slovenian economic mirror No. 3, Vol. XXVII, 2021 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 3 / Vol. XXVII / 2021 Publisher: IMAD, Ljubljana, Gregorciceva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Urška Brodar Authors: Urška Brodar; Lejla Fajic; Tina Golob Šušteršic, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršic; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markic, PhD; Tina Nenadic, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajic; Marta Gregorcic, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupancic, MSc; Janez Kušar, MSc Translated by: Marija Kavcic Technical editing and layout: Bibijana Cirman Naglic Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, April 2021 ISSN 1318-3826 (print) ISSN 1581-1026 (pdf) The publication is available free of charge. © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 11 Labour market ............................................................................................................................................ 18 Prices .............................................................................................................................................................. 19 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................ 21 Public finance ............................................................................................................................................. 22 Statistical appendix ...............................................................................................................................25 The Economic Mirror is prepared based on statistical data available by 9th April 2021. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. In the spotlight The available indicators show that, with the renewed tightening of containment measures, euro area economic activity contracted slightly again at the quarterly level in the first quarter of the year. Due to the rise in COVID-19 infections, many euro area countries extended or tightened containment measures at the beginning of the year. According to the available economic indicators, containment measures did not have a noticeable impact on manufacturing but continued to impede activity in the service sector, which most likely contributed to a moderate contraction of activity overall. At the beginning of April, the IMF upgraded slightly the January forecast for economic growth in the euro area. After last year’s 6.6% fall, euro area GDP should grow by 4.4% this year, amid the continuation of considerable monetary and fiscal policy support, and by 3.8% in 2022. The IMF assumes that in the first half of the year economic activity will still be affected by high infection rates, the spread of virus mutations and the related extension and tightening of containment measures, but then it should start strengthening with a gradual easing of containment measures due to higher vaccination coverage. The key factor in the recovery will be private consumption, amid a decline in uncertainty and, consequently, a cessation of forced and precautionary saving. Uncertainty remains high, however. On the one hand, the strengthening of global demand and progress in vaccination are encouraging, but on the other, there is still a high risk of the spread of the epidemic and the associated consequences for the economic and financial situation. In Slovenia, household consumption was lower year on year in the first two months, but in March it picked up significantly according to data on fiscal verification of invoices and reached pre-crisis levels. With the opening of some shops and services and the lifting of the ban on movement between municipalities, particularly household expenditure in the retail sale of non-food and food products and for some personal services otherwise increased in February at the monthly level but remained lower year on year. The large year-on-year fall in household expenditure continued in those service activities that remained mostly closed (in particular in accommodation and food service activities and arts and entertainment activities). According to data on fiscal verification of invoices, in March sales rose significantly year on year due to the base effect and also exceeded the level seen in the same period of 2019. This is attributable to increased sales before the renewed closure of some shops, a different distribution of Easter holidays and two working days more than in the same period of 2019. Amid stable disposable income, the household savings rate remained high at the beginning of the year and households continued to make significant repayments of consumer loans amid modest borrowing. The export-oriented part of the economy was not notably affected by the deterioration in epidemiological conditions at the end of last and the beginning of this year; export market share rose significantly in the last quarter of last year. After falling due to the first wave of the epidemic, Slovenia’s export share on the global market increased in the last quarter of 2020 according to preliminary data. In the last quarter, Slovenia’s market share also strengthened more noticeably in the EU, which accounts for around three-quarters of Slovenia’s exports of goods. The relatively favourable developments in the export-oriented part of the economy, which had reached pre-crisis levels at the end of last year, continued at the beginning of the year. After the increase in January, manufacturing output remained at a similar level in February. Goods exports to the EU rose. In March, confidence indicators indicated a continuation of favourable developments in the export-oriented part of the economy. This is also corroborated by data on the volume of freight traffic on Slovenia motorways, which was a tenth higher in March compared with the pre-crisis year 2019. The fall in domestic demand during the epidemic, together with energy prices, had a strong impact on the increase in the current account surplus and the movement of consumer prices. In March, these were somewhat higher year on year for the first time since last July. Growth was mainly driven by higher prices of energy, as electricity prices were significantly higher year on year due to their considerable fall at the beginning of the first wave of the epidemic. The year-on-year fall in oil product prices also slowed significantly due to the current oil price growth and the lower base. The fall in prices of semi-durables strengthened further, mainly as a consequence of the movement of clothing and footwear prices. Prices of durable goods and services were also down in March. The year-on-year higher current account surplus (in the 12 months to January) was, amid improved terms of trade, mainly due to a higher surplus in trade in goods, as real imports fell more than exports amid significantly lower household spending and a fall in investment. The decline in the number of registered unemployed persons strengthened somewhat further in March. At the end of the month, 82,638 persons were unemployed, 6.1% fewer than at the end of February and 6.1% more than a year earlier. At the beginning of the year, employment fell the most year on year in accommodation and food service activities and administrative and support service activities, which were hit hardest by containment measures, while it rose the most in health and social work. This segment also recorded the largest year-on-year increase in wages, particularly due to allowances for hazardous working conditions and additional workload. In comparison with a relatively significant wage increase in the public sector, wage growth in the private sector did not rise in the second wave of the epidemic. The only exception was the increase in December, due mainly to the payment of Christmas bonuses and 13th-month pay, while at the beginning of the year wage growth was again somewhat lower year on year. As a result of measures to mitigate the impact of the epidemic, the deficit of the consolidated general government budgetary accounts also increased strongly at the beginning of the year. In the first two months, it amounted to EUR 633 million. The bulk of the deficit derived from significantly increased expenditure, largely due to the temporary measures to mitigate the consequences of the epidemic, which strengthened particularly subsidies, transfers to individuals and households, and funds for wages. Revenue in this period was close to last year’s level. Some tax revenues declined due to limited economic activity and deferred tax payments and lower advance payments, while revenues from social contributions and personal income tax were higher year on year amid wage growth, as were non-tax revenues. Source: SURS; calculations by IMAD. Source: ESS. The somewhat higher consumer prices year on year were Due to limited economic activity and measures to mainly a consequence of higher energy prices. contain the consequences of the epidemic, the general government deficit increased significantly. Food Fuels and energy Services General government balance Primary balance Other TOTAL 2,000 1,000 0 -2,000 -3,000 -59.3 -633.0 -3542.2 International institutions are upgrading their forecasts for In Slovenia, activities where operations are restricted due GDP growth in the euro area for 2021. to the nature of the activity remain the most affected part of the economy. EC, February 21 OECD, March 21 ECB, March 21 Retail sale of non-food products Focus,April 21 IMF, April 21 Sale of motor vehicles Accommodation and food service activities Retail sale of food products Retail sale of automotive fuels Travel agencies* Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Seasonally adjusted indicator value -60 10 0 -10 Construction Consumers . Source: EC, Focus, IMF, OECD. estimate, as it was not sufficiently reliable for publication. Confidence in the export part of the economy and The decline in the number of registered unemployed construction again improved notably in March and was persons again strengthened somewhat in March. higher than before the epidemic. Real GDP growth, in % Seasonally adjusted real index 2010=100 100 80 60 40 20 0 240 220 200 180 160 140 120 Economic sentiment Manufacturing Retail trade Service activities In EUR million Number of registered unemployed persons, in 1,000 -1,000 74 76 78 80 82 84 86 88 90 92 94 Mar 20Jan 11Apr 20 Source: SURS; calculations by IMAD. * June's figure is IMAD Jan 12May 20Jan 13Jun 20Jan 14Jul 20 Aug 20Jan 15 Jan 16 Sep 20 Oct 20Jan 17Nov 20Jan 18Dec 20Jan 19 Jan 21 Feb 21Jan 20 Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 I-II 2020 I-II 2021 -4,000 Source: SURS; calculations by IMAD. Source: MF, Bulletin of Government Finance; calculations by IMAD. current economic trends The international environment Figure 1: The composite Purchasing Managers’ Index (PMI) for the euro area Composite index Manufacturing Services The available economic indicators indicate a renewed contraction of economic activity in the euro area in the first quarter of this year compared with one quarter earlier. Owing to the rise in COVID-19 infections, many euro area countries extended or tightened containment measures at the beginning of the year. According to the available economic indicators, containment measures had no major impact on manufacturing, but they continued to impede activity in the service sector. While retail sales fell almost by 6% at the monthly level in January, manufacturing fared relatively better. In the first quarter, the composite Purchasing Managers’ Index (PMI) remained low (below 50), indicating a renewed moderate contraction of euro area economic activity in the first quarter compared with the previous quarter. Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Figure 2: IMF forecast of economic growth and world trade for 2021 and 2022 Global economic activity will strengthen this year 2020 Forecast for 2021 Forecast for 2022 Forecast January 2021 after a deep fall in 2020, according to IMF forecasts. 10 At the beginning of April, the IMF upgraded its January 8 forecast for global economic growth for this year 6 and next particularly due to the large fiscal stimulus Real growth, in % package in the US. With the continuation of substantial support of monetary and fiscal policy measures and the strengthening of global demand, euro area GDP is projected to grow by 4.4% this year and 3.8% in 2022. The IMF assumes that in the first half of the year economic activity will still be restricted by high infection rates, the spread of virus mutations and the related extension and tightening of containment measures, but then it should 2 0 -2 -4 -6 -8 Worldgrowth China USA EA Worldtrade start strengthening with a gradual easing of containment measures due higher vaccination coverage. The key factor in the recovery will be private consumption, amid Source: IMF WEO, April 2021; IMF WEO Update, January 2021. a decline in uncertainty and the consequent cessation of forced and precautionary saving. Uncertainty remains high, however. On the one hand, the strengthening of global demand and progress in vaccination are encouraging, but on the other, there is still a high risk of the spread of the epidemic and the associated negative consequences for the economic and financial situation. Table 1: Brent Crude prices, USD/EUR exchange rate and EURIBOR average change, in %* 2020 II 21 III 21 III 21/II 21 III 21/III 20 I-III 21/I-III 20 Brent USD, per barrel 41.83 62.28 65.41 5.0 103.7 20.5 Brent EUR, per barrel 36.57 51.47 54.97 6.8 90.0 10.3 USD/EUR 1.142 1.210 1.190 -1.6 7.6 9.4 3-month EURIBOR, in % -0.427 -0.541 -0.539 0.2 -12.2 -13.7 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Figure 3: Prices of Brent Crude per barrel and the USD/EUR exchange rate USD/EUR per barrel Price in USD The price of Brent Crude rose above its pre-epidemic Price in EUR levels in March. In March, the average dollar price of Exchange rate USD/EUR (right axis) 1.6 Brent Crude climbed to USD 65 a barrel, up 104% year on year. The year-on-year increase in euro prices was 90 80 1.5 somewhat smaller. The rise was mainly due to reduced oil 70 1.4 60 1.3 50 1.2 40 1.1 30 1.0 20 0.9 10 0.8 USD for 1 EUR supply from Saudi Arabia and improving global demand underpinned by the robust recovery in manufacturing. Increased global demand, along with limited supply from some major world exporters, was also reflected in significantly higher metal prices in the first quarter. Food prices also rose well above their pre-epidemic levels. Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: ECB, EIA; calculations by IMAD. Figure 4: Effective exchange rate exchange rate of the EUR against the basket of currencies of 37 (narrow group) or 60 (broad group) trading partners in and outside EMU. The value of the euro against a basket of foreign currencies was stable in the first quarter of 2021. The spread of the COVID-19 epidemic across the world has also caused major exchange rate fluctuations. The euro, which was perceived as one of the safer currencies, had started to appreciate against the currencies of most trading partners in March 2020 but had largely stabilised by the autumn. In the first quarter, Slovenia’s nominal effective exchange rate (NEER), which indicates the ratio of the euro to a basket of trading partners’ currencies,1 thus remained at a similar level for the second consecutive quarter. The pressure on the price competitiveness of Slovenian exporters (as measured by the REER_hicp indicator) had already been mitigated by the weaker growth of final prices (measured by inflation) in comparison with trading partners in the period of the appreciation of the euro, and in the first quarter the indicator of price competitiveness of Slovenian exports improved again. 1 Weighted according to their importance in external trade flows specific for Slovenia. Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. in France by 2% and in Germany by 3%. The exception was Croatia, where consumption was 4% higher than in March 2019. Merchandise exports Ind. prod. in manufacturing Activity in the export-part of the economy is Value of construction output Turnover in trade strengthening, but the part of the economy where Turnover in services (nom.) operations are restricted due to the nature of the activity remains affected. As most hotels and restaurants remained closed, turnover in accommodation and food service activities fell further in January. Turnover in trade remained at December’s level in January, amid an improvement in motor vehicle sales, while in February it increased more strongly due to the re-opening of most non-food stores. Manufacturing output and goods exports to EU countries, which had already been close to pre-epidemic levels year on year at the end of 2020, rose in January. Confidence in manufacturing also climbed Mar 20 Apr 20 May 20 Source: SURS; calculations by IMAD. Figure 6: Electricity consumption Jan 05 Jan 06 Jan 07Jan 08Jan 09 Jan 10 Jan 11 Jan 12Jan 13Jan 14 Jan 15 Jan 16 Jun 20 Aug 20 Sep 20Jul 20 Austria France Croatia In March, electricity consumption was 2% higher Italy Germany Slovenia compared with the same month of 2020 but 4% lower compared with the same period of the pre-crisis year Oct 20 Nov 20 Economic developments in Slovenia Figure 5: Short-term indicators of economic activity in Slovenia Dec 20Jan 17Jan 18Jan 19 Jan 21 Feb 21Jan 20Mar 21 Jan 21 notably in the middle of March as a result of stringent containment measures adopted at the beginning of the epidemic. Year-on-year higher consumption was also recorded in our main trading partners, from 3% in Austria to 18% in Italy. However, compared with March 2019, most countries recorded declines, the largest being in Austria (-9%). In Italy, consumption declined by 5%, base effect, as last year electricity consumption dropped 2019. The year-on-year increase was mainly due to the above pre-epidemic levels in March. The continuation of relatively favourable developments in the export-oriented part of the economy is also indicated by the volume of freight traffic on Slovenian motorways, which was higher than in the pre-crisis year 2019 in March. Figure 7: Electricity consumption by consumption group Industry In February, the year-on-year decline in industrial Households electricity consumption deepened slightly compared Small business consumption Total distribution network consumption with the previous months of the second wave of the epidemic, while the year-on-year decline in small Source: SODO. on year (7.7%) in February, as people spent more time at home due to the epidemic, but the increase was smaller than at the peak of the second wave of the epidemic. 2 In this consumption group, consumption is most frequently measured in service activities and shops. This group also includes warehouses, agricultural activity, etc. and also large manufacturing plants that do not consume significant amounts of electricity at some measuring places. 3 In December, the year-on-year decline was 9.4%, reflecting the easing of measures around the public holidays. Figure 8: Traffic of electronically tolled vehicles on Slovenian motorways Tolled vehicles Domestic Foreign Freight traffic on Slovenian motorways4 in March was up 40% year on year and up 11% compared with the same period of 2019. Domestic vehicle traffic was 18% and foreign vehicle traffic 60% higher year on year. These strong growth rates were recorded mainly because of the base effect, as in March last year traffic had already been greatly restricted since the middle of the month due to the adoption of stringent containment measures during the first wave of the epidemic. In comparison with the same period of 2019, domestic vehicle traffic was 15% higher and foreign vehicle traffic 9% higher in March (partly due to there being two more working days in the month). 4 Measured in kilometres driven Source: Internal reports obtained from DARS; calculations by IMAD. Year-on-year change, in % Jan 20Jan 20Feb 20 15 10 5 0 -5 -10 -15 -20 -25 -30 Feb 20 Mar 20 Mar 20 Apr 20 Apr 20 May 20 May 20 Jun 20 Jun 20 Jul 20 Jul 20 Aug 20 Aug 20 Sep 20 Oct 20 Sep 20 Oct 20 Nov 20 Nov 20 Dec 20 Dec 20 Jan 21 Feb 21Mar 21 Jan 21 Feb 21 business electricity consumption decreased. In February, industrial electricity consumption was 8.1% lower year on year (in the last three months of 2020 as a whole: 3.7%; in January this year: 6.5%). The year-on-year fall in electricity consumption by small business consumers, which mainly include service activities and trade,2 decreased slightly (to 12.1%) in February with the partial relaxation of measures, after amounting to around 14% in November and January, when non­essential services and shops were closed.3 On the other hand, household electricity consumption was higher year Source: SURS; calculations by IMAD. due to the relaxation of some containment measures. 5 Detailed data by sections of SITC are available until January 2021. According to data on fiscal verification of invoices, in March turnover was 34% higher year on year and 8% higher than in the same period of 2019. In the first two weeks of March, turnover was still below last year’s level, then exceeded it strongly due to the base effect. Strong year-on-year growth in turnover in the second half of March was mainly a consequence of high growth in trade, as last year all non-essential shops had been closed in this period. Growth was also partly related to increased sales before the re-closure of some shops, the distribution of Easter holidays and two more working days, because of which turnover in trade also remained relatively high growth was also recorded in food and beverage services and accommodation activities. Figure 10: Trade in goods – real Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Slovenia; calculations by IMAD. Source: FURS Financial Administration of the Republic of Jan 20Feb 20Mar 20 Apr 20May 20Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20Dec 20 Exports to the EU Imports from the EU After the recovery of goods trade came to a halt at the turn of the year, February saw more favourable Jan 21Jan 20 Feb 21Mar 21 Jan 21 developments. Real goods exports to EU countries rose and exceeded pre-crisis levels. Exports recovered in the majority of main activities;5 particularly the movements in exports of intermediate goods and some high-technology consumer goods remained favourable. In March, export expectations improved noticeably, companies being more optimistic regarding future foreign demand than before the beginning of the epidemic. Goods imports recovered too, underpinned mainly by imports of intermediate goods and activity in industrial sectors and, to a lesser extent, the movements in private consumption compared with the same period of the pre-crisis year 2019. With the opening of bar terraces and gardens in some regions and some accommodation establishments, in the second half of the month strong year-on-year Figure 9: Fiscal verification of invoices Slika 11: Rast slovenskega izvoza in uvoza držav EU iz sveta, vecje skupine proizvodov, 2020 Slovenia’s export market share strengthened Slovenian exports to the EU (annual change, in %) -25 iscellaneanufactured m M ous Medic inal and Power ge nerating sp Machinery ecialised for articles, n.e.s. Scien tific and ontrol pharmpro aceutical ducts machinequip ery and ment Manu ifactures of particular ndustries cinstr uments metRub als, n.e.s. ber Electricmachine al ry, General inmachi manufdustrial nery and actures P aper and apparatpaperboa us rd; equipmeIron nt, n.e.s. TOTAL articles of Non-f paper puerrous me lp tals and steel Fur niture and Ro ad vehicles par ts thereof significantly in the last quarter of 2020. After the first epidemiological wave led to a sharp decline in global import/export flows of goods and an even deeper decline in Slovenian exports – and thus a fall in Slovenian export share on the global market –, the first data for the last quarter of 2020 are more encouraging. Poor epidemiological conditions did not have a major negative impact on the movement of Slovenia’s export market share at the end of 2020. According to preliminary data, Slovenian market share on the global market even increased in the last quarter,6 after being 1.7% lower -25 -20 -15 -10 -5 0 5 10 15 EU imports from the world (annual change, in %) Source: SURS, Eurostat; calculations by IMAD. The size of the circle represents the share of the group of products in Slovenian exports to the EU. The figure shows 15 largest export groups of manufactured goods. year on year on average in the first three quarters of the year. In the last quarter of 2020, Slovenian market share on the EU market also rose (4% year on year, after being slightly below its 2019 level on average in the first three quarters of 2020).7 A breakdown by main product groups shows that, despite the improvement towards the end of the year, EU countries’ import demand for road vehicles remained among the most affected, while demand for medicinal and pharmaceutical products was significantly higher than in the previous year. In addition, the last quarter of 2020 also recorded pronounced growth in EU countries’ import demand for electrical machinery and equipment, with even stronger growth in Slovenian exports in this segment. 6 Since the first estimates of world import demand are rather uncertain in the current situation, we are not publishing precise growth of Slovenian market share on the world market. However, available data point to relatively strong growth in the last quarter of 2020. 7 On both the EU and the world market, the decline in the first three quarters of 2020 as a whole is mainly a consequence of a sharp market share fall in the first wave. Figure 12: Trade in services – nominal External trade in services was significantly lower year on year at the beginning of 2020. After recovering for several months, exports of services fell again in January and were more than a quarter lower year on year; imports also remained significantly lower than a year earlier (-17%). Measures to contain the epidemic, particularly the closure of hotels and restaurants and restrictions on crossing state borders, significantly affected tourism, where export and import revenues were down more than 85% year on year in January. The several-year decline in trade in ICT services (especially telecommunications) and personal, cultural and recreational services also continued. Some other important service activities Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 recorded more favourable developments in the second wave. However, trade in transport and construction Source: BoS; calculations by IMAD. services nevertheless fell more noticeably in January, mainly as a result of weather conditions. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2020 II 21/I 21 II 21/II 20 I-II 21/I-II 20 Merchandise exports, real1 -0.8 2.53 2.2 -0.3 - to the EU -7.7 3.53 -3.1 -7.3 Merchandise imports, real1 -2.7 2.43 -2.8 -5.4 - from the EU -8.5 6.53 -0.4 -5.2 Industrial production, real -5.1 0.63 -1.5 -0.2 - manufacturing -4.8 0.23 -1.5 0.2 In % 2020 I 21/XII 20 I 21/I 20 Services exports, nominal2 -19.6 -7.83 -27.04 Services imports, nominal2 -15.2 -1.43 -17.64 Construction -value of construction put in place, real -0.7 8.33 4.2 Distributive trades - real turnover -7.2 0.03 -12.04 Market services (without trade) - nominal turnover -11.1 -0.93 -12.64 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 13: Production volume in manufacturing High-tech ind. Medium-high-tech. ind. In February, manufacturing production remained Medium-low-tech. ind. Low-tech ind. similar month on month. Production in medium-high-Manufacturing, tot. technology industries strengthened after a fall in January. Medium-low- and low-technology industries recorded further growth, while production in high-technology industries declined. Manufacturing production was down year on year, as in the previous month. With last year’s high base, this was largely a consequence of a fall in high- and low-technology industries. The worse performance in high-technology industries was a consequence of a year-on-year decline in pharmaceutical production, while in low-technology industries the fall was more broad-based. Production in medium-low- and medium-high- Source: SORS, calculations IMAD car industry. Figure 14: Activity in construction Seasonally adjusted data Construction activity increased in January. The value 3-month moving averages, seasonally adjusted of construction output rose by 8.3% and was 4.2% higher than a year before. Compared with 2018 and 2019, in the last few months, activity was considerably higher in non­residential buildings, slightly higher in civil engineering and at a similar level in specialised construction activities. Data on the stock of contracts and new contracts in construction do not paint a uniform picture. The value of the stock of contracts, having already been slowly falling since mid-2020, declined sharply in January and was 15% lower year on year. On the other hand, the value of new contracts rose towards the end of 2020 and in January and was around a third higher year on year in the last Jan 11 Jan 11 Jan 12 Jan 12 Jan 13 Jan 13 Jan 14 Jan 14 Jan 15 Jan 15 Jan 16 Jan 16 Jan 17 Jan 17 Jan 18 Jan 18 Jan 19 Jan 19 three months. technology industries stagnated year on year. Among the latter, the largest negative contribution was made by the Source: SURS; calculations by IMAD. Figure 15: Turnover in trade Source: SURS; calculations by IMAD. Note: The Q1 2021 figure is the average value for January and February. Household saving rate (right axis) the last quarter of 2020, when, at 30.2%, it was as much as 20.8 p.p. higher than in the same period of 2019.10 9 Which is also confirmed by data on a larger volume of household deposits at the beginning of the year. 10 Overall, the savings rate in 2020, at 25.1%, was 11.8 p.p. higher than in 2029 and the highest since data became available. (partly due to government measures to contain the impact of the epidemic).9 We estimate that, amid slightly increased household consumption, it was somewhat lower than in of the ban on movement between municipalities, household expenditure in the retail sale of non-food and food products and on some personal services increased in particular. The sharp year-on-year fall in household expenditure continued in those service activities that remained mostly closed (especially in accommodation and food service activities and arts and entertainment activities). The household savings rate remained high at the beginning of the year, with disposable income stable opening of some shops and services and the lifting Household consumption After deteriorating in January, household Real turnover in the sale of non-food products consumption increased somewhat in February Real turnover in the sale of food products but remained lower than one year earlier. With the Sale of passenger cars to natural persons In January, total turnover in trade was similar to that in Total Sale of motor vehicles Wholesale trade Retail trade the previous month, while in February it strengthened more markedly, according to preliminary data, due to the opening of all non-food stores. In January, turnover fell in wholesale trade, while strengthening in the sale of motor vehicles8 and retail trade. In the latter, it increased due to stronger sales of food and automotive fuels, despite a significant fall in non-food sales due to the renewed closure of most non-food stores. With the opening of all shops and the removal of restrictions on movement between municipalities, turnover strengthened in all trade segments in February according to preliminary data, the most, almost by a third, in the retail sale of non- Source: SURS; calculations by IMAD. Note: * including real estate. Figure 17: Selected indicators of household consumption . Source: SURS; calculations by IMAD. despite the increase. Figure 16: Turnover in market services Q1 10Jan 11Q1 11Jan 12Jan 11 Accommodation and food service activities (I) was also recorded in administrative and support service activities, largely due to a halt in the decline in turnover in employment services. Turnover also increased in information and communication activities, with turnover in computer services rising on both the domestic and foreign markets. Turnover in transportation dropped due to a deterioration in road and port freight transport, and in accommodation and food service activities due to a further closure of most hotels and restaurants. Total * Turnover in most market services rose in January. Transportation and storage (H) Real turnover growth in professional and technical Information and communication activities (J) activities accelerated further with renewed growth in Professional and technical activities (M) Administrative and support service activities (N) architectural and engineering services. Strong growth Jan 12Q1 12Jan 13Jan 13 Q1 13 Q1 14Jan 14Jan 14 Q1 15Q1 16Q1 17 Jan 15Jan 15Jan 16Jan 16Jan 17Jan 17Q1 18Jan 18 Jan 18 Q1 19Jan 19 Q1 20Q1 21 Jan 19 Jan 20Jan 21 Jan 20 Jan 21 food products. 8 New passenger car sales were almost 30% lower year on year in January, Figure 18: Real estate, Q4 2020 Index 2010=100 Transactions in new residential properties (left axis) Transactions in existing residential properties (left axis) Prices of new residential properties (right axis) Prices of existing residential properties (right axis) 225 120 200 110 100 90 80 70 60 50 40 Growth in dwelling prices moderated somewhat in 2020 on average; the number of transactions declined further due to containment measures. In the year as a whole, prices were 4.6% higher year on year (in 2018 and 2019, 8.7% and 6.7% higher respectively). They rose particularly due to higher prices of existing dwellings, in particular flats (5.4%). Prices of existing flats outside Ljubljana increased more (6.5%), this for the third consecutive year. Last year, they exceeded the average 2008 price by a fifth. Prices of existing flats in Ljubljana, which started to rise earlier than in the rest of Slovenia, exceeded the 2008 level by 7.3%. Prices of newly Index 2010=100 200820092010 2011 201220132014 201520162017 20182019 2020 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Figure 19: Economic sentiment built dwellings were also higher year on year, but these dwellings accounted for less than 3% of all transactions. Strong, more than 13% growth was recorded for prices of family houses, but they remained lower than in 2008 (by 14.6%). The growth of prices of new flats was down (by 2.1%), the number of transactions in such flats being at an 11-year low. Economic sentiment Manufacturing Economic sentiment improved further in March. Retail trade Service activities Confidence in the export part of the economy and Construction Consumers construction, which were not markedly affected in the second wave of the epidemic, again improved notably in March and was higher than before the epidemic. With the relaxation of some containment measures, confidence also improved significantly at the monthly level in the more affected trade sector, while in service activities the indicator stopped rising after two consecutive months of growth. Confidence among consumers, who are mainly pessimistic about the future economic situation, deteriorated in March and was, as in trade and services, lower year on year. Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: SURS; calculations by IMAD. Labour market Figure 20: Number of employed persons and number of registered unemployed persons Employed according to SRE (left axis) The decline in the number of registered unemployed Registered unemployed (right axis) persons again strengthened somewhat in March. With intervention measures still in place, December’s and January’s growth did not deviate significantly from seasonal increases in the same period of previous years. At the end of January, it came to a halt, and in February, a seasonal fall in unemployment was already observed, which then strengthened somewhat in March. At the end of March, 82,638 persons were unemployed, 6.1% fewer than at the end of February and 6.1% more than a year earlier. The number of employed persons was down 1.5% year on year in January, which is similar to previous Jan 06Jan 07Jan 08Jan 09 Jan 10Jan 11Jan 12 Jan 13Jan 14Jan 15Jan 16 Jan 17Jan 18Jan 19 Jan 20 Jan 21 months. Employment again fell most sharply year on year in accommodation and food service activities and administrative and support service activities, which were Source: SURS, ESS; calculations by IMAD. hardest hit by containment measures, while it increased most in health and social work. Figure 21: Average gross wage per employee In January, year-on-year wage growth continued; it was still strongly influenced particularly by the payments of crisis allowances in the public sector. With the renewed payment of allowances (the extraordinary payment of allowances for hazardous working conditions and additional workloads and the payment of the bonus for work in crisis conditions in accordance with the collective agreement), year-on-year wage growth in the public sector increased again towards the end of last year and in January this year, the most by far in social work and health (in January, by 41.9%; in the entire public sector, by 18.4%). In the private sector, wage growth did not strengthen in the second wave of the epidemic. The only exception was the increase in December (by 5.3%), due mainly to the payment of Christmas bonuses and 13th­ Source: SURS; calculations by IMAD. month pay, while in January, wage growth was again somewhat lower year on year (by 3.7%). Table 3: Indicators of labour market trends Change, in % 2020 I 21/XII 20 I 21/I 20 Persons in formal employment2 -0.6 -0.71 -1.5 Average nominal gross wage 5.8 0.91 9.4 private sector 4.4 0.61 3.7 public sector 7.8 3.81 18.4 of which general government 9.9 3.41 22.9 of which public corporations 1.9 1.11 4.7 2020 I 20 XII 20 I 21 Rate of registered unemployment (in %), seasonally adjusted 8.7 7.61 8.9 8.9 Change, in % 2020 III 21/II 21 III 21/III 20 I-III 21/I-III 20 Registered unemployed 14.6 -1.01 6.1 11.5 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Prices Figure 22: Consumer prices Source: SURS, Eurostat. Figure 23: Slovenian industrial producer prices Consumer prices were up year on year in March for the Slovenia Euro area first time since July last year.11 The increase was mainly due to higher energy prices. Electricity prices were almost 40% higher than a year earlier, which was a consequence of the substantial price fall at the start of the first wave of the epidemic, when the government temporarily exempted households and certain small business consumers from paying contributions. The year-on-year fall in oil product prices also slowed significantly due to current oil price growth and a lower base. The decline in prices of semi-durables strengthened further year on year in March (-5.8%) and was the most pronounced since 2006. This was again mainly due to a markedly different Source: SURS. Table 4: Consumer price growth, in % XII 20/XII 19 IV 20-III 21/IV 19-III 20 III 21/II 21 III 21/III 20 I-III 21/I-III 20 Total -1.1 -0.6 0.3 0.1 -0.5 Food 1.1 2.6 -0.1 -0.7 -0.3 Fuels and energy -9.9 -10.0 2.6 7.6 -3.0 Services 0.2 1.0 -0.8 -0.4 -0.2 Other1 -0.5 -0.7 0.8 -1.2 -0.2 Core inflation - excluding food and energy -0.1 0.3 0.1 -0.8 -0.2 Core inflation - trimmed mean2 -0.4 0.2 0.2 0.0 0.0 Jan 11Jan 11Jan 12Jan 12 Domestic market Foreign market Slovenian industrial producer prices strengthened again in February and were 1% higher year on year. We estimate that, in addition to the relatively vigorous Jan 13 Jan 13Jan 14Jan 14Jan 15Jan 15Jan 16Jan 16Jan 17Jan 17Jan 18 Jan 18Jan 19 Jan 19 Jan 20 Jan 20 Jan 21 Jan 21 two months of this year was even somewhat higher than on the domestic market. activity in industry, their growth was also driven by higher prices of intermediate goods on international markets. Year-on-year growth in prices of industrial products sold on the domestic market thus increased further and was, at 1.7%, the highest since January 2020. Prices of capital and intermediate goods were rising the fastest (3.2% and 2.4% respectively). Year-on-year price growth on foreign markets was more modest (0.4%), mainly as a consequence of a more pronounced price decline in the previous year, given that the current growth in the first seasonal movement in clothing and footwear prices than in previous years, reflecting lower demand as a result of containment measures. In addition, retailers are making even greater use of discounts and other sales channels (on-line sales) to promote sales. Prices of durable goods were also somewhat lower, by 0.3%. The year-on-year fall in prices of services remained at roughly the same level as in the previous month (-0.4%). 11 Due to the additional containment measures, SURS collected retail prices of certain non-food goods and services by phone and through the websites of providers. Missing prices were imputed using the average price change of similar products. In some cases, where there is a reason to expect that prices will remain the same once the situation returns to normal, the carry-forward method was used. For series with seasonal patterns (package holidays and some accommodation services), imputation with the monthly change of the previous year was used. The share of imputed data represents 4.6% of the consumer price index. Source: SURS. Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Financial markets Figure 24: Loans to domestic non-banking sectors Consumer loans Lending for house purchase The volume of loans to domestic non-banking sectors Enterprises and NFIs Total remained lower year on year at the beginning of this year (in February by 2.5%). Lending to enterprises and NFIs has already been falling year on year since the second half of 2020; in the first two months, the volume of household loans was also lower year on year. As a result of the adopted binding macroprudential measures, which tightened borrowing conditions, and measures to contain the epidemic, the volume of consumer loans was more than 8% lower year on year; the volume of other household loans (overdrafts) also fell, by more than 5%. Growth in housing loans remained close to 4%. Lower spending of households and lower business and investment activity Source: BoS. – in February it amounted to 12.3% year on year. Given the low level of interest rates, only overnight deposits are on the rise. The share of non-performing claims, as measured by arrears of more than 90 days, remained at around 1% at the beginning of the year. Figure 25: Bonds, Q1 2020 5 government bond markets otherwise increased in the 4 middle of the quarter. The situation then gradually eased 3 following the ECB’s decision to significantly increase asset purchases under the existing emergency purchase 2 programme (PEPP) in the second quarter. The yield to 1 maturity of the Slovenian bond increased by around 10 basis points, to -0.01%, compared with the last quarter of 0 -1 2020. The spread to the German bond fell to one of the -2 Source: Bloomberg. Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 29. II 20 31. XII 20 28. II 21 28. II 21/31. I 21 28. II 21/29. II 20 Loans total 23,488.8 22,860.9 22,890.9 0.1 -2.5 Enterprises and NFI 10,833.2 10,307.0 10,453.8 0.1 -3.5 Government 1,650.5 1,556.8 1,497.0 -0.2 -9.3 Households 11,005.1 10,997.0 10,940.1 0.0 -0.6 Consumer credits 2,906.1 2,706.5 2,665.4 -0.5 -8.3 Lending for house purchase 6,626.8 6,862.1 6,883.6 0.1 3.9 Other lending 1,472.1 1,428.4 1,391.1 0.5 -5.5 Bank deposits total 20,938.5 22,915.7 23,538.3 0.9 12.4 Overnight deposits 16,413.4 18,975.7 19,686.4 1.3 19.9 Term deposits 4,525.2 3,939.9 3,851.9 -1.3 -14.9 Government bank deposits, total 700.4 595.3 576.1 0.6 -17.7 Deposits of non-financial corporations, total 6,692.4 8,053.5 7,938.3 1.2 18.6 Austria Ireland Italy Germany Portugal Slovenia 8 7 6 Yields to maturity in % Jan 13 Jan 14Jan 11Jan 12Jan 13 Jan 15Jan 14Jan 16Jan 15Jan 17 Jan 18 Jan 16Jan 17Jan 18 Jan 19 Jan 20Jan 19Jan 21 Jan 20Jan 21 lowest levels since 2007, to 40 basis points. of companies are reflected in growth in domestic non-banking sector deposits, which is gradually strengthening epidemic, required yields on euro area The situation on euro area bond markets remained favourable in the first quarter. Amid rising consumer prices and the expected increase in public debt because of extensive support measures to mitigate the impact of the the Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Balance of payments Figure 26: Current account 12-month cumulatives, in EUR million 5,000 4,000 3,000 2,000 1,000 -1,000 -2,000 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19 Jan 20 Jan 21 Secondary income Primary income The current account surplus remained high and mostly Trade in goods Trade in services reflected developments in goods and services trade. Current account The year-on-year higher surplus, which amounted to EUR 3.3 billion in the 12 months to January (6.9% of estimated GDP) was, amid improved terms of trade, mainly attributable to a higher surplus in goods trade. The year-on-year increase in the current account surplus was also due to lower net outflows of primary and secondary income. Net outflows of primary income were down year on year owing to a smaller net outflow of income from equity capital of direct investment and higher subsidies from the EU budget for the Common Agricultural and Fisheries Policy. The decline in net outflows of secondary income was largely a consequence of lower payments of current taxes on income and Source: BoS; calculations by IMAD. property and lower payments of social contributions abroad. The surplus in services trade declined further, largely due to a fall in the surplus in the travel segment, which was strongly affected by the epidemic. Table 6: Balance of payments I 2021, in EUR million Inflows Outflows Balance Balance, I 2020 Current account 3100.1 2810.4 289.7 236.3 Goods 2437.8 2156.4 281.4 142.2 Services 443.4 342.4 101.0 192.2 Primary income 156.4 174.9 -18.4 -1.2 Secondary income 62.6 136.7 -74.2 -96.9 Capital account 38.9 55.9 -17.0 -17.2 Financial account 1379.0 1646.2 267.1 253.3 Direct investment 98.0 -50.8 -148.8 -4.5 Portfolio investment 1139.7 26.3 -1113.4 -848.2 Other investment 143.9 1649.0 1505.1 1070.0 Net errors and omissions 0.0 -5.6 -5.6 34.2 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts. the term »inflows” means total receipts and the term “outflows”means total expenditures; “balance”is the difference between inflows and outflows. On the financial account, “outflows”mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Public finance Figure 27: Consolidated general government budgetary accounts General government balance (right axis) The deficit of the consolidated balance of public Revenue finances12 totalled EUR 633 million in the first two Expenditure months of 2021. Revenue in this period was close to 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 -1,000 -2,000 -3,000 -4,000 12-month cummulative, in EUR m last year's level (-0.1%). Within that, some tax revenues declined due to limited economic activity and deferred tax payments and lower advance payments in line with the intervention legislation. Amid wage growth, revenues from social contributions and personal income were higher year on year. Non-tax revenues were up too. Expenditure remained significantly higher in the first two months of the year (by 17.7% year on year), reflecting the payments related to measures for mitigating the consequences of the epidemic. In January -5,000 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 and February, EUR 522 million was thus paid from the state budget, the most for a partial subsidy of uncovered Source: MF, Bulletin of Government Finance; calculations by IMAD. fixed costs, monthly basic income, reimbursement of wage compensation for temporarily laid-off workers and allowances for public sector employees. This was reflected in stronger growth in subsidies, transfers to individuals and households, and funds for wages. Investment, which is expected to increase strongly at the annual level this year, was still lower than last year in the first two months. 12 The consolidated general government budgetary accounts on a cash basis. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-II 2020 EUR m Y-o-y growth* in % I-II 2021 EUR m Y-o-y growth* in % Category I-II 2020 I-II 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 3,161.9 7.2 3,158.9 -0.1 EXPENDITURE TOTAL 3,221.2 4.8 3,791.8 17.7 Tax revenues1 1,726.0 4.6 1,547.0 Salaries* wages and other -10.4 personnel expenditures2 788.7 12.2 933.0 18.3 Personal income tax 449.4 3.3 495.5 10.3 Expenditure on goods and services 440.1 15.5 431.8 -1.9 Corporate income tax 139.6 7.4 126.4 -9.4 Interest payments 174.5 -26.5 107.2 -38.5 Taxes on immovable property 8.6 -15.7 9.9 15.0 Reserves 21.8 34.5 36.2 65.7 Value added tax 704.7 4.8 549.6 Transfers to individuals and -22.0 households 1,266.5 7.0 1,647.1 30.0 Excise duties 253.9 3.6 204.1 -19.6 Other current transfers 274.6 -0.5 348.8 27.0 Social security contributions 1,214.3 6.6 1,271.1 4.7 Investment expenditure 129.4 12.8 126.1 -2.5 Non-tax revenues 135.9 20.2 217.3 59.9 Payments to the EU budget 125.6 -22.9 161.6 28.7 Receipts from the EU budget 55.8 131.0 97.0 GENERAL GOVERNMENT 73.7 BALANCE -59.3 -633.0 Other 29.9 32.0 26.4 -11.5 PRIMARY BALANCE 115.0 -528.3 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. Figure 28: Contributions to change in general government debt, p.p. Interest payments In 2020, the general government deficit amounted to Effect of GDP growth Primary balance (-) Effect of inflation* 8.4% of GDP and general government debt to 80.8% Stock–flow adjustment** Debt change (right axis) of GDP.13 While growth in revenue had already slowed 2008200920102011201220132014201520162017201820192020 20 significantly in 2019 as a consequence of more moderate 15 10 5 0 -5 Debt change, in p.p. growth in economic activity, reduced taxation (holiday allowance) and lower revenue from property income due to the sale of equity stakes, in 2020, revenue declined (-4.6%). This was mainly a consequence of a cyclical fall in tax revenues and a further easing of the tax burden (personal income tax, excise duties on energy), but also of tax exemptions enabled by the intervention legislation. -10 Source: SURS, March 2021, calculations by IMAD. Note: * Measured by the GDP deflator. ** The change in the debt-to-GDP ratio that is not a consequence of the primary balance or the snowball effect (loans, currency, deposits and other liabilities). General government revenue from property income declined further. Growth in expenditure was gradually strengthening in 2018–2019 as a result of the relaxation of measures which had been in force for a number of years after the financial crisis, new legal obligations (particularly in the area of social transfers and wages) and a stronger increase in general government investment, which rose from historic lows seen in 2016 and 2017. The even sharper increase in expenditure in 2020 was related particularly to the intervention measures for mitigating the consequences of the epidemic (around 5.4% of GDP). Investment also strengthened further in 2020, as did, on a permanent basis, some other expenditures (compensation of employees due to rising employment and the agreement on public sector wages from 2018, expenditure on personal assistance, etc.). In addition to the large deficit, the increase in debt in 2020 was also due to the substantial pre-financing of state budget borrowing requirements (EUR 3.5 billion). 13 According to the methodology of the European System of National Accounts, SURS, March 2021. Table 8: General government revenue, expenditure and consolidated debt, as a % of GDP 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Revenue 43.7 43.5 44.6 44.2 45.4 45.7 45.3 45.9 44.2 44.0 44.3 43.7 43.6 Expenditure 45.1 49.4 50.2 50.9 49.4 60.3 50.8 48.7 46.2 44.1 43.5 43.3 52.0 Balance -1.4 -5.8 -5.6 -6.6 -4.0 -14.6 -5.5 -2.8 -1.9 -0.1 0.7 0.4 -8.4 Primary balance -0.3 -4.5 -4.0 -4.7 -2.0 -12.0 -2.3 0.4 1.1 2.4 2.7 2.1 -6.7 Debt 21.8 34.5 38.3 46.5 53.6 70.0 80.3 82.6 78.5 74.1 70.3 65.6 80.8 Source: SURS, 2021. Figure 29: Receipts from the EU budget Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other Expected reimbursements in the revised budget 2020 Total receipts (January–February 2020) Expected reimbursements in the revised budget 2021 Total receipts (January–February 2021) In EURm Source: MF. Slovenia’s net budgetary position against the EU budget was negative in the first two months of this year (minus EUR 65.9 million). Slovenia paid EUR 161.6 million into the EU budget (28.6% of the annual amount planned in the budget) and received EUR 95.7 million from it (5.9% of revenue planned). In the following months, payments to the EU budget will be proportionally lower, as the payments of obligations for the first two months already covered more than a third of this year’s obligations of Slovenia’s state budget to the EU budget. The bulk of receipts were resources from structural funds (77.8% of all reimbursements to the state budget) and resources from the EU Cohesion Fund (22.%), while the share of receipts under the Common Agricultural and Fisheries Policy was considerably smaller (0.2%).14 14 Every year, we record minimal reimbursements to the state budget in the first two months, while in March, three times the average monthly amount is paid to the budget for direct payments to farmers. statistical appendix Main indicators 2015 2016 2017 2018 2019 2020 2021 2022 2023 Spring Forecast 2021 GDP (real growth rates, in %) 2.2 3.2 4.8 4.4 3.2 -5.5 4.6 4.4 3.3 GDP in EUR million (current prices) 38,853 40,443 43,009 45,863 48,393 46,297 48,452 51,345 54,026 GDP per capita in EUR (current prices) 18,830 19,589 20,819 22,135 23,165 22,014 22,973 24,250 25,427 GDP per capita (PPS)1 22,700 23,600 25,100 26,400 27,700 GDP per capita (PPS EU27=100)1 83 84 86 87 89 Rate of registered unemployment 12.3 11.2 9.5 8.2 7.7 8.7 8.5 8.1 7.6 Standardised rate of unemployment (ILO) 9.0 8.0 6.6 5.1 4.5 5.0 5.0 4.8 4.5 Labour productivity (GDP per employee) 0.9 1.3 1.8 1.2 0.7 -4.6 3.8 2.8 1.7 Inflation2, year average -0.5 -0.1 1.4 1.7 1.6 -0.1 0.8 1.2 1.7 Inflation2, end of the year -0.4 0.5 1.7 1.4 1.8 -1.1 1.1 1.5 2.0 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 4.7 6.2 11.1 6.3 4.1 -8.7 8.6 7.3 5.5 Exports of goods 5.3 5.7 11.1 5.9 4.3 -5.6 8.7 5.7 4.8 Exports of services 2.4 8.0 11.2 7.5 3.3 -20.2 8.0 14.5 8.4 Imports of goods and services (real growth rates, in %) 4.3 6.3 10.7 7.2 4.4 -10.2 8.8 8.1 6.1 Imports of goods 5.1 6.6 10.8 7.7 4.7 -8.9 9.1 7.4 5.8 Imports of services 0.1 4.7 10.6 4.8 3.3 -17.5 7.0 12.1 7.5 Current account balance3, in EUR million 1,483 1,932 2,674 2,680 2,723 3,366 3,220 3,128 3,107 As a per cent share relative to GDP 3.8 4.8 6.2 5.8 5.6 7.3 6.6 6.1 5.8 Gross external debt, in EUR million 46,171 44,325 43,231 42,148 43,796 48,252 49,457* As a per cent share relative to GDP 118.8 109.6 100.5 91.9 90.5 104.2 Ratio of USD to EUR 1.110 1.107 1.129 1.181 1.120 1.141 1.208 1.208 1.208 DOMESTIC DEMAND Private consumption (real growth rates, in %) 2.0 4.4 1.9 3.6 4.8 -9.7 4.0 4.7 2.9 As a % of GDP 54.0 54.0 52.6 52.1 52.4 49.2 49.2 49.1 48.9 Government consumption (real growth rates, in %) 2.3 2.4 0.4 3.0 1.7 1.8 2.4 1.7 1.4 As a % of GDP 18.8 19.0 18.4 18.2 18.4 20.4 19.9 19.4 19.1 Gross fixed capital formation (real growth rates, in %) -1.2 -3.6 10.2 9.6 5.8 -4.1 9.0 8.0 6.5 As a % of GDP 18.7 17.4 18.3 19.2 19.6 19.9 21.1 21.9 22.7 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2021). Notes: 1 Measured in purchasing power standard; Eurostat 15.12.2020 2 Consumer price index. 3 Balance of payments statistics. *end January 2021. Production 2018 2019 2020 2018 2019 2020 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.1 3.0 2.5 4.4 4.1 1.6 -1.4 -17.3 -2.8 1.6 3.7 0.8 11.7 3.8 B Mining and quarrying -0.9 -3.4 -2.1 0.5 8.5 -1.6 -10.9 -7.6 -13.7 -9.2 8.5 7.5 13.3 21.7 5.1 -1.0 C Manufacturing 5.7 3.5 -4.8 3.9 2.5 4.5 4.9 2.3 0.0 -17.7 -2.6 1.8 4.3 1.1 12.6 3.8 D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 -5.8 0.2 3.6 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -2.9 -6.8 1.2 4.3 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 12.7 20.9 8.4 -5.9 -2.2 1.9 -13.4 2.7 6.1 39.7 25.9 8.8 10.5 Buildings 17.2 -0.1 -0.6 4.5 31.7 -17.5 0.1 -7.2 -26.3 -0.9 2.8 23.9 116.6 11.0 -19.7 -15.4 Civil engineering 17.6 4.4 2.7 15.2 23.3 8.8 -1.6 -2.6 5.8 -9.1 4.8 9.6 31.3 34.2 9.8 13.9 MARKET SERVICES, year-on-year growth rates, % Services, total 7.4 2.2 -11.1 7.4 4.4 2.6 3.2 -0.9 -5.4 -22.5 -6.7 -9.4 6.0 3.4 3.9 1.2 Transportation and storage 7.0 3.2 -8.0 6.2 5.8 5.9 4.3 -2.8 -5.3 -21.2 -6.6 1.6 7.6 4.5 5.8 3.6 Information and communication activities 6.0 1.0 -0.4 6.8 1.8 2.8 -0.8 0.5 3.3 -7.1 2.4 0.1 0.5 -0.5 4.0 4.3 Professional, scientific and technical activities 13.0 5.8 -3.0 14.4 8.6 1.4 11.3 3.2 -0.2 -11.3 -0.2 -0.5 9.1 9.1 5.4 -2.4 Administrative and support service activities 9.1 -5.9 -24.2 6.0 -3.9 -3.8 -6.9 -8.8 -17.1 -33.7 -23.2 -22.1 -3.9 -2.8 -2.7 -3.0 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 4.3 -7.2 11.7 10.1 5.2 4.5 -1.5 -4.1 -13.5 -3.0 -7.8 14.3 6.3 11.9 4.2 Real turnover in retail trade 4.6 3.4 -8.9 11.9 9.1 6.7 4.1 -4.7 -5.3 -11.9 -6.3 -11.9 12.9 5.2 14.7 4.7 Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 3.3 9.0 2.7 0.0 3.6 -13.7 -25.9 3.8 -16.7 13.0 5.3 6.7 5.4 Nominal turnover in wholesale trade & commission trade 9.3 5.2 -3.4 14.6 11.2 5.1 6.5 -0.7 0.6 -9.6 -2.8 -1.7 15.9 7.4 12.0 3.3 TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 14.4 3.1 4.4 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 10.7 0.9 8.6 -4.4 Domestic tourists, overnight stays -0.1 -2.5 32.8 2.4 4.4 -3.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 12.7 6.9 -14.4 4.0 Foreign tourists, overnight stays 15.4 1.7 -70.5 21.7 2.2 7.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 8.8 -2.7 19.2 -7.2 Accommodation and food service activities 7.1 7.6 -37.1 6.7 10.1 7.5 6.8 6.7 -15.4 -59.4 -12.9 -62.7 15.8 10.0 7.7 4.4 AGRICULTURE BUSSINES TENDENCY (indicator values**) Confidence indicator in manufacturing 8 0 -9 7 4 0 0 -2 -3 -28 -4 0 3 2 1 3 in construction 22 11 -5 20 16 12 9 7 7 -23 -4 -1 17 15 11 14 in services 24 21 -10 24 24 21 20 20 14 -34 -9 -10 24 22 22 20 in retail trade 15 19 1 14 22 20 20 13 18 -18 12 -8 14 24 15 27 consumer confidence indicator -7 -10 -26 -9 -8 -9 -9 -14 -14 -35 -24 -31 -8 -9 -10 -8 Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. 2019 2020 2021 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 0.0 7.5 0.6 5.2 -1.1 -2.9 -0.4 0.0 2.3 -13.5 -27.4 -12.8 0.0 -1.6 -5.3 -2.4 -7.1 -9.4 -7.1 -14.1 - - 1.4 7.5 2.9 1.8 -5.0 -3.8 -5.3 -1.7 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.3 -14.2 - - -4.0 0.1 -10.4 10.7 3.9 0.9 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.3 -18.6 - - 0.7 10.6 2.5 6.1 0.1 -3.6 1.4 0.3 4.2 -2.2 -17.7 -10.4 -0.5 -3.7 -5.2 0.2 -4.6 -1.4 1.2 -12.3 - - Labour market 2018 2019 2020 2018 2019 2020 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 963.9 965.3 967.8 965.6 974.9 974.9 974.1 971.2 975.5 966.5 967.2 968.1 968.0 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 886.9 885.3 895.5 894.6 901.5 896.5 884.6 884.1 890.5 890.0 893.2 896.1 897.2 In agriculture, forestry, fishing 26.3 24.9 26.4 27.9 25.6 25.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.4 25.4 25.4 In industry, construction 280.9 291.7 288.5 287.1 287.5 292.7 292.7 294.0 291.2 288.0 286.0 288.9 290.0 292.0 292.9 293.2 - in manufacturing 202.6 207.9 202.8 206.4 207.4 208.5 207.6 208.4 206.2 202.6 200.1 202.5 207.8 208.5 208.5 208.5 - in construction 58.4 63.9 64.9 60.7 60.4 64.2 65.1 65.8 64.3 64.7 65.1 65.6 62.3 63.5 64.3 64.7 In services 565.7 577.6 574.0 571.9 572.2 577.5 578.0 582.8 579.0 570.2 571.7 575.3 574.4 575.8 577.9 578.7 - in public administration 49.0 49.0 49.3 49.0 48.7 48.9 49.0 49.2 49.0 49.2 49.4 49.6 48.8 48.6 49.1 49.0 -in education, health-services and social work 135.0 137.8 141.5 136.7 137.0 137.8 137.0 139.6 140.4 140.7 141.0 143.8 137.4 137.7 137.9 137.8 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 792.0 792.7 803.0 803.3 808.6 802.4 790.5 790.0 795.6 797.3 800.7 803.5 804.6 In enterprises and organisations 729.3 749.2 744.8 740.3 741.6 749.7 750.0 755.5 751.3 741.3 739.9 746.7 745.2 747.8 750.3 751.2 By those self-employed 50.9 52.7 49.8 51.7 51.1 53.2 53.4 53.2 51.1 49.2 50.1 48.9 52.1 53.0 53.3 53.4 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 94.9 92.6 92.6 91.2 92.9 94.1 94.0 94.1 94.9 92.7 92.5 92.6 92.6 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 77.0 80.0 72.2 71.1 73.4 78.4 89.5 87.1 85.0 76.5 74.0 72.0 70.7 Female 39.9 37.5 42.6 39.2 39.6 36.8 36.6 36.8 38.3 45.0 44.1 43.0 38.6 37.7 36.7 36.1 By age: 15 to 29 15.1 14.1 17.2 16.1 15.5 13.1 12.6 15.0 15.3 18.3 17.1 18.0 14.5 13.7 13.1 12.6 Aged over 50 31.5 29.7 31.0 29.9 31.5 29.6 29.0 28.7 30.6 31.9 31.3 30.3 30.6 30.0 29.6 29.3 Primary education or less 24.3 23.4 26.4 24.0 25.8 22.8 22.1 23.0 25.2 27.8 26.6 26.1 24.4 23.4 22.8 22.3 For more than 1 year 40.6 38.1 38.0 39.1 39.2 38.3 37.9 37.2 37.3 37.5 38.1 38.9 38.7 38.4 38.4 38.0 Those receiving benefits 20.0 19.3 25.9 18.5 23.5 17.4 17.9 18.5 24.5 29.8 25.6 24.0 21.8 17.3 17.7 17.1 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 8.0 8.3 7.5 7.4 7.5 8.0 9.2 9.0 8.7 7.9 7.6 7.4 7.3 Male 7.5 6.9 8.0 7.2 7.7 6.7 6.5 6.8 7.5 8.4 8.1 7.9 7.2 6.9 6.7 6.5 Female 9.2 8.5 9.6 8.9 9.0 8.4 8.4 8.3 8.6 10.2 10.0 9.7 8.8 8.6 8.4 8.2 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 4.8 -0.7 -1.9 -0.3 1.8 0.9 3.8 -1.9 1.2 -4.2 -2.6 -2.0 -1.3 New unemployed first-job seekers 11.4 0.8 0.8 5.6 0.6 0.4 0.6 1.6 0.6 0.5 0.6 1.5 0.6 0.4 0.4 0.4 Redundancies 65.1 5.4 7.4 17.4 6.5 4.1 4.8 6.2 7.5 9.5 6.0 6.4 4.5 4.5 4.1 3.8 Registered unemployed who found employment 61.5 4.7 5.4 12.4 6.2 4.8 3.9 3.9 5.5 4.8 6.5 4.6 7.6 5.9 4.7 3.8 Other outflows from unemployment (net) 21.6 1.8 1.8 5.8 1.7 1.7 1.8 2.1 1.7 1.3 2.0 2.2 1.7 1.6 1.7 1.6 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 27.0 29.6 32.3 34.2 35.7 35.6 34.9 37.7 38.1 30.6 31.6 32.3 32.9 As % of labour force 2.5 3.4 3.9 2.8 3.1 3.3 3.5 3.7 3.6 3.6 3.9 3.9 3.2 3.3 3.3 3.4 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. 2019 2020 2021 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 965.6 964.7 966.6 973.7 974.1 976.8 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 893.8 893.2 896.8 901.3 901.7 901.5 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 23.8 23.8 23.8 24.8 24.8 24.7 26.3 26.3 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 292.9 292.4 292.9 293.8 293.7 294.4 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 207.6 207.4 207.7 208.3 208.1 208.8 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 65.2 65.0 65.1 65.6 65.8 65.9 63.6 64.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 577.1 577.0 580.0 582.7 583.2 582.4 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 49.0 49.0 49.1 49.2 49.2 49.1 48.9 49.0 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 136.5 136.3 138.2 139.1 139.8 139.9 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 802.7 802.0 805.3 808.4 808.9 808.7 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 749.4 748.7 751.9 754.7 755.4 756.3 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 53.4 53.3 53.5 53.7 53.5 52.4 51.4 51.5 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 91.0 91.2 91.4 92.9 92.9 92.9 94.1 94.2 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 71.9 71.5 69.8 72.4 72.4 75.3 79.8 77.5 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 37.1 37.1 35.7 36.9 36.8 36.9 38.6 37.8 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 12.8 12.6 12.4 15.1 14.8 15.2 15.6 15.1 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 29.3 29.1 28.6 28.4 28.4 29.3 31.2 30.4 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 22.3 22.1 22.1 22.4 22.5 24.2 25.9 25.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 38.0 37.8 37.9 37.6 37.2 36.8 37.8 37.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 17.5 18.4 17.9 18.2 18.7 18.5 25.6 24.1 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 7.4 7.4 7.2 7.4 7.4 7.7 8.2 7.9 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 6.6 6.5 6.5 6.7 6.7 7.2 7.7 7.5 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.5 8.5 8.1 8.3 8.3 8.4 8.7 8.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 1.1 -0.3 -1.7 2.6 0.0 2.9 4.5 -2.4 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 0.4 0.3 1.0 3.6 0.8 0.5 0.7 0.6 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 5.8 3.9 4.8 5.9 5.3 7.4 10.6 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.3 2.9 5.4 4.6 3.9 3.2 4.7 5.8 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 1.8 1.6 2.0 2.3 2.1 1.8 2.0 1.7 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 33.5 34.1 35.0 35.7 36.3 36.6 37.2 36.6 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 3.5 3.5 3.6 3.7 3.7 3.7 3.8 3.7 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 Wages in EUR 2018 2019 2020 2018 2019 2020 2020 Q4 20 Jan 20 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,955 1,977 3.4 4.3 5.8 3.3 4.6 3.9 4.5 4.2 3.2 8.8 4.8 6.7 Private sector activities (A–N; R–S) 1,750 1,831 1,785 3.8 3.6 3.8 4.1 4.0 3.2 4.0 3.1 2.8 5.5 3.9 3.2 Public service activities (OPQ) 2,187 2,340 2,553 2.4 6.5 10.5 1.3 6.4 6.1 6.0 7.6 4.2 15.8 6.3 16.0 Industry (B–E) 1,815 1,918 1,846 3.8 3.4 3.4 3.5 3.5 3.2 3.9 3.0 4.3 3.5 3.1 2.7 Trad, market services (GHI) 1,583 1,642 1,604 4.0 3.4 2.8 4.5 4.3 3.1 3.8 2.5 1.1 4.9 3.8 1.9 Other market services (J–N; R–S) 1,979 2,065 2,039 3.9 5.1 5.0 5.1 5.7 4.4 5.4 4.8 3.2 7.7 5.1 4.3 A Agriculture, forestry and fishing 1,489 1,526 1,466 5.3 3.0 4.6 7.8 5.4 3.0 3.8 0.3 5.2 7.7 3.5 2.4 B Mining and quarrying 2,360 2,425 2,330 7.6 0.3 5.1 9.1 -3.0 -1.8 2.6 3.8 4.3 9.8 2.8 3.7 C Manufacturing 1,772 1,875 1,812 3.9 3.5 3.2 3.5 3.6 3.5 3.9 2.9 4.2 2.8 3.0 2.7 D Electricity, gas, steam and air conditioning supply 2,734 2,891 2,627 2.9 4.3 4.0 2.2 4.6 2.4 4.7 5.6 6.4 5.3 3.2 1.5 E Water supply sewerage, waste management and remediation activities 1,739 1,831 1,755 3.0 2.7 4.2 4.5 3.7 2.0 3.9 1.6 2.9 7.7 3.6 3.0 F Constrution 1,390 1,439 1,389 4.2 2.2 5.5 3.9 2.0 1.6 2.8 2.3 2.0 9.4 5.2 5.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,753 1,681 4.2 3.9 4.2 4.4 4.9 3.2 4.5 3.2 2.3 6.1 4.8 3.9 H Transportation and storage 1,565 1,604 1,560 3.3 1.6 -0.1 4.6 2.7 2.3 2.0 -0.2 0.3 1.1 1.0 -2.4 I Accommodation and food service activities 1,180 1,143 1,202 4.9 4.8 -3.8 5.1 5.2 4.6 4.3 5.2 -3.0 -5.9 2.2 -9.5 J Information and communication 2,480 2,594 2,436 4.1 5.7 4.5 6.3 6.8 5.9 4.6 5.4 4.0 6.5 4.1 3.6 K Financial and insurance activities 2,658 2,750 2,704 4.8 4.6 2.5 4.8 6.0 2.8 5.3 4.3 2.7 4.1 2.3 0.8 L Real estate activities 1,676 1,723 1,663 0.9 5.2 4.2 2.3 3.7 5.8 5.4 5.5 3.6 7.9 4.5 1.3 M Professional, scientific and technical activities 2,048 2,148 2,144 4.2 4.6 4.0 4.1 4.3 4.1 5.0 5.0 2.4 6.3 4.0 3.5 N Administrative and support service activities 1,258 1,302 1,314 5.8 5.1 4.7 7.0 6.1 4.4 6.1 3.6 4.0 7.4 3.9 4.1 O Public administration and defence, compulsory social security 2,352 2,403 2,706 3.2 8.9 7.4 3.4 9.5 9.4 8.6 8.1 3.0 14.2 3.6 9.0 P Education 1,951 2,003 2,154 0.9 6.1 6.2 0.8 5.3 5.4 5.3 8.1 3.8 6.4 8.3 6.5 Q Human health and social work activities 2,323 2,661 2,877 3.4 5.1 17.7 0.1 5.0 4.1 4.5 6.9 5.7 26.5 6.6 31.4 R Arts, entertainment and recreation 1,778 1,827 1,898 1.7 4.3 0.0 2.8 5.1 2.7 3.8 5.4 -1.1 -2.4 4.5 -1.1 S Other service activities 1,491 1,534 1,554 1.2 4.7 4.5 2.3 4.5 3.2 4.5 6.1 0.1 12.3 3.7 3.0 Source: SURS, calculations by IMAD. 2019 2020 2021 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 3.9 3.9 5.2 3.4 4.9 3.9 4.7 4.1 4.5 5.0 0.3 11.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 3.3 2.9 5.0 2.7 4.4 2.9 3.5 2.9 4.5 5.5 -1.3 7.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 5.8 6.7 6.2 5.4 6.3 6.7 8.6 7.6 4.3 3.4 4.8 20.7 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 3.2 2.3 4.9 2.2 4.5 3.0 2.7 3.4 4.9 6.6 1.2 6.1 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 3.1 3.8 4.4 3.0 3.8 2.5 4.4 0.6 3.6 4.7 -4.9 7.4 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.9 4.0 6.8 3.9 5.7 3.9 4.9 5.5 5.6 5.4 -1.2 8.9 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 2.7 2.6 5.4 2.3 3.6 5.8 -4.8 0.3 4.1 6.6 5.0 9.0 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 -1.7 -1.8 5.8 -2.5 4.6 3.8 4.8 2.8 1.2 8.2 3.7 14.4 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 3.5 2.4 5.0 2.3 4.5 3.0 2.6 3.2 5.0 6.9 0.6 5.3 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 1.4 2.0 5.2 3.9 5.0 2.9 8.1 5.6 6.9 5.3 6.9 7.2 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 2.7 2.9 5.2 2.2 4.3 3.0 -2.0 4.0 1.6 3.5 3.6 11.2 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 1.0 1.6 3.1 2.3 3.0 2.4 1.9 2.4 3.5 3.9 -1.4 11.5 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 3.4 4.1 4.4 3.9 5.1 3.3 3.6 2.7 4.6 5.5 -3.1 6.9 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 1.8 2.4 4.1 1.1 0.8 -0.2 5.3 -5.1 0.9 2.8 -2.9 3.3 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 4.8 5.3 5.0 3.3 4.7 4.5 7.1 3.9 5.1 4.7 -18.8 -0.1 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 6.0 5.9 4.3 3.3 6.4 2.9 6.9 6.4 5.9 5.1 1.2 6.7 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 5.9 1.8 5.9 3.5 6.7 2.0 4.4 6.4 5.6 7.7 -3.1 6.4 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 4.8 6.2 5.3 5.6 5.4 5.8 6.7 3.9 5.5 4.6 0.7 7.9 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 2.9 3.7 5.4 4.5 5.1 5.2 5.6 4.2 5.2 3.4 -1.5 5.9 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 3.9 3.7 11.1 3.2 4.1 4.0 1.4 5.4 4.8 5.9 1.2 9.3 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 9.3 9.6 10.3 7.4 8.0 8.0 8.9 7.5 4.4 2.1 2.6 11.8 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 5.3 5.4 5.1 5.0 5.8 6.0 9.4 8.9 4.5 4.1 2.8 8.9 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 3.5 5.6 3.8 4.4 5.4 6.3 7.6 6.6 4.1 4.0 9.0 38.4 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 5.1 4.6 3.8 3.7 3.7 3.0 9.2 4.0 2.7 3.0 -9.1 -0.9 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 3.1 4.4 4.2 3.9 5.4 4.1 6.0 8.3 3.3 2.3 -5.0 17.8 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 Prices and indicators of overall competitiveness 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 CPI, y-o-y growth rates, % 1.4 1.8 -1.1 1.3 1.6 2.0 1.5 1.5 -0.9 0.0 -0.7 -0.5 1.6 1.7 1.4 1.8 Food, non-alcoholic beverages 0.6 3.3 1.0 0.4 1.1 2.5 2.4 4.0 4.4 3.6 2.0 -0.3 0.1 0.5 0.7 2.2 Alcoholic beverages, tobacco 0.4 1.9 3.2 0.4 0.4 1.6 1.6 1.7 1.3 0.3 3.5 3.5 0.1 0.2 -0.2 1.1 Clothing and footwear 0.3 0.5 -5.4 0.7 0.5 3.6 0.5 1.3 -3.8 -4.1 -4.5 -4.2 2.1 -0.2 0.1 1.5 Housing, water, electricity, gas 4.7 2.7 -0.6 4.2 5.3 4.5 2.6 0.7 -5.5 0.7 -0.3 1.7 5.1 5.1 5.6 5.2 Furnishing, household equipm. 0.9 0.4 -0.4 0.9 1.0 1.9 0.9 1.0 -0.9 0.2 -0.2 -0.1 0.7 0.9 0.5 1.5 Medical, pharmaceutical produ. 1.3 1.4 4.9 1.7 2.0 1.3 1.5 1.0 0.0 1.0 3.8 1.1 2.0 1.9 2.1 2.1 Transport -0.7 0.1 -5.9 -1.3 0.1 -1.3 -0.8 -0.2 -7.4 -6.6 -6.7 -2.6 -0.2 0.8 0.3 -0.9 Communications 3.3 -0.4 0.6 3.0 0.0 -0.2 0.4 -1.5 0.0 1.0 0.9 0.3 3.1 1.7 -0.9 -0.7 Recreation and culture 1.9 0.6 -3.9 2.4 1.3 2.1 0.5 -0.1 0.2 0.3 -1.7 -3.0 1.9 2.0 0.7 1.3 Education 1.7 5.6 0.7 2.2 3.5 4.2 5.6 4.8 3.3 2.2 0.6 0.7 2.6 3.1 3.8 3.5 Catering services 2.4 3.2 0.6 2.8 3.3 3.0 3.0 2.0 1.3 1.0 0.7 0.6 2.6 3.2 3.0 3.6 Miscellaneous goods & services 1.7 4.4 0.7 1.3 2.1 2.4 4.1 4.9 3.7 2.9 0.9 0.5 2.0 2.5 1.9 1.8 HICP 1.4 2.0 -1.2 1.4 1.8 2.0 1.6 1.7 -1.2 -0.6 -0.9 -0.6 1.6 1.8 1.6 1.9 Core inflation (excluding fresh food and energy) 1.2 1.6 -0.1 1.5 1.5 2.1 1.7 1.5 0.5 0.6 0.2 -0.2 1.7 1.7 1.2 1.7 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 1.4 0.6 -0.2 1.1 0.9 0.3 0.4 -0.1 -0.6 -0.3 -0.1 1.1 1.2 1.0 0.5 Domestic market 1.2 2.1 1.0 1.5 2.1 1.9 2.0 1.3 0.3 0.3 0.9 1.6 2.0 2.2 2.0 Non-domestic market 1.6 -0.9 -1.4 0.9 -0.3 -1.4 -1.2 -1.4 -1.4 -0.8 -1.1 0.7 0.3 -0.3 -0.9 Euro area 1.6 -0.7 -1.2 1.2 -0.3 -1.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.0 0.3 -0.3 -0.9 Non-euro area 1.7 -1.2 -1.8 0.0 -0.3 -0.7 -1.1 -0.5 -1.3 -1.8 -1.9 -0.2 0.3 -0.4 -0.9 Import price indices 1.7 -1.4 -2.6 1.4 0.2 -1.9 -1.9 -2.3 -4.7 -3.5 -3.4 1.4 1.2 0.5 -1.2 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2 , nominal 0.8 -0.4 0.8 -0.6 -0.2 -0.4 -0.3 0.0 0.7 1.2 1.3 1.2 -0.8 -0.7 0.0 0.1 Real (deflator HICP) 0.8 -0.3 -0.4 -0.8 -0.1 0.1 -0.3 -0.1 -1.3 -0.1 0.0 -0.5 -0.9 -0.7 -0.1 0.4 Real (deflator ULC) 0.8 0.9 3.4 0.0 1.6 1.3 0.7 4.6 2.7 1.2 5.3 USD / EUR 1.1815 1.1196 1.1413 1.1357 1.1239 1.1116 1.1072 1.1023 1.1006 1.1695 1.1928 1.2056 1.1302 1.1238 1.1185 1.1293 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. 2019 2020 2021 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 2.0 2.3 1.7 1.4 1.4 1.8 2.1 2.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.9 2.9 1.7 1.5 2.4 3.3 3.4 4.0 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 1.6 1.7 1.6 1.4 1.6 1.9 1.4 1.7 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.2 5.2 2.3 0.6 0.5 0.5 1.4 1.8 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 4.8 4.9 3.9 2.9 2.1 2.7 4.1 3.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 2.2 2.7 0.7 1.3 1.0 0.4 0.8 0.6 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.2 1.4 1.4 1.7 1.4 1.4 1.4 1.7 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 -1.3 -0.7 -2.0 -0.9 -1.6 0.1 1.3 -0.3 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 -0.5 -1.2 1.1 0.5 1.2 -0.4 -0.1 -2.3 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 2.0 2.1 2.2 0.8 0.2 0.6 -0.9 0.7 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 3.5 3.5 5.6 5.5 5.6 5.6 5.5 4.5 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 2.9 3.3 2.8 2.9 2.8 3.2 1.9 2.0 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 1.8 2.0 3.5 3.4 4.5 4.4 5.3 5.4 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 2.0 2.4 1.7 1.5 1.4 2.0 2.3 2.0 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 1.9 2.3 2.1 1.8 1.8 1.6 1.4 1.7 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.2 0.2 0.4 0.2 0.5 0.6 0.3 0.1 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 1.8 1.9 2.1 1.9 2.0 2.1 1.9 1.5 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 -1.3 -1.5 -1.3 -1.5 -1.1 -0.9 -1.3 -1.2 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 -1.6 -1.8 -1.5 -1.7 -1.1 -0.7 -1.5 -1.7 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 -0.5 -0.8 -0.8 -1.0 -1.0 -1.2 -0.6 0.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -1.3 -2.2 -2.2 -2.4 -2.0 -1.4 -1.5 -1.7 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 -0.5 -0.1 -0.5 -0.4 -0.4 -0.3 -0.4 -0.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.5 -0.2 0.7 -0.1 -0.2 -0.4 -0.2 -0.2 -0.3 0.0 -1.5 -1.4 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.9 1.1218 1.1126 1.1004 1.1053 1.1051 1.1113 1.1100 1.0905 1.1063 1.0862 1.0902 1.1255 1.1463 1.1828 1.1792 1.1775 1.1838 1.2170 1.2171 1.2098 1.1899 Balance of payments 2018 2019 2020 2018 2019 2020 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,680 2,723 3,272 508 716 690 662 655 818 646 899 909 295 163 257 217 Goods 1,282 1,330 2,503 120 414 434 204 278 583 585 730 604 107 158 150 42 Exports 30,817 32,013 29,629 7,922 7,983 8,295 7,831 7,904 7,856 6,425 7,358 7,989 2,544 2,589 2,850 2,785 Imports 29,535 30,682 27,126 7,801 7,569 7,861 7,628 7,625 7,273 5,840 6,628 7,385 2,437 2,431 2,700 2,744 Services 2,625 2,787 1,985 692 534 691 831 732 512 398 536 538 198 149 186 286 Exports 8,104 8,548 6,871 2,148 1,794 2,097 2,431 2,227 1,773 1,448 1,796 1,854 569 575 650 735 Imports 5,478 5,762 4,887 1,456 1,260 1,406 1,600 1,495 1,261 1,050 1,260 1,316 371 426 463 449 Primary income -819 -853 -689 -230 -9 -329 -239 -276 -113 -191 -269 -116 63 -38 -34 -83 Receipts 1,578 1,701 1,621 411 418 481 355 445 456 375 334 455 202 93 123 123 Expenditures 2,397 2,554 2,310 641 428 810 594 722 569 567 603 572 140 131 158 207 Secondary income -408 -541 -526 -75 -223 -106 -134 -78 -165 -146 -99 -117 -72 -106 -44 -27 Receipts 793 805 852 242 185 188 204 229 198 198 190 266 59 67 59 71 Expenditures 1,201 1,346 1,378 317 407 294 338 307 362 345 289 382 132 172 103 99 Capital account -225 -187 -217 -120 -27 -11 -30 -120 -54 -18 -26 -119 -17 -19 9 -9 Financial account 2,524 2,454 2,033 206 785 522 722 425 811 152 535 535 515 430 -160 187 Direct investment -934 -748 23 -229 -323 -193 -120 -112 -172 -111 -109 415 42 -393 28 -127 Assets 373 773 704 97 429 20 116 208 30 203 -77 548 76 176 177 -21 Liabilities 1,307 1,521 681 327 753 213 236 320 202 314 32 132 34 569 149 106 Portfolio investment 744 791 -1,775 -515 546 -88 -92 424 -1,940 -1,916 1,328 753 -1,507 2,166 -113 175 Financial derivatives -81 -163 27 -31 -184 20 -8 8 53 -32 5 2 -62 -56 -66 8 Other investment 2,743 2,537 3,591 965 725 737 975 100 2,822 2,182 -715 -698 2,014 -1,254 -36 106 Assets 2,039 3,424 4,898 1,216 696 1,484 1,055 189 3,399 2,030 -647 116 1,769 -1,307 234 221 Other equity 68 84 61 -25 43 35 28 -22 13 19 14 14 3 36 4 12 Currency and deposits 1,493 2,836 4,699 1,544 -4 1,123 1,058 659 2,751 2,673 -791 67 1,293 -1,461 165 199 Loans 215 412 245 74 49 324 57 -18 79 41 55 71 33 11 6 13 Insurance, pension schemes, and standardised guarantee schemes -7 13 3 -8 8 1 1 2 2 3 -1 0 3 3 3 0 Trade credit and advances 303 42 -203 -318 571 -56 -142 -332 402 -545 75 -136 179 195 196 19 Other assets -33 38 93 -50 29 56 52 -100 151 -160 2 100 259 -90 -140 -22 Liabilities -704 887 1,307 251 -29 747 80 89 576 -151 69 813 -245 -53 269 115 Other equity 2 2 2 2 0 -1 0 2 0 0 0 2 0 0 0 -1 Currency and deposits -524 935 1,652 365 42 327 231 335 416 440 334 463 -93 82 52 92 Loans -482 -158 -407 -297 -107 146 53 -250 40 -256 -325 134 8 -185 70 53 Insurance, pension schemes, and standardised guarantee schemes 20 27 65 -14 40 13 9 -35 40 18 6 0 13 13 13 4 Trade credit and advances 331 62 -143 179 2 116 -140 84 -58 -393 20 288 -287 151 137 -69 Other liabilities -51 19 137 16 -5 144 -72 -48 138 39 33 -73 113 -114 -4 36 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 52 37 166 16 21 44 -33 5 49 29 26 62 27 -33 27 25 Net errors and omissions 69 -81 -1,022 -182 96 -157 90 -110 47 -476 -338 -255 237 286 -426 -22 Sources: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. 2019 2020 2021 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 305 168 209 240 213 386 300 -30 236 335 246 213 127 306 397 128 374 460 265 185 290 148 244 139 42 22 214 137 -72 142 249 192 169 127 289 356 93 281 300 218 86 281 2,837 2,672 2,871 2,199 2,761 2,905 2,747 2,251 2,580 2,692 2,584 1,836 2,113 2,476 2,690 2,006 2,662 2,820 2,776 2,394 2,438 2,689 2,428 2,732 2,157 2,739 2,691 2,611 2,323 2,438 2,443 2,392 1,668 1,986 2,186 2,334 1,913 2,381 2,519 2,558 2,308 2,156 203 201 283 290 258 301 219 211 192 195 125 134 112 152 177 153 206 250 133 156 101 660 701 856 815 760 759 697 770 608 621 544 460 444 544 640 577 580 639 539 676 443 457 500 573 525 502 458 478 559 415 426 419 326 332 393 463 424 373 389 407 520 342 -18 -227 -156 -50 -33 -78 -40 -159 -1 -55 -56 -49 -56 -87 -102 -90 -77 -66 -35 -15 -18 214 143 122 106 127 130 144 172 187 139 130 137 134 105 114 109 111 118 155 182 156 233 371 278 157 159 207 184 331 188 194 186 186 190 191 216 199 188 185 190 197 175 -28 -51 -57 -42 -34 -52 -16 -10 -97 -53 -14 -41 -57 -48 -34 -28 -37 -24 -51 -42 -74 60 56 67 62 75 70 74 85 66 55 78 73 60 65 72 56 63 89 88 88 63 89 107 124 104 109 122 90 96 163 108 92 115 117 113 106 84 100 113 139 130 137 15 -18 -10 -10 -9 -9 29 -139 -17 -17 -19 -4 -3 -11 -16 2 -13 -15 0 -105 -17 377 -42 497 -213 438 429 182 -186 253 336 222 274 -106 -15 145 132 257 321 322 -108 267 -27 -38 -45 -46 -29 107 -17 -201 -4 -65 -103 -285 -10 184 18 -170 43 -12 -36 464 -149 115 -74 101 -91 106 161 59 -11 100 134 -204 -119 172 150 -207 -104 234 187 78 282 -51 142 -36 146 -44 134 54 76 190 104 199 -101 167 182 -34 -225 66 192 200 114 -182 98 41 -303 -282 -17 207 86 -48 386 -848 -158 -934 -1,575 -490 150 274 507 547 -412 521 645 -1,113 3 10 -1 -9 3 3 1 4 14 11 28 -17 -8 -7 4 0 1 -5 2 5 9 354 277 863 -152 264 221 260 -381 1,070 535 1,217 2,143 410 -371 -166 -206 -343 739 -179 -1,258 1,505 771 491 843 89 123 177 409 -396 886 795 1,718 1,850 371 -191 -245 -241 -161 1,188 292 -1,364 1,649 12 12 8 10 10 -8 -8 -7 5 4 5 4 6 9 5 5 4 5 5 4 5 564 360 904 196 -42 38 394 227 690 533 1,528 2,315 484 -127 -356 -132 -304 844 153 -930 1,330 132 179 -2 28 31 -25 11 -5 14 27 38 21 8 12 -35 46 44 69 49 -47 35 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 -27 -47 -80 -178 117 184 -15 -500 53 251 98 -368 -163 -14 96 -125 104 230 92 -458 189 90 -12 12 33 7 -13 26 -113 124 -21 48 -122 34 -72 46 -35 -10 40 -7 67 91 418 214 -20 241 -141 -44 148 -15 -184 260 501 -293 -39 180 -79 -35 182 449 471 -107 144 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 1 1 1 116 119 45 187 -1 144 20 171 4 66 346 299 -48 188 169 88 77 221 132 109 253 70 24 152 172 -271 -239 32 -43 -2 112 -70 -93 -5 -158 -113 -74 -138 53 230 -149 5 4 4 3 3 3 -12 -12 -12 13 13 13 6 6 6 2 2 2 0 0 0 0 152 33 -173 -106 139 49 104 -68 -274 75 140 -502 -66 175 -122 -37 179 184 132 -28 -138 74 34 -46 -15 -11 15 4 -66 74 -7 72 -4 73 -31 -14 -13 61 -10 -24 -40 23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 12 -37 11 -7 12 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 57 -192 298 -442 234 52 -147 -16 34 18 -5 65 -230 -311 -236 2 -104 -124 57 -187 -6 324 315 340 261 352 336 344 333 252 316 284 230 277 301 325 239 335 336 329 321 N/A 1,494 1,407 1,556 1,223 1,458 1,552 1,442 1,102 1,398 1,424 1,390 982 1,067 1,242 1,342 1,075 1,381 1,489 1,454 1,213 N/A 1,147 1,077 1,128 828 1,157 1,204 1,165 920 1,329 1,175 1,286 863 1,087 1,212 1,275 901 1,244 1,334 1,195 988 N/A 372 362 386 266 403 374 389 424 329 308 298 213 298 337 339 277 339 374 461 405 N/A 1,620 1,437 1,656 1,313 1,667 1,591 1,546 1,312 1,495 1,462 1,473 1,000 1,155 1,233 1,404 1,154 1,408 1,509 1,769 1,377 N/A 852 900 1,029 747 936 1,246 971 1,015 959 1,019 1,031 725 801 1,047 1,019 913 922 1,079 1,062 1,030 N/A Monetary indicators and 2018 2019 2020 2018 2019 interest rates 10 11 12 1 2 3 4 5 6 7 8 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,165 7,719 11,805 7,059 7,088 7,165 7,256 7,023 7,152 7,219 7,327 7,606 7,631 7,913 Central government (S,1311) 4,937 4,696 4,520 4,905 4,939 4,937 4,980 4,805 4,819 4,944 5,089 5,058 5,070 5,007 Other government (S,1312,1313,1314) 580 602 639 559 558 580 588 587 583 577 581 577 570 567 Households (S,14, 15) 10,370 10,981 10,997 10,296 10,339 10,370 10,397 10,426 10,507 10,570 10,628 10,642 10,703 10,781 Non-financial corporations (S,11) 9,496 9,589 9,363 9,656 9,628 9,496 9,665 9,676 9,681 9,637 9,571 9,749 9,738 9,878 Non-monetary financial institutions (S,123, 124, 125) 1,502 1,661 1,640 1,497 1,503 1,502 1,503 1,490 1,486 1,484 1,482 1,496 1,503 1,493 Monetary financial institutions (S,121, 122) 4,275 5,230 7,969 3,614 3,904 4,275 4,247 4,380 4,207 3,963 4,099 4,001 4,335 4,067 Claims on domestic sectors, TOTAL In domestic currency 26,181 27,913 30,341 25,600 25,921 26,181 26,367 26,516 26,385 26,138 26,329 26,381 26,725 26,651 In foreign currency 446 391 345 467 451 446 435 432 434 420 422 419 416 420 Securities, total 4,429 4,382 4,361 4,354 4,393 4,429 4,475 4,397 4,433 4,580 4,659 4,685 4,727 4,666 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Overnight deposits 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up 0.16 0.17 0.15 0.16 0.17 0.17 0.16 0.18 0.17 0.16 0.19 0.17 0.15 0.16 to one year New loans to non-financial corporations in domestic currency INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % 3-month rates -0.322 -0.356 -0.425 -0.318 -0.316 -0.312 -0.308 -0.308 -0.309 -0.311 -0.312 -0.329 -0.365 -0.408 6-month rates -0.266 -0.302 -0.364 -0.264 -0.257 -0.241 -0.236 -0.232 -0.230 -0.231 -0.237 -0.279 -0.347 -0.405 3-month rates -0.735 -0.737 -0.708 -0.741 -0.745 -0.735 -0.704 -0.713 -0.707 -0.715 -0.713 -0.717 -0.751 -0.817 6-month rates -0.653 -0.684 -0.659 -0.662 -0.667 -0.659 -0.639 -0.652 -0.648 -0.650 -0.656 -0.673 -0.719 -0.802 Sources: BoS, EUROSTAT, 0.01 2019 2020 2021 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 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 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 4,549 574 573 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 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 9,868 9,869 9,882 9,589 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,597 9,562 9,552 9,548 9,364 9,505 9,519 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 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 26,509 26,728 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,499 29,630 29,858 30,299 30,342 30,993 30,521 412 398 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 4,704 4,642 4,581 4,382 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 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 0.16 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 -0.418 -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 -0.394 -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 -0.812 -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 -0.771 -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 Public finance 2018 2019 2020 2018 2019 2020 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 18,593.6 19,232.3 18,530.5 5,102.5 4,518.9 4,944.0 4,671.6 5,097.8 4,649.5 4,094.2 4,892.9 4,894.0 1,570.2 1,702.7 1,622.5 1,618.9 Current revenues 17,575.9 18,293.3 17,581.1 4,803.5 4,276.0 4,730.5 4,478.2 4,808.7 4,409.1 3,917.7 4,634.5 4,619.8 1,374.1 1,623.1 1,542.0 1,565.5 Tax revenues 16,225.3 17,179.1 16,459.8 4,297.6 4,103.3 4,350.6 4,169.7 4,555.6 4,159.4 3,578.0 4,343.3 4,379.2 1,314.5 1,545.1 1,400.4 1,405.1 Taxes on income and profit 3,296.4 3,614.0 3,261.8 868.3 850.4 1,058.4 717.7 987.4 879.9 692.0 764.7 925.2 285.4 426.4 300.1 332.0 Social security contributions 6,549.8 7,021.3 7,289.9 1,715.0 1,710.3 1,734.9 1,745.5 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 571.1 580.1 576.6 578.2 Taxes on payroll and workforce 21.6 23.2 21.6 6.1 5.3 5.9 5.4 6.6 5.9 4.0 5.6 6.1 1.7 1.9 1.8 2.1 Taxes on property 277.9 296.4 286.8 78.2 26.3 67.6 120.9 81.6 31.0 48.6 111.3 95.8 7.6 18.8 19.9 28.9 Domestic taxes on goods and services 5,989.3 6,126.7 5,493.3 1,632.4 1,427.8 1,490.3 1,565.7 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 393.4 541.8 492.5 456.0 Taxes on international trade & transactions 89.8 98.6 102.4 23.2 25.5 25.6 25.5 22.1 24.0 24.5 25.3 28.7 9.2 9.3 8.3 8.0 Other taxes 0.5 -1.1 4.0 -25.6 57.8 -32.0 -11.1 -15.8 22.5 136.7 -83.4 -71.9 46.0 -33.1 1.2 -0.1 Non-tax revenues 1,350.6 1,114.2 1,121.3 505.9 172.6 380.0 308.5 253.1 249.7 339.7 291.3 240.6 59.5 78.0 141.6 160.4 Capital revenues 152.8 136.4 146.4 43.1 23.9 31.2 34.4 46.9 31.2 20.1 31.3 63.9 8.1 10.4 11.5 9.3 Grants 12.4 13.8 17.5 3.6 5.2 1.1 6.3 1.2 8.1 1.4 6.9 1.1 0.1 0.5 0.2 0.4 Transferred revenues 55.6 58.3 54.9 3.3 1.8 3.1 50.3 3.1 0.2 21.7 30.6 2.4 0.0 1.5 0.0 1.6 Receipts from the EU budget 796.9 730.5 730.6 249.0 212.1 178.0 102.4 238.0 200.9 133.3 189.6 206.8 187.9 67.2 68.7 42.1 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,068.0 18,968.8 22,072.7 5,060.6 4,689.9 4,506.0 4,705.7 5,067.2 5,024.6 5,703.7 5,250.2 6,094.2 1,615.1 1,491.8 1,454.3 1,559.9 Current expenditures 7,966.5 8,228.3 9,128.5 2,142.1 2,116.1 2,010.6 2,007.6 2,094.0 2,359.6 2,074.0 2,201.0 2,493.9 779.0 700.9 605.5 704.2 Wages, salaries and other personnel expenditures 4,167.9 4,470.5 4,965.7 1,079.1 1,069.5 1,178.3 1,101.6 1,121.2 1,183.0 1,318.3 1,242.2 1,222.1 366.8 355.8 363.1 459.4 Expenditures on goods and services 2,633.7 2,728.0 3,021.0 798.5 600.5 667.6 673.8 786.0 686.8 661.6 739.0 933.7 219.5 221.0 222.5 224.1 Interest payments 867.9 791.5 778.0 69.5 404.2 122.7 175.7 88.9 442.4 53.7 187.0 95.0 166.9 114.8 4.1 3.8 Reserves 296.9 238.4 363.8 195.0 42.0 42.1 56.4 97.9 47.3 40.5 32.8 243.1 25.8 9.3 15.8 17.0 Current transfers 8,236.6 8,704.2 10,864.3 2,103.7 2,187.9 2,107.1 2,201.2 2,208.1 2,308.7 3,219.2 2,632.9 2,703.4 727.9 677.8 715.9 713.4 Subsidies 443.9 467.9 1,449.3 127.5 161.8 113.4 53.5 139.3 167.9 711.7 305.5 264.2 30.6 26.5 39.8 47.1 Current transfers to individuals and households 6,925.8 7,323.9 8,250.6 1,720.5 1,784.6 1,816.5 1,912.6 1,810.3 1,902.6 2,253.7 2,061.9 2,032.3 600.5 613.0 600.3 603.2 Current transfers to non­profit institutions, other current domestic transfers 793.5 827.7 1,080.0 232.9 216.6 163.1 215.3 232.7 215.0 242.6 248.9 373.5 92.1 33.1 69.9 60.1 Current transfers abroad 73.4 84.7 84.4 22.9 25.0 14.1 19.8 25.9 23.2 11.2 16.6 33.4 4.7 5.1 6.0 3.0 Capital expenditures 1,159.9 1,252.9 1,230.4 558.9 156.1 240.3 315.4 541.2 172.8 232.7 263.2 561.7 56.7 67.0 88.2 85.2 Capital transfers 271.6 273.6 323.5 145.3 24.9 49.3 57.8 141.6 29.6 42.9 68.0 183.0 9.6 15.3 16.9 17.0 Payments to the EU budget 433.4 509.7 526.0 110.5 204.8 98.8 123.8 82.3 154.0 134.7 85.1 152.2 41.9 30.9 27.7 40.1 SURPLUS / DEFICIT 525.6 263.5 -3,542.2 41.8 -171.0 438.0 -34.2 30.6 -375.2 -1,609.5 -357.3 -1,200.2 -44.9 210.9 168.2 58.9 Source: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. 2019 2020 2021 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 1,461.5 1,556.0 1,654.1 1,669.3 1,612.8 1,815.6 1,678.4 1,483.5 1,487.6 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,642.3 1,674.4 1,484.4 1,438.2 1,539.6 1,500.4 1,626.9 1,576.5 1,605.3 1,638.2 1,438.0 1,332.9 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,502.7 1,613.3 1,422.2 1,308.2 1,461.2 1,400.2 1,535.2 1,498.3 1,522.1 1,581.5 1,358.8 1,219.1 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.1 1,491.5 1,326.7 126.7 308.1 282.9 305.1 313.3 369.0 296.6 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 583.8 582.3 579.4 579.4 586.8 664.4 615.1 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 2.1 1.6 1.6 2.0 2.1 2.5 2.1 1.9 1.9 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 35.7 36.6 48.5 35.8 30.4 15.4 10.1 7.6 13.3 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.0 9.9 8.7 564.8 522.0 478.9 601.5 575.0 466.6 631.2 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 10.2 8.1 7.2 8.0 7.4 6.8 7.2 7.9 8.9 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 -15.2 2.5 1.6 3.4 -16.6 -2.6 19.2 3.4 -0.1 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.8 35.4 -3.5 130.0 78.4 100.1 91.6 78.2 83.2 56.7 79.2 113.8 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 86.7 121.8 95.5 15.0 7.3 12.1 15.3 11.9 19.7 11.3 12.2 7.8 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.1 4.1 14.4 0.2 0.5 5.6 1.2 3.7 -3.8 1.0 5.4 1.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.0 0.2 50.1 0.0 -0.2 3.3 0.1 0.0 0.0 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 1.1 0.9 0.5 8.1 8.4 85.9 25.9 20.9 191.1 27.9 27.9 145.1 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.7 55.2 41.8 1,700.8 1,487.7 1,517.2 1,540.6 1,628.2 1,898.4 1,723.2 1,498.0 1,803.4 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,589.9 2,067.4 1,724.4 691.1 657.8 658.6 642.1 696.0 755.9 799.9 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,067.1 788.3 719.9 375.1 368.2 358.2 375.5 370.3 375.4 403.1 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.9 500.8 432.1 250.8 204.7 218.3 246.0 236.1 303.9 235.1 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.7 195.8 236.0 47.2 56.3 72.2 8.8 66.9 13.3 153.2 21.3 267.9 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 18.0 28.6 9.9 11.9 22.8 63.2 8.6 13.3 25.5 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.1 9.2 27.0 849.6 668.4 683.1 711.5 740.5 756.0 781.6 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,036.8 1,158.0 837.9 19.9 16.5 17.0 33.1 49.3 56.8 82.8 39.7 45.4 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 168.7 68.1 745.7 578.4 588.4 605.9 599.9 604.4 623.5 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.2 972.1 674.9 77.0 63.0 75.3 70.2 75.7 86.8 66.5 68.5 80.0 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 201.1 7.8 88.0 6.9 10.5 2.3 2.4 15.5 8.0 8.8 8.4 6.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 102.0 100.3 113.1 122.9 141.7 276.6 53.5 56.9 62.4 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.7 47.3 62.6 17.1 19.7 21.0 24.0 31.0 86.6 11.0 8.0 10.5 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 117.6 4.8 11.5 41.0 41.5 41.3 40.0 19.0 23.4 77.1 48.5 28.4 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 -239.3 68.3 136.9 128.8 -15.3 -82.8 -44.8 -14.6 -315.8 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.5 -393.0 -240.0 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, ECB – European Central Bank, EIA – Energy Information Administration, EMMI – European Money Markets Institute, ENTSO-E - European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial Administration of the Republic of Slovenia, GDP– Gross domestic product, GNI – gross national income, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, PEEP – Pandemic emergency purchase programme, PMI – Purchasing Managers' Index, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SITC – Standard International Trade Classification, SODO – Electricity Distribution System Operator, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, USA – United States of America, USD – US Dollar, VAT – value added tax, WEO – World Economic Outlook, ZZZS - The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J– Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 3, Vol. XXVII, 2021