sl
ov
en
ia
n 
 
ec
on
om
ic
 m
ir
ro
r
N
o.
 1
, V
ol
. X
XI
V,
 2
01
8

Slovenian Economic Mirror
No. 1 / Vol. XXIV / 2018
Publisher: IMAD, Ljubljana, Gregorčičeva 27
Responsible Person: Boštjan Vasle, MSc, Director
Editor in Chief: Tanja Kosi Antolič, PhD
Authors of Current Economic Trends (listed alphabetically):
Lejla Fajić; Marjan Hafner, MSc; Matevž Hribernik; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič;  
Tanja Kosi Antolič, PhD; Janez Kušar, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc;  
Jure Povšnar; Dragica Šuc, MSc; Ana Vidrih, Msc
Authors of Selected Topics: 
Valerija Korošec, PhD (Life satisfaction, autumn 2017) 
Branka Tavčar (Insolvency in 2017)
Editorial Board:  
Marijana Bednaš, MSc, Lejla Fajić, Alenka Kajzer, PhD,  
Rotija Kmet Zupančič, MSc, Janez Kušar, MSc, Andraž Rangus, PhD, Boštjan Vasle, MSc
Translator: Marija Kavčič
Data Preparation, Graphs, DTP: Bibijana Cirman Naglič
Print: Eurograf d.o.o.
Circulation: 80 copies
ISSN 1318-3826 (print)
ISSN 1581-1026 (pdf ))
© The contents of this publication may be reproduced in whole 
or in part provided that the source is acknowledged.
Contents
In the spotlight  .............................................................................................................................................................................................................  3
Current economic trends  .........................................................................................................................................................................................  5
International environment  .................................................................................................................................................................................  7
Economic developments in Slovenia  .............................................................................................................................................................  9
Labour market  ...................................................................................................................................................................................................... 13
Prices  ........................................................................................................................................................................................................................ 15
Balance of payments  .......................................................................................................................................................................................... 18
Financial markets  ................................................................................................................................................................................................. 19
Public finance  ........................................................................................................................................................................................................ 20
Selected topics  ..........................................................................................................................................................................................................  23
Life satisfaction, autumn 2017  ........................................................................................................................................................................ 25
Insolvency in 2017  ............................................................................................................................................................................................... 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 31 January 2018.
In the spotlight 3Slovenian Economic Mirror, No. 1/2018
In the spotlight 
In the euro area, the slightly higher-than-expected economic growth continued in the last 
quarter of 2017; short-term growth prospects are improving further. Economic activity 
in the euro area rose in all sectors, with confidence indicators already exceeding those before 
the crisis. International institutions, most recently the IMF, have revised upwards their growth 
forecasts for both the global and EU economies. The IMF estimates risks to the growth forecasts 
for this year and next as balanced, but tilted to the downside over the medium term, particularly 
owing to the threat of accumulation of financial risks, protectionist policies and geopolitical 
tensions. 
In Slovenia economic activity also increased further towards the end of the year in most 
sectors; the value of the composite economic sentiment indicator is the highest in ten 
years. The high year-on-year growth in exports of goods and services continued, boosted by 
stronger foreign demand. Growth in manufacturing output intensified, driven not only by an 
increase in foreign, but also further growth in domestic demand. The increase in household 
consumption, supported by favourable labour market conditions, was highest in the segments 
of some durable and semi-durable goods and in leisure activities, which, together with higher 
exports of services, positively affected turnover in most service sectors. A further recovery in the 
property market, alongside higher investment expenditure by the government, contributed to an 
increase in construction activity. The high values of consumer and business confidence indicators 
are rising further. 
The increase in employment and the decline in unemployment continued; wage growth 
was also higher in the recent period, following several years of only modest improvement. 
Towards the end of last year, the number of employed persons rose further, most notably in 
manufacturing, trade, transportation, and employment activities. Meanwhile, more and more 
enterprises, particularly in manufacturing, are facing a shortage of workers with the appropriate 
skills, which, among other things, is contributing to increased recruitment of foreigners. With 
smaller inflows into unemployment and with hiring, the number of registered unemployed 
continued to fall. In December it was 14.6% lower than one year earlier.  Average gross earnings 
in the first 11 months of 2017 were up 2.7% year on year in both the public and the private 
sectors. Wage growth remains lower than in the pre-crisis period, however, and does not exceed 
productivity growth, meaning that it is not causing any visible imbalances as yet. 
Year-on-year growth in consumer prices rose somewhat at the end of the year. The main 
contributors to December’s growth (1.7% year on year) were higher prices of energy and food. 
The contribution of prices of clothing and footwear also increased relative to preceding months, 
while the contribution of service prices declined. The movement of core inflation does not indicate 
any major pressures on price growth.
The volume of loans to domestic non-banking sectors rose last year for the first time 
since 2010. The growth in household loans, having started in 2015, continued. The volume of 
corporate and NFI loans has also been increasing modestly since the middle of last year. After 
seven years of deleveraging, enterprises were increasing particularly the demand for investment 
loans and working capital loans, while the demand for loans for refinancing slowed. 
Owing to the continuation of strong revenue growth, the deficit of consolidated general 
government budgetary accounts was substantially lower in the first 11 months of 2017 
than in the same period of preceding years. Expenditure growth otherwise strengthened 
slightly in November owing to the payment of matured financial liabilities of hospitals. Amid 
favourable economic trends, the high growth of tax revenues and payments of social contributions 
continued, maintaining a relatively low general government deficit on a cash basis. 
In the spotlight4 Slovenian Economic Mirror, No. 1/2018
30
40
50
60
70
80
90
100
110
120
130
140
150
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Ja
n 
18
Se
as
on
al
ly
 a
dj
us
te
d 
re
al
 in
de
x 
20
08
=1
00
, 
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 completed
Turnover in retail trade
96
98
100
102
104
106
108
110
112
80
85
90
95
100
105
110
115
120
Q
1 
20
11
Q
1 
20
12
Q
1 
20
13
Q
1 
20
14
Q
1 
20
15
Q
1 
20
16
Q
1 
20
17
Q
1 
20
18 Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
10
=1
00
, i
n 
%
A
ve
ra
ge
 m
on
th
ly
 v
al
ue
, l
on
g-
te
rm
 
av
er
ag
e=
10
0 
Source: EC, Eurostat.
Economic Sentiment Indicator (ESI), EMU (left axis)
Real GDP growth index, EMU (right axis)
 The number of employed persons continues to rise, most 
strongly in manufacturing, trade, transportation and 
employment services.
 Year-on-year consumer price growth strengthened 
somewhat at the end of the year, driven particularly by 
higher prices of energy and food. 
-4
-3
-2
-1
0
1
2
3
4
-4
-3
-2
-1
0
1
2
3
4
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Ja
n 
18
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
 (i
n 
%
)
Co
nt
rib
ut
io
n 
to
 y
ea
r-
on
-y
ea
r g
ro
w
th
, i
n 
pp
s
Source: SURS.
Manufacturing
Construction
Market services excluding employment activities
Employment activities
Public services
Other
Employed persons – total (right axis)
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
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
Ju
l 1
7
Ja
n 
18
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
 (i
n 
%
)
Source: SURS.
Consumer prices
Consumer prices excluding food and energy prices
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2011 2012 2013 2014 2015 2016 2017
Lo
an
 v
ol
um
e,
 a
t t
he
 e
nd
 o
f t
he
 y
ea
r, 
in
 E
U
R 
m
 
Source: BoS; calculations by IMAD.
Households Enterprises and NFIs
Government Total
-2,000
-1,500
-1,000
-500
0
500
1,000
2011 2012 2013 2014 2015 2016 I-XI
2016
I-XI
2017
In
 E
U
R 
m
General government balance
Primary general government balance
Source: MF, Bulletin of Government Finance; calculations by IMAD.
 The total volume of loans rose last year for the first time 
since 2010, owing to further growth in household loans  
and - for the first time since 2010 – an (albeit modest) 
increase in corporate loans.
 Owing to stronger growth in general government 
expenditure towards the end of the year, the general 
government deficit on a cash basis widened slightly,  
but it remained significantly lower year on year amid 
strong revenue growth. 
 In the euro area, the relatively high economic growth 
continued at the end of 2017, with confidence indicators 
already exceeding the values from before the crisis.
 Economic activity in Slovenia also continued to increase 
towards the end of the year across most sectors; economic 
sentiment is at a ten-year high.
cu
rr
en
t e
co
no
m
ic
 tr
en
ds

Current Economic Trends 7Slovenian Economic Mirror, No. 1/2018
80
85
90
95
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 
17
Ju
l 1
7
Ja
n 
18
Va
lu
e,
 3
-m
on
th
 m
ov
in
g 
av
er
ag
e
EMU Germany Austria
Italy France Croatia
Source: EC. Note: The indicator value of 100 is a long-term average. 
International environment
0
1
2
3
4
5
World
growth
Advanced
economies
Emerging market
and developing
economies
Euro area
Re
al
 G
D
P 
gr
ow
th
, i
n 
%
Source: IMF.
2017 forecast
Forecast for 2017 (Jan 18)
Forecast for 2019 (Jan 18)
 Forecasts for 2018 and 2019 (Oct 17)
1.0
1.1
1.2
1.3
1.4
1.5
20
30
40
50
60
70
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ju
l 1
7
Ja
n 
18
U
SD
 fo
r 1
 E
U
R
U
SD
/E
U
R 
pe
r b
ar
re
l
Source: ECB, EIA; calculations by IMAD.
Price in EUR (left axis)
Price in USD (left axis)
Exchange rate USD/EUR (right axis)
 Figure 1: Economic Sentiment Indicator (ESI) for Slovenia’s 
main trading partners
 Figure 2: IMF forecasts for 2018 and 2019 
 Figure 3: Price of Brent Crude and the USD/EUR exchange 
rate 
The euro area saw a continuation of relatively strong 
economic growth in the last quarter of 2017; short-
term growth prospects are improving further. Activity 
rose in all sectors, the most in manufacturing. Confidence 
indicators (ESI and PMI) also improved, having already 
exceeded their highest pre-crisis values. According to 
the preliminary estimates of the German statistics office, 
the economy in Germany, Slovenia’s largest trading 
partner, grew by 2.2% in 2017, which is the most since 
2011. Its growth was driven primarily by increased 
domestic demand, particularly private consumption 
and investments, with exports also higher than in the 
previous year. Favourable conditions are also reflected 
on the labour market, with the unemployment rate at a 
mere 3.6%. Strong economic growth also continues in 
Slovenia’s other main trading partners in the euro area.  
International institutions, most recently the IMF, have 
again revised upwards their economic forecasts in 
the last few months. According to the most recent IMF 
forecast, global economic growth will rise further to 3.9% 
this year (0.2 pps more than projected in October 2017) 
and continue at the same pace next year. Further growth 
will be recorded for Slovenia’s main trading partners 
(both inside and outside the euro area), which should 
have a favourable impact on the export expectations 
of Slovenian enterprises. The IMF estimates risks to the 
growth forecasts for this year and next as balanced, with 
a possibility of a further pickup in economic sentiment 
on the upside and of a financial market correction on 
the downside. Over the medium term, negative risks 
will predominate, notably the threat of accumulation 
of financial risks, protectionist policies, and geopolitical 
tensions. In this context, the IMF emphasises the urgency 
of implementing reforms to improve potential growth 
and ensure fiscal stability over the longer term.
Having risen by more than one quarter in 2017, dollar 
prices of Brent Crude continued to increase in January 
2018. After surging in the second half of the year, the 
average dollar price of a barrel of Brent Crude rose by 
27.5% to USD 54.3 in 2017 as a whole. The rise in the euro 
price was mitigated slightly by the euro gaining value 
against the US dollar. In January 2018, oil prices reached 
USD 70 per barrel, the highest figure since the end of 
2014. According to the most recent IMF data, dollar 
prices of non-energy commodities also rose in 2017, but 
considerably less (around 6.5%) than that of oil. 
Current Economic Trends8 Slovenian Economic Mirror, No. 1/2018
 Table 1: Brent Crude prices, USD/EUR exchange rate and EURIBOR
average change, in %*
2017 XII 17 I 18 I 18/XII 17 I 18/I 17
Brent USD, per barrel 54.25 64.37 69.21 7.5 26.8
Brent EUR, per barrel 48.06 54.39 56.85 4.5 10.6
EUR/USD 1.297 1.184 1.220 3.1 14.9
3-month EURIBOR, in % -0.329 -0.329 -0.328 0.1 0.1
Source: EIA, ECB, EMMI Euribor; calculations by IMAD. 
Note: * in Euribor change in basis points.
Current Economic Trends 9Slovenian Economic Mirror, No. 1/2018
Economic developments in Slovenia
30
40
50
60
70
80
90
100
110
120
130
140
150
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Ja
n 
18
Se
as
on
al
ly
 a
dj
us
te
d 
re
al
 in
de
x 
20
08
=1
00
, 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Merchandise exports
Industrial production in manfacturing
Value of construction output
Turnover in retail trade
80
85
90
95
100
105
110
115
120
125
130
135
140
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
Ju
l 1
7
Ja
n 
18S
ea
so
na
lly
 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.
Exports Imports
 Figure 4: Short-term indicators of economic activity in 
Slovenia
 Figure 5: Merchandise trade – real
Towards the end of the year, economic activity 
increased further in most sectors, and the value 
of the composite economic sentiment indicator 
reached its ten-year high. The strong year-on-year 
growth of real exports continued, boosted by stronger 
foreign demand, and the growth of manufacturing 
output intensified. Moreover, the general improvement 
in domestic economic conditions, alongside favourable 
market developments, contributed to a further recovery 
of the residential property market. All of this, together 
with increased government investment, was reflected 
in a strengthening of construction activity. Growth 
in domestic and foreign demand, coupled with high 
consumer confidence, led to further turnover growth in 
market services. Business sentiment keeps improving and 
is now reaching ten-year highs.
The strong year-on-year growth of merchandise 
exports and imports continued at the end of the year.1 
In the first 11 months of 2017, exports were up 10.2% year 
on year. Their growth was driven primarily by exports of 
motor vehicles and machinery, but higher exports were 
also recorded for all other product groups. Germany, 
Italy and Austria remain Slovenia’s main trading partners; 
in terms of the share in total exports, exports to France 
increased the most in 2017 owing to higher exports of 
motor vehicles. The share of exports to Croatia and other 
countries from the former Yugoslavia dropped slightly, 
despite a nominal increase. Imports were up 10.6% 
year on year in the first 11 months of 2017 as a result 
of strengthening domestic demand and intense export 
activity.
 Table 2: Selected monthly indicators of economic activity in Slovenia
in % 2016 XI 17/X 17 XI 17/XI 16 I-XI 17/I-XI 16
Merchandise exports, real1 5.7 -0.43 13.0 10.2
Merchandise imports, real1 4.8 2.13 11.5 10.6
Services exports, nominal2 8.1 -3.93 2.9 11.2
Services imports, nominal2 5.5 4.53 9.2 9.0
Industrial production, real 7.1 0.83 9.94 7.94
- manufacturing 8.2 1.23 10.84 8.44
Construction -value of construction put in place, real -17.7 2.23 21.2 16.9
Real turnover in retail trade 4.5 2.93 5.94 9.04
Market services (without trade) - nominal turnover 4.1 -0.33 8.34 8.44
Sources: BoS, Eurostat, SURS; calculations by IMAD.
Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data.
1 Real exports (or imports) are estimated on the basis of nominal exports 
(or imports) according to the external trade statistics and industrial 
producer prices on the foreign market (the import price index). 
Current Economic Trends10 Slovenian Economic Mirror, No. 1/2018
250
300
350
400
450
500
550
600
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
Ju
l 1
7
Ja
n 
18
In
 E
U
R 
m
, s
ea
so
na
lly
 a
dj
us
te
d,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: BoS; calculations by IMAD.
Exports of services Imports of services
70
85
100
115
130
145
160
175
96
98
100
102
104
106
108
110
RO S
I
LV CY P
L LT EE CZ BG H
U SE F
I
PT SK M
T
N
L
A
T
D
E BE
EU
-2
8
G
R
EM
U ES IT U
K FR H
R
D
K LU I
E
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=1
00
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
16
=1
00
Source: Eurostat; calculations by IMAD.
Jan-Nov 2017/2016 (left axis) Jan-Nov 2017/2008 (right axis)
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
Ju
l 1
7
Ja
n 
18
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
 Figure 6: Trade in services – nominal 
 Figure 7: Production volume in manufacturing in Slovenia 
and the EU-28
 Figure 8: Value of completed construction works
The strong year-on-year growth of exports of services 
continued, while the growth of imports of services 
strengthened further.2 The year-on-year export growth 
in the first 11 months of 2017 (11.2%) was largely 
underpinned by higher exports of transport services 
(road transport in particular), foreign tourist spending 
and exports of technical, trade-related business services. 
The growth of imports (9.0%) was also based mainly on 
imports of technical, trade-related business services and 
to a somewhat lesser extent on imports of transport 
services.
Production growth in manufacturing, which 
strengthened further in the second half of the 
year, was the second highest in the EU in 2017. The 
stronger growth was mainly due to higher growth in 
more technology-intensive industries, particularly the 
strengthening in the manufacture of motor vehicles (since 
the end of 2016) and ICT equipment (since mid-2017). 
The growth in medium-low-technology and the modest 
growth in low-technology industries also continued. In 
the first 11 months of 2017, production in all groups of 
industries according to technological intensity increased 
more year on year than in the EU as a whole.
Activity in construction increased towards the 
end of last year, but remained low. It grew in all 
three construction segments. Its strengthening in the 
construction of residential buildings is related to the 
favourable labour market situation, reduced uncertainty, 
low interest rates and a considerable decline in the 
construction of flats in preceding years. The higher 
activity in the construction of non-residential buildings 
mainly reflects greater optimism in the private sector, 
while the higher value in civil-engineering works arises 
primarily from increased investment expenditure by the 
government.
2 According to the balance of payments statistics. 
Current Economic Trends 11Slovenian Economic Mirror, No. 1/2018
65
70
75
80
85
90
95
100
105
40
60
80
100
120
140
160
180
200
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
Q
1 
17
Q
1 
18
In
de
x 
20
08
=1
00
, 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
In
de
x 
20
08
=1
00
, 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Transactions in existing residential properties (left axis)
Transactions in new residential properties (left axis)
Prices of existing residential properties (right axis)
Prices of new residential properties (right axis)
60
80
100
120
140
160
180
200
Q
1 
11
Q
1 
12
Q
1 
13
Q
1 
14
Q
1 
15
Q
1 
16
Q
1 
17
Q
1 
18
In
 m
ill
io
n 
tk
m
, o
rig
. i
nd
ex
 2
00
8=
10
0,
 
4-
qu
ar
te
r m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Road Road - exp. and imports
Road - abroad Road - national
Railway
75
85
95
105
115
125
135
145
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
Ju
l 1
7
Ja
n 
18
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. 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)
 Figure 9: Prices and transactions in new and existing 
residential properties
 Figure 10: Road and railway freight transport
 Figure 11: Nominal turnover in market services (other 
than trade)
With a high number of transactions, average 
residential property prices rose further in the third 
quarter of 2017. The continuation of property market 
growth was, in our estimation, mainly due to the relatively 
favourable borrowing conditions and the improvement in 
the economic situation and consequent recovery of the 
labour market and high consumer confidence. With a high 
number of flats sold,3 the prices of existing flats – which 
account for around two thirds of all sales – were almost 
one tenth higher than in the same period of 2016. The 
highest price growth was again recorded in Ljubljana.4 The 
prices of new flats were also higher year on year, despite 
quarterly fluctuations; owing to the limited supply, 
however, the number of new flats sold remained low.
In the first three quarters of last year, land freight 
transport continued to strengthen in all transport 
categories. The rising foreign demand was reflected in 
a continuation of strong growth in transport services 
performed by domestic road hauliers abroad. Moreover, 
the more favourable domestic trends also contributed 
to stronger demand for their services in Slovenia.5 At 
the same time, there is an increase in foreign hauliers on 
Slovenian roads.6 Rail freight transport, meanwhile, grew 
particularly strongly in the first three quarters of 2017, 
mainly as a result of higher exports of these services.
Nominal turnover in market services continued 
to increase at the end of 2017. Turnover growth in 
employment services, which is related to the rising 
demand for labour in more favourable economic 
conditions, strengthened further and was the 
greatest contributor to the strong turnover growth in 
administrative and support service activities. With rising 
foreign demand, turnover also increased further in more 
export-oriented services such as transport (road transport 
in particular) and computer services. The very low turnover 
in architectural and engineering services is mainly 
attributable to the prolonged stagnation of turnover in 
professional and technical services.   
3 The number of transactions in existing flats was up 8% year on year in 
the first nine months and half higher than in 2008.
4 The prices of existing flats in Ljubljana increased more than in other 
parts of Slovenia for the seventh quarter in a row. They were 14.2% 
higher year on year and 30.3% higher than their 2014 lows.
5 In the third quarter of 2017, domestic hauliers performed 15% more 
tonne-kilometres abroad than one year earlier. Strong growth (13%) was 
also recorded for national transport and that part of international transport 
that is at least partly connected to the territory of Slovenia (SURS).
6 In the third quarter of 2017, export revenues of domestic hauliers 
providing transport services for foreign customers were 21% higher 
year on year; at the same time, domestic business entities increased 
their imports of transport services of foreign hauliers by 23% (BoS). Both 
areas indicate a continuation of somewhat stronger growth relative to 
the previous year. 
Current Economic Trends12 Slovenian Economic Mirror, No. 1/2018
 Figure 12: Selected indicators of household consumption Household consumption increased further at the 
end of last year, reflecting favourable labour market 
developments and high consumer confidence. 
Purchases of certain durable goods, particularly furniture 
and household appliances, continued. The growth of 
passenger car sales also remained high.7 Spending 
on semi-durable goods (particularly on products for 
personal care) and services related to leisure activities at 
home and abroad also increased further.8
40
50
60
70
80
90
100
110
120
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
Ju
l 1
7
Ja
n 
18
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
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 act.
Source: Ministry of Infrastructure, SURS; calculations by IMAD.
 Figure 13: Business trends Economic sentiment improved further at the 
beginning of the year, reaching a ten-year high. 
Having been rising since mid-2017 across all sectors, 
confidence is now at the highest level in a decade. 
Consumer confidence is now in fact at its highest level 
since measurements began. 
-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
Ju
l 1
7
Ja
n 
18S
ea
so
na
lly
 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, data published since January 
2016 are not comparable with previous data.
Economic sentiment Manufacturing
Retail trade Service activities
Construction Consumers*
7 In the first 11 months of 2017, turnover in stores selling furniture and 
household appliances was up 8.1% year on year in real terms and sales 
of passenger cars to natural persons were up 13.7%. 
8 Turnover in accommodation and food service activities, affected not 
only by increased spending by residents but also by a high number of 
foreign tourist arrivals, was up 7.9% year on year in real terms in the first 
11 months of the year. Residents’ spending on private trips abroad was 
4.1% higher year on year in this period.
Current Economic Trends 13Slovenian Economic Mirror, No. 1/2018
The labour market
The number of employed persons is increasing and 
approaching a level last seen in 2007. Towards the 
end of last year, the number of persons employed rose 
further in most private sector activities, particularly 
manufacturing,9 trade and transportation. Especially 
in manufacturing, enterprises are increasingly facing a 
shortage of workers with the appropriate skills, which 
is reflected in a further increase in the employment 
of foreign workers in some sectors. The short-term 
expectations of enterprises about future employment 
remain high. In public service activities, the year-on-year 
growth in the number of persons employed is mainly a 
result of higher employment in the sectors of education 
(particularly primary education) and health.
 Figure 14: Number of employed according to SRE and 
registered unemployed
80
90
100
110
120
130
140
150
160
170
180
190
200
210
220
700
710
720
730
740
750
760
770
780
790
800
810
820
830
840
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
Ju
l 1
7
Ja
n 
18
N
um
ber of registered unem
ployed, in '000, 
seasonally adjusted 
N
um
be
r o
f e
m
pl
oy
ed
 a
cc
or
di
ng
 to
 S
RE
, 
in
 '0
00
, s
ea
so
na
lly
 a
dj
us
te
d 
Source: SURS, ESS; calculations by IMAD.
Employed according to SRE (left axis)
Registered unemployed (right axis)
0
2
4
6
8
10
12
14
16
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Ja
n 
18
A
s 
a 
%
 o
f a
ll 
un
em
pl
oy
ed
, s
ea
so
na
lly
 a
dj
us
te
d 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: ESS.
Less than 3 months Between 3 and 6 months
Between 6 and 12 months More than 12 months
On average
 Figure 15: Share of the unemployed who found work in a 
given month, by duration of unemployment
The number of registered unemployed persons 
declined in 2017 for the third consecutive year and 
even more markedly than before. The inflow into 
unemployment dropped again, largely because of a lower 
number of people who registered as unemployed due to 
the expiration of their temporary employment contracts. 
There were also fewer first-time jobseekers, which is related 
to the improvement in economic conditions and smaller 
generations of young people finishing school. As a result 
of the lower number of unemployed, the outflow into 
employment was also somewhat more modest than in the 
same period of 2016. The probability10 of transition from 
unemployment to employment remains relatively high. 
At the end of the year, 85,060 persons were registered as 
unemployed, 14.6% fewer than in December 2016. 
100
105
110
115
120
125
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
Ju
l 1
7
Ja
n 
18Se
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. 
Gross earnings per employee
Private sector
Public sector
– general government  
– public corporations  
 Figure 16: Average gross earnings per employee After several years of only modest improvement, 
private and public sector wages saw higher growth in 
the recent period. In the first 11 months of 2017, average 
gross earnings were up 2.7% year on year in both sectors. 
Wage growth remains lower than in the pre-crisis period, 
however, and does not exceed productivity growth. It 
is thus not causing any visible imbalances as yet. In the 
private sector, wage growth, in an environment of high 
activity, was strongest in manufacturing and certain 
market services, similar to the previous year. Wage growth 
in the public sector, on the other hand, stems from the 
elimination of certain wage anomalies and the regular 
promotions of the employed.
9 An outstanding increase was also recorded for employment activities, 
which we estimate provide labour precisely to manufacturing. 
Employment activities recorded 17.5% growth in the number of 
employed in the first 11 months of 2017. Their contribution to total 
growth in the number of employed was also greater than one year before. 
One of the reasons why enterprises are increasingly using the services of 
employment agencies is the ever greater shortage of skilled labour. 
10 The probability of transition from unemployment to employment is 
expressed as the share of unemployed who find work in a given month. 
In recent months the probability of finding a job has been higher on 
average than in the period before the crisis. 
Current Economic Trends14 Slovenian Economic Mirror, No. 1/2018
 Table 3: Indicators of labour market trends 
change, in % 2016 XI 17/X 17 XI 17/XI 16 I-XI 17/I-XI 16
Persons in formal employment2 1.6 0.31 3.6 3.4
Registered unemployed -8.5 -1.21 -14.9 -14.0
Average nominal gross wage 1.8 0.61 4.1 2.5
private sector 1.7 1.11 4.1 2.7
public sector 2.3 0.61 4.6 2.8
of which general government 3.6 -0.81 3.6 2.9
of which public corporations -0.5 2.01 7.2 2.7
2016 XI 16 X 17 XI 17
Rate of registered unemployment (in %), seasonally adjusted 11.2 10.6 9.1 8.9
Sources: ESS. SURS; calculations by IMAD. 
Notes: 1 seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers (SRDAP).
Current Economic Trends 15Slovenian Economic Mirror, No. 1/2018
Prices
Year-on-year growth in consumer prices increased 
somewhat in December, to 1.7%. Inflation was mainly 
pushed up by higher prices of commodities, particularly 
energy and food (especially unprocessed food). Their 
contribution to headline inflation was 1.1 pps (two 
thirds). The contribution of prices of semi-durable goods 
(particularly clothing and footwear) rose further at the 
end of the year, while prices of durable goods were 
down year on year. The growth of prices of services, which 
was lower than on average in other months of 2017, 
contributed 0.4 pps. The absence of inflationary pressures 
is also reflected in core inflation, which remains low. 
 Figure 17: Year-on-year consumer price growth 
-2
-1
0
1
2
3
4
-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
Ju
l 1
7
Ja
n 
18
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
, i
n 
%
Co
nt
rib
ut
io
n 
to
 y
-o
-y
 g
ro
w
th
, i
n 
p.
p.
Source: SURS; calculations by IMAD.
Fuels and energy Services
Food Other
Inflation, right axis
 Table 4: Consumer price growth, in %
2016 XII 17/XI 17 XII 17/XII 16 I-XII 17/I-XII 16
Total 0.5 0.0 1.7 1.4
Food 1.6 0.6 3.1 2.3
Fuels and energy -0.2 1.2 5.3 4.1
Services 1.6 0.1 1.3 1.7
Other1 -0.6 -0.7 0.4 0.0
Total excluding food and energy 0.4 -0.4 0.9 0.8
Administered prices2 0.4 0.2 1.6
Tax impact – contribution in percentage points 0.0 0.0 0.2 0.2
Source: SURS, Ministry of Economic Development and Technology; calculations by IMAD.
Notes: 1 Clothing, footwear, furniture, passenger cars, alcoholic beverages, tobacco, etc.; 2 An approach that excludes the share of extreme price changes in each month. 
The optimum share is determined in the period of the last five years as a difference between the moving average and the calculated trimmed mean.
The year-on-year growth of industrial producer prices 
(2.2%) strengthened last year. With higher prices of 
commodities and favourable economic conditions, prices 
were up on both the domestic and foreign markets. 
They increased the most (by almost one tenth) in the 
manufacture of metal products, while in the majority of 
other sectors their growth was considerably lower. 
 Figure 18: Year-on-year growth in domestic industrial 
producer prices
-4
-2
0
2
4
6
8
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
Ju
l 1
7
Ja
n 
18
In
 %
Source: SURS.
PPI (foreign) PPI (total) PPI (domestic)
Current Economic Trends16 Slovenian Economic Mirror, No. 1/2018
Price and cost competitiveness indicators 
deteriorated somewhat in the second half of the year 
but remain relatively favourable. The impact of the 
appreciation of the euro was relatively smaller11 than 
in most other Member States owing to the geographic 
structure of Slovenia’s trade. Exchange rate movements 
towards a deterioration in price and cost competitiveness 
were mitigated by a decline in relative prices compared 
to trading partners (lower inflation and a larger reduction 
in unit labour costs).
 Figure 19: Price and cost competitiveness, Slovenia 
92
94
96
98
100
102
104
106
108
Q
1 
07
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
Q
1 
17
Q
1 
18
In
de
x 
20
08
=1
00
REER, ULC REER, HICP NEER
rel. ULC rel. HICP
Source: ECB; calculations by IMAD. *Growth in the REER 
(deflated by the HICP or the ULC respectively) denotes 
deterioration in (price or cost) competitiveness and vice versa.
98
100
102
104
106
108
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
Q
1 
17
Q
1 
18In
de
x 
20
08
=1
00
, 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
es
Source: Eurostat; calculations by IMAD. 
Entire economy (EA) Entire economy (SI)
Tradable sector (EA) Tradable sector (SI)
 Figure 20: Real unit labour costs in Slovenia and the euro 
area average
In the third quarter of 2017, unit labour costs 
continued to decline. With faster growth in productivity 
than wages, unit labour costs declined in the first three 
quarters of 2017 (by 1.4%). The favourable developments 
were mainly due to the tradable sector, particularly 
manufacturing and traditional market services, and, in 
the non-tradable sector, especially to construction and 
financial services.12 Average unit labour costs in the euro 
area remained at their 2016 level, after somewhat more 
favourable movements in the previous two years.
100
110
120
130
140
150
160
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
I-I
X 
20
17
In
de
x 
20
00
=1
00
Source: UN Comtrade, SURS, Eurostat, WIIW, WTO.
World EU
 Figure 21: Market shares on foreign markets Slovenia’s export market share13 rose further in the first 
three quarters of 2017. Its growth in the EU was in large 
part due to the increased market share in France14 related 
to strong growth in road vehicle exports. Broken down 
by product groups, above-average market share growth 
in the EU was also recorded for electrical machinery and 
appliances and for medical and pharmaceutical products, 
the two largest export segments besides road vehicles.15 
Slovenia’s total goods exports in the world’s trade in goods 
increased further,16 following the strong growth in the 
previous year, but are still lagging behind their 2007 peak.  
11 Slovenia performs an above-average share of external trade in the euro 
area and is thus less sensitive to exchange rate fluctuations.
12 In the first three quarters of 2017, all these sectors reduced unit labour 
costs by increasing productivity growth. 
13 The share of Slovenian exports in world goods exports or EU goods imports.
14 In the first three quarters of 2017, the Slovenian market share also 
increased in most (17 of 27) other EU Member States; among main EU 
trading partners, it dropped in Croatia, Hungary and Poland.
15 Among product groups with a more than 2% share in Slovenia’s total 
goods exports to the EU, the market share declined the most for non-
ferrous metals and iron and steel.
16 Among main partners outside the EU, the market share decreased 
particularly in the countries of the former Yugoslavia.
Current Economic Trends 17Slovenian Economic Mirror, No. 1/2018
 Table 5: Indicators of price and cost competitiveness
Year-on-year growth, in % 2015 2016 q1 17 q2 17 q3 17 q4 17
Effective exchange rate1
Nominal -3.1 1.0 -0.2 -0.1 1.1 1,2
Real, deflator HICP -4.1 0.3 0.0 -0.2 0.7 0,9
Real, deflator ULC -3.6 0.9 -2.2 -1.7 0.3 N/A
Unit labour costs, ecnomy and components
Nominal unit labour costs 0.4 1.6 -0.4 0.7 1.0 N/A
Compensation of employees per employee, nominal 1.4 2.8 1.7 2.5 2.8 N/A
Labour productivity, real 1.0 1.2 2.2 1.8 1.8 N/A
Real unit labour costs -0.6 0.7 -1.5 -1.4 -1.3 N/A
Labour productivity, nominal 3.4 2.0 3.3 4.0 4.1 N/A
Source: SURS, ECB; calculations by IMAD. 
Note: 1 against 37 trading partners. A rise in the value indicates a loss in competitiveness.
Current Economic Trends18 Slovenian Economic Mirror, No. 1/2018
Balance of payments
In the last few months the surplus of the current 
account of the balance of payments has been the 
highest thus far. The 12-month cumulative surplus for 
the period ending November 2017 amounted to EUR 
2.7 billion or 6.3% of GDP. Its year-on-year widening was 
mainly due to the higher surpluses in trade in goods and 
services, reflecting both rising foreign demand and a 
favourable competitive position of Slovenian exporters. 
Imports are also picking up amid moderate growth in 
domestic consumption. The deficit in primary income was 
down year on year, for the most part because of lower net 
payments of interest on external debt, which is mainly 
related to lower yields on government bonds. The deficit 
in secondary income was also lower year on year, this 
owing to the net received transfers of the private sector 
(taxes, rewards, etc.).
 Figure 22: Components of the current account balance
-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
Ju
l 1
7
Ja
n 
18
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
 Table 6: Balance of payments
I-XI 2017, EUR m Inflows Outflows Balance Balance, I-XI 16
Current account 34,812.7 32,123.9 2,688.7 2,084.6
Goods 26,237.8 24,628.7 1,609.0 1,487.4
Services 6,493.3 4,122.8 2,370.5 2,030.7
Primary income 1,354.7 2,393.8 -1,039.0 -1,140.6
Secondary income 726.9 978.7 -251.8 -292.9
Capital account 713.0 867.1 -154.1 -223.5
Financial account -602.1 1,112.2 1,714.3 1,509.5
Direct investment 895.9 457.1 -438.7 -1,002.7
Portfolio investment 257.6 2,593.9 2,336.4 4,412.9
Other investment -1,678.1 -1,735.1 -57.0 -1,581.4
Net errors and omissions 0.0 -820.3 -820.3 -351.6
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.
Net lending to the rest of the world continued. 
External financial transactions recorded a net outflow 
of EUR 1.2 billion in the 12 months to the end of 
November 2017. It was mainly underpinned by financial 
investments by the private sector and the BoS in foreign 
debt securities. These include both securities purchased 
on the basis of investment decisions of commercial 
banks and the BoS and those purchased under the asset 
purchase programme (APP) coordinated at the level of 
the Eurosystem. The net inflow in other investment is a 
consequence of government and BoS withdrawals of 
deposits from accounts abroad. The otherwise modest 
direct investment flows were mainly marked by inflows 
of equity capital from foreign investors.
 Figure 23: 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
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
Ju
l 1
7
Ja
n 
18
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
Current Economic Trends 19Slovenian Economic Mirror, No. 1/2018
 Figure 24: Year-on-year growth in the volume of loans to 
domestic non-banking sectors
The volume of loans to domestic non-banking sectors17 
rose last year for the first time since 2010. Favourable 
economic conditions contributed not only to growth in 
household loans (seen already since 2015), but also – after 
seven years of deleveraging – growth in corporate and NFI 
loans, though these slowed somewhat at the end of the 
year. In the last few years, enterprises have increased the 
demand for investment loans and working capital loans, 
while the demand for loans for refinancing has eased.18 
Deposits of domestic non-banking sectors (particularly 
households and non-financial corporations) remain an 
increasingly important source of funding for the banking 
system and already account for almost 70% of the 
banking system’s total assets (compared with 42.2% at 
the end of 2008). Owing to low interest rates, particularly 
overnight deposits are on the rise, making up almost 65% 
of all non-banking deposits (33% at the end of 2008). -6,000
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
2011 2012 2013 2014 2015 2016 2017
In
 E
U
R 
m
Source: BoS; calculations by IMAD.
Households Enterprises and NFIs
Government Total
Financial markets
 Table 7: Financial market indicators
Domestic bank loans to non-banking sector 
and household savings
Nominal amounts, EUR m Nominal loan growth, %
31. XII 15 31. XII 16 31. XII 17 31. XII 17/30. XI 17 31. XII 17/31. XII 16
Loans total 21,713.8 21,410.3 22,211.6 2.2 3.7
Enterprises and NFI 10,938.4 10,171.2 10,481.6 -0.4 3.1
Government 1,919.7 2,085.4 1,996.7 31.4 -4.3
Households 8,855.7 9,153.6 9,733.4 0.4 6.3
Consumer credits 2,032.2 2,144.0 2,410.7 0.3 12.4
Lending for house purchase 5,524.6 5,716.5 5,975.6 0.3 4.5
Other lending 1,299.0 1,293.1 1,347.1 0.6 4.2
Bank deposits total 15,879.4 16,935.0 17,897.0 1.1 5.7
Overnight deposits 8,962.9 10,956.4 12,683.9 1.7 15.8
Term deposits 6,916.5 5,978.6 5,213.1 -0.4 -12.8
Government bank deposits, total 1,644.6 1,088.0 716.4 -0.8 -34.2
Deposits of non-financial corporations, total 5,331.9 5,804.5 6,428.8 0.6 10.8
Sources: Monthly Bulletin of the BoS; calculations by IMAD.
Note: NFI – Non-monetary Financial Institutions.
17 The analysis is made using statistical data, which differ from accounting 
data particularly in that they also include revisions. The differences are 
particularly significant in loans extended to non-financial corporations 
(both domestic and foreign). Annual data relate to loan volume at the 
end of the year. 
18 See BoS, Financial Stability Review, January 2018.
Current Economic Trends20 Slovenian Economic Mirror, No. 1/2018
Public finance
With the continuation of strong revenue growth, the 
general government deficit19 was significantly lower 
year on year in the first 11 months of 2017. It widened 
slightly towards the end of the year, however, owing to 
the payment in November of matured financial liabilities 
of hospitals. This boosted growth in expenditure on 
goods and services, while growth in other expenditures 
remained moderate (the highest growth rates being 
recorded for investment expenditure, compensation 
of employees, pensions and sickness benefits). Amid 
favourable economic trends, the strong growth of 
tax revenues and revenues from social contributions 
continued, maintaining a relatively low general 
government deficit on a cash basis. According to the 
preliminary release of data, the state budget20 recorded a 
deficit of 0.8% of GDP (EUR 332.4 million) last year, almost 
half less than planned at the adoption of the budget.
 Figure 25: General government balance on a cash basis
-3,000
-2,500
-2,000
-1,500
-1,000
-500
0
500
1,000
14,000
14,500
15,000
15,500
16,000
16,500
17,000
17,500
18,000
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
Ju
l 1
7
Ja
n 
18
12
-m
on
th
 s
um
, i
n 
EU
R 
m
12
-m
on
th
 s
um
, i
n 
EU
R 
m
Source: MF, Bulletin of Government Finance; 
calculations  by IMAD.
Revenue Expenditure
Balance (right axis)
19 According to the consolidated general government budgetary accounts 
on a cash basis.
20 The largest of the four public finance accounts, which generated the 
bulk of the general government deficit in previous years. 
The net position of the state budget against the EU 
budget was positive in 2017 (at EUR 8.8 million); 
the absorption of funds under the new financial 
perspective has not yet fully started. Last year, Slovenia 
received EUR 387.3 million from the EU budget (41.9% of 
revenue envisaged for 2017) and paid EUR 378.5 million 
into it (90.1% of the amount planned). Revenue from 
the cohesion fund and structural funds deviated the 
most from the realisation planned. The slow absorption 
of funds under the new financial perspective is related 
primarily to the interdisciplinary nature21 of calls for 
proposals and projects linked to the implementation 
of the Smart Specialisation Strategy, but also to the 
change in market conditions, as a result of which some 
projects were abandoned and additional appropriations 
approved for other projects with lower implementation 
risk. The majority of funds obtained by the end of 2017 
were allocated from the European Social Fund in support 
of the objectives of promoting employment, social 
inclusion and knowledge and enhancing institutional 
capacity and the rule of law.22
 Figure 26: Receipts from the EU budget in 2016 and 2017 
(in EUR million)
0 50 100 150 200 250 300 350
Other
Common
Agricultural
Policy
Cohesion
Fund
Structural
Funds
In EUR m
Total receipts (January–December 2017)
Total receipts (January–December 2016)
Source: MF. Note: *The bulk of 2016 receipts are funds from 
the programming period 2007–2013.
21 This involves establishing strategic-development partnerships by 
strengthening the links between the R&D sector and businesses, 
intertwining the activities of different sectors and enhancing 
cooperation between suppliers of different services.
22 Report on the state of implementation of the EU Cohesion Policy 2014–
2020 from January 2014 to December 2017.
Current Economic Trends 21Slovenian Economic Mirror, No. 1/2018
 Table 8: Consolidated general government revenue and expenditure on a cash basis
Category
I-XI 2016 I-XI 2017
Category
I-XI 2016 I-XI 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 14,340.5 0.4 15,276.8 6.5 EXPENDITURE TOTAL 14,849.3 -1.6 15,328.7 3.2
Tax revenues1 7,797.6 3.2 8,291.6 6.3 Salaries, wages and other personnel expenditures2 3,461.8 5.1 3,600.8 4.0
Personal income tax 1,863.1 5.1 1,979.1 6.2 Expenditure on goods and services 2,047.3 3.4 2,288.8 11.8
Corporate income tax 555.1 0.7 709.4 27.8 Interest payments 1,069.7 3.1 980.4 -8.3
Taxes on immovable property 202.4 12.0 210.8 4.1 Reserves 155.3 1.5 118.4 -23.7
Value added tax 2,989.3 0.7 3,204.1 7.2 Transfers to individuals and households 5,954.6 2.0 6,093.3 2.3
Excise duties 1,430.6 3.3 1,460.3 2.1 Other current transfers 1,069.1 2.5 1,114.2 4.2
Social security contributions 5,182.7 4.5 5,517.9 6.5 Investment expenditure 717.0 -47.2 786.0 9.6
Non-tax revenues 883.0 2.8 1,010.5 14.4 Payments to the EU budget 374.6 -4.1 346.9 -7.4
Receipts from the EU budget 347.5 -56.5 318.4 -8.4 GENERAL GOVERNMENT BALANCE -508.8 -36.9 -51.9 -89.8
Other 129.8 15.1 138.3 6.5 PRIMARY BALANCE 529.3 146.0 890.9 68.3
Source: MF, Bulletin of Government Finance; calculations by IMAD. 
Note: 1 Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include social constributions. 2 Labour costs include social 
contributions by the employer.

se
le
ct
ed
 to
pi
cs

Selected topics 25Slovenian Economic Mirror, No. 1/2018
Life satisfaction, autumn 2017
In autumn 2017, life satisfaction both in Slovenia and 
in the EU as a whole was the highest thus far recorded. 
Never since Slovenia’s accession to the EU, i.e. the beginning 
of Eurobarometer measurements, has the share of satisfied 
people1 in Slovenia (92%) and the EU (83%) been this high. 
Slovenia has been above the EU average regarding the 
share of people satisfied with their lives throughout this 
period; in spring 2017, it was 11th among the EU Member 
States in this regard and in the autumn 10th. Slovenia is also 
one of the six countries that have recorded a continuous 
increase in the share of satisfied respondents in the 
last three measurements (together with Luxembourg, 
Hungary, the Czech Republic, Cyprus and Portugal). 
1 The Eurobarometer measures life satisfaction with the following 
question: All things considered, how satisfied would you say you 
are with your life these days? The possible answers are very satisfied, 
satisfied, dissatisfied and very dissatisfied. In our analysis, the category 
of satisfied people includes those very satisfied and satisfied.
Satisfaction with the financial and employment 
situation at the country level has increased, 
but remains significantly lower than the high 
satisfaction of respondents with their own financial 
and employment situation. The level of satisfaction 
with one’s own financial situation (which was already 
high) has now reached the highest level thus far 
recorded. Satisfaction with one’s personal employment 
situation remains high, but this is the only area 
where satisfaction did not increase from the previous 
measurement. The shares of respondents satisfied with 
the employment situation in the country (25%) and the 
economy in the country (46%) have risen noticeably, 
though they have yet to reach their pre-crisis levels. 
Their uninterrupted growth since autumn 20142 is 
related to the general improvement in macroeconomic 
indicators. Expectations for the next 12 months are 
2 The shares at the country level tend to be more sensitive to media 
representations of reality than those reflecting one’s personal situation. 
Similar is also true for expectations for the next 12 months.
70
75
80
85
90
95
au
tu
m
n 
20
04
sp
rin
g 
20
05
au
tu
m
n 
20
05
sp
rin
g 
20
06
au
tu
m
n 
20
06
sp
rin
g 
20
07
au
tu
m
n 
20
07
sp
rin
g 
20
08
au
tu
m
n 
20
08
sp
rin
g 
20
09
au
tu
m
n 
20
09
sp
rin
g 
20
10
au
tu
m
n 
20
10
sp
rin
g 
20
11
au
tu
m
n 
20
11
sp
rin
g 
20
12
au
tu
m
n 
20
12
sp
rin
g 
20
13
au
tu
m
n 
20
13
sp
rin
g 
20
14
au
tu
m
n 
20
14
sp
rin
g 
20
15
au
tu
m
n 
20
15
sp
rin
g 
20
16
au
tu
m
n 
20
16
sp
rin
g 
20
17
au
tu
m
n 
20
17
Sh
ar
e 
of
 s
at
is
fie
d 
re
sp
on
de
nt
s,
 in
 %
Source: Eurobarometer.
EU Slovenia
 Figure 27: Life satisfaction in Slovenia and the EU, autumn 
2004–autumn 2017 
0
10
20
30
40
50
60
70
80
au
tu
m
n 
20
08
sp
rin
g 
20
09
au
tu
m
n 
20
09
sp
rin
g 
20
10
au
tu
m
n 
20
10
sp
rin
g 
20
11
au
tu
m
n 
20
11
sp
rin
g 
20
12
au
tu
m
n 
20
12
sp
rin
g 
20
13
au
tu
m
n 
20
13
sp
rin
g 
20
14
au
tu
m
n 
20
14
sp
rin
g 
20
15
au
tu
m
n 
20
15
sp
rin
g 
20
16
au
tu
m
n 
20
16
sp
rin
g 
20
17
au
tu
m
n 
20
17
Sh
ar
e 
of
 s
at
is
fie
d 
re
sp
on
de
nt
s,
 in
 %
Source: Eurobarometer.
Employment situation in the country
Economic situation in your country
Personal employment situation
Personal financial situation
 Figure 29: Assessment of satisfaction with the financial 
and employment situation in Slovenia at the personal and 
country levels
92
83
0
10
20
30
40
50
60
70
80
90
100
D
K IE N
L
LU M
T SE F
I
D
E
U
K SI BE CZ CY A
T FR PL EU E
S EE PT SK LT H
U LV IT H
R
RO BG G
R
In
 %
Source: Eurobarometer.
 Figure 28: Life satisfaction, EU, autumn 2017
0
5
10
15
20
25
30
35
au
tu
m
n 
20
08
sp
rin
g 
20
09
au
tu
m
n 
20
09
sp
rin
g 
20
10
au
tu
m
n 
20
10
sp
rin
g 
20
11
au
tu
m
n 
20
11
sp
rin
g 
20
12
au
tu
m
n 
20
12
sp
rin
g 
20
13
au
tu
m
n 
20
13
sp
rin
g 
20
14
au
tu
m
n 
20
14
sp
rin
g 
20
15
au
tu
m
n 
20
15
sp
rin
g 
20
16
au
tu
m
n 
20
16
sp
rin
g 
20
17
au
tu
m
n 
20
17
Sh
ar
e 
of
 re
sp
on
de
nt
s 
ex
pe
ct
in
g 
im
pr
ov
em
en
t i
n 
th
e 
ne
xt
 1
2 
m
on
th
s,
 in
 %
Source: Eurobarometer.
Impr. in the employment situation in the country
Impr. in the economic situation in your country
Impr. in the financial situation of one’s own household
Impr. in the personal employment situtation
 Figure 30: Expectations of improvement in the financial 
and employment situation in Slovenia at the personal and 
country levels in the next 12 months 
Selected topics26 Slovenian Economic Mirror, No. 1/2018
moderate, the greatest improvements3 being expected 
in the employment situation at both the personal and 
country levels. 
When asked to identify the main issues at the 
personal and country levels, in autumn 2017 
Slovenian respondents emphasised those related to 
the social state. Their main concerns at the personal 
level4 were: pensions, the social and health systems, living 
conditions, the cost of living, and working conditions. At 
the country level, they pointed particularly to the social 
and health systems and, as in previous surveys, the issue 
of unemployment.  
3 In our analysis we present the share of those expecting an improvement 
in the next year. Eurobarometer, on the other hand, also monitors the 
shares of those who expect a deterioration and those expecting no 
change. 
4 They were asked to identify two areas (of those listed) they perceived 
as their greatest concerns at the personal level and at the level of the 
country. 
Insolvency in 2017
The solvency of business entities continued to 
improve in 2017. The solvency of legal entities and 
sole proprietors5 improved last year in terms of both the 
number of non-payers and the amounts owed. Payment 
delays shortened too, but long-term outstanding 
liabilities6 remain high though they have also fallen. They 
account for more than 60% of all outstanding liabilities 
in legal persons and as much as 81% of all outstanding 
liabilities in sole proprietors. The mutual indebtedness 
of business entities declined as a result of set-offs; 
fewer compulsory settlement and personal bankruptcy 
proceedings were initiated, but there were more 
bankruptcy filings and liquidations. 
5 Sole proprietors and other natural persons engaging in activities 
registered in the Business Register of Slovenia.
6 Liabilities that are more than one year overdue.
0 10 20 30 40 50
Living conditions
Taxation
Financial situ. of one’s household
Immigration
Economic situation
Unemployment
Inflation/cost of living
Crime
The environment, climate, energy
Housing
The education system
Working conditions
Health and social security
Pensions
Source: Eurobarometer.
autumn 2017 spring 2017
Share of respondents, in %
 Figure 31: Main concerns at the personal level 
0
100
200
300
400
500
600
Q
1 
10
Q
1 
11
Q
1 
12
Q
1 
13
Q
1 
14
Q
1 
15
Q
1 
16
Q
1 
17
Q
1 
18
In
 E
U
R 
m
Source: AJPES.
Up to 3 months From 3 months to 1 year
Over 1 year
 Figure 34: Average daily amount of outstanding liabilities 
of legal entities
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
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
Q
1 
17
Q
1 
18
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 33: 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 10 20 30 40 50
Unemployment
Immigration
Crime
Public debt
Terrorism
The environment, climate, energy
Taxation
Economic situation
The education system
Inflation/cost of living
Housing
Pensions
Health and social security
Source: Eurobarometer.
autumn 2017 spring 2017
Share of respondents, in %
 Figure 32: Main concerns at the country level 
Selected topics 27Slovenian Economic Mirror, No. 1/2018
In 2017 there were, on average, 8.7% fewer legal 
entities with outstanding liabilities7 than in 2016. 
The number of non-payers decreased (by 401 per month 
on average) in most sectors, the most in construction, 
trade and manufacturing. The average daily amount of 
outstanding liabilities (EUR 37.5 million) was also lower 
year on year (−11.5%), dropping the most in water 
supply, sewerage, waste management and remediation 
activities and manufacturing. Construction still accounts 
for almost one fifth of total daily outstanding liabilities. 
The distributive trades sector also reached a similar share, 
followed by professional, scientific and technical activities 
and manufacturing, with more than 12% shares. Three 
quarters of legal entities with outstanding liabilities are 
micro8 enterprises (only 0.2% being large enterprises); 
together, they owe more than half of all outstanding 
matured liabilities (large companies 9.0%). 
Last year solvency also improved for sole proprietors. 
The average number of non-payers (4,323) was one fifth 
lower and the average daily amount of their unsettled 
liabilities (EUR 87 million) 23% lower year on year. The 
problem remains the long-term nature of non-payments, 
as almost half of non-payers have not settled their 
liabilities for more than one year, which accounts for 
80.8% of all outstanding liabilities. Almost half of non-
payers are in the sectors of construction, distributive 
trades, and accommodation and food service activities.
7 The average is calculated on the basis of monthly data for past-due 
liabilities outstanding for more than five consecutive days in a month. 
AJPES keeps records of outstanding matured liabilities from court 
enforcement orders and from tax debt. These records do not include 
other outstanding liabilities from unpaid invoices between creditors 
and debtors.
8 According to Article 55 of the Companies Act (ZGD-1), enterprises are 
classified as micro, small, medium-sized and large enterprises based on 
data from the annual reports of two consecutive fiscal years.
The number of bankruptcy filings,9 having risen 
notably following the changes to legislation10 in 2013–
2016, increased further in 2017. The most bankruptcy 
proceedings against companies were initiated in the 
distributive trades (24.9%) and construction (22.4%). 
Because of insolvency11 and consequent bankruptcy, 
9 Bankruptcy proceedings are a form of winding-up an over-indebted 
or insolvent debtor. Under court supervision, bankruptcy proceedings 
are administered by a bankruptcy trustee, who liquidates the debtor’s 
property to obtain financial assets for settling creditor claims. Upon 
completion of the bankruptcy proceedings, the legal entity is deleted 
from the court register.
10 The Act Amending the Financial Operations, Insolvency Proceedings 
and Compulsory Dissolution Act (ZFPPIPP), Official Gazette of the 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.
11 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). 
0
10
20
30
40
50
60
70
0
50
100
150
200
250
300
350
Q
1 
09
Q
1 
10
Q
1 
11
Q
1 
12
Q
1 
13
Q
1 
14
Q
1 
15
Q
1 
16
Q
1 
17
Q
1 
18
N
um
be
r
N
um
be
r
Source: AJPES – Business Register of Slovenia.
Bankruptcy proceedings initiated against legal persons (left axis)
Bankruptcy proceedings initiated against sole proprietors (right axis)
 Figure 35: Bankruptcies proceedings initiated against 
legal entities and sole proprietors
 Table 9: Number of business entities subject to proceedings and deletions from the register because of insolvency
2009 2014 2015 2016 2017
Total Of which companies 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 1.316 1.146
Deletions from the register due 
to bankruptcy 269 208 850 681 1.113 921 1.217 1.003 1.256 1.080
Initiated compulsory settlement 
proceedings 14 14 43 40 17 17 12 12 11 11
Initiated simplified compulsory 
settlement proceedings1 - - 101 99 116 112 99 92 39 38
Initiated compulsory liquidation 
proceedings - - 10 5 11 1 37 25 73 58
Deletions from the register due 
to compulsory liquidation - - 3 0 2 0 5 0 9 1
Initiated voluntary liquidation 
proceedings2 82 63 102 46 118 46 147 63 155 54
Deletions from the register due 
to voluntary liquidation 66 49 81 31 117 45 97 38 139 56
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.
Selected topics28 Slovenian Economic Mirror, No. 1/2018
1,080 legal entities were struck off the business register 
in 2017. The number of bankruptcies initiated against 
sole proprietors was one quarter lower than the record 
figure in 2015. More than 60% of bankruptcies were 
filed in the sectors of accommodation and food service 
activities, construction, manufacturing, and water supply, 
sewerage, waste management and remediation activities. 
The number of personal bankruptcy filings12 fell 
considerably last year. In 2017 the number of initiated 
personal bankruptcies was almost half lower than in the 
record year 2015, when it was 4,130, while the number 
of completed personal bankruptcies doubled to 3,349. 
The amount of reported claims resulting from personal 
bankruptcies, EUR 1.1 billion in 2015, declined to EUR 410 
million in 2017.
The number of debtors and the total amount of 
liabilities reported for multilateral set-off13 continued 
to decline last year. In 2017 the average number of 
debtors per round of set-offs was the smallest thus far, 
accounting for a mere fifth of the average in the year 
when set-offs first started to be carried out (2011). The 
amounts of claims reported for set-off dropped by more 
than half during this period, but the share of set-off 
liabilities in total reported liabilities remains low (6.7%). 
From 2011 to 2017, the mutual indebtedness of business 
entities in Slovenia decreased by EUR 3.2 billion.
12 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. 
13 In compliance with the Act on Prevention of Late Payments, in December 
2017 the 81st round of compulsory and voluntary multilateral set-offs was 
carried out since April 2011, when the Act entered into force.
0
1000
2000
3000
4000
5000
6000
0
200
400
600
800
1,000
1,200
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
N
um
be
r
In
 E
U
R 
m
Source: Supreme Court.
Number of initiated personal bankruptcies (right axis)
Amounts of reported claims, in EUR m (left axis)
 Figure 36: Number of personal bankruptcy filings and 
amounts of reported claims
 Table 10: Results of voluntary and compulsory multilateral set-offs, according to AJPES, 2011–2017
Total in year
Average number of debtors  
per round of set-offs  
in a given year
Total amount of  
reported liabilities  
in EUR million
Total amount that  
was set off,  
in EUR million
Share of liabilities that 
were set off (of total 
reported liabilities), in %
2011 14.019 9.709 644 6.6
2012 12.937 9.252 683 7.4
2013 8.083 7.230 502 6.9
2014 6.431 6.710 446 6.6
2015 5.263 5.687 392 6.9
2016 4.447 4.607 307 6.7
2017 3.681 4.074 272 6.7
Source: AJPES.
Note: 1 Set-offs are carried out on a monthly basis.
st
at
is
ti
ca
l a
pp
en
di
x

Statistical Appendix 31Slovenian Economic Mirror, No. 1/2018
Main indicators 2011 2012 2013 2014 2015 2016
2017 2018 2019
Autumn forecast 2017
GDP (real growth rates, in %) 0.6 -2.7 -1.1 3.0 2.3 3.1 4.4 3.9 3.2
GDP in EUR million (current prices) 36,896 36,076 36,239 37,615 38,837 40,418 42,761 45,265 47,507
GDP per capita, in EUR (current prices) 17,973 17,540 17,596 18,244 18,823 19,576 20,708 21,922 23,016
GDP per capita (PPS)1 21,700 21,800 21,700 22,800 23,900 24,100
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 9.5 8.7 8.4
Standardised rate of unemployment (ILO) 8.2 8.9 10.1 9.7 9.0 8.0 6.8 6.2 5.8
Labour productivity (GDP per employee) 2.4 -1.8 0.0 2.6 1.0 1.1 1.6 2.2 2.3
Inflation2, year average 1.8 2.6 1.8 0.2 -0.5 -0.1 1.5 1.6 2.1
Inflation2, end of the year 2.0 2.7 0.7 0.2 -0.5 0.5 1.7 1.9 2.1
INTERNATIONAL TRADE 
Exports of goods and services (real growth rates, in %) 6.9 0.6 3.1 5.7 5.0 6.4 8.8 7.5 6.1
Exports of goods  8.0 0.4 3.3 6.3 5.3 6.2 9.0 8.0 6.4
Exports of services 2.5 1.5 1.9 3.4 3.7 7.6 8.0 5.5 4.7
Imports of goods and services (real growth rates, in %) 5.0 -3.7 2.1 4.1 4.7 6.6 8.9 7.7 6.3
Imports of goods 6.0 -4.3 2.9 3.8 5.1 7.0 9.4 8.2 6.6
Imports of services -0.4 0.2 -3.0 6.2 2.3 4.2 6.0 4.8 4.4
Current account balance3, in EUR million 68 775 1,594 2,179 1,698 2,108 2,013 2,296 2,538
As a per cent share relative to GDP 0.2 2.1 4.4 5.8 4.4 5.2 4.7 5.1 5.3
Gross external debt, in EUR million 41,669 42,872 41,866 46,514 44,954 43,334 43,468*
As a per cent share relative to GDP 112.9 118.8 115.5 123.7 115.8 107.2
Ratio of USD to EUR 1.392 1.286 1.328 1.329 1.110 1.107 1.128 1.178 1.178
DOMESTIC DEMAND
Private consumption (real growth rates, in %) 0.0 -2.4 -4.1 1.9 2.1 4.2 3.3 3.0 2.3
As a % of GDP 56.0 56.9 55.4 54.4 53.5 53.4 53.0 52.2 51.8
Government consumption (real growth rates, in %) -0.7 -2.2 -2.1 -1.2 2.7 2.5 1.1 0.9 0.9
 As a % of GDP 20.4 20.2 19.5 18.6 18.6 18.7 18.4 18.1 17.8
Gross fixed capital formation (real growth rates, in %) -4.9 -8.8 3.2 1.1 -1.6 -3.6 9.0 8.0 7.0
As a % of GDP 20.2 19.2 19.8 19.4 18.9 17.6 18.5 19.3 20.1
Sources of data: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Autumn Forecast, September 2017).
Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End September 2017. 
Statistical Appendix32 Slovenian Economic Mirror, No. 1/2018
Production 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017 2018
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
INDUSTRIAL PRODUCTION, y-o-y growth rates, %
Industry B+C+D 2.2 5.6 7.1 5.5 5.2 6.3 8.8 6.7 6.6 7.6 5.6 7.6 3.6 5.6 8.8 4.5 8.9 10.2 7.5 2.7 10.4 7.5 3.0 7.9 9.2 6.7 3.0 12.5 1.0 8.1 7.5 7.2 7.3 8.1 13.1 9.7 - -
B Mining and quarrying -3.8 0.4 1.7 -1.9 23.3 8.3 -7.9 10.1 -1.6 10.8 8.9 3.9 77.5 10.0 7.1 7.9 -8.4 -6.1 -9.3 -24.6 9.7 50.3 33.2 -15.1 -18.4 5.6 11.0 15.4 8.1 8.9 9.7 39.6 2.4 -15.6 -16.9 -1.6 - -
C Manufacturing 4.3 6.0 8.2 6.3 5.3 7.4 10.2 7.7 7.4 7.8 6.3 8.2 3.1 6.7 10.3 5.4 10.6 11.7 8.5 3.8 12.2 7.8 3.2 9.2 10.4 6.2 3.1 13.5 1.0 9.0 8.6 7.8 7.7 8.9 14.1 10.6 - -
D Electricity, gas & steam supply1 -14.2 2.5 -3.4 -0.5 2.2 -5.0 -4.2 -4.0 -0.4 4.6 -1.1 1.4 0.7 -3.9 -4.7 -6.5 -5.8 -3.5 -3.3 -5.0 -4.1 -2.8 -5.1 -1.1 4.8 10.6 1.5 1.8 0.5 -0.4 -3.6 -2.0 3.1 3.1 9.1 1.4 - -
CONSTRUCTION2, real indices of construction put in place,  y-o-y growth rates, %
Construction, total 19.5 -8.1 -17.7 -12.5 -8.3 -31.3 -21.4 -12.7 -9.2 19.8 17.4 8.4 -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 -9.5 21.1 41.5 26.8 4.8 21.7 10.5 7.6 7.1 30.8 21.2 - -
Buildings 3.8 -4.0 2.4 -5.6 -4.2 -6.6 -11.6 5.7 19.1 36.8 40.1 9.5 -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 24.3 25.7 56.5 53.7 33.8 34.7 13.6 3.4 11.4 44.7 28.2 - -
Civil engineering 26.5 -9.8 -24.7 -15.2 -10.0 -39.9 -24.9 -19.3 -19.0 15.2 9.1 8.3 -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 -20.7 21.7 37.1 17.4 -5.0 16.1 9.9 10.0 5.6 25.8 18.3 - -
MARKET SERVICES, year-on-year growth rates, %
Services, total 3.7 5.4 4.1 5.0 8.4 5.0 4.4 3.5 3.6 7.0 8.5 7.5 7.0 4.7 6.5 3.8 4.0 4.7 4.5 -0.1 5.5 5.2 1.1 3.1 6.3 6.6 3.6 10.5 5.3 11.2 8.9 9.1 7.2 6.4 11.7 8.4 - -
Transportation and storage 6.2 3.2 3.6 2.2 5.2 3.7 4.5 3.0 3.3 11.0 9.7 10.9 3.3 3.6 5.5 2.2 4.1 4.6 4.6 -2.8 6.3 5.9 0.9 3.3 5.9 9.4 6.1 17.0 4.9 15.9 8.4 12.9 11.1 8.8 15.3 11.6
Information and communication 
activities 1.1 4.6 3.5 4.5 10.2 4.0 5.0 4.3 1.2 3.5 7.6 4.4 10.9 3.5 3.7 4.6 4.1 4.4 6.3 1.7 3.9 7.2 1.9 0.5 1.3 4.0 1.9 4.5 5.4 9.5 8.0 5.5 4.3 3.6 8.8 6.6
Professional, scientific and technical 
activities -1.8 3.5 -0.8 2.6 7.7 0.8 0.9 -4.5 -0.2 0.8 2.4 0.1 3.1 -0.7 2.1 0.9 0.0 2.9 -0.3 -7.4 0.2 -5.7 -7.3 -0.3 6.4 4.2 -3.7 2.0 -2.1 3.3 5.7 0.6 -3.3 2.8 6.2 0.0
Administrative and support service 
activities 2.5 11.6 10.1 9.7 8.0 12.2 6.5 8.7 13.8 10.8 14.3 12.1 3.6 11.4 13.7 11.7 8.2 8.3 3.5 8.1 9.6 8.4 6.9 13.4 22.1 7.2 8.9 15.7 15.7 13.6 13.7 13.5 9.9 13.0 22.1 22.3 - -
DISTRIBUTIVE TRADES, y-o-y growth rates, %
Total real turnover* 2.4 5.7 10.2 4.5 6.6 9.0 9.1 8.8 13.6 13.4 9.8 9.9 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 15.8 8.9 15.5 7.0 10.6 11.8 10.1 11.1 8.5 9.2 10.0 - -
Real turnover in retail trade 0.0 1.0 4.5 0.4 1.6 2.1 2.2 3.1 10.1 12.2 8.1 8.1 2.8 0.8 3.7 2.0 0.5 1.6 4.3 1.3 5.6 2.4 7.7 11.4 11.2 14.0 8.9 13.4 5.6 9.2 9.5 9.2 7.8 7.5 2.7 6.4 - -
Real turnover in the sale and 
maintenance of motor vehicles 6.9 14.0 21.7 12.6 15.2 23.0 24.1 18.9 20.8 15.8 12.7 13.5 16.8 15.7 33.0 21.1 25.4 30.6 17.1 12.2 27.7 18.6 16.9 22.8 22.6 19.5 9.0 18.8 9.5 12.7 15.7 11.9 18.8 10.5 21.7 16.1 - -
Nominal turnover in wholesale trade & 
commission trade 3.7 1.4 2.0 0.6 2.9 0.2 1.2 0.1 6.2 13.7 8.4 10.6 5.9 -0.2 2.2 -1.1 -1.9 3.0 2.4 -5.6 5.6 0.8 2.9 6.8 9.0 16.1 8.6 16.2 3.6 11.7 9.9 11.1 12.9 8.0 9.8 10.0 - -
TOURISM, y-o-y growth rates, %
Total, overnight stays -0.5 7.2 7.6 9.1 3.3 9.6 0.9 9.0 11.3 4.7 18.0 11.5 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 2.5 6.5 27.1 5.0 22.6 13.2 12.6 6.7 8.1 8.2 - -
Domestic tourists, overnight stays -3.5 6.3 2.8 8.7 3.4 1.3 1.0 4.6 3.4 4.1 5.1 2.8 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 -3.6 20.9 -1.6 5.8 9.7 5.5 3.8 -3.3 15.6 -0.9 - -
Foreign tourists, overnight stays 1.4 7.7 10.3 9.3 3.2 17.4 0.8 10.9 17.1 5.2 24.7 15.1 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 9.7 -3.0 46.7 4.7 29.1 16.5 16.1 10.9 4.3 15.8 - -
Accommodation and food service 
activities 0.2 7.4 11.0 8.5 9.3 9.9 8.3 13.2 12.2 7.9 12.4 9.4 13.0 7.8 12.8 9.2 9.0 6.6 9.2 12.4 10.8 16.9 14.2 10.3 11.8 6.8 6.0 10.7 13.2 9.7 14.4 11.9 11.6 4.5 6.6 8.0 - -
AGRICULTURE
Purchase of agricultural products, 
in EUR m 506.9 472.9 465.7 123.6 135.5 104.6 110.1 118.2 132.9 108.7 119.8 135.2 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 34.2 39.5 36.8 42.0 41.1 45.8 42.3 47.1 57.6 48.4 - -
BUSSINES TENDENCY (indicator values**)
Sentiment indicator -2.3 5.2 5.5 5.5 5.8 3.6 4.5 6.1 7.8 11.0 11.1 11.8 6.5 4 3.5 3.5 5.5 3.7 4.4 5.4 6.7 6.3 7.0 7.9 8.4 10.1 10.5 12.4 11.7 9.6 12.3 11.5 11.5 12.4 15.5 16.1 16.0 16.3
Confidence indicator
in manufacturing 2 6 5 6 6 4 6 5 7 10 8 9 7 4 5 4 7 5 5 5 7 3 6 7 7 9 10 12 9 6 9 8 8 10 12 14 13 14
in construction -11 -14 -10 -17 -15 -16 -15 -8 -1 5 10 16 -14 -15 -16 -19 -16 -15 -14 -13 -8 -2 -4 0 2 -1 8 6 10 8 13 17 17 16 21 14 20 22
in services 5 16 19 17 18 17 19 19 21 23 25 24 19 16 17 19 21 17 18 20 18 19 21 21 21 22 23 26 27 24 24 24 25 23 27 29 29 25
in retail trade 9 15 19 14 13 24 13 25 16 19 19 22 12 27 23 21 9 13 18 20 24 30 10 18 19 12 17 27 13 11 33 24 19 24 27 30 20 32
consumer confidence indicator -22 -11 -14 -8 -12 -18 -17 -12 -10 -7 -5 -4 -10 -16 -19 -19 -17 -18 -16 -13 -12 -11 -11 -11 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0 0 1 2
Source of data: SURS. 
Opombe: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform 
construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data.
Statistical Appendix 33Slovenian Economic Mirror, No. 1/2018
Production 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017 2018
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1
INDUSTRIAL PRODUCTION, y-o-y growth rates, %
Industry B+C+D 2.2 5.6 7.1 5.5 5.2 6.3 8.8 6.7 6.6 7.6 5.6 7.6 3.6 5.6 8.8 4.5 8.9 10.2 7.5 2.7 10.4 7.5 3.0 7.9 9.2 6.7 3.0 12.5 1.0 8.1 7.5 7.2 7.3 8.1 13.1 9.7 - -
B Mining and quarrying -3.8 0.4 1.7 -1.9 23.3 8.3 -7.9 10.1 -1.6 10.8 8.9 3.9 77.5 10.0 7.1 7.9 -8.4 -6.1 -9.3 -24.6 9.7 50.3 33.2 -15.1 -18.4 5.6 11.0 15.4 8.1 8.9 9.7 39.6 2.4 -15.6 -16.9 -1.6 - -
C Manufacturing 4.3 6.0 8.2 6.3 5.3 7.4 10.2 7.7 7.4 7.8 6.3 8.2 3.1 6.7 10.3 5.4 10.6 11.7 8.5 3.8 12.2 7.8 3.2 9.2 10.4 6.2 3.1 13.5 1.0 9.0 8.6 7.8 7.7 8.9 14.1 10.6 - -
D Electricity, gas & steam supply1 -14.2 2.5 -3.4 -0.5 2.2 -5.0 -4.2 -4.0 -0.4 4.6 -1.1 1.4 0.7 -3.9 -4.7 -6.5 -5.8 -3.5 -3.3 -5.0 -4.1 -2.8 -5.1 -1.1 4.8 10.6 1.5 1.8 0.5 -0.4 -3.6 -2.0 3.1 3.1 9.1 1.4 - -
CONSTRUCTION2, real indices of construction put in place,  y-o-y growth rates, %
Construction, total 19.5 -8.1 -17.7 -12.5 -8.3 -31.3 -21.4 -12.7 -9.2 19.8 17.4 8.4 -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 -9.5 21.1 41.5 26.8 4.8 21.7 10.5 7.6 7.1 30.8 21.2 - -
Buildings 3.8 -4.0 2.4 -5.6 -4.2 -6.6 -11.6 5.7 19.1 36.8 40.1 9.5 -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 24.3 25.7 56.5 53.7 33.8 34.7 13.6 3.4 11.4 44.7 28.2 - -
Civil engineering 26.5 -9.8 -24.7 -15.2 -10.0 -39.9 -24.9 -19.3 -19.0 15.2 9.1 8.3 -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 -20.7 21.7 37.1 17.4 -5.0 16.1 9.9 10.0 5.6 25.8 18.3 - -
MARKET SERVICES, year-on-year growth rates, %
Services, total 3.7 5.4 4.1 5.0 8.4 5.0 4.4 3.5 3.6 7.0 8.5 7.5 7.0 4.7 6.5 3.8 4.0 4.7 4.5 -0.1 5.5 5.2 1.1 3.1 6.3 6.6 3.6 10.5 5.3 11.2 8.9 9.1 7.2 6.4 11.7 8.4 - -
Transportation and storage 6.2 3.2 3.6 2.2 5.2 3.7 4.5 3.0 3.3 11.0 9.7 10.9 3.3 3.6 5.5 2.2 4.1 4.6 4.6 -2.8 6.3 5.9 0.9 3.3 5.9 9.4 6.1 17.0 4.9 15.9 8.4 12.9 11.1 8.8 15.3 11.6
Information and communication 
activities 1.1 4.6 3.5 4.5 10.2 4.0 5.0 4.3 1.2 3.5 7.6 4.4 10.9 3.5 3.7 4.6 4.1 4.4 6.3 1.7 3.9 7.2 1.9 0.5 1.3 4.0 1.9 4.5 5.4 9.5 8.0 5.5 4.3 3.6 8.8 6.6
Professional, scientific and technical 
activities -1.8 3.5 -0.8 2.6 7.7 0.8 0.9 -4.5 -0.2 0.8 2.4 0.1 3.1 -0.7 2.1 0.9 0.0 2.9 -0.3 -7.4 0.2 -5.7 -7.3 -0.3 6.4 4.2 -3.7 2.0 -2.1 3.3 5.7 0.6 -3.3 2.8 6.2 0.0
Administrative and support service 
activities 2.5 11.6 10.1 9.7 8.0 12.2 6.5 8.7 13.8 10.8 14.3 12.1 3.6 11.4 13.7 11.7 8.2 8.3 3.5 8.1 9.6 8.4 6.9 13.4 22.1 7.2 8.9 15.7 15.7 13.6 13.7 13.5 9.9 13.0 22.1 22.3 - -
DISTRIBUTIVE TRADES, y-o-y growth rates, %
Total real turnover* 2.4 5.7 10.2 4.5 6.6 9.0 9.1 8.8 13.6 13.4 9.8 9.9 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 15.8 8.9 15.5 7.0 10.6 11.8 10.1 11.1 8.5 9.2 10.0 - -
Real turnover in retail trade 0.0 1.0 4.5 0.4 1.6 2.1 2.2 3.1 10.1 12.2 8.1 8.1 2.8 0.8 3.7 2.0 0.5 1.6 4.3 1.3 5.6 2.4 7.7 11.4 11.2 14.0 8.9 13.4 5.6 9.2 9.5 9.2 7.8 7.5 2.7 6.4 - -
Real turnover in the sale and 
maintenance of motor vehicles 6.9 14.0 21.7 12.6 15.2 23.0 24.1 18.9 20.8 15.8 12.7 13.5 16.8 15.7 33.0 21.1 25.4 30.6 17.1 12.2 27.7 18.6 16.9 22.8 22.6 19.5 9.0 18.8 9.5 12.7 15.7 11.9 18.8 10.5 21.7 16.1 - -
Nominal turnover in wholesale trade & 
commission trade 3.7 1.4 2.0 0.6 2.9 0.2 1.2 0.1 6.2 13.7 8.4 10.6 5.9 -0.2 2.2 -1.1 -1.9 3.0 2.4 -5.6 5.6 0.8 2.9 6.8 9.0 16.1 8.6 16.2 3.6 11.7 9.9 11.1 12.9 8.0 9.8 10.0 - -
TOURISM, y-o-y growth rates, %
Total, overnight stays -0.5 7.2 7.6 9.1 3.3 9.6 0.9 9.0 11.3 4.7 18.0 11.5 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 2.5 6.5 27.1 5.0 22.6 13.2 12.6 6.7 8.1 8.2 - -
Domestic tourists, overnight stays -3.5 6.3 2.8 8.7 3.4 1.3 1.0 4.6 3.4 4.1 5.1 2.8 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 -3.6 20.9 -1.6 5.8 9.7 5.5 3.8 -3.3 15.6 -0.9 - -
Foreign tourists, overnight stays 1.4 7.7 10.3 9.3 3.2 17.4 0.8 10.9 17.1 5.2 24.7 15.1 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 9.7 -3.0 46.7 4.7 29.1 16.5 16.1 10.9 4.3 15.8 - -
Accommodation and food service 
activities 0.2 7.4 11.0 8.5 9.3 9.9 8.3 13.2 12.2 7.9 12.4 9.4 13.0 7.8 12.8 9.2 9.0 6.6 9.2 12.4 10.8 16.9 14.2 10.3 11.8 6.8 6.0 10.7 13.2 9.7 14.4 11.9 11.6 4.5 6.6 8.0 - -
AGRICULTURE
Purchase of agricultural products, 
in EUR m 506.9 472.9 465.7 123.6 135.5 104.6 110.1 118.2 132.9 108.7 119.8 135.2 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 34.2 39.5 36.8 42.0 41.1 45.8 42.3 47.1 57.6 48.4 - -
BUSSINES TENDENCY (indicator values**)
Sentiment indicator -2.3 5.2 5.5 5.5 5.8 3.6 4.5 6.1 7.8 11.0 11.1 11.8 6.5 4 3.5 3.5 5.5 3.7 4.4 5.4 6.7 6.3 7.0 7.9 8.4 10.1 10.5 12.4 11.7 9.6 12.3 11.5 11.5 12.4 15.5 16.1 16.0 16.3
Confidence indicator
in manufacturing 2 6 5 6 6 4 6 5 7 10 8 9 7 4 5 4 7 5 5 5 7 3 6 7 7 9 10 12 9 6 9 8 8 10 12 14 13 14
in construction -11 -14 -10 -17 -15 -16 -15 -8 -1 5 10 16 -14 -15 -16 -19 -16 -15 -14 -13 -8 -2 -4 0 2 -1 8 6 10 8 13 17 17 16 21 14 20 22
in services 5 16 19 17 18 17 19 19 21 23 25 24 19 16 17 19 21 17 18 20 18 19 21 21 21 22 23 26 27 24 24 24 25 23 27 29 29 25
in retail trade 9 15 19 14 13 24 13 25 16 19 19 22 12 27 23 21 9 13 18 20 24 30 10 18 19 12 17 27 13 11 33 24 19 24 27 30 20 32
consumer confidence indicator -22 -11 -14 -8 -12 -18 -17 -12 -10 -7 -5 -4 -10 -16 -19 -19 -17 -18 -16 -13 -12 -11 -11 -11 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0 0 1 2
Source of data: SURS. 
Opombe: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform 
construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data.
Statistical Appendix34 Slovenian Economic Mirror, No. 1/2018
Labour market 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
FORMAL LABOUR FORCE (A=B+E) 917.9 917.4 920.4 914.5 917.8 917.8 919.7 917.7 926.2 927.6 934.3 932.5 918.8 916.7 916.2 918.0 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 933.4 934.4 935.1 931.6 931.7 934.2 941.4 943.4
PERSONS IN FORMAL EMPLOYMENT 
(B=C+D)1 797.8 804.6 817.2 807.1 808.5 803.0 817.2 820.3 828.3 827.5 846.5 849.3 811.4 803.6 798.0 801.9 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 842.3 846.8 850.3 846.9 847.9 853.2 858.4 861.0
In agriculture, forestry, fishing 35.4 29.9 23.1 29.4 26.9 23.9 23.8 22.1 22.8 22.3 27.3 25.2 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 22.3 22.4 27.3 27.2 27.3 25.1 25.2 25.2 25.3 25.3
In industry, construction 252.4 255.2 260.3 257.3 257.9 254.7 260.7 262.5 263.3 261.2 268.7 271.9 259.8 254.3 252.7 254.1 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 266.6 268.9 270.5 271.1 271.6 273.0 275.2 276.3
- in manufacturing 178.3 181.0 186.7 181.6 183.6 184.1 186.2 187.3 189.0 189.7 192.8 195.0 184.1 183.0 183.2 184.1 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 191.5 193.0 193.9 194.5 194.8 195.8 197.6 198.3
- in construction 54.0 54.3 53.9 55.7 54.5 50.9 54.6 55.4 54.7 52.2 56.3 57.2 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 51.5 54.3 55.6 56.3 56.9 56.9 57.1 57.5 58.0 58.4
In services 510.0 519.6 533.8 520.4 523.7 524.4 532.7 535.7 542.3 544.0 550.6 552.3 524.8 522.5 521.4 524.0 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 548.5 550.8 552.4 550.7 551.1 555.0 557.9 559.4
- in public administration 48.8 48.1 48.4 48.3 48.0 48.1 48.4 48.6 48.6 48.6 48.8 49.0 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 48.5 48.7 48.6 48.9 48.9 49.0 49.0 49.1 49.1 49.0
- in education, health-services  
and social work 122.2 124.0 127.7 123.3 125.5 125.9 127.6 127.3 130.0 130.8 131.4 130.8 125.7 125.5 125.0 125.8 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 131.3 131.6 131.4 130.0 130.0 132.4 133.2 133.7
FORMALLY EMPLOYED (C)1 703.0 713.1 730.5 715.9 719.3 716.2 730.2 734.6 741.1 740.5 754.3 758.9 722.1 714.5 711.3 715.0 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 750.3 754.7 758.0 756.8 757.5 762.5 767.3 769.7
In enterprises and organisations 652.6 662.3 680.2 664.6 668.6 667.5 679.6 683.6 690.2 691.1 702.6 707.3 670.9 665.3 663.2 666.7 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 699.0 703.0 705.9 705.1 705.9 710.9 715.5 718.1
By those self-employed 50.5 50.8 50.3 51.4 50.6 48.7 50.7 51.0 50.9 49.4 51.7 51.6 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 48.9 50.5 51.3 51.8 52.1 51.7 51.6 51.6 51.8 51.6
SELF-EMPLOYED AND FARMERS (D) 94.8 91.6 86.7 91.1 89.2 86.9 87.0 85.8 87.2 87.0 92.1 90.4 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 87.0 87.2 92.1 92.1 92.2 90.1 90.4 90.7 91.1 91.3
REGISTERED UNEMPLOYMENT (E) 120.1 112.7 103.2 107.4 109.3 114.8 102.5 97.4 97.9 100.1 87.8 83.2 107.4 113.1 118.2 116.0 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 91.1 87.7 84.8 84.7 83.8 81.0 83.0 82.4
Female 59.6 57.5 52.4 55.9 56.2 56.6 52.3 50.6 50.2 49.5 45.5 43.7 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 49.8 48.3 46.9 45.5 44.1 44.5 44.3 42.3 43.4 42.8
By age: 15 to 29 30.4 26.7 22.5 23.9 26.4 26.1 21.7 20.5 21.6 20.7 17.0 15.2 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 20.9 19.4 18.2 17.0 15.9 15.7 15.3 14.6 17.3 16.9
Aged over 50 37.3 36.7 36.5 36.2 36.1 38.6 36.8 35.4 35.0 36.9 34.3 33.2 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 37.2 35.8 35.0 34.3 33.6 33.6 33.3 32.7 32.4 32.4
Primary education or less 33.8 32.3 30.2 30.5 31.2 33.8 30.0 28.2 28.8 30.6 26.3 24.6 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 31.2 28.6 27.2 26.3 25.4 24.9 24.6 24.3 24.5 24.6
For more than 1 year 59.9 59.7 55.1 59.1 58.4 58.5 56.0 53.5 52.3 51.2 48.1 45.2 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 51.3 50.3 49.1 48.1 46.9 46.0 45.2 44.3 44.2 43.7
Those receiving benefits 26.6 23.7 23.1 21.4 22.2 28.9 21.3 20.5 21.5 27.3 19.5 19.8 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 26.8 24.7 20.3 19.2 19.1 19.8 20.0 19.4 19.0 19.2
RATE OF REGISTERED 
UNEMPLOYMENT, E/A, in % 13.1 12.3 11.2 11.7 11.9 12.5 11.1 10.6 10.6 11.1 9.4 8.9 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 10.9 10.2 9.8 9.4 9.1 9.1 9.0 8.7 8.8 8.7
Male 12.0 11.1 10.2 10.3 10.7 11.8 10.1 9.4 9.5 10.4 8.3 7.8 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 10.3 9.3 8.7 8.3 8.0 8.0 7.8 7.6 7.8 7.7
Female 14.3 13.7 12.4 13.4 13.4 13.4 12.4 12.0 11.8 11.8 10.7 10.2 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 11.7 11.3 11.0 10.7 10.3 10.4 10.4 9.9 10.1 9.9
FLOWS OF FORMAL LABOUR FORCE -4.6 -6.4 -13.5 -5.5 8.3 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.8 -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 -2.4 -6.2 -4.1 -3.4 -2.9 -0.1 -0.8 -2.9 2.0 -0.6
New unemployed first-job seekers 18.5 15.8 14.2 2.8 7.4 3.0 2.0 2.7 6.5 1.8 1.8 2.3 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 0.8 0.8 0.6 0.6 0.6 0.5 0.6 1.2 4.0 1.0
Redundancies 83.9 81.3 75.7 17.3 23.3 23.8 15.4 16.3 20.3 17.1 13.7 15.5 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 5.2 5.1 4.6 4.6 4.4 6.0 4.5 5.0 5.6 5.4
Registered unemployed who found 
employment 74.0 71.0 74.9 16.9 13.3 23.6 20.6 16.1 14.5 12.6 18.5 14.3 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 6.3 9.7 6.9 6.1 5.4 4.3 3.5 6.4 5.1 4.8
Other outflows from unemployment (net) 33.2 32.6 28.6 8.6 9.1 6.0 7.2 7.5 7.9 4.6 7.4 7.3 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 2.0 2.4 2.4 2.6 2.4 2.4 2.3 2.6 2.6 2.2
FIXED TERM WORK PERMITS FOR 
FOREIGNERS 25.1 23.2 19.2 23.7 23.3 21.6 20.0 18.2 17.1 16.8 17.2 18.4 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 16.8 16.8 16.9 17.2 17.6 18.0 18.5 18.8 18.6 19.8
As % of labour force 2.7 2.5 2.1 2.6 2.5 2.4 2.2 2.0 1.8 1.8 1.8 2.0 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 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.0 2.1
Sources of data: SURS, PDII, ESS.
Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed 
persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers 
from the Labour Force Survey.  
Statistical Appendix 35Slovenian Economic Mirror, No. 1/2018
Labour market 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
FORMAL LABOUR FORCE (A=B+E) 917.9 917.4 920.4 914.5 917.8 917.8 919.7 917.7 926.2 927.6 934.3 932.5 918.8 916.7 916.2 918.0 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 933.4 934.4 935.1 931.6 931.7 934.2 941.4 943.4
PERSONS IN FORMAL EMPLOYMENT 
(B=C+D)1 797.8 804.6 817.2 807.1 808.5 803.0 817.2 820.3 828.3 827.5 846.5 849.3 811.4 803.6 798.0 801.9 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 842.3 846.8 850.3 846.9 847.9 853.2 858.4 861.0
In agriculture, forestry, fishing 35.4 29.9 23.1 29.4 26.9 23.9 23.8 22.1 22.8 22.3 27.3 25.2 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 22.3 22.4 27.3 27.2 27.3 25.1 25.2 25.2 25.3 25.3
In industry, construction 252.4 255.2 260.3 257.3 257.9 254.7 260.7 262.5 263.3 261.2 268.7 271.9 259.8 254.3 252.7 254.1 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 266.6 268.9 270.5 271.1 271.6 273.0 275.2 276.3
- in manufacturing 178.3 181.0 186.7 181.6 183.6 184.1 186.2 187.3 189.0 189.7 192.8 195.0 184.1 183.0 183.2 184.1 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 191.5 193.0 193.9 194.5 194.8 195.8 197.6 198.3
- in construction 54.0 54.3 53.9 55.7 54.5 50.9 54.6 55.4 54.7 52.2 56.3 57.2 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 51.5 54.3 55.6 56.3 56.9 56.9 57.1 57.5 58.0 58.4
In services 510.0 519.6 533.8 520.4 523.7 524.4 532.7 535.7 542.3 544.0 550.6 552.3 524.8 522.5 521.4 524.0 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 548.5 550.8 552.4 550.7 551.1 555.0 557.9 559.4
- in public administration 48.8 48.1 48.4 48.3 48.0 48.1 48.4 48.6 48.6 48.6 48.8 49.0 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 48.5 48.7 48.6 48.9 48.9 49.0 49.0 49.1 49.1 49.0
- in education, health-services  
and social work 122.2 124.0 127.7 123.3 125.5 125.9 127.6 127.3 130.0 130.8 131.4 130.8 125.7 125.5 125.0 125.8 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 131.3 131.6 131.4 130.0 130.0 132.4 133.2 133.7
FORMALLY EMPLOYED (C)1 703.0 713.1 730.5 715.9 719.3 716.2 730.2 734.6 741.1 740.5 754.3 758.9 722.1 714.5 711.3 715.0 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 750.3 754.7 758.0 756.8 757.5 762.5 767.3 769.7
In enterprises and organisations 652.6 662.3 680.2 664.6 668.6 667.5 679.6 683.6 690.2 691.1 702.6 707.3 670.9 665.3 663.2 666.7 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 699.0 703.0 705.9 705.1 705.9 710.9 715.5 718.1
By those self-employed 50.5 50.8 50.3 51.4 50.6 48.7 50.7 51.0 50.9 49.4 51.7 51.6 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 48.9 50.5 51.3 51.8 52.1 51.7 51.6 51.6 51.8 51.6
SELF-EMPLOYED AND FARMERS (D) 94.8 91.6 86.7 91.1 89.2 86.9 87.0 85.8 87.2 87.0 92.1 90.4 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 87.0 87.2 92.1 92.1 92.2 90.1 90.4 90.7 91.1 91.3
REGISTERED UNEMPLOYMENT (E) 120.1 112.7 103.2 107.4 109.3 114.8 102.5 97.4 97.9 100.1 87.8 83.2 107.4 113.1 118.2 116.0 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 91.1 87.7 84.8 84.7 83.8 81.0 83.0 82.4
Female 59.6 57.5 52.4 55.9 56.2 56.6 52.3 50.6 50.2 49.5 45.5 43.7 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 49.8 48.3 46.9 45.5 44.1 44.5 44.3 42.3 43.4 42.8
By age: 15 to 29 30.4 26.7 22.5 23.9 26.4 26.1 21.7 20.5 21.6 20.7 17.0 15.2 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 20.9 19.4 18.2 17.0 15.9 15.7 15.3 14.6 17.3 16.9
Aged over 50 37.3 36.7 36.5 36.2 36.1 38.6 36.8 35.4 35.0 36.9 34.3 33.2 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 37.2 35.8 35.0 34.3 33.6 33.6 33.3 32.7 32.4 32.4
Primary education or less 33.8 32.3 30.2 30.5 31.2 33.8 30.0 28.2 28.8 30.6 26.3 24.6 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 31.2 28.6 27.2 26.3 25.4 24.9 24.6 24.3 24.5 24.6
For more than 1 year 59.9 59.7 55.1 59.1 58.4 58.5 56.0 53.5 52.3 51.2 48.1 45.2 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 51.3 50.3 49.1 48.1 46.9 46.0 45.2 44.3 44.2 43.7
Those receiving benefits 26.6 23.7 23.1 21.4 22.2 28.9 21.3 20.5 21.5 27.3 19.5 19.8 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 26.8 24.7 20.3 19.2 19.1 19.8 20.0 19.4 19.0 19.2
RATE OF REGISTERED 
UNEMPLOYMENT, E/A, in % 13.1 12.3 11.2 11.7 11.9 12.5 11.1 10.6 10.6 11.1 9.4 8.9 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 10.9 10.2 9.8 9.4 9.1 9.1 9.0 8.7 8.8 8.7
Male 12.0 11.1 10.2 10.3 10.7 11.8 10.1 9.4 9.5 10.4 8.3 7.8 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 10.3 9.3 8.7 8.3 8.0 8.0 7.8 7.6 7.8 7.7
Female 14.3 13.7 12.4 13.4 13.4 13.4 12.4 12.0 11.8 11.8 10.7 10.2 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 11.7 11.3 11.0 10.7 10.3 10.4 10.4 9.9 10.1 9.9
FLOWS OF FORMAL LABOUR FORCE -4.6 -6.4 -13.5 -5.5 8.3 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.8 -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 -2.4 -6.2 -4.1 -3.4 -2.9 -0.1 -0.8 -2.9 2.0 -0.6
New unemployed first-job seekers 18.5 15.8 14.2 2.8 7.4 3.0 2.0 2.7 6.5 1.8 1.8 2.3 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 0.8 0.8 0.6 0.6 0.6 0.5 0.6 1.2 4.0 1.0
Redundancies 83.9 81.3 75.7 17.3 23.3 23.8 15.4 16.3 20.3 17.1 13.7 15.5 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 5.2 5.1 4.6 4.6 4.4 6.0 4.5 5.0 5.6 5.4
Registered unemployed who found 
employment 74.0 71.0 74.9 16.9 13.3 23.6 20.6 16.1 14.5 12.6 18.5 14.3 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 6.3 9.7 6.9 6.1 5.4 4.3 3.5 6.4 5.1 4.8
Other outflows from unemployment (net) 33.2 32.6 28.6 8.6 9.1 6.0 7.2 7.5 7.9 4.6 7.4 7.3 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 2.0 2.4 2.4 2.6 2.4 2.4 2.3 2.6 2.6 2.2
FIXED TERM WORK PERMITS FOR 
FOREIGNERS 25.1 23.2 19.2 23.7 23.3 21.6 20.0 18.2 17.1 16.8 17.2 18.4 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 16.8 16.8 16.9 17.2 17.6 18.0 18.5 18.8 18.6 19.8
As % of labour force 2.7 2.5 2.1 2.6 2.5 2.4 2.2 2.0 1.8 1.8 1.8 2.0 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 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 2.0 2.1
Sources of data: SURS, PDII, ESS.
Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed 
persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers 
from the Labour Force Survey.  
Statistical Appendix36 Slovenian Economic Mirror, No. 1/2018
Wages
in EUR
2014 2015 2016
2015 2016 2017 2016 2017
2016 Q3 17 Nov 17 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, %
TOTAL 1,584 1,604 1,757 1.1 0.7 1.8 0.4 1.3 2.3 1.5 1.7 1.9 1.5 2.3 2.8 2.4 1.4 1.8 1.3 0.2 2.8 2.1 1.5 0.5 3.7 2.1 0.5 1.9 1.3 3.4 2.4 2.8 2.7 3.0 3.4 4.1
Private sector activities (A–N; R–S) 1,526 1,537 1,728 1.5 0.8 1.3 0.6 1.2 1.8 1.1 1.0 1.5 1.6 2.3 2.6 2.0 0.9 1.6 0.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.7 3.6 2.4 2.6 2.8 2.4 3.4 4.3
Public service activities (OPQ) 1,765 1,817 1,849 0.3 0.6 3.3 -0.1 1.7 3.9 2.8 3.7 2.9 1.3 2.7 3.6 3.6 3.0 2.7 2.8 3.6 3.1 4.4 4.8 3.0 0.9 1.0 1.4 1.5 2.9 2.8 2.6 3.4 2.7 4.8 3.5 3.7
Industry (B–E) 1,585 1,589 1,863 3.2 1.7 1.9 1.2 2.1 2.2 1.6 1.3 2.5 2.3 2.7 2.6 2.5 0.2 2.7 1.9 -1.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.4 4.6 2.1 2.9 2.8 2.2 4.6 3.9
Trad. market services (GHI) 1,394 1,405 1,564 1.0 0.9 0.9 1.0 1.0 1.6 0.8 0.5 0.8 1.7 2.2 2.8 1.4 1.7 0.7 0.0 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 0.3 3.5 2.9 2.9 3.2 2.4 3.2 5.5
Other market services (J–N; R–S) 1,691 1,707 1,851 -0.3 -0.4 0.7 -0.5 0.1 1.2 0.3 0.5 0.9 0.7 1.7 2.5 1.7 0.8 0.6 -0.4 -0.5 1.5 0.5 0.1 1.2 1.5 0.9 0.1 1.0 0.4 2.4 2.1 2.1 2.3 3.1 2.2 3.7
A Agriculture, forestry and fishing 1,310 1,293 1,445 0.7 0.2 -0.4 -0.2 1.6 2.2 -0.8 0.7 -3.3 0.2 0.3 -1.2 2.5 -0.9 1.3 -2.7 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 -0.5 2.1 -0.6 -3.2 1.1 -1.5 1.5 1.1
B Mining and quarrying 2,057 2,090 2,123 5.9 -5.9 2.7 -4.8 -4.9 1.1 1.6 2.4 5.6 4.2 3.2 0.5 3.4 -3.9 -0.4 9.2 -6.6 10.1 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 6.4 1.9 1.5 2.0 -1.0 0.5 -2.3 -3.5
C Manufacturing 1,546 1,550 1,825 3.3 2.1 2.1 1.8 2.3 2.4 1.7 1.5 2.8 2.2 2.7 2.8 2.4 0.5 2.9 1.6 -1.1 3.8 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 1.4 4.5 2.2 3.2 2.8 2.3 5.3 4.1
D Electricity, gas, steam and air 
conditioning supply 2,347 2,399 2,749 2.5 -1.0 1.3 -3.0 1.9 2.3 1.9 0.0 0.9 4.2 3.1 3.6 4.3 -2.4 1.7 6.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 1.9 8.5 -0.7 0.9 6.2 3.7 0.1 2.9
E Water supply sewerage, waste 
management and remediation 
activities
1,524 1,528 1,792 1.4 1.5 1.9 1.8 2.2 2.3 2.6 1.7 1.2 4.2 4.0 1.4 4.1 1.3 3.7 2.6 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 1.9 4.1 5.8 2.2 1.7 0.3 2.3 6.8
F Constrution 1,205 1,236 1,297 0.3 -0.2 1.3 -0.5 1.0 1.5 1.5 1.9 0.4 1.1 2.7 2.3 2.3 1.5 2.0 1.1 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 -0.2 4.4 3.8 2.8 3.0 1.1 4.5 4.2
G Wholesale and retail trade, repair of 
motor vehicles and motorcycles 1,437 1,452 1,639 1.2 1.4 1.6 1.6 1.8 2.4 1.6 1.0 1.3 2.5 2.6 3.4 1.9 3.3 1.1 0.6 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 0.2 3.9 3.8 3.6 3.7 2.9 3.8 4.3
H Transportation and storage 1,467 1,464 1,618 1.1 0.5 -0.5 0.6 -0.5 -0.1 -0.6 -0.7 -0.5 0.5 1.5 1.5 0.7 -0.9 0.2 -0.9 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -0.3 3.2 1.6 1.2 2.0 1.4 2.2 9.3
I Accommodation and food service 
activities 1,085 1,119 1,166 -0.2 -1.0 1.4 -1.0 -0.1 2.0 0.3 1.0 2.2 1.1 2.9 3.3 1.2 0.0 0.7 0.3 0.2 1.2 1.8 1.7 3.7 1.1 2.4 0.6 0.4 3.0 3.1 2.5 3.3 3.8 2.7 2.8 4.2
J Information and communication 2,107 2,138 2,234 0.1 1.0 0.5 1.0 0.7 1.1 0.6 -0.2 0.6 1.8 1.4 3.1 1.8 0.7 1.5 -0.6 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 0.5 2.0 1.9 2.0 3.8 3.5 1.3 3.7
K Financial and insurance activities 2,293 2,308 2,738 1.2 2.1 1.5 1.8 1.0 2.0 -0.1 1.9 2.4 2.3 2.4 2.8 2.9 1.1 -0.4 -1.1 0.6 3.6 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 2.6 2.2 2.4 2.9 1.9 3.6 2.7 8.2
L Real estate activities 1,489 1,496 1,583 -1.2 -0.7 0.7 -0.5 0.5 0.4 0.5 0.5 1.2 1.5 2.7 2.5 -0.1 -0.7 0.0 2.3 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 3.4 4.5 0.3 1.9 4.1 1.6 0.8 -0.4
M Professional, scientific and  
technical activities 1,739 1,803 1,949 1.1 0.8 0.8 0.5 -0.1 1.3 0.7 0.3 1.0 1.4 3.4 4.9 2.0 0.4 1.6 0.0 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 0.9 4.5 4.9 4.1 5.7 5.0 4.7 6.5
N Administrative and support  
service activities 1,054 1,069 1,163 2.5 0.4 3.4 0.0 1.9 3.7 3.8 3.1 2.9 1.0 2.5 2.3 4.6 4.0 4.2 3.2 2.6 3.9 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.8 4.0 2.6 2.6 1.2 3.1 3.6 3.4
O Public administration and defence, 
compulsory social security 1,873 1,983 1,990 1.0 2.1 4.7 0.4 5.2 6.8 4.3 5.4 2.3 1.5 4.5 6.0 6.2 5.3 3.6 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 4.2 5.1 4.2 7.2 4.7 6.3 3.9 4.9
P Education 1,688 1,708 1,727 0.0 -0.2 2.5 -0.6 -0.3 1.8 2.2 2.9 3.0 1.4 1.9 2.3 2.0 2.1 2.2 2.4 2.6 2.6 3.5 4.1 2.9 1.8 1.1 1.6 1.4 1.7 1.9 2.3 1.6 1.8 3.3 1.1 1.5
Q Human health and social work 
activities 1,760 1,803 1,875 -0.1 0.3 3.1 0.1 0.8 3.6 2.2 3.0 3.4 1.0 2.2 3.2 3.1 2.0 2.4 2.3 3.4 2.1 3.6 4.9 3.3 2.0 0.9 0.9 1.2 3.1 1.8 1.7 2.2 2.0 5.3 6.0 5.3
R Arts, entertainment and recreation 1,650 1,667 1,711 -0.5 -0.5 2.3 -1.6 0.3 1.6 2.4 1.7 3.3 1.9 1.6 3.1 1.3 4.9 1.1 1.3 2.4 0.2 2.6 4.1 3.5 2.2 1.1 2.1 2.6 2.9 1.2 1.0 1.8 2.2 5.4 -0.1 -0.8
S Other service activities 1,335 1,335 1,377 -1.1 -2.2 -0.9 -2.5 -1.5 -0.1 -1.0 -1.0 -1.4 -1.0 1.5 1.3 0.2 -1.4 -1.2 -0.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 0.0 3.3 1.1 1.2 0.6 2.2 2.3 0.9
Source of data: SURS, calculations by IMAD.
Statistical Appendix 37Slovenian Economic Mirror, No. 1/2018
Wages
in EUR
2014 2015 2016
2015 2016 2017 2016 2017
2016 Q3 17 Nov 17 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, %
TOTAL 1,584 1,604 1,757 1.1 0.7 1.8 0.4 1.3 2.3 1.5 1.7 1.9 1.5 2.3 2.8 2.4 1.4 1.8 1.3 0.2 2.8 2.1 1.5 0.5 3.7 2.1 0.5 1.9 1.3 3.4 2.4 2.8 2.7 3.0 3.4 4.1
Private sector activities (A–N; R–S) 1,526 1,537 1,728 1.5 0.8 1.3 0.6 1.2 1.8 1.1 1.0 1.5 1.6 2.3 2.6 2.0 0.9 1.6 0.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.7 3.6 2.4 2.6 2.8 2.4 3.4 4.3
Public service activities (OPQ) 1,765 1,817 1,849 0.3 0.6 3.3 -0.1 1.7 3.9 2.8 3.7 2.9 1.3 2.7 3.6 3.6 3.0 2.7 2.8 3.6 3.1 4.4 4.8 3.0 0.9 1.0 1.4 1.5 2.9 2.8 2.6 3.4 2.7 4.8 3.5 3.7
Industry (B–E) 1,585 1,589 1,863 3.2 1.7 1.9 1.2 2.1 2.2 1.6 1.3 2.5 2.3 2.7 2.6 2.5 0.2 2.7 1.9 -1.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.4 4.6 2.1 2.9 2.8 2.2 4.6 3.9
Trad. market services (GHI) 1,394 1,405 1,564 1.0 0.9 0.9 1.0 1.0 1.6 0.8 0.5 0.8 1.7 2.2 2.8 1.4 1.7 0.7 0.0 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 0.3 3.5 2.9 2.9 3.2 2.4 3.2 5.5
Other market services (J–N; R–S) 1,691 1,707 1,851 -0.3 -0.4 0.7 -0.5 0.1 1.2 0.3 0.5 0.9 0.7 1.7 2.5 1.7 0.8 0.6 -0.4 -0.5 1.5 0.5 0.1 1.2 1.5 0.9 0.1 1.0 0.4 2.4 2.1 2.1 2.3 3.1 2.2 3.7
A Agriculture, forestry and fishing 1,310 1,293 1,445 0.7 0.2 -0.4 -0.2 1.6 2.2 -0.8 0.7 -3.3 0.2 0.3 -1.2 2.5 -0.9 1.3 -2.7 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 -0.5 2.1 -0.6 -3.2 1.1 -1.5 1.5 1.1
B Mining and quarrying 2,057 2,090 2,123 5.9 -5.9 2.7 -4.8 -4.9 1.1 1.6 2.4 5.6 4.2 3.2 0.5 3.4 -3.9 -0.4 9.2 -6.6 10.1 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 6.4 1.9 1.5 2.0 -1.0 0.5 -2.3 -3.5
C Manufacturing 1,546 1,550 1,825 3.3 2.1 2.1 1.8 2.3 2.4 1.7 1.5 2.8 2.2 2.7 2.8 2.4 0.5 2.9 1.6 -1.1 3.8 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 1.4 4.5 2.2 3.2 2.8 2.3 5.3 4.1
D Electricity, gas, steam and air 
conditioning supply 2,347 2,399 2,749 2.5 -1.0 1.3 -3.0 1.9 2.3 1.9 0.0 0.9 4.2 3.1 3.6 4.3 -2.4 1.7 6.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 1.9 8.5 -0.7 0.9 6.2 3.7 0.1 2.9
E Water supply sewerage, waste 
management and remediation 
activities
1,524 1,528 1,792 1.4 1.5 1.9 1.8 2.2 2.3 2.6 1.7 1.2 4.2 4.0 1.4 4.1 1.3 3.7 2.6 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 1.9 4.1 5.8 2.2 1.7 0.3 2.3 6.8
F Constrution 1,205 1,236 1,297 0.3 -0.2 1.3 -0.5 1.0 1.5 1.5 1.9 0.4 1.1 2.7 2.3 2.3 1.5 2.0 1.1 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 -0.2 4.4 3.8 2.8 3.0 1.1 4.5 4.2
G Wholesale and retail trade, repair of 
motor vehicles and motorcycles 1,437 1,452 1,639 1.2 1.4 1.6 1.6 1.8 2.4 1.6 1.0 1.3 2.5 2.6 3.4 1.9 3.3 1.1 0.6 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 0.2 3.9 3.8 3.6 3.7 2.9 3.8 4.3
H Transportation and storage 1,467 1,464 1,618 1.1 0.5 -0.5 0.6 -0.5 -0.1 -0.6 -0.7 -0.5 0.5 1.5 1.5 0.7 -0.9 0.2 -0.9 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -0.3 3.2 1.6 1.2 2.0 1.4 2.2 9.3
I Accommodation and food service 
activities 1,085 1,119 1,166 -0.2 -1.0 1.4 -1.0 -0.1 2.0 0.3 1.0 2.2 1.1 2.9 3.3 1.2 0.0 0.7 0.3 0.2 1.2 1.8 1.7 3.7 1.1 2.4 0.6 0.4 3.0 3.1 2.5 3.3 3.8 2.7 2.8 4.2
J Information and communication 2,107 2,138 2,234 0.1 1.0 0.5 1.0 0.7 1.1 0.6 -0.2 0.6 1.8 1.4 3.1 1.8 0.7 1.5 -0.6 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 0.5 2.0 1.9 2.0 3.8 3.5 1.3 3.7
K Financial and insurance activities 2,293 2,308 2,738 1.2 2.1 1.5 1.8 1.0 2.0 -0.1 1.9 2.4 2.3 2.4 2.8 2.9 1.1 -0.4 -1.1 0.6 3.6 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 2.6 2.2 2.4 2.9 1.9 3.6 2.7 8.2
L Real estate activities 1,489 1,496 1,583 -1.2 -0.7 0.7 -0.5 0.5 0.4 0.5 0.5 1.2 1.5 2.7 2.5 -0.1 -0.7 0.0 2.3 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 3.4 4.5 0.3 1.9 4.1 1.6 0.8 -0.4
M Professional, scientific and  
technical activities 1,739 1,803 1,949 1.1 0.8 0.8 0.5 -0.1 1.3 0.7 0.3 1.0 1.4 3.4 4.9 2.0 0.4 1.6 0.0 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 0.9 4.5 4.9 4.1 5.7 5.0 4.7 6.5
N Administrative and support  
service activities 1,054 1,069 1,163 2.5 0.4 3.4 0.0 1.9 3.7 3.8 3.1 2.9 1.0 2.5 2.3 4.6 4.0 4.2 3.2 2.6 3.9 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.8 4.0 2.6 2.6 1.2 3.1 3.6 3.4
O Public administration and defence, 
compulsory social security 1,873 1,983 1,990 1.0 2.1 4.7 0.4 5.2 6.8 4.3 5.4 2.3 1.5 4.5 6.0 6.2 5.3 3.6 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 4.2 5.1 4.2 7.2 4.7 6.3 3.9 4.9
P Education 1,688 1,708 1,727 0.0 -0.2 2.5 -0.6 -0.3 1.8 2.2 2.9 3.0 1.4 1.9 2.3 2.0 2.1 2.2 2.4 2.6 2.6 3.5 4.1 2.9 1.8 1.1 1.6 1.4 1.7 1.9 2.3 1.6 1.8 3.3 1.1 1.5
Q Human health and social work 
activities 1,760 1,803 1,875 -0.1 0.3 3.1 0.1 0.8 3.6 2.2 3.0 3.4 1.0 2.2 3.2 3.1 2.0 2.4 2.3 3.4 2.1 3.6 4.9 3.3 2.0 0.9 0.9 1.2 3.1 1.8 1.7 2.2 2.0 5.3 6.0 5.3
R Arts, entertainment and recreation 1,650 1,667 1,711 -0.5 -0.5 2.3 -1.6 0.3 1.6 2.4 1.7 3.3 1.9 1.6 3.1 1.3 4.9 1.1 1.3 2.4 0.2 2.6 4.1 3.5 2.2 1.1 2.1 2.6 2.9 1.2 1.0 1.8 2.2 5.4 -0.1 -0.8
S Other service activities 1,335 1,335 1,377 -1.1 -2.2 -0.9 -2.5 -1.5 -0.1 -1.0 -1.0 -1.4 -1.0 1.5 1.3 0.2 -1.4 -1.2 -0.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 0.0 3.3 1.1 1.2 0.6 2.2 2.3 0.9
Source of data: SURS, calculations by IMAD.
Statistical Appendix38 Slovenian Economic Mirror, No. 1/2018
Prices and indicators of 
overall competitiveness 2015 2016 2017
2015 2016 2017 2015 2016 2016 2017
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
CPI, y-o-y growth rates, % -0.5 0.5 1.7 -0.6 -0.7 -0.2 0.1 0.6 1.8 1.4 1.2 1.3 -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 1.9 1.8 1.5 0.9 1.0 1.2 1.4 1.0 1.2 1.7
Food, non-alcoholic beverages 0.9 1.7 2.9 1.2 0.4 0.2 1.3 1.7 2.9 1.9 1.6 2.4 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 2.4 1.8 2.6 1.3 1.5 1.4 2.0 1.7 2.7 2.9
Alcoholic beverages, tobacco 1.9 0.4 3.0 0.6 0.1 0.3 0.3 0.3 1.3 1.8 2.8 3.0 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 2.1 1.9 1.9 1.6 2.8 2.9 2.8 2.9 3.1 3.0
Clothing and footwear -0.9 -2.9 1.3 -0.4 0.5 0.6 -1.7 -0.5 -0.9 0.6 2.4 -1.0 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 -0.3 1.0 0.6 0.3 3.4 1.2 2.7 -2.4 -1.8 1.3
Housing, water, electricity, gas -1.3 -0.1 3.6 -1.0 -1.1 -1.3 -1.0 -0.5 2.5 2.6 2.0 3.1 -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 3.1 2.8 2.6 2.4 1.5 2.2 2.3 2.8 2.9 3.6
Furnishing, household equipm. -1.2 0.9 0.4 -0.8 0.0 0.2 0.2 0.5 0.4 -0.2 -0.5 0.2 -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 0.7 -0.3 0.1 -0.4 -0.3 -1.0 -0.2 0.5 -0.3 0.4
Medical, pharmaceutical produ. 0.5 0.8 0.2 0.8 0.2 0.5 0.5 0.7 0.8 0.5 0.0 0.3 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 0.9 0.8 0.7 -0.1 -0.3 -0.2 0.4 0.5 0.3 0.2
Transport -5.1 -0.1 1.6 -6.3 -5.4 -4.8 -3.1 -0.3 3.9 1.8 0.7 1.2 -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 4.0 3.1 2.2 0.1 0.0 1.5 0.6 0.8 1.1 1.6
Communications 1.1 2.9 -2.3 4.3 4.0 5.2 2.6 2.2 2.8 1.1 -0.8 -1.8 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 2.1 2.9 -0.4 0.7 -0.1 -0.2 -2.1 -1.7 -1.5 -2.3
Recreation and culture 1.0 0.2 0.8 -1.6 -2.0 0.8 1.7 0.5 0.0 0.4 0.8 0.4 -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 -0.5 0.4 0.2 0.6 0.3 0.7 1.5 0.4 0.0 0.8
Education 0.6 0.3 3.7 0.0 0.1 0.0 0.0 0.3 0.5 0.5 0.5 3.8 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 3.8 3.8 3.7
Catering services 0.5 1.0 1.6 1.0 1.7 2.1 2.8 1.4 0.8 1.5 2.0 1.6 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 0.9 1.2 1.7 1.6 2.1 2.1 1.8 1.7 1.5 1.6
Miscellaneous goods & services 1.4 1.6 1.3 2.9 0.5 1.0 1.5 1.5 1.8 1.3 1.4 1.2 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 2.0 1.9 1.1 1.0 1.2 1.5 1.4 1.2 1.2 1.3
HICP -0.8 0.6 1.9 -0.9 -0.9 -0.4 0.0 0.7 2.0 1.4 1.3 1.5 -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 2.0 1.7 1.5 0.9 1.2 1.4 1.4 1.3 1.4 1.9
Core inflation (excluding  
fresh food and energy) 0.7 0.4 0.9 0.9 0.3 1.2 0.9 0.6 0.7 0.9 0.9 0.6 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 0.8 1.2 0.8 0.7 1.0 0.8 0.9 0.4 0.5 0.9
PRODUCER PRICE INDICES, y-o-y growth rates, % 
Total -0.2 0.5 2.2 -1.2 -1.8 -2.2 -1.3 -0.1 1.7 2.3 2.3 2.3 -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 1.9 2.3 2.4 2.2 2.3 2.3 2.3 2.3 2.5 2.2
Domestic market -0.5 -0.2 1.8 -1.2 -1.6 -1.9 -1.5 -0.4 0.6 1.3 1.5 1.9 -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 0.9 1.3 1.5 1.2 1.4 1.5 1.6 1.8 2.1 1.8
Non-domestic market 0.1 1.2 2.6 -1.2 -2.0 -2.6 -1.2 0.5 2.8 3.2 3.1 2.7 -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 3.0 3.2 3.2 3.1 3.2 3.2 3.0 2.8 2.8 2.6
Euro area 0.1 0.6 2.3 -1.3 -2.3 -2.5 -1.9 0.1 2.1 2.6 2.8 2.2 -1.6 -2.0 -2.3 -2.6 -2.7 -2.6 -2.3 -2.3 -2.0 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 2.7 2.5 2.9 2.9 2.6 2.2 2.2 2.3
Non-euro area -0.1 2.3 3.6 -1.1 -1.4 -2.6 0.1 1.3 4.4 4.6 3.9 4.0 -0.7 -1.1 -1.1 -2.0 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 4.6 4.5 4.1 3.7 4.0 4.1 4.2 3.6
Import price indices -0.7 2.7 1.6 -1.6 -2.2 -2.3 -1.7 1.2 4.8 3.8 2.4 2.4 -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 4.7 4.9 4.0 2.5 1.9 2.7 2.7 2.7 3.0 1.6
INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, %
Effective exchange rate2, 
nominal -3.1 1.0 0.5 -2.1 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 1.2 -2.0 -0.3 0.8 1.5 2.1 1.6 1.1 1.3 0.6 0.4 0.5 1.3 0.5 0.0 -0.6 -0.1 -0.4 -0.1 0.2 0.8 1.2 1.2 1.1 1.1 1.3
Real (deflator HICP) -4.1 0.3 0.3 -3.3 -0.6 1.0 0.4 0.5 0.0 -0.2 0.7 0.9 -3.0 -1.6 -0.4 0.3 1.2 0.9 0.9 0.9 0.1 0.0 0.4 1.1 -0.1 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.3 0.8 0.8 0.7 0.7 1.3
Real (deflator ULC) -3.6 0.9 -2.3 1.1 2.7 0.3 -0.4 -2.2 -1.7 0.3
USD / EUR 1.1096 1.1066 1.1293 1.0949 1.1018 1.1293 1.1164 1.0789 1.0647 1.1003 1.1744 1.1777 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 1.0685 1.0723 1.1058 1.1229 1.1511 1.1807 1.1915 1.1756 1.1738 1.1836
Sources of data: SURS, ECB; calculations by IMAD.
Notes: 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.
Statistical Appendix 39Slovenian Economic Mirror, No. 1/2018
Prices and indicators of 
overall competitiveness 2015 2016 2017
2015 2016 2017 2015 2016 2016 2017
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
CPI, y-o-y growth rates, % -0.5 0.5 1.7 -0.6 -0.7 -0.2 0.1 0.6 1.8 1.4 1.2 1.3 -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 1.9 1.8 1.5 0.9 1.0 1.2 1.4 1.0 1.2 1.7
Food, non-alcoholic beverages 0.9 1.7 2.9 1.2 0.4 0.2 1.3 1.7 2.9 1.9 1.6 2.4 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 2.4 1.8 2.6 1.3 1.5 1.4 2.0 1.7 2.7 2.9
Alcoholic beverages, tobacco 1.9 0.4 3.0 0.6 0.1 0.3 0.3 0.3 1.3 1.8 2.8 3.0 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 2.1 1.9 1.9 1.6 2.8 2.9 2.8 2.9 3.1 3.0
Clothing and footwear -0.9 -2.9 1.3 -0.4 0.5 0.6 -1.7 -0.5 -0.9 0.6 2.4 -1.0 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 -0.3 1.0 0.6 0.3 3.4 1.2 2.7 -2.4 -1.8 1.3
Housing, water, electricity, gas -1.3 -0.1 3.6 -1.0 -1.1 -1.3 -1.0 -0.5 2.5 2.6 2.0 3.1 -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 3.1 2.8 2.6 2.4 1.5 2.2 2.3 2.8 2.9 3.6
Furnishing, household equipm. -1.2 0.9 0.4 -0.8 0.0 0.2 0.2 0.5 0.4 -0.2 -0.5 0.2 -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 0.7 -0.3 0.1 -0.4 -0.3 -1.0 -0.2 0.5 -0.3 0.4
Medical, pharmaceutical produ. 0.5 0.8 0.2 0.8 0.2 0.5 0.5 0.7 0.8 0.5 0.0 0.3 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 0.9 0.8 0.7 -0.1 -0.3 -0.2 0.4 0.5 0.3 0.2
Transport -5.1 -0.1 1.6 -6.3 -5.4 -4.8 -3.1 -0.3 3.9 1.8 0.7 1.2 -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 4.0 3.1 2.2 0.1 0.0 1.5 0.6 0.8 1.1 1.6
Communications 1.1 2.9 -2.3 4.3 4.0 5.2 2.6 2.2 2.8 1.1 -0.8 -1.8 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 2.1 2.9 -0.4 0.7 -0.1 -0.2 -2.1 -1.7 -1.5 -2.3
Recreation and culture 1.0 0.2 0.8 -1.6 -2.0 0.8 1.7 0.5 0.0 0.4 0.8 0.4 -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 -0.5 0.4 0.2 0.6 0.3 0.7 1.5 0.4 0.0 0.8
Education 0.6 0.3 3.7 0.0 0.1 0.0 0.0 0.3 0.5 0.5 0.5 3.8 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 3.8 3.8 3.7
Catering services 0.5 1.0 1.6 1.0 1.7 2.1 2.8 1.4 0.8 1.5 2.0 1.6 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 0.9 1.2 1.7 1.6 2.1 2.1 1.8 1.7 1.5 1.6
Miscellaneous goods & services 1.4 1.6 1.3 2.9 0.5 1.0 1.5 1.5 1.8 1.3 1.4 1.2 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 2.0 1.9 1.1 1.0 1.2 1.5 1.4 1.2 1.2 1.3
HICP -0.8 0.6 1.9 -0.9 -0.9 -0.4 0.0 0.7 2.0 1.4 1.3 1.5 -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 2.0 1.7 1.5 0.9 1.2 1.4 1.4 1.3 1.4 1.9
Core inflation (excluding  
fresh food and energy) 0.7 0.4 0.9 0.9 0.3 1.2 0.9 0.6 0.7 0.9 0.9 0.6 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 0.8 1.2 0.8 0.7 1.0 0.8 0.9 0.4 0.5 0.9
PRODUCER PRICE INDICES, y-o-y growth rates, % 
Total -0.2 0.5 2.2 -1.2 -1.8 -2.2 -1.3 -0.1 1.7 2.3 2.3 2.3 -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 1.9 2.3 2.4 2.2 2.3 2.3 2.3 2.3 2.5 2.2
Domestic market -0.5 -0.2 1.8 -1.2 -1.6 -1.9 -1.5 -0.4 0.6 1.3 1.5 1.9 -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 0.9 1.3 1.5 1.2 1.4 1.5 1.6 1.8 2.1 1.8
Non-domestic market 0.1 1.2 2.6 -1.2 -2.0 -2.6 -1.2 0.5 2.8 3.2 3.1 2.7 -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 3.0 3.2 3.2 3.1 3.2 3.2 3.0 2.8 2.8 2.6
Euro area 0.1 0.6 2.3 -1.3 -2.3 -2.5 -1.9 0.1 2.1 2.6 2.8 2.2 -1.6 -2.0 -2.3 -2.6 -2.7 -2.6 -2.3 -2.3 -2.0 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 2.7 2.5 2.9 2.9 2.6 2.2 2.2 2.3
Non-euro area -0.1 2.3 3.6 -1.1 -1.4 -2.6 0.1 1.3 4.4 4.6 3.9 4.0 -0.7 -1.1 -1.1 -2.0 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 4.6 4.5 4.1 3.7 4.0 4.1 4.2 3.6
Import price indices -0.7 2.7 1.6 -1.6 -2.2 -2.3 -1.7 1.2 4.8 3.8 2.4 2.4 -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 4.7 4.9 4.0 2.5 1.9 2.7 2.7 2.7 3.0 1.6
INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, %
Effective exchange rate2, 
nominal -3.1 1.0 0.5 -2.1 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 1.2 -2.0 -0.3 0.8 1.5 2.1 1.6 1.1 1.3 0.6 0.4 0.5 1.3 0.5 0.0 -0.6 -0.1 -0.4 -0.1 0.2 0.8 1.2 1.2 1.1 1.1 1.3
Real (deflator HICP) -4.1 0.3 0.3 -3.3 -0.6 1.0 0.4 0.5 0.0 -0.2 0.7 0.9 -3.0 -1.6 -0.4 0.3 1.2 0.9 0.9 0.9 0.1 0.0 0.4 1.1 -0.1 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.3 0.8 0.8 0.7 0.7 1.3
Real (deflator ULC) -3.6 0.9 -2.3 1.1 2.7 0.3 -0.4 -2.2 -1.7 0.3
USD / EUR 1.1096 1.1066 1.1293 1.0949 1.1018 1.1293 1.1164 1.0789 1.0647 1.1003 1.1744 1.1777 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 1.0685 1.0723 1.1058 1.1229 1.1511 1.1807 1.1915 1.1756 1.1738 1.1836
Sources of data: SURS, ECB; calculations by IMAD.
Notes: 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.
Statistical Appendix40 Slovenian Economic Mirror, No. 1/2018
Balance of payments 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
BALANCE OF PAYMENTS, BPM6 methodology, EUR m
Current account 2,179 1,698 2,108 553 416 677 530 557 343 583 785 872 196 16 226 152 299 186 153 190 126 85 347 252 68 23 201 195 187 283 184 318 255 191 426 398 50
Goods 1,181 1,476 1,536 419 338 484 449 376 227 359 440 484 170 -13 170 141 173 143 117 189 145 5 226 134 43 49 87 100 173 154 79 208 168 36 280 251 74
Exports 22,961 24,039 24,991 5,934 6,160 6,065 6,400 6,119 6,407 6,868 7,135 7,019 2,116 1,867 1,841 2,023 2,202 2,090 2,103 2,207 2,073 1,744 2,302 2,163 2,225 2,018 2,120 2,154 2,594 2,202 2,423 2,511 2,335 2,074 2,610 2,636 2,580
Imports 21,780 22,563 23,454 5,516 5,822 5,581 5,950 5,743 6,180 6,509 6,695 6,535 1,946 1,880 1,671 1,882 2,028 1,947 1,985 2,018 1,928 1,739 2,076 2,029 2,182 1,969 2,033 2,055 2,421 2,048 2,344 2,303 2,167 2,039 2,329 2,384 2,506
Services 1,697 1,860 2,174 554 485 467 526 655 526 536 667 762 147 159 151 115 202 186 169 172 175 239 240 227 155 143 188 164 185 245 198 225 230 276 256 269 136
Exports 5,558 5,866 6,410 1,678 1,515 1,370 1,529 1,812 1,699 1,528 1,736 2,034 466 544 420 440 509 508 489 533 583 628 602 574 535 589 487 482 559 580 555 601 677 702 656 644 551
Imports 3,862 4,007 4,236 1,124 1,030 902 1,003 1,157 1,173 992 1,069 1,272 319 385 269 325 308 322 321 361 407 389 362 347 380 446 299 318 375 335 357 376 447 426 400 376 415
Primary income -428 -1,263 -1,294 -354 -326 -163 -393 -379 -358 -224 -242 -316 -92 -90 -89 -35 -39 -124 -109 -160 -158 -135 -87 -94 -111 -153 -46 -36 -143 -84 -74 -84 -110 -105 -102 -112 -145
Receipts 1,093 1,345 1,436 301 330 430 351 336 319 436 384 314 92 142 93 155 182 105 112 134 95 108 133 94 101 125 180 158 98 123 136 125 111 98 105 100 122
Expenditures 1,521 2,608 2,730 654 656 593 744 715 678 660 626 630 184 233 182 190 221 229 221 294 252 243 220 188 211 278 225 194 240 208 210 209 221 203 207 211 266
Secondary income -271 -375 -309 -65 -81 -111 -53 -95 -51 -88 -80 -58 -29 -40 -5 -69 -37 -18 -23 -11 -37 -25 -33 -14 -20 -16 -28 -32 -28 -31 -18 -31 -33 -16 -9 -10 -15
Receipts 709 733 745 175 217 163 181 184 217 179 201 200 61 79 58 55 50 64 57 61 62 59 62 73 67 76 62 58 58 68 71 62 63 65 72 76 72
Expenditures 980 1,108 1,054 240 297 274 234 278 267 267 281 258 90 119 64 123 87 82 80 72 99 84 95 87 87 93 90 90 86 99 89 93 96 81 80 86 87
Capital account 79 412 -302 131 168 -53 -89 -54 -106 -46 -65 -58 62 30 -18 -18 -17 -43 -19 -27 -22 -12 -20 8 -35 -78 -11 -17 -18 -15 -18 -31 -141 91 -9 31 -16
Financial account 2,251 1,658 1,129 435 142 331 224 419 156 403 647 468 463 -460 196 125 10 -123 389 -43 281 -165 302 -1,288 1,824 -380 409 65 -72 197 229 221 24 175 268 284 -87
Direct investment -584 -1,269 -880 -223 -657 -299 -376 -306 101 -206 124 -214 -7 -266 -238 82 -143 -379 26 -24 -72 -201 -32 56 -78 123 30 -93 -142 73 37 14 14 -28 -199 44 -187
Assets 155 292 431 26 -134 161 74 55 142 158 210 44 -7 -197 30 78 54 28 31 15 134 -107 28 129 -65 77 62 77 18 124 16 70 58 -124 109 152 -106
Liabilities 739 1,560 1,311 248 523 460 451 360 41 364 86 257 0 69 268 -5 197 407 4 39 206 94 60 73 13 -45 33 171 160 51 -22 57 44 -96 308 108 81
Portfolio investment -3,968 2,929 5,079 -993 1,549 584 1,099 702 2,693 -330 522 659 526 532 373 1,040 -829 477 506 116 321 331 50 574 1,454 666 -667 314 23 358 -302 466 401 255 2 1,066 420
Financial derivatives -51 -98 -215 -40 -21 -30 -107 -33 -44 -73 -117 -25 -14 3 -13 -8 -9 -27 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -12 -5 -8 6 4
Other investment 6,765 208 -2,758 1,739 -663 64 -351 106 -2,577 969 84 23 2 -684 47 -1,018 1,036 -165 -112 -74 43 -255 318 -1,894 493 -1,177 1,026 -78 21 -197 528 -247 -389 -60 472 -845 -288
Assets 4,737 -617 -2,335 1,218 -817 64 -637 -1,079 -684 -31 -332 -1,144 187 -1,174 -122 -244 430 -978 39 302 -41 -940 -97 -520 317 -481 -6 235 -260 297 -356 -273 -436 -300 -408 -204 -24
Other equity 84 10 0 0 -2 1 -1 2 -2 0 0 0 0 -2 0 0 1 0 0 0 0 1 0 0 0 -2 0 0 0 1 0 0 0 0 0 0 -1
Currency and deposits 5,037 -516 -2,205 1,266 -625 -325 -578 -1,020 -282 -626 -460 -1,292 177 -913 -121 -394 190 -891 131 182 -2 -736 -282 -705 412 10 -276 15 -365 311 -428 -343 -456 -155 -681 -311 -3
Loans -299 -408 -203 -27 -78 10 -67 -36 -111 -49 7 -40 -13 -45 -12 -22 44 -31 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -18 -14 14 -17
Insurance, pension 
schemes, and standardised 
guarantee schemes
8 -8 10 -15 -2 7 2 0 1 3 -1 3 -1 -1 2 2 2 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0
Trade credit and advances -16 -5 161 -15 -358 316 119 -73 -202 517 161 113 42 -415 72 118 126 -4 4 118 -33 -205 165 146 3 -351 193 189 135 74 1 85 23 -170 260 116 0
Other assets -77 309 -96 8 249 54 -112 49 -87 125 -39 72 -18 201 -64 51 67 -52 -59 -1 15 15 19 61 -72 -76 100 57 -32 -67 44 -17 3 42 26 -23 -4
Liabilities -2,028 -825 423 -521 -153 0 -285 -1,185 1,893 -1,000 -417 -1,167 185 -490 -169 775 -606 -812 152 375 -84 -685 -415 1,374 -176 696 -1,032 313 -280 493 -884 -26 -47 -240 -880 641 264
Other equity 7 11 4 1 0 0 4 0 0 0 0 0 0 0 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Currency and deposits -831 -400 1,175 -37 116 548 -320 -406 1,353 -837 78 -393 66 -62 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -112 583 -568 64 182 82 -656 607 167
Loans -1,246 -315 -818 -376 -235 -495 -123 -533 334 -391 -506 -692 167 -365 10 -256 -249 -96 -101 73 -99 -310 -124 395 -117 56 -76 18 -333 -49 -313 -144 -167 -298 -227 -110 -107
Insurance, pension 
schemes, and standardised 
guarantee schemes
-54 3 -8 2 4 11 12 -28 -3 19 -8 2 1 1 4 4 4 4 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 1 1 1 0 0
Trade credit and advances -144 -100 137 -122 11 -78 153 -171 233 191 53 -57 -4 -30 -254 133 43 -1 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -97 90 130 130
Other liabilities 240 -25 -67 12 -48 15 -12 -46 -24 18 -34 -28 -44 -34 32 98 -115 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 73 -89 14 74
Special drawing rights 
(SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve assets 89 -113 -97 -49 -67 10 -40 -50 -17 43 33 25 -43 -45 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14 2 14 -36
Net errors and omissions -6 -453 -677 -250 -442 -293 -217 -84 -82 -134 -74 -346 205 -506 -13 -9 -271 -266 255 -206 177 -237 -25 -1,548 1,792 -325 220 -113 -241 -72 63 -65 -90 -106 -149 -146 -121
EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m
Export of investment goods 2,343 2,596 2,781 630 753 644 691 674 772 744 784 775 243 264 177 221 247 226 231 234 231 191 251 248 259 265 227 229 287 238 273 272 261 217 297 304 N/A
Intermediate goods 12,924 13,355 13,731 3,348 3,322 3,371 3,544 3,360 3,456 3,828 3,874 3,756 1,160 944 1,062 1,124 1,184 1,178 1,171 1,196 1,113 1,005 1,242 1,204 1,223 1,029 1,213 1,196 1,419 1,201 1,352 1,321 1,263 1,120 1,373 1,401 N/A
Consumer goods 7,668 7,989 8,459 1,904 2,042 2,057 2,178 2,058 2,166 2,258 2,432 2,430 694 646 602 685 769 692 699 787 723 535 800 709 735 721 664 699 894 741 785 906 801 705 924 904 N/A
Import of investment goods 2,774 2,968 3,292 720 877 724 830 796 941 842 888 855 283 322 207 239 278 277 267 286 309 223 263 299 315 327 261 265 316 263 304 322 277 273 305 333 N/A
Intermediate goods 13,417 13,803 13,792 3,376 3,432 3,330 3,542 3,361 3,559 3,969 4,021 3,929 1,161 1,067 1,034 1,114 1,182 1,136 1,206 1,200 1,130 1,000 1,231 1,165 1,280 1,113 1,275 1,240 1,454 1,224 1,400 1,397 1,322 1,227 1,380 1,437 N/A
Consumer goods 6,389 6,534 7,028 1,592 1,701 1,695 1,756 1,734 1,843 1,891 1,955 1,912 565 546 484 583 628 595 575 586 547 551 636 619 650 574 557 611 722 609 704 643 631 597 684 678 N/A
Sources 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,
Statistical Appendix 41Slovenian Economic Mirror, No. 1/2018
Balance of payments 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
BALANCE OF PAYMENTS, BPM6 methodology, EUR m
Current account 2,179 1,698 2,108 553 416 677 530 557 343 583 785 872 196 16 226 152 299 186 153 190 126 85 347 252 68 23 201 195 187 283 184 318 255 191 426 398 50
Goods 1,181 1,476 1,536 419 338 484 449 376 227 359 440 484 170 -13 170 141 173 143 117 189 145 5 226 134 43 49 87 100 173 154 79 208 168 36 280 251 74
Exports 22,961 24,039 24,991 5,934 6,160 6,065 6,400 6,119 6,407 6,868 7,135 7,019 2,116 1,867 1,841 2,023 2,202 2,090 2,103 2,207 2,073 1,744 2,302 2,163 2,225 2,018 2,120 2,154 2,594 2,202 2,423 2,511 2,335 2,074 2,610 2,636 2,580
Imports 21,780 22,563 23,454 5,516 5,822 5,581 5,950 5,743 6,180 6,509 6,695 6,535 1,946 1,880 1,671 1,882 2,028 1,947 1,985 2,018 1,928 1,739 2,076 2,029 2,182 1,969 2,033 2,055 2,421 2,048 2,344 2,303 2,167 2,039 2,329 2,384 2,506
Services 1,697 1,860 2,174 554 485 467 526 655 526 536 667 762 147 159 151 115 202 186 169 172 175 239 240 227 155 143 188 164 185 245 198 225 230 276 256 269 136
Exports 5,558 5,866 6,410 1,678 1,515 1,370 1,529 1,812 1,699 1,528 1,736 2,034 466 544 420 440 509 508 489 533 583 628 602 574 535 589 487 482 559 580 555 601 677 702 656 644 551
Imports 3,862 4,007 4,236 1,124 1,030 902 1,003 1,157 1,173 992 1,069 1,272 319 385 269 325 308 322 321 361 407 389 362 347 380 446 299 318 375 335 357 376 447 426 400 376 415
Primary income -428 -1,263 -1,294 -354 -326 -163 -393 -379 -358 -224 -242 -316 -92 -90 -89 -35 -39 -124 -109 -160 -158 -135 -87 -94 -111 -153 -46 -36 -143 -84 -74 -84 -110 -105 -102 -112 -145
Receipts 1,093 1,345 1,436 301 330 430 351 336 319 436 384 314 92 142 93 155 182 105 112 134 95 108 133 94 101 125 180 158 98 123 136 125 111 98 105 100 122
Expenditures 1,521 2,608 2,730 654 656 593 744 715 678 660 626 630 184 233 182 190 221 229 221 294 252 243 220 188 211 278 225 194 240 208 210 209 221 203 207 211 266
Secondary income -271 -375 -309 -65 -81 -111 -53 -95 -51 -88 -80 -58 -29 -40 -5 -69 -37 -18 -23 -11 -37 -25 -33 -14 -20 -16 -28 -32 -28 -31 -18 -31 -33 -16 -9 -10 -15
Receipts 709 733 745 175 217 163 181 184 217 179 201 200 61 79 58 55 50 64 57 61 62 59 62 73 67 76 62 58 58 68 71 62 63 65 72 76 72
Expenditures 980 1,108 1,054 240 297 274 234 278 267 267 281 258 90 119 64 123 87 82 80 72 99 84 95 87 87 93 90 90 86 99 89 93 96 81 80 86 87
Capital account 79 412 -302 131 168 -53 -89 -54 -106 -46 -65 -58 62 30 -18 -18 -17 -43 -19 -27 -22 -12 -20 8 -35 -78 -11 -17 -18 -15 -18 -31 -141 91 -9 31 -16
Financial account 2,251 1,658 1,129 435 142 331 224 419 156 403 647 468 463 -460 196 125 10 -123 389 -43 281 -165 302 -1,288 1,824 -380 409 65 -72 197 229 221 24 175 268 284 -87
Direct investment -584 -1,269 -880 -223 -657 -299 -376 -306 101 -206 124 -214 -7 -266 -238 82 -143 -379 26 -24 -72 -201 -32 56 -78 123 30 -93 -142 73 37 14 14 -28 -199 44 -187
Assets 155 292 431 26 -134 161 74 55 142 158 210 44 -7 -197 30 78 54 28 31 15 134 -107 28 129 -65 77 62 77 18 124 16 70 58 -124 109 152 -106
Liabilities 739 1,560 1,311 248 523 460 451 360 41 364 86 257 0 69 268 -5 197 407 4 39 206 94 60 73 13 -45 33 171 160 51 -22 57 44 -96 308 108 81
Portfolio investment -3,968 2,929 5,079 -993 1,549 584 1,099 702 2,693 -330 522 659 526 532 373 1,040 -829 477 506 116 321 331 50 574 1,454 666 -667 314 23 358 -302 466 401 255 2 1,066 420
Financial derivatives -51 -98 -215 -40 -21 -30 -107 -33 -44 -73 -117 -25 -14 3 -13 -8 -9 -27 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -12 -5 -8 6 4
Other investment 6,765 208 -2,758 1,739 -663 64 -351 106 -2,577 969 84 23 2 -684 47 -1,018 1,036 -165 -112 -74 43 -255 318 -1,894 493 -1,177 1,026 -78 21 -197 528 -247 -389 -60 472 -845 -288
Assets 4,737 -617 -2,335 1,218 -817 64 -637 -1,079 -684 -31 -332 -1,144 187 -1,174 -122 -244 430 -978 39 302 -41 -940 -97 -520 317 -481 -6 235 -260 297 -356 -273 -436 -300 -408 -204 -24
Other equity 84 10 0 0 -2 1 -1 2 -2 0 0 0 0 -2 0 0 1 0 0 0 0 1 0 0 0 -2 0 0 0 1 0 0 0 0 0 0 -1
Currency and deposits 5,037 -516 -2,205 1,266 -625 -325 -578 -1,020 -282 -626 -460 -1,292 177 -913 -121 -394 190 -891 131 182 -2 -736 -282 -705 412 10 -276 15 -365 311 -428 -343 -456 -155 -681 -311 -3
Loans -299 -408 -203 -27 -78 10 -67 -36 -111 -49 7 -40 -13 -45 -12 -22 44 -31 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -18 -14 14 -17
Insurance, pension 
schemes, and standardised 
guarantee schemes
8 -8 10 -15 -2 7 2 0 1 3 -1 3 -1 -1 2 2 2 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0
Trade credit and advances -16 -5 161 -15 -358 316 119 -73 -202 517 161 113 42 -415 72 118 126 -4 4 118 -33 -205 165 146 3 -351 193 189 135 74 1 85 23 -170 260 116 0
Other assets -77 309 -96 8 249 54 -112 49 -87 125 -39 72 -18 201 -64 51 67 -52 -59 -1 15 15 19 61 -72 -76 100 57 -32 -67 44 -17 3 42 26 -23 -4
Liabilities -2,028 -825 423 -521 -153 0 -285 -1,185 1,893 -1,000 -417 -1,167 185 -490 -169 775 -606 -812 152 375 -84 -685 -415 1,374 -176 696 -1,032 313 -280 493 -884 -26 -47 -240 -880 641 264
Other equity 7 11 4 1 0 0 4 0 0 0 0 0 0 0 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Currency and deposits -831 -400 1,175 -37 116 548 -320 -406 1,353 -837 78 -393 66 -62 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -112 583 -568 64 182 82 -656 607 167
Loans -1,246 -315 -818 -376 -235 -495 -123 -533 334 -391 -506 -692 167 -365 10 -256 -249 -96 -101 73 -99 -310 -124 395 -117 56 -76 18 -333 -49 -313 -144 -167 -298 -227 -110 -107
Insurance, pension 
schemes, and standardised 
guarantee schemes
-54 3 -8 2 4 11 12 -28 -3 19 -8 2 1 1 4 4 4 4 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 1 1 1 0 0
Trade credit and advances -144 -100 137 -122 11 -78 153 -171 233 191 53 -57 -4 -30 -254 133 43 -1 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -97 90 130 130
Other liabilities 240 -25 -67 12 -48 15 -12 -46 -24 18 -34 -28 -44 -34 32 98 -115 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 73 -89 14 74
Special drawing rights 
(SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve assets 89 -113 -97 -49 -67 10 -40 -50 -17 43 33 25 -43 -45 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14 2 14 -36
Net errors and omissions -6 -453 -677 -250 -442 -293 -217 -84 -82 -134 -74 -346 205 -506 -13 -9 -271 -266 255 -206 177 -237 -25 -1,548 1,792 -325 220 -113 -241 -72 63 -65 -90 -106 -149 -146 -121
EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m
Export of investment goods 2,343 2,596 2,781 630 753 644 691 674 772 744 784 775 243 264 177 221 247 226 231 234 231 191 251 248 259 265 227 229 287 238 273 272 261 217 297 304 N/A
Intermediate goods 12,924 13,355 13,731 3,348 3,322 3,371 3,544 3,360 3,456 3,828 3,874 3,756 1,160 944 1,062 1,124 1,184 1,178 1,171 1,196 1,113 1,005 1,242 1,204 1,223 1,029 1,213 1,196 1,419 1,201 1,352 1,321 1,263 1,120 1,373 1,401 N/A
Consumer goods 7,668 7,989 8,459 1,904 2,042 2,057 2,178 2,058 2,166 2,258 2,432 2,430 694 646 602 685 769 692 699 787 723 535 800 709 735 721 664 699 894 741 785 906 801 705 924 904 N/A
Import of investment goods 2,774 2,968 3,292 720 877 724 830 796 941 842 888 855 283 322 207 239 278 277 267 286 309 223 263 299 315 327 261 265 316 263 304 322 277 273 305 333 N/A
Intermediate goods 13,417 13,803 13,792 3,376 3,432 3,330 3,542 3,361 3,559 3,969 4,021 3,929 1,161 1,067 1,034 1,114 1,182 1,136 1,206 1,200 1,130 1,000 1,231 1,165 1,280 1,113 1,275 1,240 1,454 1,224 1,400 1,397 1,322 1,227 1,380 1,437 N/A
Consumer goods 6,389 6,534 7,028 1,592 1,701 1,695 1,756 1,734 1,843 1,891 1,955 1,912 565 546 484 583 628 595 575 586 547 551 636 619 650 574 557 611 722 609 704 643 631 597 684 678 N/A
Sources 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,
Statistical Appendix42 Slovenian Economic Mirror, No. 1/2018
Monetary indicators and 
interest rates 2015 2016 2017
2015 2016 2016 2017
8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m
Claims of the BoS on central 
government 2,327 4,618 6,247 1,488 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 4,823 4,937 5,041 5,173 5,297 5,485 5,600 5,781 6,041 6,247
Central government (S.1311) 7,112 6,273 5,170 7,445 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 6,029 5,856 5,784 5,699 5,524 5,489 5,491 5,136 5,114 5,170
Other government 
(S.1312,1313,1314) 622 576 571 631 624 623 618 622 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559 556 550 571
Households (S.14, 15) 8,856 9,154 9,733 8,812 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 9,305 9,352 9,413 9,447 9,476 9,541 9,604 9,660 9,699 9,733
Non-financial corporations (S.11) 10,502 9,664 9,644 11,137 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 9,720 9,790 9,745 9,800 9,824 9,828 9,816 9,780 9,716 9,644
Non-monetary financial 
institutions (S.123, 124, 125) 1,432 1,411 1,566 1,405 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 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 1,558 1,548 1,566
Monetary financial institutions 
(S.121, 122) 3,206 3,541 3,886 3,442 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 4,212 3,910 3,860 3,550 3,635 3,625 3,440 3,705 3,824 3,886
Claims on domestic sectors, TOTAL
In domestic currency 23,816 23,969 25,496 24,469 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 24,759 24,613 24,492 24,313 24,338 24,377 24,478 24,840 24,940 25,496
In foreign currency 824 672 528 874 845 839 839 823 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571 567 554 528
Securities, total 7,059 5,889 4,450 7,494 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 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 4,887 4,858 4,450
SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m
Deposits in domestic currency, 
total 25,885 26,497 28,021 26,073 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 27,165 27,190 27,177 27,037 27,148 27,289 27,403 27,541 27,770 28,021
Overnight 12,717 15,081 17,331 12,278 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 15,776 15,858 16,019 16,021 16,377 16,515 16,792 16,825 17,075 17,331
With agreed maturity – short-term 4,481 3,955 3,398 4,743 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 3,706 3,651 3,472 3,426 3,261 3,292 3,290 3,303 3,257 3,398
With agreed maturity – long-term 8,196 6,829 6,734 8,513 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 7,026 6,976 6,969 6,901 6,821 6,763 6,661 6,708 6,718 6,734
Short-term deposits redeemable 
at notice 491 632 558 539 509 588 551 491 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660 705 720 558
Deposits in foreign currency, total 655 687 636 616 623 618 651 655 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 682 684 699 699 694 656 658 664 636
Overnight 508 564 547 475 484 478 498 508 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 561 557 582 582 573 551 542 549 547
With agreed maturity – short-term 80 65 45 69 71 71 82 80 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 68 74 67 69 74 58 69 69 45
With agreed maturity – long-term 67 58 44 72 68 69 71 67 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 53 53 50 48 47 47 47 46 44
Short-term deposits redeemable 
at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 0.04 0.02 0.03 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 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Time deposits with maturity of up 
to one year 0.37 0.21 0.33 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 0.11 0.15 0.10 0.11 0.11 0.11 0.14 0.13 0.13
New loans to households in domestic currency
Housing loans, 5-10 year fixed 
interest rate 3.54 2.66 3.36 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 2.60 2.66 2.53 2.63 2.72 2.72 2.68 2.64 2.51
New loans to non-financial corporations in domestic currency
Loan over EUR 1 million, 1-5 year 
fixed interest rate 2.46 2.07 .. 0.81 1.71 .. 1.00 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 .. 1.15 1.56 0.8
INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v %
Main refinancing operations 0.05 0.01 0.00 0.05 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INTERBANK INTEREST RATES 
EURIBOR
3-month rates -0.019 -0.264 -0.329 -0.028 -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 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 -0.330 -0.329 -0.328
6-month rates 0.054 -0.164 -0.260 0.044 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 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 -0.274 -0.274 -0.271
LIBOR
3-month rates -0.755 -0.747 -0.732 -0.729 -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 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 -0.726 -0.745 -0.755
6-month rates -0.688 -0.671 -0.658 -0.681 -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 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 -0.649 -0.653 -0.653
Source of data: BoS, EUROSTAT.
Statistical Appendix 43Slovenian Economic Mirror, No. 1/2018
Monetary indicators and 
interest rates 2015 2016 2017
2015 2016 2016 2017
8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m
Claims of the BoS on central 
government 2,327 4,618 6,247 1,488 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 4,823 4,937 5,041 5,173 5,297 5,485 5,600 5,781 6,041 6,247
Central government (S.1311) 7,112 6,273 5,170 7,445 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 6,029 5,856 5,784 5,699 5,524 5,489 5,491 5,136 5,114 5,170
Other government 
(S.1312,1313,1314) 622 576 571 631 624 623 618 622 630 614 601 602 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559 556 550 571
Households (S.14, 15) 8,856 9,154 9,733 8,812 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 9,305 9,352 9,413 9,447 9,476 9,541 9,604 9,660 9,699 9,733
Non-financial corporations (S.11) 10,502 9,664 9,644 11,137 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 9,720 9,790 9,745 9,800 9,824 9,828 9,816 9,780 9,716 9,644
Non-monetary financial 
institutions (S.123, 124, 125) 1,432 1,411 1,566 1,405 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 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 1,558 1,548 1,566
Monetary financial institutions 
(S.121, 122) 3,206 3,541 3,886 3,442 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 4,212 3,910 3,860 3,550 3,635 3,625 3,440 3,705 3,824 3,886
Claims on domestic sectors, TOTAL
In domestic currency 23,816 23,969 25,496 24,469 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 24,759 24,613 24,492 24,313 24,338 24,377 24,478 24,840 24,940 25,496
In foreign currency 824 672 528 874 845 839 839 823 794 802 778 758 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571 567 554 528
Securities, total 7,059 5,889 4,450 7,494 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 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 4,887 4,858 4,450
SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m
Deposits in domestic currency, 
total 25,885 26,497 28,021 26,073 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 27,165 27,190 27,177 27,037 27,148 27,289 27,403 27,541 27,770 28,021
Overnight 12,717 15,081 17,331 12,278 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 15,776 15,858 16,019 16,021 16,377 16,515 16,792 16,825 17,075 17,331
With agreed maturity – short-term 4,481 3,955 3,398 4,743 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 3,706 3,651 3,472 3,426 3,261 3,292 3,290 3,303 3,257 3,398
With agreed maturity – long-term 8,196 6,829 6,734 8,513 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 7,026 6,976 6,969 6,901 6,821 6,763 6,661 6,708 6,718 6,734
Short-term deposits redeemable 
at notice 491 632 558 539 509 588 551 491 519 561 695 629 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660 705 720 558
Deposits in foreign currency, total 655 687 636 616 623 618 651 655 0 687 686 658 684 708 683 686 705 680 705 687 711 695 705 682 684 699 699 694 656 658 664 636
Overnight 508 564 547 475 484 478 498 508 529 544 550 529 553 561 540 550 565 549 567 564 586 567 582 561 557 582 582 573 551 542 549 547
With agreed maturity – short-term 80 65 45 69 71 71 82 80 79 78 75 69 70 86 82 75 81 72 78 65 69 72 69 68 74 67 69 74 58 69 69 45
With agreed maturity – long-term 67 58 44 72 68 69 71 67 66 65 61 60 61 61 61 61 59 59 60 58 56 56 54 53 53 50 48 47 47 47 46 44
Short-term deposits redeemable 
at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 0.04 0.02 0.03 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 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Time deposits with maturity of up 
to one year 0.37 0.21 0.33 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 0.11 0.15 0.10 0.11 0.11 0.11 0.14 0.13 0.13
New loans to households in domestic currency
Housing loans, 5-10 year fixed 
interest rate 3.54 2.66 3.36 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 2.60 2.66 2.53 2.63 2.72 2.72 2.68 2.64 2.51
New loans to non-financial corporations in domestic currency
Loan over EUR 1 million, 1-5 year 
fixed interest rate 2.46 2.07 .. 0.81 1.71 .. 1.00 0.75 .. 1.85 2.58 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 .. 1.15 1.56 0.8
INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v %
Main refinancing operations 0.05 0.01 0.00 0.05 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INTERBANK INTEREST RATES 
EURIBOR
3-month rates -0.019 -0.264 -0.329 -0.028 -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 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 -0.330 -0.329 -0.328
6-month rates 0.054 -0.164 -0.260 0.044 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 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 -0.274 -0.274 -0.271
LIBOR
3-month rates -0.755 -0.747 -0.732 -0.729 -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 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 -0.726 -0.745 -0.755
6-month rates -0.688 -0.671 -0.658 -0.681 -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 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 -0.649 -0.653 -0.653
Source of data: BoS, EUROSTAT.
Statistical Appendix44 Slovenian Economic Mirror, No. 1/2018
Public finance 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices
GENERAL GOVERNMENT REVENUES, EUR m
TOTAL REVENUES 15,492.0 8,105.8 15,842.2 3,864.3 4,241.4 3,685.8 4,108.9 3,884.6 4,162.9 3,958.2 4,444.9 4,026.8 1,423.9 1,329.1 1,179.0 1,177.6 1,352.7 1,391.7 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,501.7 1,444.7 1,190.4 1,323.1 1,532.6 1,451.8 1,460.6 1,284.0 1,345.1 1,397.6 1,443.2 1,403.7
Current revenues 14,377.0 7,532.2 15,203.9 3,596.3 3,935.9 3,511.7 3,948.8 3,802.7 3,940.7 3,798.9 4,312.1 3,927.4 1,323.2 1,234.0 1,132.3 1,145.5 1,299.8 1,297.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,340.6 1,428.7 1,148.3 1,221.9 1,460.7 1,427.7 1,423.7 1,269.7 1,336.1 1,321.6 1,426.2 1,355.6
Tax revenues 13,191.6 6,969.9 14,240.5 3,277.4 3,692.4 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 3,678.7 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 1,260.2 1,330.4 1,093.1 1,158.0 1,344.2 1,230.6 1,335.9 1,181.9 1,257.2 1,239.6 1,351.5 1,287.2
Taxes on income and 
profit 2,385.9 1,196.5 2,680.8 504.0 692.5 634.2 811.4 542.4 692.8 669.3 944.3 582.5 257.0 214.8 212.6 206.8 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 330.5 273.5 340.3 102.0 253.1 227.4 251.4 244.9
Social security 
contributions 5,272.5 2,781.1 5,720.6 1,357.7 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 1,510.5 512.4 465.0 460.6 469.4 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 508.2 499.0 503.6 497.1 501.7 511.6 509.4 514.6
Taxes on payroll and 
workforce 20.2 10.2 19.8 4.6 5.6 4.8 5.1 4.8 5.2 5.0 5.4 4.9 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 1.6 1.6 1.9 1.7 1.8 1.9 1.5 1.5 1.9 1.9
Taxes on property 244.2 169.3 256.2 85.2 84.1 27.2 46.3 104.5 78.2 27.4 70.9 100.1 21.0 11.6 9.0 6.6 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 16.7 11.0 7.5 8.8 15.1 23.8 31.9 25.2 44.1 30.8 38.2 22.3
Domestic taxes on 
goods and services 5,191.2 2,778.9 5,432.9 1,305.9 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 1,463.5 436.5 462.9 393.8 376.9 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 512.6 440.6 458.2 523.5 477.7 462.3 531.3 516.1
Taxes on international 
trade & transactions 77.7 39.7 81.9 20.2 19.6 22.3 19.8 20.8 19.0 21.4 20.4 21.7 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 7.2 8.1 6.4 6.2 7.7 7.0 7.1 7.6 7.5 6.3
Other taxes -0.2 -5.9 48.2 -0.2 -5.8 27.0 -11.7 -10.8 43.6 59.1 -52.4 -4.4 -9.1 13.7 -4.5 17.8 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.7 63.5 -50.8 46.4 -30.6 -14.2 -7.6 25.3 -28.0 -1.8 11.8 -18.9
Non-tax revenues 1,185.4 562.3 963.4 318.8 243.5 167.5 289.0 286.3 220.6 217.4 401.4 248.8 96.9 57.6 51.3 58.6 54.9 80.7 153.4 56.6 148.7 80.9 66.1 74.2 80.4 98.3 55.3 63.9 116.5 197.1 87.8 87.8 79.0 82.0 74.7 68.4
Capital revenues 51.4 69.3 96.2 26.2 43.2 14.7 17.5 21.2 42.8 16.5 24.3 17.4 13.6 4.8 6.0 3.9 6.5 4.7 6.3 7.2 5.6 8.4 5.6 9.8 27.4 5.4 4.4 6.7 6.2 7.3 10.8 5.6 5.8 6.0 7.8 11.0
Grants 18.9 8.1 10.4 4.7 3.4 1.3 1.8 5.7 1.6 0.6 1.3 6.0 2.6 0.2 0.3 0.8 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.5 0.2 0.2 0.2 0.5 0.4 0.4 0.3 1.2 4.6 0.6 0.5
Transferred revenues 4.5 19.1 51.1 19.3 -0.2 0.7 0.0 50.0 0.3 0.1 1.1 50.0 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 0.0 0.0 0.0 0.4 0.7 0.0 0.0 50.0 0.9 0.0
Receipts from the EU budget 1,040.3 477.0 480.5 217.9 259.1 157.3 140.8 5.0 177.4 142.2 106.1 25.9 84.3 90.2 40.4 26.8 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.1 10.5 37.4 94.3 65.2 16.1 24.9 8.4 2.0 15.5 7.7 36.6
GENERAL GOVERNMENT EXPENDITURES, EUR m
TOTAL EXPENDITURES 16,751.2 8,685.0 16,496.7 3,974.9 4,710.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.4 3,931.9 4,115.4 1,859.8 1,302.6 1,416.7 1,504.0 1,259.8 1,306.7 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,647.3 1,451.7 1,310.4 1,571.3 1,242.0 1,328.3 1,361.5 1,463.9 1,328.2 1,323.6 1,359.6 1,588.2
Current expenditures 7,042.1 3,520.5 7,407.1 1,608.5 1,912.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.7 1,782.9 1,782.4 703.9 617.6 641.3 719.0 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.7 821.1 562.5 589.6 630.8 581.6 602.8 598.0 586.1 772.6
Wages, salaries and other 
personnel expenditures 3,610.4 1,783.2 3,785.4 875.0 908.2 925.4 970.7 928.6 960.8 961.2 1,016.2 961.4 315.6 305.8 308.4 311.2 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 316.6 316.2 325.6 312.1 318.4 390.2 323.1 321.7 314.9 333.3 328.7
Expenditures on goods and 
services 2,232.3 1,249.8 2,371.4 546.1 703.7 535.5 552.6 569.3 714.0 558.0 592.3 581.4 331.9 157.6 178.2 199.7 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.1 177.4 172.0 211.1 169.2 196.2 222.4 202.4 204.9 175.8 208.2 349.2
Interest payments 1,097.4 367.0 1,074.2 148.0 218.9 489.5 181.5 206.1 197.1 518.4 144.2 206.5 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 96.0 273.0 71.4 66.9 5.8 44.9 66.4 95.3 33.5 77.7
Reserves 102.1 120.6 176.1 39.5 81.1 27.5 69.6 29.2 49.8 27.1 30.2 33.0 51.4 10.5 9.7 7.3 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.9 5.3 10.5 11.4 9.8 8.1 12.4 11.2 9.8 12.0 11.1 16.9
Current transfers 7,591.9 3,739.7 7,700.0 1,899.4 1,840.3 1,974.0 1,896.0 1,918.5 1,911.5 2,039.0 1,882.0 2,001.7 657.3 615.9 654.7 703.4 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.7 679.0 599.8 642.1 640.1 772.2 616.0 613.6 623.5 661.0
Subsidies 467.4 118.7 397.0 47.7 71.0 186.4 78.4 42.9 89.2 170.4 67.1 79.7 41.4 30.6 54.2 101.7 12.4 46.2 19.8 10.3 11.2 21.5 18.5 27.8 42.8 91.1 62.3 17.0 20.5 24.4 22.2 43.3 16.3 20.2 20.6 45.1
Current transfers to 
individuals and households 6,335.0 3,213.9 6,495.5 1,657.7 1,556.2 1,604.7 1,619.1 1,678.9 1,592.8 1,643.9 1,652.2 1,718.9 531.0 529.0 534.0 541.6 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.5 560.1 546.8 552.8 552.6 659.8 528.9 530.2 538.0 540.2
Current transfers to non-
profit institutions, other 
current domestic transfers
714.3 376.7 727.8 186.0 190.7 167.5 179.3 186.8 194.2 210.3 146.7 184.5 78.8 47.4 63.7 56.4 55.0 56.9 67.4 66.4 62.0 58.4 55.8 62.5 75.9 86.5 27.9 95.8 23.8 62.8 60.2 62.2 63.3 59.0 63.9 61.6
Current transfers abroad 75.2 30.4 79.7 8.1 22.3 15.4 19.2 9.8 35.3 14.4 16.0 18.7 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 3.0 6.0 8.8 2.1 5.1 6.9 7.5 4.2 0.9 14.1
Capital expenditures 1,444.4 1,059.5 784.3 350.4 709.1 98.6 115.5 213.6 356.6 108.9 145.4 207.9 389.0 25.8 34.3 38.5 33.2 37.3 45.0 70.4 75.7 67.5 68.5 86.2 201.9 35.7 37.1 36.1 39.4 52.5 53.4 67.8 77.8 62.4 87.2 103.8
Capital transfers 270.0 198.4 177.8 60.8 137.5 32.9 26.9 23.7 94.4 22.7 23.1 36.9 67.1 9.8 14.4 8.7 9.4 5.9 11.6 7.5 6.6 9.6 30.2 20.9 43.2 10.0 5.6 7.1 7.2 10.8 5.1 8.9 9.9 18.3 30.6 19.1
Payments to the EU budget 402.9 166.9 427.4 55.8 111.2 139.9 69.3 96.6 121.7 98.0 98.4 86.5 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 37.2 28.0 33.0 33.4 32.1 33.5 21.7 31.3 32.2 31.8
SURPLUS / DEFICIT -1,259.2 -579.2 -654.5 -110.6 -468.6 -537.4 226.9 -101.0 -243.0 -375.2 513.0 -88.6 -435.9 26.6 -237.7 -326.3 92.9 85.0 49.1 -213.0 77.3 34.7 -13.1 -84.3 -145.6 -6.9 -120.0 -248.2 290.6 123.4 99.0 -179.8 16.9 74.0 83.6 -184.5
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. 
Statistical Appendix 45Slovenian Economic Mirror, No. 1/2018
Public finance 2014 2015 2016
2015 2016 2017 2015 2016 2016 2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11
CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices
GENERAL GOVERNMENT REVENUES, EUR m
TOTAL REVENUES 15,492.0 8,105.8 15,842.2 3,864.3 4,241.4 3,685.8 4,108.9 3,884.6 4,162.9 3,958.2 4,444.9 4,026.8 1,423.9 1,329.1 1,179.0 1,177.6 1,352.7 1,391.7 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,501.7 1,444.7 1,190.4 1,323.1 1,532.6 1,451.8 1,460.6 1,284.0 1,345.1 1,397.6 1,443.2 1,403.7
Current revenues 14,377.0 7,532.2 15,203.9 3,596.3 3,935.9 3,511.7 3,948.8 3,802.7 3,940.7 3,798.9 4,312.1 3,927.4 1,323.2 1,234.0 1,132.3 1,145.5 1,299.8 1,297.7 1,351.3 1,152.7 1,382.1 1,267.9 1,312.4 1,287.7 1,340.6 1,428.7 1,148.3 1,221.9 1,460.7 1,427.7 1,423.7 1,269.7 1,336.1 1,321.6 1,426.2 1,355.6
Tax revenues 13,191.6 6,969.9 14,240.5 3,277.4 3,692.4 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 3,678.7 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 1,260.2 1,330.4 1,093.1 1,158.0 1,344.2 1,230.6 1,335.9 1,181.9 1,257.2 1,239.6 1,351.5 1,287.2
Taxes on income and 
profit 2,385.9 1,196.5 2,680.8 504.0 692.5 634.2 811.4 542.4 692.8 669.3 944.3 582.5 257.0 214.8 212.6 206.8 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 330.5 273.5 340.3 102.0 253.1 227.4 251.4 244.9
Social security 
contributions 5,272.5 2,781.1 5,720.6 1,357.7 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 1,510.5 512.4 465.0 460.6 469.4 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 508.2 499.0 503.6 497.1 501.7 511.6 509.4 514.6
Taxes on payroll and 
workforce 20.2 10.2 19.8 4.6 5.6 4.8 5.1 4.8 5.2 5.0 5.4 4.9 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 1.6 1.6 1.9 1.7 1.8 1.9 1.5 1.5 1.9 1.9
Taxes on property 244.2 169.3 256.2 85.2 84.1 27.2 46.3 104.5 78.2 27.4 70.9 100.1 21.0 11.6 9.0 6.6 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 16.7 11.0 7.5 8.8 15.1 23.8 31.9 25.2 44.1 30.8 38.2 22.3
Domestic taxes on 
goods and services 5,191.2 2,778.9 5,432.9 1,305.9 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 1,463.5 436.5 462.9 393.8 376.9 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 512.6 440.6 458.2 523.5 477.7 462.3 531.3 516.1
Taxes on international 
trade & transactions 77.7 39.7 81.9 20.2 19.6 22.3 19.8 20.8 19.0 21.4 20.4 21.7 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 7.2 8.1 6.4 6.2 7.7 7.0 7.1 7.6 7.5 6.3
Other taxes -0.2 -5.9 48.2 -0.2 -5.8 27.0 -11.7 -10.8 43.6 59.1 -52.4 -4.4 -9.1 13.7 -4.5 17.8 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.7 63.5 -50.8 46.4 -30.6 -14.2 -7.6 25.3 -28.0 -1.8 11.8 -18.9
Non-tax revenues 1,185.4 562.3 963.4 318.8 243.5 167.5 289.0 286.3 220.6 217.4 401.4 248.8 96.9 57.6 51.3 58.6 54.9 80.7 153.4 56.6 148.7 80.9 66.1 74.2 80.4 98.3 55.3 63.9 116.5 197.1 87.8 87.8 79.0 82.0 74.7 68.4
Capital revenues 51.4 69.3 96.2 26.2 43.2 14.7 17.5 21.2 42.8 16.5 24.3 17.4 13.6 4.8 6.0 3.9 6.5 4.7 6.3 7.2 5.6 8.4 5.6 9.8 27.4 5.4 4.4 6.7 6.2 7.3 10.8 5.6 5.8 6.0 7.8 11.0
Grants 18.9 8.1 10.4 4.7 3.4 1.3 1.8 5.7 1.6 0.6 1.3 6.0 2.6 0.2 0.3 0.8 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.5 0.2 0.2 0.2 0.5 0.4 0.4 0.3 1.2 4.6 0.6 0.5
Transferred revenues 4.5 19.1 51.1 19.3 -0.2 0.7 0.0 50.0 0.3 0.1 1.1 50.0 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 0.0 0.0 0.0 0.4 0.7 0.0 0.0 50.0 0.9 0.0
Receipts from the EU budget 1,040.3 477.0 480.5 217.9 259.1 157.3 140.8 5.0 177.4 142.2 106.1 25.9 84.3 90.2 40.4 26.8 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.1 10.5 37.4 94.3 65.2 16.1 24.9 8.4 2.0 15.5 7.7 36.6
GENERAL GOVERNMENT EXPENDITURES, EUR m
TOTAL EXPENDITURES 16,751.2 8,685.0 16,496.7 3,974.9 4,710.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.4 3,931.9 4,115.4 1,859.8 1,302.6 1,416.7 1,504.0 1,259.8 1,306.7 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,647.3 1,451.7 1,310.4 1,571.3 1,242.0 1,328.3 1,361.5 1,463.9 1,328.2 1,323.6 1,359.6 1,588.2
Current expenditures 7,042.1 3,520.5 7,407.1 1,608.5 1,912.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.7 1,782.9 1,782.4 703.9 617.6 641.3 719.0 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.7 821.1 562.5 589.6 630.8 581.6 602.8 598.0 586.1 772.6
Wages, salaries and other 
personnel expenditures 3,610.4 1,783.2 3,785.4 875.0 908.2 925.4 970.7 928.6 960.8 961.2 1,016.2 961.4 315.6 305.8 308.4 311.2 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 316.6 316.2 325.6 312.1 318.4 390.2 323.1 321.7 314.9 333.3 328.7
Expenditures on goods and 
services 2,232.3 1,249.8 2,371.4 546.1 703.7 535.5 552.6 569.3 714.0 558.0 592.3 581.4 331.9 157.6 178.2 199.7 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.1 177.4 172.0 211.1 169.2 196.2 222.4 202.4 204.9 175.8 208.2 349.2
Interest payments 1,097.4 367.0 1,074.2 148.0 218.9 489.5 181.5 206.1 197.1 518.4 144.2 206.5 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 96.0 273.0 71.4 66.9 5.8 44.9 66.4 95.3 33.5 77.7
Reserves 102.1 120.6 176.1 39.5 81.1 27.5 69.6 29.2 49.8 27.1 30.2 33.0 51.4 10.5 9.7 7.3 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.9 5.3 10.5 11.4 9.8 8.1 12.4 11.2 9.8 12.0 11.1 16.9
Current transfers 7,591.9 3,739.7 7,700.0 1,899.4 1,840.3 1,974.0 1,896.0 1,918.5 1,911.5 2,039.0 1,882.0 2,001.7 657.3 615.9 654.7 703.4 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.7 679.0 599.8 642.1 640.1 772.2 616.0 613.6 623.5 661.0
Subsidies 467.4 118.7 397.0 47.7 71.0 186.4 78.4 42.9 89.2 170.4 67.1 79.7 41.4 30.6 54.2 101.7 12.4 46.2 19.8 10.3 11.2 21.5 18.5 27.8 42.8 91.1 62.3 17.0 20.5 24.4 22.2 43.3 16.3 20.2 20.6 45.1
Current transfers to 
individuals and households 6,335.0 3,213.9 6,495.5 1,657.7 1,556.2 1,604.7 1,619.1 1,678.9 1,592.8 1,643.9 1,652.2 1,718.9 531.0 529.0 534.0 541.6 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.5 560.1 546.8 552.8 552.6 659.8 528.9 530.2 538.0 540.2
Current transfers to non-
profit institutions, other 
current domestic transfers
714.3 376.7 727.8 186.0 190.7 167.5 179.3 186.8 194.2 210.3 146.7 184.5 78.8 47.4 63.7 56.4 55.0 56.9 67.4 66.4 62.0 58.4 55.8 62.5 75.9 86.5 27.9 95.8 23.8 62.8 60.2 62.2 63.3 59.0 63.9 61.6
Current transfers abroad 75.2 30.4 79.7 8.1 22.3 15.4 19.2 9.8 35.3 14.4 16.0 18.7 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 3.0 6.0 8.8 2.1 5.1 6.9 7.5 4.2 0.9 14.1
Capital expenditures 1,444.4 1,059.5 784.3 350.4 709.1 98.6 115.5 213.6 356.6 108.9 145.4 207.9 389.0 25.8 34.3 38.5 33.2 37.3 45.0 70.4 75.7 67.5 68.5 86.2 201.9 35.7 37.1 36.1 39.4 52.5 53.4 67.8 77.8 62.4 87.2 103.8
Capital transfers 270.0 198.4 177.8 60.8 137.5 32.9 26.9 23.7 94.4 22.7 23.1 36.9 67.1 9.8 14.4 8.7 9.4 5.9 11.6 7.5 6.6 9.6 30.2 20.9 43.2 10.0 5.6 7.1 7.2 10.8 5.1 8.9 9.9 18.3 30.6 19.1
Payments to the EU budget 402.9 166.9 427.4 55.8 111.2 139.9 69.3 96.6 121.7 98.0 98.4 86.5 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 37.2 28.0 33.0 33.4 32.1 33.5 21.7 31.3 32.2 31.8
SURPLUS / DEFICIT -1,259.2 -579.2 -654.5 -110.6 -468.6 -537.4 226.9 -101.0 -243.0 -375.2 513.0 -88.6 -435.9 26.6 -237.7 -326.3 92.9 85.0 49.1 -213.0 77.3 34.7 -13.1 -84.3 -145.6 -6.9 -120.0 -248.2 290.6 123.4 99.0 -179.8 16.9 74.0 83.6 -184.5
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. 
Acronyms46 Slovenian Economic Mirror, No. 1/2018
Acronyms in the text
AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, APP – Asset Purchase Programme, 
BAMC - Bank Asset Management Company, BoS – Bank of Slovenia, CPI – consumer price index, DV – Value added, EBA 
- European Banking Authority, EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization, ECB– European 
Central Bank, EIA– Energy Information Administration, EK – European Commission, ESI – Economic Sentiment Indicator, 
ESS – Employment Service of Slovenia, EU – European union, EUR – Euro, EUROSTAT – Statistical Office of the European 
Union, FED – Federal Reserve System, GD – Companies, 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 of Standard Classification of Activities 
A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 
11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of 
wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and 
cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 
18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture 
of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 
22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture 
of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of 
computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and 
equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 
31 – Manufacture of furniture, 32 – Other manufacturing, 33 - Repair and installation of machinery and equipment, 
D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, 
F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, 
I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, 
L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, 
O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, 
R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated 
goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies.
Acronyms of Countries 
AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, 
CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-
France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, 
LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-
Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-
United States of America.
Acronyms
No. 1, Vol. XXIV, 2018
slovenian economic mirror