No. 9, Vol. XXVIII, 2022 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 9 / Vol. XXVIII / 2022 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Matevž Hribernik, MSc Authors: Urška Brodar; Marjan Hafner, MSc; Matevž Hribernik, MSc; Laura Južnik Rotar, PhD; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Tina Nenadič, MSc; 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, December 2022 ISSN 1581-1026 (pdf ) ©2022, Institute of Macroeconomic Analysis and Development The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ............................................................................................................................................ 3 Current economic trends ........................................................................................................................ 7 International environment ........................................................................................................................9 Economic developments in Slovenia .................................................................................................. 11 Labour market ............................................................................................................................................. 17 Prices ............................................................................................................................................................... 19 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................. 21 Public finance .............................................................................................................................................. 22 Statistical appendix ................................................................................................................................25 The Economic Mirror is prepared based on statistical data available by 13th December 2022. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 9/2022 In the spotlight In the spotlight 3 Uncertainty in the international environment remains high at the end of the year and available sentiment indicators point to a contraction in euro area economic activity in the last quarter of this year. The high level of uncertainty is further influenced by energy market conditions. Other major risks include prolonged high inflation and the extent and impact of monetary tightening. Sentiment indicators (ESI, PMI, ifo) for the euro area and Slovenia’s main trading partners mostly rose slightly in November as conditions in supply chains and in general improved and energy prices fell. Nevertheless, indicators remain at very low levels and point to a decline in euro area activity in the last quarter of this year. Prices of most energy commodities were also lower in November than in previous months, but still remain high. Growth in economic activity slowed in most segments at the beginning of the last quarter of this year; economic sentiment stopped deteriorating in November. Growth in the export-oriented sectors is slowing, real exports of goods to EU Member States declined in October, while the volume of production slowed or remained unchanged in most manufacturing activities, with the exception of high-technology activities. Household expenditure was somewhat lower than in previous months, especially in trade, and, according to preliminary SURS data, turnover fell in real terms in most trade sectors. Real turnover in most market services and the value of construction put in place declined slightly in September. Economic sentiment stopped deteriorating in November and confidence indicators rose in all segments. However, the value of the economic sentiment indicator remains significantly lower than a year ago, mainly due to lower confidence in manufacturing and among consumers. According to the preliminary data, natural gas consumption in Slovenia from August to the beginning of December was 15% below the comparable average of the last five years, which is in line with EU recommendations, while electricity consumption in November was 6% lower year-onyear. The lower consumption was primarily due to favourable weather conditions in October, as well as measures to reduce gas consumption and industry’s reaction to high gas and electricity prices by reducing production output and thus consumption. Employment continues to rise, while the number of unemployed continues to fall; the average gross wage continues to fall in real terms. As employment reached its peak, growth in the number of persons in employment was 2.2% year-on-year in September, slightly lower than in previous months. Growth remained high especially in construction, which is characterised by a high proportion of foreign workers and a major labour shortage. The number of registered unemployed continued to fall, with the number of long-term unemployed also decreasing due to high demand for labour and labour shortages. In the face of high inflation, the average gross wage fell again in real terms year-on-year in September. The decline was more pronounced in the public sector due to last year’s high base related to the payment of COVID-19 bonuses. Year-on-year growth in consumer prices remained high in November. Over the past three months, inflation hovered around 10%, which is slightly lower than in the summer months. Inflation was broad-based and mainly driven by prices of food and non-alcoholic beverages in November, which were 19% higher year-on-year. The rise in energy prices also still had a strong effect, especially in the prices of solid fuels and petroleum products. After almost two years of continuous growth, Slovenian industrial producer prices fell in October, although year-on-year growth was still relatively high. The general government deficit totalled EUR 375 million in the first ten months, significantly lower than in the same period last year. The lower deficit of the consolidated general government budgetary accounts was mainly due to high revenue growth and significantly lower expenditure growth. Revenue growth, supported this year mainly by growth in tax revenues (corporate income tax and VAT) and revenues from the EU budget, is slowing due to the slowdown in economic activity and lower tax burden on energy and wages. Expenditure growth this year is significantly lower than last year due to lower payments related to measures to mitigate the consequences of the epidemic (the wage bill, transfers to individuals and households, and subsidies). In the last two months of the year we expect the government budget deficit to increase, especially due to stronger growth in capital expenditure, payments for measures to mitigate the effects of inflation and the increase in public sector wages. In the spotlight Slovenian Economic Mirror, No 9/2022 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 -20 Source: SURS, calculations by IMAD. Source: EC. 140 860 120 840 100 820 80 800 60 780 40 760 20 740 0 The general government deficit in the first ten months was significantly lower than in the same period last year Fuels and energy Other 2,000 -4 -375.5 -4 -3,000 -4,000 -2914.6 -3542.2 Source: MF, Bulletin of Government Finance; calculations by IMAD. I-X 2022 -2 -1954.1 I-X 2021 -2 -2,000 2021 0 2020 2 0 2019 2 -1,000 2018 4 2017 4 0 2016 6 2015 8 6 2014 8 Primary balance 1,000 2013 10 General government balance 2012 10 Balance, in EUR million 12 Year-on-year growth, in % 12 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Contribution to y-o-y growth, in p. p. Number of registered unemployed, in '000, seasonally adjusted 160 880 Source: SURS, ESS; calculations by IMAD. Inflation remained high and broad-based in November Source: SURS; calculations by IMAD. 180 900 Source: SURS; calculations by IMAD. Food Services TOTAL Registered unemployed (right axis) 920 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Nov 22 Jan 22 Employed according to SRE (left axis) Nov 22 Jan 21 Jan 20 Jan 19 Expected employment Expected production Expected exports Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 Seasonally adjusted indicator value, 3-month moving average Confidence in manuf. Manufacturing Export order books As the number of unemployed continues to fall, employment continues to increase Number of employed according to SRE, in ‘000, seasonally adjusted Despite an improvement in November, sentiment in the export-oriented part of the economy remains relatively low 40 30 20 10 0 -10 -20 -30 -40 -50 -60 -70 Jan 22 0 -10 Oct 22 10 Jan 21 20 Jan 20 30 2011 Balance 40 240 220 200 180 160 140 120 100 80 60 40 Jan 19 50 Jan 12 60 Seasonally adjusted real index 2010=100, 3-month moving average 70 Jan 18 Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Jan 17 Construction Jan 16 Services Retail trade Jan 15 Industry Consumers Jan 14 Uncertainty Slowdown in economic growth in most activities at the beginning of the last quarter of this year Jan 13 Uncertainty in the euro area, as measured by the European Commission's Economic Uncertainty Index (EUI), remains high at the end of the year 5 current economic trends Current Economic Trends Slovenian Economic Mirror, No 9/2022 9 The international environment Figure 1: Composite PMI for the euro area Nov 22 Services Jan 22 Jan 21 Manufacturing Jan 20 Jan 19 Jan 18 PMI value for euro area Composite index 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Although confidence indicators for the euro area improved in November, they still point to economic contraction in the last quarter of this year. Amid high inflation, tight financing conditions and low confidence, quarterly GDP growth slowed markedly in the third quarter and, according to available indicators, we expect economic activity to contract in the final quarter. Confidence indicators (ESI, PMI) for the euro area rose somewhat in November as conditions in supply chains and energy markets improved, but remain at very low levels. The value of the composite PMI remained below 50 for the fifth consecutive month in November,1 the longest stretch since 2013. According to the Economic Sentiment Indicator (ESI), confidence improved monthon-month among consumers, in services and in manufacturing. However, confidence in all activities and among consumers was still significantly lower year-onyear. In November, sentiment in the German economy also improved compared to the previous month, with the ifo Index showing more optimism for business in the coming months. 1 A PMI above 50 indicates an expansion of economic activity and a value below 50 suggests a contraction. Figure 2: OECD forecasts for economic growth 5.0 2022 2023 2024 4.5 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Source: OECD, November 2022. France Italy Germany Euro area China US 0.0 -0.5 World Real GDP growth, in % 4.0 The OECD expects global economic growth to slow in 2023. Amid increased uncertainty, high prices, weakening household purchasing power and tighter financing conditions, global economic growth is expected to slow from 3.1% to 2.2% next year and recover at a moderate pace to 2.7% in 2024. It will be driven by the fast-growing Asian economies, while growth in the US and the euro area will be modest. Amid monetary tightening, slower growth of demand, somewhat lower energy prices and the normalisation of transport costs and delivery times, inflation in the OECD countries will gradually decline from 9.4% this year to 6.6% in 2023 and 5.4% in 2024. The forecasts for economic growth are subject to great uncertainty, with the biggest risk being a possible shortage of energy. Other major risks include prolonged high inflation and the uncertain extent and impact of monetary tightening. 10 Current Economic Trends Slovenian Economic Mirror, No 9/2022 Figure 3: Commodity prices, November 2022 Energy Food 180 Although the average prices of energy on international markets fell in November, they remain high. With European storage capacities almost full, prices of natural gas (Dutch TTF) on the European market fell by 12% compared to October, although they were still high (44.5% higher year-on-year). After oil prices stopped falling in October due to the OPEC+ agreement to cut oil production, the dollar price of Brent crude oil fell again in November as the global economy is cooling, falling 2.1% to USD 91.4 per barrel, while it was 12.8% higher yearon-year. The monthly decline in the euro price of oil was slightly stronger at 5.6% due to the weaker dollar, and year-on-year, the price of oil in euro was 26.4% higher. According to the World Bank, the average dollar price of non-energy commodities rose slightly in November from the previous month (by 0.7%), with metal and wood prices increasing. Dollar prices of non-energy commodities were lower year-on-year on average (by 2.1%), although still significantly higher than before the epidemic. On international commodity markets, food prices were higher than a year ago, while prices of industrial raw materials, fertilisers and metals and minerals were lower. Non-energy commodities Metals 160 Index 2010=100 140 120 100 80 60 40 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 0 Nov 22 20 Source: World Bank. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in % 1 2021 X 22 XI 22 XI 22/X 22 XI 22/XI 21 Brent USD, per barrel 70.69 93.33 91.42 -2.1 12.8 45.8 Brent EUR, per barrel 59.70 95.00 89.73 -5.6 26.4 69.8 Natural gas (TTF)2, EUR/MWh 47.20 135.48 119.30 -11.9 44.5 225.1 USD/EUR 1.184 0.983 1.020 3.8 -10.6 -11.4 3-month EURIBOR, in % -0.549 1.428 1.825 39.8 239.3 73.1 Non-energy commodity prices, index 2010=100 112.13 113.48 114.18 0.7 -2.1 11.9 Source: EIA, ECB, Investing, World Bank; calculations by IMAD. Notes: 1 for Euribor, change is in basis points, 2 trading point for natural gas in the Netherlands. I-XI 22/I-XI 21 Current Economic Trends Slovenian Economic Mirror, No 9/2022 11 Current economic trends Jan 22 Oct 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 240 220 200 180 160 140 120 100 80 60 40 Jan 13 Goods export Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities Jan 12 Seasonally adjusted real index 2010=100, 3-month moving average Figure 4: Short-term indicators of economic activity in Slovenia, September–October 2022 Source: SURS, calculations by IMAD. Growth in economic activity is slowing in most segments as we enter the final quarter of this year; the downward trend in economic sentiment stopped in November. Growth in the export-oriented sectors is slowing, real exports of goods to EU Member States declined in current terms in October, while the volume of production slowed or remained unchanged in most manufacturing activities, with the exception of hightechnology activities. Household expenditure was somewhat lower than in previous months, especially in trade, and, according to preliminary SURS data, turnover fell in real terms in most trade sectors. In September, real turnover in most market services and the value of construction put in place also fell slightly. The downward trend in economic sentiment stopped in November and confidence indicators rose in all segments. However, the value of the economic sentiment indicator remains significantly lower than a year ago, mainly due to lower confidence in manufacturing and among consumers. According to the preliminary data, consumption of natural gas in Slovenia from August to the beginning of December was 15% below the comparable average of the last five years, which is in line with EU recommendations, while electricity consumption in November was 6% lower year-on-year. The lower consumption was due to favourable weather conditions in October, but also measures to reduce gas consumption and the reaction of industry to high gas and electricity prices by reducing production output and thus consumption. 30 25 20 15 10 5 0 -5 -10 -15 -20 Austria Italy France Germany Croatia Slovenia Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Year-on-year change, in % Figure 5: Electricity consumption, November 2022 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 August 2022. Electricity consumption was 6% lower year-onyear in November. In our estimation, both industrial and household consumption were lower. Due to high electricity prices, in energy-intensive industry in particular production volume has been reduced and energy efficiency has possibly improved. The lower household consumption compared to last year is most likely due to fewer people working from home. Compared to last November, consumption was also lower in our main trading partners (-3% in Austria and Croatia, -6% in Germany and -8% in France and Italy). 12 Current Economic Trends Slovenian Economic Mirror, No 9/2022 Figure 6: Electricity consumption by consumption group, November 2022 Industry Households Small business consumption Total distribution network consumption Year-on-year change, in % 30 20 10 0 -10 -20 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 -30 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. In November, electricity consumption in the distribution network was lower year-on-year in all consumption groups, as it has been for several months now. The strongest decrease was recorded in industrial consumption (by 8%). According to our estimate, this was mainly due to the lower consumption by some energy-intensive companies, which reduced their production volume under the impact of high electricity prices and may have adapted their production processes and introduced modern technologies to increase their energy efficiency. Household consumption was also lower year-on-year in November (by 4.2%), most likely due to more rational consumption of energy and fewer people working from home. The decline in small business consumption was much less pronounced,2 as it was 0.9% lower in November than a year ago. 2 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. Figure 7: Natural gas consumption, November 2022 50 40 40 30 30 20 20 10 10 0 -10 August -20 Source: Plinovodi d.o.o., calculations by IMAD. Note: Final data until 30 September. 21/11/22 7/11/22 24/10/22 26/9/22 12/9/22 29/8/22 15/8/22 0 -10 -20 October 1/8/22 -30 November September -30 Difference to the comparable five-year average, in % 50 10/10/22 Natural gas consumption, in GWh Daily consumption of natural gas in Slovenia Average comparable natural gas consumption over the previous five years 14-day moving averages of daily declines (right axis) Average monthly decline (right axis) Natural gas consumption in November was slightly more than 10% lower than the comparable average consumption over the last five years,3 after being slightly more than 20% lower in October given the warm weather. Consumption was lower due to various measures taken by EU Member States to reduce gas consumption, while part of industry4 reacted to high gas prices by reducing production output and thus gas consumption. After the above-average warm weather additionally contributed to lower consumption in the second half of October, temperatures in November were more comparable to the long-term average and thus the gap to the comparable gas consumption of previous years also narrowed. Before winter, EU Member States managed to almost completely fill their gas storage capacities, exceeding the target of having the capacities at least 80% full.5 According to preliminary data, gas consumption in Slovenia from 1 August to 1 December 2022 was about 15% lower than the comparable average consumption over the last five years, which is in line with EU recommendations. 3 4 5 In accordance with Council Regulation (EU) 2022/1369 of 5 August 2022 on coordinated demand-reduction measures for gas, in the period from 1 August 2022 to 31 March 2023 all EU Member States have to reduce their gas consumption by at least 15% compared to their average consumption in the same period over the last five years. According to SURS data, in 2021 most of the gas in Slovenia, 62%, was consumed directly in manufacturing and construction, 15% in households and the rest mainly for the production of heat and electricity. According to Plinovodi, gas storage capacities in the EU were more than 95.5% full on 12 November 2022, but then this percentage began to fall slightly, reaching 93.9% on 26 November. Current Economic Trends Slovenian Economic Mirror, No 9/2022 13 Figure 8: Value of fiscally verified invoices – nominal, November 2022 50 40 Y-on-y change , in % 30 20 10 0 -10 -20 -30 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 -40 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Amid high price growth, the value of fiscally verified invoices in November was higher in nominal terms both year-on-year and compared to the same period of 2019 (by 15% and by 21% respectively). Year-onyear growth was highest since June 2022. The stronger growth was mainly the result of last year’s lower base, as COVID-19 containment measures were tightened last November.6 Thus (compared to growth in October), nominal turnover growth in accommodation and food service activities doubled year-on-year (to 26%; in food and beverage service activities it was 35% and in accommodation establishments 7%). Nominal growth was also high in sports, cultural, entertainment and personal services (23%). Growth in trade was also higher than in the previous month (15%), with the highest growth in wholesale trade. 6 Following the extension of the vaccinated/tested/recovered rule to users of most services in September, November saw the introduction of a restriction on the opening hours of hotels and restaurants, the closure of nightclubs, bars and other venues offering music, the restriction of gatherings of people, proof of compliance with the vaccinated/tested/ recovered rule in combination with an ID document, etc. Figure 9: Trade in goods – in real terms, October 2022 Exports to the EU Real exports of goods to EU Member States fell for the second month in a row, while imports remained roughly constant. Amid a high level of uncertainty in Slovenia’s main trading partners, there have been significant monthly fluctuations in exports and especially imports of goods in recent months, suggesting that the monthly growth in trade in goods has slowed (seasonally adjusted). In the first ten months, exports to EU Member States rose by 6.4% year-on-year and imports by 2.7%. Sentiment in export-oriented activities improved somewhat in November but deteriorated significantly compared to the beginning of this year. Imports from the EU 180 170 160 150 140 130 120 110 100 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 80 Oct 22 90 Jan 12 Seasonally adjusted real index 2010=100, 3-month moving average 190 Source: SURS; calculations by IMAD. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2021 X 22/IX 22 X 22/X 21 I-X 22/I-X 21 Merchandise exports, real1 14.3 -15.73 5.2 16.2 - to the EU 14.1 -1.83 -0.5 6.3 3 Merchandise imports, real 16.1 -1.3 2.5 12.6 - from the EU 12.0 6.93 1.3 2.7 Industrial production, real 10.2 -0.33 0.1 3.2 - manufacturing 11.8 0.43 4.7 5.8 2021 IX 22/VIII 22 IX 22/IX 21 I-IX 22/I-IX 21 Services exports, nominal2 19.2 8.93 32.0 34.9 2 Services imports, nominal 19.0 5.83 16.44 26.14 Construction - value of construction put in place, real -0.5 -0.53 26.1 25.7 Distributive trades - real turnover 11.6 -0.33 13.54 13.54 Market services (without trade) - real turnover 12.8 -1.03 4.94 14.44 1 In % 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. 14 Current Economic Trends Slovenian Economic Mirror, No 9/2022 Jan 22 Sep 22 Jan 21 Jan 20 Jan 19 Jan 18 Imports of services Jan 17 Jan 16 Jan 15 Jan 13 Jan 14 Exports of services 950 900 850 800 750 700 650 600 550 500 450 400 350 300 250 Jan 12 In EUR million, seasonally adjusted, 3-month moving average Figure 10: Trade in services – nominal, September 2022 Trade in services increased in the third quarter compared to the previous quarter (seasonally adjusted). The favourable quarterly trends continued in most of the main service groups and the largest contributor to growth was trade in transportation services (both exports and imports). Among the main services, trade in ICT services and trade in construction services were slightly lower than in the previous quarter and were also lower compared to the same period last year. For several quarters, total trade in services has been noticeably higher than before the start of the epidemic, and since June this year, the services most heavily hit by the containment measures (tourism-related services and personal, cultural and recreational services) have also exceeded comparable pre-crisis levels. Source: BoS; calculations by IMAD. Figure 11: Production volume in manufacturing, October 2022 High-tech ind. Medium-low-tech. ind. 280 260 240 220 200 180 160 140 120 100 Jan 22 Oct 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 80 Jan 12 Seasonally adjusted real index 2010=100, 3-month moving averages Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. At the beginning of the last quarter, manufacturing output increased slightly, especially in hightechnology activities. In all other industry groups, production was lower or similar to the previous month. In the first ten months, their output increased by only slightly more than 2% (in high-technology industries by more than 20%) compared to the same period last year. This was mainly due to lower year-on-year output in the manufacture of motor vehicles (due to supply chain disruptions, lower demand) and in some energy-intensive industries (the paper industry, the manufacture of basic metals and rubber products), and lower activity in the repair and installation of machinery and equipment. Source: SURS, calculations IMAD. Figure 12: Activity in construction, September 2022 110 100 90 80 70 60 Source: SURS; calculations by IMAD. Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 40 Sep 22 50 Jan 12 Real construction production index (2010=100) Seasonally adjusted data 3-month moving averages, seasonally adjusted According to figures on the value of construction work put in place, construction activity in September was considerably higher year-on-year. After a strong upturn at the beginning of the year, the value of construction work remained at a high level during the rest of the year and was 26.1% higher in September than a year ago. Compared to previous years, building construction stands out; activity was also high in civil engineering, while it was lower in specialised construction work (installation works and building completion). The implicit deflator of the value of completed construction works (used to measure prices in the construction sector) was 18% in September, which is slightly less than in previous months. However, VAT data suggest significantly lower construction activity. According to these data, the activity of construction companies in the first nine months was 6% higher than last year. Based on data on the value of construction put in place, the difference in the growth of this activity was 20 p.p. Current Economic Trends Slovenian Economic Mirror, No 9/2022 15 Figure 13: Turnover in trade, September–October 2022 Seasonally adjusted real index 2010=100, 3-month moving average Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 220 200 180 160 140 120 100 Oct 22 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 80 According to preliminary data, turnover fell in real terms in most trade sectors in October. After stagnating in the third quarter, it declined in the retail sale of non-food products and the retail sale of food, beverages and tobacco. Total turnover in retail trade (excluding automotive fuel) was lower also year-on-year (by 3.1%). According to preliminary SURS data, turnover also remained smaller than a year ago in the sale of motor vehicles, where it fell in October after a surge in the third quarter. The number of new passenger cars sold, which has yet to reach pre-epidemic levels, continued to fall in October and was almost a fifth lower than a year ago. In the third quarter (compared to the second), turnover also declined in wholesale trade, where year-on-year growth also continued to weaken. Source: SURS; calculations by IMAD. Figure 14: Turnover in market services, September 2022 Jan. 22 Sep 22 Jan. 21 Jan. 20 Jan. 19 Jan. 18 Jan. 17 Jan. 16 Jan. 15 Jan. 14 Jan. 12 Seasonally adjusted real index 2010=100, 3-month moving average 200 180 160 140 120 100 80 60 40 20 0 Jan. 13 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. Real turnover declined in most market service activities in the third quarter. After growing in the first half of the year, total turnover in market services fell by 0.6% in current terms, while it increased by 5.1% year-on-year. After recording strong growth, turnover in information and communication activities declined the most in current terms, mainly due to a decline in telecommunication services. Turnover declined again in administrative and support service activities, especially in services that are often outsourced by companies. It also declined in transportation and storage, mainly due to a sharper decline in land transport and postal activities. As turnover in architectural and engineering services declined again, a slight decline was also recorded in professional and technical activities. Turnover in accommodation and food service activities increased in the third quarter as the number of overnight stays continued to rise. 16 Current Economic Trends Slovenian Economic Mirror, No 9/2022 Figure 15: Selected indicators of household consumption, September–October 2022 160 140 120 100 80 60 40 Q1 22 Q4 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 0 Q1 11 20 Q1 10 Seasonally adjusted index 2010=100 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 Source: SURS; calculations by IMAD. Note: The Q4 2022 figure is the value for October. At the beginning of the fourth quarter, household expenditure, especially in trade, was somewhat lower than in previous months. According to preliminary SURS data, expenditure on non-food products decreased in October, with expenditure on durable goods decreasing in recent months. Sales of new passenger cars continued to decline, falling far short of sales in the previous year (by a quarter) and pre-epidemic sales (by 40%). Sales of food, beverages and tobacco, which account for about 20% of total household expenditure, were also lower.7 After the deadline for the redemption of vouchers expired in June, the number of overnight stays by domestic tourists also declined in the following months, and consequently also expenditure on tourist services in the domestic market,8 while expenditure on tourist services abroad increased compared to the previous year.9 7 8 9 The share of expenditure on food, beverages and tobacco in total household final consumption expenditure in the territory of Slovenia was 18.8% in 2019, 20.7% in 2020 and 19% in 2021. Overall, turnover in accommodation and food service activities was 13.1% higher year-on-year in real terms in the third quarter due to higher spending by foreign tourists (the number of their overnight stays was 61% higher year-on-year). In October, the number of overnight stays by domestic tourists was still lower year-on-year (by 55%), while the number of overnight stays by foreign tourists was higher (by 62%). Year-on-year turnover growth was also affected by the lower base from last year, as the vaccinated/tested/recovered rule was extended to users of most services in mid-September last year. In the third quarter, imports of private travel services were 4% higher in nominal terms, while the number of overnight stays by Slovenian tourists in Croatia was 8% higher year-on-year. Figure 16: Economic sentiment, November 2022 Economic sentiment Retail trade Construction Manufacturing Service activities Consumers 20 10 0 -10 -20 -30 Source: SURS; calculations by IMAD. Nov 22 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -50 Jan 13 -40 Jan 12 Seasonally adjusted indicator value, 3-month moving average 30 The downward trend in economic sentiment stopped in November. Confidence increased month-on-month in most activities and was also higher among consumers. We assume that this is partly related to lower uncertainty regarding the supply of energy this winter and measures to mitigate rising energy prices. Year-on-year, confidence was higher in retail trade, services and construction, while confidence was still significantly lower in manufacturing and among consumers. In manufacturing, this is related to the current situation in the international environment (high prices of intermediate goods and energy, uncertainty about economic growth in Slovenia’s main trading partners), while lower confidence among consumers is related to the decline in purchasing power due to high prices. Current Economic Trends Slovenian Economic Mirror, No 9/2022 17 Labour market All persons in employment (left axis) Foreigners in employment (right axis) 180 20 740 0 Jan 22 Sep 22 40 760 Jan 21 60 780 Jan 20 800 Jan 19 80 Jan 18 100 820 Jan 17 120 840 Jan 16 860 Jan 15 140 Jan 14 160 880 Jan 13 900 Jan 12 Number of persons in employment, in 1,000 920 Number of persons in employment, in 1,000 Figure 17: Number of persons in employment, September 2022 Source: SURS; calculations by IMAD. As the number of people in employment reached a record high, year-on-year growth in September was 2.2%, slightly lower than in previous months. It remained high in construction, which faces major labour shortages. The employment of foreign workers has recently been increasingly contributing to overall growth in the number of people in employment – in September, foreign workers contributed 76% to yearon-year employment growth. Consequently, the share of foreign nationals among all persons in employment is also increasing, up 1.4 p.p. to 13.7% in the last year. Activities with the largest share of foreign workers are construction (47%), transportation and storage (32%) and administrative and support service activities (26%). In the first nine months, the number of people in employment rose by an average of 2.7% year-on-year. Figure 18: Number of registered unemployed, November 2022 All unemployed Long-term unemployed 120 100 80 60 40 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 0 Nov 22 20 Jan 12 Number of registered unemployed in '000 140 According to the seasonally adjusted data, the monthly decline in the number of registered unemployed was slightly larger in November than in the previous four months (-1.6%). According to original data, 52,541 people were unemployed at the end of November, 0.8% less than at the end of October. Unemployment was down 19.6% year-on-year. Under conditions of high demand for labour, which is also reflected in the high vacancy rate, the number of longterm unemployed has also been declining since May last year – the number thereof was almost one third lower year-on-year in November. The number of unemployed people over 50, who are often long-term unemployed, is also declining – in November, the number thereof was one fifth lower than a year ago. Source: ESS. Figure 19: Number of persons in employment and the unemployment rate, Q3 2022 Number of employed Number of unemployed (right axis) -6 Source: SURS; calculations by IMAD. Q1 22 Q3 22 -6 Q1 21 -3 Q1 20 -3 Q1 19 0 Q1 18 0 Q1 17 3 Q1 16 3 Q1 15 6 Q1 14 6 Q1 13 9 Seasonally adjusted rate, in % 12 9 Q1 12 Year-on-year growth rate, in % 12 According to the survey data, unemployment fell year-on-year in the third quarter, while the number of persons in employment remained roughly unchanged. According to original data, 42 thousand persons were unemployed, which is 10.6% less than in the third quarter of last year. The survey unemployment rate fell by 0.5 p.p. year-on-year, to 4%. In our view, the decline in the number of unemployed mainly reflects people’s transition into inactivity, which is normal in times of economic contraction. Having already been high, the number of persons in employment remained at a similar level as a year ago. 18 Current Economic Trends Slovenian Economic Mirror, No 9/2022 Private sector Public sector Total 20 16 12 8 4 0 -4 -8 -12 Source: SURS; calculations by IMAD. Jan 22 Sep 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -20 Jan 13 -16 Jan 12 Year-on-year growth, 3-month moving average, in % Figure 20: Growth of average nominal gross wage per employee, September 2022 Amid high inflation, the average gross wage fell by 3.5% year-on-year in real terms in September, more in the public sector than in the private sector. In the private sector, the real year-on-year decline (2.9%) was somewhat smaller than in the previous months. It was lowest in transportation and storage and in administrative and support service activities, which are facing major labour shortages. In the public sector, however, the yearon-year decline in real terms (4.5%) was significantly smaller than in previous months, which is related to the year-on-year effect of the cessation of the payment of most COVID-19 bonuses in July last year. The decline was smallest in health and social work activities, where wages were raised in December 2021 to address labour shortages. Compared to September last year, gross wage increased by 6.1% in nominal terms, by 5% in the public sector and by 6.8% in the private sector. Table 3: Indicators of labour market trends 2021 IX 22/VIII 22 IX 22/IX 21 I-IX 22/I-IX 21 Persons in formal employment2 Change, in % 1.3 0.11 2.1 2.6 Average nominal gross wage 6.1 0.81 6.1 1.5 private sector 6.1 0.51 6.8 6.0 public sector 6.5 0.61 5.0 -5.3 of which general government 7.0 -0.61 2.7 -8.0 of which public corporations 4.7 2.21 11.9 3.5 2021 IX 21 VIII 22 IX 22 Rate of registered unemployment (in %), seasonally adjusted 7.6 7.2 5.7 5.7 Change, in % 2021 XI 22/X 22 XI 22/XI 21 I-XI 22/I-XI 21 Registered unemployed -12.6 -0.8 -19.6 -24.1 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Current Economic Trends Slovenian Economic Mirror, No 9/2022 19 Prices Figure 21: Consumer prices, November 2022 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Nov 22 Euro area Jan 15 Jan 14 Jan 13 Jan 12 Year-on-year inflation, in % Slovenia 12 11 10 9 8 7 6 5 4 3 2 1 0 -1 -2 Source: SURS, Eurostat. Year-on-year consumer price growth has been relatively stable at around 10% over the past three months and slightly lower than in the summer months. In November, the rise in prices of food and non-alcoholic beverages, which were already 19% higher year-on-year and contributed the most to headline inflation (3.1 p.p.), strengthened further. Energy prices also rose at a similar rate and their contribution to inflation was 2.3 p.p. The growth in solid fuel prices, which were already almost 130% higher year-on-year, continued to strengthen. At the current growth, year-on-year growth in oil derivatives prices also strengthened (from 15% in October to about 19%). Heat energy prices fell by around 8.5% year-onyear, given the monthly drop in prices. The slowdown in economic activity, supply chain problems and cost pressures in commodity markets are also contributing to the gradual deceleration in the growth of durable goods prices, which was 8.4%. Growth in non-durable goods prices (3.6%) remained relatively modest. The year-onyear increase in service prices remained slightly below 6% in November. Inflation was mainly driven by prices of accommodation and food service activities, which were more than a tenth higher, while the highest price increase (64.2%) was recorded in air transport. Figure 22: Slovenian industrial producer prices, October 2022 Domestic market Non-domestic market 150 Index 2015=100 140 130 120 110 100 Oct 22 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 90 After almost two years of continuous growth, Slovenian industrial producer prices remained unchanged month-on-month in October, while yearon-year growth remains high (20.6%), although it fell slightly in the last month. Amid the slowdown in economic activity, this was mainly due to the gradual slowdown in the year-on-year increase in the prices of intermediate goods (20.9%) and capital goods (10%). Growth in the prices of energy (96.4%) and consumer goods (13.5%) was slightly more pronounced. On domestic markets, the year-on-year price increase since May this year has been around 25%. On the foreign markets, the price increase has weakened more notably in this period and was 16% year-on-year in October. Source: SURS. Table 4: Consumer price growth, in % Total Food XII 21/XII 20 XII 21-XI 22/ XII 20-XI 21 XI 22/X 22 XI 22/XI 21 I-XI 22/I-XI 21 4.9 8.4 0.9 10.0 8.7 4.0 11.3 0.9 19.4 11.9 19.1 23.5 2.9 19.1 23.9 Services 1.5 4.5 0.2 5.9 4.8 Other1 4.4 6.1 0.9 7.1 6.2 Core inflation - excluding food and energy 3.1 5.5 0.5 6.5 5.7 Core inflation - trimmed mean 3.6 7.8 0.8 9.0 8.2 Fuels and energy 2 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. 20 Current Economic Trends Slovenian Economic Mirror, No 9/2022 Financial markets Figure 23: Growth in loans to domestic non-banking sectors, September 2022 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 22 Oct 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 Jan 12 -40 Source: BoS. The year-on-year growth in the volume of bank loans to domestic non-banking sectors decelerated to 10.7% in October (from 12% in September). Growth in corporate and NFI loans continued to weaken, but yearon-year growth in loans was still relatively high (15.1%). The growth in household loans remained at slightly above 8%. Growth in housing loans, which was 11% year-on-year, has gradually slowed. In recent months, however, new borrowing in the form of consumer loans has increased somewhat, which we also associate with the partial easing of credit conditions at the beginning of the second half of the year. Consumer loans were thus higher year-on-year for the first time since May 2020, but the growth was minimal (0.1%). After slowing in the first half of the year, the year-on-year growth in domestic non-banking sector deposits picked up again slightly in recent months and was 7.8% in October. In particular, growth in deposits by non-financial corporations has been increasing, which we believe it is a consequence of creating liquidity reserves as economic activity slows and eliminated fees on deposits with commercial banks. Deposits of non-financial corporations were thus already 12.0% higher year-on-year in October. Growth in household deposits remained slightly above 5%. The quality of banks’ assets remained solid and the share of non-performing loans was slightly above 1%. Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth, % Domestic bank loans to non-banking sector and household savings 31. X 21 31. XII 21 31. X 22 31. X 22/30. IX 22 Loans total 23,865.7 23,989.4 26,427.3 1.1 10.7 11,004.7 10,944.6 12,663.2 1.8 15.1 -2.5 Enterprises and NFI 31. X 22/31. X 21 Government 1,411.6 1,488.4 1,376.9 0.3 Households 11,449.5 11,556.4 12,387.2 0.4 8.2 2,609.7 2,590.7 2,612.2 0.1 0.1 11.0 Consumer credits Lending for house purchase 7,361.6 7,479.0 8,174.6 0.3 Other lending 1,478.2 1,486.7 1,600.3 1.8 8.3 24,203.4 24,469.9 25,564.4 -0.2 5.6 20,844.9 21,230.8 22,777.9 -0.4 9.3 3,358.6 3,239.1 2,786.5 1.4 -17.0 Bank deposits total Overnight deposits Term deposits Government bank deposits, total Deposits of non-financial corporations, total 488.9 725.3 799.5 -2.1 63.5 8,418.5 9,030.5 9,429.9 2.5 12.0 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Current Economic Trends Slovenian Economic Mirror, No 9/2022 21 Balance of payments Figure 24: Current account of the balance of payments, September 2022 Trade in goods Primary income Current account 4000 3000 2000 1000 0 -1000 -2000 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 -4000 Jan 22 Sep 22 -3000 Jan 12 12-month cumulatives, in EUR million 5000 After a deficit in the first half of the year, the current account balance recorded a surplus again in the third quarter; the terms of trade deteriorated for the seventh consecutive quarter. The surplus amounted to EUR 304.7 million and was significantly lower compared to the same quarter last year (EUR 559.5 million). This was mainly due to trade in goods, as the real increase in imports of goods was higher than that in exports, given the deteriorating terms of trade. The terms of trade deteriorated year-on-year in the third quarter by 1.9%, which is less than in previous quarters, and contributed about one fifth to the change in the nominal trade balance (by EUR 443 million). The services surplus was higher than a year ago, especially in travel and transportation services. Net outflows of primary and secondary income were higher than a year ago. The primary income deficit was higher year-on-year in the third quarter due to larger payments of income on equity, direct investments and more customs duties paid to the EU budget due to the import of electric vehicles for the EU market (via the port of Koper), while the secondary income deficit was higher due to higher private sector transfers abroad. In the first nine months of this year, the current account was close to being balanced (a deficit of EUR 4 million). Trade in services Secondary income Source: BoS; calculations by IMAD. Table 6: Balance of payments I-IX 2022, in EUR million Inflows Outflows Balance Balance, I-IX 2021 Current account 42,134.9 42,139.3 -4.4 1,887.2 Goods 31,764.0 33,377.3 -1,613.3 1,042.5 Services 8,089.5 5,332.2 2,757.4 1,766.5 Primary income 1,377.9 2,113.0 -735.0 -559.7 903.4 1,316.8 -413.4 -362.1 Capital account 3,008.3 3,270.8 -262.5 68.6 Financial account 6,340.5 5,668.7 -671.7 1,681.6 Direct investment 1,913.6 911.5 -1,002.0 -924.1 Portfolio investment 1,696.6 759.9 -936.7 1,499.1 Other investment 2,737.1 3,995.8 1,258.7 388.6 0.0 -404.8 -404.8 -274.3 Secondary income Statistcal error 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. 22 Current Economic Trends Slovenian Economic Mirror, No 9/2022 Public finance Figure 25: Consolidated general government revenue and expenditure, October 2022 Consolidated general government revenue Consolidated general government expenditure 70 Year-on-year growth, in % 60 50 40 30 20 10 0 -10 -20 Oct 22 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -30 Source: MF, calculations by IMAD. In the first ten months of 2022, the deficit of the consolidated general government budgetary accounts10 amounted to EUR 375.5 million, which is a significant decline compared to the same period of 2021 (EUR 1.9 billion). In the first ten months of the year, revenue increased by 10.6% year-on-year. This is slightly lower year-on-year growth than in the first ten months of last year (13.8%), reflecting the slowdown in economic activity, the reduction of some tax burdens (VAT and excise duty on energy, the personal income tax) and the absence of one-off inflows from the sale of concessions last year, and a lower inflow of profits and dividends from state-owned enterprises. Receipts from the EU budget increased significantly. Expenditure in the first ten months of the year increased by 1.4% year-onyear, which is significantly less than last year (9.7%) due to lower expenditure on civil servants’ wages, transfers to individuals and households, and subsidies related to mitigating the consequences of COVID-19 (in total, this expenditure decreased from EUR 2.4 billion to EUR 0.7 billion). Expenditure on goods and services,11 capital formation and payments to the EU budget increased year-on-year. In the last two months of the year, we expect the government budget deficit to increase, in particular due to the further strengthening of expenditure growth, as a result of higher investments and payments for measures to mitigate the effects of inflation and the increase in public sector wages. Nevertheless, based on the implementation so far, there are indications that the deficit of the state budget and the consolidated balance of public finances for 2022 will be lower than envisaged in the revised state budget (EUR 2 billion). 10 11 The consolidated balance of public financing on a cash basis. On the expenditure side, expenditure on reserves also increased due to inflows from the Recovery and Resilience Facility, which were allocated to a special budget fund as reserves. Figure 26: EU budget receipts, October 2022 Total receipts (January–October 2021) Expected reimbursements in the revised budget 2022 Total receipts (January–October 2022) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 500 Slovenia’s net budgetary position against the EU budget was positive in the first ten months of 2022 (at EUR 162.5 million). In this period, Slovenia received EUR 751.9 million from the EU budget (63.2% of receipts envisaged in the state budget for 2022) and paid EUR 589.4 million into it (82.5% of planned payments). Receipts from the EU budget increased in recent months. The bulk of receipts were resources from structural funds (43.7% of all reimbursements to the state budget) and resources for the implementation of the Common Agricultural and Fisheries Policy (30.1%). The share of resources from the EU Cohesion Fund was significantly smaller (8.7%). The second instalment of the advance payment for the implementation of RRP was paid into the state budget from the Recovery and Resilience Facility. According to SVRK data, by the end of November 2022, Slovenia had absorbed (payments to beneficiaries) 73% of the funds available under the 2014–2020 financial perspective (including React-EU). Current Economic Trends Slovenian Economic Mirror, No 9/2022 23 Table 7: Consolidated general government revenue and expenditure on a cash basis I-X 2021 Category REVENUES TOTAL Tax revenues1 Personal income tax Corporate income tax Taxes on immovable property I-X 2022 Y-o-y growth, in % EUR m 17,397.4 8,892.3 I-X 2021 Y-o-y growth, in % EUR m Category 13.8 19,245.2 10.6 EXPENDITURE TOTAL 16.9 10,086.3 Salaries, wages and other 13.4 personnel expenditures2 2,307.0 16.2 2,356.3 946.9 50.1 1,346.1 211.3 8.5 226.3 Value added tax 3,427.8 17.0 3,977.1 Excise duties 1,213.9 7.7 1,223.0 2.1 Expenditure on goods and services 42.2 Interest payments 7.1 Reserves I-X 2022 EUR m Y-o-y growth, in % 9.7 19,620.7 1.4 Y-o-y growth, in % EUR m 19,351.4 4,826.9 17.2 4,495.4 -6.9 2,532.9 9.4 2,758.3 8.9 652.8 -6.5 582.6 -10.7 166.7 -9.1 446.8 168.0 7,747.4 12.7 7,692.5 -0.7 0.8 Other current transfers 1,689.5 -18.9 1,480.1 -12.4 1,241.6 29.9 1,575.7 26.9 493.6 18.7 589.4 19.4 16.0 Transfers to individuals and households Social security contributions 6,516.8 8.9 6,931.8 6.4 Investment expenditure Non-tax revenues 1,129.0 18.3 1,142.8 1.2 Payments to the EU budget Receipts from the EU budget 609.3 7.9 755.5 24.0 Other 250.0 47.1 328.8 31.5 PRIMARY BALANCE GENERAL GOVERNMENT BALANCE -1,954.1 -375.5 -1,304.6 160.9 Source: MF, Bulletin of Government Finance; calculations by IMAD. Notes: 1 Unlike tax revenues in the consolidated balance of public finance. 2 Labour costs include social contributions by the employer. statistical appendix Statistical Appendix Slovenian Economic Mirror, No 9/2022 Main indicators GDP (real growth rates, in %) 2016 2017 2018 2019 2020 2021 2022 2023 27 2024 Autumn Forecast 2022 3.2 4.8 4.5 3.5 -4.3 8.2 5.0 1.4 2.6 GDP in EUR million (current prices) 40,443 43,011 45,876 48,533 47,021 52,208 57,921 61,951 65,311 GDP per capita in EUR (current prices) 19,589 20,820 22,142 23,233 22,361 24,770 27,432 29,275 30,792 GDP per capita (PPS)1 23,600 25,100 26,400 27,700 26,500 29,100 84 86 87 88 89 90 11.2 9.5 8.2 7.7 8.7 7.6 5.8 5.5 5.3 Standardised rate of unemployment (ILO) 8.0 6.6 5.1 4.5 5.0 4.7 4.2 4.1 3.9 Labour productivity (GDP per employee) 1.3 1.8 1.3 1.0 -3.7 6.8 1.9 0.7 2.0 -0.1 1.4 1.7 1.6 -0.1 1.9 8.9 6.0 2.9 0.5 1.7 1.4 1.8 -1.1 4.9 9.8 3.9 2.2 6.2 11.1 6.2 4.5 -8.6 14.5 5.0 2.5 4.7 Exports of goods 5.7 11.0 5.7 4.5 -5.5 13.4 1.4 1.3 3.7 Exports of services 8.0 11.2 7.7 4.6 -20.0 19.3 20.2 7.2 8.6 6.3 10.7 7.1 4.7 -9.6 17.6 6.5 2.2 3.8 Imports of goods 6.6 10.7 7.4 5.0 -8.6 17.2 5.0 1.6 3.5 Imports of services 4.7 10.5 5.4 3.0 -15.0 19.5 15.0 6.1 5.9 1,932 2,674 2,731 2,884 3,552 1,985 -312 -324 64 4.8 6.2 6.0 5.9 7.6 3.8 -0.5 -0.5 0.1 44,325 43,231 42,139 44,277 47,792 50,477 109.6 100.5 91.9 91.2 101.6 96.7 1.107 1.129 1.181 1.120 1.141 1.184 1.058 1.022 1.022 4.4 1.9 3.5 5.3 -6.9 9.5 5.4 0.3 1.9 54.0 52.5 52.0 52.4 50.1 51.1 53.9 53.5 53.2 2.4 0.4 2.9 1.8 4.1 5.8 1.4 1.7 1.9 19.0 18.5 18.2 18.3 20.6 20.6 19.1 19.5 19.4 -3.6 10.2 10.2 5.1 -7.9 13.7 6.5 2.5 2.0 17.4 18.3 19.3 19.6 18.9 20.3 22.3 22.1 21.8 GDP per capita (PPS EU27=100)1 Rate of registered unemployment Inflation2, year average Inflation2, end of the year INTERNATIONAL TRADE Exports of goods and services3 (real growth rates, in %) Imports of goods and services3 (real growth rates, in %) Current account balance, in EUR million As a per cent share relative to GDP Gross external debt, in EUR million As a per cent share relative to GDP Ratio of USD to EUR DOMESTIC DEMAND Private consumption (real growth rates, in %) As a % of GDP Government consumption (real growth rates, in %) As a % of GDP Gross fixed capital formation (real growth rates, in %) As a % of GDP Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Autumn forecast, September 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. 28 Statistical Appendix Production Slovenian Economic Mirror, No 9/2022 2019 2020 2021 2022 2020 2021 2020 2021 3.1 -5.2 10.2 -2.9 1.4 3.3 25.5 6.2 7.9 5.9 2.7 1.5 -1.4 2.1 4.0 -2.5 -3.4 -2.1 -6.6 8.5 7.6 0.1 -2.7 -30.7 10.8 27.2 5.5 23.5 -4.6 26.3 4.5 -14.7 3.5 -5.0 11.8 -2.7 1.6 4.3 28.8 8.1 8.4 6.9 5.8 4.3 -1.4 2.1 4.7 -1.5 -0.8 -9.1 -5.3 -6.8 -2.1 -8.1 -5.3 -9.3 0.8 -6.7 -30.5 -31.0 -1.2 -1.0 -3.9 -12.6 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q2 10 11 12 1 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D B Mining and quarrying C Manufacturing D Electricity, gas & steam supply1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 3.4 -0.7 -0.5 2.7 6.1 -0.5 11.5 1.1 -11.0 21.8 25.2 29.1 0.3 17.3 -0.8 -1.6 -0.1 -0.6 14.4 2.8 23.9 34.8 36.0 17.5 -16.1 34.6 53.8 61.1 14.7 41.1 18.6 9.5 4.4 2.7 5.9 4.8 9.6 6.1 14.3 8.0 -2.4 15.7 9.6 2.9 0.0 26.7 -1.0 3.0 2.2 -11.0 12.8 -6.7 -9.2 -3.5 22.5 13.8 18.7 19.9 19.3 5.1 -10.5 -8.0 -9.0 -15.8 Transportation and storage 3.2 -8.0 14.3 -6.7 1.7 5.7 28.4 12.5 12.5 11.7 11.9 6.8 -6.6 4.0 8.8 -8.9 Information and communication activities 1.0 -0.2 7.6 2.4 0.6 2.1 11.6 6.6 9.9 6.0 15.6 9.2 3.7 0.3 -1.5 -4.4 Professional, scientific and technical activities 5.8 -3.0 10.6 -0.2 -0.5 8.1 23.1 3.4 9.1 9.2 10.7 9.8 -4.3 0.4 1.9 -0.3 Administrative and support service activities -5.9 -24.1 13.1 -23.2 -21.7 -7.9 14.5 23.7 22.3 17.2 16.7 -2.5 -25.5 -17.5 -21.9 -16.1 2.5 -7.4 11.6 -2.7 -7.6 3.5 18.2 5.3 19.7 14.3 12.7 13.1 -6.6 Real turnover in retail trade 3.4 -8.9 18.9 -6.3 -12.0 3.6 17.5 13.8 40.5 26.9 26.0 26.1 Real turnover in the sale and maintenance of motor vehicles 3.8 -13.9 8.1 3.8 -16.6 8.9 24.7 -8.2 9.3 -8.4 -7.2 Nominal turnover in wholesale trade & commission trade 1.3 -3.6 7.5 -2.1 -0.7 1.4 16.3 4.0 8.9 13.9 0.5 -41.7 22.2 -13.5 -72.8 -86.3 118.6 -2.5 32.8 10.4 172.1 -42.8 -82.4 126.7 1.7 -70.5 42.9 -65.7 -88.4 -89.0 103.3 81.8 332.9 7.6 -37.1 20.8 -12.9 -62.5 -60.0 Buildings Civil engineering MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover -9.2 -7.0 -12.5 -10.5 -15.2 -10.4 -14.1 -3.2 -7.8 -19.7 -23.2 -19.2 10.1 7.7 -3.2 14.9 283.2 679.7 180.0 4.2 78.8 -0.5 1.8 -8.4 -49.4 -87.9 -91.1 -91.9 -50.3 24.6 -81.1 -86.1 -86.9 78.8 394.5 61.2 -82.4 -92.0 -93.9 -94.7 19.5 153.2 208.2 103.3 19.4 -43.8 -70.6 -74.8 -71.8 143.4 148.3 119.9 134.7 154.1 192.6 151.6 185.1 221.1 56.1 47.7 44.4 38.0 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays Foreign tourists, overnight stays Accommodation and food service activities 49.2 -15.0 263.8 690.2 AGRICULTURE Purchase of agricultural products, in EUR m 553.7 535.5 601.4 BUSSINES TENDENCY (indicator values*) Sentiment indicator 6.0 -11.8 2.5 -8.7 -9.1 -3.7 4.0 5.8 3.7 4.4 2.2 -2.3 -5.3 -12.9 -9.2 -6.7 0 -9 7 -3 1 6 10 10 7 8 1 -3 3 -1 1 5 in construction 11 -5 18 -3 -1 8 18 20 24 26 22 16 0 -4 0 3 in services 21 -10 9 -10 -10 -3 8 14 15 15 19 17 -3 -17 -11 -6 in retail trade 19 1 5 11 -6 -17 16 13 7 16 26 20 2 -11 -8 -22 -10 -26 -22 -24 -31 -24 -20 -20 0 -26 -31 -39 -29 -33 -30 -29 Confidence indicator in manufacturing consumer confidence indicator 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 Slovenian Economic Mirror, No 9/2022 2021 2022 2 3 4 5 6 12 1 -2.4 14.5 34.9 25.9 17.5 3.8 9.8 5.6 0.7 8.3 15.9 14.9 0.0 3.7 0.1 3.7 4.3 1.0 4.2 -0.3 - - 4.8 7.4 -20.7 -3.4 15.9 -19.1 -30.0 -41.0 -6.5 -0.7 58.5 46.1 24.0 18.5 26.2 4.1 -7.2 -5.4 39.2 42.4 - - -2.2 16.2 39.5 29.3 19.7 5.6 11.9 7.7 1.2 9.4 16.0 12.1 3.2 5.9 3.3 6.6 7.2 3.3 7.8 2.4 - - -6.2 -5.0 -2.2 -5.9 -7.8 -12.8 -5.4 -9.7 -3.1 -2.5 7.7 34.7 -34.6 -20.8 -36.0 -28.1 -27.0 -22.5 -35.7 -34.4 - - -7.3 6.4 10.6 5.4 18.7 -0.4 0.4 3.2 -8.9 -13.7 -9.7 15.2 32.2 18.6 15.0 30.2 29.8 29.9 31.8 26.1 - - 52.4 49.3 40.5 27.2 41.0 27.6 3.2 20.6 -14.3 -17.3 -16.7 15.1 54.4 34.7 57.7 55.3 48.4 37.0 95.9 58.7 - - -8.6 22.3 3.1 5.1 35.1 9.7 -3.5 16.8 3.4 -8.6 0.7 24.0 18.8 8.0 11.2 21.0 -1.1 8.5 11.4 -7.8 - - -7.1 13.5 28.3 22.8 17.8 10.9 16.6 14.0 17.2 17.9 20.9 25.7 15.3 19.3 21.4 20.5 16.5 4.2 6.7 4.6 - - 0.9 25.3 40.3 26.9 20.3 10.7 15.9 11.4 12.2 13.3 12.0 18.2 9.6 8.5 10.5 14.0 11.2 3.7 10.6 6.3 - - 5.4 5.6 11.5 13.6 9.9 3.6 11.5 5.2 8.5 9.6 11.3 9.4 -1.0 9.5 14.0 10.9 21.5 6.9 12.0 8.9 - - 1.4 22.5 32.3 24.7 14.6 -2.8 2.1 10.7 7.3 11.0 8.9 14.3 7.7 6.6 8.5 14.2 9.5 8.0 15.4 6.9 - - -14.8 9.1 15.2 14.5 13.8 22.4 21.8 26.8 27.3 13.5 26.3 18.9 12.4 20.0 20.5 20.7 10.1 -4.3 -4.5 1.1 - - -3.9 27.7 33.3 15.5 9.3 -0.8 8.9 8.4 11.6 23.7 24.5 21.8 12.7 10.3 12.4 15.1 10.6 9.8 17.2 12.7 - - -1.0 28.2 23.2 15.6 14.5 8.4 14.4 19.1 32.8 42.5 46.2 32.7 21.1 27.3 28.3 26.5 23.4 21.9 32.4 24.3 23.8 - 75.0 113.5 16.5 -4.3 -18.3 -2.0 -1.8 -7.3 17.3 22.6 1.0 -6.1 -16.1 -9.4 -3.1 -9.3 -5.7 -2.2 -1.6 -4.2 - 14.9 15.0 11.2 -0.4 8.2 4.6 3.7 13.7 9.5 21.4 13.4 9.0 8.6 13.7 8.0 4.9 10.3 8.0 - - -89.4 -58.2 787.2 706.9 66.6 10.0 18.7 15.4 118.7 745.3 995.0 804.7 685.0 599.8 730.4 257.8 94.9 17.1 1.9 -9.5 -14.5 - -87.7 -54.3 6626.2 762.7 71.1 -11.9 -14.6 26.4 -45.7 -51.7 -54.5 -55.2 - -90.9 -61.6 262.1 611.2 57.6 55.7 87.6 117.2 215.8 516.4 616.7 997.0 596.6 555.2 1172.0 539.8 244.9 91.2 52.3 38.8 62.4 - -66.2 -21.6 171.4 49.5 25.7 18.2 21.0 19.3 81.1 214.4 256.6 220.2 190.1 215.4 183.6 107.7 67.5 24.3 19.3 14.5 - - -10.0 -3.5 23.6 7 29 8 9 10 -19.7 11 2 3 4 5 6 88.1 909.9 1289.3 664.9 761.4 643.1 466.0 122.4 7 8 9 10 11 37.2 44.8 42.6 46.7 45.5 56.2 44.6 53.3 72.7 59.8 60.1 48.3 46.2 57.1 57.8 64.0 63.3 81.0 62.3 77.8 - - -3.5 -0.8 -0.9 5.3 7.5 5.9 6.4 5.1 3.2 3.0 5.0 5.5 6.5 1.3 3.9 2.5 0.3 -1.3 -0.5 -5.1 -5.3 -1.8 4 10 8 11 10 11 11 8 4 6 10 9 10 4 3 1 -1 -1 -1 -8 -9 -5 8 14 16 19 20 18 19 24 24 21 27 27 26 26 22 25 18 16 17 14 19 23 -2 -1 -1 9 15 12 14 16 17 16 13 15 16 14 19 19 18 16 20 15 14 19 -17 -11 6 17 26 14 19 7 0 5 15 17 15 16 28 27 22 24 20 15 13 16 -21 -23 -25 -18 -17 -18 -20 -21 -25 -27 -24 -24 -21 -33 -28 -31 -34 -39 -39 -40 -38 -37 30 Statistical Appendix Slovenian Economic Mirror, No 9/2022 2020 2021 2022 2020 2021 Labour market 2019 2020 2021 FORMAL LABOUR FORCE (A=B+E) 968.4 973.9 974.6 971.2 975.5 973.6 972.5 972.2 980.0 976.9 976.2 976.5 973.9 978.5 973.3 973.9 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 894.2 888.9 900.3 884.1 890.5 886.2 897.3 903.5 914.0 912.5 920.2 923.0 889.8 891.2 881.8 885.8 In agriculture, forestry, fishing 24.9 26.4 25.7 Q3 26.4 Q4 26.3 Q1 25.7 Q2 25.8 Q3 25.7 Q4 25.6 Q1 24.9 Q2 24.9 Q3 24.9 11 26.2 12 26.2 1 2 25.6 25.6 In industry, construction 291.7 288.5 294.1 286.0 288.9 288.4 293.1 295.4 299.6 300.1 303.6 305.9 288.4 290.9 286.1 288.3 - in manufacturing 207.9 202.8 205.6 200.1 202.5 202.8 205.4 205.9 208.4 209.1 210.5 210.6 202.3 204.1 201.7 202.7 - in construction In services - in public administration - in education, health-services and social work 63.9 64.9 67.8 577.6 574.0 580.4 49.0 49.3 49.6 65.1 65.6 65.1 67.0 68.7 70.2 70.2 72.2 74.2 571.7 575.3 572.1 578.4 582.3 588.8 587.6 591.8 592.2 49.4 49.6 49.3 49.7 49.6 49.8 49.4 49.5 49.5 65.3 64.0 65.1 575.1 574.1 570.1 571.9 49.5 66.1 49.6 49.1 49.3 137.8 141.5 146.1 141.0 143.8 144.4 146.0 145.5 148.4 148.9 149.7 148.8 144.0 143.9 143.4 144.5 FORMALLY EMPLOYED (C)1 801.9 794.6 804.4 790.0 795.6 791.6 801.9 807.3 817.0 815.8 822.8 824.8 794.8 796.2 787.4 791.2 In enterprises and organisations 749.2 744.8 756.2 739.9 746.7 744.6 753.7 758.3 768.3 768.3 774.4 776.0 745.9 748.3 740.8 744.3 By those self-employed 52.7 49.8 48.2 50.1 48.9 46.9 48.2 49.0 48.7 47.5 48.4 48.8 49.0 47.9 46.6 46.8 SELF-EMPLOYED AND FARMERS (D) 92.3 94.3 95.8 94.1 94.9 94.7 95.5 96.2 97.0 96.7 97.4 98.2 94.9 95.0 94.4 94.7 REGISTERED UNEMPLOYMENT (E) 74.2 85.0 74.3 87.1 85.0 87.4 75.2 68.7 66.0 64.4 55.9 53.4 84.1 87.3 91.5 88.1 Female 37.5 42.6 37.9 44.1 43.0 44.1 38.6 35.4 33.5 32.1 28.3 27.4 43.0 43.8 45.7 44.2 By age: 15 to 29 14.1 17.2 14.2 17.1 18.0 17.7 14.1 12.0 12.8 11.9 10.0 9.5 17.7 18.3 18.9 17.8 Aged over 50 29.7 31.0 28.2 31.3 30.3 31.6 28.7 27.1 25.5 25.2 22.4 21.2 30.1 30.9 32.6 31.7 Primary education or less 23.4 26.4 23.5 26.6 26.1 27.5 23.7 21.6 21.1 20.9 17.7 16.7 25.6 27.3 28.9 27.8 For more than 1 year 38.1 38.0 40.5 38.1 38.9 41.5 41.9 40.2 38.3 35.5 31.0 27.9 38.7 39.4 41.3 41.3 Those receiving benefits 19.3 25.9 18.9 25.6 24.0 25.1 17.6 16.7 16.3 17.8 14.3 14.5 23.5 25.2 28.0 25.4 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.7 8.7 7.6 9.0 8.7 9.0 7.7 7.1 6.7 6.6 5.7 5.5 8.6 8.9 9.4 9.0 Male 6.9 8.0 6.9 8.1 7.9 8.2 6.9 6.3 6.1 6.0 5.2 4.9 7.8 8.1 8.7 8.3 Female 8.5 9.6 8.5 10.0 9.7 9.9 8.7 8.0 7.5 7.2 6.4 6.2 9.7 9.9 10.3 10.0 -0.3 1.0 -1.8 -1.9 1.2 -1.5 -3.8 -1.7 -0.1 -1.8 -2.2 -0.6 0.5 3.1 4.2 -3.4 New unemployed first-job seekers 0.8 0.8 0.6 0.6 1.5 0.5 0.3 0.4 1.2 0.4 0.4 0.5 0.7 0.5 0.5 0.4 Redundancies 5.4 7.4 4.5 6.0 6.4 6.0 3.3 4.1 4.6 5.1 3.4 3.9 6.6 7.2 9.9 4.3 Registered unemployed who found employment 4.7 5.4 5.0 6.5 4.6 6.4 5.7 4.3 3.6 5.1 4.0 3.1 4.6 2.9 4.6 6.7 Other outflows from unemployment (net) 1.8 1.8 2.0 2.0 2.2 1.8 1.8 1.9 2.4 2.3 2.2 2.1 2.3 1.7 1.7 1.6 33.1 37.6 41.8 37.7 38.1 38.8 40.7 42.7 44.9 46.7 49.1 50.7 38.2 38.4 38.4 38.8 3.4 3.9 4.3 3.9 3.9 4.0 4.2 4.4 4.6 4.8 5.0 5.2 3.9 3.9 3.9 4.0 FLOWS OF FORMAL LABOUR FORCE FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a 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 Slovenian Economic Mirror, No 9/2022 2021 31 2022 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 973.7 972.6 972.1 972.8 972.6 971.4 972.6 978.5 978.8 982.7 977.3 977.4 975.9 976.4 975.9 976.2 976.6 975.5 977.3 10 11 891.1 893.3 897.0 901.7 901.9 902.1 906.4 911.8 913.4 916.8 909.5 912.6 915.4 918.3 920.1 922.3 922.3 921.6 925.2 25.8 25.8 25.9 25.8 25.8 25.8 25.7 25.7 25.6 25.5 24.9 24.9 24.8 24.8 24.9 24.9 24.9 24.9 24.9 290.8 291.8 292.7 294.8 295.3 294.9 296.1 298.5 298.5 301.7 298.3 300.3 301.6 303.0 303.3 304.4 306.0 305.3 306.4 203.9 204.8 205.1 206.2 205.8 205.6 206.3 207.9 207.9 209.5 208.3 209.2 209.8 210.3 210.4 210.6 210.6 210.3 210.9 66.3 66.3 66.9 67.7 68.7 68.5 69.0 69.6 69.8 71.3 69.3 70.4 71.0 71.8 72.1 72.8 74.4 74.0 74.4 574.5 575.7 578.4 581.1 580.9 581.4 584.6 587.7 589.3 589.5 586.3 587.4 589.0 590.5 591.8 593.1 591.3 591.3 593.9 49.4 49.6 49.7 49.6 49.6 49.7 49.7 49.9 49.8 49.7 49.3 49.4 49.5 49.5 49.6 49.4 49.5 49.5 49.5 145.4 145.7 146.1 146.2 144.9 144.7 146.8 147.9 148.6 148.8 148.4 148.9 149.3 149.4 149.7 149.8 148.4 148.2 150.0 796.1 798.3 801.5 805.8 805.9 805.9 810.0 815.0 816.4 819.7 813.1 816.0 818.4 821.1 822.6 824.6 824.3 823.4 826.7 748.8 750.6 753.4 757.1 757.0 756.9 761.0 766.0 767.6 771.4 765.9 768.5 770.6 773.0 774.3 775.9 775.5 774.6 777.9 47.3 47.6 48.2 48.8 49.0 49.0 49.0 49.0 48.8 48.3 47.2 47.5 47.8 48.2 48.4 48.7 48.8 48.7 48.8 94.9 95.1 95.4 95.8 96.0 96.2 96.5 96.9 97.0 97.0 96.4 96.6 96.9 97.2 97.4 97.7 98.0 98.2 98.5 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 55.9 53.9 54.3 53.9 52.0 53.0 52.5 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 28.2 27.3 27.9 27.8 26.5 26.9 26.6 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 9.9 9.5 9.6 9.6 9.2 10.9 10.6 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 22.4 21.7 21.6 21.3 20.8 20.4 20.3 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 17.6 17.0 16.8 16.7 16.5 16.5 16.6 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 31.0 29.6 28.6 28.0 27.1 26.5 25.9 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 14.7 14.2 13.9 14.6 14.8 14.2 13.0 8.5 8.5 7.7 7.3 7.3 7.1 6.8 6.8 6.7 6.7 6.9 6.6 6.2 5.9 5.7 5.5 5.6 5.5 5.3 7.6 7.3 6.9 6.5 6.4 6.3 6.1 6.1 6.0 6.1 6.4 6.1 5.6 5.4 5.2 5.0 5.0 4.9 4.8 9.5 9.2 8.7 8.2 8.3 8.1 7.7 7.7 7.5 7.4 7.6 7.3 6.9 6.6 6.4 6.2 6.3 6.3 6.0 -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 -2.2 -2.0 0.5 -0.4 -1.9 0.9 -0.5 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 0.4 0.4 0.3 0.3 0.8 2.6 0.7 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 3.3 3.4 4.5 3.4 3.9 4.0 4.1 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 3.9 3.6 2.5 2.3 4.6 3.6 3.2 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 2.2 2.3 2.0 2.1 2.3 2.3 2.3 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 48.3 49.2 49.7 50.2 50.7 51.2 51.7 4.0 4.1 4.2 4.3 4.3 4.4 4.5 4.5 4.6 4.6 4.7 4.7 4.9 4.9 5.0 5.1 5.1 5.2 5.2 32 Statistical Appendix Wages Slovenian Economic Mirror, No 9/2022 in EUR 2021 Q3 22 Sep 22 GROSS WAGE PER EMPLOYEE, nominal in € 2019 2020 2021 2020 Q3 2021 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Q3 y-o-y growth rates, % TOTAL 1,970 1,999 1,987 4.3 5.8 6.1 4.8 6.7 10.6 5.7 5.4 2.9 -1.2 0.8 5.0 Private sector activities (A–N; R–S) 1,852 1,939 1,936 3.6 3.8 5.8 3.9 3.2 6.1 3.9 5.9 6.9 4.0 6.6 6.7 Public service activities (OPQ) 2,335 2,190 2,146 6.5 10.5 6.8 6.3 16.0 20.9 10.3 4.2 -6.8 -12.5 -11.8 0.5 Industry (B–E) 1,918 2,024 2,022 3.4 3.4 5.7 3.1 2.7 4.2 5.3 6.5 6.9 4.4 6.9 7.6 Trad. market services (GHI) 1,679 1,759 1,758 3.4 2.8 6.1 3.8 1.9 6.8 3.4 5.3 7.9 4.5 7.5 6.6 Other market services (J–N; R–S) 2,092 2,164 2,153 5.1 5.0 5.7 5.1 4.3 7.3 3.3 5.5 6.6 3.4 5.7 5.6 A Agriculture, forestry and fishing 1,546 1,699 1,741 3.0 4.6 3.8 3.5 2.4 1.8 0.9 4.9 7.4 6.8 10.1 10.0 B Mining and quarrying 2,415 2,569 2,569 0.3 5.1 2.3 2.8 3.7 -3.2 -2.9 6.1 9.1 0.4 3.4 5.7 C Manufacturing 1,882 1,984 1,971 3.5 3.2 6.2 3.0 2.7 4.6 6.1 7.0 7.2 4.8 6.9 7.4 D Electricity, gas, steam and air conditioning supply 2,776 2,987 3,261 4.3 4.0 1.5 3.2 1.5 -0.7 0.6 2.3 3.6 0.1 8.5 11.2 E Water supply sewerage, waste management and remediation activities 1,814 1,900 1,895 2.7 4.2 4.3 3.6 3.0 4.1 2.9 4.6 5.4 4.1 7.4 6.5 F Construction 1,488 1,591 1,602 2.2 5.5 7.1 5.2 5.7 8.9 3.6 7.5 7.9 6.8 7.1 6.5 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,767 1,830 1,835 3.9 4.2 5.4 4.8 3.9 5.9 3.0 5.2 7.1 4.8 7.7 5.7 H Transportation and storage 1,643 1,768 1,756 1.6 -0.1 5.0 1.0 -2.4 2.7 2.7 4.6 9.6 7.0 8.6 8.9 I Accommodation and food service activities 1,330 1,471 1,461 4.8 -3.8 12.7 2.2 -9.5 4.9 12.2 9.7 20.4 12.4 12.7 7.3 J Information and communication 2,597 2,719 2,756 5.7 4.5 4.7 4.1 3.6 4.5 3.4 5.6 5.4 4.9 6.0 5.9 K Financial and insurance activities 2,790 2,782 2,733 4.6 2.5 5.0 2.3 0.8 5.7 2.9 4.2 7.1 3.1 8.9 5.1 L Real estate activities 1,737 1,803 1,804 5.2 4.2 3.7 4.5 1.3 4.0 0.1 3.6 6.4 3.9 5.8 5.4 M Professional, scientific and technical activities 2,176 2,252 2,221 4.6 4.0 6.3 4.0 3.5 7.2 4.0 6.1 7.5 4.0 4.7 4.9 N Administrative and support service activities 1,333 1,432 1,428 5.1 4.7 5.9 3.9 4.1 5.2 3.0 6.6 8.2 5.8 8.1 8.6 O Public administration and defence, compulsory social security 2,514 2,408 2,397 8.9 7.4 6.9 3.6 9.0 16.0 10.3 2.9 -1.3 -9.8 -10.6 1.9 P Education 2,125 1,997 1,962 6.1 6.2 8.9 8.3 6.5 10.1 16.1 8.2 1.5 -5.7 -10.7 -5.7 Q Human health and social work activities 2,433 2,243 2,168 5.1 17.7 4.8 6.6 31.4 36.2 5.7 1.2 -17.1 -20.0 -13.8 6.6 R Arts, entertainment and recreation 1,945 1,961 1,936 4.3 0.0 9.4 4.5 -1.1 7.5 11.7 7.3 10.5 3.0 2.4 0.5 S Other service activities 1,541 1,608 1,607 4.7 4.5 3.4 3.7 3.0 8.9 -1.9 3.6 2.7 1.1 5.6 5.9 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 9/2022 2021 1 2 3 4 5 6 33 2022 7 8 9 10 11 12 1 2 3 4 5 6 7 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 -0.1 0.4 -0.9 2.8 3.2 5.7 6.1 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 5.1 5.7 7.7 6.5 5.7 7.0 7.2 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 -11.8 -11.0 -18.3 -5.5 -3.0 2.0 3.0 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 5.9 5.2 8.6 7.0 6.3 7.9 8.5 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 5.7 7.2 7.8 7.4 5.8 6.9 7.3 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 3.8 5.5 6.8 4.9 5.2 6.0 5.7 -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 8.4 8.8 10.1 11.5 7.4 9.5 13.1 -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 4.4 -0.4 1.2 9.5 3.3 8.1 5.9 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 6.5 5.6 8.1 7.0 6.6 8.1 7.5 -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 -1.9 -1.2 20.6 7.0 2.9 4.2 27.6 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 4.9 7.9 7.1 7.3 5.2 7.9 6.5 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 7.7 5.7 8.3 7.2 5.3 7.7 6.5 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 6.3 8.6 7.6 6.9 4.9 5.9 6.3 -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 8.4 7.5 9.2 9.3 7.9 9.3 9.5 -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 11.7 15.1 14.5 10.3 6.8 7.2 7.8 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 3.5 4.8 10.6 2.6 6.0 4.2 7.6 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 6.1 11.9 5.1 9.8 6.0 7.0 2.4 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 5.4 5.8 5.4 6.2 5.2 5.2 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 4.2 3.5 6.0 4.5 4.6 5.2 4.9 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 7.2 7.8 9.1 7.6 6.7 10.4 8.7 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 -5.9 -9.0 -20.0 -1.3 0.6 2.8 2.3 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 -6.3 -5.9 -16.3 -9.4 -13.2 -3.0 0.5 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 -20.4 -16.8 -18.7 -4.4 6.4 6.9 6.5 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 0.8 4.8 3.6 -0.7 0.1 0.0 1.4 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 4.5 6.0 5.7 5.0 5.4 6.4 5.9 34 Statistical Appendix Slovenian Economic Mirror, No 9/2022 2020 2021 2022 2020 2021 Prices and indicators of overall competitiveness 2019 CPI, y-o-y growth rates, % 1.8 -1.1 4.9 0.0 -0.7 -0.5 1.9 2.2 4.2 6.0 8.5 10.7 -0.9 -1.1 -0.7 -1.0 Food, non-alcoholic beverages 3.3 1.0 3.9 3.6 2.0 -0.3 -1.3 -1.0 1.8 5.9 10.8 13.8 1.7 1.0 0.1 -0.2 Alcoholic beverages, tobacco 1.9 3.2 2.4 0.3 3.5 3.5 3.6 4.1 1.8 2.8 5.0 6.4 3.6 3.2 3.8 3.4 Clothing and footwear 0.5 -5.4 5.9 -4.1 -4.5 -4.2 1.2 1.8 3.3 4.4 2.0 2.9 -6.1 -5.4 0.9 -4.8 Housing, water, electricity, gas 2.7 -0.6 8.6 0.7 -0.3 1.7 8.5 3.6 7.9 8.4 13.5 22.0 -0.1 -0.6 -1.6 -1.1 Furnishing, household equipm. 0.4 -0.4 5.7 0.2 -0.2 -0.1 1.7 2.5 4.7 8.0 10.7 12.2 -0.8 -0.4 -0.3 0.2 Medical, pharmaceutical produ. 1.4 4.9 -0.5 1.0 3.8 1.1 2.5 2.7 0.6 4.2 3.0 3.7 5.0 4.9 2.1 0.6 Transport 0.1 -5.9 12.5 -6.6 -6.7 -2.6 5.3 9.0 13.0 13.0 16.3 16.9 -7.4 -5.9 -4.5 -2.6 -0.4 0.6 -3.6 1.0 0.9 0.3 0.2 -0.7 -3.5 -4.2 -4.6 -3.8 0.6 0.6 1.0 0.5 Recreation and culture 0.6 -3.9 3.4 0.3 -1.7 -3.0 -2.9 -2.2 1.2 4.0 5.9 5.3 -1.1 -3.9 -2.9 -3.9 Education 5.6 0.7 0.5 2.2 0.6 0.7 0.8 1.1 0.6 0.4 0.3 0.5 0.5 0.7 0.7 0.8 Catering services 3.2 0.6 6.1 1.0 0.7 0.6 1.3 4.0 5.8 7.1 9.0 9.1 0.6 0.6 0.8 0.6 Miscellaneous goods & services 4.4 0.7 -2.1 2.9 0.9 0.5 -0.3 -0.1 -0.4 0.9 2.6 4.1 0.3 0.7 0.8 0.1 HICP 2.0 -1.2 5.1 -0.6 -0.9 -0.6 2.0 2.3 4.5 6.3 9.0 11.3 -1.1 -1.2 -0.9 -1.1 Core inflation (excluding fresh food and energy) 1.6 -0.1 3.1 0.6 0.2 -0.2 0.6 1.5 2.5 4.3 5.6 6.3 0.0 -0.1 0.6 -0.4 Communications 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.6 -0.2 10.6 -0.3 -0.1 1.2 3.6 7.5 9.9 15.6 21.7 21.1 0.0 -0.2 0.5 1.0 2.1 1.0 10.6 0.3 0.9 1.9 4.2 8.0 10.1 17.2 24.8 25.2 1.0 1.0 1.3 1.7 -0.9 -1.4 10.6 -0.8 -1.1 0.4 2.9 6.9 9.7 13.9 18.5 17.0 -1.0 -1.4 -0.4 0.4 Euro area -0.7 -1.2 11.6 -0.4 -0.8 1.3 3.8 7.0 10.5 15.1 20.5 19.3 -0.6 -1.2 0.4 1.4 Non-euro area -1.2 -1.8 8.5 -1.8 -1.9 -1.5 1.1 6.7 8.0 11.4 14.6 12.6 -1.8 -1.8 -2.0 -1.8 -1.4 -2.6 25.9 -3.5 -3.4 1.3 8.6 14.9 24.5 27.5 29.5 24.9 -3.6 -2.6 -0.8 0.6 Domestic market Non-domestic market Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -0.4 0.8 0.0 1.2 1.3 1.2 0.4 -0.6 -1.0 -1.4 -1.4 -1.4 1.2 1.5 1.6 1.5 Real (deflator HICP) -0.3 -0.4 -0.7 -0.1 0.0 -0.5 0.2 -1.3 -1.1 -1.0 -0.5 0.2 -0.3 0.0 -0.2 -0.5 Real (deflator ULC) 0.7 3.7 0.1 0.9 6.4 4.2 0.1 2.7 -6.5 -8.2 -7.3 1.120 1.141 1.184 1.169 1.193 1.206 1.206 1.179 1.144 1.123 1.065 1.007 1.184 1.217 1.217 1.210 USD / EUR 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 Slovenian Economic Mirror, No 9/2022 2021 3 4 5 6 7 35 2022 8 9 10 11 12 1 2 3 4 5 6 7 8 9 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 8.1 10.4 11.0 11.0 10.0 10 9.9 11 10.0 -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 10.8 12.5 13.2 13.8 14.4 17.2 19.0 3.3 3.6 3.4 3.9 4.1 4.2 4.0 0.7 2.2 2.4 2.4 3.0 3.1 4.6 5.1 5.3 5.9 6.5 6.8 7.0 5.5 -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 2.6 2.0 1.8 2.6 4.2 2.7 1.9 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 10.4 23.9 24.6 25.3 16.2 15.6 14.9 -0.1 1.9 2.0 1.3 2.1 3.2 2.3 3.4 5.0 5.7 7.6 8.0 8.5 9.2 10.5 12.3 12.0 11.6 13.0 12.5 12.0 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 2.7 3.2 3.4 3.8 4.0 3.7 6.3 -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 16.7 17.2 19.7 16.5 14.5 10.4 10.5 -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 -5.9 -5.3 -3.7 -4.0 -3.8 -2.2 -1.4 -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 5.9 5.7 4.8 5.2 5.9 6.6 6.2 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 0.3 0.4 0.4 0.4 0.8 1.3 1.3 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 9.6 9.5 8.8 9.0 9.6 9.9 9.8 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 2.4 3.1 3.6 4.1 4.7 5.5 5.8 0.1 2.2 2.2 1.7 2.0 2.1 2.7 3.5 4.9 5.1 6.0 7.0 6.0 7.4 8.7 10.8 11.7 11.5 10.6 10.3 10.8 -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 5.5 6.0 6.1 6.3 6.6 6.7 6.5 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 20.4 22.5 22.2 21.1 21.0 21.3 20.6 - 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 23.4 25.7 25.4 24.6 25.3 25.7 25.1 - 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 17.3 19.3 18.9 17.5 16.7 16.8 16 - 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 18.8 21.6 21.2 20.1 19.3 18.4 16.7 - -0.6 -0.3 1.4 2.2 5.0 7.0 8.1 7.5 8.1 8.5 10.0 11.4 12.9 14.5 14.7 14.5 12.5 11.7 13.7 14.6 - 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 29.2 30.2 29.2 26.6 25.6 22.6 17.7 - 0.6 0.6 0.5 -0.1 -0.3 -0.7 -0.8 -0.9 -0.9 -1 -1.5 -1.2 -1.4 -1.7 -1.4 -1.0 -1.5 -1.5 -1.3 -0.7 -0.1 -0.8 0.8 0.5 -0.6 -0.8 -1.6 -1.3 -1.4 -0.7 -1.1 -0.6 0.0 -2.3 -1.7 -0.8 1.0 1.0 0.5 -0.8 -1.0 -0.7 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 1.058 1.057 1.018 1.013 0.990 0.983 1.020 36 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 9/2022 2019 2020 2021 2020 Q3 2021 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 2020 Q3 9 10 11 12 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,884 3,552 1,985 825 972 944 384 560 98 -180 -129 305 416 511 280 Goods 1,298 2,333 882 692 520 641 339 63 -160 -521 -712 -380 264 273 183 182 64 Exports 31,999 29,622 35,255 7,360 7,991 8,268 8,815 8,473 9,699 10,027 10,942 10,794 2,662 2,820 2,776 2,395 Imports 30,701 27,289 34,373 9,860 10,548 11,655 11,174 6,668 7,471 7,627 8,476 8,410 2,398 2,547 2,594 2,330 2,907 2,057 2,455 580 528 463 570 733 688 624 948 1,185 217 249 131 148 Exports 8,659 6,956 8,447 1,838 1,864 1,594 1,896 2,505 2,452 2,124 2,742 3,224 589 642 541 681 Imports 5,751 4,899 5,992 1,259 1,336 1,131 1,325 1,772 1,764 1,500 1,794 2,038 372 393 410 533 Primary income -821 -386 -863 -358 15 17 -428 -149 -303 -148 -222 -365 -31 8 8 -1 Receipts 1,749 1,653 1,960 353 481 475 513 428 544 495 486 397 110 129 157 196 Expenditures 2,569 2,039 2,823 712 466 458 941 577 847 643 708 762 141 121 148 197 Secondary income -500 -452 -489 -88 -91 -177 -97 -88 -127 -135 -143 -135 -34 -19 -42 -29 Services Receipts Expenditures Capital account 934 994 1,124 219 309 241 325 272 287 283 314 307 73 100 102 108 1,434 1,447 1,614 307 400 418 422 360 414 418 457 442 107 119 144 137 -112 -222 -258 54 -33 -131 91 -67 45 -14 -70 -113 -80 -15 -16 -3 2,068 2,984 2,254 601 894 1,131 371 179 572 -501 -262 91 332 443 435 16 -762 262 -398 -202 504 -18 -735 -171 526 -368 -288 -346 65 44 15 446 Assets 1,157 708 1,397 -64 566 342 155 349 551 464 316 132 234 182 80 303 Liabilities 1,919 446 1,795 139 62 360 890 520 25 832 604 478 170 138 65 -142 Portfolio investment 734 -1,826 3,203 1,315 740 -170 1,630 39 1,704 -1,298 640 Financial derivatives -163 53 30 5 27 2 10 -21 Other investment 2,221 4,329 -1,406 -543 -440 1,305 Assets 3,276 4,832 2,932 -690 205 27 4 10 0 0 2,811 4,757 1,422 -790 438 342 351 13 1 22 Financial account Direct investment Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other liabilities Special drawing rights (SDR) Reserve assets Net errors and omissions 644 -283 543 -416 516 39 -63 -45 -22 1 4 10 13 -542 -374 -1,795 1,150 -611 719 -286 801 -121 -1,120 3,192 253 537 -1,049 -1,306 0 2 122 2,345 57 165 -1 1,735 924 1,337 -172 1,177 335 8 10 2 0 0 1 0 -1 11 358 -1,292 905 419 1,377 -302 856 213 -947 155 -8 -21 226 -25 186 35 45 70 47 49 -2 5 1 12 3 0 8 0 0 -1 -1 -1 -460 0 29 -225 875 67 -142 666 205 100 -96 919 373 13 97 228 90 -43 -47 254 -23 62 21 42 88 102 -74 -64 -88 -11 23 -14 54 1,055 502 4,339 -146 645 1,887 795 911 746 584 1,534 618 114 375 456 -186 2 2 4 -38 0 3 2 -42 1 1 -1 -1 1 0 0 1 1,009 800 2,359 116 263 788 909 371 290 526 237 543 5 149 109 5 -149 -410 -17 -325 131 758 -371 -401 -1 -436 784 124 -138 47 230 -146 27 55 21 6 -9 30 27 8 -44 22 -34 0 2 -3 -3 -3 62 -137 1,123 20 293 202 268 63 590 438 434 -105 178 185 132 -24 104 190 215 36 -35 107 4 194 -90 36 115 56 67 -2 -13 -20 0 0 675 0 0 0 0 675 0 0 0 0 0 0 0 0 37 166 824 26 62 13 7 707 97 77 37 23 10 11 15 36 -594 -310 214 -192 53 96 55 -425 488 -251 -20 -134 -70 -51 158 -54 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,067 900 991 917 999 978 1,172 1,085 1,244 1,179 336 336 329 325 Intermediate goods 17,045 15,446 19,633 3,841 3,552 3,797 4,148 4,544 4,848 4,841 5,400 6,096 6,686 6,717 1,381 1,491 1,454 1,202 Consumer goods 12,661 13,928 15,744 3,430 3,539 3,987 3,987 3,856 3,913 4,202 6,250 6,252 1,247 1,339 1,201 999 4,885 964 1,258 1,073 1,221 1,172 1,419 1,377 1,460 1,437 340 378 464 416 Intermediate goods 18,508 16,434 24,076 3,963 4,658 4,732 5,702 6,303 7,338 7,913 9,085 8,967 1,407 1,510 1,770 1,378 Consumer goods 11,183 11,670 12,588 2,871 3,210 2,905 3,209 3,020 3,454 3,729 4,387 4,126 1,095 1,082 1,033 Import of investment goods 4,391 4,008 934 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 Slovenian Economic Mirror, No 9/2022 2021 1 2 3 4 5 360 224 360 336 259 163 219 184 2,426 2,649 3,192 2,167 2,486 135 140 461 37 2022 6 7 8 9 138 -90 51 104 2,901 2,884 2,974 2,717 188 176 507 626 326 367 38 9 186 148 -71 10 11 12 1 2 3 131 177 252 199 86 -49 26 58 107 -208 32 -251 3,030 2,875 2,505 3,093 3,253 3,358 2,833 2,926 2,789 2,554 149 246 185 259 3,067 3,195 289 252 603 573 719 813 831 861 438 427 425 474 -30 -1 -52 -376 628 572 -114 -14 152 136 164 178 171 143 167 165 230 546 133 248 -89 -16 -23 -10 -65 -25 4 5 6 7 8 9 144 -209 -114 -52 -39 -38 -76 -30 -3 -268 -250 -262 -294 -157 -231 -247 98 3,089 3,051 3,161 3,815 3,404 3,693 3,846 3,547 3,275 3,971 3,326 3,339 3,054 3,429 4,065 3,666 3,987 4,002 3,778 3,522 3,874 228 209 183 188 253 324 306 319 345 371 470 790 780 882 629 679 816 876 876 990 1,046 1,041 1,137 572 537 553 674 446 491 563 552 570 672 702 670 667 -20 -70 -95 -138 8 -77 -79 -69 -21 -131 -117 -108 -140 163 131 138 177 229 225 131 139 144 195 147 127 123 147 178 151 208 272 368 217 208 218 213 216 279 245 231 286 -20 -43 -42 -57 -28 -44 -52 -38 -45 -30 -68 -72 -46 -18 410 73 77 92 101 118 106 92 97 83 96 80 110 97 91 95 99 100 115 100 88 120 144 166 108 124 128 171 117 117 126 138 138 138 141 143 133 144 130 183 172 134 137 -25 9 107 5 -40 -32 19 10 16 33 10 -57 -20 23 -73 -9 -38 -66 -38 13 -55 336 730 65 449 109 -187 -349 303 225 618 50 -96 277 -329 -449 -208 205 -259 151 -291 231 -83 -95 22 56 -269 -68 -399 -80 -3 -88 525 142 -141 -88 -129 -150 -30 -230 -28 -6 -258 -28 207 164 175 208 -228 27 76 246 602 147 -198 97 179 188 180 63 72 256 -183 59 67 185 108 443 276 171 107 79 334 77 5 -57 185 308 339 210 293 101 261 75 142 -1,133 484 479 920 621 90 -667 543 162 876 97 68 431 256 85 304 -248 202 -237 5 -2 -2 5 3 2 -5 -8 -8 12 13 14 -14 -17 -31 -17 -17 -11 -14 -3 -5 1,543 235 -473 -219 -434 111 397 -933 162 -803 -225 -766 2,113 -257 -705 -422 340 -529 422 -237 534 1,777 1,387 28 -23 -91 367 403 -132 265 -341 48 -757 1,811 -68 -8 214 210 499 -180 364 1,153 0 0 0 1 0 1 0 0 0 0 0 8 10 0 0 1 0 1 0 0 0 1,464 1,066 -186 -38 -96 145 381 -51 27 -694 -121 -477 1,642 -184 -553 -175 129 465 -280 588 1,069 37 14 103 -45 -63 100 -39 -23 41 59 67 100 -87 -4 66 98 47 42 -43 47 31 2 2 2 0 0 0 4 4 4 1 1 1 0 0 0 3 3 3 0 0 0 187 266 213 45 91 69 -7 -81 187 273 88 -457 326 203 390 296 28 49 98 -246 161 87 39 -105 13 -23 52 64 19 5 20 14 68 -80 -83 89 -8 3 -60 45 -24 -108 234 1,152 501 195 343 256 7 801 103 463 274 9 -302 189 697 636 -130 1,029 -602 601 619 1 0 0 0 0 -42 0 0 0 2 1 -2 0 -1 1 0 0 -1 0 0 0 315 180 294 369 285 255 93 7 271 180 149 -39 107 91 328 30 -38 244 59 263 221 -2 794 -34 -166 -106 -99 -9 84 -477 -10 82 -73 -112 -289 -35 334 -24 474 -420 381 163 10 10 10 9 9 9 3 3 3 -15 -15 -15 7 7 7 -11 -11 -11 0 0 0 -132 130 203 3 154 111 -137 -54 254 343 0 246 -269 371 335 212 -106 328 -247 -45 187 42 38 27 -19 0 23 57 86 52 -38 56 -109 -35 10 61 72 49 -6 6 2 48 0 0 0 0 0 0 0 675 0 0 0 0 0 0 0 0 0 0 0 0 0 732 -1,797 16 -8 5 12 -13 9 6 704 -3 8 24 65 64 6 6 4 27 6 -3 4 22 1 497 -402 108 11 -65 -499 116 -42 386 -67 169 154 -142 -262 -147 282 -155 265 -274 -125 261 297 359 329 334 336 331 285 363 359 397 416 313 347 425 372 411 461 385 347 448 1,382 1,445 1,717 1,600 1,585 1,662 1,671 1,413 1,758 1,836 1,916 1,648 1,864 1,903 2,328 2,084 2,253 2,349 2,241 1,999 2,477 1,255 1,278 1,454 1,337 1,303 1,347 1,446 1,061 1,349 1,375 1,388 1,150 1,313 1,321 1,567 1,680 2,082 2,488 2,059 1,811 2,382 304 347 421 392 413 416 372 386 414 434 484 502 381 506 491 420 498 542 481 459 497 1,346 1,513 1,874 1,748 1,971 1,983 2,151 1,855 2,297 2,424 2,314 2,601 2,512 2,342 3,060 2,803 3,437 2,844 2,872 2,888 3,207 901 906 1,098 1,153 1,029 1,028 944 1,021 1,055 1,153 1,170 1,130 965 1,348 1,417 1,508 1,369 1,510 1,375 1,423 1,327 38 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 9/2022 2019 2020 2020 2021 6 7 8 2021 9 10 11 12 1 2 3 4 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 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 Central government (S,1311) 4,696 4,520 3,538 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 602 639 693 602 601 608 602 598 607 639 638 643 638 634 10,981 10,997 11,556 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 Non-financial corporations (S,11) 9,589 9,363 9,828 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 Non-monetary financial institutions (S,123, 124, 125) 1,661 1,640 1,602 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 Monetary financial institutions (S,121, 122) 5,230 7,969 10,607 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 27,913 30,341 34,136 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 391 345 284 388 374 368 354 352 343 345 337 330 324 316 4,382 4,361 3,302 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 Other government (S,1312,1313,1314) Households (S,14, 15) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 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 33,068 33,267 33,345 33,420 33,639 34,003 34,567 34,947 35,161 35,665 35,566 Overnight 21,278 25,218 29,146 23,539 23,712 23,862 23,904 24,092 24,573 25,218 25,641 25,916 26,521 26,586 With agreed maturity – short-term 3,478 3,381 2,707 3,376 3,405 3,333 3,356 3,387 3,352 3,381 3,334 3,280 3,214 3,079 With agreed maturity – long-term 5,723 5,348 5,849 5,593 5,566 5,535 5,520 5,482 5,435 5,348 5,323 5,309 5,309 5,272 Short-term deposits redeemable at notice 630 620 450 560 584 615 640 678 643 620 649 656 621 629 Deposits in foreign currency, total 634 723 828 718 691 699 728 706 711 723 721 740 786 776 Overnight 577 675 790 652 627 638 672 655 662 675 671 696 739 731 With agreed maturity – short-term 26 25 27 40 39 37 32 28 26 25 28 24 26 25 With agreed maturity – long-term 31 23 11 26 25 24 24 23 23 23 22 20 21 20 Short-term deposits redeemable at notice 0 0 0 - - - - - - - - - - - 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 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.17 0.15 0.12 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 2.21 1.72 2.28 2.19 2.05 2.06 2.00 2.05 2.00 1.86 1.89 1.79 1.74 1.13 1.28 1.50 1.11 1.00 1.16 1.38 0.32 1.82 1.56 0.78 2.03 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.66 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.68 1.23 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % 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 3-month rates -0.356 -0.425 -0.425 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 6-month rates -0.302 -0.364 -0.364 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 3-month rates -0.737 -0.708 -0.760 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.747 6-month rates -0.684 -0.659 -0.715 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 INTERBANK INTEREST RATES EURIBOR LIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 9/2022 2021 39 2022 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 12,710 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 - 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 - 632 621 619 628 627 627 636 693 706 698 693 691 689 692 691 695 695 - 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 - 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 - 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 1,743 1,752 1,772 1,820 1,828 1,852 - 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 - 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 - 310 310 307 314 298 295 293 284 281 273 303 320 298 295 310 302 292 - 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 3,368 3,495 3,463 3,511 3,401 3,226 - 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,015 37,946 38,013 38,338 37,574 37,805 38,130 38,293 - 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 - 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,596 2,674 2,622 2,666 2,639 2,719 2,693 2,790 - 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 - 622 553 510 519 493 547 519 450 477 468 411 340 332 282 271 281 289 - 810 789 812 817 804 835 839 828 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 - 766 747 771 776 771 803 803 790 799 817 847 883 894 953 964 1,005 1,041 - 26 25 25 26 19 19 24 27 24 24 109 115 134 132 131 120 113 - 18 17 16 15 14 13 12 11 11 10 9 9 8 8 8 8 7 - - - - - - - - - - - - - - - - - - 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 0.01 0.01 0.01 0.02 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.11 0.14 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.79 2.02 2.22 2.52 2.64 2.96 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.46 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 … 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 0.50 0.50 1.25 1.25 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 -0.239 0.037 0.395 1.011 1.428 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 0.162 0.467 0.837 1.596 1.997 -0.747 -0.752 -0.756 -0.769 -0.756 -0.766 -0.779 -0.778 - - - - - - - - - - -0.703 -0.709 -0.715 -0.723 -0.720 -0.714 -0.721 -0.726 - - - - - - - - - - - 40 Statistical Appendix Public finance Slovenian Economic Mirror, No 9/2022 2019 2020 2021 2020 Q3 2021 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 2020 Q3 12 2021 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 19,232.3 18,528.6 21,382.6 4,892.9 4,892.0 4,803.9 5,574.1 5,151.3 5,853.2 5,613.9 6,079.7 5,647.3 1,640.4 1,674.5 1,484.6 Current revenues 18,293.3 17,578.7 20,124.0 4,634.5 4,617.4 4,525.9 5,334.6 4,874.2 5,389.3 5,138.5 5,824.1 5,397.5 1,500.4 1,613.4 1,422.4 17,179.1 16,460.4 18,785.7 4,343.3 4,379.8 4,241.4 4,902.8 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 1,416.7 1,491.5 1,326.7 Tax revenues Taxes on income and profit 3,614.0 3,261.8 3,981.3 832.8 342.2 304.8 317.1 Social security contributions 7,021.3 7,289.9 7,928.1 1,954.5 1,912.5 1,915.2 1,998.0 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 697.4 628.1 643.0 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 764.7 925.2 941.8 1,205.5 785.5 1,048.5 1,049.7 1,485.3 23.2 21.6 23.9 5.6 6.1 5.0 5.9 6.0 7.0 6.0 6.7 6.5 2.1 1.6 1.6 296.4 287.3 316.9 111.3 96.4 33.5 84.8 102.2 96.3 32.4 82.1 128.6 18.5 9.9 8.7 6,126.7 5,493.3 6,359.2 1,565.1 1,482.7 1,268.6 1,566.9 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 376.1 504.1 350.8 Taxes on international trade & transactions 98.6 102.4 177.4 25.3 28.7 28.1 34.6 36.7 78.0 67.2 56.9 85.6 9.1 7.6 9.0 Other taxes -1.1 4.1 -1.1 -83.4 -71.7 49.2 7.2 -20.9 -36.6 34.7 -10.8 11.3 -28.7 35.4 -3.5 1,114.2 1,118.2 1,338.4 291.3 237.6 284.5 431.7 308.4 313.7 325.5 368.8 367.8 83.6 121.9 95.7 Non-tax revenues Capital revenues 136.4 146.9 228.3 31.3 64.3 36.4 54.9 56.0 81.1 64.1 66.3 63.5 31.6 4.1 14.4 Grants 13.8 17.5 21.9 6.9 1.1 6.7 2.0 10.3 2.9 12.2 29.6 12.3 0.7 1.0 5.6 Transferred revenues 58.3 54.8 57.3 30.6 2.3 1.7 2.1 51.4 2.0 0.4 22.0 30.2 0.9 0.9 0.5 730.5 730.7 951.2 189.6 206.9 233.3 180.5 159.5 377.9 398.8 137.8 143.8 106.8 55.2 41.8 18,968.8 22,070.6 24,299.8 5,250.2 6,092.2 6,102.6 5,932.1 5,580.0 6,685.1 5,929.0 5,967.1 5,817.5 2,587.8 2,067.3 1,724.0 Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES Current expenditures 8,228.3 9,127.8 10,393.6 2,201.0 2,493.2 2,659.0 2,495.4 2,362.5 2,876.7 2,676.4 2,327.8 2,403.2 1,066.5 789.4 719.6 Wages, salaries and other personnel expenditures 4,470.5 4,965.3 5,765.3 1,242.2 1,221.7 1,484.0 1,623.4 1,330.1 1,327.7 1,292.0 1,393.4 1,300.2 440.5 501.9 432.0 Expenditures on goods and services 2,728.0 3,020.7 3,336.6 739.0 933.4 724.9 767.0 794.0 1,050.7 841.6 803.8 835.4 455.4 195.8 235.9 Interest payments 791.5 778.0 732.2 187.0 95.0 386.9 45.5 204.6 95.2 336.1 16.4 212.6 13.4 82.5 24.8 Reserves 238.4 363.8 559.5 32.8 243.2 63.1 59.5 33.9 403.1 206.7 114.2 55.0 157.2 9.2 27.0 8,704.2 10,867.7 11,318.7 2,632.9 2,706.9 3,018.3 2,984.0 2,605.1 2,711.3 2,800.6 2,973.2 2,623.8 1,040.2 1,156.8 837.8 Current transfers Subsidies Current transfers to individuals and households Current transfers to nonprofit institutions, other current domestic transfers Current transfers abroad Capital expenditures 467.9 1,449.3 867.3 94.8 132.3 171.9 67.4 7,323.9 8,250.8 9,167.7 2,061.9 2,032.5 2,494.4 2,374.0 2,158.6 2,140.7 2,292.8 2,447.8 2,223.7 699.4 972.6 674.8 827.7 1,083.2 1,131.0 305.5 264.2 296.4 302.3 111.5 157.1 188.0 195.8 248.9 376.7 197.6 276.6 298.3 358.4 277.8 276.7 284.6 204.3 3.1 88.6 152.7 16.6 33.4 29.9 31.0 36.7 55.1 41.9 52.9 20.7 4.2 9.3 7.0 1,252.9 1,230.6 1,544.7 263.2 561.9 194.3 278.0 402.4 670.0 226.0 432.5 477.9 322.9 47.3 62.7 84.7 84.4 Capital transfers 273.6 318.5 413.9 68.0 178.0 33.4 55.7 86.2 238.6 43.7 60.9 132.6 112.6 4.8 11.4 Payments to the EU budget 509.7 526.0 628.9 85.1 152.2 197.5 119.1 123.8 188.5 182.2 172.7 180.0 45.7 69.1 92.5 SURPLUS / DEFICIT 263.5 -3,542.1 -2,917.2 -357.3 -1,200.1 -1,298.6 -358.0 -428.7 -831.9 -315.1 112.6 -170.2 -947.4 -392.8 -239.4 Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 9/2022 2021 3 4 5 6 7 41 2022 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 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 2,093.4 2,035.8 1,782.5 1,795.5 2,043.8 2,011.2 2,024.7 1,807.8 1,897.4 1,942.1 1,903.0 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 1,888.3 1,822.8 1,685.9 1,629.8 1,949.4 1,894.0 1,980.7 1,750.2 1,806.3 1,841.1 1,800.3 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 1,761.0 1,737.9 1,518.8 1,556.2 1,850.3 1,791.4 1,813.7 1,633.5 1,688.2 1,708.0 1,720.2 320.0 411.8 414.8 378.9 141.7 334.6 309.2 331.7 327.6 389.2 332.6 348.2 368.9 406.6 578.7 500.0 132.7 371.6 328.5 347.1 644.1 664.9 665.6 667.5 661.3 658.9 643.9 639.5 651.3 760.1 680.4 677.2 691.2 704.3 698.5 688.2 700.6 697.7 700.0 693.7 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 2.2 2.1 2.4 2.4 1.9 2.1 2.2 14.9 19.5 27.3 38.1 35.7 34.1 32.4 43.5 33.2 19.7 12.4 8.5 11.5 20.5 23.2 38.5 48.9 41.6 38.1 45.1 413.7 622.4 447.4 497.0 643.4 517.1 531.7 661.1 576.3 594.1 623.0 483.3 467.7 638.3 531.2 574.6 681.5 594.3 590.8 613.1 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 27.0 15.0 14.9 39.1 18.2 28.3 30.7 17.3 7.5 -16.5 16.2 -25.5 13.5 -8.9 -8.0 9.6 -38.2 60.3 -14.4 -11.3 51.5 -57.2 -5.1 28.2 -37.1 20.1 -11.8 66.9 62.7 248.3 120.8 101.1 99.6 107.7 104.4 82.0 127.3 84.8 167.1 73.6 99.2 102.6 167.0 116.7 118.1 133.1 80.2 17.8 16.4 15.3 23.2 23.4 13.4 19.2 27.5 26.8 26.8 18.5 23.6 21.9 23.0 22.0 21.2 22.5 21.7 19.2 26.7 0.2 0.5 0.4 1.0 0.4 0.4 9.5 0.4 2.0 0.6 0.9 11.1 0.2 0.4 29.0 0.1 0.2 0.2 11.8 0.2 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 0.5 20.0 1.5 0.0 30.0 0.2 0.8 136.3 75.5 65.0 40.0 21.1 21.4 116.9 36.0 165.1 176.8 193.5 61.8 143.4 70.5 46.1 21.1 34.8 39.2 69.7 75.1 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 2,809.0 1,906.4 1,793.0 2,229.5 1,873.6 1,923.7 2,169.8 1,952.4 1,933.3 1,931.8 1,909.2 1,150.0 708.1 858.8 928.4 794.6 832.5 735.5 662.4 943.8 1,270.5 803.2 739.1 1,134.1 704.4 749.1 874.4 813.2 806.6 783.4 796.0 550.1 423.6 554.4 645.4 448.8 487.7 393.6 402.7 474.0 451.0 424.2 427.0 440.8 414.5 432.4 546.5 447.4 436.7 416.1 429.5 293.3 230.4 282.3 254.3 267.0 267.5 259.5 233.5 285.7 531.5 226.4 262.0 353.2 243.3 272.3 288.2 282.8 287.2 265.3 278.1 279.7 36.3 3.9 5.3 63.1 68.4 73.1 15.8 66.3 13.2 17.8 23.6 294.8 8.4 3.4 4.6 56.2 65.1 91.3 17.5 26.9 17.9 18.2 23.4 15.7 8.9 9.3 10.4 117.8 274.9 134.8 26.5 45.4 38.2 40.9 35.1 26.7 17.6 10.7 70.9 1,023.7 914.2 958.0 1,111.8 929.2 836.7 839.3 829.5 906.8 975.0 972.3 885.1 943.2 982.2 917.2 1,073.7 902.6 854.9 866.3 856.2 57.2 84.7 116.0 101.6 43.3 46.9 21.3 12.3 64.7 80.1 115.9 29.7 42.4 69.9 107.7 18.2 34.8 17.7 42.2 28.9 846.9 734.0 731.5 908.5 779.9 672.7 706.1 720.4 701.7 718.6 772.6 749.8 770.4 767.1 743.4 937.3 774.0 731.2 718.4 727.8 105.9 77.2 105.1 94.3 95.9 100.9 101.5 88.0 120.9 149.5 74.7 92.5 110.7 132.1 46.8 97.8 86.1 100.3 98.3 92.6 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 13.2 19.3 20.4 7.7 5.7 7.3 6.9 84.4 86.1 91.3 100.6 128.9 138.1 135.4 159.1 175.4 335.5 52.2 77.2 96.7 105.6 177.7 149.2 147.8 170.1 160.0 164.5 17.3 24.1 14.5 17.1 19.4 32.7 34.1 32.5 49.0 157.1 12.1 17.1 14.6 23.7 16.8 20.5 35.2 30.4 66.9 38.0 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 57.7 62.9 52.0 53.5 71.2 55.3 54.5 -666.4 122.0 -89.7 -390.3 -253.7 -160.3 -14.6 131.2 -247.5 -715.6 129.4 -10.5 -434.0 170.2 87.5 -145.2 -144.6 -35.9 10.3 -6.2 42 Acronyms Slovenian Economic Mirror, No 9/2022 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, EBA – European Banking Authority, ECB – European Central Bank, 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, GNI – gross national income, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, OPEC+ – Organization of the Petroleum Exporting Countries, PMI – Purchasing Managers' Index, REACT-EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, RRP – Recovery and Resilience Plan, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, SVRK – Government Office for Development and European Cohesion Policy, TTF – Title Transfer Facility, USD – US Dollar, VAT – value added tax, ZPIZ – Pension and Disability Insurance Institute of Slovenia, 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, CYCyprus, 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. 9, Vol. XXVIII, 2022