Slovenian economic mirror No. 2, Vol. XXII, 2016 Slovenian Economic Mirror ISSN 1318-3826 No. 2 / Vol. XXII / 2016 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Tina Nenadič, MSc Authors of Current Economic Trends (listed alphabetically): Jure Brložnik, Janez Dodič, Lejla Fajic; Marjan Hafner, MSc, Matevž Hribernik, Slavica Jurančič, Mojca Koprivnikar Šušteršič, Tanja Kosi Antolič, PhD, Janez Kušar, Jože Markič, PhD, Helena Mervic, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Ana T. Selan, MSc, Dragica Šuc, MSc, Ana Vidrih, MSc. Authors of Selected Topics: Valerija Korošec, PhD (Life satisfaction, autumn 2015) Editorial Board: Marijana Bednaš, MSc, Aleš Delakorda, MSc, Lejla Fajic, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, Janez Kušar, Boštjan Vasle, MSc Translator: Marija Kavčič Data Preparation and Graphs: Bibijana Cirman Naglič, Marjeta Žigman Concept and Design: Katja Korinšek, Pristop DTP: Bibijana Cirman Naglič Print: Demat d.o.o. Circulation: 80 copies © 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.............................................................................................................................9 Labour market..................................................................................................................................................................13 Prices..................................................................................................................................................................................15 Balance of payments.......................................................................................................................................................17 Financial markets.............................................................................................................................................................18 Public finance....................................................................................................................................................................19 Boxes Box 1: Main aggregates of the general government, 2015 (ESA 2010).................................................................21 Selected topics Life satisfaction, autumn 2015......................................................................................................................................25 Statistical appendix.....................................................................................................................................................27 The Economic Mirror is prepared based on statistical data available by 7th April 2016. 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. 2/2016 3 In the Spotlight In the spotlight At the beginning of the year, short-term indicators of economic activity in the euro area continued to improve; the values of confidence indicators remained relatively high despite deterioration. The value of the Economic Sentiment Indicator (ESI) declined in the first quarter in most of Slovenia's main trading partners owing to uncertainty about economic growth in the international environment, but was at one of the highest levels in the last few years. The confidence indicator PMI has also deteriorated slightly at the beginning of the year, but still indicates growth in manufacturing production. As other international institutions, the ECB also revised downwards its forecasts for economic growth in the euro area for 2016 and 2017 in March, mainly owing to lower growth in exports. Most short-term indicators of economic activity in Slovenia improved further at the beginning of the year. Foreign demand contributed to further growth in merchandise exports; manufacturing production also rose notably. Turnover continues to rise in most market services. The improvement in the labour market situation and the strengthening of private consumption translated into further growth in some segments of trade and in tourism-related services. Activity in construction remained low and the prospects for growth are subdued. Confidence indicators for other sectors indicate a continuation of the gradual recovery of activity in 2016. At the beginning of the year labour market conditions improved further. The number of employed persons rose again in January. With the strengthening of economic activity, employment is rising in most private sector activities. It was up year-on-year particularly in manufacturing (where most of the workers hired by employment agencies were placed), and in trade, transportation and accommodation and food service activities. Since mid-2015, employment growth has also increased slightly in public services, where it was up year-on-year particularly in the health sector. With a slightly larger outflow into employment, the number of registered unemployed dropped further in the first quarter. At the end of March, 110,226 persons were registered as unemployed, which is 6.7% less than in March 2015. Following a notable increase at the end of last year, average gross earnings per employee rose slightly again in January. After last year's modest growth, private sector earnings increased moderately again; earnings in the general government maintained the high level reached at the end of the year, owing to public servants' promotion raises and higher overtime and extraordinary payments related to the increased inflows of refugees and migrants. In March consumer prices remained down year-on-year. The decline was still largely due to lower oil and other energy prices. Despite the protracted period of falling or low prices of oil, we estimate that there has not been any significant pass-through of lower oil prices to other prices or contractual relationships yet. The lower prices of durable goods and modest growth in prices of semi-durable goods, services and food are mainly attributable to internal adjustment processes and the absence of further food market shocks. At the beginning of the year, the volume of domestic non-banking sectors' loans declined further; the net repayments of corporate and bank foreign liabilities were lower. Loan volume decreased by EUR 1.7 billion in the last 12 months; not taking into account the liquidation of two smaller banks, the deleveraging of non-banking sectors would remain similar to that one year before (EUR 1.3 billion), according to our estimate. Enterprises and NFIs continued to deleverage abroad in January, while the net repayments of banks eased. The growth of domestic non-banking sectors' deposits has moderated notably owing to declining government deposits and smaller inflows of household deposits, while the growth of corporate deposits is rising. With increased inflows of EU funds and lower general government expenditure, January recorded a general government surplus on a cash basis. The year-on-year growth of general government revenue was almost entirely underpinned by the increased receipts from the EU budget related to the previous financial perspective. Social contributions paid were also higher, while tax revenues were lower as the payment of a part of excise duties was postponed to the following month. General government expenditure was significantly lower year-on-year under the impact of the beginning of the implementation of the new financial perspective of the EU. This holds true particularly for payments of subsidies and investment expenditure. 4 Slovenian Economic Mirror, No. 2/2016 In the spotlight In recent months international institutions have been less optimistic regarding euro area economic growth owing to higher uncertainty in the international environment. I Latest forecasts A Autumn forecasts IMF Jan 16 EC Feb 16 OECD ECB Mar 16* CONS Mar 16 Feb 16* Source: IMF, EC, OECD, ECB, Consensus Forecasts. Note: *working-day adjusted. The strengthening of activity in most sectors contributed to a further improvement in labour market conditions. -Employed persons according to SRE (left axis) -Registered unemployed persons (right axis) Source: SURS, ESS; calculations by IMAD. In February the decline in the volume of domestic non-banking sectors' loans accelerated significantly owing to the liquidation of two smaller banks. Enterprises and NFIs -Households Most short-term indicators of economic activity in the euro area and Slovenia increased further at the beginning of the year. 120 110 100 E90 ro £ 80 ro 70 60 -Slovenia - industrial production in manufacturing ----Slovenia - value of construction put in place ----Slovenia - turnover in retail trade -Euro area - industrial production in manufacturing ----Euro area - value of construction put in place ----Euro area - turnover in retail trade i.--------i---------i---------i--------- CO CO W (Ti es es en m LO LO vo Source: Eurostat, SURS; calculations by IMAD. The rebound in the housing market continued in 2015. Transactions in new real estate -Transactions in second-hand real estate Prices of new real estate Prices of second-hand real estate 120 110 100 o 2 90 7 g 80 rN £ 70 "ö 60 50 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: SURS; calculations by IMAD. In 2015 the general government deficit (on an accrual basis) fell below 3% for the first time since the onset of the crisis. General government deficit ■ Primary balance -12 -14 -16 Source: BoS; calculations by IMAD. 2008 2009 2010 2011 2012 2013 2014 2015 Source: SURS. 1.9 1.8 1.7 1.6 1.5 ra 1.4 1.3 1.2 50 1.1 40 30 40 30 current economic trends Slovenian Economic Mirror, No. 2/2016 7 Current Economic Trends International environment Figure 1: Economic Sentiment indicator (ESI) for Slovenia's main trading partners —»—EMU -Germany -Austria ----Italy ----France —•—Croatia Source: EC. Note: The indicator value of 100 is a long-term average. At the beginning of the year, short-term indicators of economic activity in the euro area improved further; the values of confidence indicators have remained relatively high despite deterioration. Activity increased across all sectors, notably construction. However, uncertainties remain regarding further growth in the international environment, which impacted confidence in the euro area. The value of the Economic Sentiment Indicator (ESI) fell slightly in the first three months for most of Slovenia's main trading partners but remains above the long-term average. The Purchasing Managers' Indicator (PMI) also deteriorated at the beginning of the year but still indicates a continuation of activity growth in manufacturing. Figure 2: Consensus forecasts for 2016 —«—EMU -Germany -Italy ----France ----Austria Source: Consensus Forecasts. This year international institutions revised downwards their growth forecasts for the euro area. After the release of the winter forecasts by the IMF, EC, OECD and ECB, Consensus lowered its euro area forecast in March. Despite the decline for 2016, all forecasts indicate a continuation of the economic recovery for Slovenia's main trading partners except Russia. In its latest forecast the ECB predicts that euro area GDP will increase by 1.4% in real terms this year and by 1.7% in 2017. The lower growth than projected in the autumn (by 0.3 percentage points in 2016 and 0.2 percentage points in 2017) will mainly reflect lower export growth owing to weaker growth prospects for the global economy. Inflation in the euro area will remain low (0.1% this year and 1.4% in 2017). Figure 3: Prices of Brent crude oil and the USD/EUR exchange rate Price in EUR (left axis) -Price in USD (left axis) -USD to EUR exchange rate (right axis) 130 1.55 Source: ECB, EIA; calculations by IMAD. Prices of Brent crude have been rising since mid-February but remain much lower than one year earlier. In March they were almost a third lower year-on-year. According to the IEA, price rises are mainly due to the beginning of negotiations among main oil producers on limiting oil production. 8 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Table 1: Indicators related to the international environment average change, in %* 2015 II 16 III 16 III 16/II 16 III 16/III 15 I-III 16/I-III 15 Brent USD, per barrel 52.35 32.18 38.60 19.9 -30.9 -37.3 Brent EUR, per barrel 48.33 31.00 36.47 17.6 -30.4 -33.9 EUR/USD 1.110 1.109 1.110 0.1 2.4 -2.2 3-month EURIBOR, in % -0.020 -0.184 -0.227 -4.3 -25.4 -0.2 Source: EIA, ECB Euribor; calculations by IMAD. Note: * in Euribor change in basis points. Figure 4: ECB and interbank interest rates Main interest rate Marginal lending facility ---Marginal deposit facility ----EURIBOR 3m -EURIBOR 6m 2.0 2.0 1.5 0.5 0.5 * -0.5 -1.0 cn <-N m m -1.0 s = s = s = s = s Source: ECB, EMMI; calculations by IMAD. In March the ECB took further action to achieve price stability. The ECB cut its interest rate on the main refinancing operations and the interest rates on the marginal deposit facility and the marginal lending facility, expecting them to remain low for an extended period of time. It also increased its monthly purchases under the asset purchase programme (intended to run until the end of March 2017) from EUR 60 billion to EUR 80 billion and expanded the list of eligible assets for purchases to include not only government bonds, but also bonds issued by the corporate sector. Moreover, it will start conducting a new series of targeted longer-term refinancing operations (TLTRO II) in June. The adoption of these measures was reflected in the yields to maturity of euro area sovereign bonds, most of which dropped in March. The yield to maturity of the Slovenian euro bond was at the lowest level since April 2015 (at 1.44%). 1.0 0.0 -0.5 9 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Economic developments in Slovenia Figure 5: Short-term indicators of economic activity in Slovenia -Merchandise exports -Industrial produciton in manufacturing ----Value of construction put in place ct ----Turnover in retail trade Source: SURS; calculations by IMAD. Most short-term indicators of economic activity in Slovenia improved further at the beginning of the year. After the moderation at the end of 2015, merchandise exports and manufacturing production rose significantly. Increased demand and the strengthening of production activity contributed to further turnover growth in most market services. The improvement in labour market conditions owing to higher economic activity and the pick-up in private consumption translated into further growth in some segments of trade and in tourism-related services. Activity in construction remained low at the beginning of the year and the outlook for growth also remains poor. Confidence in other sectors remains high and indicates a continuation of the gradual recovery of activity in 2016. Table2: Selected monthly indicators of economic activity in Slovenia in % 2015 I 16/XII 15 I 16/I 15 Merchandise exports, real1 4.4 2.83 4.1 Merchandise imports, real1 3.5 -4.63 -3.5 Services exports, nominal2 7.5 0.13 8.0 Services imports, nominal2 2.6 4.83 7.8 Industrial production, real 5.6 4.33 6.54 -manufacturing 6.0 4.53 7.74 Construction -value of construction put in place, real -25.2 1.23 -23.5 Real turnover in retail trade 1.1 1.13 2.14 Nominal turnover in market services (without trade) 4.5 1.73 7.84 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 'External trade statistics; deflated by IMAD, 2balance of payments statistics, Seasonally adjusted, 4working-day adjusted data. Figure 6: Merchandise trade - real — Merchandise exports -Merchandise imports Source: SURS; calculatons by IMAD. Growth in merchandise exports strengthened at the beginning of this year; imports have maintained the same level for quite some time.1 Exports to the EU have been picking up since the end of 2015, after maintaining the same level for a longer period. Exports outside the EU have also strengthened notably in recent months.2 Broken down by product group, export growth is mainly driven by machinery (excluding road vehicles) and miscellaneous manufactured articles.3 Imports persist at the level of the second quarter last year, amid significant monthly fluctuations. Imports of consumer and intermediate goods increased in the last few months, while imports of investment goods declined slightly after a longer period of growth. 1 The estimate of real merchandise exports is based on nominal exports according to the external trade statistics and industrial producer prices on the foreign market, while real merchandise imports have been estimated on the basis of nominal imports according to the external trade statistics and the index of import prices. Detailed data on the structure of merchandise trade for January 2016 are not available yet. 2 Also as a result of a one-off factor in December, i.e. a significant increase in exports of transport equipment to the US. 3 Exports of SITC sections 8 and 9. 10 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Figure 7:Trade in services - nominal -Exports of services -Imports of services Source: BoS; calculators by IMAD. Growth in exports of services continued at the beginning of the year; imports also expanded slightly in the last few months.4 In January exports were up 8.0% year-on-year, driven primarily by higher exports of travel amid higher spending of foreign tourists and exports of transport services (particularly road and maritime transport). Imports were also up year-on-year (7.8%), largely as a result of higher imports of business and financial services. Figure 8: Production volume in manufacturing according to technology intensity » Low-technology industries -Medium-low-technology industries c 115 I 110 I 105 g~ 100 oo 95 o a rsoi 90 J ^ ®5 80 75 70 65 Household spending increased further at the beginning of the year. Expenditure on vehicle purchases and durable goods related to residential construction and home furnishings rose further; at the same time, households also increased spending on some semi-durable goods (clothing and footwear, products for personal care). Expenditure on tourism-related services also continued to rise.9 Source: Ministry of Infrastructure and Spacial Planning, SURS; calculations by IMAD. 110 70 90 50 80 40 Figure 15: Business trends Economic sentiment — Manufacturing — Service activ. Consumers* ----Retail trade -----Construction 30 20 i ^ * > x 10 . /> , x 0 -10 I g ! -20 ; '-30 V.-N -40 .........i....... . -. . ■ * A -50 .'"-j--60 Source: SURS; calculations by IMAD. Note: * Because of methodological changes, data on consumer confidence since January 2016 are not comparable with previous data. Although they declined slightly at the beginning of the year across most sectors, confidence indicators largely remained at some of the highest levels since 2008 (except for construction). 8 A significant contribution to this sector's turnover growth also comes from a larger number of foreign tourists. 9 In January, the number of domestic tourist overnight stays was up 6.8% year-on-year. Expenditure on private trips made by Slovenian residents abroad (imports of travel services) was 4.1% higher than in January 2015. Labour market Figure 16: Employed persons by activity E ® > ^ O D — Manufacturing - - Market services -Construction ---Public services 1.0 -1.0 -1.5 i Ä tf /1 V l , \ j - y j hJ Source: SURS; calculations by IMAD. Slovenian Economic Mirror, No. 2/2016 Current Economic Trends 13 At the beginning of the year, the number of employed persons10 continued to grow. With further growth in activity, the number of employed persons rose further in most private sector activities in January. In addition to the manufacturing sector (where most of the workers hired by employment agencies were placed, according to our estimate), employment also rose strongly in non-financial market services. It was up year-on-year particularly in medium-low technology manufacturing and trade, accommodation and food service activities and transportation. In public services it was up year-on-year particularly in the health sector; in education, it rose the most in pre-school and basic education, also owing to the more numerous generations of children. 0.5 0.0 0.5 2.0 Figure 17: Employed according to SRE and registered unemployed -Employed according to SRE (left axis) -Registered unemployed (right axis) 180 160 140 110 In the first quarter the number of registered unemployed continued to decline. This was mainly due to the slightly stronger outflow into employment, which was also up year-on-year in the first three months. The inflow was smaller than in the first quarter of 2015, as a result of fewer people losing their jobs and fewer first-time job seekers. At the end of March, the number of unemployed was down year-on-year (by 6.7%), the number of registered unemployed totalling 110,226. Source: SURS, ESS; calculations by IMAD. Table 3: Indicators of labour market trends Change, in % 2015 I 16/XII 15 I 16/I 15 Persons in formal employment2 0.9 0.01 0.5 Registered unemployed -6.1 -0.31 -4.9 Average nominal gross wage 0.7 0.21 1.1 - private sector 0.5 0.31 0.4 - public sector 1.2 -0.21 2.1 -of which general government 1.0 0.01 4.3 of which public corporations 1.5 -0.51 -2.8 2015 I 15 XII 15 I 16 Rate of registered unemployment (in %), seasonally adjusted 12.3 12.7 12.1 12.0 Sources: ESS. SURS; calculations by IMAD. Note: Seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers. 10 According to the Statistical Register of Employment; these are persons in paid employment and self-employed persons except farmers. 14 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Figure 18: Average gross earnings per employee -Gross earnings per empoloyee ----Private sector -Public sector ------- - of which, general government sector After the significant strengthening of growth at the end of last year, average gross earnings per employee also increased slightly in January. After last year's modest growth, they increased further moderately in the private sector. Earnings in the public sector declined slightly owing to a fall in public corporations, where they fluctuate significantly between months. In the general government, they remained at the high level recorded at the end of the year due to public servants' promotion raises and higher overtime and extraordinary payments related to the increased inflows of refugees and migrants. Source: SURS; calculations by IMAD. 15 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Prices Figure 19: Structure of year-on-year inflation Other Services Fuels and energy ^HFood -CPI (right axis) 1.5 1.5 I t i § I t i S I Source: SURS; calculations by IMAD. The year-on-year price decline in March (-0.9%) was mainly due to lower energy prices. Especially the prices of fuels for transport and heating declined. A slight fall was also recorded for gas and district heating. The year-on-year price decline was again the result of lower prices of durable goods, while increases in prices of food, services and semi-durables remained modest. The year-on-year fall in euro area prices (-0.1%) was also due to lower energy prices. Prices of food, services and durable and semi-durable goods were up year-on-year. Figure 20: Industrial producer prices and import prices -PPI (domestic market) ----PPI (foreign market) -Import prices 12 10 - 0 -2 -4 Amid lower prices on commodity markets, industrial producer prices and import prices continued to decline at the beginning of the year. The year-on-year price fall on foreign markets deepened further owing to a larger decline in the euro area. On the domestic market, the falling of prices eased at the end of last year. Table 4: Consumer price growth, in % 2015 III16/II16 III16/III15 Total -0.5 0.7 -0.9 Food 1.5 0.3 0.2 Fuels and energy -6.7 0.3 -8.0 Services 0.7 0.2 0.6 Other1 -0.1 0.7 -0.3 Total excluding food and energy 0.3 0.9 0.1 Core inflation - trimmean2 0.0 0.3 0.1 Administered prices -9.8 1.2 -12.6 Tax impact - contribution in percentage points. -0.2 0.0 0.1 Source: SURS, Ministry of Economic Development and Technology; calculations by IMAD. Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2The trimmean approach excludes the share of extreme price changes in each month. The optimum share is determined as a difference between the moving average and the calculated trimmed mean in the period of the last five years. 16 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Figure 21: Real effective exchange rates, HICP deflator, Slovenia and the euro area -SI against 37 partners (EA and extra EA) -------SI against 19 partners (extra EA) ---SI against 18 partners (EA) -------EA against 19 partners (extra EA) 2 -4 -3^-3^-3^-3^-3^-3 Source: ECB; calculations by IMAD. Price competitiveness improved further in January. The improvement was mainly attributable to lower relative prices.11 In Slovenia prices continued to decline year-on-year, while in the euro area as a whole inflation has been rising since mid-2015. Gains in price competitiveness relative to the euro area have therefore strengthened slightly in this period. Conversely, the impact of the year-on-year fall in the exchange rate of the euro was relatively smaller. It has been declining since May 2015, when the euro started to appreciate gradually at the monthly level against the currencies of Slovenia's main trading partners.12 The year-on-year improvement in price competitiveness against the trading partners outside the euro area therefore slowed significantly in the second half of 2015. 4 0 16 11 In Slovenia, compared to those in its trading partners. 12 The British pound, Hungarian forint, Polish zloty, Croatian kuna, Swiss franc, Japanese yen, Chinese yuan and South Korean won. 17 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Balance of payments Figure 22: Components of the current account of the balance of payments Merchandise trade Services trade Primary income Secondary income 5,000 4,000 * 3,000 2,000 1,000 -1,000 -2,000 -Current account The surplus of the current account of the balance of payments remains significant. In the twelve months to January, the current account surplus totalled 7.5% of estimated GDP. It was up year-on-year primarily owing to a larger surplus in international trade in goods and services, which was also attributable to the favourable terms of trade. The deficit in primary income remained similar to that one year earlier: the costs of servicing the external debt were decreasing while the net payments of taxes were rising. The deficit in secondary income was down year-on-year primarily as a consequence of lower general government expenditure. Source: BoS; calculations by IMAD. 0 Figure 23: Financial transactions of the balance of payments Direct investment Portfolio investment Financial derivatives Other investment -Financial transactions 12,000 E 10,000 tr Ë3 8,000 Source: BoS; calculations by IMAD. The developments in the financial account of the balance of payments in January were again characterised primarily by: higher net inflows of equity capital of foreign direct investors; withdrawals of BoS and household cash and deposits from foreign accounts; and further repayments of government and commercial bank liabilities to foreign portfolio investors. Table 5: Balance of payments I 2016, in EUR m Inflows Outflows Balance Balance, I 15 Current account 2,419.9 2,131.9 288.0 136.7 Goods 1,850.4 1,632.8 217.6 92.7 Services 426.2 272.0 154.2 142.5 Primary income 88.0 145.9 -57.9 -56.3 Secondary income 55.3 81.2 -25.9 -42.1 Capital account 78.4 34.3 44.1 8.2 Financial account -360.0 -79.1 280.9 434.3 Direct investment 215.0 26.1 -188.9 -44.1 Portfolio investment -416.8 -54.6 362.2 192.6 Other investment -154.0 -68.0 86.0 267.7 Net errors and omissions 0.0 -51.2 -51.2 289.4 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. 18 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Financial markets Figure 24: Non-performing claims in the banking system ■ Enterprises ■ Foreigners ■ Households ■ Other - Share of non-performing claims (right axis) 3,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 16.0 14.0 12.0 (NtNtNtNtNtNtNtN Source : BoS. In February the decline in the volume of domestic nonbanking sector loans accelerated significantly, largely as a consequence of the liquidation of two smaller banks and, to a lesser extent, the deleveraging of non-banking sectors. Loan volume decreased by EUR 1.7 billion in the 12 months to February; not taking into account the liquidation of two smaller banks, the decline would remain at the level recorded one year before (EUR 1.3 billion), according to our estimate. In January enterprises and NFIs continued to deleverage abroad. In the twelve months to January, their net repayments totalled EUR 170 million, around 10% less than in the comparable period of 2015. Net repayments of long-term loans rose, while the inflow of short-term loans exceeded EUR 200 million. The gaps between domestic and foreign interest rates continue to narrow gradually. The share of non-performing claims has been declining at a slightly faster pace since the last quarter of 2015. Figure 25: Changes in the volume of deposits by domestic non-banking sectors Overnight 3,000 2,000 S 1,000 jz -1,000 ¡2 -2,000 -3,000 Long-term -Total Short-term Redeemable at notice I 2011 II 2012 II 2013 II 2014 II 2015 II 2016 Source: BoS; calculations by IMAD. Looking at the sources of finance, banks continue to repay their liabilities abroad, while the increase in deposits by domestic non-banking sectors eased considerably. Bank deleveraging abroad, having totalled EUR 1.5 billion in the last twelve months (around 60% more than in the comparable period of 2015), slowed notably in the last six months. The increase in deposits by domestic non-banking sectors continues to slow, totalling EUR 650 million at the year-on-year level in February, which is around 40% of the level recorded in February 2015. This significant decline is mainly attributable to a fall in government deposits, but also to smaller inflows of household deposits, while the growth of corporate deposits in banks increases. The maturity structure of deposits continues to deteriorate, as growth is recorded mainly for overnight deposits. 10.0 8.0 6.0 4.0 2.0 0 0.0 0 Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. XII 15 29. II 16 29. II 16/31. I 16 29. II 16/28. II 15 Loans total 21,741.8 21,188.1 -2.5 -7.6 Enterprises and NFI 10,966.1 10,497.6 -4.4 -14.5 Government 1,919.7 1,901.8 -1.4 2.7 Households 8,855.9 8,788.7 -0.3 -0.1 Consumer credits 2,032.2 2,015.7 -0.4 -3.2 Lending for house purchase 5,524.6 5,520.6 0.3 1.5 Other lending 1,299.1 1,252.5 -2.5 -2.4 Bank deposits total 15,879.4 16,108.4 0.6 3.5 Overnight deposits 8,962.9 9,328.9 1.8 21.1 Term deposits 6,916.5 6,779.5 -1.0 -13.8 Government bank deposits, total 1,644.2 1,596.6 -18.3 -29.2 Sources: Monthly Bulletin of the BoS, SMA (Securities Market Agency); calculations by IMAD. Note: NFI - Non-monetary Financial Institutions. 19 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Public finance Figure 26: General government balance on a cash flow basis ■ General government balance ■ Primary general government balance Owing to increased inflows of EU funds, the general government balance on a cash basis13 was positive in January and therefore more favourable than in January 2015. A significant factor in January's surplus (EUR 25.7 million) was the dynamics of EU funds absorption at the end of the previous and the beginning of the implementation of the new financial perspective of the EU and the consequent decline in expenditure on subsidies and investment. Source: MF, Bulletin of Government Balance; calculations by IMAD. Figure 27: Revenue growth and contributions of individual categories to growth Tax revenues ■ Social security contributions ■ Non-tax revenues .2 Receipts from the EU budget •§ ■ Capital and transferred revenues and donations received J »TOTAL REVENUE (right axis) 6 0 -2 -4 -6 Q1 Q2 2015 Q3 Jan 2016 Source: MF, Bulletin of Government Finance; calculations by IMAD. Figure 28: Expenditure growth and contributions of individual categories to growth ■ Salaries, wages, oth. personnel expedit. with social security contrib.* ■ Expenditure on goods and services ■ Interest payments ■ Reserves ■ Current transfers & Capital expenditure and capital transfers 4 «Payments to the EU budget ~ »TOTAL EXPENDITURE (right axis) - 8 JZ ? 6 o & 4 iS 2 ^ c 0 o ¡5 -2 ^ .4 o c -6 0 1 -8 f -10 8 Q2 2015 Jan 2016 Source: MF, Bulletin of Government Finance; calculations by IMAD. Note: * Labour costs include social contributions paid by the employer. After 2015 growth, general government revenue was also slightly higher year-on-year in January. January's year-on-year growth (1.2%) was almost entirely due to the increased receipts from the EU budget related to the previous financial perspective. Tax revenues were down year-on-year owing to the postponement of the payment of a part of excise duties from January to the beginning of February. Modest growth in personal income tax revenue14 arose from lower agricultural subsidies. Growth in collected VAT was also lower than in January 2015. After last year's growth, general government expenditure was significantly lower year-on-year in January. The largest contribution to January's year-on-year decline in expenditure (-8.4%) came from lower expenditure on subsidies (particularly agricultural subsidies, which were paid with a delay15) and investment, which declined due to the beginning of the implementation of the new financial perspective of the EU. A decline was also recorded for expenditure on funds for special purposes (within reserves) and the wage bill16. 13 According to the consolidated general government budgetary accounts on a cash basis. 14 In January 2016, prepayments of the tax on income from employment were 4.5% higher year-on-year, primarily on account of growth in earnings (mainly owing to the removal of the freeze on public servants' promotion to a higher pay class) and partly owing to higher employment. 15 In connection with the beginning of the absorption of EU funds under the new financial perspective of the EU, a reform introducing a new system of direct payments in agriculture (new calculations of the value of payment entitlements) took place in 2015, which led to a delay in direct payments this year. 16 The year-on-year decline in the wage bill in January 2016, despite the removal of the freeze on public servants' promotions, is related to last year's payments of funds intended to eliminate wage disparities in the public sector. a 4 2 20 Slovenian Economic Mirror, No. 2/2016 Current Economic Trends Table 7: Consolidated general government revenue and expenditure on a cash basis Category 2015 (preliminary) I 2016 EUR m Y-o-y growth, in % EUR m Y-o-y growth, in % REVENUES TOTAL 15,714.1 1.4 1,328.4 1.2 Tax revenues* 8,272.2 4.4 711.4 -7.2 Personal income tax 1,986.3 3.7 175.1 0.8 Corporate income tax 594.8 27.0 39.8 17.0 Taxes on immovable property 197.3 6.3 8.8 31.1 Value added tax 3,228.7 2.4 330.9 1.5 Excise duties 1,515.3 1.6 82.1 -38.2 Social security contributions 5,473.9 3.8 465.0 2.3 Non-tax revenues 956.9 -19.2 56.8 3.1 Receipts from the EU budget 882.5 -15.2 90.2 181.3 Other 128.6 67.8 5.0 31.8 EXPENDITURE TOTAL 16,956.8 1.2 1,302.6 -8.4 Salaries, wages and other personnel expenditures** 3,610.5 0.0 303.8 -3.9 Expenditure on goods and services 2,310.8 3.5 157.8 2.1 Interest payments 1,042.6 -5.0 143.6 0.6 Reserves 204.1 98.6 10.5 -57.4 Transfers to individuals and households 6,370.4 0.6 529.1 2.6 Other current transfers 1,168.5 -7.0 88.7 -44.7 Investment expenditure 1,817.1 5.8 35.6 -52.0 Payments to the EU budget 432.9 7.4 33.6 -2.2 BUDGET BALANCE -1,242.6 25.7 PRIMARY BALANCE -217.8 168.7 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note:* Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions.** Labour costs include social contributions by the employer. Figure 29: Receipts from the EU budget, January February 2015 and 2016 ■ Total receipts (Jan-Feb 2016) ■ Total receipts (Jan-Feb 2015) Common Agricultural Policy Cohesion Fund Other 0 10 20 30 40 50 60 70 80 90 In EUR m Source: MF; calculations by IMAD. Slovenia's net budgetary position against the EU budget was positive in the first two months (at EUR 23.6 million). Slovenia received EUR 129.2 million from the EU budget. The bulk of receipts were funds from the EU Cohesion Fund, all of which were from the previous financial perspective (2007-2013).17 Slovenia's payments into the EU budget stood at EUR 105.5 million in the same period. The high amount paid in February18 was the result of the European Commission's call for almost double the amount of average monthly GNI-based payments and payments for the UK correction, and triple the amount of average monthly VAT-based payments. The payments of obligations for the first two months have already covered more than a quarter of this year's obligations of Slovenia's state budget to the EU budget. 17 Funds from the 2007-2013 financial period were being paid to beneficiaries until the end of 2015; reimbursements to the state budget from the EU budget are expected to be paid by the end of the first quarter of 2016. 18 EUR 71.9 million; as a result of increased expenditure for the European Agricultural Guarantee Fund, the European Commission is entitled to call on the Member States to pay triple the amount of their average monthly payments to the EU budget at the beginning of the year. Slovenian Economic Mirror, No. 2/2016 Current Economic Trends 21 Box 1: Main aggregates of the general government, 2015 (ESA 2010) In 2015 the general government deficit1 fell below 3% for the first time since the onset of the crisis. The narrowing of the deficit from 4.9% in 2014 to 2.2% in 2015 was mainly attributable to the continuation of economic growth and measures to increase revenue and contain expenditure.2 The effect of one-off factors was also negligible compared with the previous year (EUR 20 million in 2015, compared with EUR 430 million in 2014). Interest payments also declined for the first time since the onset of the crisis, which was attributable to the more favourable terms of new borrowing. The primary balance, which excludes interest payments from expenditure, was in surplus for the first time since the beginning of the crisis. The forecast for 20163 projects that the general government deficit will remain at 2.2% of GDP, which indicates that in order to further reduce the deficit, Slovenia will have to replace the temporary measures that will be lifted this year by other measures, which will ensure a more permanent structural adjustment of public finances instead of short-term cost containment. The general government debt increased further in 2015. At the end of 2015, it totalled EUR 32.0 billion or 83.0% of GDP, and was EUR 1.9 billion higher than in 2014 (2.2 percentage points of GDP). Almost half of the debt increase (EUR 0.8 billion) was used to cover the current deficit, while the remainder was, amid favourable borrowing terms, intended for pre-financing the borrowing requirements in the following years and increasing the deposit as a hedge against the foreign exchange risk of bonds issued in USD. The forecast for 20 1 64 indicates a reduction in debt, but it will nevertheless be almost 60 percentage points of GDP higher than in 2008. Figure 30: : General government balance and primary balance Figure 31: Consolidated general government debt General government deficit Primary balance 0 -2 -4 û " 13 o -8 -12 -14 2008 2009 2010 2011 2012 2013 2014 2015 Source: SURS. 2 -16 40,000 35,000 30,000 E 25,000 cc ZD Ç 20,000 15,000 10,000 5,000 0 In EUR m As a % of GDP 90 80 70 60 50 § o 40 ^ < 30 20 10 0 2008 2009 2010 201 1 2012 2013 2014 2015 Source: SURS. Table 8: Main aggregates of the general government As a % of GDP 2008 2009 2010 2011 2012 2013 2014 2015 Net lending (+) / net borrowing (-) -1.4 -5.9 -5.6 -6.7 -4.1 -15 -4.9 -2.2 Revenue 42.5 42.3 43.6 43.3 44.5 45.2 44.9 45.1 Expenditure 43.9 48.2 49.3 50 48.6 60.3 49.7 47.3 Consolidated gross debt, as at the end of the year 21.6 34.5 38.2 46.4 53.7 70.8 80.8 83.0 Source: SURS, SI-STAT, Main aggregates of the general government, March 2016. 1 On an accrual basis, in line with the methodology of the European System of National Accounts (ESA 2010). 2 The government measures on the revenue side include the following: increasing the CO2 tax and the rates of the taxes on financial and insurance services; broadening the base for social contributions; preserving the 4th personal income tax bracket; and improving the efficiency of tax collection. The measures to contain expenditure include extending some austerity measures regarding compensation of employees (except promotions) and social transfers and benefits, and lowering expenditure on subsidies. 3 The forecast within April EDP reporting. 4 The forecast within April EDP reporting. selected topics Slovenian Economic Mirror, No. 2/2016 25 Selected Topics Life satisfaction, autumn 2015 In autumn 2015, life satisfaction' in Slovenia exceeded the long-term average and approached the levels recorded before the crisis. Satisfaction with the economic and employment situation in the country and at the personal level improved further. The increase in the level of life satisfaction (by 6 percentage points to 87%) could be related to the migration problem, because of which people might have changed the criteria for evaluating life satisfaction and adjusted their expectations accordingly. Figure 32: Life satisfaction, Slovenia and the EU average -Slovenia---Slovenian average -EU---EU average ^m^iûiONNaiffloioioOr-^nnmm'i'iinm OOOOOOOOOOO'— '— '— '— '— '— '— '— '— '— '— '— ooooooooooooooooooooooo rNrNrNrNrNrNrNrNrNrNrNrNrNrNrNrNrNrNrNrNrNrsrN Source: Eurobarometer The evaluations of satisfaction with the economic and employment situation at both the personal and the national level improved slightly in autumn 2015, but the gap between the two remained significant. The proportions of people satisfied with the economic and employment situation in the country have been increasing since spring 2013, but are still significantly smaller than before the crisis. The evaluations of satisfaction with the personal employment situation and the personal financial situation, which have deteriorated less since the beginning of the crisis, have been improving since autumn 2014. Figure 33: Evaluations of satisfaction at personal and country levels Personal employment situation ---Personal financial situation -Economic situation in your country ---Employment situation in your country 70 60 40 30 rs rs m m rN rN rN rN Source: Eurobarometer rN rN rN rN Expectations for the year ahead are less optimistic2 in all areas except the personal employment situation, where they remained lowest. Expectations were least optimistic in 2013 and have since improved notably. In autumn 2015 the proportion of respondents expecting an improvement in the personal employment situation increased further, while expectations for other areas have been fairly volatile since spring 2014. The expectations and evaluations of life satisfaction can also be impacted by current developments, because of which people can adjust their criteria for evaluating life satisfaction and expectations for the year ahead and perceptions of problems at the national level. Figure 34: The proportion of those expecting the situation to improve next year Expect. of improv. in the personal employment situation ---Expect. of improv. in the financial situation of one's own household -Expect. of improv. in the economic situation in the country ---Expect. of improv. in the employment situation in the country 30 80 50 20 95 0 90 85 - 80 75 70 5 rs rs m m rNrNrNrNrNrNrNrNrNrNrsrN 1 The Eurobarometer survey measures life satisfaction with the following question: All things considered, how satisfied would you say you are with your life these days? The possible answers are: very satisfied, satisfied, dissatisfied and very dissatisfied. In the context of our analysis, the category of satisfied people includes those very satisfied and satisfied. .£ E E .£ Source: Eurobarometer E .£ 2 In measuring 'optimism', we monitor the share of those expecting things to improve. 0 Slovenian Economic Mirror, No. 2/2016 26 Selected Topics Figure 35: Main concerns at national level ■ Spring 2015 «Autumn 2015 Health system Government debt Economic situation Unemployment Immigration 0 1 0 20 30 40 50 60 70 80 90 In % Source: Eurobarometer. Note: Issues mentioned by more than 10% of respondents. Unemployment and the economic situation in the country remain the main concerns in Slovenia; in autumn 2015 Slovenian respondents also exposed immigration. At the personal level, immigration is still seen as a less significant problem (6% of respondents). statistical appendix Slovenian Economic Mirror, No. 2/2016 29 Statistical Appendix MAIN INDICATORS 2010 2011 2012 2013 2014 2015 2016 2017 2018 Spring forecast 2016 GDP (real growth rates, In %) 1.2 0.6 -2.7 -1.1 3.0 2.9 1.7 2.4 2.3 GDP In EUR million (current prices) 36,252 36,896 35,988 35,907 37,303 38,543 39,598 40,613 41,880 GDP per capita, In EUR (current prices) 17,694 17,973 17,498 17,435 18,093 18,680 19,179 19,670 20,283 GDP per capita (PPS)1 21,000 21,500 21,500 21,500 22,600 GDP per capita (PPS EU28=100)1 83 83 81 81 83 Rate of registered unemployment 10.7 11.8 12.0 13.1 13.1 12.3 11.7 11.0 10.3 Standardised rate of unemployment (ILO) 7.3 8.2 8.9 10.1 9.7 9.0 8.6 8.1 7.5 Labour productivity (GDP per employee) 3.4 2.4 -1.8 0.3 2.5 1.4 0.8 1.5 1.7 Inflation,2 year average 1.8 1.8 2.6 1.8 0.2 -0.5 -0.3 1.3 1.3 Inflation,2 end of the year 1.9 2.0 2.7 0.7 0.2 -0.5 0.6 1.2 1.4 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 10.2 6.9 0.6 3.1 5.8 5.2 3.7 4.8 4.9 Exports of goods 12.0 8.0 0.4 3.3 6.4 5.1 3.5 4.9 5.0 Exports of services 3.4 2.5 1.5 1.9 3.4 5.4 4.3 4.2 4.2 Imports of goods and services (real growth rates, in %) 6.8 5.0 -3.7 1.7 4.0 4.4 3.0 5.1 5.0 Imports of goods 7.6 6.0 -4.3 2.5 3.7 4.9 2.9 5.3 5.1 Imports of services 3.1 -0.4 0.2 -3.1 6.0 1.8 3.7 4.3 4.4 Current account balance3, in EUR million -43 68 930 2,023 2,607 2,810 2,960 2,754 2,627 As a per cent share relative to GDP -0.1 0.2 2.6 5.6 7.0 7.3 7.5 6.8 6.3 Gross external debt, in EUR million 42,123 41,669 42,872 41,658 46,314 44,723 44,493* As a per cent share relative to GDP 116.2 112.9 119.1 116.0 124.2 116.0 Ratio of USD to EUR 1.327 1.392 1.286 1.328 1.329 1.110 1.111 1.114 1.114 DOMESTIC DEMAND Private consumption (real growth rates, in %) 1.3 0.0 -2.5 -4.1 0.7 1.7 2.1 1.7 1.7 As a % of GDP 56.0 56.0 56.7 55.0 53.3 51.9 51.3 51.4 51.2 Government consumption (real growth rates, in %) -0.5 -0.7 -2.3 -1.5 -0.1 0.7 0.9 0.2 0.1 As a % of GDP 20.3 20.4 20.3 19.8 19.1 18.5 18.8 18.7 18.4 Gross fixed capital formation (real growth rates, in %) -13.3 -4.9 -8.8 1.7 3.2 0.5 -3.0 6.0 5.0 As a % of GDP 21.3 20.2 19.3 19.7 19.6 19.4 18.6 19.6 20.3 Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Autumn Forecast, September 2015). Notes: 'Measured in purchasing power standard; 2Consumer price index; 3 Balance of payments statistics; "End January 2016. Slovenian Economic Mirror, No. 2/2016 30 Statistical Appendix PRODUCTION 2013 2014 2015 2013 2014 2015 2014 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D -0.9 2.2 5.6 1.6 0.7 2.3 3.1 2.6 6.7 5.0 5.5 5.1 -1.4 3.7 0.8 0.0 B Mining and quarrying 1.3 -3.8 0.8 16.8 -1.6 33.0 -9.6 -28.1 0.6 -14.0 -1.2 23.9 0.0 -27.5 69.7 17.6 C Manufacturing -1.5 4.3 6.0 1.2 3.3 3.1 5.1 5.6 6.8 5.7 6.3 5.1 1.0 6.3 1.0 0.1 D Electricity, gas & steam supply1 3.9 -14.2 2.5 3.1 -18.3 -10.0 -11.5 -16.1 5.8 2.4 -0.5 2.2 -19.4 -13.8 -9.7 -4.7 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total -2.5 19.5 -8.2 22.8 36.8 40.0 19.8 -3.3 0.3 9 -12.5 -8.3 28.8 44.6 47.2 45.0 Buildings -20.4 3.8 -4.0 5.1 6.7 6.5 8.0 -4.5 -5.3 -1.1 -5.6 -4.2 4.7 8.5 .8 11.3 Civil engineering 6.3 26.5 -9.8 27.1 52.5 55.7 25.1 -1.9 2.5 -11.5 -15.2 -10.0 41.1 63.0 65.1 60.4 MARKET SERVICES, year-on-year growth rates, % Services, total -0.3 2.7 4.5 1.1 3.5 2.0 4.3 1.1 3.4 3.1 3.6 7.9 2.9 4.7 2.3 2.5 Transportation and storage -0.1 6.2 3.1 1.6 7.2 6.1 7.0 4.5 2.3 3.1 2.2 4.9 5.9 8.9 4.6 6.1 Information and communication activities 0.4 1.1 4.6 0.6 5.0 -0.3 0.6 -0.5 1.4 1.7 4.5 10.3 6.0 3.8 1.1 0.2 Professional, scientific and technical activities -2.1 -1.8 4.5 -0.6 -4.7 -2.5 6.6 -5.7 3.5 -0.4 2.6 11.7 -6.3 -1.2 -0.6 -1.4 Administrative and support service activities 3.7 2.5 11.6 5.4 0.2 -1.6 1.8 10.1 14.2 15.5 9.6 7.9 0.6 -0.6 -0.7 -0.2 Distributive trades, y-o-y growth rates, % Total real turnover* -1.0 2.4 5.8 3.2 2.4 -1.2 5.7 2.6 4.9 6.8 4.5 6.8 1.9 3.2 2.5 -3.2 Real turnover in retail trade -3.7 0.0 1.1 -0.7 -0.7 -1.0 2.3 -0.8 0.8 1.4 0.4 1.8 -0.6 -0.5 3.0 -3.2 Real turnover in the sale and maintenance of motor vehicles 4.7 7.2 13.9 11.6 .6 OÖ -1.7 12.8 9.0 11.8 15.8 12.9 15.1 6.9 10.1 1.5 -3.4 Nominal turnover in wholesale trade & commission trade -0.2 3.8 1.4 4.7 6.2 3.0 6.0 0.1 0.2 1.5 0.6 3.1 5.2 8.4 5.8 -0.1 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays 0.3 -0.5 7.2 0.6 -2.0 -14.0 -3.4 3.9 6.8 28.1 11.2 3.3 -3.4 -2.1 7.8 -2.9 Domestic tourists, overnight stays -3.4 -3.5 6.3 0.5 -3.4 -8.1 -7.7 1.6 6.8 12.7 15.2 3.4 -5.7 2.4 -3.6 1.0 Foreign tourists, overnight stays 2.8 1.4 7.7 0.7 -0.6 -17.4 -1.4 5.6 6.9 37.9 9.4 3.2 -0.2 -5.8 15.5 -4.9 Accommodation and food service activities -1.4 2.1 4.6 2.9 2.8 3.3 1.2 1.1 6.8 4.3 3.3 4.0 2.0 5.1 4.2 2.7 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 478.4 506.9 472.9 139.6 113.6 122.8 132.5 138.0 102.5 111.3 123.6 135.5 36.0 39.2 42.6 39.4 BUSSINES TENDENCY (indicator values**) Sentiment indicator -13.3 -2.3 5.2 -11.4 -8.1 -2.0 -0.2 1.3 4.5 5.0 5.3 5.9 -8.8 -7.4 -5.4 -0.3 Confidence indicator - in manufacturing -5 2 6 -2 -1 3 3 3 7 5 5 6 0 0 2 3 - in construction -22 -11 -14 -17 -14 -9 -9 -11 -10 -14 -16 -14 -17 -9 -16 -4 - in services -12 5 16 -10 -5 6 7 11 15 16 16 19 -6 -4 3 9 - in retail trade 2 9 15 3 2 7 10 17 17 15 15 14 0 -3 2 17 Consumer confidence indicator -33 -22 -11 -34 -30 -25 -17 -17 -15 -10 -8 -12 -31 -29 -30 -24 Source of data: SURS. Note: 1Only 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. 2/2016 31 Statistical Appendix 2014 2015 2016 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 6.1 5.2 -1.3 4.7 2.9 1.5 3.5 3.9 7.5 8.4 0.8 6.0 8.2 2.6 8.4 6.1 3.5 8.4 3.2 3.9 10.1 -18.7 -25.3 20.3 -4.5 -24.1 -52.5 -15.7 -5.1 29.7 -36.3 -0.2 7.1 12.3 10.0 -20.6 -10.4 27.9 78.7 9.4 8.3 6.9 1.2 6.4 5.1 3.8 8.3 4.0 7.4 8.6 1.6 6.7 8.8 3.1 9.0 7.2 4.0 8.6 2.6 5.0 -15.3 -6.0 -15.7 -13.0 -16.2 -13.7 -18.1 4.4 9.2 4.1 2.1 0.6 4.7 -3.0 1.8 -0.1 2.6 3.6 0.7 -5.8 30.4 27.7 27.5 6.7 -1.8 -10.5 4.6 -2.7 6.0 -1.7 -7.0 -9.0 -10.5 -12.9 -13.8 -10.7 -11.6 6.9 -22.2 -23.5 -0.2 13.6 15.9 -4.0 -5.1 -12.6 7.0 -0.3 -6.7 -8.2 -5.3 0.9 0.9 -2.9 -11.3 -1.7 -7.1 2.6 -7.9 -2.9 44.6 34.1 32.5 11.6 0.4 -8.7 4.5 -4.1 11.9 0.9 -7.5 -12.2 -14.3 -16.4 -15.2 -14.1 -13.2 8.5 -28.2 -31.4 1.3 7.0 3.3 2.7 1.8 -0.6 2.0 0.9 5.7 3.7 1.4 2.8 5.0 3.2 4.2 3.3 4.9 10.9 7.9 5.9 - - 7.6 7.3 3.6 9.8 2.5 2.4 8.9 -2.0 5.7 3.1 0.8 2.1 6.2 2.4 3.9 0.6 3.9 8.6 2.5 3.9 -2.1 3.4 -0.4 -1.0 -0.3 -0.7 -0.6 -0.9 3.2 2.0 2.9 0.3 1.8 2.2 4.8 6.6 4.6 15.0 11.1 2.4 -5.1 17.5 9.8 -4.1 -0.5 -9.0 -7.1 2.8 5.8 2.1 -4.5 2.5 1.0 2.6 2.2 2.9 7.2 13.7 13.8 12.7 -3.7 4.2 -0.7 2.0 8.8 9.6 12.0 13.4 12.8 16.2 12.4 13.5 20.1 8.7 9.8 10.4 9.7 10.7 3.5 11.6 - - -2.9 8.4 1.1 7.9 2.9 0.7 4.2 2.0 6.4 6.4 2.7 8.1 9.8 3.5 4.9 5.1 3.8 8.7 8.0 6.7 - -2.8 3.0 -0.8 4.8 -0.7 -1.3 -0.3 -1.3 2.9 0.7 -0.9 2.5 2.6 0.2 0.2 0.8 0.4 1.9 3.2 1.2 -3.0 19.4 5.7 13.6 9.4 4.0 13.9 7.7 12.3 15.4 8.9 17.6 21.4 9.7 15.9 13.1 9.4 19.4 16.8 15.9 3.3 6.3 2.3 9.4 1.6 0.1 -1.4 -6.8 3.4 4.4 -2.2 1.8 5.0 0.8 0.3 0.9 -2.1 5.6 6.2 -0.2 - 4.8 -5.1 -1.3 -4.7 6.0 -0.7 5.6 6.2 12.4 2.2 6.1 8.1 6.7 10.9 8.7 7.0 1.1 0.6 8.8 9.3 - -1.3 -7.7 -8.7 -5.8 8.2 -0.7 -3.6 9.6 9.9 1.0 10.5 -2.9 7.4 8.3 10.2 6.4 0.9 5.0 5.1 6.8 - 8.3 -3.8 2.1 -4.2 4.5 -0.7 13.9 4.0 15.7 3.2 3.7 14.2 6.3 12.1 8.1 7.3 1.2 -3.0 11.7 11.0 - 2.9 0.7 4.5 -1.6 3.5 0.2 -0.4 7.0 8.0 5.4 4.3 5.1 3.6 5.2 2.8 2.0 0.7 3.7 7.7 6.6 - 40.7 48.0 38.8 45.7 47.4 40.9 49.7 34.1 32.1 36.3 37.1 37.0 37.2 43.3 36.2 44.2 49.0 40.3 46.2 33.7 - - -0.4 1.2 -1.9 0.0 1.9 0.7 1.4 3.5 4.3 5.6 4.9 5.1 5 3.5 6.6 5.7 5.8 5.4 6.4 3.8 3.5 3.6 5 6 1 1 2 2 4 5 6 9 4 6 5 5 7 4 6 6 7 4 5 4 -8 -6 -12 -10 -10 -13 -11 -12 -10 -9 -14 -15 -13 -16 -15 -18 -15 -14 -14 -16 -16 -20 7 7 6 7 11 12 11 12 16 16 18 16 15 16 15 17 18 19 19 16 17 19 2 11 10 10 18 19 14 24 19 9 21 18 5 5 16 23 15 16 12 28 23 21 -22 -17 -21 -14 -13 -20 -17 -14 -17 -14 -12 -11 -6 -14 -5 -6 -11 -14 -10 -16 -19 -19 Slovenian Economic Mirror, No. 2/2016 32 Statistical Appendix LABOUR MARKET 2013 2014 2015 2013 2014 2015 2014 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 FORMAL LABOUR FORCE (A=B+E) 913.4 917.9 917.4 916.5 912.9 919.8 917.5 921.3 919.7 917.5 914.5 917.8 913.0 914.4 920.2 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 793.6 797.8 804.6 795.8 784.2 799.6 803.0 804.4 798.0 805.0 807.1 808.5 783.3 787.7 796.6 In agriculture, forestry, fishing 38.2 35.4 29.9 38.4 31.7 37.1 37.5 35.1 32.8 30.5 29.4 26.9 31.7 32.0 36.8 In industry, construction 252.2 252.4 255.2 252.9 249.0 252.9 254.1 253.8 250.4 255.2 257.3 257.9 248.5 250.0 252.0 Of which: in manufacturing 177.7 178.3 181.0 177.8 177.3 178.2 178.6 179.2 178.8 179.9 181.6 183.6 177.4 177.5 178.1 in construction 54.3 54.0 54.3 54.6 51.5 54.6 55.4 54.5 51.8 55.3 55.7 54.5 50.7 52.6 53.9 In services 503.2 510.0 519.6 504.6 503.5 509.7 511.4 515.5 514.9 519.3 520.4 523.7 503.1 505.7 507.8 Of which: in public administration 49.1 48.8 48.1 48.9 48.7 49.0 49.0 48.5 48.1 48.2 48.3 48.0 48.7 48.9 48.9 in education, health-services, social work 121.0 122.2 124.0 121.6 121.6 122.4 121.6 123.1 123.3 124.1 123.3 125.5 121.7 122.1 122.3 FORMALLY EMPLOYED (C)1 698.7 703.0 713.1 699.2 693.8 703.5 706.1 708.8 704.2 712.9 715.9 719.3 693.0 696.9 700.8 In enterprises and organisations 647.6 652.6 662.3 648.1 645.2 653.1 654.7 657.2 654.6 661.5 664.6 668.6 644.8 647.8 651.0 By those self-employed 51.1 50.5 50.8 51.1 48.6 50.4 51.3 51.6 49.7 51.4 51.4 50.6 48.2 49.1 49.8 SELF-EMPLOYED AND FARMERS (D) 94.9 94.8 91.6 96.6 90.4 96.1 97.0 95.6 93.8 92.1 91.1 89.2 90.3 90.7 95.8 REGISTERED UNEMPLOYMENT (E) 119.8 120.1 112.7 120.7 128.8 120.2 114.5 116.9 121.6 112.5 107.4 109.3 129.8 126.7 123.6 Female 57.4 59.6 57.5 58.9 61.2 59.4 58.4 59.6 60.0 57.7 55.9 56.2 61.2 61.0 60.3 By age: 15 to 29 28.8 30.4 26.8 31.6 33.6 30.5 27.4 30.2 30.0 26.5 23.9 26.7 33.9 33.1 31.9 aged over 50 38.9 37.3 36.7 37.3 39.0 37.7 36.5 36.0 37.8 36.8 36.2 36.1 39.1 38.8 38.4 Primary education or less 34.2 33.8 32.3 33.6 36.4 33.8 32.1 32.8 35.3 32.0 30.5 31.2 36.9 35.7 34.7 For more than 1 year 55.4 59.9 59.7 57.7 60.7 59.9 59.1 59.7 61.1 60.1 59.1 58.4 60.6 60.5 60.7 Those receiving benefits 33.0 26.6 23.7 28.7 32.7 26.2 23.9 23.7 28.7 22.4 21.4 22.2 33.0 31.3 27.4 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 13.1 13.1 12.3 13.2 14.1 13.1 12.5 12.7 13.2 12.3 11.7 11.9 14.2 13.9 13.4 Male 12.5 12.0 11.1 12.4 13.5 12.1 11.1 11.4 12.3 11.0 10.3 10.7 13.7 13.2 12.6 Female 13.8 14.3 13.7 14.1 14.8 14.2 14.1 14.2 14.4 13.8 13.4 13.4 14.8 14.7 14.4 FLOWS OF FORMAL LABOUR FORCE 6.0 -4.6 -6.4 9.3 2.7 -9.4 -4.8 6.9 -1.4 -7.9 -5.5 8.3 -0.1 -3.0 -3.1 New unemployed first-job seekers 19.1 18.5 15.8 9.4 4.2 2.7 3.3 8.4 3.5 2.2 2.8 7.4 1.4 1.2 1.0 Redundancies 88.7 83.9 81.3 23.5 25.9 17.3 17.7 23.1 24.4 16.3 17.3 23.3 6.6 6.2 6.1 Registered unemployed who found employment 65.1 74.0 71.0 14.1 20.7 21.4 16.6 15.3 21.8 19.0 16.9 13.3 6.0 8.5 7.6 Other outflows from unemployment (net) 37.3 33.2 32.6 9.9 6.8 7.9 9.2 9.3 7.5 7.5 8.6 9.1 2.1 1.9 2.6 WORK PERMITS FOR FOREIGNERS 30.5 25.1 23.2 27.8 26.3 25.7 24.8 23.6 22.6 23.3 23.7 23.3 26.3 26.2 26.0 As % of labour force 3.3 2.7 2.5 3.0 2.9 2.8 2.7 2.6 2.5 2.5 2.6 2.5 2.9 2.9 2.8 Source of data: SURS, PDII, ESS. Note: '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. 2/2016 33 Statistical Appendix 2014 2015 2016 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 919.8 919.4 918.0 916.5 918.1 922.3 922.2 919.4 918.5 919.9 920.6 917.9 917.3 917.3 915.0 913.6 914.8 917.9 918.8 916.7 916.2 800.1 802.1 801.8 801.7 805.5 806.4 806.8 800.0 794.3 797.4 802.5 803.0 804.9 807.1 805.5 805.6 810.1 810.4 811.4 803.6 798.0 37.0 37.3 37.5 37.5 37.6 35.2 35.1 35.1 32.6 32.7 33.0 30.5 30.5 30.5 29.5 29.3 29.3 27.0 26.8 26.9 23.9 253.3 253.4 253.9 253.7 254.7 255.5 255.5 250.4 249.1 249.9 252.2 254.2 255.1 256.2 256.5 256.9 258.4 259.6 259.8 254.3 252.7 178.4 178.1 178.4 178.5 179.0 179.4 179.6 178.6 178.5 178.8 179.1 179.3 179.9 180.6 180.9 181.3 182.5 183.6 184.1 183.0 183.2 54.8 55.0 55.4 55.1 55.7 55.9 55.8 51.9 50.9 51.3 53.2 55.0 55.3 55.6 55.5 55.6 56.0 56.1 55.7 51.6 49.8 509.7 511.4 510.4 510.5 513.2 515.7 516.2 514.5 512.6 514.7 517.3 518.2 519.2 520.4 519.5 519.4 522.3 523.8 524.8 522.5 521.4 49.0 49.1 49.1 48.9 48.9 48.7 48.5 48.3 48.0 48.1 48.2 48.2 48.0 48.3 48.2 48.3 48.2 47.9 48.3 48.0 47.9 122.5 122.5 121.3 121.1 122.4 122.9 123.3 123.1 122.6 123.4 123.9 124.0 124.1 124.1 122.8 122.6 124.5 125.2 125.7 125.5 125.0 704.0 705.6 705.1 704.9 708.2 710.9 711.2 704.4 701.0 703.6 708.2 710.9 712.7 714.9 714.3 714.6 718.8 721.2 722.1 714.5 711.3 653.6 654.7 654.1 653.6 656.4 658.6 659.0 654.0 651.8 654.3 657.6 659.6 661.3 663.5 663.0 663.3 667.4 669.7 670.9 665.3 663.2 50.4 51.0 51.0 51.3 51.7 52.3 52.2 50.4 49.1 49.3 50.6 51.4 51.4 51.4 51.3 51.3 51.4 51.4 51.2 49.2 48.2 96.1 96.5 96.7 96.9 97.4 95.5 95.6 95.5 93.3 93.8 94.3 92.0 92.2 92.1 91.2 91.0 91.3 89.3 89.2 89.1 86.7 119.7 117.4 116.2 114.8 112.6 115.9 115.4 119.5 124.3 122.6 118.1 114.9 112.4 110.2 109.6 107.9 104.8 107.5 107.4 113.1 118.2 59.1 58.6 58.9 58.6 57.7 59.9 59.6 59.5 60.9 59.9 59.2 58.5 57.6 56.8 56.9 56.4 54.6 56.2 55.8 56.6 57.9 30.3 29.2 28.1 27.4 26.7 30.4 30.1 30.2 30.8 30.2 29.0 27.7 26.4 25.4 24.8 23.9 22.9 26.2 26.9 26.9 27.3 37.6 37.1 36.9 36.6 35.9 35.7 35.6 36.7 38.1 37.9 37.3 37.0 36.8 36.7 36.6 36.3 35.7 35.6 35.6 37.2 39.1 33.7 33.2 32.5 32.0 31.7 32.0 32.1 34.4 36.1 35.9 33.9 32.7 31.9 31.4 31.0 30.5 30.1 30.3 30.4 33.0 34.6 59.9 59.2 59.0 58.9 59.2 59.5 59.6 60.1 61.5 61.0 60.8 60.3 59.9 60.0 59.5 59.0 58.9 58.8 58.2 58.2 59.2 26.0 25.2 24.7 23.8 23.2 23.2 22.4 25.5 29.4 29.4 27.3 23.1 22.4 21.8 21.8 21.5 20.8 20.6 20.7 25.3 30.2 13.0 12.8 12.7 12.5 12.3 12.6 12.5 13.0 13.5 13.3 12.8 12.5 12.3 12.0 12.0 11.8 11.5 11.7 11.7 12.3 12.9 12.1 11.7 11.4 11.2 10.9 11.1 11.1 12.0 12.6 12.5 11.7 11.3 11.0 10.7 10.6 10.4 10.1 10.3 10.4 11.4 12.2 14.2 14.0 14.2 14.2 13.9 14.3 14.2 14.2 14.6 14.4 14.2 14.0 13.8 13.6 13.6 13.5 13.1 13.4 13.3 13.5 13.7 -4.0 -2.3 -1.2 -1.4 -2.2 3.3 -0.5 4.0 4.8 -1.7 -4.5 -3.2 -2.5 -2.1 -0.7 -1.6 -3.2 2.7 -0.1 5.7 5.1 0.8 0.9 0.8 0.8 1.7 5.9 1.5 1.0 1.3 1.1 1.1 0.8 0.7 0.8 0.7 0.7 1.4 5.0 1.3 1.1 1.2 5.3 5.8 6.6 4.8 6.3 7.1 6.2 9.8 12.5 5.9 6.0 5.8 5.2 5.3 6.5 5.1 5.8 6.5 6.5 10.3 12.9 7.6 6.3 5.6 4.3 6.7 6.3 5.0 4.0 6.2 6.5 9.0 7.3 6.0 5.7 5.2 4.7 7.0 5.4 4.8 3.1 6.7 2.5 2.8 3.0 2.7 3.5 3.4 3.2 2.7 2.8 2.2 2.5 2.4 2.6 2.5 2.6 2.7 3.4 3.3 3.1 2.6 2.2 25.7 25.4 25.0 24.7 24.6 24.6 23.4 22.8 22.6 22.3 22.8 23.1 23.6 23.2 23.3 23.6 24.1 23.8 23.3 22.8 22.1 2.8 2.8 2.7 2.7 2.7 2.7 2.5 2.5 2.5 2.4 2.5 2.5 2.6 2.5 2.5 2.6 2.6 2.6 2.5 2.5 2.4 Slovenian Economic Mirror, No. 2/2016 34 Statistical Appendix WAGES EUR m 2013 2014 2015 2013 2014 2015 2015 Q4 15 Jan 16 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GROSS WAGE PER EMPLOYEE, nominal y-o-y growth rates, % TOTAL 1,556 1,607 1,560 -0.2 1.1 0.7 0.6 0.9 1.1 1.3 1.2 0.5 0.6 0.4 1.3 Private sector activities (A-N; R-S) 1,506 1,564 1,492 0.7 1.5 0.8 1.2 1.7 1.4 1.4 1.3 0.4 0.8 0.6 1.2 Public service activities (OPQ) 1,708 1,737 1,769 -2.3 0.3 0.6 -1.1 -1.1 0.3 1.1 0.8 0.8 0.2 -0.1 1.7 Industry (B-E) 1,555 1,631 1,521 2.6 3.2 1.7 3.1 3.7 2.7 3.4 2.9 1.4 1.9 1.2 2.1 Trad. market services (GHI) 1,381 1,436 1,368 0.1 1.0 0.9 1.1 1.2 0.7 0.9 1.3 0.2 1.4 1.0 1.0 Other market services (J-N; R-S) 1,679 1,721 1,684 -1.3 -0.3 -0.4 -1.1 -0.4 0.5 -0.5 -0.8 -0.5 -0.9 -0.5 0.1 A Agriculture, forestry and fishing 1,315 1,404 1,297 0.8 0.7 0.2 3.0 0.4 -0.3 2.3 0.5 -0.7 0.0 -0.2 1.6 B Mining and quarrying 2,003 2,013 1,954 -2.0 5.9 -5.9 -2.4 2.9 8.3 10.7 2.0 -8.9 -4.8 -4.8 -4.9 C Manufacturing 1,515 1,588 1,485 2.8 3.3 2.1 3.6 3.9 2.8 3.1 3.2 2.1 2.3 1.8 2.3 D Electricity, gas, steam and air conditioning supply 2,317 2,464 2,218 3.0 2.6 -1.0 -0.1 5.2 -1.1 6.5 -0.1 -4.4 1.7 -3.0 1.9 E Water supply sewerage, waste management and remediation activities 1,496 1,589 1,470 0.7 1.4 1.5 1.3 -0.2 2.2 1.5 2.2 1.3 0.3 1.8 2.2 F Constrution 1,189 1,222 1,178 -1.4 0.3 -0.2 -1.4 -0.1 0.7 -0.2 0.9 -0.7 -0.8 -0.5 1.0 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,415 1,478 1,400 0.4 1.2 1.4 1.2 1.3 1.0 1.1 1.3 0.4 1.8 1.6 1.8 H Transportation and storage 1,474 1,536 1,457 -0.2 1.1 0.5 0.8 0.9 0.0 0.3 3.0 0.7 1.4 0.6 -0.5 I Accommodation and food service activities 1,070 1,077 1,071 -0.4 -0.2 -1.0 0.9 0.6 0.1 0.6 -2.0 -2.2 -1.0 -1.0 -0.1 J Information and communication 2,096 2,151 2,077 -1.4 0.1 1.0 -1.4 -2.8 1.7 0.8 0.8 2.6 -0.2 1.0 0.7 K Financial and insurance activities 2,259 2,314 2,303 0.1 1.2 2.1 0.3 -0.2 2.7 -0.2 2.3 3.9 1.9 1.8 1.0 L Real estate activities 1,480 1,548 1,455 -0.3 -1.2 -0.7 0.2 -0.8 -1.1 -0.5 -2.4 -1.1 -1.6 -0.5 0.5 M Professional, scientific and technical activities 1,725 1,777 1,708 -2.4 1.1 0.8 -2.6 0.1 0.5 1.5 2.2 0.8 1.7 0.5 -0.1 N Administrative and support service activities 1,020 1,052 1,037 0.0 2.4 0.4 0.9 3.3 2.7 2.6 1.2 0.3 -0.6 0.0 1.9 O Public administration and defence, compulsory social security 1,789 1,855 1,894 -1.4 1.0 2.1 -0.6 -0.9 1.2 2.1 1.5 1.8 0.7 0.4 5.2 P Education 1,648 1,657 1,683 -3.3 0.0 -0.2 -1.3 -1.2 -0.1 0.7 0.7 0.5 -0.1 -0.6 -0.3 Q Human health and social work activities 1,708 1,729 1,761 -2.0 -0.1 0.3 -1.4 -1.2 -0.2 0.7 0.4 0.2 0.1 0.1 0.8 R Arts, entertainment and recreation 1,613 1,651 1,641 -3.0 -0.5 -0.5 -1.0 -0.4 -0.5 0.2 -1.1 -0.5 -0.2 -1.6 0.3 S Other service activities 1,346 1,368 1,349 -0.4 -1.1 -2.2 0.9 -1.4 -0.7 -0.3 -2.2 -1.9 -2.8 -2.5 -1.5 Source of data: SURS, calculations by IMAD. Slovenian Economic Mirror, No. 2/2016 35 Statistical Appendix 2014 2015 2016 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 0.5 1.7 1.7 0.7 1.6 1.1 1.0 1.4 0.2 -0.3 1.6 0.8 -0.2 1.2 0.4 0.5 0.2 -0.2 2.5 1.5 1.1 0.8 2.0 2.0 0.5 1.8 1.3 1.0 1.7 0.0 -0.7 1.9 1.1 -0.3 1.7 0.6 0.7 0.4 -0.3 3.1 0.6 0.0 -0.1 1.0 0.9 1.2 1.2 0.8 1.0 0.6 0.9 0.7 0.8 0.2 0.3 0.1 0.0 -0.1 -0.2 0.1 0.9 4.1 4.0 1.8 4.0 4.3 1.8 4.2 2.2 2.2 4.1 0.2 -0.1 4.2 2.8 0.4 2.6 1.6 1.2 1.0 0.6 4.8 0.5 -0.2 -0.1 1.4 1.0 0.2 1.4 0.6 2.4 0.9 -0.1 0.1 0.4 1.5 0.8 1.8 1.2 1.1 0.7 0.2 1.9 0.6 0.6 0.1 0.4 0.2 -0.8 -0.9 0.8 -2.2 -0.8 -0.1 -2.1 0.7 -1.3 -2.0 0.6 -0.9 0.1 -0.6 -1.6 1.4 0.6 -0.6 -2.3 -0.8 1.8 1.5 3.6 2.3 -2.1 1.5 -0.9 0.3 -1.3 -2.0 -1.5 3.6 -0.4 0.0 -0.2 -4.0 8.5 0.2 1.4 10.4 7.3 10.1 12.2 9.9 -0.2 0.9 5.5 -4.0 -20.3 -0.5 -1.0 -5.5 -7.7 1.8 -9.6 -6.6 -4.2 -5.4 -5.1 -1.5 1.8 4.3 4.6 1.1 3.7 2.7 2.5 4.4 0.3 1.1 4.8 3.0 0.6 3.2 1.2 2.2 1.8 1.0 4.6 1.1 0.0 -0.9 -1.0 -0.1 10.3 9.5 -3.0 -0.1 2.9 -0.4 -9.8 -2.8 3.5 0.9 0.6 5.7 -8.2 -6.0 -2.6 12.1 -4.5 -0.7 0.8 4.8 2.7 -2.0 3.8 2.3 1.6 2.7 -0.2 1.0 3.0 1.0 -0.6 0.6 3.1 1.2 1.0 2.1 4.3 0.1 0.3 0.8 0.3 0.2 -1.4 0.7 0.1 1.4 1.1 -0.9 -1.0 -0.1 -1.0 -1.8 0.3 -0.6 -0.6 -0.4 -1.2 3.3 1.0 0.5 0.2 1.6 0.9 0.7 1.7 1.0 1.5 1.2 0.6 0.1 0.6 1.9 1.1 2.5 1.9 1.7 1.1 1.2 2.9 1.3 1.2 -0.5 0.6 0.9 -0.8 0.9 0.4 7.1 1.5 -0.5 1.6 1.0 2.0 0.8 1.4 1.0 0.4 0.5 -1.6 0.3 -0.4 -0.8 -1.3 1.7 1.6 -0.5 0.6 -1.2 -2.7 -2.0 -2.4 -3.2 -1.0 -1.2 -0.4 -1.3 -1.7 -0.1 -1.1 -0.8 0.9 -0.2 1.5 0.2 1.5 0.9 -0.2 1.7 1.7 0.7 0.1 0.8 0.5 6.5 -1.4 -0.7 1.5 1.6 0.5 1.0 -0.3 1.2 1.2 0.1 4.3 0.8 0.3 1.0 -1.7 7.5 -1.0 0.5 8.5 -1.8 5.1 2.7 -1.6 4.8 1.1 2.9 1.3 -2.9 3.0 3.0 -2.4 -1.6 -0.3 -0.1 -1.0 -0.4 -1.8 -2.7 -2.6 -1.1 -1.6 -0.5 -1.0 -1.6 -2.2 -0.9 0.0 -0.5 -0.3 1.0 0.7 0.2 -1.7 3.4 2.9 -0.3 2.1 2.4 0.7 3.7 1.0 1.9 -0.4 2.1 2.0 0.9 0.2 2.5 -1.1 -1.4 1.5 -0.3 -0.9 3.2 2.5 3.6 2.1 2.1 0.7 1.1 1.9 0.4 -0.1 0.5 -0.5 -2.0 0.8 -0.7 0.2 0.5 0.7 3.5 1.4 2.1 0.9 1.9 1.6 1.9 2.8 0.8 1.8 1.9 1.7 1.9 2.0 0.2 1.0 0.8 0.5 0.7 0.1 1.8 4.1 9.7 7.3 -0.4 0.6 0.7 0.8 0.6 0.6 0.8 0.5 0.5 0.6 0.5 -0.4 -0.1 0.2 -0.5 -0.6 -0.6 -1.0 -0.8 1.1 1.7 -0.6 0.7 0.3 1.2 0.4 1.1 0.5 -0.4 0.6 -0.2 0.2 0.9 0.2 -0.7 0.2 0.0 0.0 -0.2 -0.1 2.6 3.7 -1.7 0.8 -1.0 1.5 0.0 -1.4 -2.6 0.7 -0.5 -1.4 0.3 0.0 -0.3 -0.5 -1.5 -1.4 -1.8 0.4 1.0 -0.4 1.5 -0.7 0.8 0.3 -0.8 -0.3 -1.8 -1.7 -3.0 -2.8 -1.9 -1.1 -2.1 -3.4 -3.0 -2.6 -2.1 -2.7 -2.2 -0.4 -1.8 0.3 Slovenian Economic Mirror, No. 2/2016 36 Statistical Appendix PRICES AND INDICATORS OF OVERALL COMPETITIVENESS 2013 2014 2015 2013 2014 2015 2014 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 CPI, y-o-y growth rates, % 1.8 0.2 -0.5 1.1 0.5 0.6 -0.2 -0.1 -0.4 -0.6 -0.5 -0.6 0.1 0.6 0.4 0.7 Food, non-alcoholic beverages 3.6 -0.3 0.9 2.3 1.0 -0.6 -1.0 -0.7 -0.3 1.1 1.5 1.2 0.9 0.4 0.0 -0.9 Alcoholic beverages, tobacco 7.0 3.6 1.9 3.0 2.7 4.4 3.6 3.7 4.2 2.1 1.0 0.6 2.7 2.6 2.4 4.9 Clothing and footwear 0.2 -0.9 -0.9 -0.8 -0.9 -1.0 -0.1 -1.6 -0.9 -1.8 -0.4 -0.4 -3.2 2.5 -0.6 -1.1 Housing, water, electricity, gas 3.1 0.1 -1.3 4.6 1.4 0.3 -0.3 -0.8 -1.6 -1.3 -1.2 -1.0 0.4 0.1 -0.9 0.4 Furnishings, household equipment -1.2 -1.2 -1.2 -0.6 -0.9 -0.2 -2.0 -1.6 -1.8 -1.9 -0.4 -0.8 -0.5 -0.7 -0.1 0.4 Medical, pharmaceutical products -0.5 -0.2 0.5 0.1 -0.1 0.7 -0.9 -0.4 0.0 -0.1 1.2 0.8 -0.4 0.4 0.7 0.8 Transport 0.3 0.2 -5.1 -0.4 -0.2 1.9 -0.1 -0.9 -4.5 -4.4 -5.2 -6.3 -0.9 0.2 1.3 2.3 Communications -1.2 -1.9 1.1 -0.1 -1.4 -0.5 -2.8 -2.8 -0.5 -1.3 1.7 4.3 -1.3 -1.4 -1.2 -0.9 Recreation and culture 0.1 0.7 1.0 0.4 0.4 -0.1 -0.2 3.0 4.2 1.5 0.3 -1.6 0.3 0.0 0.5 -0.4 Education 2.6 0.1 0.6 -0.1 -0.1 -0.2 0.0 0.8 0.7 0.8 0.8 0.1 -0.2 -0.2 -0.2 -0.2 Catering services 6.5 1.1 0.5 1.6 0.9 1.7 1.0 0.7 1.0 0.2 -0.1 1.0 0.9 1.3 1.4 2.0 Miscellaneous goods & services 1.3 1.6 1.4 -0.5 1.8 1.9 1.6 1.2 0.8 0.9 1.1 2.9 1.7 1.9 1.9 1.9 HCPI 1.9 0.4 -0.8 1.1 0.6 0.8 0.1 0.0 -0.5 -0.8 -0.8 -0.9 0.2 0.6 0.5 1.0 Core inflation (excluding fresh food and energy) 1.6 1.0 0.7 1.2 1.3 1.3 0.6 0.7 1.0 0.4 0.7 0.9 1.1 1.6 1.3 1.4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 0.0 -0.6 -0.2 -0.6 -0.8 -1.1 -0.5 -0.1 0.1 0.6 -0.4 -1.2 -1.0 -0.9 -1.4 -1.1 Domestic market 0.3 -1.1 -0.5 -0.3 -1.0 -1.4 -1.1 -0.8 -0.3 0.0 -0.5 -1.2 -1.1 -1.5 -1.5 -1.5 Non-domestic market -0.2 -0.1 0.1 -0.9 -0.6 -0.8 0.1 0.7 0.5 1.3 -0.3 -1.2 -0.9 -0.4 -1.2 -0.7 euro area -0.4 -0.7 0.1 -1.3 -1.4 -1.5 -0.6 0.8 0.7 1.0 0.1 -1.3 -1.8 -1.2 -2.0 -1.4 non-euro area 0.3 1.1 -0.1 0.0 1.1 0.8 1.8 0.6 0.1 1.8 -1.1 -1.1 1.1 1.3 0.6 0.9 Import price indices -0.4 -1.4 -0.7 -1.5 -2.1 -1.4 -1.0 -1.2 -0.7 0.2 -0.5 -1.6 -2.0 -2.7 -1.9 -1.1 PRICE CONTROL,' y-o-y growth rates, % Energy prices 0.2 -1.9 -9.9 -4.1 -4.6 -0.2 -1.5 -1.0 -9.0 -7.5 -10.7 -12.6 -5.7 -4.6 -2.9 0.9 Oil products 1.7 0.7 -12.4 -0.4 -0.9 4.2 1.7 -2.0 -11.9 -9.6 -13.1 -15.1 -2.5 -0.9 1.5 6.0 Transport & communications 11.3 11.1 0.3 10.9 14.6 15.8 7.3 7.3 1.1 0.0 0.0 0.1 14.6 14.6 15.8 15.8 Other controlled prices2 -1.5 3.6 1.6 1.5 2.2 5.7 3.2 3.2 5.0 0.5 0.5 0.4 1.4 1.4 6.4 6.4 Direct control - total 1.2 0.5 -8.5 -0.8 -1.0 2.6 0.4 -0.1 -7.5 -6.4 -9.2 -11.1 -2.0 -1.2 0.6 3.6 INDICATORS OF OVERALL COMPETITIVENESS3, y-o-y growth rates, % Effective exchange rate,4 nominal 1.0 0.3 -2.8 1.5 1.0 0.9 0.0 -1.0 -3.1 -3.7 -2.4 -1.9 0.7 1.5 1.3 1.1 Real (deflator HICP) 1.3 -0.1 -3.8 1.4 0.7 0.9 -0.7 -1.4 -3.6 -4.8 -3.5 -3.1 0.0 1.2 0.9 1.1 Real (deflator ULC) -0.2 -1.8 -0.6 -0.7 -2.1 -2.3 -2.0 -5.0 -4.8 -4.0 USD / EUR 1.3282 1.3288 1.1096 1.3611 1.3697 1.3712 1.3252 1.2492 1.1270 1.1047 1.1119 1.0949 1.3659 1.3823 1.3813 1.3732 Source of data: SURS, ECB; calculations by IMAD. Note: 1 The structure of groups varies. Data for individual years are not fully comparable to those published previously. On 1 July 2007, the electricity market was liberalised. 2 After a longer period of unchanged prices, at the beginning of 2013, the Decree on the pricing of mandatory local public services in the field of environmental protection (Official Gazette of the RS, No. 87/2012) transferred the responsibility for approving price changes to local communities. 3 Change of the source for effective exchange rate series as of April 2012: a new source, ECB; 4 Harmonised effective exchange rate - a group of 20 EU Member States and 17 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Slovenian Economic Mirror, No. 2/2016 37 Statistical Appendix 2014 2015 2016 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 0.8 0.0 -0.3 -0.3 -0.1 -0.2 0.2 -0.5 -0.4 -0.3 -0.7 -0.5 -0.7 -0.4 -0.3 -0.6 -0.8 -0.5 -0.5 -0.5 -0.7 -1.0 -1.1 -1.5 -0.4 -0.5 -0.3 -1.2 -1.3 -0.3 0.7 0.8 1.3 1.2 1.4 1.8 1.2 1.1 1.0 1.5 0.4 0.5 6.0 3.5 3.5 3.8 3.7 3.4 4.0 4.1 4.2 4.2 4.1 1.8 0.6 1.1 1.0 0.9 0.7 0.9 0.1 0.2 0.2 -1.3 -0.5 1.7 -1.2 -1.7 -2.6 -0.5 1.4 -0.6 -3.1 -2.4 -1.7 -1.2 0.0 -0.7 -0.4 -2.0 0.1 0.8 0.3 0.8 1.3 0.2 -0.5 -0.7 -0.6 -0.5 -1.3 -1.5 -1.9 -1.3 -1.0 -1.3 -1.5 -1.9 -0.8 -0.9 -0.9 -1.1 -1.0 -0.7 -1.1 -0.7 -1.6 -2.3 -2.1 -2.3 -1.1 -1.3 -1.4 -1.9 -2.1 -2.3 -2.1 -1.4 -0.4 -0.4 -0.2 0.0 -1.4 -1.1 -0.7 0.4 0.6 -0.7 -1.0 -0.9 -0.5 -0.4 -0.3 0.4 -0.3 0.1 -0.2 -0.3 0.2 1.2 1.3 0.9 0.8 0.7 0.7 -0.1 0.4 2.1 0.8 -0.2 -0.9 -0.4 -0.1 -2.2 -4.8 -4.6 -4.0 -5.1 -4.0 -4.2 -4.5 -4.8 -6.5 -6.7 -7.0 -5.2 -4.5 -5.5 0.6 -2.0 -3.1 -3.4 -3.5 -2.4 -2.5 -2.6 1.2 0.1 -0.8 -0.5 -2.6 1.7 1.7 1.7 3.3 4.3 5.3 5.3 2.9 -0.3 -0.3 -0.5 0.1 1.8 3.0 4.2 4.1 4.1 4.3 1.3 2.2 1.0 0.0 0.3 0.6 -0.8 -1.8 -2.3 -1.8 -2.4 -0.3 -0.3 -0.3 0.7 0.6 0.9 0.7 0.6 0.7 0.8 0.8 0.8 0.9 0.8 0.8 0.6 0.1 0.0 0.0 0.2 0.0 1.7 1.1 1.2 0.7 0.6 0.7 0.8 1.2 1.0 0.8 0.8 -0.3 0.1 0.0 -0.4 0.0 0.2 1.4 1.4 1.2 2.1 1.7 1.6 1.5 1.7 1.5 -3.6 5.8 0.9 1.0 0.6 0.8 0.7 1.1 1.3 1.2 1.0 1.2 6.5 1.1 0.6 0.4 1.0 0.3 0.0 -0.1 0.1 0.1 -0.1 -0.7 -0.5 -0.4 -0.7 -0.8 -0.9 -0.7 -0.6 -1.0 -1.2 -0.9 -0.6 -0.8 -0.9 1.4 0.8 0.7 0.5 0.4 0.4 1.3 1.1 1.0 0.8 0.5 0.3 0.3 0.6 0.8 0.8 0.8 1.2 0.7 0.1 0.3 -0.9 -0.6 -0.6 -0.3 0.0 0.0 -0.2 -0.1 0.1 0.4 0.9 0.6 0.4 0.2 -0.4 -1.0 -1.1 -1.2 -1.4 -1.6 -1.7 -1.2 -1.0 -1.2 -1.1 -1.0 -0.9 -0.6 -0.6 -0.4 0.0 0.0 0.1 -0.2 -0.2 -0.4 -0.9 -0.9 -1.3 -1.4 -1.5 -1.4 -0.5 -0.2 0.0 0.6 1.1 0.8 0.3 0.3 0.5 0.8 1.8 1.1 1.0 0.5 -0.4 -1.1 -1.2 -1.2 -1.3 -1.7 -1.9 -1.2 -1.2 -0.5 -0.1 0.8 0.8 0.8 0.8 0.9 0.6 1.2 0.8 1.0 0.8 0.0 -0.6 -1.0 -1.3 -1.6 -2.0 -2.3 0.9 1.9 1.3 2.2 1.8 0.9 -0.8 -0.6 -0.2 1.1 3.0 1.6 1.0 -0.2 -1.0 -2.2 -1.6 -0.9 -0.7 -1.1 -1.1 -1.2 -1.1 -0.8 -1.1 -0.5 -0.9 -2.3 -1.5 -0.9 0.3 0.5 0.1 0.0 0.0 -0.5 -0.8 -1.8 -1.7 -1.4 -1.9 -2.4 1.3 0.2 -1.9 -2.9 0.5 0.7 -4.0 -9.8 -9.4 -7.6 -8.5 -6.7 -7.4 -9.0 -10.3 -12.9 -13.2 -13.5 -11.0 -11.2 -13.7 5.2 4.1 1.4 -0.3 -0.2 -0.1 -5.7 -13.2 -12.3 -10.2 -11.5 -8.4 -8.8 -10.9 -12.6 -15.8 -16.0 -16.1 -13.2 -11.5 -14.3 15.8 7.3 7.3 7.3 7.3 7.3 7.3 1.1 1.1 1.1 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 4.2 3.6 2.3 3.6 3.4 3.1 3.1 3.4 5.7 5.8 0.8 0.8 0.1 0.1 1.4 0.1 0.3 0.5 0.5 0.2 0.2 3.6 1.9 0.0 -0.7 1.2 1.2 -2.6 -8.4 -7.9 -6.2 -7.4 -5.6 -6.2 -7.6 -8.6 -11.3 -11.5 -11.8 -9.8 -9.6 -11.7 0.4 0.4 0.0 -0.4 -0.8 -0.8 -1.2 -2.2 -2.9 -4.2 -4.5 -3.6 -3.0 -3.2 -2.5 -1.7 -1.6 -2.3 -1.8 -0.3 0.6 -0.1 -0.8 -1.2 -1.5 -1.3 -1.4 -2.6 -3.5 -4.8 -5.4 -4.8 -4.3 -4.2 -3.3 -2.8 -3.0 -3.6 -2.8 -1.6 1.3592 1.3539 1.3316 1.2901 1.2673 1.2472 1.2331 1.1621 1.1350 1.0838 1.0779 1.1150 1.1213 1.1000 1.1139 1.1221 1.1235 1.0736 1.0877 1.0860 Slovenian Economic Mirror, No. 2/2016 38 Statistical Appendix BALANCE OF PAYMENTS 2013 2014 2015 2013 2014 2015 2014 Q4 Q1 I Q2 | Q3 | Q4 Q1 I Q2 | Q3 | Q4 1 1 2 | 3 | 4 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,023 2,607 2,828 479 505 666 703 733 443 816 896 673 136 54 315 285 Goods 708 1,210 1,628 33 281 299 309 320 350 411 479 387 75 41 165 140 Exports 21,692 22,989 24,065 5,499 5,549 5,727 5,721 5,992 5,880 6,071 5,942 6,173 1,795 1,756 1,998 1,951 Imports 20,984 21,780 22,437 5,466 5,268 5,428 5,411 5,672 5,529 5,659 5,462 5,786 1,721 1,715 1,832 1,811 Services 1,761 1,736 2,054 341 321 443 578 395 400 534 621 500 88 82 151 155 Exports 5,314 5,555 5,973 1,315 1,177 1,382 1,595 1,401 1,247 1,499 1,718 1,509 388 355 434 461 Imports 3,553 3,819 3,919 974 856 939 1,018 1,006 847 965 1,098 1,009 301 272 283 305 Primary income -172 -87 -370 17 67 -7 -114 -33 -126 -9 -118 -117 17 15 36 26 Receipts 1,078 1,403 1,508 287 333 403 321 346 346 453 350 359 78 85 170 168 Expenditures 1,249 1,491 1,879 270 266 410 436 380 472 462 468 477 61 71 134 142 Secondary income -275 -252 -483 88 -165 -68 -70 51 -182 -119 -86 -96 -43 -84 -37 -37 Receipts 925 942 837 335 182 242 196 322 185 201 216 234 63 60 59 74 Expenditures 1,201 1,193 1,320 247 347 310 266 271 367 321 302 330 106 144 97 111 Capital account 71 -176 22 67 0 -39 13 -150 30 -28 56 -35 1 1 -2 7 Financial account 1,350 2,339 1,908 138 518 572 688 561 398 719 628 163 183 -99 434 180 Direct investment -47 -600 -954 -169 109 -545 -350 185 -360 17 -99 -512 95 -16 31 -103 Assets 24 146 -10 46 131 45 -42 12 70 134 -19 -194 81 -13 63 15 Liabilities 71 746 944 214 21 590 308 -173 430 117 81 317 -14 3 32 118 Portfolio investment -3,967 -3,968 2,867 -2,167 -3,097 -1,221 80 270 625 1,672 -959 1,529 -408 -2,738 49 -946 Financial derivatives 32 -3 28 15 -2 -9 2 7 22 5 -9 11 -1 -3 2 -10 Other investment 5,327 6,821 79 2,489 3,351 2,340 1,030 102 132 -998 1,744 -799 436 2,542 372 1,246 Assets 732 4,800 -735 -127 1,710 2,031 298 761 341 -1,360 1,227 -944 538 1,099 74 1,177 Other equity 152 82 5 68 12 70 1 -1 8 -2 1 -1 1 5 6 69 Currency and deposits 564 5,037 -544 128 1,515 1,964 469 1,089 46 -1,272 1,270 -587 459 1,049 7 1,028 Loans 1 -300 -290 -46 -78 -48 -98 -75 -80 -101 -26 -83 7 -26 -59 24 Insurance, pension schemes, and standardised guarantee schemes -10 8 -6 -4 17 -3 -4 -2 12 -3 -15 0 6 6 6 -1 Trade credit and advances 19 -14 64 -281 204 83 -51 -249 346 35 -6 -311 24 105 75 87 Other assets 6 -14 35 7 40 -35 -19 0 8 -16 4 39 41 -39 38 -29 Liabilities -4,595 -2,021 -814 -2,616 -1,640 -309 -732 659 209 -362 -516 -145 102 -1,443 -299 -69 Other equity -29 3 0 -30 0 2 0 0 0 0 0 0 0 0 0 2 Currency and deposits -4,169 -831 -400 -2,748 -1,075 -54 21 278 -178 -301 -37 116 311 -1,299 -88 -24 Loans -269 -1,239 -333 -91 -365 -297 -691 115 375 -81 -376 -251 13 -187 -191 39 Insurance, pension schemes, and standardised guarantee schemes 39 -54 -1 -2 -1 -40 -2 -10 -7 4 2 0 0 0 0 -13 Trade credit and advances -182 -141 -50 240 -214 81 -46 39 13 9 -115 43 -267 57 -3 -58 Other liabilities 16 240 -31 14 16 -2 -13 238 5 7 11 -54 45 -14 -16 -14 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets 5 89 -113 -30 157 8 -74 -3 -20 23 -49 -67 62 116 -21 -7 Net errors and omissions -743 -92 -943 -408 13 -55 -28 -22 -75 -69 -324 -475 45 -153 121 -112 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,163 2,341 2,602 579 551 590 573 629 582 634 633 754 168 179 204 203 Intermediate goods 12,425 13,032 13,364 3,100 3,231 3,254 3,237 3,202 3,277 3,410 3,350 3,327 1,079 1,018 1,135 1,117 Consumer goods 6,960 7,676 8,000 1,791 1,773 1,874 1,887 2,134 2,004 2,040 1,907 2,049 559 569 645 634 Import of investment goods 2,573 2,760 2,955 696 647 696 635 796 657 713 719 865 187 203 257 244 Intermediate goods 13,635 13,541 13,723 3,448 3,284 3,364 3,366 3,403 3,451 3,521 3,331 3,419 1,112 1,051 1,121 1,109 Consumer goods 5,906 6,382 6,530 1,554 1,517 1,611 1,603 1,657 1,604 1,636 1,592 1,698 474 517 526 547 Source of data: 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. 2/2016 39 Statistical Appendix 2014 2015 2016 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 1 186 196 307 14 381 349 104 280 137 -14 320 241 203 372 344 162 390 307 260 106 288 17 142 135 -31 205 180 45 96 93 38 220 30 125 256 234 -4 249 190 185 12 218 1,845 1,930 2,034 1,546 2,142 2,167 1,998 1,828 1,815 1,869 2,196 1,946 1,951 2,174 2,148 1,597 2,197 2,180 2,116 1,877 1,850 1,828 1,788 1,899 1,576 1,936 1,987 1,953 1,731 1,722 1,831 1,976 1,916 1,826 1,918 1,914 1,600 1,948 1,990 1,931 1,865 1,633 141 147 191 222 165 130 129 136 142 104 154 218 166 149 191 240 189 186 153 161 154 449 472 553 542 501 478 418 504 395 391 462 518 482 498 583 599 536 504 467 538 426 309 325 362 320 337 348 289 369 252 287 307 300 316 349 392 359 347 318 314 377 272 33 -66 37 -143 -8 8 -63 21 -56 -60 -9 34 -36 -7 -42 -44 -32 -47 -49 -21 -58 122 112 137 85 99 92 91 163 93 95 158 195 114 143 119 103 128 106 106 148 88 89 178 101 228 107 84 154 142 150 155 167 161 150 151 161 147 160 153 155 169 146 -5 -26 -55 -34 20 31 -6 27 -42 -95 -45 -42 -52 -25 -39 -31 -16 -21 -29 -46 -26 94 73 59 43 94 120 81 121 56 67 62 68 61 73 75 62 80 79 72 84 55 99 100 114 77 75 89 88 95 98 162 107 110 112 99 114 93 96 100 101 129 81 -29 -16 19 -17 10 20 52 -223 8 16 6 -2 -20 -6 49 14 -8 13 47 -95 44 156 237 302 -55 441 108 184 269 434 -51 14 -155 397 477 210 29 389 173 505 -515 281 -94 -348 78 -230 -198 30 39 116 -44 -60 -256 -149 -24 190 -9 -65 -25 -311 6 -207 -189 -7 37 92 -127 -8 125 1 -114 55 54 -39 38 64 31 58 -64 -13 58 -17 -235 26 87 385 14 104 190 95 -38 -230 99 114 217 187 88 -158 67 1 12 369 -23 -28 215 -219 -56 -312 106 286 425 -662 506 193 302 130 1,051 328 293 -1,026 -135 202 493 519 517 362 2 -1 4 -3 0 10 -4 2 -6 20 7 2 0 3 -3 -6 0 0 -3 14 -5 456 637 533 93 404 -343 772 -328 268 -236 101 -1,015 81 -63 1,239 258 247 -31 26 -794 86 328 526 271 -98 125 -234 598 398 481 -261 121 -996 -179 -184 1,101 -151 277 120 216 -1,280 -68 0 1 0 0 0 0 0 -2 2 0 6 -1 -2 0 0 1 0 0 0 -2 0 410 527 411 -4 62 -369 690 768 456 -343 -67 -863 -232 -178 1,090 29 150 111 183 -881 -111 -22 -50 -69 1 -30 1 -32 -44 -8 -49 -22 -45 -18 -38 -4 -27 4 -20 -13 -50 -10 -1 -1 -1 -1 -1 -1 -1 -1 4 4 4 -1 -1 -1 -5 -5 -5 0 0 0 0 -75 71 -55 -109 114 101 -30 -321 20 128 199 -80 67 48 16 -138 117 18 47 -377 50 16 -22 -14 15 -19 33 -30 -3 7 -1 2 -6 6 -17 3 -11 12 11 -2 30 3 -128 -112 -262 -191 -278 109 -175 725 213 -25 20 19 -260 -121 -138 -409 31 151 189 -485 -154 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -6 -23 28 45 -52 16 -17 278 -89 -65 -24 158 -440 -18 63 13 -114 112 66 -62 45 -160 -176 -165 -256 -270 -52 -70 237 664 -225 -64 4 175 -259 -58 -361 43 -38 168 -381 28 -13 -13 -1 -1 -1 -3 -3 -3 -2 -2 -2 1 1 1 1 1 1 0 0 0 0 14 126 -107 -3 63 87 -31 -18 -366 231 148 -167 25 151 -173 -27 84 48 0 -4 -258 37 -25 -17 23 -19 61 -54 231 7 36 -38 23 -20 4 29 -34 17 30 -45 -38 32 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11 4 -2 -20 -52 -14 38 -27 24 -76 32 -43 12 54 9 -23 -35 21 -43 -45 27 -1 57 -25 -52 49 -261 27 213 289 -53 -312 -394 214 111 -184 -147 7 -147 197 -525 -51 183 204 207 161 205 226 202 201 169 193 220 204 212 218 233 167 233 247 244 263 N/A 1,062 1,075 1,156 893 1,187 1,195 1,099 909 1,027 1,061 1,189 1,145 1,096 1,169 1,208 936 1,207 1,220 1,159 947 N/A 583 657 662 475 750 729 707 698 608 626 771 615 658 767 697 471 739 702 695 652 N/A 224 229 230 182 223 267 272 257 193 210 254 240 232 241 247 210 262 270 283 313 N/A 1,139 1,117 1,188 974 1,204 1,200 1,195 1,008 1,092 1,136 1,224 1,212 1,133 1,176 1,167 976 1,188 1,203 1,150 1,066 N/A 552 513 551 472 580 593 554 511 494 533 577 536 527 573 569 459 564 589 564 545 N/A Slovenian Economic Mirror, No. 2/2016 40 Statistical Appendix MONETARY INDICATORS AND INTEREST RATES 2013 2014 2015 2013 2014 10 | 11 | 12 1|2|3|4|5|6|7|8 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Claims of the BS on central government 233 263 2,327 232 233 233 239 239 245 209 227 228 229 230 Central government (S. 1311) 6,563 7,240 7,112 4,965 4,881 6,563 6,448 6,437 6,476 6,154 6,262 6,296 6,459 6,512 Other government (S. 1312, 1313, 1314) 581 685 622 610 570 581 585 585 584 582 577 582 594 596 Households (S. 14, 15) 8,917 8,762 8,856 9,031 8,996 8,917 8,879 8,849 8,853 8,850 8,835 8,810 8,808 8,814 Non-financial corporations (S. 11) 14,902 11,729 10,533 18,102 17,918 14,902 14,691 14,599 14,544 14,531 14,429 14,039 13,867 13,764 Non-monetary financial institutions (S. 123, 124, 125) 1,763 1,485 1,409 1,962 1,966 1,763 1,993 1,968 1,962 1,945 1,929 1,921 1,881 1,858 Monetary financial institutions (S. 121, 122) 5,020 3,684 3,206 5,198 4,752 5,020 5,014 5,294 4,818 5,012 4,863 3,896 4,347 4,108 Claims on domestic sectors, TOTAL In domestic currency 29,620 25,155 23,816 33,198 32,569 29,620 29,594 29,706 29,154 29,298 29,017 27,756 28,005 27,645 In foreign currency 1,097 950 824 1,152 1,144 1,097 1,090 1,075 1,046 1,036 1,025 1,019 1,010 1,011 Securities, total 7,026 7,469 7,059 5,513 5,366 7,026 6,921 6,944 7,028 6,731 6,845 6,763 6,933 6,987 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m Deposits in domestic currency, total 27,051 25,843 25,885 30,091 29,645 27,051 27,255 27,501 27,034 27,187 27,067 26,577 27,060 26,869 Overnight 8,558 10,157 12,717 8,861 8,729 8,558 8,779 9,066 8,979 9,278 9,390 9,582 10,236 10,138 With agreed maturity -short-term 6,689 5,955 4,481 8,222 8,110 6,689 6,730 6,888 6,893 7,215 7,088 6,768 6,876 6,928 With agreed maturity -long-term 11,569 9,267 8,196 12,688 12,495 11,569 11,422 11,264 10,852 10,389 10,252 9,875 9,585 9,368 Short-term deposits redeemable at notice 235 464 491 320 311 235 324 283 310 305 337 352 363 435 Deposits in foreign currency, total 487 510 655 506 511 487 493 488 490 496 496 508 510 516 Overnight 324 354 508 324 334 324 328 324 333 335 336 350 345 354 With agreed maturity -short-term 91 84 80 104 98 91 93 93 90 94 92 90 96 92 With agreed maturity -long-term 72 72 67 78 79 72 72 71 67 67 68 68 69 70 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 0.11 0.07 0.04 0.10 0.09 0.09 0.09 0.08 0.08 0.08 0.08 0.08 0.07 0.07 Time deposits with maturity of up to one year 1.86 0.98 0.37 1.56 1.48 1.46 1.36 1.22 1.15 1.07 1.04 1.00 0.93 0.89 New loans to households in domestic currency Housing loans, 5-10 year fixed interest rate 5.40 5.06 3.54 5.49 5.17 5.36 5.38 5.42 5.26 5.58 5.23 4.84 5.2 5.01 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 3.86 4.25 2.46 3.73 4.71 4.59 6.58 3.96 4.21 6.63 5.51 1.53 5.05 2.82 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, % Main refinancing operations! 0-541 °-16l °-05 1 °-50 1 a25 1 a251 a251 a251 a25 1 a25 1 a251 a15l a15l °-15 INTERBANK INTEREST RATES EURIBOR 3-month rates 0.221 0.210 -0.019 0.226 0.223 0.275 0.292 0.288 0.305 0.330 0.325 0.241 0.205 0.192 6-month rates 0.336 0.309 0.054 0.342 0.327 0.373 0.396 0.387 0.407 0.430 0.417 0.333 0.305 0.292 3-month rates 0.020 0.012 -0.755 0.020 0.020 0.020 0.022 0.018 0.021 0.017 0.016 0.012 0.013 0.020 6-month rates 0.080 0.066 -0.688 0.080 0.072 0.075 0.083 0.081 0.078 0.075 0.068 0.069 0.072 0.073 Source of data: BS, EUROSTAT. Slovenian Economic Mirror, No. 2/2016 41 Statistical Appendix 2014 2015 2016 9 10 | 11 | 12 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 1 1 2 230 237 246 263 265 282 445 642 838 1,045 1,299 1,488 1699 1,942 2,175 2,327 2,539 2,759 6,581 6,936 7,010 7,240 7,443 7,502 7,163 7,368 7,380 7,387 7,449 7,445 7,301 7,380 7,387 7,112 7,212 6,957 606 611 618 685 654 631 633 633 633 635 634 631 624 623 618 622 630 614 8,813 8,807 8,791 8,762 8,842 8,802 8,834 8,826 8,847 8,836 8,821 8,812 8,825 8,873 8,857 8,856 8,815 8,789 13,586 12,603 12,511 11,729 11,823 11,726 11,674 11,569 11,493 11,396 11,190 11,137 10,941 10,819 10,688 10,533 10,562 10,077 1,873 1,665 1,654 1,485 1,463 1,455 1,642 1,519 1,511 1,466 1,470 1,405 1,435 1,417 1,411 1,409 1,399 1,329 3,732 4,037 3,915 3,684 3,657 3,696 3,479 3,353 3,365 3,008 3,181 3,442 3,312 3,904 3,713 3,206 3,574 4,030 27,220 26,425 26,191 25,155 25,232 25,179 24,885 24,707 24,661 24,240 24,316 24,469 24078 24,532 24,226 23,816 24,184 24,119 994 986 973 950 1,059 1,003 983 957 955 937 904 874 845 839 839 824 794 802 6,968 7,240 7,326 7,469 7,576 7,615 7,539 7,566 7,574 7,512 7,487 7,494 7,478 7,606 7,568 7,059 7,158 6,795 26,318 26,492 26,309 25,843 25,930 25,800 25,389 25,884 25,894 25,715 25,974 26,073 25,652 26,330 26,442 25,885 26,315 26,067 9,870 10,329 10,398 10,157 10,731 10,947 10,842 11,200 11,458 11,533 12,080 12,278 12,130 12,991 13,244 12,717 13,255 13,553 6,720 6,477 6,250 5,955 5,708 5,610 5,350 5,302 5,217 5,032 4,896 4,743 4,664 4,341 4,325 4,481 4,393 4,251 9,265 9,172 9,155 9,267 9,078 8,838 8,762 8,916 8,707 8,574 8,411 8,513 8,349 8,410 8,322 8,196 8,148 7,702 463 514 506 464 413 405 435 466 512 576 587 539 509 588 551 491 519 561 538 528 535 510 566 604 601 585 612 620 616 616 623 618 651 655 674 687 354 348 353 354 401 447 442 433 464 469 468 475 484 478 498 508 529 544 115 110 110 84 86 77 81 75 71 77 73 69 71 71 82 80 79 78 69 70 72 72 79 80 78 77 77 74 75 72 68 69 71 67 66 65 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.07 0.07 0.06 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.85 0.81 0.74 0.66 0.58 0.51 0.46 0.39 0.37 0.36 0.31 0.33 0.31 0.28 0.28 0.28 0.25 5.09 4.65 4.72 4.38 4.17 4.85 3.34 3.49 3.5 3.39 3.38 3.36 3.34 3.39 3.14 3.16 3.06 4.66 3.07 4.50 3.89 2.40 3.39 4.58 1.90 0.81 1.71 1.00 0.75 0.05 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 0.097 0.083 0.081 0.081 0.063 0.048 0.027 0.006 -0.010 -0.014 -0.019 -0.028 -0.037 -0.054 -0.088 -0.127 -0.145 -0.184 0.200 0.184 0.182 0.176 0.152 0.126 0.097 0.074 0.057 0.049 0.049 0.044 0.035 0.020 -0.016 -0.040 -0.060 -0.115 0.008 0.008 0.006 -0.020 -0.466 -0.889 -0.802 -0.812 -0.791 -0.782 -0.762 -0.729 -0.729 -0.728 -0.784 -0.792 -0.752 -0.775 0.059 0.057 0.053 0.023 -0.403 -0.773 -0.707 -0.727 -0.704 -0.711 -0.710 -0.681 -0.672 -0.674 -0.754 -0.737 -0.685 -0.723 Slovenian Economic Mirror, No. 2/2016 42 Statistical Appendix PUBLIC FINANCE 2013 2014 2015 2013 2014 2015 2014 Q4 Q1 I Q2 | Q3 | Q4 Q1 | Q2 | Q3 | Q4 6 1 7 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices, EUR m GENERAL GOVERNMENT REVENUES TOTAL REVENUES 14,728.2 15,492.0 15,714.1 4,080.2 3,634.1 3,905.1 3,686.5 4,268.4 3,635.8 3,972.6 3,864.3 4,241.5 1,281.7 1,175.8 Current revenues 13,637.4 14,377.0 14,703.1 3,648.8 3,409.9 3,695.2 3,501.4 3,770.7 3,413.6 3,756.8 3,596.3 3,936.4 1,230.5 1,130.0 Tax revenues 12,648.4 13,191.6 13,746.2 3,406.0 3,147.0 3,317.0 3,237.5 3,491.3 3,252.4 3,524.1 3,277.4 3,692.2 1,128.4 1,029.8 Taxes on income and profit 2,137.4 2,385.9 2,584.6 606.9 595.6 686.3 466.3 637.7 601.7 786.4 504.0 692.5 259.4 75.3 Social security contributions 5,127.2 5,272.5 5,473.9 1,317.6 1,303.9 1,302.5 1,300.7 1,365.3 1,339.5 1,353.4 1,357.7 1,423.3 434.2 436.8 Taxes on payroll and workforce 23.4 20.2 19.7 6.3 4.8 5.3 4.7 5.4 4.5 4.9 4.6 5.6 1.8 1.9 Taxes on property 254.1 244.2 237.2 70.8 19.2 29.3 100.3 96.2 26.9 41.7 85.2 83.4 11.4 23.6 Domestic taxes on goods and services 5,027.4 5,191.2 5,347.3 1,406.5 1,170.9 1,300.1 1,350.5 1,369.7 1,246.0 1,322.2 1,305.9 1,473.2 416.0 489.1 Taxes on international trade & transactions 77.5 77.7 82.5 17.0 19.1 19.0 18.5 21.1 21.3 21.5 20.2 19.6 6.7 6.2 Other taxes 1.3 -0.2 0.9 -19.2 33.5 -25.7 -3.5 -4.1 12.5 -6.0 -0.2 -5.5 -1.2 -3.0 Non-tax revenues 989.0 1,185.4 956.9 242.7 262.9 378.2 264.0 279.4 161.2 232.7 318.8 244.2 102.2 100.3 Capital revenues 67.1 51.4 95.9 30.4 11.6 10.5 13.1 17.8 10.8 16.2 26.2 42.8 4.0 4.7 Grants 32.7 18.9 12.2 2.4 1.3 11.0 4.3 2.3 2.3 1.7 4.7 3.4 9.5 0.3 Transferred revenues 52.7 4.5 20.4 0.9 1.4 0.4 0.5 2.4 1.2 0.3 19.3 -0.3 0.2 0.1 Receipts from the EU budget 938.4 1,040.3 882.5 397.7 209.9 188.0 167.2 475.2 207.9 197.5 217.9 259.2 37.5 40.6 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,286.4 16,751.2 16,956.8 4,291.2 4,290.2 3,957.1 4,009.3 4,498.5 4,290.6 3,980.9 3,974.9 4,710.3 1,295.8 1,411.8 Current expenditures 6,838.4 7,042.1 7,167.9 1,679.8 1,923.6 1,692.4 1,581.3 1,845.9 1,969.7 1,678.3 1,608.5 1,911.5 533.9 516.5 Wages, salaries and other personnel expenditures 3,616.7 3,610.4 3,610.5 900.4 919.5 908.4 883.3 898.9 923.7 903.4 875.0 908.5 330.4 299.5 Expenditures on goods and services 2,238.9 2,232.3 2,310.8 587.2 531.7 538.8 546.9 615.6 502.5 558.9 546.1 703.3 190.0 207.9 Interest payments 840.1 1,097.4 1,042.6 148.0 451.8 221.9 131.0 292.6 497.2 178.4 148.0 218.9 5.7 3.4 Reserves 142.6 102.1 204.1 44.2 20.5 23.3 20.1 38.9 46.2 37.6 39.5 80.8 7.7 5.8 Current transfers 7,671.3 7,591.9 7,538.8 1,906.6 1,984.3 1,848.4 1,883.4 1,876.1 1,936.5 1,863.9 1,899.4 1,839.0 614.0 717.7 Subsidies 519.5 467.4 399.0 139.6 205.5 80.3 71.3 110.2 201.2 79.1 47.7 71.0 15.1 31.0 Current transfers to individuals and households 6,343.1 6,335.0 6,370.4 1,554.5 1,561.9 1,600.0 1,621.1 1,552.3 1,564.2 1,592.7 1,657.7 1,555.8 525.1 613.3 Current transfers to non-profit institutions, other current domestic transfers 734.2 714.3 712.9 205.3 204.5 147.7 173.2 188.8 156.5 180.5 186.0 189.9 66.8 59.3 Current transfers abroad 74.4 75.2 56.5 7.2 12.3 20.4 17.8 24.7 14.5 11.6 8.1 22.3 7.0 14.0 Capital expenditures 1,031.8 1,444.4 1,515.5 484.2 188.1 269.8 414.6 578.2 175.3 285.2 350.4 704.5 102.3 129.7 Capital transfers 319.5 270.0 301.6 155.6 31.5 50.7 67.9 116.2 37.9 58.7 60.8 144.1 15.6 22.6 Payments to the EU budget 425.5 402.9 432.9 65.0 162.7 95.9 62.2 82.1 171.1 94.8 55.8 111.2 30.0 25.2 SURPLUS / DEFICIT -1,558.2 -1,259.2 -1,242.6 -211.0 -656.1 -52.0 -322.8 -230.0 -654.8 -8.4 -110.6 -468.9 -14.1 -236.0 Source of data: 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. 2/2016 43 Statistical Appendix 2014 2015 2016 8 | 9 | 10 | 11 | 12 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 1 1,166.8 1,343.9 1,382.2 1,317.0 1,569.3 1,312.5 1,075.2 1,248.1 1,440.0 1,197.2 1,335.3 1,310.4 1,325.9 1,227.9 1,429.6 1,388.0 1,423.9 1,328.4 1,147.2 1,224.2 1,260.4 1,185.2 1,325.1 1,276.7 998.9 1,138.0 1,327.2 1,151.4 1,278.2 1,199.6 1,260.8 1,135.8 1,367.4 1,245.3 1,323.7 1,233.2 1,058.3 1,149.4 1,157.6 1,117.5 1,216.2 1,221.6 945.9 1,084.9 1,272.4 1,036.3 1,215.5 1,087.8 1,153.6 1,036.0 1,287.9 1,178.2 1,226.1 1,176.4 191.5 199.5 197.0 204.1 236.6 207.6 202.6 191.5 323.0 187.7 275.7 81.3 210.2 212.5 206.9 228.6 257.0 214.8 432.9 431.1 438.2 439.1 488.0 454.6 440.4 444.5 455.0 449.0 449.4 456.2 451.3 450.3 453.5 457.4 512.4 465.0 1.4 1.5 1.6 1.6 2.1 1.6 1.4 1.5 1.8 1.4 1.7 1.8 1.3 1.5 2.0 1.6 2.0 1.7 37.5 39.2 27.6 40.4 28.2 11.1 10.0 5.8 9.0 11.9 20.9 25.5 29.4 30.3 32.8 30.3 20.4 11.6 383.2 478.2 485.4 421.5 462.8 504.8 361.2 379.9 482.1 375.3 464.8 517.4 443.3 345.1 582.2 454.4 436.6 462.9 5.9 6.3 6.9 6.7 7.6 5.9 6.2 9.1 8.0 6.7 6.8 7.0 6.6 6.5 7.3 5.8 6.5 6.7 5.9 -6.4 0.9 4.1 -9.1 36.0 -76.0 52.5 -6.5 4.2 -3.7 -1.4 11.4 -10.2 3.3 0.0 -8.8 13.7 88.9 74.8 102.8 67.7 108.9 55.1 53.0 53.1 54.8 115.1 62.7 111.8 107.3 99.7 79.5 67.1 97.6 56.8 3.9 4.4 4.1 4.0 9.8 3.3 3.7 3.8 4.5 4.2 7.5 11.1 6.7 8.3 9.6 19.9 13.3 4.8 0.2 3.8 0.8 1.1 0.4 0.4 0.8 1.1 1.1 0.2 0.4 0.3 0.5 3.9 0.1 0.7 2.6 0.2 0.2 0.1 1.3 0.4 0.7 0.1 0.0 1.1 0.1 0.1 0.1 19.1 0.1 0.1 0.1 -0.5 0.0 0.0 15.3 111.3 115.6 126.3 233.3 32.0 71.6 104.2 107.1 41.3 49.1 80.2 57.8 79.9 52.3 122.5 84.4 90.2 1,279.4 1,318.2 1,500.5 1,389.9 1,608.1 1,422.5 1,402.6 1,465.5 1,335.7 1,296.4 1,348.8 1,406.9 1,263.5 1,304.6 1,439.9 1,410.3 1,860.1 1,302.6 524.0 540.7 686.6 568.3 591.0 637.9 619.2 712.6 573.6 546.3 558.3 529.9 525.5 553.1 634.1 574.1 703.4 615.7 294.0 289.8 294.6 293.1 311.2 316.0 303.1 304.6 287.1 290.1 326.2 295.9 287.5 291.5 296.1 296.5 315.8 303.8 169.9 169.1 179.6 182.4 253.6 154.5 147.4 200.6 179.7 165.6 213.6 200.0 172.4 173.7 181.7 190.2 331.5 157.8 53.2 74.4 204.6 84.5 3.5 142.8 159.3 195.2 97.8 73.4 7.1 22.5 52.7 72.8 141.5 72.5 5.0 143.6 6.9 7.4 7.8 8.3 22.7 24.7 9.4 12.1 9.0 17.2 11.4 11.6 12.9 15.0 14.8 14.9 51.1 10.5 580.1 585.6 599.7 618.5 657.9 676.1 619.9 640.5 614.0 617.0 632.9 728.3 584.5 586.6 581.8 601.2 656.1 617.8 18.1 22.2 23.9 43.8 42.6 78.3 103.0 19.9 10.9 29.5 38.7 17.8 14.4 15.5 14.0 15.6 41.5 33.5 502.8 505.0 513.3 517.6 521.3 515.8 516.7 531.7 542.4 520.7 529.6 636.7 510.8 510.1 507.5 517.8 530.5 529.1 56.7 57.1 59.2 54.3 75.3 75.7 -3.8 84.7 56.0 62.1 62.4 71.4 58.4 56.2 57.8 54.1 77.9 46.3 2.4 1.3 3.3 2.7 18.7 6.3 4.0 4.2 4.6 4.8 2.2 2.4 0.8 4.8 2.5 13.8 6.1 8.9 131.4 153.4 151.2 141.8 285.2 63.9 43.5 67.9 93.1 83.3 108.8 116.0 111.6 122.8 166.9 153.2 384.5 25.8 22.8 22.4 44.3 31.0 40.9 10.3 17.0 10.6 20.3 14.4 24.1 16.0 16.6 28.2 29.7 40.7 73.7 9.8 21.0 16.0 18.7 30.3 33.1 34.3 102.9 33.9 34.7 35.4 24.8 16.6 25.3 13.8 27.5 41.2 42.5 33.6 -112.6 25.7 -118.4 -72.8 -38.8 -110.0 -327.4 -217.4 104.4 -99.2 -13.6 -96.5 62.5 -76.6 -10.4 -22.3 -436.2 25.7 44 Slovenian Economic Mirror, No. 2/2016 Acronyms Acronyms Acronyms in the text AJPES - Agency of the Republic of Slovenia for Public Legal Records and Related Services, BAMC - Bank Asset Management Company, BoS - Bank of Slovenia, CPI - Consumer Price Index, ECB - European Central Bank, EIA - Energy Information Administration, EK - European Commission, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, EU - European Union, EUR - Euro, EUROSTAT - Statistical Office of the European Union, FED - Federal Reserve System, HICP -Harmonised Index of Consumer Prices, ICT - Information and CommunicationTechnology, IEA - International Energy Agency, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, MF - Ministry of Finance, MGRT - Ministry of Economic Developement and Technology, MZI - Ministry of Infrastructure, NFI - Non-monetary Financial Institutions, OPEC - Organization of Petroleum Exporting Countries, PMI - Purchasing Managers Index, PPI - Producer Price Index, RS - Republic of Slovenia, SKD - Standard Classification of Activities, SMA - Securities Market Agency, SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, TSA - Treasury Single Account, UL - Official Gazette , ULC - Unit Labour Costs, USD - US Dollar, VAT - value added tax. 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 ofrecorded 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 ofmotor vehicles, trailers and semi-trailers,30 - Manufacture ofother transport equipment, 31 - Manufacture of furniture, 32 - Other manufacturing, 33 - Repair and installation of machinery and equipment, D- Electricity, gas, steam andair conditioning supply,E-Water supply sewerage, waste management and remediation activities, F - Construction, G - Wholesale and retail trade, repair of motor vehicles and motorcycles, H - Transportation and storage, I - Accommodation and food service activities, J - Information and communication, K - Financial and insurance activities, L - Real estate activities, M - Professional, scientific and technical activities, N - Administrative and support service activities, O - Public administration and defence, compulsory social security, P - Education, Q - Human health and social work activities, R - Arts, entertainment and recreation, S - Other service activities, T - Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use, U - Activities of extraterritorial organizations and bodies. Acronyms of Countries AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IT-Italy, JP-Japan, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America.