slovenian economic mirror No. 8, Vol. XXVII, 2021 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 8 / Vol. XXVII / 2021 Publisher: IMAD, Ljubljana, Gregorciceva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Barbara Bratuž Ferk, MSc Authors: Barbara Bratuž Ferk, MSc; Urška Brodar; Lejla Fajic; Tina Golob Šušteršic, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Mojca Koprivnikar Šušteršic; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markic, PhD; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Selected Topic: Branka Tavcar (Solvency of business entities during the COVID-19) Editorial Board: Marijana Bednaš, MSc; Lejla Fajic; Marta Gregorcic, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupancic, MSc; Janez Kušar, MSc Translated by: Špela Potocnik Technical editing and layout: Bibijana Cirman Naglic Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, November 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 .............................................................................................................................................................. 18 Financial markets ....................................................................................................................................... 19 Balance of payments ................................................................................................................................ 20 Public finance ............................................................................................................................................. 21 Selected topic ...........................................................................................................................................23 Solvency of business entities during the COVID-19 ...................................................................... 25 Statistical appendix ...............................................................................................................................29 The Economic Mirror is prepared based on statistical data available by 10th November 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 Economic growth in the euro area remained high in the third quarter but available indicators suggest that it will weaken towards the end of the year. According to Eurostat's first estimate, GDP rose by 2.2% compared to the second quarter (by 2.1% in the first quarter) and private consumption continued to be the main driver of growth. Available indicators show that growth in economic activity in the euro area will slow down in the last quarter amid worsening supply bottlenecks, high energy prices, inflationary pressures and the renewed spread of the epidemic. In October, the EC and IMF forecast growth of 5% for the euro area economy this year, slowing to 4.3% next year. Some indicators suggest that the growth of economic activity in Slovenia weakened in the third quarter, especially in the export-oriented sectors of the economy, while domestic consumption increased. Trade in goods declined in the third quarter, while manufacturing output growth slowed, which we believe is related to supply chain disruptions. However, compared to the same period in 2019, both indicators were higher. Construction activity fluctuates strongly from month to month and remained below the comparable 2020 level in August, mainly due to unfavourable trends in non-residential construction. Turnover in trade increased in August. In most sectors, turnover in the first eight months of the year combined was higher than in the same period of 2019. Turnover in market services also increased in August, and turnover in accommodation and food service activities has been rising strongly for several months, although it is still lower than in the same period in 2019. In current terms, household consumption strengthened in the summer months, mainly in tourism-related services. The first data for the beginning of the last quarter of this year show that the differences in the development of the export-oriented part of the economy and domestic consumption persist. Electricity consumption in October was roughly on par with the same periods in 2019 and 2020, while the year-on-year growth in freight traffic volumes on Slovenian motorways slowed somewhat. According to data on the fiscal verification of invoices, turnover growth in October was higher year-on-year, mainly as a result of last year's low turnover following the introduction of stricter containment measures in the autumn months. Uncertainty in the international environment, mainly due to supply chain disruptions, and regarding the future development of the COVID-19 epidemic most likely contributed to the deterioration of the economic sentiment indicator in October as well. Nevertheless, most confidence indicators remain higher than a year ago. Labour market conditions remain good. Employment remained at a similar level in August as in the previous two months and the number of employed persons increased by 0.7% year-on-year in the first eight months. In August, the highest year-on-year increases were again recorded in construction and human health and social work activities. Employment growth was also high in the accommodation and food service activities, reflecting a relatively quick recovery after last year’s sharp decline, but the number of employed persons in this sector remained below the two years ago level. The number of employed persons in arts, entertainment and recreation, sectors severely affected by the containment measures, was still lower this August than a year ago. The number of unemployed fell by a fifth in October compared to a year earlier and by almost a tenth compared to October 2019. The monthly increase in the number of unemployed in October largely reflects seasonal trends related to a higher inflow of first-time job seekers into unemployment. Compared to last year, however, youth unemployment has declined. In August, the year-on-year increase in average wages was lower than in previous months. In the public sector, high growth related to the payment of epidemic-related bonuses was followed by a slowdown. Year-on-year consumer price growth (3%) increased in October on the back of high growth of energy prices, as did growth in Slovenian industrial producer prices (8.6%) in September. About two-thirds of the year-on-year inflation was due to higher prices for petroleum products and heat energy. In the face of higher commodity and energy prices and supply chain disruptions, the increase in durable goods prices strengthened further (especially car prices). Industrial producer prices in domestic and foreign markets are also rising rapidly. Overall growth continues to be driven mainly by higher prices of intermediate goods and capital goods. Higher prices for intermediate goods and production bottlenecks also affect consumer goods price growth, which is still relatively low. Dollar prices of Brent crude oil rose again in October, and after several months of decline, non-energy commodity prices also rose. Prices of other energy sources, especially natural gas, are also rising sharply in global markets, which has an important impact on the rise in electricity prices in Europe. The overall deficit of the consolidated balance of public finance was higher in the third quarter than in the second, amounting to EUR 2,085 million in the first nine months, and was lower than in the nine months a year ago. Year-on-year revenue growth, which was very high in the second quarter due to last year’s low base, slowed in the third quarter, while year-on-year expenditure growth was slightly higher than in the second quarter (mainly due to a slower decline in subsidies and stronger growth in investment and payments to the EU budget). Expenditure on measures to mitigate the consequences of COVID-19 was lower in the third quarter than in the same period last year and also significantly lower than in the first and second quarters of this year, as many measures expired. In the first nine months of this year, expenditure on these measures was EUR 775 million higher than in the same period last year. In the first nine months, Slovenia received EUR 570.1 million from the EU budget (35.2% of revenue envisaged in the state budget for 2021) and paid EUR 440.4 million into it (77.9% of planned payments). PMI readings in October were the lowest in six months In the third quarter, activity growth slowed particularly in export-oriented sectors of the economy, while turnover in service activities has increased Composite index Manufacturing Services Goods export Ind. prod. in manufacturing 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 140 120 100 80 60 40 20 4 3 2 1 0 -1 -2 -3 Jan 19Apr 19Jul 19Oct 19Jan 20Apr 20Jul 20Oct 20Jan 21Apr 21Jul 21Oct 21 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 Source: SURS, calculations by IMAD. Source: MF, Bulletin of Government Finance; calculations by IMAD. current economic trends The international environment Figure 1: Quarterly economic growth in Slovenia’s main trading partners Q4 20 Q1 21 Q2 21 Q3 21 Economic growth in the euro area remained high Quarterly seasonally adjusted growth, in % Index 2010=100 EA EU Italy Austria France that growth in economic activity in the euro area will slow down in the last quarter. PMI readings in October were the lowest in six months. The economic recovery Source: Eurostat. Jan 15 Jan 16 Jan 17 Jan 19 Jan 20 Jan 21 5 4 3 2 1 0 -1 -2 in the third quarter. According to Eurostat's first estimate, GDP rose by 2.2% compared to the second quarter (by 3.7% year-on-year) and was 0.5% below the fourth quarter of 2019, the last quarter before the crisis. Private consumption continued to be the main driver of growth. Among Slovenia’s main trading partners, Austria recorded the highest growth (3.3% quarter-on-quarter, 4.8% year-on-year), and France and Italy also recorded high growth. Economic growth in Germany, which was the most affected by supply chain disruptions among all Slovenia's main trading partners, was 1.8% quarter-on-quarter (2.5% year-on-year). Available indicators show Germany Jan 18 Figure 2: Commodity prices Energy Non-energy commodities Agriculture Food Metals is losing momentum, mainly because of worsening supply bottlenecks, high energy prices and inflationary pressures, while uncertainty is also increasing because of the renewed spread of the epidemic. In their autumn forecasts, the IMF and EC expect growth of 5% for the euro area economy this year, slowing to 4.3% next year. Dollar prices of Brent crude oil rose further in October, and after several months of decline, non-energy commodity prices also rose. The average dollar price of Brent crude oil was up 12.2% in October (107.9% year-on-year) to USD 83.5/barrel. Prices of other energy sources, especially natural gas, are also rising sharply in global markets. It is estimated that they rose 25% month-on-month in October (307% year-on-year) amid lower stocks, higher demand and geostrategic impacts. Rising prices of natural gas, which is one source of electricity generation, also have a significant impact on rising electricity prices on the European market. According to the World Bank, non-energy commodity prices rose by 3% in October compared to the previous month and were up 30% year-on-year. Base metals prices (excluding 140 130 120 110 100 90 80 70 60 50 40 30 20 Source: World Bank. minerals and precious metals) in particular remain high. They rose further in October and were up 51% year-on-year. The prices of energy and other commodities have a significant impact on the rise in inflation in the euro area, which was 4.1% in October. Table 1: Brent crude oil prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2020 IX 21 X 21 X 21/IX 21 X 21/X 20 I-X 21/I-X 20 Brent USD, per barrel 41.83 74.49 83.54 12.2 107.9 69.7 Brent EUR, per barrel 36.57 63.30 72.01 13.8 111.0 60.3 USD/EUR 1.142 1.177 1.1601 -1.4 -1.5 5.6 3-month EURIBOR, in % -0.427 -0.545 -0.550 -0.5 -4.1 -13.9 Non-energy commodity prices, index 2010=100 84.11 111.45 115.21 3.4 30.0 34.5 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. 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. Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20Dec 20Jan 21 Feb 21 Mar 21 Apr 21 May 21Jun 21Jul 21 Avg 21 Austria France Croatia Electricity consumption in October was similar to the Italy Germany Slovenia same periods in 2019 and 2020. It lagged behind both periods by only about 1%. Among Slovenia’s main trading and food service activities has been rising strongly for several months, although it is still lower than in the same period in 2019. In current terms, household consumption strengthened in the summer months, mainly in tourism-related services. The first data for the beginning of the last quarter of this year show that the differences in the development of the export-oriented part of the economy and domestic consumption persist. Electricity consumption in October was roughly on par with the same periods in 2019 and 2020, while the year-on-year growth in freight traffic volumes on Slovenian motorways slowed somewhat. According to data on the fiscal verification of invoices, turnover in October was higher year-on-year, mainly as a result of last year's low turnover following the introduction of stricter containment measures in the autumn months. Uncertainty in the international environment, mainly due to supply chain disruptions, and in relation to the future development of the COVID-19 epidemic most likely contributed to the deterioration of the economic sentiment indicator in October as well. Nevertheless, most confidence indicators remain higher than a year ago. Figure 4: Electricity consumption in services are available from 2010 onwards. Source: SURS, calculations by IMAD. Note: Data on real turnover Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Sep 21 Jan 21 Oct 21 year-on-year in October, mainly due to weather-related power outages. to the base effect). In France, consumption was down 5% partners, Austria and France recorded lower consumption than in October 2019 (3% and 1%, respectively), while consumption in other countries was higher (1% in Italy, 2% in Germany and 4% in Croatia). Compared to October last year, consumption was higher in most of Slovenia’s trading partners - 1% in Germany, 2% in Italy and as much as 4% in Croatia. In Croatia we believe the increase is due to a better autumn tourism season than last year (also due months of the year combined was higher than in the same period of 2019. Turnover in market services also increased in August, and turnover in accommodation Goods export Ind. prod. in manufacturing Some indicators suggest that the growth of economic Construction output Turnover in retail trade activity in Slovenia weakened in the third quarter, Turnover in service activities especially in the export-oriented sectors of the economy, while domestic consumption increased. Trade in goods declined in the third quarter, while manufacturing output growth slowed, which we believe is related to supply chain disruptions. However, both indicators were higher than for the same period in 2019. Construction activity fluctuates strongly from month to month and remained below the comparable 2020 level in August, mainly due to unfavourable trends in non­residential construction. Turnover in trade increased in August. In most sectors, turnover in the first eight Economic developments in Slovenia Figure 3: Short-term indicators of economic activity in Slovenia Figure 5: Electricity consumption by consumption group Figure 6: Traffic of electronically tolled vehicles on Slovenian motorways Freight traffic on Slovenian motorways was up only 3% year-on-year in October, mainly due to one working day less. The year-on-year growth was associated with lower traffic at the beginning of the second wave of the epidemic last year. The volume of freight traffic was a few percent lower than in October 2019, but after adjusting the data for working days, it was almost 2% higher than in October 2019. Source: Internal reports obtained from DARS; calculations by IMAD. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2020 IX 21/VIII 21 IX 21/IX 20 I-IX 21/I-IX 20 Merchandise exports, real1 -0.7 -1.93 7.8 15.2 - to the EU -7.5 -4.93 5.8 14.4 Merchandise imports, real1 -2.4 -2.23 24.6 19.4 - from the EU -8.2 -2.13 2.5 14.3 Industrial production, real -5.2 0.23 7.7 11.9 - manufacturing -5.0 0.23 9.3 13.4 In % 2020 VIII 21/VII 21 VIII 21/VIII 20 I-VIII 21/I-VIII 20 Services exports, nominal2 -20.3 4.53 33.14 11.94 Services imports, nominal2 -14.7 1.13 31.44 13.04 Construction - value of construction put in place, real -0.7 1.33 -6.8 -4.2 Distributive trades - real turnover -7.4 4.13 5.54 8.84 Market services (without trade) - real turnover -11.0 2.33 15.34 9.74 Source: SODO. in service activities and shops. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. Industry Industrial electricity consumption in September was Households similar to the same periods in 2019 and 2020, while Small business consumption Total distribution network consumption small business consumption1 lagged behind. Industrial electricity consumption, which had fallen in July and August (by 4.9% and 3.4%, respectively) compared to the same periods of 2019, was back near the level of the same period of 2019 in September, as was household consumption. Small business consumption, which has lagged behind the same period in 2019 since the start of the epidemic, fell by 4.9% in September (by 3.3% in July and by 5.3% in August). Compared to September last year, industrial consumption remained about the same, while small business and household consumption fell by Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21Oct 21 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 1.4%. 1 In this consumption group, consumption is most frequently measured 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. Figure 8: Trade in goods – real Slovenia; calculations by IMAD. Source: FURS Financial Administration of the Republic of Jan 20Feb 20Mar 20Apr 20 May 20Jun 20Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20Jan 21Feb 21 Mar 21 Apr 21 May 21 Jun 21 Figure 7: Fiscal verification of invoices Source: SURS; calculations by IMAD. 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 Trade in goods declined in the third quarter. Compared to the previous quarter, real exports of goods to EU Jan 20Jul 21Aug 21Sep 21Oct 21 Jan 21 Member States fell slightly in the third quarter (by 0.5%, seasonally adjusted), which we believe is related to supply chain disruptions. Shortages of electronic components and bottlenecks in the supply of raw materials have mainly affected the automotive and related industries in Slovenia and its main trading partners (Germany, France), leading to a decline in vehicle exports, which remain well below the level of the same period in 2019. According to available data, the growth of exports of other main product groups (excluding metals and metal products) has also slowed down, although it continues to exceed almost 80% of all turnover, was 3% higher than in October 2019. Turnover in food and beverage service activities as well as accommodation and sports activities continues to be higher, probably due to the continued redemption of vouchers, as well as higher prices in some of these activities3. Turnover in creative, arts and entertainment activities, travel agency activities and gambling and betting activities was about 40% lower than that of the same period of 2019. 2 The epidemic was declared on 19 October 2020. 3 Prices of accommodation and food service activities were 6.0% higher this October than in October 2019. compared to October 2019 was lower than in September due to the implementation of the recovered/vaccinated/ tested rule and one less working day in October this year. Nevertheless, turnover in trade, which accounted for According to data on the fiscal verification of invoices, turnover in October was 15% higher year-on-year and 2% higher than in the same period of 2019. Compared to September, year-on-year growth in October strengthened in all activities, mainly due to low sales last year following the declaration of the epidemic2 and introduction of restrictions on the sale of goods and services. The highest increase in year-on-year growth was recorded in activities that were almost completely shut down during the same period last year (accommodation and food service activities, travel agency activities and arts, entertainment and recreation). Turnover growth the levels of the same period in 2019. Imports of goods from EU Member States also fell (by 3.5%, seasonally adjusted), especially imports of consumer goods (imports of passenger cars), and growth of imports of investment goods while intermediate goods also declined. At the beginning of the last quarter, export expectations are still higher than before the outbreak, and their monthly fluctuations indicate increased uncertainty, mainly related to the international environment. Figure 9: Trade in services – nominal Trade in services further increased in August, but Exports of services Imports of services remained below pre-epidemic levels. Growth in trade continued in most major services (transportation, travel, ICT, administrative and support services activities), except in construction. The increase was mainly due to the recovery in trade in tourism-related services, where export and import revenues were still around one-fifth lower than in August 2019. In the first eight months, total trade in services was about one-tenth lower than in the same period of 2019, mainly due to about 50% lower trade volumes in tourism. We estimate that in this period the decline in spending by foreign tourists, same-day visitors and transit passengers in Slovenia was greater Source: BoS; calculations by IMAD. are exceeding the comparable pre-crisis levels. Figure 10: Production volume in manufacturing High-tech ind. Medium-high-tech. ind. Manufacturing output also continued to rise in Medium-low-tech. ind. Low-tech ind. the third quarter, but the recovery slowed down. In addition to the current decline in July, this was also due to modest growth in September. In our estimation, this is due to the supply chain problems that have hit the automotive industry and its suppliers the hardest. Quarter-on-quarter, activity increased the most in high-technology industries, while growth was more modest in medium-low and low-technology industries and declined in medium-high-technology industries, including the automotive industry. Manufacturing output growth was again relatively strong in the third quarter (9.7% in the third quarter and 29.4% in the second quarter), still partly due to the low base; growth was also solid compared to the same quarter in 2019. The largest increase compared to the level of the third quarter last year was recorded by medium-low technology industries, and the lowest by medium-high technology industries, due to the decline in the automotive industry. Seasonally adjusted data Construction activity increased slightly in August but 3-month moving averages, seasonally adjusted was still lower than a year ago. At the monthly level, the value of construction output increased by 1.4% but was down 6.8% year-on-year. Despite considerable monthly fluctuations, activity in civil engineering works and specialised construction remains at the levels reached at the beginning of the year, as does residential construction. However, activity in non-residential construction is declining. The stock of contracts increased in the first half of the year and exceeded the previous year's level, while it fell sharply in August and was also lower year-on-year. Construction prices continued to rise due to increases in commodity prices and the labour shortage. The implicit Source: SURS, calculations IMAD. Figure 11: Activity in construction Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 than the decline in spending by Slovenian tourists abroad. Most other important groups of service activities Source: SURS; calculations by IMAD. in August, its highest level since 2005. Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 deflator of the value of completed construction works used to measure prices in the construction sector was 8% Figure 12: Turnover in trade fall in architectural and engineering services. Despite further increase in travel agencies, turnover also declined in administrative and support service activities. Only in a few other activities, such as travel and employment agencies, was the gap with turnover in the same month of 2019 significant. Figure 14: Road and rail freight transport Seasonally adjusted real index 2010=100 Source: SURS; calculations by IMAD. Note: * including real estate. . Source: SURS; calculations by IMAD. in September. 4 Within retail trade, which includes sales of motor fuel, food and non­food products. Figure 13: Turnover in market services Accommodation and food service activities (I) 180 160 140 120 100 80 60 40 20 0 Jan 10Jan 10 Jan 21 Jan 21 Q1 21 Road The volume of road freight transport continued Road – cross-trade to increase in the second quarter of 2021 and was Road - loaded, unloaded and national significantly higher than in the same period in Railway 2019, while the volume of rail transport decreased Jan 11 Total * In August, real turnover in market services continued Transportation and storage (H) to rise. It increased by 2.3% from the previous month Information and communication activities (J) and by 15.3% from a year earlier. Due to the significant Professional and technical activities (M) Administrative and support service activities (N) growth in computer services in the domestic and foreign Jan 11Jan 12Jan 12 Turnover in trade rose in all three main segments in Total Sale of motor vehicles Wholesale trade Retail trade August, following a sharp decline in July; according to preliminary data, growth continued in September. Overall, turnover was 9% higher year-on-year in the first eight months and similar to the same period in 2019. Compared to 2019, it was lower only in the sale of motor vehicles and in the sale of motor fuel4. In contrast, turnover in this period was 12% higher in the sale of non-food products within the retail sector, where sales via mail order and the internet more than doubled (accounting for around 7% of total turnover), while sales of pharmaceutical and medical products, as well as computer and telecommunications equipment, rose by Jan 13Jan 13Jan 14Jan 14Jan 15Jan 15Jan 16Jan 16Jan 17Jan 17Jan 18Jan 18Jan 19Jan 19Jan 20Jan 20 the volume of road transport increased by almost three tenths year-on-year. Rail freight transport was also higher year-on-year (by almost a tenth) but was down by a few combined) increased by 8%. Due to last year's low base, territory (exports, imports and domestic transport road transport performed at least partially on Slovenian operators abroad increased by 4% and the volume of of road transport performed by Slovenian road freight slightly. Compared to the previous quarter, the volume markets, the highest increase in turnover was recorded in information and communication services where turnover had stagnated for a long period of time. In recent months, turnover in accommodation and food service activities has increased significantly, which is related to the increase in overnight stays by foreign and domestic tourists, as well as same-day visitors redeeming their last year’s and this year's vouchers. Turnover, which was 14% higher year-on-year, was still 2% lower than in August 2019. Transportation continued its moderate growth, fuelled mainly by storage activity. Turnover further declined in professional and technical activities, due to a significant around a tenth. According to preliminary data, turnover in retail trade and motor vehicle sales further increased Source: SURS; calculations by IMAD. Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 percent compared to the same period of the year before the epidemic. Figure 15: Selected indicators of household consumption Source: SURS, calculations by IMAD. Data for Q3 2021 for turnover in accommodation and food service activities is the average value for July and August. Figure 16: Economic sentiment Jan 11Q1 10 Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Jan 12 Household consumption Household consumption increased during the Real turnover in the sale of non-food products summer months, especially in tourism-related Real turnover in the sale of food products services, and consumption growth of non-food and Real turnover in the accommodation and food service activities food products remained high, while spending on new Sale of passenger cars to natural persons cars was lower year-on-year. In the summer, households increased their spending mainly on accommodation and food service activities (accommodation, food and beverage service activities) at home5, also due to the redemption of vouchers, and abroad6, where many more Slovenians travelled this year than last year. Expenditure on creative, arts and entertainment activities was also significantly higher in the third quarter than a year earlier, Source: SURS; calculations by IMAD. Q1 11Jan 13 Q1 12 Jan 14 Q1 13 Jan 15 Q1 14 Jan 16 Q1 15 Jan 17 Q1 16 Q1 17 Jan 18 Q1 18 Jan 19 Q1 19 Jan 20Q1 20 Jan 21 Q1 21 consumers, probably due to uncertainty about the epidemiological situation and containment measures. manufacturing and among consumers. This is probably due to the still high level of uncertainty about the course of the epidemic as well as some current developments in the international environment related to supply bottlenecks and rising prices of intermediate goods and energy. The value of the confidence indicator is higher than in October last year, mainly due to significantly higher confidence in services and construction. Compared to the same period in 2019, the sentiment indicator fell slightly. It is significantly lower in the retail trade and among In October, the value of the sentiment indicator deteriorated for the second month in a row. On a month-on-month basis, confidence fell in retail trade, also reflecting last year's low base, as was expenditure on sports services, which was 17% higher in nominal terms than in the same months of 2019. Expenditure on food and beverages and non-food products also remained much higher year-on-year, while growth in sales of durable goods slowed considerably. Sales of passenger cars were lower year-on-year, which we assess is also due to car delivery delays. 5 Domestic tourists generated more than 3.5 million overnight stays in the third quarter, down 15% from 2020 but up 130% from 2019 when they generated 1.5 million overnight stays. This was also influenced by the possibility of redeeming last year's and this year's vouchers. The overall year-on-year increase in revenue in accommodation and food service activities in July and August was also influenced by the high year-on-year increase in overnight stays by foreign tourists. 6 In July and August, overnight stays by Slovenes in Croatia increased by 20% year-on-year. During this period, total expenditure on travel outside Slovenia increased by 39% year-on-year, but still fell short of the 2019 figures by 14%. Labour market Figure 17: Number of employed persons 900 Employment was at a similar level in August as in Number of employed according to SRE,in ‘000, seasonally adjusted 880 860 840 820 800 780 760 740 Jan 11Jan 06 Sep 11 Jan 07 May 12Jan 08 Jan 13Jan 09 Sep 13Jan 10 May 14Jan 11 Jan 15Jan 12 Sep 15Jan 13 May 16 Jan 17Jan 14Sep 17Jan 15May 18Jan 16 Jan 17 Jan 19Jan 18 Sep 19 May 20Jan 19 Jan 20 Jan 21 Source: SURS; calculations by IMAD. lower this August than in August 2019. Figure 18: Number of registered unemployed persons 50+ years The number of unemployed rose slightly in October, 15-25 years 26-49 years mainly due to seasonal trends related to a higher inflow of first-time job seekers into unemployment. At the end of October, 66,654 people were unemployed, 0.8% fewer than at the end of September and 20.3% fewer than a year earlier. The number of unemployed persons decreased (by 8%) also compared to the end of October 2019. According to seasonally adjusted data, the number of unemployed at the end of October was 1.7% lower than at the end of September, in line with the decline seen in recent months. Although more young people (first-time job seekers)7 registered as unemployed in October, as is the case every year, there were significantly Source: ESS. of October 2019. The latter was influenced, among other things, by demographic trends (decline in the number of young people) and the high demand for labour, which is also reflected in the historically high vacancy rate.8 7 The number of young job seekers usually increases in October, as their student status expires at the end of September. 8 The rate of job vacancies is the percentage of job vacancies relative to total jobs. fewer unemployed young people (under 25) at the end of October than last year and also fewer than at the end the previous two months. In the first eight months, the number of employed persons was 0.7% higher than in the same period last year. Employment growth was higher for the self-employed (1.3%) than for employees (0.6%), although the decline in the number of self-employed last year was much smaller than for employees. In August, the highest year-on-year increases were again recorded in construction and human health and social work activities. Employment growth was also high in the accommodation and food service activities, reflecting a relatively quick recovery after last year’s sharp decline, but the number of employed persons remained below the August 2019 level. The containment measures also had a strong impact on arts, entertainment and recreation where the number of employed people also remained Private sector Public sector Total Year-on-year wage growth in August was lower than in previous months (4.8%), especially in the public sector. Here it was 3.4% and thus significantly lower than in the previous months, when it was still influenced by the epidemic-related bonus payments.9 In the first eight months, wages in the private sector were 11.2% higher than in the same period last year. In the private sector, the average wage increased by 5.6% year-on-year in the first eight months due to various factors, in particular the increase in the minimum wage at the beginning of the year and, according to our estimates, labour shortages; a new wage calculation method related to job retention intervention measures also plays a role. Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 9 The payment of most bonuses ceased in mid-June. Source: SURS; calculations by IMAD. Table 3: Indicators of labour market trends Change, in % 2020 VIII 21/VII 21 VIII 21/VIII 20 I-VIII 21/I-VIII 20 Persons in formal employment2 -0.6 0.21 2.3 0.7 Average nominal gross wage 5.8 -3.31 4.8 7.6 private sector 4.4 0.11 6.0 5.6 public sector 7.8 -4.91 3.4 11.2 of which general government 9.9 -7.21 2.9 13.1 of which public corporations 1.9 0.21 4.9 5.2 2020 VIII 20 VII 21 VIII 21 Rate of registered unemployment (in %), seasonally adjusted 8.7 9.2 7.4 7.3 Change, in % 2020 X 21/IX 21 X 21/X 20 I-X 21/I-X 20 Registered unemployed 14.6 0.8 -20.3 -10.4 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Prices Figure 20: Consumer prices Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Figure 21: Slovenian industrial producer prices Jan 16 Jan 17 Jan 18 Jan 19 Slovenia Euro area Consumer price inflation increased significantly year-on-year in October (to 3.0%), with energy prices rising sharply. About two-thirds of the increase was due to higher prices for petroleum products (by more than 35% year-on-year) and heat energy (by almost 45%). In the face of higher commodity and energy prices and supply chain disruptions, the increase in durable goods prices strengthened further, reaching 4.6%. This is mainly due to higher car prices, which have risen significantly in recent months and were 5.6% higher year-on-year in October. Prices of semi-durable goods were lower year-on-year for the second month in a row (by 0.8%). Growth in service prices remains low at around 1%. The highest price rise Source: SURS. Table 4: Consumer price growth, in % XII 20/XII 19 XI 20-X 21/XI 19-X 20 X 21/IX 21 X 21/X 20 I-X 21/I-X 20 Total -1.1 1.0 0.9 3.0 1.4 Food 1.1 -0.5 0.0 0.3 -0.8 Fuels and energy -9.9 5.6 4.2 18.5 9.2 Services 0.2 0.2 -1.0 1.1 0.1 Other1 -0.5 1.0 2.0 1.5 1.3 Core inflation - excluding food and energy -0.1 0.6 0.6 1.5 0.7 Core inflation - trimmed mean2 -0.4 0.8 0.5 1.6 1.0 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. Jan 11 Source: SURS, Eurostat. Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 20 Jan 21 Jan 21 rose in September (by 1.6% and 1.8% respectively). which were 13.1% higher year-on-year, and capital goods, which were 8.2% higher, continue to contribute the most to overall growth. The year-on-year increase in energy prices remained at 8.5% and their contribution to overall growth was relatively modest due to their small share. Higher intermediate goods prices and production bottlenecks are also affecting consumer price growth, which, while still relatively moderate (1.8%), is gradually strengthening. Prices of durable and non-durable goods Slovenian industrial producer prices continue to rise rapidly year-on-year, reaching 8.6% in September. Prices in domestic and foreign markets are rising rapidly. Further growth in the prices of intermediate goods, among services was seen in accommodation and food service activities (5.9% year-on-year). In October, prices in the food and non-alcoholic beverages group were higher year-on-year for the first time since January (but only by 0.3%). In the coming months, however, we expect their growth to strengthen due to the low base and the expected increase in prices for certain food products. Financial markets Figure 22: Year-on-year growth in loans to domestic non-banking sectors Consumer loans The volume of bank loans to the domestic non-bank Lending for house purchase sector also increased slightly in September, while Enterprises and NFIs Total year-on-year growth remained modest (1.4%). After declining year-on-year since the middle of last year, lending to enterprises and NFIs increased by 0.7% year-on-year in September. Loans to enterprises and also to NFIs were higher. Increased household borrowing in the form of housing loans, which rose by 8.1% year-on-year (the highest increase since 2011), continued to be the largest contributor to overall growth. The year-on-year decline in consumer credit has stabilised at around 5.5% in recent months (previously, declines had been higher). The quality of banks’ assets was solid. Thus, the Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 share of non-performing loans10 remained low at 1.3% in August. After a three-month decline, the share of Source: BoS. claims with increased credit risk rose slightly, mainly due to an increase in the accommodation and food service activities, where the share of such claims reaches almost 60% of all claims, and partly in trade, where the share of claims with increased risk, however, was below 10%. 10 According to the EBA definition, non-performing claims include not only arrears of more than 90 days, but also claims that meet the “unlikely to pay” criterion. Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 30. IX 20 31. XII 20 30. IX 21 30. IX 21/31. VIII 21 30. IX 21/30. IX 20 Loans total 23,023.8 22,860.9 23,350.6 0.2 1.4 Enterprises and NFI 10,504.9 10,307.0 10,574.5 0.4 0.7 Government 1,549.3 1,556.8 1,410.7 -3.9 -8.9 Households 10,969.6 10,997.0 11,365.4 0.6 3.6 Consumer credits 2,774.2 2,706.5 2,616.6 -0.4 -5.7 Lending for house purchase 6,755.9 6,862.1 7,301.7 0.9 8.1 Other lending 1,439.5 1,428.4 1,447.2 0.9 0.5 Bank deposits total 22,105.2 22,915.7 24,276.5 -0.1 9.8 Overnight deposits 18,044.4 18,975.7 20,853.4 0.3 15.6 Term deposits 4,060.8 3,939.9 3,423.1 -2.5 -15.7 Government bank deposits, total 544.3 595.3 483.3 -6.0 -11.2 Deposits of non-financial corporations, total 7,691.9 8,053.5 8,506.6 0.8 10.6 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Balance of payments Figure 23: Current account Trade in goods Trade in services The current account surplus fell again in August. Primary income Secondary income In the last 12 months, it totalled EUR 3 billion, which Current account is 5.9% of GDP. The main reason for the year-on-year 5000 12-month cumulatives, in EUR million 4000 3000 2000 1000 0 -1000 -2000 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 Source: BoS; calculations by IMAD. decline was the lower surplus in trade in goods under the impact of deteriorating terms of trade (higher increase in import than export prices). The surplus in trade in services also remained lower year-on-year, mainly due to a lower surplus in travel. The surplus in technical, trade-related services, R&D services and construction services continues to increase. The primary income deficit decreased year-on-year, mainly due to higher subsidies from the EU budget for the agricultural and fisheries policies. In primary income, net payments of interest on external debt and net payments of income on equity were also lower. The secondary income deficit was also lower as the government received more funds from the European Social Fund and inflows of current transfers from the private sector increased. Table 6: Balance of payments I-VIII 2021, in EUR million Inflows Outflows Balance Balance, I-VIII 2020 Current account 29,398.2 27,797.0 1,601.2 2,088.8 Goods 22,404.4 21,618.9 785.5 1,569.4 Services 4,980.7 3,608.4 1,372.3 1,259.8 Primary income 1,114.8 1,546.5 -431.7 -398.0 Secondary income 898.3 1,023.2 -124.9 -342.4 Capital account 2,091.4 1,901.7 189.7 -83.9 Financial account 3,922.4 5,097.1 1,174.6 1,763.2 Direct investment 1,271.8 436.4 -835.4 -332.6 Portfolio investment -704.2 609.1 1,313.3 -3,109.6 Other investment 3,358.8 3,327.1 -31.8 5,086.4 Net errors and omissions -616.3 0.0 -616.3 -241.6 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 24: Consolidated general government budgetary accounts General government balance (right axis) Year-on-year revenue growth of the consolidated Revenue balance of public finances11 slowed down sharply in Expenditure the third quarter (also due to the strong base effect), 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 -1,000 -2,000 -3,000 -4,000 -5,000 12-month cumulative, in EUR m while expenditure growth was slightly higher than in the second quarter. The deficit was thus slightly higher than in the second quarter and lower in the first nine months of the year than in the same period last year. The extremely high revenue growth in the second quarter of this year (36.1%) slowed down in the third quarter (to 5.3%), especially the growth in revenues from VAT and corporate income tax. The growth of wages and thus of revenues from social contributions and personal income tax has also slowed down. The high year-on-year growth in the second quarter is a consequence of the low base last year due to the deteriorated economic situation, the effect of approved deferrals, instalment payments and -6,000 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 Source: MF, Bulletin of Government Finance; calculations by IMAD. tax exemptions.12 Year-on-year expenditure growth was slightly higher in the third quarter (6.3%) than in the second (4.0%), mainly due to a slower decline in subsidies and stronger growth in investment and payments to the EU budget, while growth in other expenditure categories slowed. Expenditure on measures to mitigate the consequences of COVID-19 was lower in the third quarter than in the same period last year and, as many measures expired, also significantly lower than in the first and second quarters of this year. In the first nine months of this year, expenditure on these measures (EUR 2.4 billion) was EUR 775 million higher than in the same period last year. 11 The consolidated balance of public financing on a cash basis. 12 Some one-off factors (fees for the use of radio frequencies, treasury operations related to borrowing) also contributed to the high growth in the second quarter. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-IX 2020 EUR m Y-o-y growth* in % I-IX 2021 EUR m Y-o-y growth* in % Category I-IX 2020 I-IX 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 13,636.6 -3.5 15,529.5 13.9 EXPENDITURE TOTAL 15,978.5 14.9 17,614.6 10.2 Tax revenues1 6,703.2 -9.8 7,832.8 Salaries,* wages and other 16.9 personnel expenditures2 3,743.6 11.8 4,437.2 18.5 Personal income tax 1,773.7 -2.7 2,059.1 16.1 Expenditure on goods and services 2,087.3 7.5 2,285.2 9.5 Corporate income tax 561.4 -27.9 864.2 53.9 Interest payments 683.1 -2.8 637.0 -6.7 Taxes on immovable property 153.7 -8.1 173.0 12.6 Reserves 120.6 -14.1 156.4 29.6 Value added tax 2,520.9 -9.7 2,961.2 Transfers to individuals and 17.5 households 6,218.2 12.8 7,027.2 13.0 Excise duties 994.6 -13.5 1,075.5 8.1 Other current transfers 1,942.6 97.7 1,581.1 -18.6 Social security contributions 5,377.4 3.6 5,877.2 9.3 Investment expenditure 809.2 -4.1 1,050.2 29.8 Non-tax revenues 880.7 2.3 1,024.8 16.4 Payments to the EU budget 373.8 -12.5 440.4 17.8 Receipts from the EU budget 523.8 6.4 573.2 GENERAL GOVERNMENT 9.4 BALANCE -2,341.9 -2,085.1 Other 151.5 -3.7 221.4 46.2 PRIMARY BALANCE -1,670.9 -1,451.4 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 25: Receipts from the EU budget Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other Total receipts (January–September 2020) Expected reimbursements in the revised budget 2021 Total receipts (January–September 2021) In EUR million Source: MF. Slovenia had a positive net budgetary position against the EU budget in the first nine months (at EUR 129.8 million). In this period, Slovenia received EUR 570.1 million from the EU budget (35.2% of revenue envisaged in the state budget for 2021) and paid EUR 440.4 million into it (77.9% of planned payments). The bulk of receipts were resources from structural funds (43.5% of all reimbursements to the state budget; 35.3% of the planned funds were absorbed) and resources for the implementation of the Common Agricultural and Fisheries Policy (39.1%; 73.5%). The share of receipts from the Cohesion Fund was 10.3% and 23.8% of the planned funds were reimbursed to the state budget. According to SVRK data, beneficiaries received 62% of funds available under the 2014–2020 financial perspective by the end of September 2021. selected topic Solvency of business entities during the COVID-19 epidemic The solvency indicators of Slovenian business entities for 2020 and 2021 do not yet reflect the magnitude of the epidemic's impact. This is due to a series of targeted government intervention measures to mitigate the impact of the epidemic1 adopted in 2020 and 2021, as well as financial stability and good business results of business entities in recent years. Some of the measures introduced at the beginning of the epidemic - statutory moratoria, state funding, changes in insolvency law (which stopped many insolvency proceedings) - were also in force in 2021, so we can assume that the insolvency situation will deteriorate after the abolition of these measures2 and that consequently the number of bankruptcies will increase compared to the period marked by the epidemic, especially in activities that were hit harder by the epidemic.3 Figure 26: Number of insolvency proceedings initiated against all business entities Bankruptcies Settlements* Liquidations* 1500 1200 decreased by 11% (988) for companies and by 27% (90) for sole proprietors compared to the previous year. The decrease in the number of bankruptcies is also evident when comparing the first nine months of 2021 with the same period in 2020 (-9% for companies; -33% for sole proprietors), when 674 bankruptcies were initiated against legal entities and 47 against sole proprietors. The decrease in the number of bankruptcies during the epidemic is related to a moratorium on bankruptcies and restriction on functioning of courts during the epidemic. Since the beginning of the epidemic (from April 2020 to September 2021), the highest number of bankruptcies were initiated in trade (of all bankruptcies, 25.3% were initiated against companies and 22.5% against sole proprietors), construction (companies: 19.2%, sole proprietors: 20.6%), accommodation and food service activities (companies: 13.7%; sole proprietors: 11.8%) and professional, scientific and technical activities (companies: 12%; sole proprietors: 13.7%). As a result of bankruptcy, 1,731 companies and 116 sole proprietors were deleted from the Business Register in this period. Figure 27: Bankruptcy proceedings initiated against legal entities and sole proprietors Initiated bankruptcy proceedings against legal entities (left axis) Initiated bankruptcy proceedings against sole proprietors (right axis) 1400 210 1200 180 1000 Number Number 800 120 600 90 Number 60 400 0 200920102011201220132014201520162017201820192020 Source: AJPES – Business Register of Slovenia. Note: * Compulsory and voluntary. I-IX 2021 200 30 0 0 200920102011201220132014201520162017201820192020 I-IX 2021 Source: AJPES – Business Register of Slovenia. The number of bankruptcy proceedings4 initiated against legal entities and sole proprietors since the In 2020 and 2021, fewer personal bankruptcies5 were beginning of the epidemic was smaller than in 2019. In 2020, the number of initiated bankruptcies in Slovenia 1 Suspension of all deadlines for non-urgent court proceedings; postponement and deferral of the execution of enforcement orders; postponement of the management's obligation to file a petition to initiate the bankruptcy procedure or compulsory composition procedure; extension of the deadline for the courts to postpone the decision on a creditor's bankruptcy petition; exemption of the receipts from enforcement and also from the bankruptcy estate in personal bankruptcy. 2 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. 3 See also Tavcar, B. (2021) Kriza in insolventnost poslovnih subjektov v Sloveniji (short analysis), IMAD. 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. filed than before the epidemic. Due to the temporary non-functioning of the courts, a quarter fewer personal bankruptcies were filed in 2020 than the year before. The number was also lower in the first nine months of this year. From January to September 2021, the number of initiated personal bankruptcies (854) was 16% lower and the number of completed personal bankruptcies (1,673) was 11% lower than in the comparable period last year; the amounts of reported claims (EUR 188 million) were 3% lower. 5 According to data from the Supreme Court of the Republic of Slovenia. 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 are 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. Figure 28: Personal bankruptcies Figure 29: Legal entities with outstanding matured liabilities for more than five consecutive days in a month Amounts of reported claims (right axis) and average daily amounts of outstanding matured Initiated personal bankruptcies (left axis) Finished personal bankruptcies (left axis) liabilities* Average number of legal entities with outstanding matured liabilities (left axis) 360 80 70 Average daily amount of outstanding matured liabilities, in EUR mio (right axis) 300 60 50 In EUR mio Number 40 30 20 10 0 Source: Supreme Court of the Republic of Slovenia. Q1 08Q2 08Q3 08Q4 08Q1 09Q2 09Q3 09Q4 09Q1 10Q2 10Q3 10Q4 10 Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20*Q3 20Q4 20 Source: AJPES. Q1 21**Q2 21**Q3 21 The average number of legal entities with outstanding matured liabilities6 and the amounts of outstanding liabilities since the beginning of the epidemic are lower than in 2019. Already in 2020, the average monthly number of legal entities with outstanding liabilities decreased by 15% compared to the previous year, while the average daily amounts of outstanding liabilities were one third lower. Also in the first nine months of this year, the average monthly number of legal entities decreased by 516 (17%) compared to the same period in 2020, while the average daily outstanding amounts decreased by EUR 27 million (18%). In this period, the number of non-payers decreased in all sectors, notably in trade (129), professional, scientific and technical activities (77) and in construction (67). The average daily amounts of outstanding liabilities declined most in construction (EUR 6.5 million), trade (EUR 6 million) and real estate activities (EUR 5 million). 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. *Data for April and May 2020 are not directly comparable with data for other periods due to the entry into force of 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). **Data for January, February, March and April 2021 are not directly comparable with data for other periods due to the entry into force of 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 case, and deferred the execution of enforcement orders in enforcement procedures conducted under the Enforcement and Security Act (ZIZ) if the debtor is a natural person (except in the case of urgent matters which are also decided by the court at the time of the epidemic, or procedures based on a claim for legal alimony or damages for lost alimony due to the death of the alimony provider). Publication in the Official Gazette of the Republic of Slovenia, No. 38/2021 from 16 March 2021 - decision on the prolongation of the measure until 18 April 2021. Since the beginning of the epidemic, the number of sole proprietors7 with outstanding matured liabilities decreased, as did the amount of their outstanding liabilities. In 2020, the number of sole proprietors with outstanding matured liabilities decreased by a fifth and the amount of their outstanding liabilities by a quarter. In the first nine months of 2021, their average monthly number (2,246) was lower than in the same period of 2020 (by 682) and the average daily amounts of outstanding liabilities (EUR 23 million) were a quarter lower. The problem continues to be delays in payment, given that half of the liabilities were more than one year overdue. Similar to the previous year, the majority of non-payers are in construction (22%) and more than 10% are in trade, accommodation and food service activities, manufacturing and professional, scientific and technical activities. 7 Sole proprietors and other natural persons engaging in activities registered in the Business Register of Slovenia. Figure 31: Results of multilateral set-offs of mutual liabilities for more than five consecutive days in a month Figure 30: Sole proprietors with outstanding matured obligations, 2011 – September 2021 and the average daily amounts of outstanding matured Total amount of reported liabilities (left axis) liabilities* Total amount that was set off (left axis) Average daily amount of outstanding matured Average number of debtors per round of set-offs (right axis) liabilities (right axis) Average number of sole proprietors with 10000 15000 outstanding matured liabilities (left axis) 10000 200 8000 12000 9000 180 8000 160 In EUR mio In EUR mio 6000 9000 7000 140 6000 120 Number Number 4000 6000 5000 100 4000 80 2000 3000 3000 60 2000 40 0 1000 20 0 2011201220132014201520162017201820192020 I-IX 2021 Q1 10Q2 10Q3 10Q4 10Q1 11Q2 11Q3 11Q4 11 Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20*Q3 20Q4 20Q1 21**Q2 21**Q3 21 Source: AJPES. Source: AJPES. * See note under Figure 29. During the epidemic, the lowest number of debtors per round of set-offs and the lowest amounts set off were recorded, while the amounts of reported liabilities increased in 2020. In 2020, the amount of reported liabilities was a third higher than in the previous year and the amount set off was 15% lower. In the first nine months of 2021, an average of 1,833 debtors per round of set-offs reported liabilities totalling EUR 2.0 billion and 4.7% of the reported liabilities were set off. In all rounds of this year’s set-offs, 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. The mutual indebtedness of business entities declined by EUR 4.0 billion with set-offs in the period from 2011 to September 2021.8 8 According to the Act on Prevention of Late Payments (ZPreZP-1) (Official Gazette of the RS, No. 57/2012, 27 July 2012), which took effect on 28 July 2012. statistical appendix Main indicators 2015 2016 2017 2018 2019 2020 2021 2022 2023 Autumn Forecast 2021 GDP (real growth rates, in %) 2.2 3.2 4.8 4.4 3.3 -4.2 6.1 4.7 3.3 GDP in EUR million (current prices) 38,853 40,443 43,011 45,864 48,397 46,918 50,364 53,352 56,136 GDP per capita in EUR (current prices) 18,830 19,589 20,820 22,136 23,167 22,312 23,897 25,259 26,496 GDP per capita (PPS)1 83 84 86 87 89 89 GDP per capita (PPS EU27=100)1 12.3 11.2 9.5 8.2 7.7 8.7 7.7 6.9 6.6 Rate of registered unemployment 9.0 8.0 6.6 5.1 4.5 5.0 4.7 4.3 4.2 Standardised rate of unemployment (ILO) 0.9 1.3 1.8 1.2 0.8 -3.7 5.3 3.1 2.1 Labour productivity (GDP per employee) -0.5 -0.1 1.4 1.7 1.6 -0.1 1.4 2.0 1.9 Inflation2, year average -0.4 0.5 1.7 1.4 1.8 -1.1 2.5 1.9 2.0 Inflation2, end of the year -0.4 0.5 1.7 1.4 1.8 -1.1 1.1 1.5 2.0 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 4.7 6.2 11.1 6.2 4.5 -8.7 10.9 8.2 5.6 Exports of goods 5.3 5.7 11.0 5.7 4.5 -5.5 11.4 6.6 4.8 Exports of services 2.4 8.0 11.2 7.7 4.6 -20.5 8.8 15.2 9.0 Imports of goods and services (real growth rates, in %) 4.3 6.3 10.7 7.1 4.7 -9.6 12.6 8.8 5.8 Imports of goods 5.1 6.6 10.7 7.4 5.0 -8.6 13.4 8.2 5.6 Imports of services 0.1 4.7 10.5 5.4 3.0 -14.9 8.4 12.3 7.3 Current account balance3, in EUR million 1,483 1,932 2,674 2,731 2,898 3,462 2,337 2,138 2,116 As a per cent share relative to GDP 3.8 4.8 6.2 6.0 6.0 7.4 4.6 4.0 3.8 Gross external debt, in EUR million 46,171 44,325 43,231 42,148 43,796 48,252 51,150* As a per cent share relative to GDP 118.8 109.6 100.5 91.9 90.5 102.8 Ratio of USD to EUR 1.110 1.107 1.129 1.181 1.120 1.141 1.193 1.180 1.180 DOMESTIC DEMAND Private consumption (real growth rates, in %) 2.0 4.4 1.9 3.6 4.8 -6.6 5.6 6.0 3.1 As a % of GDP 54.0 54.0 52.5 52.0 52.4 50.2 50.1 51.1 51.0 Government consumption (real growth rates, in %) 2.3 2.4 0.4 3.0 2.0 4.2 1.8 1.5 1.0 As a % of GDP 18.8 19.0 18.5 18.3 18.3 20.6 20.5 19.4 19.1 Gross fixed capital formation (real growth rates, in %) -1.2 -3.6 10.2 9.7 5.5 -8.2 10.0 8.0 6.0 As a % of GDP 18.7 17.4 18.3 19.3 19.6 18.9 20.0 20.8 21.4 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 2021). Notes: 1 Measured in purchasing power standard; Eurostat 15.12.2020 2 Consumer price index. 3 Balance of payments statistics. *end August 2021. Production 2018 2019 2020 2019 2020 2021 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.2 4.4 4.1 1.6 -1.6 -17.5 -2.9 1.4 3.8 26.7 5.0 2.3 -1.1 4.1 B Mining and quarrying -0.9 -3.4 -2.1 -1.6 -10.9 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -9.5 -10.2 -2.2 -9.6 C Manufacturing 5.7 3.5 -5.0 4.5 4.9 2.3 -0.3 -17.9 -2.7 1.6 4.3 29.4 5.9 3.3 -0.4 4.5 D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 3.6 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -2.4 1.8 -3.1 -7.3 -8.8 2.0 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 8.4 -5.9 -2.2 1.9 -13.4 2.7 6.1 -8.2 1.9 -8.6 -3.4 -6.0 4.9 Buildings 17.2 -0.1 -0.6 -17.5 0.1 -7.2 -26.3 -0.9 2.8 23.9 35.3 35.9 -1.8 -14.6 -8.9 4.8 Civil engineering 17.6 4.4 2.7 8.8 -1.6 -2.6 5.8 -9.1 4.8 9.6 4.2 12.6 -1.7 2.8 -10.5 2.5 MARKET SERVICES, year-on-year real growth rates, % Services, total 7.4 2.2 -11.0 2.6 3.2 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 1.8 -1.1 -2.2 0.5 Transportation and storage 7.0 3.2 -8.0 5.9 4.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 -0.7 -2.0 -4.6 -1.9 Information and communication activities 6.0 1.0 -0.2 2.8 -0.8 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 -1.1 -3.1 -1.0 4.7 Professional, scientific and technical activities 13.0 5.8 -3.0 1.4 11.3 3.2 -0.2 -11.4 -0.2 -0.5 8.1 22.9 10.6 4.7 2.6 2.6 Administrative and support service activities 9.1 -5.9 -24.1 -3.8 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -7.8 14.9 -6.3 -9.2 -10.6 -6.5 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 4.3 -7.2 3.6 2.2 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.1 2.8 -3.4 -4.9 -2.4 Real turnover in retail trade 4.6 3.4 -8.9 6.7 4.1 -4.7 -5.3 -11.9 -6.3 -12.0 3.5 17.2 1.8 -5.0 -3.8 -5.3 Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 2.7 0.0 3.6 -13.7 -25.9 3.8 -16.7 8.8 24.2 10.7 3.9 0.9 6.4 Nominal turnover in wholesale trade & commission trade 9.3 5.2 -3.4 1.7 1.6 -5.2 -1.4 -10.2 -2.1 -0.7 1.6 16.5 1.0 -4.6 -7.9 -3.0 TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 4.4 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 -4.0 0.0 -7.8 -10.4 Domestic tourists, overnight stays -0.1 -2.5 32.8 -3.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -5.2 2.4 -7.4 -7.8 Foreign tourists, overnight stays 15.4 1.7 -70.5 7.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 -3.7 -1.0 -8.0 -11.8 Accommodation and food service activities 7.1 7.6 -37.1 7.5 6.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 6.8 9.7 5.7 4.5 AGRICULTURE BUSSINES TENDENCY (indicator values**) Confidence indicator in manufacturing 8 0 -9 0 0 -2 -3 -28 -4 0 7 11 -1 -2 -3 -2 in construction 22 11 -5 12 9 7 7 -23 -4 -1 9 18 9 5 8 7 in services 24 21 -10 21 20 20 15 -34 -10 -11 -3 8 19 20 20 19 in retail trade 14 19 1 20 21 13 18 -18 12 -7 -17 17 19 19 6 17 consumer confidence indicator -7 -10 -26 -8 -10 -14 -14 -35 -24 -30 -24 -20 -11 -13 -14 -14 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. 2020 2021 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 -1.3 1.3 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.8 27.7 33.3 15.5 9.1 -0.8 9.3 - - -1.7 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.2 27.9 22.9 15.3 14.3 8.2 14.2 - - 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.3 -19.3 -10.1 74.8 113.5 16.0 -5.1 -18.9 -2.4 - - -2.6 2.1 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.3 15.1 23.7 15.4 11.4 -0.1 9.3 - - Labour market 2018 2019 2020 2019 2020 2021 2019 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 10 11 12 1 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 967.8 965.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 973.7 974.1 976.8 975.2 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 895.5 894.6 901.5 896.5 884.6 884.1 890.5 886.2 897.3 901.3 901.7 901.5 895.4 In agriculture, forestry, fishing 26.3 24.9 26.4 25.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.8 24.8 24.8 24.7 26.3 In industry, construction 280.9 291.7 288.5 292.7 292.7 294.0 291.2 288.0 286.0 288.9 288.4 293.1 293.8 293.7 294.4 290.5 - in manufacturing 202.6 207.9 202.8 208.5 207.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 208.3 208.1 208.8 206.2 - in construction 58.4 63.9 64.9 64.2 65.1 65.8 64.3 64.7 65.1 65.6 65.1 67.0 65.6 65.8 65.9 63.6 In services 565.7 577.6 574.0 577.5 578.0 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.7 583.2 582.4 578.6 - in public administration 49.0 49.0 49.3 48.9 49.0 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.2 49.2 49.1 48.9 -in education, health-services and social work 135.0 137.8 141.5 137.8 137.0 139.6 140.4 140.7 141.0 143.8 144.4 146.0 139.1 139.8 139.9 139.4 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 803.0 803.3 808.6 802.4 790.5 790.0 795.6 791.6 801.9 808.4 808.9 808.7 801.2 In enterprises and organisations 729.3 749.2 744.8 749.7 750.0 755.5 751.3 741.3 739.9 746.7 744.6 753.7 754.7 755.4 756.3 749.9 By those self-employed 50.9 52.7 49.8 53.2 53.4 53.2 51.1 49.2 50.1 48.9 46.9 48.2 53.7 53.5 52.4 51.4 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 92.6 91.2 92.9 94.1 94.0 94.1 94.9 94.7 95.5 92.9 92.9 92.9 94.1 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 72.2 71.1 73.4 78.4 89.5 87.1 85.0 87.4 75.2 72.4 72.4 75.3 79.8 Female 39.9 37.5 42.6 36.8 36.6 36.8 38.3 45.0 44.1 43.0 44.1 38.6 36.9 36.8 36.9 38.6 By age: 15 to 29 15.1 14.1 17.2 13.1 12.6 15.0 15.3 18.3 17.1 18.0 17.7 14.1 15.1 14.8 15.2 15.6 Aged over 50 31.5 29.7 31.0 29.6 29.0 28.7 30.6 31.9 31.3 30.3 31.6 28.7 28.4 28.4 29.3 31.2 Primary education or less 24.3 23.4 26.4 22.8 22.1 23.0 25.2 27.8 26.6 26.1 27.5 23.7 22.4 22.5 24.2 25.9 For more than 1 year 40.6 38.1 38.0 38.3 37.9 37.2 37.3 37.5 38.1 38.9 41.5 41.9 37.6 37.2 36.8 37.8 Those receiving benefits 20.0 19.3 25.9 17.4 17.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 18.2 18.7 18.5 25.6 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 7.5 7.4 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.4 7.4 7.7 8.2 Male 7.5 6.9 8.0 6.7 6.5 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.7 6.7 7.2 7.7 Female 9.2 8.5 9.6 8.4 8.4 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.3 8.3 8.4 8.7 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 -1.9 -0.3 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 2.6 0.0 2.9 4.5 New unemployed first-job seekers 11.4 0.8 0.8 0.4 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 3.6 0.8 0.5 0.7 Redundancies 65.1 5.4 7.4 4.1 4.8 6.2 7.5 9.5 6.0 6.4 6.0 3.3 5.9 5.3 7.4 10.6 Registered unemployed who found employment 61.5 4.7 5.4 4.8 3.9 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.6 3.9 3.2 4.7 Other outflows from unemployment (net) 21.6 1.8 1.8 1.7 1.8 2.1 1.7 1.3 2.0 2.2 1.8 1.8 2.3 2.1 1.8 2.0 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 32.3 34.2 35.7 35.6 34.9 37.7 38.1 38.8 40.7 35.7 36.3 36.6 37.2 As % of labour force 2.5 3.4 3.9 3.3 3.5 3.7 3.6 3.6 3.9 3.9 4.0 4.2 3.7 3.7 3.7 3.8 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. 2020 2021 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 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 25.8 25.8 25.9 25.8 25.8 25.8 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 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 66.3 66.3 66.9 67.7 68.7 68.5 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 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 49.4 49.6 49.7 49.6 49.6 49.7 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 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 47.3 47.6 48.2 48.8 49.0 49.0 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 94.9 95.1 95.4 95.8 96.0 96.2 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 75.1 71.1 70.7 69.3 66.1 66.7 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 38.5 36.4 36.5 35.9 33.8 34.1 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 14.1 12.9 12.4 12.1 11.5 13.1 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 28.7 27.7 27.7 27.2 26.3 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 23.7 22.4 22.0 21.6 21.1 21.0 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 41.9 41.4 40.8 40.3 39.6 39.3 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 18.9 17.4 16.4 17.1 16.6 16.4 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 8.5 8.5 7.7 7.3 7.3 7.1 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 7.6 7.3 6.9 6.5 6.4 6.3 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 9.5 9.2 8.7 8.2 8.3 8.1 -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 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 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 0.3 0.3 0.2 0.3 0.7 2.6 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 3.3 3.1 5.1 3.4 3.8 4.1 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 5.9 5.7 4.1 3.3 5.7 4.1 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 1.9 1.9 1.8 1.9 2.1 2.3 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 40.0 40.8 41.4 42.0 42.6 43.6 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 4.0 4.1 4.2 4.3 4.3 4.4 Wages in EUR 2018 2019 2020 2019 2020 2021 2020 Q2 21 Aug 21 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,985 1,900 3.4 4.3 5.8 3.9 4.5 4.2 3.2 8.8 4.8 6.7 10.6 5.7 Private sector activities (A–N; R–S) 1,750 1,810 1,831 3.8 3.6 3.8 3.2 4.0 3.1 2.8 5.5 3.9 3.2 6.1 3.9 Public service activities (OPQ) 2,187 2,521 2,120 2.4 6.5 10.5 6.1 6.0 7.6 4.2 15.8 6.3 16.0 20.9 10.3 Industry (B–E) 1,815 1,858 1,910 3.8 3.4 3.4 3.2 3.9 3.0 4.3 3.5 3.1 2.7 4.2 5.3 Trad, market services (GHI) 1,583 1,653 1,652 4.0 3.4 2.8 3.1 3.8 2.5 1.1 4.9 3.8 1.9 6.8 3.4 Other market services (J–N; R–S) 1,979 2,049 2,059 3.9 5.1 5.0 4.4 5.4 4.8 3.2 7.7 5.1 4.3 7.3 3.3 A Agriculture, forestry and fishing 1,489 1,519 1,541 5.3 3.0 4.6 3.0 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 B Mining and quarrying 2,360 2,302 2,433 7.6 0.3 5.1 -1.8 2.6 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 C Manufacturing 1,772 1,819 1,870 3.9 3.5 3.2 3.5 3.9 2.9 4.2 2.8 3.0 2.7 4.6 6.1 D Electricity, gas, steam and air conditioning supply 2,734 2,743 2,865 2.9 4.3 4.0 2.4 4.7 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 E Water supply sewerage, waste management and remediation activities 1,739 1,785 1,786 3.0 2.7 4.2 2.0 3.9 1.6 2.9 7.7 3.6 3.0 4.1 2.9 F Constrution 1,390 1,475 1,487 4.2 2.2 5.5 1.6 2.8 2.3 2.0 9.4 5.2 5.7 8.9 3.6 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,734 1,731 4.2 3.9 4.2 3.2 4.5 3.2 2.3 6.1 4.8 3.9 5.9 3.0 H Transportation and storage 1,565 1,617 1,618 3.3 1.6 -0.1 2.3 2.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 I Accommodation and food service activities 1,180 1,290 1,395 4.9 4.8 -3.8 4.6 4.3 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 J Information and communication 2,480 2,544 2,614 4.1 5.7 4.5 5.9 4.6 5.4 4.0 6.5 4.1 3.6 4.5 3.4 K Financial and insurance activities 2,658 2,710 2,570 4.8 4.6 2.5 2.8 5.3 4.3 2.7 4.1 2.3 0.8 5.7 2.9 L Real estate activities 1,676 1,715 1,706 0.9 5.2 4.2 5.8 5.4 5.5 3.6 7.9 4.5 1.3 4.0 0.1 M Professional, scientific and technical activities 2,048 2,120 2,197 4.2 4.6 4.0 4.1 5.0 5.0 2.4 6.3 4.0 3.5 7.2 4.0 N Administrative and support service activities 1,258 1,304 1,315 5.8 5.1 4.7 4.4 6.1 3.6 4.0 7.4 3.9 4.1 5.2 3.0 O Public administration and defence, compulsory social security 2,352 2,729 2,329 3.2 8.9 7.4 9.4 8.6 8.1 3.0 14.2 3.6 9.0 16.0 10.3 P Education 1,951 2,273 2,012 0.9 6.1 6.2 5.4 5.3 8.1 3.8 6.4 8.3 6.5 10.1 16.1 Q Human health and social work activities 2,323 2,640 2,082 3.4 5.1 17.7 4.1 4.5 6.9 5.7 26.5 6.6 31.4 36.2 5.7 R Arts, entertainment and recreation 1,778 1,925 1,956 1.7 4.3 0.0 2.7 3.8 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 S Other service activities 1,491 1,530 1,523 1.2 4.7 4.5 3.2 4.5 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 Source: SURS, calculations by IMAD. 2019 2020 2021 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 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 14.3 3.0 6.1 7.7 7.1 4.8 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 11.8 2.1 2.4 7.1 6.1 5.9 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 19.4 5.5 15.9 9.1 9.8 2.4 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 9.3 3.0 4.0 8.5 7.0 6.4 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 14.2 1.6 1.6 6.5 4.9 5.9 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 12.1 2.5 1.6 5.6 6.2 4.9 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 4.6 -0.5 -2.1 5.3 5.7 5.9 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 0.2 -6.8 -4.4 2.8 7.5 3.9 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 10.1 3.3 4.8 10.1 7.5 6.8 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 0.3 8.7 1.9 -8.0 2.4 3.3 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 7.5 2.2 0.6 5.8 5.1 4.7 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 15.5 1.3 1.0 8.4 6.9 8.0 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 11.7 2.3 1.0 5.6 4.2 5.8 -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 7.7 1.0 1.8 4.9 5.0 5.3 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 27.8 2.7 14.0 16.8 10.3 8.8 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 7.9 2.7 1.7 5.6 5.2 6.2 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 11.2 3.0 5.7 0.1 5.1 2.2 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 6.7 0.6 -1.6 1.1 4.3 2.9 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 12.2 4.5 1.1 6.3 6.3 6.2 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 8.4 0.7 0.6 7.6 8.3 4.8 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 15.3 10.6 14.8 5.3 3.1 3.1 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 10.7 7.8 25.4 15.0 21.2 4.8 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 31.3 1.8 8.7 6.6 3.9 -0.5 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 17.9 8.8 7.8 17.7 10.0 7.3 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 14.2 -5.1 -5.0 4.0 4.1 3.0 Prices and indicators of overall competitiveness 2018 2019 2020 2019 2020 2021 2019 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 CPI, y-o-y growth rates, % 1.4 1.8 -1.1 2.0 1.5 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 1.4 1.4 1.8 2.1 Food, non-alcoholic beverages 0.6 3.3 1.0 2.5 2.4 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.5 2.4 3.3 3.4 Alcoholic beverages, tobacco 0.4 1.9 3.2 1.6 1.6 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.4 1.6 1.9 1.4 Clothing and footwear 0.3 0.5 -5.4 3.6 0.5 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 0.6 0.5 0.5 1.4 Housing, water, electricity, gas 4.7 2.7 -0.6 4.5 2.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 2.9 2.1 2.7 4.1 Furnishing, household equipm. 0.9 0.4 -0.4 1.9 0.9 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 1.3 1.0 0.4 0.8 Medical, pharmaceutical produ. 1.3 1.4 4.9 1.3 1.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 1.7 1.4 1.4 1.4 Transport -0.7 0.1 -5.9 -1.3 -0.8 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 -0.9 -1.6 0.1 1.3 Communications 3.3 -0.4 0.6 -0.2 0.4 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 0.5 1.2 -0.4 -0.1 Recreation and culture 1.9 0.6 -3.9 2.1 0.5 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 0.8 0.2 0.6 -0.9 Education 1.7 5.6 0.7 4.2 5.6 4.8 3.3 2.2 0.6 0.7 0.8 1.1 5.5 5.6 5.6 5.5 Catering services 2.4 3.2 0.6 3.0 3.0 2.0 1.3 1.0 0.7 0.6 1.3 4.0 2.9 2.8 3.2 1.9 Miscellaneous goods & services 1.7 4.4 0.7 2.4 4.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 3.4 4.5 4.4 5.3 HICP 1.4 2.0 -1.2 2.0 1.6 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 1.5 1.4 2.0 2.3 Core inflation (excluding fresh food and energy) 1.2 1.6 -0.1 2.1 1.7 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 1.8 1.8 1.6 1.4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 1.4 0.6 -0.2 0.3 0.4 -0.1 -0.6 -0.3 -0.1 1.2 3.6 7.5 0.2 0.5 0.6 0.3 Domestic market 1.2 2.1 1.0 1.9 2.0 1.3 0.3 0.3 0.9 1.9 4.2 8.0 1.9 2.0 2.1 1.9 Non-domestic market 1.6 -0.9 -1.4 -1.4 -1.2 -1.4 -1.4 -0.8 -1.1 0.4 2.9 6.9 -1.5 -1.1 -0.9 -1.3 Euro area 1.6 -0.7 -1.2 -1.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 -1.7 -1.1 -0.7 -1.5 Non-euro area 1.7 -1.2 -1.8 -0.7 -1.1 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 -1.0 -1.0 -1.2 -0.6 Import price indices 1.7 -1.4 -2.6 -1.9 -1.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 14.9 -2.4 -2.0 -1.4 -1.5 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2 , nominal 0.8 -0.4 0.8 -0.4 -0.3 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -0.4 -0.4 -0.3 -0.4 Real (deflator HICP) 0.8 -0.3 -0.4 0.2 -0.3 -0.1 -1.3 -0.1 0.0 -0.5 0.3 -1.2 -0.2 -0.4 -0.2 -0.1 Real (deflator ULC) 0.8 0.8 3.6 1.5 -0.5 2.8 5.8 1.3 4.7 1.0 -2.4 USD / EUR 1.1815 1.1196 1.1413 1.1116 1.1072 1.1023 1.1006 1.1695 1.1928 1.2056 1.2057 1.1788 1.1053 1.1051 1.1113 1.1100 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. 2020 2021 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 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 2.1 1.4 2.0 2.1 2.4 3.0 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 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 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 3.4 3.9 4.1 4.2 4.0 0.7 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 2.0 1.7 4.3 1.8 -0.7 -1.2 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 11.8 2.5 3.1 3.2 4.4 6.7 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 2.0 1.3 2.1 3.2 2.3 3.4 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 2.7 3.2 2.5 2.9 2.7 3.0 -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 5.6 5.5 8.2 9.2 9.6 11.7 -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 1.2 1.4 -0.4 -0.4 -1.3 -3.5 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 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 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 0.8 0.9 1.0 1.0 1.2 0.7 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 0.9 2.5 3.1 3.7 5.2 5.2 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 -0.4 -0.3 -0.3 -0.1 0.0 0.3 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 2.2 1.7 2.0 2.1 2.7 3.5 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 0.7 0.8 1.3 1.6 1.5 1.5 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 2.4 3.5 4.8 6.2 7.7 8.6 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 3.0 4.6 5.1 6.9 8.2 9 -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 2.4 4.6 5.4 7.1 8.2 -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 2.7 2.9 5.7 5.6 7.2 8.3 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 -0.3 1.4 2.2 5 7 8.1 -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 7.0 8.6 10.3 12.8 14.1 17.8 -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 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -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 0.9 0.5 -0.6 -0.8 -1.6 -1.3 -1.5 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 1.2146 1.2047 1.1822 1.1772 1.1770 1.1601 Balance of payments 2018 2019 2020 2019 2020 2021 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 9 10 11 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,731 2,898 3,462 787 678 696 986 716 797 963 792 527 240 231 398 307 Goods 1,272 1,311 2,366 429 198 273 568 568 700 530 545 204 40 21 212 135 Exports 30,808 32,013 29,656 8,295 7,831 7,904 7,857 6,431 7,368 8,001 8,241 8,760 2,199 2,761 2,905 2,747 Imports 29,535 30,702 27,290 7,866 7,633 7,630 7,289 5,862 6,668 7,471 7,696 8,556 2,159 2,741 2,693 2,612 Services 2,624 2,907 1,996 775 834 756 517 396 561 522 484 496 286 273 308 224 Exports 8,124 8,659 6,900 2,178 2,433 2,248 1,776 1,441 1,822 1,861 1,575 1,859 810 774 764 701 Imports 5,500 5,751 4,904 1,403 1,598 1,492 1,259 1,046 1,261 1,338 1,092 1,362 524 501 456 477 Primary income -769 -811 -426 -317 -226 -271 53 -116 -371 7 -122 -172 -46 -29 -75 -37 Receipts 1,633 1,758 1,645 497 371 457 449 365 352 479 435 415 112 132 134 147 Expenditures 2,401 2,569 2,071 814 597 727 396 481 722 472 557 587 158 160 208 185 Secondary income -396 -509 -473 -101 -129 -62 -152 -132 -93 -96 -114 -1 -41 -34 -47 -14 Receipts 873 934 972 217 233 272 230 225 214 304 288 392 71 84 83 85 Expenditures 1,270 1,443 1,445 318 362 334 382 357 306 400 402 393 112 117 130 99 Capital account -203 -187 -226 -11 -30 -120 -53 -17 -26 -130 143 -11 -10 -9 -9 29 Financial account 2,548 2,094 3,052 316 553 506 1,116 385 580 970 785 421 -268 381 466 217 Direct investment -934 -762 266 -200 -121 -119 -21 -37 -219 543 -181 -526 -45 -30 106 -21 Assets 373 1,157 697 23 118 583 13 192 -65 557 309 86 -89 106 161 60 Liabilities 1,307 1,919 431 223 239 701 33 229 155 14 491 612 -43 135 55 81 Portfolio investment 744 734 -1,826 -122 -121 444 -1,953 -1,929 1,315 740 -170 1,630 -27 197 93 -41 Financial derivatives -81 -163 53 20 -8 8 53 -32 5 27 -18 10 -9 3 3 1 Other investment 2,767 2,248 4,394 574 837 167 2,989 2,354 -547 -402 1,142 -701 -198 218 252 292 Assets 2,054 3,250 4,856 1,367 956 260 3,346 1,988 -696 218 3,030 132 56 90 199 431 Other equity 68 27 4 1 -2 -2 -1 5 0 0 0 2 0 0 -1 -1 Currency and deposits 1,508 2,811 4,753 1,121 1,056 656 2,751 2,672 -792 121 2,128 -191 195 -43 37 393 Loans 215 438 342 324 57 -18 79 40 57 165 153 -10 28 31 -25 11 Insurance, pension schemes, and standardised guarantee schemes -7 13 1 1 1 2 2 3 -1 -2 5 1 0 0 1 1 Trade credit and advances 303 29 -224 -66 -150 -322 393 -544 67 -140 673 207 -181 114 186 -14 Other assets -33 -69 -20 -13 -6 -56 122 -189 -27 74 71 123 14 -13 1 41 Liabilities -713 1,002 462 793 119 93 358 -366 -150 620 1,888 833 254 -128 -53 139 Other equity 2 2 4 -1 0 2 0 0 0 3 2 -42 0 0 0 0 Currency and deposits -524 1,009 800 373 270 308 199 222 116 263 788 950 200 12 135 12 Loans -491 -149 -409 146 53 -250 40 -255 -325 131 756 -372 172 -271 -239 32 Insurance, pension schemes, and standardised guarantee schemes 20 27 55 13 9 -35 40 18 6 -9 30 27 3 3 -12 -12 Trade credit and advances 331 62 -134 116 -140 84 -59 -391 20 297 208 275 -106 139 49 103 Other liabilities -51 50 146 144 -72 -17 138 39 33 -65 104 -5 -15 -11 15 4 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 44 -33 5 49 29 26 62 13 7 11 -7 12 -15 Net errors and omissions 20 -616 -184 -459 -96 -71 184 -313 -191 137 -151 -95 -498 159 77 -119 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. 2019 2020 2021 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 -9 306 399 280 263 146 307 170 217 410 505 276 183 295 152 345 287 111 129 157 125 -74 137 243 188 164 123 281 344 89 267 277 187 66 239 135 171 131 -10 83 68 -31 2,251 2,581 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,430 2,634 3,176 2,873 2,867 3,020 2,881 2,523 2,325 2,444 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,191 2,500 3,005 2,742 2,878 2,936 2,813 2,554 224 192 192 132 142 93 160 184 163 214 244 129 150 136 147 201 171 137 189 168 224 783 614 621 541 459 425 557 645 589 588 637 539 684 451 499 625 599 568 691 763 784 559 421 428 409 317 332 397 461 426 374 393 411 535 314 353 424 428 432 502 595 560 -158 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -11 -42 -69 -41 -46 -85 -90 -48 176 185 134 130 130 129 106 118 124 110 128 156 195 173 141 121 138 137 140 122 143 334 117 120 159 137 146 198 445 132 145 123 152 197 184 183 189 179 183 225 212 191 -1 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -69 -87 42 27 31 -59 11 -20 104 77 64 88 82 67 76 80 62 72 98 100 106 70 74 144 140 149 103 125 94 105 169 114 99 118 121 118 111 89 107 119 144 137 139 160 103 114 118 161 114 114 -139 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 27 -24 -14 37 21 -177 360 451 306 368 -27 44 -4 265 319 453 434 83 203 589 -7 358 68 -5 -327 296 -203 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -147 -38 4 -325 -64 -137 -82 -46 362 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -42 199 153 156 180 -249 -7 48 565 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 105 237 148 481 244 -113 75 94 392 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -690 544 4 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 5 2 -378 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,469 160 -487 -253 -478 31 434 -907 -370 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,699 1,320 11 -68 -112 312 402 -237 0 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 226 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,393 993 -258 -120 -162 91 351 -141 -5 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 1 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 0 0 -494 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 217 44 93 70 -3 -86 -98 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -52 53 21 50 93 15 8 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 230 1,160 498 186 367 281 -33 670 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 162 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 300 281 140 -10 -43 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -166 -107 -99 -7 83 -12 13 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 0 0 -68 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -135 134 209 3 160 112 -137 -79 -35 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 43 20 -30 4 21 -28 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -29 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -75 403 -479 44 -19 -120 -521 150 333 253 316 283 230 278 301 325 240 336 336 329 325 261 295 357 329 332 333 330 N/A 1,102 1,398 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,392 1,457 1,734 1,604 1,599 1,681 1,702 N/A 920 1,329 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,251 1,419 1,303 1,268 1,331 1,418 N/A 424 330 308 298 214 298 338 347 278 340 378 464 416 304 346 419 389 410 413 363 N/A 1,312 1,494 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,369 1,528 1,912 1,777 1,997 2,007 2,178 N/A 1,015 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 900 907 1,099 1,152 1,054 1,020 960 N/A Monetary indicators and 2018 2019 2020 2019 2020 interest rates 5 6 7 8 9 10 11 12 1 2 3 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 7,327 7,606 7,631 7,913 7,791 7,819 7,817 7,719 7,624 7,744 7,399 Central government (S,1311) 4,937 4,696 4,520 5,089 5,058 5,070 5,007 5,037 4,959 4,928 4,696 4,410 4,455 4,753 Other government (S,1312,1313,1314) 580 602 639 581 577 570 567 574 573 577 602 613 616 613 Households (S,14, 15) 10,370 10,981 10,997 10,628 10,642 10,703 10,781 10,833 10,950 10,978 10,981 10,982 11,005 10,954 Non-financial corporations (S,11) 9,496 9,589 9,363 9,571 9,749 9,738 9,878 9,868 9,869 9,882 9,587 9,794 9,871 10,070 Non-monetary financial institutions (S,123, 124, 125) 1,502 1,661 1,640 1,482 1,496 1,503 1,493 1,486 1,479 1,481 1,661 1,674 1,674 1,675 Monetary financial institutions (S,121, 122) 4,275 5,230 7,969 4,099 4,001 4,335 4,067 3,894 4,011 4,531 5,230 5,403 5,138 5,461 Claims on domestic sectors, TOTAL In domestic currency 26,181 27,913 30,341 26,329 26,381 26,725 26,651 26,509 26,728 27,331 27,913 27,860 27,687 28,145 In foreign currency 446 391 345 422 419 416 420 412 398 392 391 389 390 389 Securities, total 4,429 4,382 4,361 4,659 4,685 4,727 4,666 4,704 4,642 4,581 4,381 4,554 4,608 4,910 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 0.19 0.17 0.15 0.16 0.16 0.16 0.17 0.18 0.1 0.04 0.15 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 -0.312 -0.329 -0.365 -0.408 -0.418 -0.413 -0.401 -0.395 -0.391 -0.409 -0.417 6-month rates -0.266 -0.302 -0.364 -0.237 -0.279 -0.347 -0.405 -0.394 -0.362 -0.337 -0.336 -0.330 -0.355 -0.365 3-month rates -0.735 -0.737 -0.708 -0.713 -0.717 -0.751 -0.817 -0.812 -0.774 -0.712 -0.711 -0.679 -0.707 -0.761 6-month rates -0.653 -0.684 -0.659 -0.656 -0.673 -0.719 -0.802 -0.771 -0.711 -0.650 -0.639 -0.624 -0.663 -0.703 Sources: BoS, EUROSTAT. 2020 2021 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 Public finance 2018 2019 2020 2019 2020 2021 2019 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 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 4,671.6 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.4 1,669.3 1,612.8 1,815.6 1,678.4 Current revenues 17,575.9 18,293.3 17,578.7 4,478.2 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.4 1,626.9 1,576.5 1,605.3 1,638.2 Tax revenues 16,225.3 17,179.1 16,460.4 4,169.7 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 1,535.2 1,498.3 1,522.1 1,581.5 Taxes on income and profit 3,296.4 3,614.0 3,261.8 717.7 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 305.1 313.3 369.0 296.6 Social security contributions 6,549.8 7,021.3 7,289.9 1,745.5 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 579.4 586.8 664.4 615.1 Taxes on payroll and workforce 21.6 23.2 21.6 5.4 6.6 5.9 4.0 5.6 6.1 5.0 5.9 6.0 2.0 2.1 2.5 2.1 Taxes on property 277.9 296.4 287.3 120.9 81.6 31.0 48.6 111.3 96.4 33.5 84.8 102.2 35.8 30.4 15.4 10.1 Domestic taxes on goods and services 5,989.3 6,126.7 5,493.3 1,565.7 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 601.5 575.0 466.6 631.2 Taxes on international trade & transactions 89.8 98.6 102.4 25.5 22.1 24.0 24.5 25.3 28.7 28.1 34.6 36.7 8.0 7.4 6.8 7.2 Other taxes 0.5 -1.1 4.1 -11.1 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 3.4 -16.6 -2.6 19.2 Non-tax revenues 1,350.6 1,114.2 1,118.2 308.5 253.1 249.7 339.7 291.3 237.6 284.5 431.7 308.6 91.6 78.2 83.2 56.7 Capital revenues 152.8 136.4 146.9 34.4 46.9 31.2 20.1 31.3 64.3 36.4 54.9 56.0 15.3 11.9 19.7 11.3 Grants 12.4 13.8 17.5 6.3 1.2 8.1 1.4 6.9 1.1 6.7 2.0 10.2 1.2 3.7 -3.8 1.0 Transferred revenues 55.6 58.3 54.8 50.3 3.1 0.2 21.7 30.6 2.3 1.7 2.1 51.4 0.0 -0.2 3.3 0.1 Receipts from the EU budget 796.9 730.5 730.7 102.4 238.0 200.9 133.3 189.6 206.9 233.3 180.5 159.5 25.9 20.9 191.1 27.9 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,068.0 18,968.8 22,070.6 4,705.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 1,540.6 1,628.2 1,898.4 1,723.2 Current expenditures 7,966.5 8,228.3 9,127.8 2,007.6 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,658.4 2,495.0 2,362.4 642.1 696.0 755.9 799.9 Wages, salaries and other personnel expenditures 4,167.9 4,470.5 4,965.3 1,101.6 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,483.5 1,623.4 1,330.2 375.5 370.3 375.4 403.1 Expenditures on goods and services 2,633.7 2,728.0 3,020.7 673.8 786.0 686.8 661.6 739.0 933.4 724.9 766.6 793.8 246.0 236.1 303.9 235.1 Interest payments 867.9 791.5 778.0 175.7 88.9 442.4 53.7 187.0 95.0 386.9 45.5 204.6 8.8 66.9 13.3 153.2 Reserves 296.9 238.4 363.8 56.4 97.9 47.3 40.5 32.8 243.2 63.1 59.5 33.9 11.9 22.8 63.2 8.6 Current transfers 8,236.6 8,704.2 10,867.7 2,201.2 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.8 2,984.0 2,605.5 711.5 740.5 756.0 781.6 Subsidies 443.9 467.9 1,449.3 53.5 139.3 167.9 711.7 305.5 264.2 297.1 302.3 111.6 33.1 49.3 56.8 82.8 Current transfers to individuals and households 6,925.8 7,323.9 8,250.8 1,912.6 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.8 605.9 599.9 604.4 623.5 Current transfers to non­profit institutions, other current domestic transfers 793.5 827.7 1,083.2 215.3 232.7 215.0 242.6 248.9 376.7 197.5 276.6 298.4 70.2 75.7 86.8 66.5 Current transfers abroad 73.4 84.7 84.4 19.8 25.9 23.2 11.2 16.6 33.4 29.9 31.0 36.7 2.4 15.5 8.0 8.8 Capital expenditures 1,159.9 1,252.9 1,230.6 315.4 541.2 172.8 232.7 263.2 561.9 194.4 278.5 402.0 122.9 141.7 276.6 53.5 Capital transfers 271.6 273.6 318.5 57.8 141.6 29.6 42.9 68.0 178.0 33.4 55.5 86.3 24.0 31.0 86.6 11.0 Payments to the EU budget 433.4 509.7 526.0 123.8 82.3 154.0 134.7 85.1 152.2 197.5 119.1 123.8 40.0 19.0 23.4 77.1 SURPLUS / DEFICIT 525.6 263.5 -3,542.1 -34.2 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.5 128.8 -15.3 -82.8 -44.8 Source: MF. 2020 2021 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 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 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,438.0 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 1,613.4 1,422.4 1,490.2 1,802.4 1,799.1 1,733.1 1,571.5 1,669.8 1,633.1 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 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 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 2.0 1.9 2.1 2.3 1.8 1.9 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 19.5 27.3 38.1 35.7 34.1 32.4 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 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 11.6 10.5 12.5 11.4 10.1 15.2 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 7.5 -16.5 16.2 -25.5 13.5 -8.9 79.2 113.8 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.2 120.8 101.2 99.6 107.7 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 16.4 15.3 23.2 23.4 13.4 19.2 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 0.5 0.4 1.0 0.3 0.4 9.5 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 0.0 0.2 1.9 31.1 20.0 0.3 27.9 145.1 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 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 2,311.2 1,772.6 1,970.0 2,189.5 1,901.1 1,885.4 1,793.5 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,149.5 707.6 858.9 928.4 794.5 832.6 735.3 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 549.6 423.6 554.4 645.4 448.8 487.7 393.7 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.8 293.3 229.9 282.5 254.3 266.9 267.7 259.2 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 36.3 3.9 5.3 63.1 68.4 73.1 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 17.9 18.2 23.4 15.7 8.9 9.3 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,024.2 914.2 958.0 1,111.8 929.3 836.8 839.4 39.7 45.4 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.9 84.7 116.0 101.6 43.4 46.8 21.3 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.8 706.2 68.5 80.0 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.8 77.2 105.1 94.3 95.9 101.0 101.5 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 18.2 5.4 7.4 10.2 16.1 10.4 56.9 62.4 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.8 84.3 86.6 91.3 100.6 128.8 137.9 135.3 8.0 10.5 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 23.9 14.5 17.1 19.4 32.7 34.2 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 40.4 47.2 31.4 29.1 45.3 49.4 -14.6 -315.8 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.2 -89.9 -390.2 -253.7 -160.4 -14.5 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, EBA – European Banking Authority, 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, PEEP – Pandemic emergency purchase programme, 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, SVRK – Government Office for Development and European Cohesion Policy, 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 AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia,FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom,US-United States of America. slovenian economic mirror No. 8, Vol. XXVII, 2021