slovenian economic mirror No. 5, Vol. XXVII, 2021 Slovenian Economic Mirror (Ekonomsko ogledalo) No. 5 / Vol. XXVII / 2021 Publisher: IMAD, Ljubljana, Gregorciceva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor: Matevž Hribernik, MSc Authors: Urška Brodar; Lejla Fajic; Tina Golob Šušteršic, PhD; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršic; Janez Kušar, MSc; Andrej Kuštrin, PhD; Jože Markic, PhD; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Selected Topic: Jure Povšnar (Business results of companies in 2020) Editorial Board: Marijana Bednaš, MSc; Lejla Fajic; Marta Gregorcic, PhD; Alenka Kajzer, PhD; Rotija Kmet Zupancic, MSc; Janez Kušar, MSc Translated by: Špela Potocnik Technical editing and layout: Bibijana Cirman Naglic Print: Collegium Graphicum d.o.o. Circulation: 80 copies First edition Ljubljana, June 2021 ISSN 1318-3826 (print) ISSN 1581-1026 (pdf) The publication is available free of charge. © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight ........................................................................................................................................... 3 Current economic trends ....................................................................................................................... 7 International environment .......................................................................................................................9 Economic developments in Slovenia ................................................................................................. 11 Labour market ............................................................................................................................................ 16 Prices .............................................................................................................................................................. 17 Financial markets ....................................................................................................................................... 18 Balance of payments ................................................................................................................................ 19 Public finance ............................................................................................................................................. 20 Selected topic ...........................................................................................................................................23 Business results of companies in 2020 ............................................................................................... 25 Statistical appendix ...............................................................................................................................27 The Economic Mirror is prepared based on statistical data available by 10th June 2021. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. In the spotlight In the first quarter, real GDP increased and exceeded the levels of the same period last year. Slovenia recorded a faster recovery than the EU average, where economic activity was lower than in the last quarter of last year and also year-on-year. This development reflects a slight improvement in the epidemiological situation and the gradual easing of containment measures, as well as the adjustment of the economy and consumers to the changed conditions. The recovery continued mainly in service activities related to international trade in goods (transportation and export-oriented manufacturing activities), which, similar to the second half of last year, were not strongly affected by the containment measures. This was also reflected in the trends of goods exports and imports, which were positive year-on-year for the second consecutive quarter. Gross fixed capital formation increased year-on-year for the second quarter in a row. Turnover in trade, which had already largely eased in February, was also up year-on-year for the first time since the beginning of the epidemic, partly due to consumers catching up on purchases and also partly due to increased spending ahead of the announced lockdown at the beginning of April. This led to slightly higher year-on-year private consumption. A sharp year-on-year decline continued in some services that opened more slowly, notably entertainment, sports, recreation and personal services, and hotels and restaurants, hampering faster growth in household spending. According to survey data, labour market conditions improved slightly in the first quarter but remained worse than in the same period last year. Real government consumption fell year-on-year. Prospects in the international environment remain favourable, with economic activity in euro area countries expected to pick up in the second quarter, judging by confidence indicators. Strict temporary containment measures were introduced in several trading partners at the beginning of April, affecting activity around the Easter holidays. However, this did not have a significant impact on economic sentiment and confidence indicators (ESI, PMI), most of which improved in April and May, reaching their highest levels since the beginning of the epidemic. The manufacturing PMI recorded its all-time highest value, while the services PMI reached its highest value in the last three years. As the rate of vaccination coverage increases and containment measures are set to relax gradually, international institutions forecast a pick-up of activity in most euro area countries. The EC and the OECD significantly improved their forecasts in May. Growth is being driven by private consumption, investment and stronger demand in the global economy. At the beginning of the second quarter, activity in export-oriented industries remained high, and the recovery of services gradually strengthened. The tightening of containment measures at the beginning of April again mainly affected the services sector, but data on the fiscal verification of invoices indicate that turnover rebounded and exceeded pre-epidemic levels in the second half of April. Turnover in services, which were still severely constrained despite the easing of measures (cultural and entertainment services, accommodation, travel agencies, gambling and betting), remained significantly lower than in the same period of 2019. The export part of the economy was again less affected by the containment measures. Activity in the manufacturing sector increased in April. After rapid growth in the first months of the year, exports in April remained at the previously achieved level. At the same time, business and consumer expectations in Slovenia improved as the epidemiological situation eased, which could have a positive impact on the growth of overall economic activity. Conditions on the labour market have improved slightly in recent months. Unemployment declined somewhat between February and mid May due to seasonal factors and the easing of containment measures, but remained higher than before the epidemic. At the end of May, 75,148 people were unemployed, 5.2% fewer than at the end of April and 16.9% fewer than a year earlier. In March, the number of employed persons was similar to the number in the previous few months. The year-on-year decline was again the largest in accommodation and food service activities and administrative and support service activities, i.e. the sectors most affected by the containment measures, while the largest increase was in health and social work. Year-on-year wage growth was high in the first quarter, mainly owing to the payment of crisis bonuses in the public sector. Consumer price growth was higher in April and May than in the previous months, amounting to 2.1%. In addition to this year's increase in the prices of oil products, this is mainly due to the low energy prices in the same period last year. This is primarily a result of last year’s record low oil and oil product prices on world markets, as well as government measures, which temporarily exempted certain consumers from paying contributions for electricity consumption. In April, the year-on-year growth in Slovenian industrial producer prices also strengthened significantly (on both the domestic and foreign markets); import prices were also higher, mainly due to higher commodity prices. According to the World Bank, commodity prices continued to rise in May, with oil prices increasing by 135% year-on-year and non-energy commodity prices by 85%. The overall deficit of the consolidated balance of the public finances, which recorded a surplus in April, narrowed slightly in the first four months compared with the first quarter. In April, movements in the consolidated balance sheet of the public finances were more favourable than in previous months, owing to the lifting of restrictions on business activity and the resulting increase in tax revenues. The bulk of the deficit still stemmed from a significant increase in expenditure, mainly due to the anti-coronavirus packages of measures to mitigate the effects of the epidemic, with disbursements for these measures being among the lowest this year (EUR 234 million). In the first four months of this year, these measures amounted to EUR 1,160 million and the overall deficit to EUR 1,177 million. During this period, Slovenia also received more funds from the EU budget than it paid in. Contribution to y-o-y growth, in p. p. Seasonally adjusted value of the economicsentiment indicator (ESI), long-term average Year-on-year real GDP growth, in % -10 TOTAL 3 3 2 2 1 1 0 0 -1 -1 -2 -2 -3 -3 -5 60 70 80 90 100 110 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18 Jan 19 Jul 19 Jan 20 Jul 20 Jan 21 Q1 05Q1 06Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Slovenia Euro area 120 Year-on-year growth, in % Q1 15 Q1 16 Q1 17 Q1 18 Q1 19Q1 20 Q1 21 Number of registered unemployed, in '000 Seasonally adjusted index 2010=100 78 76 74 84 82 80 92 90 88 86 94 40 180 160 140 120 100 200 Construction output Turnover in retail trade Turnover in service activities 80 60 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 economic sentiment in Slovenia and in the euro area decline in May and was lower than a year ago, but higher continued to improve in May, exceeding the pre-crisis levels. than in the same period before the epidemic. Source: ESS. Source: EC. The year-on-year growth in consumer prices was mainly In April, the movements in the consolidated balance attributable to higher energy prices. sheet of the public finances were more favourable than in previous months, reflecting the lifting of restrictions on business activity and the resulting increase in tax revenues. Food Fuels and energy Services Other General government balance Primary balance Growth prospects for the second quarter are favourable; Source: Eurostat, SURS, calculations by IMAD. Note: * seasonally and working-day adjusted. The number of registered unemployed continued to Source: SURS; calculations by IMAD. In the first quarter of this year, real GDP increased At the beginning of the second quarter, growth continued compared to the previous quarter, with growth well above in the export-oriented part of the economy; with the the EU average. easing of the containment measures, service activities also started to recover. Slovenia EU Goods export Industrial production in manufacturing Source: SURS; calculations by IMAD. Source: Ministry of Finance, Public Finance Bulletin; calculations by IMAD. Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Jan 21 Feb 21 Mar 21 Apr 21 current economic trends The international environment Figure 1: The composite Purchasing Managers’ Index (PMI) for the euro area Composite index Manufacturing Services Economic sentiment indicators show that economic activity in the euro area has been strengthening in the second quarter of the year. Against the backdrop of higher vaccination coverage and the gradual easing of containment measures, increased demand has contributed to a recovery in the services sector. Moreover, trends in the manufacturing sector remain favourable. The Economic Sentiment Indicator (ESI) for the euro area continued to improve significantly in May. Confidence improved across all sectors of the economy and among consumers, particularly in the services sector. The further strengthening of economic activity in May was also reflected in the composite Purchasing Managers’ Index (PMI). The manufacturing PMI improved again, reaching its highest level in more than 20 years. A high value, the highest in the last three years, was also recorded for the Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: Markit. Note: A reading above 50 signals an expansion, while a figure below 50 indicates a contraction. services PMI. Figure 2: Economic growth forecast for the euro area in 2021 and 2022 International institutions have improved their Forecast for 2021 Forecast for 2022 PreviousForecast economic growth forecasts for the euro area for this year and the next. After a gradual increase in economic activity in the second quarter, an even stronger increase is expected in the second half of the year. The EC and the OECD significantly improved their winter forecasts in May, predicting growth in the euro area of 4.3% this year and 4.4% next year. Growth will be driven by private consumption, investment and increased demand in the global economy. The recovery will be uneven across Member States and will depend in particular on the structure of the economy and the evolution of the epidemic, as well as on policy support. The risks to the forecast are large but balanced. Among them, the evolution of the epidemic and the effectiveness and efficiency of vaccination programs remain the most IMF, April 21 EC, May 21 OECD, May 21 Focus, May 21 Source: EC, Focus, IMF, OECD. important. Table 1: Brent oil prices, the USD/EUR exchange rate and EURIBOR average change, in %* 2020 IV 21 V 21 V 21/IV 21 V 21/V 20 I-V 21/I-V 20 Brent USD, per barrel 41.83 64.81 68.49 5.7 135.2 58.6 Brent EUR, per barrel 36.57 51.52 56.41 9.5 111.3 43.3 USD/EUR 1.142 1.198 1.215 1.4 11.4 10.0 3-month EURIBOR, in % -0.427 -0.538 -0.540 0.4 16.8 19.3 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Figure 3: Commodity prices Energy Non-energy commodities Agriculture Food Metals and minerals 130 120 110 100 Commodity prices continued to move higher in May. In May, the average dollar price of Brent Crude rose to its highest level in two years (USD 68.5 per barrel), up 135% year-on-year. The increase was mainly due to rising global demand. This, coupled with a restriction of supply by certain major global exporters, continued to drive up Index 2010=100 dollar-denominated prices of non-energy commodities, 90 80 especially metals. According to the World Bank, these rose 85% year-on-year in May. Food prices also rose 70 60 sharply, up nearly 50% year-on-year in May. 50 40 30 20 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: World Bank. Economic developments in Slovenia Figure 4: GDP, Q1 2021 Mar 20 Apr 20 May 20Jun 20Jul 20 Aug 20 Sep 20 Oct 20 Nov 20Dec 20Jan 21Feb 21 Source: SURS. Figure 5: Electricity consumption Private consumption Government consumption In the first quarter of 2021, gross domestic product Gross fixed capital formation Changes in inventories and val. (GDP) increased by 1.4% compared with the previous Exports of goods and services Imports of goods and services quarter and by 1.6% year-on-year. Growth was higher GDP, real growth than in the EU on average. This development reflects a slight improvement in the epidemiological situation and the gradual easing of containment measures, as well as the adjustment of the economy and consumers to the changed conditions. The recovery continued, mainly in the activities related to external trade (transportation and export-oriented manufacturing). Gross fixed capital formation increased year-on-year for the second consecutive quarter. Turnover in trade, which had already largely eased in February, was also up year-on-year for 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. Q1 12 Austria France Croatia Electricity consumption in May was 8% higher Italy Germany Slovenia year-on-year but 5% lower than in May of the pre­ Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Mar 21Q1 20 Apr 21May 21 Q1 21 year consumption was last year’s low base. However, despite the relaxation of a number of containment measures, consumption remained lower than before the crisis. Higher year-on-year consumption was also recorded among Slovenia’s main trading partners (from 4% in France to 11% in Germany). Compared to May 2019, consumption was down in Austria (6%), France (7%), Croatia (4%) and Italy (4%), while consumption in Germany remained about the same. crisis year 2019. The reason for the higher year-on- the first time since the beginning of the epidemic, partly due to pent-up demand and also partly due to increased spending ahead of the announced lockdown at the beginning of April. This led to slightly higher year-on-year private consumption. However, the containment measures still contributed significantly to a sharp year-on-year decline in some services, which opened more slowly, notably entertainment, sports, recreational and personal services, and hotels and restaurants, hampering faster growth in household consumption. Real government consumption fell year-on-year. Source: Internal reports obtained from DARS; calculations by IMAD. Figure 8: Fiscal verification of invoices According to data on the fiscal verification of invoices, turnover in May was 8% higher year-on-year and 3% higher than in the same period of 2019. Relative to April, year-on-year turnover growth increased in some sectors, mainly in tourism-related sectors, where restrictions were lifted earlier than last year. Turnover growth slowed in sectors where measures were also lifted last year (notably trade, which accounts for about three-quarters of turnover), while it was actually lower year-on-year in sectors that recorded a large increase in turnover last year (such as some personal services). Total turnover was 3% higher in May than in the same period of 2019, mainly due to growth in wholesale and retail trade. Turnover in services that were still severely restricted (arts and entertainment, accommodation, travel agencies, caused a long-term change in traffic patterns. 2 Measured in kilometres driven. Industry In April, electricity consumption by all consumption Households groups was higher year-on-year, with a wider gap in Small business consumption industrial and small business consumption than in Total distribution network consumption the previous month compared to the same period in Source: SODO. fell by 10.9% (down 5.3% in March), mainly due to the temporary tightening of measures at the beginning of this April. Household electricity consumption was 13.8% higher than in April 2019, as people spent more time at home due to the epidemic. 1 In this consumption group, consumption is most frequently measured in service activities and shops. This group also includes warehouses, agricultural activity, etc., as well as large manufacturing plants that do not consume significant amounts of electricity at some measurement points. Figure 7: Traffic of electronically tolled vehicles on Slovenian motorways Tolled vehicles Domestic Foreign In May, freight traffic on Slovenian motorways2 increased by 33% year-on-year and decreased by 1% compared to May 2019. Domestic vehicle traffic was 21% higher and foreign vehicle traffic 42% higher than in the same month last year. These strong growth rates are a result of the low base in the same period last year, when traffic was still very limited due to the epidemic. As foreign vehicle traffic fell more sharply then, it is now recovering more strongly year-on-year. In May 2021, domestic vehicle traffic was 4% higher and foreign vehicle traffic 4% lower than in the same period of 2019, but the 60% share of foreign vehicle traffic is still fully comparable to pre-crisis levels, suggesting that the epidemic has not Jan 20Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 Year-on-year change, in % 20 10 0 -10 -20 -30 Figure 6: Electricity consumption by consumption group Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 the pre-crisis year 2019. In April, industrial electricity consumption was 25.9% higher and small business electricity consumption1 was 17.3% higher year-on-year. The main reason for this was the base effect, as electricity consumption had fallen significantly in April last year due to the strict containment measures. Household consumption was also up 6.6% year-on-year. Compared to April 2019, industrial consumption fell by 4.9% (down 1.4% in March), while small business consumption Source: FURS Financial Administration of the Republic of Slovenia; calculations by IMAD. in the same period of 2019 (between -67% and -89%), despite the easing of measures. gambling and betting) remained significantly lower than 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. Jan 11Jan 11Jan 12Jan 12 Jan 13Jan 13Jan 14Jan 14Jan 15Jan 15Jan 16Jan 16Jan 17Jan 17Jan 18Jan 18Jan 19Jan 19 wave of the epidemic, but trade in most of these services was still similar to or lower than a year earlier. Trade in Exports to the EU Imports from the EU After a noticeable increase at the beginning of the year, trade in goods remained at a high level in April. Real merchandise exports from and imports to EU Member States have been above pre-crisis levels since late last year, with more pronounced monthly fluctuations due to changes in containment measures in Slovenia and its trading partners. We believe this is also reflected in the pause in the growth of trade in April due to the lockdown in several countries in the weeks around Easter. Despite the restrictions, the impact of the measures on trade was far less negative than during the first wave of the epidemic. It should be noted that the high year-on-year trade growth in the first four months of this year is Source: SURS; calculations by IMAD. partly due to the very weak activity in March and April last year (the base effect). The prospects remain favourable, as export expectations improved in May and companies were more optimistic about future foreign demand than before the start of the epidemic. Figure 10: Trade in services – nominal In the first quarter, foreign trade in services increased but remained significantly lower year-on-year. The measures taken to contain the epidemic, in particular the closure of hotels and restaurants and restrictions on crossing the state borders, continued to have a significant impact on tourism, where export and import revenue in the first quarter was more than 80% lower year-on-year. This is mainly due to the high base, as activity last year did not fall significantly until March. Trade in ICT services was also noticeably lower year-on-year. Activity in some of the other more important service sectors (transport, administrative and support services) was more favourable in the first quarter than during the first Source: BoS; calculations by IMAD. construction services was higher year-on-year. Growth in imports of transport services was also notable.3 3 This growth was also a result of very low activity in maritime transport and cargo handling in Koper last year due to the beginning of the epidemic in Asia and a significant increase in transport costs in the first quarter of 2021. Table 2: Selected monthly indicators of economic activity in Slovenia Figure 9: Trade in goods – real In % 2020 IV 21/III 21 IV 21/IV 20 I-IV 21/I-IV 20 Merchandise exports, real1 -0.8 1.23 52.6 14.7 - to the EU -7.7 -2.23 57.0 14.3 Merchandise imports, real1 -2.7 3.83 58.0 13.6 - from the EU -8.5 -2.23 58.7 14.4 Industrial production, real -5.1 1.03 35.9 10.6 - manufacturing -4.8 1.23 39.8 11.7 In % 2020 III 21/II 21 III 21/III 20 I-III 21/I-III 20 Services exports, nominal2 -19.6 11.83 3.74 -13.54 Services imports, nominal2 -15.2 1.23 2.94 -13.64 Construction -value of construction put in place, real -0.7 3.63 1.1 -4.0 Distributive trades - real turnover -7.2 1.93 25.04 5.64 Market services (without trade) - nominal turnover -11.0 -3.23 10.64 -3.44 . Source: SURS; calculations by IMAD. In April, according to preliminary data, turnover fell due to increased sales at the end of March and the partial closure of stores at the beginning of the month. Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 increase of 8.9% in motor vehicle sales, where high sales of new passenger cars to individuals stood out in particular. Source: SURS; calculations by IMAD. Figure 13: Turnover in trade Jan 11 Total Sale of motor vehicles Turnover in trade increased in the first quarter and was Wholesale trade Retail trade higher year-on-year; it fell again in April, according Jan 12 Jan 13 Source: SORS, calculations IMAD Figure 12: Activity in construction Jan 10 Seasonally adjusted data Construction activity declined somewhat in the first 3-month moving averages, seasonally adjusted quarter. The value of construction output fell by 2.2% Jan 11 Jan 12 Jan 13 Jan 14 Jan 14 Jan 15 Jan 15 Jan 16 Jan 16 Jan 17 Jan 17 Jan 18 Jan 18 Jan 19 Jan 19 Jan 20 Jan 20 Jan 21 Jan 21 Jan 21 to preliminary data, reflecting the partial re-closure of stores. Turnover continued to strengthen in March following strong growth in February, which was linked to the re-opening of stores and the lifting of the ban on movement between municipalities. Overall, turnover in the first quarter was up 4.2% year-on-year, driven by strong year-on-year growth in March. In addition to the low base, this was also due to increased sales prior to the re-closure of some stores and the different timing of the Easter holiday. Year-on-year, turnover was up in the first quarter in all three main segments, with the strongest reflects lower activity in non-residential construction, while activity in all other construction segments (civil engineering, residential and specialised construction) strengthened both at current levels and compared with a year ago. Data on the number of contracts suggest that activity in non-residential construction will remain relatively low, while other segments, particularly civil-engineering and specialised construction activities, are likely to perform better. and was 4.0% lower than a year earlier. The decline automotive industry, but the production volume in April was still far behind that of the same period in 2019. High-tech ind. Medium-high-tech. ind. Manufacturing production picked up again in April, Medium-low-tech. ind. Low-tech ind. mainly reflecting an upturn of production in high-Manufacturing, tot. technology industries. Growth also continued in low- technology industries, while the volume of output in medium-low and medium-high technology industries remained at the previous month’s level. Year-on-year production growth in manufacturing was high, mainly due to last year's low base, as production volumes were in line with those of the same period in 2019. Year-on-year growth was the highest in medium- and low-technology industries, while production volume remained the same in high-technology industries. At the industry level, the highest year-on-year growth was recorded in the Figure 11: Production volume in the manufacturing sector by technology intensity of industries Figure 14: Turnover in market services accommodation and food service activities and arts, entertainment and recreation), continued to fall year-on-year in the first quarter. Figure 16: Economic sentiment In May, economic sentiment improved in most Economic sentiment Manufacturing Retail trade Service activities sectors. With the gradual easing of some containment Construction Consumers Figure 15: Selected indicators of household consumption Seasonally adjusted real index 2010=100 Accommodation and food service activities (I) 180 160 140 120 100 80 60 40 20 0 Source: SURS; calculations by IMAD. Q1 10Jan 10 Total * Total turnover in market services rose slightly again Transportation and storage (H) in the first quarter; it fell only in accommodation Information and communication activities (J) and food service activities. Real turnover rose by Professional and technical activities (M) Administrative and support service activities (N) 1.3% relative to the last quarter of 2020, while at the Source: SURS; calculations by IMAD. Note: * including real estate. Household consumption Household consumption increased significantly in the Real turnover in the sale of non-food products first quarter and was also higher year-on-year, mainly Real turnover in the sale of food products due to higher consumption of durable goods. Sales Real turnover in accommodation and food service activities of motor vehicles, furniture and household appliances, Sale of passenger cars to natural persons and computer and telecommunications equipment were about a tenth higher year-on-year, reflecting the easing of restrictions on business activity and the lifting of the ban on movement between municipalities, but also the low base in March 2020 and the announced re-closure of some stores in early April. Mail order and internet sales, which had accounted for about one-fifth of total non­food sales before the epidemic, remained high (almost double). Sales of food, beverages and tobacco were also 6.1% higher year-on-year, partly due to the different Q1 11Jan 11Q1 12Jan 12 Q1 13Jan 13Q1 14Jan 14Q1 15Jan 15Q1 16Jan 16Q1 17Jan 17Q1 18Jan 18Q1 19Jan 19 Jan 20 Q1 20 Jan 20 Jan 21 Q1 21 Jan 21 confidence improved the most in trade and service activities. Confidence in the export-oriented part of the economy and construction improved as well and was higher than before the beginning of the epidemic. Consumer confidence remains low but is gradually improving. Compared with the period before the epidemic, consumers are more pessimistic particularly about the future economic conditions and, hence, their of accommodation and food service establishments, measures in May and, in particular, with the opening timing of the Easter holiday. On the other hand, sales in service activities, most of which remained closed (mainly growth in transportation slowed. In the first quarter, turnover in travel agencies and accommodation and food service activities remained well below last year’s levels (by more than 80% and 60%, respectively). However, in professional and technical activities, transportation, and information and communication activities, last year’s turnover levels were already exceeded in this period. year-on-year level, it was 3.4% lower. With restrictions on activity still in place, turnover dropped further in accommodation and food service activities. It rose the most in professional and technical activities, reflecting accelerated growth in architectural and engineering services and consultancy services. Turnover also increased in information and communication activities, mainly due to higher turnover in computer services on the domestic market. In administrative and support service activities, turnover growth increased somewhat further mainly as a consequence of renewed growth in employment services. Meanwhile, the strong turnover Source: SURS; calculations by IMAD. Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 future financial situation. Labour market Figure 17: Number of persons employed and number of registered unemployed Employed according to SRE (left axis) The number of registered unemployed continued to Registered unemployed (right axis) decline in May. In addition to seasonal impacts, which did not differ significantly from those in the pre-epidemic period, the decline was also related to the gradual easing of containment measures as well as economic recovery and the improved situation in the labour market. At the end of May, 75,148 people were unemployed, 5.2% fewer than at the end of April and 16.9% fewer than a year earlier. However, compared with the end of May 2019, the number was 4.4% higher. The number of employed persons according to the Statistical Register of Employment (SRE)4 was 0.5% lower year-on-year in March, which is less than in previous months, mainly due to the Jan 06 Jan 07Jan 08Jan 09Jan 10 Jan 11Jan 12Jan 13Jan 14 Jan 15Jan 16Jan 17Jan 18 Jan 19 Jan 20 Jan 21 base effect (there was a sharp decrease in March 2020 due to the outbreak of the epidemic). The year-on-year decline was again the strongest in accommodation and Source: SURS, ESS; calculations by IMAD. food service activities and administrative and support service activities, i.e. activities that were hit hardest by containment measures, while the largest increase was recorded in health and social work. 4 Slovenian Statistical Register of Employment. Figure 18: Average gross wage per employee Private sector Public sector Total In the first quarter of this year, wages increased year­ on-year, mainly due to the payment of crisis bonuses in the public sector. With the renewed payment of bonuses (the extraordinary payment of bonuses for hazardous working conditions and additional workload and the payment of a bonus for work in crisis conditions in accordance with the collective agreement), year-on-year wage growth in the public sector increased again towards the end of last year and in the first quarter of this year, by far the most in the social work and health sectors (it was 31.3% in March; 16% in the public sector as a whole). Year-on-year wage growth in the private sector was lower in the second wave of the epidemic than in the first, largely due to the payment of bonuses in the first wave. The sharp year-on-year increase in the sector Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Source: SURS; calculations by IMAD. in March this year was a consequence of the base effect (the fall in wages in March 2020 when the epidemic was declared). Table 3: Indicators of labour market trends Change, in % 2020 III 21/II 21 III 21/III 20 I-III 21/I-III 20 Persons in formal employment2 -0.6 0.11 -0.6 -1.1 Average nominal gross wage 5.8 0.41 14.3 10.6 private sector 4.4 0.31 12.8 6.7 public sector 7.8 0.91 16.0 16.4 of which general government 9.9 0.71 18.3 19.8 of which public corporations 1.9 1.61 9.2 6.3 2020 III 20 II 21 III 21 Rate of registered unemployment (in %), seasonally adjusted 8.7 7.9 8.6 8.5 Change, in % 2020 V 21/IV 21 V 21/V 20 I-V 21/I-V 20 Registered unemployed 14.6 -2.4 -16.9 0.6 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Prices Figure 19: Consumer prices Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Domestic market Foreign market Year-on-year growth in Slovenian industrial producer prices rose to 2.4% in April. Price growth in the domestic market continues to be driven by price increases in Jan 16 Jan 17 Jan 18 Jan 19 Source: SURS, Eurostat. Figure 20: Slovenian industrial producer prices Slovenia Euro area In May, consumer price growth remained at 2.1%.5 Most of this growth was still the result of higher year-on-year energy prices (petroleum products and electricity), mainly due to the lower base and, to a lesser extent, current growth in petroleum product prices. While the prices of semi-durable goods were well below the year-earlier level at the beginning of the year, their year-on-year growth has gradually strengthened in recent months, reaching 1.6% in May. According to our estimates, this was again mainly due to rising prices for clothing and footwear, as prices for new collections have increased more than in previous years. The prices of durable goods also rose at a similar rate year-on-year. Prices in the food Source: SURS. Table 4: Consumer price growth, in % XII 20/XII 19 VI 20-V 21/VI 19-V 20 V 21/IV 21 V 21/V 20 I-V 21/I-V 20 Total -1.1 0.0 0.9 2.1 0.5 Food 1.1 1.4 0.3 -2.7 -0.8 Fuels and energy -9.9 -3.9 1.1 21.8 5.5 Services 0.2 0.6 1.2 -0.6 -0.4 Other1 -0.5 0.0 0.8 1.0 0.4 Core inflation - excluding food and energy -0.1 0.3 1.1 0.7 0.1 Core inflation - trimmed mean2 -0.4 0.3 0.7 1.1 0.4 Source: SURS. Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 20 Jan 21 Jan 21 domestic and foreign markets remains modest year-on-year (0.1%). intermediate and capital goods and energy. The growth in energy prices is entirely a result of the lower base as the government temporarily exempted households and certain small business consumers from paying electricity charges in the first wave of the epidemic. Otherwise, energy prices actually fell in the first four months of this year compared with December 2020. In foreign markets, the year-on-year increase continues to be driven mainly by higher prices of capital and intermediate goods. The combined increase in consumer goods prices in the and non-alcoholic beverages group and services remain lower year-on-year (by -2.5% and -0.6%, respectively) The price decline for package holidays intensified in May despite the opening of some accommodation activities, while the price increase in the communications group accelerated again. 5 For the first time since October 2020, there are no missing prices in the index. Financial markets Figure 21: Proportion and volume of the Slovenian banking system’s deposits with the Central Bank Central Bank deposits Share (right axis) The volume of loans to the domestic non-banking 18 sector declined again in April compared with the same 16 period a year earlier. The year-on-year decline in the volume of loans to enterprises and NFIs remained broadly 14 unchanged. Growth in loans to households picked up 12 again slightly in April after a decline earlier in the year, 10 8 In % but remained modest at 1.5%. Year-on-year growth in housing loans and loans for other purposes strengthened, while the decline in consumer loans moderated for the 6 second month in a row. Year-on-year growth in domestic 4 non-banking sector deposits has gradually slowed in the last two months, but is still above 10%. Both corporate 2 and household deposits are growing at a slower pace, 0 20112012201320142015201620172018201920202021 IV Source: BoS. which we estimate is due to increased demand to finance business activity and consumption. We estimate that the slowdown in households is also due to the outflow of a small part of savings from the banking system due to the introduction of deposit fees in some banks. With low lending activity and relatively high deposit growth, banks are investing an increasing part of their funds in Central Bank accounts, which already account for more than 15% of the banking system’s total assets. In April, their volume increased by more than 70% year-on-year. The share of non-performing claims6 remained just below 2%. 6 According to the EBA definition, non-performing claims include not only arrears of more than 90 days, but also claims that meet the ‘unlikely to pay’ criterion. Table 5: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 30. IV 20 31. XII 20 30. IV 21 30. IV 21/31. III 21 30. IV 21/30. IV 20 Loans total 23,436.1 22,860.9 22,957.1 -0.4 -2.0 Enterprises and NFI 10,931.3 10,307.0 10,427.8 -1.1 -4.6 Government 1,622.9 1,556.8 1,484.8 0.2 -8.5 Households 10,881.9 10,997.0 11,044.6 0.2 1.5 Consumer credits 2,838.7 2,706.5 2,656.7 -0.5 -6.4 Lending for house purchase 6,654.8 6,862.1 6,972.6 0.6 4.8 Other lending 1,388.5 1,428.4 1,415.3 -1.0 1.9 Bank deposits total 21,448.0 22,915.7 23,633.3 0.4 10.2 Overnight deposits 17,253.4 18,975.7 19,876.2 0.8 15.2 Term deposits 4,194.6 3,939.9 3,757.1 -1.2 -10.4 Government bank deposits, total 685.2 595.3 563.1 2.5 -17.8 Deposits of non-financial corporations, total 7,137.5 8,053.5 8,324.7 -2.7 16.6 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. Balance of payments Figure 22: Current account Trade in goods Trade in services In the first quarter, the current account surplus Primary income Secondary income remained higher year-on-year, with growth driven Current account mainly by the surplus in trade in goods. The increase 5000 12-month cumulatives, in EUR million 4000 3000 2000 1000 0 -1000 -2000 Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18Jan 19Jan 20Jan 21 in the surplus in trade in goods was a result of higher real growth in exports than imports amid deteriorated terms of trade. The surplus in trade in services continued to narrow. Measures to contain the epidemic had a particularly hard impact on trade in travel services, which was 80% lower year-on-year. On the quarterly level, the surplus in trade in travel services was the lowest ever, at EUR 35 million. Net outflows of primary income continued to decline, mainly due to lower net payments of income on equity and interest on external debt. The surplus also strengthened due to lower net outflows of secondary income, which fell mainly as a result of higher receipts (social revenues) from the EU budget. Source: BoS; calculations by IMAD. Table 6: Balance of payments I-III 2021, in EUR million Inflows Outflows Balance Balance, I-III 2020 Current account 10433.8 9587.9 845.9 818.1 Goods 8201.7 7557.7 644.0 583.3 Services 1534.1 1090.0 444.1 512.0 Primary income 439.5 543.9 -104.4 -112.7 Secondary income 258.5 396.3 -137.9 -164.6 Capital account 783.7 648.3 135.4 -53.9 Financial account 2943.9 3911.0 967.2 810.9 Direct investment 477.2 306.4 -170.8 -172.4 Portfolio investment 702.3 545.6 -156.6 -1940.3 Other investment 1770.1 3041.2 1271.1 2822.1 Net errors and omissions 0.0 -14.1 14.1 46.7 Source: BoS. Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts. the term »inflows” means total receipts and the term “outflows”means total expenditures; “balance”is the difference between inflows and outflows. On the financial account, “outflows”mean assets, while “inflows” mean liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign. Public finance Figure 23: State budget expenditure on measures to mitigate the consequences of COVID-19 in January-April 2021 Partial subsidy of fixed costs Bonuses for hazardous working conditions Monthly basic income Wage compensation for temporarily laid-off workers Allowances for vulnerable groups Crisis allowance for employees Provision of HIIS funds - vaccination Public sector aid measures* COVID-19 testing Other - containment measures** Bonuses for working with COVID-19 patients Reimbursement to contractors -programme cancellation EUR million Source: MF. Notes: * Kindergartens, student dormitories, firefighters, sports organizations; ** Expenditure on materials and services, etc. In April, the dynamics of the consolidated balance of public financing7 was more favourable than in previous months. The overall deficit of the consolidated balance in the first four months (EUR 1.2 billion), which showed a surplus in April, narrowed slightly compared to the first quarter of the year (EUR 1.3 billion). This development was due to the increase in economic activity following the lifting of certain restrictions on business activities in the service sector, which led to higher tax revenues. Tax revenues were also higher year-on-year due to the impact of intervention measures that allowed tax deferrals and instalment payments (mainly VAT and excise duties), which were higher last year than this year, as well as the exemption of advance corporate tax payments last year and higher wage growth due to the payment of bonuses in the public sector at the time of the epidemic. In addition, the more favourable evolution in April is also attributable to expenditure on measures to mitigate the impact of the epidemic, which was among the lowest of the year in April (EUR 234 million). Overall, expenditure for this purpose amounted to EUR 1,160 million in the first four months of the year. 7 The consolidated balance of public financing on a cash basis. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-IV 2020 I-IV 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % REVENUES TOTAL 5,964.5 -4.1 6,698.2 12.3 Tax revenues1 3,120.3 -7.1 3,401.0 9.0 Personal income tax 822.1 -9.2 1,013.5 23.3 Corporate income tax 250.6 -32.6 340.3 35.8 Taxes on immovable property 27.4 0.6 33.6 22.3 Value added tax 1,119.9 -10.9 1,255.4 12.1 Excise duties 410.6 -13.3 423.4 3.1 Social security contributions 2,211.0 -3.5 2,580.1 16.7 Non-tax revenues 334.1 33.3 346.7 3.8 Receipts from the EU budget 252.7 -9.5 308.6 22.1 Other 46.5 7.3 61.8 33.0 Category I-IV 2020 I-IV 2021 EUR m Y-o-y growth* in % EUR m Y-o-y growth* in % EXPENDITURE TOTAL 6,754.7 9.3 7,875.7 16.6 Salaries* wages and other personnel expenditures2 1,564.4 9.8 1,907.1 21.9 Expenditure on goods and services 937.6 14.1 954.5 1.8 Interest payments 485.7 -6.4 423.2 -12.9 Reserves 56.8 10.7 81.0 42.7 Transfers to individuals and households 2,645.3 10.3 3,227.9 22.0 Other current transfers 550.8 17.7 705.8 28.2 Investment expenditure 317.9 20.7 338.3 6.4 Payments to the EU budget 196.3 -16.7 237.9 21.2 GENERAL GOVERNMENT BALANCE -790.2 -1,177.4 PRIMARY BALANCE -309.4 -756.9 Source: MF; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. Figure 24: Receipts from the EU budget Common Agricultural Policy Structural Funds Cohesion Fund Receipts from centralised funds and other Other Expected reimbursements in the revised budget 2020 Total receipts (January–April 2020) Expected reimbursements in the revised budget 2021 Total receipts (January–April 2021) In EUR m Source: MF. Slovenia’s net budgetary position against the EU budget was positive in the first four months (EUR 68.6 million). During this period, Slovenia received EUR 306.5 million from the EU budget (18.9% of the budgeted revenues for the current year) and paid EUR 237.9 million into it (42.1% of its annual obligations towards the EU budget). Almost half of the receipts (47.7%) came from the Common Agricultural and Fisheries policy, a good third (38.7%) from the structural funds, and the smallest part from the Cohesion Fund (12.3%). According to SVRK data, 110% of the total available funds was approved in the current financial period (from January 2014 to the end of March 2021), while the confirmed operations accounted for 90% and payments to beneficiaries 54%. All executed payments were reimbursed from the EU budget to the state budget. selected topic Source: AJPES, calculations by IMAD. Last year, after two positive years, companies again recorded a net loss from financial operations. Although the deterioration was not as great as during the crisis twelve years ago, financial revenue still fell by 28%, while financial expenditure rose by 40%. Within the latter, Part of this is also related to the government support for businesses, as financial expenses related to impairments and write-offs other operating revenues, where recorded, rose sharply. due to the epidemic was recorded therein. 15.0 remained high at almost 43%. Within operating revenues, 61.0 other operating income, which mainly includes subsidies 60.5 14.5 (e.g. for public passenger transport), increased by over 60.0 14.0 EUR 800 million, i.e. almost half. In 2020, aid to companies 59.5 13.5 Within these trends, the export orientation of enterprises However, a significant financial loss was again recorded. 20 The return on operating revenues fell to below 3% and the return on equity fell to around 5% on average. 10 0 Figure 25: Companies’ net profit and its main components Source: AJPES. Figure 27: Labour costs in value added and operating 61.5 15.5 Source: AJPES. Sales revenue fell in 2020, while other operating income rose by half, because much of the additional state aid was recorded in it. The epidemic interrupted the long-running increase in EU market sales and the recovery in domestic sales growth in recent years. Sales in the domestic market fell by 6% and by almost 9% in the EU market, while they fell less in non-EU markets. In EUR m 2002200320042005200620072008200920102011201220132014201520162017201820192020 Netfinancial profit/loss Net operating profit/loss Net profit/loss in the accounting period 6,000 5,000 4,000 3,000 2,000 1,000 -1,000 -2,000 -3,000 (in the last two decades, it was higher only in 2017-2019). was smaller, by almost half1, and remained relatively high Business results of companies in 2020 In 2020, most of the indicators of company performance deteriorated due to the epidemic, but much less than they would have done in the absence of government action. In nominal terms, the value added of companies fell by only 1%. The decline was substantially offset by government measures to mitigate the impact of the epidemic. Net profit fell more sharply, by more than 39%. At the same time, the decline in net operating profit In % In % 63.5 63.0 62.5 62.0 17.5 17.0 16.5 16.0 expenses Labour costs/value added (left axis) Labour costs/operating expenseds (right axis) The shares of labour costs in value added and in operating expenses rose sharply in 2020. Due to the epidemic, the government took labour market measures (e.g. wage compensation for temporarily laid-off workers, crisis allowance, partial subsidies for part-time work, etc.) to preserve jobs and provide income support to workers. Employers recorded payments arising from the measures as labour costs and the state aid as other operating income, which mitigated the fall in value added. Thus, with a 5% decrease in operating expenses and the aforementioned decrease in value added, labour costs increased by 2.4%. 2008 2009 2010 2011 2012 2013 2014 2015 201620172018 20192020 In EUR billion 30 2002 Figure 26: Revenues from sales in domestic and foreign markets Revenues from sales on the domestic market Revenues from sales in the EU Revenues from sales outside the EU 60 50 40 2004 2006 2008 2010 2012 2014 2016 2018 2020 50 40 30 20 10 0 In EUR billion liabilities Debt Equity Share of debt in total liabilities (right axis) 80 70 70 60 60 50 2002 200320042005 2006200720082009 2010 201120122013 2014201520162017 2018 20192020 V % InEUR million Figure 29: Debt, equity and debt as a percentage of total Source: AJPES, calculations by IMAD. -400-200 02004006008001000120014001600 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20192020 In EUR billion 2.5 smaller than in most others, so that their combined share Source: AJPES. Corporate indebtedness, measured as debt as a percentage of total liabilities, continued to decrease slightly in 2020. Corporate equity continued to rise, by more than 4%, while debt fell slightly. Corporate indebtedness, measured as debt as a percentage of total liabilities, continued to decrease slightly, reaching 50%. Whereas years ago companies entered the economic and financial crisis heavily indebted, with debt accounting for almost two-thirds of corporate liabilities, their situation is now much more stable in this respect. 0.0 Source: AJPES, calculations by IMAD. Note: see Acronyms of Standard Classification of Activities in appendix. Figure 30: Net profit by activity 2.0 in the companies’ total net profit rose from 50% in 2019 1.5 to over 70% in 2020. 1.0 0.5 40 30 20 10 0 tripled, while within revenues, financial revenues from equities decreased significantly. The net financial loss thus amounted to almost EUR 419 million in 2020. Figure 28: Breakdown of financial expenses and financial revenue Other financial expenses Financial expenses from impairment and write-offs Financial expenses from financial liabilities Financial revenues 4.5 4.0 3.5 3.0 2020 2019 A C D E F G H I J K L M N Q R Other Last year most sectors operated at a profit, but due to the epidemic profits fell in almost all sectors. As for electricity supply, it experienced a significant deterioration of operations and a loss in 2020. However, this was related to the issues of the Šoštanj Power Plant. Due to the restrictions during the epidemic, significant losses were recorded in accommodation and food service activities, as well as in arts, entertainment and recreation activities. However, the changes during the epidemic had a positive impact on information and communication activities, where profit increased sharply. A slightly larger profit than in the previous year was recorded in the public utilities sector (water, sewage, waste). In 2020, most profits were still generated in manufacturing and trade. The decline in profits in these two sectors was much statistical appendix Main indicators 2015 2016 2017 2018 2019 2020 2021 2022 2023 Spring Forecast 2021 GDP (real growth rates, in %) 2.2 3.2 4.8 4.4 3.2 -5.5 4.6 4.4 3.3 GDP in EUR million (current prices) 38,853 40,443 43,009 45,863 48,393 46,297 48,452 51,345 54,026 GDP per capita in EUR (current prices) 18,830 19,589 20,819 22,135 23,165 22,014 22,973 24,250 25,427 GDP per capita (PPS)1 22,700 23,600 25,100 26,400 27,700 GDP per capita (PPS EU27=100)1 83 84 86 87 89 Rate of registered unemployment 12.3 11.2 9.5 8.2 7.7 8.7 8.5 8.1 7.6 Standardised rate of unemployment (ILO) 9.0 8.0 6.6 5.1 4.5 5.0 5.0 4.8 4.5 Labour productivity (GDP per employee) 0.9 1.3 1.8 1.2 0.7 -4.6 3.8 2.8 1.7 Inflation2, year average -0.5 -0.1 1.4 1.7 1.6 -0.1 0.8 1.2 1.7 Inflation2, end of the year -0.4 0.5 1.7 1.4 1.8 -1.1 1.1 1.5 2.0 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 4.7 6.2 11.1 6.3 4.1 -8.7 8.6 7.3 5.5 Exports of goods 5.3 5.7 11.1 5.9 4.3 -5.6 8.7 5.7 4.8 Exports of services 2.4 8.0 11.2 7.5 3.3 -20.2 8.0 14.5 8.4 Imports of goods and services (real growth rates, in %) 4.3 6.3 10.7 7.2 4.4 -10.2 8.8 8.1 6.1 Imports of goods 5.1 6.6 10.8 7.7 4.7 -8.9 9.1 7.4 5.8 Imports of services 0.1 4.7 10.6 4.8 3.3 -17.5 7.0 12.1 7.5 Current account balance3, in EUR million 1,483 1,932 2,674 2,680 2,723 3,366 3,220 3,128 3,107 As a per cent share relative to GDP 3.8 4.8 6.2 5.8 5.6 7.3 6.6 6.1 5.8 Gross external debt, in EUR million 46,171 44,325 43,231 42,148 43,796 48,252 50,547* As a per cent share relative to GDP 118.8 109.6 100.5 91.9 90.5 104.2 Ratio of USD to EUR 1.110 1.107 1.129 1.181 1.120 1.141 1.208 1.208 1.208 DOMESTIC DEMAND Private consumption (real growth rates, in %) 2.0 4.4 1.9 3.6 4.8 -9.7 4.0 4.7 2.9 As a % of GDP 54.0 54.0 52.6 52.1 52.4 49.2 49.2 49.1 48.9 Government consumption (real growth rates, in %) 2.3 2.4 0.4 3.0 1.7 1.8 2.4 1.7 1.4 As a % of GDP 18.8 19.0 18.4 18.2 18.4 20.4 19.9 19.4 19.1 Gross fixed capital formation (real growth rates, in %) -1.2 -3.6 10.2 9.6 5.8 -4.1 9.0 8.0 6.5 As a % of GDP 18.7 17.4 18.3 19.2 19.6 19.9 21.1 21.9 22.7 Source: SURS, Bank of Slovenia, Eurostat, IMAD recalculations and forecasts (Spring forecast, March 2021). Notes: 1 Measured in purchasing power standard; Eurostat 15.12.2020 2 Consumer price index. 3 Balance of payments statistics. *end March 2021. Production 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 4 5 6 7 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 5.1 3.1 -5.2 2.5 4.4 4.1 1.6 -1.5 -17.4 -2.8 1.5 2.8 11.7 3.8 -1.8 8.2 B Mining and quarrying -0.9 -3.4 -2.1 8.5 -1.6 -10.9 -7.6 -13.7 -9.2 8.5 7.6 -1.0 5.1 -1.0 -8.6 -7.8 C Manufacturing 5.7 3.5 -4.8 2.5 4.5 4.9 2.3 -0.1 -17.9 -2.6 1.8 3.2 12.6 3.8 -2.3 9.0 D Electricity, gas & steam supply1 -0.3 -0.8 -9.1 0.2 3.6 -2.0 -4.7 -13.9 -13.1 -6.8 -2.1 -2.4 1.2 4.3 5.5 0.9 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total 20.0 3.4 -0.7 20.9 8.4 -5.9 -2.2 1.9 -13.4 2.7 6.1 -4.0 8.8 10.5 5.9 -3.8 Buildings 17.2 -0.1 -0.6 31.7 -17.5 0.1 -7.2 -26.3 -0.9 2.8 23.9 37.6 -19.7 -15.4 -17.5 -1.6 Civil engineering 17.6 4.4 2.7 23.3 8.8 -1.6 -2.6 5.8 -9.1 4.8 9.6 2.1 9.8 13.9 3.3 8.6 MARKET SERVICES, year-on-year growth rates, % Services, total 7.4 2.2 -11.0 4.4 2.6 3.2 -0.9 -5.4 -22.5 -6.7 -9.2 -3.5 3.9 1.2 2.7 6.7 Transportation and storage 7.0 3.2 -8.0 5.8 5.9 4.3 -2.8 -5.3 -21.2 -6.7 1.7 5.6 5.8 3.6 8.4 11.9 Information and communication activities 6.0 1.0 -0.2 1.8 2.8 -0.8 0.5 3.3 -7.1 2.4 0.6 2.1 4.0 4.3 0.1 -1.4 Professional, scientific and technical activities 13.0 5.8 -3.0 8.6 1.4 11.3 3.2 -0.2 -11.4 -0.2 -0.5 9.3 5.4 -2.4 1.5 17.4 Administrative and support service activities 9.1 -5.9 -24.1 -3.9 -3.8 -6.9 -8.8 -17.1 -33.7 -23.2 -21.7 -8.0 -2.7 -3.0 -5.7 -5.4 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 8.1 4.3 -7.2 10.1 5.2 4.5 -1.5 -4.1 -13.5 -3.0 -7.9 4.2 11.9 4.2 0.0 7.5 Real turnover in retail trade 4.6 3.4 -8.9 9.1 6.7 4.1 -4.7 -5.3 -11.9 -6.3 -12.0 3.8 14.7 4.7 1.4 7.5 Real turnover in the sale and maintenance of motor vehicles 11.6 3.8 -13.9 9.0 2.7 0.0 3.6 -13.7 -25.9 3.8 -16.7 8.9 6.7 5.4 -4.0 0.1 Nominal turnover in wholesale trade & commission trade 9.3 5.2 -3.4 11.2 5.1 6.5 -0.7 0.6 -9.6 -2.8 -1.7 2.8 12.0 3.3 0.7 10.6 TOURISM, y-o-y growth rates, % Total, overnight stays 10.5 0.5 -41.7 3.1 4.4 -0.1 -5.6 -24.0 -82.9 -13.5 -72.8 -86.3 8.6 -4.4 8.5 0.9 Domestic tourists, overnight stays -0.1 -2.5 32.8 4.4 -3.8 -5.1 -4.1 -23.9 -56.3 172.1 -42.8 -82.4 -14.4 4.0 -1.6 -7.6 Foreign tourists, overnight stays 15.4 1.7 -70.5 2.2 7.5 1.4 -6.3 -24.1 -92.1 -65.7 -88.4 -89.0 19.2 -7.2 12.5 3.6 Accommodation and food service activities 7.1 7.6 -37.1 10.1 7.5 6.8 6.7 -15.4 -59.4 -12.9 -62.5 -60.1 7.7 4.4 10.2 6.2 AGRICULTURE BUSSINES TENDENCY (indicator values**) Confidence indicator in manufacturing 8 0 -9 4 0 -1 -2 -3 -28 -4 0 7 1 3 -3 0 in construction 22 11 -5 16 12 9 7 7 -23 -5 -1 9 11 13 12 9 in services 24 21 -10 24 21 20 20 14 -34 -9 -10 -4 22 20 21 21 in retail trade 14 19 1 22 20 20 13 18 -18 11 -8 -16 15 28 18 18 consumer confidence indicator -7 -10 -26 -8 -9 -9 -14 -14 -35 -24 -30 -24 -10 -8 -8 -7 Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. 2019 2020 2021 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 0.6 5.2 -1.1 -2.9 -0.4 0.0 2.3 -13.5 -27.4 -12.8 0.0 -1.6 -5.3 -2.4 -7.1 -9.4 -7.1 -11.8 -3.3 28.5 - - 2.9 1.8 -5.0 -3.8 -5.3 -1.7 0.6 -14.2 -22.3 -9.9 -3.2 -4.0 -8.1 -6.9 -10.5 -15.2 -10.4 -14.2 -1.2 28.9 - - -10.4 10.7 3.9 0.9 6.4 2.9 0.5 -39.4 -59.8 -22.9 7.1 9.6 1.8 -0.7 -7.8 -19.7 -23.3 -19.2 -10.0 75.0 - - 2.5 6.1 0.1 -3.6 1.4 0.3 4.2 -2.2 -17.7 -10.4 -0.5 -3.7 -5.2 0.2 -4.5 -1.4 1.1 -7.2 -2.0 16.4 - - Labour market 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 FORMAL LABOUR FORCE (A=B+E) 951.2 968.4 973.9 965.3 967.8 965.6 974.9 974.9 974.1 971.2 975.5 973.6 968.1 968.0 965.6 964.7 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 872.8 894.2 888.9 885.3 895.5 894.6 901.5 896.5 884.6 884.1 890.5 886.2 896.1 897.2 893.8 893.2 In agriculture, forestry, fishing 26.3 24.9 26.4 25.6 25.4 23.8 24.8 26.3 26.4 26.4 26.3 25.7 25.4 25.4 23.8 23.8 In industry, construction 280.9 291.7 288.5 287.5 292.7 292.7 294.0 291.2 288.0 286.0 288.9 288.4 292.9 293.2 292.9 292.4 - in manufacturing 202.6 207.9 202.8 207.4 208.5 207.6 208.4 206.2 202.6 200.1 202.5 202.8 208.5 208.5 207.6 207.4 - in construction 58.4 63.9 64.9 60.4 64.2 65.1 65.8 64.3 64.7 65.1 65.6 65.1 64.3 64.7 65.2 65.0 In services 565.7 577.6 574.0 572.2 577.5 578.0 582.8 579.0 570.2 571.7 575.3 572.1 577.9 578.7 577.1 577.0 - in public administration 49.0 49.0 49.3 48.7 48.9 49.0 49.2 49.0 49.2 49.4 49.6 49.3 49.1 49.0 49.0 49.0 -in education, health-services and social work 135.0 137.8 141.5 137.0 137.8 137.0 139.6 140.4 140.7 141.0 143.8 144.4 137.9 137.8 136.5 136.3 FORMALLY EMPLOYED (C)1 780.2 801.9 794.6 792.7 803.0 803.3 808.6 802.4 790.5 790.0 795.6 791.6 803.5 804.6 802.7 802.0 In enterprises and organisations 729.3 749.2 744.8 741.6 749.7 750.0 755.5 751.3 741.3 739.9 746.7 744.6 750.3 751.2 749.4 748.7 By those self-employed 50.9 52.7 49.8 51.1 53.2 53.4 53.2 51.1 49.2 50.1 48.9 46.9 53.3 53.4 53.4 53.3 SELF-EMPLOYED AND FARMERS (D) 92.6 92.3 94.3 92.6 92.6 91.2 92.9 94.1 94.0 94.1 94.9 94.7 92.6 92.6 91.0 91.2 REGISTERED UNEMPLOYMENT (E) 78.5 74.2 85.0 80.0 72.2 71.1 73.4 78.4 89.5 87.1 85.0 87.4 72.0 70.7 71.9 71.5 Female 39.9 37.5 42.6 39.6 36.8 36.6 36.8 38.3 45.0 44.1 43.0 44.1 36.7 36.1 37.1 37.1 By age: 15 to 29 15.1 14.1 17.2 15.5 13.1 12.6 15.0 15.3 18.3 17.1 18.0 17.7 13.1 12.6 12.8 12.6 Aged over 50 31.5 29.7 31.0 31.5 29.6 29.0 28.7 30.6 31.9 31.3 30.3 31.6 29.6 29.3 29.3 29.1 Primary education or less 24.3 23.4 26.4 25.8 22.8 22.1 23.0 25.2 27.8 26.6 26.1 27.5 22.8 22.3 22.3 22.1 For more than 1 year 40.6 38.1 38.0 39.2 38.3 37.9 37.2 37.3 37.5 38.1 38.9 41.5 38.4 38.0 38.0 37.8 Those receiving benefits 20.0 19.3 25.9 23.5 17.4 17.9 18.5 24.5 29.8 25.6 24.0 25.1 17.7 17.1 17.5 18.4 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 8.3 7.7 8.7 8.3 7.5 7.4 7.5 8.0 9.2 9.0 8.7 9.0 7.4 7.3 7.4 7.4 Male 7.5 6.9 8.0 7.7 6.7 6.5 6.8 7.5 8.4 8.1 7.9 8.2 6.7 6.5 6.6 6.5 Female 9.2 8.5 9.6 9.0 8.4 8.4 8.3 8.6 10.2 10.0 9.7 9.9 8.4 8.2 8.5 8.5 FLOWS OF FORMAL LABOUR FORCE -6.5 -0.3 1.0 -0.7 -1.9 -0.3 1.8 0.9 3.8 -1.9 1.2 -1.5 -2.0 -1.3 1.1 -0.3 New unemployed first-job seekers 11.4 0.8 0.8 0.6 0.4 0.6 1.6 0.6 0.5 0.6 1.5 0.5 0.4 0.4 0.4 0.3 Redundancies 65.1 5.4 7.4 6.5 4.1 4.8 6.2 7.5 9.5 6.0 6.4 6.0 4.1 3.8 5.8 3.9 Registered unemployed who found employment 61.5 4.7 5.4 6.2 4.8 3.9 3.9 5.5 4.8 6.5 4.6 6.4 4.7 3.8 3.3 2.9 Other outflows from unemployment (net) 21.6 1.8 1.8 1.7 1.7 1.8 2.1 1.7 1.3 2.0 2.2 1.8 1.7 1.6 1.8 1.6 FIXED TERM WORK PERMITS FOR FOREIGNERS 24.0 33.1 37.6 29.6 32.3 34.2 35.7 35.6 34.9 37.7 38.1 38.8 32.3 32.9 33.5 34.1 As % of labour force 2.5 3.4 3.9 3.1 3.3 3.5 3.7 3.6 3.6 3.9 3.9 4.0 3.3 3.4 3.5 3.5 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. 2019 2020 2021 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 966.6 973.7 974.1 976.8 975.2 975.7 973.8 974.2 974.3 973.6 972.2 970.3 971.0 974.2 973.9 978.5 973.3 973.9 973.7 896.8 901.3 901.7 901.5 895.4 898.3 896.0 885.5 883.9 884.3 882.8 882.1 887.2 890.5 889.8 891.2 881.8 885.8 891.1 23.8 24.8 24.8 24.7 26.3 26.3 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.4 26.2 26.2 25.6 25.6 25.8 292.9 293.8 293.7 294.4 290.5 291.2 291.9 289.1 288.0 286.9 286.3 285.3 286.3 287.4 288.4 290.9 286.1 288.3 290.8 207.7 208.3 208.1 208.8 206.2 206.3 205.9 203.8 202.6 201.3 200.1 199.7 200.4 201.1 202.3 204.1 201.7 202.7 203.9 65.1 65.6 65.8 65.9 63.6 64.2 65.2 64.5 64.6 64.8 65.4 64.8 65.1 65.4 65.3 66.1 64.0 65.1 66.3 580.0 582.7 583.2 582.4 578.6 580.8 577.7 570.1 569.5 570.9 570.1 570.4 574.5 576.7 575.1 574.1 570.1 571.9 574.5 49.1 49.2 49.2 49.1 48.9 49.0 49.1 49.1 49.2 49.3 49.3 49.3 49.5 49.5 49.5 49.6 49.1 49.3 49.4 138.2 139.1 139.8 139.9 139.4 140.6 141.0 140.6 140.6 140.9 140.2 140.3 142.5 143.5 144.0 143.9 143.4 144.5 145.4 805.3 808.4 808.9 808.7 801.2 804.0 801.9 791.5 789.8 790.3 788.9 788.1 792.9 795.8 794.8 796.2 787.4 791.2 796.1 751.9 754.7 755.4 756.3 749.9 752.5 751.6 742.8 740.7 740.5 738.9 738.1 742.6 745.9 745.9 748.3 740.8 744.3 748.8 53.5 53.7 53.5 52.4 51.4 51.5 50.3 48.7 49.1 49.7 50.0 49.9 50.3 49.9 49.0 47.9 46.6 46.8 47.3 91.4 92.9 92.9 92.9 94.1 94.2 94.1 94.0 94.1 94.0 94.0 94.1 94.3 94.8 94.9 95.0 94.4 94.7 94.9 69.8 72.4 72.4 75.3 79.8 77.5 77.9 88.6 90.4 89.4 89.4 88.2 83.8 83.7 84.1 87.3 91.5 88.1 82.6 79.3 75.1 35.7 36.9 36.8 36.9 38.6 37.8 38.5 44.4 45.6 45.1 45.3 44.7 42.2 42.3 43.0 43.8 45.7 44.2 42.3 40.8 38.5 12.4 15.1 14.8 15.2 15.6 15.1 15.3 18.2 18.6 18.1 17.8 17.2 16.2 17.9 17.7 18.3 18.9 17.8 16.4 15.3 14.1 28.6 28.4 28.4 29.3 31.2 30.4 30.1 31.8 32.0 31.8 31.8 31.5 30.6 30.1 30.1 30.9 32.6 31.7 30.4 29.6 28.7 22.1 22.4 22.5 24.2 25.9 25.1 24.7 27.6 28.0 27.6 27.3 26.8 25.8 25.4 25.6 27.3 28.9 27.8 25.9 24.9 23.7 37.9 37.6 37.2 36.8 37.8 37.3 36.8 37.1 37.6 37.8 38.0 38.1 38.2 38.5 38.7 39.4 41.3 41.3 41.9 42.3 41.9 17.9 18.2 18.7 18.5 25.6 24.1 23.7 28.0 31.2 30.0 27.4 26.2 23.2 23.1 23.5 25.2 28.0 25.4 22.0 18.9 7.2 7.4 7.4 7.7 8.2 7.9 8.0 9.1 9.3 9.2 9.2 9.1 8.6 8.6 8.6 8.9 9.4 9.0 8.5 6.5 6.7 6.7 7.2 7.7 7.5 7.4 8.3 8.4 8.4 8.3 8.2 7.9 7.8 7.8 8.1 8.7 8.3 7.6 8.1 8.3 8.3 8.4 8.7 8.5 8.7 10.0 10.3 10.2 10.2 10.1 9.5 9.5 9.7 9.9 10.3 10.0 9.5 -1.7 2.6 0.0 2.9 4.5 -2.4 0.4 10.8 1.8 -1.0 0.0 -1.2 -4.4 -0.1 0.5 3.1 4.2 -3.4 -5.4 -3.4 -4.1 1.0 3.6 0.8 0.5 0.7 0.6 0.5 0.5 0.4 0.6 0.5 0.4 1.0 3.4 0.7 0.5 0.5 0.4 0.5 0.3 0.3 4.8 5.9 5.3 7.4 10.6 4.6 7.4 13.9 7.5 7.0 7.7 4.9 5.5 5.5 6.6 7.2 9.9 4.3 4.0 3.5 3.3 5.4 4.6 3.9 3.2 4.7 5.8 6.0 2.4 5.0 7.0 6.5 4.9 8.1 6.4 4.6 2.9 4.6 6.7 8.0 5.6 5.9 2.0 2.3 2.1 1.8 2.0 1.7 1.4 1.3 1.1 1.6 1.7 1.6 2.8 2.6 2.3 1.7 1.7 1.6 2.0 1.6 1.9 35.0 35.7 36.3 36.6 37.2 36.6 37.0 37.5 37.5 37.6 37.6 37.9 37.5 37.7 38.2 38.4 38.4 38.8 39.1 40.0 3.6 3.7 3.7 3.7 3.8 3.7 3.8 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 Wages in EUR 2018 2019 2020 2019 2020 2021 2020 Q1 21 Mar 21 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,856 1,978 2,010 3.4 4.3 5.8 4.6 3.9 4.5 4.2 3.2 8.8 4.8 6.7 10.6 Private sector activities (A–N; R–S) 1,750 1,816 1,865 3.8 3.6 3.8 4.0 3.2 4.0 3.1 2.8 5.5 3.9 3.2 6.1 Public service activities (OPQ) 2,187 2,463 2,444 2.4 6.5 10.5 6.4 6.1 6.0 7.6 4.2 15.8 6.3 16.0 20.9 Industry (B–E) 1,815 1,881 1,906 3.8 3.4 3.4 3.5 3.2 3.9 3.0 4.3 3.5 3.1 2.7 4.2 Trad, market services (GHI) 1,583 1,634 1,677 4.0 3.4 2.8 4.3 3.1 3.8 2.5 1.1 4.9 3.8 1.9 6.8 Other market services (J–N; R–S) 1,979 2,069 2,167 3.9 5.1 5.0 5.7 4.4 5.4 4.8 3.2 7.7 5.1 4.3 7.3 A Agriculture, forestry and fishing 1,489 1,480 1,504 5.3 3.0 4.6 5.4 3.0 3.8 0.3 5.2 7.7 3.5 2.4 1.8 B Mining and quarrying 2,360 2,285 2,322 7.6 0.3 5.1 -3.0 -1.8 2.6 3.8 4.3 9.8 2.8 3.7 -3.2 C Manufacturing 1,772 1,850 1,867 3.9 3.5 3.2 3.6 3.5 3.9 2.9 4.2 2.8 3.0 2.7 4.6 D Electricity, gas, steam and air conditioning supply 2,734 2,674 2,857 2.9 4.3 4.0 4.6 2.4 4.7 5.6 6.4 5.3 3.2 1.5 -0.7 E Water supply sewerage, waste management and remediation activities 1,739 1,755 1,794 3.0 2.7 4.2 3.7 2.0 3.9 1.6 2.9 7.7 3.6 3.0 4.1 F Constrution 1,390 1,425 1,477 4.2 2.2 5.5 2.0 1.6 2.8 2.3 2.0 9.4 5.2 5.7 8.9 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,676 1,720 1,772 4.2 3.9 4.2 4.9 3.2 4.5 3.2 2.3 6.1 4.8 3.9 5.9 H Transportation and storage 1,565 1,573 1,598 3.3 1.6 -0.1 2.7 2.3 2.0 -0.2 0.3 1.1 1.0 -2.4 2.7 I Accommodation and food service activities 1,180 1,217 1,249 4.9 4.8 -3.8 5.2 4.6 4.3 5.2 -3.0 -5.9 2.2 -9.5 4.9 J Information and communication 2,480 2,539 2,643 4.1 5.7 4.5 6.8 5.9 4.6 5.4 4.0 6.5 4.1 3.6 4.5 K Financial and insurance activities 2,658 2,861 3,345 4.8 4.6 2.5 6.0 2.8 5.3 4.3 2.7 4.1 2.3 0.8 5.7 L Real estate activities 1,676 1,687 1,711 0.9 5.2 4.2 3.7 5.8 5.4 5.5 3.6 7.9 4.5 1.3 4.0 M Professional, scientific and technical activities 2,048 2,124 2,145 4.2 4.6 4.0 4.3 4.1 5.0 5.0 2.4 6.3 4.0 3.5 7.2 N Administrative and support service activities 1,258 1,295 1,306 5.8 5.1 4.7 6.1 4.4 6.1 3.6 4.0 7.4 3.9 4.1 5.2 O Public administration and defence, compulsory social security 2,352 2,593 2,532 3.2 8.9 7.4 9.5 9.4 8.6 8.1 3.0 14.2 3.6 9.0 16.0 P Education 1,951 2,079 2,079 0.9 6.1 6.2 5.3 5.4 5.3 8.1 3.8 6.4 8.3 6.5 10.1 Q Human health and social work activities 2,323 2,794 2,788 3.4 5.1 17.7 5.0 4.1 4.5 6.9 5.7 26.5 6.6 31.4 36.2 R Arts, entertainment and recreation 1,778 1,872 1,897 1.7 4.3 0.0 5.1 2.7 3.8 5.4 -1.1 -2.4 4.5 -1.1 7.5 S Other service activities 1,491 1,539 1,525 1.2 4.7 4.5 4.5 3.2 4.5 6.1 0.1 12.3 3.7 3.0 8.9 Source: SURS, calculations by IMAD. 2019 2020 2021 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 5.2 3.4 4.9 3.9 4.7 4.1 4.5 5.0 0.3 11.9 9.5 5.5 4.3 5.0 5.1 4.6 6.8 8.9 9.4 8.1 14.3 5.0 2.7 4.4 2.9 3.5 2.9 4.5 5.5 -1.3 7.9 5.5 3.6 2.8 4.3 4.7 2.6 2.9 4.2 3.2 3.6 11.8 6.2 5.4 6.3 6.7 8.6 7.6 4.3 3.4 4.8 20.7 17.5 9.6 7.4 6.2 5.2 9.1 17.7 21.3 24.3 18.9 19.4 4.9 2.2 4.5 3.0 2.7 3.4 4.9 6.6 1.2 6.1 2.6 2.2 1.1 3.8 4.6 2.7 1.6 4.0 1.6 2.0 9.3 4.4 3.0 3.8 2.5 4.4 0.6 3.6 4.7 -4.9 7.4 6.0 2.1 3.7 3.5 4.1 1.5 1.6 3.1 2.4 4.0 14.2 6.8 3.9 5.7 3.9 4.9 5.5 5.6 5.4 -1.2 8.9 7.6 6.7 4.1 5.9 5.3 3.6 4.9 4.5 5.2 4.6 12.1 5.4 2.3 3.6 5.8 -4.8 0.3 4.1 6.6 5.0 9.0 8.2 6.0 1.9 3.7 5.0 -1.9 5.5 3.8 -1.5 2.4 4.6 5.8 -2.5 4.6 3.8 4.8 2.8 1.2 8.2 3.7 14.4 9.2 6.0 -0.9 7.6 1.9 1.9 5.1 4.2 -2.3 -7.3 0.2 5.0 2.3 4.5 3.0 2.6 3.2 5.0 6.9 0.6 5.3 1.9 1.6 0.8 3.8 4.6 2.8 1.4 4.1 1.8 2.1 10.1 5.2 3.9 5.0 2.9 8.1 5.6 6.9 5.3 6.9 7.2 4.1 4.6 3.3 2.5 3.9 1.3 1.8 1.4 -2.3 0.0 0.3 5.2 2.2 4.3 3.0 -2.0 4.0 1.6 3.5 3.6 11.2 6.9 5.2 1.7 3.2 5.9 1.4 4.4 3.1 1.7 3.3 7.5 3.1 2.3 3.0 2.4 1.9 2.4 3.5 3.9 -1.4 11.5 11.1 6.0 4.8 4.2 6.7 3.9 6.5 6.6 4.7 6.7 15.5 4.4 3.9 5.1 3.3 3.6 2.7 4.6 5.5 -3.1 6.9 7.6 4.3 5.9 4.4 4.2 3.4 3.5 5.2 2.4 3.6 11.7 4.1 1.1 0.8 -0.2 5.3 -5.1 0.9 2.8 -2.9 3.3 1.6 -1.2 -1.1 0.5 3.8 0.1 -2.7 -4.4 -0.4 1.1 7.7 5.0 3.3 4.7 4.5 7.1 3.9 5.1 4.7 -18.8 -0.1 -8.9 -6.8 1.1 3.8 1.7 -8.5 -13.0 -5.6 -4.9 -2.9 27.8 4.3 3.3 6.4 2.9 6.9 6.4 5.9 5.1 1.2 6.7 5.8 6.9 4.1 4.3 3.8 4.1 4.3 2.6 0.5 4.9 7.9 5.9 3.5 6.7 2.0 4.4 6.4 5.6 7.7 -3.1 6.4 -0.4 6.5 0.9 3.6 2.4 2.3 0.5 0.0 4.0 0.7 11.2 5.3 5.6 5.4 5.8 6.7 3.9 5.5 4.6 0.7 7.9 10.6 5.3 5.1 4.8 3.7 3.2 1.4 -0.2 1.7 3.7 6.7 5.4 4.5 5.1 5.2 5.6 4.2 5.2 3.4 -1.5 5.9 7.8 5.4 3.1 4.2 4.8 1.6 3.1 5.7 4.6 5.1 12.2 11.1 3.2 4.1 4.0 1.4 5.4 4.8 5.9 1.2 9.3 9.0 4.1 1.8 5.3 4.6 2.3 9.2 0.9 6.3 1.2 8.4 10.3 7.4 8.0 8.0 8.9 7.5 4.4 2.1 2.6 11.8 18.1 12.8 2.7 4.4 3.9 6.2 7.0 13.7 17.2 15.5 15.3 5.1 5.0 5.8 6.0 9.4 8.9 4.5 4.1 2.8 8.9 4.9 5.6 10.2 7.2 7.4 7.5 3.9 8.4 13.4 6.2 10.7 3.8 4.4 5.4 6.3 7.6 6.6 4.1 4.0 9.0 38.4 30.6 11.3 9.0 6.9 4.0 13.6 40.2 39.8 41.9 35.5 31.3 3.8 3.7 3.7 3.0 9.2 4.0 2.7 3.0 -9.1 -0.9 -1.4 -4.2 4.4 3.9 5.3 2.4 -6.0 0.7 5.0 0.9 17.9 4.2 3.9 5.4 4.1 6.0 8.3 3.3 2.3 -5.0 17.8 15.1 5.1 3.5 4.1 3.4 1.2 1.8 6.2 5.9 6.8 14.2 Prices and indicators of overall competitiveness 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 CPI, y-o-y growth rates, % 1.4 1.8 -1.1 1.3 1.6 2.0 1.5 1.5 -0.9 0.0 -0.7 -0.5 1.4 1.8 2.0 2.3 Food, non-alcoholic beverages 0.6 3.3 1.0 0.4 1.1 2.5 2.4 4.0 4.4 3.6 2.0 -0.3 0.7 2.2 2.9 2.9 Alcoholic beverages, tobacco 0.4 1.9 3.2 0.4 0.4 1.6 1.6 1.7 1.3 0.3 3.5 3.5 -0.2 1.1 1.6 1.7 Clothing and footwear 0.3 0.5 -5.4 0.7 0.5 3.6 0.5 1.3 -3.8 -4.1 -4.5 -4.2 0.1 1.5 3.2 5.2 Housing, water, electricity, gas 4.7 2.7 -0.6 4.2 5.3 4.5 2.6 0.7 -5.5 0.7 -0.3 1.7 5.6 5.2 4.8 4.9 Furnishing, household equipm. 0.9 0.4 -0.4 0.9 1.0 1.9 0.9 1.0 -0.9 0.2 -0.2 -0.1 0.5 1.5 2.2 2.7 Medical, pharmaceutical produ. 1.3 1.4 4.9 1.7 2.0 1.3 1.5 1.0 0.0 1.0 3.8 1.1 2.1 2.1 1.2 1.4 Transport -0.7 0.1 -5.9 -1.3 0.1 -1.3 -0.8 -0.2 -7.4 -6.6 -6.7 -2.6 0.3 -0.9 -1.3 -0.7 Communications 3.3 -0.4 0.6 3.0 0.0 -0.2 0.4 -1.5 0.0 1.0 0.9 0.3 -0.9 -0.7 -0.5 -1.2 Recreation and culture 1.9 0.6 -3.9 2.4 1.3 2.1 0.5 -0.1 0.2 0.3 -1.7 -3.0 0.7 1.3 2.0 2.1 Education 1.7 5.6 0.7 2.2 3.5 4.2 5.6 4.8 3.3 2.2 0.6 0.7 3.8 3.5 3.5 3.5 Catering services 2.4 3.2 0.6 2.8 3.3 3.0 3.0 2.0 1.3 1.0 0.7 0.6 3.0 3.6 2.9 3.3 Miscellaneous goods & services 1.7 4.4 0.7 1.3 2.1 2.4 4.1 4.9 3.7 2.9 0.9 0.5 1.9 1.8 1.8 2.0 HICP 1.4 2.0 -1.2 1.4 1.8 2.0 1.6 1.7 -1.2 -0.6 -0.9 -0.6 1.6 1.9 2.0 2.4 Core inflation (excluding fresh food and energy) 1.2 1.6 -0.1 1.5 1.5 2.1 1.7 1.5 0.5 0.6 0.2 -0.2 1.2 1.7 1.9 2.3 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 1.4 0.6 -0.2 1.1 0.9 0.3 0.4 -0.1 -0.6 -0.3 -0.1 1.2 1.0 0.5 0.2 0.2 Domestic market 1.2 2.1 1.0 1.5 2.1 1.9 2.0 1.3 0.3 0.3 0.9 1.9 2.2 2.0 1.8 1.9 Non-domestic market 1.6 -0.9 -1.4 0.9 -0.3 -1.4 -1.2 -1.4 -1.4 -0.8 -1.1 0.4 -0.3 -0.9 -1.3 -1.5 Euro area 1.6 -0.7 -1.2 1.2 -0.3 -1.6 -1.2 -1.7 -1.5 -0.4 -0.8 1.3 -0.3 -0.9 -1.6 -1.8 Non-euro area 1.7 -1.2 -1.8 0.0 -0.3 -0.7 -1.1 -0.5 -1.3 -1.8 -1.9 -1.5 -0.4 -0.9 -0.5 -0.8 Import price indices 1.7 -1.4 -2.6 1.4 0.2 -1.9 -1.9 -2.3 -4.7 -3.5 -3.4 1.3 0.5 -1.2 -1.3 -2.2 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2 , nominal 0.8 -0.4 0.8 -0.6 -0.2 -0.4 -0.3 0.0 0.7 1.2 1.3 1.2 0.0 0.1 -0.5 -0.1 Real (deflator HICP) 0.8 -0.3 -0.4 -0.8 -0.1 0.1 -0.3 -0.1 -1.3 -0.1 0.0 -0.5 -0.1 0.4 -0.2 0.7 Real (deflator ULC) 0.8 0.9 3.4 0.0 1.6 1.3 0.7 4.6 2.7 1.2 5.3 USD / EUR 1.1815 1.1196 1.1413 1.1357 1.1239 1.1116 1.1072 1.1023 1.1006 1.1695 1.1928 1.2056 1.1185 1.1293 1.1218 1.1126 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate – a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. 2019 2020 2021 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 1.7 1.4 1.4 1.8 2.1 2.0 0.5 -1.2 -1.2 -0.3 0.3 -0.1 -0.3 -0.1 -0.9 -1.1 -0.7 -1.0 0.1 2.1 2.1 1.7 1.5 2.4 3.3 3.4 4.0 4.6 5.1 5.1 3.1 3.1 3.6 4.1 3.4 1.7 1.0 0.1 -0.2 -0.7 -0.4 -2.5 1.6 1.4 1.6 1.9 1.4 1.7 2.0 1.7 1.8 0.4 0.1 0.3 0.4 3.8 3.6 3.2 3.8 3.4 3.3 3.6 3.4 2.3 0.6 0.5 0.5 1.4 1.8 0.7 -3.4 -4.2 -3.8 -1.8 -5.2 -5.3 -1.9 -6.1 -5.4 0.9 -4.8 -8.8 -0.1 2.0 3.9 2.9 2.1 2.7 4.1 3.4 -5.4 -7.8 -8.6 0.0 1.1 0.9 0.2 -0.3 -0.1 -0.6 -1.6 -1.1 7.7 11.2 11.8 0.7 1.3 1.0 0.4 0.8 0.6 1.6 -0.8 -0.8 -1.0 -0.1 -0.2 1.0 0.6 -0.8 -0.4 -0.3 0.2 -0.1 1.9 2.0 1.4 1.7 1.4 1.4 1.4 1.7 -0.1 0.1 0.1 -0.3 1.0 0.9 1.2 1.4 5.0 4.9 2.1 0.6 0.5 1.7 2.7 -2.0 -0.9 -1.6 0.1 1.3 -0.3 -1.5 -7.6 -7.8 -6.7 -6.6 -7.1 -6.2 -6.8 -7.4 -5.9 -4.5 -2.6 -0.8 4.8 5.6 1.1 0.5 1.2 -0.4 -0.1 -2.3 -2.0 -1.5 0.9 0.7 1.6 1.6 -0.1 1.5 0.6 0.6 1.0 0.5 -0.5 -2.0 1.2 2.2 0.8 0.2 0.6 -0.9 0.7 -0.2 -0.8 0.2 1.1 1.2 0.3 -0.6 -0.2 -1.1 -3.9 -2.9 -3.9 -2.3 -2.5 -3.3 5.6 5.5 5.6 5.6 5.5 4.5 4.3 3.8 3.0 3.0 3.0 3.0 0.6 0.5 0.5 0.7 0.7 0.8 0.7 0.8 0.8 2.8 2.9 2.8 3.2 1.9 2.0 2.2 2.0 1.6 0.4 1.4 0.7 0.8 0.8 0.6 0.6 0.8 0.6 0.5 0.6 0.9 3.5 3.4 4.5 4.4 5.3 5.4 4.0 3.5 3.7 3.8 3.6 3.5 1.6 1.8 0.3 0.7 0.8 0.1 0.6 -0.2 -0.4 1.7 1.5 1.4 2.0 2.3 2.0 0.7 -1.3 -1.4 -0.8 -0.3 -0.7 -0.7 -0.5 -1.1 -1.2 -0.9 -1.1 0.1 2.2 2.2 2.1 1.8 1.8 1.6 1.4 1.7 1.3 0.3 0.5 0.6 1.1 0.5 0.1 0.8 0.0 -0.1 0.6 -0.4 -0.8 0.4 0.7 0.4 0.2 0.5 0.6 0.3 0.1 -0.6 -0.4 -0.7 -0.6 -0.2 -0.3 -0.4 0.0 0.0 -0.2 0.5 1.0 2.0 2.4 2.1 1.9 2.0 2.1 1.9 1.5 0.4 0.3 -0.2 0.7 0.3 0.2 0.3 0.9 1.0 1.0 1.3 1.7 2.6 3.0 -1.3 -1.5 -1.1 -0.9 -1.3 -1.2 -1.7 -1.2 -1.2 -1.9 -0.7 -0.8 -1.0 -0.9 -1.0 -1.4 -0.4 0.4 1.3 1.8 -1.5 -1.7 -1.1 -0.7 -1.5 -1.7 -2.0 -1.2 -1.1 -2.1 -0.4 -0.3 -0.6 -0.5 -0.6 -1.2 0.4 1.4 2.2 2.7 -0.8 -1.0 -1.0 -1.2 -0.6 0.0 -0.9 -1.1 -1.5 -1.3 -1.7 -1.8 -1.9 -2.1 -1.8 -1.8 -2.0 -1.8 -0.6 -0.3 -2.2 -2.4 -2.0 -1.4 -1.5 -1.7 -3.6 -4.9 -5.2 -4.1 -3.5 -3.4 -3.6 -4.1 -3.6 -2.6 -0.8 0.6 4.0 7.0 -0.5 -0.4 -0.4 -0.3 -0.4 -0.4 0.8 0.8 0.5 0.8 1.1 1.1 1.4 1.3 1.2 1.5 1.6 1.5 0.5 0.6 0.5 -0.1 -0.2 -0.4 -0.2 -0.1 -0.3 0.0 -1.5 -1.5 -0.9 -0.2 -0.2 0.2 0.4 -0.3 0.0 -0.2 -0.5 -0.8 0.9 0.3 1.1004 1.1053 1.1051 1.1113 1.1100 1.0905 1.1063 1.0862 1.0902 1.1255 1.1463 1.1828 1.1792 1.1775 1.1838 1.2170 1.2171 1.2098 1.1899 1.1979 1.2146 Balance of payments 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3 4 5 6 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,680 2,723 3,272 716 690 662 655 818 646 899 909 846 257 217 305 168 Goods 1,282 1,330 2,503 414 434 204 278 583 585 730 604 644 150 42 148 244 Exports 30,817 32,013 29,629 7,983 8,295 7,831 7,904 7,856 6,425 7,358 7,989 8,202 2,850 2,785 2,837 2,672 Imports 29,535 30,682 27,126 7,569 7,861 7,628 7,625 7,273 5,840 6,628 7,385 7,558 2,700 2,744 2,689 2,428 Services 2,625 2,787 1,985 534 691 831 732 512 398 536 538 444 186 286 203 201 Exports 8,104 8,548 6,871 1,794 2,097 2,431 2,227 1,773 1,448 1,796 1,854 1,534 650 735 660 701 Imports 5,478 5,762 4,887 1,260 1,406 1,600 1,495 1,261 1,050 1,260 1,316 1,090 463 449 457 500 Primary income -819 -853 -689 -9 -329 -239 -276 -113 -191 -269 -116 -104 -34 -83 -18 -227 Receipts 1,578 1,701 1,621 418 481 355 445 456 375 334 455 439 123 123 214 143 Expenditures 2,397 2,554 2,310 428 810 594 722 569 567 603 572 544 158 207 233 371 Secondary income -408 -541 -526 -223 -106 -134 -78 -165 -146 -99 -117 -138 -44 -27 -28 -51 Receipts 793 805 852 185 188 204 229 198 198 190 266 258 59 71 60 56 Expenditures 1,201 1,346 1,378 407 294 338 307 362 345 289 382 396 103 99 89 107 Capital account -225 -187 -217 -27 -11 -30 -120 -54 -18 -26 -119 135 9 -9 15 -18 Financial account 2,524 2,454 2,033 785 522 722 425 811 152 535 535 967 -160 187 377 -42 Direct investment -934 -748 23 -323 -193 -120 -112 -172 -111 -109 415 -171 28 -127 -27 -38 Assets 373 773 704 429 20 116 208 30 203 -77 548 306 177 -21 115 -74 Liabilities 1,307 1,521 681 753 213 236 320 202 314 32 132 477 149 106 142 -36 Portfolio investment 744 791 -1,775 546 -88 -92 424 -1,940 -1,916 1,328 753 -157 -113 175 41 -303 Financial derivatives -81 -163 27 -184 20 -8 8 53 -32 5 2 11 -66 8 3 10 Other investment 2,743 2,537 3,591 725 737 975 100 2,822 2,182 -715 -698 1,271 -36 106 354 277 Assets 2,039 3,424 4,898 696 1,484 1,055 189 3,399 2,030 -647 116 3,041 234 221 771 491 Other equity 68 84 61 43 35 28 -22 13 19 14 14 14 4 12 12 12 Currency and deposits 1,493 2,836 4,699 -4 1,123 1,058 659 2,751 2,673 -791 67 2,103 165 199 564 360 Loans 215 412 245 49 324 57 -18 79 41 55 71 153 6 13 132 179 Insurance, pension schemes, and standardised guarantee schemes -7 13 3 8 1 1 2 2 3 -1 0 0 3 0 0 0 Trade credit and advances 303 42 -203 571 -56 -142 -332 402 -545 75 -136 678 196 19 -27 -47 Other assets -33 38 93 29 56 52 -100 151 -160 2 100 93 -140 -22 90 -12 Liabilities -704 887 1,307 -29 747 80 89 576 -151 69 813 1,770 269 115 418 214 Other equity 2 2 2 0 -1 0 2 0 0 0 2 2 0 -1 0 0 Currency and deposits -524 935 1,652 42 327 231 335 416 440 334 463 755 52 92 116 119 Loans -482 -158 -407 -107 146 53 -250 40 -256 -325 134 757 70 53 70 24 Insurance, pension schemes, and standardised guarantee schemes 20 27 65 40 13 9 -35 40 18 6 0 0 13 4 4 4 Trade credit and advances 331 62 -143 2 116 -140 84 -58 -393 20 288 212 137 -69 152 33 Other liabilities -51 19 137 -5 144 -72 -48 138 39 33 -73 44 -4 36 74 34 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 52 37 166 21 44 -33 5 49 29 26 62 13 27 25 7 12 Net errors and omissions 69 -81 -1,022 96 -157 90 -110 47 -476 -338 -255 -14 -426 -22 57 -192 Sources: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. 2019 2020 2021 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 209 240 213 386 300 -30 236 335 246 213 127 306 397 128 374 460 265 185 305 164 377 139 42 22 214 137 -72 142 249 192 169 127 289 356 93 281 300 218 86 259 162 223 2,871 2,199 2,761 2,905 2,747 2,251 2,580 2,692 2,584 1,836 2,113 2,476 2,690 2,006 2,662 2,820 2,776 2,394 2,415 2,626 3,161 2,732 2,157 2,739 2,691 2,611 2,323 2,438 2,443 2,392 1,668 1,986 2,186 2,334 1,913 2,381 2,519 2,558 2,308 2,156 2,464 2,938 283 290 258 301 219 211 192 195 125 134 112 152 177 153 206 250 133 156 126 134 184 856 815 760 759 697 770 608 621 544 460 444 544 640 577 580 639 539 676 440 486 609 573 525 502 458 478 559 415 426 419 326 332 393 463 424 373 389 407 520 314 352 424 -156 -50 -33 -78 -40 -159 -1 -55 -56 -49 -56 -87 -102 -90 -77 -66 -35 -15 -5 -36 -63 122 106 127 130 144 172 187 139 130 137 134 105 114 109 111 118 155 182 174 143 122 278 157 159 207 184 331 188 194 186 186 190 191 216 199 188 185 190 197 180 179 185 -57 -42 -34 -52 -16 -10 -97 -53 -14 -41 -57 -48 -34 -28 -37 -24 -51 -42 -75 -95 32 67 62 75 70 74 85 66 55 78 73 60 65 72 56 63 89 88 88 62 64 133 124 104 109 122 90 96 163 108 92 115 117 113 106 84 100 113 139 130 137 159 100 -10 -10 -9 -9 29 -139 -17 -17 -19 -4 -3 -11 -16 2 -13 -15 0 -105 -17 30 122 497 -213 438 429 182 -186 253 336 222 274 -106 -15 145 132 257 321 322 -108 262 659 47 -45 -46 -29 107 -17 -201 -4 -65 -103 -285 -10 184 18 -170 43 -12 -36 464 -140 -33 2 101 -91 106 161 59 -11 100 134 -204 -119 172 150 -207 -104 234 187 78 282 -39 197 148 146 -44 134 54 76 190 104 199 -101 167 182 -34 -225 66 192 200 114 -182 101 230 146 -282 -17 207 86 -48 386 -848 -158 -934 -1,575 -490 150 274 507 547 -412 521 645 -1,128 488 483 -1 -9 3 3 1 4 14 11 28 -17 -8 -7 4 0 1 -5 2 5 9 1 1 863 -152 264 221 260 -381 1,070 535 1,217 2,143 410 -371 -166 -206 -343 739 -179 -1,258 1,506 211 -446 843 89 123 177 409 -396 886 795 1,718 1,850 371 -191 -245 -241 -161 1,188 292 -1,364 1,653 1,339 49 8 10 10 -8 -8 -7 5 4 5 4 6 9 5 5 4 5 5 4 5 5 5 904 196 -42 38 394 227 690 533 1,528 2,315 484 -127 -356 -132 -304 844 153 -930 1,333 997 -228 -2 28 31 -25 11 -5 14 27 38 21 8 12 -35 46 44 69 49 -47 37 13 102 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 -80 -178 117 184 -15 -500 53 251 98 -368 -163 -14 96 -125 104 230 92 -458 187 273 218 12 33 7 -13 26 -113 124 -21 48 -122 34 -72 46 -35 -10 40 -7 67 91 50 -47 -20 241 -141 -44 148 -15 -184 260 501 -293 -39 180 -79 -35 182 449 471 -107 147 1,128 495 0 0 0 0 0 3 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 45 187 -1 144 20 171 4 66 346 299 -48 188 169 88 77 221 132 109 253 181 321 152 172 -271 -239 32 -43 -2 112 -70 -93 -5 -158 -113 -74 -138 53 230 -149 -1 793 -35 3 3 3 -12 -12 -12 13 13 13 6 6 6 2 2 2 0 0 0 0 0 0 -173 -106 139 49 104 -68 -274 75 140 -502 -66 175 -122 -37 179 184 132 -28 -125 132 205 -46 -15 -11 15 4 -66 74 -7 72 -4 73 -31 -14 -13 61 -10 -24 -40 19 21 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -37 11 -7 12 -15 7 22 13 14 9 -9 30 15 2 10 11 15 36 16 -8 5 298 -442 234 52 -147 -16 34 18 -5 65 -230 -311 -236 2 -104 -124 57 -187 -26 464 -452 340 261 352 336 344 333 252 316 284 230 277 301 325 239 335 336 329 321 263 292 N/A 1,556 1,223 1,458 1,552 1,442 1,102 1,398 1,424 1,390 982 1,067 1,242 1,342 1,075 1,381 1,489 1,454 1,213 1,382 1,454 N/A 1,128 828 1,157 1,204 1,165 920 1,329 1,175 1,286 863 1,087 1,212 1,275 901 1,244 1,334 1,195 988 1,241 1,248 N/A 386 266 403 374 389 424 329 308 298 213 298 337 339 277 339 374 461 405 299 335 N/A 1,656 1,313 1,667 1,591 1,546 1,312 1,495 1,462 1,473 1,000 1,155 1,233 1,404 1,154 1,408 1,509 1,769 1,377 1,358 1,520 N/A 1,029 747 936 1,246 971 1,015 959 1,019 1,031 725 801 1,047 1,019 913 922 1,079 1,062 1,030 890 896 N/A Monetary indicators and 2018 2019 2020 2018 2019 interest rates 12 1 2 3 4 5 6 7 8 9 10 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 7,165 7,719 11,805 7,165 7,256 7,023 7,152 7,219 7,327 7,606 7,631 7,913 7,791 7,819 Central government (S,1311) 4,937 4,696 4,520 4,937 4,980 4,805 4,819 4,944 5,089 5,058 5,070 5,007 5,037 4,959 Other government (S,1312,1313,1314) 580 602 639 580 588 587 583 577 581 577 570 567 574 573 Households (S,14, 15) 10,370 10,981 10,997 10,370 10,397 10,426 10,507 10,570 10,628 10,642 10,703 10,781 10,833 10,950 Non-financial corporations (S,11) 9,496 9,589 9,363 9,496 9,665 9,676 9,680 9,637 9,571 9,749 9,738 9,878 9,868 9,869 Non-monetary financial institutions (S,123, 124, 125) 1,502 1,661 1,640 1,502 1,503 1,490 1,486 1,484 1,482 1,496 1,503 1,493 1,486 1,479 Monetary financial institutions (S,121, 122) 4,275 5,230 7,969 4,275 4,247 4,380 4,207 3,963 4,099 4,001 4,335 4,067 3,894 4,011 Claims on domestic sectors, TOTAL In domestic currency 26,181 27,913 30,341 26,181 26,367 26,512 26,385 26,138 26,329 26,381 26,725 26,651 26,509 26,728 In foreign currency 446 391 345 446 435 432 434 420 422 419 416 420 412 398 Securities, total 4,429 4,382 4,361 4,429 4,475 4,397 4,433 4,580 4,659 4,685 4,727 4,666 4,704 4,642 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Overnight deposits 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up 0.16 0.17 0.15 0.17 0.16 0.18 0.17 0.16 0.19 0.17 0.15 0.16 0.16 0.16 to one year New loans to non-financial corporations in domestic currency INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % 3-month rates -0.322 -0.356 -0.425 -0.312 -0.308 -0.308 -0.309 -0.311 -0.312 -0.329 -0.365 -0.408 -0.418 -0.413 6-month rates -0.266 -0.302 -0.364 -0.241 -0.236 -0.232 -0.230 -0.231 -0.237 -0.279 -0.347 -0.405 -0.394 -0.362 3-month rates -0.735 -0.737 -0.708 -0.735 -0.704 -0.713 -0.707 -0.715 -0.713 -0.717 -0.751 -0.817 -0.812 -0.774 6-month rates -0.653 -0.684 -0.659 -0.659 -0.639 -0.652 -0.648 -0.650 -0.656 -0.673 -0.719 -0.802 -0.771 -0.711 Sources: BoS, EUROSTAT. 2019 2020 2021 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 7,817 7,719 7,624 7,744 7,399 7,662 8,307 9,007 9,766 10,011 10,438 11,012 11,421 11,805 11,771 11,863 12,264 12,359 4,928 4,696 4,410 4,455 4,753 4,859 4,838 4,884 4,962 4,872 4,705 4,701 4,640 4,520 4,339 4,549 4,656 4,441 577 602 613 616 613 614 612 602 601 608 602 598 607 639 638 643 638 634 10,978 10,981 10,982 11,005 10,954 10,882 10,890 10,828 10,884 10,926 10,970 11,025 11,007 10,997 10,937 10,940 11,028 11,045 9,882 9,587 9,794 9,871 10,070 9,971 9,808 9,711 9,668 9,593 9,557 9,552 9,548 9,364 9,505 9,521 9,629 9,512 1,481 1,661 1,674 1,674 1,675 1,663 1,657 1,656 1,667 1,666 1,656 1,653 1,642 1,640 1,633 1,647 1,619 1,624 4,531 5,230 5,403 5,138 5,461 5,889 6,555 7,206 7,389 7,390 7,096 7,266 7,729 7,969 8,595 8,104 8,568 8,634 27,331 27,913 27,860 27,687 28,145 28,388 28,896 29,354 29,514 29,494 29,625 29,858 30,299 30,342 30,993 30,524 31,151 31,131 392 391 389 390 389 390 387 388 374 368 354 352 343 345 337 330 324 316 4,581 4,381 4,554 4,608 4,910 5,015 4,994 5,062 5,204 5,116 4,528 4,499 4,447 4,361 4,235 4,468 4,577 4,359 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.17 0.18 0.10 0.04 0.15 0.21 0.2 0.18 0.17 0.17 0.14 0.15 0.15 0.13 0.11 0.14 0.12 0.12 -0.401 -0.395 -0.391 -0.409 -0.417 -0.254 -0.270 -0.376 -0.441 -0.480 -0.491 -0.509 -0.521 -0.538 -0.547 -0.541 -0.539 -0.538 -0.337 -0.336 -0.330 -0.355 -0.365 -0.192 -0.142 -0.223 -0.346 -0.433 -0.463 -0.494 -0.509 -0.519 -0.529 -0.521 -0.516 -0.516 -0.712 -0.711 -0.679 -0.707 -0.761 -0.589 -0.619 -0.659 -0.692 -0.710 -0.751 -0.769 -0.771 -0.788 -0.765 -0.755 -0.753 -0.748 -0.650 -0.639 -0.624 -0.663 -0.703 -0.540 -0.575 -0.594 -0.647 -0.658 -0.707 -0.727 -0.729 -0.738 -0.725 -0.711 -0.707 -0.706 Public finance 2018 2019 2020 2019 2020 2021 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5 6 7 8 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 18,593.6 19,232.3 18,528.6 4,518.9 4,944.0 4,671.6 5,097.8 4,649.5 4,094.2 4,892.9 4,892.0 4,803.6 1,622.5 1,618.9 1,461.5 1,556.0 Current revenues 17,575.9 18,293.3 17,578.7 4,276.0 4,730.5 4,478.2 4,808.7 4,409.1 3,917.7 4,634.5 4,617.4 4,525.6 1,542.0 1,565.5 1,438.2 1,539.6 Tax revenues 16,225.3 17,179.1 16,460.4 4,103.3 4,350.6 4,169.7 4,555.6 4,159.4 3,578.0 4,343.3 4,379.8 4,241.4 1,400.4 1,405.1 1,308.2 1,461.2 Taxes on income and profit 3,296.4 3,614.0 3,261.8 850.4 1,058.4 717.7 987.4 879.9 692.0 764.7 925.2 941.8 300.1 332.0 126.7 308.1 Social security contributions 6,549.8 7,021.3 7,289.9 1,710.3 1,734.9 1,745.5 1,830.6 1,819.7 1,603.2 1,954.5 1,912.5 1,915.2 576.6 578.2 583.8 582.3 Taxes on payroll and workforce 21.6 23.2 21.6 5.3 5.9 5.4 6.6 5.9 4.0 5.6 6.1 5.0 1.8 2.1 2.1 1.6 Taxes on property 277.9 296.4 287.3 26.3 67.6 120.9 81.6 31.0 48.6 111.3 96.4 33.5 19.9 28.9 35.7 36.6 Domestic taxes on goods and services 5,989.3 6,126.7 5,493.3 1,427.8 1,490.3 1,565.7 1,643.0 1,376.4 1,069.0 1,565.1 1,482.7 1,268.6 492.5 456.0 564.8 522.0 Taxes on international trade & transactions 89.8 98.6 102.4 25.5 25.6 25.5 22.1 24.0 24.5 25.3 28.7 28.1 8.3 8.0 10.2 8.1 Other taxes 0.5 -1.1 4.1 57.8 -32.0 -11.1 -15.8 22.5 136.7 -83.4 -71.7 49.2 1.2 -0.1 -15.2 2.5 Non-tax revenues 1,350.6 1,114.2 1,118.2 172.6 380.0 308.5 253.1 249.7 339.7 291.3 237.6 284.2 141.6 160.4 130.0 78.4 Capital revenues 152.8 136.4 146.9 23.9 31.2 34.4 46.9 31.2 20.1 31.3 64.3 36.4 11.5 9.3 15.0 7.3 Grants 12.4 13.8 17.5 5.2 1.1 6.3 1.2 8.1 1.4 6.9 1.1 6.7 0.2 0.4 0.2 0.5 Transferred revenues 55.6 58.3 54.8 1.8 3.1 50.3 3.1 0.2 21.7 30.6 2.3 1.7 0.0 1.6 0.0 0.2 Receipts from the EU budget 796.9 730.5 730.7 212.1 178.0 102.4 238.0 200.9 133.3 189.6 206.9 233.2 68.7 42.1 8.1 8.4 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 18,068.0 18,968.8 22,070.6 4,689.9 4,506.0 4,705.7 5,067.2 5,024.6 5,703.7 5,250.2 6,092.2 6,102.7 1,454.3 1,559.9 1,700.8 1,487.7 Current expenditures 7,966.5 8,228.3 9,127.8 2,116.1 2,010.6 2,007.6 2,094.0 2,359.6 2,074.0 2,201.0 2,493.2 2,658.2 605.5 704.2 691.1 657.8 Wages, salaries and other personnel expenditures 4,167.9 4,470.5 4,965.3 1,069.5 1,178.3 1,101.6 1,121.2 1,183.0 1,318.3 1,242.2 1,221.7 1,483.4 363.1 459.4 375.1 368.2 Expenditures on goods and services 2,633.7 2,728.0 3,020.7 600.5 667.6 673.8 786.0 686.8 661.6 739.0 933.4 724.8 222.5 224.1 250.8 204.7 Interest payments 867.9 791.5 778.0 404.2 122.7 175.7 88.9 442.4 53.7 187.0 95.0 386.9 4.1 3.8 47.2 56.3 Reserves 296.9 238.4 363.8 42.0 42.1 56.4 97.9 47.3 40.5 32.8 243.2 63.1 15.8 17.0 18.0 28.6 Current transfers 8,236.6 8,704.2 10,867.7 2,187.9 2,107.1 2,201.2 2,208.1 2,308.7 3,219.2 2,632.9 2,706.9 3,019.2 715.9 713.4 849.6 668.4 Subsidies 443.9 467.9 1,449.3 161.8 113.4 53.5 139.3 167.9 711.7 305.5 264.2 298.8 39.8 47.1 19.9 16.5 Current transfers to individuals and households 6,925.8 7,323.9 8,250.8 1,784.6 1,816.5 1,912.6 1,810.3 1,902.6 2,253.7 2,061.9 2,032.5 2,493.9 600.3 603.2 745.7 578.4 Current transfers to non­profit institutions, other current domestic transfers 793.5 827.7 1,083.2 216.6 163.1 215.3 232.7 215.0 242.6 248.9 376.7 196.6 69.9 60.1 77.0 63.0 Current transfers abroad 73.4 84.7 84.4 25.0 14.1 19.8 25.9 23.2 11.2 16.6 33.4 29.9 6.0 3.0 6.9 10.5 Capital expenditures 1,159.9 1,252.9 1,230.6 156.1 240.3 315.4 541.2 172.8 232.7 263.2 561.9 194.2 88.2 85.2 102.0 100.3 Capital transfers 271.6 273.6 318.5 24.9 49.3 57.8 141.6 29.6 42.9 68.0 178.0 33.6 16.9 17.0 17.1 19.7 Payments to the EU budget 433.4 509.7 526.0 204.8 98.8 123.8 82.3 154.0 134.7 85.1 152.2 197.5 27.7 40.1 41.0 41.5 SURPLUS / DEFICIT 525.6 263.5 -3,542.1 -171.0 438.0 -34.2 30.6 -375.2 -1,609.5 -357.3 -1,200.1 -1,299.1 168.2 58.9 -239.3 68.3 Source: MF. 2019 2020 2021 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 1,654.1 1,669.3 1,612.8 1,815.6 1,678.4 1,483.5 1,487.6 1,315.0 1,160.1 1,619.1 1,660.0 1,602.5 1,630.4 1,644.6 1,607.1 1,640.4 1,674.4 1,484.6 1,644.6 1,894.6 1,500.4 1,626.9 1,576.5 1,605.3 1,638.2 1,438.0 1,332.9 1,256.3 1,097.2 1,564.2 1,607.2 1,534.1 1,493.2 1,585.1 1,532.0 1,500.4 1,613.3 1,422.3 1,490.0 1,802.2 1,400.2 1,535.2 1,498.3 1,522.1 1,581.5 1,358.8 1,219.1 1,171.9 940.5 1,465.6 1,476.5 1,466.9 1,399.9 1,511.1 1,452.0 1,416.7 1,491.5 1,326.7 1,423.2 1,739.7 282.9 305.1 313.3 369.0 296.6 292.1 291.3 190.1 204.9 296.9 158.5 302.0 304.2 281.9 301.1 342.2 304.8 317.1 320.0 411.8 579.4 579.4 586.8 664.4 615.1 599.2 605.4 391.2 526.4 685.5 681.5 648.2 624.9 605.4 609.7 697.4 628.1 643.0 644.1 664.9 1.6 2.0 2.1 2.5 2.1 1.9 1.9 1.3 1.1 1.6 1.9 1.8 1.8 2.1 1.9 2.1 1.6 1.6 1.7 2.0 48.5 35.8 30.4 15.4 10.1 7.6 13.3 13.1 14.7 20.8 40.0 38.7 32.6 45.8 32.1 18.5 9.9 8.7 14.9 19.5 478.9 601.5 575.0 466.6 631.2 446.7 298.5 372.7 285.5 410.8 582.5 510.9 471.7 600.1 506.5 376.1 504.1 350.8 413.7 622.4 7.2 8.0 7.4 6.8 7.2 7.9 8.9 8.0 8.2 8.3 8.2 8.2 8.9 9.0 10.5 9.1 7.6 9.0 11.5 11.6 1.6 3.4 -16.6 -2.6 19.2 3.4 -0.1 195.5 -100.4 41.7 3.8 -42.9 -44.3 -33.1 -10.0 -28.7 35.4 -3.5 17.3 7.5 100.1 91.6 78.2 83.2 56.7 79.2 113.8 84.4 156.7 98.6 130.7 67.2 93.4 73.9 80.0 83.6 121.8 95.7 66.8 62.5 12.1 15.3 11.9 19.7 11.3 12.2 7.8 5.7 6.3 8.1 10.9 9.8 10.6 18.1 14.6 31.6 4.1 14.4 17.8 16.4 5.6 1.2 3.7 -3.8 1.0 5.4 1.8 1.1 0.2 0.1 0.5 0.4 6.0 0.3 0.1 0.7 1.0 5.6 0.2 0.5 50.1 0.0 -0.2 3.3 0.1 0.0 0.0 0.1 0.1 21.4 0.5 30.1 0.0 0.0 1.4 0.9 0.9 0.5 0.4 0.0 85.9 25.9 20.9 191.1 27.9 27.9 145.1 51.8 56.3 25.2 40.9 28.0 120.6 41.1 59.0 106.8 55.2 41.8 136.2 75.5 1,517.2 1,540.6 1,628.2 1,898.4 1,723.2 1,498.0 1,803.4 1,730.1 1,755.2 2,218.4 1,880.1 1,644.0 1,726.0 1,668.8 1,835.6 2,587.8 2,067.4 1,724.0 2,311.3 1,773.0 658.6 642.1 696.0 755.9 799.9 625.1 934.5 684.8 647.1 742.1 754.3 682.0 764.7 681.2 745.6 1,066.5 789.4 719.4 1,149.4 707.6 358.2 375.5 370.3 375.4 403.1 385.6 394.3 381.4 413.0 524.0 469.4 390.2 382.7 374.7 406.5 440.5 501.9 431.9 549.6 423.7 218.3 246.0 236.1 303.9 235.1 205.0 246.8 250.8 215.5 195.3 232.1 206.4 300.5 228.9 249.1 455.4 195.8 235.8 293.2 229.7 72.2 8.8 66.9 13.3 153.2 21.3 267.9 43.3 4.2 6.2 45.8 68.6 72.6 14.8 66.8 13.4 82.5 24.8 279.7 36.3 9.9 11.9 22.8 63.2 8.6 13.3 25.5 9.4 14.4 16.6 7.1 16.8 8.9 62.8 23.1 157.2 9.2 27.0 26.9 17.9 683.1 711.5 740.5 756.0 781.6 759.5 767.6 887.4 945.4 1,386.5 986.3 830.7 815.9 799.3 867.4 1,040.2 1,156.8 837.9 1,024.4 914.5 17.0 33.1 49.3 56.8 82.8 39.7 45.4 53.1 183.9 474.8 224.6 46.7 34.1 54.8 77.2 132.3 171.9 68.1 58.7 84.9 588.4 605.9 599.9 604.4 623.5 643.0 636.0 742.7 678.2 832.8 666.2 695.2 700.4 657.8 675.4 699.4 972.1 674.8 847.0 734.0 75.3 70.2 75.7 86.8 66.5 68.5 80.0 87.2 78.7 76.7 89.0 85.6 74.3 82.4 90.0 204.3 3.5 88.0 105.1 77.4 2.3 2.4 15.5 8.0 8.8 8.4 6.1 4.3 4.6 2.2 6.4 3.2 7.0 4.4 24.8 4.2 9.3 7.0 13.6 18.3 113.1 122.9 141.7 276.6 53.5 56.9 62.4 104.5 87.7 40.5 84.8 87.4 91.0 114.3 124.7 322.9 47.3 62.7 84.3 86.6 21.0 24.0 31.0 86.6 11.0 8.0 10.5 11.0 15.3 16.6 26.9 22.3 18.8 32.1 33.3 112.6 4.8 11.5 17.3 23.9 41.3 40.0 19.0 23.4 77.1 48.5 28.4 42.3 59.7 32.7 27.8 21.7 35.6 41.9 64.6 45.7 69.1 92.5 35.9 40.4 136.9 128.8 -15.3 -82.8 -44.8 -14.6 -315.8 -415.1 -595.1 -599.3 -220.1 -41.5 -95.6 -24.2 -228.5 -947.4 -393.0 -239.4 -666.7 121.6 Acronyms Acronyms in the text AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, BoS – Bank of Slovenia, DARS – Motorway Company of the Republic of Slovenia, EC – European Commission, ECB – European Central Bank, EIA – Energy Information Administration, EMMI – European Money Markets Institute, ENTSO-E - European Network of Transmission System Operators for Electricity, ESF – European Social Fund, ESI – Economic Sentiment Indicator, ESRR – European Regional Development Fund, ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EURIBOR – Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT – Statistical Office of the European Union, FURS – Financial Administration of the Republic of Slovenia, GDP– Gross domestic product, GNI – gross national income, ICT – Information and Communication Technology, IMAD – Institute of Macroeconomic Analysis and Development, IMF – International Monetary Fund, MF – Ministry of Finance, NEER – Nominal Effective Exchange Rate, NFI – Non-monetary Financial Institutions, PMI – Purchasing Managers' Index, REER – Real Effective Exchange Rate, RS – Republic of Slovenia, SRE – Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, USA – United States of America, USD – US Dollar, VAT – value added tax, WEO – World Economic Outlook, ZZZS - The Health Insurance Institute of Slovenia. Acronyms of Standard Classification of Activities A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies. Acronyms of Countries AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 5, Vol. XXVII, 2021