No. 2, Vol. XXX, 2024 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 2 / Vol. XXX / 2024 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Laura Južnik Rotar, PhD Authors: Urška Brodar; Marjan Hafner, MSc; Matevž Hribernik, MSc; Laura Južnik Rotar, PhD; Rotija Kmet Zupančič, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Helena Mervic; Tina Nenadič, MSc; Jure Povšnar; Denis Rogan, MSc; Urška Sodja; 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, April 2024 ISSN 1581-1026 (pdf ) ©2024, 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 ........................................................................................................................ 6 International environment ........................................................................................................................7 Economic developments in Slovenia .....................................................................................................9 Labour market ............................................................................................................................................. 16 Prices ............................................................................................................................................................... 18 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................. 22 Public finance .............................................................................................................................................. 23 Statistical appendix ................................................................................................................................25 The Economic Mirror is prepared based on statistical data available by 10 April 2024. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 2/2024 In the spotlight In the spotlight 3 The sentiment indicators suggest that the dynamics of economic activity in the euro area improved in the first quarter of this year, though remaining weak; in its March projections, the ECB forecasts economic growth to gradually pick up during this year. The composite Purchasing Managers’ Index (PMI), which has been rising since the end of last year, turned from contraction to expansion in March for the first time since May last year. Growth was supported by the services PMI, which recorded its highest reading in nine months, while the manufacturing PMI, which recorded its lowest reading in three months, indicates further contraction of activity in this segment. Following a deterioration in February, the Economic Sentiment Indicator (ESI) for the euro area, which has been below its long-term average since mid-2022, improved in March, with sentiment increasing in most activities and among consumers. Compared to the same period last year, economic sentiment deteriorated in March, with confidence significantly lower in manufacturing and construction and higher only among consumers. The Ifo index, which measures the business climate in Germany, improved markedly in March, moving slightly away from the post-epidemic lows. Growth is projected to strengthen gradually over the coming quarters, mainly driven by rising private consumption supported by increased confidence, low unemployment and wage growth and by a further decline in inflation. Growth will also be supported by stronger foreign demand. The ECB’s economic projection, which is subject to considerable uncertainty in connection with the development of the conflict in the Middle East, is 0.6% for the euro area in 2024 and 1.5% in 2025. In the first quarter, sentiment in the Slovenian economy was still weaker than in the same period of last year, though better than at the end of last year; short-term economic indicators also point to a recovery in the first two months – they have largely reached the level of a year ago, except in construction. Economic sentiment in the first quarter was better on average than in the fourth quarter of last year, despite a slight deterioration in February and March. With price developments easing, sentiment improved among consumers and in services. However, economic sentiment is still lower than a year ago, though it has improved among consumers. Although the values of the competitiveness indicators further improved in the first quarter of 2024, they still point to unfavourable price competitiveness of Slovenian exporters. In February, real exports and imports of goods continued to fall month-on-month; following a decline, exports were higher in the first two months, while imports remained lower than in the same period last year. Trade in services reached the year-ago level in January. Trade in transport services in particular, which fell markedly year-on-year, continues to be significantly impacted by the subdued economic growth in Slovenia’s main trading partners. Trade in most other main groups of services was higher year-on-year. In February, manufacturing output further increased. Since the beginning of the year, it has increased in all industry groups according to technology intensity. In the first two months, it was also slightly higher yearon-year. The value of construction put in place fell in January. This was the first time in two years that it was also down year-on-year. In January, total real turnover in market services remained at the level of December 2023, while it was higher year-on-year. Real turnover in most trade sectors continued to rise in January; only in wholesale trade was it lower year-on-year. According to the figures on the value of fiscally verified invoices, household consumption is rising. At the beginning of the year, households spent more on tourist services, durable and semi-durable goods, and food than in the same period last year. The growth in the number of persons in employment continued at the beginning of the year, as did the decline in the number of unemployed; amid lower inflation and the increase in the minimum wage, the year-on-year rise in the average gross wage in January was stronger in real terms than in previous months. Growth recorded in the number of persons in employment was slightly higher in January than in previous months due to methodological changes. The growth was primarily due to the higher number of employed foreign nationals, with particularly high shares in construction, transportation and storage, and administrative and support service activities. In March, the monthly decline in the number of registered unemployed (0.9%, seasonally adjusted) was similar to February. At the end of March, 46,877 persons were unemployed, which is 6.9% less than a year ago. Amid labour shortages, the number of long-term unemployed (more than one year) fell by 14.9% year-on-year at the end of March, while the number 4 In the spotlight Slovenian Economic Mirror, No 2/2024 of unemployed over 50 fell by 9%. Amid lower inflation and the increase in the minimum wage, the year-on-year increase in the average gross wage in the private sector was more pronounced in real terms in January than in previous months (5.5%). Real growth in the public sector (3%) was lower than in December, when it was affected by public servants’ promotion raises at the end of the year and the performance-related bonus payments for regular work. The year-on-year growth in consumer prices accelerated slightly in March, to 3.6%, mainly due to a higher increase in services prices, while compared to March last year, annual inflation fell by almost 7 p.p. Services prices rose by 6.1% year-on-year (the highest increase since November 2023, when price growth was 7.4%). The acceleration is largely due to the low base effect in package holidays, which fell by 22.4% month-onmonth in March last year due to seasonal fluctuations, while the drop in prices this March was less pronounced (14.3%). The contribution of the transport group also increased slightly in March due to the rise in prices for petroleum products, but in a year-on-year comparison, the price increase in this group was only 1.3%. Year-on-year price growth in the food and non-alcoholic beverages group continues to slow rapidly and, at 0.9%, was the lowest in three years. Prices of durable goods further declined year-on-year (by 0.8%). In the first two months of this year, the consolidated general government budgetary accounts showed a surplus of EUR 218 million, which is more than in the same period last year. Revenue increased by 10.6% year-on-year in the first two months of 2024. The main contributor to growth was tax revenue, in particular VAT. The contribution from personal income tax and from social security contributions, which were boosted by higher wage growth, also remained high. Expenditure in the first two months was 8.3% higher year-on-year. This was mainly due to transfers to individuals and households, expenditure on goods and services, and growth in investment expenditure. Growth in wages and other remunerations, which were affected by the agreement on wage increases in the public sector, also remained high. Subsidies to companies to mitigate the consequences of rising energy prices were lower year-on-year. In the spotlight Slovenian Economic Mirror, No 2/2024 0 -2 -2 -4 -4 100 80 60 Jan 24 24 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 940 160 900 140 880 100 840 80 820 60 800 780 40 760 20 740 0 Source: SURS, ESS; calculations by IMAD. The surplus of the consolidated balance of public finances was higher in the first two months of this year than in the same period last year. General government balance Manufacturing Service activities Consumers Primary balance In EUR million 2,000 20 10 0 1,000 217.9 121.0 0 -1,000 -10 -20 -1577.3 -2,000 -30 -2271.2 -3,000 I-II 2024 2023 2022 2021 I-II 2023 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 -3542.2 2015 Jan 24 Mar Jan 23 Jan 22 Jan 21 -4,000 -2917.2 2014 Source: SURS; calculations by IMAD. Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -50 Jan 15 -40 Jan 14 Seasonally adjusted indicator value, 3-month moving average 120 860 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. The economic climate in Slovenia improved in the first quarter as a whole compared to the fourth quarter of last year, but it remained weaker than in the same period last year. 180 920 Number of registered unemployed, in '000, seasonally adjusted 120 Employed according to SRE (left axis) Registered unemployed (right axis) 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 Jan 23 Mar Jan 24 24 140 Growth in the number of persons in employment continued at the beginning of the year, as did the decline in the number of unemployed. Number of employed according to SRE, in ‘000, seasonally adjusted 160 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities 30 Jan 23 Source: SURS; calculations by IMAD. The short-term economic indicators for Slovenia point to a continuation of gradual recovery in the first two months of the year. Economic sentiment Retail trade Construction Jan 24 Mar 24 2 0 Jul 23 2 Jul 22 4 Jan 22 6 4 Jul 21 8 6 Jan 21 8 Jul 20 10 Jan 20 12 10 Jan 19 Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 12 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. 180 Fuels and energy Other Year-on-year growth, in % Food Services TOTAL Services Jul 19 Manufacturing Year-on-year inflation rate rose to 3.6% in March, mainly due to higher services prices. Contribution to y-o-y growth, in p. p. Composite index Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value The composite Purchasing Managers’ Index (PMI) exceeded the 50 mark (the threshold between economic expansion and contraction) in March for the first time since May last year. 5 current economic trends Current Economic Trends Slovenian Economic Mirror, No 2/2024 7 The international environment Jan 23 Jan 24 Mar 24 Services Jan 22 Jan 21 Manufacturing Jan 20 Composite index Jan 19 66 62 58 54 50 46 42 38 34 30 26 22 18 14 10 Jan 18 PMI value Figure 1: Euro area composite Purchasing Managers’ Index (PMI), March 2024 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. Sentiment indicators for the euro area suggest that the dynamics of economic activity improved in the first quarter of this year, albeit not significantly. The composite PMI has been rising since the end of last year and in March exceeded the 50 mark (the threshold between economic expansion and contraction) for the first time since May last year. Growth was supported by the services PMI, which recorded its highest reading in nine months (51.1), while the manufacturing PMI, which recorded its lowest reading in three months (46.1), indicates further contraction of activity in this segment. Following a deterioration in February, the Economic Sentiment Indicator (ESI) for the euro area, which has been below its long-term average since the middle of 2022, improved in March, with sentiment improving in most activities and among consumers. Compared to the same period last year, economic sentiment deteriorated in March, with confidence significantly lower in manufacturing and construction and higher only among consumers. The Ifo index, which measures the business climate in Germany, improved markedly in March, moving slightly away from the post-epidemic lows. Source: ECB. 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 7 6 5 4 3 2 1 0 -1 -2 -3 -4 -5 -6 -7 Change in inventories and valuables Gross fixed capital formation Government consumption Private consumption Exports of goods and services Real GDP growth (in %) 2014 Contribution to change, in p.p. Figure 2: ECB economic outlook, March 2024 In its March projections, the ECB expects economic activity in the euro area to gradually pick up. The euro area GDP stagnated in the fourth quarter of 2023 amid tight financing conditions, subdued confidence and past competitiveness loss. Sentiment indicators for the first quarter of this year do not point to a visible improvement, although growth should gradually pick up over the coming quarters, driven mainly by rising private consumption, which will be supported by higher confidence, low unemployment and wage growth and by continued declining inflation. Growth will also be supported by stronger foreign demand. Tight financing conditions are expected to continue to have a negative impact on growth, but this impact will fade gradually. The ECB forecasts economic growth in the euro area to be 0.6% in 2024 and to strengthen to 1.5% in 2025. The outlook is surrounded by high uncertainty related to a potential escalation of the situation in the Middle East and trade disruptions in the Red Sea, which would have a negative impact on the euro area economy, particularly through higher energy prices and increased uncertainty. 8 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Figure 3: Commodity prices, March 2024 Energy Food 180 Prices of Brent crude oil rose further in March; nonenergy commodity prices were also higher monthon-month. The average dollar price of Brent crude oil, which has been growing gradually since the beginning of the year, was USD 85.4 in March (2.3% higher monthon-month) and the average euro price was EUR 78.56 (1.6% higher month-on-month). The rising oil price is being influenced in particular by the ongoing conflict in the Middle East. Year-on-year, the dollar Brent oil price was 8.9% higher in March and the euro price was 7.2% higher. The euro prices of natural gas on the European market (Dutch TTF) were significantly lower in March than a year ago (down 39%). According to the World Bank, the average dollar price of non-energy commodities rose by 2.2%, after falling in the previous three months, while it was 2.4% lower year-on-year. Non-energy commodities Metals 160 Index 2010=100 140 120 100 80 60 40 20 Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Source: World Bank. Figure 4: Effective exchange rate, Q1 2024 NEER 108 REER hicp Although the values of the competitiveness indicators further improved in the first quarter of 2024, they still point to unfavourable price competitiveness of Slovenian exporters. The price competitiveness indicators (REER ppi and REER hicp) deteriorated significantly in 2022 and in the first half of 2023, especially under the influence of higher price growth compared to trading partners. With a decline in relative prices (slower growth in domestic prices compared to those of trading partners), both indicators have improved since mid-2023. However, the level of REER ppi is still relatively high and reflects the unfavourable competitive price position of industrial producer prices in manufacturing. REER ppi 106 2007=100 104 102 100 98 96 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 Q1 09 Q1 08 Q1 07 94 Source: ECB; calculations by IMAD. NEER - nominal effective exchange rate, REER HICP (PPI or ULC) - real effective exchange rate deflated by HICP (PPI or ULC). An increase in the indicator means an appreciation of the euro and/or an increase in relative prices against a basket of 37 trading partners' currencies, weighted according to their importance in Slovenia's trade. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2023 II 24 III 24 III 24/II 24 III 24/III 23 I-III 24/I-III 23 Brent USD, per barrel 82.51 83.48 85.41 2.3 8.9 2.2 Brent EUR, per barrel 76.32 77.33 78.56 1.6 7.2 1.1 Natural gas (TTF)2, EUR/MWh 41.35 25.76 26.85 4.2 -39.0 -48.6 USD/EUR 1.082 1.079 1.087 0.7 1.6 1.1 3-month EURIBOR, in % 3.430 3.923 3.922 -0.1 101.2 129.2 110.24 106.83 109.21 2.2 -2.4 -5.4 Non-energy commodity prices, index 2010=100 Source: EIA, ECB, World Bank; calculations by IMAD. Notes: 1 for Euribor, change is in basis points, 2 trading point for natural gas in the Netherlands. Current Economic Trends Slovenian Economic Mirror, No 2/2024 9 Current economic trends Goods export * Ind. prod. in manufacturing Construction output Turnover in retail trade without motor fuels Turnover in service activities 180 160 140 120 100 80 60 Jan 24 24 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 5: Short-term indicators of economic activity in Slovenia, January–February 2024 Source: SURS, calculations by IMAD. Note: * Goods export is adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. The short-term economic indicators for Slovenia point to a continuation of gradual recovery in the first two months of the year. They have largely returned to the level of a year ago, with the exception of construction, where activity nevertheless remains high. Economic sentiment improved in the first quarter compared to the previous quarter, while it remained weaker year-on-year. Manufacturing output continued to rise in February. Since the beginning of the year, manufacturing output has risen in all industry groups by technology intensity. In the first two months, it was on average also higher year-on-year. In February, real exports and imports of goods continued to fall month-on-month. However, following a decline last year, exports were higher in the first two months, while imports remained lower than in the same period last year. The value of construction put in place fell in January from an otherwise high level. This was the first time in two years that it was also down yearon-year. Year-on-year growth in services trade slowed considerably last year and in January was at the same level as a year ago. Trade in services, especially transport services, continues to be significantly affected by the subdued economic growth in Slovenia’s main trading partners. Imports and exports of most other main groups of services were higher year-on-year. In January, total real turnover in market services remained at the level of December 2023, while it was higher year-on-year. Real turnover in most trade sectors continued to rise in January; only in wholesale trade was it lower year-onyear. Economic sentiment improved on average in the first quarter compared to the previous quarter, but it remained weaker year-on-year, with the exception of consumer confidence. Figure 6: Electricity consumption, March 2024 Austria Italy Electricity consumption in March was 8% lower yearon-year. On a high base of last year, the year-on-year decline was, in our view, due to both lower industrial and lower household consumption. The latter was also related to the limited operation of ski resorts and the nearby tourist accommodation, which are part of household consumption. Among Slovenia’s main trading partners, lower consumption compared to March 2023 was recorded by Austria (-5%), Croatia (-2%) and Germany (-2%), while consumption was higher year-on-year in Italy (1%) and France (3%). Croatia Slovenia 20 15 10 5 0 -5 -10 -15 Jan 24 Mar 24 Oct 23 Jul 23 Jan 23 Apr 23 Oct 22 Jul 22 Apr 22 Jan 22 Oct 21 Jul 21 Apr 21 Jan 21 Oct 20 Jul 20 -20 Apr 20 Year-on-year change, in % 25 France Germany 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. 3month moving averages are shown until August 2023. 10 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Figure 7: Electricity consumption by consumption group, February 2024 30 Year-on-year change, in % In February, electricity consumption in the distribution network was lower than a year ago. This was mainly due to the year-on-year lower household consumption (-4.2%), which, in addition to the different timing of the winter holidays compared to the previous year, could also be due to the lower occupancy of tourist accommodation facilities at the ski resorts, which operated only to a limited extent due to the high temperatures. However, industrial and small business consumption1 in February were similar to a year ago. Industry Households Small business consumption Total distribution network consumption 20 10 0 -10 -20 Jan 24 24 Feb Jul 23 Oct 23 Jan 23 Apr 23 Jul 22 Oct 22 Jan 22 Apr 22 Jul 21 Oct 21 Jan 21 Apr 21 Jul 20 Oct 20 Jan 20 Apr 20 -30 1 Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. 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 8: Value of fiscally verified invoices – nominal, March 2024 50 40 20 10 0 -10 -20 -30 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. Jan 24 Mar 24 Sep 23 May 23 Jan 23 Sep 22 May 22 Jan 22 Sep 21 May 21 Jan 21 Sep 20 Jan 20 -40 May 20 Y-on-y change, in % 30 The nominal value of fiscally verified invoices was 3% higher year-on-year in March. With two working days less than in March 2023, year-on-year growth in total turnover was the lowest since the beginning of the year. In trade, which accounted for almost 80% of the total value of fiscally verified invoices, turnover growth was lower than in the previous two months (at 2%, against 4% in January and 8% in February). It slowed in all three main trade segments, although year-on-year turnover growth in retail trade remained relatively strong (6%), also influenced by the timing of the Easter holidays (and purchases before the holidays), which were a week earlier this year than last. Turnover in the sale of motor vehicles was similar as last March, while turnover in wholesale trade was 8% lower year-on-year. Year-on-year turnover growth remained high in accommodation and food service activities and in certain creative, arts, entertainment and sports services and betting and gambling (total growth in accommodation and food service activities and other service activities2 was 11%). On average, total turnover in the first quarter rose by 5% year-on-year in nominal terms. 2 Activities R, S and T according to NACE classification. Current Economic Trends Slovenian Economic Mirror, No 2/2024 11 Jan 24 feb. Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 190 180 170 160 150 140 130 120 110 100 90 80 Jan 15 Exports of goods (3MMA*) Non-smoothed data Imports of goods (3MMA*) Non-smoothed data Jan 14 Seasonally adjusted real index 2010=100 Figure 9: Trade in goods – in real terms, February 2024 Source: SURS, calculations by IMAD. Note: *3MMA - 3-month moving average. In February, real exports and imports of goods continued to decline month-on-month; exports were higher year-on-year, while imports remained lower. As in previous months, the external trade movements were primarily influenced by the slow economic recovery in Slovenia’s main EU trading partners. Real exports fell by 0.6% in February, due to lower exports of most main product groups, with the exception of motor vehicles exports, the value of which rose for the third month in a row and approached the 2019 levels (seasonally adjusted) after several years of strong fluctuations. Real imports fell by 0.5%, with imports of intermediate and consumer goods declining, particularly from non-EU countries (seasonally adjusted). In the first two months, exports (to EU and non-EU countries) were 2.4% higher compared to the same period last year, while the year-onyear decline in imports narrowed (to -1.8%). Sentiment in export-oriented activities improved slightly in March, but export orders remained at a very low level. Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 1100 1000 900 800 700 600 500 400 300 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 200 Jan 14 In EUR million, seasonally adjusted Figure 10: Trade in services – nominal, January 2024 In January, trade in services remained at the same level as at the end of 2023 (seasonally adjusted). Exports of services fell, mainly due to a decline in exports of transport and tourism-related services. Exports of administrative and support service activities rose slightly. Among main import groups, imports of tourism-related services and other business services increased, while imports of transportation services and other business services decreased. Year-on-year growth in services trade, which had slowed considerably last year, reached the year-ago level in January. In particular, the subdued economic growth in Slovenia’s main trading partners continues to weigh heavily on this development. Trade in transport services fell markedly year-on-year (exports by 14.2% and imports by 13.1%), while trade in most other important service groups increased year-on-year. 12 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Manufacturing, tot. Medium-high-tech. ind. Low-tech ind. 280 High-tech ind. Medium-low-tech. ind. 260 240 220 200 180 160 140 120 100 Jan 24 24 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 11: Production volume in manufacturing, February 2024 Source: SURS, calculations IMAD. Manufacturing output continued to rise in February and was higher year-on-year. Since the beginning of the year, manufacturing output has risen in all industry groups by technology intensity. In the first two months, it was also higher year-on-year (by 0.7%). Activity in the energy-intensive chemical industry and the manufacture of other non-metallic mineral products and some less technologically demanding industries (repair and installation of machinery and equipment, manufacture of rubber products, wood-processing and furniture industries, manufacture of leather and textiles) remained lower than a year ago. However, activity in the energyintensive manufacture of paper and basic metals was higher year-on-year in the first two months. According to data on business trends, manufacturing companies’ expectations regarding future production have improved since the beginning of the year. However, inventory indicators remain lower than a year ago. In particular, the level of (total and export) orders was low at the end of the first quarter. Companies continue to cite insufficient foreign and domestic demand as the main limiting factor (one-third of respondents). Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 50 Source: SURS; calculations by IMAD. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 40 Jan 14 Real construction production index (2010=100) Figure 12: Activity in construction, January 2024 According to data on the value of construction work put in place, construction activity fell in January and was also down year-on-year. After high growth in the value of construction work put in place at the beginning of last year, activity declined gradually amid monthly fluctuations. In January, the value of work put in place was 7% lower year-on-year, which represents the first annual decline in the last two years. However, some other data point to growth in construction activity. According to VAT data, for example, the activity of construction companies in January was 8% higher than last year. Compared with data on the value of construction put in place, the difference shown in the growth of this activity was thus 15 p.p. Current Economic Trends Slovenian Economic Mirror, No 2/2024 13 Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 240 220 200 180 160 140 120 100 . by IMAD. Source: SURS; calculations Jan 24 24 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 80 Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 13: Turnover in trade, January–February 2024 In most trade sectors, real turnover rose at the beginning of the year and was higher year-on-year in January and, according to preliminary data, also in February. Following high growth last year, turnover in the sales of motor vehicles remained largely unchanged in January and was 14% higher year-on-year. Following growth in the fourth quarter of last year, turnover in retail sales of non-food products, which was up 1% year-onyear, and in wholesale trade, which remained down yearon-year (-2%), continued to strengthen. After a modest increase in the second half of last year, turnover in retail sales of food, beverages and tobacco, which was 2% higher year-on-year, fell slightly in January. According to preliminary SURS data, turnover in February was again higher year-on-year in the sales of motor vehicles and retail sales of food, while turnover in retail sales of nonfood products was similar to February 2023. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2023 II 24/I 24 II 24/II 23 I-II 24/I-II 23 Merchandise exports, real1 -6.8 -0.63 3.0 2.4 - to the EU -7.6 1.63 4.4 2.7 Merchandise imports, real1 -7.2 -0.53 -1.5 -1.8 - from the EU -5.6 2.43 0.3 -2.7 Industrial production, real -5.6 3.3 2.8 -0.44 - manufacturing -4.5 2.6 3.0 0.74 In % 3 3 4 4 2023 I 24/XII 23 I 24/I 23 Services exports, nominal2 6.4 -0.43 0.54 Services imports, nominal 4.6 1.8 -0.44 Construction - value of construction put in place, real 19.4 -5.1 -6.94 Distributive trades - real turnover -2.7 0.4 1.64 2.2 0.2 5.44 2 Market services (without trade) - real turnover 3 3 3 3 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. Source: SURS; calculations by IMAD. Note: * including real estate activities (L). Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 200 180 160 140 120 100 80 60 40 20 0 Jan 15 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) Jan 14 Seasonally adjusted real index 2010=100, 3-month moving average Figure 14: Turnover in market services, January 2024 Total real turnover remained at the level of December 2023, while it was 6.3% higher year-on-year in real terms. After two months of growth, turnover fell in administrative and support service activities, but with continued growth in employment services. Turnover also declined in accommodation and food service activities, mainly due to a fall in turnover in the accommodation sector. A decline was recorded also in transportation and storage, this time mainly in warehousing and storage. After a decline in December, turnover growth was the highest in information and communication. The strong growth came mainly from computer services, where turnover increased primarily on the domestic market. Turnover growth continued in professional and technical activities, with robust growth in architectural and engineering services. Total turnover in market services rose by 6.3% year-on-year in real terms in January, which can be attributed to growth in all market services with the exception of real estate activities. 14 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Figure 15: Selected indicators of household consumption, January–March 2024 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Real turnover in accomodation and food service 140 120 100 80 60 40 Q1 24 Q1 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 0 Q1 15 20 Q1 14 Seasonally adjusted index 2010=100 160 Source: SURS; calculations by IMAD. Note: The Q1 2024 figure for the turnover in accommodation and food service is value for Januar, for others is the average value for January and February. The available data indicate that household consumption increased year-on-year at the beginning of the year. Sales of new passenger cars used by natural persons rose by 14% year-on-year in January, following a sharp year-on-year increase at the end of last year. Spending on tourism services at home and abroad was also higher year-on-year.3 Spending on non-food products and food, beverages and tobacco products was also higher on average in January and February than in the same period last year. The year-on-year growth in household consumption in the first quarter is also evident from the growth in the nominal value of fiscally verified invoices (5%), which, amid lower price growth than in the previous quarters, also increased significantly in real terms. 3 The number of overnight stays by domestic tourists in Slovenia was up 1% year-on-year in January and February combined, while spending on tourism services outside Slovenia was up 2% year-on-year in nominal terms in January. Figure 16: Economic sentiment, March 2024 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Jan 24 24 Mar Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 -50 Jan 15 -40 Jan 14 Seasonally adjusted indicator value, 3-month moving average 30 In March, the economic sentiment indicator fell again month-on-month and also year-on-year. Compared to February, confidence fell in service and manufacturing activities and in retail trade. It was only higher in construction, while it remained roughly unchanged among consumers. Compared to March 2023, confidence was down in all activities and, with price developments easing, higher only among consumers, where it is still significantly more below the long-term average than in the years before the epidemic. Manufacturing Service activities Consumers Source: SURS; calculations by IMAD. Transactions in new residential properties Transactions in existing residential properties Prices of new residential properties Prices of existing residential properties 225 200 175 150 125 100 75 50 Q1 23 Q4 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 Q1 10 0 Q1 09 25 Q1 08 Index 2010=100, 4-quarter moving averages Figure 17: Real estate, Q4 2023 Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. Amid a further decline in the volume of sales, growth in dwelling prices halved in 2023 as a whole. Following average growth of 14.8% in 2022 and 11.5% in 2021, dwelling prices were 7.1% higher year-on-year last year.4 Prices of existing dwellings, where the number of transactions fell below 10,000 for the first time since 2014 (and was almost one-quarter lower year-on-year), were 7.3% higher year-on-year. Prices of newly built dwellings were also higher (by 5.4%), but these dwellings accounted for only 3% of all transactions. They were 43.9% higher than in 2008, with prices of existing dwellings rising by 51.3% (by 41.1% in Ljubljana and by 71.8% elsewhere) and prices of newly built dwellings by 18.2%.5 4 5 Quarter-on-quarter price growth accelerated slightly in the fourth quarter of last year (to 2.4%), following very low growth in the third quarter (0.7%). This was primarily due to price growth for existing dwellings, which slowed in the previous quarter for the first time since the last quarter of 2019. General price growth (inflation) was 35.9% in 2023 compared to 2008. Current Economic Trends Slovenian Economic Mirror, No 2/2024 15 Figure 18: Households facing financial distress, March 2024 Running into debt Having to draw on savings Financial distress - total 9 8 7 6 5 4 3 2 1 Source: SURS (Consumer Survey). Jan 24 24 Mar Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Share of answers in %, 12-month moving average 10 In the first quarter, the financial situation of households remained largely unchanged both on the previous quarter and year-on-year. Compared to the previous quarter, the share of households from the lowestincome quartile facing financial distress6 decreased by 1.9 p.p. (by 1.6 p.p. year-on-year). According to our estimate, this was partly due to the increase in the minimum wage in January, regular indexation of pensions, continued gradual slowdown in inflation and developments on the labour market (higher employment and wages). The financial situation of households from the second income quartile improved (by 2.7 p.p.; by 1.2 p.p. year-onyear). Despite the improvement, the financial situation of households in the two lowest income quartiles was slightly worse on average in Q1 than in 2019. Households facing financial distress continued to cover their financial needs to a greater extent by drawing on savings. 6 Financial distress is defined as households having to draw on savings or run into debt to cover current expenditures. 16 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Labour market Figure 19: Number of persons in employment, January 2024 Persons in employment Construction (F) Public services (O–Q) 135 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) Index, January 2019 = 100 130 125 120 115 110 105 100 95 Jan 24 Jul 23 Jan 23 Jul 22 Jan 22 Jul 21 Jan 21 Jul 20 Jan 20 Jul 19 Jan 19 90 Source: SURS; calculations by IMAD. The number of persons in employment continued to rise year-on-year in January. Growth was higher (1.3%) than in the final months of 2023 (still 0.6% in December), when year-on-year growth slowed, and was mainly due to a change in the definition of persons in employment.7This is also the reason why the highest growth was recorded in construction, which is facing a major labour shortage and saw the largest increase in the number of persons in employment compared to the same period in 2019. The number declined year-on-year in administrative and support service activities. The year-on-year increase in the number of persons in employment was due to a higher number of employed foreign nationals, while the number of employed Slovenian citizens fell. The share of foreign citizens among all persons in employment was 15.3% in January, 1.3 p.p. higher than a year earlier. Activities with the largest shares were construction (49%), transportation and storage (33%), and administrative and support service activities (28%). 7 Inclusion of individuals posted to work or undergo training abroad and caregivers of family members among the persons in employment at the beginning of 2024. The effect of the changed definition is the largest in construction. Figure 20: Number of registered unemployed, March 2024 All unemployed According to the seasonally adjusted data, the monthly decline in the number of registered unemployed in March (0.9%) was similar to February. According to original data, 46,877 people were unemployed at the end of March, 6.9% less than a year ago. Amid labour shortages, the number of long-term unemployed (more than one year) fell by 14.9% year-on-year at the end of March, while the number of unemployed over 50 fell by 9%. Long-term unemployed 120 100 80 60 40 20 Source: ESS. Jan 24 24 Mar Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Number of registered unemployed in '000 140 Current Economic Trends Slovenian Economic Mirror, No 2/2024 17 Beneficiaries of financial social assistance (FSA) Recipients of unemployment benefits (UB) 120 100 80 60 40 20 Jan 24 24 Feb Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 0 Jan 14 Number of FSA beneficiaries and UB recipients in '000, seasonally adjusted, 3-month moving average Figure 21: Number of FSA beneficiaries and UB recipients, February 2024 In February, the number of financial social assistance (FSA) beneficiaries fell year-on-year, while the number of unemployment benefit (UB) recipients increased significantly. Amid high employment and a fall in the number of long-term unemployed, who are often eligible for FSA, the number of FSA beneficiaries continued to fall year-on-year. In February, 74,256 people were entitled to FSA (original data), which is 6.1% less than in February 2023. The number of UB recipients was 16,967 in February (original figure), up by 8.8% year-on-year. This is mainly due to a slightly higher inflow of persons who are eligible for UB into unemployment. 34.1% of all unemployed people received unemployment benefits in February, which is more than a year ago (29.2%). Sources: MDDSZ, ESS, calculations by IMAD. Figure 22: Average nominal gross wage per employee, January 2024 Private sector 20 Public sector Total 12 8 4 0 -4 -8 -12 Source: SURS; calculations by IMAD. Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 -20 Jan 16 -16 Jan 15 Year-on-year real growth, 3-month moving average, in % 16 Amid lower inflation and an increase in the minimum wage, the year-on-year growth in the average gross wage in January (4.6%) was higher in real terms than in the previous months. In the private sector, the average gross wage increased by 5.5% year-on-year in real terms. Growth was strongest in administrative and support service activities, manufacturing activities, and transportation and storage. Growth in the public sector (3%) was lower than in December, when the higher growth was partly due to public servants’ promotion raises at the end of the year and to the performancerelated bonus payments for regular work. Nominal year-on-year growth in the average gross wage was slightly lower in January (8.1%) than in previous months. Growth was 8.9% in the private sector and 6.4% in the public sector. Table 3: Indicators of labour market trends Change, in % 2023 I 24/XII 23 I 24/I 23 Persons in formal employment2 1.3 0.81 1.3 Average nominal gross wage 9.7 0.41 8.1 private sector 9.4 0.71 8.9 public sector 10.3 0.61 6.4 of which general government 10.1 -0.61 5.7 of which public corporations 10.9 -0.41 8.4 2023 I 23 XII 23 5.0 5.1 4.8 4.7 2023 III 24/II 24 III 24/III 23 I-III 24/I-III 23 -14.0 -5.7 -6.9 -6.9 Rate of registered unemployment (in %), seasonally adjusted Change, in % Registered unemployed Sources: ESS, SURS; calculations by IMAD. Notes: Seasonally adjusted. Persons in paid employment, self-employed persons and farmers (SRDAP). 1 2 I 24 18 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Prices Figure 23: Consumer prices, March 2024 Slovenia 12 Euro area Year-on-year inflation, in % 10 8 6 4 2 0 Jan 24 24 Mar Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -2 Source: SURS, Eurostat. The year-on-year growth in consumer prices continued to accelerate slightly in March, to 3.6%, while it was almost 7 p.p. lower than in the same month last year. The higher annual inflation compared to February (when it was 3.4%) was due to a higher contribution from services, which rose by 6.1% year-onyear (the highest increase since November 2023, when price growth was 7.4%). The acceleration is largely due to the low base effect in package holidays, which fell by 22.4% month-on-month in March last year due to seasonal fluctuations, while the drop in prices this March was less pronounced (14.3%). The year-on-year price increase in the recreation and culture group was thus 6% and more than doubled compared to February. The monthly inflation was significantly influenced by the effects of seasonal price increases in the clothing and footwear group, which pushed up the price increase for semi-durable goods to 3.6%. With prices in the restaurants and hotels group rising by 0.2% month-on-month, price growth in this group also increased year-on-year (6.7%). The contribution of the transport group also increased slightly in March, due to the rise in prices for petroleum products, but in a year-on-year comparison, the price increase in this group was only 1.3%. Year-on-year price growth in the food and non-alcoholic beverages group continues to slow rapidly and, at 0.9%, was the lowest in three years. Prices of durable goods also remained down year-on-year (by 0.8%). Figure 24: Slovenian industrial producer prices, February 2024 Domestic market 160 Non-domestic market 140 130 120 110 Source: SURS. Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 90 Jan 24 Feb 24 100 Jan 14 Index 2015=100 150 In February, the year-on-year decline in Slovenian producer prices intensified (-3.5%), due to the monthly decline in prices (-1.0%) and the high base from last year. Month-on-month, prices fell in most industrial groups (with the sharpest fall in energy prices: -8.3), while only prices for capital goods rose slightly. The monthly decline in prices of products on the domestic market was similar to the decline on foreign market (-1.1% and -0.9% respectively). Differences between domestic (-3.4%) and foreign markets (-3.6%) were also small in a year-onyear comparison. The year-on-year price decline in the intermediate goods group further deepened in February (-5.5%), and energy prices were also lower year-on-year for the first time since the start of 2021 (by almost onefifth). The rise in prices for capital and consumer goods continued to weaken, with growth of just over 1%. Current Economic Trends Slovenian Economic Mirror, No 2/2024 19 Table 4: Consumer price growth, in % 2023 IV23-III24/IV22-III23 III24/II24 III24/III23 I-III24/I-III23 4.2 5.8 0.2 3.6 3.4 4.2 7.6 0.1 0.8 1.8 -2.3 0.2 1.4 3.0 1.3 Services 6.0 7.2 -1.5 6.1 5.3 Other Total Food Fuels and energy 4.7 5.4 1.4 2.8 3.1 Core inflation - excluding food and energy 5.2 6.3 0.0 4.4 4.2 Core inflation - trimmed mean2 4.2 6.4 0.4 4.4 3.7 1 Source: SURS; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. 20 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Financial markets Figure 25: Growth in loans to domestic non-banking sectors, February 2024 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 23 Jan 24 Feb Jan 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 downward trend in the volume of loans granted to domestic non-banking sectors was halted in February this year (0.6%), mainly due to last year’s lower base for corporate and NFI loans. The volume declined year-on-year from July last year to January this year, while lending activity remained relatively subdued in February. As a result, the volume of loans only increased by around EUR 10 million or less than 0.1% on a monthly basis. The year-on-year increase in household loans has stabilised at around 4% over recent months. Growth was to a large extent driven by a 13.8% increase in consumer loans, which has accelerated since the second half of last year, when the Bank of Slovenia lowered the limit on creditworthiness8 for household borrowing. Growth in the volume of housing loans remains modest and has been below 1% since October last year. The year-on-year decline in the volume of corporate and NFI loans slowed considerably in February (to 3.4%) compared to January. Deposit growth in the non-banking sector remains at around 3%. The maturity structure of deposits is gradually improving. With the rise in deposit interest rates – which, however, are still well below the euro area average – term deposits (20.9% of total domestic non-banking sector deposits) increased by around one-third, while overnight deposits fell slightly (by 2.8%). The quality of banks’ assets remains solid and the share of non-performing loans remained unchanged at 1% at the beginning of the year. 8 It was previously set at 76% of the gross minimum wage (EUR 914) and was reduced to the level of the minimum cost of living (EUR 745) at the beginning of July 2023. Certain benefits (e.g. child benefit) can also be included by banks in the calculation of the consumer’s annual income. Figure 26: Government bond, Q1 2024 Austria Portugal 8 Ireland Slovenia Italy Spain Germany 7 5 4 3 2 1 0 -1 Source: Bloomberg. Jan 24 Mar 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -2 Jan 14 Yields to maturity in % 6 Yields to maturity of euro area government bonds decreased slightly in the first quarter of this year as inflationary pressure gradually eased. The yield to maturity of the Slovenian bond fell by 25 basis points compared to the previous quarter to 3.16%, the lowest level since the fourth quarter of 2022. The spread to the German bond, which, at 84 basis points, was the lowest since the beginning of 2022, also narrowed slightly. Current Economic Trends Slovenian Economic Mirror, No 2/2024 21 Table 5: Financial market indicators Nominal amounts. EUR million Nominal loan growth.% Domestic bank loans to non-banking sector and household savings 28. II 23 31. XII 23 29. II 24 29. II 24/31. I 24 Loans total 25,461.4 25,572.9 25,607.6 0.0 0.6 11,727.9 11,352.0 11,327.6 -0.3 -3.4 0.8 Enterprises and NFI 29. II 24/28. II 23 Government 1,309.2 1,335.9 1,319.6 -0.5 Households 12,424.3 12,885.1 12,960.4 0.4 4.3 Consumer credits 2,628.6 2,918.3 2,990.2 1.3 13.8 Lending for house purchase 8,211.4 8,271.7 8,286.5 0.2 0.9 Other lending 1,584.3 1,695.1 1,683.7 -0.2 6.3 26,526.9 27,072.2 26,885.3 -0.7 1.4 23,543.9 22,753.5 22,303.2 -1.4 -5.3 2,983.0 4,318.7 4,582.1 3.0 53.6 638.6 656.8 757.5 20.2 18.6 9,216.9 10,859.2 10,604.7 1.2 15.1 Bank deposits total Overnight deposits Term deposits Government bank deposits. total Deposits of non-financial corporations. total Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. 22 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Balance of payments Trade in goods Primary income Current account 5000 The current account of the balance of payments in the last 12 months recorded a surplus of EUR 3 billion, compared to a deficit of EUR 617.1 million in the same period a year earlier. The main reason for the shift to a surplus was the goods trade balance, as imports of goods have fallen more sharply than exports. The surplus in trade in services continued to increase, especially in trade in construction services, such as investment works, construction and assembly services, and trade in transport services. The primary income deficit was lower mainly due to lower net outflows from equity income (dividends and profits) and higher net interest receipts from abroad. The lower secondary income deficit arose from lower net outflows of private sector transfers (increased non-life insurance premiums). Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 24 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -5000 Jan 14 12-month cumulatives, in EUR million Figure 27: Current account of the balance of payments, January 2024 Source: BoS; calculations by IMAD. Table 6: Balance of payments I 2024, in EUR million Inflows Outflows Balance Balance, I 2023 Current account 4,449.0 4,162.0 287.0 122.5 3,291.0 3,192.0 99.0 -70.7 Services 797.4 529.0 268.4 262.6 Primary income 207.9 283.6 -75.7 -21.6 Secondary income -47.8 Goods 152.7 157.4 -4.7 Capital account 227.9 174.4 53.4 -59.4 Financial account 628.7 1,020.8 392.1 325.8 Direct investment Portfolio investment Other investment Statistical error 100.2 136.2 36.0 -33.0 1,073.5 534.9 -538.6 -1,261.0 -537.3 273.3 810.6 1,578.5 51.7 262.6 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Current Economic Trends Slovenian Economic Mirror, No 2/2024 23 Public finance Figure 28: Revenue of the consolidated general government budgetary accounts, February 2024 18 Tax revenues Non-tax revenues Other Social security contributions Receipts from the EU budget TOTAL REVENUE (growth in %) 12 9 6 3 0 I-II 2024 Source: MF; calculations by IMAD. I-II 2023 2023 2022 2021 2020 2019 2018 2017 2016 -6 2015 -3 2014 Contribution to growth, in p.p. 15 18 Salaries, wages and other personnel expend. with social contrib. Expenditure on goods and services Interest payments Reserves Current transfers Capital exp. and capital transf. Payments to the EU budget TOTAL EXPENDITURE (growth in %) 15 12 9 3 0 I-II 2024 2023 2022 2021 I-II 2023 Source: MF; calculations by IMAD. 2020 2019 2018 2017 2016 2015 -3 -6 On 28 December 2023, Slovenia received EUR 536 million based on the second payment request under the Recovery and Resilience Facility, consisting of the second and third instalments for grants and the first instalment for loans. 10 The agreement regulating measures relating to salaries and other labour costs in the public sector for 2022 and 2023 (October 2022) resulted in a 4.5% increase in the value of salary grades as of 1 October 2022 and higher meal allowance. As of 1 April 2023, wages increased by one salary grade. 9 6 2014 Contribution to growth, in p.p. Figure 29: Expenditure of the consolidated general government budgetary accounts, February 2024 In the first two months of this year, the consolidated general government budgetary accounts showed a surplus of EUR 218 million, which is more than in the same period last year. Revenue in the first two months was 10.6% higher year-on-year. The main contributor to revenue growth was tax revenue, in particular VAT, partly due to the expiry of the reduced VAT rate on energy products, which was in force until the end of May last year. The contribution from personal income tax and from social security contributions, which were boosted by higher wage growth, also remained high. Despite the inflow of funds based on the second payment request under the Recovery and Resilience Facility,9 which were partially booked in January, total receipts from the EU budget were lower. Expenditure in the first two months was 8.3% higher year-on-year. This was mainly due to transfers to individuals and households, expenditure on goods and services, and expenditure on investments (35.4%). Growth in wages and other remunerations, which were affected by the agreement on wage increases in the public sector, also remained high.10 Subsidies to companies for the mitigation of the effects of rising energy prices were lower year-on-year. From August 2023 to the end of February 2024, EUR 608 million had been disbursed from the state budget to rectify the consequences of floods and landslides, of which EUR 50 million was disbursed in the first two months of this year. 24 Current Economic Trends Slovenian Economic Mirror, No 2/2024 Figure 30: EU budget receipts, February 2024 Slovenia’s net budgetary position against the EU budget was positive in the first two months of 2024 (at EUR 34.7 million). In this period, Slovenia received EUR 129.5 million from the EU budget (9% of receipts envisaged in the adopted state budget for 2024) and paid EUR 94.8 million into it (13.2% of planned payments). The bulk of receipts (43.9% of all reimbursements to the state budget, 19.1% of the planned reimbursements in 2024) were resources from structural funds11 and resources from the Cohesion Fund (42.5% of all reimbursements to the state budget, 54.5% of the planned reimbursements in 2024). Receipts for the implementation of the Common Agricultural and Fisheries Policies amounted to 1% of all reimbursements (0.3% of the planned reimbursements in 2024). The highest payments into the EU budget came from GNI-based payments (44.3% of all payments). Total receipts (January–February 2023) Expected reimbursements in the budget 2024 Total receipts (January–February 2024) 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 Figure 31: Absorption of 2014–2020 ECP funds (EU part) for the period 1 January 2014–29 February 2024 Payments from the state budget Commitment appropriations Total CF ESF According to the MKRR data, under the Operational Programme for the Implementation of the EU Cohesion policy 2014–2020 (from January 2014 to the end of February 2024), payments from the state budget totalled EUR 3.45 billion (EU share), which corresponds to 103%12 of the available funds, while certain payments from the state budget are planned for the first half of 2024 (about EUR 66 million according to estimates made by line ministries). Under the Operational Programme for the Implementation of EU Cohesion policy 2021–2027 (from January 2021 to the end of February 2024), payments from the state budget totalled EUR 23 million (EU share), which corresponds to 1% of the available funds. The European Regional Development Fund (ERDF) and the European Social Fund (ESF). 12 The additional appropriations (over 100%) allow that, in the event of the usually lower final realisation of reimbursements from the European budget (due to identified ineligible expenditure, withdrawal from cofinancing, etc.), all available funds can still be used and the objectives of the Operational Programme for the Implementation of the European Cohesion Policy can be achieved. 11 ERDF 0 1000 2000 3000 In EUR million 4000 Source: MKRR. Note: ESF includes YEI funds. REACT-EU funds are included. Table 7: Consolidated general government revenue and expenditure on a cash basis I-II 2023 I-II 2024 Y-o-y growth, EUR m in % Category REVENUES TOTAL Tax revenues 3,799.7 -0.5 4,202.6 1,948.8 2.6 2,191.0 Personal income tax 522.5 -1.3 619.9 Corporate income tax 191.8 22.9 208.2 9.0 -9.9 8.2 1 Taxes on immovable property Value added tax Excise duties Social security contributions Non-tax revenues Receipts from the EU budget Other 786.0 2.8 I-II 2023 Y-o-y growth, EUR m in % 891.2 248.7 7.5 256.1 1,475.1 8.7 1,667.9 179.3 -28.9 184.5 146.8 -42.5 130.3 49.8 -8.4 28.9 Category 10.6 EXPENDITURE TOTAL I-II 2024 Y-o-y growth, EUR m in % Y-o-y growth, EUR m in % 3,678.7 -0.6 3,984.6 Salaries. wages and other 12.4 personnel expenditures2 958.7 11.1 1,037.4 8.2 18.7 Expenditure on goods and services 487.0 -0.7 575.0 18.1 70.3 69.9 54.7 -22.2 50.4 -68.7 27.7 -45.1 1,510.1 -0.8 1,658.6 9.8 8.6 Interest payments -9.6 Reserves Transfers to individuals and 13.4 households 8.3 3.0 Other current transfers 311.4 -3.1 299.9 -3.7 13.1 Investment expenditure 174.7 10.4 236.6 35.4 116.2 -17.8 94.8 -18.4 2.9 Payments to the EU budget GENERAL GOVERNMENT -11.2 BALANCE 121.0 217.9 -42.0 PRIMARY BALANCE 170.5 240.9 Source: MF; 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 2/2024 Main indicators GDP (real growth rates, in %) 2017 2018 2019 2020 2021 2023 2022 2024 27 2025 Autumn Forecast 2023 4.8 4.5 3.5 -4.2 8.2 2.5 1.6 2.8 2.5 GDP in EUR million (current prices) 43,011 45,876 48,582 47,045 52,279 57,038 62,970 67,318 71,105 GDP per capita in EUR (current prices) 20,820 22,142 23,256 22,373 24,803 27,040 29,672 31,588 33,254 GDP per capita (PPS) 25,100 26,500 27,800 26,800 29,200 32,500 GDP per capita (PPS EU27=100)1 86 87 89 89 90 92 Rate of registered unemployment 9.5 8.2 7.7 8.7 7.6 5.8 5.0 4.7 4.5 Standardised rate of unemployment (ILO) 6.6 5.1 4.5 5.0 4.7 4.0 3.6 3.5 3.4 Labour productivity (GDP per employee) 1.8 1.3 1.1 -3.6 6.8 -0.4 0.4 1.9 1.7 Inflation2, year average 1.4 1.7 1.6 -0.1 1.9 8.8 7.6 3.9 2.7 Inflation2, end of the year 1.7 1.4 1.8 -1.1 4.9 10.3 5.4 3.1 2.3 11.1 6.2 4.5 -8.5 14.5 7.2 0.1 3.3 3.8 Exports of goods 11.0 5.7 4.5 -5.5 13.4 2.9 -1.0 2.4 3.2 Exports of services 11.2 7.7 4.6 -19.7 19.1 24.9 4.2 6.1 5.6 10.7 7.1 4.7 -9.1 17.8 9.0 -3.9 5.3 3.9 Imports of goods 10.7 7.4 5.0 -8.6 17.2 7.7 -5.1 5.2 3.6 Imports of services 10.5 5.4 3.0 -12.0 20.7 15.9 3.1 5.8 5.2 2,674 2,695 2,844 3,398 1,732 -578 2,779 1,898 2,011 6.2 5.9 5.9 7.2 3.3 -1.0 4.4 2.8 2.8 43,231 42,137 44,491 48,049 50,923 51,825 100.5 91.8 91.6 102.1 97.4 90.9 1.129 1.181 1.120 1.141 1.184 1.054 1.090 1.096 1.096 1.9 3.5 5.5 -6.5 10.3 3.6 0.9 2.3 1.8 52.5 52.0 52.5 50.4 51.7 54.0 53.1 52.8 52.3 0.4 2.9 1.8 4.2 6.1 -0.5 1.4 1.9 2.2 18.5 18.2 18.3 20.6 20.7 19.5 19.3 19.1 19.3 10.2 10.2 5.0 -7.2 12.6 3.5 4.5 5.5 4.3 18.3 19.3 19.6 18.9 20.2 21.6 21.5 22.0 22.3 1 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) Imports of goods and services (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 2023). Notes: 1 Measured in purchasing power standard. 2 Consumer price index. 28 Statistical Appendix Production Slovenian Economic Mirror, No 2/2024 2021 2022 2023 2021 2022 2023 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 8 7.9 6.4 2.8 1.8 -5.7 -3.4 -4.1 -10.1 -5.1 0.3 4.3 0.1 3.8 4.3 0.7 3.8 10.8 38.5 13.5 25.4 -26.1 -30.2 -31.3 -3.5 16.3 32.1 30.2 32.3 12.5 1.6 7.4 39.9 -4.5 8.4 7.3 5.8 -9.9 -4.8 3.5 6.3 3.2 6.6 7.3 2.8 7.4 -5.3 -26.4 -31.6 0.9 -4.9 -29.3 -30.0 -40.2 -39.4 -32.3 -27.7 -23.7 -33.2 -19.0 -34.8 -26.9 -25.7 -21.2 -34.7 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 10.2 B Mining and quarrying -6.6 C Manufacturing 11.8 D Electricity, gas & steam supply 1 1.2 -5.6 10.2 -15.1 3.9 4.6 -1.8 -0.4 -3.3 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.5 22.2 19.4 -11.0 20.0 17.7 14.8 35.6 24.1 Buildings 14.5 63.4 -5.7 -16.1 34.6 53.7 58.5 109.5 21.6 5.9 13.4 19.5 -2.4 16.1 11.6 4.0 22.5 24.6 19.3 12.7 12.1 2.2 18.1 19.5 19.5 6.7 5.1 6.7 14.3 7.2 -5.9 12.1 11.4 11.8 6.9 -0.2 7.6 9.9 5.6 8.8 6.7 17.2 12.0 Professional, scientific and technical activities 10.6 10.0 4.7 8.6 9.3 11.8 Administrative and support service activities 13.1 5.7 6.1 21.4 12.0 11.6 5.1 -2.7 15.4 18.9 5.5 -6.3 8.1 -3.5 7.5 8.0 22.2 38.5 Civil engineering 23.1 23.0 10.1 31.6 14.7 10.7 22.5 19.5 17.4 16.6 1.6 -13.3 -23.4 54.3 34.7 57.6 55.3 48.4 37.0 95.9 26.3 11.0 16.5 10.5 12.7 22.3 2.0 10.3 12.3 -0.5 0.5 2.7 15.0 19.3 20.9 20.4 17.5 5.5 7.9 -1.6 -6.7 -8.1 -6.9 9.6 8.0 10.4 13.7 11.4 2.9 10.5 4.6 11.2 -1.7 2.8 10.3 -1.1 11.4 14.9 12.0 24.3 9.8 14.8 11.3 8.1 7.5 2.2 4.7 4.6 7.5 7.3 9.3 15.0 11.0 9.2 16.4 12.3 -0.8 1.5 7.0 7.7 6.0 3.8 7.6 14.5 13.8 16.1 7.6 -3.4 -3.7 8.8 6.2 5.3 0.7 -1.1 -3.8 -4.6 -1.4 7.5 5.0 6.6 8.4 3.9 1.8 7.7 28.1 9.8 7.4 4.6 0.8 -4.9 -8.3 -7.0 -4.9 5.1 11.0 12.4 6.2 4.2 0.0 6.9 14.6 9.4 -7.6 -5.7 -1.2 1.2 15.1 13.8 13.7 15.8 -5.2 -14.8 -8.1 -1.7 -7.6 -4.0 -0.1 -5.9 8.9 14.3 10.2 8.1 0.4 -3.8 -6.7 -8.6 -4.7 13.7 8.6 13.8 8.1 5.2 10.9 4.2 -10.7 15.2 -1.6 2.6 5.0 685.0 599.8 730.4 257.8 94.9 17.1 1.9 -9.5 -39.5 -8.4 0.5 761.4 643.1 466.0 122.4 26.4 -45.7 -51.7 7.8 596.6 555.2 1172.0 539.8 244.9 MARKET SERVICES, year-on-year real growth rates, % Services, total Transportation and storage Information and communication activities DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Real turnover in retail trade Real turnover in the sale and maintenance of motor vehicles Nominal turnover in wholesale trade & commission trade 9.5 TOURISM, y-o-y growth rates, % Total, overnight stays 3.5 283.2 679.7 180.0 Domestic tourists, overnight stays 10.4 -14.7 -17.0 263.8 690.2 Foreign tourists, overnight stays 42.9 110.1 14.7 332.9 78.8 394.5 61.2 71.6 44.5 27.4 6.2 20.8 18.9 153.2 212.1 106.0 20.7 29.6 32.4 15.0 16.6 Accommodation and food service activities 58.6 78.8 -50.3 -49.1 15.9 193.2 221.0 188.2 110.2 91.2 52.3 69.6 25.8 20.5 AGRICULTURE Purchase of agricultural products, in EUR m 601.4 773.6 751.4 192.6 144.0 176.5 221.0 232.1 178.5 179.8 189.5 203.4 43.9 53.9 54.8 61.1 60.6 81.0 62.3 BUSSINES TENDENCY (indicator values*) Sentiment indicator 2.4 0.6 -3.8 3.2 4.1 2.6 -1.9 -2.5 -1.5 -3.3 -5.7 -4.8 6.4 0.8 4.4 2.8 0.7 -0.9 -0.2 8 0 -8 6 7 2 -3 -7 -5 -9 -10 -9 10 3 4 2 0 0 -1 18 21 14 23 27 22 16 21 17 14 12 13 27 26 22 25 19 16 18 in services 8 17 16 15 15 18 17 18 19 17 13 14 15 14 19 19 18 17 20 in retail trade 5 20 13 6 16 27 21 17 14 17 12 10 15 18 29 28 23 26 22 -22 -33 -33 0 -26 -31 -39 -35 -34 -31 -33 -32 -21 -33 -28 -31 -33 -39 -39 Confidence indicator in manufacturing in construction consumer confidence indicator Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2 The survey covers all larger construction enterprises and some other enterprises that perform construction work. * Seasonally adjusted SURS data. Statistical Appendix Slovenian Economic Mirror, No 2/2024 2022 Production 2023 9 10 11 12 1.2 -4.0 -2.9 -10.5 29 2024 1 2 3 4 5 6 7 -6.9 0.1 -3.3 -8.2 -2.2 -2.4 32.9 -18.5 -21.6 -38.1 -25.7 -31.5 -32.6 -37.8 -27.9 -28.7 8 9 10 11 12 1 2 3 -7.7 -15.8 -7.7 -2.2 -2.7 -11.2 -3.5 2.8 0.3 -10.8 -0.3 17.1 14.2 18.0 9.3 32.6 -6.8 -15.7 -7.8 -3.1 -2.6 -9.5 -1.6 3.0 -8.8 -22.0 -34.7 -48.9 -18.0 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D B Mining and quarrying C Manufacturing 4.1 D Electricity, gas & steam supply 1 0.9 0.9 -7.7 -1.1 1.5 -1.5 -7.6 -1.1 -1.6 -33.5 -50.0 -38.7 -33.0 -46.1 -27.1 -37.9 -27.9 -37.0 -31.7 -34.3 -24.6 -23.1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 11.0 38.7 26.1 45.6 25.0 16.8 29.9 23.4 22.8 23.2 18.5 20.3 29.6 8.1 13.0 9.0 -6.9 Buildings 51.7 107.0 119.6 101.4 57.4 8.9 8.3 -5.6 -3.3 14.2 -6.7 -10.3 -21.5 -25.2 -26.0 -18.3 -30.5 Civil engineering -7.1 19.0 16.0 38.4 15.9 33.6 24.4 24.0 12.8 21.8 14.7 21.8 41.2 10.3 16.1 4.7 -4.9 6.6 5.3 5.7 4.2 7.3 6.1 6.7 -0.6 2.3 -2.8 1.4 -0.2 0.4 1.2 3.3 3.4 6.3 7.5 1.9 -1.9 -0.6 0.5 -3.6 -1.5 -9.6 -1.4 -9.0 -6.6 -9.0 -8.6 -9.7 -5.7 -5.1 0.5 11.6 9.8 5.7 -0.2 11.0 12.3 10.4 -2.7 2.6 -4.6 6.1 0.5 2.1 4.5 14.9 11.3 15.8 Professional, scientific and technical activities 9.0 9.1 7.3 7.9 3.6 8.3 10.1 3.0 -0.2 3.9 3.3 7.7 3.3 7.0 4.0 3.3 10.5 Administrative and support service activities 4.4 -0.4 6.2 -1.0 4.4 9.3 7.3 6.1 10.1 6.8 5.9 7.7 4.8 5.7 1.9 4.1 6.8 6.6 2.2 1.5 -1.7 4.1 -2.1 -4.3 -5.4 -3.1 -2.9 -3.2 -5.0 -5.4 0.5 -0.6 -4.1 1.1 Real turnover in retail trade 7.4 2.1 2.9 -2.2 4.1 -3.9 -12.4 -9.4 -6.8 -8.6 -7.9 -5.9 -7.2 -3.6 -4.8 -6.2 -2.1 -0.5 Real turnover in the sale and maintenance of motor vehicles 0.5 0.3 0.0 3.5 16.6 11.3 16.9 14.8 10.5 16.4 17.2 11.1 12.6 18.2 18.1 10.9 14.4 10.4 8.3 2.9 1.2 -2.9 0.5 -5.2 -6.0 -9.1 -5.6 -5.6 -6.5 -9.2 -9.9 -2.5 -4.2 -7.5 -1.5 -9.5 -15.1 -10.0 -4.6 38.3 13.7 -1.3 12.9 7.0 -13.4 9.0 -5.6 8.0 3.8 2.4 8.7 -4.1 4.5 -9.4 -14.9 5.3 1.1 -0.7 1.0 -6.6 3.1 5.8 MARKET SERVICES, year-on-year real growth rates, % Services, total Transportation and storage Information and communication activities DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays -54.5 -55.6 -43.1 -45.3 Foreign tourists, overnight stays 38.8 61.3 65.4 96.9 67.9 48.4 20.9 38.6 37.0 16.1 15.2 -2.8 8.9 5.3 4.8 14.1 -2.5 15.5 20.1 33.5 37.0 44.7 32.1 23.1 22.6 17.9 7.4 17.8 10.2 23.4 15.2 14.8 17.5 8.6 77.7 90.8 72.2 69.2 60.2 54.7 63.6 56.3 63.0 60.6 64.7 58.8 66.1 78.4 61.4 63.6 55.7 51.8 -4.5 -5.4 -2.1 -0.1 -1.1 -1.4 -2.0 -2.5 -2.8 -4.7 -6.3 -5.9 -4.9 -5.4 -5.0 -3.8 -3.2 -3.3 -4.3 in manufacturing -6 -9 -7 -5 -4 -5 -7 -9 -9 -10 -11 -10 -9 -10 -9 -8 -8 -10 -11 in construction 13 19 22 22 19 19 14 16 13 12 13 8 13 10 13 16 13 8 11 in services 16 14 20 19 18 19 21 18 18 15 13 12 13 14 14 14 13 18 16 in retail trade 15 9 18 23 18 17 7 19 14 17 1 19 15 13 4 14 16 9 4 consumer confidence indicator -40 -38 -37 -31 -35 -34 -33 -30 -30 -34 -33 -34 -33 -33 -32 -31 -28 -29 -29 Accommodation and food service activities 7.4 -10.6 -20.3 -21.7 -34.4 -50.2 AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator 30 Statistical Appendix Slovenian Economic Mirror, No 2/2024 2021 2022 2023 2022 Labour market 2021 2022 2023 FORMAL LABOUR FORCE (A=B+E) 974.6 978.7 982.4 980.0 976.9 976.2 976.5 985.2 982.0 981.5 979.6 986.7 975.9 976.4 975.9 976.2 976.6 975.5 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 900.3 922.0 933.7 914.0 912.5 920.2 923.0 932.3 929.0 934.2 932.7 939.1 915.4 918.3 920.1 922.3 922.3 921.6 In agriculture, forestry, fishing In industry, construction 25.7 24.9 24.3 Q4 25.6 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 Q3 24.3 Q4 24.2 3 24.8 4 24.8 5 24.9 6 24.9 7 24.9 8 24.9 294.1 304.7 308.4 299.6 300.1 303.6 305.9 309.5 307.4 309.0 307.9 309.2 301.6 303.0 303.3 304.4 306.0 305.3 - in manufacturing 205.6 210.8 211.4 208.4 209.1 210.5 210.6 212.9 211.8 212.0 210.7 211.2 209.8 210.3 210.4 210.6 210.6 210.3 - in construction 67.8 In services 73.0 75.7 70.2 70.2 72.2 74.2 75.5 74.5 75.7 75.9 76.5 71.0 71.8 72.1 72.8 74.4 74.0 580.4 592.4 601.1 588.8 587.6 591.8 592.2 597.9 597.4 600.8 600.4 605.7 589.0 590.5 591.8 593.1 591.3 591.3 - in public administration - in education, health-services and social work 49.6 49.5 49.2 49.8 49.4 49.5 49.5 49.6 49.1 49.2 49.1 49.4 49.5 49.5 49.6 49.4 49.5 49.5 146.1 149.7 153.0 148.4 148.9 149.7 148.8 151.6 152.1 153.0 152.1 154.8 149.3 149.4 149.7 149.8 148.4 148.2 FORMALLY EMPLOYED (C) 804.4 824.1 833.4 817.0 815.8 822.8 824.8 833.1 830.0 834.2 831.9 837.5 818.4 821.1 822.6 824.6 824.3 823.4 In enterprises and organisations 756.2 775.8 785.5 768.3 768.3 774.4 776.0 784.4 782.3 785.9 783.9 789.8 770.6 773.0 774.3 775.9 775.5 774.6 1 By those self-employed 48.2 48.3 47.9 48.7 47.5 48.4 48.8 48.7 47.7 47.7 47.8 48.2 48.4 48.7 48.8 48.7 SELF-EMPLOYED AND FARMERS (D) 95.8 97.9 100.4 97.0 96.7 97.4 98.2 99.1 99.0 100.0 100.8 101.7 96.9 97.2 97.4 97.7 98.0 98.2 REGISTERED UNEMPLOYMENT (E) 74.3 56.7 48.7 66.0 64.4 55.9 53.4 52.9 53.0 47.3 46.9 47.6 60.5 58.1 55.9 53.9 54.3 53.9 Female 37.9 28.6 24.3 33.5 32.1 28.3 27.4 26.6 26.2 23.7 23.8 23.6 30.5 29.4 28.2 27.3 27.9 27.8 By age: 15 to 29 14.2 10.5 9.2 12.8 11.9 10.0 9.5 10.6 10.0 8.5 8.4 9.9 11.0 10.5 9.9 9.5 9.6 9.6 Aged over 50 28.2 22.3 19.0 25.5 25.2 22.4 21.2 20.4 20.6 18.9 18.5 17.9 24.0 23.1 22.4 21.7 21.6 21.3 Primary education or less 23.5 18.0 15.9 21.1 20.9 17.7 16.7 16.8 17.4 15.4 15.0 15.6 19.3 18.4 17.6 17.0 16.8 16.7 For more than 1 year 40.5 30.1 22.4 38.3 35.5 31.0 27.9 25.9 24.4 22.6 21.7 21.0 33.9 32.4 31.0 29.6 28.6 28.0 Those receiving benefits 18.9 15.1 14.1 16.3 17.8 14.3 14.5 14.0 15.9 13.1 13.8 13.6 16.2 14.7 14.2 13.9 14.6 14.8 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 7.6 5.8 5.0 6.7 6.6 5.7 5.5 5.3 5.4 4.8 4.8 4.8 6.2 5.9 5.7 5.5 5.6 5.5 Male 6.9 5.2 4.5 6.1 6.0 5.2 4.9 4.9 5.0 4.4 4.3 4.4 5.6 5.4 5.2 5.0 5.0 4.9 Female 8.5 6.5 5.5 7.5 7.2 6.4 6.2 6.0 5.9 5.3 5.4 5.3 6.9 6.6 6.4 6.2 6.3 6.3 FLOWS OF FORMAL LABOUR FORCE -1.8 -1.1 -0.4 -0.1 -1.8 -2.2 -0.6 0.4 -1.0 -1.4 -0.1 0.8 -4.2 -2.5 -2.2 -2.0 0.5 -0.4 New unemployed first-job seekers 0.6 0.6 0.6 1.2 0.4 0.4 0.5 1.2 0.5 0.3 0.4 1.2 0.4 0.4 0.4 0.4 0.3 0.3 Redundancies 4.5 4.2 4.1 4.6 5.1 3.4 3.9 4.2 4.9 3.4 3.9 4.3 3.7 3.6 3.3 3.4 4.5 3.4 Registered unemployed who found employment 5.0 3.8 3.4 3.6 5.1 4.0 3.1 3.1 4.6 3.4 2.9 2.9 5.8 4.4 3.9 3.6 2.5 2.3 Other outflows from unemployment (net) 2.0 2.2 1.9 2.4 2.3 2.2 2.1 2.2 2.0 1.9 1.8 2.0 2.8 2.1 2.2 2.3 2.0 2.1 41.8 49.5 52.0 44.9 46.7 49.1 50.7 51.7 51.8 52.2 52.0 51.9 47.6 48.3 49.2 49.7 50.2 50.7 4.3 5.1 5.3 4.6 4.8 5.0 5.2 5.2 5.3 5.3 5.3 5.3 4.9 4.9 5.0 5.1 5.1 5.2 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.2 48.0 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 2/2024 2022 Labour market 9 10 2023 11 12 1 2 3 4 5 6 2024 7 8 9 10 11 12 1 FORMAL LABOUR FORCE (A=B+E) 977.3 983.2 983.7 988.5 982.1 982.3 981.8 981.6 981.3 981.6 980.3 978.6 979.7 984.8 985.6 989.6 990.6 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 925.2 930.2 931.2 935.3 926.7 928.9 931.4 933.0 934.1 935.4 933.0 931.2 933.7 937.6 938.5 941.3 939.0 In agriculture, forestry, fishing In industry, construction 24.9 24.9 24.9 24.8 24.2 24.2 24.3 24.3 24.4 24.4 31 24.3 24.3 24.3 24.2 24.2 24.2 2 3 23.5 306.4 308.3 308.1 312.0 306.4 307.3 308.4 309.0 308.9 309.1 308.8 307.7 307.3 308.7 308.1 310.7 311.3 - in manufacturing 210.9 212.2 212.2 214.3 211.7 211.5 212.1 212.1 212.1 211.8 211.2 210.7 210.2 211.0 210.6 212.2 212.2 - in construction 74.4 In services 75.0 74.8 76.7 73.7 74.7 75.1 75.7 75.5 76.0 76.3 75.7 75.7 76.3 76.2 77.2 77.8 593.9 597.0 598.2 598.5 596.1 597.4 598.8 599.6 600.8 602.0 599.9 599.2 602.2 604.7 606.1 606.4 604.2 - in public administration - in education, health-services and social work 49.5 49.6 49.6 49.4 49.0 49.2 49.2 49.1 49.2 49.1 49.1 49.2 49.1 49.3 49.3 49.5 49.3 150.0 151.2 151.7 151.9 151.6 152.2 152.7 152.8 153.1 153.0 151.8 151.5 153.1 154.2 154.9 155.2 154.9 FORMALLY EMPLOYED (C) 826.7 831.3 831.9 836.1 828.0 829.9 832.0 833.2 834.1 835.2 832.5 830.5 832.6 836.1 836.7 839.6 837.5 In enterprises and organisations 777.9 782.3 783.1 787.9 780.6 782.3 784.0 785.1 785.8 786.8 784.4 782.6 784.7 788.0 788.9 792.5 791.1 1 By those self-employed 48.8 49.0 48.8 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 98.5 98.9 99.2 99.3 98.7 99.0 99.4 99.8 100.0 100.3 100.5 100.8 101.1 101.5 101.8 101.7 101.5 REGISTERED UNEMPLOYMENT (E) 52.0 53.0 52.5 53.2 55.4 53.4 50.3 48.6 47.2 46.2 47.3 47.4 46.0 47.2 47.2 48.4 51.6 49.7 46.9 Female 26.5 26.9 26.6 26.4 27.1 26.3 25.1 24.3 23.6 23.2 24.0 24.1 23.1 23.7 23.6 23.5 24.7 24.0 22.9 9.2 10.9 10.6 10.4 10.7 10.1 9.3 8.8 8.5 8.2 8.4 8.5 8.5 10.0 9.8 9.9 10.1 9.6 9.0 Aged over 50 20.8 20.4 20.3 20.4 21.3 20.7 19.8 19.3 18.9 18.6 18.8 18.6 18.1 17.8 17.7 18.1 19.4 18.9 18.0 Primary education or less 16.5 16.5 16.6 17.2 18.2 17.6 16.4 15.8 15.4 15.0 15.1 14.9 15.0 15.1 15.4 16.4 17.7 17.1 15.8 For more than 1 year 27.1 26.5 25.9 25.4 25.2 24.4 23.6 23.0 22.6 22.2 22.0 21.7 21.4 21.2 21.0 20.8 21.1 20.6 20.1 Those receiving benefits 14.2 13.0 14.1 15.0 17.2 15.6 14.9 13.4 12.8 13.2 13.8 14.1 13.6 12.4 13.7 14.6 17.4 17.0 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 5.3 5.3 5.3 5.4 5.6 5.4 5.1 5.0 4.8 4.7 4.8 4.8 4.7 4.8 4.8 4.9 5.2 Male 4.8 4.8 4.8 4.9 5.3 5.0 4.7 4.5 4.4 4.3 4.3 4.3 4.3 4.4 4.4 4.6 4.9 Female 6.0 6.0 6.0 5.9 6.1 5.9 5.7 5.5 5.3 5.2 5.4 5.5 5.2 5.3 5.3 5.3 5.5 FLOWS OF FORMAL LABOUR FORCE -1.9 0.9 -0.5 0.6 2.2 -2.0 -3.1 -1.7 -1.4 -1.0 1.1 0.1 -1.4 1.2 -0.1 1.2 3.3 -1.9 -2.8 New unemployed first-job seekers 0.8 2.6 0.7 0.4 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.8 2.5 0.6 0.4 0.6 0.4 0.4 Redundancies 3.9 4.0 4.1 4.5 7.3 3.7 3.6 3.3 3.4 3.4 4.5 3.4 3.8 4.2 4.1 4.6 8.2 4.0 3.6 Registered unemployed who found employment 4.6 3.6 3.2 2.5 3.8 4.6 5.2 3.8 3.3 3.1 2.1 2.1 4.4 3.4 3.0 2.3 3.9 4.7 5.1 Other outflows from unemployment (net) 2.3 2.3 2.3 1.9 2.2 1.8 2.2 1.7 2.1 1.9 1.7 1.8 1.9 2.3 2.0 1.7 2.1 1.9 2.1 51.2 51.7 51.7 51.7 51.5 51.7 52.1 52.3 52.3 52.1 52.0 52.0 52.1 51.9 52.0 51.9 51.8 51.5 5.2 5.3 5.3 5.2 5.2 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.2 5.2 By age: 15 to 29 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.3 48.4 48.1 47.8 47.9 48.1 47.8 47.1 46.3 32 Statistical Appendix Wages Slovenian Economic Mirror, No 2/2024 in EUR 2023 Q4 23 Jan24 GROSS WAGE PER EMPLOYEE, nominal in € 2021 2022 2023 2021 Q4 2022 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 Q3 Q4 5 6 7 y-o-y growth rates, % TOTAL 2,221 2,329 2,318 6.1 2.8 9.7 2.9 -1.2 0.8 5.0 6.5 10.4 9.9 10.0 8.7 -0.9 2.8 3.2 Private sector activities (A–N; R–S) 2,153 2,280 2,503 5.8 6.0 9.6 6.9 4.0 6.6 6.7 6.9 11.1 9.5 9.2 8.9 7.7 6.5 5.7 Public service activities (OPQ) 2,436 2,480 2,258 6.8 -5.1 9.9 -6.8 -12.5 -11.8 0.5 5.3 8.4 11.0 12.3 7.9 -18.3 -5.5 -3.0 Industry (B–E) 2,243 2,388 2,393 5.7 6.2 10.1 6.9 4.4 6.9 7.6 6.2 12.2 10.4 8.2 9.7 8.6 7.0 6.3 Trad. market services (GHI) 1,959 2,077 2,034 5.7 6.7 9.5 7.9 4.5 7.5 6.6 8.2 10.8 9.0 9.7 8.4 7.8 7.4 5.8 Other market services (J–N; R–S) 2,408 2,542 2,504 5.6 5.4 9.3 6.6 3.4 5.7 5.6 6.7 10.0 8.9 9.9 8.3 6.8 4.9 5.2 A Agriculture, forestry and fishing 1,864 1,959 1,930 3.8 9.6 10.0 7.4 6.8 10.1 10.0 11.5 13.0 11.2 8.9 7.2 10.1 11.5 7.4 B Mining and quarrying 2,766 2,894 2,888 2.3 4.1 10.1 9.1 0.4 3.4 5.7 6.1 12.3 22.9 4.0 3.0 1.2 9.5 3.3 C Manufacturing 2,198 2,339 2,354 6.2 6.3 9.9 7.2 4.8 6.9 7.4 6.2 12.1 10.1 8.0 9.6 8.1 7.0 6.6 D Electricity, gas, steam and air conditioning supply 3,315 3,530 3,319 1.5 6.2 12.4 3.6 0.1 8.5 11.2 5.2 14.2 13.4 10.1 12.0 20.6 7.0 2.9 E Water supply sewerage, waste management and remediation activities 2,126 2,263 2,279 4.3 6.1 10.4 5.4 4.1 7.4 6.5 6.3 12.4 9.1 10.1 10.3 7.1 7.3 5.2 F Construction 1,746 1,822 1,807 7.1 7.0 9.6 7.9 6.8 7.1 6.5 7.9 10.9 9.3 9.7 8.8 8.3 7.2 5.3 G Wholesale and retail trade, repair of motor vehicles and motorcycles 2,050 2,180 2,117 5.4 6.3 9.1 7.1 4.8 7.7 5.7 7.2 10.2 8.5 9.5 8.3 7.6 6.9 4.9 H Transportation and storage 1,957 2,085 2,067 5.0 8.7 9.6 9.6 7.0 8.6 8.9 10.2 11.2 9.7 10.1 7.6 9.2 9.3 7.9 I Accommodation and food service activities 1,615 1,669 1,653 12.7 8.9 11.4 20.4 12.4 12.7 7.3 9.1 13.9 10.6 10.3 11.1 14.5 10.3 6.8 J Information and communication 2,943 3,081 3,018 4.7 5.6 7.3 5.4 4.9 6.0 5.9 5.6 7.3 8.0 7.3 6.7 10.6 2.6 6.0 K Financial and insurance activities 3,222 3,432 3,199 5.0 6.3 8.6 7.1 3.1 8.9 5.1 8.2 9.4 6.5 11.1 7.8 5.1 9.8 6.0 L Real estate activities 1,985 2,097 1,999 3.7 5.4 8.4 6.4 3.9 5.8 5.4 6.5 10.1 8.2 8.1 7.4 5.4 6.2 5.2 M Professional, scientific and technical activities 2,486 2,633 2,649 6.3 4.7 9.1 7.5 4.0 4.7 4.9 5.4 10.1 8.6 9.4 8.2 6.0 4.5 4.6 N Administrative and support service activities 1,598 1,686 1,697 5.9 7.8 11.2 8.2 5.8 8.1 8.6 9.0 12.8 11.2 11.6 9.7 9.1 7.6 6.7 O Public administration and defence, compulsory social security 2,675 2,725 2,695 6.9 -3.3 10.0 -1.3 -9.8 -10.6 1.9 6.9 8.4 11.8 12.5 7.4 -20.0 -1.3 0.6 P Education 2,212 2,243 2,305 8.9 -5.1 9.7 1.5 -5.7 -10.7 -5.7 2.3 9.0 10.5 11.5 7.9 -16.3 -9.4 -13.2 Q Human health and social work activities 2,513 2,568 2,587 4.8 -6.3 10.2 -17.1 -20.0 -13.8 6.6 7.3 8.0 11.0 13.3 8.5 -18.7 -4.4 6.4 R Arts, entertainment and recreation 2,180 2,247 2,195 9.4 2.2 9.6 10.5 3.0 2.4 0.5 3.7 10.8 10.2 10.3 7.3 3.6 -0.7 0.1 S Other service activities 1,765 1,828 1,828 3.4 5.0 9.1 2.7 1.1 5.6 5.9 7.1 11.2 8.3 8.9 8.3 5.7 5.0 5.4 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 2/2024 Wages GROSS WAGE PER EMPLOYEE 2022 8 9 10 2023 11 12 1 2 3 4 5 6 33 2024 7 8 9 10 11 12 1 y-o-y growth rates, % TOTAL 5.7 6.1 7.3 7.7 4.6 11.5 10.7 9.2 9.0 11.0 9.9 10.0 10.7 9.5 9.2 8.1 8.7 8.1 Private sector activities (A–N; R–S) 7.0 7.2 7.7 8.4 4.7 12.6 11.3 9.6 8.2 10.9 9.4 9.5 9.8 8.3 9.7 8.5 8.7 8.9 Public service activities (OPQ) 2.0 3.0 6.1 5.5 4.5 8.5 9.0 7.8 10.9 11.1 11.0 11.1 13.2 12.8 7.9 7.0 8.9 5.6 Industry (B–E) 7.9 8.5 8.0 8.2 2.5 14.2 12.0 10.4 9.4 11.7 10.2 8.5 9.2 6.8 9.9 10.7 8.5 10.6 Trad. market services (GHI) 6.9 7.3 8.3 9.2 7.0 12.5 11.2 8.9 7.6 11.0 8.6 9.9 10.3 9.0 9.7 7.8 7.9 8.0 Other market services (J–N; R–S) 6.0 5.7 6.9 8.1 4.9 10.4 10.3 9.5 7.3 10.1 9.2 10.2 10.0 9.4 9.6 6.5 9.3 7.8 A Agriculture, forestry and fishing 9.5 13.1 12.0 8.5 14.1 15.8 13.1 10.1 11.1 11.3 11.2 11.7 9.3 5.8 8.8 11.5 1.4 7.4 B Mining and quarrying 8.1 5.9 8.6 15.1 -3.3 16.0 10.9 10.2 47.8 17.0 6.0 3.5 6.4 1.9 8.8 -0.4 1.2 12.9 C Manufacturing 8.1 7.5 8.0 8.5 2.3 14.2 12.0 10.1 9.3 11.7 9.4 8.1 8.8 7.1 9.8 10.8 8.0 10.6 D Electricity, gas, steam and air conditioning supply 4.2 27.6 8.3 4.3 3.5 16.0 10.0 16.3 6.0 8.7 26.2 14.8 14.9 1.9 9.9 9.6 16.5 9.0 E Water supply sewerage, waste management and remediation activities 7.9 6.5 6.8 6.0 6.3 12.5 14.5 10.4 5.6 14.0 7.8 9.5 11.7 9.2 11.7 11.2 7.8 10.8 F Construction 7.7 6.5 8.1 8.1 7.4 12.9 11.1 8.9 8.4 10.2 9.2 10.3 9.6 9.2 8.7 7.6 10.2 8.9 G Wholesale and retail trade, repair of motor vehicles and motorcycles 5.9 6.3 7.7 7.7 6.2 11.9 11.0 7.9 6.2 11.1 8.5 9.7 10.0 8.8 9.8 8.0 7.3 7.6 H Transportation and storage 9.3 9.5 10.2 12.2 8.1 12.9 11.2 9.5 9.1 10.8 9.1 10.3 10.7 9.3 9.8 5.4 8.2 9.6 I Accommodation and food service activities 7.2 7.8 7.6 10.6 9.1 15.5 13.0 13.4 11.9 11.2 8.7 10.5 11.3 9.1 9.6 13.0 10.9 6.5 J Information and communication 4.2 7.6 7.3 6.1 3.6 8.8 6.6 6.6 6.8 8.9 8.3 8.0 7.8 6.0 7.9 6.4 6.1 6.2 K Financial and insurance activities 7.0 2.4 6.6 10.2 7.0 11.8 11.5 5.8 2.4 9.7 7.6 11.3 11.4 10.4 12.8 2.7 9.5 4.8 L Real estate activities 5.2 5.7 7.5 4.4 7.8 12.1 9.7 8.7 6.4 10.5 7.6 7.9 8.4 8.1 6.2 9.4 6.7 4.1 M Professional, scientific and technical activities 5.2 4.9 6.2 9.0 1.1 8.1 10.7 11.5 7.5 9.4 9.0 9.9 9.6 8.7 8.6 7.1 9.2 9.0 N Administrative and support service activities 10.4 8.7 9.2 6.0 12.3 13.7 13.5 11.1 10.4 12.1 10.9 11.3 10.7 12.7 10.1 6.6 12.7 11.0 O Public administration and defence, compulsory social security 2.8 2.3 6.3 6.7 7.7 8.8 9.4 7.1 10.7 12.0 12.6 11.1 14.0 12.3 7.2 6.5 8.5 5.5 P Education -3.0 0.5 2.2 1.4 3.4 9.3 8.8 8.8 10.5 10.5 10.4 10.4 11.3 12.7 8.1 7.4 8.1 6.0 Q Human health and social work activities 6.9 6.5 10.4 8.8 3.2 7.5 8.9 7.5 11.6 11.0 10.5 12.0 14.6 13.4 8.5 7.0 10.0 5.3 R Arts, entertainment and recreation 0.0 1.4 0.5 6.8 3.7 10.0 6.0 16.5 10.3 10.3 10.0 9.8 9.9 11.3 8.1 6.4 7.5 3.7 S Other service activities 6.4 5.9 7.7 8.3 5.5 13.0 12.5 8.2 8.3 8.8 7.8 8.9 9.2 8.6 7.7 8.9 8.3 5.9 34 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 2/2024 2021 2021 2022 2023 CPI, y-o-y growth rates, % 4.9 10.3 4.2 6.0 Food, non-alcoholic beverages 3.9 18.6 4.6 Alcoholic beverages, tobacco 2.4 6.0 Clothing and footwear 5.9 Housing, water, electricity, gas Q4 2022 Q1 2023 Q4 Q1 Q2 2022 Q2 Q3 Q3 Q4 3 4 5 6 7 8 8.5 10.7 10.1 9.9 8.2 6.6 5.3 3.4 5.4 6.9 8.1 10.4 11.0 11.0 5.9 10.8 13.8 18.3 18.9 14.4 10.2 6.0 2.0 6.9 9.2 10.8 12.5 13.2 13.8 9.4 2.8 5.0 6.4 6.2 9.2 9.2 8.9 9.3 6.3 3.1 4.6 5.1 5.3 5.9 6.5 2.3 1.3 4.4 2.0 2.9 2.3 3.8 6.4 6.6 1.9 3.8 5.5 1.4 2.6 2.0 1.8 2.6 8.6 13.3 2.7 8.4 13.5 22.0 14.6 13.0 9.2 5.3 5.2 4.3 1.3 6.2 10.4 23.9 24.6 25.3 Furnishing, household equipm. 5.7 12.9 3.9 8.0 10.7 12.2 12.5 11.8 9.1 6.4 4.6 2.2 8.5 9.2 10.5 12.3 12.0 11.6 Medical, pharmaceutical produ. -0.5 7.2 8.5 4.2 3.0 3.7 5.7 6.7 11.3 11.8 8.8 8.7 4.4 3.2 2.7 3.2 3.4 3.8 Transport 12.5 9.3 -0.5 13.0 16.3 16.9 10.1 5.0 1.0 -1.0 1.1 0.6 14.1 15.1 16.7 17.2 19.7 16.5 Communications -3.6 1.2 0.1 -4.2 -4.6 -3.8 -0.8 2.6 3.7 3.8 2.6 -1.3 -4.6 -2.7 -5.9 -5.3 -3.7 -4.0 Recreation and culture 3.4 6.9 6.3 4.0 5.9 5.3 6.6 8.6 7.9 8.5 6.7 3.8 2.4 6.2 5.9 5.7 4.8 5.2 Education 0.5 1.4 8.7 0.4 0.3 0.5 1.3 2.1 4.6 5.3 8.7 8.1 0.4 0.3 0.3 0.4 0.4 0.4 Catering services 6.1 10.8 7.9 7.1 9.0 9.1 10.2 11.2 9.1 9.0 8.5 6.1 7.3 7.9 9.6 9.5 8.8 9.0 Miscellaneous goods & services -2.1 8.9 6.2 0.9 2.6 4.1 6.7 7.1 7.5 7.4 6.5 5.4 0.8 2.3 2.4 3.1 3.6 4.1 HICP 5.1 10.8 3.8 6.3 9.0 11.3 10.6 9.9 8.0 6.3 5.0 3.4 6.0 7.4 8.7 10.8 11.7 11.5 Core inflation (excluding fresh food and energy) 3.1 7.4 5.2 4.3 5.6 6.3 6.9 7.8 8.0 7.4 5.9 4.2 4.5 5.4 5.5 6.0 6.1 6.3 10.6 19.3 0.0 15.6 21.7 21.1 19.9 15.5 7.1 2.4 0.4 17.9 20.4 22.5 22.2 21.1 21.0 Domestic market 10.6 23.3 2.0 17.2 24.8 25.2 23.9 19.2 9.9 4.6 2.5 20.3 23.4 25.7 25.4 24.6 25.3 Non-domestic market 10.6 15.3 -2.0 13.9 18.5 17.0 15.8 11.8 4.3 0.2 -1.6 15.4 17.3 19.3 18.9 17.5 16.7 11.6 15.4 -1.9 15.1 20.5 19.3 16.2 11.8 3.8 -0.7 -1.8 16.7 18.8 21.6 21.2 20.1 19.3 8.5 15.1 -2.2 11.4 14.6 12.6 15.0 11.4 4.6 1.9 -1.2 12.9 14.5 14.7 14.5 12.5 11.7 25.9 11.9 -4.1 27.5 29.5 24.9 14.6 6.4 -1.6 -4.4 -4.2 29.3 29.2 30.2 29.2 26.6 25.6 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Euro area Non-euro area Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.0 -1.7 0.8 -1.8 -2.0 -2.3 -0.7 0.1 0.7 1.8 0.6 0.4 -2.0 -2.4 -2.0 -1.7 -2.3 -2.4 Real (deflator HICP) -0.4 -0.4 2.4 -1.1 -0.7 -0.2 0.3 1.6 2.3 3.1 2.5 1.2 -2.6 -2.0 -0.9 0.8 0.6 0.1 Real (deflator ULC) 0.6 -0.2 6.0 -2.8 -3.1 0.8 4.5 6.6 6.5 6.3 4.5 1.184 1.054 1.082 1.123 1.065 1.007 1.021 1.073 1.089 1.088 1.076 1.086 1.102 1.082 1.058 1.057 1.018 1.013 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 2/2024 2022 Prices and indicators of overall competitiveness 9 CPI, y-o-y growth rates, % 10.0 Food, non-alcoholic beverages 2023 12 1 9.9 10.0 10.3 10.0 9.3 10.5 9.4 8.4 6.9 6.1 6.2 7.5 6.9 4.9 4.2 3.3 3.4 3.6 14.4 17.2 19.0 18.6 19.3 18.3 19.0 15.8 14.9 12.4 11.1 10.4 9.2 7.3 6.2 4.6 3.2 2.0 0.9 Alcoholic beverages, tobacco 6.8 7.0 5.5 6.0 9.1 9.1 9.4 7.4 10.3 10.0 9.2 8.8 8.8 8.6 10.0 9.4 6.2 6.3 6.3 Clothing and footwear 4.2 2.7 1.9 2.3 3.9 1.8 5.6 8.3 5.3 5.6 7.3 6.6 5.9 2.7 1.6 1.3 1.9 4.6 4.8 Housing, water, electricity, gas 16.2 15.6 14.9 13.3 11.1 7.9 19.9 13.7 10.6 3.3 2.0 2.0 12.0 10.0 2.9 2.7 3.6 4.7 4.7 Furnishing, household equipm. 13.0 12.5 12.0 12.9 12.3 12.2 10.8 10.2 8.9 8.1 6.7 6.8 5.7 5.0 4.9 3.9 3.1 1.6 1.9 Medical, pharmaceutical produ. 4.0 3.7 6.3 7.2 4.8 5.4 9.8 10.1 10.6 13.3 13.7 11.0 10.7 11.4 6.4 8.5 9.4 10.9 5.7 Transport 14.5 10.4 10.5 9.3 6.0 6.0 3.1 2.9 0.5 -0.3 -3.4 -0.6 0.9 3.1 0.7 -0.5 0.1 0.3 1.3 Communications -3.8 -2.2 -1.4 1.2 2.4 2.1 3.3 3.7 4.2 3.2 3.0 3.8 4.5 4.0 3.7 0.1 -1.6 -1.4 -0.9 Recreation and culture 5.9 6.6 6.2 6.9 10.1 9.6 6.1 7.5 7.7 8.5 8.9 8.7 7.8 7.1 6.7 6.3 2.7 2.6 6.0 Education 0.8 1.3 1.3 1.4 1.4 2.0 2.9 4.0 4.5 5.3 5.2 5.2 5.5 8.7 8.7 8.7 8.6 8.0 7.7 Catering services 9.6 9.9 9.8 10.8 12.1 11.3 10.2 9.6 8.8 8.9 9.2 8.7 9.2 9.1 8.4 7.9 5.5 6.0 6.7 Miscellaneous goods & services 4.7 5.5 5.8 8.9 6.7 7.0 7.5 7.3 7.8 7.5 7.8 7.3 7.1 6.9 6.5 6.2 5.8 5.2 5.1 10.6 10.3 10.8 10.8 9.9 9.4 10.4 9.2 8.1 6.6 5.7 6.1 7.1 6.6 4.5 3.8 3.4 3.4 3.4 6.6 6.7 6.5 7.4 8.0 7.7 7.8 8.0 8.0 8.0 7.8 7.3 7.2 6.5 5.9 5.2 3.9 4.2 4.4 21.3 20.6 19.7 19.3 18.2 14.9 13.4 9.9 6.6 4.9 4.1 2.1 1.0 0.9 0.3 0.0 -1.0 -3.5 Domestic market 25.7 25.1 23.2 23.3 22.1 18.6 16.9 13.3 9.2 7.3 6.8 3.9 3.1 2.5 2.9 2.0 0.3 -3.4 Non-domestic market 16.8 16.0 16.2 15.3 14.3 11.2 9.8 6.4 4.0 2.5 1.4 0.3 -1.1 -0.7 -2.2 -2.0 -2.3 -3.6 Euro area 18.4 16.7 16.6 15.4 14.4 10.9 10.0 6.5 3.4 1.5 0.7 -1.0 -1.7 -1.2 -2.3 -1.9 -2.1 -4.0 Non-euro area 13.7 14.6 15.4 15.1 14.0 11.5 8.7 5.1 4.5 4.3 2.4 3.1 0.3 0.4 -1.9 -2.2 -3.0 -2.4 22.6 17.7 14.3 11.9 8.1 7.5 3.6 0.6 -1.9 -3.4 -5.0 -3.8 -4.3 -4.0 -4.5 -4.1 -3.4 -3.9 Core inflation (excluding fresh food and energy) 2 3 4 5 6 2024 11 HICP 10 35 7 8 9 10 11 12 1 2 3 PRODUCER PRICE INDICES, y-o-y growth rates, % Total Import price indices INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal -2.3 -1.4 -0.7 -0.1 0.1 -0.1 0.3 1.0 0.5 0.5 1.7 1.9 1.6 0.9 0.7 0.1 0.3 0.3 0.6 Real (deflator HICP) -1.3 -1.0 0.6 1.5 1.0 0.7 3.3 3.2 2.3 1.4 2.1 2.8 4.4 4.2 2.4 0.9 1.0 1.1 1.4 0.990 0.983 1.020 1.059 1.077 1.072 1.071 1.097 1.087 1.084 1.106 1.091 1.068 1.056 1.081 1.090 1.091 1.079 1.087 Real (deflator ULC) USD / EUR 36 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 2/2024 2021 2022 2023 2021 2022 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 2022 Q3 Q4 1 2 3 4 5 6 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account Goods 1,732 -578 2,824 28 -146 -232 153 -354 544 1,087 550 643 161 -205 -102 -127 -26 -79 882 -2,174 462 -160 -512 -517 -378 -767 34 483 -26 -28 5 -274 -242 -205 -181 -131 Exports 35,255 42,628 41,317 9,699 10,000 11,045 10,834 10,749 10,858 10,819 9,466 10,174 3,050 3,147 3,803 3,437 3,729 3,879 Imports 34,373 44,802 40,854 9,860 10,511 11,562 11,212 11,516 10,824 10,337 9,492 10,202 3,045 3,421 4,045 3,642 3,910 4,011 Services 2,198 3,482 3,846 622 603 909 1,093 877 830 985 1,027 1,004 171 187 246 297 293 318 Exports 8,471 11,133 11,850 2,458 2,143 2,773 3,329 2,889 2,562 2,961 3,333 2,995 632 686 824 885 886 1,002 Imports 6,273 7,651 8,004 1,836 1,539 1,865 2,235 2,012 1,732 1,975 2,306 1,991 461 499 578 588 593 684 -756 -1,232 -873 -280 -70 -447 -399 -315 -178 -155 -278 -262 40 -54 -57 -163 -98 -187 Receipts 2,086 2,156 2,503 579 537 553 452 613 607 704 587 606 238 140 159 152 214 187 Expenditures 2,841 3,387 3,375 859 608 1,000 852 928 785 858 865 868 197 194 216 315 312 374 -594 -655 -611 -154 -167 -176 -163 -149 -142 -226 -172 -71 -55 -64 -49 -56 -41 -79 Receipts 1,113 1,243 1,430 284 286 317 313 327 311 315 349 454 98 92 95 100 101 116 Expenditures 1,707 1,898 2,041 438 453 494 476 476 453 541 522 525 153 156 144 156 142 195 163 -220 -168 17 -41 -60 -13 -107 -92 -28 20 -67 -11 32 -62 4 -28 -36 1,774 -1,678 2,596 62 -459 -396 85 -908 255 877 1,034 431 289 -328 -419 -321 166 -242 Direct investment -414 -1,288 -520 485 -228 -339 -271 -450 -381 -256 63 53 -47 -98 -84 -116 -242 19 Assets 1,442 763 536 557 364 431 209 -241 186 140 169 42 114 201 49 192 97 142 Liabilities 72 592 770 480 209 567 395 106 -11 161 298 133 309 338 123 1,232 -1,298 644 -295 936 -608 149 -546 746 -1,797 68 431 256 85 304 58 -127 9 -34 -18 -3 -14 -17 -32 -17 -17 -11 569 -1,298 1,198 1,012 1,535 -325 2,082 -288 -742 -448 313 -559 468 Primary income Secondary income Capital account Financial account 1,856 2,051 1,056 Portfolio investment 2,778 -12 -259 Financial derivatives 30 -176 -46 Other investment -1,444 Assets Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes 39 -63 -45 -371 3,420 -1,792 1,053 -694 2,923 2,940 6,285 -1,051 4 18 1,422 1,914 348 340 181 22 -8 65 1,639 834 1,267 -799 2,916 1,241 2,483 -355 1,779 -100 -40 186 179 8 10 2 0 5 -4 1 0 0 10 0 0 1 0 1 5,708 -1,292 811 335 1,328 -560 2,294 1,055 2,564 -205 1,611 -215 -585 -203 101 437 225 -27 186 33 148 34 74 -37 110 -87 -6 66 98 47 42 3 0 8 -13 -3 9 -6 62 0 0 0 0 3 3 3 -3 Trade credit and advances 873 846 349 -97 920 367 7 -448 685 127 -197 -265 326 204 390 296 25 46 Other assets 254 -169 -14 102 -74 -64 -88 57 -102 -10 91 6 -80 -83 89 -8 3 -60 4,367 3,311 2,866 741 586 1,528 699 499 1,718 230 948 -29 -303 187 702 634 -134 1,027 -38 1 7 1 -1 -1 1 2 11 1 -6 0 0 -1 1 0 0 -1 2,359 1,681 1,833 290 526 237 543 375 391 393 766 283 107 91 328 30 -38 244 Loans 16 833 1,050 -3 -441 781 277 215 965 35 457 -408 -113 -291 -36 331 -25 474 Insurance, pension schemes, and standardised guarantee schemes 21 3 29 -44 22 -34 22 -7 54 13 -38 0 7 7 7 -11 -11 -11 Liabilities Other equity Currency and deposits Trade credit and advances 1,119 801 -288 586 437 434 -95 26 150 -327 -25 -86 -269 372 334 213 -107 329 Other liabilities 215 -8 235 -90 43 111 -49 -113 146 114 -207 182 -35 10 68 72 47 -8 Special drawing rights (SDR) 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 824 168 2 97 77 37 24 31 37 6 -1 -41 64 6 6 4 27 5 -121 -880 -60 17 -272 -105 -56 -448 -196 -182 463 -145 138 -156 -255 -198 220 -127 Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,817 978 1,172 1,090 1,244 1,181 1,301 1,183 1,225 1,177 397 416 315 348 426 372 Intermediate goods 15,446 19,633 25,763 3,552 4,067 4,841 5,400 6,008 6,626 6,646 6,347 6,484 6,276 5,309 1,916 1,648 1,839 1,875 2,294 2,066 Consumer goods 13,928 15,744 22,197 1,677 3,856 3,913 4,196 6,218 6,251 5,501 6,631 6,532 6,170 1,388 1,150 1,312 1,318 1,566 5,826 1,172 1,419 1,377 1,455 1,443 1,562 1,387 1,446 1,368 484 502 380 507 490 416 Intermediate goods 16,434 24,076 34,352 6,303 7,338 7,869 8,969 8,893 8,416 8,873 8,743 8,511 2,314 2,601 2,504 2,328 3,036 2,779 Consumer goods 11,670 12,588 16,566 3,020 3,454 3,726 4,392 4,191 4,311 4,315 4,025 4,164 1,170 1,130 960 1,349 1,417 1,509 Import of investment goods 4,008 4,885 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 2/2024 Balance of payments 2022 7 8 10 2023 10 11 12 1 2 3 4 37 2024 5 6 7 8 9 10 11 12 1 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account -175 -57 384 12 -27 -338 123 143 278 233 455 400 202 61 287 280 225 138 287 Goods -208 -243 72 -238 -175 -354 -71 14 91 61 214 208 86 -213 101 44 -35 -38 99 Exports 3,573 3,289 3,972 3,664 3,769 3,317 3,317 3,498 4,043 3,313 3,778 3,729 3,251 2,752 3,463 3,605 3,570 2,999 3,291 Imports 3,781 3,532 3,900 3,902 3,944 3,670 3,387 3,484 3,952 3,252 3,563 3,522 3,165 2,965 3,362 3,561 3,605 3,037 3,192 Services Exports 453 335 263 279 263 258 309 232 322 268 1,078 1,081 1,170 300 340 961 900 1,028 794 805 963 852 1,003 1,106 1,124 1,151 1,057 1,011 360 393 304 393 330 365 317 938 1,045 797 529 Imports 778 741 717 626 637 749 531 547 654 620 642 713 821 758 727 646 622 723 Primary income -186 -99 -115 -44 -63 -207 -22 -67 -90 -6 -26 -122 -116 -101 -61 -75 -83 -104 -76 Receipts 135 139 178 169 213 231 223 182 202 246 251 206 195 179 213 199 180 228 208 Expenditures 320 238 293 213 276 438 244 248 292 252 277 329 311 281 273 274 262 331 284 -81 -55 -26 -41 -52 -56 -48 -62 -31 -54 -93 -78 -71 -17 -84 -54 26 -43 -5 Receipts 101 89 123 99 95 133 92 103 116 101 96 118 90 142 118 114 190 150 153 Expenditures 157 Secondary income 182 144 149 140 147 189 139 165 148 156 189 197 161 159 202 168 164 193 Capital account -15 31 -29 10 44 -161 -59 -3 -30 36 -23 -42 -7 22 6 8 13 -89 53 Financial account 150 -244 179 -161 40 -788 326 123 -194 341 318 218 294 336 403 633 110 -312 392 Direct investment -17 -218 -36 60 -183 -327 -33 -179 -169 6 -54 -207 236 -199 26 96 74 -116 36 Assets 271 -154 92 88 -22 -307 94 126 -35 97 138 -96 -48 -36 253 131 188 -277 136 20 127 305 134 92 192 111 -285 163 227 36 114 -161 100 437 -1,261 370 283 74 561 -486 -71 254 -729 505 -41 282 -539 -8 Liabilities Portfolio investment Financial derivatives 288 65 128 28 161 -251 198 -242 447 53 13 24 21 -51 -36 8 -1 3 -7 -14 -13 1 -11 -7 5 -1 4 Other investment 407 -252 413 -629 198 -867 1,578 -108 -273 256 -154 910 116 288 1,131 14 90 -430 811 Assets -209 339 1,136 -601 1,294 1,359 225 1,012 299 250 1,934 273 Other equity Currency and deposits Loans 0 -302 -163 -36 0 0 3 566 1,063 -396 -107 0 -40 262 4 -1 -2 1 0 0 0 -57 1,277 1,029 -12 37 229 789 411 3 0 121 -58 -418 0 1 -1 0 0 608 1,545 -162 -35 -8 481 0 -42 48 27 9 64 75 -2 54 -19 19 28 27 -23 3 -16 27 26 57 -11 Insurance, pension schemes, and standardised guarantee schemes -4 -4 -4 -1 -1 -1 3 3 3 -2 -2 -2 21 21 21 0 0 0 0 Trade credit and advances 95 -247 159 148 48 -644 87 237 362 -71 -32 230 -110 -360 273 223 -83 -406 -103 Other assets 45 -24 -108 78 -43 22 -70 37 -69 20 2 -32 2 -21 111 32 35 -61 -94 -616 591 723 467 -234 266 -284 1,467 535 -252 379 102 183 -38 803 107 -149 12 -537 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 0 0 0 0 1 1 10 0 1 0 1 0 -6 0 0 0 0 0 0 59 263 221 46 385 -56 14 180 197 -6 102 298 245 182 339 32 123 129 -220 -412 392 297 47 -299 468 -44 1,015 -5 89 139 -193 39 168 250 105 -353 -161 141 7 7 7 -2 -2 -2 18 18 18 4 4 4 -13 -13 -13 0 0 0 0 -247 -46 197 373 -261 -86 -327 222 256 -437 97 13 -5 -290 270 -59 -5 -22 -368 -23 -26 0 4 -58 -59 46 32 69 98 37 -20 -77 -86 -45 29 87 66 -91 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -3 4 22 13 8 10 34 41 -38 12 -20 14 12 2 -14 26 -19 -48 80 339 -218 -177 -183 24 -289 263 -16 -443 72 -114 -141 99 253 111 345 -129 -361 52 411 431 459 334 386 467 363 430 438 391 352 437 470 446 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 466 356 Intermediate goods 2,218 1,974 2,454 2,203 2,293 1,851 2,040 2,110 2,335 1,902 2,139 2,243 1,809 1,540 1,980 1,972 2,029 1,526 1,902 Consumer goods 2,056 1,812 2,383 1,722 2,088 1,692 2,174 2,015 2,458 1,667 2,350 2,538 2,178 1,684 2,339 2,458 2,643 1,963 2,675 Import of investment goods 385 481 348 458 449 504 469 518 576 401 470 518 443 501 502 444 425 501 512 587 610 412 Intermediate goods 2,822 2,858 3,214 2,964 2,943 2,508 2,913 2,605 3,357 2,575 3,372 2,788 2,293 2,776 3,435 3,097 3,255 2,064 3,227 Consumer goods 1,417 1,442 1,332 1,460 1,377 1,474 1,540 1,206 1,579 1,243 1,428 1,361 1,085 1,564 1,531 1,290 1,534 1,273 1,536 38 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 2/2024 2021 2022 2023 2021 10 2022 11 12 1 2 3 4 5 6 7 8 9 10 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government Central government (S,1311) 14,460 12,247 12,921 14,736 14,460 14,546 14,391 13,642 13,380 13,290 13,055 13,574 13,025 12,457 12,425 3,538 2,858 3,142 3,762 3,705 3,538 3,658 3,680 3,464 3,496 3,458 3,429 3,430 3,318 3,114 3,060 693 764 855 627 636 693 706 698 693 691 689 692 691 695 695 702 Other government (S,1312,1313,1314) Households (S,14, 15) 14,365 11,556 12,439 12,885 11,449 11,514 11,556 11,583 11,638 11,779 11,859 11,965 12,037 12,140 12,252 12,333 12,387 Non-financial corporations (S,11) 9,828 10,988 10,390 9,945 9,886 9,828 10,113 10,223 10,330 10,539 10,589 10,664 10,968 11,131 11,098 11,281 Non-monetary financial institutions (S,123, 124, 125) 1,602 1,301 1,731 1,737 1,602 1,616 1,637 1,734 1,743 1,752 1,778 1,820 1,828 1,852 1,883 Monetary financial institutions (S,121, 122) 10,607 9,764 11,707 9,858 9,931 10,607 10,424 10,047 9,941 9,264 9,830 8,687 8,844 8,832 9,227 8,834 34,136 35,279 36,727 33,252 33,347 34,136 34,283 34,071 34,213 33,792 34,381 33,413 33,958 34,239 34,682 34,599 1,903 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 284 256 212 295 293 284 281 273 303 320 298 295 310 302 292 265 3,302 3,096 3,268 3,727 3,667 3,302 3,432 3,474 3,320 3,368 3,495 3,469 3,511 3,401 3,226 3,193 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,152 38,980 39,444 37,128 37,224 38,152 37,999 38,014 37,946 38,013 38,338 37,574 37,805 38,130 38,293 38,537 Overnight 29,146 31,836 31,034 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 30,138 30,374 30,790 30,951 30,845 With agreed maturity – short-term 2,707 3,066 3,721 2,761 2,687 2,707 2,619 2,595 2,674 2,622 2,666 2,639 2,719 2,693 2,790 3,057 With agreed maturity – long-term 5,849 3,751 4,147 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 4,515 4,441 4,366 4,263 4,332 Short-term deposits redeemable at notice 450 327 542 547 519 450 477 468 411 340 332 282 271 281 289 303 Deposits in foreign currency, total 828 974 890 835 839 828 834 851 965 1,007 1,036 1,093 1,103 1,133 1,161 1,066 Overnight 790 891 821 803 803 790 799 817 847 883 894 953 964 1,005 1,041 957 With agreed maturity – short-term 27 76 61 19 24 27 24 24 109 115 134 132 131 120 113 102 With agreed maturity – long-term 11 7 8 13 12 11 11 10 9 9 8 8 8 8 7 7 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.01 0.12 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 Time deposits with maturity of up to one year 0.12 0.08 0.85 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 0.03 0.03 0.04 0.13 0.15 1.72 2.31 3.80 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 1.77 4.98 0.95 0.10 1.08 1.35 0.79 0.97 0.92 1.48 2.1 1.02 2.74 3.03 .. 0.00 0.67 3.88 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 3-month rates -0.549 0.342 3.431 -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 6-month rates -0.523 0.673 3.690 -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 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.13 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 2/2024 Monetary indicators and interest rates 2022 11 2023 12 1 2 3 39 2024 4 5 6 7 8 9 10 11 12 1 2 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 12,733 12,247 12,706 12,411 12,179 12,321 12,414 12,307 12,289 12,260 12,027 12,139 12,492 12,921 12,859 12,783 3,086 2,830 2,981 2,965 2,913 2,957 2,995 3,017 3,010 2,996 2,970 3,055 3,097 3,142 3,287 3,319 710 764 764 775 775 761 776 774 782 785 786 789 789 855 860 860 Households (S,14, 15) 12,425 12,439 12,444 12,424 12,495 12,509 12,552 12,522 12,598 12,662 12,725 12,799 12,867 12,885 12,912 12,960 Non-financial corporations (S,11) 11,349 10,987 11,210 10,921 10,787 11,030 10,963 10,996 10,987 10,905 10,834 10,910 10,798 10,390 10,393 10,360 Non-monetary financial institutions (S,123, 124, 125) 1,865 1,903 1,909 1,165 1,181 1,193 1,214 1,233 1,244 1,239 1,254 1,262 1,270 1,301 1,307 1,309 Monetary financial institutions (S,121, 122) 9,124 9,761 9,546 10,029 10,587 9,995 10,074 11,225 11,321 11,728 11,385 10,753 11,013 11,707 10,749 10,372 34,982 35,279 35,284 34,835 35,324 34,984 35,078 36,163 36,345 36,728 36,591 36,116 36,295 36,727 35,793 35,425 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 262 256 251 252 243 247 247 243 245 241 216 215 219 212 210 207 3,229 3,064 3,234 3,107 3,088 3,131 3,175 3,286 3,280 3,274 3,066 3,157 3,242 3,268 3,432 3,543 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 38,573 38,980 38,815 38,497 38,322 38,207 38,374 38,293 38,362 38,651 38,568 38,741 38,864 39,444 38,907 38,807 Overnight 31,170 31,836 31,650 31,196 31,107 30,968 31,020 31,260 31,353 31,442 31,048 30,868 30,726 31,034 30,496 30,273 With agreed maturity – short-term 2,848 3,066 3,120 3,241 3,268 3,223 3,285 3,308 3,240 3,359 3,381 3,510 3,569 3,721 4,064 4,058 With agreed maturity – long-term 4,228 3,751 3,699 3,693 3,620 3,686 3,715 3,364 3,400 3,409 3,668 3,876 4,038 4,147 4,231 4,356 Short-term deposits redeemable at notice 327 327 346 367 327 330 354 361 369 441 471 487 531 542 116 120 1,033 974 931 946 931 922 926 898 904 940 918 912 920 890 908 896 927 891 851 860 849 840 838 804 815 854 849 889 849 821 839 826 With agreed maturity – short-term 99 76 74 80 76 76 81 87 82 79 62 15 63 61 60 60 With agreed maturity – long-term 7 7 6 6 6 6 7 7 7 7 7 8 8 8 9 10 Deposits in foreign currency, total Overnight INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.03 0.02 0.09 0.09 0.09 0.09 0.10 0.10 0.14 0.14 0.13 0.13 0.14 0.13 0.13 0.13 Time deposits with maturity of up to one year 0.18 0.19 0.25 0.37 0.58 0.44 0.47 0.72 0.88 1.05 1.29 1.46 1.31 1.34 1.42 1.36 3.36 3.55 3.66 3.79 3.83 3.89 3.86 3.80 3.80 3.80 3.74 3.78 3.8 3.88 3.84 3.71 1.26 .. .. 5.12 5.12 .. 7.12 6.06 4.69 2.29 4.82 4.27 5.34 0.6 1.37 2.00 2.50 2.50 3.00 3.50 3.50 3.75 4.00 4.00 4.25 4.50 4.50 4.50 4.50 4.5 4.5 3-month rates 1.825 2.066 2.345 2.640 2.911 3.167 3.366 3.536 3.672 3.780 3.880 3.968 3.972 3.933 3.925 3.923 6-month rates 2.321 2.560 2.858 3.135 3.267 3.498 3.679 3.825 3.943 3.945 4.030 4.115 4.065 3.924 3.892 3.901 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 3.87 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR 40 Statistical Appendix Public finance Slovenian Economic Mirror, No 2/2024 2021 2022 2023 2021 Q4 2021 Q1 Q2 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 4 5 6 7 8 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 21,382.6 23,311.4 25,034.0 5,853.2 5,613.9 6,079.7 5,648.8 5,969.0 5,736.3 6,274.9 6,045.9 6,976.9 2,043.9 2,011.2 2,024.7 1,807.8 1,898.1 Current revenues 20,124.0 21,966.7 23,383.8 5,389.3 5,138.5 5,824.1 5,398.2 5,605.9 5,401.7 6,000.1 5,743.3 6,238.7 1,949.4 1,894.0 1,980.7 1,750.1 1,806.2 Tax revenues 18,785.7 20,557.0 21,977.1 5,075.6 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 5,877.6 1,850.3 1,791.4 1,813.7 1,633.5 1,688.2 Taxes on income and profit 3,981.3 4,517.4 4,601.4 1,048.5 1,049.7 1,485.3 959.7 1,233.1 406.6 578.7 500.0 132.7 371.6 Social security contributions 7,928.1 8,503.7 9,258.4 2,050.9 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 2,441.7 704.3 698.5 688.2 700.6 697.7 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Taxes on international trade & transactions Other taxes Non-tax revenues Capital revenues Grants Transferred revenues Receipts from the EU budget 832.8 1,149.5 1,100.5 1,308.1 23.9 26.7 27.5 7.0 6.0 6.7 6.5 7.4 6.2 6.9 6.5 7.9 2.2 2.1 2.4 2.4 1.9 316.9 336.5 346.4 96.3 32.4 82.1 128.6 93.5 38.9 90.0 116.9 100.6 20.5 23.2 38.5 48.9 41.6 6,359.2 6,883.8 7,508.8 1,831.5 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 2,063.0 638.3 531.2 574.6 681.5 594.3 177.4 289.2 223.1 78.0 67.2 56.9 85.6 79.5 51.4 61.8 49.9 59.9 27.0 15.0 14.9 39.1 18.2 -1.1 -0.3 11.5 -36.6 34.7 -10.8 11.3 -35.5 23.9 5.1 11.2 -28.7 51.5 -57.2 -5.1 28.2 -37.1 1,338.4 1,409.7 1,406.7 313.7 325.6 368.8 368.5 346.8 278.6 412.9 354.1 361.1 99.2 102.6 167.0 116.6 118.0 228.3 268.1 288.0 81.1 64.1 66.3 64.3 73.5 59.0 65.7 61.6 101.8 23.0 22.0 21.2 22.5 22.5 21.9 57.2 38.6 2.9 12.2 29.6 12.3 3.1 13.8 -8.7 19.7 13.8 0.4 29.0 0.1 0.2 0.2 57.7 230.1 2.0 0.4 22.0 30.2 5.2 3.6 0.4 67.3 158.9 0.5 20.0 1.5 0.0 30.0 961.8 1,093.5 377.9 398.8 137.8 143.8 281.4 258.2 217.4 154.1 463.8 70.6 46.1 21.1 34.9 39.2 57.3 951.2 GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES 24,299.8 24,886.3 27,310.8 6,685.1 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.1 6,430.4 8,431.2 1,873.8 1,923.8 2,169.4 1,952.5 1,938.5 Current expenditures 10,393.6 10,283.4 11,569.7 2,876.7 2,697.3 2,348.8 2,423.2 2,814.1 2,687.5 2,655.1 2,735.5 3,491.5 711.7 756.2 881.0 820.1 814.1 Wages, salaries and other personnel expenditures 5,765.3 5,481.1 6,093.8 1,327.7 1,309.4 1,411.8 1,316.9 1,443.1 1,441.7 1,607.5 1,509.4 1,535.2 420.9 438.5 552.4 452.8 443.3 Expenditures on goods and services 3,336.6 3,556.6 3,867.4 1,050.7 244.3 273.3 288.9 284.3 288.1 845.0 806.5 838.8 1,066.3 786.9 902.2 909.7 1,268.5 Interest payments 732.2 661.5 711.0 95.2 336.1 16.4 212.6 96.4 370.2 18.1 219.2 103.4 8.4 3.4 4.6 56.2 65.1 Reserves 559.5 584.2 897.5 403.1 206.7 114.2 55.0 208.3 88.6 127.2 97.1 584.4 38.2 40.9 35.1 26.7 17.6 11,318.7 11,261.4 12,047.9 2,711.3 2,780.8 2,952.4 2,602.7 2,925.5 2,865.3 3,057.1 2,840.6 3,284.9 975.2 910.4 1,066.9 895.9 846.9 Current transfers Subsidies 327.1 69.9 107.7 18.2 34.8 17.7 Current transfers to individuals and households 9,167.7 9,294.5 9,730.5 2,140.7 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 2,547.3 2,311.8 2,554.0 767.2 743.5 937.3 773.9 731.1 Current transfers to non-profit institutions, other current domestic transfers 1,131.0 1,118.0 1,196.2 Current transfers abroad Capital expenditures 867.3 690.2 1,002.4 157.1 188.0 195.7 94.8 211.7 288.1 205.6 181.6 358.4 257.7 255.7 263.8 340.9 231.3 283.8 316.8 364.4 124.9 39.8 90.9 79.5 92.3 118.7 55.1 41.9 52.9 20.7 43.1 28.6 20.3 30.4 39.4 13.2 19.3 20.4 7.7 5.7 1,544.7 2,053.5 2,357.2 670.0 225.8 432.6 487.5 907.5 268.9 468.5 529.7 1,090.1 105.6 177.7 149.2 147.8 176.0 152.7 158.7 Capital transfers 413.9 558.5 663.8 238.6 43.2 60.5 132.2 322.5 41.8 80.0 163.0 378.9 23.6 16.6 20.3 35.1 30.3 Payments to the EU budget 628.9 729.5 672.3 188.5 182.2 172.7 180.0 194.6 166.6 158.5 161.5 185.7 57.7 62.9 52.0 53.5 71.2 -2,917.2 -1,574.9 -2,276.8 -831.9 -315.5 112.8 -176.9 -1,195.2 -293.9 -144.2 -384.5 -1,454.3 170.1 87.4 -144.7 -144.7 -40.4 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 2/2024 Public finance 2022 9 10 2023 11 12 1 2 3 4 5 6 41 2024 7 8 9 10 11 12 1 2 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 1,942.9 1,902.3 1,956.8 2,110.0 1,982.8 1,817.0 1,936.5 2,205.5 1,953.0 2,116.4 1,939.9 1,987.9 2,118.1 2,271.1 2,169.9 2,536.0 2,216.8 1,985.7 Current revenues 1,841.9 1,799.5 1,868.9 1,937.4 1,882.3 1,720.9 1,798.5 2,046.3 1,892.8 2,061.0 1,874.0 1,943.0 1,926.3 2,048.5 2,018.3 2,171.9 2,086.6 1,956.8 Tax revenues 1,708.0 1,720.2 1,730.5 1,808.4 1,788.9 1,635.0 1,699.2 1,945.7 1,782.5 1,859.0 1,763.0 1,814.5 1,811.7 1,945.2 1,915.0 2,017.4 1,997.3 1,861.6 Taxes on income and profit 328.5 347.1 381.2 421.2 353.7 360.3 386.5 419.9 458.0 430.2 178.1 419.8 361.8 394.5 390.6 448.1 412.4 415.0 Social security contributions 700.0 693.7 730.2 841.7 720.8 754.3 749.4 759.2 764.7 763.9 765.7 768.0 770.7 759.2 778.2 904.3 810.6 857.2 2.1 2.2 2.3 2.9 2.0 2.1 2.1 2.4 2.2 2.3 2.4 1.9 2.2 2.4 2.5 3.1 2.4 2.2 38.1 45.1 33.8 14.6 11.2 8.4 19.3 24.5 25.4 40.0 44.7 40.8 31.5 43.9 39.5 17.2 10.8 8.1 590.8 613.1 565.5 520.4 631.8 502.6 543.2 681.5 546.5 599.6 747.9 587.9 604.8 723.2 692.9 646.9 715.1 563.5 Taxes on international trade & transactions 28.3 30.7 21.2 27.6 17.9 19.6 13.9 25.1 13.7 23.1 12.3 12.8 24.9 13.3 21.9 24.7 10.8 11.1 Other taxes 20.1 -11.8 -3.7 -20.0 51.6 -12.3 -15.3 33.2 -27.9 -0.2 11.9 -16.6 15.8 8.7 -10.5 -26.9 35.2 4.5 Non-tax revenues 133.9 79.4 138.4 129.0 93.4 85.8 99.4 100.6 110.3 202.0 111.0 128.4 114.6 103.3 103.3 154.5 89.3 95.2 Capital revenues 19.2 26.7 24.6 22.2 15.0 20.1 23.8 20.4 19.3 26.0 21.8 16.7 23.1 25.4 53.0 23.3 11.6 13.5 Grants 11.8 0.2 0.5 2.5 0.9 12.2 0.6 0.6 -9.6 0.3 0.1 4.0 15.6 2.5 1.2 10.2 1.3 0.9 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services Transferred revenues Receipts from the EU budget 0.2 0.8 1.8 2.5 1.1 0.3 2.1 -0.6 0.7 0.3 0.7 1.6 65.0 130.0 18.0 10.8 0.6 0.8 69.7 75.1 61.0 145.3 83.4 63.4 111.4 138.7 49.8 28.8 43.4 22.7 88.1 64.6 79.4 319.7 116.7 13.6 GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 1,934.7 1,909.1 2,319.2 2,936.0 1,813.2 1,865.6 2,351.4 1,955.8 2,078.9 2,384.4 2,106.7 2,181.0 2,142.6 2,295.2 2,404.3 3,731.7 1,855.9 2,128.7 789.1 802.2 904.0 1,107.9 778.7 787.6 1,121.1 809.2 842.6 1,003.2 885.3 968.5 881.8 930.3 955.2 1,606.0 802.0 892.7 Wages, salaries and other personnel expenditures 420.8 434.7 488.5 519.9 481.0 477.7 483.0 466.6 496.2 644.8 519.6 510.1 479.7 492.0 506.1 537.0 514.8 522.6 Expenditures on goods and services 266.4 279.1 312.7 474.4 230.9 256.0 300.0 264.3 310.1 327.8 302.9 329.2 277.6 375.6 355.4 537.5 257.3 317.7 Interest payments 91.3 17.5 65.9 13.0 47.8 22.5 299.9 2.6 5.5 10.0 59.0 81.5 78.7 15.7 70.3 17.4 23.9 30.8 Reserves 10.7 70.9 36.8 100.6 19.0 31.5 38.2 75.9 30.8 20.6 3.7 47.7 45.8 46.9 23.5 514.0 6.0 21.7 Current transfers 859.9 849.6 1,007.2 1,068.7 917.6 903.9 1,043.9 948.0 976.6 1,132.4 953.8 949.4 Subsidies 937.4 1,014.6 1,040.2 1,230.2 923.6 1,034.8 42.2 28.9 55.0 127.9 100.8 35.7 151.6 70.1 77.6 57.8 57.4 52.7 71.5 93.4 92.5 141.2 12.0 87.4 Current transfers to individuals and households 718.4 727.7 820.5 781.6 738.9 771.2 807.3 784.8 789.6 973.0 774.2 778.3 759.3 810.0 818.9 925.1 828.4 830.2 Current transfers to non-profit institutions, other current domestic transfers 92.0 86.2 105.8 148.9 70.2 90.3 70.8 80.8 103.7 99.3 105.4 113.6 97.8 107.6 103.2 153.5 76.6 108.0 7.3 6.9 25.9 10.3 7.7 6.7 14.2 12.3 5.7 2.3 16.8 4.8 8.7 3.5 25.5 10.4 6.6 9.2 163.7 164.7 275.4 467.4 57.4 92.8 118.7 132.7 168.8 167.0 170.0 180.2 179.5 206.0 254.1 630.0 69.1 124.7 Capital transfers 66.9 38.0 67.6 216.9 10.3 14.2 17.3 18.7 30.6 30.7 34.4 36.8 91.8 82.6 102.7 193.6 16.3 26.5 Payments to the EU budget 55.3 54.5 65.0 75.1 49.2 67.1 50.4 47.1 60.3 51.1 63.2 46.2 52.2 61.7 52.1 71.8 44.8 50.0 -6.8 -362.3 -826.1 169.6 249.7 -125.9 -268.0 -166.8 -193.1 -24.5 -24.1 -234.5 -1,195.7 Current transfers abroad Capital expenditures SURPLUS / DEFICIT 8.2 -48.6 -414.9 360.9 -143.0 42 Acronyms Slovenian Economic Mirror, No 2/2024 Acronyms Acronyms in the text BoS – Bank of Slovenia, CF – Cohesion Fund, CHP – combined heat and power, CPI − Index of Consumer Prices, EC – European Commission, 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, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FSA – financial social assistance, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, GFS – Government Finance Statistics, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, IR – interest rate, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MKRR – Ministry of Cohesion and Regional Development, NFI – Non-monetary Financial Institutions, OECD – Organization for Economic Co-operation and Development, PDII – Pension and Disability Insurance Institute, PMI – Purchasing Managers' Index, REACT - EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RES – renewable energy sources, RRP – The Recovery and Resilience Plan, SIJ – Slovenian steel industry, SITC – Standard International Trade Classification, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, UB – unemployment benefit, ULC – Unit Labour Costs, USD – US Dollar, VAT – value added tax, YEI – Youth Employment Initiative, ZPGOPEK – Act Determining the Aid to the Economy to Mitigate the Consequences of the Energy Crisis, 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. 2, Vol. XXX, 2024