46.9 31.2 20.1 31.3 64.3 36.4 10.4 11.5 9.3 15.0 Grants 12.4 13.8 17.5 5.2 1.1 6.3 1.2 8.1 1.4 6.9 1.1 6.7 0.5 0.2 0.4 0.2 Transferred revenues 55.6 58.3 54.8 1.8 3.1 50.3 3.1 0.2 21.7 30.6 2.3 1.7 1.5 0.0 1.6 0.0 Receipts from the EU budget 796.9 730.5 730.7 212.1 178.0 102.4 238.0 200.9 133.3 189.6 206.9 233.2 67.2 68.7 42.1 8.1 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,068.0 18,968.8 22,070.6 4,689.9 4,506.0 4,705.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.7 1,491.8 1,454.3 1,559.9 1,700.8 Current expenditures 7,966.5 8,228.3 9,127.8 2,116.1 2,010.6 2,007.6 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,658.2 700.9 605.5 704.2 691.1 Wages, salaries and other personnel expenditures 4,167.9 4,470.5 4,965.3 1,069.5 1,178.3 1,101.6 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,483.4 355.8 363.1 459.4 375.1 Expenditures on goods and services 2,633.7 2,728.0 3,020.7 600.5 667.6 673.8 786.0 686.8 661.6 739.0 933.4 724.7 221.0 222.5 224.1 250.8 Interest payments 867.9 791.5 778.0 404.2 122.7 175.7 88.9 442.4 53.7 187.0 95.0 386.9 114.8 4.1 3.8 47.2 Reserves 296.9 238.4 363.8 42.0 42.1 56.4 97.9 47.3 40.5 32.8 243.2 63.1 9.3 15.8 17.0 18.0 Current transfers 8,236.6 8,704.2 10,867.7 2,187.9 2,107.1 2,201.2 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,019.5 677.8 715.9 713.4 849.6 Subsidies 443.9 467.9 1,449.3 161.8 113.4 53.5 139.3 167.9 711.7 305.5 264.2 294.9 26.5 39.8 47.1 19.9 Current transfers to individuals and households 6,925.8 7,323.9 8,250.8 1,784.6 1,816.5 1,912.6 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.0 613.0 600.3 603.2 745.7 Current transfers to non­profit institutions, other current domestic transfers 793.5 827.7 1,083.2 216.6 163.1 215.3 232.7 215.0 242.6 248.9 376.7 200.7 33.1 69.9 60.1 77.0 Current transfers abroad 73.4 84.7 84.4 25.0 14.1 19.8 25.9 23.2 11.2 16.6 33.4 29.9 5.1 6.0 3.0 6.9 Capital expenditures 1,159.9 1,252.9 1,230.6 156.1 240.3 315.4 541.2 172.8 232.7 263.2 561.9 194.0 67.0 88.2 85.2 102.0 Capital transfers 271.6 273.6 318.5 24.9 49.3 57.8 141.6 29.6 42.9 68.0 178.0 33.6 15.3 16.9 17.0 17.1 Payments to the EU budget 433.4 509.7 526.0 204.8 98.8 123.8 82.3 154.0 134.7 85.1 152.2 197.5 30.9 27.7 40.1 41.0 SURPLUS / DEFICIT 525.6 263.5 -3,542.1 -171.0 438.0 -34.2 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,299.0 210.9 168.2 58.9 -239.3 Source: MF. 2019 2020 2021 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 1,556.0 1,654.1 1,669.3 1,612.8 1,815.6 1,678.4 1,483.5 1,487.6 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.4 1,484.6 1,644.6 1,539.6 1,500.4 1,626.9 1,576.5 1,605.3 1,638.2 1,438.0 1,332.9 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.3 1,422.3 1,490.1 1,461.2 1,400.2 1,535.2 1,498.3 1,522.1 1,581.5 1,358.8 1,219.1 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 308.1 282.9 305.1 313.3 369.0 296.6 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 582.3 579.4 579.4 586.8 664.4 615.1 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 1.6 1.6 2.0 2.1 2.5 2.1 1.9 1.9 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 36.6 48.5 35.8 30.4 15.4 10.1 7.6 13.3 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 522.0 478.9 601.5 575.0 466.6 631.2 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 8.1 7.2 8.0 7.4 6.8 7.2 7.9 8.9 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 2.5 1.6 3.4 -16.6 -2.6 19.2 3.4 -0.1 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 78.4 100.1 91.6 78.2 83.2 56.7 79.2 113.8 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.8 95.7 66.8 7.3 12.1 15.3 11.9 19.7 11.3 12.2 7.8 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 0.5 5.6 1.2 3.7 -3.8 1.0 5.4 1.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.2 50.1 0.0 -0.2 3.3 0.1 0.0 0.0 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 8.4 85.9 25.9 20.9 191.1 27.9 27.9 145.1 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.2 1,487.7 1,517.2 1,540.6 1,628.2 1,898.4 1,723.2 1,498.0 1,803.4 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.4 657.8 658.6 642.1 696.0 755.9 799.9 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.4 1,149.4 368.2 358.2 375.5 370.3 375.4 403.1 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 549.6 204.7 218.3 246.0 236.1 303.9 235.1 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.7 235.7 293.2 56.3 72.2 8.8 66.9 13.3 153.2 21.3 267.9 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 28.6 9.9 11.9 22.8 63.2 8.6 13.3 25.5 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 668.4 683.1 711.5 740.5 756.0 781.6 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.9 1,024.7 16.5 17.0 33.1 49.3 56.8 82.8 39.7 45.4 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 68.1 54.9 578.4 588.4 605.9 599.9 604.4 623.5 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.1 674.8 847.0 63.0 75.3 70.2 75.7 86.8 66.5 68.5 80.0 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.5 88.0 109.2 10.5 2.3 2.4 15.5 8.0 8.8 8.4 6.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 100.3 113.1 122.9 141.7 276.6 53.5 56.9 62.4 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.1 19.7 21.0 24.0 31.0 86.6 11.0 8.0 10.5 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.5 17.3 41.5 41.3 40.0 19.0 23.4 77.1 48.5 28.4 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 68.3 136.9 128.8 -15.3 -82.8 -44.8 -14.6 -315.8 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.9 -239.4 -666.8 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, EMMI – European Money Markets Institute, 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, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial Administration of the Republic of Slovenia, GDP– Gross domestic product, GNI – gross national income, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, PMI – Purchasing Managers' Index, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, USA – United States of America, USD – US Dollar, VAT – value added tax, WEO – World Economic Outlook, ZZZS - The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J– Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, 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, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 4, Vol. XXVII, 2021