sl ov en ia n ec on om ic m ir ro r N o. 2 , V ol . X XV III , 2 02 2 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 2 / Vol. XXVIII / 2022 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Laura Južnik Rotar, PhD Authors: Urška Brodar; Lejla Fajić; Tina Golob Šušteršič, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Laura Južnik Rotar, PhD; Jože Markič, PhD; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Selected topic: Branka Tavčar (How did individual businesses struggle to survive and remain solvent during the COVID-19 crisis?) Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, February 2022 ISSN 1318-3826 (print) ISSN 1581-1026 (pdf ) The publication is available free of charge. © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 11 Labour market ............................................................................................................................................ 17 Prices .............................................................................................................................................................. 19 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................ 21 Public finance ............................................................................................................................................. 22 Selected topic ............................................................................................................................................25 How did individual businesses struggle to survive and remain solvent during the COVID-19 crisis? .................................................................................................................................. 27 Statistical appendix ...............................................................................................................................31 Contents On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. The Economic Mirror is prepared based on statistical data available by 14th February 2022. In the spotlight 3Slovenian Economic Mirror, No 2/2022 Economic growth in the euro area slowed significantly in the last quarter of 2021 compared to the previous quarter, and according to the available indicators, growth remains weak at the beginning of this year. According to Eurostat’s flash estimates, GDP growth slowed compared to the third quarter of last year, to 0.3%. Available indicators suggest that similar economic activity is continuing in the first quarter of this year. The value of the composite Purchasing Managers’ Index (PMI) for the euro area was the lowest in 11 months in January. The services PMI declined amid the rise in Omicron infections and the tightening of containment measures, while the worsening of the epidemiological situation had no impact on the manufacturing PMI, which reached its highest level in five months. Energy prices continue to make a strong contribution to high year-on-year inflation in the euro area, which stood at 5.1% in January. In January and February, the IMF and EC downgraded their autumn forecasts for economic growth in 2022. Forecasts for the US and China were lowered in light of the ongoing pandemic and higher energy prices and supply chain disruptions and resulting higher inflation, and forecasts for the euro area were revised down by 0.4 and 0.3 p.p. to 3.9% and 4% respectively. GDP growth in the euro area is expected to slow further in 2023, but the autumn forecast was revised slightly upwards. In Slovenia, most indicators suggest that the relatively favourable trends in economic activity which were observed at the end of last year continue, while uncertainties due to the epidemiological situation are still present in service activities. Manufacturing output rose significantly in the last quarter of last year, as did trade in goods, with export expectations remaining high at the beginning of this year. In the last quarter of last year, household spending on non-food products increased, and the sale of automotive fuels also rose sharply, due not only to higher freight traffic but also to sales to transit customers. At the end of last year, turnover increased again in market services, with only that of travel and employment agencies falling significantly below pre-epidemic levels. Activity in construction remained lower year-on-year at the end of last year. High price growth in construction services continued due to rising commodity prices and labour shortages. According to data on fiscal verification of invoices, turnover in January was up 30% year-on-year, partly due to last year’s low base as a result of containment measures, and was 7% lower than in January 2020; accommodation and food service activities, creative, arts and entertainment activities, and gambling and betting activities also remained below pre-crisis levels, as did turnover in trade. Economic sentiment improved slightly again in January in most activities, while confidence in manufacturing and among consumers remained at the same level as in December last year. Labour market conditions remain good. In November 2021, the number of employed persons increased sharply again. Year-on-year employment growth was the highest in accommodation and food service activities and construction. The latter employed the highest share of foreign workers in the first 11 months of 2021. Given the shortage of domestic labour, the contribution of foreign labour to overall employment growth was almost 50% last November. At the beginning of the year, 67,834 people were registered as unemployed, a significant decrease compared to the same periods of 2021 and 2020 (by 25.9% and 15% respectively). The number of long-term unemployed continued to decline in January and was lower than before the epidemic. Year-on-year growth in average gross wages in the private sector remains high, which we assess could already be affected by labour shortages in some activities (manufacturing, construction, and accommodation and food service activities). Due to the cessation of epidemic-related bonus payments, year-on-year public sector wage growth slowed significantly in the second half of the last year and was already negative in November. In the spotlight In the spotlight4 Slovenian Economic Mirror, No 2/2022 Consumer price inflation increased markedly year-on-year in January, with sharp rises in energy, food and services prices. Inflation stood at 5.8%, mainly due to higher energy prices. Prices for natural gas and town gas rose by more than a quarter month-on- month, and prices for petroleum products and electricity were also higher. Prices in the food and non-alcoholic beverages group continue to rise, increasing by 4.6% year-on- year, while growth in service prices was above 3% year-on-year for the first time since the outbreak of the epidemic. Year-on-year growth of Slovenian industrial producer prices continues to rise, the year-on-year increase being mainly due to higher commodity prices (16%). The general government deficit in 2021 was EUR 2.9 billion, EUR 0.6 billion lower than in 2020. The decrease was due to high revenue growth and slower expenditure growth. Revenue growth was the result of a recovery in economic activity, especially domestic demand and more favourable labour market conditions. Growth arose mainly from higher revenues from value added tax, social contributions, personal income tax and corporate income tax. Growth in non-tax revenues and revenues from the EU budget also accelerated. In addition to lower expenditure growth, the structure of growth was different last year, with a higher contribution in particular for public servants’ wages (payments of allowances) and for investment, while expenditure on subsidies, which had increased in 2020, fell sharply. Growth in current transfers to individuals and households was similar to that in 2020. In 2021, total expenditure on measures to mitigate the consequences of COVID-19 amounted to EUR 2.8 billion, most of it on allowances for public sector workers and reimbursement of fixed costs to companies. In the spotlight 5Slovenian Economic Mirror, No 2/2022 10 14 18 22 26 30 34 38 42 46 50 54 58 62 66 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 PM I v al ue fo r e ur o ar ea Composite index Manufacturing Services Source: Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. The composite PMI for the euro area points to a further slowdown in economic growth at the beginning of this year 40 60 80 100 120 140 160 180 200 Ja n 05 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS, calculations by IMAD. Note: Data on real turnover in services are available from 2010 onwards. Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade Turnover in service activities In Slovenia, most available indicators suggest that the relatively favourable trends in economic activity observed at the end of last year are continuing 20 40 60 80 100 120 140 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Note: The Q4 2021 figure for the turnover in accommodation and food service is the average value for October and November. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons Household consumption remained high in the last quarter of 2021 -3,542.1 -2,914.5 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 In E U R m ill io n General government balance Primary balance Source: MF, Bulletin of Government Finance; calculations by IMAD. The deficit of the consolidated balance of public finances was lower in 2021 than in 2020 Loan growth is on the rise due to increased lending to businesses, NFIs and households, mainly in the form of housing loans -40 -30 -20 -10 0 10 20 30 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ye ar -o n- ye ar g ro w th , i n % Source: BoS. Consumer loans Lending for house purchase Enterprises and NFIs Total Labour market conditions remain favourable; employment is at historically high levels and unemployment continues to decline 0 20 40 60 80 100 120 140 160 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f r eg is te re d un em pl oy ed , in '0 00 , s ea so na lly a dj us te d N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS, ESS; calculations by IMAD. Employed according to SRE (left axis) Registered unemployed (right axis) cu rr en t e co no m ic tr en ds Current Economic Trends 9Slovenian Economic Mirror, No 2/2022 Figure 1: Quarterly economic growth in Slovenia’s main trading partners Figure 2: International Monetary Fund (IMF) forecasts of economic growth Compared to the previous quarter, economic growth in the euro area slowed significantly in the last quarter of 2021 and similar trends are continuing at the beginning of this year. According to Eurostat’s flash estimate, GDP increased by 0.3% quarter-on-quarter (by 4.6% year-on-year), reaching pre-crisis levels. Among Slovenia’s main trading partners, quarter-on-quarter growth was recorded in France and Italy (0.7% and 0.6% respectively), while GDP in Germany and Austria fell by 0.7% and 2.2% respectively. The available indicators show that the slowdown in economic growth in the euro area continued at the beginning of the first quarter of 2022. The value of the composite Purchasing Managers’ Index (PMI) in January was the lowest in the last 11 months, this due to the decline in the services PMI amid the increase in Omicron infections and the tightening of containment measures. However, the worsening of the epidemiological situation had no impact on the manufacturing PMI, which rose to its highest level in five months, according to enterprises’ reports, due to easing of supply chain pressures. According to international institutions, economic growth in most of the world’s major economies will slow this year. After the rebound of the global economy last year (by 5.9%), the IMF forecasts growth of 4.4% this year, half a percentage point less than was forecast in October. A further slowdown to 3.8% is forecast for 2023. Forecasts for the world’s two largest economies and for Slovenia’s main export partner (Germany) have deteriorated significantly in the face of the ongoing pandemic and higher energy prices and supply chain disruptions and resulting higher inflation. After last year’s modest growth of 2.8%, the IMF and EC forecast GDP growth of 3.8% and 3.6% respectively for Germany this year. Similar growth is expected for Italy and France this year (6.2% and 7% respectively last year). The forecast is accompanied by a number of risks, including the development of the pandemic, a tightening of US monetary policy and its impact on global financing conditions, supply chain disruptions, higher energy prices and possible wage pressures that could lead to even higher inflation, and a worsening of problems in China’s real estate sector. 0 1 2 3 4 5 6 7 8 9 W or ld gr ow th U S Ch in a Eu ro a re a G er m an y Ita ly Fr an ce Re al G D P gr ow th , i n % Source: IMF WEO, January 2022. 2021 Forecast for 2022 Forecast for 2023 Previous forecast -3 -2 -1 0 1 2 3 4 5 EA EU G er m an y Ita ly A us tr ia Fr an ce Q ua rt er ly s ea so na lly a dj us te d gr ow th , i n % Source: Eurostat. Q1 21 Q2 21 Q3 21 Q4 21 The international environment Current Economic Trends10 Slovenian Economic Mirror, No 2/2022 Table 1: Brent oil prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2021 XII 21 I 22 I 22/XII 21 I 22/I 21 Brent USD, per barrel 70.69 74.26 86.51 16.5 57.9 Brent EUR, per barrel 59.70 65.70 76.47 16.4 69.9 USD/EUR 1.184 1.130 1.131 0.1 -7.0 3-month EURIBOR, in % -0.549 -0.582 -0.560 2.2 -1.3 Non-energy commodity prices, index 2010=100 112.13 116.94 122.43 4.7 20.5 Source: EIA, ECB, EMMI Euribor, World Bank; calculations by IMAD. Note: * in Euribor change in basis points. Figure 3: Commodity prices Commodity prices on international markets mostly rose in January. In the face of limited supply and geopolitical tensions, the average dollar price of Brent Crude fell by 16.5% to USD 86.5 per barrel (and was thus up by 57.9% year-on-year). In January, natural gas prices on the European market fell by 25.7% compared to the previous month but remained 288.8% higher year-on- year. Energy prices remain the biggest contributor to high year-on-year inflation, which stood at 5.1% in the euro area in January. According to the World Bank, non- energy commodity prices on international markets also rose in January, up 4% from the previous month and 8% year-on-year. Higher energy prices have a strong impact on the production costs of non-energy commodities. The strongest month-on-month increase was recorded for metals and minerals (+7.3%) and year-on-year for fertilisers (+141.8%). According to the IMF, non-energy commodity prices are expected to rise by about 3% this year following last year’s high growth and then fall again in 2023. 20 30 40 50 60 70 80 90 100 110 120 130 140 150 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 10 =1 00 Source: World Bank. Energy Non-energy commodities Food Metals Current Economic Trends 11Slovenian Economic Mirror, No 2/2022 Figure 4: Short-term indicators of economic activity in Slovenia In Slovenia, most indicators suggest that the relatively favourable trends in economic activity which were seen at the end of last year continue, while uncertainties due to the epidemiological situation are still present in service activities. Manufacturing output rose significantly in the last quarter of last year, as did trade in goods, with export expectations remaining high at the beginning of this year. In the last quarter of last year, household spending on non-food products increased, and the sales of automotive fuels also rose sharply, due not only to higher freight traffic but also to sales to transit customers. At the end of last year, turnover increased again in market services, with only that of travel and employment agencies falling significantly below pre-epidemic levels. Activity in construction was still lower year-on-year at the end of last year. High price growth in construction services continued due to rising commodity prices and labour shortages. The increase in trade in services was mainly due to the increase in transportation services. Trade in construction and other business services was also higher, while the recovery in tourism-related services came to a halt. According to data on fiscal verification of invoices, turnover in January was up 30% year-on-year, partly due to last year’s low base as a result of containment measures, and was 7% lower than in January 2020; accommodation and food service activities, creative, arts and entertainment activities, and gambling and betting activities also remained below pre-crisis levels, as did turnover in trade. Economic sentiment improved slightly again in January in most activities, while confidence in manufacturing and among consumers remained at the same level as in December last year. 40 60 80 100 120 140 160 180 200 Ja n 05 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS, calculations by IMAD. Note: Data on real turnover in services are available from 2010 onwards. Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade Turnover in service activities Figure 5: Electricity consumption Electricity consumption in January was about the same as in January 2021 but 2% lower than in January 2020. This is also due to the disruption of work processes related to absence of employees caused by the rapid spread of the Omicron variant. Similar trends can be observed among Slovenia’s main trading partners. Compared to January 2021, consumption in January 2022 was about the same in Austria and Italy, while it was lower in Germany and France (3% and 1% respectively) and 1% higher in Croatia. Compared to January 2020, most of Slovenia’s partners recorded lower consumption, Austria by 4% and France, Italy and Germany by about 2%, while Croatia recorded 6% higher consumption. -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A vg 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Ye ar -o n- ye ar c ha ng e, in % Austria France Croatia Italy Germany Slovenia Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and 18.00) is considered. The percentages are adjusted for temperature differences. Economic developments in Slovenia Current Economic Trends12 Slovenian Economic Mirror, No 2/2022 Figure 7: Road and rail freight transport The volume of road and rail freight transport decreased slightly in the third quarter of 2021, while the volume of road transport remained high. Due to the low base before the second wave of the epidemic last year, the volume of road traffic was almost a tenth higher year-on-year and was also slightly higher than in the third quarter of 2019. Compared to the previous quarter, the volume of road transport performed by Slovenian road freight operators abroad increased by 2%, while the volume of road transport performed at least partially on Slovenian territory (exports, imports and domestic transport combined) decreased by 5%. Rail freight transport, which had been declining before the epidemic, increased slightly year-on-year but was 12% lower than in the same period of the year before the epidemic. 60 80 100 120 140 160 180 200 220 240 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21In m ill io n tk m , s ea s. a dj . i nd ex 2 01 0= 10 0 Source: SURS; calculations by IMAD. Road Road - cross-trade Road - loaded, unloaded and national Railway Figure 6: Electricity consumption by consumption group In December 2021, electricity consumption by all consumption groups was higher than in December 2019 and 2020. Compared to December 2020, industrial consumption increased by 8.8%, partly due to a more favourable timing of holidays from the point of view of the functioning of industry in December 2021. Significantly higher (by 18.1%) than in December 2020 was small business consumption,1 due in particular to the low base in December 2020, when the containment measures were in place, restricting mainly trade and services.2 Household consumption exceeded the December 2020 figure, when the base was already high, by 1.4%. Compared to December 2019, industrial electricity consumption was 5.4% higher and small business electricity consumption was 5.9% higher, mainly due to the more favourable timing of public holidays. Compared to December 2019, household consumption increased by 12.3% for epidemic-related reasons. -30 -20 -10 0 10 20 30 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ye ar -o n- ye ar c ha ng e, in % Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. Industry Households Small business consumption Total distribution network consumption Figure 8: Traffic of electronically tolled vehicles on Slovenian motorways In January 2022, freight traffic volumes on Slovenian motorways increased by 9% year-on-year. The year- on-year increase was due to an additional working day rather than the impact of a lower base due to the second wave of the epidemic last year. Freight traffic volumes increased by 2% compared to January 2019, which had the same number of working days, and were the same as in January 2020, i.e. before the epidemic. The share of foreign vehicle traffic was 61% this January, the same level as in the same month of the previous three years. January is otherwise one of the three months (along with August and December) with the lowest traffic volumes due to holidays and weather conditions. -60 -40 -20 0 20 40 60 80 100 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Y- on -y c ha ng e, in % Tolled vehicles Domestic Foreign Source: Internal reports obtained from DARS; calculations by IMAD. 1 In this consumption group, consumption is most frequently measured in retail and service activities. The group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. 2 In the second half of December 2020, the restrictions for some service activities were temporarily relaxed. Current Economic Trends 13Slovenian Economic Mirror, No 2/2022 Figure 9: Turnover based on fiscal verification of invoices According to data on the fiscal verification of invoices, turnover in January was 30% higher year-on-year and 4% higher than in the same period of 2019. Year- on-year growth was lower than in December, partly due to the worsening epidemiological situation. As a result, the number of people in quarantine, isolation and self- isolation increased, which was reflected in lower year-on- year turnover growth across all sectors. Although growth was lower, it remained very high year-on-year in the activities that were still almost completely shut down at the beginning of 2021, mainly in tourism-related services. Total turnover was 4% higher than in January 2019. Compared to January 2020, it was down 7%, reflecting lower turnover in trade (mainly in the sales of motor vehicles, but also in retail sales, where turnover rose strongly in late January and in February 2020 due to a surge in household inventories). However, the lag behind the January 2019 and 2020 turnover remained large in accommodation and food service activities, creative, arts and entertainment activities, gambling and betting activities, and travel agency activities. -40 -30 -20 -10 0 10 20 30 40 50 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Y- on -y c ha ng e, in % Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Figure 10: Trade in goods – real Trade in goods increased in the last quarter of last year and was significantly above pre-epidemic levels. Compared to the previous quarter, real exports of goods rose strongly, especially real exports to EU Member States (6.8% higher, seasonally adjusted). According to the preliminary data,3 this was mainly due to the growth of exports to Italy and Germany, while exports of vehicles also recovered slightly after a long period of decline. After a decline in the third quarter, imports from EU Member States also increased (by 1.6%, seasonally adjusted). Year-on-year, exports to and imports from EU Member States increased (by 11.4% and 4.2% respectively) and were significantly higher than in the same period of 2019, with imports growing at a lower rate than exports. At the beginning of this year, export expectations remain high but their monthly fluctuations point to continued uncertainty, mainly related to the international environment. 80 90 100 110 120 130 140 150 160 170 180 190 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Exports to the EU Imports from the EU 3 Detailed data by sections of SITC are available until November 2021. Current Economic Trends14 Slovenian Economic Mirror, No 2/2022 Figure 11: Trade in services – nominal Trade in services increased in November, exceeding pre-epidemic levels. The increase was mainly due to the recovery in transportation services, while trade in construction and other business services was also higher. Trade in ICT services was lower, and the recovery of tourism-related services stalled. We assess that this was mainly due to the worsening of the epidemiological situation in Slovenia and thus increased uncertainty regarding the tightening of containment measures, as the decline in spending by foreign tourists, same-day visitors and transit passengers in Slovenia was greater than the decline in spending by Slovenian guests abroad. In the first 11 months of 2021, total trade in services was about 7% lower than in the same period of 2019, mainly due to around 46% lower trade volumes in travel services. Trade in personal services, arts and recreation was also down slightly (-2.3%). Other activities are mostly well above pre-epidemic levels. 250 300 350 400 450 500 550 600 650 700 750 800 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 In E U R m , s ea so na lly a dj us te d Source: BoS; calculations by IMAD. Exports of services Imports of services Table 2: Selected monthly indicators of economic activity in Slovenia In % 2020 XII 21/XI 21 XII 21/XII 20 I-XII 21/I-XII 20 Merchandise exports, real1 -0.7 -0.53 16.4 14.4 - to the EU -7.5 1.23 16.2 13.7 Merchandise imports, real1 -2.4 4.73 19.3 16.1 - from the EU -8.2 1.43 12.3 12.1 Industrial production, real -5.2 1.13 11.8 10.2 - manufacturing -5.0 1.13 12.0 11.7 In % 2020 XI 21/X 21 XI 21/XI 20 I-XI 21/I-XI 20 Services exports, nominal2 -20.3 9.23 39.54 18.24 Services imports, nominal2 -14.7 0.33 29.24 19.34 Construction - value of construction put in place, real -0.7 2.23 -17.3 -6.2 Distributive trades - real turnover -7.4 5.73 22.84 10.54 Market services (without trade) - real turnover -11.0 2.03 20.44 11.94 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. Figure 12: Production volume in manufacturing Following a slowdown in the third quarter, manufacturing production increased significantly again in the last quarter of 2021. The increase was mainly driven by strong growth in November. Compared to the previous quarter, activity in high- and medium- high-technology industries increased the most, while growth in medium-low-technology industries was slightly negative. The production volume in manufacturing also increased relatively strongly in the last quarter of 2021 compared to the same period in 2020. This was mainly due to high year-on-year growth in high- and low- technology industries. Solid year-on-year growth was also observed in medium-high- and medium-low-technology industries, despite the negative impact of the downturn in the automotive industry, which is still characterised by large-scale semiconductor supply problems. 80 100 120 140 160 180 200 220 240 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21S ea so na lly a dj us te d re al i nd ex 2 01 0= 10 0 Source: SURS, calculations IMAD. High-tech ind. Medium-high-tech. ind. Medium-low-tech. ind. Low-tech ind. Manufacturing, total Current Economic Trends 15Slovenian Economic Mirror, No 2/2022 Figure 14: Turnover in trade Turnover in trade increased further last November. The monthly growth was mainly due to growth in wholesale trade. Turnover in the sales of motor vehicles remained at the (low) level reached and, due to delays in the delivery of vehicles, this was the only major segment that fell short of 2019 turnover. Turnover in retail sales also remained at the level reached, with further growth in turnover in the sales of non-food products and a decline in the sales of automotive fuels following high growth in the previous month. Turnover in the sales of food, beverages and tobacco was also lower, declining further last December, according to preliminary data. After stagnating in 2020, turnover in the latter increased by 7.9% year-on-year in 2021 and by 18.8% in the retail sector as a whole, with even higher growth in the sales of automotive fuels and non-food products. 80 100 120 140 160 180 200 220 240 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade . Figure 13: Activity in construction Construction activity increased slightly last November but was still lower than its highest value in late 2020 and early 2021. Overall construction activity was lower last year than in the previous two years and fluctuated widely by individual construction segment from month to month. Amid these fluctuations, activity in civil engineering works and specialised construction remains at the level of the beginning of 2021. Activity in residential construction and especially in non-residential construction, meanwhile, is declining. The stock of contracts fluctuates similarly from month to month. The latter had risen roughly until July 2021, fallen sharply in August, then risen again in the following months and reached its highest level in recent years in November. Construction prices rose sharply last year under the pressure of rising commodity prices (and shortage of labour). The implicit deflator of the value of completed construction works (used to measure prices in the construction sector) was almost 9% in November 2021, the highest level in the last 20 years. 40 45 50 55 60 65 70 75 80 85 90 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Re al c on st ru ct io n pr od uc tio n in de x (2 01 0= 10 0) Source: SURS; calculations by IMAD. Seasonally adjusted data 3-month moving averages, seasonally adjusted Figure 15: Turnover in market services Real turnover in market services rose again last November. It was up by 2% compared to the previous month and by 18.9% year-on-year. Turnover grew strongly in transportation and storage and professional and technical activities, mainly due to renewed strong growth in land transport and architectural and engineering services. Turnover in information and communication activities remained at the previous month’s high level. After stagnating in the previous months, the sharpest decline in turnover was recorded in administrative and support service activities, mainly due to a further decline in turnover in employment agencies. With the further worsening of the epidemic situation and the restrictions on business operations, turnover further declined in accommodation and food service activities. Turnover in November 2021 was higher year-on-year in all market services, and compared to the same month in 2019, only travel and employment agencies saw significantly lower turnover (by 46% and by 22% respectively). 0 20 40 60 80 100 120 140 160 180 200 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Source: SURS; calculations by IMAD. Note: * including real estate. Current Economic Trends16 Slovenian Economic Mirror, No 2/2022 Figure 17: Economic sentiment The economic sentiment indicator rose in January for the third month in a row and remains well above the long-term average. On a monthly basis, confidence rose in most activities, while in manufacturing and among consumers it remained at the same level as last December. Confidence was significantly higher in January than in the same period last year, when stringent measures to contain the spread of the epidemic were still in place (confidence was particularly low in retail trade and among consumers). Confidence in manufacturing and construction was also higher than in the same period in 2019. Confidence was also well above the long-term average in construction (up 39 p.p.) and in manufacturing (up 10 p.p.). Despite the improvement in economic sentiment, there are still some limiting factors present. The deterioration in manufacturing is the result of the current situation in the international environment (supply bottlenecks and rising non-energy commodity and energy prices), while the deterioration in retail trade and among consumers is related to uncertainty about the epidemiological situation and the measures taken. -50 -40 -30 -20 -10 0 10 20 30 40 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in di ca to r v al ue Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Figure 16: Selected indicators of household consumption Household consumption remained high in the final quarter of 2021 and was significantly higher than a year ago, partly due to the low base. Compared to the third quarter, spending on non-food products further increased – with the deterioration of the epidemiological situation, sales of pharmaceutical and medical products and sales via mail order and the internet also rose strongly in November. Sales of automotive fuels also rose strongly, due both to higher sales to households and legal entities and to sales to transit customers. Relatively high household spending on food and beverages and on accommodation and food service activities (in the domestic market), which was also influenced by the redemption of vouchers, also continued. Sales of passenger cars to households remained at a very low level, which was also affected by the extended delivery times due to supply chain disruptions. Year-on-year consumption growth strengthened significantly in all segments compared to growth in the third quarter, mainly due to low sales caused by the restrictions on the sale of goods and services in the final quarter of 2020. 20 40 60 80 100 120 140 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Note: The Q4 2021 figure for the turnover in accommodation and food service is the average value for October and November. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons Current Economic Trends 17Slovenian Economic Mirror, No 2/2022 Figure 18: Number of employed persons Figure 19: Number of registered unemployed persons Employment rose further in November, reaching its highest level measured to date. The highest year-on- year increases were recorded in accommodation and food service activities and construction, with employment in the latter significantly higher than in November 2019, while employment in the former remained below the level of two years ago. The containment measures also had a strong impact on the arts, entertainment and recreation, where the number of employed people also remained lower in November than in the same period of 2019. In the first 11 months of last year, the number of employed persons was 1.2% higher than in the same period of 2020 and 0.5% higher than in the same period of 2019. Amid rapid economic recovery, employment growth is still largely dependent on the hiring of foreign workers (their contribution to total employment growth was almost 50% in November), as was the case before the outbreak of the COVID-19 epidemic. This is a consequence of demographic change and the related shortage of domestic labour, which is most pronounced in accommodation and food service activities and construction (both having a high job vacancy rate). The economic sectors with the highest share of employed foreign workers in the first 11 months were construction (43%), transportation and storage (31%), and administrative and support service activities (24%).4 According to seasonally adjusted data, the number of registered unemployed persons fell further in January (by 2.6%).  According to original data, 67,834 people were unemployed at the end of January, 2.8% more than at the end of December last year. This largely reflects seasonal trends related to a higher inflow into unemployment due to expiry of fixed-term employment contracts. The number of unemployed was 25.9% lower than last year and 15% lower than in January 2020. Among the unemployed, the number of long-term unemployed rose in the first four months of last year but then fell again by the end of the year given the high demand for labour, which is also reflected in the high rate of job vacancies. The number of long-term unemployed continued to fall in January, by 10.4% compared to January last year and by 2.2% compared to the pre-epidemic period two years ago. Of the long-term unemployed, more than half have been unemployed for more than two years. 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS; calculations by IMAD. 0 20 40 60 80 100 120 140 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ju l 1 8 Ja n 19 Ju l 1 9 Ja n 20 Ju l 2 0 Ja n 21 Ju l 2 1 Ja n 22 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. All unemployed Long-term unemployed 4 Compared to the same period in 2019, the proportion of employed foreigners has increased in all these sectors. Labour market Current Economic Trends18 Slovenian Economic Mirror, No 2/2022 Table 3: Indicators of labour market trends Change, in % 2020 XI 21/X 21 XI 21/XI 20 I-XI 21/I-XI 20 Persons in formal employment2 -0.6 0.31 2.7 1.1 Average nominal gross wage 5.8 0.11 2.8 6.5 private sector 4.4 0.81 7.2 5.9 public sector 7.8 1.41 -4.1 7.8 of which general government 9.9 0.01 -8.5 8.6 of which public corporations 1.9 2.41 8.4 5.1 2020 XI 20 X 21 XI 21 Rate of registered unemployment (in %), seasonally adjusted 8.7 8.8 7.1 6.9 Change, in % 2021 I 22/XII 21 I 22/I 21 Registered unemployed -12.6 2.8 -25.9 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Figure 20: Average gross wage per employee In November 2021, average wages in the public sector were 4.1% lower year-on-year, while they were 7.2% higher in the private sector. Due to the cessation of epidemic-related bonus payments, year-on-year wage growth in the public sector slowed significantly in the second half of last year and already turned negative in November.5 In the first 11 months of 2021, these wages were 7.8% higher than in the same period of 2020. In the private sector, average wages increased by 5.9% year-on- year in the first 11 months, mainly due to the impact of the minimum wage increase at the beginning of the year, but also to the return to employment of workers who had participated in job-retention measures. According to our estimates, wage growth in some private sector activities (manufacturing, construction, and accommodation and food service activities) could also be the result of labour shortages. The year-on-year increase in private sector wage growth last November was also influenced by extraordinary payments (13th salaries and Christmas bonuses), which were higher than in the same periods of 2020 and 2019 given the good performance of companies. -4 -2 0 2 4 6 8 10 12 14 16 18 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Source: SURS; calculations by IMAD. Private sector Public sector Total Ye ar -o n- ye ar g ro w th , 3 -m on th m ov in g av er ag e 5 One important factor behind these developments is the declaration of the epidemic in November 2020, which led to a significant increase in wages due to the payment of bonuses. Current Economic Trends 19Slovenian Economic Mirror, No 2/2022 Table 4: Consumer price growth, in % XII 21/XII 20 II 21-I 22/II 20-I 21 I 22/XII 21 I-II 22/I-II 21 Total 4.9 2.4 0.4 5.8 Food 4.0 0.1 1.5 4.7 Fuels and energy 19.1 13.8 2.6 20.5 Services 1.5 0.6 1.0 3.1 Other1 4.4 1.4 -1.2 4.1 Core inflation - excluding food and energy 3.1 1.4 -0.2 3.8 Core inflation - trimmed mean2 3.6 1.8 0.9 4.6 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Figure 21: Consumer prices Figure 22: Slovenian industrial producer prices Due to higher prices of energy, food and services, consumer prices rose significantly year-on-year in January, reaching 5.8%, the highest level since August 2008. Year-on-year inflation continued to be driven mainly (2.2 p.p.) by higher energy prices. In January, gas prices rose more significantly month-on-month (by more than a quarter), and prices for petroleum products and electricity were also higher. Higher prices of energy and raw materials and persistent bottlenecks also had an impact on the rise in prices of non-energy industrial goods, especially of non-durable goods, which were already 8.2% higher year-on-year, as prices for vehicles and furniture continued to rise. Prices of semi-durable consumer goods fluctuated significantly year-on-year, reflecting slightly different seasonal developments in the prices of clothing and footwear, which were 2.7% higher in January. Prices in the food and non-alcoholic beverages group continued to rise, increasing by 4.6% year-on- year. Service price growth is also picking up and was above 3% year-on-year in January for the first time since the outbreak of the epidemic. In our view, inflation was mainly driven by services in the culture and recreation and accommodation and food services groups. Slovenian industrial producer prices continue to rise, by 10.6% last year. Price growth was the same in domestic and foreign markets and prices increased in all industrial groups. Overall growth continued to be driven mainly by commodity prices, which rose by around 16% year-on-year. The increase in capital goods prices remained largely unchanged year-on-year (8.5%) until the end of the third quarter. The increase in energy prices was slightly higher (9.3%) than that in capital goods. Given solid consumption, production bottlenecks, and higher commodity and energy prices, consumer prices are also rising, by 3.6% year-on-year. Prices in the durable goods group rose somewhat more strongly, by 4.4%, while prices for non-durable consumer goods increased by 3.4% year-on-year. -2 -1 0 1 2 3 4 5 6 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ye ar -o n- ye ar in fla tio n, in % Source: SURS, Eurostat. Slovenia Euro area 95 100 105 110 115 120 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 In de x 20 15 =1 00 Source: SURS. Domestic market Foreign market Prices Current Economic Trends20 Slovenian Economic Mirror, No 2/2022 Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. XII 20 31. XII 20 31. XII 21 31. XII 21/30. XI 21 31. XII 21/31. XII 20 Loans total 22,860.9 22,860.9 23,989.4 0.4 4.9 Enterprises and NFI 10,307.0 10,307.0 10,944.5 -0.1 6.2 Government 1,556.8 1,556.8 1,488.4 4.8 -4.4 Households 10,997.0 10,997.0 11,556.4 0.4 5.1 Consumer credits 2,706.5 2,706.5 2,590.7 -0.3 -4.3 Lending for house purchase 6,862.1 6,862.1 7,479.0 0.7 9.0 Other lending 1,428.4 1,428.4 1,486.7 0.1 4.1 Bank deposits total 22,915.7 22,915.7 24,470.0 1.0 6.8 Overnight deposits 18,975.7 18,975.7 21,230.9 1.4 11.9 Term deposits 3,939.9 3,939.9 3,239.1 -1.6 -17.8 Government bank deposits, total 595.3 595.3 725.8 49.3 21.9 Deposits of non-financial corporations, total 8,053.5 8,053.5 9,030.4 6.0 12.1 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Figure 23: Year-on-year increase in domestic non-banking sector deposits Year-on-year growth in the volume of bank loans to domestic non-banking sectors increased at the end of the year, approaching 5%, the highest level in ten years. The higher growth (2.8 p.p.) was mainly driven by a 6.2% increase in loans to enterprises and NFIs. These were seasonally lower in December compared to the previous month, but net loan repayments were at their lowest level in five years. Household borrowing growth also strengthened somewhat with a further increase in housing loans, and the year-on-year decline in consumer credit also slowed in December. Growth in domestic non- banking sector deposits is gradually declining but remains relatively high. The volume of deposits of non-financial corporations, which fluctuates slightly month-on-month depending on liquidity needs and inflows, was 12.2% higher year-on-year. Household deposit growth slowed from 10% at the end of third quarter to 6.8% in the final quarter of last year, lower than before the outbreak of the epidemic, due to higher household spending, a higher base and the search for more profitable investments.6 Banks’ dependency on foreign bank financing declined slightly and reached 4.1% of the banking system’s total assets. -3000 -2000 -1000 0 1000 2000 3000 4000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 In E U R m ill io n Source: BoS; calculations by IMAD. Households Enterprises and NFIs Government Total 6 In the last quarter of last year alone, mutual funds managed by domestic administrators recorded net inflows of EUR 150 million. Financial markets Current Economic Trends 21Slovenian Economic Mirror, No 2/2022 Figure 24: Current account The current account surplus in the 12 months to November 2021 was down year-on-year, totalling EUR 1.8 billion (3.5% of estimated GDP). This was mainly due to a smaller trade surplus, as imports of goods grew faster than exports in the face of stronger domestic consumption and deteriorating terms of trade. Primary and secondary income deficits were also higher. Net outflows of primary income continued to rise, mainly due to higher net payments of income on equity. Net outflows of secondary income were higher, mainly due to higher VAT- and GNI-based contributions to the EU budget. The surplus in services trade was higher year-on-year, especially in trade in construction services and trade in higher value-added services (research and development services and telecommunications, computer and information services). -2000 -1000 0 1000 2000 3000 4000 5000 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 12 -m on th c um ul at iv es , i n EU R m ill io n Source: BoS; calculations by IMAD. Trade in goods Trade in services Primary income Secondary income Current account Balance of payments Table 6: Balance of payments I-XI 2021, in EUR million Inflows Outflows Balance Balance, I-XI 2020 Current account 42,104.3 40,534.3 1,570.0 3,279.8 Goods 32,219.5 31,738.2 481.4 2,300.3 Services 7,349.6 5,214.1 2,135.6 1,845.8 Primary income 1,552.0 2,137.3 -585.4 -423.9 Secondary income 983.2 1,444.7 -461.5 -442.4 Capital account 2,991.4 2,750.0 241.4 -110.1 Financial account 4,242.9 5,747.8 1,504.9 2,969.0 Direct investment 1,656.0 1,338.6 -317.4 -230.7 Portfolio investment -1,883.9 612.3 2,496.1 -2,466.8 Other investment 4,472.5 3,066.6 -1,405.9 5,497.2 Net errors and omissions -306.6 0.0 -306.6 -200.7 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Current Economic Trends22 Slovenian Economic Mirror, No 2/2022 Figure 25: Consolidated general government budgetary accounts The deficit of the consolidated general government budgetary accounts7 amounted to EUR 2.9 billion in 2021 and was 0.6 billion lower than in 2020. This reflects the high growth in revenue (15.4%), which exceeded the 2019 level last year after a decline in 2020, and the slower growth in expenditure (10.1%). Revenue growth is the result of a recovery in economic activity, especially domestic demand and more favourable labour market conditions. Growth resulted mainly from higher revenues from value added tax, social contributions, personal income tax and corporate income tax. Among the most important tax revenues, only excise revenues remained below the 2019 level. Growth in non-tax revenues has also strengthened, due to extraordinary revenues from new borrowing and concessions granted for mobile telephony licences and from growth in revenues from the EU budget. In addition to lower expenditure growth, the structure of growth was different last year, with a higher contribution for public servants’ wages (payments for allowances for work in hazardous conditions during the epidemic, promotions and implementation of the agreement on wages), investment and payments to the EU budget, while expenditure on subsidies, which had increased in 2020, fell sharply. As in 2020, current transfers to individuals and households also increased (11.1%) due to solidarity allowances, transfers to the unemployed and the partial reimbursement of uncovered fixed costs. In 2021, total expenditure on measures to mitigate the consequences of COVID-19 amounted to EUR 2.8 billion, most of it on allowances for public sector workers and reimbursement of fixed costs to companies. The general government deficit, which arose solely from the state budget, amounted to EUR 3.1 billion, i.e. 6.1% of GDP, while the balance sheets of the Health Insurance Institute and municipalities recorded a surplus. However, as expected, it did not reach the autumn estimate from the adopted Ordinance8 (EUR 3.9 billion, i.e. 7.9% of GDP), due to significantly higher tax revenues and lower expenditure, especially on investment. -6 -3 0 3 6 9 12 15 18 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Co nt rib ut io n to g ro w th , i n p. p. Source: MF; calculations by IMAD. Tax revenues Social security contributions Non-tax revenues Receipts from the EU budget Other TOTAL REVENUE (growth in %) 7 The consolidated balance of public financing on a cash basis. 8 Ordinance on the framework for the preparation of the general government budget for the 2020–2022 period. Obtained at: http:// www.pisrs.si/Pis.web/pregledPredpisa?id=ODLO1979. -6 -3 0 3 6 9 12 15 18 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Co nt rib ut io n to g ro w th , i n p. p. Source: MF; calculations by IMAD. Salaries, wages and other personnel expend. with social contrib. Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) Public finance Current Economic Trends 23Slovenian Economic Mirror, No 2/2022 Figure 26: Receipts from the EU budget In 2021, Slovenia’s net budgetary position against the EU budget was positive (at EUR 317.6 million). During this period, Slovenia received EUR 946.4 million from the EU budget (58.4% of receipts envisaged in the state budget for 2021) and paid EUR 628.9 million into it (111.3% of planned payments).9 The bulk of receipts were resources from structural funds10 (41.8% of all reimbursements to the state budget) and resources for the implementation of the Common Agricultural and Fisheries Policy (29.1%), while the shares of resources from the EU Cohesion Fund (12.1%) and from the Recovery and Resilience Plan (12%) were significantly lower.11 According to SVRK data, by the end of December, operations confirmed (including REACT-EU) accounted for 98%12 and disbursements for 68% of the allocated funds.0 100 200 300 400 500 600 700 800 Other Receipts from centralised funds and other Cohesion Fund Structural Funds Common Agricultural Policy In EUR million Total receipts (January–December 2020) Expected reimbursements in the revised budget 2021 Total receipts (January–December 2021) Source: MF. 9 The reason for the high contributions to the EU budget is the payment of GNI-based contributions to the benefit of other countries and the contributions for non-recycled plastics. 10 The European Regional Development Fund (ERDF), the European Social Fund (ESF). 11 According to the Republic of Slovenia’s budget forecasts, the bulk of receipts were resources under the Common Agricultural and Fisheries Policy (90.9%), followed by resources from Structural Funds (56.3%), resources from the Cohesion Fund (45.4%), and resources form the Recovery and Resilience Plan (37.9%). 12 In order to ensure better absorption of European funds, a contingency reserve of 15% of the allocated funds is foreseen. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-XII 2020 I-XII 2021 Category I-XII 2020 I-XII 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 18,528.6 -3.7 21,382.1 15.4 EXPENDITURE TOTAL 22,070.6 16.4 24,296.7 10.1 Tax revenues1 9,170.6 -9.7 10,858.5 18.4 Salaries,* wages and other personnel expenditures2 4,965.3 11.1 5,758.3 16.0 Personal income tax 2,487.5 -4.0 2,844.8 14.4 Expenditure on goods and services 3,020.7 10.7 3,340.5 10.6 Corporate income tax 772.9 -22.5 1,114.8 44.2 Interest payments 778.0 -1.7 732.2 -5.9 Taxes on immovable property 236.2 0.4 250.9 6.2 Reserves 363.8 52.6 558.8 53.6 Value added tax 3,528.0 -8.9 4,231.0 19.9 Transfers to individuals and households 8,250.8 12.7 9,167.9 11.1 Excise duties 1,314.4 -14.8 1,470.4 11.9 Other current transfers 2,617.0 89.6 2,152.6 -17.7 Social security contributions 7,289.9 3.8 7,924.4 8.7 Investment expenditure 1,549.1 1.5 1,957.4 26.4 Non-tax revenues 1,118.2 0.4 1,340.7 19.9 Payments to the EU budget 526.0 3.2 628.9 19.5 Receipts from the EU budget 730.7 0.0 951.2 30.2 GENERAL GOVERNMENT BALANCE -3,542.1 -2,914.5 Other 219.2 5.2 307.2 40.2 PRIMARY BALANCE -2,776.6 -2,186.9 Source: MF; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social contributions. 2 Labour costs include social contributions by the employer. se le ct ed to pi c Selected Topic 27Slovenian Economic Mirror, No 2/2022 to a worsening of insolvency2 and consequently to an increase in the number of bankruptcies. The number of bankruptcy proceedings3 initiated against legal entities and sole proprietors in 2020 and 2021 was lower than before the epidemic. In 2020, the number of initiated bankruptcies in Slovenia decreased by 11% (988) for companies and by 27% (90) for sole proprietors compared to the previous year. The decrease in the number of bankruptcies is also evident when 2 Insolvency is a situation where a debtor, over a longer period, can no longer meet all of its financial obligations that fall due in this period (prolonged illiquidity) or becomes unable to cover its financial obligations in the long term. 3 Bankruptcy is a form of a court-ordered liquidation procedure for an over-indebted or insolvent business. It is administered under court supervision by a bankruptcy trustee, who liquidates the debtor’s property to obtain financial assets for settling creditor claims. Upon completion of the bankruptcy procedure, the legal entity is deleted from the court register. How did individual businesses struggle to survive and remain solvent during the COVID-19 crisis? Despite the COVID-19 crisis, more business entities were entered in the Business Register in 2020 and 2021 than were deleted from it. In 2020, an average of 221 thousand business entities were entered in the Business Register of Slovenia, which is 2 thousand more than in the previous year. In 2021, this number increased by a further 6 thousand. In 2021, 24,622 business entities were newly registered, which is 12.5% more than in the previous year and the largest number so far. The increase in the number of newly registered business entities is mainly due to sole proprietors, as their share was as high as 72.9% (the share of companies was 14.8%). In 2021, 17,370 business entities were deleted, which is 13.7% fewer than in the previous year. Of these, 10,958 were sole proprietors (63.1%) and 3,499 (20.1%) companies. Numerous government intervention measures to mitigate the impact of the epidemic1 in 2020 and 2021, financial stability, and good business results of all business entities in recent years are the reasons why the solvency of Slovenian companies did not deteriorate in 2020 and 2021. The number of non- payers and the amount of outstanding liabilities have even decreased in 2020 and 2021. However, given the duration of the epidemic and the strict containment measures, there is an increasing risk of delayed consequences, especially in the most exposed sectors. This could lead 1 Suspension of all deadlines for non-urgent court proceedings; postponement and deferral of the execution of enforcement orders; postponement of management’s obligation to file a petition to initiate a bankruptcy procedure or compulsory composition procedure; extension of the deadline for the courts to postpone the decision on a creditor’s bankruptcy petition; exemption of the receipts from enforcement and also from the bankruptcy estate in personal bankruptcy. Figure 28: Average annual number of sole proprietors, number of entries and number of deletions from the Business Register 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 0 20000 40000 60000 80000 100000 120000 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 N um be r N um be r Source: Slovenian Business Register AJPES. Number of deleted sole proprietors (right axis) Average annual number of sole proprietors (left axis) Number of newly registered sole proprietors (right axis) Figure 27: Average annual number of business entities, number of entries and number of deletions from the Business Register 0 1000 2000 3000 4000 5000 6000 7000 8000 0 10000 20000 30000 40000 50000 60000 70000 80000 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 N um be r N um be r Source: Slovenian Business Register AJPES. Number of deleted business entities (right axis) Average annual number of business entities (left axis) Number of newly registered business entities (right axis) Figure 29: Number of insolvency proceedings initiated against all business entities 0 300 600 900 1200 1500 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 N um be r Source: Slovenian Business Register AJPES. Note: * Compulsory and voluntary. Bankruptcies Settlements* Liquidations* Selected Topic28 Slovenian Economic Mirror, No 2/2022 and the number of completed personal bankruptcies (2,167) was 12.6% lower than in the comparable period of 2020; the amounts of reported claims (EUR 220 million) were 12.6% lower. The average number of legal entities with outstanding matured liabilities5 and the amounts of outstanding liabilities since the beginning of the epidemic are lower than in 2019. Already in 2020, the average monthly number of legal entities with outstanding liabilities decreased by 15% compared to the previous year, while the average daily amounts of outstanding liabilities were one-third lower. Also in 2021, the average monthly number of legal entities decreased by 483 (16%) compared to 2020, while the average daily outstanding amounts decreased by EUR 25 million (16%). In both years, the number of non-payers decreased in all sectors, notably in trade (249), professional, scientific and technical activities (159), and construction (140). The average daily amounts of outstanding liabilities declined most in trade (EUR 43 million) and construction (EUR 27 million). During the coronavirus crisis, the number of sole proprietors6 with outstanding matured liabilities decreased, as did the amount of their outstanding liabilities. In 2020, the number of sole proprietors with outstanding matured liabilities decreased by a fifth compared to 2019 and the amount of their outstanding liabilities by a quarter. In 2021, their average monthly number (2,383) was one-fifth lower than in 2020, and the average daily amounts of defaults were also one- fifth lower (EUR 24 million). The problem continues to be delays in payment, given that half of the liabilities were 5 These are matured liabilities outstanding for more than five consecutive days in a month. AJPES keeps records of outstanding matured liabilities from court enforcement orders and tax debt. These records do not include other outstanding liabilities from unpaid invoices between creditors and debtors. 6 Sole proprietors and other natural persons engaging in activities registered in the Business Register of Slovenia. comparing 2021 with 2020 (-9% for companies; -17% for sole proprietors), when 898 bankruptcies were initiated against legal entities and 75 against sole proprietors. The decrease in the number of bankruptcies during the epidemic is related both to a moratorium on bankruptcies and restriction on the functioning of the courts during the epidemic and to other mitigating government measures that provided liquidity and support to businesses to cope with the negative consequences of the COVID-19 crisis. Since the beginning of the epidemic (from April 2020 to December 2021), the highest number of bankruptcies were filed in trade (companies: 25.4%; sole proprietors: 20%), construction (companies: 18.9%, sole proprietors: 22.3%), accommodation and food service activities (companies: 13.4%, sole proprietors: 12.3%), professional, scientific and technical activities (companies: 12%; sole proprietors: 13.1%), and manufacturing (companies: 10%, sole proprietors: 13.1%). With regard to the percentage of businesses in which bankruptcy proceedings have been initiated, the percentage is highest among both businesses and sole proprietors in the segment of accommodation and food service activities. As a result of bankruptcy, 2,019 companies and 145 sole proprietors were deleted from the Business Register in this period. Due to the temporary non-functioning of the courts during the epidemic, fewer personal bankruptcies were filed in 2020 and 20214 than in preceding years. In 2020, a quarter fewer personal bankruptcies were filed than the year before, and in 2021 this figure was even lower than in the previous year. In 2021, the number of initiated personal bankruptcies (1,165) was 18% lower 4 According to the Supreme Court of the Republic of Slovenia, personal bankruptcy proceedings are conducted against a natural person having permanent or temporary residence in the Republic of Slovenia; against a consumer having no permanent or temporary residence in the Republic of Slovenia if he/she received a salary or other regular remunerations in the Republic of Slovenia or if he/she has assets in the Republic of Slovenia; or against a sole proprietor or a private person having neither permanent nor temporary residence in the Republic of Slovenia if his/ her registered office is in the Republic of Slovenia. Figure 30: Bankruptcy proceedings initiated against legal entities and sole proprietors 0 30 60 90 120 150 180 210 0 200 400 600 800 1000 1200 1400 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 N um be r N um be r Source: Slovenian Business Register AJPES. Initiated bankruptcy proceedings against legal entities (left axis) Initiated bankruptcy proceedings against sole proprietors (right axis) Figure 31: Personal bankruptcies 0 200 400 600 800 1,000 1,200 0 1000 2000 3000 4000 5000 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 In E U R m io N um be r Source: Supreme Court of the Republic of Slovenia. Amounts of reported claims (right axis) Initiated personal bankruptcies (left axis) Finished personal bankruptcies (left axis) Selected Topic 29Slovenian Economic Mirror, No 2/2022 more than one year overdue. Similar to the previous year, the majority of non-payers are in construction (22%) and more than 10% each are in trade, professional, scientific and technical activities, accommodation and food service activities, and manufacturing. The mutual indebtedness of business entities declined by EUR 4.0 billion with set-offs in the period from 2011 to December 2021.7 During the epidemic, the lowest number of debtors per round of set-offs and the lowest amounts set off were recorded, while the amounts of reported liabilities increased in 2020. In 2020, the amount of reported liabilities was a third higher than in the previous year and the amount set off was 15% lower. In 2021, an average of 1,806 debtors per round of set-offs reported liabilities totalling EUR 2.8 billion and 4.7% of the reported liabilities were set off. In all rounds of this year’s set-offs, more than half of all offset liabilities were in trade (41%) and manufacturing (27%). In one round, approximately two-thirds of debtors set off at least part of their mutual liabilities. The participants of set-offs are companies and sole proprietors. 7 According to the Act on Prevention of Late Payments (ZPreZP-1) (Official Gazette of the RS, No. 57/2012, 27 July 2012), which took effect on 28 July 2012. Figure 32: Legal entities with outstanding matured liabilities for more than five consecutive days in a month and average daily amounts of outstanding matured liabilities* 0 100 200 300 400 500 600 700 800 0 1000 2000 3000 4000 5000 6000 7000 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 * 20 21 ** In E U R m io N um be r Source: Slovenian Business Register AJPES. Average number of legal entities with outstanding matured liabilities (left axis) Average daily amount of outstanding matured liabilities, in EUR mio (right axis) Figure 33: Sole proprietors with outstanding matured liabilities for more than five consecutive days in a month and average daily amounts of outstanding matured liabilities* 0 20 40 60 80 100 120 140 160 180 200 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 * 20 21 ** In E U R m io N um be r Source: Slovenian Business Register AJPES. Average daily amount of outstanding matured liabilities (right axis) Average number of sole proprietors with outstanding matured liabilities (left axis) Figure 34: Results of multilateral set-offs of mutual obligations 0 3000 6000 9000 12000 15000 0 2000 4000 6000 8000 10000 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 N um be r In E U R m io Source: Slovenian Business Register AJPES. Total amount of reported liabilities (left axis) Total amount that was set off (left axis) Average number of debtors per round of set-offs (right axis) * Data for April and May 2020 are not directly comparable with data for other periods due to the entry into force of the Act Determining the Intervention Measures to Contain the COVID-19 Epidemic and Mitigate its Consequences for Citizens and the Economy (ZIUZEOP) on 11 April 2020, which deferred the execution of enforcement orders in enforcement procedures conducted under the Claim Enforcement and Security Act (ZIZ) and suspended the execution of enforcement orders in procedures under the Tax Procedure Act (ZDavP-2) until 31 May 2020 (with the exception of procedures based on a claim for legal alimony or damages for lost alimony due to the death of the alimony provider). ** Data for January, February, March and April 2021 are not directly comparable with data for other periods due to the entry into force of the Act Determining Intervention Measures to Assist in Mitigating the Consequences of the Second Wave of the COVID-19 Epidemic (ZIUPOPDVE) on 31 December 2020, which suspended the execution of enforcement orders in tax execution procedures until 31 January 2021, except for urgent case, and deferred the execution of enforcement orders in enforcement procedures conducted under the Enforcement and Security Act (ZIZ) if the debtor is a natural person (except in the case of urgent matters which are being decided on by the court at the time of the epidemic or procedures based on a claim for legal alimony or damages for lost alimony due to the death of the alimony provider). Publication in the Official Gazette of the Republic of Slovenia, No. 38/2021 of 16 March 2021 – decision on the prolongation of the measure until 18 April 2021. st at is ti ca l a pp en di x Statistical Appendix 33Slovenian Economic Mirror, No 2/2022 Main indicators 2015 2016 2017 2018 2019 2020 2021 2022 2023 Autumn Forecast 2021 GDP (real growth rates, in %) 2.2 3.2 4.8 4.4 3.3 -4.2 6.1 4.7 3.3 GDP in EUR million (current prices) 38,853 40,443 43,011 45,864 48,397 46,918 50,364 53,352 56,136 GDP per capita in EUR (current prices) 18,830 19,589 20,820 22,136 23,167 22,312 23,897 25,259 26,496 GDP per capita (PPS)1 83 84 86 87 89 89 GDP per capita (PPS EU27=100)1 12.3 11.2 9.5 8.2 7.7 8.7 7.7 6.9 6.6 Rate of registered unemployment 9.0 8.0 6.6 5.1 4.5 5.0 4.7 4.3 4.2 Standardised rate of unemployment (ILO) 0.9 1.3 1.8 1.2 0.8 -3.7 5.3 3.1 2.1 Labour productivity (GDP per employee) -0.5 -0.1 1.4 1.7 1.6 -0.1 1.4 2.0 1.9 Inflation2, year average -0.4 0.5 1.7 1.4 1.8 -1.1 2.5 1.9 2.0 Inflation2, end of the year -0.4 0.5 1.7 1.4 1.8 -1.1 1.1 1.5 2.0 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 4.7 6.2 11.1 6.2 4.5 -8.7 10.9 8.2 5.6 Exports of goods 5.3 5.7 11.0 5.7 4.5 -5.5 11.4 6.6 4.8 Exports of services 2.4 8.0 11.2 7.7 4.6 -20.5 8.8 15.2 9.0 Imports of goods and services (real growth rates, in %) 4.3 6.3 10.7 7.1 4.7 -9.6 12.6 8.8 5.8 Imports of goods 5.1 6.6 10.7 7.4 5.0 -8.6 13.4 8.2 5.6 Imports of services 0.1 4.7 10.5 5.4 3.0 -14.9 8.4 12.3 7.3 Current account balance3, in EUR million 1,483 1,932 2,674 2,731 2,898 3,462 2,337 2,138 2,116 As a per cent share relative to GDP 3.8 4.8 6.2 6.0 6.0 7.4 4.6 4.0 3.8 Gross external debt, in EUR million 46,171 44,325 43,231 42,148 43,796 48,252 51,613* As a per cent share relative to GDP 118.8 109.6 100.5 91.9 90.5 102.8 Ratio of USD to EUR 1.110 1.107 1.129 1.181 1.120 1.141 1.193 1.180 1.180 DOMESTIC DEMAND Private consumption (real growth rates, in %) 2.0 4.4 1.9 3.6 4.8 -6.6 5.6 6.0 3.1 As a % of GDP 54.0 54.0 52.5 52.0 52.4 50.2 50.1 51.1 51.0 Government consumption (real growth rates, in %) 2.3 2.4 0.4 3.0 2.0 4.2 1.8 1.5 1.0 As a % of GDP 18.8 19.0 18.5 18.3 18.3 20.6 20.5 19.4 19.1 Gross fixed capital formation (real growth rates, in %) -1.2 -3.6 10.2 9.7 5.5 -8.2 10.0 8.0 6.0 As a % of GDP 18.7 17.4 18.3 19.3 19.6 18.9 20.0 20.8 21.4 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 2021). Notes: 1 Measured in purchasing power standard; Eurostat 15.12.2020. 2 Consumer price index. 3 Balance of payments statistics. *end November 2021. Statistical Appendix34 Slovenian Economic Mirror, No 2/2022 Production 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.2 4.1 1.6 -1.6 -17.5 -2.9 1.4 3.3 26.0 7.8 4.1 -2.9 4.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.4 -2.5 14.5 34.9 25.9 19.0 5.3 11.3 7.6 3.4 10.1 - - B Mining and quarrying -0.9 -3.4 -2.1 -10.9 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -30.7 -9.6 -15.3 -15.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 2.1 - - C Manufacturing 5.7 3.5 -5.0 4.9 2.3 -0.3 -17.9 -2.7 1.6 4.3 29.3 9.9 4.5 -1.2 6.2 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.4 -2.2 16.3 39.5 29.3 21.2 7.1 13.4 9.9 3.6 11.3 - - D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 2.0 -17.6 -14.2 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 2.2 -2.5 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 -5.9 -2.2 1.9 -13.4 2.7 6.1 -8.2 1.9 -4.8 4.9 5.2 1.7 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -8.7 -14.0 -2.8 1.9 -3.9 7.8 -8.2 -7.5 0.8 -10.6 -17.3 - - Buildings 17.2 -0.1 -0.6 0.1 -7.2 -26.3 -0.9 2.8 23.9 35.3 35.9 16.8 4.8 11.9 -55.3 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 10.1 52.1 50.4 40.8 27.2 40.3 27.3 2.4 19.4 -14.4 -16.8 - - Civil engineering 17.6 4.4 2.7 -1.6 -2.6 5.8 -9.1 4.8 9.6 4.2 12.6 6.8 2.5 12.0 17.9 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 0.8 -10.0 20.4 1.7 3.3 33.4 7.6 -5.1 16.5 3.0 -8.9 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 7.4 2.2 -11.0 3.2 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.8 0.5 -0.8 2.0 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.2 22.7 17.9 10.9 16.6 14.0 17.2 18.9 - - Transportation and storage 7.0 3.2 -8.0 4.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 12.5 -1.9 -2.7 0.3 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 16.0 11.4 11.8 14.8 - - Information and communication activities 6.0 1.0 -0.2 -0.8 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 4.7 3.1 8.2 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.6 11.5 5.3 8.3 9.5 - - Professional, scientific and technical activities 13.0 5.8 -3.0 11.3 3.2 -0.2 -11.4 -0.2 -0.5 8.1 22.9 3.4 2.6 1.0 8.7 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 31.7 24.7 14.6 -2.8 2.1 10.7 6.8 9.9 - - Administrative and support service activities 9.1 -5.9 -24.1 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.6 24.2 -6.5 -9.8 -11.1 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 14.2 22.8 22.3 27.3 27.4 13.8 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 2.5 -7.4 2.2 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.1 5.5 -2.4 -1.3 1.3 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.2 -0.7 9.1 8.6 11.7 24.0 - - Real turnover in retail trade 4.6 3.4 -8.9 4.1 -4.7 -5.3 -11.9 -6.3 -12.0 3.6 17.5 13.8 -5.3 -1.7 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.4 - - Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 0.0 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.3 -8.9 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.7 16.1 -5.1 -18.8 -2.7 -2.6 -8.0 16.4 - - Nominal turnover in wholesale trade & commission trade 9.3 1.3 -3.6 1.6 -5.2 -1.4 -10.2 -2.1 -0.7 1.4 16.4 4.5 -3.0 -2.6 2.1 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.5 15.2 11.3 -0.1 8.8 5.2 4.4 14.7 - - TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 -10.4 1.8 -2.5 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.3 - Domestic tourists, overnight stays -0.1 -2.5 32.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 -7.8 3.2 -9.0 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1288.7 - Foreign tourists, overnight stays 15.4 1.7 -70.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 -11.8 1.0 3.7 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 618.2 - Accommodation and food service activities 7.1 7.6 -37.1 6.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 4.5 7.9 6.7 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 82.2 224.8 - AGRICULTURE Purchase of agricultural products, in EUR m 524.8 553.7 537.7 145.6 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 55.7 40.4 37.8 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 11.0 6.0 -11.7 5.3 3.3 1.9 -30.7 -8.8 -9.3 -3.5 4.3 5.6 3.3 4.6 4.9 -3.8 -37.5 -31.2 -23.4 -16.8 -5.9 -3.8 -6 -12.8 -9.2 -6.5 -3.2 -0.8 -0.6 5.7 7.7 5.7 6.4 4.6 2.3 3.1 5.1 5.7 Confidence indicator in manufacturing 8 0 -9 0 -2 -3 -29 -3 1 7 10 9 -2 -1 1 -9 -39 -27 -20 -11 -1 2 2 -1 1 5 5 10 9 12 10 10 11 7 3 6 10 10 in construction 22 11 -5 9 7 7 -23 -4 -1 9 18 19 7 9 7 5 -28 -28 -13 -7 -4 -2 0 -3 1 4 9 14 16 20 19 17 18 22 24 23 28 29 in services 24 21 -10 20 19 15 -34 -10 -10 -3 8 14 19 19 18 8 -38 -37 -28 -23 -5 -1 -3 -17 -11 -7 -2 -1 0 9 16 12 14 15 17 16 12 14 in retail trade 14 19 1 20 14 18 -19 11 -6 -17 16 14 19 18 31 6 -30 -22 -5 8 12 13 1 -10 -8 -22 -17 -11 5 17 26 15 20 6 -1 6 15 17 consumer confidence indicator -7 -10 -26 -10 -14 -14 -35 -25 -30 -24 -20 -20 -14 -11 -13 -17 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor vehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Statistical Appendix 35Slovenian Economic Mirror, No 2/2022 Production 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.2 4.1 1.6 -1.6 -17.5 -2.9 1.4 3.3 26.0 7.8 4.1 -2.9 4.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.4 -2.5 14.5 34.9 25.9 19.0 5.3 11.3 7.6 3.4 10.1 - - B Mining and quarrying -0.9 -3.4 -2.1 -10.9 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -30.7 -9.6 -15.3 -15.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 2.1 - - C Manufacturing 5.7 3.5 -5.0 4.9 2.3 -0.3 -17.9 -2.7 1.6 4.3 29.3 9.9 4.5 -1.2 6.2 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.4 -2.2 16.3 39.5 29.3 21.2 7.1 13.4 9.9 3.6 11.3 - - D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 2.0 -17.6 -14.2 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 2.2 -2.5 - - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 -5.9 -2.2 1.9 -13.4 2.7 6.1 -8.2 1.9 -4.8 4.9 5.2 1.7 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -8.7 -14.0 -2.8 1.9 -3.9 7.8 -8.2 -7.5 0.8 -10.6 -17.3 - - Buildings 17.2 -0.1 -0.6 0.1 -7.2 -26.3 -0.9 2.8 23.9 35.3 35.9 16.8 4.8 11.9 -55.3 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 10.1 52.1 50.4 40.8 27.2 40.3 27.3 2.4 19.4 -14.4 -16.8 - - Civil engineering 17.6 4.4 2.7 -1.6 -2.6 5.8 -9.1 4.8 9.6 4.2 12.6 6.8 2.5 12.0 17.9 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 0.8 -10.0 20.4 1.7 3.3 33.4 7.6 -5.1 16.5 3.0 -8.9 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 7.4 2.2 -11.0 3.2 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.8 0.5 -0.8 2.0 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.2 22.7 17.9 10.9 16.6 14.0 17.2 18.9 - - Transportation and storage 7.0 3.2 -8.0 4.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 12.5 -1.9 -2.7 0.3 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 16.0 11.4 11.8 14.8 - - Information and communication activities 6.0 1.0 -0.2 -0.8 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 4.7 3.1 8.2 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.6 11.5 5.3 8.3 9.5 - - Professional, scientific and technical activities 13.0 5.8 -3.0 11.3 3.2 -0.2 -11.4 -0.2 -0.5 8.1 22.9 3.4 2.6 1.0 8.7 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 31.7 24.7 14.6 -2.8 2.1 10.7 6.8 9.9 - - Administrative and support service activities 9.1 -5.9 -24.1 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.6 24.2 -6.5 -9.8 -11.1 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 14.2 22.8 22.3 27.3 27.4 13.8 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 2.5 -7.4 2.2 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.1 5.5 -2.4 -1.3 1.3 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.2 -0.7 9.1 8.6 11.7 24.0 - - Real turnover in retail trade 4.6 3.4 -8.9 4.1 -4.7 -5.3 -11.9 -6.3 -12.0 3.6 17.5 13.8 -5.3 -1.7 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.4 - - Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 0.0 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.3 -8.9 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.7 16.1 -5.1 -18.8 -2.7 -2.6 -8.0 16.4 - - Nominal turnover in wholesale trade & commission trade 9.3 1.3 -3.6 1.6 -5.2 -1.4 -10.2 -2.1 -0.7 1.4 16.4 4.5 -3.0 -2.6 2.1 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.5 15.2 11.3 -0.1 8.8 5.2 4.4 14.7 - - TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 -10.4 1.8 -2.5 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.3 - Domestic tourists, overnight stays -0.1 -2.5 32.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 -7.8 3.2 -9.0 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1288.7 - Foreign tourists, overnight stays 15.4 1.7 -70.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 -11.8 1.0 3.7 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 618.2 - Accommodation and food service activities 7.1 7.6 -37.1 6.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 4.5 7.9 6.7 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 82.2 224.8 - AGRICULTURE Purchase of agricultural products, in EUR m 524.8 553.7 537.7 145.6 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 55.7 40.4 37.8 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 - - BUSSINES TENDENCY (indicator values**) Sentiment indicator 11.0 6.0 -11.7 5.3 3.3 1.9 -30.7 -8.8 -9.3 -3.5 4.3 5.6 3.3 4.6 4.9 -3.8 -37.5 -31.2 -23.4 -16.8 -5.9 -3.8 -6 -12.8 -9.2 -6.5 -3.2 -0.8 -0.6 5.7 7.7 5.7 6.4 4.6 2.3 3.1 5.1 5.7 Confidence indicator in manufacturing 8 0 -9 0 -2 -3 -29 -3 1 7 10 9 -2 -1 1 -9 -39 -27 -20 -11 -1 2 2 -1 1 5 5 10 9 12 10 10 11 7 3 6 10 10 in construction 22 11 -5 9 7 7 -23 -4 -1 9 18 19 7 9 7 5 -28 -28 -13 -7 -4 -2 0 -3 1 4 9 14 16 20 19 17 18 22 24 23 28 29 in services 24 21 -10 20 19 15 -34 -10 -10 -3 8 14 19 19 18 8 -38 -37 -28 -23 -5 -1 -3 -17 -11 -7 -2 -1 0 9 16 12 14 15 17 16 12 14 in retail trade 14 19 1 20 14 18 -19 11 -6 -17 16 14 19 18 31 6 -30 -22 -5 8 12 13 1 -10 -8 -22 -17 -11 5 17 26 15 20 6 -1 6 15 17 consumer confidence indicator -7 -10 -26 -10 -14 -14 -35 -25 -30 -24 -20 -20 -14 -11 -13 -17 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor vehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Statistical Appendix36 Slovenian Economic Mirror, No 2/2022 Labour market 2018 2019 2020 2019 2020 2021 2020 2020 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 965.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 894.6 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 In agriculture, forestry, fishing 26.3 24.9 26.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 26.3 26.3 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 In industry, construction 280.9 291.7 288.5 292.7 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 - in manufacturing 202.6 207.9 202.8 207.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 - in construction 58.4 63.9 64.9 65.1 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 63.6 64.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 In services 565.7 577.6 574.0 578.0 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 - in public administration 49.0 49.0 49.3 49.0 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 48.9 49.0 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 - in education, health-services and social work 135.0 137.8 141.5 137.0 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 803.3 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 In enterprises and organisations 729.3 749.2 744.8 750.0 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 By those self-employed 50.9 52.7 49.8 53.4 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 51.4 51.5 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 91.2 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 94.1 94.2 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 71.1 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 79.8 77.5 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 Female 39.9 37.5 42.6 36.6 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 38.6 37.8 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 By age: 15 to 29 15.1 14.1 17.2 12.6 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 15.6 15.1 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 Aged over 50 31.5 29.7 31.0 29.0 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 31.2 30.4 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 Primary education or less 24.3 23.4 26.4 22.1 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 25.9 25.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 For more than 1 year 40.6 38.1 38.0 37.9 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 37.8 37.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 Those receiving benefits 20.0 19.3 25.9 17.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 25.6 24.1 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 7.4 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 8.2 7.9 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 Male 7.5 6.9 8.0 6.5 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 7.7 7.5 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 Female 9.2 8.5 9.6 8.4 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 8.7 8.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 -0.3 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 4.5 -2.4 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 New unemployed first-job seekers 11.4 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 0.7 0.6 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 Redundancies 65.1 5.4 7.4 4.8 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 10.6 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 Registered unemployed who found employment 61.5 4.7 5.4 3.9 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 4.7 5.8 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 Other outflows from unemployment (net) 21.6 1.8 1.8 1.8 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.0 1.7 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 34.2 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 37.2 36.6 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 As % of labour force 2.5 3.4 3.9 3.5 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 3.8 3.7 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix 37Slovenian Economic Mirror, No 2/2022 Labour market 2018 2019 2020 2019 2020 2021 2020 2020 2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 965.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 894.6 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 In agriculture, forestry, fishing 26.3 24.9 26.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 26.3 26.3 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 In industry, construction 280.9 291.7 288.5 292.7 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 - in manufacturing 202.6 207.9 202.8 207.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 - in construction 58.4 63.9 64.9 65.1 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 63.6 64.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 In services 565.7 577.6 574.0 578.0 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 - in public administration 49.0 49.0 49.3 49.0 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 48.9 49.0 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 - in education, health-services and social work 135.0 137.8 141.5 137.0 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 803.3 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 In enterprises and organisations 729.3 749.2 744.8 750.0 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 By those self-employed 50.9 52.7 49.8 53.4 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 51.4 51.5 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 91.2 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 94.1 94.2 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 71.1 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 79.8 77.5 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 Female 39.9 37.5 42.6 36.6 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 38.6 37.8 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 By age: 15 to 29 15.1 14.1 17.2 12.6 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 15.6 15.1 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 Aged over 50 31.5 29.7 31.0 29.0 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 31.2 30.4 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 Primary education or less 24.3 23.4 26.4 22.1 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 25.9 25.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 For more than 1 year 40.6 38.1 38.0 37.9 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 37.8 37.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 Those receiving benefits 20.0 19.3 25.9 17.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 25.6 24.1 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 7.4 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 8.2 7.9 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 Male 7.5 6.9 8.0 6.5 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 7.7 7.5 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 Female 9.2 8.5 9.6 8.4 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 8.7 8.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 -0.3 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 4.5 -2.4 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 New unemployed first-job seekers 11.4 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 0.7 0.6 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 Redundancies 65.1 5.4 7.4 4.8 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 10.6 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 Registered unemployed who found employment 61.5 4.7 5.4 3.9 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 4.7 5.8 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 Other outflows from unemployment (net) 21.6 1.8 1.8 1.8 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.0 1.7 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 34.2 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 37.2 36.6 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 As % of labour force 2.5 3.4 3.9 3.5 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 3.8 3.7 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix38 Slovenian Economic Mirror, No 2/2022 Wages in EUR 2018 2019 2020 2019 2020 2021 2020 2021 2020 Q3 21 Nov21 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,905 2,084 3.4 4.3 5.8 4.5 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 0.3 11.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 Private sector activities (A–N; R–S) 1,750 1,818 2,064 3.8 3.6 3.8 4.0 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 -1.3 7.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 Public service activities (OPQ) 2,187 2,178 2,148 2.4 6.5 10.5 6.0 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 4.8 20.7 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 Industry (B–E) 1,815 1,882 2,175 3.8 3.4 3.4 3.9 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 1.2 6.1 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 Trad, market services (GHI) 1,583 1,650 1,866 4.0 3.4 2.8 3.8 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 -4.9 7.4 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 Other market services (J–N; R–S) 1,979 2,048 2,307 3.9 5.1 5.0 5.4 4.8 3.2 7.7 5.1 4.3 7.3 3.3 5.5 -1.2 8.9 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 A Agriculture, forestry and fishing 1,489 1,544 1,715 5.3 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 5.0 9.0 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 B Mining and quarrying 2,360 2,429 2,452 7.6 0.3 5.1 2.6 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 3.7 14.4 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 C Manufacturing 1,772 1,847 2,127 3.9 3.5 3.2 3.9 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 0.6 5.3 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 D Electricity, gas, steam and air conditioning supply 2,734 2,686 3,345 2.9 4.3 4.0 4.7 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 6.9 7.2 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 E Water supply sewerage, waste management and remediation activities 1,739 1,784 2,092 3.0 2.7 4.2 3.9 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 3.6 11.2 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 F Construction 1,390 1,495 1,620 4.2 2.2 5.5 2.8 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 -1.4 11.5 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,732 1,966 4.2 3.9 4.2 4.5 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 -3.1 6.9 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 H Transportation and storage 1,565 1,623 1,922 3.3 1.6 -0.1 2.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 -2.9 3.3 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 I Accommodation and food service activities 1,180 1,371 1,365 4.9 4.8 -3.8 4.3 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 -18.8 -0.1 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 J Information and communication 2,480 2,567 2,744 4.1 5.7 4.5 4.6 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 1.2 6.7 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 K Financial and insurance activities 2,658 2,647 3,333 4.8 4.6 2.5 5.3 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 -3.1 6.4 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 L Real estate activities 1,676 1,711 1,899 0.9 5.2 4.2 5.4 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 0.7 7.9 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 M Professional, scientific and technical activities 2,048 2,147 2,384 4.2 4.6 4.0 5.0 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 -1.5 5.9 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 N Administrative and support service activities 1,258 1,319 1,537 5.8 5.1 4.7 6.1 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 1.2 9.3 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 O Public administration and defence, compulsory social security 2,352 2,363 2,309 3.2 8.9 7.4 8.6 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 2.6 11.8 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 P Education 1,951 2,118 2,032 0.9 6.1 6.2 5.3 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 2.8 8.9 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 Q Human health and social work activities 2,323 2,105 2,158 3.4 5.1 17.7 4.5 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 9.0 38.4 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 R Arts, entertainment and recreation 1,778 1,951 2,038 1.7 4.3 0.0 3.8 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 -9.1 -0.9 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 S Other service activities 1,491 1,518 1,569 1.2 4.7 4.5 4.5 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 -5.0 17.8 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 Source: SURS, calculations by IMAD. Statistical Appendix 39Slovenian Economic Mirror, No 2/2022 Wages in EUR 2018 2019 2020 2019 2020 2021 2020 2021 2020 Q3 21 Nov21 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,905 2,084 3.4 4.3 5.8 4.5 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 0.3 11.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 Private sector activities (A–N; R–S) 1,750 1,818 2,064 3.8 3.6 3.8 4.0 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 -1.3 7.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 Public service activities (OPQ) 2,187 2,178 2,148 2.4 6.5 10.5 6.0 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 4.8 20.7 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 Industry (B–E) 1,815 1,882 2,175 3.8 3.4 3.4 3.9 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 1.2 6.1 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 Trad, market services (GHI) 1,583 1,650 1,866 4.0 3.4 2.8 3.8 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 -4.9 7.4 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 Other market services (J–N; R–S) 1,979 2,048 2,307 3.9 5.1 5.0 5.4 4.8 3.2 7.7 5.1 4.3 7.3 3.3 5.5 -1.2 8.9 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 A Agriculture, forestry and fishing 1,489 1,544 1,715 5.3 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 5.0 9.0 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 B Mining and quarrying 2,360 2,429 2,452 7.6 0.3 5.1 2.6 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 3.7 14.4 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 C Manufacturing 1,772 1,847 2,127 3.9 3.5 3.2 3.9 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 0.6 5.3 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 D Electricity, gas, steam and air conditioning supply 2,734 2,686 3,345 2.9 4.3 4.0 4.7 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 6.9 7.2 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 E Water supply sewerage, waste management and remediation activities 1,739 1,784 2,092 3.0 2.7 4.2 3.9 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 3.6 11.2 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 F Construction 1,390 1,495 1,620 4.2 2.2 5.5 2.8 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 -1.4 11.5 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,732 1,966 4.2 3.9 4.2 4.5 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 -3.1 6.9 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 H Transportation and storage 1,565 1,623 1,922 3.3 1.6 -0.1 2.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 -2.9 3.3 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 I Accommodation and food service activities 1,180 1,371 1,365 4.9 4.8 -3.8 4.3 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 -18.8 -0.1 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 J Information and communication 2,480 2,567 2,744 4.1 5.7 4.5 4.6 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 1.2 6.7 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 K Financial and insurance activities 2,658 2,647 3,333 4.8 4.6 2.5 5.3 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 -3.1 6.4 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 L Real estate activities 1,676 1,711 1,899 0.9 5.2 4.2 5.4 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 0.7 7.9 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 M Professional, scientific and technical activities 2,048 2,147 2,384 4.2 4.6 4.0 5.0 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 -1.5 5.9 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 N Administrative and support service activities 1,258 1,319 1,537 5.8 5.1 4.7 6.1 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 1.2 9.3 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 O Public administration and defence, compulsory social security 2,352 2,363 2,309 3.2 8.9 7.4 8.6 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 2.6 11.8 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 P Education 1,951 2,118 2,032 0.9 6.1 6.2 5.3 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 2.8 8.9 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 Q Human health and social work activities 2,323 2,105 2,158 3.4 5.1 17.7 4.5 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 9.0 38.4 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 R Arts, entertainment and recreation 1,778 1,951 2,038 1.7 4.3 0.0 3.8 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 -9.1 -0.9 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 S Other service activities 1,491 1,518 1,569 1.2 4.7 4.5 4.5 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 -5.0 17.8 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 Source: SURS, calculations by IMAD. Statistical Appendix40 Slovenian Economic Mirror, No 2/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 1.5 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 4.2 2.1 2.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 Food, non-alcoholic beverages 3.3 1.0 3.9 2.4 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.8 3.4 4.0 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 Alcoholic beverages, tobacco 1.9 3.2 2.4 1.6 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.8 1.4 1.7 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 Clothing and footwear 0.5 -5.4 5.9 0.5 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 3.3 1.4 1.8 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 Housing, water, electricity, gas 2.7 -0.6 8.6 2.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 7.9 4.1 3.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 Furnishing, household equipm. 0.4 -0.4 5.7 0.9 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 4.7 0.8 0.6 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 0.6 1.4 1.7 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 Transport 0.1 -5.9 12.5 -0.8 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 13.0 1.3 -0.3 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 Communications -0.4 0.6 -3.6 0.4 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 -3.5 -0.1 -2.3 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 Recreation and culture 0.6 -3.9 3.4 0.5 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 1.2 -0.9 0.7 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 Education 5.6 0.7 0.5 5.6 4.8 3.3 2.2 0.6 0.7 0.8 1.1 0.6 5.5 4.5 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 Catering services 3.2 0.6 6.1 3.0 2.0 1.3 1.0 0.7 0.6 1.3 4.0 5.8 1.9 2.0 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 Miscellaneous goods & services 4.4 0.7 -2.1 4.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 -0.4 5.3 5.4 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 HICP 2.0 -1.2 5.1 1.6 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 4.5 2.3 2.0 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 1.7 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 2.5 1.4 1.7 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 0.4 -0.1 -0.6 -0.3 -0.1 1.2 3.6 7.5 9.9 0.3 0.1 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 Domestic market 2.1 1.0 10.6 2.0 1.3 0.3 0.3 0.9 1.9 4.2 8.0 10.1 1.9 1.5 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 Non-domestic market -0.9 -1.4 10.6 -1.2 -1.4 -1.4 -0.8 -1.1 0.4 2.9 6.9 9.7 -1.3 -1.2 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 Euro area -0.7 -1.2 11.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 10.5 -1.5 -1.7 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 Non-euro area -1.2 -1.8 8.5 -1.1 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 8.0 -0.6 0.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 Import price indices -1.4 -2.6 25.9 -1.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 14.9 24.5 -1.5 -1.7 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 -0.3 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -1.0 -0.4 -0.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1.4 Real (deflator HICP) -0.3 -0.4 -0.6 -0.3 -0.2 -1.3 -0.1 0.1 -0.5 0.3 -1.3 -1.0 -0.2 -0.3 0.0 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.7 0.9 0.5 -0.5 -0.8 -1.6 -1.3 -1.4 -0.6 -1.0 Real (deflator ULC) 0.9 3.6 -0.5 2.8 5.6 1.4 4.7 1.0 -2.6 1.5 USD / EUR 1.1196 1.1413 1.1835 1.1072 1.1023 1.1006 1.1695 1.1928 1.2056 1.2057 1.1788 1.1440 1.1100 1.0905 1.1063 1.0862 1.0902 1.1255 1.1463 1.1828 1.1792 1.1775 1.1838 1.2170 1.2171 1.2098 1.1899 1.1979 1.2146 1.2047 1.1822 1.1772 1.1770 1.1601 1.1414 1.1304 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix 41Slovenian Economic Mirror, No 2/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 1.5 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 4.2 2.1 2.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 Food, non-alcoholic beverages 3.3 1.0 3.9 2.4 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.8 3.4 4.0 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 Alcoholic beverages, tobacco 1.9 3.2 2.4 1.6 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.8 1.4 1.7 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 Clothing and footwear 0.5 -5.4 5.9 0.5 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 3.3 1.4 1.8 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 Housing, water, electricity, gas 2.7 -0.6 8.6 2.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 7.9 4.1 3.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 Furnishing, household equipm. 0.4 -0.4 5.7 0.9 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 4.7 0.8 0.6 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 0.6 1.4 1.7 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 Transport 0.1 -5.9 12.5 -0.8 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 13.0 1.3 -0.3 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 Communications -0.4 0.6 -3.6 0.4 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 -3.5 -0.1 -2.3 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 Recreation and culture 0.6 -3.9 3.4 0.5 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 1.2 -0.9 0.7 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 Education 5.6 0.7 0.5 5.6 4.8 3.3 2.2 0.6 0.7 0.8 1.1 0.6 5.5 4.5 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 Catering services 3.2 0.6 6.1 3.0 2.0 1.3 1.0 0.7 0.6 1.3 4.0 5.8 1.9 2.0 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 Miscellaneous goods & services 4.4 0.7 -2.1 4.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 -0.4 5.3 5.4 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 HICP 2.0 -1.2 5.1 1.6 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 4.5 2.3 2.0 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 1.7 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 2.5 1.4 1.7 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 0.4 -0.1 -0.6 -0.3 -0.1 1.2 3.6 7.5 9.9 0.3 0.1 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 Domestic market 2.1 1.0 10.6 2.0 1.3 0.3 0.3 0.9 1.9 4.2 8.0 10.1 1.9 1.5 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 Non-domestic market -0.9 -1.4 10.6 -1.2 -1.4 -1.4 -0.8 -1.1 0.4 2.9 6.9 9.7 -1.3 -1.2 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 Euro area -0.7 -1.2 11.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 10.5 -1.5 -1.7 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 Non-euro area -1.2 -1.8 8.5 -1.1 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 8.0 -0.6 0.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 Import price indices -1.4 -2.6 25.9 -1.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 14.9 24.5 -1.5 -1.7 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 -0.3 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -1.0 -0.4 -0.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1.4 Real (deflator HICP) -0.3 -0.4 -0.6 -0.3 -0.2 -1.3 -0.1 0.1 -0.5 0.3 -1.3 -1.0 -0.2 -0.3 0.0 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.7 0.9 0.5 -0.5 -0.8 -1.6 -1.3 -1.4 -0.6 -1.0 Real (deflator ULC) 0.9 3.6 -0.5 2.8 5.6 1.4 4.7 1.0 -2.6 1.5 USD / EUR 1.1196 1.1413 1.1835 1.1072 1.1023 1.1006 1.1695 1.1928 1.2056 1.2057 1.1788 1.1440 1.1100 1.0905 1.1063 1.0862 1.0902 1.1255 1.1463 1.1828 1.1792 1.1775 1.1838 1.2170 1.2171 1.2098 1.1899 1.1979 1.2146 1.2047 1.1822 1.1772 1.1770 1.1601 1.1414 1.1304 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix42 Slovenian Economic Mirror, No 2/2022 Balance of payments 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,731 2,898 3,462 678 696 986 716 797 963 727 460 280 307 -9 306 399 280 263 146 307 170 217 410 505 276 183 297 146 284 243 91 126 122 111 47 140 -37 Goods 1,272 1,311 2,366 198 273 568 568 700 530 528 203 -128 135 -74 137 243 188 164 123 281 344 89 267 277 187 66 238 126 163 126 0 77 45 -64 -110 14 -135 Exports 30,808 32,013 29,656 7,831 7,904 7,857 6,431 7,368 8,001 8,237 8,771 8,580 2,747 2,251 2,581 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,429 2,632 3,175 2,874 2,870 3,027 2,885 2,528 3,167 3,267 3,365 Imports 29,535 30,702 27,290 7,633 7,630 7,289 5,862 6,668 7,471 7,709 8,568 8,708 2,612 2,325 2,444 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,191 2,506 3,012 2,748 2,870 2,950 2,839 2,592 3,277 3,253 3,500 Services 2,624 2,907 1,996 834 756 517 396 561 522 486 497 698 224 224 192 192 132 142 93 160 184 163 214 244 129 150 138 148 201 172 137 189 190 242 266 232 222 Exports 8,124 8,659 6,900 2,433 2,248 1,776 1,441 1,822 1,861 1,579 1,861 2,407 701 783 614 621 541 459 425 557 645 589 588 637 539 684 453 500 626 600 569 692 786 803 818 750 752 Imports 5,500 5,751 4,904 1,598 1,492 1,259 1,046 1,261 1,338 1,093 1,364 1,709 477 559 421 428 409 317 332 397 461 426 374 393 411 535 315 353 425 428 432 504 596 561 552 518 530 Primary income -769 -811 -426 -226 -271 53 -116 -371 7 -112 -147 -197 -37 -158 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -8 -39 -65 -33 -38 -76 -87 -45 -65 -64 -66 Receipts 1,633 1,758 1,645 371 457 449 365 352 479 446 451 391 147 176 185 134 130 130 129 106 118 124 110 128 156 195 177 145 124 150 149 152 125 146 120 123 141 Expenditures 2,401 2,569 2,071 597 727 396 481 722 472 558 597 588 185 334 117 120 159 137 146 198 445 132 145 123 152 197 185 184 190 183 186 229 212 191 185 187 207 Secondary income -396 -509 -473 -129 -62 -152 -132 -93 -96 -175 -94 -93 -14 -1 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -71 -89 -16 -21 -9 -64 -27 -22 -45 -42 -58 Receipts 873 934 972 233 272 230 225 214 304 233 318 263 85 104 77 64 88 82 67 76 80 62 72 98 100 106 70 74 89 99 115 104 89 94 80 93 76 Expenditures 1,270 1,443 1,445 362 334 382 357 306 400 408 412 356 99 105 169 114 99 118 121 118 111 89 107 119 144 137 141 163 104 120 124 167 116 116 125 134 134 Capital account -203 -187 -226 -30 -120 -53 -17 -26 -130 144 -11 95 29 -139 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 27 -24 -14 38 22 35 18 -5 Financial account 2,548 2,094 3,052 553 506 1,116 385 580 970 725 354 -125 217 -177 360 451 306 368 -27 44 -4 265 319 453 434 83 204 590 -69 317 40 -3 -429 190 115 500 52 Direct investment -934 -762 266 -121 -119 -21 -37 -219 543 -182 -519 -270 -21 -203 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -145 -37 -1 -325 -58 -136 -102 -51 -117 514 140 Assets 373 1,157 697 118 583 13 192 -65 557 309 80 268 60 362 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -41 199 151 156 179 -256 2 49 217 584 98 Liabilities 1,307 1,919 431 239 701 33 229 155 14 491 599 538 81 565 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 104 236 152 481 237 -120 104 100 334 70 -42 Portfolio investment 744 734 -1,826 -121 444 -1,953 -1,929 1,315 740 -170 1,630 38 -41 392 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -667 543 162 881 118 Financial derivatives -81 -163 53 -8 8 53 -32 5 27 -18 10 -21 1 4 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 -5 -8 -8 0 1 Other investment 2,767 2,248 4,394 837 167 2,989 2,354 -547 -402 1,083 -775 -580 292 -378 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,468 160 -544 -294 -512 31 338 -998 80 -904 -231 Assets 2,054 3,250 4,856 956 260 3,346 1,988 -696 218 2,973 57 329 431 -370 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,698 1,320 -46 -109 -146 312 368 -229 189 -374 82 Other equity 68 27 4 -2 -2 -1 5 0 0 0 2 0 -1 0 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 Currency and deposits 1,508 2,811 4,753 1,056 656 2,751 2,672 -792 121 2,128 -190 160 393 226 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,391 994 -257 -120 -161 92 351 -142 -49 -733 -190 Loans 215 438 342 57 -18 79 40 57 165 153 -10 -23 11 -5 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 40 58 66 Insurance, pension schemes, and standardised guarantee schemes -7 13 1 1 2 2 3 -1 -2 5 1 12 1 1 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 0 0 Trade credit and advances 303 29 -224 -150 -322 393 -544 67 -140 671 207 101 -14 -494 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 215 46 92 70 -5 -83 189 274 90 Other assets -33 -69 -20 -6 -56 122 -189 -27 74 15 47 79 41 -98 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -108 10 -13 50 58 16 5 26 115 Liabilities -713 1,002 462 119 93 358 -366 -150 620 1,889 832 909 139 8 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 231 1,160 498 186 366 281 31 769 109 530 313 Other equity 2 2 4 0 2 0 0 0 3 2 -42 1 0 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 Currency and deposits -524 1,009 800 270 308 199 222 116 263 788 950 400 12 162 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 300 281 140 -10 270 192 151 Loans -491 -149 -409 53 -250 40 -255 -325 131 756 -372 -401 32 -43 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -166 -107 -100 -7 83 -477 -9 83 Insurance, pension schemes, and standardised guarantee schemes 20 27 55 9 -35 40 18 6 -9 30 27 8 -12 -12 13 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 0 0 Trade credit and advances 331 62 -134 -140 84 -59 -391 20 297 209 274 66 103 -68 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -134 134 209 3 159 112 -139 -55 259 348 4 Other liabilities -51 50 146 -72 -17 138 39 33 -65 103 -5 160 4 -35 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 42 20 -30 4 21 34 72 54 -3 74 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 Reserve assets 52 37 166 -33 5 49 29 26 62 13 7 707 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 Net errors and omissions 20 -616 -184 -96 -71 184 -313 -191 137 -146 -95 -500 -119 -29 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -76 410 -480 46 -26 -116 -589 57 32 341 94 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,556 3,841 3,552 953 1,013 852 808 900 991 915 999 982 344 333 253 316 283 230 278 301 325 240 336 336 329 325 261 295 359 330 333 336 331 284 367 365 N/A Intermediate goods 16,670 17,045 15,446 4,237 4,097 4,211 3,290 3,797 4,148 4,581 4,887 4,932 1,442 1,102 1,398 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,393 1,456 1,732 1,604 1,599 1,684 1,702 1,437 1,793 1,869 N/A Consumer goods 10,632 12,661 13,928 3,113 3,288 3,790 3,168 3,430 3,539 3,918 3,908 3,860 1,165 920 1,329 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,249 1,421 1,306 1,270 1,333 1,420 1,060 1,380 1,347 N/A Import of investment goods 4,237 4,391 4,008 1,054 1,188 936 849 964 1,258 1,072 1,219 1,172 389 424 330 308 298 214 298 338 347 278 340 378 464 416 304 347 421 391 412 416 370 388 414 430 N/A Intermediate goods 17,868 18,508 16,434 4,636 4,450 4,426 3,386 3,963 4,658 4,814 5,786 6,447 1,546 1,312 1,494 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,371 1,532 1,911 1,779 1,997 2,009 2,188 1,903 2,356 2,474 N/A Consumer goods 8,601 11,183 11,670 2,712 3,232 3,011 2,579 2,871 3,210 2,908 3,222 3,184 971 1,015 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 901 907 1,100 1,154 1,041 1,027 961 1,010 1,212 1,178 N/A Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix 43Slovenian Economic Mirror, No 2/2022 Balance of payments 2018 2019 2020 2019 2020 2021 2019 2020 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,731 2,898 3,462 678 696 986 716 797 963 727 460 280 307 -9 306 399 280 263 146 307 170 217 410 505 276 183 297 146 284 243 91 126 122 111 47 140 -37 Goods 1,272 1,311 2,366 198 273 568 568 700 530 528 203 -128 135 -74 137 243 188 164 123 281 344 89 267 277 187 66 238 126 163 126 0 77 45 -64 -110 14 -135 Exports 30,808 32,013 29,656 7,831 7,904 7,857 6,431 7,368 8,001 8,237 8,771 8,580 2,747 2,251 2,581 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,429 2,632 3,175 2,874 2,870 3,027 2,885 2,528 3,167 3,267 3,365 Imports 29,535 30,702 27,290 7,633 7,630 7,289 5,862 6,668 7,471 7,709 8,568 8,708 2,612 2,325 2,444 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,191 2,506 3,012 2,748 2,870 2,950 2,839 2,592 3,277 3,253 3,500 Services 2,624 2,907 1,996 834 756 517 396 561 522 486 497 698 224 224 192 192 132 142 93 160 184 163 214 244 129 150 138 148 201 172 137 189 190 242 266 232 222 Exports 8,124 8,659 6,900 2,433 2,248 1,776 1,441 1,822 1,861 1,579 1,861 2,407 701 783 614 621 541 459 425 557 645 589 588 637 539 684 453 500 626 600 569 692 786 803 818 750 752 Imports 5,500 5,751 4,904 1,598 1,492 1,259 1,046 1,261 1,338 1,093 1,364 1,709 477 559 421 428 409 317 332 397 461 426 374 393 411 535 315 353 425 428 432 504 596 561 552 518 530 Primary income -769 -811 -426 -226 -271 53 -116 -371 7 -112 -147 -197 -37 -158 68 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -8 -39 -65 -33 -38 -76 -87 -45 -65 -64 -66 Receipts 1,633 1,758 1,645 371 457 449 365 352 479 446 451 391 147 176 185 134 130 130 129 106 118 124 110 128 156 195 177 145 124 150 149 152 125 146 120 123 141 Expenditures 2,401 2,569 2,071 597 727 396 481 722 472 558 597 588 185 334 117 120 159 137 146 198 445 132 145 123 152 197 185 184 190 183 186 229 212 191 185 187 207 Secondary income -396 -509 -473 -129 -62 -152 -132 -93 -96 -175 -94 -93 -14 -1 -91 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -71 -89 -16 -21 -9 -64 -27 -22 -45 -42 -58 Receipts 873 934 972 233 272 230 225 214 304 233 318 263 85 104 77 64 88 82 67 76 80 62 72 98 100 106 70 74 89 99 115 104 89 94 80 93 76 Expenditures 1,270 1,443 1,445 362 334 382 357 306 400 408 412 356 99 105 169 114 99 118 121 118 111 89 107 119 144 137 141 163 104 120 124 167 116 116 125 134 134 Capital account -203 -187 -226 -30 -120 -53 -17 -26 -130 144 -11 95 29 -139 -17 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 27 -24 -14 38 22 35 18 -5 Financial account 2,548 2,094 3,052 553 506 1,116 385 580 970 725 354 -125 217 -177 360 451 306 368 -27 44 -4 265 319 453 434 83 204 590 -69 317 40 -3 -429 190 115 500 52 Direct investment -934 -762 266 -121 -119 -21 -37 -219 543 -182 -519 -270 -21 -203 51 -3 -69 -244 17 190 -183 -92 56 41 5 497 -145 -37 -1 -325 -58 -136 -102 -51 -117 514 140 Assets 373 1,157 697 118 583 13 192 -65 557 309 80 268 60 362 94 124 -206 -128 168 152 -205 -94 234 182 73 301 -41 199 151 156 179 -256 2 49 217 584 98 Liabilities 1,307 1,919 431 239 701 33 229 155 14 491 599 538 81 565 43 128 -137 116 150 -38 -22 -2 178 141 69 -195 104 236 152 481 237 -120 104 100 334 70 -42 Portfolio investment 744 734 -1,826 -121 444 -1,953 -1,929 1,315 740 -170 1,630 38 -41 392 -853 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -667 543 162 881 118 Financial derivatives -81 -163 53 -8 8 53 -32 5 27 -18 10 -21 1 4 14 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 -5 -8 -8 0 1 Other investment 2,767 2,248 4,394 837 167 2,989 2,354 -547 -402 1,083 -775 -580 292 -378 1,125 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,468 160 -544 -294 -512 31 338 -998 80 -904 -231 Assets 2,054 3,250 4,856 956 260 3,346 1,988 -696 218 2,973 57 329 431 -370 869 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,698 1,320 -46 -109 -146 312 368 -229 189 -374 82 Other equity 68 27 4 -2 -2 -1 5 0 0 0 2 0 -1 0 0 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 Currency and deposits 1,508 2,811 4,753 1,056 656 2,751 2,672 -792 121 2,128 -190 160 393 226 690 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,391 994 -257 -120 -161 92 351 -142 -49 -733 -190 Loans 215 438 342 57 -18 79 40 57 165 153 -10 -23 11 -5 14 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 40 58 66 Insurance, pension schemes, and standardised guarantee schemes -7 13 1 1 2 2 3 -1 -2 5 1 12 1 1 1 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 0 0 Trade credit and advances 303 29 -224 -150 -322 393 -544 67 -140 671 207 101 -14 -494 51 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 215 46 92 70 -5 -83 189 274 90 Other assets -33 -69 -20 -6 -56 122 -189 -27 74 15 47 79 41 -98 114 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -108 10 -13 50 58 16 5 26 115 Liabilities -713 1,002 462 119 93 358 -366 -150 620 1,889 832 909 139 8 -255 185 428 -362 -111 107 -151 -107 108 368 445 -194 231 1,160 498 186 366 281 31 769 109 530 313 Other equity 2 2 4 0 2 0 0 0 3 2 -42 1 0 3 0 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 Currency and deposits -524 1,009 800 270 308 199 222 116 263 788 950 400 12 162 -68 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 300 281 140 -10 270 192 151 Loans -491 -149 -409 53 -250 40 -255 -325 131 756 -372 -401 32 -43 -2 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -166 -107 -100 -7 83 -477 -9 83 Insurance, pension schemes, and standardised guarantee schemes 20 27 55 9 -35 40 18 6 -9 30 27 8 -12 -12 13 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 0 0 Trade credit and advances 331 62 -134 -140 84 -59 -391 20 297 209 274 66 103 -68 -272 74 140 -500 -66 175 -121 -37 178 185 132 -21 -134 134 209 3 159 112 -139 -55 259 348 4 Other liabilities -51 50 146 -72 -17 138 39 33 -65 103 -5 160 4 -35 74 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 42 20 -30 4 21 34 72 54 -3 74 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 Reserve assets 52 37 166 -33 5 49 29 26 62 13 7 707 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 Net errors and omissions 20 -616 -184 -96 -71 184 -313 -191 137 -146 -95 -500 -119 -29 71 68 45 109 -169 -253 -158 46 -79 -37 157 17 -76 410 -480 46 -26 -116 -589 57 32 341 94 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,556 3,841 3,552 953 1,013 852 808 900 991 915 999 982 344 333 253 316 283 230 278 301 325 240 336 336 329 325 261 295 359 330 333 336 331 284 367 365 N/A Intermediate goods 16,670 17,045 15,446 4,237 4,097 4,211 3,290 3,797 4,148 4,581 4,887 4,932 1,442 1,102 1,398 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,393 1,456 1,732 1,604 1,599 1,684 1,702 1,437 1,793 1,869 N/A Consumer goods 10,632 12,661 13,928 3,113 3,288 3,790 3,168 3,430 3,539 3,918 3,908 3,860 1,165 920 1,329 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,249 1,421 1,306 1,270 1,333 1,420 1,060 1,380 1,347 N/A Import of investment goods 4,237 4,391 4,008 1,054 1,188 936 849 964 1,258 1,072 1,219 1,172 389 424 330 308 298 214 298 338 347 278 340 378 464 416 304 347 421 391 412 416 370 388 414 430 N/A Intermediate goods 17,868 18,508 16,434 4,636 4,450 4,426 3,386 3,963 4,658 4,814 5,786 6,447 1,546 1,312 1,494 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,371 1,532 1,911 1,779 1,997 2,009 2,188 1,903 2,356 2,474 N/A Consumer goods 8,601 11,183 11,670 2,712 3,232 3,011 2,579 2,871 3,210 2,908 3,222 3,184 971 1,015 960 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 901 907 1,100 1,154 1,041 1,027 961 1,010 1,212 1,178 N/A Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix44 Slovenian Economic Mirror, No 2/2022 Monetary indicators and interest rates 2019 2020 2021 2019 2020 2020 2021 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 7,913 7,791 7,819 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 Central government (S,1311) 4,696 4,520 3,538 5,007 5,037 4,959 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 Other government (S,1312,1313,1314) 602 639 693 567 574 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 Households (S,14, 15) 10,981 10,997 11,556 10,781 10,833 10,950 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 Non-financial corporations (S,11) 9,589 9,363 9,828 9,878 9,868 9,869 9,882 9,587 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,493 1,486 1,479 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 4,067 3,894 4,011 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 26,651 26,509 26,728 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 In foreign currency 391 345 284 420 412 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 Securities, total 4,382 4,361 3,302 4,666 4,704 4,642 4,581 4,381 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 30,733 30,585 30,678 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 Overnight 21,278 25,218 29,146 20,521 20,676 20,611 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 With agreed maturity – short-term 3,478 3,381 2,707 3,423 3,340 3,448 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 With agreed maturity – long-term 5,723 5,348 5,849 6,010 5,823 5,806 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 Short-term deposits redeemable at notice 630 620 450 779 746 813 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 Deposits in foreign currency, total 634 723 828 686 685 646 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 Overnight 577 675 790 622 620 585 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 With agreed maturity – short-term 26 25 27 27 28 26 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 With agreed maturity – long-term 31 23 11 37 37 35 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.16 0.16 0.16 0.17 0.18 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.75 2.62 2.51 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 .. 3.56 2.32 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 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 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 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.408 -0.418 -0.413 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 6-month rates -0.302 -0.364 -0.364 -0.405 -0.394 -0.362 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.817 -0.812 -0.774 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 6-month rates -0.684 -0.659 -0.715 -0.802 -0.771 -0.711 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 Sources: BoS, EUROSTAT. Statistical Appendix 45Slovenian Economic Mirror, No 2/2022 Monetary indicators and interest rates 2019 2020 2021 2019 2020 2020 2021 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 7,913 7,791 7,819 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 Central government (S,1311) 4,696 4,520 3,538 5,007 5,037 4,959 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 Other government (S,1312,1313,1314) 602 639 693 567 574 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 Households (S,14, 15) 10,981 10,997 11,556 10,781 10,833 10,950 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 Non-financial corporations (S,11) 9,589 9,363 9,828 9,878 9,868 9,869 9,882 9,587 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,493 1,486 1,479 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 4,067 3,894 4,011 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 26,651 26,509 26,728 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 In foreign currency 391 345 284 420 412 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 Securities, total 4,382 4,361 3,302 4,666 4,704 4,642 4,581 4,381 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 30,733 30,585 30,678 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 Overnight 21,278 25,218 29,146 20,521 20,676 20,611 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 With agreed maturity – short-term 3,478 3,381 2,707 3,423 3,340 3,448 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 With agreed maturity – long-term 5,723 5,348 5,849 6,010 5,823 5,806 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 Short-term deposits redeemable at notice 630 620 450 779 746 813 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 Deposits in foreign currency, total 634 723 828 686 685 646 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 Overnight 577 675 790 622 620 585 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 With agreed maturity – short-term 26 25 27 27 28 26 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 With agreed maturity – long-term 31 23 11 37 37 35 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.16 0.16 0.16 0.17 0.18 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.75 2.62 2.51 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 .. 3.56 2.32 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 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 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 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.408 -0.418 -0.413 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 6-month rates -0.302 -0.364 -0.364 -0.405 -0.394 -0.362 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.817 -0.812 -0.774 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 6-month rates -0.684 -0.659 -0.715 -0.802 -0.771 -0.711 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 Sources: BoS, EUROSTAT. Statistical Appendix46 Slovenian Economic Mirror, No 2/2022 Public finance 2019 2020 2021 2019 2020 2021 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.1 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,852.7 1,483.5 1,487.6 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,092.9 Current revenues 18,293.3 17,578.7 20,123.7 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.0 1,438.0 1,332.9 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.0 Tax revenues 17,179.1 16,460.4 18,782.9 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,072.9 1,358.8 1,219.1 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,758.3 Taxes on income and profit 3,614.0 3,261.8 3,981.2 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 1,048.4 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.1 Social security contributions 7,021.3 7,289.9 7,924.4 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,047.2 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 756.4 Taxes on payroll and workforce 23.2 21.6 23.9 6.6 5.9 4.0 5.6 6.1 5.0 5.9 6.0 7.0 1.9 1.9 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 Taxes on property 296.4 287.3 316.2 81.6 31.0 48.6 111.3 96.4 33.5 84.8 102.2 95.7 7.6 13.3 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.0 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.1 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.4 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.0 Taxes on international trade & transactions 98.6 102.4 177.4 22.1 24.0 24.5 25.3 28.7 28.1 34.6 36.7 78.0 7.9 8.9 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 Other taxes -1.1 4.1 0.7 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -34.8 3.4 -0.1 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -36.4 Non-tax revenues 1,114.2 1,118.2 1,340.7 253.1 249.7 339.7 291.3 237.6 284.5 431.7 308.4 316.1 79.2 113.8 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 129.7 Capital revenues 136.4 146.9 228.2 46.9 31.2 20.1 31.3 64.3 36.4 54.9 56.0 81.0 12.2 7.8 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.7 Grants 13.8 17.5 21.7 1.2 8.1 1.4 6.9 1.1 6.7 2.0 10.3 2.8 5.4 1.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.5 Transferred revenues 58.3 54.8 57.4 3.1 0.2 21.7 30.6 2.3 1.7 2.1 51.4 2.1 0.0 0.0 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 Receipts from the EU budget 730.5 730.7 951.2 238.0 200.9 133.3 189.6 206.9 233.3 180.5 159.5 378.0 27.9 145.1 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,296.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,682.0 1,498.0 1,803.4 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,805.8 Current expenditures 8,228.3 9,127.8 10,389.9 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,873.0 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,266.8 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,758.3 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,320.8 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 444.0 Expenditures on goods and services 2,728.0 3,020.7 3,340.5 786.0 686.8 661.6 739.0 933.4 724.9 767.0 794.0 1,054.6 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 535.4 Interest payments 791.5 778.0 732.2 88.9 442.4 53.7 187.0 95.0 386.9 45.5 204.6 95.2 21.3 267.9 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.1 Reserves 238.4 363.8 558.8 97.9 47.3 40.5 32.8 243.2 63.1 59.5 33.9 402.4 13.3 25.5 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.3 Current transfers 8,704.2 10,867.7 11,320.5 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,713.1 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 976.8 Subsidies 467.9 1,449.3 867.2 139.3 167.9 711.7 305.5 264.2 296.4 302.3 111.5 157.0 39.7 45.4 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.0 Current transfers to individuals and households 7,323.9 8,250.8 9,167.9 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.9 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.8 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,132.6 232.7 215.0 242.6 248.9 376.7 197.6 276.6 298.3 360.1 68.5 80.0 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 151.1 Current transfers abroad 84.7 84.4 152.7 25.9 23.2 11.2 16.6 33.4 29.9 31.0 36.7 55.1 8.4 6.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 Capital expenditures 1,252.9 1,230.6 1,541.8 541.2 172.8 232.7 263.2 561.9 194.3 278.0 402.4 667.0 56.9 62.4 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 332.6 Capital transfers 273.6 318.5 415.7 141.6 29.6 42.9 68.0 178.0 33.4 55.7 86.2 240.4 8.0 10.5 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 158.9 Payments to the EU budget 509.7 526.0 628.9 82.3 154.0 134.7 85.1 152.2 197.5 119.1 123.8 188.5 48.5 28.4 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 SURPLUS / DEFICIT 263.5 -3,542.1 -2,914.5 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -829.2 -14.6 -315.8 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -712.9 Source: MF. Statistical Appendix 47Slovenian Economic Mirror, No 2/2022 Public finance 2019 2020 2021 2019 2020 2021 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.1 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,852.7 1,483.5 1,487.6 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,092.9 Current revenues 18,293.3 17,578.7 20,123.7 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.0 1,438.0 1,332.9 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.0 Tax revenues 17,179.1 16,460.4 18,782.9 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,072.9 1,358.8 1,219.1 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,758.3 Taxes on income and profit 3,614.0 3,261.8 3,981.2 987.4 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 1,048.4 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.1 Social security contributions 7,021.3 7,289.9 7,924.4 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,047.2 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 756.4 Taxes on payroll and workforce 23.2 21.6 23.9 6.6 5.9 4.0 5.6 6.1 5.0 5.9 6.0 7.0 1.9 1.9 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 Taxes on property 296.4 287.3 316.2 81.6 31.0 48.6 111.3 96.4 33.5 84.8 102.2 95.7 7.6 13.3 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.0 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.1 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.4 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.0 Taxes on international trade & transactions 98.6 102.4 177.4 22.1 24.0 24.5 25.3 28.7 28.1 34.6 36.7 78.0 7.9 8.9 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 Other taxes -1.1 4.1 0.7 -15.8 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -34.8 3.4 -0.1 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -36.4 Non-tax revenues 1,114.2 1,118.2 1,340.7 253.1 249.7 339.7 291.3 237.6 284.5 431.7 308.4 316.1 79.2 113.8 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 129.7 Capital revenues 136.4 146.9 228.2 46.9 31.2 20.1 31.3 64.3 36.4 54.9 56.0 81.0 12.2 7.8 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.7 Grants 13.8 17.5 21.7 1.2 8.1 1.4 6.9 1.1 6.7 2.0 10.3 2.8 5.4 1.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.5 Transferred revenues 58.3 54.8 57.4 3.1 0.2 21.7 30.6 2.3 1.7 2.1 51.4 2.1 0.0 0.0 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 Receipts from the EU budget 730.5 730.7 951.2 238.0 200.9 133.3 189.6 206.9 233.3 180.5 159.5 378.0 27.9 145.1 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,296.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,682.0 1,498.0 1,803.4 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,805.8 Current expenditures 8,228.3 9,127.8 10,389.9 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,873.0 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,266.8 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,758.3 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,320.8 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 444.0 Expenditures on goods and services 2,728.0 3,020.7 3,340.5 786.0 686.8 661.6 739.0 933.4 724.9 767.0 794.0 1,054.6 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 535.4 Interest payments 791.5 778.0 732.2 88.9 442.4 53.7 187.0 95.0 386.9 45.5 204.6 95.2 21.3 267.9 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.1 Reserves 238.4 363.8 558.8 97.9 47.3 40.5 32.8 243.2 63.1 59.5 33.9 402.4 13.3 25.5 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.3 Current transfers 8,704.2 10,867.7 11,320.5 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,713.1 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 976.8 Subsidies 467.9 1,449.3 867.2 139.3 167.9 711.7 305.5 264.2 296.4 302.3 111.5 157.0 39.7 45.4 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.0 Current transfers to individuals and households 7,323.9 8,250.8 9,167.9 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.9 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.8 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,132.6 232.7 215.0 242.6 248.9 376.7 197.6 276.6 298.3 360.1 68.5 80.0 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 151.1 Current transfers abroad 84.7 84.4 152.7 25.9 23.2 11.2 16.6 33.4 29.9 31.0 36.7 55.1 8.4 6.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 Capital expenditures 1,252.9 1,230.6 1,541.8 541.2 172.8 232.7 263.2 561.9 194.3 278.0 402.4 667.0 56.9 62.4 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 332.6 Capital transfers 273.6 318.5 415.7 141.6 29.6 42.9 68.0 178.0 33.4 55.7 86.2 240.4 8.0 10.5 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 158.9 Payments to the EU budget 509.7 526.0 628.9 82.3 154.0 134.7 85.1 152.2 197.5 119.1 123.8 188.5 48.5 28.4 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 SURPLUS / DEFICIT 263.5 -3,542.1 -2,914.5 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -829.2 -14.6 -315.8 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -712.9 Source: MF. Acronyms48 Slovenian Economic Mirror, No 2/2022 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EBA – European Banking Authority, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, EMMI – European Money Markets Institute, ENTSO-E – European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial Administration of the Republic of Slovenia, GDP– Gross domestic product, GNI – gross national income, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PEEP – Pandemic emergency purchase programme, PMI – Purchasing Managers' Index, REACT-EU - Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, SVRK – Government Office for Development and European Cohesion Policy, USA – United States of America, USD – US Dollar, VAT – value added tax, WEO – World Economic Outlook, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L  – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O  – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY- Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 2, Vol. XXVIII, 2022