No. 7, Vol. XXIX, 2023 slovenian economic mirror Slovenian Economic Mirror (Ekonomsko ogledalo) No. 7 / Vol. XXIX / 2023 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; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Nataša Todorović Jemec, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajić; Marta Gregorčič, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translated by: Špela Potočnik Technical editing and layout: Bibijana Cirman Naglič Ljubljana, November 2023 ISSN 1581-1026 (pdf ) ©2023, 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 ............................................................................................................................................. 15 Prices ............................................................................................................................................................... 17 Financial markets ....................................................................................................................................... 20 Balance of payments ................................................................................................................................. 21 Public finance .............................................................................................................................................. 22 Statistical appendix ................................................................................................................................24 The Economic Mirror is prepared based on statistical data available by 16 November 2023. 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 7/2023 In the spotlight In the spotlight 3 The available indicators for the euro area point to a further slowdown in economic activity. According to Eurostat’s flash estimate, euro area GDP contracted in the third quarter (after subdued quarterly growth in the second quarter). Germany, Slovenia’s most important trading partner, also recorded a year-on-year decline in GDP, as did Austria. Italian GDP stagnated, while French GDP rose slightly. The composite Purchasing Managers’ Index (PMI) for the euro area was at its lowest level in three years in October and has been indicating a contraction in activity for several months. The indicators for activity in manufacturing and services fell further below the 50 mark (the threshold between economic expansion and contraction). Amid weak external demand and tighter financing conditions, which are weighing on both investment and consumption, activity is expected to remain subdued in the coming quarters. In Slovenia, real GDP fell in the third quarter compared to the second (by 0.2%) but was higher year-on-year (by 1.1%, not seasonally adjusted), partly due to last year’s lower base. Year-on-year growth came from construction investment and government consumption and from some service activities. Household consumption declined slightly year-on-year, while international trade, particularly trade in goods, recorded a larger decline. Sentiment in the Slovenian economy in October was at the same level as the average for the third quarter. Sentiment in export-oriented manufacturing activities remained very low in Slovenia but has not deteriorated any further. The main limiting factors to business operations are related to the uncertain economic situation, low domestic and foreign demand, and the lack of skilled labour. The slowdown in economic growth is reflected also in the labour market; the yearon-year growth in the number of persons in employment has slowed, and the decline in the number of registered unemployed, which had been strong until the middle of this year, is also slowing. The growth in the number of persons in employment decelerated in most activities, with labour-intensive activities standing out, including construction, where year-on-year growth in August was 2.3%, and manufacturing (0.2%). Growth was also lower in accommodation and food service activities, transportation, and administrative and support service activities, which include employment activities. The more subdued demand for labour is also reflected in the number of reported job vacancies, which fell by 10.9% year-on-year in the third quarter of this year, and according to the short-term employment indicator, demand is likely to weaken further in the coming months. Despite the slowdown in hiring momentum, labour shortages remain a pressing issue in certain sectors, albeit less so than a year ago. Around half of companies in the construction sector, a third in trade and a quarter in manufacturing state that their business activities are hampered by labour shortages. This has also led to an increase in the employment of foreigners, whose numbers have accounted for more than 90% of the year-on-year increase in the number of persons in employment for several months now. The share of foreign nationals in the total number of persons in employment was 14.6% in August, one percentage point higher than in August last year. Activities with the largest share of foreign workers are construction (48%), transportation and storage (33%), and administrative and support service activities (27%). The number of registered unemployed continued to fall, albeit at a more modest pace. At the end of October, 47,232 people were unemployed. Amid severe labour shortages, the number of longterm unemployed (more than 1 year) fell by 20% year-on-year at the end of October. The average gross wage growth, which remains high year-on-year in nominal terms (10.7% in August) but is no longer rising, has risen in real terms since the beginning of the year (by 4.2%) against the backdrop of a gradual easing of price pressure. Real average gross wage growth has been gradually strengthening for some time now amid subdued price pressure. In the private sector, it stood at 2.9% in August, with the highest increases recorded in accommodation and food service activities (4.8%), administrative and support service activities (4.2%), trade (3.6%), and construction (3.2%), i.e. in sectors facing a major labour shortage and where the general increase in the minimum wage at the beginning of the year (by 12%) had the greatest impact, due to the relatively high proportion of low-wage earners. In the public sector, the average gross wage rose by 6.7% in real terms, which was primarily due to the agreement with the public sector trade unions reached in October last year. 4 In the spotlight Slovenian Economic Mirror, No 7/2023 The year-on-year increase in consumer prices slowed slightly in October (to 6.9%), but HICP inflation (6.6%) was still well above the euro area average (by 3.7 p.p.), while the deviation of core inflation from the euro area average was less pronounced. The moderation in year-on-year growth in consumer prices in October was mainly due to the continued slowdown of price increases of food and non-alcoholic beverages (from 19.3% at the beginning of the year to 7.3% in October), which remain the largest contributors to inflation. The lower price increase in the clothing and footwear group also contributed significantly to the slowdown in inflation. However, the price increase for services remained high in all groups and was most pronounced in the communication group. Prices for energy (8.2%) and non-energy industrial goods were also higher. HICP inflation in Slovenia is above the euro area average and the difference has widened since September. This was mainly due to the expiry of some of the measures taken to mitigate the consequences of rising prices in Slovenia, as the measures taken by individual countries to curb high energy prices varied in both scope and duration. The difference in October was particularly marked in energy prices, partly due to higher excise duties on petroleum products. There are also significant gaps in the growth of prices for services (around 8% in Slovenia in October, compared to 4.6% in the euro area). The growth in services prices in Slovenia has been at a high level since the post-covid-19 recovery. In addition to higher demand, certain service activities are facing labour shortages and cost pressures related to rising wages and costs of goods, which is contributing to an upward pressure on retail prices. The growth in prices for food, beverages and tobacco is slowing both in Slovenia (7.7%) and in the euro area (7.5%). There are also no major differences in price growth for non-energy industrial goods (Slovenia 3.7%; euro area 3.5%). A comparison of the development of consumer price indices in Slovenia and the euro area over the last 10 years shows that the greatest differences have occurred in recent years. In this period, governments have taken measures that varied in both scope and duration to mitigate the consequences of the epidemic and rising energy and food prices, with the economic policies of the larger Member States having a greater impact on euro area inflation. When taking into account a longer time horizon, the differences between inflation in Slovenia and the euro area have never been long-lasting and have mostly lasted as long as the effects of various measures in recent years, with a time lag of 12 months. In the case of core inflation, which excludes the impact of energy and unprocessed food prices, the differences between Slovenia and the euro area are much more constant. Here, the difference has been around 2 p.p. since the beginning of last year. In the third quarter of this year, the deficit of the consolidated balance of public finances was higher year-on-year. It totalled EUR 386 million, compared to EUR 177 million in the same period last year. It was also higher year-on-year in the nine-month period (EUR 825 million this year against EUR 380 million in the same period last year). Revenues rose by 7% year-on-year in the third quarter and thus more strongly than in the second (3.2%). In addition to the increase in social security contributions, the growth in tax revenues resumed in the third quarter; the growth in corporate income tax revenues resumed and the growth in personal income tax revenues increased. The expiry of the temporary VAT cut on energy products and the CO2 tax also boosted the growth of these revenues. Expenditure was 10.4% higher year-on-year in the third quarter, which is a stronger increase than in the second (7.6%). This was mainly due to higher subsidies to mitigate the consequences of rising energy prices and transfers to non-profit organisations, which can be attributed to payments related to the post-flood reconstruction. However, as in previous quarters, much of the increase in expenditure in the third quarter was due to the increase in wages and other remunerations as a result of the agreement on public sector wage increase. Growth in capital expenditure remained at a similarly high level (11.7%) to the previous quarter. In the spotlight Slovenian Economic Mirror, No 7/2023 Manufacturing Slovenia’s real GDP was lower in the third quarter than in the second Private consumption Gross fixed capital formation Exports of goods and services GDP, real growth 40 35 30 25 20 15 10 5 0 -5 -10 -15 -20 -25 -30 -35 Services 0 -10 -20 -30 940 Fuels and energy Other Q1 23 Q3 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 120 860 100 840 80 820 60 800 780 40 760 20 740 0 The deficit of the consolidated balance of public finances was higher in the first nine months of this year than in the same period last year 2,000 12 -4 -4 -3,000 -4,000 -2917.2 -3542.2 I-IX 2023 -2 I-IX 2022 -2 2022 0 2021 0 -1577.3 -2,000 2020 2 2019 2 -824.6 2018 4 2017 4 -379.6 -1,000 2016 6 2015 6 Primary balance 0 2014 8 2013 8 General government balance 1,000 In EUR million 10 Year-on-year growth, in % 10 Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Contribution to y-o-y growth, in p. p. Q1 17 140 880 Source: SURS, ESS; calculations by IMAD. The rise in food prices contributed significantly to yearon-year inflation in October but continues to weaken Source: SURS; calculations by IMAD. Q1 16 160 900 Source: SURS; calculations by IMAD. Food Services TOTAL 180 920 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Oct Jan 23 Jan 23 Oct 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -40 Employed according to SRE (left axis) Registered unemployed (right axis) Number of registered unemployed, in '000, seasonally adjusted 10 -50 The moderation of the year-on-year growth in the number of persons in employment has continued in recent months, and the decline in the number of unemployed has also slowed Number of employed according to SRE, in ‘000, seasonally adjusted Manufacturing Service activities Consumers 20 Jan 13 Seasonally adjusted indicator value, 3-month moving average 30 Q1 15 Source: SURS. In Slovenia, confidence rose month-on-month in October only in services, while it fell in manufacturing, retail trade and construction Economic sentiment Retail trade Construction Q1 14 Q1 13 Oct 23 Jan 23 Jan 22 Jan 21 Jan 20 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. 12 Government consumption Changes in inventories and val. Imports of goods and services Contributions to year-on-year GDP 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) for the euro area was at its lowest level in three years in October and points to a contraction in economic activity at the start of the fourth quarter 5 Source: MF, Bulletin of Government Finance; calculations by IMAD. current economic trends Current Economic Trends Slovenian Economic Mirror, No 7/2023 7 The international environment Q4 22 Q1 23 EA EU Q2 23 According to Eurostat’s flash estimate, euro area GDP contracted in the third quarter compared to the second. After recording modest growth in the second quarter (0.2%), it shrank by 0.1% in the third, while it rose by 0.1% year-on-year. Among Slovenia’s main trading partners for which data is available, only France’s GDP rose quarter-on-quarter (by 0.1%, by 0.7% year-on-year). Following a relatively sharp decline in the second quarter (of 0.8%), Austrian GDP also fell significantly in the third quarter (by 0.6%, by 1.2% year-on-year). German GDP also shrank (by 0.1%, by 0.4% year-on-year), while Italian GDP stagnated. Manufacturing activity in the euro area was on average 3.1% lower in July and August than in the second quarter. Turnover in retail trade and construction activity in July and August were also on average below the level of the previous quarter (by 0.9% and 0.3% respectively). Q3 23 1.0 0.5 0.0 Austria Italy -1.0 France -0.5 Germany Quarterly seasonally adjusted growth, in % Figure 1: Quarterly GDP change in Slovenia’s main trading partners, Q3 2023 Source: Eurostat. Survey indicators for the euro area point to a contraction in economic activity also at the beginning of the fourth quarter. The value of the composite Purchasing Managers’ Index (PMI) in October was the lowest in three years (46.5). The indicators that form the composite PMI, i.e. for manufacturing and services together, fell further below the 50 mark (the threshold between economic expansion and contraction). The composite PMIs for most of Slovenia’s main trading partners (Germany, Italy, Austria, France) also pointed to a contraction in activity in October. The Economic Sentiment Indicator (ESI) for the euro area, which has been below its long-term average since July last year, was similar in October to the previous month and lower than a year ago. With weak external demand and tighter financing conditions weighing on investment and consumption, activity is expected to remain subdued in the coming quarters. In October, the average forecast for economic growth in the euro area was 0.5% this year and 0.6% in 2024.1 Oct 23 Services Jan 23 Jan 22 Manufacturing Jan 21 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 2: Composite Purchasing Managers’ Index (PMI) for the euro area, October 2023 Source: S&P Global. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. 1 Consensus Economics. Table 1: Prices of oil, natural gas and non-energy commodities, the USD/EUR exchange rate and EURIBOR average change, in %1 2022 IX 23 X 23 X 23/IX 23 X 23/X 22 I-X 23/I-X 22 Brent USD, per barrel 100.79 93.72 90.78 -3.1 -2.7 -20.1 Brent EUR, per barrel 95.79 87.74 86.00 -2.0 -9.5 -21.9 131.98 36.87 47.07 27.6 -65.3 -63.9 USD/EUR 1.054 1.068 1.056 -1.1 -10.3 2.3 3-month EURIBOR, in % 0.342 3.880 3.968 8.8 254.0 330.5 124.36 110.71 108.93 -1.6 -4.1 -10.7 Natural gas (TTF)2, EUR/MWh 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. 8 Current Economic Trends Slovenian Economic Mirror, No 7/2023 Figure 3: Commodity prices, October 2023 Energy Food 180 Non-energy commodities Metals 160 120 100 80 60 40 20 Source: World Bank. Jan 23 Oct 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 13 Index 2010=100 140 Prices of oil and non-energy commodities on international markets fell slightly in October. The average dollar price of Brent crude oil in October was USD 90.8 (-3.1% month-on-month) and the euro price was EUR 86 (-2% month-on-month). After a pronounced oil price rise in September following Saudi Arabia and Russia’s decision to extend their production cuts, the start of the war in the Middle East had no significant impact on the average price in October. Year-on-year, the dollar Brent oil price was 2.7% lower in October and the euro price was 9.5% lower. The euro prices of natural gas on the European market (on the Dutch TTF) rose by 27.6% month-on-month in October, mainly due to pumping problems at some fields and damage to the Baltic Sea pipeline, while they fell by 65.3% year-on-year. According to the World Bank, the average dollar price of non-energy commodities in October fell by 1.6% month-on-month and by 4.1% year-on-year. Prices of food and fertilisers fell significantly year-on-year on the international commodity markets in October. Current Economic Trends Slovenian Economic Mirror, No 7/2023 9 Current economic trends Figure 4: Gross domestic product, Q3 2023 Government consumption Changes in inventories and val. Imports of goods and services Q1 23 Q3 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Contributions to year-on-year GDP growth, in p. p. Private consumption Gross fixed capital formation Exports of goods and services GDP, real growth 40 35 30 25 20 15 10 5 0 -5 -10 -15 -20 -25 -30 -35 Source: SURS. In the third quarter of 2023, gross domestic product (GDP) fell by 0.2% quarter-on-quarter, while it increased by 1.1% year-on-year (not seasonally adjusted). The year-on-year growth came from construction investment and government consumption and from some service activities. After private household consumption had risen in the first half of the year, it fell year-on-year. International trade, particularly in goods, also declined year-on-year. The decline in imports was stronger than that in exports, as the latter was affected by the continued year-on-year fall in domestic consumption. The contribution of the external balance of goods and services was thus again strongly positive, at 2.4 p.p. Value added in the predominantly export-oriented manufacturing activities remained unchanged year-onyear. 30 25 20 15 10 5 0 -5 -10 -15 -20 -25 Austria Italy France Germany Croatia Slovenia Electricity consumption was 5% lower year-on-year in October. The year-on-year decline was significantly lower than in previous months, which was partly due to last year’s relatively low base resulting from the slowdown in economic activity and high electricity prices. Among Slovenia’s main trading partners, lower consumption compared to October 2022 was recorded by Austria (-5%), while consumption in other trading partners was higher year-on-year, in France by 1%, in Croatia and Germany by 2%, and in Italy by 4%. Apr 20 Jun 20 Aug 20 Oct 20 Dec 20 Feb 21 Apr 21 Jun 21 Aug 21 Oct 21 Dec 21 Feb 22 Apr 22 Jun 22 Aug 22 Oct 22 Dec 22 Feb 23 Apr 23 Jun 23 Aug 23 Oct 23 Year-on-year change, in % Figure 5: Electricity consumption, October 2023 Source: ENTSO-E and Bruegel.org. Notes: Only consumption on working days (between 8.00 and18.00) is considered. The percentages are adjusted for temperature differences. 3-month moving averages are shown until August 2022. Figure 6: Electricity consumption by consumption group, September 2023 20 10 0 -10 In September, electricity consumption in the distribution network was lower year-on-year in all consumption groups. With one less working day, industrial consumption was 6.7% lower year-on-year, a smaller decline than in previous months. The latter may have been influenced by last year’s relatively low base, which was the result of weakening economic growth. Household consumption and small businesses consumption2 were also lower year-on-year in September (by 5.2% and 4.1% respectively). -20 -30 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Year-on-year change, in % 30 Industry Households Small business consumption Total distribution network consumption Source: SODO; calculations by IMAD. Note: Excluding the effect of temperature differences. 2 In this consumption group, consumption is most frequently measured in shops and service activities. This group also includes warehouses, agricultural activity, etc. and large manufacturing plants that do not consume significant amounts of electricity at some measurement points. 10 Current Economic Trends Slovenian Economic Mirror, No 7/2023 Figure 7: Value of fiscally verified invoices – nominal, October 2023 50 40 Y-on-y change , in % 30 20 10 0 -10 -20 -30 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 -40 Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. The nominal value of fiscally verified invoices was 7% higher year-on-year in October. Following weaker growth in August,3 growth in total turnover increased year-on-year for the second month in a row in October and was the highest since February. Turnover in trade rose 7% year-on-year, following a 1% increase in August and a 4% increase in September. Turnover in retail trade, which accounted for almost half of the total value of fiscally verified invoices, increased by 5% year-on-year, turnover in the sale of motor vehicles by 18% and turnover in wholesale trade by 4%. Year-on-year turnover growth in accommodation and food service activities, certain creative, arts and entertainment activities and sports services, and betting and gambling, which had increased significantly in September, slowed slightly in October but remained relatively high.4 3 4 The weaker sales (2% higher year-on-year) were probably also related to lower sales after the floods that hit Slovenia at the beginning of August. Growth in accommodation and food service activities fell from 15% to 10%, while growth in other services (activities R, S and T according to NACE classification) fell from 21% to 13%. Exports Exports to the EU 190 Imports Imports from the EU 180 170 160 150 140 130 120 110 100 Source: SURS; calculations by IMAD. Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 23 Sep 23 90 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 8: Trade in goods – in real terms, September 2023 Trade in goods slowed in the third quarter compared to the second.5 Amid strong monthly fluctuations, real exports of goods fell by 4.7% and imports by 3.7% compared to the previous quarter. As in the previous quarters, this was due to a decline in demand from Slovenia’s main trading partners and lower export demand in Slovenia. According to the detailed data,6 lower trade with Germany, Italy, Austria and Croatia contributed significantly to the decline, and the decline in exports of intermediate products (metals and other materials) and of machinery and equipment excluding vehicles was also noticeable. Year-on-year, the decline in exports and imports in the third quarter was even more pronounced than in the previous quarters (-13.5% and -12.5% respectively). At the beginning of the last quarter, sentiment in export-oriented manufacturing activities remained very low in Slovenia, but it has not deteriorated any further. As in the previous quarters, companies state that the uncertain economic situation, low domestic and foreign demand, and the lack of skilled labour are the main obstacles to business activity. Export orders also remain very low. 5 6 According to the SURS external trade statistics. Deflation and seasonal adjustment by IMAD. Total exports and imports adjusted for the estimate of goods processing in connection with the trade in pharmaceutical products with Switzerland. Detailed data by SITC section are available until August 2023. Current Economic Trends Slovenian Economic Mirror, No 7/2023 11 Exports of services (3MMA*) Non-smoothed data Imports of services (3MMA*) Non-smoothed data 1100 1000 900 800 700 600 500 400 300 Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 200 Jan 13 In EUR million, seasonally adjusted Figure 9: Trade in services – nominal, August 2023 Source: BoS, calculations by IMAD. Note: *3MMA - 3-month moving average. Trade in services remained at a high level in July and August, though year-on-year growth continued to slow. Compared to the previous month, exports of services increased in August, while imports decreased slightly (seasonally adjusted). Among the main service groups, trade in other business services and construction services increased. The favourable monthly trends continued in trade in tourism-related services, which for the first time since the epidemic accounted for the largest share in the structure of trade again in July and August. After several months of decline, trade in transport services remained at the previous month’s level, while the decline in trade in ICT services continued (seasonally adjusted). Year-on-year growth of trade in services has slowed gradually in recent months. In the first eight months of this year, exports rose by an average of 8% year-on-year, while imports increased by 6.1%. The relatively high growth was mainly due to a significant recovery in trade in tourism-related services. 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 Source: SURS, calculations IMAD. Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving averages Figure 10: Production volume in manufacturing, September 2023 Manufacturing output continued to shrink in the third quarter. The decline compared to the previous quarter deepened despite the growth in production volume in September. Production continued to shrink in medium- and low-technology industries and, for the first time this year, in high-technology industries (which are characterised by significant monthly fluctuations in production). Compared to the same period last year, production in the third quarter was also down in all industry groups according to technology intensity (by an average of 8%). The decline continued to be strongest in the majority of energy-intensive industries (manufacture of chemical products, paper and basic metals). Only in the manufacture of food products, manufacture of machinery and equipment n.e.c., and repair and installation of machinery and equipment was the production higher year-on-year. In these industries, and in high-technology industries and the manufacture of leather, production in the first nine months was higher year-on-year. On average, production in manufacturing in the first nine months was 3.8% lower year-on-year. 12 Current Economic Trends Slovenian Economic Mirror, No 7/2023 Seasonally adjusted data 3-month moving averages, seasonally adjusted 130 120 110 100 90 80 70 60 50 Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 40 Jan 13 Real construction production index (2010=100) Figure 11: Activity in construction, August 2023 Source: SURS; calculations by IMAD. According to data on the value of construction work put in place, construction activity increased in August and remained significantly higher than last year. After high growth in the value of construction work at the beginning of the year, activity fluctuated around the level reached in the following months. In the first eight months, it was on average 22% higher than the same period last year. In this comparison, activity was higher in all three segments covered by the statistics: most markedly in specialised construction (up 36%), followed by civil engineering and building construction (up 20% and 16% respectively). Some other data, however, point to much lower growth in construction activity. Data on the value of industrial production in two activities traditionally strongly linked to construction do not point to such high growth. Production in other mining and quarrying was 4% lower in the first eight months of the year, while it was 11% lower in the manufacture of other non-metallic mineral products. Total Sale of motor vehicles Wholesale trade Retail trade Retail trade, except fuel 240 220 200 180 160 140 120 100 Jan 23 Jan 22 Jan 21 Jan 20 Sep 23 . by IMAD. Source: SURS; calculations Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 80 Jan 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 12: Turnover in trade, August–September 2023 In most trade sectors, real turnover continued to fall in August and, according to preliminary data, also in September; only turnover in the sale of motor vehicles remained higher year-on-year. Turnover in wholesale and retail trade (excluding automotive fuels), which has been declining since the spring, was down 5% year-on-year in the first eight months. Turnover in retail sale of food, beverages and tobacco fell by 4% year-on-year, while in the sale of non-food products it fell by 5%. Among non-food products, the largest year-onyear decline was seen in the sale of durable and certain semi-durable goods.7 In the first eight months of the year, turnover in the sale of motor vehicles, which has been recovering in current terms since the second half of last year, increased by 14% year-on-year. According to preliminary SURS data, turnover in September was still lower year-on-year in retail trade, while it was higher in the sale of motor vehicles. 7 Sales of furniture and domestic appliances fell by 11% and sales of computers and telecommunication equipment and books and sports equipment by 17%. Current Economic Trends Slovenian Economic Mirror, No 7/2023 13 Source: SURS; calculations by IMAD. Note: * including real estate activity (L). Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 14 200 180 160 140 120 100 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 13 Seasonally adjusted real index 2010=100, 3-month moving average Figure 13: Turnover in market services, August 2023 The level of real turnover in market services remained unchanged in August. Total turnover stagnated in current terms, having already declined significantly in the second quarter (by 2.3%). The decline of turnover in transportation and storage further deepened, with the negative trend continuing since May last year. The decline was mainly due to postal activities and land transport. Against the backdrop of a sharp decline in overnight stays, which was also influenced by the floods in August, turnover in accommodation and food service activities also fell significantly. It also fell slightly in administrative and support service activities and in information and communication. Only professional and technical activities saw an acceleration in turnover growth. Year-on-year, total turnover fell by 2.2% in real terms in August, due to declines in information and communication, transportation, and real estate activities. It remained below pre-epidemic (August 2019) levels in employment services (by 11%). Figure 14: Selected indicators of household consumption, August–September 2023 Q1 23 Q3 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 Q1 13 Q1 12 Q1 11 275 250 225 200 175 150 125 100 75 50 25 0 Q1 10 Seasonally adjusted index 2010=100 Household consumption Real turnover in the sale of non-food products Real turnover in the sale of food and beverages Overnight stays by domestic tourists Sale of passenger cars to natural persons Household consumption in the third quarter was 0.8% lower year-on-year. Purchases of non-food products (down 8% in real terms), food, beverages and tobacco (down 2% in real terms), and overnight stays by domestic tourists in Slovenia (down 8%) were still lower year-on-year. After growth in previous two quarters, sales of new passenger cars also declined year-on-year (by 1%). Expenditure on tourist services abroad remained higher year-on-year in July and August (together by 14% in nominal terms), while the number of overnight stays by Slovenians in Croatia fell by 2% year-on-year. According to data on the fiscal verification of invoices, turnover in the third quarter was 4% higher year-on-year in nominal terms, but in real terms it declined year-onyear for the second time in a row. Source: SURS; calculations by IMAD. Table 2: Selected monthly indicators of economic activity in Slovenia In % 2022 IX 23/VIII 23 IX 23/IX 22 I-IX 23/I-IX 22 Merchandise exports, real 5.1 3 2.1 -14.4 -7.4 - to the EU 3.7 0.53 -13.9 -8.7 Merchandise imports, real1 5.3 -4.73 -13.5 -7.4 - from the EU 1.5 -1.23 -4.9 -6.0 Industrial production, real 1.2 4.13 -6.1 -5.3 - manufacturing 3.9 2.03 -6.1 -3.8 1 In % 2022 VIII 23/VII 23 VIII 23/VIII 22 I-VIII 23/I-VIII 22 Services exports, nominal2 31.4 2.63 1.64 8.04 2 Services imports, nominal 22.0 -0.9 -1.3 6.14 Construction - value of construction put in place, real 22.2 1.13 19.0 22.3 Distributive trades - real turnover 10.2 -1.43 -11.44 -4.24 Market services (without trade) - real turnover 11.3 0.03 -3.04 1.54 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. 4 14 Current Economic Trends Slovenian Economic Mirror, No 7/2023 Figure 15: Economic sentiment, October 2023 Economic sentiment Retail trade Construction 20 10 0 -10 -20 -30 Jan 23 Oct 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 -50 Jan 14 -40 Jan 13 Seasonally adjusted indicator value, 3-month moving average 30 In October, the value of the sentiment indicator deteriorated slightly. Month-on-month, confidence fell in manufacturing, retail trade and construction, while it rose in services. Consumer confidence remained at a similar level to the previous month and higher than in October last year, but it was still well below the long-term average. In retail trade, the indicator remained above the long-term average and was also higher year-on-year. In other activities, however, confidence was lower than a year ago, particularly in construction, which is also due to the labour shortage. Manufacturing Service activities Consumers Source: SURS; calculations by IMAD. Road Road – cross-trade Road - loaded, unloaded and national Railway 240 220 200 180 160 140 120 100 Source: SURS; calculations by IMAD. Q1 23 Q2 23 Q1 22 Q1 21 Q1 20 Q1 19 Q1 18 Q1 17 Q1 16 Q1 15 Q1 14 60 Q1 13 80 Q1 12 In million tkm, seas. adj. index 2010=100 Figure 16: Road and rail freight transport – Q2 2023 The volume of road and rail freight transport decreased again in the second quarter. After a oneoff increase in the previous quarter, the volume of road transport performed by Slovenian vehicles fell again slightly, by 4% year-on-year. It was one-tenth higher compared to the second quarter of 2019 (cross-trade was 7% higher, while other road traffic performed at least partially on Slovenian territory was 12% higher). The share of cross-trade in total transport, which was above 50% before the epidemic, remained low in the second quarter of this year, at about 45%.8 Rail freight transport, already declining before the epidemic, was 10% lower year-onyear in the second quarter and the lowest in seven years. The recent decline in both road and rail freight transport is mainly related to the slowdown in the growth of overall economic activity. Other obstacles to higher rail transport volumes are the frequent line closures for maintenance and investment work.9 8 9 The share of foreign vehicle traffic on Slovenian motorways (measured in kilometres driven), which decreased during the pandemic, was only slightly lower in Q2 2023 than in the same period of 2019 (by 0.7 p.p.), according to DARS data. According to the Annual Report of Slovenian Railways for 2022. Current Economic Trends Slovenian Economic Mirror, No 7/2023 15 Labour market Figure 17: Number of persons in employment, August 2023 Persons in employment Construction (F) Public services (O–Q) Index, January 2019 = 100 135 Manufacturing (C) Market services (G–N) Other (A, B, D, E, R–T) 130 125 120 115 110 105 100 95 Jan 23 May 23 Aug Sep 23 23 Sep 22 Jan 22 May 22 Sep 21 Jan 21 May 21 Sep 20 Jan 20 May 20 Sep 19 Jan 19 May 19 90 Year-on-year growth in the number of persons in employment was lower in August than in the previous months (1%). This was mainly due to a slowdown in yearon-year growth in construction and also manufacturing. Growth was strongest in information and communication. With the number of Slovenians in employment declining, the employment of foreigners has contributed exclusively to the overall year-on-year growth in the number of persons in employment in August. Their share among all persons in employment was 14.6% in August, 1 p.p. higher than a year earlier. Activities with the largest share of foreigners are construction (48%), transportation and storage (33%), and administrative and support service activities (27%). Source: SURS; calculations by IMAD. Figure 18: Number of registered unemployed persons, October 2023 All unemployed According to the seasonally adjusted data, the monthly decline in the number of registered unemployed in October (0.6%) was similar to previous months but much lower than at the beginning of the year. According to original data, 47,232 people were unemployed at the end of October, 2.7% more than at the end of September. This largely reflects seasonal trends related to a higher inflow of first-time job seekers into unemployment. Unemployment was down 10.9% yearon-year. Amid labour shortages, the number of long-term unemployed (more than 1 year) fell by one-fifth year-onyear at the end of October. Long-term unemployed 120 100 80 60 40 20 Oct 23 Jan 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 0 Jan 13 Number of registered unemployed in '000 140 Source: ESS. Table 3: Indicators of labour market trends Change, in % 2022 VIII 23/VII 23 VIII 23/VIII 22 Persons in formal employment2 2.4 0.11 1.0 1.5 Average nominal gross wage 2.8 1.01 10.7 10.0 private sector 6.2 0.81 9.3 9.6 public sector -2.5 1.01 13.3 10.7 of which general government -4.9 0.31 13.6 10.3 of which public corporations 4.6 1.21 12.6 12.2 2022 VIII 22 VII 23 VIII 23 Rate of registered unemployment (in %), seasonally adjusted I-VIII 23/I-VIII 22 5.8 5.6 4.9 4.9 Change, in % 2022 X 23/IX 23 X 23/X 22 I-X 23/I-X 22 Registered unemployed -23.8 2.7 -10.9 -14.8 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). 16 Current Economic Trends Slovenian Economic Mirror, No 7/2023 Private sector Public sector The average gross wage increased year-on-year in real terms in August (by 4.2%). In the private sector, it increased by 2.9% year-on-year in real terms. Growth was strongest in accommodation and food service activities, which are facing a major labour shortage. The average gross wage in the public sector increased by 6.7% yearon-year in real terms, mainly due to last year’s agreement on wage increases. Compared to August last year, the average gross wage increased by 10.7% in nominal terms – by 13.3% in the public sector and by 9.3% in the private sector. In the first eight months, the average year-on-year gross wage growth was 1.5% (1.2% in the private sector and 2.2% in the public sector). Total 20 16 12 8 4 0 -4 -8 -12 Source: SURS; calculations by IMAD. Jan 23 Aug 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 % Figure 19: Average nominal gross wage per employee, August 2023 Current Economic Trends Slovenian Economic Mirror, No 7/2023 17 Prices Food Services TOTAL 12 10 10 8 8 6 6 4 4 2 2 0 0 -2 -2 -4 -4 Year-on-year growth, in % 12 Fuels and energy Other Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Contribution to y-o-y growth, in p. p. Figure 20: Contributions of individual price groups to inflation, October 2023 Source: SURS; calculations by IMAD. The year-on-year increase in consumer prices slowed slightly in October (to 6.9%). This was mainly due to the continued moderation of price increases in the food and non-alcoholic beverages group, which remains the largest contributor to inflation among the ECOICOP10 groups (1.3 p.p.).11 After the year-on-year price increase in this group had reached almost 20% at the beginning of the year, it fell to 7.3% by October. The slowdown in price growth in the clothing and footwear group (2.7%), where year-on-year growth has weakened significantly in the last two months, with the seasonal increase being slightly less pronounced than in the same period last year, has also contributed significantly to the downward trend in inflation. This has also slowed the year-on-year increase in semi-durable goods prices, which at 3.2% reached its lowest level since July last year, and growth in the prices of durable goods (0.4%) has also continued to weaken. Services price growth remains high, at just over 8%. Year-on-year price growth rates remain high in the health group (11.4%) and restaurants and hotels group (9.1%). 10 11 European Classification Of Individual Consumption by Purpose. This is also due to the fact that this group has the highest weight (17.7%). Figure 21: Slovenian industrial producer prices, September 2023 Domestic market 160 Non-domestic market 140 130 120 110 100 Source: SURS. Jan 23 Sep 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 90 Jan 13 Index 2015=100 150 Slovenian industrial producer prices continued to fall in September and were only slightly above the level of a year ago. The decrease in September was minimal (0.1%) and was the result of a decline in foreign markets (by 0.3%), while the prices in the domestic market increased by 0.3%, mainly due to price increases in the energy group (2.8%). The year-on-year growth rate, which had been close to 20% at the beginning of the year, slowed further to 1%, the lowest since February 2021. The slowdown in year-on-year growth was still mainly due to developments in the intermediate goods group, where prices were 2.7% lower in September than a year earlier. Against a high base, year-on-year price growth in the energy group is also weakening rapidly (2.5%), after still exceeding 20% in the middle of the year. Price growth in consumer goods is also gradually weakening, at 6.1% year-on-year, while price growth in durable (5.7%) and non-durable goods (6.2%) is slowing. Year-on-year price growth in the capital goods group, which had been stable at between 4.2% and 4.5% in the summer months (June– August), fell to 3.7% in September. 18 Current Economic Trends Slovenian Economic Mirror, No 7/2023 Figure 22: Price growth in euro area countries Oct 23/Oct 22 Oct 23/Dec 19 40 35 25 20 15 10 5 0 -5 Slovakia Croatia Slovenia Estonia Austria France Malta Greece Ireland Spain Cyprus Portugal Lithuania Germany Euro Area Finland Latvia Luxembourg Italy Netherlands Belgium Growth in % 30 Source: Eurostat; calculations by IMAD. In October, HICP inflation in Slovenia was 6.6% and the gap with the euro area average widened to 3.7 p.p.12 The difference between Slovenian and euro area inflation has widened again since September. This was mainly due to the expiry of some of the measures taken to mitigate the consequences of rising prices in Slovenia. The difference was mainly due to energy prices, as the measures taken by individual countries to curb high energy prices varied in both scope and duration. In October, energy prices in Slovenia were 8% higher year-on-year, while in the euro area they were 11.1% lower. The sharp year-on-year increase was largely due to the expiry of the temporary measures taken by the government in this regard in September (in August, energy prices in Slovenia had fallen by almost 4% yearon-year),13 but also reflects to a lesser extent the increase in prices for petroleum products on the global markets, which was passed on to the domestic retail market, and the higher excise duties on petroleum products. There are also considerable differences in price increases for services between Slovenia and the euro area, with price growth in Slovenia stabilising at around 8%.14 In the euro area, on the other hand, the increase in services prices has already gradually slowed, to 4.6% in October. The rise in prices for food, beverages and tobacco is slowing both in Slovenia (7.7%) and in the euro area (7.5%). There are also no major differences in price growth for non-energy industrial goods (3.7% in Slovenia,15 3.5% in the euro area). 12 13 14 15 Slovenia recorded the third-highest year-on-year price increase in the euro area in October. A comparison over a slightly longer period, e.g. with 2019, shows that price growth in Slovenia (21.1%) was 3 p.p. higher than in the euro area and comparable with the EU average. On 1 September 2023, the Decree on the method of determining and calculating the contribution for ensuring support for the production of electricity from high-efficiency cogeneration and renewable energy sources, which reduced the monthly contribution for the provision of the mentioned support by half, expired. The electricity price therefore increased by one-tenth month-on-month. The higher year-on-year energy price growth was also due to last year’s lower base, which was related to the reduction in VAT rates on certain energy products from September last year up to and including May this year. The growth in services prices in Slovenia has been high since the postcovid-19 recovery. In addition to higher demand for services, certain service activities are facing labour shortages and cost pressures related to rising wages and costs of goods, which is contributing to an upward pressure on retail prices. IMAD estimate. Current Economic Trends Slovenian Economic Mirror, No 7/2023 19 Figure 23: Inflation and core inflation in Slovenia and in the euro area, October 2023 Slovenia Core inflation, Slovenia A comparison of the development of consumer price indices in Slovenia and the euro area over the last 10 years shows that the greatest differences have occurred in recent years. During this period, governments have taken measures that varied in both scope and duration to mitigate the consequences of the epidemic and high energy and food prices. Average inflation in the euro area is mainly influenced by price developments in the large countries, while even potentially very large price fluctuations in Slovenia have only a very small impact on the euro area HICP average.16 At the same time, a comparison of inflation dynamics over a longer time horizon shows that the differences between inflation in Slovenia and in the euro area (both upwards and downwards) have never been long-lasting and have mostly lasted as long as the effects of various measures in recent years, with a time lag of 12 months. In the case of core inflation, which excludes the impact of energy and unprocessed food prices, the differences are much more constant. Here, the difference has been around 2 p.p. since the beginning of last year. Euro area Core inflation, euro area Year-on-year inflation, in % 12 10 8 6 4 2 0 Jan 23 Oct 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 Jan 13 -2 Source: SURS, Eurostat. 16 Slovenia’s share in the HICP calculation is 0.46%, compared with over 25% in Germany, for example. Table 4: Consumer price growth, in % 2022 Total XI 22-X 23/XI 21-X 22 X 23/IX 23 X 23/X 22 I-X 23/I-X 22 10.3 8.4 0.2 6.9 8.1 Food 18.9 14.3 0.9 6.9 13.4 Fuels and energy 15.9 5.3 0.3 8.2 3.1 Services 7.7 7.8 -0.6 8.1 8.0 Other 7.5 7.4 0.6 5.5 7.6 Core inflation - excluding food and energy 7.4 7.5 0.1 6.5 7.6 Core inflation - trimmed mean2 9.5 8.6 0.4 6.6 8.5 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 7/2023 Financial markets Figure 24: Loans to domestic non-banking sectors, September 2023 Consumer loans Lending for house purchase Enterprises and NFIs Total Year-on-year growth, in % 30 20 10 0 -10 -20 -30 Jan 23 Sep 23 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 volume of loans to domestic non-banking sectors contracted by 1.6% year-on-year in September as borrowing conditions tightened further and economic activity slowed. This was primarily due to the deleveraging of companies and (especially) NFIs,17 as their volume of loans from domestic banks fell by almost EUR 680 million (the volume of NFI loans fell by around EUR 540 million) in the first three quarters of this year. The volume of loans to the government was also down (by around EUR 45 million). Growth in household loans (3.4%) also fell year-on-year, due to a rapid slowdown in the growth of housing loans, which fell from around 10% at the end of last year to 1% in September. In the first nine months of this year, new borrowing in the form of housing loans amounted to around EUR 870 million, which is more than 50% less than in the same period last year. However, following the lowering of the threshold for creditworthiness at the beginning of July, year-onyear growth in consumer loans has increased, reaching 7.9% in September, and new consumer loans have increased by almost 30% year-on-year this year. The level of lending interest rates has risen significantly since June last year, with lending rates for companies not deviating significantly from the euro area average, while lending rates for households are on average around 150 basis points higher than in the euro area. Year-on-year growth in domestic non-banking sector deposits slowed slightly in September (to 4.1%). The quality of banks’ assets remains solid and the share of non-performing loans remains unchanged at 1%. 17 Non-monetary financial institutions. Table 5: Financial market indicators Nominal amounts, EUR million Nominal loan growth,% Domestic bank loans to non-banking sector and household savings 30. IX 22 31. XII 22 30. IX 23 30. IX 23/31. VIII 23 30. IX 23/30. IX 22 Loans total 26,145.2 26,175.3 25,739.1 0.0 -1.6 Enterprises and NFI 12,439.8 12,412.1 11,734.7 -0.5 -5.7 Government 1,372.3 1,324.0 1,279.3 -0.9 -6.8 Households 12,333.1 12,439.2 12,725.0 0.5 3.2 Consumer credits 2,608.9 2,616.8 2,815.6 1.3 7.9 Lending for house purchase 8,152.0 8,215.4 8,235.1 0.1 1.0 Other lending 1,572.2 1,606.9 1,674.3 1.2 6.5 25,607.9 26,332.9 26,870.5 -0.3 4.9 22,860.4 23,421.5 23,176.0 -1.6 1.4 2,747.5 2,911.4 3,694.5 8.7 34.5 Bank deposits total Overnight deposits Term deposits Government bank deposits, total Deposits of non-financial corporations, total 816.4 741.2 616.1 -2.9 -24.5 9,195.6 9,774.7 9,908.9 1.0 7.8 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Current Economic Trends Slovenian Economic Mirror, No 7/2023 21 Balance of payments Trade in goods Primary income Current account 5000 The current account of the balance of payments turned into a surplus again in August. In the last 12 months it amounted to EUR 2.1 billion, compared to a deficit of EUR 356.1 million in the previous 12-month period. The main contributor to this change was the goods trade balance, as imports of goods declined while exports of goods stagnated. The surplus in services also continued to grow, especially in trade in transport and travel services. Primary and secondary income also contributed to the improvement of the current account balance. The primary income deficit decreased year-onyear, mainly due to higher subsidies from the EU budget for the agricultural and fisheries policies. Payments to the EU budget from customs duties were also lower. The lower secondary income deficit arose from lower net outflows of private sector transfers. Trade in services Secondary income 4000 3000 2000 1000 0 -1000 -2000 -3000 -4000 Jan 23 Aug 23 Jan 22 Jan 21 Jan 20 Jan 19 Jan 18 Jan 17 Jan 16 Jan 15 Jan 14 -5000 Jan 13 12-month cumulatives, in EUR million Figure 25: Current account of the balance of payments, August 2023 Source: BoS; calculations by IMAD. Table 6: Balance of payments I-VIII 2023, in EUR million Inflows Outflows Balance Current account 38,077.1 35,988.4 2,088.7 -609.2 27,893.1 27,206.5 686.6 -1,479.4 Services 7,641.8 5,221.8 2,420.1 2,152.6 Primary income 1,684.2 2,241.2 -557.0 -802.6 858.1 1,319.0 -461.0 -479.8 Capital account 2,811.3 2,927.9 -116.6 -84.0 Financial account 4,543.0 5,830.8 1,287.8 -949.1 Goods Secondary income Direct investment Balance, I-VIII 2022 875.8 229.4 -646.4 -801.9 Portfolio investment 1,430.9 1,147.4 -283.4 -706.7 Other investment 2,308.0 4,489.9 2,181.9 514.3 0.0 -684.3 -684.3 -255.9 Statistical error Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term “inflows” means total receipts and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. 22 Current Economic Trends Slovenian Economic Mirror, No 7/2023 Public finance Figure 26: Revenue of the consolidated general government budgetary accounts, Q3 2023 Social security contributions Receipts from the EU budget TOTAL REVENUES (right axis) 40 40 36.1 30 20 19.6 16.9 16.7 14.4 10 5.4 6.0 20 9.7 9.1 8.3 4.9 1.4 2.9 4.7 3.3 5.3 2.02.2 3.2 7.0 0 0 -0.1 -10 -20 10 -4.0 Year-on-year growth, in % 30 -10 -17.2 Q1 18 Q2 Q3 Q4 Q1 19 Q2 q3 q4 Q1 20 Q2 Q3 Q4 Q1 21 Q2 Q3 Q4 Q1 22 Q2 Q3 Q4 Q1 23 Q2 Q3 Contribution to year-on-year growth, in p.p. Tax revenues* Non-tax revenues Other -20 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: *excluding social contributions. Figure 27: Expenditure of the consolidated general government budgetary accounts, Q3 2023 28 21.5 24 20.2 20 16 8.1 8.9 7.2 7.3 6.6 5.2 12 8 4 0.1 20 11.6 4.0 7.1 9.7 6.3 0.1 10.4 7.2 4.4 0.6 7.6 1.7 -8 12 8 4 0 -4 16 0 -2.8 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: * Labour costs include employers' social contributions. -4 -8 Year-on-year growth, in % 26.6 24 Expenditure on goods and services Reserves Capital expenditure Payments to the EU budget Q1 18 Q2 Q3 Q4 Q1 19 Q2 Q3 Q4 Q1 20 Q2 Q3 Q4 Q1 21 Q2 Q3 Q4 Q1 22 Q2 Q3 Q4 Q1 23 Q2 Q3 Contribution to year-on-year growth, in p.p. Wages and other labour costs** Interest payments Current transfers to ind. and business. Other current transfers TOTAL EXPENDITURE (right axis) 28 In the third quarter of this year, the deficit of the consolidated balance of public finances was higher year-on-year. It totalled EUR 386 million, compared with EUR 177 million in the same period last year. It was also higher year-on-year in the first nine months (EUR 825 million this year against EUR 380 million in the same period last year). Revenues were 7% higher year-on-year in the third quarter, which means that growth accelerated compared to the second quarter (3.2%). In addition to the increase in social security contributions, the growth in tax revenues resumed in the third quarter; the growth in corporate income tax revenues resumed and the growth in personal income tax revenues also increased. The expiry of the temporary measures of reduced VAT on energy products and the CO2 tax also boosted the growth of these revenues. Expenditure was 10.4% higher year-on-year in the third quarter, which is more than in the second quarter (7.6%), with the increase being due to higher subsidies to mitigate the consequences of rising energy prices and transfers to non-profit organisations, which can be attributed to payments related to post-flood reconstruction. However, as in previous quarters, much of the increase in expenditure in the third quarter was due to the increase in wages and other remunerations as a result of the agreement on public sector wage increase.18 Growth in capital expenditure remained at a similarly high level (11.7%) to the previous quarter. Based on the ninemonth data and the preliminary data on the realisation of the state budget in October, which is the most important part of the consolidated balance of public finances, the general government deficit is projected to be lower than estimated in budget documents. 18 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. Current Economic Trends Slovenian Economic Mirror, No 7/2023 23 Figure 28: EU budget receipts, September 2023 Slovenia’s net budgetary position against the EU budget was positive in the first nine months of this year (at EUR 135.4 million). In this period, Slovenia received EUR 622 million from the EU budget (42.7% of receipts envisaged in the revised state budget for 2023) and paid EUR 486.6 million into it (66.6% of planned payments). The bulk of receipts were resources under the Common Agricultural and Fisheries Policy (37.2% of all reimbursements, 68.8% of the planned reimbursements). The Structural Funds19 accounted for 35.6% of total reimbursements (58.9% of the planned reimbursements in 2023) and the Cohesion Fund for 15.9% of all reimbursements (37.5% of the planned reimbursements). The highest payments into the EU budget came from GNI-based payments (55.3% of all payments). According to the MKRR data,20 by the end of September funds allocated under the 2014–2020 MFF (funding decisions) accounted for 114%21 of all available funds, 111% of the available amount was approved and 94% disbursed. Total receipts (January–September 2022) Expected reimbursements in the revised budget 2023 Total receipts (January–September 2023) Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds… Other receipts (RRP) 0 100 Source: MF. 200 300 In EUR million 400 The European Regional Development Fund (ERDF) and the European Social Fund (ESF+). 20 Ministry of Cohesion and Regional Development. 21 In order to ensure better absorption of European funds, a contingency reserve of 15% of the allocated funds is foreseen. 19 Table 7: Consolidated general government revenue and expenditure on a cash basis I-IX 2022 I-IX 2023 Y-o-y growth, EUR m in % Category REVENUES TOTAL 17,342.4 I-IX 2022 Y-o-y growth, EUR m in % Category 4.1 EXPENDITURE TOTAL 4,038.0 -8.8 4,535.1 12.3 2,490.3 8.4 2,623.1 5.3 565.1 -11.3 607.6 7.5 375.9 140.4 313.0 -16.7 6,964.7 -0.9 7,176.9 3.0 1,371.3 -13.2 1,586.6 15.7 9,059.9 15.7 9,282.8 Personal income tax 2,106.0 2.3 2,287.8 8.6 Expenditure on goods and services Corporate income tax 1,248.3 44.5 1,069.7 186.8 8.0 197.8 Tax revenues Taxes on immovable property Value added tax 3,542.4 19.6 3,680.7 Excise duties 1,097.5 2.0 1,248.0 Social security contributions 6,238.0 6.1 6,816.7 Non-tax revenues 1,062.9 3.7 1,045.9 -14.3 Interest payments 5.9 Reserves Transfers to individuals and 3.9 households 13.7 Other current transfers 9.3 Investment expenditure 17,722.1 Y-o-y growth, EUR m in % 11.7 18,057.1 Salaries. wages and other 2.5 personnel expenditures2 1 I-IX 2023 Y-o-y growth, EUR m in % 0.6 18,881.8 6.5 1,381.9 31.6 1,552.9 12.4 -1.6 Payments to the EU budget 534.9 21.5 486.6 -9.0 -379.6 -824.6 142.9 -335.6 Receipts from the EU budget 680.4 18.7 629.6 GENERAL GOVERNMENT -7.5 BALANCE Other 301.1 36.0 282.1 -6.3 PRIMARY BALANCE 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 7/2023 Main indicators GDP (real growth rates, in %) 2017 2018 2019 2020 2021 2023 2022 2024 25 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. 26 Statistical Appendix Production Slovenian Economic Mirror, No 7/2023 2020 2021 2022 2021 2022 2023 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 6.2 7.9 6.4 2.8 1.7 -5.7 -3.4 -4.1 -8.4 5.6 10.8 38.5 13.5 25.4 -26.1 -30.2 -31.3 5.8 10 2022 11 12 1 2 3 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -5.2 10.2 B Mining and quarrying -2.1 -6.6 -5.0 11.8 3.9 8.1 8.4 7.3 -9.1 -5.3 -26.4 -9.3 0.8 C Manufacturing D Electricity, gas & steam supply 1 1.2 10.2 -30.7 0.7 8.3 15.9 15.5 0.3 4.2 -5.5 -41.0 -6.5 -0.7 58.5 60.7 32.1 30.3 -8.0 7.7 1.2 9.4 16.0 12.4 3.5 6.3 -4.9 -29.3 -30.0 -40.1 -39.3 -32.4 -28.4 -9.7 -3.1 -2.5 7.7 37.0 -33.3 -18.9 3.2 -8.9 -13.7 -9.7 15.2 31.5 14.7 20.6 -14.3 -17.3 -16.7 15.1 54.4 34.7 4.6 -1.8 -0.4 -3.2 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -0.7 -0.5 22.2 1.1 -11.0 20.0 17.7 14.7 35.7 24.2 23.2 Buildings -0.6 14.4 63.4 17.5 -16.1 34.6 53.8 58.5 109.5 21.6 1.5 Civil engineering 2.7 5.9 13.4 8.0 -2.4 16.1 11.6 4.0 22.5 24.6 19.1 16.8 3.4 -8.6 0.7 23.9 16.6 10.5 -11.0 12.8 11.3 13.8 18.7 19.9 19.3 5.2 3.8 6.3 -1.0 14.0 17.2 17.9 20.9 25.7 15.3 19.3 Transportation and storage -8.0 14.3 7.2 12.5 12.5 11.6 11.9 7.1 -0.7 -1.9 -6.8 11.4 12.2 13.3 12.0 18.2 9.6 8.5 Information and communication activities -0.2 7.6 7.6 6.6 9.9 6.0 15.6 9.0 1.4 10.1 -4.1 5.2 8.5 9.6 11.3 9.4 -1.0 9.5 Professional, scientific and technical activities -3.0 10.6 8.9 3.4 9.1 9.2 10.7 9.7 6.4 7.1 1.9 10.7 7.3 11.0 8.9 14.3 7.7 6.6 Administrative and support service activities -24.1 13.1 7.7 23.7 22.3 17.2 16.7 -2.1 2.9 7.0 8.2 26.8 27.3 13.5 26.3 18.9 12.4 20.0 -7.4 11.6 10.2 5.3 19.7 14.3 12.6 13.1 2.2 0.6 -6.0 8.4 11.6 23.7 24.5 21.8 12.7 10.3 -8.9 18.9 19.9 13.8 40.5 26.9 25.8 25.7 5.2 -0.1 -13.0 19.1 32.8 42.5 46.2 32.7 21.1 27.3 -13.9 8.1 -4.8 -8.2 9.3 -8.4 -7.1 -2.7 -0.4 14.0 13.5 -1.8 -7.3 17.3 22.6 1.0 -3.6 7.5 7.8 4.0 8.9 13.9 10.2 7.8 0.4 -3.1 -6.4 4.6 3.7 13.7 9.5 21.4 -41.7 22.2 38.5 4.2 -10.7 15.2 -1.6 Domestic tourists, overnight stays 32.8 10.4 -14.7 -15.0 263.8 690.2 Foreign tourists, overnight stays -70.5 42.9 110.1 81.8 332.9 78.8 394.5 61.2 -37.1 20.8 19.5 153.2 208.2 103.4 19.5 MARKET SERVICES, year-on-year real growth rates, % Services, total 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 -6.1 -16.1 13.4 9.0 TOURISM, y-o-y growth rates, % Total, overnight stays Accommodation and food service activities 14.9 283.2 679.7 180.0 15.4 118.7 745.3 995.0 804.7 685.0 599.8 -9.5 -39.5 -8.4 -19.7 71.6 44.5 27.4 6.2 117.2 215.8 516.4 616.7 997.0 596.6 555.2 28.0 32.0 15.0 19.3 81.1 214.4 256.6 220.2 190.1 215.4 535.5 601.4 773.6 154.1 192.6 144.0 176.5 221.0 232.1 178.8 179.5 53.3 72.7 59.8 60.1 46.1 43.9 53.9 56.8 78.8 -50.3 -49.1 2.6 88.1 909.9 1289.3 664.9 761.4 643.1 AGRICULTURE Purchase of agricultural products, in EUR m BUSSINES TENDENCY (indicator values*) Sentiment indicator -11.8 2.4 0.6 6.0 3.5 4.3 2.4 -2.1 -2.3 -1.4 -3.5 -5.9 5.3 3.0 3.0 4.4 5.3 6.5 1.1 in manufacturing -9 8 0 10 6 7 2 -3 -6 -5 -10 -11 8 4 6 9 9 10 3 in construction -5 18 21 20 24 27 22 15 22 17 13 11 23 24 21 26 27 26 26 -10 8 17 14 15 15 19 17 18 19 17 13 16 17 16 12 15 16 14 1 5 20 14 5 16 26 21 17 14 16 12 7 -2 5 13 15 16 18 -26 -22 -33 -20 0 -26 -31 -39 -36 -34 -31 -33 -21 -25 -27 -24 -24 -21 -33 Confidence indicator in services in retail trade 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 7/2023 2022 Production 27 2023 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 0.2 3.8 4.3 0.7 3.7 1.1 -4.0 -2.8 -10.5 32.3 12.6 1.6 7.5 40.1 3.3 6.6 7.2 2.8 7.4 8 9 -6.8 0.2 -3.3 -8.3 -2.2 -2.3 -7.1 -12.8 -6.1 32.9 -18.5 -21.7 -38.1 -25.7 -31.4 -32.6 -37.7 -27.9 -28.7 0.1 -11.0 -5.5 -6.2 -12.4 -6.1 10 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D B Mining and quarrying C Manufacturing D Electricity, gas & steam supply 4.1 0.9 1.0 -7.7 -1.1 1.6 -1.6 -7.5 -1.0 -1.5 -34.9 -26.8 -25.8 -21.3 -34.7 -33.6 -50.0 -38.7 -33.0 -46.0 -27.0 -37.9 -27.8 -37.1 -31.8 -34.3 -24.7 -25.5 1 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 10.8 22.6 19.6 17.3 16.5 10.9 38.7 26.2 45.7 25.0 16.9 29.9 23.6 22.9 23.0 18.1 19.0 Buildings 57.7 55.3 48.4 37.0 95.9 51.8 106.9 119.7 101.4 57.4 8.9 8.3 -5.6 -3.3 13.9 -7.6 -12.8 Civil engineering 12.7 22.3 1.9 10.4 12.3 -7.2 18.9 16.0 38.5 16.0 33.5 24.3 24.1 12.8 21.2 13.7 21.3 21.4 20.5 16.5 4.2 6.7 4.9 3.9 4.8 2.7 6.7 5.7 6.3 -0.7 1.4 -3.5 0.0 -2.2 Transportation and storage 10.5 14.0 11.2 3.7 10.5 7.2 2.1 -2.4 -1.7 0.3 -3.6 -2.4 -9.5 -1.6 -9.3 -8.9 -13.2 Information and communication activities 14.0 10.9 21.5 6.9 12.0 8.3 6.7 3.2 -4.3 9.3 10.8 10.2 -3.4 -0.9 -7.4 1.3 -3.5 Professional, scientific and technical activities 8.5 14.2 9.5 7.9 15.4 6.9 7.0 6.0 6.3 3.0 7.6 9.9 3.1 -0.7 3.4 3.0 6.3 Administrative and support service activities 20.5 20.7 10.1 -4.2 -4.5 2.2 -1.5 9.1 1.7 4.3 9.3 7.5 6.2 10.3 8.0 7.9 8.9 12.3 15.1 10.6 9.7 17.1 12.7 3.8 3.0 -0.1 9.8 -1.8 -4.8 -6.1 -5.9 -6.1 -7.3 -11.8 Real turnover in retail trade 28.0 26.2 23.5 21.6 31.9 23.9 6.8 7.0 2.1 18.6 -3.1 -12.3 -10.3 -13.0 -15.3 -16.4 -21.3 -18.0 Real turnover in the sale and maintenance of motor vehicles -9.5 -3.1 -9.0 -5.4 -1.6 -1.0 -1.2 -1.7 1.8 14.5 10.4 16.4 14.5 10.2 16.2 16.8 10.9 8.7 13.9 8.1 4.9 10.4 8.3 2.7 1.3 -2.8 1.1 -4.6 -5.2 -8.8 -5.3 -5.2 -5.9 -8.6 730.4 257.8 94.9 17.1 1.9 -9.5 -15.1 -10.0 -4.6 38.3 13.7 -1.3 12.9 7.0 -13.4 9.0 -5.6 8.0 466.0 122.4 26.4 -45.7 -51.7 -54.5 -55.6 -43.1 -45.3 -9.4 -14.9 5.3 8.9 MARKET SERVICES, year-on-year real growth rates, % Services, total DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover Nominal turnover in wholesale trade & commission trade 12.8 TOURISM, y-o-y growth rates, % Total, overnight stays Domestic tourists, overnight stays Foreign tourists, overnight stays Accommodation and food service activities 1172.0 539.8 244.9 183.6 107.8 7.4 -10.6 -20.3 -21.7 -34.4 -50.2 91.2 52.3 38.8 61.3 65.4 96.9 67.9 48.4 20.9 38.6 37.0 16.1 15.2 -2.8 67.5 24.4 19.3 14.4 18.8 31.7 35.5 44.1 31.5 23.1 22.6 17.8 7.4 18.0 10.5 AGRICULTURE Purchase of agricultural products, in EUR m 54.8 61.1 60.6 81.0 62.3 77.7 90.8 72.2 69.2 60.0 55.4 63.4 56.1 62.8 60.7 64.8 58.8 4.2 2.5 0.6 -1.0 -0.3 -5.0 -5.5 -1.8 0.5 -1.1 -1.3 -1.7 -2.7 -3.0 -4.8 -6.5 -5.9 -5.4 -5.5 4 1 0 -1 -2 -7 -9 -6 -3 -3 -5 -6 -9 -10 -10 -11 -11 -10 -11 in construction 22 25 19 16 17 13 19 22 24 19 18 14 16 13 12 13 8 13 10 in services 19 19 18 17 20 16 14 20 19 18 19 20 18 18 15 13 12 13 14 in retail trade 28 27 23 26 22 15 9 17 23 19 17 7 18 13 17 1 19 15 13 consumer confidence indicator -28 -31 -33 -39 -39 -40 -39 -37 -31 -35 -34 -33 -30 -30 -34 -33 -34 -33 -33 BUSSINES TENDENCY (indicator values*) Sentiment indicator Confidence indicator in manufacturing 28 Statistical Appendix Slovenian Economic Mirror, No 7/2023 2021 2022 2023 2021 2022 Labour market 2020 2021 2022 FORMAL LABOUR FORCE (A=B+E) 973.9 974.6 978.7 972.5 972.2 980.0 976.9 976.2 976.5 985.2 982.0 981.5 978.5 978.8 982.7 977.3 977.4 975.9 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 888.9 900.3 922.0 897.3 903.5 914.0 912.5 920.2 923.0 932.3 929.0 934.2 911.8 913.4 916.8 909.5 912.6 915.4 In agriculture, forestry, fishing In industry, construction 26.4 25.7 24.9 Q2 25.8 Q3 25.7 Q4 25.6 Q1 24.9 Q2 24.9 Q3 24.9 Q4 24.8 Q1 24.2 Q2 24.4 10 25.7 11 25.6 12 25.5 1 24.9 2 24.9 3 24.8 288.5 294.1 304.7 293.1 295.4 299.6 300.1 303.6 305.9 309.5 307.4 309.0 298.5 298.5 301.7 298.3 300.3 301.6 - in manufacturing 202.8 205.6 210.8 205.4 205.9 208.4 209.1 210.5 210.6 212.9 211.8 212.0 207.9 207.9 209.5 208.3 209.2 209.8 - in construction 64.9 In services 67.8 73.0 67.0 68.7 70.2 70.2 72.2 74.2 75.5 74.5 75.7 69.6 69.8 71.3 69.3 70.4 71.0 574.0 580.4 592.4 578.4 582.3 588.8 587.6 591.8 592.2 597.9 597.4 600.8 587.7 589.3 589.5 586.3 587.4 589.0 - in public administration - in education, health-services and social work 49.3 49.6 49.5 49.7 49.6 49.8 49.4 49.5 49.5 49.6 49.1 49.2 49.9 49.8 49.7 49.3 49.4 49.5 141.5 146.1 149.7 146.0 145.5 148.4 148.9 149.7 148.8 151.6 152.1 153.0 147.9 148.6 148.8 148.4 148.9 149.3 FORMALLY EMPLOYED (C) 794.6 804.4 824.1 801.9 807.3 817.0 815.8 822.8 824.8 833.1 830.0 834.2 815.0 816.4 819.7 813.1 816.0 818.4 In enterprises and organisations 744.8 756.2 775.8 753.7 758.3 768.3 768.3 774.4 776.0 784.4 782.3 785.9 766.0 767.6 771.4 765.9 768.5 770.6 1 By those self-employed 49.8 48.2 48.3 48.2 49.0 48.7 47.5 48.4 48.8 48.7 47.7 48.2 49.0 48.8 48.3 47.2 47.5 47.8 SELF-EMPLOYED AND FARMERS (D) 94.3 95.8 97.9 95.5 96.2 97.0 96.7 97.4 98.2 99.1 99.0 100.0 96.9 97.0 97.0 96.4 96.6 96.9 REGISTERED UNEMPLOYMENT (E) 85.0 74.3 56.7 75.2 68.7 66.0 64.4 55.9 53.4 52.9 53.0 47.3 66.7 65.4 66.0 67.8 64.8 60.5 Female 42.6 37.9 28.6 38.6 35.4 33.5 32.1 28.3 27.4 26.6 26.2 23.7 34.1 33.4 33.0 33.5 32.3 30.5 By age: 15 to 29 17.2 14.2 10.5 14.1 12.0 12.8 11.9 10.0 9.5 10.6 10.0 8.5 13.1 12.7 12.7 12.7 11.9 11.0 Aged over 50 31.0 28.2 22.3 28.7 27.1 25.5 25.2 22.4 21.2 20.4 20.6 18.9 25.9 25.3 25.4 26.3 25.3 24.0 Primary education or less 26.4 23.5 18.0 23.7 21.6 21.1 20.9 17.7 16.7 16.8 17.4 15.4 21.0 20.7 21.5 22.3 21.1 19.3 For more than 1 year 38.0 40.5 30.1 41.9 40.2 38.3 35.5 31.0 27.9 25.9 24.4 22.6 39.3 38.3 37.2 37.0 35.7 33.9 Those receiving benefits 25.9 18.9 15.1 17.6 16.7 16.3 17.8 14.3 14.5 14.0 15.9 13.1 15.9 15.9 17.2 19.6 17.5 16.2 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.7 7.6 5.8 7.7 7.1 6.7 6.6 5.7 5.5 5.3 5.4 4.8 6.8 6.7 6.7 6.9 6.6 6.2 Male 8.0 6.9 5.2 6.9 6.3 6.1 6.0 5.2 4.9 4.9 5.0 4.4 6.1 6.0 6.1 6.4 6.1 5.6 Female 9.6 8.5 6.5 8.7 8.0 7.5 7.2 6.4 6.2 6.0 5.9 5.3 7.7 7.5 7.4 7.6 7.3 6.9 FLOWS OF FORMAL LABOUR FORCE 1.0 -1.8 -1.1 -3.8 -1.7 -0.1 -1.8 -2.2 -0.6 0.4 -1.0 -1.4 0.5 -1.3 0.6 1.9 -3.1 -4.2 New unemployed first-job seekers 0.8 0.6 0.6 0.3 0.4 1.2 0.4 0.4 0.5 1.2 0.5 0.3 2.6 0.7 0.4 0.4 0.3 0.4 Redundancies 7.4 4.5 4.2 3.3 4.1 4.6 5.1 3.4 3.9 4.2 4.9 3.4 4.1 4.2 5.4 8.0 3.5 3.7 Registered unemployed who found employment 5.4 5.0 3.8 5.7 4.3 3.6 5.1 4.0 3.1 3.1 4.6 3.4 4.1 3.8 2.9 4.6 5.0 5.8 Other outflows from unemployment (net) 1.8 2.0 2.2 1.8 1.9 2.4 2.3 2.2 2.1 2.2 2.0 1.9 2.3 2.4 2.5 2.2 2.1 2.8 37.6 41.8 49.5 40.7 42.7 44.9 46.7 49.1 50.7 51.7 51.8 52.2 44.2 45.0 45.7 46.1 46.4 47.6 3.9 4.3 5.1 4.2 4.4 4.6 4.8 5.0 5.2 5.2 5.3 5.3 4.5 4.6 4.6 4.7 4.7 4.9 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force Sources: SURS, ZPIZ, ESS. Note: 1 In January 2005, SURS adopted a new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Statistical Appendix Slovenian Economic Mirror, No 7/2023 2022 Labour market 4 5 6 7 8 2023 9 10 11 12 1 2 3 4 5 6 7 8 FORMAL LABOUR FORCE (A=B+E) 976.4 975.9 976.2 976.6 975.5 977.3 983.2 983.7 988.5 982.1 982.3 981.8 981.6 981.3 981.6 980.3 978.6 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 918.3 920.1 922.3 922.3 921.6 925.2 930.2 931.2 935.3 926.7 928.9 931.4 933.0 934.1 935.4 933.0 931.2 In agriculture, forestry, fishing In industry, construction 24.8 24.9 24.9 24.9 24.9 29 24.9 24.9 24.9 24.8 24.2 24.2 24.3 24.3 24.4 24.4 24.3 9 10 24.3 303.0 303.3 304.4 306.0 305.3 306.4 308.3 308.1 312.0 306.4 307.3 308.4 309.0 308.9 309.1 308.8 307.7 - in manufacturing 210.3 210.4 210.6 210.6 210.3 210.9 212.2 212.2 214.3 211.7 211.5 212.1 212.1 212.1 211.8 211.2 210.7 - in construction 71.8 In services 72.1 72.8 74.4 74.0 74.4 75.0 74.8 76.7 73.7 74.7 75.1 75.7 75.5 76.0 76.3 75.7 590.5 591.8 593.1 591.3 591.3 593.9 597.0 598.2 598.5 596.1 597.4 598.8 599.6 600.8 602.0 599.9 599.2 - in public administration - in education, health-services and social work 49.5 49.6 49.4 49.5 49.5 49.5 49.6 49.6 49.4 49.0 49.2 49.2 49.1 49.2 49.1 49.1 49.2 149.4 149.7 149.8 148.4 148.2 150.0 151.2 151.7 151.9 151.6 152.2 152.7 152.8 153.1 153.0 151.8 151.5 FORMALLY EMPLOYED (C) 821.1 822.6 824.6 824.3 823.4 826.7 831.3 831.9 836.1 828.0 829.9 832.0 833.2 834.1 835.2 832.5 830.5 In enterprises and organisations 773.0 774.3 775.9 775.5 774.6 777.9 782.3 783.1 787.9 780.6 782.3 784.0 785.1 785.8 786.8 784.4 782.6 1 By those self-employed 48.2 48.4 48.7 48.8 48.7 48.8 49.0 48.8 48.2 47.4 47.6 48.0 48.1 SELF-EMPLOYED AND FARMERS (D) 97.2 97.4 97.7 98.0 98.2 98.5 98.9 99.2 99.3 98.7 99.0 99.4 99.8 100.0 100.3 100.5 100.8 REGISTERED UNEMPLOYMENT (E) 58.1 55.9 53.9 54.3 53.9 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 Female 29.4 28.2 27.3 27.9 27.8 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 By age: 15 to 29 10.5 9.9 9.5 9.6 9.6 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 Aged over 50 23.1 22.4 21.7 21.6 21.3 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 Primary education or less 18.4 17.6 17.0 16.8 16.7 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 For more than 1 year 32.4 31.0 29.6 28.6 28.0 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 Those receiving benefits 14.7 14.2 13.9 14.6 14.8 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 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 5.9 5.7 5.5 5.6 5.5 5.3 5.3 5.3 5.4 5.6 5.4 5.1 5.0 4.8 4.7 4.8 4.8 Male 5.4 5.2 5.0 5.0 4.9 4.8 4.8 4.8 4.9 5.3 5.0 4.7 4.5 4.4 4.3 4.3 4.3 Female 6.6 6.4 6.2 6.3 6.3 6.0 6.0 6.0 5.9 6.1 5.9 5.7 5.5 5.3 5.2 5.4 5.5 FLOWS OF FORMAL LABOUR FORCE -2.5 -2.2 -2.0 0.5 -0.4 -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 New unemployed first-job seekers 0.4 0.4 0.4 0.3 0.3 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 Redundancies 3.6 3.3 3.4 4.5 3.4 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 Registered unemployed who found employment 4.4 3.9 3.6 2.5 2.3 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 Other outflows from unemployment (net) 2.1 2.2 2.3 2.0 2.1 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 48.3 49.2 49.7 50.2 50.7 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 4.9 5.0 5.1 5.1 5.2 5.2 5.3 5.3 5.2 5.2 5.3 5.3 5.3 5.3 5.3 5.3 5.3 FIXED TERM WORK PERMITS FOR FOREIGNERS As % of labour force 48.3 48.4 48.1 47.8 30 Statistical Appendix Wages Slovenian Economic Mirror, No 7/2023 in EUR 2022 Q2 23 Aug23 GROSS WAGE PER EMPLOYEE, nominal in € 2020 2021 2022 2021 Q2 Q3 2022 Q4 Q1 Q2 2023 Q3 Q4 Q1 2021 Q2 12 2022 1 2 y-o-y growth rates, % TOTAL 2,024 2,199 2,222 5.8 6.1 2.8 5.7 5.4 2.9 -1.2 0.8 5.0 6.5 10.4 9.9 2.1 -2.7 -1.0 Private sector activities (A–N; R–S) 1,963 2,113 2,150 3.8 5.8 6.0 3.9 5.9 6.9 4.0 6.6 6.7 6.9 11.1 9.5 7.0 3.1 3.8 Public service activities (OPQ) 2,216 2,467 2,447 10.5 6.8 -5.1 10.3 4.2 -6.8 -12.5 -11.8 0.5 5.3 8.4 11.0 -9.0 -14.4 -11.3 Industry (B–E) 2,038 2,193 2,251 3.4 5.7 6.2 5.3 6.5 6.9 4.4 6.9 7.6 6.2 12.2 10.4 8.9 2.6 4.6 Trad. market services (GHI) 1,790 1,937 1,947 3.0 5.7 6.7 3.4 5.3 7.9 4.5 7.5 6.6 8.2 10.8 9.0 6.4 4.4 3.5 Other market services (J–N; R–S) 2,204 2,358 2,400 5.1 5.6 5.4 3.3 5.5 6.6 3.4 5.7 5.6 6.7 10.0 8.9 6.3 3.2 3.2 A Agriculture, forestry and fishing 1,694 1,861 1,845 4.6 3.8 9.6 0.9 4.9 7.4 6.8 10.1 10.0 11.5 13.0 11.2 6.6 5.9 6.4 B Mining and quarrying 2,512 2,925 2,800 5.1 2.3 4.1 -2.9 6.1 9.1 0.4 3.4 5.7 6.1 12.3 22.9 30.1 -5.3 2.1 C Manufacturing 2,000 2,141 2,200 3.2 6.2 6.3 6.1 7.0 7.2 4.8 6.9 7.4 6.2 12.1 10.1 9.5 2.9 4.9 D Electricity, gas, steam and air conditioning supply 2,948 3,375 3,428 4.0 1.5 6.2 0.6 2.3 3.6 0.1 8.5 11.2 5.2 14.2 13.4 1.7 -0.1 2.5 E Water supply sewerage, waste management and remediation activities 1,925 2,093 2,153 4.2 4.3 6.1 2.9 4.6 5.4 4.1 7.4 6.5 6.3 12.4 9.1 3.6 4.2 3.2 F Construction 1,593 1,726 1,754 5.5 7.1 7.0 3.6 7.5 7.9 6.8 7.1 6.5 7.9 10.9 9.3 5.7 5.8 6.7 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,878 2,027 2,017 4.2 5.4 6.3 3.0 5.2 7.1 4.8 7.7 5.7 7.2 10.2 8.5 7.4 4.5 3.6 H Transportation and storage 1,787 1,927 1,956 -0.1 5.0 8.7 2.7 4.6 9.6 7.0 8.6 8.9 10.2 11.2 9.7 6.5 7.1 5.5 I Accommodation and food service activities 1,449 1,608 1,665 -3.8 12.7 8.9 12.2 9.7 20.4 12.4 12.7 7.3 9.1 13.9 10.6 15.9 11.8 13.8 J Information and communication 2,742 2,912 2,936 4.5 4.7 5.6 3.4 5.6 5.4 4.9 6.0 5.9 5.6 7.3 8.0 6.8 7.2 4.0 K Financial and insurance activities 2,967 3,143 3,063 2.5 5.0 6.3 2.9 4.2 7.1 3.1 8.9 5.1 8.2 9.4 6.5 5.1 1.0 1.2 L Real estate activities 1,831 1,963 1,944 4.2 3.7 5.4 0.1 3.6 6.4 3.9 5.8 5.4 6.5 10.1 8.2 6.7 3.0 3.4 M Professional, scientific and technical activities 2,279 2,411 2,531 4.0 6.3 4.7 4.0 6.1 7.5 4.0 4.7 4.9 5.4 10.1 8.6 8.7 4.9 2.8 N Administrative and support service activities 1,437 1,568 1,607 4.7 5.9 7.8 3.0 6.6 8.2 5.8 8.1 8.6 9.0 12.8 11.2 7.3 2.4 7.8 O Public administration and defence, compulsory social security 2,431 2,729 2,727 7.4 6.9 -3.3 10.3 2.9 -1.3 -9.8 -10.6 1.9 6.9 8.4 11.8 -1.3 -13.2 -9.9 P Education 2,017 2,242 2,170 6.2 8.9 -5.1 16.1 8.2 1.5 -5.7 -10.7 -5.7 2.3 9.0 10.5 -2.2 -7.6 -3.2 Q Human health and social work activities 2,281 2,528 2,549 17.7 4.8 -6.3 5.7 1.2 -17.1 -20.0 -13.8 6.6 7.3 8.0 11.0 -18.8 -20.6 -18.9 R Arts, entertainment and recreation 1,989 2,173 2,150 0.0 9.4 2.2 11.7 7.3 10.5 3.0 2.4 0.5 3.7 10.8 10.2 5.7 1.4 6.9 S Other service activities 1,617 1,750 1,768 4.5 3.4 5.0 -1.9 3.6 2.7 1.1 5.6 5.9 7.1 11.2 8.3 -0.8 -1.7 0.5 Source: SURS, calculations by IMAD. Statistical Appendix Slovenian Economic Mirror, No 7/2023 Wages GROSS WAGE PER EMPLOYEE 2022 2 3 4 5 6 7 31 2023 8 9 10 11 12 1 2 3 4 5 6 7 y-o-y growth rates, % TOTAL -0.1 0.4 -0.9 2.8 3.2 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 Private sector activities (A–N; R–S) 5.1 5.7 7.7 6.5 5.7 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 -11.8 -11.0 -18.3 -5.5 -3.0 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 Industry (B–E) 5.9 5.2 8.6 7.0 6.3 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 Trad. market services (GHI) 5.7 7.2 7.8 7.4 5.8 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 Other market services (J–N; R–S) 3.8 5.5 6.8 4.9 5.2 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 A Agriculture, forestry and fishing 8.4 8.8 10.1 11.5 7.4 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 B Mining and quarrying 4.4 -0.4 1.2 9.5 3.3 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 C Manufacturing 6.5 5.6 8.1 7.0 6.6 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 D Electricity, gas, steam and air conditioning supply -1.9 -1.2 20.6 7.0 2.9 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 E Water supply sewerage, waste management and remediation activities 4.9 7.9 7.1 7.3 5.2 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 F Construction 7.7 5.7 8.3 7.2 5.3 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 G Wholesale and retail trade, repair of motor vehicles and motorcycles 6.3 8.6 7.6 6.9 4.9 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 H Transportation and storage 8.4 7.5 9.2 9.3 7.9 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 11.7 15.1 14.5 10.3 6.8 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 J Information and communication 3.5 4.8 10.6 2.6 6.0 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 K Financial and insurance activities 6.1 11.9 5.1 9.8 6.0 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 L Real estate activities 5.4 5.8 5.4 6.2 5.2 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 M Professional, scientific and technical activities 4.2 3.5 6.0 4.5 4.6 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 N Administrative and support service activities 7.2 7.8 9.1 7.6 6.7 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 O Public administration and defence, compulsory social security -5.9 -9.0 -20.0 -1.3 0.6 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 P Education -6.3 -5.9 -16.3 -9.4 -13.2 -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 -20.4 -16.8 -18.7 -4.4 6.4 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 R Arts, entertainment and recreation 0.8 4.8 3.6 -0.7 0.1 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 S Other service activities 4.5 6.0 5.7 5.0 5.4 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 Public service activities (OPQ) I Accommodation and food service activities Q Human health and social work activities 32 Statistical Appendix Prices and indicators of overall competitiveness Slovenian Economic Mirror, No 7/2023 2021 2022 2020 2021 2022 CPI, y-o-y growth rates, % -1.1 4.9 10.3 2.2 4.2 6.0 Food, non-alcoholic beverages 1.0 3.9 18.6 -1.0 1.8 Alcoholic beverages, tobacco 3.2 2.4 6.0 4.1 Clothing and footwear -5.4 5.9 2.3 Housing, water, electricity, gas -0.6 8.6 Furnishing, household equipm. -0.4 Medical, pharmaceutical produ. Q3 Q4 Q1 Q2 2023 Q1 Q2 2021 Q3 10 11 2022 Q3 Q4 12 1 8.5 10.7 10.1 9.9 8.2 6.6 3.0 4.6 4.9 5.8 2 6.9 3 5.4 5.9 10.8 13.8 18.3 18.9 14.4 10.2 0.3 1.1 3.9 4.6 6.3 6.9 1.8 2.8 5.0 6.4 6.2 9.2 9.2 8.9 0.7 2.2 2.4 2.4 3.0 3.1 1.8 3.3 4.4 2.0 2.9 2.3 3.8 6.4 6.6 -1.2 5.3 5.9 2.1 5.6 5.5 13.3 3.6 7.9 8.4 13.5 22.0 14.6 13.0 9.2 5.3 6.7 8.3 8.6 10.7 13.2 1.3 5.7 12.9 2.5 4.7 8.0 10.7 12.2 12.5 11.8 9.1 6.4 3.4 5.0 5.7 7.6 8.0 8.5 4.9 -0.5 7.2 2.7 0.6 4.2 3.0 3.7 5.7 6.7 11.3 11.8 3.0 -0.6 -0.5 4.1 4.1 4.4 Transport -5.9 12.5 9.3 9.0 13.0 13.0 16.3 16.9 10.1 5.0 1.0 -1.0 11.7 14.7 12.5 12.5 12.5 14.1 Communications 0.6 -3.6 1.2 -0.7 -3.5 -4.2 -4.6 -3.8 -0.8 2.6 3.7 3.8 -3.5 -3.5 -3.6 -4.4 -3.6 -4.6 Recreation and culture -3.9 3.4 6.9 -2.2 1.2 4.0 5.9 5.3 6.6 8.6 7.9 8.5 -0.9 1.2 3.4 4.1 5.4 2.4 Education 0.7 0.5 1.4 1.1 0.6 0.4 0.3 0.5 1.3 2.1 4.6 5.3 0.7 0.7 0.5 0.5 0.4 0.4 Catering services 0.6 6.1 10.8 4.0 5.8 7.1 9.0 9.1 10.2 11.2 9.1 9.0 5.2 6.2 6.1 6.8 7.1 7.3 Miscellaneous goods & services 0.7 -2.1 8.9 -0.1 -0.4 0.9 2.6 4.1 6.7 7.1 7.5 7.4 0.3 0.7 -2.1 0.7 1.1 0.8 HICP -1.2 5.1 10.8 2.3 4.5 6.3 9.0 11.3 10.6 9.9 8.0 6.3 3.5 4.9 5.1 6.0 7.0 6.0 Core inflation (excluding fresh food and energy) -0.1 3.1 7.4 1.5 2.5 4.3 5.6 6.3 6.9 7.8 8.0 7.4 1.5 2.9 3.1 3.8 4.7 4.5 -0.2 10.6 19.3 7.5 9.9 15.6 21.7 21.1 19.9 15.5 7.1 2.4 9.2 9.9 10.6 12.3 16.5 17.9 Domestic market 1.0 10.6 23.3 8.0 10.1 17.2 24.8 25.2 23.9 19.2 9.9 4.6 9.5 10.1 10.6 12.8 18.4 20.3 Non-domestic market -1.4 10.6 15.3 6.9 9.7 13.9 18.5 17.0 15.8 11.8 4.3 0.2 8.8 9.7 10.6 11.7 14.5 15.4 Euro area -1.2 11.6 15.4 7.0 10.5 15.1 20.5 19.3 16.2 11.8 3.8 -0.7 9.5 10.4 11.6 12.5 16.1 16.7 Non-euro area -1.8 8.5 15.1 6.7 8.0 11.4 14.6 12.6 15.0 11.4 4.6 1.9 7.5 8.1 8.5 10.0 11.4 12.9 -2.6 25.9 11.9 14.9 24.5 27.5 29.5 24.9 14.6 6.4 -1.6 -4.4 22.5 25.0 25.9 26.4 26.7 29.3 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 0.6 0.0 -1.7 -0.6 -1.3 -1.8 -2.0 -2.3 -0.7 0.1 0.7 1.8 -1.0 -1.1 -1.8 -1.9 -1.6 -2.0 Real (deflator HICP) -0.5 -0.5 -0.4 -1.1 -1.1 -1.1 -0.7 -0.2 0.3 1.6 2.3 3.1 -1.3 -0.7 -1.3 -0.7 0.0 -2.5 Real (deflator ULC) 3.5 0.6 -0.4 2.3 -4.6 -2.9 -3.3 0.6 4.2 6.9 7.2 1.141 1.184 1.054 1.179 1.144 1.123 1.065 1.007 1.021 1.073 1.089 1.082 1.160 1.141 1.130 1.131 1.134 1.102 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 7/2023 Prices and indicators of overall competitiveness 2022 4 5 33 2023 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 CPI, y-o-y growth rates, % 6.9 8.1 10.4 11.0 11.0 10.0 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 Food, non-alcoholic beverages 9.2 10.8 12.5 13.2 13.8 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 Alcoholic beverages, tobacco 4.6 5.1 5.3 5.9 6.5 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 Clothing and footwear 1.4 2.6 2.0 1.8 2.6 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 Housing, water, electricity, gas 6.2 10.4 23.9 24.6 25.3 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 Furnishing, household equipm. 9.2 10.5 12.3 12.0 11.6 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 Medical, pharmaceutical produ. 3.2 2.7 3.2 3.4 3.8 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 Transport 15.1 16.7 17.2 19.7 16.5 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 Communications -2.7 -5.9 -5.3 -3.7 -4.0 -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 Recreation and culture 6.2 5.9 5.7 4.8 5.2 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 Education 0.3 0.3 0.4 0.4 0.4 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 Catering services 7.9 9.6 9.5 8.8 9.0 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 Miscellaneous goods & services 2.3 2.4 3.1 3.6 4.1 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 HICP 7.4 8.7 10.8 11.7 11.5 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 Core inflation (excluding fresh food and energy) 5.4 5.5 6.0 6.1 6.3 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 20.4 22.5 22.2 21.1 21.0 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 Domestic market 23.4 25.7 25.4 24.6 25.3 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 Non-domestic market 17.3 19.3 18.9 17.5 16.7 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 Euro area 18.8 21.6 21.2 20.1 19.3 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 Non-euro area 14.5 14.7 14.5 12.5 11.7 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 29.2 30.2 29.2 26.6 25.6 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 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 -2.4 -2.0 -1.7 -2.3 -2.4 -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 Real (deflator HICP) -1.9 -0.9 0.8 0.6 0.1 -1.3 -1.1 0.5 1.5 1.0 0.6 3.3 3.2 2.2 1.4 2.1 2.8 4.4 4.2 1.082 1.058 1.057 1.018 1.013 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 Real (deflator ULC) USD / EUR 34 Statistical Appendix Balance of payments Slovenian Economic Mirror, No 7/2023 2020 2021 2022 2021 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 2021 Q2 8 9 10 2022 11 12 1 161 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account 3,398 Goods 2,333 1,732 -578 335 470 28 -146 -232 153 -354 601 1,146 147 225 176 84 -231 882 -2,174 339 63 -160 -512 -517 -378 -767 128 566 -49 26 58 32 -251 5 Exports 29,622 35,255 42,628 8,815 8,473 9,699 10,000 11,045 10,834 10,749 10,910 10,874 2,505 3,093 3,253 3,358 3,089 3,050 Imports 27,289 34,373 44,802 9,860 10,511 11,562 11,212 11,516 10,783 10,308 8,476 8,410 2,554 3,067 3,195 3,326 3,339 3,045 1,913 2,198 3,482 518 641 622 603 909 1,093 877 794 956 230 261 227 202 193 171 Exports 6,985 8,471 11,133 1,905 2,509 2,458 2,143 2,773 3,329 2,889 2,523 2,923 833 862 791 780 887 632 Imports 5,072 6,273 7,651 1,387 1,867 1,836 1,539 1,865 2,235 2,012 1,728 1,967 604 600 564 578 694 461 Primary income -314 -756 -1,232 -398 -120 -280 -70 -447 -399 -315 -179 -149 -5 -10 -59 -84 -137 40 Receipts 1,725 2,086 2,156 546 458 579 537 553 452 613 606 703 173 141 149 188 242 238 Expenditures 2,039 2,841 3,387 944 578 859 608 1,000 852 928 785 852 178 152 208 272 379 197 -535 -594 -655 -124 -114 -154 -167 -176 -163 -149 -142 -227 -29 -52 -51 -66 -37 -55 994 1,113 1,243 322 269 284 286 317 313 327 311 315 96 82 95 79 109 98 1,529 1,707 1,898 446 383 438 453 494 476 476 453 542 125 134 146 146 146 153 163 Services Secondary income Receipts Expenditures Capital account -258 Financial account 3,670 -220 -40 61 17 -41 -60 -13 -107 -94 -33 17 25 42 19 -44 -11 1,774 -1,678 416 412 62 -459 -396 85 -908 97 852 273 247 244 208 -390 289 Direct investment 262 -414 -1,288 -725 -164 485 -228 -339 -271 -450 -365 -281 0 -85 529 139 -183 -47 Assets 708 1,442 763 168 362 557 364 431 209 -241 179 132 80 250 606 145 -194 114 72 592 770 480 209 544 413 79 336 77 6 -11 161 1,232 -1,298 644 -295 936 -608 148 509 181 498 257 58 -127 9 -34 -8 -8 12 13 14 -14 569 -1,298 1,024 1,012 -932 162 -803 -225 -764 2,082 1,779 Liabilities Portfolio investment Financial derivatives 446 1,856 2,051 893 526 -1,136 2,778 -12 1,664 270 53 30 -176 10 39 -63 -45 Other investment 4,325 -1,444 -371 -541 -379 -1,792 1,053 -694 Assets 4,830 2,923 2,940 253 531 -1,051 4 4 18 2 4,757 1,422 1,914 340 348 1 22 -225 -47 505 Other equity Currency and deposits Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other assets Liabilities Other equity -21 477 -1,797 1,639 834 1,267 -799 2,776 1,279 -132 265 -341 48 -759 8 10 2 0 5 -4 1 0 0 0 0 8 10 11 358 -1,292 811 335 1,328 -560 2,157 1,094 -51 27 -694 -121 -477 1,611 340 -8 -22 225 -27 186 33 148 34 72 -24 41 59 67 100 -87 -8 1 12 3 0 8 -13 -3 9 -6 4 4 1 1 1 0 873 846 205 100 -97 920 367 7 -448 683 127 -81 187 273 88 -458 326 254 -169 42 88 102 -74 -64 -88 57 -102 -9 19 5 20 14 68 -80 4,367 3,311 793 910 741 586 1,528 699 499 1,752 267 800 103 462 273 5 -303 -6 4 -38 1 -42 1 1 -1 -1 1 2 11 1 0 0 2 1 -2 0 Currency and deposits 800 2,359 1,681 909 371 290 526 237 543 375 391 393 7 271 180 149 -39 107 Loans -407 16 833 -372 -403 -3 -441 781 277 215 982 38 83 -477 -11 81 -73 -113 55 21 3 27 8 -44 22 -34 22 -7 54 13 3 3 -15 -15 -15 7 Trade credit and advances -137 1,119 801 268 63 586 437 434 -95 26 149 -324 -54 254 343 0 243 -269 Other liabilities 190 215 -8 4 194 -90 43 111 -49 -113 166 147 86 52 -38 56 -109 -35 0 675 0 0 675 0 0 0 0 0 0 0 675 0 0 0 0 0 166 824 168 7 707 97 77 37 24 31 37 6 704 -3 8 24 65 64 531 -121 -880 121 -119 17 -272 -105 -56 -448 -410 -261 109 -2 27 105 -115 138 Insurance, pension schemes, and standardised guarantee schemes Special drawing rights (SDR) Reserve assets Net errors and omissions EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 4,817 999 978 1,172 1,090 1,244 1,181 1,301 1,184 1,225 285 363 359 397 416 315 Intermediate goods 15,446 19,633 25,763 3,552 4,067 4,848 4,841 5,400 6,008 6,626 6,646 6,347 6,514 6,315 1,413 1,758 1,836 1,916 1,648 1,839 Consumer goods 13,928 15,744 22,197 1,312 3,987 3,856 3,913 4,196 6,218 6,251 5,501 6,634 6,533 1,061 1,349 1,375 1,388 1,150 5,826 1,221 1,172 1,419 1,377 1,455 1,443 1,562 1,386 1,442 386 414 434 484 502 380 Intermediate goods 16,434 24,076 34,352 5,702 6,303 7,338 7,869 8,969 8,893 8,416 8,874 8,747 1,855 2,297 2,424 2,314 2,601 2,504 Consumer goods 11,670 12,588 16,566 3,209 3,020 3,454 3,726 4,392 4,191 4,311 4,315 4,025 1,021 1,055 1,153 1,170 1,130 960 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 7/2023 Balance of payments 2022 2 3 4 5 6 7 35 2023 8 9 10 11 12 1 2 3 4 5 6 7 8 BALANCE OF PAYMENTS, BPM6 methodology, EUR million Current account -205 -102 -127 -26 -79 -175 -57 384 12 -27 -338 154 168 279 249 468 429 179 163 Goods -274 -242 -205 -181 -131 -208 -243 72 -238 -175 -354 -29 47 110 78 242 246 78 -85 Exports 3,147 3,803 3,437 3,729 3,879 3,573 3,289 3,972 3,664 3,769 3,317 3,354 3,530 4,026 3,308 3,801 3,765 3,247 2,861 Imports 3,421 4,045 3,642 3,910 4,011 3,781 3,532 3,900 3,902 3,944 3,670 3,384 3,483 3,917 3,230 3,559 3,519 3,169 2,947 Services 187 246 297 293 453 335 263 279 253 250 292 231 346 Exports 686 824 885 886 1,002 1,078 1,081 1,170 318 300 340 961 900 1,028 778 797 948 842 991 1,090 1,098 1,098 379 303 367 Imports 499 578 588 593 684 778 741 717 626 637 749 526 547 655 612 644 711 795 731 Primary income -54 -57 -163 -98 -187 -186 -99 -115 -44 -63 -207 -22 -67 -90 -5 -26 -118 -129 -100 Receipts 140 159 152 214 187 135 139 178 169 213 231 222 181 202 246 251 206 196 180 Expenditures 194 216 315 312 374 320 238 293 213 276 438 244 248 292 252 276 324 325 280 -64 -49 -56 -41 -79 -81 -55 -26 -41 -52 -56 -48 -62 -33 -55 -94 -78 -73 -19 92 95 100 101 116 101 89 123 99 95 133 92 103 116 101 96 118 90 142 156 144 156 142 195 182 144 149 140 147 189 139 165 149 156 189 197 163 161 32 -62 4 -28 -36 -15 31 -29 10 44 -161 -61 -3 -30 36 -25 -44 -9 19 -328 -419 -321 166 -242 150 -244 179 -161 40 -788 265 74 -242 344 328 180 184 155 Direct investment -98 -84 -116 -242 19 -17 -218 -36 60 -183 -327 -15 -181 -169 1 -56 -227 213 -214 Assets 201 49 192 97 142 271 -154 92 88 -22 -307 94 120 -35 98 138 -103 -45 -37 Liabilities 298 133 309 338 123 288 65 128 28 161 20 109 301 134 96 193 123 -258 177 Portfolio investment 68 431 256 85 304 -251 198 -242 447 53 437 -1,261 250 Financial derivatives -17 -32 -17 -17 -11 13 24 21 -51 -36 -40 Other investment -288 -742 -448 313 -559 407 -252 413 -629 Assets -100 -40 186 179 468 -209 339 1,136 0 0 1 0 1 0 -215 -585 -203 101 437 -302 Loans -6 66 98 47 42 -42 48 Insurance, pension schemes, and standardised guarantee schemes 0 0 3 3 3 -4 -4 Trade credit and advances 204 390 296 25 46 95 Other assets -83 89 -8 3 -60 45 187 702 634 -134 1,027 Other equity -1 1 0 0 Currency and deposits 91 328 30 -291 -36 7 7 372 10 Secondary income Receipts Expenditures Capital account Financial account Other equity Currency and deposits Liabilities Loans Insurance, pension schemes, and standardised guarantee schemes Trade credit and advances Other liabilities Special drawing rights (SDR) Reserve assets Net errors and omissions 370 283 74 561 -486 -74 8 -1 3 -7 -14 -13 6 -3 198 -867 1,500 -155 -321 263 -142 891 26 120 -601 1,227 1,315 237 1,026 266 169 -163 -36 0 0 3 566 1,063 -396 -107 27 9 64 75 -4 -1 -1 -1 -247 159 148 48 -24 -108 78 -43 -616 591 723 467 -234 266 -1 0 0 0 0 1 1 9 -38 244 59 263 221 46 385 -56 14 331 -25 474 -412 392 297 47 -299 468 -11 -11 -11 7 7 7 -2 -2 -2 334 213 -107 329 -247 -46 197 373 -261 68 72 47 -8 -23 -26 0 4 -58 0 0 0 0 0 0 0 0 0 6 6 4 27 5 -3 4 22 -156 -255 -198 220 -127 339 -218 411 461 385 348 0 234 16 0 -1 -2 1 0 0 0 0 -57 1,229 986 -59 51 241 801 399 552 -2 54 -19 19 27 26 -24 4 3 3 3 -2 -2 -2 0 0 -644 86 236 361 -72 -32 232 -110 -367 22 -90 37 -50 20 2 -31 2 -21 -273 1,470 555 -247 379 135 240 49 0 2 0 1 0 -6 0 180 197 -6 102 298 245 182 -31 1,019 -6 95 136 -193 22 167 18 18 18 4 4 4 0 0 -86 -328 221 256 -437 97 16 -8 -278 -59 46 32 89 98 39 10 -13 -22 0 0 0 0 0 0 0 0 0 0 13 8 10 34 41 -38 12 -20 14 12 2 -177 -183 24 -289 172 -91 -492 59 -116 -205 14 -27 449 411 431 459 334 385 465 361 428 435 390 358 3 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 348 426 372 Intermediate goods 1,875 2,294 2,066 2,229 2,330 2,218 1,974 2,454 2,203 2,293 1,851 2,050 2,118 2,346 1,912 2,147 2,256 1,811 1,547 Consumer goods 1,318 1,566 1,677 2,075 2,466 2,056 1,812 2,383 1,722 2,088 1,692 2,173 2,010 2,451 1,662 2,342 2,529 2,167 1,674 Import of investment goods 507 490 416 497 542 481 458 504 469 518 576 400 470 516 442 499 501 442 419 Intermediate goods 2,328 3,036 2,779 3,354 2,836 2,822 2,858 3,214 2,964 2,943 2,508 2,911 2,604 3,359 2,578 3,377 2,792 2,291 2,773 Consumer goods 1,349 1,417 1,509 1,369 1,514 1,417 1,442 1,332 1,460 1,377 1,474 1,537 1,203 1,576 1,240 1,426 1,359 1,079 1,558 36 Statistical Appendix Monetary indicators and interest rates Slovenian Economic Mirror, No 7/2023 2020 2021 2022 2021 5 6 2022 7 8 9 10 11 12 1 2 3 4 5 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) 11,805 14,460 12,247 13,268 14,012 14,316 14,332 14,365 14,736 14,460 14,546 14,391 13,642 13,380 13,290 4,520 3,538 2,858 4,564 4,610 4,523 4,325 4,183 3,762 3,705 3,538 3,658 3,680 3,464 3,496 3,458 639 693 764 632 621 619 628 627 627 636 693 706 698 693 691 689 10,997 11,556 12,439 Other government (S,1312,1313,1314) Households (S,14, 15) 12,710 11,118 11,137 11,223 11,299 11,365 11,449 11,514 11,556 11,583 11,638 11,779 11,859 11,965 Non-financial corporations (S,11) 9,363 9,828 10,988 9,554 9,497 9,560 9,481 9,511 9,945 9,886 9,828 10,113 10,223 10,330 10,539 10,589 Non-monetary financial institutions (S,123, 124, 125) 1,640 1,602 1,903 1,617 1,706 1,700 1,710 1,726 1,731 1,737 1,602 1,616 1,637 1,734 1,743 1,752 Monetary financial institutions (S,121, 122) 7,969 10,607 9,764 8,669 10,009 9,796 10,069 10,135 9,858 9,931 10,607 10,424 10,047 9,941 9,264 9,830 30,341 34,136 35,279 31,260 32,655 32,593 32,875 33,010 33,252 33,347 34,136 34,283 34,071 34,213 33,792 34,381 Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 345 284 256 310 310 307 314 298 295 293 284 281 273 303 320 298 4,361 3,302 3,096 4,499 4,531 4,438 4,240 4,146 3,727 3,667 3,302 3,432 3,474 3,320 3,368 3,495 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 34,567 38,152 38,980 35,770 37,094 37,159 37,331 37,242 37,128 37,224 38,152 37,999 38,014 37,946 38,013 38,338 Overnight 25,218 29,146 31,836 26,857 27,352 27,599 27,860 28,010 27,989 28,272 29,146 29,166 29,238 29,338 29,592 29,899 With agreed maturity – short-term 3,381 2,707 3,066 3,025 2,949 2,892 2,811 2,808 2,761 2,687 2,707 2,619 2,595 2,674 2,622 2,666 With agreed maturity – long-term 5,348 5,849 3,751 5,266 6,240 6,158 6,141 5,931 5,831 5,746 5,849 5,737 5,713 5,523 5,459 5,441 Short-term deposits redeemable at notice 620 450 327 622 553 510 519 493 547 519 450 477 468 411 340 332 Deposits in foreign currency, total 723 828 974 810 789 812 817 804 835 839 828 834 851 965 1,007 1,036 Overnight 675 790 891 766 747 771 776 771 803 803 790 799 817 847 883 894 With agreed maturity – short-term 25 27 76 26 25 25 26 19 19 24 27 24 24 109 115 134 With agreed maturity – long-term 23 11 7 18 17 16 15 14 13 12 11 11 10 9 9 8 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Time deposits with maturity of up to one year 0.15 0.12 0.08 0.14 0.12 0.12 0.14 0.13 0.12 0.15 0.05 0.04 0.05 0.03 0.03 0.04 2.21 1.72 2.31 1.70 1.66 1.69 1.65 1.69 1.63 1.67 1.69 1.66 1.66 1.65 1.67 1.79 1.13 1.78 0.78 0.80 1.40 0.89 1.36 0.95 0.10 1.08 1.35 0.79 0.97 0.92 1.48 0.00 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3-month rates -0.425 -0.549 0.342 -0.540 -0.543 -0.545 -0.548 -0.545 -0.550 -0.567 -0.582 -0.560 -0.532 -0.495 -0.448 -0.386 6-month rates -0.364 -0.523 0.673 -0.513 -0.515 -0.516 -0.527 -0.522 -0.527 -0.534 -0.545 -0.527 -0.476 -0.417 -0.311 -0.144 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 1.23 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations 0.00 INTERBANK INTEREST RATES EURIBOR Sources: BoS, EUROSTAT. Statistical Appendix Slovenian Economic Mirror, No 7/2023 Monetary indicators and interest rates 2022 6 7 8 37 2023 9 10 11 12 1 2 3 4 5 6 7 8 9 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 13,055 13,574 13,025 12,457 12,425 12,733 12,247 12,706 12,411 12,179 12,321 12,414 12,307 12,289 12,260 12,027 3,429 3,430 3,318 3,114 3,060 3,086 2,830 2,981 2,965 2,913 2,957 2,995 3,017 3,010 2,996 2,970 692 691 695 695 702 710 764 764 775 775 761 776 774 782 785 786 Households (S,14, 15) 12,037 12,140 12,252 12,333 12,387 12,425 12,439 12,444 12,424 12,495 12,509 12,552 12,522 12,598 12,662 12,725 Non-financial corporations (S,11) 10,664 10,968 11,131 11,098 11,281 11,349 10,987 11,210 10,921 10,787 11,030 10,963 10,996 10,987 10,905 10,834 Non-monetary financial institutions (S,123, 124, 125) 1,778 1,820 1,828 1,852 1,883 1,865 1,903 1,909 1,165 1,181 1,193 1,214 1,233 1,244 1,239 1,254 Monetary financial institutions (S,121, 122) 8,687 8,844 8,832 9,227 8,834 9,124 9,761 9,546 10,029 10,587 9,995 10,074 11,225 11,321 11,728 11,385 33,413 33,958 34,239 34,682 34,599 34,982 35,279 35,284 34,835 35,324 34,984 35,078 36,163 36,345 36,728 36,591 Central government (S,1311) Other government (S,1312,1313,1314) Claims on domestic sectors, TOTAL In domestic currency In foreign currency Securities, total 295 310 302 292 265 262 256 251 252 243 247 247 243 245 241 216 3,469 3,511 3,401 3,226 3,193 3,229 3,064 3,234 3,107 3,088 3,131 3,175 3,286 3,280 3,274 3,066 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 37,574 37,805 38,130 38,293 38,537 38,573 38,980 38,815 38,497 38,322 38,207 38,374 38,293 38,362 38,651 38,568 Overnight 30,138 30,374 30,790 30,951 30,845 31,170 31,836 31,650 31,196 31,107 30,968 31,020 31,260 31,353 31,442 31,048 With agreed maturity – short-term 2,639 2,719 2,693 2,790 3,057 2,848 3,066 3,120 3,241 3,268 3,223 3,285 3,308 3,240 3,359 3,381 With agreed maturity – long-term 4,515 4,441 4,366 4,263 4,332 4,228 3,751 3,699 3,693 3,620 3,686 3,715 3,364 3,400 3,409 3,668 Short-term deposits redeemable at notice 282 271 281 289 303 327 327 346 367 327 330 354 361 369 441 471 1,093 1,103 1,133 1,161 1,066 1,033 974 931 946 931 922 926 898 904 940 918 Overnight 953 964 1,005 1,041 957 927 891 851 860 849 840 838 804 815 854 849 With agreed maturity – short-term 132 131 120 113 102 99 76 74 80 76 76 81 87 82 79 62 With agreed maturity – long-term 8 8 8 7 7 7 7 6 6 6 6 7 7 7 7 7 Deposits in foreign currency, total INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.00 0.01 0.01 0.01 0.02 0.03 0.02 0.09 0.09 0.09 0.09 0.10 0.10 0.14 0.14 0.13 Time deposits with maturity of up to one year 0.03 0.03 0.04 0.13 0.15 0.18 0.19 0.25 0.37 0.58 0.44 0.47 0.72 0.88 1.05 1.29 2.02 2.22 2.52 2.64 2.96 3.36 3.55 3.66 3.79 3.83 3.89 3.86 3.80 3.80 3.80 3.74 1.02 2.74 3.03 .. 3.87 1.26 .. .. 5.12 5.12 .. 7.12 6.06 4.69 2.29 0.00 0.50 0.50 1.25 1.25 2.00 2.50 2.50 3.00 3.50 3.50 3.75 4.00 4.00 4.25 4.50 3-month rates -0.239 0.037 0.395 1.011 1.428 1.825 2.066 2.345 2.640 2.911 3.167 3.366 3.536 3.672 3.780 3.880 6-month rates 0.162 0.467 0.837 1.596 1.997 2.321 2.567 2.858 3.135 3.267 3.498 3.679 3.825 3.943 3.945 4.030 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 2.1 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations INTERBANK INTEREST RATES EURIBOR 38 Statistical Appendix Public finance Slovenian Economic Mirror, No 7/2023 2020 2021 2022 2021 Q3 2021 Q4 Q1 Q2 2021 2023 Q3 Q4 Q1 Q2 Q3 11 2022 12 1 2 3 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 18,528.6 21,382.6 23,311.4 5,151.3 5,853.2 5,613.9 6,079.7 5,648.8 5,969.0 5,736.1 6,274.8 6,045.9 1,891.9 2,093.4 2,035.8 1,782.6 1,795.5 Current revenues 17,578.7 20,124.0 21,966.7 4,874.2 5,389.3 5,138.5 5,824.1 5,398.2 5,605.9 5,401.6 6,000.2 5,743.5 1,697.6 1,888.3 1,822.8 1,686.0 1,629.8 Tax revenues 16,460.4 18,785.7 20,557.0 4,565.8 5,075.6 4,813.0 5,455.3 5,029.7 5,259.1 5,123.1 5,587.2 5,389.2 1,615.6 1,761.0 1,737.9 1,518.8 1,556.2 Taxes on income and profit 3,261.8 3,981.3 4,517.4 959.7 327.6 389.2 332.6 348.2 368.9 Social security contributions 7,289.9 7,928.1 8,503.7 1,964.1 2,050.9 2,048.8 2,090.9 2,098.3 2,265.6 2,224.5 2,287.8 2,304.4 651.3 760.1 680.4 677.2 691.2 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 785.5 1,048.5 1,049.7 1,485.3 832.8 1,149.5 1,100.5 1,308.1 21.6 23.9 26.7 6.0 7.0 6.0 6.7 6.5 7.4 6.2 6.9 6.5 2.2 2.7 2.2 1.9 1.9 287.3 316.9 336.5 102.2 96.3 32.4 82.1 128.6 93.5 38.9 90.0 116.9 33.2 19.7 12.4 8.5 11.5 5,493.3 6,359.2 6,883.8 1,692.2 1,831.5 1,574.1 1,744.1 1,866.6 1,699.0 1,677.7 1,827.5 1,940.6 576.3 594.1 623.0 483.3 467.7 102.4 177.4 289.2 36.7 78.0 67.2 56.9 85.6 79.5 51.4 61.8 49.9 15.5 33.3 27.0 14.0 26.2 4.1 -1.1 -0.3 -20.9 -36.6 34.7 -10.8 11.3 -35.5 23.9 5.1 11.2 9.6 -38.2 60.3 -14.4 -11.3 1,118.2 1,338.4 1,409.7 308.4 313.7 325.6 368.8 368.5 346.8 278.5 412.9 354.3 82.0 127.3 84.8 167.1 73.6 146.9 228.3 268.1 56.0 81.1 64.1 66.3 64.3 73.5 59.0 65.6 61.5 26.8 26.8 18.5 23.6 21.9 Grants 17.5 21.9 57.2 10.3 2.9 12.2 29.6 12.3 3.1 13.8 -8.7 19.7 2.0 0.6 0.9 11.1 0.2 Transferred revenues 54.8 57.3 57.7 51.4 2.0 0.4 22.0 30.2 5.2 3.6 0.4 67.3 0.4 0.9 0.1 0.1 0.2 730.7 951.2 961.8 159.5 377.9 398.8 137.8 143.8 281.4 258.2 217.4 154.0 165.1 176.8 193.5 61.8 143.4 Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 22,070.6 24,299.8 24,886.3 5,580.0 6,685.1 5,929.4 5,967.0 5,825.7 7,164.3 6,030.1 6,419.9 6,431.9 2,139.4 2,809.0 1,906.6 1,793.1 2,229.6 9,127.8 10,393.6 10,283.4 2,362.5 2,876.7 2,697.3 2,348.8 2,423.2 2,814.1 2,687.4 2,655.2 2,737.3 943.8 1,270.5 809.9 746.2 1,141.2 Wages, salaries and other personnel expenditures 4,965.3 5,765.3 5,481.1 1,330.1 1,327.7 1,309.4 1,411.8 1,316.9 1,443.1 1,433.5 1,599.2 1,502.6 474.0 451.0 429.9 433.1 446.3 Expenditures on goods and services 3,020.7 3,336.6 3,556.6 794.0 1,050.7 845.0 806.5 838.8 1,066.3 795.0 910.6 918.3 285.7 531.5 227.4 263.0 354.7 Interest payments 778.0 732.2 661.5 204.6 95.2 336.1 16.4 212.6 96.4 370.2 18.1 219.2 66.3 13.2 17.8 23.6 294.8 Reserves 363.8 559.5 584.2 33.9 403.1 206.7 114.2 55.0 208.3 88.6 127.2 97.1 117.8 274.9 134.8 26.5 45.4 10,867.7 11,318.7 11,261.4 2,605.1 2,711.3 2,780.8 2,952.4 2,602.7 2,925.5 2,865.0 3,057.2 2,840.9 906.8 975.0 965.8 878.3 936.7 Current transfers Subsidies 1,449.3 181.6 64.7 80.1 115.9 29.7 42.4 Current transfers to individuals and households 8,250.8 9,167.7 9,294.5 2,158.6 2,140.7 2,293.2 2,448.1 2,223.4 2,329.8 2,317.4 2,547.4 2,312.1 701.7 718.6 772.9 749.9 770.5 Current transfers to non-profit institutions, other current domestic transfers 1,083.2 1,131.0 1,118.0 Current transfers abroad Capital expenditures 867.3 690.2 111.5 157.1 188.0 195.7 94.8 211.7 287.8 205.6 298.3 358.4 257.7 255.7 263.8 340.9 231.5 284.1 317.0 120.9 149.5 68.0 85.6 104.1 158.7 36.7 55.1 41.9 52.9 20.7 43.1 28.4 20.1 30.2 19.5 26.9 9.1 13.1 19.7 1,230.6 1,544.7 2,053.5 402.4 670.0 225.8 432.6 487.5 907.5 269.0 469.0 529.2 175.4 335.5 52.1 77.2 96.5 84.4 152.7 Capital transfers 318.5 413.9 558.5 86.2 238.6 43.2 60.5 132.2 322.5 42.0 80.1 163.0 49.0 157.1 12.1 16.8 14.3 Payments to the EU budget 526.0 628.9 729.5 123.8 188.5 182.2 172.7 180.0 194.6 166.6 158.5 161.5 64.4 70.9 66.6 74.7 40.9 -3,542.1 -2,917.2 -1,574.9 -428.7 -831.9 -315.5 112.8 -176.9 -1,195.2 -293.9 -145.1 -386.0 -247.5 -715.6 129.2 -10.6 -434.1 SURPLUS / DEFICIT Source: MF, Consolidated balance of public financing. Statistical Appendix Slovenian Economic Mirror, No 7/2023 Public finance 2022 4 5 6 7 8 39 2023 9 10 11 12 1 2 3 4 5 6 7 8 9 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR million TOTAL REVENUES 2,043.9 2,011.2 2,024.7 1,807.8 1,898.1 1,942.9 1,902.3 1,956.8 2,110.0 1,982.6 1,816.9 1,936.7 2,205.6 1,952.9 2,116.4 1,940.0 1,987.9 2,118.1 Current revenues 1,949.4 1,894.0 1,980.7 1,750.1 1,806.2 1,841.9 1,799.5 1,868.9 1,937.4 1,882.1 1,720.8 1,798.7 2,046.4 1,892.8 2,061.0 1,874.1 1,943.0 1,926.4 Tax revenues 1,850.3 1,791.4 1,813.7 1,633.5 1,688.2 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 Taxes on income and profit 406.6 578.7 500.0 132.7 371.6 328.5 347.1 381.2 421.2 353.7 360.3 386.5 419.9 458.0 430.2 178.1 419.8 361.8 Social security contributions 704.3 698.5 688.2 700.6 697.7 700.0 693.7 730.2 841.7 720.8 754.3 749.4 759.2 764.7 763.9 765.7 768.0 770.7 2.2 2.1 2.4 2.4 1.9 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 20.5 23.2 38.5 48.9 41.6 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 Taxes on payroll and workforce Taxes on property Domestic taxes on goods and services 638.3 531.2 574.6 681.5 594.3 590.8 613.1 565.5 520.4 631.8 502.6 543.2 681.5 546.5 599.6 747.9 587.9 604.8 Taxes on international trade & transactions 27.0 15.0 14.9 39.1 18.2 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 Other taxes 51.5 -57.2 -5.1 28.2 -37.1 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 Non-tax revenues 99.2 102.6 167.0 116.6 118.0 133.9 79.4 138.4 129.0 93.2 85.8 99.5 100.7 110.3 202.0 111.1 128.5 114.7 23.0 22.0 21.2 22.5 22.5 19.2 26.7 24.6 22.2 15.0 20.1 23.8 20.4 19.2 25.9 21.8 16.7 23.1 Grants 0.4 29.0 0.1 0.2 0.2 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 Transferred revenues 0.5 20.0 1.5 0.0 30.0 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 70.6 46.1 21.1 34.9 39.2 69.7 75.1 61.0 145.3 83.4 63.4 111.4 138.7 49.8 28.8 43.4 22.6 88.0 Capital revenues Receipts from the EU budget GENERAL GOVERNMENT EXPENDITURES, EUR million TOTAL EXPENDITURES Current expenditures 1,873.8 1,923.8 2,169.4 1,952.5 1,938.5 1,934.7 1,909.1 2,319.2 2,936.0 1,813.2 1,865.6 2,351.3 1,955.9 2,079.1 2,384.9 2,107.2 2,181.7 2,143.0 711.7 756.2 881.0 820.1 814.1 789.1 802.2 904.0 1,107.9 778.7 787.8 1,120.9 808.6 842.7 1,003.8 885.8 969.3 882.2 Wages, salaries and other personnel expenditures 420.9 438.5 552.4 452.8 443.3 420.8 434.7 488.5 519.9 478.6 474.6 480.3 464.0 493.8 641.4 517.4 507.6 477.6 Expenditures on goods and services 244.3 273.3 288.9 284.3 288.1 266.4 279.1 312.7 474.4 233.3 259.2 302.5 266.2 312.6 331.7 305.8 332.5 280.0 8.4 3.4 4.6 56.2 65.1 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 Reserves 38.2 40.9 35.1 26.7 17.6 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 Current transfers 975.2 910.4 1,066.9 895.9 846.9 859.9 849.6 1,007.2 1,068.7 917.6 903.5 1,043.9 948.0 976.6 1,132.6 953.9 949.5 937.6 Subsidies Interest payments 69.9 107.7 18.2 34.8 17.7 42.2 28.9 55.0 127.9 100.8 35.4 151.6 70.1 77.6 57.8 57.4 52.7 71.5 Current transfers to individuals and households 767.2 743.5 937.3 773.9 731.1 718.4 727.7 820.5 781.6 738.9 771.2 807.3 784.8 789.6 973.0 774.3 778.3 759.4 Current transfers to non-profit institutions, other current domestic transfers 124.9 39.8 90.9 79.5 92.3 92.0 86.2 105.8 148.9 70.2 90.2 71.0 80.8 103.7 99.6 105.3 113.6 98.0 13.2 19.3 20.4 7.7 5.7 7.3 6.9 25.9 10.3 7.7 6.7 14.0 12.3 5.7 2.1 16.8 4.8 8.5 105.6 177.7 149.2 147.8 176.0 163.7 164.7 275.4 467.4 57.4 92.8 118.8 133.4 168.9 166.8 169.8 180.0 179.4 Capital transfers 23.6 16.6 20.3 35.1 30.3 66.9 38.0 67.6 216.9 10.3 14.4 17.3 18.7 30.7 30.7 34.4 36.8 91.8 Payments to the EU budget 57.7 62.9 52.0 53.5 71.2 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 87.4 -144.7 -144.7 -40.4 8.2 -6.8 -362.3 -826.1 169.4 249.7 -126.2 -268.6 -167.2 -193.8 -24.9 Current transfers abroad Capital expenditures SURPLUS / DEFICIT 170.1 -48.7 -414.6 40 Acronyms Slovenian Economic Mirror, No 7/2023 Acronyms Acronyms in the text BoS – Bank of Slovenia, CO2 − carbon dioxide, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, ECB – European Central Bank, ECOICOP - European Classification Of Individual Consumption by Purpose, 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, EU-SILC – EU statistics on income and living conditions, FURS – Financial administration of the Republic of Slovenia, GDP – Gross domestic product, HICP – Harmonised Index of Consumer Prices, ICT – Information and Communication Technology, IFO – Institut für Wirtschaftsforschung, ILO – International Labour Organization, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MDDSZ – Ministry of Labour, Family, Social Affairs and Equal Opportunities, MF – Ministry of Finance, MFF – multiannual financial framework, MKRR – Ministry of Cohesion and Regional Development, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, PMI – Purchasing Managers' Index, REACT-EU – Recovery Assistance for Cohesion and the Territories of Europe, REER – Real Effective Exchange Rate, RRP – The Recovery and Resilience Plan, SITC – Standard International Trade Classification, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, TTF – Title Transfer Facility, UN – United Nations, USD – US Dollar, VAT – value added tax, WEF – World Economic Forum, WEO − World Economic Outlook, WIIW – The Wienna Institute for International Economic Studies, 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. 7, Vol. XXIX, 2023