Slovenian economic mirror No. 3 /Vol. XXVI /2020 il 2 > a Slovenian Economic Mirror No. 3 / Vol. XXVI / 2020 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor in Chief: Tina Nenadič, MSc Authors of Current Economic Trends (listed alphabetically): Urška Brodar; Lejla Fajic; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajic, Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translator: Marija Kavčič Data Preparation, Graphs: Bibijana Cirman Naglič DTP: Bibijana Cirman Naglič Print: Eurograf d.o.o. 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Contents In the spotlight...........................................................................................................................................3 Current economic trends.......................................................................................................................5 International environment.......................................................................................................................7 Economic developments in Slovenia....................................................................................................9 Labour market............................................................................................................................................15 Prices..............................................................................................................................................................16 Financial markets.......................................................................................................................................17 Balance of payments................................................................................................................................19 Public finance.............................................................................................................................................20 Statistical appendix...............................................................................................................................23 The Economic Mirror is prepared based on statistical data available by 11th May 2020. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 2/2020 Selected topics 3 In the spotlight Affected by the coronavirus epidemic, economic activity in the euro area was 3.3% lower year on year in the first quarter; international institutions predict a recession for the euro area and global economy for this year. Lower demand and extensive lockdowns in the economy due to the coronavirus epidemic at the end of the first quarter led to a 3.8% contraction in GDP compared with the previous quarter. As a result of the strict containment measures, international institutions expect an even sharper fall in activity in the second quarter. This is also indicated by confidence indicators (PMI and ESI), which deteriorated significantly in April. According to the latest IMF and EC forecasts, which take into account the moderation of the epidemic in this quarter, the euro area economy will contract by 7.5%-7.7% this year. Unemployment is expected to increase to 9.5% according to the EC forecasts. Although all euro area countries will fall into recession, the decline in GDP and then the pace of recovery in 2021 will not be uniform across countries. The higher borrowing requirements of euro area countries in these circumstances already contributed to an increase in yields to maturity of government bonds in April, but this was not uniform due to the different levels of countries' debt before the beginning of the epidemic. With a high level of uncertainty, part of demand shifted to safer bonds of core euro area countries, while yields to maturity of peripheral countries increased. Among the most pronounced was also the rise in yields to maturity of Slovenian bonds. Slovenia last borrowed on 7 April, before the significant increase in yields. With the spread of the coronavirus and the adoption of measures to contain the epidemic, activity in Slovenia declined in most sectors in the middle of March. Owing to the ban on business activities, turnover in non-essential trade segments declined in March. Similarly, a significant decline in turnover is also expected in accommodation and food service activities, which will also be due to the plunge in tourist arrivals. The number of domestic and foreign tourist overnight stays was two thirds lower year on year in March. The decline in foreign demand and disruptions of global supply chains contributed to a fall in manufacturing output and exports. A decline in economic activity in the middle of March is also indicated by data on electricity consumption, which has been around one fifth lower year on year since the outbreak of the epidemic in Slovenia in the middle of March. It has also fallen noticeably in the EU. Lower economic activity in Slovenia and the EU also has a significant negative impact on freight traffic on Slovenian motorways, which has declined by around 40% year on year since the epidemic broke out in the middle of March. With the relaxation of measures after Easter, the fall started to decline gradually, but the decline in foreign freight traffic in particular has remained significant. Reflecting uncertain economic conditions, expectations have deteriorated notably in all activities. Consumer confidence has also fallen strongly. The labour market situation also began to deteriorate with the coronavirus epidemic. In the first two months of this year, the number of persons in employment was still rising, as there was a shortage of domestic workers, mainly due to the hiring of foreigners. However, data on unemployment already point to a turnaround in labour market conditions due to the epidemic. While the number of unemployed persons in the first two months was still similar to that at the end of last year, it started to increase rapidly in the middle of March. In the second half of April and the beginning of May, the increase moderated somewhat. At the end of April, 88,648 persons were registered as unemployed, one fifth more than in the same period last year and 14.4% more than in February, i.e. before the epidemic. According to unofficial EES data, the number of unemployed persons increased further to 89,635 by 10 May. Consumer prices were lower year on year in April, largely due to a decline in energy prices. The consequences of the measures taken by countries to contain the coronavirus spread significantly contributed to a fall in demand for oil products and thus a decline in their prices. In April, oil prices plummeted to record lows. International institutions expect that they will remain low and volatile until the imbalance between supply and demand is eliminated. Lower energy prices together contributed 2.2 pps to deflation, which was a consequence of a fall in prices of oil products, but also lower electricity prices as a result of the Slovenian government's measure. Food price rises strengthened further due to higher demand. Growth in services price moderated. Year-on-year growth in corporate loans intensified in the first three months of the year, while growth in consumer loans slowed markedly. Corporate borrowing already strengthened somewhat more noticeably in the first two months, while the monthly growth in March was among the highest in the last 12 months. In our estimation, this could be a consequence of both a faster execution of already agreed transactions and the already approved deferrals of payments of liabilities on the basis of the Act on the Intervention Measure of Deferred Payment of Borrowers' Liabilities. Household borrowing moderated gradually. Growth in consumer loans has declined since the introduction of a binding macroprudential instrument, by almost two thirds in the last five months (to 4.5%), while growth in housing loans remained over 5%. The share of arrears of more than 90 days in the banking system was low in the first two months, just above one percent. However, despite the intervention measures, there is a high risk that it will start increasing again due to the deterioration of economic conditions at the outbreak of the epidemic. In the first quarter of this year, the deficit of the consolidated balance of public finance doubled year on year. The consequences of the coronavirus epidemic already showed in lower revenues from VAT and excise duties, which significantly slowed total revenue growth. Revenue from corporate income tax was higher, while growth in revenue from personal income tax moderated strongly due to legislative changes. Total revenue growth derived mainly from higher social contributions. Nontax revenues were also higher. Receipts from the EU were lower year on year. Growth in expenditure was only slightly lower than last year and for the most part did not yet reflect the consequences of the epidemic. It was underpinned by increased transfers to individuals and households and stronger growth in wages and other compensation of employees. Growth in expenditure on goods and services also increased significantly. Investment growth halved and arose solely from local government investment. Total expenditure growth is expected to strengthen in the remainder of the year, while revenue will decline year on year, which will increase the deficit of the consolidated balance and the broader government sector. 4 In the spotlight Slovenian Economic Mirror, No 3/2020 I Euro area GDP contracted strongly in the first quarter; prospects for the second quarter deteriorated significantly. ■ Composite index-Manufacturing-Services 62 58 54 50 46 42 38 34 30 26 22 18 14 10 m m C i M I/ fUfUfUfUfUfUfUTO rareren Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. I Also in Slovenia, the coronavirus spread and the measures taken to contain the epidemic have had a significant negative impact on the majority of activities. -Merchandise exports Va l ue of con str ucti on ou tp ut -Turnover in services (nom.) Ind. prod. in manufacturing -Turnover in trade ^ £ ro 1 C ^ 160 150 140 130 120 110 100 90 80 70 60 50 40 30 Source: SURS; calculations by IMAD. I The number of registered unemployed persons started to increase rapidly in the middle of March; in April it was a fifth higher year on year. Ä 82.000 8 78.000 rs rs rs CN O O O O rs rs rs rs I Lower prices of oil products and electricity made the greatest contribution to the year-on-year decline in consumer prices in April. ■ Other Fuels and energy -TOTAL (right axis) ■ Services ■ Food 0 iiiliiiiiiiiiiiiii 4 3 # c 2 1 1 2 CT 0 U C -1 £ ra OJ -2 -3 Source: SURS; calculations by IMAD. 4 3 2 Source: ESS f Year-on-year growth in corporate loans intensified in the first three months of the year, while growth in consumer loans has slowed markedly since the introduction of a binding macroprudential instrument. -Consumer loans -Lending for house purchase -Enterprises and NFIs -Total 30 20 C 10 _c i o 0 & to u -10 c o -20 TO (Li > -30 -40 X "■w Sa* V- 3 ¿n H 1 Zj N I The deficit of the consolidated balance of public finance doubled in the first quarter; revenue growth already slowed down, while expenditure growth for the most part did not yet reflect the consequences of the epidemic. I General government balance ■ Primary balance 1.500 1.000 500 c 0 1 0 CT ^ -500 -1.000 -1.500 -2.000 Öfil ,76 2011 2012 2013 2014 2015 2016 2017 2018 2019 I-III I-III 2019 2020 Source: MF, Bulletin of Government Finance; calculations by IMAD. Source: Bos. current economic trends Slovenian Economic Mirror, No 3/2020 International environment Current Economic Trends 7 I Figure 1: The composite Purchasing Managers' Index (PMI) for the euro area ■ Composite index -Manufacturing -Services 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Economic sentiment in the euro area continued to deteriorate strongly in April, which points to a significant decline in economic activity in the first half of the year. With the largest monthly decline thus far, the composite PMI fell to an all-time low and was thus significantly lower than in 2009. Confidence in service activities reached its lowest level since records began, while the indicator for manufacturing fell to roughly the same level as at the time of the global financial crisis. The economic sentiment indicator (ESI) recorded the steepest monthly decline since the beginning of measurement and approached the values seen during the economic and financial crisis in 2009. Confidence fell sharply in all sectors and among consumers, most notably in service activities and trade. As a result of lower demand and extensive lockdowns in the economy, euro area GDP contracted by 3.8% in the first quarter compared with the previous quarter, according to Eurostat's flash estimate, which is the sharpest decline since records began. In the second quarter, it is set to contract even more, judging by confidence indicators. I Figure 2: IMF forecasts for economic growth 12019 «Forecast for 2020 «Forecast for 2021 -2009 outturn 14 12 10 8 6 4 2 0 -2 -4 -10 -12 — ■ — 1 ■ 1 ■ 1 ■ ■ H 1 1 1 ■ 1 1 ■ - - - ■ _ Source: IMF WEO, April 2020. International institutions predict a recession of historic proportions for the global economy this year. Recession will affect both advanced and developing countries. According to IMF and EC forecasts, the euro area economy will contract by 7.5%-7.7% this year under the assumption of a slowdown in the epidemic, and then recover by 4.7%-6.3% next year. All euro area countries will experience a recession, but the drop in economic activity in 2020 and its rebound in 2021 are expected to differ markedly. The EC predicts that the unemployment rate in the euro will increase from 7.5% to 9.5% this year, before falling slightly again in 2021. Inflation (HICP) in the euro area will total only 0.2% this year (1.1% in 2021) according to EC forecasts, given the decline in demand and the fall in oil prices. The forecasts of institutions are associated with exceptionally high uncertainty and mostly negative risks, as a longer lasting epidemic or a new outbreak could have a far greater negative impact on economic growth. I Figure 3: Prices of Brent Crude -Price In EUR (left axis) -Price in USD (left axis) -Exchange rate USD/EUR (right axis) 140 130 120 110 100 90 8 7 6 5 § 4 I 3 £ D 2 1 0 In April, oil prices plummeted to record lows. The average dollar price for a barrel of Brent crude fell by 43% at the monthly level in April, to USD 18.5, the lowest value since June 1999. Dollar prices of oil were 74% lower year on year. The decline in euro prices was similar. The plunge in oil prices was mainly due to low demand and thus excess supply of oil on global markets and the price war between the world's top oil producers. International institutions expect oil prices to remain low and volatile until the imbalance between supply and demand is eliminated. Source: ECB, EIA; calculations by IMAD. 8 Current Economic Trends Slovenian Economic Mirror, No 3/2020 I Table 1: Brent oil prices, USD/EUR exchange rate and EURIBOR average change, in %* 2019 III 20 IV 20 IV 20/III 20 IV 20/IV 19 I-IV 20/I-IV 19 Brent USD, per barrel 64.28 32.12 18.47 -42.5 -74.1 -34.8 Brent EUR, per barrel 57.20 29.74 21.46 -27.8 -73.2 -31.1 EUR/USD 1.119 1.106 1.086 -1.8 -3.3 -3.0 3-month EURIBOR, in % -0.357 -0.417 -0.254 0.2 0.1 0.0 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Following a more marked depreciation of the currencies of individual trading partners against the euro, the nominal effective exchange rate stabilised in April. The spread of the coronavirus across the world has also caused major exchange rate fluctuations. In March, a significant depreciation against the euro was experienced particularly by currencies of energy exporting countries (e.g. Russia), countries with previously unstable macroeconomic and financial environments (e.g. Turkey) and the United Kingdom (as a consequence of Brexit-related uncertainties). The exchange rate of the euro against safe haven currencies such as the US dollar, the Swiss franc and the Japanese yen remained relatively stable. In April, exchange rate fluctuations were generally less pronounced. The nominal effective exchange rate, which indicates the ratio of the euro to a basket of currencies of trading partners weighted by their importance in Slovenia's foreign trade, remained similar to that in March. I Figure 4: Nominal effective exchange rate NEER (narrow group) NEER (broad group) Source: ECB, calculations by IMAD. * An increase in the NEER means an appreciation of the euro against the basket of currencies of 37 (narrow group) or 56 (broad group) trading partners. Slovenian Economic Mirror, No 3/2020 Current Economic Trends Economic developments in Slovenia I Figure 5: Short-term indicators of economic activity -Merchandise exports Value of construction output -Turnover in services (nom.) Ind. prod. in manufacturing -Turnover in trade 130 120 Source: SURS; calculations by IMAD. The spread of the coronavirus and the adoption of measures to contain the epidemic affected activity in most sectors, particularly certain market services. Owing to the ban on most service activities, turnover in non-essential trade segments fell in March. A significant fall in turnover is therefore also expected in accommodation and food service activities, which will also be affected by the plunge in tourist arrivals. Through a decline in foreign demand and disruptions in supply chains, the coronavirus epidemic in Europe had a significant adverse impact on production volume in manufacturing and exports of goods. The decline in economic activity in mid-March is also confirmed by data on electricity consumption, which in Slovenia has been around one fifth lower year on year since the outbreak of the epidemic. Freight traffic on Slovenian motorways also declined in the same period. It has increased gradually with the easing of measures after Easter, but remains markedly lower year on year. 9 I Table 2: Selected monthly indicators of economic activity in Slovenia In % 2019 III 20/II 20 III 20/III 19 I-III 20/I-III 19 Merchandise exports, real1 9.2 -5.03 2.8 7.9 - to the EU 4.2 -12.13 -11.5 -5.0 Merchandise imports, real1 11.5 -8.93 0.3 5.1 - from the EU 4.0 -7.73 -9.4 -5.6 Industrial production, real 3.3 -10.73 -7.74 -2.04 - manufacturing 3.8 -12.23 -7.64 -0.74 In % 2019 II 20/I 20 II 20/II 19 I-II 20/I-II 19 Services exports, nominal2 7.0 3.03 6.7 6.2 Services imports, nominal2 4.6 -5.73 -6.1 1.2 Construction -value of construction put in place, real 3.3 6.83 8.9 10.3 Distributive trades - real turnover 4.3 -2.33 -4.44 -1.74 Market services (without trade) - nominal turnover 5.4 0.23 1.24 1.94 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. I Figure 6: Trade in goods with the EU - real Exports Imports 160 150 140 130 120 110 100 Trade in goods, especially with EU countries, declined markedly in March with the spread of the coronavirus epidemic. After goods exports to EU countries had already been slowing gradually for several months, the noticeable decline in March was mainly due to measures to contain the epidemic in Slovenia's main trading partners. The sharpest decline was recorded for exports to Italy, where, in addition to the closure of most shops, all non-essential production came to a standstill in the second half of the month. Owing to disruptions in international transport, significantly worse expectations about orders and the adoption of measures to contain the epidemic in Slovenia, imports also fell markedly in March. 170 Source: SURS; calculations by IMAD. 10 Current Economic Trends Slovenian Economic Mirror, No 3/2020 I Figure 7: Trade in services - nominal Exports of services -Imports of services Growth in trade in services already slowed down before the epidemic spread. As a result of the slowdown in international trade, growth in exports of transport services, which account for more than a quarter of total services exports, eased significantly in the first two months of this year. The beginning of the coronavirus epidemic in neighbouring countries did not yet have any visible impact on transport and tourism in February, as spending by foreign tourists, same-day visitors and transit passengers remained similar to last year. On the other hand, the first two months recorded much stronger growth in exports and imports of ICT services, especially services related to information activities. Growth in imports of services also eased under the influence of the slowdown in international trade. Source: BoS; calculations by IMAD. I Figure 8: Production volume in manufacturing, by industrial group -Manufactured goods -Intermediate* -Investment goods -Durable consumer goods -Non-durable consumer goods Source: SURS; calculations by IMAD. Note: * Raw materials; excluding energy. Manufacturing output declined sharply with the spread of the coronavirus in March. Due to a decline in foreign demand and disruptions of supply chains, production fell in most industrial groups, as some companies decided to halt production. The decline was most pronounced in industries producing investment goods and durable consumer goods and somewhat smaller in those producing intermediates. Meanwhile, growth continued in industries that produce non-durable consumer goods, such as food and pharmaceuticals. Slovenian Economic Mirror, No 3/2020 Current Economic Trends 11 I Figure 9: Indicator of expected exports of manufactured goods, by industrial group Q4 2008 «1st half of 2009 Q1 2020 ■ Apr 20 20 Source: SURS Manufacturing companies' expectations deteriorated considerably under uncertain economic conditions at the beginning of the second quarter, the least in the production of non-durable consumer goods. Most indicators of expectations, but also of the current situation, reached similarly low or lower values than at the end of 2008 and in the first half of 2009. Most of the enterprises surveyed were already pessimistic about production in the second quarter in March, and their share increased significantly in April.1 Export orders, which to a great extent determine the volume of production, as manufacturing activities are highly oriented to exports, were lower than usually in April in most of the enterprises surveyed. The share of enterprises reporting lower export orders was highest in the production of investment goods, but these enterprises were less pessimistic about foreign demand and production in the coming months than enterprises that produce intermediate goods and are highly integrated into global value chains and enterprises that produce durable consumer goods. Those that produce non-durable consumer goods have so far been the least affected by the current situation. Despite a similarly low value of the indicator of new export orders as in other groups, these enterprises are on average the least pessimistic about future foreign demand, production and employment. 1 Enterprises are asked about their expectations for the next three months. ; calculations by IMAD I Figure 10: Activity in construction Seasonally adjusted data -3-month moving averages, seasonally adjusted Source: SURS; calculations by IMAD. After a decline in the middle of last year, construction activity increased towards the end of the year and intensified further at the beginning of 2020. Activity increased in all three construction segments, most notably in the construction of civil-engineering works, but also in the construction of non-residential and residential buildings. New contracts and the stock of contracts, which are the indicators of future activity in construction, dropped in the first half of last year before strengthening in the second. Favourable developments also continued in the first two months of this year, when the coronavirus had not yet spread to Europe. 12 Current Economic Trends Slovenian Economic Mirror, No 3/2020 I Figure 11: Turnover in trade -Total -Wholesale trade Sale of motor vehicles Retail trade Source: SURS; calculations by IMAD. At the beginning of the year, turnover in trade remained similar to that at the end of last year, while in March it fell sharply in some segments. The favourable developments in the first two months reflected further moderate growth in private consumption and strong activity in some trade-related sectors (manufacturing, construction, transport, etc.). With the spread of the coronavirus epidemic in Slovenia and the closure of shops selling non-essential goods in the middle of March, the situation in the trade sector changed significantly. Turnover in the sale of food products, which had already increased significantly in February under the impact of uncertainty, rose further in March according to preliminary data. On the other hand, due to the closure of shops selling non-essential goods, turnover in retail sales of non-food products and motor vehicles dropped sharply in March (by more than a quarter and more than a third respectively). I Figure 12: Real turnover in market services Total * -Transportation and storage (H) -Information and communication activities (J) -Professional and technical activities (M) -Administrative and support service activities (N) The weak growth of turnover in market services continued in February, when the impact of the coronavirus spread was not yet felt, but we expect a decline in the coming months. In February, turnover in transportation and administrative and support service activities remained at the same level as at the end of last year. With rising export revenues in computer services, turnover growth in information and communication activities remained high. Because of considerable growth in architectural and engineering services, growth in professional and technical activities even accelerated. We expect that the decline in economic activity in Slovenia and the EU in March and April will have a significant negative impact on service activities (especially transportation and business activities). Source: SURS; calculations by IMAD. Note: * including real estate and accommodation and food service activities. I Figure 13: Selected indicators of private consumption Real turnover in the sale of non-food products Real net wage bill Real social transfers Real turnover in the sale of food products Nom. turnover in accommodation and food service activities 150 140 130 120 110 100 90 Further growth in household consumption was interrupted by a declaration of epidemic in the middle of March. Amid further growth in disposable income, household consumption increased further in the first two months of the year. The increase in household resources reflected the growth of the net wage bill (also due to the increase in the minimum wage and a change in personal income tax rates) and social transfers paid during this period. With more resources available, households strengthened expenditure on most non-food products, catering services and, amid rising uncertainty, food and beverages. According to preliminary data, the consumption of food and beverages also increased further in March, while the consumption of other types of goods and services dropped markedly with the introduction of measures to contain the coronavirus epidemic. Source: Ministry of finance, SURS; calculations by IMAD. Slovenian Economic Mirror, No 3/2020 Current Economic Trends 13 I Figure 14: Selected indicators of tourism -Number of overnight stays -Turnover in accommodation and food service activities -Turnover in accommodation „ -Turnover in food and beverage service activities o -Export of travel Source: SURS; calculatio ns by IMAD. Because of the coronavirus epidemic, the number of tourist arrivals plunged in March, which will affect turnover in accommodation and food service activities; this had otherwise increased further in February. February's growth was related to further spending by the domestic population and the increase in overnight stays and consumption of foreign tourists, same-day visitors and transit guests. In February the coronavirus epidemic was reflected only in a fall in overnight stays of Asian tourists in Slovenia (year on year almost by one fifth), while the number of all foreign tourist overnight stays together was 3.7% higher than one year earlier. With the spread of the coronavirus in Europe and the closure of all hotels and restaurants in Slovenia, the number of all overnight stays dropped by two thirds year on year in March, which will have a significant impact on turnover in accommodation and food service activities. I Figure 15: Economic sentiment -Economic sentiment -Manufacturing -Retail trade -Service activities -Construction -Consumers Source: SURS; calculations by IMAD. Confidence in the economy deteriorated strongly in April, reaching a 15-year low. Due to the spread of the coronavirus epidemic, all activities recorded not only a significant deterioration in the situation indicators, but also a sharp decline in expectations. Confidence dropped the most in service activities and retail trade. In April, it was lower in all activities (with the exception of construction) than ten years earlier, during the economic and financial crisis. Consumer confidence also fell, to its lowest level since the first measurement (since 2005). 14 Current Economic Trends Slovenian Economic Mirror, No 3/2020 I Figure 16: Electricity consumption -Austria -France -Croatia -Italy -Germany -Slovenia Spain U. Kingdom rn rn un O r< ni o r< ct ^ rN rN '. ^ ^ rN '. '. '. m '. '. '. ^t "! "H o "i "i "i m m m o CN ^ rN ^ rN 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. Electricity consumption decreased with the shutdown of public life and part of production due to the coronavirus epidemic. Electricity consumption, one of the indicators of economic activity, began to fall with the declaration of the epidemic in the third week of March, when it was 10% lower year on year. The decline then increased to around 20% by the beginning of April and remained roughly unchanged for most of the month before dropping to 12% in the last week of April.2 Of the selected countries shown in the chart, Italy, the first coronavirus hotspot in Europe, recorded the largest decline in consumption since the beginning of the epidemic (even more than 30% in an individual week). In most other countries, consumption fell by around 20%. Germany stands out in this comparison, with consumption generally falling by no more than 10%. With the easing of some containment measures at the beginning of April, the decline started to decrease more markedly especially in Italy and Spain, and towards the end of April, also in some other countries. 2 Because of the public holiday, the comparison refers only to 28 April 2020 with regard to 30 April 2019. I Figure 17: Traffic of electronically tolled vehicles3 on Slovenian motorways -Tolled vehicles -Foreign -Domestic 120 CN Source: Internal reports provided by DARS. Note: * Days from Tuesday to Thursday. ** Days from Tuesday to Friday; both IMAD adjustment. Freight traffic on Slovenian motorways, which has fallen markedly since the declaration of the epidemic, started to increase again in the middle of April. After a more than 40% decline in the first weeks following the declaration of the epidemic, it was around a fifth lower in the week of the Labour Day holidays compared with the same period of last year.4 The distance of journeys performed by foreign trucks was approximately 30% lower year on year, while that performed by domestic trucks already approached the levels seen before the epidemic.5 The decline in foreign truck traffic, which was significantly larger than in domestic truck traffic at the beginning of the epidemic, decreased under the impact of EU measures to ensure the free flow of goods across borders and due to the relaxation of measures in some neighbouring countries. 3 The electronic tolling system applies to vehicles whose maximum permissible weight exceeds 3.5 tonnes. As these vehicles predominate, we speak simply of freight vehicles/trucks. 4 In this week, all 7 days were taken into account in the calculation. However, while the number of working days is the same, their distribution is more favourable for transport activity this year than it was in 2019, so that the data is slightly better than it would otherwise be. 5 Due to the different distribution of public holidays and the number of working days, we adjusted the number of days taken into account in the calculation for the two weeks before last (as in the note to the figure). As the weekend and public holiday driving bans currently do not apply to trucks with a maximum authorised weight over 7.5 tonnes, we also excluded Saturdays and Sundays from the calculation. Slovenian Economic Mirror, No 3/2020 The labour market Current Economic Trends 15 I Figure 18: The number of employed persons and the number of registered unemployed persons ^■Employed according to SRE (left axi s) ccccccccccccccc 'D'ü'üfD^'ü'ü'ü'ü'ü'üfDfD'ü^ Source: SURS, ESS; calculations by IMAD. Labour market conditions have rapidly deteriorated since the adoption of measures to contain the coronavirus epidemic in the middle of March. In the first two months of this year, the number of persons in employment was still 1.6% higher year on year (most notably in construction and in transportation and storage activities), which is half less than in the same period of 2019. Before the epidemic, employment increased mainly due to the hiring of foreigners amid a shortage of domestic workers. After the outbreak of the epidemic in Slovenia, registered unemployment started to rise rapidly in the second half of March and was higher at the end of the month than at the end of February. Although its rapid increase slowed in the second half of April, the number of unemployed persons amounted to 88,648 at the end of April, 19.9% more than one year before and 14.4% more than in February 2020. The slowdown in growth seen in recent weeks could be related to the expected easing of some containment measures and the adoption of the second legislative package to alleviate the economic impact of the crisis. f Figure 19: Average gross wage per employee -Private sector -Public sector -Total Source: SURS; calculations by IMAD. Year-on-year wage growth continued in the first two months. Wage growth in the private sector was higher year on year (5.7%; last year 4.3%); amid the still relatively low unemployment and the shortage of workers, it was also attributable to January's increase in the minimum wage according to the Minimum Wage Act from 2018. Wages rose the most in some activities with above-average shares of minimum wage recipients (manufacturing, administrative and support service activities, trade and accommodation and food service activities). The increase in the minimum wage also contributed to wage growth in the public sector, but this was considerably lower than last year due to a lower volume of promotions paid at the end of the year (3.2%; last year 5.2%). I Table 3: Indicators of labour market trends Change, in % 2019 II 20/I 20 II 20/II 19 I-II 20/I-II 19 Persons in formal employment2 2.5 0.0' 1.5 1.6 Average nominal gross wage 4.3 0.31 5.0 4.7 private sector 3.9 0.11 6.1 5.7 public sector 5.4 0.3' 3.2 3.2 of which general government 6.5 -0.21 3.4 3.8 of which public corporations 2.7 1.01 2.6 1.5 2019 II 19 I 20 II 20 Rate of registered unemployment (in %), seasonally adjusted 7.7 7.8 7.4 7.3 Change, in % 2019 IV 20/III 20 IV 20/IV 19 I-IV 20/I-IV 19 Registered unemployed -5.5 13.9 19.9 3.1 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). 16 Current Economic Trends Slovenian Economic Mirror, No 3/2020 Prices I Figure 20: Consumer prices -Slovenia -Euro area Source: SURS, Eurostat. Consumer prices were lower year-on-year in April.6 The consequences of countries' measures to stem the spread of the coronavirus epidemic significantly contributed to a decline in prices of oil products, while the Slovenian Government measures also led to a fall in electricity prices. Together they contributed 2.2 percentage points to deflation. Without the adjustment of excise duties on oil products, the negative contribution would have been a further 0.1 of a percentage point higher. Durable goods prices remained lower year on year (-2%). This time prices of semi-durable goods also declined year on year (-2.8%). We estimate that this is to a great extent due to differences in data collection due to the closure of a large part of this type of stores and, partly, to lower demand for such goods. Food price growth continued to strengthen under the impact of increased demand and exceeded 5%. Growth in prices of services slowed further. However, for a certain part of prices that vary depending on the season (package holidays, accommodation services, flights), monthly changes from April 2019 were taken into account as data collection was not possible due to the measures to contain the epidemic. 6 Because of difficulties in data collection, 18.3% of the consumer price index relies on estimates based on past price changes or the price changes of similar products or of higher aggregates. I Figure 21: Slovenian industrial producer prices -Domestic market -Foreign market Source: SURS. Slovenian industrial producer prices were lower year on year in March (by 0.6%), for the first time in more than three years. The fall was mainly due to a pronounced moderation of price growth on the domestic market, where electricity prices declined due to the government measures to mitigate the consequences of the epidemic. The drop of raw material prices also deepened slightly. The growth of consumer goods prices strengthened somewhat further. On foreign markets, the decline in Slovenian producer prices increased slightly again, mostly due to a larger decline in prices of consumer goods. I Table 4: Consumer price growth, in % XII 19/XII 18 V 19-IV 20/ V 18-IV 19 IV 20/III 20 IV 20/IV 19 I-IV 20/I-IV 19 Total 1.8 1.4 -0.9 -1.2 0.8 Food 3.5 3.0 0.3 5.4 4.6 Fuels and energy 1.2 -1.6 -9.4 -19.3 -6.2 Services 2.9 2.8 1.1 1.5 2.1 Other1 0.4 0.5 -0.6 -0.6 0.3 Core inflation - excluding food and energy 1.6 1.6 0.0 0.3 1.2 Core inflation - trimmed mean2 1.5 1.3 -0.6 0.0 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. Slovenian Economic Mirror, No 3/2020 Financial markets Current Economic Trends 17 I Figure 22: Year-on-year growth rates of loans in the Slovenian banking sector 30 20 c 10 JZ s 0 O CT ro -10 OJ c O -20 ra OJ >- -30 -40 -Consumer loans -Enterprises and NFIs -Lending for house purchase -Total Source: Bos. As a result of rising corporate borrowing, year-on-year growth in loans to domestic non-banking sectors continued to strengthen gradually in the first three months. While a somewhat more pronounced strengthening of corporate borrowing has already been observed since the beginning of this year, the monthly growth in March was among the highest in the last 12 months.7 Household borrowing has gradually slowed since the introduction of a binding macroprudential instrument, mainly due to a marked slowdown in the growth of consumer loans, which fell by almost two thirds, to 4.5%, in the five months from November 2019 to March 2020. The growth of housing loans remained above 5%. Deposits of domestic non-banking sectors continued to grow at a more than 6% rate. The rapid growth of overnight deposits, which already account for almost three quarters of all non-banking sector deposits, continued. The share of arrears of more than 90 days in the banking system remained slightly above one percent in the first two months. However, there is a high risk, despite the intervention measures, that it will start rising again due to the deterioration in economic conditions at the outbreak of the epidemic. 7 In our estimation, this could be a consequence of both (I) accelerated execution of already agreed transactions, which is also corroborated by a relatively large volume of new loans, and (ii) already approved deferrals of payments of liabilities on the basis of the Act on the Intervention Measure of Deferred Payment of Borrowers' Liabilities. According to this act, which was adopted at the end of March, it is possible to apply for a deferral for those liabilities that had not yet matured by the time when the epidemic was declared (12 March 2020). f Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. III 18 31. XII 19 31. III 20 31. III 19/29. II 20 31. III 20/31. III 19 Loans total 22,630.3 23,168.1 23,620.0 0.6 4.4 Enterprises and NFI 10,411.9 10,538.1 11,043.0 1.9 6.1 Government 1,711.1 1,649.4 1,623.3 -1.6 -5.1 Households 10,507.3 10,980.6 10,953.7 -0.5 4.2 Consumer credits 2,761.6 2,922.3 2,885.8 -0.7 4.5 Lending for house purchase 6,311.5 6,587.2 6,643.1 0.2 5.3 Other lending 1,434.2 1,471.1 1,424.8 -3.2 -0.7 Bank deposits total 19,518.3 20,804.7 21,071.0 0.6 8.0 Overnight deposits 14,756.2 16,259.4 16,718.9 1.9 13.3 Term deposits 4,762.1 4,545.2 4,352.0 -3.8 -8.6 Government bank deposits, total 771.9 691.7 696.5 -0.6 -9.8 Deposits of non-financial corporations, total 6,614.0 6,792.9 7,117.6 6.4 7.6 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI - Non-monetary Financial Institutions. 18 Current Economic Trends Slovenian Economic Mirror, No 3/2020 I Figure 23: Yields to maturity of ten-year government bonds Austria Ireland Italy Germany Portugal Slovenia Spain fUfUfUfUfUfUfUTO Source: Bloomberg. Yields to maturity of euro area government bonds increased in April due to the coronavirus epidemic. Because of the high level of uncertainty, part of demand shifted to safer investments, including bonds of core euro area countries. Amid increased borrowing requirements of all countries, only yields to maturity of peripheral countries thus increased more noticeably. The rise in the yield to maturity of Slovenian bonds was among the most pronounced, as it more than doubled in April compared with March, its spread to the German bond reaching 120 basis points. Slovenian Economic Mirror, No 3/2020 Current Economic Trends 19 Balance of payments I Figure 24: Current account JiJ^J^J^J^J^J^JiJ^J^Ji Source: BoS; calculations by IMAD. The current account surplus in the twelve months to February was the highest to date, at EUR 3.5 billion (7.0% of estimated GDP). In comparison with the same period one year before, the higher surplus continued to arise mainly from a higher surplus in external trade in services, particularly the surplus in trade in travel, telecommunication, computer, information and construction services. The higher surplus in goods trade reflected the strengthening of net exports of goods under merchanting. Net outflows of primary income were lower particularly due to lower net payments of income on equity. Net payments of interest on external debt were also lower. The deficit in secondary income was also down year on year, primarily on account of February's lower VAT-and GNI-based contributions to the EU budget. I Table 6: Balance of payments I-II 2020, in EUR million Balance, I-II 19, Inflows Outflows Balance EUR million Current account 6,965.4 6,209.2 756.2 416.1 Goods 5,335.2 4,834.3 501.0 266.1 Services 1,215.4 773.4 442.0 380.7 Primary income 295.7 345.1 -49.4 -57.5 Secondary income 119.1 256.5 -137.3 -173.3 Capital account 182.9 216.4 -33.5 -32.2 Financial account 1264.1 1,680.1 416.0 811.6 Direct investment 265.3 229.5 -35.8 -446.9 Portfolio investment 951.9 -73.5 -1,025.3 660.6 Other investment 51.5 1,491.0 1,439.5 721.6 Net errors and omissions 0.0 -306.6 -306.6 427.6 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. 20 Current Economic Trends Slovenian Economic Mirror, No 3/2020 Public finance Owing to a decline in tax revenue, the deficit of the consolidated balance of public finance8 doubled year on year in the first quarter. Total revenue g rowth derived mainly from social contributions. Non-tax revenues were also higher. Owing to a decline in tax revenues as a result of lower revenues from VAT and excise duties,9 where the consequences of the coronavirus epidemic first became apparent, total revenue increased significantly less than in the first quarter of last year. Among tax revenues that were higher year on year was revenue from corporate income tax, which increased as a result of advance tax payments for 2019, while the growth of revenue from personal income tax slowed significantly as a result of the adopted changes to lower the tax burden on taxpayers.10 Receipts from the EU budget dropped year on year. Half of them were resources for the implementation of the Common Agricultural Policy. 8 The consolidated general government budgetary accounts on a cash basis. 9 As a consequence of a fall in the quantities of energy products sold and as in March some taxpayers already requested instalment payment of liabilities from excise duties (Overview of general government developments, April 2020). 10 The loss of personal income tax revenue is due to the changes in personal income tax brackets implemented this year, an increase in the general personal tax allowance and a change in the mechanism for determining the additional tax allowance (for more details see Economic Issues 2019). I Table 7: Consolidated general government revenue and expenditure on a cash basis Source: MF. Bulletin of Government Finance; 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. I Figure 25: Revenue of the consolidated general government budgetary accounts Tax revenues* ■ Social security contributions ■ Non-tax revenues «Receipts from the EU budget ■ Other »TOTAL REVENUE (right axis) =9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 c 2018 2019 2020 o u Source: MF; calculations by IMAD. Note: * Without social contributions. Slovenian Economic Mirror, No 3/2020 Current Economic Trends 21 I Figure 26: Expenditure of the consolidated general government budgetary accounts Wages and other labour costs* ■ Expenditure on goods and services i Interest payments ■ Reserves Curnsnt transfers to indiv. and househ. ■ Capital expenditure £ Other current transfers ■ Payments to the EU budget • TOTAL EXPENDITURE (right axis) 1 12 i = 10 = 8 = 6 ^ 1 4 ? 2 5 0 Ll r -2 = -4 • I • ■ • _ ■ • 'tm. ■ m m H ri Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: * Labour costs include social contributions by the employer. 12 10 8 n 6 .c 4 u ( r 2 m 0 -2 -4 £ Expenditure growth in the first quarter of 2020 was only slightly lower year on year and for the most part did not yet reflect the consequences of the epidemic. It arose mainly from increased transfers to individuals and households, where it was similar to that last year, and from growth in wages and other employee compensation, where it strengthened slightly. The wage bill increased under the impact of higher payments on the basis of the adopted agreements11 and higher funds for wages paid by the ZZZS to public health institutes.12 As a result of the increased ZZZS transfers to public institutes, the growth of expenditure on goods and services also strengthened considerably in the first quarter. On the other hand, the growth of investment more than halved in the first quarter and was solely a result of local government investment. In the remainder of the year, total expenditure growth is expected to strengthen, while revenue will decline year on year, which will increase the deficit of the consolidated balance and the broader government sector. According to the estimate of the Stability Programme 2020, the general government deficit (according to ESA methodology) will reach 8.1% of GDP this year. 1 In September 2019, there was an increase in wages for the third wage class in certain groups of public servants (Agreement on Salaries and Other Payments of Labour Costs in the Public Sector, Official Gazette of the RS, No. 80/18). 2 Due to a ceiling on ZZZS expenditure, the ZZZS did not pay all funds for health services (wages, expenditure on goods and services, etc.) to public health institutes in 2019. Funds were transferred only at the beginning of 2020. I Figure 27: Receipts from the EU budget, January - March 2019 and 2020 Total receipts (January-March 2020) ■ Expected rei mbu rsements to the budget 2020 Total receipts (January-March 2019) ■ Expected reimbursements in the revised budget 2019 In EUR m Source: MF. Slovenia's net budgetary position against the EU budget was positive in the first quarter (EUR 43.9 million), largely due to the March receipts for the implementation of the Common Agricultural and Fisheries Policy. In the first quarter, the bulk of receipts were thus funds for the implementation of the Common Agricultural and Fisheries Policy (EUR 97.8 million - 35% of the revenue planned in the budget), which are above average each March mainly due to direct payments to farmers.13 From the structural funds, the state budget received EUR 67.5 million in the same period (13.1% of the revenue planned) and from the Cohesion Fund, EUR 29.3 (17.9% of the revenue planned). In the first quarter, Slovenia's receipts from the EU budget amounted to EUR 197.9 million, while its payments to the EU budget amounted to EUR 154.0 million. 13 In the first quarter, 77.5% of receipts were direct payments to farmers and 22.5% resources from the fund for rural development. statistical appendix Slovenian Economic Mirror, No 2/2020 Statistical Appendix 25 Main indicators 2013 2014 2015 2016 2017 2018 2019 2020 | 2021 COVID-19 Scenario GDP (real growth rates, in %) -1.0 2.8 2.2 3.1 4.8 4.1 2.4 -8.1 3.5 GDP in EUR million (current prices) 36,454 37,634 38,853 40,367 42,987 45,755 48,007 45,586 47,843 GDP per capita in EUR (current prices) 17,700 18,253 18,830 19,551 20,809 22,083 22,983 21,672 22,647 GDP per capita (PPS)1 22,000 22,800 23,800 24,200 25,500 26,900 GDP per capita (PPS EU28=100)1 82 82 82 83 85 87 Rate of registered unemployment 13.1 13.1 12.3 11.2 9.5 8.2 7.7 9.1 9.0 Standardised rate of unemployment (ILO) 10.1 9.7 9.0 8.0 6.6 5.1 4.5 5.4 5.1 Labour productivity (GDP per employee) 0.1 2.4 0.9 1.3 1.8 0.9 0.1 -6.3 3.0 Inflation2, year average 1.8 0.2 -0.5 -0.1 1.4 1.7 1.6 0.7 2.7 Inflation2, end of the year 0.7 0.2 -0.4 0.5 1.7 1.4 1.9 1.1 2.6 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 3.1 6.0 4.7 6.5 10.5 6.1 4.4 -19.4 10.0 Exports of goods 3.3 6.3 5.3 6.2 10.6 5.8 4.4 -19.2 9.6 Exports of services 2.0 5.0 2.4 7.7 10.2 7.4 4.2 -20.1 11.6 Imports of goods and services (real growth rates, in %) 2.1 4.2 4.3 6.7 10.1 6.6 4.2 -19.4 7.8 Imports of goods 2.9 3.8 5.1 7.0 10.4 7.3 4.6 -20.5 7.8 Imports of services -2.3 6.1 0.1 4.7 8.6 3.0 2.0 -13.1 8.1 Current account balance3, in EUR million 1,204 1,924 1,482 1,942 2,635 2,593 3,159 3,101 4,093 As a per cent share relative to GDP 3.3 5.1 3.8 4.8 6.1 5.7 6.6 6.8 8.6 Gross external debt, in EUR million 41,143 46,779 46,148 44,293 43,191 42,100 44,043 As a per cent share relative to GDP 112.9 124.3 118.8 109.7 100.5 92.0 91.7 Ratio of USD to EUR 1.328 1.329 1.110 1.107 1.129 1.181 1.120 1.107 1.108 DOMESTIC DEMAND Private consumption (real growth rates, in %) -3.9 1.6 2.0 4.4 2.0 2.8 2.7 -3.1 -0.4 As a % of GDP 56.1 55.0 54.0 53.9 52.5 51.9 51.7 53.2 51.7 Government consumption (real growth rates, in %) -2.0 -0.2 2.3 2.5 0.3 3.2 1.6 3.0 1.0 As a % of GDP 19.6 18.9 18.8 19.1 18.4 18.3 18.4 21.1 20.4 Gross fixed capital formation (real growth rates, in %) 3.4 -0.1 -1.2 -3.7 10.4 9.1 3.2 -18.5 7.0 As a % of GDP 19.6 19.1 18.7 17.4 18.3 19.2 19.3 16.5 17.0 Sources: SURS, BoS, Eurostat, calculations and forecasts by IMAD (COVID-19 Scenario, April 2020). Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics. with the calculation of real rates, the impact of exchange rate changes and prices on foreign markets is excluded. 26 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Production 2017 2018 2019 2018 2019 2020 2018 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 Q1 3 1 4 | 5 | 6 INDUSTRIAL PRODUCTION, y-o-y growth rates, % ndustry B+C+D 7.7 5.1 3.4 8.4 5.5 3.4 3.0 2.6 4.5 4.3 2.1 4.1 9.7 6.3 1.1 B Mining and quarrying 2.5 -0.9 -3.0 -16.8 6.6 6.5 0.5 8.8 -1.2 -10.4 -7.2 -23.7 6.3 6.5 7.0 C Manufacturing 8.2 5.7 3.8 9.3 5.9 3.6 3.9 2.7 4.7 5.1 2.8 4.2 10.6 6.8 1.0 D Electricity, gas & steam supply1 3.2 -0.3 -0.8 4.1 0.6 0.4 -5.8 0.2 3.6 -2.0 -4.7 7.8 0.7 0.2 0.9 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 17.7 19.8 3.3 18.6 17.1 28.8 14.9 23.1 8.6 -5.2 -3.8 -2.0 12.7 30.7 9.8 Buildings 27.6 16.8 3.5 25.5 16.5 28.5 2.4 18.7 5.9 -9.4 3.0 3.9 13.1 29.3 8.5 Civil engineering 14.4 21.1 3.2 13.3 17.8 29.4 20.5 24.1 10.0 -3.1 -6.2 -5.5 12.5 31.5 11.2 MARKET SERVICES, year-on-year growth rates, % Services, total 8.2 8.2 5.4 7.3 8.5 8.8 8.2 7.4 5.3 6.4 2.9 5.7 9.9 8.4 7.3 Transportation and storage 10.8 9.3 4.2 8.6 10.1 9.6 9.0 8.3 5.8 3.8 -0.7 6.5 11.8 8.0 10.7 Information and communication activities 5.8 3.9 4.9 6.1 1.0 4.2 4.6 4.8 5.8 3.4 5.4 8.1 2.2 2.6 -1.6 Professional, scientific and technical activities 3.7 16.1 8.6 10.9 18.5 16.5 17.3 11.4 3.2 16.4 5.3 8.5 23.0 19.4 13.8 Administrative and support service activities 12.2 7.3 4.7 8.5 11.2 7.9 2.0 2.5 4.6 6.8 4.2 4.1 8.7 13.6 11.3 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.5 8.1 4.3 3.9 7.8 8.3 11.7 10.1 5.2 4.5 -1.5 3.6 8.3 9 6.4 Real turnover in retail trade 7.4 4.6 3.4 -0.9 2.5 4.2 11.9 9.1 6.7 4.1 -4.7 0.3 -0.3 4.8 2.9 Real turnover in the sale and maintenance of motor vehicles 14.1 11.6 3.8 12.3 15.9 15.8 3.3 9.0 2.7 0.0 3.6 11.1 19.2 16.8 12.0 Nominal turnover in wholesale trade & commission trade 6.9 9.3 5.2 4.1 8.8 9.2 14.6 11.2 5.1 6.5 -0.7 3.1 10.8 8.8 7.1 TOURISM, y-o-y growth rates, % Total, overnight stays 12.3 10.5 0.5 2.4 10.7 11.8 14.4 3.1 4.4 -0.1 -5.6 -23.1 2.0 5.4 20.2 7.6 Domestic tourists, overnight stays 5.0 -0.1 -2.5 -2.9 3.2 -1.8 2.4 4.4 -3.8 -5.1 -4.1 -22.9 -12.2 7.5 0.5 2.2 Foreign tourists, overnight stays 16.1 15.4 1.7 6.4 14.0 16.7 21.7 2.2 7.5 1.4 -6.3 -23.2 13.0 4.5 28.4 9.9 Accommodation and food service activities CO 9 7.1 7.6 6.5 6.7 8.0 6.7 10.1 7.5 6.8 6.6 5.2 6.7 8.5 5.2 AGRICULTURE Purchase of agricultural products, n EUR m 518.7 524.8 553.7 110.9 122.0 140.9 151.0 118.5 127.0 145.6 162.6 39.7 39.6 41.5 40.9 BUSSINES TENDENCY (indicator values**) Sentiment indicator 12.5 11.9 6.4 14.0 12.9 9.7 10.8 10.0 6.6 5.8 3.1 1.8 11.9 13.1 12.2 13.3 Confidence indicator in manufacturing 10 8 0 12 8 4 8 4 0 0 -2 -3 10 9 8 8 in construction 25 24 21 24 25 25 24 24 21 20 19 16 23 25 26 24 in services 12 22 11 22 25 21 19 17 12 9 6 7 23 25 25 26 in retail trade 22 14 19 18 13 13 14 23 20 20 14 18 5 11 3 24 consumer confidence indicator -4 -2 -8 0 1 -5 -6 -5 -6 -8 -14 -15 -1 1 0 1 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. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 27 2018 2019 2020 7 8 9 | 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 2 1 3 4 8.0 5.2 -2.2 7.2 2.6 -1.2 3.2 3.9 0.9 11.8 3.9 -1.7 8.4 -1.5 5.3 2.6 -0.5 4.5 -0.5 3.2 - - 4.7 15.2 0.2 19.1 -7.0 -15.3 -8.0 13.5 22.1 5.6 -0.6 -8.3 -7.1 -14.8 -9.1 -9.9 -1.8 -9.2 -19.1 -15.0 - - 8.7 5.4 -2.3 7.6 2.6 1.2 2.6 4.4 1.3 12.8 3.9 -2.1 9.3 -1.0 6.2 3.7 0.2 5.0 1.5 5.0 - - 1.5 2.0 -2.2 -0.4 3.7 -18.0 10.1 -2.9 -6.8 1.2 4.3 5.5 0.9 -3.8 -3.1 -7.3 -8.8 2.0 -17.5 -13.6 - - 25.8 34.0 26.9 18.5 19.5 4.3 2.9 39.0 29.1 9.7 11.2 5.1 -0.3 -7.8 -7.2 -3.2 -8.7 2.9 11.7 9.0 - - 27.7 29.6 28.5 7.0 6.4 -7.5 -4.0 44.9 20.7 6.7 5.7 5.3 -15.1 1.5 -13.4 -4.2 2.9 12.9 7.6 -8.4 - - 25.1 36.5 26.8 23.6 25.4 9.6 5.8 32.9 32.7 11.0 13.8 5.5 7.2 -11.6 -4.3 -2.3 -12.2 -2.0 13.6 21.4 - - 9.0 10.0 7.3 11.6 7.7 5.7 7.0 10.2 5.3 9.9 4.2 2.3 9.2 4.3 5.6 2.9 1.6 4.1 2.9 5.7 - - 12.3 8.7 7.8 13.8 9.3 3.6 8.6 12.5 4.5 12.8 5.0 0.2 8.4 2.3 0.7 -0.8 -3.9 3.0 -1.9 -0.1 - - 7.0 4.2 1.6 6.1 3.5 4.3 8.2 3.8 2.6 8.2 7.5 1.9 2.3 4.2 3.7 2.2 5.2 8.2 3.5 9.1 - - 11.5 24.1 14.7 22.0 16.7 14.2 8.0 13.4 12.6 8.5 -1.7 3.1 25.5 8.8 15.5 8.3 6.1 2.3 10.0 19.5 - - 8.1 11.4 4.3 4.7 -2.73 3.99 0.85 4.01 2.60 7.13 3.7 3.4 7.5 4.6 8.4 6.0 2.2 4.3 4.5 1.0 - - 10.9 7.6 6.5 16.0 9.2 9.9 10.4 14.3 6.3 11.9 4.2 0.0 7.5 0.6 5.2 -1.1 -2.9 -0.4 0.2 0.0 - - 3.0 4.3 5.2 15.9 8.9 11.0 9.8 12.9 5.2 14.7 4.7 1.4 7.5 2.9 1.8 -5.0 -3.8 -5.3 -1.6 0.8 - - 27.4 18.5 2.3 5.3 3.1 1.4 9.8 13.0 5.3 6.7 5.4 -4.0 0.1 -10.4 10.6 3.9 1.0 6.4 3.0 0.6 - - 11.8 7.0 8.9 20.1 11.8 11.9 11.2 15.9 7.4 12.0 3.3 0.7 10.6 2.5 6.1 0.1 -3.8 1.5 0.5 -0.9 - - 11.5 10.3 15.4 13.1 17.0 13.9 -2.1 10.7 0.9 8.6 -4.4 8.5 0.9 1.2 -4.0 0.0 -7.8 -10.4 1.8 -2.5 -67.2 - -3.4 -2.4 2.1 -1.3 5.5 3.8 -8.8 12.7 6.9 -14.4 4.0 -1.6 -7.6 -2.7 -5.2 2.4 -7.4 -7.8 3.2 -9.0 -62.0 - 17.1 14.6 20.1 20.8 24.9 20.2 2.0 8.8 -2.7 19.2 -7.2 12.5 3.6 2.3 -3.7 -1.0 -8.0 -11.8 1.0 3.7 -70.6 - 6.3 8.4 9.6 5.3 7.9 7.0 5.0 15.8 10.0 7.7 4.4 10.2 6.2 7.2 6.8 9.7 5.7 4.4 9.3 8.3 - 42.9 42.2 55.8 59.3 45.3 46.4 39.8 36.7 42.0 42.9 42.8 41.3 52.3 42.1 51.3 56.9 50.0 55.7 40.4 37.8 - - 10.5 10.6 8.1 11.5 9.9 11.0 12.1 9.0 8.8 6.7 7.6 5.4 6.7 5.9 4.7 4.0 2.3 3.0 4.0 5.1 -3.7 -39.5 5 6 2 10 7 6 7 2 3 0 3 -4 0 0 -1 -1 -3 -2 -1 1 -8 -39 24 25 25 24 23 26 25 25 23 23 20 20 21 19 20 19 20 18 20 19 8 -38 23 22 17 19 23 16 17 17 16 12 12 13 10 9 9 6 6 7 8 7 6 -26 11 11 16 18 9 15 27 16 25 13 27 19 18 23 19 18 4 19 13 33 8 -29 -2 -4 -9 -7 -6 -4 -3 -5 -6 -7 -6 -5 -5 -7 -11 -13 -15 -14 -13 -15 -18 -48 28 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Labour market 2017 2018 2019 2017 2018 2019 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 FORMAL LABOUR FORCE (A=B+E) 934.1 951.2 968.4 942.0 943.1 948.8 949.2 963.9 965.3 967.8 965.6 974.9 947.9 949.0 949.6 947.7 PERSONS IN FORMAL EMPLOYMENT (B=C+D)' 845.5 872.8 894.2 858.5 858.1 872.0 874.0 886.9 885.3 895.5 894.6 901.5 869.3 872.3 874.6 871.6 In agriculture, forestry, fishing 25.0 26.3 24.9 25.2 24.7 27.2 25.2 27.9 25.6 25.4 23.8 24.8 27.2 27.2 27.2 25.3 In industry, construction 269.1 280.9 291.7 274.8 273.7 279.6 283.0 287.1 287.5 292.7 292.7 294.0 278.3 279.6 281.1 281.8 - in manufacturing 193.9 202.6 207.9 198.0 199.3 201.6 203.2 206.4 207.4 208.5 207.6 208.4 200.9 201.6 202.4 202.5 - in construction 55.7 58.4 63.9 57.2 54.9 58.1 59.8 60.7 60.4 64.2 65.1 65.8 57.4 58.1 58.8 59.4 In services 551.3 565.7 577.6 558.5 559.7 565.2 565.8 571.9 572.2 577.5 578.0 582.8 563.9 565.5 566.3 564.6 - in public administration 48.8 49.0 49.0 49.0 48.8 49.1 49.1 49.0 48.7 48.9 49.0 49.2 49.0 49.2 49.2 49.0 - in education, health-services and social work 131.6 135.0 137.8 133.5 134.3 135.0 133.9 136.7 137.0 137.8 137.0 139.6 134.9 135.0 135.1 133.3 FORMALLY EMPLOYED (C)1 755.3 780.2 801.9 767.4 767.5 778.9 782.5 792.0 792.7 803.0 803.3 808.6 776.2 779.0 781.4 780.3 In enterprises and organisations 704.3 729.3 749.2 716.2 718.1 727.7 730.9 740.3 741.6 749.7 750.0 755.5 725.3 727.8 730.0 728.8 By those self-employed 51.0 50.9 52.7 51.2 49.4 51.2 51.5 51.7 51.1 53.2 53.4 53.2 50.9 51.2 51.4 51.5 SELF-EMPLOYED AND FARMERS (D) 90.2 92.6 92.3 91.2 90.6 93.2 91.5 94.9 92.6 92.6 91.2 92.9 93.1 93.2 93.2 91.3 REGISTERED UNEMPLOYMENT (E) 88.6 78.5 74.2 83.5 84.9 76.7 75.3 77.0 80.0 72.2 71.1 73.4 78.6 76.7 75.0 76.1 Female 45.4 39.9 37.5 42.9 42.1 39.3 38.9 39.2 39.6 36.8 36.6 36.8 40.2 39.3 38.4 39.4 By age: 15 to 29 17.5 15.1 14.1 17.1 16.4 14.1 13.7 16.1 15.5 13.1 12.6 15.0 14.7 14.0 13.4 13.8 Aged over 50 34.3 31.5 29.7 32.7 33.8 31.7 30.5 29.9 31.5 29.6 29.0 28.7 32.2 31.7 31.1 31.0 Primary education or less 26.7 24.3 23.4 25.2 26.6 23.7 23.0 24.0 25.8 22.8 22.1 23.0 24.2 23.7 23.2 23.1 For more than 1 year 47.0 40.6 38.1 43.7 42.9 40.8 39.5 39.1 39.2 38.3 37.9 37.2 41.5 41.0 40.1 39.9 Those receiving benefits 21.5 20.0 19.3 20.2 24.4 18.7 18.3 18.5 23.5 17.4 17.9 18.5 19.3 18.6 18.1 18.0 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 9.5 8.3 7.7 8.9 9.0 8.1 7.9 8.0 8.3 7.5 7.4 7.5 8.3 8.1 7.9 8.0 Male 8.5 7.5 6.9 7.9 8.4 7.3 7.0 7.2 7.7 6.7 6.5 6.8 7.5 7.3 7.1 7.1 Female 10.6 9.2 8.5 9.9 9.7 9.0 9.0 CO 9 9.0 8.4 8.4 8.3 9.2 9.0 8.8 9.1 FLOWS OF FORMAL LABOUR FORCE -14.6 -6.5 -0.3 4.1 -3.8 -6.2 -1.2 4.8 -0.7 -1.9 -0.3 1.8 -2.7 -1.9 -1.7 1.1 New unemployed first-job seekers 12.3 11.4 0.8 5.7 2.1 1.6 2.1 5.6 0.6 0.4 0.6 1.6 0.6 0.6 0.5 0.4 Redundancies 70.0 65.1 5.4 18.6 19.5 13.4 14.9 17.4 6.5 4.1 4.8 6.2 4.7 4.5 4.2 6.0 Registered unemployed who found employment 68.6 61.5 4.7 13.6 20.0 16.4 12.7 12.4 6.2 4.8 3.9 3.9 6.5 5.3 4.6 3.6 Other outflows from unemployment (net) 28.3 21.6 1.8 6.7 5.4 4.8 5.5 5.8 1.7 1.7 1.8 2.1 1.4 1.6 1.8 1.8 FIXED TERM WORK PERMITS FOR FOREIGNERS 18.0 24.0 32.9 19.4 21.0 23.6 24.2 27.0 29.6 32.3 34.2 35.7 22.5 23.6 24.6 23.3 As % of labour force 1.9 2.5 3.4 2.1 2.2 2.5 2.5 2.8 3.1 3.3 3.5 3.7 2.4 2.5 2.6 2.5 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 29 2018 2019 2020 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 948.4 951.7 961.9 964.1 965.7 964.0 965.4 966.5 967.2 968.1 968.0 965.6 964.7 966.6 973.7 974.1 976.8 975.2 975.7 872.4 877.9 885.7 888.0 887.2 881.2 884.7 890.0 893.2 896.1 897.2 893.8 893.2 896.8 901.3 901.7 901.5 895.4 898.3 25.2 25.2 27.9 27.9 27.9 25.5 25.5 25.7 25.4 25.4 25.4 23.8 23.8 23.8 24.8 24.8 24.7 26.3 26.3 282.7 284.5 286.5 287.3 287.5 285.5 287.0 290.0 292.0 292.9 293.2 292.9 292.4 292.9 293.8 293.7 294.4 290.5 291.2 203.1 204.1 205.6 206.3 207.4 206.9 207.3 207.8 208.5 208.5 208.5 207.6 207.4 207.7 208.3 208.1 208.8 206.2 206.3 59.7 60.4 60.9 61.0 60.3 58.9 59.9 62.3 63.5 64.3 64.7 65.2 65.0 65.1 65.6 65.8 65.9 63.6 64.2 564.6 568.2 571.3 572.7 571.8 570.2 572.2 574.4 575.8 577.9 578.7 577.1 577.0 580.0 582.7 583.2 582.4 578.6 580.8 49.1 49.1 49.0 49.1 48.9 48.7 48.8 48.8 48.6 49.1 49.0 49.0 49.0 49.1 49.2 49.2 49.1 48.9 49.0 133.1 135.4 136.3 136.9 136.8 136.5 137.0 137.4 137.7 137.9 137.8 136.5 136.3 138.2 139.1 139.8 139.9 139.4 140.6 781.0 786.1 790.9 792.9 792.3 788.7 792.1 797.3 800.7 803.5 804.6 802.7 802.0 805.3 808.4 808.9 808.7 801.2 804.0 729.6 734.4 738.9 740.8 741.2 738.3 741.3 745.2 747.8 750.3 751.2 749.4 748.7 751.9 754.7 755.4 756.3 749.9 752.5 51.4 51.7 52.1 52.1 51.1 50.4 50.7 52.1 53.0 53.3 53.4 53.4 53.3 53.5 53.7 53.5 52.4 51.4 51.5 91.5 91.8 94.8 95.1 94.9 92.5 92.6 92.7 92.5 92.6 92.6 91.0 91.2 91.4 92.9 92.9 92.9 94.1 94.2 75.9 73.8 76.2 76.1 78.5 82.8 80.8 76.5 74.0 72.0 70.7 71.9 71.5 69.8 72.4 72.4 75.3 79.8 77.5 77.9 88.6 39.5 37.9 39.3 39.1 39.1 40.4 39.7 38.6 37.7 36.7 36.1 37.1 37.1 35.7 36.9 36.8 36.9 38.6 37.8 38.5 44.4 13.8 13.5 16.3 15.9 15.9 16.2 15.7 14.5 13.7 13.1 12.6 12.8 12.6 12.4 15.1 14.8 15.2 15.6 15.1 15.3 18.2 30.6 29.9 29.7 29.6 30.5 32.3 31.7 30.6 30.0 29.6 29.3 29.3 29.1 28.6 28.4 28.4 29.3 31.2 30.4 30.1 31.8 23.0 23.0 23.3 23.6 25.1 26.8 26.2 24.4 23.4 22.8 22.3 22.3 22.1 22.1 22.4 22.5 24.2 25.9 25.1 24.7 27.6 39.6 39.1 39.3 39.2 39.0 39.7 39.1 38.7 38.4 38.4 38.0 38.0 37.8 37.9 37.6 37.2 36.8 37.8 37.3 36.8 37.1 18.9 17.9 17.0 18.2 20.5 24.8 23.8 21.8 17.3 17.7 17.1 17.5 18.4 17.9 18.2 18.7 18.5 25.6 24.1 23.7 24.7 8.0 7.8 7.9 7.9 8.1 8.6 8.4 7.9 7.6 7.4 7.3 7.4 7.4 7.2 7.4 7.4 7.7 8.2 7.9 7.1 6.9 7.1 7.0 7.5 8.1 7.8 7.2 6.9 6.7 6.5 6.6 6.5 6.5 6.7 6.7 7.2 7.7 7.5 9.1 8.8 9.0 8.9 8.9 9.2 9.0 8.8 8.6 8.4 8.2 8.5 8.5 8.1 8.3 8.3 8.4 8.7 8.5 -0.1 -2.1 2.5 -0.1 2.4 4.3 -2.0 -4.2 -2.6 -2.0 -1.3 1.1 -0.3 -1.7 2.6 0.0 2.9 4.5 -2.4 0.4 10.8 0.5 1.1 4.1 1.0 0.6 0.8 0.5 0.6 0.4 0.4 0.4 0.4 0.3 1.0 3.6 0.8 0.5 0.7 0.6 0.5 0.5 4.2 4.6 5.5 5.2 6.7 10.6 4.6 4.5 4.5 4.1 3.8 5.8 3.9 4.8 5.9 5.3 7.4 10.6 4.6 7.4 13.9 3.2 5.9 4.8 4.4 3.3 5.3 5.6 7.6 5.9 4.7 3.8 3.3 2.9 5.4 4.6 3.9 3.2 4.7 5.8 6.0 2.4 1.7 2.0 2.3 1.9 1.6 1.8 1.6 1.7 1.6 1.7 1.6 1.8 1.6 2.0 2.3 2.1 1.8 2.0 1.7 1.4 1.3 24.2 25.1 26.2 27.1 27.9 28.6 29.5 30.6 31.6 32.3 32.9 33.5 34.1 35.0 35.4 36.4 35.8 36.2 35.2 35.4 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.3 3.4 3.5 3.5 3.6 3.6 3.7 3.7 3.7 3.6 30 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Wages in EUR 2017 2018 2019 2017 2018 2019 2019 J Q4 19 J Feb 20 Q4 Q1 1 Q2 1 Q3 1 Q4 Q1 1 Q2 1 Q3 1 Q4 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,754 1,832 1,800 2.7 3.4 4.3 3.3 4.6 3.9 4.5 4.2 4.6 3.9 4.5 4.2 Private sector activities (A-N; R-S) 1,685 1,775 1,734 2.7 3.8 3.6 4.1 4.0 3.2 4.0 3.1 4.0 3.2 4.0 3.1 Public service activities (OPQ) 1,979 2,017 2,012 2.8 2.4 6.5 1.3 6.4 6.1 6.0 7.6 6.4 6.1 6.0 7.6 ndustry (B-E) 1,754 1,868 1,854 3.2 3.8 3.4 3.5 3.5 3.2 3.9 3.0 3.5 3.2 3.9 3.0 Trad, market services (GHI) 1,540 1,611 1,557 2.7 4.0 3.4 4.5 4.3 3.1 3.8 2.5 4.3 3.1 3.8 2.5 Other market services (J-N; R-S) 1,885 1,980 1,911 2.1 3.9 5.1 5.1 5.7 4.4 5.4 4.8 5.7 4.4 5.4 4.8 A Agriculture, forestry and fishing 1,423 1,490 1,433 0.2 5.3 3.0 7.8 5.4 3.0 3.8 0.3 5.4 3.0 3.8 0.3 B Mining and quarrying 2,246 2,339 2,377 1.2 7.6 0.3 9.1 -3.0 -1.8 2.6 3.8 -3.0 -1.8 2.6 3.8 C Manufacturing 1,717 1,826 1,830 3.2 3.9 3.5 3.5 3.6 3.5 3.9 2.9 3.6 3.5 3.9 2.9 D Electricity, gas, steam and air conditioning supply 2,629 2,849 2,537 4.3 2.9 4.3 2.2 4.6 2.4 4.7 5.6 4.6 2.4 4.7 5.6 E Water supply sewerage, waste management and remediation activities 1,669 1,778 1,663 3.5 3.0 2.7 4.5 3.7 2.0 3.9 1.6 3.7 2.0 3.9 1.6 F Constrution 1,318 1,362 1,320 2.7 4.2 2.2 3.9 2.0 1.6 2.8 2.3 2.0 1.6 2.8 2.3 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,608 1,687 1,644 3.3 4.2 3.9 4.4 4.9 3.2 4.5 3.2 4.9 3.2 4.5 3.2 H Transportation and storage 1,567 1,644 1,545 1.7 3.3 1.6 4.6 2.7 2.3 2.0 -0.2 2.7 2.3 2.0 -0.2 Accommodation and food service activities 1,226 1,263 1,236 2.8 4.9 4.8 5.1 5.2 4.6 4.3 5.2 5.2 4.6 4.3 5.2 J Information and communication 2,373 2,503 2,418 2.4 4.1 5.7 6.3 6.8 5.9 4.6 5.4 6.8 5.9 4.6 5.4 K Financial and insurance activities 2,593 2,727 2,514 3.2 4.8 4.6 4.8 6.0 2.8 5.3 4.3 6.0 2.8 5.3 4.3 L Real estate activities 1,609 1,700 1,627 1.8 0.9 5.2 2.3 3.7 5.8 5.4 5.5 3.7 5.8 5.4 5.5 M Professional, scientific and technical activities 1,970 2,076 1,984 3.9 4.2 4.6 4.1 4.3 4.1 5.0 5.0 4.3 4.1 5.0 5.0 N Administrative and support service activities 1,201 1,251 1,250 2.5 5.8 5.1 7.0 6.1 4.4 6.1 3.6 6.1 4.4 6.1 3.6 O Public administration and defence, compulsory social security 2,189 2,205 2,200 4.0 3.2 8.9 3.4 9.5 9.4 8.6 8.1 9.5 9.4 8.6 8.1 P Education 1,837 1,880 1,888 1.7 0.9 6.1 0.8 5.3 5.4 5.3 8.1 5.3 5.4 5.3 8.1 Q Human health and social work activities 1,973 2,025 2,005 3.1 3.4 5.1 0.1 5.0 4.1 4.5 6.9 5.0 4.1 4.5 6.9 R Arts, entertainment and recreation 1,779 1,848 1,808 1.7 1.7 4.3 2.8 5.1 2.7 3.8 5.4 5.1 2.7 3.8 5.4 S Other service activities 1,427 1,490 1,441 0.9 1.2 4.7 2.3 4.5 3.2 4.5 6.1 4.5 3.2 4.5 6.1 Source: SURS, calculations by IMAD. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 31 2018 2019 2020 6 7 8 1 9 1 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 1 2 3.2 3.6 3.5 1.8 3.4 3.2 3.4 4.2 4.7 4.9 4.0 3.9 3.9 5.2 3.4 4.9 3.9 4.7 4.1 4.5 5.0 3.4 3.9 3.6 2.5 4.6 3.9 3.9 3.6 4.2 4.4 3.4 3.3 2.9 5.0 2.7 4.4 2.9 3.5 2.9 4.5 5.5 3.1 3.2 3.2 0.2 0.5 1.1 2.3 6.3 6.3 6.6 5.8 5.8 6.7 6.2 5.4 6.3 6.7 8.6 7.6 4.3 3.4 3.3 5.0 4.2 2.2 4.7 4.0 1.8 3.3 4.4 2.9 4.2 3.2 2.3 4.9 2.2 4.5 3.0 2.7 3.4 4.9 6.6 3.5 3.9 3.4 3.3 4.5 3.0 6.0 4.5 3.9 4.6 2.4 3.1 3.8 4.4 3.0 3.8 2.5 4.4 0.6 3.6 4.7 3.8 2.3 3.7 2.2 4.8 5.2 5.2 4.4 5.5 7.3 4.3 4.9 4.0 6.8 3.9 5.7 3.9 4.9 5.5 5.6 5.4 4.3 6.8 4.1 7.0 8.5 7.5 7.4 6.0 5.4 4.8 3.8 2.7 2.6 5.4 2.3 3.6 5.8 -4.8 0.3 4.1 6.6 -2.8 4.0 5.5 2.2 8.3 7.3 11.8 -11.9 3.6 1.5 -2.0 -1.7 -1.8 5.8 -2.5 4.6 3.8 4.8 2.8 1.2 8.2 3.1 5.2 4.5 2.5 4.6 4.1 2.0 3.5 4.7 2.8 4.6 3.5 2.4 5.0 2.3 4.5 3.0 2.6 3.2 5.0 6.9 14.0 3.1 1.9 -1.2 7.5 3.3 -3.2 4.2 2.7 6.9 4.1 1.4 2.0 5.2 3.9 5.0 2.9 8.1 5.6 6.9 5.3 -1.9 4.9 3.7 2.6 5.4 4.8 3.4 6.2 2.4 2.3 0.6 2.7 2.9 5.2 2.2 4.3 3.0 -2.0 4.0 1.6 3.5 2.7 5.1 2.6 4.2 4.8 3.7 3.2 1.0 2.1 3.0 2.2 1.0 1.6 3.1 2.3 3.0 2.4 1.9 2.4 3.5 3.9 3.0 4.0 3.4 3.4 4.3 4.3 4.6 5.0 4.5 5.3 2.0 3.4 4.1 4.4 3.9 5.1 3.3 3.6 2.7 4.6 5.5 3.7 3.4 2.8 2.4 4.4 0.2 9.1 3.2 2.6 2.4 2.8 1.8 2.4 4.1 1.1 0.8 -0.2 5.3 -5.1 0.9 2.8 5.4 4.7 5.1 4.8 5.5 3.3 6.4 4.8 4.7 6.0 3.7 4.8 5.3 5.0 3.3 4.7 4.5 7.1 3.9 5.1 4.7 2.7 5.5 5.5 2.2 8.1 3.8 7.1 5.0 6.4 8.8 5.9 6.0 5.9 4.3 3.3 6.4 2.9 6.9 6.4 5.9 5.1 8.0 2.7 0.8 2.8 4.4 5.0 4.8 0.6 3.8 12.5 0.6 5.9 1.8 5.9 3.5 6.7 2.0 4.4 6.4 5.6 7.7 0.8 1.0 -1.3 0.8 2.1 2.5 2.5 4.1 3.8 3.3 6.5 4.8 6.2 5.3 5.6 5.4 5.8 6.7 3.9 5.5 4.6 2.3 3.6 3.3 1.4 3.2 4.6 4.4 4.4 5.0 3.5 5.6 2.9 3.7 5.4 4.5 5.1 5.2 5.6 4.2 5.2 3.4 5.6 1.2 8.3 5.6 6.5 9.0 5.6 7.4 5.2 5.7 5.7 3.9 3.7 11.1 3.2 4.1 4.0 1.4 5.4 4.8 5.9 2.9 4.0 3.6 1.0 2.9 2.3 4.9 10.1 9.4 8.9 9.1 9.3 9.6 10.3 7.4 8.0 8.0 8.9 7.5 4.4 2.1 0.7 1.6 1.4 -1.3 0.5 0.5 1.2 5.0 5.2 5.8 5.6 5.3 5.4 5.1 5.0 5.8 6.0 9.4 8.9 4.5 4.1 6.2 4.5 4.9 1.1 -1.6 0.6 1.3 4.4 4.8 5.6 3.4 3.5 5.6 3.8 4.4 5.4 6.3 7.6 6.6 4.1 4.0 3.2 1.3 1.8 -1.5 2.1 1.3 4.9 4.1 5.0 6.3 -1.3 5.1 4.6 3.8 3.7 3.7 3.0 9.2 4.0 2.7 3.0 0.1 1.6 2.2 0.0 2.0 2.5 2.4 4.4 5.0 4.1 2.1 3.1 4.4 4.2 3.9 5.4 4.1 6.0 8.3 3.3 2.3 32 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Prices and indicators of overall competitiveness 2017 2018 2019 2018 2019 2020 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 CPI, y-o-y growth rates, % 1.7 1.4 1.9 1.3 1.9 1.9 1.9 1.3 1.6 2.0 1.5 1.5 1.5 2.0 2.1 1.9 :ood, non-alcoholic beverages 2.9 0.6 3.3 3.0 3.5 2.6 1.7 0.4 1.1 2.5 2.4 4.0 3.7 3.4 3.3 2.5 Alcoholic beverages, tobacco 3.0 0.4 1.9 2.6 2.5 1.1 0.8 0.4 0.4 1.6 1.6 1.7 2.2 2.7 2.5 1.2 Clothing and footwear 1.3 0.3 0.5 0.1 -1.6 -1.3 -0.2 0.7 0.5 3.6 0.5 1.3 -1.7 -1.4 -1.8 -1.8 Housing, water, electricity, gas 3.6 4.7 2.7 3.1 3.3 4.3 5.4 4.2 5.3 4.5 2.6 0.7 3.2 3.3 3.4 4 Furnishing, household equipm. 0.4 0.9 0.4 0.2 1.5 0.6 0.9 0.9 1.0 1.9 0.9 1.0 1.6 1.4 1.4 0.4 Medical, pharmaceutical produ. 0.2 1.3 1.4 1.0 1.7 1.3 1.1 1.7 2.0 1.3 1.5 1.0 1.9 1.7 1.4 1.6 Transport 1.6 -0.7 0.0 -0.2 0.8 1.9 0.6 -1.3 0.1 -1.3 -0.8 -0.2 -0.3 0.5 2.2 2.1 Communications -2.3 3.3 -0.4 -1.6 0.2 0.8 2.0 3.0 0.0 -0.2 0.4 -1.5 -1.5 1.5 0.6 0.2 Recreation and culture 0.8 1.9 0.6 -0.6 1.8 1.2 2.5 2.4 1.3 2.1 0.5 -0.1 1.1 2.8 1.6 1.4 Education 3.7 1.7 5.6 3.9 4.1 4.4 1.8 2.2 3.5 4.2 5.6 4.8 3.9 4.1 4.4 4.4 Catering services 1.6 2.4 3.2 2.6 2.5 2.7 2.6 2.8 3.3 3.0 3.0 2.0 2.4 2.6 2.6 2.6 Miscellaneous goods & services 1.3 1.7 4.7 1.5 1.9 1.8 1.7 1.3 2.1 2.4 4.1 4.9 1.5 2.0 2.1 2.3 HICP 1.9 1.4 2.0 1.5 2.1 2.1 1.9 1.4 1.8 2.0 1.6 1.7 1.9 2.2 2.3 2.1 Core inflation (excluding :resh food and energy) 0.9 1.2 1.6 0.6 0.9 0.8 1.0 1.5 1.5 2.1 1.7 1.5 0.5 1.2 0.9 0.8 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 2.2 1.4 0.6 2.2 2.1 2.4 1.6 1.1 0.9 0.3 0.4 -0.1 2.0 1.9 2.3 2.4 Domestic market 1.8 1.2 2.1 2.1 2.0 2.2 1.4 1.5 2.1 1.9 2.0 1.3 2.1 1.7 2.2 2.2 Non-domestic market 2.6 1.6 -0.9 2.2 2.2 2.6 1.8 0.9 -0.3 -1.4 -1.2 -1.4 1.9 2.2 2.6 2.6 Euro area 2.3 1.6 -0.7 2.1 2.4 2.9 1.9 1.2 -0.3 -1.6 -1.2 -1.7 2.2 2.4 2.7 2.9 Non-euro area 3.6 1.7 -1.2 2.5 1.6 2.1 1.7 0.0 -0.3 -0.7 -1.1 -0.5 1.0 1.7 2.1 2.0 mport price indices 1.6 1.7 -1.4 0.5 2.4 4.3 2.8 1.4 0.2 -1.9 -1.9 -2.3 1.1 2.1 3.8 4.0 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.5 0.7 -0.3 1.6 0.9 0.3 0.1 -0.5 -0.1 -0.3 -0.3 0.1 1.6 0.7 0.5 0.6 Real (deflator HICP) 0.4 0.8 -0.2 1.6 1.2 0.3 0.1 -0.7 -0.1 0.2 -0.3 -0.1 1.9 0.9 0.7 0.6 Real (deflator ULC) 0.0 1.0 1.2 2.2 1.2 -0.3 1.0 0.3 1.9 1.4 1.1 USD/EUR 1.1293 1.1815 1.1196 1.2294 1.1922 1.1631 1.1412 1.1357 1.1239 1.1116 1.1072 1.1023 1.2276 1.1812 1.1678 1.1686 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. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 33 2018 2019 2020 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 1.8 2.0 2.2 2.0 1.4 1.1 1.2 1.6 1.7 1.4 1.8 2.0 2.3 1.7 1.4 1.4 1.8 2.1 2.0 0.5 -1.2 2.8 2.5 2.7 1.9 0.6 0.8 0.4 0.1 0.5 0.7 2.2 2.9 2.9 1.7 1.5 2.4 3.3 3.4 4.0 4.6 5.1 0.9 1.1 1.2 0.9 0.4 0.8 0.3 0.1 0.2 -0.2 1.1 1.6 1.7 1.6 1.4 1.6 1.9 1.4 1.7 2.0 1.7 -1.1 -1.0 0.1 -1.0 0.3 0.5 -0.5 2.1 -0.2 0.1 1.5 3.2 5.2 2.3 0.6 0.5 0.5 1.4 1.8 0.7 -3.4 3.8 5.2 5.9 5.5 4.7 3.5 3.9 5.1 5.1 5.6 5.2 4.8 4.9 3.9 2.9 2.1 2.7 4.1 3.4 -5.4 -7.8 0.3 1.0 0.4 1.4 0.9 0.5 1.5 0.7 0.9 0.5 1.5 2.2 2.7 0.7 1.3 1.0 0.4 0.8 0.6 1.6 -0.8 1.5 0.9 0.8 1.3 1.3 1.6 1.5 2.0 1.9 2.1 2.1 1.2 1.4 1.4 1.7 1.4 1.4 1.4 1.7 -0.1 0.1 1.9 1.6 1.5 1.0 -0.7 -2.0 -1.6 -0.2 0.8 0.3 -0.9 -1.3 -0.7 -2.0 -0.9 -1.6 0.1 1.3 -0.3 -1.5 -7.6 0.8 1.3 1.4 1.2 3.3 2.1 3.9 3.1 1.7 -0.9 -0.7 -0.5 -1.2 1.1 0.5 1.2 -0.4 -0.1 -2.3 -2.0 -1.5 1.0 1.2 2.6 3.0 1.9 2.7 2.5 1.9 2.0 0.7 1.3 2.0 2.1 2.2 0.8 0.2 0.6 -0.9 0.7 -0.2 -0.8 4.4 4.5 1.8 1.8 1.7 1.6 2.5 2.6 3.1 3.8 3.5 3.5 3.5 5.6 5.5 5.6 5.6 5.5 4.5 4.3 3.8 2.5 3.1 2.6 2.7 2.4 3.1 2.7 2.6 3.2 3.0 3.6 2.9 3.3 2.8 2.9 2.8 3.2 1.9 2.0 2.2 2.0 1.6 1.6 1.5 1.9 1.7 0.8 1.2 2.0 2.5 1.9 1.8 1.8 2.0 3.5 3.4 4.5 4.4 5.3 5.4 4.0 3.5 2.0 2.2 2.3 2.1 1.4 1.2 1.3 1.6 1.8 1.6 1.9 2.0 2.4 1.7 1.5 1.4 2.0 2.3 2.0 0.7 -1.3 0.7 0.9 1.0 1.0 1.2 1.3 1.4 1.7 1.7 1.2 1.7 1.9 2.3 2.1 1.8 1.8 1.6 1.4 1.7 1.3 2.5 2.2 1.9 1.6 1.4 1.1 1.2 1.1 1.2 1.0 0.5 0.2 0.2 0.4 0.2 0.5 0.6 0.3 0.1 -0.6 2.3 2.0 1.7 1.4 1.2 1.2 1.6 1.6 2.0 2.2 2.0 1.8 1.9 2.1 1.9 2.0 2.1 1.9 1.5 0.4 2.8 2.5 2.1 1.8 1.6 1.1 0.8 0.7 0.3 -0.3 -0.9 -1.3 -1.5 -1.3 -1.5 -1.1 -0.9 -1.3 -1.2 -1.7 2.9 2.8 2.3 1.8 1.6 1.5 1.1 1.0 0.3 -0.3 -0.9 -1.6 -1.8 -1.5 -1.7 -1.1 -0.7 -1.5 -1.7 -2.0 2.4 2.0 1.6 1.7 1.7 0.1 0.1 -0.2 0.3 -0.4 -0.9 -0.5 -0.8 -0.8 -1.0 -1.0 -1.2 -0.6 0.0 -0.9 4.4 4.4 4.1 2.6 1.7 1.6 1.3 1.4 1.2 0.5 -1.2 -1.3 -2.2 -2.2 -2.4 -2.0 -1.4 -1.5 -1.7 -3.6 0.1 0.2 0.2 0.1 0.0 -0.3 -0.5 -0.7 -0.6 0.2 0.2 -0.5 0.0 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 1.0 0.9 0.0 0.2 0.2 0.3 -0.2 -0.5 -0.8 -0.9 -0.6 0.0 0.4 -0.1 0.8 0.0 -0.2 -0.4 -0.2 -0.1 -0.3 0.0 -0.3 1.1549 1.1659 1.1484 1.1367 1.1384 1.1416 1.1351 1.1302 1.1238 1.1185 1.1293 1.1218 1.1126 1.1004 1.1053 1.1051 1.1113 1.1100 1.0905 1.1063 1.0862 34 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Balance of payments 2017 2018 2019 2017 2018 2019 2018 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 2 1 3 | 4 | 5 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,689 2,784 3,151 590 704 713 837 530 667 849 787 848 181 299 258 186 Goods 1,617 1,281 1,327 331 331 431 399 120 416 433 201 277 86 187 168 63 Exports 28,372 30,816 31,984 7,417 7,479 7,861 7,555 7,921 7,983 8,293 7,831 7,877 2,346 2,771 2,494 2,648 Imports 26,756 29,535 30,656 7,086 7,148 7,430 7,155 7,801 7,567 7,860 7,630 7,599 2,260 2,585 2,326 2,585 Services 2,258 2,716 3,030 513 539 651 812 713 586 747 918 779 150 199 221 211 Exports 7,305 8,001 8,559 1,879 1,659 1,927 2,295 2,120 1,798 2,100 2,437 2,224 506 609 647 622 Imports 5,047 5,285 5,529 1,366 1,120 1,276 1,483 1,407 1,213 1,352 1,519 1,445 356 410 426 411 Primary income -886 -807 -700 -208 -28 -296 -254 -228 -120 -234 -206 -141 9 -40 -93 -62 Receipts 1,374 1,592 1,563 353 421 438 320 414 418 398 336 412 151 117 130 145 Expenditures 2,260 2,399 2,264 561 449 734 574 642 537 632 541 553 143 157 223 206 Secondary income -299 -406 -506 -46 -138 -73 -120 -75 -215 -98 -126 -67 -63 -47 -38 -27 Receipts 828 789 795 239 175 201 172 241 182 185 201 227 56 61 67 60 Expenditures 1,127 1,196 1,301 285 314 274 292 316 397 283 326 294 119 108 105 87 Capital account -324 -225 -169 -59 -41 -35 -28 -120 -21 -6 -27 -115 -15 -15 -9 -8 Financial account 2,088 2,527 2,282 40 915 701 699 213 608 383 558 733 384 -54 217 536 Direct investment -495 -933 -692 -256 -25 -226 -465 -217 -441 -130 -122 1 -52 -4 -57 20 Assets 570 362 533 23 259 -10 18 94 415 -86 43 160 116 103 0 -48 Liabilities 1,065 1,295 1,224 279 284 216 483 311 856 45 165 159 168 107 57 -68 Portfolio investment 2,987 750 843 2,064 -1,290 1,559 996 -515 548 -108 -107 510 321 -156 320 1,281 Financial derivatives -185 -86 -178 18 2 -76 24 -36 -184 5 -8 9 2 -4 -28 -26 Other investment -308 2,743 2,272 -1,774 2,239 -534 73 965 663 573 828 208 147 84 -11 -741 Assets -1,381 2,031 3,474 -139 814 374 -371 1,214 701 1,415 1,000 357 95 366 -101 71 Other equity 72 68 83 -8 42 35 16 -25 45 15 12 11 14 14 12 11 Currency and deposits -2,076 1,590 2,930 132 227 137 -286 1,512 19 1,146 1,082 683 -211 221 30 4 Loans -115 207 420 -34 -6 91 50 72 51 324 53 -9 14 -22 8 28 Insurance, pension schemes, and standardised guarantee schemes 5 -7 11 0 1 1 -1 -8 8 1 1 0 0 0 0 0 Trade credit and advances 615 303 68 -197 463 105 54 -318 569 -61 -146 -294 138 257 -46 -17 Other assets 118 -130 -38 -31 87 5 -205 -18 9 -10 -3 -34 140 -104 -106 45 Liabilities -1,073 -713 1,202 1,635 -1,426 908 -444 249 38 842 173 150 -52 282 -90 811 Other equity 20 2 2 0 0 0 0 2 0 -1 0 2 0 0 0 0 Currency and deposits 365 -524 1,217 1,679 -1,318 187 242 365 110 425 322 360 -149 196 -78 365 Loans -1,853 -490 -169 -262 -237 131 -85 -299 -109 144 55 -259 -18 -59 32 84 Insurance, pension schemes, and standardised guarantee schemes 5 20 62 -8 27 21 -14 -14 40 13 9 0 9 9 7 7 Trade credit and advances 411 331 65 224 112 243 -201 179 2 116 -140 87 70 226 -13 -5 Other liabilities -21 -52 27 2 -10 327 -385 16 -5 144 -72 -41 36 -90 -38 361 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 89 52 37 -12 -12 -22 70 16 21 44 -33 5 -34 26 -6 1 Net errors and omissions -277 -32 -700 -491 252 23 -110 -197 -38 -459 -203 0 218 -339 -32 359 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,201 3,556 3,823 877 831 892 853 980 925 947 947 1,003 270 319 278 308 Intermediate goods 15,335 16,670 17,042 3,898 4,086 4,207 4,103 4,274 4,323 4,393 4,245 4,082 1,306 1,469 1,337 1,419 Consumer goods 9,730 10,632 12,654 2,594 2,623 2,775 2,534 2,701 3,007 3,250 3,112 3,285 807 992 872 937 mport of investment goods 3,660 4,237 4,366 1,066 1,016 1,023 1,028 1,171 1,044 1,101 1,050 1,171 304 356 315 367 Intermediate goods 16,185 17,868 18,491 4,262 4,307 4,549 4,297 4,716 4,628 4,788 4,633 4,442 1,379 1,549 1,397 1,596 Consumer goods 7,761 8,601 11,187 1,977 2,076 2,127 2,058 2,340 2,427 2,820 2,717 3,224 674 759 691 729 Sources: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 35 2018 2019 2020 6 7 8 1 9 1 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 1 2 269 277 239 321 270 190 70 269 147 250 263 318 268 330 247 210 418 315 115 255 501 200 189 98 112 54 93 -28 107 159 150 42 147 244 138 40 23 208 133 -64 134 367 2,719 2,719 2,227 2,609 2,874 2,808 2,239 2,544 2,589 2,850 2,785 2,837 2,672 2,870 2,199 2,762 2,896 2,738 2,242 2,564 2,771 2,519 2,529 2,129 2,497 2,819 2,715 2,267 2,437 2,430 2,700 2,743 2,689 2,428 2,732 2,160 2,739 2,688 2,605 2,306 2,430 2,404 219 266 265 281 294 230 190 211 170 205 300 229 219 318 321 280 318 240 221 209 233 657 788 781 726 744 654 722 568 576 653 738 660 702 859 816 762 761 697 766 600 615 439 522 516 444 451 424 532 357 407 449 438 431 483 541 496 482 443 457 545 391 382 -141 -131 -79 -44 -45 -98 -85 21 -78 -62 -54 -33 -148 -71 -74 -61 -60 -46 -35 2 -52 164 113 96 112 116 110 188 204 94 119 123 151 124 115 106 115 119 138 155 172 124 305 244 175 155 161 208 273 183 173 181 176 183 272 186 179 176 180 183 190 170 175 -8 -47 -45 -28 -32 -35 -7 -70 -103 -42 -25 -26 -48 -54 -40 -32 -48 -12 -7 -90 -47 73 59 53 60 81 65 96 58 66 58 70 59 55 66 61 74 69 73 84 65 54 81 106 97 89 113 100 103 128 169 100 95 85 103 120 101 105 117 86 91 155 101 -18 -24 7 -11 2 -7 -115 -15 -17 11 -7 17 -17 -8 -10 -9 -7 31 -139 -16 -18 -53 313 77 309 334 251 -372 451 361 -204 141 283 -41 533 -288 313 484 229 20 129 287 -189 -226 -147 -91 112 -89 -240 -2 -445 6 -106 -54 29 44 -68 -97 119 -14 -104 8 -44 38 108 -210 121 231 -20 -117 73 172 169 -30 38 -94 95 -95 43 151 56 -47 103 126 227 334 -63 212 119 69 123 75 617 163 76 92 -123 51 -27 141 32 71 56 95 170 -42 233 455 308 90 -687 82 -1,506 2,166 -112 168 34 -310 -287 -22 202 114 -21 417 -858 -167 -23 5 12 7 -11 -14 -11 -62 -56 -66 3 -2 5 -1 -9 3 3 2 4 3 0 218 296 -260 38 131 1,031 -196 1,994 -1,272 -58 51 298 223 814 -200 214 236 277 -305 955 485 404 -61 -411 101 285 1,038 -108 1,769 -1,302 234 197 748 470 823 74 103 210 451 -304 764 727 11 5 6 5 -8 -8 -9 4 37 5 5 5 5 3 5 4 4 4 4 -50 -1 103 -63 -30 -193 131 1,005 376 1,300 -1,454 173 207 572 368 912 204 -34 45 402 235 641 488 55 5 -17 62 38 7 27 31 14 5 12 133 180 -5 29 29 -27 14 4 15 28 0 0 0 0 -3 -3 -3 3 3 3 0 0 0 0 0 0 0 0 0 0 0 168 24 -196 226 93 25 -436 179 195 195 17 -29 -49 -82 -178 115 185 -10 -469 54 241 67 -32 -174 1 34 13 -65 253 -97 -147 -44 68 -34 -6 15 -12 2 42 -78 104 -29 186 -356 -151 64 154 6 88 -224 -30 293 145 450 246 9 274 -110 -25 174 1 -191 242 0 0 0 0 0 0 2 0 0 0 -1 0 0 0 0 0 0 0 2 0 0 -100 65 131 46 121 5 239 -70 105 75 124 149 152 75 218 29 152 29 180 26 88 15 0 -55 -31 -51 -3 -245 8 -186 69 52 69 23 151 175 -271 -240 30 -50 -18 105 7 -5 -5 -5 -5 -5 -5 13 13 13 4 4 4 3 3 3 0 0 0 0 0 260 -53 -227 78 67 52 60 -288 151 139 -70 153 33 -174 -107 140 48 111 -72 -259 72 4 -364 4 -25 22 -43 37 113 -114 -4 36 74 34 -46 -15 -11 14 4 -59 61 -23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -17 6 18 47 13 10 -7 27 -33 27 25 7 12 -37 11 -7 12 -15 7 22 13 -304 61 -169 -2 62 68 -327 197 230 -465 -115 -52 -292 211 -525 112 73 -116 43 -111 -196 306 305 252 296 319 332 328 288 310 327 310 323 314 339 256 351 335 342 326 237 N/A 1,452 1,454 1,228 1,421 1,609 1,536 1,129 1,424 1,395 1,504 1,489 1,496 1,408 1,557 1,228 1,460 1,545 1,435 1,102 1,365 N/A 965 948 730 856 947 956 798 985 967 1,055 1,027 1,146 1,076 1,127 827 1,157 1,203 1,164 917 1,360 N/A 341 351 298 379 376 405 390 337 321 386 368 371 362 385 265 401 372 387 412 313 N/A 1,556 1,529 1,241 1,527 1,755 1,646 1,314 1,494 1,506 1,628 1,732 1,620 1,436 1,655 1,312 1,666 1,590 1,543 1,309 1,453 N/A 707 718 663 678 826 786 728 807 771 849 1,065 853 902 1,030 748 938 1,246 967 1,011 1,006 N/A 36 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Monetary indicators and interest rates 2017 2018 2019 2017 2018 11 | 12 1|2|3|4|s|6|7|8|9 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 6,247 6,290 7,719 6,041 6,247 6,290 6,273 6,471 6,524 6,600 6,791 6,915 7,042 7,041 Central government (S,1311) 5,170 5,154 4,696 5,114 5,170 5,154 5,099 4,927 4,859 4,904 4,912 4,870 4,877 4,831 Other government (S,1312,1313,1314) 571 576 602 550 571 576 571 563 568 565 564 560 562 554 Households (S,14, 15) 9,733 9,765 10,981 9,699 9,733 9,765 9,778 9,860 9,905 9,996 10,033 10,075 10,161 10,231 Non-financial corporations (S,11) 9,644 9,682 9,589 9,716 9,644 9,682 9,687 9,598 9,628 9,582 9,627 9,648 9,647 9,647 Non-monetary financial institutions (S,123, 124, 125) 1,566 1,627 1,661 1,548 1,566 1,627 1,621 1,528 1,547 1,616 1,611 1,605 1,592 1,593 Monetary financial institutions (S,121, 122) 3,886 3,682 5,230 3,824 3,886 3,682 3,798 3,884 3,955 3,800 3,954 4,269 4,186 4,060 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 4,450 4,487 4,382 4,858 4,450 4,487 4,474 4,266 4,266 4,399 4,481 4,477 4,381 4,356 528 545 391 554 528 545 535 529 498 518 533 489 491 485 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 28,021 28,115 31,109 27,770 28,021 28,115 28,191 28,201 28,253 28,453 28,499 28,888 28,940 28,943 Overnight 17,331 17,476 21,278 17,075 17,331 17,476 17,601 17,727 17,889 18,084 18,260 18,664 18,752 18,740 With agreed maturity - short-term 3,398 3,294 3,478 3,257 3,398 3,294 3,287 3,260 3,232 3,184 3,160 3,147 3,214 3,280 With agreed maturity - long-term 6,734 6,679 5,723 6,718 6,734 6,679 6,664 6,566 6,550 6,497 6,419 6,414 6,349 6,275 Short-term deposits redeemable at notice 558 666 630 720 558 666 639 648 582 688 660 663 625 648 Deposits in foreign currency, total 636 638 634 664 636 638 641 660 665 690 670 661 636 657 Overnight 547 542 577 549 547 542 540 552 573 585 568 585 562 583 With agreed maturity - short-term 45 53 26 69 45 53 58 66 49 61 61 36 34 34 With agreed maturity - long-term 44 43 31 46 44 43 43 42 43 44 41 40 40 40 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households 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 to one year 0.13 0.16 0.17 0.13 0.14 0.14 0.15 0.16 0.16 0.16 0.16 0.15 0.18 0.16 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.63 2.65 2.66 2.51 2.65 2.60 2.57 2.56 2.58 2.63 2.65 2.79 2.62 2.69 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.53 2.02 1.68 0.8 1.15 1.06 1.78 2.02 2.53 1.68 4.27 0.85 1.36 4.59 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.329 -0.322 -0.356 -0.329 -0.328 -0.329 -0.329 -0.328 -0.329 -0.325 -0.322 -0.321 -0.319 -0.319 6-month rates -0.260 -0.266 -0.302 -0.274 -0.271 -0.274 -0.275 -0.271 -0.270 -0.270 -0.269 -0.269 -0.267 -0.268 LIBOR 3-month rates -0.732 -0.735 -0.737 -0.745 -0.755 -0.740 -0.745 -0.740 -0.733 -0.726 -0.732 -0.725 -0.726 -0.731 6-month rates -0.658 -0.653 -0.684 -0.653 -0.653 -0.644 -0.662 -0.657 -0.650 -0.647 -0.645 -0.647 -0.649 -0.652 Sources: BoS, EUROSTAT, Slovenian Economic Mirror, No 2/2020 Statistical Appendix 37 2018 2019 2020 10 1 11 1 12 1 2 3 4 5 6 | 7 8 9 10 11 12 1 2 3 7,059 7,088 7,165 7,256 7,023 7,152 7,219 7,327 7,606 7,631 7,913 7,791 7,819 7,817 7,719 7,624 7,744 7,399 4,905 4,939 4,937 4,980 4,805 4,819 4,944 5,089 5,058 5,070 5,007 5,037 4,959 4,928 4,696 4,410 4,455 4,753 559 558 580 588 587 583 577 581 577 570 567 574 573 577 602 613 616 613 10,296 10,339 10,370 10,397 10,426 10,507 10,570 10,628 10,642 10,703 10,781 10,833 10,950 10,978 10,981 10,982 11,005 10,954 9,656 9,628 9,496 9,665 9,676 9,681 9,637 9,571 9,749 9,738 9,878 9,868 9,869 9,882 9,589 9,795 9,872 10,070 1,497 1,503 1,502 1,503 1,490 1,486 1,484 1,482 1,496 1,503 1,493 1,486 1,479 1,481 1,661 1,674 1,674 1,675 3,614 3,904 4,275 4,247 4,380 4,207 3,963 4,099 4,001 4,335 4,067 3,894 4,011 4,531 5,230 5,403 5,138 5,461 25,600 25,921 26,181 26,367 26,516 26,385 26,138 26,329 26,381 26,725 26,651 26,509 26,728 27,331 27,913 27,860 27,687 28,144 467 451 446 435 432 434 420 422 419 416 420 412 398 392 391 389 390 389 4,354 4,393 4,429 4,475 4,397 4,433 4,580 4,659 4,685 4,727 4,666 4,704 4,642 4,581 4,382 4,555 4,609 4,910 29,065 29,227 29,442 29,468 29,903 29,916 29,994 30,177 30,260 30,709 30,733 30,585 30,678 30,838 31,121 31,124 31,171 31,785 18,786 19,014 19,440 19,389 19,615 19,717 19,830 20,009 20,099 20,474 20,521 20,676 20,611 20,911 21,278 21,243 21,291 22,144 3,333 3,299 3,261 3,212 3,353 3,320 3,316 3,343 3,342 3,408 3,423 3,340 3,448 3,369 3,478 3,329 3,511 3,473 6,276 6,228 6,166 6,210 6,175 6,127 6,047 6,042 6,054 6,059 6,010 5,823 5,806 5,770 5,735 5,792 5,677 5,506 670 686 575 657 760 752 801 783 765 768 779 746 813 788 630 760 692 662 644 644 651 625 634 645 643 674 686 681 686 685 646 658 634 632 647 677 568 570 581 552 564 575 575 606 621 616 622 620 585 598 577 573 588 622 36 33 31 33 29 29 28 28 29 28 27 28 26 25 26 27 29 26 40 41 39 40 41 41 40 40 36 37 37 37 35 35 31 32 30 29 0 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.16 0.17 0.17 0.16 0.18 0.17 0.16 0.19 0.17 0.15 0.16 0.16 0.16 0.17 0.18 0.1 0.04 0.15 2.66 2.71 2.74 2.81 2.72 2.69 2.66 2.80 2.65 2.7 2.75 2.62 2.51 2.50 2.5 2.43 2.33 2.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.318 -0.316 -0.312 -0.308 -0.308 -0.309 -0.311 -0.312 -0.329 -0.365 -0.408 -0.418 -0.413 -0.401 -0.395 -0.391 -0.409 -0.417 -0.264 -0.257 -0.241 -0.236 -0.232 -0.230 -0.231 -0.237 -0.279 -0.347 -0.405 -0.394 -0.362 -0.337 -0.336 -0.330 -0.355 -0.365 -0.741 -0.745 -0.735 -0.704 -0.713 -0.707 -0.715 -0.713 -0.717 -0.751 -0.817 -0.812 -0.774 -0.712 -0.711 -0.679 -0.707 -0.761 -0.662 -0.667 -0.659 -0.639 -0.652 -0.648 -0.650 -0.656 -0.673 -0.719 -0.802 -0.771 -0.711 -0.650 -0.639 -0.624 -0.663 -0.703 38 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Public finance 2017 2018 2019 2018 2019 2020 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 | 6 7 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 16,803.3 33,111.9 19,230.8 4,170.8 4,712.5 4,607.9 5,102.5 4,518.9 4,944.0 4,671.6 5,096.3 4,644.4 1,717.1 1,418.4 1,577.0 1,461.6 Current revenues 16,251.4 17,575.9 18,292.1 3,994.9 4,525.9 4,251.7 4,803.5 4,276.0 4,730.5 4,478.2 4,807.4 4,406.5 1,582.6 1,391.2 1,552.0 1,390.2 Tax revenues 15,162.0 16,225.3 17,178.5 3,782.0 4,230.9 3,914.8 4,297.6 4,103.3 4,350.6 4,169.7 4,554.9 4,157.5 1,515.1 1,275.0 1,440.8 1,237.8 Taxes on income and profit 2,967.0 3,296.4 3,614.0 785.5 990.7 651.8 868.3 850.4 1,058.4 717.7 987.4 878.2 347.6 284.7 358.4 115.2 Social security contributions 6,092.1 6,549.8 7,020.5 1,592.8 1,619.6 1,622.4 1,715.0 1,710.3 1,734.9 1,745.5 1,829.8 1,819.7 543.5 537.1 539.0 541.0 Taxes on payroll and workforce 21.3 21.6 23.2 5.0 5.6 5.0 6.1 5.3 5.9 5.4 6.6 5.9 1.9 1.8 1.9 1.9 Taxes on property 274.2 277.9 296.1 28.1 65.0 106.7 78.2 26.3 67.6 120.9 81.4 30.9 18.2 16.8 29.9 33.1 Domestic taxes on goods and services 5,722.8 5,989.3 6,126.8 1,336.8 1,519.5 1,500.6 1,632.4 1,427.8 1,490.3 1,565.7 1,643.0 1,376.4 590.1 418.9 510.4 533.5 Taxes on international trade & transactions 83.3 89.8 98.6 22.6 21.4 22.7 23.2 25.5 25.6 25.5 22.1 24.0 8.3 5.5 7.5 7.5 Other taxes 1.3 0.5 -0.7 11.2 9.3 5.6 -25.6 57.8 -32.0 -11.1 -15.4 22.5 5.5 10.1 -6.3 5.5 Non-tax revenues 1,089.4 1,350.6 1,113.6 212.9 295.0 336.9 505.9 172.6 380.0 308.5 252.5 249.0 67.5 116.2 111.3 152.4 Capital revenues 91.2 152.8 136.2 28.6 37.3 43.9 43.1 23.9 31.2 34.4 46.7 31.1 10.3 9.4 17.6 17.6 Grants 9.5 12.4 14.7 0.2 1.5 7.1 3.6 5.2 1.1 6.3 2.1 6.9 0.5 0.2 0.8 1.2 Transferred revenues 52.3 55.6 57.4 0.4 0.5 51.4 3.3 1.8 3.1 50.3 2.2 0.2 0.0 0.4 0.0 50.1 Receipts from the EU budget 399.0 796.9 730.4 146.7 147.4 253.8 249.0 212.1 178.0 102.5 237.9 199.8 123.7 17.2 6.5 2.5 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 17,102.0 18,068.0 18,966.6 4,337.0 4,282.8 4,387.6 5,060.6 4,689.9 4,506.0 4,705.7 5,065.0 5,021.1 1,448.8 1,379.5 1,454.5 1,554.8 Current expenditures 7,733.0 7,966.5 8,227.3 2,027.9 1,919.2 1,877.2 2,142.1 2,116.1 2,010.6 2,007.6 2,093.0 2,356.4 678.4 587.1 653.7 638.6 Wages, salaries and other personnel expenditures 3,938.1 4,167.9 4,465.1 980.7 1,091.2 1,016.8 1,079.1 1,067.7 1,176.4 1,099.8 1,121.3 1,182.3 326.2 336.2 428.8 341.4 Expenditures on goods and services 2,626.6 2,633.7 2,733.0 552.0 642.6 640.6 798.5 602.3 669.5 675.7 785.5 685.7 219.4 216.7 206.5 242.8 Interest payments 985.3 867.9 791.4 462.5 145.7 190.3 69.5 404.2 122.7 175.7 88.9 441.1 118.7 21.6 5.4 44.9 Reserves 183.0 296.9 237.7 32.7 39.7 29.4 195.0 42.0 42.1 56.4 97.2 47.3 14.1 12.6 13.0 9.5 Current transfers 7,912.9 8,236.6 8,702.9 2,034.4 2,027.4 2,071.1 2,103.7 2,187.9 2,107.1 2,201.2 2,206.8 2,308.5 679.9 681.5 666.0 776.0 Subsidies 425.4 443.9 467.8 159.9 103.9 52.7 127.5 161.8 113.4 53.5 139.2 167.9 39.3 37.4 27.2 13.9 Current transfers to individuals and households 6,665.1 6,925.8 7,323.3 1,678.4 1,715.1 1,811.9 1,720.5 1,784.6 1,816.5 1,912.6 1,809.6 1,902.1 573.6 573.7 567.7 688.6 Current transfers to nonprofit institutions, other current domestic transfers 748.0 793.5 827.1 174.8 192.4 193.4 232.9 216.6 163.1 215.3 232.1 215.2 59.5 65.7 67.3 67.9 Current transfers abroad 74.3 73.4 84.7 21.3 16.0 13.1 22.9 25.0 14.1 19.8 25.9 23.2 7.6 4.7 3.7 5.6 Capital expenditures 891.0 1,159.9 1,253.1 111.2 197.5 292.4 558.9 156.1 240.3 315.4 541.3 172.5 47.6 64.0 85.9 94.5 Capital transfers 186.6 271.6 273.6 29.7 54.4 42.1 145.3 24.9 49.3 57.8 141.6 29.7 10.0 19.4 25.0 13.0 Payments to the EU budget 378.5 433.4 509.7 133.8 84.4 104.8 110.5 204.8 98.8 123.8 82.3 154.0 32.9 27.5 23.9 32.8 SURPLUS / DEFICIT -298.7 525.6 264.2 -166.2 429.7 220.3 41.8 -171.0 438.0 -34.2 31.3 -376.7 268.3 39.0 122.5 -93.2 Source: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 39 2018 2019 2020 8 9 1 10 I 11 12 1 2 3 4 5 6 | 7 8 9 10 11 12 1 1 2 | 3 1,682.9 1,463.3 1,790.8 1,542.8 1,768.8 1,547.5 1,401.3 1,570.2 1,702.7 1,622.5 1,618.9 1,461.5 1,556.0 1,654.1 1,669.3 1,612.6 1,814.3 1,678.5 1,483.4 1,482.6 1,471.5 1,390.0 1,764.5 1,498.0 1,541.0 1,529.5 1,372.4 1,374.1 1,623.1 1,542.0 1,565.5 1,438.2 1,539.6 1,500.4 1,626.9 1,576.5 1,604.1 1,638.2 1,437.9 1,330.4 1,367.4 1,309.6 1,418.4 1,435.5 1,443.7 1,473.5 1,315.3 1,314.5 1,545.1 1,400.4 1,405.1 1,308.2 1,461.2 1,400.2 1,535.2 1,498.3 1,521.5 1,581.5 1,358.8 1,217.2 279.3 257.3 271.5 280.8 316.1 289.6 275.3 285.4 426.4 300.1 332.0 126.7 308.1 282.9 305.1 313.3 369.0 296.6 292.1 289.5 537.8 543.6 540.7 550.6 623.7 575.5 563.7 571.1 580.1 576.6 578.2 583.8 582.3 579.4 579.4 586.8 663.5 615.1 599.2 605.4 1.5 1.6 1.8 1.9 2.3 1.9 1.7 1.7 1.9 1.8 2.1 2.1 1.6 1.6 2.0 2.1 2.5 2.1 1.9 1.9 38.3 35.3 39.2 23.3 15.7 10.6 8.1 7.6 18.8 19.9 28.9 35.7 36.6 48.5 35.8 30.4 15.2 10.1 7.6 13.2 518.1 449.0 591.4 561.5 479.6 531.1 503.3 393.4 541.8 492.5 456.0 564.8 522.0 478.9 601.5 575.0 466.6 631.2 446.7 298.4 8.1 7.1 7.8 8.6 6.9 7.3 8.9 9.2 9.3 8.3 8.0 10.2 8.1 7.2 8.0 7.4 6.8 7.2 7.9 8.9 -15.7 15.7 -33.9 8.9 -0.5 57.6 -45.8 46.0 -33.1 1.2 -0.1 -15.2 2.5 1.6 3.4 -16.6 -2.2 19.2 3.4 -0.1 104.1 80.4 346.1 62.5 97.3 56.0 57.1 59.5 78.0 141.6 160.4 130.0 78.4 100.1 91.6 78.2 82.6 56.7 79.2 113.2 8.8 17.4 16.2 12.9 14.0 7.6 8.2 8.1 10.4 11.5 9.3 15.0 7.3 12.1 15.3 11.9 19.5 11.3 12.2 7.7 0.4 5.5 1.0 0.7 2.0 0.0 5.0 0.1 0.5 0.2 0.4 0.2 0.5 5.6 1.2 3.7 -2.8 1.0 5.4 0.5 1.1 0.1 0.5 0.0 2.7 0.1 1.7 0.0 1.5 0.0 1.6 0.0 0.2 50.1 0.0 -0.2 2.4 0.1 0.0 0.0 201.0 50.3 8.7 31.3 209.0 10.2 13.9 187.9 67.2 68.7 42.1 8.1 8.4 85.9 25.9 20.7 191.2 27.9 27.9 143.9 1,454.6 1,378.2 1,439.2 1,598.1 2,023.4 1,572.4 1,502.3 1,615.1 1,491.8 1,454.3 1,559.9 1,700.8 1,487.7 1,517.2 1,540.6 1,628.2 1,896.2 1,723.3 1,498.2 1,799.6 646.6 592.0 582.7 706.0 853.5 689.2 648.0 779.0 700.9 605.5 704.2 691.1 657.8 658.6 642.1 696.0 754.8 800.0 625.2 931.2 343.9 331.5 349.7 348.2 381.2 341.7 359.9 366.1 355.2 362.5 458.7 374.4 367.7 357.6 374.8 369.7 376.9 402.0 387.2 393.2 217.3 180.5 215.3 251.8 331.5 194.8 187.4 220.2 221.6 223.1 224.7 251.5 205.3 218.9 246.6 236.7 302.2 236.3 203.5 245.9 75.2 70.2 7.9 56.8 4.8 145.4 91.9 166.9 114.8 4.1 3.8 47.2 56.3 72.2 8.8 66.9 13.3 153.2 21.3 266.5 10.1 9.7 9.8 49.3 136.0 7.3 8.9 25.8 9.3 15.8 17.0 18.0 28.6 9.9 11.9 22.8 62.5 8.6 13.3 25.5 653.9 641.3 658.1 680.2 765.5 766.3 693.7 727.9 677.8 715.9 713.4 849.6 668.4 683.1 711.5 740.5 754.7 781.6 759.6 767.3 15.4 23.4 21.1 22.2 84.1 122.5 8.6 30.6 26.5 39.8 47.1 19.9 16.5 17.0 33.1 49.3 56.8 82.8 39.6 45.5 564.7 558.6 567.5 570.6 582.4 576.9 607.1 600.5 613.0 600.3 603.2 745.7 578.4 588.4 605.9 599.9 603.8 623.6 643.0 635.5 68.2 57.2 67.8 72.4 92.6 56.2 68.3 92.1 33.1 69.9 60.1 77.0 63.0 75.3 70.2 75.7 86.2 66.5 68.5 80.2 5.5 2.1 1.7 14.9 6.3 10.6 9.7 4.7 5.1 6.0 3.0 6.9 10.5 2.3 2.4 15.5 8.0 8.8 8.4 6.1 106.2 91.7 132.0 151.1 275.8 44.2 55.2 56.7 67.0 88.2 85.2 102.0 100.3 113.1 122.9 141.7 276.7 53.5 56.9 62.2 12.8 16.3 30.0 24.5 90.9 7.2 8.1 9.6 15.3 16.9 17.0 17.1 19.7 21.0 24.0 31.0 86.6 11.1 8.0 10.6 35.1 37.0 36.4 36.2 37.8 65.6 97.3 41.9 30.9 27.7 40.1 41.0 41.5 41.3 40.0 19.0 23.4 77.1 48.5 28.4 228.3 85.1 351.7 -55.2 -254.6 -25.0 -101.1 -44.9 210.9 168.2 58.9 -239.3 68.3 136.9 128.8 -15.6 -81.9 -44.8 -14.8 -317.1 40 Selected topics Slovenian Economic Mirror, No 2/2020 Acronyms Acronyms in the text BoS - Bank of Slovenia, EC - European Commission, ECB - European Central Bank, EIA - Energy Information Administration, EMMI - European Money Markets Institute, EMU - European Monetary Union, ESI - Economic Sentiment Indicator, 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, FI - Financial instruments, GDP - Gross domestic product, GNI - gross national income, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, MF - Ministry of Finance, NEER - nominal effective exchange rate , NFI - Non-Financial Institutions, PMI - Purchasing Managers' Index, REER - real effective exchange rate, RS - Republic of Slovenia, RULC - real unit labor cost SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, SVRK - Government Office for Development and European Cohesion Policy, USD - US Dollar, VAT - value added tax, WEO - World Economic Outlook, ZZZS - The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A - Agriculture, forestry and fishing, B - Mining and quarrying, C - Manufacturing, 10 - Manufacture of food products, 11 - Manufacture of beverages, 12 - Manufacture of tobacco products, 13 - Manufacture of textiles, 14 - Manufacture of wearing apparel, 15 - Manufacture of leather and related products, 16 - Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 - Manufacture of paper and paper products, 18 - Printing and reproduction of recorded media, 19- Manufacture of coke and refined petroleum products, 20 - Manufacture of chemicals and chemical products, 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 - Manufacture of rubber and plastic products, 23 - Manufacture of other non-metallic mineral products, 24 - Manufacture of basic metals, 25 - Manufacture of fabricated metal products, except machinery and equipment, 26 - Manufacture of computer, electronic and optical products, 27 - Manufacture of electrical equipment, 28 - Manufacture of machinery and equipment n.e.c., 29 - Manufacture of motor vehicles, trailers and semi-trailers, 30 - Manufacture of other transport equipment, 31 - Manufacture of furniture, 32 - Other manufacturing, 33 - Repair and installation of machinery and equipment, D - Electricity, gas, steam and air conditioning supply, E - Water supply sewerage, waste management and remediation activities, F - Construction, G - Wholesale and retail trade, repair of motor vehicles and motorcycles, H - Transportation and storage, I - Accommodation and food service activities, J- Information and communication, K - Financial and insurance activities, L - Real estate activities, M - Professional, scientific and technical activities, N - Administrative and support service activities, O - Public administration and defence, compulsory social security, P - Education, Q - Human health and social work activities, R - Arts, entertainment and recreation, S - Other service activities, T - Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U - Activities of extraterritorial organizations and bodies. Acronyms of Countries AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America.