N
o.
 2
,  
Vo
l. 
XX
III
, 2
01
7

Slovenian Economic Mirror
ISSN 1318-3826 (print)
ISSN 1581-1026 (pdf )
No. 2 / Vol. XXIII / 2017
Publisher: IMAD, Ljubljana, Gregorčičeva 27
Responsible Person: Boštjan Vasle, MSc, Director
Editor in Chief: Barbara Bratuž Ferk, MSc
Authors of Current Economic Trends (listed alphabetically): 
Urška Brodar, Aleš Delakorda, MSc, Janez Dodič, Lejla Fajić, Marjan Hafner, MSc, Slavica Jurančič, Mojca Koprivnikar Šušteršič, 
Janez Kušar, MSc, Jože Markič, PhD, Tina Nenadič, MSc, Mitja Perko, MSc, Jure Povšnar, Ana T. Selan, MSc, Dragica Šuc, MSc, 
Ana Vidrih, MSc.
Authors of Selected Topics:
Branka Tavčar (Insolvency in 2016)
Valerija Korošec, PhD (The Global Gender Gap Index (GGGI))
Barbara Bratuž Ferk, MSc (New population projections (2015) for Slovenia)
Editorial Board: Marijana Bednaš, MSc, Aleš Delakorda, MSc, Lejla Fajić, Alenka Kajzer, PhD, Rotija Kmet Zupančič, MSc, 
Janez Kušar, MSc, Boštjan Vasle, MSc
Translator: Marija Kavčič
Data Preparation, Graphs, DTP: Bibijana Cirman Naglič
Print: Eurograf 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.
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
Box 1: Main general government sector aggregates 2016 (ESA 2010) .................................................................. 20
Selected topics ...............................................................................................................................................21
Insolvency in 2016 ........................................................................................................................................................... 23
The Global Gender Gap Index (GGGI) ............................................................................................................................................ 24
New population projections (2015) for Slovenia...................................................................................................................... 26
Statistical appendix .....................................................................................................................................................29
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.
The Economic Mirror is prepared based on statistical data available by 7th April 2017. 
Contents
3Slovenian Economic Mirror, No. 2/2017
In the Spotlight
Boosted by foreign and domestic demand, the favourable trends in economic activity continued in Slovenia 
at the turn of the year; the outlook also remains encouraging. The growth of exports and manufacturing 
production continued amid the strengthening of foreign demand and the preservation of the favourable competitive 
position. Favourable labour market developments bolstered private consumption and significantly contributed to 
turnover growth in trade and leisure-related services. Turnover growth also continued in other market services. Only 
activity in construction remained low owing to low government investment. The short-term prospects for economic 
activity and employment remain favourable, as confidence indicators improved further. Favourable prospects 
are also indicated by the improved forecasts by international institutions for economic growth in Slovenia’s main 
trading partners.
Under the influence of rising economic activity, the growth of employment and the moderate wage growth 
continue. Growth in the number of employed persons was higher year on year in most private sector activities; owing 
to the relaxation of restrictions on hiring, employment also increased in public services. Stronger hiring and a smaller 
inflow into unemployment contributed to a further fall in the number of unemployed. At the end of March, just over 
95,000 people were unemployed, which is 13.6% less than one year before. The growth of earnings is moderate; at 
the turn of the year, the movements of earnings were, as usual, marked by the dynamics of extraordinary payments.
Consumer price growth strengthened in the first months of the year, reflecting supply-side factors and a 
further pick-up in consumption. Higher commodity prices translated into higher energy prices year on year; the 
prices of (unprocessed) food were also higher. Inflation in the euro area strengthened for similar reasons. In Slovenia 
the growth of services prices is also rising amid a further strengthening in private consumption. 
Loan volume was higher year on year in February for the first time in five and a half years; the maturity 
structure of sources of finance remains unfavourable. The increase in loan volume was due to household 
borrowing amid stronger consumption; the decline in the volume of loans extended to enterprises is slowing. The 
quality of banks’ assets continues to improve. The maturity structure of bank sources of funding continues to change 
in favour of non-banking sector overnight deposits.
In January the general government budget was almost balanced. Amid the strengthening of economic activity, 
revenue growth was underpinned by growth in tax revenues, revenues from social transfers and one-off non-tax 
inflows; receipts from the EU budget remain lower year on year. Expenditure growth arose from most categories, the 
main factors being the payments of subsidies in agriculture (the dynamics of which may differ from year to year) and 
an increase in compensation of employees owing to the growth of employment and earnings in the public sector. 
In the spotlight
4 Slovenian Economic Mirror, No. 2/2017
In the Spotlight
The prospects for GDP growth in the euro area are improving. Economic activity in Slovenia is rising; the prospects remain 
favourable.
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
30
40
50
60
70
80
90
100
110
120
130
Ja
n 
08
Ja
n 
09
Ja
n 
10
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
di
ca
to
r v
al
ue
, 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Se
as
on
al
ly
 a
dj
us
te
d 
re
al
 in
de
x 
20
08
=
10
0,
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD. 
Merchandise exports
Industrial production in manufacturing
Construction output
Turnover in retail trade
Market services excluding trade, nominal
Business tendency, right axis
-1
0
1
2
45
50
55
60
2012 2013 2014 2015 2016 2017
Q
ua
rt
er
ly
 G
D
P 
gr
ow
th
, i
n 
%
Va
lu
e
Source: Eurostat, Markit Economics. 
Note: PMI - a reading above 50 signals GDP growth, while a 
reading below 50 indicates contraction.
GDP euro area (right axis)
Composite PMI for the euro area (left axis)
The decline in registered unemployment continues to reflect 
strong employment and a smaller inflow into unemployment.
Consumer price growth strengthened in the first months of 
the year, reflecting supply-side factors and a further pick-up in 
consumption.
50
60
70
80
90
100
110
120
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
12
-m
on
th
 c
um
ul
at
iv
e,
 in
 th
ou
sa
nd
Source: ESS.
Total inflow into the unemployment register
Total outflow from the unemployment register
Outflow from the unemployment register into employment
-20
-10
0
10
20
30
40
50
60
-4
-2
0
2
4
6
8
10
12
Ja
n
 1
1
Ju
l 1
1
Ja
n
 1
2
Ju
l 1
2
Ja
n
 1
3
Ju
l 1
3
Ja
n
 1
4
Ju
l 1
4
Ja
n
 1
5
Ju
l 1
5
Ja
n
 1
6
Ju
l 1
6
Ja
n
 1
7
Se
as
o
n
al
ly
 a
d
ju
st
ed
 in
d
ic
at
o
r v
al
u
e
Y
ea
r-
o
n
-y
ea
r g
ro
w
th
, i
n
 %
Source: SURS; calculations by IMAD. 
* Note: Price movements in the next 12 months.
Import prices
Inflation
Inflation - excluding food and energy
Inflationary expectations - consumers* (right axis)
-2500
-2000
-1500
-1000
-500
0
500
1000
1500
Feb11 Feb12 Feb13 Feb14 Feb15 Feb16 Feb17
Y
ea
r-
o
n
-y
ea
r c
h
an
g
es
, i
n
 E
U
R
 m
Source: BoS; calculations by IMAD. Note: Excluding the impact of the 
transfer of claims to the BAMC.
Households Enterprises and NFIs Government Total
-2,000
-1,500
-1,000
-500
0
500
2011 2012 2013 2014 2015 2016 Y 2016 Y 2017
In
 E
U
R 
m
Source: MF, Bulletin of Government Finance;
calculations by IMAD.
General government balance
Primary general government balance
Household borrowing is also strengthening amid higher 
private consumption; the contraction in the volume of loans to 
enterprises and NFIs is smaller.
The general government budget was balanced at the beginning 
of the year; tax revenues and revenues from social contributions 
increase with the strengthening of activity. 
cu
rr
en
t e
co
no
m
ic
 tr
en
ds

7Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
International institutions continue to raise their forecasts for 
GDP growth in 2017 and 2018 for Slovenia’s main trading 
partners. The latest forecasts for real GDP growth are for the 
most part slightly more positive than the autumn ones, a 
consequence of the expected stronger recovery in global 
economic growth and trade and the more favourable 
economic climate. The favourable prospects continue 
to be subject to risks, however, primarily associated with 
political uncertainty and global challenges.
Lending conditions for enterprises and households in the 
euro area are improving amid the ECB’s expansionary 
monetary policy,1  which is reflected in the strengthening 
of positive credit flows. The resilience of the banking sector 
in the euro area is increasing, but the weak profitability of 
banks and the high levels of non-performing loans remain a 
concern. Non-performing loans are in fact declining, but in 
many Member States their level remains high. 
Figure 1: GDP growth forecasts for 2017 for Slovenia’s 
main trading partners
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
Euro area Germany France Italy Austria
R
ea
l G
D
P
 g
ro
w
th
, i
n
 %
Source: Consensus, EC, IMF, OECD.
OECD Nov 16 IMF Oct 16 EC Nov 16 CONS Nov 16
OECD Mar 17 IMF Jan 17 EC Feb 17 CONS Mar 17
Figure 2: Non-performing loans in selected euro area 
countries
0
10
20
30
40
50
C
Y
EL
*
IT
* IE PT
M
T* S
l
ES LT SK LV FR
*
BE A
T
N
L EE
A
s 
a 
%
 o
f a
ll 
lo
an
s
Q3 16 The highest value since 2008 2008
Source: IMF. Note: Data are available only for 16 countries. *data for Q2 16. 
The stronger recovery of the euro area economy is also 
indicated by a gradual increase in investment, although 
the level is still significantly behind that recorded before 
the financial crisis. Investment is being boosted by 
favourable financing conditions, higher corporate profits 
and the need to replace equipment, though the growth 
rate is being negatively affected by the need for further 
deleveraging in some Member States and uncertainty 
regarding long-term economic growth. The contribution 
of investment to real economic growth in the euro area 
remains relatively low, while weak investment is also 
reflected in potential growth, which is still significantly 
lower than before the crisis.2
Figure 3: Investment in Slovenia’s main trading partners
70
75
80
85
90
95
100
105
110
Q
1 
08
Q
1 
09
Q
1 
10
Q
1 
11
Q
1 
12
Q
1 
13
Q
1 
14
Q
1 
15
Q
1 
16
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: Eurostat; calculations by IMAD.
EA DE FR IT AT
1 The Euro Area Bank Lending Survey (ECB, January 2017).
2 The EC’s Winter Forecast (February 2017).
International environment
8 Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Table 1: Brent oil prices, the USD/EUR exchange rate and EURIBOR
average change, in %*
2016 II 17 III 17 III 17/II 17 III 17/III 16 I-III 17/I-III 16
Brent USD, per barrel 44.80 54.87 51.59 -5.9 35.0 59.3
Brent EUR, per barrel 40.40 51.56 48.30 -6.3 40.5 65.0
EUR/USD 1.107 1.064 1.068 0.4 -3.7 -3.4
3-month EURIBOR, in % -0.265 -0.329 -0.329 0.1 -10.1 -14.2
Source: EIA, ECB, EMMI Euribor; calculations by IMAD. 
Note: * in Euribor change in basis points.
9Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Economic developments in Slovenia
At the turn of the year, the favourable trends in 
economic activity continued. The growth in exports 
and manufacturing production continued amid the 
strengthening of foreign demand and the preservation of 
the favourable competitive position. Favourable labour 
market developments bolstered private consumption 
and significantly contributed to turnover growth in 
distributive trades and in services mainly related to 
leisure; this was also attributable to the higher number of 
foreign tourists. The strengthening of domestic demand 
and exports also contributed to further turnover growth 
in other market services. Only activity in construction 
remained modest, this as a result of low government 
investment. Economic sentiment continues to strengthen 
and points to a continuation of positive trends. 
Figure 4: Short-term indicators of economic activity in 
Slovenia
30
40
50
60
70
80
90
100
110
120
130
Ja
n 
08
Ja
n 
09
Ja
n 
10
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Merchandise exports
Industrial production in manufacturing
Value of construction output
Turnover in retail trade
3 The estimate of real merchandise exports was made on the basis of 
nominal exports according to the external trade statistics and industrial 
producer prices on the foreign market, while real imports were estimated 
based on nominal imports according to the external trade statistics and 
the import price index. 
4 Detailed data on the structure of merchandise trade are available only 
until the end of December.
Real growth in merchandise exports and imports 
strengthened at the turn of the year.3 Export growth 
continues to reflect foreign demand and the ability of 
manufacturing enterprises to maintain their favourable 
competitive position. Expectations about future exports 
and orders in manufacturing have also remained positive. 
Exports of all main groups of manufactured goods, 
particularly machinery and chemical products, were 
rising at the end of 2016.4 The growth in imports is also 
increasing alongside favourable export movements and 
growth in domestic and investment consumption.
Figure 5: Merchandise trade – real
80
85
90
95
100
105
110
115
120
125
130
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Exports Imports
Table 2: Selected monthly indicators of economic activity in Slovenia
In % 2016 I 17/XII 16 I 17/I 16
Merchandise exports, real1 5.6 0.43 11.2
Merchandise imports, real1 4.7 3.23 12.9
Services exports, nominal2 8.1 0.53 13.8
Services imports, nominal2 5.5 -2.53 8.0
Industrial production, real 6.7 -0.13 3.34
  -manufacturing 8.0 -1.03 2.94
Construction -value of construction put in place, real -17.7 -12.33 -5.6
Real turnover in retail trade 4.5 1.73 12.44
Market services (without trade) - nominal turnover 3.8 0.33 4.94
Sources: BoS, Eurostat, SURS; calculations by IMAD. 
Notes: 1External trade statistics; deflated by IMAD, 2balance of payments statistics, 3seasonally adjusted, 4working-day adjusted data.
10 Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Nominal exports and imports of services remained high 
(seasonally adjusted).5 Exports and imports were up 13.8% 
and 8.0% year on year respectively. The year-on-year 
growth of both exports and imports was mainly due to 
transport and other business services.
Production volume in manufacturing remained high at 
the beginning of the year. In all categories of technology 
intensity, production volumes were similar to those at the 
end of last year. In the last year, production has risen 
the most in the most export-oriented high-technology 
industries, particularly the manufacture of ICT equipment. 
The prospects for the first half of the year are favourable, 
with most manufacturing enterprises expecting a 
strengthening of demand, production and employment.
5 According to the balance of payments statistics.
Figure 6: Trade in services – nominal 
250
300
350
400
450
500
550
600
Ja
n
 1
1
Ju
l 1
1
Ja
n
 1
2
Ju
l 1
2
Ja
n
 1
3
Ju
l 1
3
Ja
n
 1
4
Ju
l 1
4
Ja
n
 1
5
Ju
l 1
5
Ja
n
 1
6
Ju
l 1
6
Ja
n
 1
7
In
 E
U
R 
m
, s
ea
so
n
al
ly
 a
d
ju
st
ed
, 3
-m
on
th
 m
ov
in
g
 
av
er
ag
e
Source: BoS; calculations by IMAD.
Exports of services Imports of services
Figure 7: Production volume in manufacturing
80
90
100
110
120
130
140
150
160
170
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
10
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS.
Manufacturing, total
High-technology industries
Medium-high- and high-technology industries
Medium-low-technology industries
The value of construction output has remained more or 
less unchanged since the second quarter of 2016, though 
with considerable monthly fluctuations. Activity in 2016 
and at the beginning of 2017 was significantly lower than 
in 2015, which is related particularly to low government 
investment and in January to unfavourable weather 
conditions. Amid the general improvement in economic 
conditions and a gradual rebound in the property 
market, the construction of flats and the construction of 
non-residential buildings started to pick up at the end of 
2015 and mid-2016 respectively. Data on issued building 
permits show that favourable trends in the construction 
of buildings will continue.
Figure 8: Value of construction output
0
20
40
60
80
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=1
00
, 3
-m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Total Residential buildings
Non-residential buildings Civil-engineering works
11Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Prices in most residential property categories rose last 
year. On average, they were up 3.3% year on year. The 
prices of existing flats increased the most in Ljubljana (by 
6.0%). The prices of new flats were also up year on year 
under the influence of transactions in more expensive 
flats (i.e. flats sold in areas of high demand and luxury 
flats).7 The prices of new flats from bankruptcy estates 
were mostly lower. The prices of existing houses were 
also higher last year, this following seven years of decline.
Figure 10: Prices of new and existing residential 
properties
60
65
70
75
80
85
90
95
100
Q
1 
11
Q
1 
12
Q
1 
13
Q
1 
14
Q
1 
15
Q
1 
16
In
de
x 
20
08
=
10
0,
 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Prices of existing flats
Prices of new flats
Prices of existing houses
Prices of new houses
Sales of residential properties strengthened further 
last year. Sales of existing residential properties,6 which 
had already exceeded their 2007 peak in 2015, were up 
16%. Sales of new residential properties remained at a 
similarly low level to that recorded in the previous year. 
We estimate that the rebound in the real estate market 
was due to the improvement in the economic situation 
and hence the recovery of labour market conditions, the 
relatively low effective interest rates on housing loans 
and the still relatively low prices.
Figure 9: Transactions in new and existing dwellings
40
60
80
100
120
140
160
180
200
220
Q
1 
11
Q
1 
12
Q
1 
13
Q
1 
14
Q
1 
15
Q
1 
16
In
de
x 
20
08
=
10
0,
 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Transactions in existing flats
Transactions in new flats
Transactions in existing houses
Transactions in new houses
At the beginning of the year, nominal turnover in market 
services continued to grow. The growth in turnover in 
employment services (part of N activities) remained 
high, but owing to the improvement in labour market 
conditions, enterprises were also more frequently hiring 
workers directly rather than through agencies. Under 
the impact of higher exports of road transport services, 
positive trends also continued in transportation. Turnover 
growth in information and communication services 
slowed after a long period of growth that was boosted by 
computer services. In professional and technical activities, 
turnover in architectural and engineering services has 
ceased to decline, but activity remains low.
Figure 11: Nominal turnover in market services (other 
than trade)
75
80
85
90
95
100
105
110
115
120
125
130
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD. 
Note: * including accommodation and food service activities.
Total*
Transportation and storage (H)
Information and communication activities (J)
Professional and technical activities (M)
Administrative and support service activities (N)
6 The majority of transactions (90%) were in existing dwellings, 73% of 
which were existing flats.
7 SURS (24 March 2017). “Residential housing price indices, Slovenia, 
4th quarter 2016” (Indeksi cen stanovanjskih nepremičnin, Slovenija, 
4. četrtletje 2016). Available at http://www.stat.si/StatWeb/en/News/
Index/6567.
12 Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Household consumption increased further at the 
beginning of the year, reflecting the improvement in 
labour market conditions and high consumer confidence. 
Purchases of durable goods, particularly passenger 
cars,8 which have been rebounding for quite some time, 
continued to grow. Spending on semi-durable goods 
and services (particularly leisure-related services at home 
and abroad),9 which had started to rebound last year, 
increased further.
Figure 12: Selected indicators of household consumption 
40
50
60
70
80
90
100
110
120
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17S
ea
so
na
lly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: MZI, SURS; calculations by IMAD.
Real turnover in the sale of non-food products
Sale of passenger cars to natural persons
Real net wage bill
Nominal turnover in accommodation and food service activities
Economic sentiment continues to improve. Confidence 
is rising across all sectors, whereas confidence among 
consumers remains at the level recorded at the end 
of last year. Both in all sectors and among consumers, 
confidence is now at the highest level since 2008.
Figure 13: Business trends
-60
-50
-40
-30
-20
-10
0
10
20
30
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
di
ca
to
r v
al
ue
, 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD. 
Note: * Owing to methodological changes, the consumer 
confidence data published since January 2016 are not 
comparable with previous data.
Economic sentiment Manufacturing
Retail trade Service activities
Construction Consumers*
8 After last year’s almost 10% growth, the sale of motor vehicles to natural 
persons rose by 14.2% year on year in January and February together. 
9 Turnover in accommodation and food service activities, influenced not 
only by higher spending on the part of domestic households but also by a 
record number of foreign tourist arrivals, strengthened further in January 
following 10% growth in 2016. Household expenditure on private trips 
abroad was also up (by 4.9%).
13Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
The labour market
Following last year’s growth, the strongest since the 
beginning of the crisis, the number of employed persons10 
increased further in January. Higher year-on-year growth 
was recorded for most private sector activities.11 
Short-term expectations of enterprises about future 
employment remain the strongest since the onset of 
the crisis. Owing to the relaxation of hiring restrictions 
in 2016, the growth of employment in public service 
activities was up year on year in the health sector, public 
administration and education (particularly at the primary 
level of education). 
Figure 14: Employment expectations
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
di
ca
to
r v
al
ue
, 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: Eurostat.
Construction Trade
Services Industry
10 According to the Statistical Register of Employment, these are persons 
in paid employment and self-employed persons excluding farmers.
11 Amid favourable export demand, it continues to increase in 
manufacturing activities. It is also rising in sectors related to domestic 
demand, particularly trade and accommodation and food service 
activities. 
Following the significant fall in 2016, the number of 
registered unemployed continued to decline in the first 
quarter of this year. The decline continues to be mainly 
due to the outflow into employment, similar to that in 
the same period of 2016. Meanwhile, the overall inflow 
was smaller, primarily reflecting the lower inflow of those 
who became unemployed because of the termination 
of their fixed-term contracts. There were also fewer first-
time jobseekers, which, in our view, was partly due to the 
smaller generations of young people finishing school and 
partly to the better economic conditions. At the end of 
March, 95,189 persons were registered as unemployed 
(13.6% fewer than in March 2016), which is close to the 
level recorded in the years of stable economic conditions 
before the crisis.
Figure 15: Numbers of employed persons, according to 
the SRE, and the registered unemployed
90
100
110
120
130
140
150
160
170
180
190
720
730
740
750
760
770
780
790
800
810
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
N
um
b
er
 o
f r
eg
is
te
re
d 
un
em
p
lo
ye
d,
 in
 '0
00
, 
se
as
on
al
ly
 a
dj
us
te
d 
N
um
b
er
 o
f e
m
p
lo
ye
d 
ac
co
rd
in
g 
to
 S
RE
, i
n 
'0
00
, 
se
as
on
al
ly
 a
dj
us
te
d 
Source: SURS, ESS, calculations by IMAD.
Employed according to SRE (left axis)
Registered unemployed (right axis)
Average gross earnings per employee continue to increase at 
a modest rate. After recording strong growth at the end 
of 2016, which was underpinned by extraordinary year-
end payments, earnings in the private sector and public 
corporations dropped in January, as expected. Earnings 
in the general government remained at the high level 
achieved at the end of year as a result of public servants’ 
promotions.
Figure 16: Average gross earnings per employee
100
105
110
115
120
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17S
ea
so
na
lly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Gross earnings per employee
Private sector
Public sector
– general government  
– public corporations  
14 Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Table 3: Labour market trend indicators 
change, in % 2016 I 17/XII 16 I 17/I 16
Persons in formal employment2 1.6 0.51 3.1
Registered unemployed -8.5 -1.01 -12.2
Average nominal gross wage 1.8 -0.41 2.1
 - private sector 1.7 -2.41 2.9
 - public sector 2.3 -0.51 1.5
     -of which general government 3.6 -0.11 1.3
     of which public corporations -0.5 -6.71 2.0
2016 I 16 I 17
Rate of registered unemployment (in %), seasonally adjusted 11.2 12.0 9.6
Sources: ESS. SURS; calculations by IMAD. 
Note: 1seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers.
15Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Consumer price growth has strengthened in the first 
part of this year. Year-on-year growth in energy prices 
continues to reflect higher prices of commodities while 
the rising overall inflation is also attributable to the 
relatively poor harvest in Spain and the resulting higher 
import prices of (unprocessed) food. Inflation in the 
euro area as a whole has increased for similar reasons. 
In Slovenia, stronger growth is also recorded in prices of 
services. With rising private consumption, the prices of 
leisure-related services in particular are rising, while the 
prices of telecommunication and public utility services 
are also higher. Durable goods prices have remained 
lower year on year, while the prices of semi-durables are 
similar to those one year earlier. 
Figure 17: Headline and core inflation in Slovenia and 
the euro area
-2
-1
0
1
2
3
4
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
 (i
n 
%
)
Source: Eurostat.
Euro area HICP
Euro area HICP - core inflation
Slovenia HICP
Slovenia HICP - core inflation
Industrial producer prices and import prices have 
been higher year on year since the end of last year. The 
main reason for this is further commodity price rises on 
world markets, which are, amid strengthening demand, 
gradually passed on to import prices and the prices of 
industrial products by domestic producers.
Figure 18: Industrial producer prices and import prices
100
102
104
106
108
110
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
In
de
x 
20
10
=
10
0
Source: SURS.
PPI (domestic) PPI (foreign) Import prices
Prices
Table 4: Consumer price growth
 in % 2016 III17/II17 III17/III16 I-III17/I-III16
Total 0.5 0.4 1.9 1.8
  Food 1.6 -1.1 2.3 3.0
  Fuels and energy -0.2 0.2 7.4 6.8
  Services 1.6 -0.7 1.5 1.7
  Other1 -0.6 1.9 0.4 -0.1
Total excluding food and energy 0.4 0.7 0.8 0.7
Administered prices2 0.4 0.7 1.2 0.9
Tax impact – contribution in percentage points 0.0 0.0 0.0 0.0
Source: SURS, Ministry of Economic Development and Technology; calculations by IMAD.
Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 The calculation includes prices formulated on the basis of price mechanisms according to the 
Price Control Act, and prices under direct government control (oil derivatives, railway transport, school books, tolls).
16 Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
As a result of the weak euro and declining relative12 prices, 
the price competitiveness of exports improved at the 
beginning of the year. In the first two months of 2017, 
the euro lost value in nominal terms, particularly against 
major currencies outside the EU.13 Consumer price growth 
picked up year on year in this period, but less so than in 
Slovenia’s main trading partners. Price competitiveness 
improved in most euro area countries, Slovenia being 
among those with relatively more favourable price 
competitiveness movements. 
Figure 19: Real effective exchange rates, HICP deflator, 
for Slovenia and the euro area
-15
-12
-9
-6
-3
0
3
6
9
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
, i
n 
%
Source: ECB; calculations by IMAD.
SI against 56 partners (EA and extra EA)
SI against 18 partners (EA)
SI against 38 partners (extra EA)
EA against 38 partners (extra EA)
12 Consumer prices in Slovenia in comparison with those in its trading 
partners.
13 In particular against the Russian rouble (−26%, year on year, following 
the 86% appreciation in 2013–2016), but also against the US dollar, 
the South Korean won, the Japanese yen and the Swiss franc. Among 
the currencies of major trading partners from the EU, the euro also fell 
in nominal terms against the Croatian kuna, the Polish zloty and the 
Hungarian forint.
17Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
The surplus of the current account of the balance of 
payments rose further, totalling EUR 2.7 billion in the 
12-month period14 as a whole (6.6% of estimated GDP). In 
comparison with the previous 12-month period,15 the 
larger surplus in current transactions was mainly due to 
the smaller deficit in primary income. The surplus in trade 
in services was also larger, primarily owing to higher 
revenue from construction works abroad and a larger 
surplus in trade in transport services. Imports of goods 
are also rising amid further growth in goods exports and 
domestic spending, which is reducing the trade surplus 
in goods. 
Figure 20: Components of the current account of the 
balance of payments
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
12
-m
on
th
 m
ov
in
g 
su
m
, i
n 
EU
R 
m
Source: BoS; calculations by IMAD.
Merchandise trade Trade in services
Primary income Secondary income
Current account
The net financing of the rest of the world continues. 
Financial transactions with the rest of the world recorded 
a net outflow of EUR 1.3 billion, which was mainly 
underpinned by financial investment of the private sector 
and the Bank of Slovenia in foreign securities. Owing to 
the lower interest rates, the government was withdrawing 
deposits from accounts abroad and repaying foreign 
liabilities.
Figure 21: Financial transactions of the balance of 
payments 
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
12
-m
on
th
 m
ov
in
g 
su
m
, i
n 
EU
R 
m
Source: BoS; calculations by IMAD.
Direct investment Portfolio investment
Financial derivatives Other investment
Financial transactions
14 February 2016–January 2017.
15 February 2015–January 2016.
Table 5: Balance of payments
I 2017, in EUR m Inflows Outflows Balance Balance, I 16
Current account 2,845.6 2,569.7 276.0 227.1
   Goods 2,105.4 1,981.9 123.5 158.5
   Services 481.2 291.0 190.2 153.6
   Primary income 198.3 193.8 4.4 -64.1
   Secondary income 60.8 103.0 -42.1 -20.8
Capital account 42.1 41.4 0.7 -7.1
Financial account -169.6 349.8 519.4 203.0
   Direct investment -1.1 66.8 68.0 -236.3
   Portfolio investment 891.7 233.5 -658.2 373.1
   Other investment -1,034.6 19.4 1,054.0 44.9
Net errors and omissions 0.0 242.7 242.7 -17.1
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.
Balance of payments
18 Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
Figure 22: Changes in the volume of loans to domestic 
non-banking sectors
In February, the volume of loans to domestic non-banking 
sectors rose year on year for the first time since August 2011. 
In addition to the stronger growth in household loans, a 
significant factor in this increase was a slower decline 
in corporate loans. With new bank lending more or less 
unchanged, this decline is estimated to be largely due 
to lower corporate and NFI deleveraging. The borrowing 
terms are still unfavourable in Slovenia compared with 
the euro area average, which is also reflected in the 
outflow of the best clients from the Slovenian banking 
system to banks abroad. Enterprises thus borrowed 
around EUR 150 million net abroad in the last 12 months, 
this solely in the form of long-term loans. The quality of 
banks’ assets continues to improve. In the last few years 
the improvement has mainly been due to a reduction in 
the volume of the non-performing loans (NPLs) of large 
enterprises. In the future, the decline in NPLs could to a 
greater extent than thus far also be due to more effective 
management of non-performing loans in the micro, small 
and medium-sized enterprise (MSME) sector.16 
The structure of bank liabilities continues to change 
in favour of non-banking sector deposits. At the end of 
February, these accounted for more than two-thirds of the 
banking system’s total assets, which is around 50% more 
than before the financial crisis. However, their maturity 
structure is fairly unfavourable (around 60% of all non-
banking sector deposits being overnight deposits), which 
increases liquidity risk and hinders lending. The volume 
of liabilities to foreign banks, standing at EUR 2.7 billion 
at the end of February, continues to decline.
Figure 23: Changes in the volume of deposits by 
domestic non-banking sectors
-2500
-2000
-1500
-1000
-500
0
500
1000
1500
Feb 11 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17
Ye
ar
-o
n-
ye
ar
 c
ha
ng
es
, i
n 
EU
R 
m
Source: BoS; calculations by IMAD. Note: Excluding the 
impact of the transfer of claims to the BAMC.
Households Enterprises and NFIs Government Total
-2000
-1500
-1000
-500
0
500
1000
1500
2000
Feb 11 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17
Ye
ar
-o
n-
ye
ar
 c
ha
ng
e,
 in
 E
U
R 
m
Source: BoS.
NFIs Non-financial corporations
Central government Other government
Households Total
16 For this purpose, the Handbook for Effective Management and Workout 
of MSME NPLs was published in the middle of March 2017; it was 
prepared by the World Bank at the request of the Bank of Slovenia and in 
consultation with the Slovenian banking sector.
Financial markets
Table 6: Financial market indicators
Domestic bank loans to non-banking sector 
and household savings
Nominal amounts, EUR m Nominal loan growth, %
29. II 16 31. XII 16 28. II 17 28. II 17/31. I 17 28. II 17/29. II 16
Loans total 21,156.6 21,358.5 21,380.9 -0.3 1.1
  Enterprises and NFI 10,466.2 10,123.1 10,261.1 0.8 -2.0
  Government 1,901.8 2,081.8 1,911.7 -8.8 0.5
  Households 8,788.6 9,153.6 9,208.2 0.4 4.8
    Consumer credits 2,015.7 2,144.0 2,182.6 1.1 8.3
    Lending for house purchase 5,520.6 5,716.5 5,764.9 0.4 4.4
    Other lending 1,252.4 1,293.1 1,260.6 -0.7 0.7
Bank deposits total 16,108.4 16,935.1 17,227.1 0.7 6.9
  Overnight deposits 9,328.9 10,956.4 11,476.9 1.9 23.0
  Term deposits 6,779.5 5,978.6 5,750.2 -1.7 -15.2
Government bank deposits, total 1,596.8 1,073.5 954.1 -14.0 -40.2
Deposits of non-financial corporations, total 5,207.1 5,804.6 5,665.2 0.2 8.8
Sources: Monthly Bulletin of the BoS; calculations by IMAD. 
Note: NFI – Non-monetary Financial Institutions.
19Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
In January 2017 the general government position on a 
cash basis17 was almost balanced. Amid the strengthening 
of economic activity, tax revenues18 and revenues from 
social contributions continued to rise, while receipts from 
the EU budget remained low. Non-tax revenue growth 
was under the impact of one-off factors.19 Expenditure 
growth arose from most categories, the main factors 
being the payments of subsidies in agriculture (the 
dynamics of which may differ from year to year) and 
an increase in compensation of employees owing to 
the growth of employment and earnings in the public 
sector.20
Figure 24: General government balance on a cash flow 
basis
-2,000
-1,500
-1,000
-500
0
500
2011 2012 2013 2014 2015 2016 y 2016 y 2017
In
 E
U
R 
m
Source: MF, Bulletin of Government Finance; 
calculations by IMAD.
General government balance
Primary general government balance
17 According to the consolidated general government budgetary accounts 
on a cash basis.
18 Tax revenue growth was also underpinned by strong growth in revenue 
from excise duties, which, in addition to volume and price factors, was also 
affected by postponements and delays in payments. This year’s realisation 
of excise duties was high, in contrast to January last year, when the 
payment of excise duties was postponed to February (30 January having 
been a Saturday). According to the amended Excise Duty Act of 1 August 
2016, the payment of excise duties is due on the last working day of the 
month (instead of the 30th as previously).
19 The strong growth of non-tax revenues arose from the accrued interest 
on the reopening of the RS76 bond. 
20 The increase in the pay scale in September 2016 and the promotion 
raises paid in December 2016.
Public finance
Table 7: Consolidated general government revenue and expenditure on a cash basis 
Category
I 2016 I 2017
Category
I 2016 I 2017
EUR m
Y-o-y 
growth, 
in %
EUR m
Y-o-y 
growth, 
in %
EUR m
Y-o-y 
growth, 
in %
EUR m
Y-o-y 
growth, 
in %
REVENUES TOTAL 1,329.1 1.3 1,444.6 8.7 EXPENDITURE TOTAL 1,302.6 -8.4 1,451.8 11.5
Tax revenues*  711.4 -7.2 833.7 17.2 Salaries, wages and other personnel expenditures** 305.6 -3.3 317.8 4.0
Personal income tax 175.1 0.8 181.8 3.8 Expenditure on goods and services 157.9 2.2 176.4 11.7
Corporate income tax 39.8 17.0 35.2 -11.5 Interest payments 143.6 0.6 149.4 4.1
Taxes on immovable property 8.8 31.1 7.0 -20.5 Reserves 10.5 -57.4 5.3 -49.8
Value added tax 330.9 1.5 339.6 2.6 Transfers to individuals and households 529.0 2.6 541.5 2.4
Excise duties 82.1 -38.2 139.9 70.4 Other current transfers 86.9 -45.8 183.0 110.7
Social security contributions 465.0 2.3 496.7 6.8 Investment expenditure 35.6 -52.0 45.6 28.3
Non-tax revenues 57.5 4.4 98.2 70.6 Payments to the EU budget 33.6 -2.2 32.8 -2.3
Receipts from the EU budget 90.2 181.3 10.5 -88.4 GENERAL GOVERNMENT BALANCE 26.5 -7.2
Other 5.0 31.8 5.5 11.5 PRIMARY BALANCE 169.5 137.7
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. 
20 Slovenian Economic Mirror, No. 2/2017
Current Economic Trends
0
10
20
30
40
50
60
70
80
90
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
A
s 
a 
%
 o
f G
D
P
In
 E
U
R 
m
ill
io
n
Source: SURS.
In EUR million
As a % of GDP
-16
-14
-12
-10
-8
-6
-4
-2
0
2
2008 2009 2010 2011 2012 2013 2014 2015 2016
as
 a
 %
 o
f G
D
P 
Source: SURS.
General government deficit Primary balance
Box 1: Main general government sector aggregates 2016 (ESA 2010)
The general government deficit has been declining in the last few years; in 2016 it amounted to 1.5% of GDP. This 
decline has been taking place under the impact of the improvement in macroeconomic conditions, which since 2014 has 
been reflected in the strengthening of tax revenues and revenues from social contributions; the growth of these revenues 
is also influenced by the adopted permanent measures.1 In 2014 and 2015 fiscal consolidation on the expenditure side was 
strongly supported by temporary measures, which affected wage policy, employment of public servants, social benefits 
and transfers, but with the relaxation of these measures in 2016,2 the deficit decline was to a larger extent than in previous 
years achieved by reducing flexible categories of expenditure. As a result of the lower receipts from EU funds, investment 
in particular, i.e. co-financing with EU funds, dropped upon the transition to the 2014–2020 financial perspective. The 
growth of intermediate consumption was also slower, stemming mainly from higher expenditure in public institutes in 
the health sector. Capital transfers related to the BAMC were also significantly lower in 2016. A comparison of expenditure 
levels in 2016 against 2008 shows the largest increases for expenditure on social benefits (pensions), interest payments 
and compensation of employees and the largest declines for investment and general government subsidies. The impact 
of one-off factors, similarly to 2015, was negligible in 2016. 
The general government debt declined in 2016 and its maturity continues to be extended owing to active debt-
management policy. The decline interrupted the upward trend seen since mid-2008. The debt-to-GDP ratio decreased 
by 3.5 percentage points in 2016 (to 79.7% of GDP at the end of 2016), which ranks Slovenia in the middle of EU Member 
States. On the other hand, Slovenia is still among the Member States whose debt has increased the most relative to pre-
crisis levels. In 2016 the Government increased the existing issues of long-term bonds and issued new ones in a total value 
of around EUR 4.8 billion. The bulk of newly issued debt in 2016 was used to repay principals due (around EUR 3.6 billion) 
and, owing to favourable borrowing conditions on international financial markets, to swap bonds issued in 2012–2014 
with the required yield of over 5% for long-term bonds with more favourable financing terms. The implicit interest rate on 
the total debt declined to 3.7% in 2016, which is the lowest figure ever. 
1 In 2016, the government stepped up activities for more efficient tax collection (tax registers). The main measures that contributed to the increase in tax 
revenues in 2015 were increases in the rates of the taxes on financial and insurance services and the CO2 tax. VAT rates, which had been raised in 2013, and 
the fourth income bracket remained in place in 2015; the government also broadened the base for social contributions (student work).
2 A partial removal of austerity measures that had contained expenditure since 2012: in 2016 child benefits in the 5th and 6th income brackets, social assistance 
in cash, the eligibility criteria for state scholarships, care supplements to pensions, and subsidies for school meals were all raised. Two extraordinary 
adjustments of pensions were carried out. Some restrictions on hiring in the public sector were abolished (the requirement to reduce the number of 
employees by 1% and the need to seek for permission for hiring) and the pay scale was restored.
Figure 25: General government balance (ESA 2010), as a 
% of GDP
Figure 26: Consolidated general government debt (ESA 
2010)
Table 8: General government revenue, expenditure and balance (ESA 2010), Slovenia, as a % of GDP
2008 2009 2010 2011 2012 2013 2014 2015 2016
Revenue 42.5 42.3 43.6 43.3 44.5 45.2 44.7 45.2 43.5
Expenditure 43.9 48.2 49.3 50.0 48.6 60.3 50.0 47.8 45.0
General government deficit -1.4 -5.9 -5.6 -6.7 -4.1 -15.1 -5.3 -2.6 -1.5
Primary balance -0.3 -4.6 -4.1 -4.8 -2.1 -12.5 -2.1 0.3 1.4
Source: SI-STAT Data Portal – National Accounts – General Government Accounts – Main Aggregates of the General Government, March 2017.
se
le
ct
ed
 to
pi
cs

23Slovenian Economic Mirror, No. 2/2017
Selected topics
Including December’s round of compulsory and voluntary 
set-offs, the mutual indebtedness of business entities 
declined by EUR 2.9 billion in the period since April 2011.4 In 
December’s round, debtors reported liabilities in the total 
amount of EUR 377.1 million, of which 5.8% was set off, 
which is similar to previous rounds. More than half of all 
debtors and creditors were from manufacturing and the 
distributive trades. 
The number of bankruptcy filings,5 which had risen notably 
following changes to legislation6 in 2013–2015, remained 
high in 2016. In 2016, the most bankruptcy proceedings 
against legal entities were initiated in the distributive 
trades and construction sectors. Because of insolvency7 
and hence bankruptcy, a tenth more legal entities were 
struck off the business register than in 2015. The number 
of bankruptcy filings against sole proprietors, which was 
the largest ever in 2015, failed to decline last year, more 
than half of such sole proprietors being from the sectors of 
construction, accommodation and food service activities, 
and manufacturing. The number of initiated personal 
bankruptcies8 (4,130) was 15% lower than the 2015 peak, 
while the number of completed personal bankruptcies 
(2,487) was almost 50% higher. The amount of reported 
claims from personal bankruptcies, which stood at EUR 
1.1 billion in 2015, declined to EUR 840 million on 2016.
4 The ZPreZP-1 (Official Gazette of the Republic of Slovenia [Uradni list RS], 
No. 57/2012, of 27 July 2012), which took effect on 28 July 2012.
5 Bankruptcy proceedings are a form of winding-up an over-indebted or 
insolvent debtor. Under court supervision, bankruptcy proceedings are 
administered by a bankruptcy trustee, who liquidates all the debtor’s 
property to obtain financial assets for settling creditor claims. Upon 
completion of the bankruptcy proceedings, the legal entity is deleted 
from the court register.
6 The Act Amending the Financial Operations, Insolvency Proceedings and 
Compulsory Dissolution Act (the ZFPPIPP; Official Gazette of the Republic 
of Slovenia [Uradni list RS]), No. 47/2013, of 31 May 2013, according to 
which the debtor no longer has to deposit an advance to cover the initial 
costs of bankruptcy proceedings.
7 Insolvency is a situation where a debtor, over a longer period, can no 
longer meet its financial obligations that become due (prolonged 
illiquidity) or becomes unable to cover its financial obligations in the long 
term (long-term insolvency). 
8 According to data from the Supreme Court of the Republic of Slovenia. 
By filing for personal bankruptcy, debtors can prevent the attachment of 
their assets or stop public auctions of their property.   
Insolvency in 2016
In 2016, solvency continued to improve. The solvency of 
legal entities and sole proprietors1 increased in terms 
of both the number of non-payers and the amount 
of outstanding liabilities. Payment delays shortened, 
but long-term outstanding liabilities2 remained high 
and accounted for 73% of total outstanding liabilities. 
The mutual indebtedness of business entities declined 
as a result of set-offs; fewer compulsory settlement 
proceedings were initiated, while the number of initiated 
bankruptcy proceedings increased. 
In 2016, the number of legal entities with outstanding 
liabilities3 declined further in all sectors, notably in 
construction. Despite the fall in the last five years, 
outstanding liabilities in the construction sector still 
accounted for one-fifth of the total daily amounts of 
outstanding liabilities. The average daily amounts of 
outstanding liabilities were declining in most sectors. 
The solvency of sole proprietors also improved last year. The 
number of all sole proprietors was one-fifth lower year 
on year, while the average daily amounts of outstanding 
liabilities (EUR 113 million) were only 5% lower. Long-
term insolvency remains a problem, given that half of 
non-payers had not settled their liabilities for more than 
one year. These liabilities accounted for 80.8% of all 
outstanding liabilities in the structure. Almost half of non-
payers were from the sectors of construction, distributive 
trades, and accommodation and food service activities.
1 Sole proprietors and other natural persons engaging in registered 
activities who are registered in the Business Register of Slovenia.
2 Liabilities that are more than one year overdue.
3 These are matured liabilities that are outstanding for more than five 
consecutive days in a month. AJPES keeps records of outstanding 
matured liabilities from court enforcement orders and tax debt. These 
records do not include other outstanding liabilities from unpaid bills 
between creditors and debtors.
Figure 27: Legal entities with outstanding matured 
liabilities for more than five consecutive days in a month 
and the average daily amounts of their outstanding 
matured liabilities
0
100
200
300
400
500
600
700
800
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2008 2009 2010 2011 2012 2013 2014 2015 2016
In
 E
U
R 
m
N
um
be
r
Source: AJPES.
Average no. of legal entities with outstanding matured
obligations (left axis)
Average daily amount of outstanding matured liabilities, in
EUR m (right axis)
Figure 28: Average amounts of outstanding liabilities of 
legal entities by maturity
0
100
200
300
400
500
600
2008 2009 2010 2011 2012 2013 2014 2015 2016
In
 E
U
R 
m
Source: AJPES.
Up to 3 months From 3 months to 1 year Over 1 year
24 Slovenian Economic Mirror, No. 2/2017
Selected topics
The Global Gender Gap Index (GGGI)9
In terms of the Global Gender Gap Index, which was 
introduced by the World Economic Forum (WEF) in 2006, 
Slovenia advanced by 16% in the period to 2016. For the 
second time in a row, it was ranked 8th among the 144 
countries included in the survey and 4th among EU 
Member States. The best performing countries are 
countries from Northern Europe (Island, Finland, Norway, 
Sweden and Ireland) and Ruanda, Philippines, New 
Zealand and Nicaragua. 
The main feature of the index is that it measures the 
gender gap, focusing on the equality of women. The 
index is based on 14 ratios, which are grouped into four 
dimensions: economic participation and opportunity, 
educational attainment, health and survival, and political 
empowerment. The index has two main characteristics. 
9 Global Gender Gap Index (GGGI). Taken from the WEF’s »Global Gender 
Gap Report 2016«.
Figure 29: Bankruptcy filings
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2008 2009 2010 2011 2012 2013 2014 2015 2016
N
um
be
r
Source: AJPES.
Companies Sole proprietors Personal bankrupcies
Table 9: Legal entities with outstanding matured liabilities for more than five consecutive days in a month, December 2016
Activity
Number of 
legal entities 
with 
outstanding 
matured 
liabilities, 
Dec 2016
Growth, in % 
Average daily 
amount of 
outstanding 
matured 
liabilities, 
Dec 2016, 
in EUR ꞌ000
Growth, in % 
Average daily 
amount of out-
standing 
matured liabilities 
per legal entity, 
Dec 2016, 
in EUR ꞌ000
XII 16/
XII 15
I-XII 16/
I-XII 15
XII 16/
XII 15
I-XII 16/
I-XII 15
C Manufacturing 471 -9.1 -17.4 41,380 -22.5 -23.0 88
F Construction 830 -9.1 -16.7 54,960 -40.1 -32.8 66
G Wholesale and retail trade, repair of motor 
vehicles and motorcycles 910 -10.2 -15.9 56,979 16.8 -10.3 63
H Transportation and storage 219 -8.0 -17.8 16,320 17.1 -4.1 75
I Accommodation and food service activities 456 2.7 -4.7 11,959 -58.1 -58.0 26
K Financial and insurance activities 65 -15.6 -22.8 3,279 17.1 -86.0 50
L Real estate activities 110 -17.9 -15.7 10,342 -72.1 -62.7 94
M Professional, scientific and technical activities 574 -14.7 -17.6 34,582 -17.5 -30.6 60
N Administrative and support service activities 147 -15.0 -14.3 6,048 -31.6 -15.3 41
Other activities (A,B,D,E,J,O-S) 686 -5.1 -10.6 69,756 22.3 -7.3 102
TOTAL 4,468 -8.9 -14.8 305,605 -20.4 -29.8 68
Source: AJPES. 
Table 10: Number of business entities subject to proceedings and deletions from the register due to insolvency
2009 2014 2015 2016
Total Of which companies Total 
Of which 
companies Total 
Of which 
companies Total 
Of which 
companies
Initiated bankruptcy proceedings 332 276 1,302 1,107 1,154 939 1,228 1,025
Deletions from the register due to bankruptcy 269 208 850 681 1,113 921 1,217 1,003
Initiated compulsory settlement proceedings 14 14 43 40 17 17 12 12
Initiated simplified compulsory settlement proceedings1 - - 101 99 116 112 99 92
Initiated compulsory liquidation proceedings - - 10 5 11 1 37 25
Deletions from the register due to compulsory liquidation - - 3 0 2 0 5 0
Initiated voluntary liquidation proceedings2 82 63 102 46 118 46 147 63
Deletions from the register due to voluntary liquidation 66 49 81 31 117 45 97 38
Source: AJPES. 
Note: 1 Simplified compulsory settlement proceedings introduced by the Act Amending the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP-E), 
effective from 15 August 2013 onwards. 2 In 2009, data for compulsory and voluntary liqudation proceedings together.
25Slovenian Economic Mirror, No. 2/2017
Selected topics
with other regions; that the inclusion of women can have 
a key impact on growth, competitiveness and the future 
of the economy; that a greater economic participation 
of women is positively correlated with greater access 
of women to decision-making (greater participation 
of women in politics, in turn, has a positive impact on 
society as women in politics pay greater attention to 
health, education and the family); and that investing in 
the education and health of women tends to have the 
greatest multiplier effects on economic growth, whereby 
the provision of universal education plays a crucial role, 
First, it focuses on capturing disparities between women 
and men rather than on the absolute values of the 
indicators. For example, it does not measure how much 
men earn but rather to what extent their incomes differ 
from those of women. The calculation of the index is thus 
based on the calculation of female-to-male ratios for 
various indicators. Second, it focuses on the equality of 
women, which means that except for two indicators, the 
highest possible score is 1.10
Slovenia scores badly particularly in the political 
empowerment of women, but this is a problem in most EU 
Member States. On the other three dimensions, it leads 
the way. Among the indicators that are not included 
in the index calculation, Slovenia stands out in gender 
disparities in unpaid work, which are very small. In terms 
of income, Slovenia is in the group of 49 countries with 
high income, where it ranks 6th according to the GGGI. 
However, the report finds that a higher gross national 
income does not necessarily mean a higher GGGI (i.e. 
smaller gender gap).  
The report also presents findings of recent studies, which 
should be taken into account in designing measures to reduce 
the gender gap. These studies find that it was precisely a 
reduction in the employment gender gap that caused 
the strong European economic growth in comparison 
10 A ratio of 1 denotes equality for all indicators, except in the cases of 
sex ratio at birth (women/men=0.944, as more boys are born than girls) 
and healthy life expectancy by sex (1.06, as women live longer). In our 
view, this is the greatest deficiency of the methodology – it does not 
show gender disparities in favour of women, which may lead to certain 
inconsistencies in the calculations of ratios and country rankings.
Table 11: GGGI 2016 for Slovenia
F M F/M
GGGI 0.786
Economic participation and opportunity 0.784
Labour force participation 67 74 0.905
Wage equality for similar work (survey) 0.698
Estimated earned income 27,109 33,754 0.803
Legislators, senior officials and managers 37 63 0.587
Professional and technical workers 56 44 1.273
Educational attainment 1.000
Literacy rate 100 100 1.000
Enrolment in primary education 98 97 1.010
Enrolment in secondary education 95 95 1.000
Enrolment in tertiary education 98 68 1.441
Health and survival 0.973
Sex ratio at birth 0.940
Healthy life expectancy 72 66 1.091
Political empowerment 0.385
Women in parliament 37 63 0.587
Women in ministerial positions 44 56 0.786
Years with female head of state 2 49 0.041
Source:”The Global Gender Gap Report 2016”, World Economic Forum. 
Figure 30: EU-28 countries according to the GGGI 
0.664
0.679
0.680
0.684
0.690
0.690
0.699
0.700
0.716
0.719
0.726
0.727
0.734
0.736
0.737
0.738
0.744
0.745
0.747
0.752
0.754
0.755
0.755
0.756
0.766
0.786
0.797
0.815
0.845
0.500 0.550 0.600 0.650 0.700 0.750 0.800 0.850 0.900
Malta
Slovakia
Greece
Cyprus
Romania
Czech R.
Netherlands
Croatia
Austria
Italy
Bulgaria
Poland
Luxembourg
Portugal
Spain
Lithuania
Belgium
Estonia
U. Kingdom
Denmark
Latvia
France
Netherlands
Germany
Slovenia
Ireland
Sweden
Finland
Finska
Source: "The Global Gender Gap Report 2016", World 
Economic Forum. 
Figure 31: Four GGGI dimensions for Finland, Slovenia, 
Malta and the EU-28 average
0.0
0.2
0.4
0.6
0.8
1.0
Political
empowerment
Economic
participation and
opportunity
Educational
attainment
Health and
survival
Slovenia Finland EU28 Malta
Source: "The Global Gender Gap Report 2016", World Economic 
Forum. 
26 Slovenian Economic Mirror, No. 2/2017
Selected topics
Life expectancy will continue to increase, for men somewhat 
faster than for women. Life expectancy for women will 
remain longer, but the gap between male and female life 
expectancy is narrowing; a similar trend is also expected 
in the future, in view of the projected further decline in 
certain health risk factors and improvement in men’s 
lifestyle choices. In 1991 the difference was 8 years, 
compared with 5.9 years in 2014; by 2080, it is projected 
to decline to 4 years. Life expectancy for men born in 
Slovenia in 2080 is thus projected to be 87.0 years and for 
women 91.1 years. 
The changes in the ratio of the older population to the 
population of working age will become more pronounced. 
In 2080 there will be 56.6 people older than 65 per 
100 people of working age (i.e. 20 to 64 years old). The 
changes in the ratio of older to working-age people, 
which became more pronounced in 2012, will continue 
as low-income families may otherwise give priority to the 
education of sons. The studies also find that 65% of global 
household spending is controlled by women, meaning 
that equal participation by gender may help companies 
to better understand consumer needs. 
New population projections (2015) for 
Slovenia11
Eurostat publishes population projections every three years; 
at the end of February, it released projections until 2080 
in collaboration with national statistical institutes. The 
projections comprise data on the size of the population 
by age and gender based on assumptions about fertility, 
mortality and international migration. They show the 
expected population trends on the basis of certain 
assumptions and should not be considered forecasts. 
They are helpful particularly in identifying the challenges 
faced and for introducing adjustments necessary in 
response to the changing structure of the population. 
According to the projections, the population of Slovenia will 
continue to increase slightly till 2025 and then decline to 
1,938 million by 2080. In the period from the beginning 
of 2016 to 2080, Slovenia’s population is thus expected 
to decline by 125,000, despite the projected positive net 
migration and a gradual increase in the fertility rate to 
1.85 children per woman of reproductive age.12 Owing 
to the rising life expectancy and the ageing of larger 
generations,13 the age structure of the population will 
change significantly, as was already indicated by previous 
projections for Slovenia based on similar assumptions.
Annual net migration to Slovenia is projected to total around 
3,400, which is significantly more than in the last few years. 
The average for 1995–2015 was otherwise slightly higher 
than expected in the projection, but net migration tends 
to fluctuate significantly with regard to the phase of the 
business cycle and demand for (specific) workforce. While 
in 2005–2009, the period of high construction activity and 
economic boom, positive net migration had exceeded 
11,000 people per year, it declined to only 450 per year in 
2010–2015, given the high number of residents who have 
emigrated from Slovenia in the last few years.14 Migration 
therefore remains the assumption of the projection that 
is most difficult to define.
11 The starting point for the projections is the size of the population as of 
1 January 2015. The projections are available at: http://appsso.eurostat.
ec.europa.eu/nui/show.do?dataset=proj_15npms&lang=en. As a working 
name, ESSPOP2015 is used.
12 The number of births will thus not decline drastically, despite the 
constant decline in the number of women in reproductive age (−17% in 
2080 compared with 2015). A total of 20,641 children were born in 2015; 
the average number of births over the time horizon of the projection is 
19,000.
13 i.e. generations born until the beginning of the 1980s, when around 
30,000 children were born per year (compared with the 1985–2015 
average of just over 20,000 per year).
14 Excluding 2007–2009, when net migration totalled almost 15,000, the 
average for 1995–2015 was 2,200.
Figure 32: Changes in the age structure of Slovenia’s 
population, 1982–2080
0
200
400
600
800
1,000
1,200
1,400
19
82
19
87
19
92
19
97
20
02
20
07
20
12
20
17
20
22
20
27
20
32
20
37
20
42
20
47
20
52
20
57
20
62
20
67
20
72
20
77
In
 th
ou
sa
nd
Source: Eurostat.
0–19 years 20–64 years 65+ years
Figure 33: Old-age dependency coefficient, EU-28 and 
Slovenia
25
30
35
40
45
50
55
60
65
20
15
20
18
20
21
20
24
20
27
20
30
20
33
20
36
20
39
20
42
20
45
20
48
20
51
20
54
20
57
20
60
20
63
20
66
20
69
20
72
20
75
20
78
20
81
Po
p
u
la
ti
o
n
 6
5+
/p
o
p
u
la
ti
o
n
 (2
0–
64
) *
 1
00
Source: Eurostat; calculations by IMAD.
Slovenia EU-28
27Slovenian Economic Mirror, No. 2/2017
Selected topics
Table 12: Projections of the population and selected indicators
2015 2020 2030 2040 2050 2060 2070 2080
Total population, compared with 2015 2,062,874 12,904 17,271 3,212 -17,784 -62,420 -106,352 -124,425
Men 1,022,229 8,820 13,024 4,934 -5,609 -27,229 -49,546 -57,769
Women 1,040,645 4,084 4,247 -1,722 -12,175 -35,191 -56,806 -66,656
Children and youth, aged 0–19 399,301 10,274 3,974 -20,684 -2,289 3,029 -7,217 4,162
Working-age population, aged 20–64 1,294,187 -52,406 -136,030 -187,706 -269,965 -302,444 -287,937 -313,362
Women of reproductive age 453,900 -25,848 -50,622 -72,317 -74,457 -72,934 -82,857 -83,090
Older population, aged 65+ 369,386 55,036 149,327 211,602 254,470 236,995 188,802 184,775
Oldest population, aged 85+ 43,382 11,144 26,861 59,034 86,350 100,464 120,541 109,179
Proportion, 0–19 years 19.4 19.7 19.4 18.3 19.4 20.1 20.0 20.8
Proportion, 20-64 years 62.7 59.8 55.7 53.6 50.1 49.6 51.4 50.6
Proportion, 65+ years 17.9 20.4 24.9 28.1 30.5 30.3 28.5 28.6
Proportion, 85+ years 2.1 2.6 3.4 5.0 6.3 7.2 8.4 7.9
Fertility rate 1.57 1.62 1.66 1.7 1.74 1.78 1.81 1.85
Live births, number* 20,641 19,832 17,868 18,467 19,811 18,810 19,036 20,104
Life expectancy at birth – men 77.8 78.9 80.4 81.9 83.3 84.6 85.8 87.0
Life expectancy at birth – women 83.9 84.4 85.7 86.9 88.0 89.1 90.1 91.1
Net migration* 502 3,090 3,943 4,094 4,158 3,171 2,655 2,656
Old-age-dependency ratio, 65+/20–64 *100 28.5 34.2 44.8 52.5 60.9 61.1 55.5 56.5
Age-dependency ratio, 0–14+65+/20–64 *100 52.1 59.7 69.8 77.8 90.4 91.1 84.3 87.6
Ageing index, 65+/0–14 *100 121.4 134.1 179.0 207.9 206.6 204.3 192.2 181.9
Parent support ratio, 85+/50-64 *100 9.7 12.2 15.9 23.8 37.1 44.2 46.1 46.6
Source: Eurostat, own calculations. 
Note: * Number in 2015, for 2020 – the 2016–2020 average, for 2030 – the 2021–2030 average, etc.
Table 13: Comparison of the last three population projections
20601
The most recent data EUROPOP2010 EUROPOP2013 ESSPOP2015
Total population2 2,064,188 2,057,964 2,041,350 2,000,454
% of older population aged 65+ 18.4 31.6 29.5 30.3
% of working-age population aged 20–64 62.2 49.8 50.5 49.6
% of young population aged 0–19 19.4 18.7 20.0 20.1
Life expectancy, men3 78.2 84.0 84.3 84.6
Life expectancy, women3 84.1 88.8 88.9 89.1
The most recent data The average from the beginning of the projection to 2060.
Fertility rate3 1.57 1.59 1.68 1.69
Net migration3 507 5,854 4,675 3,685
Source: Eurostat, SURS.
Notes: 1The table shows data for 2060 and not for 2080, as this is the final year of the EUROPOP2010 projection. 2The most recent data 1 January 2016. 3The most recent data 2015.
for several decades. In 2012, a larger post-war generation 
exited from the group of working-age people and joined 
the ranks of the older population; at the same time, smaller 
generations of young people (born in the early 1990s) 
started to enter the group of the working-age people, 
meaning that the number of people aged 20–64 started 
to shrink. In 30 years’ time the number of older people per 
100 people of working age will already be twice as high 
as in 2016 (2016: 29.6); after that, the ratio will stop rising 
as the smaller cohorts of people born in the early 1990s 
start transitioning into old age. The share of the oldest 
population (over 85 years) will increase to 8% of the total 
population (2000: 2%). Moreover, the change in the age 
structure of the population is projected to become more 
pronounced than in the EU-28 as a whole within a very 
short period of time; the gap in relation to the EU average 
is projected to be widest after 2040, mainly as a result of 
a lower number of people born in 2021–2037 (18,000 per 
year).
As they are made for all EU Member States, the projections 
are based on a single methodology; they are prepared on the 
assumption of convergence, which may obscure the specific 
characteristics of individual countries. The convergence 
28 Slovenian Economic Mirror, No. 2/2017
Selected topics
approach relies on the assumption that the differences 
between the countries are narrowing. The values of the 
demographic determinants are assumed to be equal in 
the last year of convergence (2150), which also affects the 
results of projections, particularly towards the end of the 
projection horizon. The projections for the fertility rate 
in Slovenia made using the convergence approach thus 
assume a significant improvement in long-term trends, 
as the fertility rate increases from the average of 1.56 in 
the last eight years to 1.70 in 2040 (a figure that was last 
seen 30 years ago) and 1.85 at the end of the projection 
horizon. The assumption of constant net migration of 
3,400 persons per year also seems high from the current 
perspective, particularly over the short term (high net 
migration is already assumed for 2017). The high net 
migration assumed in the projections could be achieved 
only through an appropriate migration policy. All this 
indicates that the challenges associated with the ageing 
of the population may even be greater than suggested 
under the central scenario of the projections and need 
to be appropriately addressed particularly in the areas of 
the labour market, social protection systems, education 
and spatial planning.15
15 See the IMAD analysis "Demographic Change and its Economic 
and Social Consequences, 2016", available at http://www.umar.
gov.si/en/topics/demographic-changes/topic/news/demografske-
spremembe-ter-njihove-ekonomske-in-socialne-posledice/?tx_news_
pi1%5Bcontroller%5D=News&tx_news_pi1%5Baction%5D=detail&cHas
h=5709baf505afb28e6b4f233864ef4b28.
st
at
is
ti
ca
l a
pp
en
di
x

31Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
MAIN INDICATORS 2011 2012 2013 2014 2015 2016
2017 2018 2019
Spring forecast 2017
GDP (real growth rates, in %) 0.6 -2.7 -1.1 3.1 2.3 2.5 3.6 3.2 2.6
GDP in EUR million (current prices) 36,896 36,003 35,917 37,332 38,570 39,769 41,625 43,675 45,577
GDP per capita, in EUR (current prices) 17,973 17,504 17,439 18,107 18,693 19,262 20,158 21,152 22,081
GDP per capita (PPS)1 21,700 21,800 21,700 22,800
GDP per capita (PPS EU28=100)1 83 82 81 83
Rate of registered unemployment 11.8 12.0 13.1 13.1 12.3 11.2 9.7 9.1 8.5
Standardised rate of unemployment (ILO) 8.2 8.9 10.1 9.7 9.0 8.0 7.0 6.4 6.0
Labour productivity (GDP per employee) 2.4 -1.8 0.0 2.6 1.2 0.5 1.4 1.7 1.6
Inflation,2 year average 1.8 2.6 1.8 0.2 -0.5 -0.1 1.8 1.6 2.0
Inflation,2 end of the year 2.0 2.7 0.7 0.2 -0.5 0.5 2.1 1.9 2.1
INTERNATIONAL TRADE 
Exports of goods and services (real growth rates, in %) 6.9 0.6 3.1 5.7 5.6 5.9 6.0 5.1 4.8
  Exports of goods 8.0 0.4 3.3 6.3 5.3 5.7 6.1 5.1 4.9
Exports of services 2.5 1.5 1.9 3.4 6.5 6.8 5.4 4.8 4.5
Imports of goods and services (real growth rates, in %) 5.0 -3.7 2.1 4.2 4.6 6.2 6.5 5.6 5.1
  Imports of goods 6.0 -4.3 2.9 3.8 5.0 6.6 6.8 5.7 5.2
Imports of services -0.4 0.2 -3.1 6.3 2.2 4.1 5.0 4.8 4.4
Current account balance3, in EUR million 68 930 1,732 2,325 1,998 2,719 1,911 1,906 2,024
As a per cent share relative to GDP 0.2 2.6 4.8 6.2 5.2 6.8 4.6 4.4 4.4
Gross external debt, in EUR million 41,669 42,872 41,866 46,514 44,954 43,334 42,942*
As a per cent share relative to GDP 112.9 119.1 116.6 124.6 116.6 109.0
Ratio of USD to EUR 1.392 1.286 1.328 1.329 1.110 1.107 1.067 1.068 1.068
DOMESTIC DEMAND 
Private consumption (real growth rates, in %) 0.0 -2.5 -4.0 2.0 0.5 2.8 3.5 2.7 2.0
As a % of GDP 56.0 56.8 55.0 54.0 52.1 51.7 52.0 51.7 51.3
Government consumption (real growth rates, in %) -0.7 -2.2 -2.1 -1.2 2.5 2.6 1.0 0.9 0.6
As a % of GDP 20.4 20.3 19.7 18.7 18.7 18.9 18.9 18.7 18.3
Gross fixed capital formation (real growth rates, in %) -4.9 -8.8 3.2 1.4 1.0 -3.1 7.0 7.0 6.0
As a % of GDP 20.2 19.3 20.0 19.6 19.5 18.4 19.1 19.9 20.7
Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Spring Forecast, March 2017). 
Notes: 1Measured in purchasing power standard; 2Consumer price index; 3 Balance of payments statistics; *End January 2017. 
32 Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
PRODUCTION 2014 2015 2016
2014 2015 2016 2015
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5
INDUSTRIAL PRODUCTION, y-o-y growth rates, %
 Industry B+C+D 2.2 5.6 6.7 2.6 6.7 5.2 5.5 5.2 5.6 8.6 6.5 6.1 7.5 8.4 0.9 6.1
 B Mining and quarrying -3.8 0.4 1.8 -28.1 0.4 -14.4 -1.9 23.3 8.9 -8.0 10.1 -1.6 -5.2 29.3 -36.6 -0.8
 C Manufacturing 4.3 6.0 8.0 5.6 6.8 5.8 6.3 5.3 6.8 10.2 7.7 7.2 7.4 8.7 1.6 6.8
 D Electricity, gas & steam supply1 -14.2 2.5 -5.6 -16.1 5.8 2.4 -0.5 2.2 -6.6 -5.8 -6.5 -3.4 9.2 4.1 2.1 0.6
CONSTRUCTION,2 real indices of construction put in place,  y-o-y growth rates, %
 Construction, total 19.5 -8.1 -17.7 -3.3 0.3 -8.9 -12.5 -8.3 -31.3 -21.4 -12.7 -9.2 6.0 -1.5 -6.9 -8.9
  Buildings 3.8 -4.0 2.4 -4.5 -5.3 -1.1 -5.6 -4.2 -6.6 -11.6 5.7 19.1 -6.5 -8.2 -5.4 1.0
     Civil engineering 26.5 -9.8 -24.7 -1.9 2.5 -11.5 -15.2 -10.0 -39.9 -24.9 -19.3 -19.0 11.8 0.8 -7.5 -12.2
MARKET SERVICES, year-on-year growth rates, %
Services, total 3.7 5.4 3.8 2.2 3.7 4.2 5.0 8.4 5.0 4.3 3.1 3.1 6.0 4.4 2.0 4.1
Transportation and storage 6.2 3.2 3.4 4.5 2.3 3.1 2.2 5.2 3.7 4.5 2.8 2.7 5.7 3.1 0.8 2.1
Information and 
communication activities 1.1 4.6 2.8 -0.5 1.4 1.7 4.5 10.2 4.0 4.5 3.2 -0.1 3.2 2.0 2.9 0.3
Professional, scientific and 
technical activities -1.8 3.5 -0.7 -5.7 3.5 -0.4 2.6 7.7 0.8 0.9 -4.5 0.2 5.8 2.1 -4.5 2.5
Administrative and support 
service activities 2.5 11.6 10.1 10.1 14.2 15.5 9.7 8.0 12.2 6.5 8.8 13.6 12.8 16.2 12.4 13.5
Distributive trades,  y-o-y growth rates, %
Total real turnover* 2.4 5.7 10.2 2.6 4.9 6.8 4.5 6.6 9.0 9.1 8.8 13.5 6.4 6.4 2.7 8.1
Real turnover in retail trade 0.0 1.0 4.5 -0.7 0.7 1.4 0.4 1.6 2.1 2.2 3.1 10.0 2.9 0.7 -0.9 2.5
Real turnover in the sale and 
maintenance of motor vehicles 6.9 14.0 21.7 8.9 12.0 15.9 12.6 15.2 23.0 24.1 18.9 20.8 12.3 15.4 8.9 17.6
Nominal turnover in wholesale trade 
& commission trade 3.7 1.4 2.0 0.1 0.4 1.5 0.6 2.9 0.2 1.2 0.1 6.3 3.4 4.4 -2.2 1.8
TOURISM, y-o-y growth rates, %,  new methodology from 2009 onwards
Total, overnight stays -0.5 7.2 7.6 3.9 6.8 7.0 9.1 3.3 9.6 0.9 9.0 11.3 12.4 2.2 6.1 8.1
Domestic tourists, overnight stays -3.5 6.3 2.8 1.6 6.8 4.9 8.7 3.4 1.3 1.0 4.6 3.4 9.9 1.0 10.5 -2.9
Foreign tourists, overnight stays 1.4 7.7 10.3 5.6 6.9 8.2 9.3 3.2 17.4 0.8 10.9 17.1 15.7 3.2 3.7 14.2
Accommodation and food service 
activities 0.2 7.4 11.0 -1.1 5.0 6.6 8.5 9.3 9.9 8.3 13.5 12.0 5.8 3.4 2.2 9.0
AGRICULTURE, y-o-y growth rates, %
Purchase of agricultural products, 
SIT bn, since 2007 in EUR m 506.9 472.9 465.7 138.0 102.5 111.3 123.6 135.5 104.6 110.1 118.2 132.9 32.1 36.3 37.1 37.0
BUSSINES TENDENCY (indicator values**)
Sentiment indicator -2.3 5.2 5.5 1.3 4.5 5.0 5.4 5.9 3.7 4.5 5.9 7.9 4.3 5.4 4.6 5.1
  Confidence indicator
- in manufacturing 2 6 6 3 7 5 6 6 4 6 5 7 6 8 4 6
- in construction -11 -14 -10 -12 -10 -14 -17 -15 -17 -15 -7 -1 -11 -8 -14 -14
- in services 5 16 19 11 15 16 16 18 17 19 19 21 16 16 17 16
- in retail trade 9 15 20 17 17 16 14 14 24 13 24 16 19 9 24 19
Consumer confidence indicator -22 -11 -14 -17 -15 -10 -8 -12 -18 -17 -12 -10 -16 -14 -12 -11
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.
33Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
2015 2016 2017
6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3
8.4 2.6 8.4 6.2 3.5 8.4 3.6 4.0 8.6 4.1 8.8 10.0 7.3 2.8 10.0 7.4 2.6 7.7 8.4 9.6 - -
6.8 11.4 9.3 -21.1 -10.8 27.4 77.5 10.0 7.1 9.6 -8.5 -6.1 -9.4 -24.6 9.7 50.3 33.2 -15.1 -18.4 5.9 - -
9.0 3.1 9.0 7.3 4.0 8.6 3.1 5.1 10.3 5.2 10.6 11.6 8.5 4.3 11.9 7.8 3.0 9.0 9.9 9.6 - -
4.7 -3.0 1.8 -0.1 2.6 3.6 0.7 -5.8 -6.0 -8.1 -7.3 -5.0 -5.2 -8.1 -6.0 -5.3 -8.0 -3.2 0.9 9.0 - -
-10.5 -12.8 -13.8 -10.7 -11.6 7.0 -22.2 -25.9 -29.7 -36.0 -27.4 -19.5 -17.9 -15.8 -14.9 -7.4 -15.2 -15.1 9.3 -5.7 - -
0.9 -2.9 -11.3 -1.7 -7.0 2.6 -8.1 -9.4 -2.8 -7.5 -12.3 -13.4 -9.4 6.6 1.3 9.4 8.6 14.3 37.5 31.3 - -
-14.3 -16.5 -15.1 -14.1 -13.2 8.5 -28.3 -32.2 -39.3 -45.1 -32.5 -21.7 -21.0 -23.7 -20.9 -13.5 -23.1 -24.5 -2.0 -18.5 - -
6.3 4.6 5.7 4.7 6.4 12.3 7.0 4.7 6.5 3.8 4.0 4.7 4.2 -0.6 5.3 4.9 0.9 2.8 5.4 7.3 - -
6.2 2.4 3.9 0.6 3.9 8.6 3.3 3.6 5.5 2.2 4.1 4.6 4.6 -3.5 6.3 5.9 1.0 3.4 3.7 9.8
1.8 2.2 4.8 6.6 4.6 15.0 10.9 3.5 3.7 4.6 4.1 4.0 5.4 0.4 2.9 6.2 0.9 -0.7 -0.5 3.4
1.0 2.6 2.2 2.9 7.2 13.6 3.1 -0.7 2.1 0.9 0.0 2.9 -0.3 -7.4 0.2 -5.7 -7.5 -0.5 7.8 6.4
20.2 8.7 9.9 10.5 9.7 10.8 3.6 11.4 13.7 11.7 8.2 8.3 3.5 8.2 9.7 8.4 6.9 13.5 21.3 7.9 - -
9.8 3.5 4.9 5.1 3.8 7.8 8.3 6.0 13.3 7.9 8.6 10.9 8.0 5.2 13.8 8.0 10.7 15.4 14.6 15.9 - -
2.6 0.2 0.2 0.8 0.4 1.8 2.8 0.8 3.7 2.0 0.5 1.6 4.3 1.3 5.6 2.4 7.7 11.4 11.1 14.1 - -
21.4 9.7 15.9 13.1 9.4 19.9 16.8 15.7 33.0 21.1 25.4 30.6 17.1 12.2 27.7 18.6 16.8 22.9 22.6 19.6 - -
5.0 0.8 0.3 0.8 -2.1 5.6 5.9 -0.2 2.2 -1.1 -1.9 3.0 2.4 -5.6 5.6 0.8 3.0 6.8 9.2 16.0 - -
6.7 10.9 8.7 7.0 1.1 0.6 8.8 9.3 7.0 12.8 -0.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 - -
7.4 8.3 10.2 6.4 0.9 5.0 5.1 6.8 2.7 -5.0 8.5 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 - -
6.3 12.1 8.1 7.3 1.2 -3.0 11.7 11.0 12.5 28.8 -5.7 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 - -
8.2 10.3 8.0 7.0 6.2 8.7 13.0 7.8 12.8 9.2 9.0 6.6 9.2 13.3 10.7 16.9 14.2 10.3 11.4 8.7 - -
37.2 43.3 36.2 44.2 49.0 40.3 46.2 33.7 34.2 36.7 36.0 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 - -
4.9 3.5 6.9 5.8 5.7 5.3 6.7 4 3.5 3.5 5.8 3.5 4.3 5.2 6.5 6.1 7.1 8.1 8.6 10.2 10.6 12.5
5 6 8 5 7 7 7 4 5 4 8.0 5 5 4 7 4 6 7 7 9 11 12
-13 -15 -15 -20 -15 -14 -15 -15 -17 -19 -16.0 -16 -13 -12 -8 -2 -2 -1 1 -1 7 5
15 16 16 17 18 18 20 16 17 19 22.0 17 18 19 18 19 21 22 21 22 23 26
5 5 15 23 14 14 12 28 23 21 10.0 13 17 19 24 30 11 19 19 13 18 28
-6 -14 -5 -6 -11 -14 -10 -16 -19 -19 -17.0 -18 -16 -13 -12 -11 -11 -10 -9 -3 -9 -9
34 Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
LABOUR MARKET 2014 2015 2016
2014 2015 2016 2015
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4
FORMAL LABOUR FORCE (A=B+E) 917.9 917.4 920.4 921.3 919.7 917.5 914.5 917.8 917.8 919.7 917.7 926.2 919.9 920.6 917.9
PERSONS IN FORMAL EMPLOYMENT 
(B=C+D)1 797.8 804.6 817.2 804.4 798.0 805.0 807.1 808.5 803.0 817.2 820.3 828.3 797.4 802.5 803.0
In agriculture, forestry, fishing 35.4 29.9 23.1 35.1 32.8 30.5 29.4 26.9 23.9 23.8 22.1 22.8 32.7 33.0 30.5
  In industry, construction 252.4 255.2 260.3 253.8 250.4 255.2 257.3 257.9 254.7 260.7 262.5 263.3 249.9 252.2 254.2
    Of which: in manufacturing 178.3 181.0 186.7 179.2 178.8 179.9 181.6 183.6 184.1 186.2 187.3 189.0 178.8 179.1 179.3
    in construction 54.0 54.3 53.9 54.5 51.8 55.3 55.7 54.5 50.9 54.6 55.4 54.7 51.3 53.2 55.0
In services 510.0 519.6 533.8 515.5 514.9 519.3 520.4 523.7 524.4 532.7 535.7 542.3 514.7 517.3 518.2
Of which: in public administration 48.8 48.1 48.4 48.5 48.1 48.2 48.3 48.0 48.1 48.4 48.6 48.6 48.1 48.2 48.2
in education, health-services, social 
work 122.2 124.0 127.7 123.1 123.3 124.1 123.3 125.5 125.9 127.6 127.3 130.0 123.4 123.9 124.0
FORMALLY EMPLOYED (C)1 703.0 713.1 730.5 708.8 704.2 712.9 715.9 719.3 716.2 730.2 734.6 741.1 703.6 708.2 710.9
In enterprises and organisations 652.6 662.3 680.2 657.2 654.6 661.5 664.6 668.6 667.5 679.6 683.6 690.2 654.3 657.6 659.6
By those self-employed 50.5 50.8 50.3 51.6 49.7 51.4 51.4 50.6 48.7 50.7 51.0 50.9 49.3 50.6 51.4
SELF-EMPLOYED AND FARMERS (D) 94.8 91.6 86.7 95.6 93.8 92.1 91.1 89.2 86.9 87.0 85.8 87.2 93.8 94.3 92.0
REGISTERED UNEMPLOYMENT (E) 120.1 112.7 103.2 116.9 121.6 112.5 107.4 109.3 114.8 102.5 97.4 97.9 122.6 118.1 114.9
Female 59.6 57.5 52.4 59.6 60.0 57.7 55.9 56.2 56.6 52.3 50.6 50.2 59.9 59.2 58.5
By age: 15 to 29 30.4 26.7 22.5 30.2 30.0 26.5 23.9 26.4 26.1 21.7 20.5 21.6 30.2 29.0 27.7
              aged over 50 37.3 36.7 36.5 36.0 37.8 36.8 36.2 36.1 38.6 36.8 35.4 35.0 37.9 37.3 37.0
Primary education or less 33.8 32.3 30.2 32.8 35.3 32.0 30.5 31.2 33.8 30.0 28.2 28.8 35.9 33.9 32.7
For more than 1 year 59.9 59.7 55.1 59.7 61.1 60.1 59.1 58.4 58.5 56.0 53.5 52.3 61.0 60.8 60.3
Those receiving benefits 26.6 23.7 23.1 23.7 28.7 22.4 21.4 22.2 28.9 21.3 20.5 21.5 29.4 27.3 23.1
RATE OF REGISTERED 
UNEMPLOYMENT, E/A, in % 13.1 12.3 11.2 12.7 13.2 12.3 11.7 11.9 12.5 11.1 10.6 10.6 13.3 12.8 12.5
Male 12.0 11.1 10.2 11.4 12.3 11.0 10.3 10.7 11.8 10.1 9.4 9.5 12.5 11.7 11.3
Female 14.3 13.7 12.4 14.2 14.4 13.8 13.4 13.4 13.4 12.4 12.0 11.8 14.4 14.2 14.0
FLOWS OF FORMAL LABOUR FORCE -4.6 -6.4 -13.5 6.9 -1.4 -7.9 -5.5 8.3 -2.9 -10.4 -4.7 4.5 -1.7 -4.5 -3.2
New unemployed first-job seekers 18.5 15.8 14.2 8.4 3.5 2.2 2.8 7.4 3.0 2.0 2.7 6.5 1.1 1.1 0.8
Redundancies 83.9 81.3 75.7 23.1 24.4 16.3 17.3 23.3 23.8 15.4 16.3 20.3 5.9 6.0 5.8
Registered unemployed who found 
employment 74.0 71.0 74.9 15.3 21.8 19.0 16.9 13.3 23.6 20.6 16.1 14.5 6.5 9.0 7.3
Other outflows from unemployment 
(net) 33.2 32.6 28.6 9.3 7.5 7.5 8.6 9.1 6.0 7.2 7.5 7.9 2.2 2.5 2.4
WORK PERMITS FOR FOREIGNERS 25.1 23.2 19.2 23.6 22.6 23.3 23.7 23.3 21.6 20.0 18.2 17.1 22.3 22.8 23.1
As % of labour force 2.7 2.5 2.1 2.6 2.5 2.5 2.6 2.5 2.4 2.2 2.0 1.8 2.4 2.5 2.5
Source of data: SURS, PDII, ESS. Note: 1In 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 quarterlyFigure for farmers from the Labour Force Survey. 
35Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
2015 2016 2017
5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
917.3 917.3 915.0 913.6 914.8 917.9 918.8 916.7 916.2 918.0 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4
804.9 807.1 805.5 805.6 810.1 810.4 811.4 803.6 798.0 801.9 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7
30.5 30.5 29.5 29.3 29.3 27.0 26.8 26.9 23.9 23.9 24.0 23.8 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2
255.1 256.2 256.5 256.9 258.4 259.6 259.8 254.3 252.7 254.1 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7
179.9 180.6 180.9 181.3 182.5 183.6 184.1 183.0 183.2 184.1 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6
55.3 55.6 55.5 55.6 56.0 56.1 55.7 51.6 49.8 50.2 52.7 54.2 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8
519.2 520.4 519.5 519.4 522.3 523.8 524.8 522.5 521.4 524.0 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7
48.0 48.3 48.2 48.3 48.2 47.9 48.3 48.0 47.9 48.1 48.3 48.3 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4
124.1 124.1 122.8 122.6 124.5 125.2 125.7 125.5 125.0 125.8 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3
712.7 714.9 714.3 714.6 718.8 721.2 722.1 714.5 711.3 715.0 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8
661.3 663.5 663.0 663.3 667.4 669.7 670.9 665.3 663.2 666.7 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1
51.4 51.4 51.3 51.3 51.4 51.4 51.2 49.2 48.2 48.3 49.6 50.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7
92.2 92.1 91.2 91.0 91.3 89.3 89.2 89.1 86.7 86.9 87.0 86.9 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8
112.4 110.2 109.6 107.9 104.8 107.5 107.4 113.1 118.2 116.0 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7
57.6 56.8 56.9 56.4 54.6 56.2 55.8 56.6 57.9 56.9 54.9 53.5 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5
26.4 25.4 24.8 23.9 22.9 26.2 26.9 26.9 27.3 26.4 24.7 22.9 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6
36.8 36.7 36.6 36.3 35.7 35.6 35.6 37.2 39.1 38.9 37.9 37.2 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6
31.9 31.4 31.0 30.5 30.1 30.3 30.4 33.0 34.6 34.3 32.4 30.8 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0
59.9 60.0 59.5 59.0 58.9 58.8 58.2 58.2 59.2 58.5 57.8 56.6 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1
22.4 21.8 21.8 21.5 20.8 20.6 20.7 25.3 30.2 29.5 26.9 22.1 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4
12.3 12.0 12.0 11.8 11.5 11.7 11.7 12.3 12.9 12.6 12.0 11.5 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2
11.0 10.7 10.6 10.4 10.1 10.3 10.4 11.4 12.2 11.9 11.1 10.5 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6
13.8 13.6 13.6 13.5 13.1 13.4 13.3 13.5 13.7 13.5 13.0 12.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9
-2.5 -2.1 -0.7 -1.6 -3.2 2.7 -0.1 5.7 5.1 -2.1 -5.8 -4.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1
0.7 0.8 0.7 0.7 1.4 5.0 1.3 1.1 1.2 0.9 0.9 0.7 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0
5.2 5.3 6.5 5.1 5.8 6.5 6.5 10.3 12.9 5.7 5.2 5.3 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0
6.0 5.7 5.2 4.7 7.0 5.4 4.8 3.1 6.7 6.9 10.0 8.4 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3
2.6 2.5 2.6 2.7 3.4 3.3 3.1 2.6 2.2 1.8 1.9 2.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6
23.6 23.2 23.3 23.6 24.1 23.8 23.3 22.8 22.1 21.8 21.0 20.3 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9
2.6 2.5 2.5 2.6 2.6 2.6 2.5 2.5 2.4 2.4 2.3 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8
36 Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
WAGES
EUR m
2014 2015 2016
2014 2015 2016
2016 Q4 16 Jan17 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
GROSS WAGE PER EMPLOYEE, nominal y-o-y growth rates, %
TOTAL 1,584 1,636 1,592 1.1 0.7 1.9 1.2 0.5 0.6 0.4 1.3 2.3 1.5 1.7 1.9
Private sector activities (A–N; 
R–S) 1,526 1,588 1,529 1.5 0.8 1.4 1.3 0.4 0.8 0.6 1.2 1.8 1.1 1.0 1.6
Public service activities (OPQ) 1,765 1,787 1,786 0.3 0.6 3.3 0.8 0.8 0.2 -0.1 1.7 3.9 2.8 3.7 2.9
Industry (B–E) 1,585 1,672 1,584 3.1 1.7 1.9 2.9 1.4 1.9 1.2 2.1 2.2 1.6 1.3 2.6
Trad. market services (GHI) 1,394 1,448 1,399 1.0 0.9 1.0 1.3 0.2 1.4 1.0 1.0 1.6 0.8 0.5 0.9
Other market services (J–N; R–S) 1,691 1,737 1,698 -0.3 -0.4 0.7 -0.8 -0.5 -0.9 -0.5 0.1 1.2 0.3 0.5 0.9
A Agriculture, forestry and fishing 1,310 1,358 1,288 0.7 0.2 -0.2 0.5 -0.7 0.0 -0.2 1.6 2.3 -0.8 0.8 -3.1
B Mining and quarrying 2,057 2,126 2,082 5.9 -5.9 2.8 2.0 -8.9 -4.8 -4.8 -4.9 1.1 1.6 2.8 5.6
C Manufacturing 1,546 1,632 1,546 3.3 2.1 2.1 3.2 2.1 2.3 1.8 2.3 2.4 1.7 1.5 2.9
D Electricity, gas, steam and air 
conditioning supply 2,347 2,486 2,304 2.6 -1.0 1.5 -0.1 -4.4 1.7 -3.0 1.9 2.3 2.0 0.2 1.4
E Water supply sewerage, waste 
management and remediation 
activities
1,524 1,608 1,563 1.4 1.5 2.0 2.2 1.3 0.3 1.8 2.2 2.3 2.6 1.7 1.2
F Constrution 1,205 1,228 1,191 0.3 -0.2 1.4 0.9 -0.7 -0.8 -0.5 1.0 1.5 1.5 2.0 0.4
G Wholesale and retail trade, 
repair of motor vehicles and 
motorcycles
1,437 1,497 1,438 1.2 1.4 1.6 1.3 0.4 1.8 1.6 1.8 2.4 1.6 1.0 1.4
H Transportation and storage 1,467 1,528 1,478 1.1 0.5 -0.4 3.0 0.7 1.4 0.6 -0.5 -0.1 -0.6 -0.6 -0.1
I Accommodation and food 
service activities 1,085 1,101 1,097 -0.2 -1.0 1.4 -2.0 -2.2 -1.0 -1.0 -0.1 2.0 0.3 1.0 2.2
J Information and communication 2,107 2,164 2,129 0.1 1.0 0.5 0.8 2.6 -0.2 1.0 0.7 1.1 0.6 -0.2 0.6
K Financial and insurance 
activities 2,293 2,371 2,344 1.2 2.1 1.5 2.3 3.9 1.9 1.8 1.0 2.1 -0.1 1.9 2.4
L Real estate activities 1,489 1,566 1,474 -1.2 -0.7 0.6 -2.4 -1.1 -1.6 -0.5 0.5 0.4 0.5 0.5 1.3
M Professional, scientific and 
technical activities 1,739 1,796 1,744 1.1 0.8 0.8 2.2 0.8 1.7 0.5 -0.1 1.3 0.7 0.2 1.1
N Administrative and support 
service activities 1,054 1,083 1,056 2.4 0.4 3.4 1.2 0.3 -0.6 0.0 1.9 3.7 3.8 3.1 3.0
O Public administration and 
defence, compulsory social security 1,873 1,898 1,914 1.0 2.1 4.7 1.5 1.8 0.7 0.4 5.2 6.8 4.3 5.4 2.4
P Education 1,688 1,706 1,701 0.0 -0.2 2.5 0.7 0.5 -0.1 -0.6 -0.3 1.8 2.2 2.9 3.0
Q Human health and social work 
activities 1,760 1,788 1,778 -0.1 0.3 3.1 0.4 0.2 0.1 0.1 0.8 3.6 2.2 3.0 3.4
R Arts, entertainment and 
recreation 1,650 1,705 1,659 -0.5 -0.5 2.3 -1.1 -0.5 -0.2 -1.6 0.3 1.6 2.4 1.7 3.3
S Other service activities 1,335 1,349 1,339 -1.1 -2.2 -0.9 -2.2 -1.9 -2.8 -2.5 -1.5 -0.1 -1.0 -1.0 -1.4
Source of data: SURS, calculations by IMAD.
37Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
2015 2016 2017
5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
-0.2 1.2 0.4 0.5 0.2 -0.2 2.5 1.5 1.1 3.5 2.4 1.4 1.8 1.3 0.2 2.8 2.1 1.5 0.5 3.7 2.1
-0.3 1.7 0.6 0.7 0.4 -0.3 3.1 0.6 0.0 3.3 2.0 0.9 1.6 0.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5
0.3 0.1 0.0 -0.1 -0.2 0.1 0.9 4.1 4.0 4.0 3.6 3.0 2.7 2.8 3.6 3.1 4.4 4.8 3.0 0.9 1.0
0.4 2.6 1.6 1.2 1.0 0.6 4.8 0.5 -0.2 4.4 2.5 0.2 2.7 1.9 -1.8 4.0 1.7 0.3 0.4 7.1 4.1
0.8 1.8 1.2 1.1 0.7 0.2 1.9 0.6 0.6 2.8 1.4 1.7 0.7 0.0 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3
-2.0 0.6 -0.9 0.1 -0.6 -1.6 1.4 0.6 -0.6 2.5 1.7 0.8 0.6 -0.4 -0.5 1.5 0.5 0.1 1.2 1.5 0.9
-1.5 3.6 -0.4 0.0 -0.2 -4.0 8.5 0.2 1.4 2.9 2.5 -0.9 1.3 -2.7 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6
-5.5 -7.7 1.8 -9.6 -6.6 -4.2 -5.4 -5.1 -1.5 1.4 3.4 -3.9 -0.4 9.2 -6.6 10.1 4.9 4.9 7.3 4.7 6.5
0.6 3.2 1.2 2.2 1.8 1.0 4.6 1.1 0.0 4.7 2.4 0.5 2.9 1.6 -1.1 3.8 1.8 0.2 0.8 7.5 4.1
0.9 0.6 5.7 -8.2 -6.0 -2.6 12.1 -4.5 -0.7 3.4 4.3 -2.4 1.7 6.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9
-0.6 0.6 3.1 1.2 1.0 2.1 4.3 0.1 0.3 2.6 4.1 1.3 3.7 2.6 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3
-1.8 0.3 -0.6 -0.6 -0.4 -1.2 3.3 1.0 0.5 1.8 2.3 1.5 2.0 1.1 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2
1.1 2.5 1.9 1.7 1.1 1.2 2.9 1.3 1.2 4.2 1.9 3.3 1.1 0.6 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8
0.8 1.4 1.0 0.4 0.5 -1.6 0.3 -0.4 -0.8 -0.3 0.7 -0.9 0.2 -0.9 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5
-0.4 -1.3 -1.7 -0.1 -1.1 -0.8 0.9 -0.2 1.5 3.3 1.2 0.0 0.7 0.3 0.2 1.2 1.8 1.7 3.7 1.1 2.4
-0.7 1.5 1.6 0.5 1.0 -0.3 1.2 1.2 0.1 1.4 1.8 0.7 1.5 -0.6 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5
-1.6 4.8 1.1 2.9 1.3 -2.9 3.0 3.0 -2.4 5.8 2.9 1.1 -0.4 -1.1 0.6 3.6 1.4 -1.2 7.1 1.2 1.8
-1.6 -2.2 -0.9 0.0 -0.5 -0.3 1.0 0.7 0.2 1.0 -0.1 -0.7 0.0 2.3 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3
2.0 0.9 0.2 2.5 -1.1 -1.4 1.5 -0.3 -0.9 2.7 2.0 0.4 1.6 0.0 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1
-2.0 0.8 -0.7 0.2 0.5 0.7 3.5 1.4 2.1 4.2 4.6 4.0 4.2 3.2 2.6 3.9 2.9 2.4 1.2 5.4 1.9
1.0 0.8 0.5 0.7 0.1 1.8 4.1 9.7 7.3 7.0 6.2 5.3 3.6 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1
-0.1 0.2 -0.5 -0.6 -0.6 -1.0 -0.8 1.1 1.7 1.6 2.0 2.1 2.2 2.4 2.6 2.6 3.5 4.1 2.9 1.8 1.1
0.2 -0.7 0.2 0.0 0.0 -0.2 -0.1 2.6 3.7 4.0 3.1 2.0 2.4 2.3 3.4 2.1 3.6 4.9 3.3 2.0 0.9
-0.3 -0.5 -1.5 -1.4 -1.8 0.4 1.0 -0.4 1.5 2.1 1.3 4.9 1.1 1.3 2.4 0.2 2.6 4.1 3.5 2.2 1.1
-3.4 -3.0 -2.6 -2.1 -2.7 -2.2 -0.4 -1.8 0.3 -0.6 0.2 -1.4 -1.2 -0.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8
38 Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
PRICES AND INDICATORS OF 
OVERALL COMPETITIVENESS 2014 2015 2016
2014 2015 2016 2015
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5
CPI, y-o-y growth rates, % 0.2 -0.5 0.5 -0.1 -0.4 -0.6 -0.5 -0.6 -0.7 -0.2 0.1 0.6 -0.4 -0.3 -0.7 -0.5
Food, non-alcoholic beverages -0.3 0.9 1.7 -0.7 -0.3 1.1 1.5 1.2 0.4 0.2 1.3 1.7 -0.3 0.7 0.8 1.3
Alcoholic beverages, tobacco 3.6 1.9 0.4 3.7 4.2 2.1 1.0 0.6 0.1 0.3 0.3 0.3 4.2 4.2 4.1 1.8
Clothing and footwear -0.9 -0.9 -2.9 -1.6 -0.9 -1.8 -0.4 -0.4 0.5 0.6 -1.7 -0.5 -0.6 -3.1 -2.4 -1.7
Housing, water, electricity, gas 0.1 -1.3 -0.1 -0.8 -1.6 -1.3 -1.2 -1.0 -1.1 -1.3 -1.0 -0.5 -1.9 -1.3 -1.0 -1.3
Furnishings, household equipment -1.2 -1.2 0.9 -1.6 -1.8 -1.9 -0.4 -0.8 0.0 0.2 0.2 0.5 -1.9 -2.1 -2.3 -2.1
Medical, pharmaceutical products -0.1 0.5 0.8 -0.4 0.0 -0.1 1.2 0.8 0.2 0.5 0.5 0.7 -0.3 0.1 -0.2 -0.3
Transport 0.2 -5.1 -0.1 -0.9 -4.5 -4.4 -5.3 -6.3 -5.4 -4.8 -3.1 -0.3 -4.6 -4.0 -5.1 -4.0
Communications -1.9 1.1 2.9 -2.8 -0.5 -1.3 1.7 4.3 4.0 5.2 2.6 2.2 1.2 0.1 -0.8 -0.5
Recreation and culture 0.8 1.0 0.2 3.0 4.2 1.5 0.3 -1.6 -2.0 0.8 1.7 0.5 4.1 4.3 1.3 2.2
Education 0.1 0.6 0.3 0.8 0.7 0.8 0.8 0.0 0.1 0.0 0.0 0.3 0.7 0.8 0.8 0.8
Catering services 1.1 0.5 1.0 0.7 1.0 0.2 -0.1 1.0 1.7 2.1 2.8 1.4 1.0 0.8 0.8 -0.3
Miscellaneous goods & services 1.6 1.4 1.6 1.2 0.8 0.9 1.1 2.9 0.5 1.0 1.5 1.5 1.0 0.6 0.8 0.7
HCPI 0.4 -0.8 0.6 0.0 -0.5 -0.8 -0.8 -0.9 -0.9 -0.4 0.0 0.7 -0.5 -0.4 -0.7 -0.8
Core inflation (excluding fresh food 
and energy) 1.0 0.7 0.4 0.7 1.0 0.4 0.7 0.9 0.3 1.2 0.9 0.6 1.0 0.8 0.5 0.3
PRODUCER PRICE INDICES, y-o-y growth rates, % 
Total -0.6 -0.2 0.5 -0.1 0.1 0.6 -0.4 -1.2 -1.8 -2.2 -1.3 -0.1 0.1 0.4 0.9 0.6
 Domestic market -1.1 -0.5 -0.2 -0.8 -0.3 0.0 -0.5 -1.2 -1.6 -1.9 -1.5 -0.4 -0.4 0.0 0.0 0.1
 Non-domestic market -0.1 0.1 1.2 0.7 0.5 1.3 -0.3 -1.2 -2.0 -2.6 -1.2 0.5 0.5 0.8 1.8 1.1
  euro area -0.7 0.1 0.6 0.8 0.7 1.0 0.1 -1.3 -2.3 -2.5 -1.9 0.1 0.9 0.6 1.2 0.8
  non-euro area 1.1 -0.1 2.3 0.6 0.1 1.8 -1.1 -1.1 -1.4 -2.6 0.1 1.3 -0.2 1.1 3.0 1.6
Import price indices -1.4 -0.7 2.7 -1.2 -0.7 0.2 -0.5 -1.6 -2.2 -2.3 -1.7 0.9 -0.9 0.3 0.5 0.1
INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, %
Effective exchange rate,2 nominal 0.3 -2.8 0.8 -1.0 -3.1 -3.7 -2.4 -1.9 0.5 1.4 0.6 0.7 -2.9 -4.2 -4.5 -3.6
Real (deflator HICP) -0.1 -3.8 0.2 -1.4 -3.6 -4.8 -3.4 -3.1 -0.7 0.8 0.2 0.5 -3.5 -4.7 -5.4 -4.8
Real (deflator ULC) -1.8 -2.9 -1.5 -4.3 -3.5 -2.4 -2.1 1.0 2.3 0.2
USD / EUR 1.32881.1096 1.1066 1.2492 1.1270 1.1047 1.1119 1.0949 1.1018 1.1293 1.1164 1.0789 1.1350 1.0838 1.0779 1.1150
Source of data: SURS, ECB; calculations by IMAD.  
Note: 1 Source for effective exchange rate series  ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in 
value indicates appreciation of the national currency and vice versa.
39Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
2015 2016 2017
6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2
-0.7 -0.4 -0.3 -0.6 -0.8 -0.5 -0.5 -0.5 -0.7 -0.9 -0.6 -0.4 0.3 0.2 0 0.2 0.6 0.6 0.5 1.3 2.2
1.2 1.4 1.8 1.2 1.1 1.0 1.5 0.4 0.5 0.4 -0.2 -0.2 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6
0.6 1.1 1.0 0.9 0.7 0.9 0.1 0.2 0.2 0.0 0.3 0.2 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8
-1.2 0.0 -0.7 -0.4 -2.0 0.1 0.8 0.3 0.8 0.5 0.8 0.7 0.4 -1.4 -0.9 -2.8 1.8 -0.3 -2.9 -1.8 -0.5
-1.5 -1.9 -0.8 -0.9 -0.9 -1.1 -1.0 -0.7 -1.1 -1.4 -1.5 -1.3 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9
-1.4 -0.4 -0.4 -0.2 0.0 -1.4 -1.1 -0.7 0.4 0.2 0.2 0 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1
0.2 1.2 1.3 0.9 0.8 0.7 0.7 -0.1 0.4 0.2 0.1 0.3 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9
-4.2 -4.5 -4.8 -6.5 -6.7 -7.0 -5.2 -4.5 -5.5 -6.2 -5.2 -5.3 -4 -3.8 -4.5 -0.9 -1 0.1 -0.1 3.3 4.3
-2.6 1.7 1.7 1.7 3.3 4.3 5.3 5.3 2.9 3.9 4.5 5.2 6 2.3 2.2 3.4 2 1.8 2.9 3.0 3.4
1.0 0.0 0.3 0.6 -0.8 -1.8 -2.3 -1.8 -2.4 -1.9 0.1 0.5 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5
0.9 0.8 0.8 0.6 0.1 0.0 0.0 0.2 0.0 0.0 0.0 0 0 0 0 -0.1 0.3 0.2 0.3 0.3 0.6
0.1 0.0 -0.4 0.0 0.2 1.4 1.4 1.2 2.1 1.9 1.8 2.2 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8
1.1 1.3 1.2 1.0 1.2 6.5 1.1 0.6 0.4 0.4 0.6 1.2 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9
-0.9 -0.7 -0.6 -1.0 -1.2 -0.9 -0.6 -0.8 -0.9 -0.9 -0.7 -0.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5
0.3 0.6 0.8 0.8 0.8 1.2 0.7 0.1 0.3 0.4 0.8 1.2 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0
0.4 0.2 -0.4 -1.0 -1.1 -1.2 -1.4 -1.6 -1.7 -2.2 -2.5 -2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9
-0.2 -0.2 -0.4 -0.9 -0.9 -1.3 -1.4 -1.5 -1.4 -1.9 -2 -1.9 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7
1.0 0.5 -0.4 -1.1 -1.2 -1.2 -1.3 -1.7 -1.9 -2.4 -2.9 -2.5 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0
1.0 0.8 0.0 -0.6 -1.0 -1.3 -1.6 -2.0 -2.3 -2.6 -2.7 -2.6 -2.3 -2.3 -2 -1.3 -0.4 0.1 0.6 1.5 2.1
1.0 -0.2 -1.0 -2.2 -1.6 -0.9 -0.7 -1.1 -1.1 -2 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1
0.0 0.0 -0.5 -0.8 -1.8 -1.7 -1.4 -1.9 -2.4 -2.4 -3.1 -2.2 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3
-3.0 -3.2 -2.5 -1.7 -1.6 -2.3 -1.8 -0.3 0.6 1.3 1.9 1.4 0.9 1.1 0.5 0.3 0.4 1.2 0.5 0.0 -0.6
-4.3 -4.2 -3.4 -2.8 -3.0 -3.6 -2.8 -1.6 -0.5 0.1 1.0 0.7 0.7 0.7 0.0 0.0 0.4 1.0 -0.2 -0.4 -0.9
1.1213 1.0996 1.1139 1.1221 1.1235 1.0736 1.0877 1.0860 1.1093 1.1100 1.1339 1.1311 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643
40 Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
BALANCE OF PAYMENTS 2014 2015 2016
2014 2015 2016 2015
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4
BALANCE OF PAYMENTS, BPM6 methodology, EUR m
Current account 2,325 1,998 2,698 582 435 462 641 460 709 737 722 531 164 41 230 85
Goods 1,181 1,498 1,536 312 348 382 424 344 468 446 375 246 94 35 219 7
Exports 22,961 24,039 24,951 5,984 5,881 6,063 5,934 6,160 6,055 6,391 6,116 6,389 1,817 1,867 2,196 1,942
Imports 21,780 22,541 23,416 5,672 5,533 5,681 5,510 5,817 5,587 5,945 5,742 6,142 1,723 1,832 1,977 1,935
Services 1,697 2,019 2,286 386 394 524 609 492 475 552 717 542 140 102 152 216
Exports 5,558 6,025 6,513 1,402 1,260 1,511 1,730 1,524 1,378 1,556 1,874 1,705 399 395 466 523
Imports 3,862 4,006 4,227 1,015 866 987 1,121 1,032 903 1,004 1,157 1,163 258 293 314 307
Primary income -125 -982 -630 -45 -114 -331 -285 -252 -77 -166 -232 -156 -25 6 -95 -97
Receipts 1,396 1,632 1,602 350 437 417 371 407 485 378 347 392 148 184 105 120
Expenditures 1,521 2,614 2,233 395 551 748 656 659 562 544 579 548 173 178 200 217
Secondary income -428 -537 -493 -71 -193 -113 -107 -124 -158 -95 -138 -101 -45 -102 -45 -41
Receipts 709 725 712 188 153 184 173 215 155 171 172 214 46 53 54 61
Expenditures 1,137 1,262 1,205 258 346 296 280 339 312 267 311 315 91 156 100 102
Capital account 157 371 -312 -90 46 62 127 136 -38 -112 -63 -99 28 6 12 25
Financial account 2,377 1,772 936 476 569 557 478 168 354 125 385 73 539 -19 49 41
Direct investment -584 -1,238 -742 186 -348 -45 -218 -628 -322 -262 -243 84 1 -73 -276 -187
Assets 155 278 226 20 93 301 23 -140 143 15 1 67 63 59 -29 43
Liabilities 739 1,516 968 -166 441 346 241 488 465 276 244 -18 62 132 247 231
Portfolio investment -3,968 2,929 4,210 264 689 1,684 -993 1,549 584 791 552 2,282 193 296 200 1,070
Financial derivatives -3 28 50 7 22 5 -9 10 -7 -4 31 30 -6 20 7 2
Other investment 6,843 166 -2,486 22 226 -1,110 1,746 -697 87 -361 95 -2,307 326 -186 85 -800
Assets 4,815 -672 -2,071 671 434 -1,478 1,225 -853 92 -642 -1,087 -433 541 -213 107 -1,053
Other equity 84 10 -3 -1 10 1 0 -2 1 -1 0 -4 2 3 6 3
Currency and deposits 5,037 -545 -1,974 1,089 90 -1,272 1,273 -636 -294 -581 -1,027 -71 462 -343 -29 -863
Loans -299 -408 -207 -75 -80 -224 -27 -78 10 -68 -36 -112 -8 -49 -22 -45
Insurance, pension schemes, 
and standardised guarantee 
schemes
8 -8 10 -2 12 -3 -15 -2 7 2 0 0 4 4 4 -1
Trade credit and advances -16 -4 176 -252 341 27 -15 -357 314 118 -72 -184 17 126 198 -84
Other assets 1 283 -73 -87 60 -7 8 222 54 -112 48 -63 63 46 -50 -63
Liabilities -2,028 -837 415 649 208 -369 -521 -156 4 -281 -1,182 1,874 214 -28 22 -253
Other equity 7 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0
Currency and deposits -831 -400 1,175 278 -178 -301 -37 116 548 -320 -406 1,353 -89 -65 -24 -112
Loans -1,246 -315 -854 107 378 -82 -376 -235 -491 -114 -562 313 664 -225 -61 3
Insurance, pension schemes, 
and standardised guarantee 
schemes
-54 3 23 -10 -7 4 2 4 11 12 0 0 -2 -2 -2 1
Trade credit and advances -144 -101 138 36 9 3 -122 9 -78 152 -169 233 -365 228 146 -168
Other liabilities 240 -25 -68 238 5 7 12 -49 15 -12 -46 -25 7 36 -38 23
Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve assets 89 -113 -97 -3 -20 23 -49 -67 10 -40 -50 -17 24 -76 32 -43
Net errors and omissions -105 -596 -1,449 -16 88 33 -290 -428 -317 -500 -273 -359 346 -65 -193 -69
EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m
Export of investment goods 2,343 2,596 2,781 629 581 632 630 753 644 691 674 772 169 192 220 204
Intermediate goods 12,924 13,355 13,698 3,202 3,280 3,406 3,348 3,322 3,360 3,536 3,358 3,444 1,030 1,061 1,189 1,142
Consumer goods 7,668 7,989 8,462 2,134 2,003 2,040 1,904 2,042 2,058 2,178 2,059 2,167 607 625 771 615
Import of investment goods 2,774 2,968 3,255 796 658 713 720 877 722 825 789 919 193 210 255 240
Intermediate goods 13,417 13,803 13,843 3,403 3,453 3,541 3,376 3,432 3,347 3,551 3,378 3,567 1,092 1,136 1,224 1,231
Consumer goods 6,389 6,534 7,009 1,657 1,604 1,637 1,592 1,701 1,693 1,756 1,730 1,830 494 533 577 537
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.
41Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
2015 2016 2017
5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
174 203 236 123 282 220 212 27 227 161 321 229 213 294 208 148 366 288 120 123 276
122 253 198 -5 231 183 172 -11 158 141 169 141 118 187 144 6 225 139 47 60 123
1,950 2,172 2,146 1,595 2,193 2,177 2,116 1,867 1,838 2,022 2,196 2,088 2,100 2,202 2,071 1,743 2,302 2,163 2,218 2,008 2,105
1,828 1,919 1,947 1,600 1,962 1,995 1,944 1,878 1,680 1,881 2,026 1,948 1,982 2,015 1,927 1,737 2,077 2,024 2,170 1,948 1,982
163 145 186 236 187 183 150 159 154 117 204 186 183 184 198 265 254 229 161 151 190
486 502 586 603 541 508 471 545 423 442 512 506 503 546 607 655 613 577 537 591 481
323 357 400 367 354 325 321 386 269 325 308 321 321 363 408 390 359 347 376 440 291
-60 -174 -103 -75 -106 -119 -67 -66 -64 -13 0 -64 -50 -52 -83 -83 -66 -49 -51 -56 4
135 162 128 108 135 122 118 167 113 171 201 125 127 126 109 118 120 121 127 145 198
196 335 231 183 241 241 185 234 177 183 201 189 177 178 192 201 186 170 178 200 194
-50 -22 -45 -33 -29 -27 -43 -54 -21 -84 -53 -33 -38 -25 -51 -40 -47 -31 -37 -33 -42
53 70 61 53 59 76 60 78 55 52 47 60 54 57 59 55 58 72 66 76 61
103 92 106 85 89 103 103 132 76 136 100 93 91 83 110 95 106 103 103 109 103
7 29 55 38 33 79 62 -5 -7 -16 -15 -35 -39 -37 -8 -17 -38 10 -36 -73 1
163 353 141 15 323 145 471 -448 203 122 29 -71 140 56 347 -127 165 -1,252 1,598 -273 519
-26 169 -50 -76 -91 -387 -9 -232 -236 72 -158 -358 52 45 -28 -186 -29 57 -62 89 68
83 175 73 -56 7 67 -8 -199 27 72 44 16 18 -20 124 -119 -3 122 -77 22 67
110 6 123 20 98 454 1 33 263 0 202 375 -34 -64 152 67 25 64 -15 -68 -1
339 275 -1,044 -151 202 491 526 532 373 1,040 -829 477 197 116 321 331 -99 574 1,179 530 -658
0 3 -3 -6 0 0 -3 14 -6 0 -1 8 2 -13 30 1 1 1 13 16 29
-162 -148 1,229 271 246 19 1 -718 45 -1,019 1,062 -169 -113 -79 42 -254 307 -1,884 502 -925 1,054
-153 -273 1,091 -141 275 170 187 -1,210 -118 -245 455 -977 39 296 -42 -938 -107 -522 318 -230 19
-2 0 0 1 0 0 0 -2 0 0 1 0 0 0 0 0 0 0 0 -4 0
-230 -179 1,093 32 148 111 176 -923 -117 -393 216 -890 131 178 -3 -736 -289 -705 411 223 -247
-18 -160 -4 -27 4 -20 -13 -45 -11 -22 43 -31 -38 2 -21 -15 -1 -22 -25 -66 -22
-1 -1 -5 -5 -5 -1 -1 -1 2 2 2 1 1 1 0 0 0 0 0 0 0
65 45 14 -143 114 15 42 -414 71 117 125 -4 4 117 -33 -203 164 144 3 -331 176
33 22 -8 1 14 65 -18 175 -64 51 67 -52 -59 -1 15 15 19 61 -71 -53 113
9 -125 -138 -412 29 151 185 -492 -163 775 -607 -808 152 375 -84 -685 -414 1,362 -184 695 -1,035
0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0
-170 -18 63 13 -114 112 66 -62 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -903
175 -259 -58 -361 43 -37 167 -365 15 -256 -250 -87 -100 73 -109 -320 -133 385 -125 52 -84
1 1 1 1 1 1 1 1 4 4 4 4 4 4 0 0 0 0 0 0 0
23 148 -173 -31 81 45 -4 -32 -252 132 43 -2 76 78 -68 -140 38 155 79 -1 -43
-20 4 29 -34 18 30 -44 -35 32 98 -115 11 -14 -8 -8 107 -145 131 -126 -29 -4
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 54 9 -23 -35 21 -43 -45 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27
-19 121 -151 -146 7 -155 197 -470 -17 -23 -277 -265 -34 -201 146 -258 -162 -1,551 1,514 -323 243
212 216 232 167 231 246 243 264 177 221 246 226 231 234 231 191 252 249 259 264 N/A
1,095 1,169 1,207 935 1,206 1,219 1,160 944 1,060 1,122 1,179 1,176 1,168 1,191 1,113 1,004 1,240 1,202 1,218 1,024 N/A
658 767 696 471 737 701 694 646 602 686 769 692 699 787 722 535 802 710 736 722 N/A
232 241 248 210 262 271 283 322 207 237 278 277 262 286 299 223 267 293 312 314 N/A
1,133 1,177 1,200 976 1,201 1,205 1,161 1,067 1,045 1,119 1,183 1,139 1,211 1,201 1,142 1,001 1,235 1,172 1,281 1,114 N/A
527 573 568 459 565 590 565 546 483 582 627 594 575 586 546 551 634 616 645 569 N/A
42 Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
MONETARY INDICATORS 
AND INTEREST RATES 2014 2015 2016
2014 2015
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 263 2,327 4,618 237 246 263 265 282 445 642 838 1,045 1,299 1,488
Central government (S. 1311) 7,240 7,112 6,273 6,936 7,010 7,240 7,443 7,502 7,163 7,368 7,380 7,387 7,449 7,445
Other government (S. 1312, 
1313, 1314) 685 622 576 611 618 685 654 631 633 633 633 635 634 631
Households (S. 14, 15) 8,762 8,856 9,154 8,807 8,791 8,762 8,842 8,802 8,834 8,826 8,847 8,836 8,821 8,812
Non-financial corporations 
(S. 11) 11,729 10,502 9,664 12,603 12,511 11,729 11,823 11,726 11,674 11,569 11,493 11,396 11,190 11,137
Non-monetary financial 
institutions (S. 123, 124, 125) 1,485 1,432 1,411 1,665 1,654 1,485 1,463 1,455 1,642 1,519 1,511 1,466 1,470 1,405
Monetary financial 
institutions (S. 121, 122) 3,684 3,206 3,541 4,037 3,915 3,684 3,657 3,696 3,479 3,353 3,365 3,007 3,181 3,442
Claims on domestic sectors, TOTAL
In domestic currency 25,155 23,816 23,969 26,425 26,191 25,155 25,232 25,179 24,885 24,707 24,661 24,240 24,316 24,469
In foreign currency 950 824 672 986 973 950 1,059 1,003 983 957 955 937 904 874
Securities, total 7,469 7,059 5,889 7,240 7,326 7,469 7,576 7,615 7,539 7,566 7,574 7,512 7,486 7,494
SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m
Deposits in domestic 
currency, total 25,843 25,885 26,497 26,492 26,309 25,843 25,930 25,800 25,389 25,884 25,894 25,715 25,974 26,073
Overnight 10,157 12,717 15,081 10,329 10,398 10,157 10,731 10,947 10,842 11,200 11,458 11,533 12,080 12,278
With agreed maturity – 
short-term 5,955 4,481 3,955 6,477 6,250 5,955 5,708 5,610 5,350 5,302 5,217 5,032 4,896 4,743
With agreed maturity – 
long-term 9,267 8,196 6,829 9,172 9,155 9,267 9,078 8,838 8,762 8,916 8,707 8,574 8,411 8,513
Short-term deposits 
redeemable at notice 464 491 632 514 506 464 413 405 435 466 512 576 587 539
Deposits in foreign currency, 
total 510 655 687 528 535 510 566 604 601 585 612 620 616 616
Overnight 354 508 564 348 353 354 401 447 442 433 464 469 468 475
With agreed maturity – 
short-term 84 80 65 110 110 84 86 77 81 75 71 77 73 69
With agreed maturity – 
long-term 72 67 58 70 72 72 79 80 78 77 77 74 75 72
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 0.07 0.04 0.02 0.07 0.06 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.03 0.03
Time deposits with maturity 
of up to one year 0.98 0.37 0.21 0.81 0.74 0.66 0.58 0.51 0.46 0.39 0.37 0.36 0.31 0.33
New loans to households in domestic currency
Housing loans, 5-10 year 
fixed interest rate   5.06 3.54 2.66 4.65 4.72 4.38 4.17 4.85 3.34 3.49 3.5 3.39 3.38 3.36
New loans to non-financial corporations in domestic currency
Loan over EUR 1 million, 1-5 
year fixed interest rate 4.25 2.46 2.07 4.66 3.07 4.50 3.89 2.40 3.39 4.58 .. .. 1.90 ..
INTEREST RATES OF THE EUROPEAN CENTRAL BANK, %
Main refinancing operations 0.16 0.05 0.01 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
INTERBANK INTEREST RATES 
EURIBOR
3-month rates 0.210 -0.019 -0.264 0.083 0.081 0.081 0.063 0.048 0.027 0.005 -0.010 -0.014 -0.019 -0.028
6-month rates 0.309 0.054 -0.164 0.184 0.182 0.177 0.152 0.126 0.097 0.073 0.057 0.049 0.049 0.044
LIBOR
3-month rates 0.012 -0.755 -0.747 0.008 0.006 -0.020 -0.466 -0.889 -0.802 -0.812 -0.791 -0.782 -0.762 -0.729
6-month rates 0.066 -0.688 -0.671 0.057 0.053 0.023 -0.403 -0.773 -0.707 -0.727 -0.704 -0.711 -0.710 -0.681
Source of data: BS, EUROSTAT.
43Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
2015 2016 2017
9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2
1699 1,942 2,175 2,327 2,539 2,759 2,987 3,144 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770
7,301 7,380 7,387 7,112 7,212 6,957 7,022 6,739 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246
624 623 618 622 630 614 601 602 594 591 589 587 571 564 561 576 591 587
8,825 8,873 8,857 8,856 8,815 8,789 8,830 8,863 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208
10,941 10,819 10,688 10,502 10,527 10,046 9,904 9,953 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814
1,435 1,417 1,411 1,432 1,422 1,328 1,397 1,326 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,411 1,386 1,397
3,312 3,904 3,713 3,206 3,574 4,030 3,318 3,727 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573
24078 24,532 24,226 23,789 24,152 24,088 23,407 23,796 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020
845 839 839 823 794 802 778 758 751 759 743 717 714 711 714 672 683 670
7,478 7,606 7,568 7,079 7,178 6,795 6,812 6,580 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,889 5,972 6,038
25,652 26,330 26,442 25,885 26,315 26,067 25,869 25,689 25,697 25,364 25,725 25,643 25,612 25,811 25,976 26,497 26,421 26,508
12,130 12,991 13,244 12,717 13,255 13,553 13,405 13,504 13,668 13,819 14,274 14,475 14,365 14,505 14,839 15,081 15,253 15,487
4,664 4,341 4,325 4,481 4,393 4,251 4,174 3,984 3,942 3,777 3,697 3,507 3,571 3,584 3,442 3,955 3,706 3,707
8,349 8,410 8,322 8,196 8,148 7,702 7,595 7,572 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667
509 588 551 491 519 561 695 629 697 658 677 621 629 638 654 632 732 647
623 618 651 655 0 687 686 658 684 708 683 686 705 680 705 687 711 695
484 478 498 508 529 544 550 529 553 561 540 550 565 549 567 564 586 567
71 71 82 80 79 78 75 69 70 86 82 75 81 72 78 65 69 72
68 69 71 67 66 65 61 60 61 61 61 61 59 59 60 58 56 56
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
0.31 0.28 0.28 0.28 0.25 0.25 0.24 0.20 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18
3.34 3.39 3.14 3.16 3.06 2.91 2.75 2.71 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63
0.81 1.71 .. 1.00 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.6 2.74 1.06 1.31 1.06
0.05 0.05 0.05 0.05 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-0.037 -0.054 -0.088 -0.126 -0.146 -0.184 -0.229 -0.249 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329
0.035 0.020 -0.015 -0.040 -0.061 -0.115 -0.134 -0.138 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241
-0.729 -0.728 -0.784 -0.792 -0.752 -0.775 -0.760 -0.727 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726
-0.672 -0.674 -0.754 -0.737 -0.685 -0.723 -0.698 -0.653 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666
44 Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
PUBLIC FINANCE 2014 2015 2016
2014 2015 2016 2015
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7
CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices, EUR m
GENERAL GOVERNMENT REVENUES
TOTAL REVENUES 15,492.0 15,714.1 15,838.7 4,268.4 3,635.8 3,972.6 3,864.3 4,241.4 3,685.5 4,108.3 3,883.8 4,161.0 1,335.3 1,310.4
 Current revenues 14,377.0 14,702.6 15,201.3 3,770.7 3,413.6 3,756.8 3,596.3 3,935.9 3,511.5 3,948.3 3,802.1 3,939.4 1,278.2 1,199.6
 Tax revenues 13,191.6 13,746.4 14,240.1 3,491.3 3,252.4 3,524.1 3,277.4 3,692.4 3,344.3 3,659.7 3,516.4 3,719.7 1,215.5 1,087.8
Taxes on income and 
profit 2,385.9 2,584.6 2,680.8 637.7 601.7 786.4 504.0 692.5 634.2 811.4 542.4 692.8 275.7 81.3
Social security 
contributions 5,272.5 5,473.9 5,720.6 1,365.3 1,339.5 1,353.4 1,357.7 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 449.4 456.2
Taxes on payroll and 
workforce 20.2 19.7 19.8 5.4 4.5 4.9 4.6 5.6 4.8 5.1 4.8 5.2 1.7 1.8
Taxes on property 244.2 237.8 255.2 96.2 26.9 41.7 85.2 84.1 27.2 46.3 104.5 77.2 20.9 25.5
Domestic taxes on 
goods and services 5,191.2 5,347.1 5,432.9 1,369.7 1,246.0 1,322.2 1,305.9 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 464.8 517.4
Taxes on international 
trade & transactions 77.7 82.5 81.9 21.1 21.3 21.5 20.2 19.6 22.3 19.8 20.8 19.0 6.8 7.0
Other taxes -0.2 0.6 48.7 -4.1 12.5 -6.0 -0.2 -5.8 27.0 -11.7 -10.8 44.2 -3.7 -1.4
Non-tax revenues 1,185.4 956.2 961.2 279.4 161.2 232.7 318.8 243.5 167.2 288.6 285.7 219.7 62.7 111.8
 Capital revenues 51.4 96.3 95.6 17.8 10.8 16.2 26.2 43.2 14.7 17.5 21.0 42.4 7.5 11.1
 Grants 18.9 12.2 10.3 2.3 2.3 1.7 4.7 3.4 1.3 1.8 5.7 1.5 0.4 0.3
 Transferred revenues 4.5 20.6 51.1 2.4 1.2 0.3 19.3 -0.2 0.7 0.0 50.0 0.3 0.1 19.1
  Receipts from the 
  EU budget  1,040.3 882.4 480.4 475.2 207.9 197.5 217.9 259.1 157.3 140.8 4.9 177.4 49.1 80.2
GENERAL GOVERNMENT EXPENDITURES
TOTAL EXPENDITURES 16,751.2 16,956.4 16,492.9 4,498.5 4,290.6 3,980.9 3,974.9 4,710.0 4,223.2 3,882.3 3,985.9 4,401.5 1,348.8 1,406.9
 Current expenditures 7,042.1 7,168.4 7,406.0 1,845.9 1,969.7 1,678.3 1,608.5 1,912.0 1,977.9 1,774.4 1,733.2 1,920.6 558.3 529.9
Wages, salaries and other 
personnel expenditures 3,610.4 3,610.2 3,782.1 898.9 923.7 903.4 875.0 908.2 924.5 969.8 927.5 960.3 326.2 295.9
Expenditures on goods 
and services 2,232.3 2,311.2 2,374.5 615.6 502.5 558.9 546.1 703.7 536.4 553.5 570.4 714.3 213.6 200.0
Interest payments 1,097.4 1,042.6 1,074.2 292.6 497.2 178.4 148.0 218.9 489.5 181.5 206.1 197.1 7.1 22.5
Reserves 102.1 204.4 175.3 38.9 46.2 37.6 39.5 81.1 27.5 69.6 29.2 48.9 11.4 11.6
Current transfers 7,591.9 7,540.1 7,699.4 1,876.1 1,936.5 1,863.9 1,899.4 1,840.3 1,974.0 1,896.3 1,918.9 1,910.2 632.9 728.3
Subsidies 467.4 399.0 397.0 110.2 201.2 79.1 47.7 71.0 186.4 78.5 43.1 89.0 38.7 17.8
Current transfers 
to individuals and 
households
6,335.0 6,370.8 6,495.5 1,552.3 1,564.2 1,592.7 1,657.7 1,556.2 1,604.7 1,619.4 1,679.2 1,592.2 529.6 636.7
Current transfers to 
non-profit institutions, 
other current domestic 
transfers
714.3 713.8 727.3 188.8 156.5 180.5 186.0 190.7 167.5 179.3 186.8 193.7 62.4 71.4
Current transfers abroad 75.2 56.5 79.7 24.7 14.5 11.6 8.1 22.3 15.4 19.2 9.8 35.3 2.2 2.4
 Capital expenditures 1,444.4 1,520.0 785.2 578.2 175.3 285.2 350.4 709.1 98.6 115.4 213.6 357.5 108.8 116.0
 Capital transfers 270.0 295.0 174.8 116.2 37.9 58.7 60.8 137.5 32.9 26.9 23.7 91.4 24.1 16.0
 Payments to the EU budget 402.9 432.9 427.4 82.1 171.1 94.8 55.8 111.2 139.9 69.3 96.6 121.7 24.8 16.6
 SURPLUS / DEFICIT -1,259.2 -1,242.3 -654.4 -230.0 -654.8 -8.4 -110.6 -468.6 -537.7 226.1 -102.2 -240.5 -13.6 -96.5
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. 
45Slovenian Economic Mirror, No. 2/2017
Statistical Appendix
2015 2016 2017
8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
1,325.9 1,227.9 1,429.6 1,388.0 1,423.9 1,329.1 1,178.8 1,177.5 1,352.7 1,391.5 1,364.1 1,161.0 1,390.6 1,332.2 1,354.0 1,306.7 1,500.3 1,444.6
1,260.8 1,135.8 1,367.4 1,245.3 1,323.2 1,234.0 1,132.1 1,145.4 1,299.8 1,297.5 1,351.0 1,152.4 1,382.0 1,267.7 1,311.9 1,287.7 1,339.8 1,428.6
1,153.6 1,036.0 1,287.9 1,178.2 1,226.3 1,176.4 1,080.9 1,086.9 1,244.9 1,217.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,259.8 1,330.4
210.2 212.5 206.9 228.6 257.0 214.8 212.6 206.8 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0
451.3 450.3 453.5 457.4 512.4 465.0 460.6 469.4 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7
1.3 1.5 2.0 1.6 2.0 1.7 1.7 1.5 1.5 1.8 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9
29.4 30.3 32.8 30.3 21.0 11.6 9.0 6.6 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 15.8 11.0
443.3 345.1 582.2 454.4 436.5 462.9 393.8 376.9 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2
6.6 6.5 7.3 5.8 6.5 6.7 7.7 7.9 7.2 6.2 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1
11.4 -10.2 3.3 0.0 -9.1 13.7 -4.5 17.8 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.1 63.5
107.3 99.7 79.5 67.1 96.9 57.5 51.2 58.5 54.9 80.5 153.2 56.3 148.6 80.8 65.6 74.2 79.9 98.2
6.7 8.3 9.6 19.9 13.6 4.8 6.0 3.9 6.5 4.7 6.3 7.1 5.6 8.4 5.6 9.8 27.0 5.4
0.5 3.9 0.1 0.7 2.6 0.2 0.3 0.8 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.4 0.2
0.1 0.1 0.1 -0.5 0.2 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0
57.8 79.9 52.3 122.5 84.3 90.2 40.4 26.8 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.0 10.5
1,263.5 1,304.6 1,439.9 1,410.3 1,859.8 1,302.6 1,416.7 1,504.0 1,259.9 1,306.9 1,315.5 1,374.6 1,313.5 1,297.9 1,367.7 1,391.0 1,642.8 1,451.8
525.5 553.1 634.1 574.1 703.9 617.6 641.3 719.0 575.1 592.2 607.1 548.1 597.9 587.2 631.3 617.1 672.1 648.8
287.5 291.5 296.1 296.5 315.6 305.6 308.1 310.9 299.3 305.0 365.4 309.1 313.3 305.1 315.1 321.6 323.6 317.8
172.4 173.7 181.7 190.2 331.9 157.9 178.5 200.0 167.9 198.1 187.5 183.5 205.3 181.5 180.1 210.2 324.0 176.4
52.7 72.8 141.5 72.5 5.0 143.6 145.0 200.9 98.2 77.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4
12.9 15.0 14.8 14.9 51.4 10.5 9.7 7.3 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.0 5.3
584.5 586.6 581.8 601.2 657.3 615.9 654.7 703.4 621.6 642.4 632.3 717.6 602.0 599.2 603.2 632.3 674.7 724.5
14.4 15.5 14.0 15.6 41.4 30.6 54.2 101.7 12.4 46.2 19.9 10.4 11.2 21.5 18.5 27.8 42.7 91.1
510.8 510.1 507.5 517.8 531.0 529.0 534.0 541.6 542.2 535.1 542.2 635.2 528.1 516.0 523.8 528.2 540.2 541.5
58.4 56.2 57.8 54.1 78.8 47.4 63.7 56.4 55.0 56.9 67.4 66.4 62.0 58.4 55.9 62.5 75.3 86.5
0.8 4.8 2.5 13.8 6.1 8.9 2.8 3.7 12.1 4.1 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5
111.6 122.8 166.9 153.2 389.0 25.8 34.3 38.5 33.2 37.3 45.0 70.4 75.7 67.5 68.5 86.2 202.8 35.6
16.6 28.2 29.7 40.7 67.1 9.8 14.4 8.7 9.4 5.9 11.6 7.5 6.6 9.6 30.2 20.9 40.3 10.0
25.3 13.8 27.5 41.2 42.5 33.6 71.9 34.4 20.6 29.2 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8
62.5 -76.6 -10.4 -22.3 -435.9 26.5 -237.9 -326.4 92.8 84.7 48.6 -213.6 77.0 34.4 -13.7 -84.3 -142.5 -7.2
46 Slovenian Economic Mirror, No. 2/2017
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, DV – Value added, EBA - European Banking Authority, 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, GD – gospodarske družbe, HICP-Harmonised Index of Consumer Prices, IC – Interest Coverage, ICT – 
Information and Communication Technology, 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, MSP – micro, small and medium-sized enterprises, MZI – Ministry of Infrastructure, NFI – 
Non-monetary Financial Institutions, OPEC -Organization of Petroleum Exporting Countries, PDII – Pension and Disability 
Insurance Institute, PMI – Purchasing Managers Index, PPI – Producer Price Index, RS – Republic of Slovenia, SITC – 
Standard International Trade Classification, 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 
Acronyms 
Acronyms of Standard Classification of Activities 
A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 
11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of 
wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and 
cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 
18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture 
of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 
22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture 
of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of 
computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and 
equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 
31 – Manufacture of furniture, 32 – Other manufacturing, 33 - Repair and installation of machinery and equipment, 
D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, 
F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, 
I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, 
L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, 
O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, 
R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated 
goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies.
Acronyms of Countries
AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CH-Switzerland, 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.
No. 2, Vol. XXIII, 2017