sl ov en ia n ec on om ic m ir ro r N o. 4 , V ol . X XV III , 2 02 2 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 4 / Vol. XXVIII / 2022 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Matevž Hribernik, MSc Authors: Urška Brodar; Barbara Bratuž Ferk, MSc; Lejla Fajić; Tina Golob Šušteršič, PhD; Marjan Hafner, MSc; Matevž Hribernik, Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Laura Južnik Rotar, PhD; Jože Markič, PhD; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, May 2022 ISSN 1581-1026 (pdf ) The publication is available free of charge. © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 11 Labour market ............................................................................................................................................ 17 Prices .............................................................................................................................................................. 19 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................ 21 Public finance ............................................................................................................................................. 22 Statistical appendix ...............................................................................................................................25 Contents On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. The Economic Mirror is prepared based on statistical data available by 10th May 2022. In the spotlight 3Slovenian Economic Mirror, No 4/2022 Growth in euro area economic activity slowed further in the first quarter; GDP growth forecasts for Slovenia’s main trading partners are significantly lower than at the beginning of the year, accompanied by high uncertainty. According to Eurostat’s flash estimate, GDP growth moderated compared to the last quarter of 2021, to 0.2% (it was 5% year-on-year). Available confidence indicators (PMI, ESI, Ifo) suggest that growth in activity in manufacturing is expected to remain modest at the beginning of the second quarter, while it is expected to increase slightly in the services sector. In view of the increasing uncertainty in the international environment, mainly due to the war in Ukraine, the IMF revised its forecasts for Slovenia’s two main economic partners downwards by more than one percentage point in April (to 2.1% for Germany and 2.3% for Italy). The forecasts are subject to risks associated with the unfolding of the war in Ukraine, high energy prices (and high inflation), persistence of supply chain disruptions and measures related to the epidemiological situation in China. Amid heightened uncertainty in the international environment, growth of activity in the export-oriented part of the economy slowed in the first quarter. According to the available data, trade in goods increased in current terms in the first quarter, albeit at a slower pace than in previous quarters, while activity in manufacturing remained at the previous quarter’s level. This trend was mainly due to the relatively high current growth in March, as activity in the export-oriented part of the economy declined in current terms in the first two months. Growth of activity in sectors more dependent on domestic demand continued in the first two months of the year. In construction, the value of completed works further increased in current terms in February amid a sharp increase in cost pressures. Turnover in trade increased further and the lifting of the recovered/vaccinated/ tested rule in February contributed to the positive development in the retail trade in non- food products. After two months of decline, turnover in market services also increased in current terms in February. Compared to the same period before the epidemic, only travel agencies recorded a significantly lower turnover. In trade in services, only those activities that were strongly affected by the containment measures (trade in travel and trade in personal, cultural and recreational services) are still lagging behind the pre-epidemic period. After falling sharply in March, the value of the economic sentiment indicator rose slightly in April and was also higher year-on-year. Confidence was higher in most sectors, with the exception of manufacturing and among consumers, the main factors here being rising prices and uncertainty about further price increases. Amid ongoing supply chain disruptions and the escalation of the war in Ukraine, the less favourable export expectations have not yet had a noticeable impact on the export-oriented part of the economy. In the labour market, unemployment continues to fall and the year-on-year increase in the number of persons in employment remains high. The number of unemployed persons in April was more than a quarter lower than in the same period last year and the lowest on record. Amid high demand for labour, the number of long-term unemployed is also declining. Year-on-year growth in the number of people in employment remained high in February; it was highest in accommodation and food service activities and in construction. Given the shortage of domestic labour, the number of foreign citizens in employment is increasing, with their share particularly high in construction, transportation and storage, and administrative and support service activities. Average wages in the public sector remained lower year-on-year for the fourth month in a row in February due to the cessation of epidemic-related allowances in the middle of last year. Year-on- year wage growth in the private sector (4.2%) was similar to the previous month though lower than in the final months of 2021, with the strongest growth in accommodation and food service activities and also high growth in construction and transportation and storage, which could already be affected by labour shortages. Due to the sharp year-on- year decline in the public sector and the slowdown of year-on-year growth in the private sector, the total average wage in the first two months was also lower year-on-year. In the spotlight In the spotlight4 Slovenian Economic Mirror, No 4/2022 Year-on-year consumer price growth increased to 6.9% in April. The high growth was mainly driven by high energy prices, especially prices of petroleum products. With rising input prices and geopolitical uncertainties, prices of food and durable goods continued to grow at a robust pace, and service prices are also gradually rising. In recent months, high prices of energy and other commodities, along with increasing supply chain problems, are affecting Slovenian industrial producer prices, which rose by 17.9% year-on-year in March. In the first quarter of this year, the general government deficit was lower than in the same period of 2021; projections of the Stability Programme 2022 indicate that the deficit will narrow compared to last year. In the first quarter, the deficit of the consolidated general government budgetary accounts was EUR 317.6 million, almost EUR 1 billion lower than in the same period last year, reflecting high revenue growth amid lower expenditure. The increase in revenue was the result of continued growth in economic activity and favourable labour market conditions, while receipts from the EU budget also increased significantly. The decrease in expenditure in the first quarter was mainly due to the fact that payments related to measures to mitigate the consequences of the epidemic decreased significantly year-on-year (by more than EUR 600 million). According to the projections of the Stability Programme 2022, the general government deficit is expected to fall to 4.1% of GDP this year (5.2% of GDP last year), assuming a no- policy-change scenario. It should be noted that, not taking into account the COVID-19 measures, the deficit is projected to be higher in 2022 and 2023 than in 2020 and 2021, mainly due to certain structural measures (tax cuts and statutory increases in expenditure for various purposes) and a high planned level of investment. In the spotlight 5Slovenian Economic Mirror, No 4/2022 60 70 80 90 100 110 120 130 Ja n 19 Ju l 1 9 Ja n 20 Ju l 2 0 Ja n 21 Ju l 2 1 Ja n 22 Lo ng -te rm a ve ra ge = 1 00 Source: EC. Euro area Germany Austria Italy France Slovenia Deterioration of economic sentiment in Slovenia and among its main trading partners after the outbreak of war in Ukraine 0 1 2 3 4 5 6 7 8 9 W or ld gr ow th U S Ch in a Eu ro a re a G er m an y Ita ly Fr an ce Re al G D P gr ow th , i n % Source: IMF WEO, April 2022. 2021 Forecast for 2022 Forecast for 2023 Previous forecast The forecasts of economic growth, especially for Slovenia’s main euro area trading partners, are significantly lower than at the beginning of the year 40 60 80 100 120 140 160 180 200 Ja n 05 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS, calculations by IMAD. Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade Turnover in service activities Amid heightened uncertainty in the international environment, activity in the export-oriented part of the economy slowed in the first quarter -3542.2 -2914.6 -1298.6 -317.6 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 I-I II 20 21 I-I II 20 22 EU R m ill io n General government balance Primary balance Source: MF, Bulletin of Government Finance; calculations by IMAD. In the first quarter of this year, the general government deficit was lower than in the same period of 2021; revenues increased while expenditure was significantly lower, especially for measures to mitigate the consequences of the epidemic Year-on-year consumer price growth increased to 6.9% in April; all major groups of products and services are already making a significant contribution to growth -4 -2 0 2 4 6 8 -4 -2 0 2 4 6 8 Ja n 19 M ar 1 9 M ay 1 9 Ju l 1 9 Se p 19 N ov 1 9 Ja n 20 M ar 2 0 M ay 2 0 Ju l 2 0 Se p 20 N ov 2 0 Ja n 21 M ar 2 1 M ay 2 1 Ju l 2 1 Se p 21 N ov 2 1 Ja n 22 M ar 2 2 Ye ar -o n- ye ar g ro w th , i n % Co nt rib ut io n to y -o -y g ro w th , i n p. p . Source: SURS; calculations by IMAD. Food Fuels and energy Services Other TOTAL Employment continues to rise; amid high demand for labour, unemployment fell to its lowest level in April 0 20 40 60 80 100 120 140 160 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f r eg is te re d un em pl oy ed , in '0 00 , s ea so na lly a dj us te d N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS, ESS; calculations by IMAD. Employed according to SRE (left axis) Registered unemployed (right axis) cu rr en t e co no m ic tr en ds Current Economic Trends 9Slovenian Economic Mirror, No 4/2022 Figure 1: The IMF’s April economic outlook In April, the IMF significantly downgraded its growth forecasts for the global economy. Growth is expected to slow significantly in 2022 (from 6.1% to 3.6%) and stagnate in 2023, mainly due to the Russian military aggression against Ukraine. GDP is expected to fall sharply this year in Ukraine (-35%) and Russia (-8.5%) due to the direct impact of the war and sanctions. Given the impact of the war on commodity prices, trade and financial markets, GDP growth in most other economies will be much weaker than expected at the beginning of the year, especially in the euro area (the January growth forecast was revised down by 1.1 p.p. to 2.8%). Inflation in the euro area will be elevated this year. According to the IMF forecasts, it will reach 5.3% overall in 2022, moderating to 2.3% in 2023 as supply chain pressures ease and commodity prices fall. Global trade growth, which was 10% in 2021, is also forecast to slow markedly, halving in 2022. The forecasts are subject to high uncertainty associated with a number of negative risks, such as the unfolding of the war in Ukraine, suspension of oil and gas supply from Russia to Europe, increased disruptions in global supply chains and inflationary pressures, and rapid changes in monetary policy. The re-emergence of the pandemic also remains a risk. Figure 2: Quarterly economic growth in Slovenia’s main trading partners Growth in euro area economic activity continued to slow in the first quarter of this year. According to Eurostat’s flash estimate, GDP growth was 0.2% compared to the last quarter of 2021 (5.0% year-on-year). Among Slovenia’s main trading partners, only Austria recorded solid growth (2.5%); Germany’s GDP grew by a modest 0.2%, France’s stagnated and Italy’s fell by 0.2%. According to confidence indicators (PMI, ESI, Ifo), growth of economic activity in the euro area will remain modest in the second quarter amid rising inflation and significant supply chain disruptions due to the war in Ukraine and the partial closure of the Chinese economy due to COVID-19. Growth among Slovenia’s main trading partners will be significantly lower this year than expected at the beginning of the year. The forecasts were significantly downgraded, especially for Slovenia’s main economic partners, i.e. Germany and Italy. The IMF, which downgraded its January forecast for both countries by more than 1 p.p. in April, forecasts growth of 2.1 and 2.3% respectively for these two countries in 2022. -2 -1 0 1 2 3 4 5 EA EU G er m an y Ita ly A us tr ia Fr an ce Q ua rt er ly s ea so na lly a dj us te d gr ow th , i n % Source: Eurostat. Q2 21 Q3 21 Q4 21 Q1 22 0 1 2 3 4 5 6 7 8 9 W or ld gr ow th U S Ch in a Eu ro a re a G er m an y Ita ly Fr an ce Re al G D P gr ow th , i n % Source: IMF WEO, April 2022. 2021 Forecast for 2022 Forecast for 2023 Previous forecast The international environment Current Economic Trends10 Slovenian Economic Mirror, No 4/2022 Table 1: Brent oil prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2021 III 22 IV 22 IV 22/III 22 IV 22/IV 21 I-IV 22/I-IV 21 Brent USD, per barrel 70.69 117.25 104.89 -10.5 61.9 64.1 Brent EUR, per barrel 59.70 106.43 96.94 -8.9 88.2 80.1 USD/EUR 1.184 1.102 1.082 -1.8 -9.7 -7.6 3-month EURIBOR, in % -0.549 -0.495 -0.448 4.7 9.0 3.3 Non-energy commodity prices, index 2010=100 112.13 139.02 139.89 0.6 28.4 26.0 Source: EIA, ECB, World Bank; calculations by IMAD. Note: * in Euribor change in basis points. Figure 3: Commodity prices After a significant increase in March, prices for energy commodities on international markets fell in April, while prices for non-energy commodities stagnated. Compared to the previous month, the average dollar price of Brent crude oil decreased by 10.5% to USD 104.9 per barrel, though it remained up 61.9% year-on- year. The oil price rose again at the beginning of May amid heightened uncertainty about the future imports from Russia by EU Member States. Natural gas prices on the European market fell by 24% compared to March but were 350.6% higher year-on-year. According to the World Bank, average prices for non-energy commodities on international markets were only slightly higher in April than in March, while they were 28.4% higher year- on-year. After a sharp rise in prices of some non-energy commodities (food, fertilisers and metals) in March, the price increase of most commodities slowed in April, while prices of metals fell. The high year-on-year price increases in all commodity groups, with the exception of wood, continued in April. Inflation, which stood at 7.5% in the euro area in April, continues to be driven mainly by year- on-year increases in energy prices. 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 10 =1 00 Source: World Bank. Energy Non-energy commodities Food Metals and minerals Current Economic Trends 11Slovenian Economic Mirror, No 4/2022 Figure 4: Short-term indicators of economic activity in Slovenia Amid heightened uncertainty in the international environment, growth of activity in the export- oriented part of the economy slowed in the first quarter. According to the available data, trade in goods increased in current terms in the first quarter, albeit at a slower pace than in previous quarters, while activity in manufacturing remained at the previous quarter’s level. This trend was mainly due to the relatively high current growth in March, as activity in the export-oriented part of the economy declined in current terms in the first two months. Growth of activity in sectors more dependent on domestic demand continued in the first two months of the year. In construction, the value of completed works further increased in current terms in February amid a sharp increase in cost pressures. Turnover in trade continued to rise and the lifting of the recovered/vaccinated/tested rule in February contributed to the positive development in the retail trade in non-food products. After two months of decline, turnover in market services also increased in current terms in February. Compared to the same period before the epidemic, only travel agencies recorded a significantly lower turnover. In trade in services, only those activities that were strongly affected by the containment measures (trade in travel and trade in personal, cultural and recreational services) are still lagging behind the pre- epidemic period. After falling sharply in March, the value of the economic sentiment indicator rose slightly in April and was also higher year-on-year. Confidence was higher in most sectors except in manufacturing and among consumers, the main factors here being rising prices and uncertainty about further price increases. Amid ongoing supply chain disruptions and the escalation of the war in Ukraine, the less favourable export expectations have not yet had a noticeable impact on the export-oriented part of the economy. 40 60 80 100 120 140 160 180 200 Ja n 05 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22S ea so na lly a dj us te d in de x 20 10 =1 00 Source: SURS, calculations by IMAD. Note: Data on real turnover in services are available from 2010 onwards. Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Figure 5: Electricity consumption Electricity consumption in April was 2% lower than a year ago and 8% lower than in April 2019. The decrease in consumption is a consequence of lower industrial electricity consumption related to supply chain problems and material shortages, which for some sectors (e.g. the automotive industry) were exacerbated with the outbreak of the war in Ukraine. The lower consumption compared to April 2019 from the perspective of the functioning of the economy could partly be the result of a somewhat less favourable timing of this year’s May Day holidays. Among Slovenia’s main trading partners, consumption in April was higher year-on-year in France (4%), roughly the same in Italy and Croatia, and lower in Austria and Germany (-1% and -3% respectively). Compared to April 2019, consumption was lower in France (-6%), Germany (-5%), Austria (-4%) and Italy (-2%), while it was higher in Croatia (3%). -20 -15 -10 -5 0 5 10 15 20 25 30 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A vg 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 Ye ar -o n- ye ar c ha ng e, in % Austria France Croatia Italy Germany Slovenia Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until December 2021. Economic developments in Slovenia Current Economic Trends12 Slovenian Economic Mirror, No 4/2022 Figure 7: Road and rail freight transport In the last quarter of 2021, the volume of road freight transport fell slightly for the second consecutive quarter, while the volume of rail transport increased somewhat. The volume of road transport performed by Slovenian road freight operators decreased quarter-on- quarter, mainly due to a decrease in cross trade transport, while the volume of road transport performed at least partially on Slovenian territory (exports, imports and national transport combined) increased. Compared to the same quarter of 2019, the volume of road transport was 1% higher (transport performed abroad was one- tenth lower, and the other mentioned transport was more than one-tenth higher). Rail freight transport, which was already down before the epidemic, was 3% lower than in the same quarter of 2019. In 2021, the volume of road transport was 4% higher than in 2019, while the volume of rail transport was almost 7% lower. 60 80 100 120 140 160 180 200 220 240 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21In m ill io n tk m , s ea s. a dj . i nd ex 2 01 0= 10 0 Source: SURS; calculations by IMAD. Road Road – cross-trade Road – loaded, unloaded and national Railway Figure 8: Traffic of electronically tolled vehicles on Slovenian motorways In April, freight traffic on Slovenian motorways was 1% higher year-on-year. Current trends are no longer closely linked to the impact of the epidemic, and growth was lower year-on-year, mainly due to there being one less working day. Compared to the same period of 2019, freight traffic volumes were 14% higher in April (adjusted for working days). The share of foreign vehicle traffic, which varies slightly from month to month, was 59% in April, in line with the usual average for that month, whereas in the first year of the epidemic it was significantly lower at 51%. Due to several public holidays, April is one of the months with average traffic volumes, and this April, traffic volumes were also more than a tenth lower than in March. -60 -40 -20 0 20 40 60 80 100 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 Y- on -y c ha ng e, in % Tolled vehicles Domestic Foreign Source: Internal reports obtained from DARS; calculations by IMAD. Figure 6: Electricity consumption by consumption group In March, industrial electricity consumption was still behind that of the same period before the epidemic, while small business consumption was higher. Industrial electricity consumption remained almost unchanged year-on-year, as did household consumption. Small business electricity consumption1 was 12.3% higher year-on-year in March, mainly due to last year’s low base. Compared to March 2019, small business consumption was 2.8% higher, as a result of the easing of containment measures in February and of there being two more working days. Nevertheless, industrial consumption was about 1% lower than in March 2019, most likely due to supply problems and a shortage of raw materials. Household consumption was 8.5% higher in March than in the same period of 2019, due to the ongoing COVID-19 infections and the fact that some workers were still working from home. -30 -20 -10 0 10 20 30 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 Ye ar -o n- ye ar c ha ng e, in % Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. Industry Households Small business consumption Total distribution network consumption 1 In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. Current Economic Trends 13Slovenian Economic Mirror, No 4/2022 Figure 9: Turnover based on fiscal verification of invoices, in nominal terms According to data on the fiscal verification of invoices, turnover in April was 27% higher year-on- year in nominal terms and 16% higher than in the same period of 2019, which had two more working days. Year-on-year growth almost doubled compared to March, mainly due to additional COVID-related restrictions in April last year (lockdown between 1 and 11 April and restrictions on movement between regions until 22 April). Year-on-year turnover growth in trade more than doubled compared to March; turnover growth increased significantly in retail trade, and turnover in the sale of motor vehicles, which had declined year-on-year in March, also increased. Year-on-year turnover growth in April was also very high in tourism-related activities, with accommodation and food service activities and certain entertainment activities gradually resuming in the last week of April last year. -40 -30 -20 -10 0 10 20 30 40 50 Ja n 20 Fe b 20 M ar 2 0 A pr 2 0 M ay 2 0 Ju n 20 Ju l 2 0 A ug 2 0 Se p 20 O ct 2 0 N ov 2 0 D ec 2 0 Ja n 21 Fe b 21 M ar 2 1 A pr 2 1 M ay 2 1 Ju n 21 Ju l 2 1 A ug 2 1 Se p 21 O ct 2 1 N ov 2 1 D ec 2 1 Ja n 22 Fe b 22 M ar 2 2 A pr 2 2 Y- on -y c ha ng e , i n % Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Figure 10: Trade in goods – real Trade in goods increased in current terms in the first quarter of this year. Real exports of goods increased quarter-on-quarter, as did real exports to EU Member States (seasonally adjusted), but growth was lower than in the previous quarters. The increase was mainly the result of growth in March,2 as exports had fallen in current terms in the first two months. Quarter-on-quarter, real imports of goods, especially from EU Member States, experienced an even stronger growth than exports (seasonally adjusted). Year-on-year growth in trade with EU Member States remained very high in the first quarter, exceeding pre-epidemic levels since the beginning of last year. Due to the war in Ukraine,3 export expectations declined sharply in March and April, though they were still higher than before the epidemic. 80 90 100 110 120 130 140 150 160 170 180 190 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Exports to the EU Imports from the EU 2 Total exports were significantly influenced by the re-export of pharmaceutical products to Switzerland, and exports to EU Member States were also noticeably higher in March. 3 According to the published preliminary data, it is not yet possible to assess the impact of the war in Ukraine on trade in goods in March. Figure 11: Trade in services – nominal After a sharp decline in December 2021, trade in services increased in current terms in the first two months of this year and was again above pre- epidemic levels. The increase in February (seasonally adjusted) was partly due to the recovery of services, especially in transportation and administrative and support service activities. The latter have fluctuated considerably in recent months and had a significant impact on the dynamics of trade in services, especially exports. In February, year-on-year growth in services trade remained very high (30%), due to last year’s low base, and exceeded the level of the same period in 2020 by about 6%. Trade in most services has been above pre- epidemic levels for several months, but the sectors most affected by the containment measures are still lagging behind considerably (trade in travel by 33% and trade in personal, cultural and recreational services by 18%). 250 300 350 400 450 500 550 600 650 700 750 800 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In E U R m , s ea so na lly a dj us te d Source: BoS; calculations by IMAD. Exports of services Imports of services Current Economic Trends14 Slovenian Economic Mirror, No 4/2022 Table 2: Selected monthly indicators of economic activity in Slovenia In % 2021 III 22/II 22 III 22/III 21 I-III 22/I-III 21 Merchandise exports, real1 14.3 2.93 7.2 6.7 - to the EU 14.1 4.23 6.1 8.4 Merchandise imports, real1 16.1 -1.63 12.5 16.9 - from the EU 12.0 0.33 4.2 5.4 Industrial production, real 10.1 3.83 2.8 3.5 - manufacturing 11.7 2.23 5.3 4.6 In % 2021 II 22/I 22 II 22/II 21 I-II 22/I-II 21 Services exports, nominal2 19.2 2.23 26.44 29.24 Services imports, nominal2 19.0 2.63 36.94 38.24 Construction - value of construction put in place, real -0.5 8.43 32.3 24.2 Distributive trades - real turnover 11.6 3.43 13.74 16.24 Market services (without trade) - real turnover 14.3 3.43 8.34 9.74 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. Figure 12: Production volume in manufacturing Manufacturing output in the first quarter of this year remained unchanged from the previous quarter. The slowdown in growth was due to lower activity in the first two months of the year. In the first quarter, both high- and medium-high-technology industries recorded a decline, while production volume in medium-low- technology industries increased. On a year-on-year basis, manufacturing output increased in the first quarter but at a slightly lower rate than in the previous quarter. High year-on-year growth was recorded mainly in high- and low-technology industries, while the increase in production volume in medium-high-technology industries was very modest. This is due to the continued unfavourable conditions in the automotive industry, which again suffered a sharp decline in production volume in the first quarter of the year, but also to the problems faced by a major Slovenian car manufacturer. 80 100 120 140 160 180 200 220 240 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22S ea so na lly a dj us te d re al i nd ex 2 01 0= 10 0 Source: SURS, calculations IMAD. High-tech ind. Medium-high-tech. ind. Medium-low-tech. ind. Low-tech ind. Manufacturing, tot. Figure 13: Activity in construction According to figures on the value of construction put in place, construction activity increased in February. After a gradual decline in construction activity last year, the value of construction put in place increased at the beginning of 2022 and was 32.3% higher in February than in February 2021 given the favourable weather conditions. The beginning of the year saw an increase in non-residential construction activity after a long period without growth; this was also the construction segment to have contracted most markedly last year. Activity also rose in the construction of residential buildings and civil-engineering works, while it remained at the level seen at the end of 2021 in specialised construction. Cost pressures are increasing. The implicit deflator of the value of construction put in place (used to measure prices in the construction sector) was above 15% in February, the highest level in the last 20 years. According to business trends in construction, high material costs were cited as a limiting factor by two-thirds of companies in March, while material shortages were cited by 30% of companies, which in both cases is also the highest level in 20 years. 40 50 60 70 80 90 100 110 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Re al c on st ru ct io n pr od uc tio n in de x (2 01 0= 10 0) Source: SURS; calculations by IMAD. Seasonally adjusted data 3-month moving averages, seasonally adjusted Current Economic Trends 15Slovenian Economic Mirror, No 4/2022 Figure 14: Turnover in trade In February, turnover in trade increased in most sectors. The strongest growth was recorded in retail trade, whose dynamics in recent months was determined by strong fluctuations in real turnover from the sale of automotive fuels, which rose sharply in February and continued to increase in March, according to preliminary data. Turnover in this sector thus increased by 77% year- on-year in real terms, which is a much higher increase than the 27% increase observed in the volume of petroleum products sales, which forms the basis for the payment of excise duties. Following the lifting of the recovered/ tested/vaccinated rule, trade in non-food products was higher in February and March, while the sale of food, beverages and tobacco products remained at the level of the last quarter of last year. Turnover in wholesale trade continued to increase in February. After declining since October, turnover in the sale of motor vehicles also increased slightly but declined again in March, according to preliminary data, and still falls short of pre-epidemic turnover. 80 100 120 140 160 180 200 220 240 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel . Figure 16: Selected indicators of household consumption Household consumption was significantly higher year- on-year in the first quarter. This was due to last year’s low base as a result of restrictions on business activity and on the movement of individuals and higher sales this year related to the lifting of the recovered/vaccinated/tested rule in February and expected further price increases (e.g. of automotive fuels) due to the escalation of the war in Ukraine. Compared to the last quarter of 2021, domestic consumption increased mainly in accommodation and food service activities,4 while consumption for non-food products was also slightly higher. The already low sales of passenger cars to households further decreased, which was also affected by the extended delivery times due to supply chain disruptions. 20 40 60 80 100 120 140 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Q 1 18 Q 1 19 Q 1 20 Q 1 21 Q 1 22 Se as on al ly a dj us te d in de x 20 10 =1 00 Source: SURS; calculations by IMAD. Note: The Q1 2022 figure for the turnover in accommodation and food service is the average value for January and February. Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in the accommodation and food service activities Sale of passenger cars to natural persons 4 This is also influenced by the spending of foreign tourists and day visitors. Figure 15: Turnover in market services In February, turnover in market services rose again after two months of decline. Compared to the previous month, total real turnover rose by 3.5%, while it increased by 17% year-on-year given the low base in February 2021. The strongest increase in turnover in current terms was in transportation and storage, where it had previously declined for two months, this time mainly due to strong growth in land transport. Turnover continued to grow in accommodation and food service activities and in information and communication activities, where the positive trend in the two main services (computer and telecommunications) continued. After high growth in the previous month, turnover declined slightly in professional and technical activities. Turnover also declined in administrative and support service activities, mainly due to lower turnover in employment services, where it had been increasing since December last year. The lag compared to turnover before the epidemic (February 2020) was only noticeable in travel agencies (by 48%). 0 20 40 60 80 100 120 140 160 180 200 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d re al in de x 20 10 =1 00 Total * Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) Source: SURS; calculations by IMAD. Note: * including real estate. Current Economic Trends16 Slovenian Economic Mirror, No 4/2022 Figure 17: Economic sentiment After falling sharply in March, the value of the sentiment indicator rose again slightly in April and was also higher year-on-year. Confidence was significantly higher year-on-year in retail trade (by 22 p.p.) and in service activities (by 20 p.p.) and slightly higher in construction (by 5  p.p.). Year-on-year, confidence was slightly lower among consumers and in manufacturing (by 2 and 5 p.p. respectively). Confidence among consumers is most affected by rising prices and uncertainty about further price increases, which in turn affects expectations about the future financial situation of households, while confidence in manufacturing is strongly influenced by the situation in the international environment, most recently by the bottlenecks in the supply of raw materials, rising commodity and energy prices, and the Russian–Ukrainian war. -50 -40 -30 -20 -10 0 10 20 30 40 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Se as on al ly a dj us te d in di ca to r v al ue Source: SURS; calculations by IMAD. Economic sentiment Manufacturing Retail trade Service activities Construction Consumers Current Economic Trends 17Slovenian Economic Mirror, No 4/2022 Figure 18: Number of employed persons In February, the year-on-year growth in the number of persons in employment remained high (3.2%). It was the strongest in accommodation and food service activities and in construction. In the latter, the number of persons in employment was significantly higher than before the epidemic, while in the former it remained slightly below the level of two years ago. Amid economic recovery, growth in the number of persons in employment still depended largely on the employment of foreign workers, whose contribution to overall year- on-year growth was more than 50% in February. The share of foreigners among all persons in employment is also increasing, up 1.2 p.p. to 12.8% last year. This is largely related to the shortage of domestic labour, which is most pronounced in construction and administrative and support service activities (mainly due to a high job vacancy rate). The activities with the largest share of foreigners are construction (45%), transportation and storage (31%), and administrative and support service activities (24%). 740 760 780 800 820 840 860 880 900 Ja n 06 Ja n 07 Ja n 08 Ja n 09 Ja n 10 Ja n 11 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 N um be r o f e m pl oy ed a cc or di ng to S RE , in ‘0 00 , s ea so na lly a dj us te d Source: SURS; calculations by IMAD. Figure 19: Number of registered unemployed persons Against the backdrop of the lowest unemployment rate to date,5 the decline in the number of registered unemployed in April was similar to the previous month (-2.1%), according to the seasonally adjusted data. According to original data, 58,081 people were unemployed at the end of April, 4.1% fewer than at the end of March and 26.7% fewer than a year earlier. Under conditions of high demand for labour, which is also reflected in the high vacancy rate, the number of long- term unemployed has also been declining since May last year – in April, their number was 23.6% lower than in April 2021. Of the long-term unemployed, more than two- thirds have been unemployed for more than two years. 0 20 40 60 80 100 120 140 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 Ja n 18 Ju l 1 8 Ja n 19 Ju l 1 9 Ja n 20 Ju l 2 0 Ja n 21 Ju l 2 1 Ja n 22 N um be r o f r eg is te re d un em pl oy ed in '0 00 Source: ESS. All unemployed Long-term unemployed Figure 20: Average gross wage per employee In February, average wages in the public sector were 8.4% lower year-on-year, while they were 4.2% higher in the private sector (-1.0% overall). Due to the cessation of epidemic-related allowances, year-on-year wage growth in the public sector slowed significantly in the second half of last year and turned negative year-on- year last November.6 Year-on-year growth in the private sector in February was similar to the previous month and lower than in the last few months of 2021, partly due to a relatively high base last year (given a large increase in the minimum wage and the impact of the methodology used to calculate average wages). Growth was the highest in accommodation and food service activities and was also high in construction and transportation and storage, which could already be the consequence of labour shortages. -12 -8 -4 0 4 8 12 16 20 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Source: SURS; calculations by IMAD. Private sector Public sector Total Ye ar -o n- ye ar g ro w th , 3 -m on th m ov in g av er ag e 6 An important factor behind these developments is the declaration of the epidemic at the end of October 2020, which led to a significant increase in wages due to the payment of allowances. 5 According to ESS data, the unemployment rate is the lowest since 1990. Labour market Current Economic Trends18 Slovenian Economic Mirror, No 4/2022 Table 3: Indicators of labour market trends Change, in % 2021 II 22/I 22 II 22/II 21 I-II 22/I-II 21 Persons in formal employment2 1.3 0.21 3.0 3.1 Average nominal gross wage 6.1 2.21 -1.0 -1.8 private sector 6.1 1.81 4.2 3.8 public sector 6.5 1.21 -8.4 -9.7 of which general government 7.0 -0.11 -10.8 -12.1 of which public corporations 4.7 0.81 -0.3 -1.2 2021 II 21 I 22 II 22 Rate of registered unemployment (in %), seasonally adjusted 7.6 8.6 6.3 6.2 Change, in % 2021 IV 22/III 22 IV 22/IV 21 I-IV 22/I-IV 21 Registered unemployed -12.6 -4.1 -26.7 -26.4 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Current Economic Trends 19Slovenian Economic Mirror, No 4/2022 Prices Table 4: Consumer price growth, in % XII 21/XII 20 V 21-IV 22/V 20-VI 21 IV 22/III 21 IV 22/IV 21 I-IV 22/I-IV 21 Total 4.9 4.0 2.6 6.9 6.2 Food 4.0 2.1 2.9 9.4 6.9 Fuels and energy 19.1 15.9 5.3 13.5 16.1 Services 1.5 1.7 2.9 5.0 3.7 Other1 4.4 3.1 1.4 5.6 5.1 Core inflation - excluding food and energy 3.1 2.6 2.1 5.4 4.6 Core inflation - trimmed mean2 3.6 3.4 1.8 8.0 6.1 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Figure 21: Consumer prices Inflation rose sharply again in April to 6.9% year- on-year. The increase was largely due to energy prices, currently especially petroleum product prices, which rose by more than 30% year-on-year despite the current administered prices. Due to the temporary exemption from paying certain contributions, electricity prices fell by more than a fifth year-on-year. Compared to March, the year-on-year decline slowed considerably due to the high monthly increase (11.6%), as suppliers continued to pass on higher prices on wholesale markets to final customers. Amid high energy and input prices and geopolitical uncertainties, prices for food and non-alcoholic beverages continued to rise and were almost a tenth higher year- on-year. The largest price increases were for oils and fats, which were a fifth higher, and the price increase for bread and cereal products was also above the average (13%). The year-on-year increase in durable goods prices in April was similar to previous months (8.8%). Growth in service prices, which hovered around 3% earlier this year, rose to 5% in April. This was mainly due to higher prices in recreation and culture, where prices of package holidays rose by about 8% in the face of high demand and were almost a fifth higher month-on-month. Prices also continued to rise in the restaurants and hotels group and in services related to housing. -2 -1 0 1 2 3 4 5 6 7 8 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar in fla tio n, in % Source: SURS, Eurostat. Slovenia Euro area Figure 22: Slovenian industrial producer prices Growth of Slovenian industrial producer prices increased in March, reaching 17.9% year-on-year. Prices increased year-on-year in all industrial groups. Growth was slightly stronger in the domestic market, where prices were about one-fifth higher on average. Overall price growth continues to be driven mainly by intermediate goods, whose prices were 23.8% higher year-on-year. The strongest year-on-year increase was still recorded by energy prices, which rose by almost 55%, but their contribution to overall growth was less due to their lower weight compared to intermediate goods. Capital goods prices increased by about 10% year-on-year in the first quarter of this year. Consumer goods prices continued to rise gradually, increasing by 7.1% year-on- year in March. Prices for the group of non-durable goods grew somewhat more strongly, by 7.4%, while prices for durable consumer goods rose by 6% year-on-year. 95 100 105 110 115 120 125 130 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 In de x 20 15 =1 00 Source: SURS. Domestic market Foreign market Current Economic Trends20 Slovenian Economic Mirror, No 4/2022 Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. III 21 31. XII 21 31. III 22 31. III 22/28. II 22 31. III 22/31. III 21 Loans total 23,050.6 23,988.9 24,758.5 1.1 7.4 Enterprises and NFI 10,541.0 10,944.6 11,534.7 1.5 9.4 Government 1,481.8 1,488.0 1,444.4 -2.0 -2.5 Households 11,027.7 11,556.4 11,779.4 1.2 6.8 Consumer credits 2,669.5 2,590.7 2,587.1 0.3 -3.1 Lending for house purchase 6,928.6 7,479.0 7,681.3 1.3 10.9 Other lending 1,429.6 1,486.7 1,511.1 2.3 5.7 Bank deposits total 23,528.9 24,469.9 24,499.2 -1.1 4.1 Overnight deposits 19,726.7 21,230.8 21,507.0 -0.9 9.0 Term deposits 3,802.2 3,239.1 2,992.2 -2.7 -21.3 Government bank deposits, total 549.3 725.3 581.1 -1.2 5.8 Deposits of non-financial corporations, total 8,552.5 9,030.5 8,859.7 2.4 3.6 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Figure 23: Growth in loans to domestic non-banking sectors Year-on-year growth in the volume of bank loans to domestic non-banking sectors continues to increase gradually, reaching 7.4% in March, the highest level since June 2009. Growth in corporate and NFI loans and loans to households has also increased. According to our estimate, this is partly a consequence of expected higher interest rates. The volume of corporate and NFI loans has increased by almost a tenth year-on-year. The volume of NFI loans is growing much faster, by a quarter year- on-year, while the growth of corporate loans remains at around 8%. Growth in loans to households (6.8%) is also gradually increasing, mainly due to a one-tenth increase in the volume of housing loans. With the modest current growth, the year-on-year decline in consumer loans slowed further. Year-on-year growth in domestic non-banking sector deposits (4.6%) has slowed rapidly, almost halving compared to the end of last year. Growth in both household and corporate deposits has slowed. The quality of banks’ assets remains solid, and the share of non-performing loans was 1.2% in February. -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 Ye ar -o n- ye ar g ro w th , i n % Source: BoS. Consumer loans Lending for house purchase Enterprises and NFIs Total Financial markets Current Economic Trends 21Slovenian Economic Mirror, No 4/2022 Table 6: Balance of payments I-II 2022, in EUR million Inflows Outflows Balance Balance, I-II 2021 Current account 8,004.8 8,143.8 -139.0 461.4 Goods 6,217.3 6,512.8 -295.5 368.7 Services 1,243.3 920.0 323.3 296.6 Primary income 338.8 397.1 -58.3 -38.8 Secondary income 205.4 313.9 -108.5 -165.1 Capital account 970.4 903.4 67.0 16.1 Financial account 1,846.8 2,245.8 399.0 841.6 Direct investment 481.2 260.8 -220.4 -183.9 Portfolio investment 1,385.2 176.4 -1,208.7 -649.0 Other investment -17.7 1,739.3 1,757.0 1,677.1 Net errors and omissions 471.0 0.0 471.0 364.1 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. Figure 24: Current account The surplus of the current account of the balance of payments has declined. The 12-month current account surplus was down year-on-year, amounting to EUR 1.1 billion (2.0% of estimated GDP). The year-on-year decline in the surplus in current transactions arose mainly from the trade balance, which turned from a surplus to a deficit. This is related to rising prices for energy and other primary commodities, since import prices have been rising much faster than export prices in recent months. The primary income deficit was also higher, largely due to higher dividend payments and profits by foreign investors. The surplus in trade in services continued to increase, especially in trade in travel and other business services. The deficit in secondary income was lower, mainly due to year-on-year lower VAT- and GNI-based contributions to the EU budget. -2000 -1000 0 1000 2000 3000 4000 5000 Ja n 12 Ja n 13 Ja n 14 Ja n 15 Ja n 16 Ja n 17 Ja n 18 Ja n 19 Ja n 20 Ja n 21 Ja n 22 12 -m on th c um ul at iv es , i n EU R m ill io n Source: BoS; calculations by IMAD. Trade in goods Trade in services Primary income Secondary income Current account Balance of payments Current Economic Trends22 Slovenian Economic Mirror, No 4/2022 Public finance Figure 25: Consolidated general government budgetary accounts The deficit of the consolidated balance of public finances7 was significantly lower in the first quarter of 2022 than in the same period of 2021. It totalled EUR 317.6 million in the first quarter of 2022, compared with EUR 1.3 billion in the same period last year. This reflects the high growth in revenue (16.8%) and lower expenditure (-2.8%). The increase in revenue growth was the result of continued growth in economic activity and favourable labour market conditions. It arose mainly from higher revenues from value added tax and corporate income tax. Receipts from the EU budget also increased significantly due to the inflow of funds from the Recovery and Resilience Facility and from structural funds under the 2014–2021 multiannual financial framework (MFF). The decrease in revenue in the first quarter was related to lower expenditure on measures to mitigate the impact of the epidemic, which amounted to EUR 331.7 million, compared to EUR 949 million in the first quarter of 2021. Expenditure was thus lower mainly on civil servants’ wages, transfers to individuals and households, and subsidies. On the other hand, expenditure on goods and services and investments increased. -19 -9 1 11 21 31 41 -19 -9 1 11 21 31 41 Q 1 18 Q 2 Q 3 Q 4 Q 1 19 Q 2 Q 3 Q 4 Q 1 20 Q 2 Q 3 Q 4 Q 1 21 Q 2 Q 3 Q 4 Q 1 22 Y- on -y g ro w th , i n % Co nt rib ut io n to g ro w th , i n p. p. Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: *Without social security contributions. Tax revenues* Social security contributions Non-tax revenues Receipts from the EU budget Other TOTAL REVENUE (right axis) 7 The consolidated balance of public financing on a cash basis. -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Q 1 18 Q 2 Q 3 Q 4 Q 1 19 Q 2 Q 3 Q 4 Q 1 20 Q 2 Q 3 Q 4 Q 1 21 Q 2 Q 3 Q 4 Q 1 22 Ye ar -o n- ye ar g ro w th , i n % Co nt rib ut io n to y ea r- on -y ea r g ro w th , i n p. p. Current expenditures Current transf. to indiv. and househ. Capital expenditure Other current transfers Payments to the EU budget TOTAL EXPENDITURE (right axis) Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: * Labour costs include social contributions by the employer. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-III 2021 I-III 2022 Category I-III 2021 I-III 2022 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 4,803.9 3.3 5,612.8 16.8 EXPENDITURE TOTAL 6,102.6 21.5 5,930.4 -2.8 Tax revenues1 2,326.2 -0.6 2,763.6 18.8 Salaries, wages and other personnel expenditures2 1,479.7 25.1 1,292.2 -12.7 Personal income tax 740.0 10.5 807.2 9.1 Expenditure on goods and services 729.3 6.2 842.8 15.6 Corporate income tax 201.9 -5.1 246.7 22.1 Interest payments 386.9 -12.5 336.1 -13.1 Taxes on immovable property 19.5 11.1 14.0 -28.2 Reserves 63.1 33.2 206.7 227.6 Value added tax 806.3 -9.6 1,067.8 32.4 Transfers to individuals and households 2,494.4 31.1 2,293.2 -8.1 Excise duties 308.1 -1.9 327.0 6.1 Other current transfers 524.0 29.0 508.1 -3.0 Social security contributions 1,915.2 5.2 2,048.8 7.0 Investment expenditure 227.8 12.6 269.1 18.1 Non-tax revenues 284.5 13.9 325.8 14.5 Payments to the EU budget 197.5 28.2 182.2 -7.7 Receipts from the EU budget 233.3 16.1 398.7 70.9 GENERAL GOVERNMENT BALANCE -1,298.6 -317.6 Other 44.8 13.4 76.0 69.6 PRIMARY BALANCE -914.3 5.6 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 contributions. 2 Labour costs include social contributions by the employer. Current Economic Trends 23Slovenian Economic Mirror, No 4/2022 Figure 26: Projections of the Stability Programme 2022 The projections of the Stability Programme 2022 foresee a deficit of 4.1% of GDP for the general government sector8 (5.2% of GDP last year). Assuming no change in economic policy, the deficit and debt are expected to further decrease gradually in the coming years. The deficit is projected to fall to 1.7% of GDP and the debt to 68% of GDP by 2025. Projections for the general government deficit without taking into account COVID-19 measures show that the deficit will be higher in 2022 and 2023 than in 2020 and 2021, mainly due to certain structural measures (tax cuts and statutory increases in expenditure for various purposes) and high planned investment. For the entire projection period, the Stability Programme foresees further revenue growth, thought this is expected to be lower than last year (11.9%), due to the expected slowdown in economic growth and tax relief (personal income tax and excise duties). It is expected to be highest in 2022 (6.1%) and average 4.4% over the period 2023–2025. The projected expenditure growth is also lower than in 2021 (6.1%) throughout the projection period, despite the expected strong increase in the level of investment in 2022 (by 47%) and a further increase in 2023, when it is expected to peak at EUR 3.9 billion (6.6% of GDP). In 2022, lower spending on measures to mitigate the consequences of the epidemic, estimated at EUR 450 million in 2022 and amounting to EUR 2.4 billion in 2021, will contribute to lower expenditure growth (3.8%), despite higher investments and aid measures to mitigate the consequences of rising energy prices and aid related to the war in Ukraine. In the medium term (2023–2025), given the expected decline in investment in 2024 and 2025 and the no-policy-change scenario, annual expenditure growth is projected to be relatively low, at 2.6%. -4.1 -3.0 -2.1 -1.7 -18 -15 -12 -9 -6 -3 0 3 0 10 20 30 40 50 60 70 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 A s a % o f G D P A s a % o f G D P General government expenditure General government revenue COVID-19 related expenditure Nominal balance SP 2022 Source: Stability Programme 2022, the Government of the Republic of Slovenia. 8 In accordance with the ESA methodology based on the accrual principle. In addition to the four public finance accounts (the central government budget, the budgets of the Pension and Disability Insurance Institute of the Republic of Slovenia and of the Health Insurance Institute of Slovenia, and local government budgets), the revenues and expenditures of indirect budget users and other institutional units are also included, which are assigned to the general government sector according to the Standard Classification of Institutional Sectors (SKIS). Current Economic Trends24 Slovenian Economic Mirror, No 4/2022 Figure 27: Receipts from the EU budget Slovenia’s net budgetary position against the EU budget was positive in the first quarter of this year (at EUR 215.5 million). In this period, Slovenia’s receipts from the EU budget amounted to EUR 397.7 million (24.0% of receipts envisaged), while its payments to the EU budget amounted to EUR 182.2 million (32.3% of planned payments). The bulk of receipts (34.9% of all receipts) were funds from the structural funds, and just under a third (29.8%) were funds from the Recovery and Resilience Facility.9 25% of all funds10 received under the Common Agricultural and Fisheries Policy were reimbursed to the budget of the Republic of Slovenia, while funds from the EU Cohesion Fund accounted for the smallest share (9%).11 0 100 200 300 400 500 600 700 800 Other Receipts from centralised funds and other Cohesion Fund Structural Funds Common Agricultural Policy In EUR million Total receipts (January–March 2021) Expected reimbursements in the revised budget 2022 Total receipts (January–March 2022) Source: MF. 9 The second part of the advance payment totalling EUR 231 million, i.e. 13% of the grants received from this source. 10 The direct payments in agriculture, which are extremely high every year in March. 11 The reimbursements from the Cohesion Fund increase towards the end of the year due to the dynamics of the implementation of infrastructure projects. st at is ti ca l a pp en di x Statistical Appendix 27Slovenian Economic Mirror, No 4/2022 Main indicators 2016 2017 2018 2019 2020 2021 2022 2023 2024 Spring Forecast 2022 GDP (real growth rates, in %) 3.2 4.8 4.4 3.3 -4.2 8.1 4.2 3.0 2.8 GDP in EUR million (current prices) 40,443 43,011 45,864 48,397 46,918 52,020 56,166 59,768 62,882 GDP per capita in EUR (current prices) 19,589 20,820 22,136 23,167 22,312 24,678 26,601 28,243 29,647 GDP per capita (PPS)1 23,600 25,100 26,400 27,700 26,500 GDP per capita (PPS EU27=100)1 84 86 87 88 89 Rate of registered unemployment 11.2 9.5 8.2 7.7 8.7 7.6 6.2 6.0 5.7 Standardised rate of unemployment (ILO) 8.0 6.6 5.1 4.5 5.0 4.8 4.3 4.1 3.9 Labour productivity (GDP per employee) 1.3 1.8 1.2 0.8 -3.7 6.6 2.4 1.9 2.1 Inflation2, year average -0.1 1.4 1.7 1.6 -0.1 1.9 6.4 3.2 2.3 Inflation2, end of the year 0.5 1.7 1.4 1.8 -1.1 4.9 5.4 2.4 2.1 INTERNATIONAL TRADE Exports of goods and services3 (real growth rates, in %) 6.2 11.1 6.2 4.5 -8.7 13.2 7.1 5.5 5.0 Exports of goods 5.7 11.0 5.7 4.5 -5.5 12.3 4.9 4.4 4.0 Exports of services 8.0 11.2 7.7 4.6 -20.5 17.1 16.6 9.6 8.6 Imports of goods and services3 (real growth rates, in %) 6.3 10.7 7.1 4.7 -9.6 17.4 7.2 4.9 4.6 Imports of goods 6.6 10.7 7.4 5.0 -8.6 17.4 6.0 4.4 4.3 Imports of services 4.7 10.5 5.4 3.0 -14.9 17.3 14.5 7.5 6.4 Current account balance, in EUR million 1,932 2,674 2,731 2,898 3,462 1,663 1,167 1,492 1,654 As a per cent share relative to GDP 4.8 6.2 6.0 6.0 7.4 3.2 2.1 2.5 2.6 Gross external debt, in EUR million 44,325 43,231 42,139 44,277 47,792 50,477 As a per cent share relative to GDP 109.6 100.5 91.9 91.5 101.9 97.0 Ratio of USD to EUR 1.107 1.129 1.181 1.120 1.141 1.184 1.100 1.093 1.093 DOMESTIC DEMAND Private consumption (real growth rates, in %) 4.4 1.9 3.6 4.8 -6.6 11.6 4.3 1.4 1.6 As a % of GDP 54.0 52.5 52.0 52.4 50.2 52.5 54.0 53.1 52.4 Government consumption (real growth rates, in %) 2.4 0.4 3.0 2.0 4.2 3.9 0.6 1.3 1.5 As a % of GDP 19.0 18.5 18.3 18.3 20.6 20.2 18.7 18.4 18.2 Gross fixed capital formation (real growth rates, in %) -3.6 10.2 9.7 5.5 -8.2 12.3 6.5 5.0 5.0 As a % of GDP 17.4 18.3 19.3 19.6 18.9 20.2 21.2 21.7 22.1 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2022). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 3 Balance of payments statistics (exports FOB, imports FOB); the calculation of real growth rates excludes the impact of exchange rate changes and price fluctuations on foreign markets. Statistical Appendix28 Slovenian Economic Mirror, No 4/2022 Production 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 3.1 -5.2 10.3 1.6 -1.6 -17.5 -2.9 1.4 3.3 25.5 6.3 8.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.4 -2.6 14.3 34.7 25.7 17.4 3.9 9.7 5.6 1.3 8.3 15.6 13.2 -1.0 -1.0 - B Mining and quarrying -3.4 -2.1 -6.6 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -30.7 10.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.4 24.0 24.0 - C Manufacturing 3.5 -5.0 11.9 2.3 -0.3 -17.9 -2.7 1.6 4.4 28.8 8.2 8.7 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.4 -2.4 16.1 39.3 29.0 19.5 5.6 11.7 7.7 1.9 9.4 15.8 10.8 2.4 2.4 - D Electricity, gas & steam supply1 -0.8 -9.1 -5.3 -4.7 -13.9 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 30.2 -37.6 -37.6 - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 -2.2 1.9 -13.4 2.7 6.1 -0.5 11.5 1.1 -11.0 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -1.6 -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 15.7 32.3 - - Buildings -0.1 -0.6 14.4 -7.2 -26.3 -0.9 2.8 23.9 34.8 36.0 17.5 -16.1 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 9.5 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 15.3 55.9 - - Civil engineering 4.4 2.7 5.9 -2.6 5.8 -9.1 4.8 9.6 6.1 14.3 8.0 -2.4 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 3.0 -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 24.8 16.6 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 2.2 -11.0 12.8 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.8 18.8 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.3 22.8 17.8 10.9 16.6 14.0 17.2 17.9 21.0 25.9 17.0 - - Transportation and storage 3.2 -8.0 14.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 12.5 12.5 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 15.9 11.4 12.2 13.3 12.1 15.4 9.2 - - Information and communication activities 1.0 -0.2 7.7 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 10.0 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.6 11.5 5.3 8.5 9.6 11.5 10.2 1.7 - - Professional, scientific and technical activities 5.8 -3.0 10.6 3.2 -0.2 -11.4 -0.2 -0.5 8.1 23.1 3.4 9.1 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.9 15.7 8.9 - - Administrative and support service activities -5.9 -24.1 13.1 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.5 23.7 22.3 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 13.8 22.4 21.8 26.8 27.3 13.5 26.5 20.0 14.2 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover 2.5 -7.4 11.6 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.2 5.3 19.7 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.6 24.5 22.1 12.7 - - Real turnover in retail trade 3.4 -8.9 18.9 -4.7 -5.3 -11.9 -6.3 -12.0 3.6 17.5 13.8 40.5 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.3 32.8 21.4 - - Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.7 -8.2 9.2 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.3 17.3 22.6 1.1 -6.5 - - Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -5.2 -1.4 -10.2 -2.1 -0.7 1.4 16.3 3.9 8.9 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.6 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.8 13.3 - - TOURISM, y-o-y growth rates, % Total, overnight stays 0.5 -41.7 22.2 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 283.2 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 685.0 600.5 - Domestic tourists, overnight stays -2.5 32.8 10.4 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 263.8 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1289.3 664.9 761.4 643.6 - Foreign tourists, overnight stays 1.7 -70.5 42.9 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 332.9 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 596.6 556.0 - Accommodation and food service activities 7.6 -37.1 20.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 153.2 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 257.2 221.1 189.1 - - AGRICULTURE Purchase of agricultural products, in EUR m 553.7 457.3 601.4 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 192.6 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 60.148 48.3 46.2 - - BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.8 2.4 3.2 1.9 -30.7 -8.8 -9.4 -3.6 4.3 5.6 3.4 -3.6 -37.5 -31.2 -23.3 -16.8 -5.9 -3.8 -6 -12.9 -9.3 -6.7 -3.4 -0.5 -0.5 5.7 7.7 5.7 6.5 4.6 2.3 3 5 5.5 6.7 1.6 4.3 Confidence indicator in manufacturing 0 -9 6 -2 -3 -29 -3 1 7 10 9 6 -8 -38 -26 -20 -11 -1 2 2 -1 1 5 5 10 9 12 10 10 11 7 3 5 10 9 10 4 4 in construction 11 -5 18 7 7 -23 -4 -1 9 18 19 25 4 -27 -27 -13 -7 -4 -2 0 -3 1 3 8 14 17 20 19 17 18 22 24 22 28 28 27 26 22 in services 21 -10 8 19 15 -34 -10 -10 -3 8 14 15 8 -38 -37 -28 -23 -5 -1 -3 -17 -11 -6 -2 -1 -1 9 16 12 14 15 17 16 13 14 16 14 19 in retail trade 19 1 5 14 18 -19 12 -6 -17 16 14 6 6 -30 -22 -5 8 13 14 1 -11 -8 -22 -17 -11 6 17 26 15 20 7 -1 5 15 17 15 16 28 consumer confidence indicator -10 -26 -22 -14 -13 -35 -25 -30 -24 -20 -20 0 -16 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 -27 Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Seasonally adjusted data. Statistical Appendix 29Slovenian Economic Mirror, No 4/2022 Production 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 3.1 -5.2 10.3 1.6 -1.6 -17.5 -2.9 1.4 3.3 25.5 6.3 8.2 -5.6 -27.3 -19.0 -5.4 -5.9 -2.6 0.0 -1.4 2.1 4.0 -2.4 -2.6 14.3 34.7 25.7 17.4 3.9 9.7 5.6 1.3 8.3 15.6 13.2 -1.0 -1.0 - B Mining and quarrying -3.4 -2.1 -6.6 -7.6 -13.7 -9.2 8.5 7.6 0.1 -2.7 -30.7 10.8 -10.8 -12.2 -13.5 -1.1 3.3 -3.3 25.3 -4.6 26.3 4.5 -14.7 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.4 24.0 24.0 - C Manufacturing 3.5 -5.0 11.9 2.3 -0.3 -17.9 -2.7 1.6 4.4 28.8 8.2 8.7 -5.3 -28.7 -19.3 -4.9 -5.7 -2.3 -0.1 -1.4 2.1 4.7 -1.4 -2.4 16.1 39.3 29.0 19.5 5.6 11.7 7.7 1.9 9.4 15.8 10.8 2.4 2.4 - D Electricity, gas & steam supply1 -0.8 -9.1 -5.3 -4.7 -13.9 -13.1 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -9.3 -11.0 -15.6 -12.6 -9.8 -6.8 -3.8 -1.2 -1.0 -3.9 -12.6 -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 30.2 -37.6 -37.6 - CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 -2.2 1.9 -13.4 2.7 6.1 -0.5 11.5 1.1 -11.0 -0.5 -9.1 -14.8 -15.9 -0.2 1.1 7.1 0.3 17.3 -0.8 -1.6 -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 15.7 32.3 - - Buildings -0.1 -0.6 14.4 -7.2 -26.3 -0.9 2.8 23.9 34.8 36.0 17.5 -16.1 -15.5 3.7 5.6 -10.6 3.1 -7.8 13.4 14.7 41.1 18.6 9.5 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 15.3 55.9 - - Civil engineering 4.4 2.7 5.9 -2.6 5.8 -9.1 4.8 9.6 6.1 14.3 8.0 -2.4 -7.2 -1.0 -9.2 -15.7 -6.5 11.5 10.2 0.0 26.7 -1.0 3.0 -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 24.8 16.6 - - MARKET SERVICES, year-on-year real growth rates, % Services, total 2.2 -11.0 12.8 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 22.5 13.8 18.8 -16.0 -30.1 -24.6 -13.2 -7.8 -8.6 -3.8 -10.5 -8.0 -9.0 -15.8 -7.1 13.5 28.3 22.8 17.8 10.9 16.6 14.0 17.2 17.9 21.0 25.9 17.0 - - Transportation and storage 3.2 -8.0 14.3 -2.8 -5.3 -21.2 -6.7 1.7 5.7 28.5 12.5 12.5 -12.7 -27.2 -23.6 -13.0 -11.3 -10.6 1.6 -6.6 4.0 8.8 -8.9 0.9 25.3 40.3 26.9 20.4 10.7 15.9 11.4 12.2 13.3 12.1 15.4 9.2 - - Information and communication activities 1.0 -0.2 7.7 0.5 3.3 -7.1 2.4 0.6 2.1 11.7 6.6 10.0 -0.6 -8.8 -10.6 -2.0 0.8 -1.7 7.8 3.7 0.3 -1.5 -4.4 5.4 5.6 11.5 13.6 10.0 3.6 11.5 5.3 8.5 9.6 11.5 10.2 1.7 - - Professional, scientific and technical activities 5.8 -3.0 10.6 3.2 -0.2 -11.4 -0.2 -0.5 8.1 23.1 3.4 9.1 -8.5 -22.1 -11.3 -0.8 4.2 -2.5 -2.4 -4.3 0.4 1.9 -0.3 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.9 15.7 8.9 - - Administrative and support service activities -5.9 -24.1 13.1 -8.8 -17.1 -33.7 -23.2 -21.7 -7.9 14.5 23.7 22.3 -29.1 -38.2 -37.0 -25.8 -24.3 -21.2 -23.9 -25.5 -17.5 -21.9 -16.1 -14.8 9.1 15.2 14.5 13.8 22.4 21.8 26.8 27.3 13.5 26.5 20.0 14.2 - - DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover 2.5 -7.4 11.6 -3.6 -5.1 -13.9 -2.7 -7.6 3.5 18.2 5.3 19.7 -14.2 -28.0 -13.0 -0.2 -1.4 -5.0 -1.9 -6.6 -9.2 -7.0 -12.5 -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.6 24.5 22.1 12.7 - - Real turnover in retail trade 3.4 -8.9 18.9 -4.7 -5.3 -11.9 -6.3 -12.0 3.6 17.5 13.8 40.5 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.1 -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.3 32.8 21.4 - - Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 3.6 -13.7 -25.9 3.8 -16.6 8.9 24.7 -8.2 9.2 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.2 -19.2 -10.0 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.3 17.3 22.6 1.1 -6.5 - - Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -5.2 -1.4 -10.2 -2.1 -0.7 1.4 16.3 3.9 8.9 -3.5 -18.6 -10.9 -0.8 -3.6 -4.4 1.4 -3.2 -0.5 1.8 -8.4 -3.5 14.9 23.6 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.8 13.3 - - TOURISM, y-o-y growth rates, % Total, overnight stays 0.5 -41.7 22.2 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 118.6 14.9 283.2 -69.9 -98.8 -96.5 -63.3 -18.6 -14.3 -2.9 -49.4 -87.9 -91.1 -91.9 -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 685.0 600.5 - Domestic tourists, overnight stays -2.5 32.8 10.4 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 126.7 -15.0 263.8 -65.0 -99.6 -91.9 -4.0 154.4 163.8 217.7 24.6 -81.1 -86.1 -86.9 -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 -19.7 88.1 909.9 1289.3 664.9 761.4 643.6 - Foreign tourists, overnight stays 1.7 -70.5 42.9 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 103.3 81.8 332.9 -73.2 -98.5 -98.3 -83.7 -66.3 -64.2 -67.8 -82.4 -92.0 -93.9 -94.7 -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 596.6 556.0 - Accommodation and food service activities 7.6 -37.1 20.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.0 49.2 19.5 153.2 -55.4 -85.4 -60.8 -36.6 -13.6 -12.7 -12.4 -43.8 -70.6 -74.8 -71.8 -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 257.2 221.1 189.1 - - AGRICULTURE Purchase of agricultural products, in EUR m 553.7 457.3 601.4 162.6 120.2 123.6 143.4 148.3 119.9 134.7 154.1 192.6 42.0 41.2 41.3 41.1 50.5 41.8 51.2 56.1 47.7 44.4 38.0 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 60.148 48.3 46.2 - - BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.8 2.4 3.2 1.9 -30.7 -8.8 -9.4 -3.6 4.3 5.6 3.4 -3.6 -37.5 -31.2 -23.3 -16.8 -5.9 -3.8 -6 -12.9 -9.3 -6.7 -3.4 -0.5 -0.5 5.7 7.7 5.7 6.5 4.6 2.3 3 5 5.5 6.7 1.6 4.3 Confidence indicator in manufacturing 0 -9 6 -2 -3 -29 -3 1 7 10 9 6 -8 -38 -26 -20 -11 -1 2 2 -1 1 5 5 10 9 12 10 10 11 7 3 5 10 9 10 4 4 in construction 11 -5 18 7 7 -23 -4 -1 9 18 19 25 4 -27 -27 -13 -7 -4 -2 0 -3 1 3 8 14 17 20 19 17 18 22 24 22 28 28 27 26 22 in services 21 -10 8 19 15 -34 -10 -10 -3 8 14 15 8 -38 -37 -28 -23 -5 -1 -3 -17 -11 -6 -2 -1 -1 9 16 12 14 15 17 16 13 14 16 14 19 in retail trade 19 1 5 14 18 -19 12 -6 -17 16 14 6 6 -30 -22 -5 8 13 14 1 -11 -8 -22 -17 -11 6 17 26 15 20 7 -1 5 15 17 15 16 28 consumer confidence indicator -10 -26 -22 -14 -13 -35 -25 -30 -24 -20 -20 0 -16 -39 -35 -30 -28 -22 -24 -29 -33 -29 -29 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 -27 Source: SURS. Notes: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Seasonally adjusted data. Statistical Appendix30 Slovenian Economic Mirror, No 4/2022 Labour market 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 980.0 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 977.4 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 914.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 912.6 In agriculture, forestry, fishing 24.9 26.4 25.7 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 25.6 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 24.9 In industry, construction 291.7 288.5 294.1 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 299.6 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 300.3 - in manufacturing 207.9 202.8 205.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 208.4 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 209.2 - in construction 63.9 64.9 67.8 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 70.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 70.4 In services 577.6 574.0 580.4 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 588.8 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 587.4 - in public administration 49.0 49.3 49.6 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 49.8 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 49.4 - in education, health-services and social work 137.8 141.5 146.1 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 148.4 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 148.9 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 817.0 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 816.0 In enterprises and organisations 749.2 744.8 756.2 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 768.3 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 768.5 By those self-employed 52.7 49.8 48.2 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 48.7 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 47.5 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 97.0 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 96.6 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 66.0 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 60.5 58.1 Female 37.5 42.6 37.9 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 33.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 30.5 29.4 By age: 15 to 29 14.1 17.2 14.2 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 12.8 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 11.0 10.5 Aged over 50 29.7 31.0 28.2 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 25.5 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 24.0 23.1 Primary education or less 23.4 26.4 23.5 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 21.1 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 19.3 18.4 For more than 1 year 38.1 38.0 40.5 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 38.3 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 33.9 32.4 Those receiving benefits 19.3 25.9 18.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 16.3 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 16.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 6.7 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 6.6 Male 6.9 8.0 6.9 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 6.1 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 6.1 Female 8.5 9.6 8.5 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 7.5 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 7.3 FLOWS OF FORMAL LABOUR FORCE -0.3 1.0 -1.8 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -4.2 -2.5 New unemployed first-job seekers 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 1.2 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 0.4 0.4 Redundancies 5.4 7.4 4.5 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 4.6 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 3.7 3.6 Registered unemployed who found employment 4.7 5.4 5.0 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 3.6 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 5.8 4.4 Other outflows from unemployment (net) 1.8 1.8 2.0 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 2.8 2.1 FIXED TERM WORK PERMITS FOR FOREIGNERS 33.1 37.6 41.8 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 44.9 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 47.6 As % of labour force 3.4 3.9 4.3 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 4.6 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 4.7 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix 31Slovenian Economic Mirror, No 4/2022 Labour market 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 974.9 974.9 974.1 971.2 975.5 973.6 972.5 972.2 980.0 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 977.4 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 901.5 896.5 884.6 884.1 890.5 886.2 897.3 903.5 914.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 912.6 In agriculture, forestry, fishing 24.9 26.4 25.7 24.8 26.3 26.4 26.4 26.3 25.7 25.8 25.7 25.6 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 24.9 In industry, construction 291.7 288.5 294.1 294.0 291.2 288.0 286.0 288.9 288.4 293.1 295.4 299.6 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 300.3 - in manufacturing 207.9 202.8 205.6 208.4 206.2 202.6 200.1 202.5 202.8 205.4 205.9 208.4 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 209.2 - in construction 63.9 64.9 67.8 65.8 64.3 64.7 65.1 65.6 65.1 67.0 68.7 70.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 70.4 In services 577.6 574.0 580.4 582.8 579.0 570.2 571.7 575.3 572.1 578.4 582.3 588.8 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 587.4 - in public administration 49.0 49.3 49.6 49.2 49.0 49.2 49.4 49.6 49.3 49.7 49.6 49.8 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 49.4 - in education, health-services and social work 137.8 141.5 146.1 139.6 140.4 140.7 141.0 143.8 144.4 146.0 145.5 148.4 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 148.9 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 808.6 802.4 790.5 790.0 795.6 791.6 801.9 807.3 817.0 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 816.0 In enterprises and organisations 749.2 744.8 756.2 755.5 751.3 741.3 739.9 746.7 744.6 753.7 758.3 768.3 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 768.5 By those self-employed 52.7 49.8 48.2 53.2 51.1 49.2 50.1 48.9 46.9 48.2 49.0 48.7 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 47.5 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 92.9 94.1 94.0 94.1 94.9 94.7 95.5 96.2 97.0 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 96.6 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 73.4 78.4 89.5 87.1 85.0 87.4 75.2 68.7 66.0 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 71.1 70.7 69.3 66.1 66.7 65.4 66.0 67.8 64.8 60.5 58.1 Female 37.5 42.6 37.9 36.8 38.3 45.0 44.1 43.0 44.1 38.6 35.4 33.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 36.4 36.5 35.9 33.8 34.1 33.4 33.0 33.5 32.3 30.5 29.4 By age: 15 to 29 14.1 17.2 14.2 15.0 15.3 18.3 17.1 18.0 17.7 14.1 12.0 12.8 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 12.9 12.4 12.1 11.5 13.1 12.7 12.7 12.7 11.9 11.0 10.5 Aged over 50 29.7 31.0 28.2 28.7 30.6 31.9 31.3 30.3 31.6 28.7 27.1 25.5 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 27.7 27.7 27.2 26.3 25.9 25.3 25.4 26.3 25.3 24.0 23.1 Primary education or less 23.4 26.4 23.5 23.0 25.2 27.8 26.6 26.1 27.5 23.7 21.6 21.1 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 22.4 22.0 21.6 21.1 21.0 20.7 21.5 22.3 21.1 19.3 18.4 For more than 1 year 38.1 38.0 40.5 37.2 37.3 37.5 38.1 38.9 41.5 41.9 40.2 38.3 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 41.4 40.8 40.3 39.6 39.3 38.3 37.2 37.0 35.7 33.9 32.4 Those receiving benefits 19.3 25.9 18.9 18.5 24.5 29.8 25.6 24.0 25.1 17.6 16.7 16.3 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 17.4 16.4 17.1 16.6 16.4 15.9 15.9 17.2 19.6 17.5 16.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 7.5 8.0 9.2 9.0 8.7 9.0 7.7 7.1 6.7 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 6.6 Male 6.9 8.0 6.9 6.8 7.5 8.4 8.1 7.9 8.2 6.9 6.3 6.1 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 6.1 Female 8.5 9.6 8.5 8.3 8.6 10.2 10.0 9.7 9.9 8.7 8.0 7.5 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 7.3 FLOWS OF FORMAL LABOUR FORCE -0.3 1.0 -1.8 1.8 0.9 3.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 -4.1 -0.4 -1.4 -3.2 0.5 -1.3 0.6 1.9 -3.1 -4.2 -2.5 New unemployed first-job seekers 0.8 0.8 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.3 0.4 1.2 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.3 0.2 0.3 0.7 2.6 0.7 0.4 0.4 0.3 0.4 0.4 Redundancies 5.4 7.4 4.5 6.2 7.5 9.5 6.0 6.4 6.0 3.3 4.1 4.6 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 3.1 5.1 3.4 3.8 4.1 4.2 5.4 8.0 3.5 3.7 3.6 Registered unemployed who found employment 4.7 5.4 5.0 3.9 5.5 4.8 6.5 4.6 6.4 5.7 4.3 3.6 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 5.7 4.1 3.3 5.7 4.1 3.8 2.9 4.6 5.0 5.8 4.4 Other outflows from unemployment (net) 1.8 1.8 2.0 2.1 1.7 1.3 2.0 2.2 1.8 1.8 1.9 2.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 1.9 1.8 1.9 2.1 2.3 2.4 2.5 2.2 2.1 2.8 2.1 FIXED TERM WORK PERMITS FOR FOREIGNERS 33.1 37.6 41.8 35.7 35.6 34.9 37.7 38.1 38.8 40.7 42.7 44.9 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 40.8 41.4 42.0 42.6 43.6 44.2 45.0 45.7 46.1 46.4 47.6 As % of labour force 3.4 3.9 4.3 3.7 3.6 3.6 3.9 3.9 4.0 4.2 4.4 4.6 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 4.7 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SURS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix32 Slovenian Economic Mirror, No 4/2022 Wages in EUR 2019 2020 2021 2019 2020 2021 2020 2021 2022 2021 Q4 21 Feb 22 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,970 2,012 1,927 4.3 5.8 6.1 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 2.9 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 -1.0 Private sector activities (A–N; R–S) 1,852 1,958 1,865 3.6 3.8 5.8 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 6.9 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 3.8 Public service activities (OPQ) 2,335 2,181 2,122 6.5 10.5 6.8 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 -6.8 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 -11.3 Industry (B–E) 1,918 2,050 1,979 3.4 3.4 5.7 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 6.9 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 4.6 Trad, market services (GHI) 1,679 1,771 1,675 3.4 2.8 6.1 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 7.9 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 3.5 Other market services (J–N; R–S) 2,092 2,200 2,063 5.1 5.0 5.7 4.8 3.2 7.7 5.1 4.3 7.3 3.3 5.5 6.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 3.2 A Agriculture, forestry and fishing 1,546 1,638 1,562 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 7.4 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 6.4 B Mining and quarrying 2,415 2,646 2,250 0.3 5.1 2.3 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 9.1 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 2.1 C Manufacturing 1,882 2,010 1,961 3.5 3.2 6.2 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 7.2 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 4.9 D Electricity, gas, steam and air conditioning supply 2,776 2,995 2,599 4.3 4.0 1.5 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 3.6 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 2.5 E Water supply sewerage, waste management and remediation activities 1,814 1,931 1,772 2.7 4.2 4.3 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 5.4 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 3.2 F Construction 1,488 1,553 1,502 2.2 5.5 7.1 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 7.9 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 6.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,877 1,765 3.9 4.2 5.4 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 7.1 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 3.6 H Transportation and storage 1,643 1,757 1,647 1.6 -0.1 5.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 9.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 5.5 I Accommodation and food service activities 1,330 1,376 1,365 4.8 -3.8 12.7 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 20.4 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 13.8 J Information and communication 2,597 2,734 2,637 5.7 4.5 4.7 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 5.4 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 4.0 K Financial and insurance activities 2,790 2,944 2,563 4.6 2.5 5.0 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 7.1 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 1.2 L Real estate activities 1,737 1,833 1,744 5.2 4.2 3.7 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 6.4 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 3.4 M Professional, scientific and technical activities 2,176 2,308 2,143 4.6 4.0 6.3 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 7.5 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 2.8 N Administrative and support service activities 1,333 1,409 1,364 5.1 4.7 5.9 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 8.2 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 7.8 O Public administration and defence, compulsory social security 2,514 2,372 2,289 8.9 7.4 6.9 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 -1.3 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 -9.9 P Education 2,125 2,032 1,940 6.1 6.2 8.9 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 1.5 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 -3.2 Q Human health and social work activities 2,433 2,205 2,203 5.1 17.7 4.8 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 -17.1 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 -18.9 R Arts, entertainment and recreation 1,945 2,019 1,950 4.3 0.0 9.4 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 10.5 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 6.9 S Other service activities 1,541 1,576 1,547 4.7 4.5 3.4 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 2.7 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 0.5 Source: SURS, calculations by IMAD. Statistical Appendix 33Slovenian Economic Mirror, No 4/2022 Wages in EUR 2019 2020 2021 2019 2020 2021 2020 2021 2022 2021 Q4 21 Feb 22 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,970 2,012 1,927 4.3 5.8 6.1 4.2 3.2 8.8 4.8 6.7 10.6 5.7 5.4 2.9 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 3.0 6.1 7.7 7.1 4.8 4.1 3.6 2.8 2.1 -2.7 -1.0 Private sector activities (A–N; R–S) 1,852 1,958 1,865 3.6 3.8 5.8 3.1 2.8 5.5 3.9 3.2 6.1 3.9 5.9 6.9 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 2.1 2.4 7.1 6.1 5.9 5.7 5.4 8.0 7.0 3.1 3.8 Public service activities (OPQ) 2,335 2,181 2,122 6.5 10.5 6.8 7.6 4.2 15.8 6.3 16.0 20.9 10.3 4.2 -6.8 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 5.5 15.9 9.1 9.8 2.4 0.2 -0.9 -10.1 -9.0 -14.4 -11.3 Industry (B–E) 1,918 2,050 1,979 3.4 3.4 5.7 3.0 4.3 3.5 3.1 2.7 4.2 5.3 6.5 6.9 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 3.0 4.0 8.5 7.0 6.4 6.1 3.8 7.6 8.9 2.6 4.6 Trad, market services (GHI) 1,679 1,771 1,675 3.4 2.8 6.1 2.5 1.1 4.9 3.8 1.9 6.8 3.4 5.3 7.9 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 1.6 1.6 6.5 4.9 5.9 5.3 7.5 9.2 6.4 4.4 3.5 Other market services (J–N; R–S) 2,092 2,200 2,063 5.1 5.0 5.7 4.8 3.2 7.7 5.1 4.3 7.3 3.3 5.5 6.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 2.5 1.6 5.6 6.2 4.9 5.3 5.5 7.6 6.3 3.2 3.2 A Agriculture, forestry and fishing 1,546 1,638 1,562 3.0 4.6 3.8 0.3 5.2 7.7 3.5 2.4 1.8 0.9 4.9 7.4 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 -0.5 -2.1 5.3 5.7 5.9 3.1 5.5 9.9 6.6 5.9 6.4 B Mining and quarrying 2,415 2,646 2,250 0.3 5.1 2.3 3.8 4.3 9.8 2.8 3.7 -3.2 -2.9 6.1 9.1 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 -6.8 -4.4 2.8 7.5 3.9 7.0 0.2 -2.3 30.1 -5.3 2.1 C Manufacturing 1,882 2,010 1,961 3.5 3.2 6.2 2.9 4.2 2.8 3.0 2.7 4.6 6.1 7.0 7.2 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 3.3 4.8 10.1 7.5 6.8 6.6 4.1 7.7 9.5 2.9 4.9 D Electricity, gas, steam and air conditioning supply 2,776 2,995 2,599 4.3 4.0 1.5 5.6 6.4 5.3 3.2 1.5 -0.7 0.6 2.3 3.6 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 8.7 1.9 -8.0 2.4 3.3 1.2 1.5 7.1 1.7 -0.1 2.5 E Water supply sewerage, waste management and remediation activities 1,814 1,931 1,772 2.7 4.2 4.3 1.6 2.9 7.7 3.6 3.0 4.1 2.9 4.6 5.4 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 2.2 0.6 5.8 5.1 4.7 3.9 3.5 8.8 3.6 4.2 3.2 F Construction 1,488 1,553 1,502 2.2 5.5 7.1 2.3 2.0 9.4 5.2 5.7 8.9 3.6 7.5 7.9 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 1.3 1.0 8.4 6.9 8.0 7.6 7.0 11.0 5.7 5.8 6.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,877 1,765 3.9 4.2 5.4 3.2 2.3 6.1 4.8 3.9 5.9 3.0 5.2 7.1 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 2.3 1.0 5.6 4.2 5.8 5.5 6.3 7.2 7.4 4.5 3.6 H Transportation and storage 1,643 1,757 1,647 1.6 -0.1 5.0 -0.2 0.3 1.1 1.0 -2.4 2.7 2.7 4.6 9.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 1.0 1.8 4.9 5.0 5.3 3.4 6.0 15.7 6.5 7.1 5.5 I Accommodation and food service activities 1,330 1,376 1,365 4.8 -3.8 12.7 5.2 -3.0 -5.9 2.2 -9.5 4.9 12.2 9.7 20.4 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 2.7 14.0 16.8 10.3 8.8 9.8 22.2 21.6 15.9 11.8 13.8 J Information and communication 2,597 2,734 2,637 5.7 4.5 4.7 5.4 4.0 6.5 4.1 3.6 4.5 3.4 5.6 5.4 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 2.7 1.7 5.6 5.2 6.2 5.3 3.1 6.1 6.8 7.2 4.0 K Financial and insurance activities 2,790 2,944 2,563 4.6 2.5 5.0 4.3 2.7 4.1 2.3 0.8 5.7 2.9 4.2 7.1 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 3.0 5.7 0.1 5.1 2.2 5.3 5.0 10.5 5.1 1.0 1.2 L Real estate activities 1,737 1,833 1,744 5.2 4.2 3.7 5.5 3.6 7.9 4.5 1.3 4.0 0.1 3.6 6.4 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 0.6 -1.6 1.1 4.3 2.9 3.7 4.0 8.1 6.7 3.0 3.4 M Professional, scientific and technical activities 2,176 2,308 2,143 4.6 4.0 6.3 5.0 2.4 6.3 4.0 3.5 7.2 4.0 6.1 7.5 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 4.5 1.1 6.3 6.3 6.2 5.6 6.0 7.3 8.7 4.9 2.8 N Administrative and support service activities 1,333 1,409 1,364 5.1 4.7 5.9 3.6 4.0 7.4 3.9 4.1 5.2 3.0 6.6 8.2 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 0.7 0.6 7.6 8.3 4.8 6.8 7.6 9.6 7.3 2.4 7.8 O Public administration and defence, compulsory social security 2,514 2,372 2,289 8.9 7.4 6.9 8.1 3.0 14.2 3.6 9.0 16.0 10.3 2.9 -1.3 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 10.6 14.8 5.3 3.1 3.1 2.7 0.1 -2.7 -1.3 -13.2 -9.9 P Education 2,125 2,032 1,940 6.1 6.2 8.9 8.1 3.8 6.4 8.3 6.5 10.1 16.1 8.2 1.5 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 7.8 25.4 15.0 21.2 4.8 -1.3 3.7 2.9 -2.2 -7.6 -3.2 Q Human health and social work activities 2,433 2,205 2,203 5.1 17.7 4.8 6.9 5.7 26.5 6.6 31.4 36.2 5.7 1.2 -17.1 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 1.8 8.7 6.6 3.9 -0.5 0.0 -6.1 -24.2 -18.8 -20.6 -18.9 R Arts, entertainment and recreation 1,945 2,019 1,950 4.3 0.0 9.4 5.4 -1.1 -2.4 4.5 -1.1 7.5 11.7 7.3 10.5 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 8.8 7.8 17.7 10.0 7.3 4.7 11.2 14.6 5.7 1.4 6.9 S Other service activities 1,541 1,576 1,547 4.7 4.5 3.4 6.1 0.1 12.3 3.7 3.0 8.9 -1.9 3.6 2.7 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 -5.1 -5.0 4.0 4.1 3.0 3.7 5.8 3.1 -0.8 -1.7 0.5 Source: SURS, calculations by IMAD. Statistical Appendix34 Slovenian Economic Mirror, No 4/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 6.9 Food, non-alcoholic beverages 3.3 1.0 3.9 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 6.9 9.2 Alcoholic beverages, tobacco 1.9 3.2 2.4 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.8 2.8 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3 3.1 4.6 Clothing and footwear 0.5 -5.4 5.9 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 5.5 1.4 Housing, water, electricity, gas 2.7 -0.6 8.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 1.3 6.2 Furnishing, household equipm. 0.4 -0.4 5.7 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8 8.5 9.2 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 0.6 4.2 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 4.4 3.2 Transport 0.1 -5.9 12.5 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 15.1 Communications -0.4 0.6 -3.6 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 -2.7 Recreation and culture 0.6 -3.9 3.4 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 2.4 6.2 Education 5.6 0.7 0.5 4.8 3.3 2.2 0.6 0.7 0.8 1.1 0.6 0.4 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 0.3 Catering services 3.2 0.6 6.1 2.0 1.3 1.0 0.7 0.6 1.3 4.0 5.8 7.1 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 7.3 7.9 Miscellaneous goods & services 4.4 0.7 -2.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 2.3 HICP 2.0 -1.2 5.1 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7 6 7.4 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 5.4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.1 -0.6 -0.3 -0.1 1.2 3.6 7.5 9.9 15.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 17.9 Domestic market 2.1 1.0 10.6 1.3 0.3 0.3 0.9 1.9 4.2 8.0 10.1 17.2 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 20.3 Non-domestic market -0.9 -1.4 10.6 -1.4 -1.4 -0.8 -1.1 0.4 2.9 6.9 9.7 13.9 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 15.4 Euro area -0.7 -1.2 11.6 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 10.5 15.1 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 16.7 Non-euro area -1.2 -1.8 8.5 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 8.0 11.4 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10 11.4 12.9 Import price indices -1.4 -2.6 25.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 14.9 24.5 27.5 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 29.3 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -1.0 -1.4 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1.4 -1.5 -1.2 -1.4 -1,7 Real (deflator HICP) -0.3 -0.4 -0.7 -0.1 -1.3 -0.1 0.0 -0.5 0.2 -1.3 -1.0 -0.1 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.3 -0.6 -0.8 0.9 0.5 -0.6 -0.9 -1.6 -1.3 -1.4 -0.6 -1.1 -0.6 0.1 -2.1 -3,1 Real (deflator ULC) 1.0 3.7 -2.2 2.8 5.6 1.2 5.2 1.4 -2.7 0.7 -7.9 USD / EUR 1.120 1.141 1.184 1.102 1.101 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.086 1.090 1.125 1.146 1.183 1.179 1.178 1.184 1.217 1.217 1.210 1.190 1.198 1.215 1.205 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 1.102 1,082 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix 35Slovenian Economic Mirror, No 4/2022 Prices and indicators of overall competitiveness 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 1.5 -0.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.4 2.0 2.1 2.4 3.0 4.6 4.9 5.8 6.9 5.4 6.9 Food, non-alcoholic beverages 3.3 1.0 3.9 4.0 4.4 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 -0.9 -1.1 -1.4 -0.4 0.3 1.1 3.9 4.6 6.3 6.9 9.2 Alcoholic beverages, tobacco 1.9 3.2 2.4 1.7 1.3 0.3 3.5 3.5 3.6 4.1 1.8 2.8 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3 3.1 4.6 Clothing and footwear 0.5 -5.4 5.9 1.3 -3.8 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 1.7 4.3 1.8 -0.7 -1.2 5.3 5.9 2.1 5.6 5.5 1.4 Housing, water, electricity, gas 2.7 -0.6 8.6 0.7 -5.5 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 2.5 3.1 3.2 4.4 6.7 8.3 8.6 10.7 13.2 1.3 6.2 Furnishing, household equipm. 0.4 -0.4 5.7 1.0 -0.9 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8 8.5 9.2 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.0 0.0 1.0 3.8 1.1 2.5 2.7 0.6 4.2 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 3.2 2.5 2.9 2.7 3.0 -0.6 -0.5 4.1 4.1 4.4 3.2 Transport 0.1 -5.9 12.5 -0.2 -7.4 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 5.5 8.2 9.2 9.6 11.7 14.7 12.5 12.5 12.5 14.1 15.1 Communications -0.4 0.6 -3.6 -1.5 0.0 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 1.4 -0.4 -0.4 -1.3 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 -2.7 Recreation and culture 0.6 -3.9 3.4 -0.1 0.2 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 -2.8 -2.7 -2.3 -1.6 -0.9 1.2 3.4 4.1 5.4 2.4 6.2 Education 5.6 0.7 0.5 4.8 3.3 2.2 0.6 0.7 0.8 1.1 0.6 0.4 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 0.9 1.0 1.0 1.2 0.7 0.7 0.5 0.5 0.4 0.4 0.3 Catering services 3.2 0.6 6.1 2.0 1.3 1.0 0.7 0.6 1.3 4.0 5.8 7.1 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 2.5 3.1 3.7 5.2 5.2 6.2 6.1 6.8 7.1 7.3 7.9 Miscellaneous goods & services 4.4 0.7 -2.1 4.9 3.7 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 -0.3 -0.3 -0.1 0.0 0.3 0.7 -2.1 0.7 1.1 0.8 2.3 HICP 2.0 -1.2 5.1 1.7 -1.2 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7 6 7.4 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 1.5 0.5 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.8 1.3 1.6 1.5 1.5 2.9 3.1 3.8 4.7 4.5 5.4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.1 -0.6 -0.3 -0.1 1.2 3.6 7.5 9.9 15.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 3.5 4.8 6.2 7.7 8.6 9.2 9.9 10.6 12.3 16.5 17.9 Domestic market 2.1 1.0 10.6 1.3 0.3 0.3 0.9 1.9 4.2 8.0 10.1 17.2 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 4.6 5.1 6.9 8.2 9.0 9.5 10.1 10.6 12.8 18.4 20.3 Non-domestic market -0.9 -1.4 10.6 -1.4 -1.4 -0.8 -1.1 0.4 2.9 6.9 9.7 13.9 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 2.4 4.6 5.4 7.1 8.2 8.8 9.7 10.6 11.7 14.5 15.4 Euro area -0.7 -1.2 11.6 -1.7 -1.5 -0.4 -0.8 1.3 3.8 7.0 10.5 15.1 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 2.9 5.7 5.6 7.2 8.3 9.5 10.4 11.6 12.5 16.1 16.7 Non-euro area -1.2 -1.8 8.5 -0.5 -1.3 -1.8 -1.9 -1.5 1.1 6.7 8.0 11.4 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10 11.4 12.9 Import price indices -1.4 -2.6 25.9 -2.3 -4.7 -3.5 -3.4 1.3 8.6 14.9 24.5 27.5 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 8.6 10.3 12.8 14.1 17.8 22.5 25.0 25.9 26.4 26.7 29.3 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 0.0 0.7 1.2 1.3 1.2 0.4 -0.6 -1.0 -1.4 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1.4 -1.5 -1.2 -1.4 -1,7 Real (deflator HICP) -0.3 -0.4 -0.7 -0.1 -1.3 -0.1 0.0 -0.5 0.2 -1.3 -1.0 -0.1 -1.4 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.3 -0.6 -0.8 0.9 0.5 -0.6 -0.9 -1.6 -1.3 -1.4 -0.6 -1.1 -0.6 0.1 -2.1 -3,1 Real (deflator ULC) 1.0 3.7 -2.2 2.8 5.6 1.2 5.2 1.4 -2.7 0.7 -7.9 USD / EUR 1.120 1.141 1.184 1.102 1.101 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.086 1.090 1.125 1.146 1.183 1.179 1.178 1.184 1.217 1.217 1.210 1.190 1.198 1.215 1.205 1.182 1.177 1.177 1.160 1.141 1.130 1.131 1.134 1.102 1,082 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Statistical Appendix36 Slovenian Economic Mirror, No 4/2022 Balance of payments 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,898 3,462 1,736 696 986 716 797 963 755 469 368 144 399 280 263 146 307 170 217 410 505 276 183 302 159 294 247 109 113 140 92 136 168 135 -159 79 -218 Goods 1,311 2,366 519 273 568 568 700 530 540 206 -43 -183 243 188 164 123 281 344 89 267 277 187 66 236 133 172 127 17 62 62 -85 -20 21 23 -227 -47 -249 Exports 32,013 29,656 35,335 7,904 7,857 6,431 7,368 8,001 8,250 8,783 8,506 9,797 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,428 2,638 3,183 2,875 2,874 3,033 2,887 2,512 3,107 3,269 3,385 3,143 3,052 3,165 Imports 30,702 27,290 34,816 7,630 7,289 5,862 6,668 7,471 7,709 8,577 8,549 9,980 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,192 2,506 3,011 2,749 2,857 2,971 2,825 2,597 3,127 3,249 3,362 3,370 3,099 3,414 Services 2,907 1,996 2,395 756 517 396 561 522 499 498 707 692 192 132 142 93 160 184 163 214 244 129 150 143 153 202 172 137 188 193 246 268 254 237 201 166 157 Exports 8,659 6,900 8,254 2,248 1,776 1,441 1,822 1,861 1,588 1,858 2,412 2,396 621 541 459 425 557 645 589 588 637 539 684 457 505 626 601 569 688 786 804 822 778 770 848 604 639 Imports 5,751 4,904 5,859 1,492 1,259 1,046 1,261 1,338 1,090 1,361 1,705 1,704 428 409 317 332 397 461 426 374 393 411 535 314 352 424 429 432 499 592 558 554 524 533 648 438 482 Primary income -811 -426 -672 -271 53 -116 -371 7 -100 -132 -203 -237 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -4 -35 -62 -28 -33 -71 -89 -47 -67 -65 -67 -105 14 -72 Receipts 1,758 1,645 1,749 457 449 365 352 479 461 468 394 427 134 130 130 129 106 118 124 110 128 156 195 182 150 129 156 154 158 126 147 121 124 142 161 217 122 Expenditures 2,569 2,071 2,421 727 396 481 722 472 561 600 596 664 120 159 137 146 198 445 132 145 123 152 197 186 185 191 183 187 229 215 194 188 189 209 266 203 194 Secondary income -509 -473 -507 -62 -152 -132 -93 -96 -183 -103 -93 -128 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -74 -91 -18 -24 -12 -67 -27 -22 -45 -42 -58 -28 -54 -54 Receipts 934 972 1,093 272 230 225 214 304 233 318 265 277 64 88 82 67 76 80 62 72 98 100 106 70 74 89 99 115 104 90 95 81 93 77 107 114 91 Expenditures 1,443 1,445 1,600 334 382 357 306 400 416 420 358 405 114 99 118 121 118 111 89 107 119 144 137 144 165 107 123 127 170 116 116 126 135 135 135 168 146 Capital account -187 -226 35 -120 -53 -17 -26 -130 143 -11 95 -193 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 28 -24 -14 38 23 35 18 -18 -193 6 61 Financial account 2,094 3,052 1,461 506 1,116 385 580 970 796 453 -47 259 451 306 368 -27 44 -4 265 319 453 434 83 229 612 -46 351 73 29 -409 217 144 566 -1 -306 426 -27 Direct investment -762 266 -503 -119 -21 -37 -219 543 -182 -520 -269 468 -3 -69 -244 17 190 -183 -92 56 41 5 497 -145 -39 1 -325 -58 -136 -102 -51 -116 516 145 -193 -87 -134 Assets 1,157 697 1,066 583 13 192 -65 557 309 81 269 408 124 -206 -128 168 152 -205 -94 234 182 73 301 -41 199 151 156 180 -256 2 49 219 584 106 -282 83 178 Liabilities 1,919 431 1,569 701 33 229 155 14 491 600 538 -60 128 -137 116 150 -38 -22 -2 178 141 69 -195 104 238 150 481 239 -120 104 100 334 68 -39 -89 169 312 Portfolio investment 734 -1,826 3,175 444 -1,953 -1,929 1,315 740 -170 1,630 38 1,677 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -667 543 162 876 96 705 -1,593 384 Financial derivatives -163 53 -25 8 53 -32 5 27 -18 10 -21 5 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 -5 -8 -8 0 1 3 2 -1 Other investment 2,248 4,394 -2,011 167 2,989 2,354 -547 -402 1,154 -675 -502 -1,988 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,493 185 -523 -260 -479 64 359 -970 109 -835 -268 -885 2,040 -283 Assets 3,250 4,856 2,154 260 3,346 1,988 -696 218 3,044 115 384 -1,388 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,723 1,345 -25 -75 -128 319 347 -184 221 -359 -9 -1,021 1,801 -62 Other equity 27 4 5 -2 -1 5 0 0 0 2 0 3 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 3 10 0 Currency and deposits 2,811 4,753 782 656 2,751 2,672 -792 121 2,203 -132 213 -1,501 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,416 1,019 -232 -87 -143 98 331 -98 -21 -720 -167 -614 1,615 -209 Loans 438 342 337 -18 79 40 57 165 153 -10 -23 218 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 40 58 66 93 -88 -4 Insurance, pension schemes, and standardised guarantee schemes 13 1 19 2 2 3 -1 -2 5 1 12 0 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 0 0 0 0 0 Trade credit and advances 29 -224 905 -322 393 -544 67 -140 671 207 101 -75 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 215 46 92 69 -7 -82 190 277 89 -440 312 227 Other assets -69 -20 106 -56 122 -189 -27 74 11 47 81 -33 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -112 10 -13 50 58 16 7 26 4 -63 -48 -75 Liabilities 1,002 462 4,165 93 358 -366 -150 620 1,889 791 886 600 185 428 -362 -111 107 -151 -107 108 368 445 -194 231 1,161 498 185 351 255 -12 786 112 476 259 -135 -239 221 Other equity 2 4 -36 2 0 0 0 3 2 -42 1 3 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 0 0 -1 Currency and deposits 1,009 800 2,359 308 199 222 116 263 788 909 371 290 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 285 255 93 7 271 180 149 -39 107 91 Loans -149 -409 -145 -250 40 -255 -325 131 756 -373 -403 -124 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -167 -107 -100 -10 83 -477 -9 86 -201 -106 -288 Insurance, pension schemes, and standardised guarantee schemes 27 55 65 -35 40 18 6 -9 30 27 8 0 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 0 0 0 0 0 Trade credit and advances 62 -134 1,145 84 -59 -391 20 297 209 275 66 596 74 140 -500 -66 175 -121 -37 178 185 132 -21 -134 135 209 3 159 112 -141 -55 261 350 0 246 -262 378 Other liabilities 50 146 101 -17 138 39 33 -65 103 -5 169 -167 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 42 20 -30 4 21 42 72 54 -48 23 -142 22 40 Special drawing rights (SDR) 0 0 675 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 Reserve assets 37 166 824 5 49 29 26 62 13 7 707 97 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 6 Net errors and omissions -616 -184 -310 -71 184 -313 -191 137 -103 -5 -510 308 68 45 109 -169 -253 -158 46 -79 -37 157 17 -56 420 -467 76 -12 -70 -586 102 -27 380 -118 46 341 130 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,841 3,552 4,080 1,013 852 808 900 991 917 1,000 984 1,180 316 283 230 278 301 325 240 336 336 329 325 261 297 359 330 334 336 331 284 368 366 397 416 316 348 Intermediate goods 17,045 15,446 19,949 4,097 4,211 3,290 3,797 4,148 4,578 4,885 4,931 5,554 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,391 1,455 1,731 1,602 1,599 1,684 1,702 1,436 1,793 1,873 1,974 1,708 1,895 1,927 Consumer goods 12,661 13,928 15,488 3,288 3,790 3,168 3,430 3,539 3,932 3,921 3,781 3,854 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,255 1,429 1,309 1,277 1,335 1,417 1,044 1,320 1,345 1,354 1,155 1,307 1,317 Import of investment goods 4,391 4,008 4,875 1,188 936 849 964 1,258 1,072 1,220 1,174 1,409 308 298 214 298 338 347 278 340 378 464 416 304 347 421 391 413 416 370 386 418 439 482 487 382 507 Intermediate goods 18,508 16,434 24,546 4,450 4,426 3,386 3,963 4,658 4,816 5,807 6,445 7,478 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,372 1,532 1,912 1,780 1,998 2,029 2,189 1,901 2,355 2,473 2,354 2,652 2,565 2,387 Consumer goods 11,183 11,670 12,585 3,232 3,011 2,579 2,871 3,210 2,907 3,209 3,019 3,449 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 901 907 1,099 1,153 1,027 1,029 944 1,021 1,054 1,155 1,168 1,126 962 1,316 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix 37Slovenian Economic Mirror, No 4/2022 Balance of payments 2019 2020 2021 2019 2020 2021 2020 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,898 3,462 1,736 696 986 716 797 963 755 469 368 144 399 280 263 146 307 170 217 410 505 276 183 302 159 294 247 109 113 140 92 136 168 135 -159 79 -218 Goods 1,311 2,366 519 273 568 568 700 530 540 206 -43 -183 243 188 164 123 281 344 89 267 277 187 66 236 133 172 127 17 62 62 -85 -20 21 23 -227 -47 -249 Exports 32,013 29,656 35,335 7,904 7,857 6,431 7,368 8,001 8,250 8,783 8,506 9,797 2,692 2,584 1,838 2,116 2,476 2,693 2,010 2,665 2,824 2,781 2,396 2,428 2,638 3,183 2,875 2,874 3,033 2,887 2,512 3,107 3,269 3,385 3,143 3,052 3,165 Imports 30,702 27,290 34,816 7,630 7,289 5,862 6,668 7,471 7,709 8,577 8,549 9,980 2,449 2,396 1,674 1,993 2,195 2,349 1,921 2,398 2,547 2,594 2,330 2,192 2,506 3,011 2,749 2,857 2,971 2,825 2,597 3,127 3,249 3,362 3,370 3,099 3,414 Services 2,907 1,996 2,395 756 517 396 561 522 499 498 707 692 192 132 142 93 160 184 163 214 244 129 150 143 153 202 172 137 188 193 246 268 254 237 201 166 157 Exports 8,659 6,900 8,254 2,248 1,776 1,441 1,822 1,861 1,588 1,858 2,412 2,396 621 541 459 425 557 645 589 588 637 539 684 457 505 626 601 569 688 786 804 822 778 770 848 604 639 Imports 5,751 4,904 5,859 1,492 1,259 1,046 1,261 1,338 1,090 1,361 1,705 1,704 428 409 317 332 397 461 426 374 393 411 535 314 352 424 429 432 499 592 558 554 524 533 648 438 482 Primary income -811 -426 -672 -271 53 -116 -371 7 -100 -132 -203 -237 14 -29 -7 -17 -92 -326 -9 -35 5 4 -2 -4 -35 -62 -28 -33 -71 -89 -47 -67 -65 -67 -105 14 -72 Receipts 1,758 1,645 1,749 457 449 365 352 479 461 468 394 427 134 130 130 129 106 118 124 110 128 156 195 182 150 129 156 154 158 126 147 121 124 142 161 217 122 Expenditures 2,569 2,071 2,421 727 396 481 722 472 561 600 596 664 120 159 137 146 198 445 132 145 123 152 197 186 185 191 183 187 229 215 194 188 189 209 266 203 194 Secondary income -509 -473 -507 -62 -152 -132 -93 -96 -183 -103 -93 -128 -50 -11 -37 -54 -42 -31 -26 -35 -21 -44 -31 -74 -91 -18 -24 -12 -67 -27 -22 -45 -42 -58 -28 -54 -54 Receipts 934 972 1,093 272 230 225 214 304 233 318 265 277 64 88 82 67 76 80 62 72 98 100 106 70 74 89 99 115 104 90 95 81 93 77 107 114 91 Expenditures 1,443 1,445 1,600 334 382 357 306 400 416 420 358 405 114 99 118 121 118 111 89 107 119 144 137 144 165 107 123 127 170 116 116 126 135 135 135 168 146 Capital account -187 -226 35 -120 -53 -17 -26 -130 143 -11 95 -193 -17 -19 -4 -3 -10 -16 2 -12 -15 1 -116 -17 33 127 28 -24 -14 38 23 35 18 -18 -193 6 61 Financial account 2,094 3,052 1,461 506 1,116 385 580 970 796 453 -47 259 451 306 368 -27 44 -4 265 319 453 434 83 229 612 -46 351 73 29 -409 217 144 566 -1 -306 426 -27 Direct investment -762 266 -503 -119 -21 -37 -219 543 -182 -520 -269 468 -3 -69 -244 17 190 -183 -92 56 41 5 497 -145 -39 1 -325 -58 -136 -102 -51 -116 516 145 -193 -87 -134 Assets 1,157 697 1,066 583 13 192 -65 557 309 81 269 408 124 -206 -128 168 152 -205 -94 234 182 73 301 -41 199 151 156 180 -256 2 49 219 584 106 -282 83 178 Liabilities 1,919 431 1,569 701 33 229 155 14 491 600 538 -60 128 -137 116 150 -38 -22 -2 178 141 69 -195 104 238 150 481 239 -120 104 100 334 68 -39 -89 169 312 Portfolio investment 734 -1,826 3,175 444 -1,953 -1,929 1,315 740 -170 1,630 38 1,677 -162 -938 -1,580 -495 145 270 503 543 -416 516 640 -1,133 484 479 920 621 89 -667 543 162 876 96 705 -1,593 384 Financial derivatives -163 53 -25 8 53 -32 5 27 -18 10 -21 5 11 28 -17 -8 -7 4 0 1 4 10 13 -1 -9 -8 5 3 2 -5 -8 -8 0 1 3 2 -1 Other investment 2,248 4,394 -2,011 167 2,989 2,354 -547 -402 1,154 -675 -502 -1,988 593 1,271 2,201 467 -314 -109 -147 -290 813 -112 -1,103 1,493 185 -523 -260 -479 64 359 -970 109 -835 -268 -885 2,040 -283 Assets 3,250 4,856 2,154 260 3,346 1,988 -696 218 3,044 115 384 -1,388 778 1,699 1,839 356 -206 -260 -254 -182 1,182 333 -1,297 1,723 1,345 -25 -75 -128 319 347 -184 221 -359 -9 -1,021 1,801 -62 Other equity 27 4 5 -2 -1 5 0 0 0 2 0 3 0 0 -1 1 5 0 0 0 1 0 -1 0 0 0 1 0 1 0 0 0 0 0 3 10 0 Currency and deposits 2,811 4,753 782 656 2,751 2,672 -792 121 2,203 -132 213 -1,501 533 1,528 2,315 484 -127 -356 -132 -304 854 213 -946 1,416 1,019 -232 -87 -143 98 331 -98 -21 -720 -167 -614 1,615 -209 Loans 438 342 337 -18 79 40 57 165 153 -10 -23 218 27 38 21 8 11 -34 46 45 70 47 49 36 14 103 -45 -64 100 -40 -24 40 58 66 93 -88 -4 Insurance, pension schemes, and standardised guarantee schemes 13 1 19 2 2 3 -1 -2 5 1 12 0 1 1 1 1 1 0 0 0 -1 -1 -1 2 2 2 0 0 0 4 4 4 0 0 0 0 0 Trade credit and advances 29 -224 905 -322 393 -544 67 -140 671 207 101 -75 249 94 -366 -164 -15 95 -124 97 228 90 -459 187 269 215 46 92 69 -7 -82 190 277 89 -440 312 227 Other assets -69 -20 106 -56 122 -189 -27 74 11 47 81 -33 -31 39 -132 25 -82 36 -44 -19 30 -16 60 81 42 -112 10 -13 50 58 16 7 26 4 -63 -48 -75 Liabilities 1,002 462 4,165 93 358 -366 -150 620 1,889 791 886 600 185 428 -362 -111 107 -151 -107 108 368 445 -194 231 1,161 498 185 351 255 -12 786 112 476 259 -135 -239 221 Other equity 2 4 -36 2 0 0 0 3 2 -42 1 3 0 0 0 0 0 0 0 0 0 1 2 1 0 0 0 0 -42 0 0 0 2 1 0 0 -1 Currency and deposits 1,009 800 2,359 308 199 222 116 263 788 909 371 290 -6 273 227 -120 116 96 15 5 149 109 5 315 180 294 369 285 255 93 7 271 180 149 -39 107 91 Loans -149 -409 -145 -250 40 -255 -325 131 756 -373 -403 -124 112 -70 -92 -4 -159 -114 -74 -138 47 230 -145 -2 793 -35 -167 -107 -100 -10 83 -477 -9 86 -201 -106 -288 Insurance, pension schemes, and standardised guarantee schemes 27 55 65 -35 40 18 6 -9 30 27 8 0 13 13 6 6 6 2 2 2 -3 -3 -3 10 10 10 9 9 9 3 3 3 0 0 0 0 0 Trade credit and advances 62 -134 1,145 84 -59 -391 20 297 209 275 66 596 74 140 -500 -66 175 -121 -37 178 185 132 -21 -134 135 209 3 159 112 -141 -55 261 350 0 246 -262 378 Other liabilities 50 146 101 -17 138 39 33 -65 103 -5 169 -167 -7 71 -4 73 -30 -15 -14 61 -9 -23 -32 41 42 20 -30 4 21 42 72 54 -48 23 -142 22 40 Special drawing rights (SDR) 0 0 675 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 675 0 0 0 0 0 0 Reserve assets 37 166 824 5 49 29 26 62 13 7 707 97 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 6 Net errors and omissions -616 -184 -310 -71 184 -313 -191 137 -103 -5 -510 308 68 45 109 -169 -253 -158 46 -79 -37 157 17 -56 420 -467 76 -12 -70 -586 102 -27 380 -118 46 341 130 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 3,841 3,552 4,080 1,013 852 808 900 991 917 1,000 984 1,180 316 283 230 278 301 325 240 336 336 329 325 261 297 359 330 334 336 331 284 368 366 397 416 316 348 Intermediate goods 17,045 15,446 19,949 4,097 4,211 3,290 3,797 4,148 4,578 4,885 4,931 5,554 1,424 1,390 981 1,067 1,241 1,342 1,074 1,381 1,491 1,454 1,202 1,391 1,455 1,731 1,602 1,599 1,684 1,702 1,436 1,793 1,873 1,974 1,708 1,895 1,927 Consumer goods 12,661 13,928 15,488 3,288 3,790 3,168 3,430 3,539 3,932 3,921 3,781 3,854 1,175 1,286 865 1,089 1,214 1,278 905 1,247 1,339 1,201 999 1,248 1,255 1,429 1,309 1,277 1,335 1,417 1,044 1,320 1,345 1,354 1,155 1,307 1,317 Import of investment goods 4,391 4,008 4,875 1,188 936 849 964 1,258 1,072 1,220 1,174 1,409 308 298 214 298 338 347 278 340 378 464 416 304 347 421 391 413 416 370 386 418 439 482 487 382 507 Intermediate goods 18,508 16,434 24,546 4,450 4,426 3,386 3,963 4,658 4,816 5,807 6,445 7,478 1,461 1,471 999 1,154 1,233 1,403 1,152 1,407 1,510 1,770 1,378 1,372 1,532 1,912 1,780 1,998 2,029 2,189 1,901 2,355 2,473 2,354 2,652 2,565 2,387 Consumer goods 11,183 11,670 12,585 3,232 3,011 2,579 2,871 3,210 2,907 3,209 3,019 3,449 1,019 1,031 726 803 1,050 1,021 916 934 1,095 1,082 1,033 901 907 1,099 1,153 1,027 1,029 944 1,021 1,054 1,155 1,168 1,126 962 1,316 Sources: BoS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Statistical Appendix38 Slovenian Economic Mirror, No 4/2022 Monetary indicators and interest rates 2019 2020 2021 2019 2020 2020 2021 2022 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 Central government (S,1311) 4,696 4,520 3,538 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 Other government (S,1312,1313,1314) 602 639 693 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 706 698 693 Households (S,14, 15) 10,981 10,997 11,556 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 Non-financial corporations (S,11) 9,589 9,363 9,828 9,882 9,587 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 In foreign currency 391 345 284 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 281 273 303 Securities, total 4,382 4,361 3,302 4,581 4,381 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 37,946 Overnight 21,278 25,218 29,146 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 With agreed maturity – short-term 3,478 3,381 2,707 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 2,674 With agreed maturity – long-term 5,723 5,348 5,849 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 Short-term deposits redeemable at notice 630 620 450 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 477 468 411 Deposits in foreign currency, total 634 723 828 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 834 851 965 Overnight 577 675 790 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 799 817 847 With agreed maturity – short-term 26 25 27 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 24 24 109 With agreed maturity – long-term 31 23 11 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 11 10 9 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.17 0.18 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 0.97 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 - -0.495 6-month rates -0.302 -0.364 -0.364 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - - 6-month rates -0.684 -0.659 -0.715 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - - Sources: BoS, EUROSTAT. Statistical Appendix 39Slovenian Economic Mirror, No 4/2022 Monetary indicators and interest rates 2019 2020 2021 2019 2020 2020 2021 2022 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,719 11,805 14,460 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 Central government (S,1311) 4,696 4,520 3,538 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 Other government (S,1312,1313,1314) 602 639 693 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 632 621 619 628 627 627 636 693 706 698 693 Households (S,14, 15) 10,981 10,997 11,556 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 Non-financial corporations (S,11) 9,589 9,363 9,828 9,882 9,587 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 Claims on domestic sectors, TOTAL In domestic currency 27,913 30,341 34,136 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 In foreign currency 391 345 284 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 310 310 307 314 298 295 293 284 281 273 303 Securities, total 4,382 4,361 3,302 4,581 4,381 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 31,109 34,567 38,152 30,838 31,121 31,237 31,171 31,785 32,271 32,605 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 37,946 Overnight 21,278 25,218 29,146 20,911 21,278 21,243 21,291 22,144 22,628 23,002 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 With agreed maturity – short-term 3,478 3,381 2,707 3,369 3,478 3,442 3,511 3,473 3,540 3,557 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 2,674 With agreed maturity – long-term 5,723 5,348 5,849 5,770 5,735 5,792 5,677 5,506 5,420 5,374 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 Short-term deposits redeemable at notice 630 620 450 788 630 760 692 662 683 672 560 584 615 640 678 643 620 649 656 621 629 622 553 510 519 493 547 519 450 477 468 411 Deposits in foreign currency, total 634 723 828 658 634 632 647 677 670 691 718 691 699 728 706 711 723 721 740 786 776 810 789 812 817 804 835 839 828 834 851 965 Overnight 577 675 790 598 577 573 588 622 617 631 652 627 638 672 655 662 675 671 696 739 731 766 747 771 776 771 803 803 790 799 817 847 With agreed maturity – short-term 26 25 27 25 26 27 29 26 25 33 40 39 37 32 28 26 25 28 24 26 25 26 25 25 26 19 19 24 27 24 24 109 With agreed maturity – long-term 31 23 11 35 31 32 30 29 28 27 26 25 24 24 23 23 23 22 20 21 20 18 17 16 15 14 13 12 11 11 10 9 Short-term deposits redeemable at notice .. ... ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.17 0.18 0.1 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 2.21 1.72 2.50 2.5 2.43 2.33 2.34 2.47 2.32 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 1.13 1.65 0.85 0.97 1.31 1.35 - 2.19 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 0.97 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.356 -0.425 -0.425 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 - -0.495 6-month rates -0.302 -0.364 -0.364 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 LIBOR 3-month rates -0.737 -0.708 -0.760 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - - 6-month rates -0.684 -0.659 -0.715 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - - Sources: BoS, EUROSTAT. Statistical Appendix40 Slovenian Economic Mirror, No 4/2022 Public finance 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.1 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,852.7 5,612.9 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,092.9 2,035.2 1,782.7 1,795.0 Current revenues 18,293.3 17,578.7 20,123.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.0 5,138.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.0 1,822.8 1,686.1 1,629.4 Tax revenues 17,179.1 16,460.4 18,782.9 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,072.9 4,812.4 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,758.3 1,737.9 1,518.8 1,555.6 Taxes on income and profit 3,614.0 3,261.8 3,981.2 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 1,048.4 1,049.2 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.1 332.6 348.2 368.3 Social security contributions 7,021.3 7,289.9 7,924.4 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,047.2 2,048.8 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 756.4 680.4 677.2 691.2 Taxes on payroll and workforce 23.2 21.6 23.9 5.9 4.0 5.6 6.1 5.0 5.9 6.0 7.0 6.0 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 1.9 Taxes on property 296.4 287.3 316.2 31.0 48.6 111.3 96.4 33.5 84.8 102.2 95.7 32.4 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.0 12.4 8.5 11.5 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.1 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.4 1,574.1 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.0 623.0 483.3 467.7 Taxes on international trade & transactions 98.6 102.4 177.4 24.0 24.5 25.3 28.7 28.1 34.6 36.7 78.0 67.2 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 26.2 Other taxes -1.1 4.1 0.7 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -34.8 34.7 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -36.4 60.3 -14.4 -11.3 Non-tax revenues 1,114.2 1,118.2 1,340.7 249.7 339.7 291.3 237.6 284.5 431.7 308.4 316.1 325.9 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 129.7 84.9 167.3 73.8 Capital revenues 136.4 146.9 228.2 31.2 20.1 31.3 64.3 36.4 54.9 56.0 81.0 63.4 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.7 17.9 23.6 21.9 Grants 13.8 17.5 21.7 8.1 1.4 6.9 1.1 6.7 2.0 10.3 2.8 12.2 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.5 0.9 11.1 0.2 Transferred revenues 58.3 54.8 57.4 0.2 21.7 30.6 2.3 1.7 2.1 51.4 2.1 0.4 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 0.2 Receipts from the EU budget 730.5 730.7 951.2 200.9 133.3 189.6 206.9 233.3 180.5 159.5 378.0 398.7 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,296.7 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,682.0 5,930.7 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,805.8 1,906.8 1,793.5 2,230.3 Current expenditures 8,228.3 9,127.8 10,389.9 2,359.6 2,074.0 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,873.0 2,678.1 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,266.8 803.4 739.5 1,135.2 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,758.3 1,183.0 1,318.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,320.8 1,292.3 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 444.0 424.2 427.0 441.1 Expenditures on goods and services 2,728.0 3,020.7 3,340.5 686.8 661.6 739.0 933.4 724.9 767.0 794.0 1,054.6 843.0 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 535.4 226.6 262.4 354.0 Interest payments 791.5 778.0 732.2 442.4 53.7 187.0 95.0 386.9 45.5 204.6 95.2 336.1 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.1 17.8 23.6 294.8 Reserves 238.4 363.8 558.8 47.3 40.5 32.8 243.2 63.1 59.5 33.9 402.4 206.7 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.3 134.8 26.5 45.4 Current transfers 8,704.2 10,867.7 11,320.5 2,308.7 3,219.2 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,713.1 2,801.3 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 976.8 972.6 885.3 943.5 Subsidies 467.9 1,449.3 867.2 167.9 711.7 305.5 264.2 296.4 302.3 111.5 157.0 186.8 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.0 115.9 29.7 41.2 Current transfers to individuals and households 7,323.9 8,250.8 9,167.9 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.9 2,293.3 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.8 772.7 749.9 770.7 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,132.6 215.0 242.6 248.9 376.7 197.6 276.6 298.3 360.1 279.4 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 151.1 74.9 92.6 111.9 Current transfers abroad 84.7 84.4 152.7 23.2 11.2 16.6 33.4 29.9 31.0 36.7 55.1 41.9 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 9.1 13.1 19.7 Capital expenditures 1,252.9 1,230.6 1,541.8 172.8 232.7 263.2 561.9 194.3 278.0 402.4 667.0 225.3 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 332.6 52.1 77.1 96.1 Capital transfers 273.6 318.5 415.7 29.6 42.9 68.0 178.0 33.4 55.7 86.2 240.4 43.7 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 158.9 12.1 17.1 14.6 Payments to the EU budget 509.7 526.0 628.9 154.0 134.7 85.1 152.2 197.5 119.1 123.8 188.5 182.2 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 66.6 74.7 40.9 SURPLUS / DEFICIT 263.5 -3,542.1 -2,914.5 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -829.2 -317.8 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -712.9 128.4 -10.9 -435.3 Source: MF. Statistical Appendix 41Slovenian Economic Mirror, No 4/2022 Public finance 2019 2020 2021 2020 2021 2022 2020 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.1 4,649.5 4,094.2 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,852.7 5,612.9 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.5 1,484.6 1,644.8 1,894.8 1,880.1 1,799.2 1,647.4 1,725.0 1,779.0 1,868.0 1,891.9 2,092.9 2,035.2 1,782.7 1,795.0 Current revenues 18,293.3 17,578.7 20,123.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.0 5,138.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.4 1,422.4 1,490.2 1,802.4 1,799.2 1,733.0 1,571.4 1,669.8 1,633.1 1,803.4 1,697.6 1,888.0 1,822.8 1,686.1 1,629.4 Tax revenues 17,179.1 16,460.4 18,782.9 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,072.9 4,812.4 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 1,550.9 1,612.3 1,470.3 1,570.2 1,525.3 1,699.0 1,615.6 1,758.3 1,737.9 1,518.8 1,555.6 Taxes on income and profit 3,614.0 3,261.8 3,981.2 879.9 692.0 764.7 925.2 941.8 1,205.5 785.5 1,048.4 1,049.2 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.1 332.6 348.2 368.3 Social security contributions 7,021.3 7,289.9 7,924.4 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,047.2 2,048.8 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 756.4 680.4 677.2 691.2 Taxes on payroll and workforce 23.2 21.6 23.9 5.9 4.0 5.6 6.1 5.0 5.9 6.0 7.0 6.0 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 1.9 2.1 2.3 1.8 1.9 2.1 2.2 2.7 2.2 1.9 1.9 Taxes on property 296.4 287.3 316.2 31.0 48.6 111.3 96.4 33.5 84.8 102.2 95.7 32.4 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.0 12.4 8.5 11.5 Domestic taxes on goods and services 6,126.7 5,493.3 6,359.1 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.4 1,574.1 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.0 623.0 483.3 467.7 Taxes on international trade & transactions 98.6 102.4 177.4 24.0 24.5 25.3 28.7 28.1 34.6 36.7 78.0 67.2 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 10.5 12.5 11.4 10.1 15.2 29.1 15.5 33.3 27.0 14.0 26.2 Other taxes -1.1 4.1 0.7 22.5 136.7 -83.4 -71.7 49.2 7.2 -20.9 -34.8 34.7 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -36.4 60.3 -14.4 -11.3 Non-tax revenues 1,114.2 1,118.2 1,340.7 249.7 339.7 291.3 237.6 284.5 431.7 308.4 316.1 325.9 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.9 95.7 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 129.7 84.9 167.3 73.8 Capital revenues 136.4 146.9 228.2 31.2 20.1 31.3 64.3 36.4 54.9 56.0 81.0 63.4 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.7 17.9 23.6 21.9 Grants 13.8 17.5 21.7 8.1 1.4 6.9 1.1 6.7 2.0 10.3 2.8 12.2 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.5 0.9 11.1 0.2 Transferred revenues 58.3 54.8 57.4 0.2 21.7 30.6 2.3 1.7 2.1 51.4 2.1 0.4 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 0.2 1.9 31.1 20.0 0.3 0.7 0.4 0.9 0.1 0.1 0.2 Receipts from the EU budget 730.5 730.7 951.2 200.9 133.3 189.6 206.9 233.3 180.5 159.5 378.0 398.7 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,968.8 22,070.6 24,296.7 5,024.6 5,703.7 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,682.0 5,930.7 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.3 1,724.0 2,311.2 1,772.8 1,969.8 2,189.5 1,901.1 1,885.3 1,793.6 1,736.7 2,139.4 2,805.8 1,906.8 1,793.5 2,230.3 Current expenditures 8,228.3 9,127.8 10,389.9 2,359.6 2,074.0 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,873.0 2,678.1 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.6 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,266.8 803.4 739.5 1,135.2 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,758.3 1,183.0 1,318.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,320.8 1,292.3 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 432.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 444.0 424.2 427.0 441.1 Expenditures on goods and services 2,728.0 3,020.7 3,340.5 686.8 661.6 739.0 933.4 724.9 767.0 794.0 1,054.6 843.0 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.9 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 535.4 226.6 262.4 354.0 Interest payments 791.5 778.0 732.2 442.4 53.7 187.0 95.0 386.9 45.5 204.6 95.2 336.1 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.1 17.8 23.6 294.8 Reserves 238.4 363.8 558.8 47.3 40.5 32.8 243.2 63.1 59.5 33.9 402.4 206.7 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.3 134.8 26.5 45.4 Current transfers 8,704.2 10,867.7 11,320.5 2,308.7 3,219.2 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,713.1 2,801.3 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.8 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 976.8 972.6 885.3 943.5 Subsidies 467.9 1,449.3 867.2 167.9 711.7 305.5 264.2 296.4 302.3 111.5 157.0 186.8 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 67.4 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.0 115.9 29.7 41.2 Current transfers to individuals and households 7,323.9 8,250.8 9,167.9 1,902.6 2,253.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.9 2,293.3 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.6 674.8 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.8 772.7 749.9 770.7 Current transfers to non- profit institutions, other current domestic transfers 827.7 1,083.2 1,132.6 215.0 242.6 248.9 376.7 197.6 276.6 298.3 360.1 279.4 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.1 88.6 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 151.1 74.9 92.6 111.9 Current transfers abroad 84.7 84.4 152.7 23.2 11.2 16.6 33.4 29.9 31.0 36.7 55.1 41.9 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.2 5.4 7.4 10.2 16.1 10.4 8.7 19.5 26.9 9.1 13.1 19.7 Capital expenditures 1,252.9 1,230.6 1,541.8 172.8 232.7 263.2 561.9 194.3 278.0 402.4 667.0 225.3 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 332.6 52.1 77.1 96.1 Capital transfers 273.6 318.5 415.7 29.6 42.9 68.0 178.0 33.4 55.7 86.2 240.4 43.7 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.4 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 158.9 12.1 17.1 14.6 Payments to the EU budget 509.7 526.0 628.9 154.0 134.7 85.1 152.2 197.5 119.1 123.8 188.5 182.2 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 47.2 31.4 29.1 45.3 49.4 53.2 64.4 70.9 66.6 74.7 40.9 SURPLUS / DEFICIT 263.5 -3,542.1 -2,914.5 -375.2 -1,609.5 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -829.2 -317.8 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -392.8 -239.4 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -712.9 128.4 -10.9 -435.3 Source: MF. Acronyms42 Slovenian Economic Mirror, No 4/2022 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, EIA – Energy Information Administration, 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, EUROSTAT – Statistical Office of the European Union, FURS – Financial Administration of the Republic of Slovenia, GDP– Gross domestic product, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, NPISHs – Non- Profit Institutions Serving Households, PMI – Purchasing Managers' Index, REACT-EU - Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, SVRK – Government Office for Development and European Cohesion Policy, USD – US Dollar, VAT – value added tax, ZZZS – The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19 – Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L  – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O  – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, CZ-Czech Republic, CY- Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 4, Vol. XXVIII, 2022