Slovenian economic mirror No. 2/Vol. XXVI/2020 il 2 > a Slovenian Economic Mirror No. 2 / Vol. XXVI / 2020 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor in Chief: Urška Brodar Authors of Current Economic Trends (listed alphabetically): Lejla Fajic; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Tanja Kosi Antolič PhD; Janez Kušar, MSc; Lenart Lah, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajic, Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translator: Marija Kavčič Data Preparation, Graphs: Bibijana Cirman Naglič DTP: Mojca Bizjak Print: Eurograf d.o.o. Circulation: 80 copies 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.......................................................................................................................5 International environment.......................................................................................................................7 Economic developments in Slovenia....................................................................................................8 Labour market............................................................................................................................................12 Prices..............................................................................................................................................................14 Balance of payments................................................................................................................................16 Financial markets.......................................................................................................................................17 Public finance.............................................................................................................................................18 Selected topic...........................................................................................................................................21 (In)solvency in 2019...................................................................................................................................23 Statistical appendix...............................................................................................................................27 The Economic Mirror is prepared based on statistical data available by 7th February 2020. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 2/2020 In the spotlight 3 In the spotlight In Slovenia, at the end of last year, activity strengthened in construction, while developments in other activities were more moderate. After several months of decline, activity in construction increased again in all segments, particularly the construction of non-residential buildings. The indicator of the stock of contracts, which suggests future activity in construction, strengthened as well. Activity in manufacturing has been stagnant since the first quarter of last year, partly due to the slowdown in exports related to weak demand from major trading partners, particularly Germany. More specifically, in the last quarter of 2019, year-on-year economic growth in the euro area - where Slovenia exports more than half of all goods - was the lowest in six years, only 1.0%. At the end of the year, the growth of turnover in market services also came to a halt, particularly in transportation, professional, technical and administrative and support service activities. Stronger wage growth, alongside growth in employment and social transfers, is increasing disposable income and continues to boost growth in private consumption. Employment growth, although slowing, remains strong. Owing to a significant shortage of workers with appropriate skills, it is mainly based on the hiring of foreigners. Wage growth strengthened last year largely owing to wage rises in the general government sector, but also due to higher growth in social transfers and the easing of the tax burden on holiday allowance. Amid higher disposable income, households mainly increased spending on some durable goods such as passenger cars and household appliances. The high current account surplus widened further despite the deterioration in external trade developments and increasing domestic private consumption. With faster real growth in exports than imports, the higher surplus in the first eleven months of last year arose mainly from a higher surplus in services and partly from the surplus in goods. Growth in exports of services strengthened again in the last quarter of the year, while exports of goods weakened with a further decline in exports of intermediate goods (related mainly to the car industry). Similar developments were also recorded for goods imports, due to the stagnation of manufacturing production. The general government surplus of the consolidated balance of payments in 2019 was lower than one year before. The lower surplus was, as expected, due particularly to the absence of one-off revenues (high dividend payments and receipts from the EU budget), which had significantly strengthened revenue growth in the same period of 2018. The lower growth also arose from lower growth in revenue from personal income tax owing to changes in the taxation of holiday allowance and more moderate growth in VAT revenue. The growth of expenditure, which was somewhat higher last year than in 2018, derived largely from the adopted agreements on wage rises and employment growth in the public sector and measures in the area of transfers to individuals and households. Inflation strengthened year on year in January (to 2.1%), driven mainly by higher food and energy prices. Food prices are increasing due to growth in prices of meat (as a consequence of the outbreak of the African swine fever). Fruit prices are also on the rise, reflecting last year's worse harvest. Year-on-year growth in domestic industrial producer prices declined last year, despite solid growth on the domestic market under the impact of strengthening energy prices. Growth declined mainly owing to lower prices of raw materials on foreign markets. Confidence in the Slovenian economy improved somewhat again at the beginning of the year. Confidence was up in all activities expect retail trade, where expectations about future sales deteriorated after several months of stagnating sales. The increase in the overall indicator was mainly due to higher confidence in manufacturing owing to the improved expectations of enterprises regarding production volume and higher orders. Growth in the global economy and trade and, consequently, growth in the euro area, will strengthen this year according to the forecasts of international institutions amid a considerable decline in some main risks (the signing of a trade agreement between the US and China, regulated Brexit). This is also indicated by the dynamics of economic sentiment indicators, which have improved in recent months. 4 In the spotlight Slovenian Economic Mirror, No 2/2020 I In the euro area, economic growth weakened in the last quarter of 2019, while confidence indicators indicate an improvement at the beginning of this year. Real GDP growth, EMU (left axis) -Economic Sentiment Indicator (ESI), EMU (right axis) 1.0 H 0.8 .2. 0.6 d " 0.4 sa 1 0.2 ^ 0.0 ft -°.2 I -0.4 -0.6 ltre -0.8 tra. -1.0 cn m OOOOOOOOOO Source: Eurostat and EC; calculation by IMAD. Note: The ESI figure for Q1 2020 is the average for January. In Slovenia, moderate economic activity continued at the end of last year, while confidence in the economy started to improve. -industrial production in man. Value of construction output -Turnover in services (nom.) 125 "Ö 200 1 20 et 115 D T? 0 0 0 180 110 « 0 a 10 e 160 105 aes ga 2 ar re 140 100 e ul re (Li TO m 120 ni 95 yl mr TD et n 100 90 tn ret b 80 o -g tn 85 m nol a o 60 e £ m 80 g ar la n 40 75 re vA os sa e 20 -Merchandise exports -Turnover in trade Economic sentiment (right axis) 20 15 | 10 vrot 5 u - 0 E E d -5 j -10 "8 i -15 # E -20 nosa a e -25 1/1 Source: SURS; calculations by IMAD. I Towards the end of last year, activity strengthened again in all construction segments, the most in the construction of non-residential buildings. Total -Non-residential buildings -Residential buildings -Civil-engineering works I Employment increased further last year, but the increase was less intense than in 2018. 8 ni 6 vo 4 Z -n 2 a 0 set atr -2 tw -4 or CT -6 ar e -8 y- -n o- -10 ar e -12 > -14 ■I II Source: SURS; calculations by IMAD. Employed Source: SURS and ESS; calculations by IMAD. Unemployed Gross wage Gross wage public sector private sector I Strengthening wage growth, together with higher growth in social transfers, is boosting further growth in private consumption. ^■Household consumption -Wage bill, real -Social transfers, real -Consumer confidence indicator (right axis) I The general government surplus dropped by half last year, amid considerably lower revenue growth and somewhat higher expenditure growth. I General government balance ■ Primary balance 2,000 1,500 1,000 500 m UR 0 E nI I-500 -1,000 -1,500 a a a a a a a Source: MF, SURS; calculations by IMAD. 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: MF, Bulletin of Government Finance; calculations by IMAD. 2018 120 115 0 110 -10 105 100 -2,000 current economic trends Slovenian Economic Mirror, No 1/2020 Current Economic Trends International environment I Figure 1: IMF forecast of economic growth and world trade for 2020 and 2021 2019 ■ Forecast for 2020 (Jan 20) I Forecast for 2021 (Jan 20) - Forecast October 2019 Q 2 Source: IMF WEO, January 2020. The IMF downgraded its forecast for global economic growth and trade again at the beginning of the year; the forecast of the euro area is also somewhat lower. The IMF expects growth in the global economy and trade to strengthen to 3.3% and 2.9% respectively this year, which is lower than previously announced. The forecast for advanced and emerging market economies was downgraded the most, while the IMF is more optimistic regarding this year's growth in China,1 particularly due to the moderation of trade tensions with the US. The forecasts for Slovenia's main trading partners were not changed significantly. Euro area growth will strengthen to 1.3% this year due to higher foreign demand, but will be lower than predicted in October particularly due to the lower forecast for Germany, where manufacturing activity remained weak at the end of last year. After last year's modest growth (0.5%), Germany is otherwise expected to reach 1.1% growth this year. According to the IMF, risks to the forecast remain mainly on the downside, despite the recent trade agreement between the US and China, the regulated withdrawal of the UK from the EU and the improvement in industry and global trade. 1 The forecast was released before the coronavirus outbreak, which is expected to have significant negative consequences for this year's economic activity. 7 7 7 6 5 4 4 o 3 2 "5 0 0 I Table 1: Brent oil prices, USD/EUR exchange rate and EURIBOR average change , in %* 2019 XII 19 I 20 I 20/XII 19 I 20/I 19 Brent USD, per barrel 64.28 67.22 63.65 -5.3 7.1 Brent EUR, per barrel 57.20 59.25 57.27 -3.3 10.3 EUR/USD 1.119 1.111 1.110 -0.1 -2.8 3-month EURIBOR, in % -0.357 -0.395 -0.391 0.4 -8.3 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. 8 Current Economic Trends Slovenian Economic Mirror, No 1/2020 Economic developments in Slovenia I Figure 2: Goods trade (real) -Exports -Imports -Exports without med. and pharm. products to Switzerland and oil -Imports without med. and pharm. products to Switzerland and oil 170 0 -2 -4 World I World (without pharm. to Switzerland) EU market A /\ ; h T \ , / 1 , / \\l 117,, IIW1 . ii|| y h lin« a a a a a a Source: SURS, Eurostat, Comtrade UN; calculations by IMAD. In the first three quarters of 2019, export market share on the world market increased particularly due to exports of medicinal and pharmaceutical products to Switzerland. After 4.4% growth in 2018, Slovenia's export market share on the world goods market increased by 3.8% on average in the first three quarters of last year.3 The key contribution to growth came from stronger exports of medicines to Switzerland, but these being mainly re-exports of previously imported medicines, they had no major impact on domestic economic activity. This specific factor excluded, since mid-2018 Slovenian goods exports have mostly been rising more slowly than global import demand, i.e. Slovenia's world export market share has been slightly declining. The general slowdown in export growth and, consequently, global market share, is partly due to the pronounced orientation of Slovenian exports to EU markets, where import demand (nominally, in USD) has been rising more slowly during this period than global imports on average. 3 IMAD estimate based on preliminary data on global import demand. 11 Slovenian Economic Mirror, No 2/2020 Current Economic Trends 9 f Figure 5: Production volume in manufacturing -Manufacturing, total -High-technology industries -Medium-high-tech. industries -Medium-low-tech. industries -Low-technology industries Source: SURS; calculations by IMAD. At the end of the year, production volume in manufacturing remained at the level achieved in the first quarter. Particularly production in medium-high-technology industries strengthened again in the last few months of the year, but also production in low-technology industries, although both increased the least in the eleven months as a whole. High-technology production rose the most during this period, with significant fluctuations. Production in medium-low-technology industries, which mainly produce intermediate goods, remained almost unchanged. I Figure 6: Activity in construction -Seasonally adjusted data The value of construction output increased towards the end of last year after several months of decline, but was lower than one year before. Following strong growth at the beginning of 2019, also owing to favourable weather conditions, the value of construction output fell in the middle of the year. The decline was the most pronounced in the construction of non-residential buildings, which was related to deteriorated expectations of the business sector and its investment activity. Towards the end of the year, activity strengthened across all construction sectors, the most in the construction of nonresidential buildings. After increasing in the middle of the year, the stock of contracts was significantly higher year on year at the end of the year, while the number of new contracts was lower, with strong monthly fluctuations. Source: SURS; calculations by IMAD. I Figure 7: Turnover in trade rN CT ro tu OJ -Total -Wholesale trade Sale of motor vehicles Retail trade In November, turnover in trade maintained the level seen at the beginning of the year. Turnover in retail trade ceased declining in the last months to November. Amid a fall in the sale of automotive fuels and stagnation in the sale of food and beverages, November saw further modest growth in the sale of non-durable nonfood products and a significant increase in the sale of household appliances.4 Turnover in wholesale trade remained similar to that at the beginning of 2019, which is attributable to the moderation of activity growth in related activities (especially manufacturing). Turnover in the sale of motor vehicles improved somewhat at the end of last year after stagnating in the first half. The improvement was a consequence of higher passenger car sales to natural persons and December's high growth of sales to legal persons. Source: SURS; calculations by IMAD. Which is also related to strong growth in newly granted consumer loans before the tightening of borrowing conditions. 180 160 140 120 ■75 100 10 Current Economic Trends Slovenian Economic Mirror, No 1/2020 f Figure 8: Nominal turnover in market services (other than trade) Total * -Transportation and storage (H) -Information and communication activities (J) -Professional and technical activities (M) -Administrative and support service activities (N) Accom modation and food service activities (I) Turnover in market services remained at the achieved level towards the end of last year. November saw a continuation of strong turnover growth in information and communication activities, which has, for a quite a long time, been due to growth in exports of computer services; turnover in telecommunications also increased significantly for the second consecutive month after several months of decline. Further growth was also recorded in accommodation and food service activities, mainly owing to good business results of enterprises serving food and beverages. Turnover growth in administrative and support service activities decreased, despite renewed growth in employment services. In professional and technical activities, turnover dropped again amid a further fall in architectural and engineering services. Since the middle of the year, turnover has also continued to shrink in most transportation activities. Source: SURS; calculations by IMAD. Note: * including real estate. I Figure 9: Selected indicators of household consumption ■ Household consumption -Wage bill, real -Social transfers, real -Consumer confidence indicator (right axis) 115 110 105 100 95 90 rs m aaaaaaaa Source: MF, SURS; calculations by IMAD. With rising disposable income, household consumption continued to grow in the last quarter of 2019. The increase in household resources was a result of stronger growth in the net wage bill5 and social transfers (including pensions).6 Newly granted consumer loans were lower year on year in November, following October's significant increase (before the introduction of tighter borrowing conditions). Increased uncertainty regarding future economic conditions was also reflected in a decline in the consumer confidence indicator and further growth in household saving at the end of last year. Household deposits rose by EUR 628 million in the last quarter (relative to the third), or by EUR 1.7 billion (relative to December 2018) to EUR 20.8 billion. 5 The growth of the net wage bill in the last quarter was also affected by higher extraordinary payments (13th month payments and Christmas bonuses). 6 Year-on-year, the net wage bill and social transfers were 4.7% and 3.6% higher respectively in real terms. 120 0 -10 I Figure 10: Road freight transport Road Road - cross-trade Road - loaded, unloaded and national -Railway 160 140 120 100 The volume of road and rail freight transport increased in the third quarter of 2019. Road transport abroad (cross-trade and cabotage) increased further and was one fifth higher year on year. The volume of road transport that is at least partially connected to the territory of Slovenia (exports, imports and national transport together) increased as well, but maintained the level recorded in the same period of 2018. Growth in rail freight transport has slowed in the last two years compared with road transport, despite an increase in the third quarter. o o o o o o o Source: SURS; calculations by IMAD. Slovenian Economic Mirror, No 1/2020 Current Economic Trends 11 f Figure 11: Economic sentiment indicator -Economic sentiment -Manufacturing -Retail trade -Service activities -Construction -Consumers Source: SURS; calculations by IMAD. Economic sentiment improved somewhat again in January, but remains considerably lower year on year. The improvement was attributable to all sectors, except retail trade, where expectations about future sales dropped in particular. Higher confidence in manufacturing arose mainly from higher orders and business expectations regarding the volume of production. Confidence in construction and among consumers improved for the second consecutive month after a period of pronounced decline. Confidence in service activities, fairly stable in the last period, also remained relatively high. I Table 2: Selected monthly indicators of economic activity in Slovenia In % 2018 XI 19/X 19 XI 19/XI 18 I-XI 19/I-XI 18 Merchandise exports, real1 6.9 1.43 5.1 9.3 Merchandise imports, real1 8.5 -6.73 2.4 11.2 Services exports, nominal2 10.3 3.43 5.5 7.3 Services imports, nominal2 7.0 -2.03 -0.6 4.1 Industrial production, real 4.9 -1.23 1.34 3.04 - manufacturing 5.3 -1.23 1.94 3.44 Construction -value of construction put in place, real 19.8 -0.73 -8.4 3.3 Distributive trades - real turnover 8.1 -0.53 -2.44 4.94 Market services (without trade) - nominal turnover 8.2 0.23 3.54 5.64 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. 12 Current Economic Trends Slovenian Economic Mirror, No 1/2020 The labour market I Figure 12: The number of employed persons and the number of registered unemployed persons ^■Employed according to SRE (left axi s) -Registered unemployed (right axis) cn m ^r Ln vo Labour market conditions improved further towards the end of last year, but the improvement was less intense than in the previous year. In the first eleven months, the number of persons employed increased 2.5% year on year (the most in construction, transportation and storage, and accommodation and food service activities), which is less than in the same period of 2018. Employment growth is still largely based on the hiring of foreigners (their contribution to total employment growth exceeding 70%), which is a consequence of demographic change and the shortage of domestic labour. The number of unemployed persons continues to decline, albeit more slowly than at the beginning of 2019 amid increasingly limited labour supply. At the end of December, 75.292 persons were registered as unemployed, 4.1% fewer than in the same period of 2018. Source: SURS, ESS; calculations by IMAD. I Figure 13: Average gross wage per employee -Private sector Public sector Total 12.5 m I 10.0 TO .£ 7.5 O J 5.0 c o £ 2.5 f 0.0 Last year, wage growth was higher than in 2018 mainly due to wage rises in the government sector. Year-on-year wage growth in the first eleven months as a whole was higher (4.3%) than in the same period of the previous year (3.4%). The higher growth was mainly a consequence of higher growth in the general government sector owing to the agreed wage rises and promotions. To some extent, it was also due to the increase in the minimum wage. With relatively low unemployment and good business performance, wage growth in the private sector remained similar to that one year earlier. Wages rose the most in administrative and support service activities and accommodation and food services activities. rNm^ri^ivor^cOCT Source: SURS; calculations by IMAD. -2.5 -5.0 I Table 3: Labour market indicators Change, in % 2018 XI 19/X 19 XI 19/XI 18 I-XI 19/I-XI 18 Persons in formal employment2 3.2 0.11 1.6 2.5 Registered unemployed -11.5 -0.41 -4.9 -5.6 Average nominal gross wage 3.4 0.21 4.7 4.3 private sector 4.0 0.31 3.4 3.9 public sector 3.0 -0.11 7.3 5.4 of which general government 2.3 0.21 8.5 6.4 of which public corporations 4.8 -0.71 4.8 3.1 2018 XI 18 X 19 XI 19 Rate of registered unemployment (in %), seasonally adjusted 8.2 8.01 7.6 7.5 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). Slovenian Economic Mirror, No 1/2020 Current Economic Trends 13 f Figure 14: Real unit labour costs (RULC), total in the economy and manufacturing .........Entire economy EA -Entire economy SI .........Manufacturing EA -Manufacturing SI aaaaaaaaaaaaaaa Source: Eurostat; calculations by IMAD. Unit labour costs are rising in most sectors, notably manufacturing. With low productivity growth and stronger wage growth, real unit labour costs (RULC) increased by 2.1% year on year in the first three quarters of 2019 (in EMU by 1%). As in other euro area countries, RULC growth was more pronounced in more export-oriented sectors, particularly manufacturing. A more pronounced slowdown in productivity growth and, consequently, an increase in RULC in manufacturing activities is partly related to their greater integration in global value chains and already started with the cooling of activity in trading partners in 2018. In the first three quarters of 2019, the faster growth of wages than productivity (i.e. an increase in RULC) also gradually spread to the majority of service activities and construction. 14 Current Economic Trends Slovenian Economic Mirror, No 1/2020 Prices I Figure 15: Year-on-year price growth in Slovenia and in the euro area -Slovenia -Euro area Source: SURS, Eurostat. Consumer prices declined in January due to seasonal factors, while in year-on-year terms their growth strengthened to 2.1%. The greatest contribution to total year-on-year growth came from higher prices of goods, which was largely a consequence of higher food and energy prices. Food prices are rising due to growth in meat prices as a result of the outbreak of the African swine fever. The growth of fruit prices is also strengthening, reflecting last year's worse harvest. Prices of semi-durable goods continue to rise moderately, while prices of durable goods remain down year on year. Growth in prices of services is gradually easing amid lower prices of holiday packages. I Figure 16: Year-on-year growth in Slovenian industrial producer prices on the domestic and foreign markets -Domestic market -Foreign market S 8 0 o cu Source: SURS. Year-on-year growth in Slovenian industrial producer prices declined to 0.6% last year due to lower prices on foreign markets. With the moderation of foreign demand, prices on foreign markets were lower year on year in all industrial groups mainly due to lower prices of intermediate goods (by 0.9%), which account for almost half of the index value. Price growth on the domestic market strengthened somewhat, particularly due to strong growth in prices of energy (higher prices in electricity, gas and steam supply, where year-on-year growth is moving around 15%). Amid increased spending and higher meat prices,7 somewhat higher price growth was also recorded for non-durable consumer goods (2.3%). 7 The higher prices of meat are mainly related to growth in pork prices due to the outbreak of the African swine fever in Asia. I Table 4: Consumer price growth, in % XII 18/XII 17 I-XII 19/I-XII 18 XII19/XI19 XII19/XII18 Total 1.4 1.6 -0.2 1.8 Food 0.5 1.6 0.1 3.5 Fuels and energy 3.8 1.2 0.7 1.2 Services 3.0 3.1 0.1 2.9 Other1 -0.3 0.5 -0.9 0.4 Core inflation - excluding food and energy 1.2 1.7 -0.3 1.6 Core inflation - trimmed mean2 1.5 1.4 -0.1 1.5 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. Slovenian Economic Mirror, No 1/2020 Current Economic Trends 15 I Figure 17: Price and cost competitiveness -Price competitiveness (REER_hicp)) -Cost competitiveness (REER_ulc) aaaaaaaaaaaaaaa Source: ECB; calculations by IMAD. Cost competitiveness is gradually deteriorating, while the indicator of price competitiveness has been stable in recent years, with occasional fluctuations. With faster growth in unit labour costs compared with trading partners, the indicator of cost competitiveness (REER_ulc) of the Slovenian economy deteriorated somewhat again in the third quarter of last year. The indicator of price competitiveness (REER_hicp) also deteriorated in the third quarter, but it improved again with a relative decline (relative to trading partners) in inflation towards the end of the year. The exchange rate of the euro against the basket of currencies of 37 more important trading partners (NEER) had no major impact on competitiveness in the last quarter. NEER and REER_ hicp have been moving at similar levels since mid-2017, with fluctuations. 16 Current Economic Trends Slovenian Economic Mirror, No 1/2020 Balance of payments I Figure 18: Components of the current account balance ■ Secondary income Trade i n goods -Current account ■ Primary income Trade in services In November, the current account surplus increased further and was higher year on year in the last twelvemonth period (at 6.4% of estimated GDP). Amid faster real growth in exports than imports, this was mainly due to higher surpluses in goods and services. The net outflow of primary income declined further, mainly due to higher receipts from the EU budget for the implementation of the common agricultural and fisheries policy and lower net payments of interest on external debt. The deficit in secondary income was higher year on year, particularly due to higher payments into the EU budget (VAT-based and GNI-based contributions). Source: BoS; calculations by IMAD. I Table 5: Balance of payments I-X 2019, in EUR million Balance, I-XI 18, Inflows Outflows Balance EUR million Current account 39,634.7 36,541.7 3,093.0 2,592.7 Goods 29,750.7 28,324.7 1,425.9 1,223.6 Services 7,771.7 4,945.3 2,826.4 2,490.5 Primary income 1,402.8 2,069.2 -666.4 -722.3 Secondary income 709.6 1,202.5 -492.9 -399.1 Capital account 1,527.5 1,557.8 -30.3 -109.7 Financial account 2,515.4 4,689.3 2,174.0 2,899.1 Direct investment 1,172.7 575.5 -597.2 -693.1 Portfolio investment 205.0 611.2 406.2 668.0 Other investment 1,234.4 3,751.5 2,517.1 2,939.6 Net errors and omissions 0.0 -888.8 -888.8 416.0 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. Slovenian Economic Mirror, No 1/2020 Financial markets Current Economic Trends 17 In 2019, lending activity in the Slovenian banking system remained underpinned mainly by growth in deposits of domestic non-banking sectors. Year-on-year growth in loans to domestic non-banking sectors increased last year as a result of somewhat stronger growth in corporate and NFI loans, but remained modest. Total growth continued to be mainly driven by household loans, whose year-on-year growth was stable (around 6%). The structure of growth, however, changed somewhat with the introduction of a binding macroprudential instrument, as the contribution of consumer loans declined (growth fell by around 2 pps to 8.9% at the end of the year), while the contribution of housing loans increased by a similar extent. Growth in non-banking sector deposits continued mainly due to household deposits. Their growth strengthened further under favourable labour market conditions, while deposits of non-financial corporation declined, for the first time since 2012. Banks' dependence on foreign sources of finance thus remained low. I Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. XII 18 31. XII 19 31. XII 19/30. XI 19 31. XII 19/31. XII 18 Loans total 22,371.2 23,168.1 -0.5 3.6 Enterprises and NFI 10,247.2 10,538.1 -1.1 2.8 Government 1,754.1 1,649.4 -0.3 -6.0 Households 10,370.0 10,980.6 0.0 5.9 Consumer credits 2,683.0 2,922.3 -0.9 8.9 Lending for house purchase 6,238.7 6,587.2 0.3 5.6 Other lending 1,448.3 1,471.1 0.6 1.6 Bank deposits total 19,117.0 20,804.7 2.6 8.8 Overnight deposits 14,372.6 16,259.4 3.4 13.1 Term deposits 4,744.4 4,545.2 -0.4 -4.2 Government bank deposits, total 665.6 679.1 -5.9 2.0 Deposits of non-financial corporations, total 6,833.3 6,792.9 -0.6 -0.6 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI - Non-monetary Financial Institutions. I Figure 19: Year-on-year growth rates of loans in the Slovenian banking sector 30 20 ni 10 JZ S 0 or CT ar -10 e ^ C 9 -20 ar e >- -30 -40 -Consumer loans -Enterprises and NFIs -Lending for house purchase -Total Source: Bos. 18 Current Economic Trends Slovenian Economic Mirror, No 1/2020 Public finance I Figure 20: Revenue, expenditure and balance of the consolidated general government budgetary accounts ■ General government balance (right axis) -Revenue -Expenditure 20,000 18,000 16,000 14,000 12,000 10,000 8,000 I mam..... I |TW 1 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 -1,000 -2,000 -3,000 i^ivor^coo^o^rNm^ri^ivor^coo^ ccccccccccccccc Source: MF, Bulletin of Government Finance; calculations by IMAD. Last year the consolidated balance of public finances8 was in surplus for the second consecutive year, but it was lower than in 2018, as expected. The lower surplus was mainly due to the absence of one-off revenues, which had significantly strengthened revenue growth one year earlier (high dividend payments9 and one-off receipts from the EU budget10). The decline in revenue growth in 2019 was also a consequence of lower growth in tax revenues. Growth in revenue from personal income tax was lower owing to changes in the taxation of holiday allowance. Growth in revenue from VAT also moderated. Expenditure growth was only slightly higher last year than in 2018, except for investment expenditure, where growth was significantly more moderate, and interest payments, which dropped further. The bulk of expenditure growth derived from the adopted agreements on wage rises and employment growth in the public sector and measures in the area of transfers to individuals and households. 8 Consolidated general government accounts on a cash basis. 9 The inflow of NLB dividends in October 2018 in the amount of EUR 270.6 million, which also included retained profits from previous years. 10 In 2018, EUR 208 million was reimbursed to the state budget under the previous financial perspective (2007-2013). Revenue from the EU budget under the current financial perspective otherwise increased by 23.7% year on year, but was EUR 292 million lower than envisaged in the revised budget for 2019. I Table 7: Consolidated general government revenue and expenditure on a cash basis I-XII 2018 I-XII 2019 Category EUR m Y-o-y growth. in % EUR m Y-o-y growth. in % REVENUES TOTAL 18,593.6 10.7 19,230.8 3.4 Tax revenues1 9,675.5 6.8 10,158.0 5.0 Personal income tax 2,447.3 11.3 2,591.5 5.9 Corporate income tax 845.7 9.3 997.1 17.9 Taxes on immovable property 227.3 2.1 235.2 3.5 Value added tax 3,756.8 7.6 3,871.5 3.1 Excise duties 1,559.8 -1.5 1,543.3 -1.1 Social security contributions 6,549.8 7.4 7,020.5 7.2 Non-tax revenues 1,350.6 23.9 1,113.6 -17.5 Receipts from the EU budget 796.9 84.6 730.4 -8.3 Other 220.8 46.1 208.3 -5.7 I-XII 2018 I-XII 2019 Category EUR m Y-o-y growth. in % EUR m Y-o-y growth. in % EXPENDITURE TOTAL 18,068.0 4.7 18,966.6 5.0 Salaries. wages and other personnel expenditures2 4,167.9 5.5 4,465.1 7.1 Expenditure on goods and services 2,633.7 0.1 2,733.0 3.8 Interest payments 867.9 -12.0 791.4 -8.8 Reserves 296.9 36.0 237.7 -19.9 Transfers to individuals and households 6,925.8 4.1 7,323.3 5.7 Other current transfers 1,310.8 1.2 1,379.7 5.3 Investment expenditure 1,431.5 35.5 1,526.7 6.6 Payments to the EU budget 433.4 14.0 509.7 17.6 GENERAL GOVERNMENT BALANCE 525.6 264.2 PRIMARY BALANCE 1,382.4 1,046.3 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. Slovenian Economic Mirror, No 1/2020 Current Economic Trends 19 I Figure 21: Receipts from the EU budget Total receipts (January-December 2019) I Expected reimbursements to the budget 2019 Total receipts (January-December 2018) I Expected reimbursements to the budget 2018 Common Agricultural Policy Structural Funds Cohesion Fund Slovenia's net budgetary position against the EU budget was positive in 2019 (at EUR 216.6 million). Last year, Slovenia paid EUR 509.7 million to the EU budget (102.8% of the amount planned for 2019) and received EUR 726.3 million from it (71.4% of planned revenue). The bulk were receipts from structural funds (40% of all or 66.2% of planned receipts). The deviation from the planned realisation was lowest in revenue under the Common Agricultural and Fisheries Policy (93.3%) and highest in revenue from the Cohesion Fund (50.1%). By the end of 2019, 36% of the amount allocated under the EU Cohesion Policy was paid from the state budget, according to SVRK data. Other 0 100 200 300 400 In EUR m Source: MF. * One third of receipts were refunds of the suspended funds from the previous programming period. selected topics Slovenian Economic Mirror, No 2/2020 Selected topics 23 (In)solvency in 2019 The solvency of business entities continued to improve in 2019. Last year the solvency of legal entities and sole proprietors1 improved further in terms of both the number of non-payers and the amounts owed. Short-term outstanding liabilities (up to three months) also declined, while the share of long-term outstanding liabilities (over one year) remained high. These liabilities account for more than 60% of all outstanding liabilities in legal entities and 70% of all outstanding liabilities in sole proprietors. As a result of set-offs, the mutual indebtedness of business entities decreased. Fewer bankruptcy proceedings and personal bankruptcies were initiated, while the number of initiated settlement and liquidation proceedings against legal entities remained unchanged. I Figure 22: Number of companies undergoing insolvency proceedings -Bankruptcies -Settlements* -Liquidations* Source: AJPES, Busslness register of Slovenia. Note: * compulsory and voluntary. In 2019 the number of legal entities with outstanding liabilities2 declined further in most activities, especially manufacturing, construction and accommodation and food service activities. The average daily amounts of outstanding liabilities also declined in most activities. Last year, after a significant increase, almost one third of total daily outstanding liabilities arose from trade and almost one fifth - despite a decline in the last six years - from construction. Three quarters of legal entities with unpaid liabilities are micro3 enterprises, which together account for almost half of all outstanding matured liabilities. I Figure 23: Legal entities with outstanding matured liabilities for more than five consecutive days in a month and the average daily amounts of outstanding matured liabilities Average no. of legal entities with outstanding matured liabilities (left axis) -Average daily amount of outstanding matured liabilities, EUR m (right axis) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 600 500 noli 400 * D LU 300 -200 100 0 Oi-rNrntllHONWOlO' oooooooooo<—<—<—<—<—<—<—<—<—<— 00000000000000000000 fNrNININrNfNrNININrNfNrNININrNfNrNININIM Source: AJPES I Figure 24: Average amounts of outstanding liabilities of legal entities by maturity Up to 3 months ■ 3 months-1 year Over 1 year Source: AJPES 1400 1200 0 1000 0 100 0 1 Sole proprietors and other natural persons engaging in activities registered in the Business Register of Slovenia. 2 These are matured liabilities outstanding for more than five consecutive days in a month. AJPES keeps records of outstanding matured liabilities from court enforcement orders and tax debt. These records do not include other outstanding liabilities from unpaid invoices between creditors and debtors. 3 According to Article 55 of the Companies Act(ZGD-1), enterprises are classified as micro, small, medium-sized and large enterprises based on data from annual reports of two consecutive fiscal years. 24 Selected topics Slovenian Economic Mirror, No 2/2020 Last year solvency also improved significantly in sole proprietors. The average number of non-payers (3,705) was otherwise only 5% lower year on year, but the average daily amounts of outstanding liabilities (EUR 42 million) were as much as 31% lower. Long-term insolvency, however, remains a problem, as more than one-third of non-payers had liabilities that were more than one year overdue. These liabilities accounted for 70% of all outstanding liabilities. Almost half of non-payers were in construction, trade and accommodation and food service activities. bankruptcies against sole proprietors (123) was one third lower than in the record year 2015. More than half were initiated in construction, trade and accommodation and food service activities. The number of initiated personal bankruptcies7 also fell considerably and was more than half lower than in the record year 2015, while the number of completed personal bankruptcies doubled to 3,502. The amounts of reported claims from personal bankruptcies declined to EUR 370 million last year. I Figure 26: Number of initiated bankruptcy proceedings I Figure 25: Sole proprietors with outstanding matured liabilities for more than five consecutive days in a month and the average daily amounts of outstanding matured liabilities ^■Average daily amount of outstanding matured liabilities, EUR million (right axis) -Average no. of sole proprietors with outstanding matured liabilities (left axis) 10,000 9,000 8,000 7,000 6,000 .o z 5,000 4,000 3,000 2,000 1,000 I I I 200 180 160 140 n 120 oi 100 Ë R =3 80 £= 60 40 20 0 1,400 No. of bankruptcy proceedings initiated against legal entities (left axis) No. of bankruptcy proceedings aganst sole proprietors (right axis) rsci^Lnvot^cOCT Source: AJPES, Business Register of Slovenia. Source: AJPES I Figure 27: Number of personal bankruptcy filings and amounts of reported claims 210 1,200 180 1,000 150 120 0 0 0 The number of initiated bankruptcy proceedings4 against legal and natural persons declined in 2019. After a significant in increase in 2013-2018 due to changes in legislation,5 the number of initiated bankruptcy proceedings against legal entities declined last year. Almost half of them were initiated in trade and construction. Because of insolvency6 and consequent bankruptcy, 1,116 legal entities were struck off the business register in 2019. The number of initiated Bankruptcy proceedings are a form of winding-up an over-indebted or insolvent debtor. Under court supervision, bankruptcy proceedings are administered by a bankruptcy trustee, who liquidates the debtor's property to obtain financial assets for settling creditor claims. Upon completion of the bankruptcy proceedings, the legal entity is deleted from the court register. The Act Amending the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP), Official Gazette of the RS, No. 47/2013 from 31 May 2013, according to which the debtor no longer has to deposit an advance to cover the initial costs of bankruptcy proceedings. Insolvency is a situation where a debtor, in a longer period, can no longer meet its financial obligations that became due (prolonged illiquidity), or becomes unable to cover its financial obligations in the long term. Amunts of reported claims, in EUR million -Number of initiated personal bankrupties ° 3,000 2,000 222222222222 Source: Supreme Court. 7 According to data from the Supreme Court of the RS. By filing for personal bankruptcy, debtors can prevent the attachment of their assets or stop public auctions of their property. 6,000 1,200 5,000 1,000 4,000 1,000 0 0 Slovenian Economic Mirror, No 3/2020 Current Economic Trends 25 Including December' s round of compulsory and voluntary multilateral set-offs, the mutual indebtedness of business entities declined by EUR 3.7 billion in the period since April 2011.8 In 2019 debtors reported liabilities in the total amount of EUR 3.7 billion and 5.7% of these liabilities were set off. In the last round more than half of all offset liabilities were in trade (39%) and manufacturing (27%). I Table 8: Results of multilateral set-offs of mutual obligations between 2011 and 2019 Year Average number of debtors per round of set-offs in a given year Total amount of reported liabilities (in EUR) Total amount that was set off (in EUR) Share of liabilities that were set off (of total reported liabilities), in % 2011 14,019 9,708,516,883 643,976,767 6.6 2012 12,937 9,252,229,008 682,850,748 7.4 2013 8,083 7,229,521,573 502,411,677 6.9 2014 6,431 6,710,356,571 445,832,469 6.6 2015 5,263 5,687,126,549 392,064,605 6.9 2016 4,447 4,607,380,291 307,810,589 6.7 2017 3,681 4,074,346,034 272,107,493 6.7 2018 3,137 3,887,209,350 252,500,152 6.5 2019 2,712 3,666,324,407 208,900,417 5.7 8 According to the Act on Prevention of Late Payments (ZPreZP-1) (Official Gazette of the RS, No. 57/2012, from 27 July 2012), which took effect on 28 July 2012. statistical appendix Slovenian Economic Mirror, No 2/2020 Statistical Appendix 29 Main indicators 2013 2014 2015 2016 2017 2018 2019 | 2020 | 2021 Autumn forecast 2019 GDP (real growth rates, in %) -1.0 2.8 2.2 3.1 4.8 4.1 2.8 3.0 2.7 GDP in EUR million (current prices) 36,454 37,634 38,853 40,367 42,987 45,755 48,242 50,910 53,581 GDP per capita in EUR (current prices) 17,700 18,253 18,830 19,551 20,809 22,083 23,350 24,641 25,934 GDP per capita (PPS)1 21,900 22,700 23,800 24,100 25,500 27,000 GDP per capita (PPS EU28=100)1 82 82 82 83 85 87 Rate of registered unemployment 13.1 13.1 12.3 11.2 9.5 8.2 7.7 7.2 6.9 Standardised rate of unemployment (ILO) 10.1 9.7 9.0 8.0 6.6 5.1 4.3 4.0 3.8 Labour productivity (GDP per employee) 0.1 2.4 0.9 1.3 1.8 0.9 0.3 1.5 1.9 Inflation2, year average 1.8 0.2 -0.5 -0.1 1.4 1.7 1.8 2.0 2.3 Inflation2, end of the year 0.7 0.2 -0.4 0.5 1.7 1.4 2.3 2.2 2.3 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 3.1 6.0 4.7 6.5 10.8 6.6 7.8 5.0 4.8 Exports of goods 3.3 6.3 5.3 6.2 11.0 6.5 8.1 4.9 4.7 Exports of services 2.0 5.0 2.4 7.7 9.9 7.2 6.8 5.6 5.0 Imports of goods and services (real growth rates, in %) 2.1 4.2 4.3 6.7 10.7 7.7 9.2 5.8 5.5 Imports of goods 2.9 3.8 5.1 7.0 11.1 8.5 9.9 5.8 5.6 Imports of services -2.3 6.1 0.1 4.7 8.6 3.0 5.4 5.7 5.0 Current account balance3, in EUR million 1,204 1,924 1,482 1,942 2,635 2,593 2,348 2,398 2,289 As a per cent share relative to GDP 3.3 5.1 3.8 4.8 6.1 5.7 4.9 4.7 4.3 Gross external debt, in EUR million 41,143 46,779 46,148 44,293 43,191 42,100 44,693* As a per cent share relative to GDP 112.9 124.3 118.8 109.7 100.5 92.0 Ratio of USD to EUR 1.328 1.329 1.110 1.107 1.129 1.181 1.123 1.115 1.115 DOMESTIC DEMAND Private consumption (real growth rates, in %) -3.9 1.6 2.0 4.4 2.3 3.4 3.4 2.7 2.2 As a % of GDP 56.1 55.0 54.0 53.9 52.7 52.3 52.4 52.2 51.8 Government consumption (real growth rates, in %) -2.0 -0.2 2.3 2.5 0.3 3.2 2.2 1.7 1.4 As a % of GDP 19.6 18.9 18.8 19.1 18.4 18.3 18.5 18.5 18.6 Gross fixed capital formation (real growth rates, in %) 3.4 -0.1 -1.2 -3.7 10.4 9.4 6.8 6.8 7.0 As a % of GDP 19.6 19.1 18.7 17.4 18.3 19.2 19.9 20.7 21.6 Sources: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Autumn Forecast 2019), Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End November 2019. 30 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Production 2016 2017 2018 2017 2018 2019 2017 2018 Q3 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 12 1 1 2 | 3 INDUSTRIAL PRODUCTION, y-o-y growth rates, % ndustry B+C+D 7.1 7.7 4.9 7.8 9.8 7.8 5.6 3.5 2.5 3.1 4.1 3.9 6.0 11.9 8.1 4.3 B Mining and quarrying 1.7 2.6 -1.0 3.0 -10.6 -16.9 6.6 6.5 0.3 9.0 -1.2 -10.5 -8.3 -7.2 -18.8 -23.6 C Manufacturing 8.2 8.3 5.3 8.4 10.8 8.6 6.0 3.8 2.9 3.3 4.2 4.6 6.9 13.7 8.7 4.5 D Electricity, gas & steam supply1 -3.4 1.9 1.1 1.3 2.7 4.1 0.7 0.4 -1.0 0.2 3.6 -1.9 -1.9 -0.9 5.8 7.8 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -17.7 17.7 19.8 8.3 26.0 18.6 17.1 28.8 14.9 23.1 8.6 -5.2 20.0 77.2 6.6 -2.0 Buildings 2.4 27.6 16.8 9.4 30.7 25.5 16.5 28.5 2.4 18.7 5.9 -9.4 17.7 65.5 19.7 3.9 Civil engineering -24.8 14.4 21.1 8.3 25.0 13.3 17.8 29.4 20.5 24.1 10.0 -3.1 24.9 79.4 -1.0 -5.5 MARKET SERVICES, year-on-year growth rates, % Services, total 5.0 8.2 8.2 8.2 10.1 7.3 8.5 8.8 8.2 7.4 5.3 6.3 8.6 11.2 5.3 5.7 Transportation and storage 3.6 10.8 9.3 10.9 11.4 8.6 10.1 9.6 9.0 8.3 5.8 3.9 6.5 13.5 6.3 6.5 Information and communication activities 3.5 5.8 3.9 4.5 7.2 6.1 1.0 4.2 4.6 4.8 5.8 3.4 6.7 5.2 4.7 8.1 Professional, scientific and technical activities -0.8 3.7 16.1 1.2 7.8 10.9 18.5 16.5 17.3 11.2 3.0 16.2 11.6 15.5 9.5 8.5 Administrative and support service activities 7.7 12.2 7.3 9.2 15.6 8.5 11.2 7.9 2.0 2.5 4.6 6.8 10.1 12.7 9.6 4.1 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 6.7 8.5 8.1 8.3 11.7 3.9 7.8 8.3 11.7 10.1 5.2 4.5 0.9 5.7 2.5 3.6 Real turnover in retail trade 4.4 7.4 4.6 4.2 11.9 -0.9 2.5 4.2 11.9 9.1 6.7 4.1 -1.6 -1.0 -2.2 0.3 Real turnover in the sale and maintenance of motor vehicles 21.8 14.1 11.6 15.8 3.3 12.3 15.9 15.8 3.3 9.0 2.7 0.0 6.3 14.2 12.0 11.1 Nominal turnover in wholesale trade & commission trade 3.5 6.9 9.3 9.2 14.6 4.1 8.8 9.2 14.6 11.2 5.1 6.5 0.1 7.2 2.3 3.1 TOURISM, y-o-y growth rates, % Total, overnight stays 8.5 12.3 10.5 12.8 8.5 2.4 10.7 11.8 14.4 3.1 4.4 -0.1 11.3 6.0 -0.7 2.0 Domestic tourists, overnight stays 3.3 5.0 -0.1 3.3 6.4 -2.9 3.2 -1.8 2.4 4.4 -3.8 -5.1 3.5 11.1 -3.9 -12.2 Foreign tourists, overnight stays 11.5 16.1 15.4 16.6 9.8 6.4 14.0 16.7 21.7 2.2 7.5 1.4 16.9 3.2 2.5 13.0 Accommodation and food service activities 11.0 8.9 7.1 9.2 6.4 6.5 6.7 8.0 6.7 10.1 7.5 6.8 5.7 10.8 3.7 5.2 AGRICULTURE Purchase of agricultural products, n EUR m 465.7 518.7 524.8 135.2 155.0 110.9 122.0 140.9 151.0 118.5 127.0 145.6 49.0 37.2 34.0 39.7 BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.5 12.5 11.9 12.1 15.7 14.0 12.9 9.7 10.8 9.9 6.6 5.8 15.8 15.8 14.2 11.9 Confidence indicator in manufacturing 6 10 8 9 13 12 8 4 8 4 0 0 13 13 13 10 in construction 19 25 25 18 18 24 25 25 25 24 21 20 28 24 24 23 in services -10 12 22 24 28 22 25 21 19 17 12 10 20 22 22 23 in retail trade 20 21 14 22 26 18 13 13 14 23 20 20 21 32 18 4 consumer confidence indicator -14 -4 -3 -4 0 0 1 -5 -6 -5 -6 -8 1 2 0 -1 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. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 31 2018 2019 2020 4 5 6 7 1 8 | 9 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1 10.0 6.4 1.2 8.1 5.3 -2.1 7.2 2.7 -3.1 5.6 3.6 0.5 11.3 3.5 -2.1 8.0 -1.9 4.8 2.2 -1.2 - - 6.2 6.5 7.1 4.8 15.3 0.3 19.1 -7.0 -15.9 -7.5 13.4 22.1 5.6 -0.7 -8.3 -7.2 -14.9 -9.3 -10.0 -2.1 - - 10.8 6.9 1.1 8.7 5.6 -2.1 7.7 2.7 -2.5 5.3 4.1 1.0 12.3 3.5 -2.5 8.8 -1.6 5.7 3.2 -0.5 - - 0.8 0.3 0.9 1.5 2.0 -2.2 -0.4 3.6 -5.9 10.2 -2.9 -6.9 1.2 4.2 5.5 1.0 -3.8 -3.0 -7.1 -8.5 - - 12.7 30.7 9.8 25.8 34.0 26.9 18.5 19.5 4.3 2.9 39.0 29.1 9.7 11.2 5.1 -0.3 -7.8 -7.2 -3.2 -8.4 - - 13.1 29.3 8.5 27.7 29.6 28.5 7.0 6.4 -7.5 -4.0 44.9 20.7 6.7 5.7 5.3 -15.1 1.5 -13.4 -4.2 2.9 - - 12.5 31.5 11.2 25.1 36.5 26.8 23.6 25.4 9.6 5.8 32.9 32.7 11.0 13.8 5.5 7.2 -11.6 -4.3 -2.3 -11.9 - - 9.9 8.4 7.3 9.0 10.0 7.3 11.6 7.7 5.7 7.0 10.2 5.3 9.9 4.1 2.2 9.2 4.2 5.5 3.0 1.5 - - 11.8 8.0 10.7 12.3 8.7 7.8 13.8 9.3 3.6 8.6 12.5 4.5 12.8 5.0 0.2 8.4 2.4 0.8 -0.8 -3.4 - - 2.2 2.6 -1.6 7.0 4.2 1.6 6.1 3.5 4.3 8.2 3.8 2.6 8.2 7.5 1.9 2.3 4.2 3.7 2.3 4.2 - - 23.0 19.4 13.8 11.5 24.1 14.7 22.0 16.7 14.2 8.0 13.4 12.2 8.3 -1.8 2.9 25.2 8.6 15.2 8.1 4.8 - - 8.7 13.6 11.3 8.1 11.4 4.3 4.7 -2.73 3.99 0.85 4.01 2.60 7.13 3.5 3.4 7.5 4.7 8.4 6.1 1.8 - - 8.3 8.9 6.4 10.9 7.6 6.5 16.0 9.2 9.9 10.4 14.3 6.3 11.9 4.2 0.0 7.5 0.6 5.2 -1.1 -2.8 - - -0.3 4.8 2.9 3.0 4.3 5.2 15.9 8.9 11.0 9.8 12.9 5.2 14.7 4.7 1.4 7.5 2.9 1.8 -5.0 -3.6 - - 19.2 16.8 12.0 27.4 18.5 2.3 5.3 3.1 1.4 9.8 13.0 5.3 6.7 5.5 -4.0 0.1 -10.4 10.6 3.8 1.0 - - 10.8 8.8 7.1 11.8 7.0 8.9 20.1 11.8 11.9 11.2 15.9 7.4 12.0 3.3 0.7 10.6 2.5 6.1 0.1 -3.6 - - 5.4 20.2 7.6 11.5 10.3 15.4 13.1 17.0 13.9 -2.1 10.7 0.9 8.6 -4.4 8.5 0.9 1.2 -4.0 0.0 -7.8 -8.9 - 7.5 0.5 2.2 -3.4 -2.4 2.1 -1.3 5.5 3.8 -8.8 12.7 6.9 -14.4 4.0 -1.6 -7.6 -2.7 -5.2 2.4 -7.4 -6.2 - 4.5 28.4 9.9 17.1 14.6 20.1 20.8 24.9 20.2 2.0 8.8 -2.7 19.2 -7.2 12.5 3.6 2.3 -3.7 -1.0 -8.0 -10.4 - 6.7 8.5 5.2 6.3 8.4 9.6 5.3 7.9 7.0 5.0 15.8 10.0 7.7 4.4 10.2 6.2 7.2 6.8 9.9 7.3 - 39.6 41.5 40.9 42.9 42.2 55.8 59.3 45.3 46.4 39.8 36.7 42.0 42.9 42.8 41.3 52.3 42.1 51.3 56.9 50.0 - - 13.1 12.2 13.3 10.5 10.6 8.1 11.5 9.9 11.1 12.1 9.0 8.7 6.7 7.6 5.4 6.7 5.9 4.7 4.0 2.3 3.0 4.1 9 8 8 5 6 2 10 7 6 7 2 3 0 3 -4 0 0 -1 -1 -3 -3 -1 25 26 24 24 25 25 24 23 27 25 25 23 23 20 20 21 19 20 20 20 18 20 25 25 26 23 22 17 19 23 16 17 17 16 12 12 13 10 9 10 6 6 7 8 11 3 24 11 11 16 18 9 14 27 17 24 13 27 19 18 23 19 18 4 19 13 1 0 1 -2 -5 -9 -7 -6 -4 -3 -5 -6 -7 -6 -5 -5 -7 -11 -13 -15 -14 -12 32 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Labour market 2016 2017 2018 2017 2018 2019 2017 2018 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 FORMAL LABOUR FORCE (A=B+E) 920.4 934.1 951.2 932.5 942.0 943.1 948.8 949.2 963.9 965.3 967.8 965.6 943.4 941.3 942.3 942.5 PERSONS IN FORMAL EMPLOYMENT (B=C+D)' 817.2 845.5 872.8 849.3 858.5 858.1 872.0 874.0 886.9 885.3 895.5 894.6 861.0 856.2 854.4 856.8 In agriculture, forestry, fishing 23.1 25.0 26.3 25.2 25.2 24.7 27.2 25.2 27.9 25.6 25.4 23.8 25.3 25.1 24.7 24.5 In industry, construction 260.3 269.1 280.9 271.9 274.8 273.7 279.6 283.0 287.1 287.5 292.7 292.7 276.3 272.9 272.0 272.7 - in manufacturing 186.7 193.9 202.6 195.0 198.0 199.3 201.6 203.2 206.4 207.4 208.5 207.6 198.3 198.1 198.4 199.0 - in construction 53.9 55.7 58.4 57.2 57.2 54.9 58.1 59.8 60.7 60.4 64.2 65.1 58.4 55.3 54.2 54.2 In services 533.8 551.3 565.7 552.3 558.5 559.7 565.2 565.8 571.9 572.2 577.5 578.0 559.4 558.2 557.7 559.5 - in public administration 48.4 48.8 49.0 49.0 49.0 48.8 49.1 49.1 49.0 48.7 48.9 49.0 49.0 48.8 48.7 48.8 - in education, health-services and social work 127.7 131.6 135.0 130.8 133.5 134.3 135.0 133.9 136.7 137.0 137.8 137.0 133.7 133.7 134.0 134.2 FORMALLY EMPLOYED (C)1 730.5 755.3 780.2 758.9 767.4 767.5 778.9 782.5 792.0 792.7 803.0 803.3 769.7 765.1 763.8 766.3 In enterprises and organisations 680.2 704.3 729.3 707.3 716.2 718.1 727.7 730.9 740.3 741.6 749.7 750.0 718.1 715.1 714.8 717.3 By those self-employed 50.3 51.0 50.9 51.6 51.2 49.4 51.2 51.5 51.7 51.1 53.2 53.4 51.6 50.0 49.0 49.0 SELF-EMPLOYED AND FARMERS (D) 86.7 90.2 92.6 90.4 91.2 90.6 93.2 91.5 94.9 92.6 92.6 91.2 91.3 91.1 90.6 90.5 REGISTERED UNEMPLOYMENT (E) 103.2 88.6 78.5 83.2 83.5 84.9 76.7 75.3 77.0 80.0 72.2 71.1 82.4 85.1 87.9 85.7 Female 52.4 45.4 39.9 43.7 42.9 42.1 39.3 38.9 39.2 39.6 36.8 36.6 42.8 42.5 43.1 42.1 By age: 15 to 29 22.5 17.5 15.1 15.2 17.1 16.4 14.1 13.7 16.1 15.5 13.1 12.6 16.9 17.0 17.2 16.4 Aged over 50 36.5 34.3 31.5 33.2 32.7 33.8 31.7 30.5 29.9 31.5 29.6 29.0 32.4 33.2 34.5 34.0 Primary education or less 30.2 26.7 24.3 24.6 25.2 26.6 23.7 23.0 24.0 25.8 22.8 22.1 24.6 26.4 27.7 27.0 For more than 1 year 55.1 47.0 40.6 45.2 43.7 42.9 40.8 39.5 39.1 39.2 38.3 37.9 43.7 43.3 43.7 42.9 Those receiving benefits 23.1 21.5 20.0 19.8 20.2 24.4 18.7 18.3 18.5 23.5 17.4 17.9 19.2 22.2 25.7 24.6 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 11.2 9.5 8.3 8.9 CO 9 9.0 8.1 7.9 8.0 8.3 7.5 7.4 8.7 9.0 9.3 9.1 Male 10.2 8.5 7.5 7.8 7.9 8.4 7.3 7.0 7.2 7.7 6.7 6.5 7.7 8.3 8.8 8.5 Female 12.4 10.6 9.2 10.2 9.9 9.7 9.0 9.0 8.9 9.0 8.4 8.4 9.9 9.9 10.0 9.7 FLOWS OF FORMAL LABOUR FORCE -13.5 -14.6 -6.5 -3.8 4.1 -3.8 -6.2 -1.2 4.8 -0.7 -1.9 -0.3 -0.6 2.6 2.9 -2.2 New unemployed first-job seekers 14.2 12.3 11.4 2.3 5.7 2.1 1.6 2.1 5.6 0.6 0.4 0.6 1.0 0.7 0.9 0.6 Redundancies 75.7 70.0 65.1 15.5 18.6 19.5 13.4 14.9 17.4 6.5 4.1 4.8 5.4 7.6 10.3 4.6 Registered unemployed who found employment 74.9 68.6 61.5 14.3 13.6 20.0 16.4 12.7 12.4 6.2 4.8 3.9 4.8 3.7 6.2 5.6 Other outflows from unemployment (net) 28.6 28.3 21.6 7.3 6.7 5.4 4.8 5.5 5.8 1.7 1.7 1.8 2.2 1.9 2.2 1.7 FIXED TERM WORK PERMITS FOR FOREIGNERS 19.2 18.0 24.0 18.4 19.4 21.0 23.6 24.2 27.0 29.6 32.3 34.2 19.8 19.8 20.2 21.1 As % of labour force 2.1 1.9 2.5 2.0 2.1 2.2 2.5 2.5 2.8 3.1 3.3 3.5 2.1 2.1 2.1 2.2 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. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 33 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 944.4 947.9 949.0 949.6 947.7 948.4 951.7 961.9 964.1 965.7 964.0 965.4 966.5 967.2 968.1 968.0 965.6 964.7 966.6 973.7 974.1 863.2 869.3 872.3 874.6 871.6 872.4 877.9 885.7 888.0 887.2 881.2 884.7 890.0 893.2 896.1 897.2 893.8 893.2 896.8 901.3 901.7 24.9 27.2 27.2 27.2 25.3 25.2 25.2 27.9 27.9 27.9 25.5 25.5 25.7 25.4 25.4 25.4 23.8 23.8 23.8 24.8 24.8 276.4 278.3 279.6 281.1 281.8 282.7 284.5 286.5 287.3 287.5 285.5 287.0 290.0 292.0 292.9 293.2 292.9 292.4 292.9 293.8 293.7 200.4 200.9 201.6 202.4 202.5 203.1 204.1 205.6 206.3 207.4 206.9 207.3 207.8 208.5 208.5 208.5 207.6 207.4 207.7 208.3 208.1 56.3 57.4 58.1 58.8 59.4 59.7 60.4 60.9 61.0 60.3 58.9 59.9 62.3 63.5 64.3 64.7 65.2 65.0 65.1 65.6 65.8 561.9 563.9 565.5 566.3 564.6 564.6 568.2 571.3 572.7 571.8 570.2 572.2 574.4 575.8 577.9 578.7 577.1 577.0 580.0 582.7 583.2 48.9 49.0 49.2 49.2 49.0 49.1 49.1 49.0 49.1 48.9 48.7 48.8 48.8 48.6 49.1 49.0 49.0 49.0 49.1 49.2 49.2 134.6 134.9 135.0 135.1 133.3 133.1 135.4 136.3 136.9 136.8 136.5 137.0 137.4 137.7 137.9 137.8 136.5 136.3 138.2 139.1 139.8 772.3 776.2 779.0 781.4 780.3 781.0 786.1 790.9 792.9 792.3 788.7 792.1 797.3 800.7 803.5 804.6 802.7 802.0 805.3 808.4 808.9 722.2 725.3 727.8 730.0 728.8 729.6 734.4 738.9 740.8 741.2 738.3 741.3 745.2 747.8 750.3 751.2 749.4 748.7 751.9 754.7 755.4 50.1 50.9 51.2 51.4 51.5 51.4 51.7 52.1 52.1 51.1 50.4 50.7 52.1 53.0 53.3 53.4 53.4 53.3 53.5 53.7 53.5 90.9 93.1 93.2 93.2 91.3 91.5 91.8 94.8 95.1 94.9 92.5 92.6 92.7 92.5 92.6 92.6 91.0 91.2 91.4 92.9 92.9 81.2 78.6 76.7 75.0 76.1 75.9 73.8 76.2 76.1 78.5 82.8 80.8 76.5 74.0 72.0 70.7 71.9 71.5 69.8 72.4 72.4 41.0 40.2 39.3 38.4 39.4 39.5 37.9 39.3 39.1 39.1 40.4 39.7 38.6 37.7 36.7 36.1 37.1 37.1 35.7 36.9 36.8 15.5 14.7 14.0 13.4 13.8 13.8 13.5 16.3 15.9 15.9 16.2 15.7 14.5 13.7 13.1 12.6 12.8 12.6 12.4 15.1 14.8 32.8 32.2 31.7 31.1 31.0 30.6 29.9 29.7 29.6 30.5 32.3 31.7 30.6 30.0 29.6 29.3 29.3 29.1 28.6 28.4 28.4 25.2 24.2 23.7 23.2 23.1 23.0 23.0 23.3 23.6 25.1 26.8 26.2 24.4 23.4 22.8 22.3 22.3 22.1 22.1 22.4 22.5 42.2 41.5 41.0 40.1 39.9 39.6 39.1 39.3 39.2 39.0 39.7 39.1 38.7 38.4 38.4 38.0 38.0 37.8 37.9 37.6 37.2 23.0 19.3 18.6 18.1 18.0 18.9 17.9 17.0 18.2 20.5 24.8 23.8 21.8 17.3 17.7 17.1 17.5 18.4 17.9 18.2 18.7 8.6 8.3 8.1 7.9 8.0 8.0 7.8 7.9 7.9 8.1 8.6 8.4 7.9 7.6 7.4 7.3 7.4 7.4 7.2 7.4 7.4 7.9 7.5 7.3 7.1 7.1 7.1 6.9 7.1 7.0 7.5 8.1 7.8 7.2 6.9 6.7 6.5 6.6 6.5 6.5 6.7 6.7 9.5 9.2 9.0 8.8 9.1 9.1 8.8 9.0 8.9 8.9 9.2 9.0 8.8 8.6 8.4 8.2 8.5 8.5 8.1 8.3 8.3 -4.5 -2.7 -1.9 -1.7 1.1 -0.1 -2.1 2.5 -0.1 2.4 4.3 -2.0 -4.2 -2.6 -2.0 -1.3 1.1 -0.3 -1.7 2.6 0.0 0.6 0.6 0.6 0.5 0.4 0.5 1.1 4.1 1.0 0.6 0.8 0.5 0.6 0.4 0.4 0.4 0.4 0.3 1.0 3.6 0.8 4.6 4.7 4.5 4.2 6.0 4.2 4.6 5.5 5.2 6.7 10.6 4.6 4.5 4.5 4.1 3.8 5.8 3.9 4.8 5.9 5.3 8.2 6.5 5.3 4.6 3.6 3.2 5.9 4.8 4.4 3.3 5.3 5.6 7.6 5.9 4.7 3.8 3.3 2.9 5.4 4.6 3.9 1.5 1.4 1.6 1.8 1.8 1.7 2.0 2.3 1.9 1.6 1.8 1.6 1.7 1.6 1.7 1.6 1.8 1.6 2.0 2.3 2.1 21.8 22.5 23.6 24.6 23.3 24.2 25.1 26.2 27.1 27.9 28.6 29.5 30.6 31.6 32.3 32.9 33.5 34.1 35.0 35.4 36.4 2.3 2.4 2.5 2.6 2.5 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.3 3.4 3.5 3.5 3.6 3.6 3.7 2018 2019 34 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Wages in EUR 2016 2017 2018 2017 2018 2019 2018 J Q3 19 1 nov, 19 Q3 Q4 Q1 1 Q2 1 Q3 1 Q4 Q1 1 Q2 1 Q3 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,682 1,725 1,898 1.8 2.7 3.4 2.8 3.9 3.6 3.6 3.0 3.3 4.6 3.9 4.5 Private sector activities (A-N; R-S) 1,627 1,652 1,858 1.3 2.7 3.8 2.6 4.1 3.8 4.0 3.4 4.1 4.0 3.2 4.0 Public service activities (OPQ) 1,857 1,967 2,030 3.3 2.8 2.4 3.6 3.5 3.2 3.0 2.2 1.3 6.4 6.1 6.0 ndustry (B-E) 1,697 1,713 1,990 1.9 3.2 3.8 2.6 4.8 4.0 4.0 3.8 3.5 3.5 3.2 3.9 Trad, market services (GHI) 1,489 1,509 1,682 0.9 2.7 4.0 2.8 4.0 3.7 4.3 3.5 4.5 4.3 3.1 3.8 Other market services (J-N; R-S) 1,794 1,849 2,044 0.7 2.1 3.9 2.5 3.5 3.8 3.9 2.7 5.1 5.7 4.4 5.4 A Agriculture, forestry and fishing 1,381 1,422 1,479 -0.4 0.2 5.3 -1.2 1.5 1.1 5.6 6.0 7.8 5.4 3.0 3.8 B Mining and quarrying 2,239 2,227 2,387 2.7 1.2 7.6 0.5 -2.8 12.6 4.7 3.9 9.1 -3.0 -1.8 2.6 C Manufacturing 1,659 1,676 1,948 2.1 3.2 3.9 2.8 5.0 4.2 4.1 4.1 3.5 3.6 3.5 3.9 D Electricity, gas, steam and air conditioning supply 2,519 2,544 3,069 1.3 4.3 2.9 3.6 6.2 1.5 6.5 1.3 2.2 4.6 2.4 4.7 E Water supply sewerage, waste management and remediation activities 1,624 1,647 1,841 1.9 3.5 3.0 1.4 4.2 2.2 1.4 3.7 4.5 3.7 2.0 3.9 F Constrution 1,290 1,322 1,370 1.3 2.7 4.2 2.3 4.4 4.8 4.3 4.0 3.9 2.0 1.6 2.8 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,548 1,571 1,771 1.6 3.3 4.2 3.4 4.5 4.2 4.7 3.6 4.4 4.9 3.2 4.5 H Transportation and storage 1,542 1,537 1,707 -0.5 1.7 3.3 1.5 3.1 2.4 3.1 2.9 4.6 2.7 2.3 2.0 Accommodation and food service activities 1,170 1,224 1,289 1.4 2.8 4.9 3.3 3.8 4.4 5.2 4.9 5.1 5.2 4.6 4.3 J Information and communication 2,245 2,336 2,480 0.6 2.4 4.1 3.1 3.2 1.8 3.6 4.4 6.3 6.8 5.9 4.6 K Financial and insurance activities 2,480 2,483 3,001 1.5 3.2 4.8 2.8 5.3 6.3 5.8 2.1 4.8 6.0 2.8 5.3 L Real estate activities 1,530 1,580 1,731 0.7 1.8 0.9 2.5 0.6 1.1 0.1 0.2 2.3 3.7 5.8 5.4 M Professional, scientific and technical activities 1,883 1,946 2,154 0.7 3.9 4.2 4.9 5.8 5.7 4.2 2.8 4.1 4.3 4.1 5.0 N Administrative and support service activities 1,143 1,191 1,285 3.4 2.5 5.8 2.3 4.2 5.7 5.6 4.9 7.0 6.1 4.4 6.1 O Public administration and defence, compulsory social security 2,010 2,215 2,217 4.7 4.0 3.2 6.0 4.0 4.0 2.6 2.9 3.4 9.5 9.4 8.6 P Education 1,732 1,808 1,900 2.5 1.7 0.9 2.3 1.2 1.3 0.9 0.5 0.8 5.3 5.4 5.3 Q Human health and social work activities 1,877 1,951 2,030 3.1 3.1 3.4 3.2 5.9 4.6 5.6 3.5 0.1 5.0 4.1 4.5 R Arts, entertainment and recreation 1,706 1,739 1,892 2.7 1.7 1.7 3.1 0.1 1.0 2.4 0.5 2.8 5.1 2.7 3.8 S Other service activities 1,363 1,413 1,495 -0.8 0.9 1.2 1.3 1.7 1.3 0.1 1.3 2.3 4.5 3.2 4.5 Source: SURS, calculations by IMAD. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 35 2018 2019 3 4 5 6 7 | 8 9 10 11 12 1 2 3 4 5 1 6 | 7 8 9 10 11 2.9 4.6 3.1 3.2 3.6 3.5 1.8 3.4 3.2 3.4 4.2 4.7 4.9 4.0 3.9 3.9 5.2 3.4 4.9 3.9 4.7 3.1 5.4 3.2 3.4 3.9 3.6 2.5 4.6 3.9 3.9 3.6 4.2 4.4 3.4 3.3 2.9 5.0 2.7 4.4 2.9 3.5 2.7 2.8 3.0 3.1 3.2 3.2 0.2 0.5 1.1 2.3 6.3 6.3 6.6 5.8 5.8 6.7 6.2 5.4 6.3 6.7 8.6 2.1 5.5 3.2 3.3 5.0 4.2 2.2 4.7 4.0 1.8 3.3 4.4 2.9 4.2 3.2 2.3 4.9 2.2 4.5 3.0 2.7 3.3 6.3 3.1 3.5 3.9 3.4 3.3 4.5 3.0 6.0 4.5 3.9 4.6 2.4 3.1 3.8 4.4 3.0 3.8 2.5 4.4 4.7 4.6 3.3 3.8 2.3 3.7 2.2 4.8 5.2 5.2 4.4 5.5 7.3 4.3 4.9 4.0 6.8 3.9 5.7 3.9 4.9 -2.9 6.9 5.7 4.3 6.8 4.1 7.0 8.5 7.5 7.4 6.0 5.4 4.8 3.8 2.7 2.6 5.4 2.3 3.6 5.8 -4.8 6.5 6.7 10.9 -2.8 4.0 5.5 2.2 8.3 7.3 11.8 -11.9 3.6 1.5 -2.0 -1.7 -1.8 5.8 -2.5 4.6 3.8 4.8 2.4 5.6 3.5 3.1 5.2 4.5 2.5 4.6 4.1 2.0 3.5 4.7 2.8 4.6 3.5 2.4 5.0 2.3 4.5 3.0 2.6 0.6 5.0 0.7 14.0 3.1 1.9 -1.2 7.5 3.3 -3.2 4.2 2.7 6.9 4.1 1.4 2.0 5.2 3.9 5.0 2.9 8.1 -0.1 3.5 2.8 -1.9 4.9 3.7 2.6 5.4 4.8 3.4 6.2 2.4 2.3 0.6 2.7 2.9 5.2 2.2 4.3 3.0 -2.0 2.2 6.8 3.5 2.7 5.1 2.6 4.2 4.8 3.7 3.2 1.0 2.1 3.0 2.2 1.0 1.6 3.1 2.3 3.0 2.4 1.9 3.7 7.3 3.7 3.0 4.0 3.4 3.4 4.3 4.3 4.6 5.0 4.5 5.3 2.0 3.4 4.1 4.4 3.9 5.1 3.3 3.6 2.3 4.5 1.2 3.7 3.4 2.8 2.4 4.4 0.2 9.1 3.2 2.6 2.4 2.8 1.8 2.4 4.1 1.1 0.8 -0.2 5.3 4.5 5.6 4.5 5.4 4.7 5.1 4.8 5.5 3.3 6.4 4.8 4.7 6.0 3.7 4.8 5.3 5.0 3.3 4.7 4.5 7.1 -0.6 5.0 3.3 2.7 5.5 5.5 2.2 8.1 3.8 7.1 5.0 6.4 8.8 5.9 6.0 5.9 4.3 3.3 6.4 2.9 6.9 14.7 5.1 4.4 8.0 2.7 0.8 2.8 4.4 5.0 4.8 0.6 3.8 12.5 0.6 5.9 1.8 5.9 3.5 6.7 2.0 4.4 1.1 0.5 -1.0 0.8 1.0 -1.3 0.8 2.1 2.5 2.5 4.1 3.8 3.3 6.5 4.8 6.2 5.3 5.6 5.4 5.8 6.7 4.3 5.9 4.4 2.3 3.6 3.3 1.4 3.2 4.6 4.4 4.4 5.0 3.5 5.6 2.9 3.7 5.4 4.5 5.1 5.2 5.6 6.0 6.6 4.5 5.6 1.2 8.3 5.6 6.5 9.0 5.6 7.4 5.2 5.7 5.7 3.9 3.7 11.1 3.2 4.1 4.0 1.4 3.5 2.5 2.5 2.9 4.0 3.6 1.0 2.9 2.3 4.9 10.1 9.4 8.9 9.1 9.3 9.6 10.3 7.4 8.0 8.0 8.9 0.9 1.3 0.9 0.7 1.6 1.4 -1.3 0.5 0.5 1.2 5.0 5.2 5.8 5.6 5.3 5.4 5.1 5.0 5.8 6.0 9.4 4.3 4.9 5.8 6.2 4.5 4.9 1.1 -1.6 0.6 1.3 4.4 4.8 5.6 3.4 3.5 5.6 3.8 4.4 5.4 6.3 7.6 0.0 1.3 2.7 3.2 1.3 1.8 -1.5 2.1 1.3 4.9 4.1 5.0 6.3 -1.3 5.1 4.6 3.8 3.7 3.7 3.0 9.2 1.1 1.0 -0.8 0.1 1.6 2.2 0.0 2.0 2.5 2.4 4.4 5.0 4.1 2.1 3.1 4.4 4.2 3.9 5.4 4.1 6.0 36 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Prices and indicators of overall competitiveness 2017 2018 2019 2017 2018 2019 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 CPI, y-o-y growth rates, % 1.7 1.4 1.9 1.3 1.3 1.9 1.9 1.9 1.3 1.6 2.0 1.6 1.5 1.2 1.2 1.5 :ood, non-alcoholic beverages 2.9 0.6 3.3 2.4 3.0 3.5 2.6 1.7 0.4 1.1 2.5 2.4 2.9 2.4 3.6 3.7 Alcoholic beverages, tobacco 3.0 0.4 1.9 3.0 2.6 2.5 1.1 0.8 0.4 0.4 1.6 1.6 3.6 2.1 2.2 2.2 Clothing and footwear 1.3 0.3 0.5 -1.0 0.1 -1.6 -1.3 -0.2 0.7 0.5 3.6 0.5 0.1 1.5 -1.2 -1.7 Housing, water, electricity, gas 3.6 4.7 2.7 3.1 3.1 3.3 4.3 5.4 4.2 5.3 4.5 2.6 3.8 2.9 2.5 3.2 Furnishing, household equipm. 0.4 0.9 0.4 0.2 0.2 1.5 0.6 0.9 0.9 1.0 1.9 0.9 0.7 -0.2 0.2 1.6 Medical, pharmaceutical produ. 0.2 1.3 1.4 0.3 1.0 1.7 1.3 1.1 1.7 2.0 1.3 1.5 0.5 0.6 2.0 1.9 Transport 1.6 -0.7 0.0 1.2 -0.2 0.8 1.9 0.6 -1.3 0.1 -1.3 -0.8 0.0 0.2 -0.7 -0.3 Communications -2.3 3.3 -0.4 -1.8 -1.6 0.2 0.8 2.0 3.0 0.0 -0.2 0.4 -1.3 -2.5 -1.0 -1.5 Recreation and culture 0.8 1.9 0.6 0.4 -0.6 1.8 1.2 2.5 2.4 1.3 2.1 0.5 -0.5 -0.3 -1.0 1.1 Education 3.7 1.7 5.6 3.8 3.9 4.1 4.4 1.8 2.2 3.5 4.2 5.6 4.0 3.9 3.9 3.9 Catering services 1.6 2.4 3.2 1.6 2.6 2.5 2.7 2.6 2.8 3.3 3.0 3.0 2.7 2.5 2.5 2.4 Miscellaneous goods & services 1.3 1.7 4.7 1.2 1.5 1.9 1.8 1.7 1.3 2.1 2.4 4.2 1.7 1.4 1.4 1.5 HICP 1.9 1.4 2.0 1.5 1.5 2.1 2.1 1.9 1.4 1.8 2.0 1.6 1.7 1.4 1.5 1.9 Core inflation (excluding :resh food and energy) 0.9 1.2 1.6 0.6 0.6 0.9 0.8 1.0 1.5 1.5 2.1 1.7 0.9 0.5 0.4 0.5 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 2.2 1.4 0.6 2.3 2.2 2.1 2.4 1.6 1.1 0.9 0.3 0.4 2.2 2.1 2.2 2.0 Domestic market 1.8 1.2 2.1 1.9 2.1 2.0 2.2 1.4 1.5 2.1 1.9 2.0 1.8 2.1 2.5 2.1 Non-domestic market 2.6 1.6 -0.9 2.7 2.2 2.2 2.6 1.8 0.9 -0.3 -1.4 -1.2 2.7 2.0 1.9 1.9 Euro area 2.3 1.6 -0.7 2.2 2.1 2.4 2.9 1.9 1.2 -0.3 -1.6 -1.2 2.3 2.1 1.9 2.2 Non-euro area 3.6 1.7 -1.2 4.0 2.5 1.6 2.1 1.7 0.0 -0.3 -0.7 -1.1 3.6 2.0 2.1 1.0 mport price indices 1.6 1.7 -1.4 2.4 0.5 2.4 4.3 2.8 1.4 0.2 -1.9 -1.9 0.6 0.4 0.4 1.1 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.5 0.7 -0.3 1.2 1.6 0.9 0.3 0.1 -0.5 -0.1 -0.3 -0.3 1.4 1.8 1.7 1.6 Real (deflator HICP) 0.4 0.8 -0.2 1.0 1.6 1.2 0.3 0.1 -0.7 -0.1 0.2 -0.3 1.6 1.7 1.6 1.9 Real (deflator ULC) 0.0 1.0 0.6 2.2 1.2 -0.3 1.0 0.2 1.8 1.6 USD/EUR 1.1293 1.1815 1.1196 1.1777 1.2294 1.1922 1.1631 1.1412 1.1357 1.1239 1.1116 1.1072 1.2200 1.2348 1.2336 1.2276 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. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 37 2018 2019 2020 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2.0 2.1 1.9 1.8 2.0 2.2 2.0 1.4 1.1 1.2 1.6 1.7 1.4 1.8 2.0 2.3 1.7 1.4 1.4 1.9 2.1 3.4 3.3 2.5 2.8 2.5 2.7 1.9 0.6 0.8 0.4 0.1 0.5 0.7 2.2 2.9 2.9 1.7 1.5 2.4 3.3 3.4 2.7 2.5 1.2 0.9 1.1 1.2 0.9 0.4 0.8 0.3 0.1 0.2 -0.2 1.1 1.6 1.7 1.6 1.4 1.6 1.9 1.4 -1.4 -1.8 -1.8 -1.1 -1.0 0.1 -1.0 0.3 0.5 -0.5 2.1 -0.2 0.1 1.5 3.2 5.2 2.3 0.6 0.5 0.5 1.4 3.3 3.4 4 3.8 5.2 5.9 5.5 4.7 3.5 3.9 5.1 5.1 5.6 5.2 4.8 4.9 3.9 2.9 2.1 2.7 4.1 1.4 1.4 0.4 0.3 1.0 0.4 1.4 0.9 0.5 1.5 0.7 0.9 0.5 1.5 2.2 2.7 0.7 1.3 1.0 0.4 0.8 1.7 1.4 1.6 1.5 0.9 0.8 1.3 1.3 1.6 1.5 2.0 1.9 2.1 2.1 1.2 1.4 1.4 1.7 1.4 1.4 1.4 0.5 2.2 2.1 1.9 1.6 1.5 1.0 -0.7 -2.0 -1.6 -0.2 0.8 0.3 -0.9 -1.3 -0.7 -2.0 -0.9 -1.6 0.0 1.3 1.5 0.6 0.2 0.8 1.3 1.4 1.2 3.3 2.1 3.9 3.1 1.7 -0.9 -0.7 -0.5 -1.2 1.1 0.5 1.2 -0.4 -0.1 2.8 1.6 1.4 1.0 1.2 2.6 3.0 1.9 2.7 2.5 1.9 2.0 0.7 1.3 2.0 2.1 2.2 0.8 0.2 0.6 -0.9 4.1 4.4 4.4 4.4 4.5 1.8 1.8 1.7 1.6 2.5 2.6 3.1 3.8 3.5 3.5 3.5 5.6 5.5 5.6 5.6 5.5 2.6 2.6 2.6 2.5 3.1 2.6 2.7 2.4 3.1 2.7 2.6 3.2 3.0 3.6 2.9 3.3 2.8 2.9 2.8 3.2 1.9 2.0 2.1 2.3 1.6 1.6 1.5 1.9 1.7 0.8 1.2 2.0 2.5 1.9 1.8 1.8 2.0 3.5 3.4 4.5 4.7 5.3 2.2 2.3 2.1 2.0 2.2 2.3 2.1 1.4 1.2 1.3 1.6 1.8 1.6 1.9 2.0 2.4 1.7 1.5 1.4 2.0 2.3 1.2 0.9 0.8 0.7 0.9 1.0 1.0 1.2 1.3 1.4 1.7 1.7 1.2 1.7 1.9 2.3 2.1 1.8 1.8 1.6 1.9 2.3 2.4 2.5 2.2 1.9 1.6 1.4 1.1 1.2 1.1 1.2 1.0 0.5 0.2 0.2 0.4 0.2 0.5 0.6 1.7 2.2 2.2 2.3 2.0 1.7 1.4 1.2 1.2 1.6 1.6 2.0 2.2 2.0 1.8 1.9 2.1 1.9 2.0 2.1 2.2 2.6 2.6 2.8 2.5 2.1 1.8 1.6 1.1 0.8 0.7 0.3 -0.3 -0.9 -1.3 -1.5 -1.3 -1.5 -1.1 -0.9 2.4 2.7 2.9 2.9 2.8 2.3 1.8 1.6 1.5 1.1 1.0 0.3 -0.3 -0.9 -1.6 -1.8 -1.5 -1.7 -1.1 -0.7 1.7 2.1 2.0 2.4 2.0 1.6 1.7 1.7 0.1 0.1 -0.2 0.3 -0.4 -0.9 -0.5 -0.8 -0.8 -1.0 -1.0 -1.2 2.1 3.8 4.0 4.4 4.4 4.1 2.6 1.7 1.6 1.3 1.4 1.2 0.5 -1.2 -1.3 -2.2 -2.2 -2.4 -2.0 -1.4 0.7 0.5 0.6 0.1 0.2 0.2 0.1 0.0 -0.3 -0.5 -0.7 -0.6 0.2 0.2 -0.5 0.0 -0.4 -0.3 -0.3 -0.3 0.9 0.7 0.6 0.0 0.3 0.2 0.2 -0.2 -0.5 -0.8 -0.9 -0.6 0.0 0.4 -0.1 0.8 0.0 -0.2 -0.4 -0.3 1.1812 1.1678 1.1686 1.1549 1.1659 1.1484 1.1367 1.1384 1.1416 1.1351 1.1302 1.1238 1.1185 1.1293 1.1218 1.1126 1.1004 1.1053 1.1051 1.1113 38 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Balance of payments 2016 2017 2018 2017 2018 2019 2017 2018 Q3 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 11 | 12 1 1 2 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 1,942 2,635 2,593 892 571 693 699 800 401 667 852 782 23 127 236 158 Goods 1,536 1,579 1,128 479 317 328 427 371 2 417 434 202 56 21 74 67 Exports 24,991 28,478 31,133 7,035 7,443 7,537 7,932 7,605 8,059 7,982 8,295 7,833 2,581 2,218 2,387 2,365 Imports 23,454 26,899 30,005 6,556 7,126 7,209 7,506 7,234 8,056 7,565 7,860 7,631 2,525 2,197 2,314 2,298 Services 1,925 2,241 2,678 684 508 531 642 803 702 586 748 916 109 154 188 146 Exports 6,501 7,288 7,963 2,121 1,874 1,651 1,918 2,286 2,109 1,798 2,100 2,436 554 669 541 503 Imports 4,575 5,047 5,285 1,437 1,366 1,120 1,276 1,483 1,407 1,212 1,352 1,520 445 515 353 356 Primary income -1,139 -886 -807 -204 -208 -28 -296 -254 -228 -121 -232 -216 -121 -40 3 9 Receipts 1,259 1,374 1,592 299 353 421 438 320 413 418 400 324 112 135 152 151 Expenditures 2,398 2,260 2,399 503 561 449 734 574 642 539 632 540 232 175 149 143 Secondary income -381 -299 -406 -67 -46 -138 -73 -120 -75 -215 -98 -119 -21 -8 -28 -63 Receipts 713 828 789 205 239 175 201 172 241 182 185 200 74 89 58 56 Expenditures 1,094 1,127 1,196 272 285 314 274 292 316 397 283 319 95 98 86 119 Capital account -303 -324 -225 -59 -59 -41 -35 -28 -120 -21 -6 -27 -5 -85 -12 -15 Financial account 1,187 2,088 2,527 729 40 915 701 699 213 605 379 532 -67 -212 584 384 Direct investment -864 -495 -933 -100 -256 -25 -226 -465 -217 -440 -131 -129 -174 -180 32 -52 Assets 434 570 362 107 23 259 -10 18 94 415 -86 45 -102 -46 40 116 Liabilities 1,298 1,065 1,295 206 279 284 216 483 311 855 45 174 71 134 8 168 Portfolio investment 5,023 2,987 750 666 2,064 -1,290 1,559 996 -515 548 -108 -125 412 595 -1,456 321 Financial derivatives -270 -185 -86 -24 18 2 -76 24 -36 -184 5 -8 5 7 4 2 Other investment -2,606 -308 2,743 162 -1,774 2,239 -534 73 965 659 569 828 -274 -645 2,008 147 Assets -2,221 -1,381 2,031 -1,092 -139 814 374 -371 1,214 698 1,413 1,002 25 -22 353 95 Other equity 35 72 68 15 -8 42 35 16 -25 45 15 12 -9 10 14 14 Currency and deposits -2,132 -2,076 1,590 -1,259 132 227 137 -286 1,512 19 1,144 1,082 46 325 217 -211 Loans -203 -115 207 -38 -34 -6 91 50 72 51 324 53 -17 -32 2 14 Insurance, pension schemes, and standardised guarantee schemes 10 5 -7 3 0 1 1 -1 -8 8 1 1 0 0 0 0 Trade credit and advances 167 615 303 115 -197 463 105 54 -318 569 -61 -144 9 -321 68 138 Other assets -97 118 -130 73 -31 87 5 -205 -18 6 -10 -2 -4 -5 51 140 Liabilities 385 -1,073 -713 -1,255 1,635 -1,426 908 -444 249 38 843 174 299 622 -1,655 -52 Other equity 4 20 2 0 0 0 0 0 2 0 -1 0 0 0 0 0 Currency and deposits 1,128 365 -524 -430 1,679 -1,318 187 242 365 110 425 322 243 729 -1,365 -149 Loans -818 -1,853 -490 -695 -262 -237 131 -85 -299 -109 145 57 -127 -19 -160 -18 Insurance, pension schemes, and standardised guarantee schemes -8 5 20 2 -8 27 21 -14 -14 40 13 9 -3 -3 9 9 Trade credit and advances 137 411 331 -56 224 112 243 -201 179 2 116 -141 135 -62 -184 70 Other liabilities -57 -21 -52 -76 2 -10 327 -385 16 -5 144 -72 51 -23 45 36 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -97 89 52 25 -12 -12 -22 70 16 21 44 -33 -36 11 -4 -34 Net errors and omissions -452 -223 158 -104 -473 263 37 -73 -68 -41 -467 -223 -85 -254 360 240 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 2,781 3,201 3,557 786 877 831 892 853 980 925 948 947 284 282 242 270 Intermediate goods 13,731 15,335 16,674 3,746 3,898 4,086 4,207 4,103 4,274 4,323 4,395 4,247 1,403 1,106 1,311 1,306 Consumer goods 8,459 9,730 10,639 2,444 2,594 2,623 2,775 2,534 2,701 2,989 3,225 3,109 876 811 824 807 mport of investment goods 3,292 3,660 4,208 858 1,066 1,016 1,023 1,028 1,171 1,043 1,101 1,049 364 357 356 304 Intermediate goods 13,792 16,185 17,913 3,943 4,262 4,307 4,549 4,297 4,716 4,628 4,789 4,632 1,525 1,298 1,379 1,379 Consumer goods 7,028 7,761 8,585 1,919 1,977 2,076 2,127 2,058 2,340 2,426 2,819 2,720 701 593 643 674 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. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 39 2018 2019 3 4 5 6 7 | 8 9 10 11 12 1 2 3 4 5 1 6 | 7 8 9 10 11 299 252 182 265 280 212 307 217 183 1 268 147 252 265 319 268 330 246 206 404 387 188 164 64 199 196 75 101 6 91 -95 107 159 151 43 148 244 140 41 21 197 175 2,785 2,507 2,679 2,746 2,738 2,245 2,623 2,906 2,859 2,293 2,544 2,589 2,849 2,786 2,837 2,672 2,870 2,200 2,764 2,897 2,744 2,597 2,343 2,616 2,547 2,542 2,170 2,522 2,899 2,768 2,388 2,436 2,430 2,699 2,743 2,690 2,427 2,730 2,158 2,743 2,700 2,568 197 219 208 216 263 261 279 288 226 188 211 170 205 300 229 219 317 320 279 312 264 607 645 619 654 786 777 723 739 650 720 568 576 653 738 660 702 858 816 762 752 686 410 426 411 439 522 516 444 451 424 532 357 407 448 438 431 483 541 496 482 440 422 -40 -93 -62 -141 -131 -79 -44 -45 -98 -85 19 -78 -62 -53 -32 -147 -75 -77 -64 -58 -40 117 130 145 164 112 96 112 116 110 188 204 95 119 123 151 125 111 102 111 121 139 157 223 206 305 244 175 155 161 208 273 185 173 181 176 184 272 186 179 175 179 179 -47 -38 -27 -8 -47 -45 -28 -32 -35 -7 -70 -103 -42 -25 -26 -48 -52 -37 -30 -48 -12 61 67 60 73 59 53 60 81 65 96 58 66 58 70 59 55 66 61 73 69 73 108 105 87 81 106 97 89 113 100 103 128 169 100 95 85 103 118 98 103 118 86 -15 -9 -8 -18 -24 7 -11 2 -7 -115 -15 -17 11 -7 17 -17 -8 -10 -9 -7 30 -54 217 536 -53 313 77 309 334 251 -372 451 361 -206 144 279 -43 524 -293 301 458 200 -4 -57 20 -189 -226 -147 -91 112 -89 -240 -2 -445 7 -107 -53 29 42 -68 -104 124 -21 103 0 -48 38 108 -210 121 231 -20 -117 73 172 170 -30 39 -94 95 -94 44 151 51 107 57 -68 227 334 -63 212 119 69 123 75 617 163 76 92 -123 53 -27 147 27 71 -156 320 1,281 -42 233 455 308 90 -687 82 -1,506 2,166 -112 168 34 -310 -293 -29 196 114 -22 -4 -28 -26 -23 5 12 7 -11 -14 -11 -62 -56 -66 3 -2 5 -1 -9 3 3 2 84 -11 -741 218 296 -260 38 131 1,031 -196 1,993 -1,272 -62 54 294 221 814 -199 213 205 255 366 -101 71 404 -61 -411 101 285 1,038 -108 1,769 -1,303 231 196 748 469 824 75 104 190 449 14 12 11 11 5 6 5 -8 -8 -9 4 37 5 5 5 5 3 5 4 4 3 221 30 4 103 -63 -30 -193 131 1,005 376 1,300 -1,454 173 206 571 367 912 204 -34 25 397 -22 8 28 55 5 -17 62 38 7 27 31 14 5 12 133 180 -5 29 29 -27 14 0 0 0 0 0 0 0 -3 -3 -3 3 3 3 0 0 0 0 0 0 0 0 257 -46 -17 168 24 -196 226 93 25 -436 179 195 195 17 -29 -49 -81 -178 115 183 -7 -104 -106 45 67 -32 -174 1 34 13 -65 253 -97 -150 -44 68 -34 -6 15 -11 5 42 282 -90 811 186 -356 -151 64 154 6 88 -224 -30 292 141 453 248 10 274 -110 -15 194 0 0 0 0 0 0 0 0 0 2 0 0 0 -1 0 0 0 0 0 0 0 196 -78 365 -100 65 131 46 121 5 239 -70 105 75 124 149 152 75 218 29 152 29 -59 32 84 15 0 -55 -31 -51 -3 -245 8 -186 69 48 72 25 151 176 -270 -239 37 9 7 7 7 -5 -5 -5 -5 -5 -5 13 13 13 4 4 4 3 3 3 0 0 226 -13 -5 260 -53 -227 78 67 52 60 -288 151 139 -70 153 33 -173 -108 140 44 110 -90 -38 361 4 -364 4 -25 22 -43 37 113 -114 -4 36 74 34 -46 -15 -11 28 18 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26 -6 1 -17 6 18 47 13 10 -7 27 -33 27 25 7 12 -37 11 -7 12 -15 -338 -26 362 -299 57 -142 12 115 74 -258 198 230 -469 -114 -57 -295 203 -530 104 61 -218 319 278 308 306 305 252 296 319 332 328 288 310 327 310 324 314 339 256 351 333 n.p. 1,469 1,337 1,419 1,452 1,454 1,228 1,421 1,609 1,536 1,129 1,424 1,395 1,504 1,489 1,497 1,409 1,558 1,228 1,462 1,544 n.p. 992 872 937 965 948 730 856 947 956 798 981 959 1,049 1,025 1,135 1,065 1,127 825 1,158 1,204 n.p. 356 315 367 341 351 298 379 376 405 390 337 321 385 368 371 363 385 265 400 367 n.p. 1,549 1,397 1,596 1,556 1,529 1,241 1,527 1,755 1,646 1,314 1,494 1,506 1,628 1,732 1,620 1,436 1,655 1,312 1,666 1,595 n.p. 759 691 729 707 718 663 678 826 786 728 807 771 849 1,065 853 900 1,029 747 943 1,260 n.p. 40 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Monetary indicators and 2017 2018 2019 2017 2018 interest rates 8 9 10 11 12 1 2 3 4 5 6 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 6,247 6,290 7,719 5,485 5,600 5,781 6,041 6,247 6,290 6,273 6,471 6,524 6,600 6,791 Central government (S,1311) 5,170 5,154 4,696 5,489 5,491 5,136 5,114 5,170 5,154 5,099 4,927 4,859 4,904 4,912 Other government (S,1312,1313,1314) 571 576 602 563 559 556 550 571 576 571 563 568 565 564 Households (S,14, 15) 9,733 9,765 10,981 9,541 9,604 9,660 9,699 9,733 9,765 9,778 9,860 9,905 9,996 10,033 Non-financial corporations (S,11) 9,644 9,682 9,589 9,828 9,816 9,780 9,716 9,644 9,682 9,687 9,598 9,628 9,582 9,627 Non-monetary financial institutions (S,123, 124, 125) 1,566 1,627 1,661 1,241 1,545 1,558 1,548 1,566 1,627 1,621 1,528 1,547 1,616 1,611 Monetary financial institutions (S,121, 122) 3,886 3,682 5,230 3,625 3,440 3,705 3,824 3,886 3,682 3,798 3,884 3,955 3,800 3,954 Claims on domestic sectors, TOTAL In domestic currency 25,496 25,363 27,913 24,377 24,478 24,840 24,940 25,496 25,363 25,448 25,461 25,580 25,444 25,584 In foreign currency 528 545 391 596 571 567 554 528 545 535 529 498 518 533 Securities, total 4,450 4,487 4,382 5,224 5,308 4,887 4,858 4,450 4,487 4,474 4,266 4,266 4,399 4,481 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 28,021 28,115 31,109 27,289 27,403 27,541 27,770 28,021 28,115 28,191 28,201 28,253 28,453 28,499 Overnight 17,331 17,476 21,278 16,515 16,792 16,825 17,075 17,331 17,476 17,601 17,727 17,889 18,084 18,260 With agreed maturity - short-term 3,398 3,294 3,478 3,292 3,290 3,303 3,257 3,398 3,294 3,287 3,260 3,232 3,184 3,160 With agreed maturity - long-term 6,734 6,679 5,723 6,763 6,661 6,708 6,718 6,734 6,679 6,664 6,566 6,550 6,497 6,419 Short-term deposits redeemable at notice 558 666 630 719 660 705 720 558 666 639 648 582 688 660 Deposits in foreign currency, total 636 638 634 694 656 658 664 636 638 641 660 665 690 670 Overnight 547 542 577 573 551 542 549 547 542 540 552 573 585 568 With agreed maturity - short-term 45 53 26 74 58 69 69 45 53 58 66 49 61 61 With agreed maturity - long-term 44 43 31 47 47 47 46 44 43 43 42 43 44 41 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households 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 to one year 0.13 0.16 0.17 0.11 0.14 0.13 0.13 0.14 0.14 0.15 0.16 0.16 0.16 0.16 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 2.63 2.65 2.66 2.72 2.68 2.64 2.51 2.65 2.60 2.57 2.56 2.58 2.63 2.65 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 1.53 2.02 1.68 1.15 1.56 0.8 1.15 1.06 1.78 2.02 2.53 1.68 4.27 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTERBANK INTEREST RATES EURIBOR 3-month rates -0.329 -0.322 -0.356 -0.329 -0.329 -0.330 -0.329 -0.328 -0.329 -0.329 -0.328 -0.329 -0.325 -0.322 6-month rates -0.260 -0.266 -0.302 -0.272 -0.273 -0.274 -0.274 -0.271 -0.274 -0.275 -0.271 -0.270 -0.270 -0.269 LIBOR 3-month rates -0.732 -0.735 -0.737 -0.726 -0.726 -0.726 -0.745 -0.755 -0.740 -0.745 -0.740 -0.733 -0.726 -0.732 6-month rates -0.658 -0.653 -0.684 -0.651 -0.650 -0.649 -0.653 -0.653 -0.644 -0.662 -0.657 -0.650 -0.647 -0.645 Sources: BoS, EUROSTAT, Slovenian Economic Mirror, No 2/2020 Statistical Appendix 41 2018 2019 7 8 9 | 10 11 12 1 2 3 4 5 6 | 7 8 9 10 11 12 6,915 7,042 7,041 7,059 7,088 7,165 7,256 7,023 7,152 7,219 7,327 7,606 7,631 7,913 7,791 7,819 7,817 7,719 4,870 4,877 4,831 4,905 4,939 4,937 4,980 4,805 4,819 4,944 5,089 5,058 5,070 5,007 5,037 4,959 4,928 4,696 560 562 554 559 558 580 588 587 583 577 581 577 570 567 574 573 577 602 10,075 10,161 10,231 10,296 10,339 10,370 10,397 10,426 10,507 10,570 10,628 10,642 10,703 10,781 10,833 10,950 10,978 10,981 9,648 9,647 9,647 9,656 9,628 9,496 9,665 9,676 9,681 9,637 9,571 9,749 9,738 9,878 9,868 9,869 9,882 9,589 1,605 1,592 1,593 1,497 1,503 1,502 1,503 1,490 1,486 1,484 1,482 1,496 1,503 1,493 1,486 1,479 1,481 1,661 4,269 4,186 4,060 3,614 3,904 4,275 4,247 4,380 4,207 3,963 4,099 4,001 4,335 4,067 3,894 4,011 4,531 5,230 25,959 26,051 25,973 25,600 25,921 26,181 26,367 26,516 26,385 26,138 26,329 26,381 26,725 26,651 26,509 26,728 27,331 27,913 489 491 485 467 451 446 435 432 434 420 422 419 416 420 412 398 392 391 4,477 4,381 4,356 4,354 4,393 4,429 4,475 4,397 4,433 4,580 4,659 4,685 4,727 4,666 4,704 4,642 4,581 4,382 28,888 28,940 28,943 29,065 29,227 29,442 29,468 29,903 29,916 29,994 30,177 30,260 30,709 30,733 30,585 30,678 30,838 31,109 18,664 18,752 18,740 18,786 19,014 19,440 19,389 19,615 19,717 19,830 20,009 20,099 20,474 20,521 20,676 20,611 20,911 21,278 3,147 3,214 3,280 3,333 3,299 3,261 3,212 3,353 3,320 3,316 3,343 3,342 3,408 3,423 3,340 3,448 3,369 3,478 6,414 6,349 6,275 6,276 6,228 6,166 6,210 6,175 6,127 6,047 6,042 6,054 6,059 6,010 5,823 5,806 5,770 5,723 663 625 648 670 686 575 657 760 752 801 783 765 768 779 746 813 788 630 661 636 657 644 644 651 625 634 645 643 674 686 681 686 685 646 658 634 585 562 583 568 570 581 552 564 575 575 606 621 616 622 620 585 598 577 36 34 34 36 33 31 33 29 29 28 28 29 28 27 28 26 25 26 40 40 40 40 41 39 40 41 41 40 40 36 37 37 37 35 35 31 0 0 0 0 ,, ,, ,, ,, ,, ,, 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 0.01 0.01 0.01 0.01 0.15 0.18 0.16 0.16 0.17 0.17 0.16 0.18 0.17 0.16 0.19 0.17 0.15 0.16 0.16 0.16 0.17 0.18 2.79 2.62 2.69 2.66 2.71 2.74 2.81 2.72 2.69 2.66 2.80 2.65 2.7 2.75 2.62 2.51 2.50 2.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.321 -0.319 -0.319 -0.318 -0.316 -0.312 -0.308 -0.308 -0.309 -0.311 -0.312 -0.329 -0.365 -0.408 -0.418 -0.413 -0.401 -0.395 -0.269 -0.267 -0.268 -0.264 -0.257 -0.241 -0.236 -0.232 -0.230 -0.231 -0.237 -0.279 -0.347 -0.405 -0.394 -0.362 -0.337 -0.336 -0.725 -0.726 -0.731 -0.741 -0.745 -0.735 -0.704 -0.713 -0.707 -0.715 -0.713 -0.717 -0.751 -0.817 -0.812 -0.774 -0.712 -0.711 -0.647 -0.649 -0.652 -0.662 -0.667 -0.659 -0.639 -0.652 -0.648 -0.650 -0.656 -0.673 -0.719 -0.802 -0.771 -0.711 -0.650 -0.639 42 Statistical Appendix Slovenian Economic Mirror, No 2/2020 Public finance 2017 2018 2019 2017 2018 2019 2018 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 1 1 2 | 3 | 4 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 16,803.3 33,111.9 19,230.8 4,372.9 4,170.8 4,712.5 4,607.9 5,102.5 4,518.9 4,944.0 4,671.6 5,096.3 1,465.5 1,322.9 1,382.4 1,717.1 Current revenues 16,251.4 17,575.9 18,292.1 4,212.6 3,994.9 4,525.9 4,251.7 4,803.5 4,276.0 4,730.5 4,478.2 4,807.4 1,431.0 1,302.2 1,261.7 1,582.6 Tax revenues 15,162.0 16,225.3 17,178.5 3,991.2 3,782.0 4,230.9 3,914.8 4,297.6 4,103.3 4,350.6 4,169.7 4,554.9 1,376.0 1,245.0 1,161.1 1,515.1 Taxes on income and profit 2,967.0 3,296.4 3,614.0 770.8 785.5 990.7 651.8 868.3 850.4 1,058.4 717.7 987.4 263.2 252.9 269.4 347.6 Social security contributions 6,092.1 6,549.8 7,020.5 1,598.2 1,592.8 1,619.6 1,622.4 1,715.0 1,710.3 1,734.9 1,745.5 1,829.8 542.8 507.7 542.3 543.5 Taxes on payroll and workforce 21.3 21.6 23.2 6.1 5.0 5.6 5.0 6.1 5.3 5.9 5.4 6.6 1.8 1.5 1.7 1.9 Taxes on property 274.2 277.9 296.1 75.9 28.1 65.0 106.7 78.2 26.3 67.6 120.9 81.4 12.2 7.6 8.3 18.2 Domestic taxes on goods and services 5,722.8 5,989.3 6,126.8 1,521.3 1,336.8 1,519.5 1,500.6 1,632.4 1,427.8 1,490.3 1,565.7 1,643.0 516.9 457.1 362.8 590.1 Taxes on international trade & transactions 83.3 89.8 98.6 19.9 22.6 21.4 22.7 23.2 25.5 25.6 25.5 22.1 6.7 9.6 6.4 8.3 Other taxes 1.3 0.5 -0.7 -1.0 11.2 9.3 5.6 -25.6 57.8 -32.0 -11.1 -15.4 32.3 8.6 -29.7 5.5 Non-tax revenues 1,089.4 1,350.6 1,113.6 221.4 212.9 295.0 336.9 505.9 172.6 380.0 308.5 252.5 55.0 57.2 100.6 67.5 Capital revenues 91.2 152.8 136.2 33.0 28.6 37.3 43.9 43.1 23.9 31.2 34.4 46.7 7.7 11.1 9.7 10.3 Grants 9.5 12.4 14.7 1.5 0.2 1.5 7.1 3.6 5.2 1.1 6.3 2.1 -0.7 0.2 0.7 0.5 Transferred revenues 52.3 55.6 57.4 1.1 0.4 0.5 51.4 3.3 1.8 3.1 50.3 2.2 0.1 0.1 0.2 0.0 Receipts from the EU budget 399.0 796.9 730.4 124.8 146.7 147.4 253.8 249.0 212.1 178.0 102.5 237.9 27.5 9.2 110.0 123.7 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 17,102.0 18,068.0 18,966.6 4,721.1 4,337.0 4,282.8 4,387.6 5,060.6 4,689.9 4,506.0 4,705.7 5,065.0 1,412.4 1,418.1 1,506.5 1,448.8 Current expenditures 7,733.0 7,966.5 8,227.3 2,103.4 2,027.9 1,919.2 1,877.2 2,142.1 2,116.1 2,010.6 2,007.6 2,093.0 651.8 613.8 762.3 678.4 Wages, salaries and other personnel expenditures 3,938.1 4,167.9 4,465.1 1,008.5 980.7 1,091.2 1,016.8 1,079.1 1,067.7 1,176.4 1,099.8 1,121.3 321.1 329.5 330.0 326.2 Expenditures on goods and services 2,626.6 2,633.7 2,733.0 886.0 552.0 642.6 640.6 798.5 602.3 669.5 675.7 785.5 176.1 178.5 197.4 219.4 Interest payments 985.3 867.9 791.4 116.2 462.5 145.7 190.3 69.5 404.2 122.7 175.7 88.9 147.5 94.0 221.0 118.7 Reserves 183.0 296.9 237.7 92.7 32.7 39.7 29.4 195.0 42.0 42.1 56.4 97.2 7.0 11.8 13.9 14.1 Current transfers 7,912.9 8,236.6 8,702.9 1,989.8 2,034.4 2,027.4 2,071.1 2,103.7 2,187.9 2,107.1 2,201.2 2,206.8 683.3 706.8 644.3 679.9 Subsidies 425.4 443.9 467.8 108.2 159.9 103.9 52.7 127.5 161.8 113.4 53.5 139.2 73.5 76.6 9.8 39.3 Current transfers to individuals and households 6,665.1 6,925.8 7,323.3 1,650.0 1,678.4 1,715.1 1,811.9 1,720.5 1,784.6 1,816.5 1,912.6 1,809.6 551.7 561.9 564.7 573.6 Current transfers to nonprofit institutions, other current domestic transfers 748.0 793.5 827.1 206.5 174.8 192.4 193.4 232.9 216.6 163.1 215.3 232.1 51.6 62.5 60.8 59.5 Current transfers abroad 74.3 73.4 84.7 25.2 21.3 16.0 13.1 22.9 25.0 14.1 19.8 25.9 6.5 5.7 9.0 7.6 Capital expenditures 891.0 1,159.9 1,253.1 428.5 111.2 197.5 292.4 558.9 156.1 240.3 315.4 541.3 30.4 34.2 46.6 47.6 Capital transfers 186.6 271.6 273.6 103.8 29.7 54.4 42.1 145.3 24.9 49.3 57.8 141.6 8.4 6.9 14.4 10.0 Payments to the EU budget 378.5 433.4 509.7 95.6 133.8 84.4 104.8 110.5 204.8 98.8 123.8 82.3 38.6 56.4 38.7 32.9 SURPLUS / DEFICIT -298.7 525.6 264.2 -348.2 -166.2 429.7 220.3 41.8 -171.0 438.0 -34.2 31.3 53.1 -95.2 -124.1 268.3 Source: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. Slovenian Economic Mirror, No 2/2020 Statistical Appendix 43 2018 2019 5 6 7 8 | 9 10 11 12 1 2 3 4 5 6 1 7 8 9 10 11 12 1,418.4 1,577.0 1,461.6 1,682.9 1,463.3 1,790.8 1,542.8 1,768.8 1,547.5 1,401.3 1,570.2 1,702.7 1,622.5 1,618.9 1,461.5 1,556.0 1,654.1 1,669.3 1,612.6 1,814.3 1,391.2 1,552.0 1,390.2 1,471.5 1,390.0 1,764.5 1,498.0 1,541.0 1,529.5 1,372.4 1,374.1 1,623.1 1,542.0 1,565.5 1,438.2 1,539.6 1,500.4 1,626.9 1,576.5 1,604.1 1,275.0 1,440.8 1,237.8 1,367.4 1,309.6 1,418.4 1,435.5 1,443.7 1,473.5 1,315.3 1,314.5 1,545.1 1,400.4 1,405.1 1,308.2 1,461.2 1,400.2 1,535.2 1,498.3 1,521.5 284.7 358.4 115.2 279.3 257.3 271.5 280.8 316.1 289.6 275.3 285.4 426.4 300.1 332.0 126.7 308.1 282.9 305.1 313.3 369.0 537.1 539.0 541.0 537.8 543.6 540.7 550.6 623.7 575.5 563.7 571.1 580.1 576.6 578.2 583.8 582.3 579.4 579.4 586.8 663.5 1.8 1.9 1.9 1.5 1.6 1.8 1.9 2.3 1.9 1.7 1.7 1.9 1.8 2.1 2.1 1.6 1.6 2.0 2.1 2.5 16.8 29.9 33.1 38.3 35.3 39.2 23.3 15.7 10.6 8.1 7.6 18.8 19.9 28.9 35.7 36.6 48.5 35.8 30.4 15.2 418.9 510.4 533.5 518.1 449.0 591.4 561.5 479.6 531.1 503.3 393.4 541.8 492.5 456.0 564.8 522.0 478.9 601.5 575.0 466.6 5.5 7.5 7.5 8.1 7.1 7.8 8.6 6.9 7.3 8.9 9.2 9.3 8.3 8.0 10.2 8.1 7.2 8.0 7.4 6.8 10.1 -6.3 5.5 -15.7 15.7 -33.9 8.9 -0.5 57.6 -45.8 46.0 -33.1 1.2 -0.1 -15.2 2.5 1.6 3.4 -16.6 -2.2 116.2 111.3 152.4 104.1 80.4 346.1 62.5 97.3 56.0 57.1 59.5 78.0 141.6 160.4 130.0 78.4 100.1 91.6 78.2 82.6 9.4 17.6 17.6 8.8 17.4 16.2 12.9 14.0 7.6 8.2 8.1 10.4 11.5 9.3 15.0 7.3 12.1 15.3 11.9 19.5 0.2 0.8 1.2 0.4 5.5 1.0 0.7 2.0 0.0 5.0 0.1 0.5 0.2 0.4 0.2 0.5 5.6 1.2 3.7 -2.8 0.4 0.0 50.1 1.1 0.1 0.5 0.0 2.7 0.1 1.7 0.0 1.5 0.0 1.6 0.0 0.2 50.1 0.0 -0.2 2.4 17.2 6.5 2.5 201.0 50.3 8.7 31.3 209.0 10.2 13.9 187.9 67.2 68.7 42.1 8.1 8.4 85.9 25.9 20.7 191.2 1,379.5 1,454.5 1,554.8 1,454.6 1,378.2 1,439.2 1,598.1 2,023.4 1,572.4 1,502.3 1,615.1 1,491.8 1,454.3 1,559.9 1,700.8 1,487.7 1,517.2 1,540.6 1,628.2 1,896.2 587.1 653.7 638.6 646.6 592.0 582.7 706.0 853.5 689.2 648.0 779.0 700.9 605.5 704.2 691.1 657.8 658.6 642.1 696.0 754.8 336.2 428.8 341.4 343.9 331.5 349.7 348.2 381.2 341.7 359.9 366.1 355.2 362.5 458.7 374.4 367.7 357.6 374.8 369.7 376.9 216.7 206.5 242.8 217.3 180.5 215.3 251.8 331.5 194.8 187.4 220.2 221.6 223.1 224.7 251.5 205.3 218.9 246.6 236.7 302.2 21.6 5.4 44.9 75.2 70.2 7.9 56.8 4.8 145.4 91.9 166.9 114.8 4.1 3.8 47.2 56.3 72.2 8.8 66.9 13.3 12.6 13.0 9.5 10.1 9.7 9.8 49.3 136.0 7.3 8.9 25.8 9.3 15.8 17.0 18.0 28.6 9.9 11.9 22.8 62.5 681.5 666.0 776.0 653.9 641.3 658.1 680.2 765.5 766.3 693.7 727.9 677.8 715.9 713.4 849.6 668.4 683.1 711.5 740.5 754.7 37.4 27.2 13.9 15.4 23.4 21.1 22.2 84.1 122.5 8.6 30.6 26.5 39.8 47.1 19.9 16.5 17.0 33.1 49.3 56.8 573.7 567.7 688.6 564.7 558.6 567.5 570.6 582.4 576.9 607.1 600.5 613.0 600.3 603.2 745.7 578.4 588.4 605.9 599.9 603.8 65.7 67.3 67.9 68.2 57.2 67.8 72.4 92.6 56.2 68.3 92.1 33.1 69.9 60.1 77.0 63.0 75.3 70.2 75.7 86.2 4.7 3.7 5.6 5.5 2.1 1.7 14.9 6.3 10.6 9.7 4.7 5.1 6.0 3.0 6.9 10.5 2.3 2.4 15.5 8.0 64.0 85.9 94.5 106.2 91.7 132.0 151.1 275.8 44.2 55.2 56.7 67.0 88.2 85.2 102.0 100.3 113.1 122.9 141.7 276.7 19.4 25.0 13.0 12.8 16.3 30.0 24.5 90.9 7.2 8.1 9.6 15.3 16.9 17.0 17.1 19.7 21.0 24.0 31.0 86.6 27.5 23.9 32.8 35.1 37.0 36.4 36.2 37.8 65.6 97.3 41.9 30.9 27.7 40.1 41.0 41.5 41.3 40.0 19.0 23.4 39.0 122.5 -93.2 228.3 85.1 351.7 -55.2 -254.6 -25.0 -101.1 -44.9 210.9 168.2 58.9 -239.3 68.3 136.9 128.8 -15.6 -81.9 44 Acronyms Slovenian Economic Mirror, No 2/2020 Acronyms Acronyms in the text BoS - Bank of Slovenia, EC - European Commission, ECB - European Central Bank, EIA - Energy Information Administration, EMMI - European Money Markets Institute, EMU - European Monetary Union, ESI - Economic Sentiment Indicator, 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, FI - Financial instruments, GDP - Gross domestic product, GNI - gross national income, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, LFS- Labour Force Survey, MF - Ministry of Finance, NFI - Non-Financial Institutions, PMI - Purchasing Managers' Index, REER - real effective exchange rate, RULC - real unit labor cost SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, SVRK - Government Office for Development and European Cohesion Policy, USD - US Dollar, VAT - value added tax, WEO - World Economic Outlook. 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. 2 / Vol. XXVI / 2020 ISSN 1318-3826 9 ff J IU JULUUI 9771318382607