Slovenian economic mirror No. 1, Vol. XXVI, 2020 Slovenian Economic Mirror No. 1 / Vol. XXVI / 2020 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Marijana Bednaš, MSc, Director Editor in Chief: Lenart Milan Lah, MSc Authors of Current Economic Trends (listed alphabetically): Urška Brodar; Lejla Fajic; Marjan Hafner, MSc; Matevž Hribernik, MSc; Mojca Koprivnikar Šušteršič; Janez Kušar, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Jure Povšnar; Denis Rogan, MSc; Dragica Šuc, MSc; Ana Vidrih, MSc Editorial Board: Marijana Bednaš, MSc; Lejla Fajic, Alenka Kajzer, PhD; Rotija Kmet Zupančič, MSc; Janez Kušar, MSc Translator: Marija Kavčič Data Preparation, Graphs: Bibijana Cirman Naglič DTP: Bibijana Cirman Naglič Print: Eurograf d.o.o. Circulation: 80 copies ISSN 1318-3826 (print) ISSN 1581-1026 (pdf) The publication is available free of charge. © The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged. Contents In the spotlight...........................................................................................................................................3 Current economic trends.......................................................................................................................5 International environment.......................................................................................................................7 Economic developments in Slovenia....................................................................................................8 Labour market............................................................................................................................................12 Prices..............................................................................................................................................................13 Balance of payments................................................................................................................................14 Financial markets.......................................................................................................................................15 Public finance .............................................................................................................................................16 Statistical appendix...............................................................................................................................19 The Economic Mirror is prepared based on statistical data available by 3rd January 2020. On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp. All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia are calculations by IMAD. Slovenian Economic Mirror, No 1/2020 In the spotlight 3 In the spotlight Towards the end of last year, signs of stabilisation started to show in the global economy amid slightly less pronounced negative risks. Short-term indicators of economic activity and expectations have been stable in the last few months. There has been no deterioration in the Economic Sentiment Indicator (ESI) and the composite Purchasing Managers' Index (PMI) for the euro area for several months. It is especially encouraging that manufacturing indicators have ceased falling after several months of decline, particularly in our main trading partner, Germany, where the decline was most pronounced. In December the improvement in the international environment was also influenced by the partial trade agreement reached between the US and China and the increased chances of a Brexit with a deal. In 2019 trade growth also slowed in Slovenia. The moderation of growth in foreign demand in the euro area was reflected mainly in lower growth in exports of some main manufactured goods. Exports of machinery and transport equipment to Germany declined the most, which also lowered the growth of imports of intermediate goods. The slower growth also affected activity in manufacturing, which had stagnated since the beginning of the year mainly due to insufficient demand. The growth of trade in services, in particular exports of transport and construction services, slowed as well, also as a consequence of lower GDP and investment growth in our main trading partners. However, exports of these services are relatively high and, together with exports of processing services, make the largest contribution to the current account surplus. Private consumption was strengthening further at the beginning of the last quarter of 2019; the sales of residential properties increased as well. With more means available as a consequence of growth in disposable income and consumer loans,1 households continued to increase consumption particularly on some non-durable nonfood goods and leisure-related services at home and abroad. Passenger car purchases by natural persons strengthened in the second half of the year, while spending on food, beverages and tobacco stagnated during this period. In 2019 (up to the third quarter) residential property sales increased again after falling in the preceding year. The sales of existing flats in Ljubljana and existing family houses increased the most, accounting for more than half of all transactions, while the sales of new properties declined. The average property prices were also higher, reflecting price rises in existing family houses and flats outside Ljubljana, while the average price of new properties was lower than in 2018. Year-on-year price growth approached 2% at the end of the year, mainly due to accelerated food price growth, while the growth of Slovenian industrial producer prices remained modest. In 2019 year-on-year price growth was 0.4 pps higher than one year earlier. Prices of non-durable (particularly food) and semi-durable goods were up, while prices of durables dropped further. Price growth in services eased towards the end of the year, but was still more than twice that in goods. Despite solid growth on the domestic market, the growth of Slovenian industrial producer prices remained low owing to several months of decline on foreign markets. The surplus of the consolidated balance of public finances was lower year on year in the first eleven months of 2019. Lower revenue growth was due mainly to year-on-year lower non-tax revenues and receipts from the EU, but also to lower growth in revenues from taxes. The surplus also declined due to stronger expenditure growth, which is mainly related to the adopted agreements on wage rises and further employment growth in the public sector and measures in the area of social transfers. The net budgetary position against the EU budget was positive in the first eleven months, albeit lower than in 2018, as EUR 168.3 million from the previous financial perspective 2007-2013 was reimbursed to the state budget in the same period of 2018. 1 The most recent data show that after strong October, consumer loans dropped at the monthly level in November 2019 as a consequence of the introduction of a binding macroprudential instrument. On the other hand, the growth of housing loans strengthened further. 4 In the spotlight Slovenian Economic Mirror, No 1/2020 f The euro area manufacturing PMI stabilised after several months of decline. f Despite slower growth, exports of services continue to contribute the most to the high current account surplus. ■ World trade in goods (right axis) Euro area -Germany -Austria -Italy -France -World 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 Source: Markit Economics. Note: *A reading above 50 signals an expansion in manufacturing activity, while a figure below 50 indicates a contraction. I Secondary income Trade in goods -Current account ■ Primary income Trade i n services 5,000 c = 4,000 !S 1,000 ~ -2,000 o £ -3,000 -4,000 prnii ■ fUfUfUfUfUfUfUfUfUfUTO Source: BoS; calculations by IMAD. 3,000 2,000 0 -1,000 f Household borrowing increased further in the first eleven months of 2019, in the form of both consumer and housing loans. ■ Consumer Loans ■Housing HOther «Total Source: BoS; calculations by IMAD. f The average residential property prices increased further in the third quarter of 2019, as did the number of transactions. -Transactions in residential properties (left axis) -Prices of residential properties (right axis) a 2oo ar Ï 175 a g 150 0 rm125 ret taur 100 ¡r 1 75 80 aaaaaaaaaaa Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. 110 105 100 f In December year-on-year price growth increased mainly due to a larger contribution of food prices, while the large contribution of prices of services declined slightly. Other Services Fuels and energy Food -TOTAL (right axis) Î 2 i llllllllllllll lllllll IMIIJIIIIIJIIII.,JII(III< Lu r la i '»II ■ "'MHIUUIRH1 ' 1 ™ HiAn/ ■nil-» "i es m Ln vo co & -1 £ i Lower growth in general government revenue in 2019 is a consequence of a decline in non-tax revenues and receipts from the EU budget and lower growth in revenues from taxes. I Tax revenues I Non-tax revenues I Other I Social security contributions I Receipts from the EU budget \ TOTAL REVENUE (growth in % 5 6 o 6 S 4 C .2 2 D ! 0 o U-2 Source: SURS; calculations by IMAD. 201 1 2013 2014 201 5 2016 2017 Source: MF; calculations by IMAD. I-XI I-XI 2018 2019 4 4 12 10 c 3 3 8 2 o 1 1 ra 0 0 current economic trends Slovenian Economic Mirror, No 1/2020 International environment Current Economic Trends 7 f Figure 1: Indicators of economic activity in the euro area and the Economic Sentiment Indicator (ESI) Ind. prod. in manufacturing -Turnover in retail trade Construction output ESI (right axis) 120 Moderate activity growth in the euro area continued towards the end of 2019; expectations for the beginning of 2020 show a similar picture. Reflecting favourable labour market conditions, solid activity in retail trade continued in the last quarter of 2019. Weak global trade in circumstances of increased uncertainties continued to be reflected in the stagnation of activity in manufacturing. Activity in construction remained relatively robust, despite the slowdown. The Economic Sentiment Indicator (ESI) and the composite Purchasing Managers' Index (PMI) remained weak in December. They did not deteriorate in the last months of the year, which could indicate a moderate increase in economic activity at the beginning of this year. Expectations are rising in our main trading partner, Germany, where the situation is expected to improve shortly in both manufacturing and service activities. Source: Eurostat; calculations by IMAD. f Figure 2: Prices of Brent crude oil per barrel and the USD/ EUR exchange rate -Price in USD (left axis) -Price in EUR (leftaxis) -Exchange rate USD/EUR (right axis) 140 130 120 110 100 90 80 70 60 50 40 30 20 1.5 1.4 1.3 The price of Brent crude strengthened with the escalation of geopolitical tensions at the beginning of 2020. Due to a decline in oil supply, the dollar price of Brent crude had already risen noticeably in December 2019 and exceeded the annual average, which was almost 10% lower than in 2018. With the escalation of tensions in the Middle East at the beginning of 2020, the oil price increased further, to over 70 USD per barrel. Source: ECB, EIA; calculations by IMAD. f Table 1: Brent oil prices, USD/EUR exchange rate and EURIBOR average change, in %* 2018 XI 19 XII 19 2019 XII 19/XI 19 XII 19/XII 18 2019/2018 Brent USD, per barrel 71.26 63.21 67.22 64.28 6.3 17.8 -9.4 Brent EUR, per barrel 60.25 56.80 59.25 57.20 4.3 19.0 -5.1 EUR/USD 1.181 1.105 1.111 1.119 0.6 -2.4 -5.2 3-month EURIBOR, in % -0.322 -0.401 -0.395 -0.357 -0.7 -8.3 -3.4 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. 1.7 1.6 1.2 1.1 1.0 Current Economic Trends Slovenian Economic Mirror, No 1/2020 Economic developments in Slovenia f Figure 3: Trade in goods Exports Imports Exports without med. and pharm. products to Switzerland and oil Imports without med. and pharm. products to Switzerland and oil Source: SURS; calculations by IMAD. Note: Detailed data are until September 2019. The moderation of growth in Slovenia's main trading partners in the euro area is reflected in lower growth in Slovenia's external trade. The slowdown in growth of foreign demand from the euro area has already been reflected in less favourable export expectations and movements of exports of some main manufactured goods, particularly for intermediate consumption, for several months. Exports to Germany have slowed in particular. In the third quarter, they were lower year on year, which was related to lower exports of machinery and transport equipment (particularly vehicles and vehicle-related products, which account for almost one third of all exports to Germany). Slower growth was also recorded for imports of intermediate goods, which is related to the moderation of growth in manufacturing. Total growth in goods trade otherwise remained high primarily due to strong activity in the distribution of medicinal and pharmaceutical products (re-exports to Switzerland). 8 f Figure 4: Trade in services -Exports - transport -Exports -other business serv. -Exports - travel -Exports -other et e 3 ro 150 "S iz 100 n iv Source: BoS; calculations by IMAD. Growth in exports and imports of services has slowed notably in recent months. In the first ten months, nominal exports were 7.6% higher year on year. Their growth thus remained lower than in the same period of 2018. While all main groups of services contributed almost equally to growth, the growth of exports of processing services (related to the distribution activity in the area of medicinal and pharmaceutical products), ICT services and technical, trade-related services was strengthening in particular. Spending by foreign tourists increased as well, albeit less than in previous years. In the third quarter, year-on-year growth in exports of transport and construction services, the main drivers of exports in the first half of 2019, slowed down significantly. This is mainly related to the moderation of growth in economic activity and investment in our main trading partners. The growth of imports of services (3.9%) also eased, on account of factors similar to those in exports. 0 f Figure 5: Production volume in manufacturing -Manufacturing, total -High-technology industries -Medium-high-tech. industries-Medium-low-tech. industries Production volume in manufacturing remained at the first-quarter level at the beginning of the last quarter of 2019. At the beginning of the last quarter, production increased further in high-technology industries, while in the last months of the year, it also rose slightly in medium-high technology industries. Production in high-technology industries was 11.4% higher year on year in the first ten months; in most other industries it was similar to that in 2018 or only slightly higher. According to the Business Tendency Survey, higher production growth is impeded particularly by insufficient demand. Year-on-year growth in turnover from sales on foreign markets slowed in the last two years (from around 10% in 2016 and 2017 to around 3% in 2019). Significantly more modest growth was also recorded on the domestic market, where most activities otherwise generate a smaller share of turnover than abroad. Source: SURS; calculations by IMAD. Slovenian Economic Mirror, No 2/2020 Current Economic Trends 9 f Figure 6: Activity in construction -Seasonally adjusted data Source: SURS; calculations by IMAD. The value of construction output increased in October after several months of decline, but was lower than at the end of 2018 and the beginning of 2019. Following strong growth at the beginning of 2019, which was also boosted by favourable weather conditions, the value of construction output fell in the middle of the year. The decline was the most pronounced in the construction of non-residential buildings, which is related to deteriorated expectations of the business sector and its investment activity. The slowdown in civil-engineering works was more moderate, while activity in the construction of residential buildings increased further, with significant monthly fluctuations. The indicators of the stock of contracts and new contracts in construction declined towards the end of 2018, before strengthening again in 2019 and exceeding the 2017 level. I Figure 7: Residential property prices and transactions -Transactions in existing residential properties (left axis) -Transactions in new residential properties (left axi s) -Prices of existing residential properties (right axis) ^ -Prices of new residential properties (right axis) 6 225 ar Ï 200 a .£ 175 | 150 S 125 ar g- 100 5 75 0 7 50 0 10 25 2 -S aaaaaaaaaaaa — Source: SURS; calculations by IMAD. Note: Due to methodological changes transaction data are available from 2010 onwards. The average residential property prices increased further in the third quarter, as did the number of transactions. In the first nine months, prices were 7.5% higher year on year on average (in 2018 as a whole, 9.8% higher). Price growth in 2019 was driven by price rises in existing family houses and flats outside Ljubljana. In 2019, the average price of existing flats in Ljubljana - which had been growing at above-average rates in the previous four years - was only slightly higher than the average price in 2018. The average price of new residential properties, which accounted for only 2.2% of all transactions, was lower year on year after two years of strong growth. After a decline in 2018, the number of residential property transactions increased again in the first three quarters of 2019. f Figure 8: Turnover in trade rN CT fo (U OJ -Total -Wholesale trade Sale of motor vehicles Retail trade In October, turnover in trade was at the level seen at the beginning of the year. In retail trade, which is otherwise significantly marked by fluctuations in automotive fuel sales, only the sales of non-durable nonfood products have been rising moderately amid further growth in household consumption. Turnover in wholesale trade was similar to that at the beginning of 2019, which was also a consequence of more moderate growth in activity in some trade-related activities (transportation, construction, manufacturing). Motor vehicle sales also stagnated up to October 2019, after strong growth rates in the previous four years. Source: SURS; calculations by IMAD. 180 160 140 120 T5 100 Current Economic Trends Slovenian Economic Mirror, No 1/2020 f Figure 9: Nominal turnover in market services (excluding trade) -Total * -Transportation and storage (H) -Information and communication activities (J) -Professional and technical activities (M) -Administrative and support service activities (N) -Accom modation and food service activities (I) 160 150 120 110 100 90 Turnover in market services stopped growing at the beginning of the last quarter of 2019. October recorded further strong growth in accommodation and food service activities, which mainly arose from the sale of food and beverages. Turnover growth in information and communication activities was driven by both telecommunication services (where turnover has otherwise been falling since the beginning of the year) and computer services (with higher export turnover in particular). Turnover in administrative and support service activities maintained its high level seen in the last few months. In professional and technical activities, turnover declined, mostly due to a fall in architectural and engineering services. A more pronounced turnover decline was recorded in most transportation activities, especially in air transport as a consequence of the airline bankruptcy. Source: SURS; calculations by IMAD. Note: * including real estate. 10 f Figure 10: Selected indicators of household consumption -Real turnover in the sale of non-food products -Real net wage bill -Real social transfers -Real turnover in the sale of food products -Nom. turnover in accommodation and food service activities -Sale of passenger cars to natural persons (right axis) 150 100 140 m 15 130 | 120 ■5 110 0 tus m100 1 90 Source: Ministry of finance, Ministry of Infrastructure, SURS; calculations by IMAD. With further growth in disposable income and consumer loans, household consumption continued to increase at the beginning of the last quarter of 2019. The increase in household resources was, in addition to the further growth of the net wage bill and social transfers (including pensions), also due to the high year-on-year growth of newly granted consumer loans in October, which is related to the announced introduction of tighter borrowing conditions in November. With more money available, households increased spending on some non-food non-durable goods and leisure-related services at home and abroad. After strong growth rates in the previous five years, purchases of household equipment and furniture have been falling since the beginning of 2019, while passenger car purchases rebounded at the end of 2019 following the decline in the middle of the year.1 After rising in the first half of 2019, purchases of food, beverages and tobacco stagnated in the second half of the year. 1 Within the sale of motor vehicles, the maintenance and repair of motor vehicles and the sales of new passenger cars to natural persons have been strengthening in recent months, while the sales of new passenger cars to legal persons have been declining since the middle of the year. I Figure 11: Economic sentiment indicator -Economic senti ment -Retail trade -Construction -Manufacturing -Service activities Consumers Economic sentiment stopped deteriorating at the end of the year. In December confidence improved somewhat following four consecutive months of decline. The improvement was a consequence of noticeably higher confidence in retail trade, where the assessments of current sales improved significantly. Other confidence indicators were stable in the last quarter of the year, but their values were lower than at the beginning of the year. Source: SURS; calculations by IMAD. Slovenian Economic Mirror, No 1/2020 Current Economic Trends 11 f Table 2: Selected monthly indicators of economic activity in Slovenia In % 2018 X 19/IX 19 X 19/X 18 I-X 19/I-X 18 Merchandise exports, real1 6.9 0.03 8.7 9.8 Merchandise imports, real1 8.5 0.03 10.3 12.0 Services exports, nominal2 10.3 1.63 2.8 7.6 Services imports, nominal2 7.0 -4.63 -2.0 6.0 Industrial production, real 4.9 2.03 2.84 3.14 - manufacturing 5.3 2.43 3.84 3.64 Construction -value of construction put in place, real 19.8 5.13 4.0 4.8 Distributive trades - real turnover 8.1 -2.03 -1.14 5.74 Market services (without trade) - nominal turnover 8.2 -0.23 2.34 5.74 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1 External trade statistics, deflated by IMAD, 2 balance of payments statistics, 3 seasonally adjusted, 4 working-day adjusted data. 12 Current Economic Trends Labour market Slovenian Economic Mirror, No 1/2020 f Figure 12: The number of employed persons and the number of registered unemployed persons Employed according to SRE (left axi s) Registered unemployed (right axis) 120 100 80 60 40 20 The growth of employment and the decline in unemployment were less intense last year than in 2018. The number of persons employed increased 2.6% year on year in the first ten months of 2019 (the most in construction, transportation and storage, and accommodation and food service activities), which is less than in the same period of 2018. Labour shortages accompanied by the still high demand for labour were reflected in a further increase in the hiring of foreigners. Their contribution to total employment growth is significant, over 70%. The number of registered unemployed persons decreased further, albeit more slowly than at the beginning of the year. At the end of November it amounted to 72,395, which is 4.9% less than one year before. Source: SURS, ESS; calculations by IMAD. 160 o 140 c 0 The strengthening of wage growth in 2019 was mainly a consequence of wage rises in the general government sector. In the first ten months, year-on-year wage growth was 4.3%, compared with 3.4% in the same period last year. Higher growth mainly reflected higher growth in the general government sector on account of the agreed wage rises and promotions and, to a lesser extent, the increase in the minimum wage. Somewhat more moderate growth also continued in in the private sector, where wages increased the most in administrative and support service activities (such as security and investigation activities), accommodation and food service activities, and trade. Source: SURS; calculations by IMAD. f Table 3: Labour market indicators Change, in % 2018 X 19/IX 19 X 19/X 18 I-X 19/I-X 18 Persons in formal employment2 3.2 0.11 1.8 2.6 Registered unemployed -11.5 -0.21 -5.0 -5.7 Average nominal gross wage 3.4 0.21 3.9 4.3 private sector 4.0 0.31 3.5 3.9 public sector 3.0 -0.11 4.9 5.2 of which general government 2.3 0.21 6.5 6.2 of which public corporations 4.8 -0.71 1.0 2.9 2018 X 18 IX 19 X 19 Rate of registered unemployment (in %), seasonally adjusted 8.2 8.11 7.6 7.6 Sources: ESS, SURS; calculations by IMAD. Notes: 1 Seasonally adjusted. 2 Persons in paid employment, self-employed persons and farmers (SRDAP). I Figure 13: Average gross wage per employee -Private sector -Public sector -Total 12.5 e m I 10.0 TO f 7.5 O J 5.0 tn o E 2.5 r.n Ï 0.0 2.5 5.0 Slovenian Economic Mirror, No 1/2020 Current Economic Trends 13 Prices f Figure 14: Year-on-year price growth in Slovenia and in the euro area -Slovenia -Euro area Source: SURS, Eurostat. In December year-on-year price growth was 0.4 pps higher than one year earlier. The contribution of prices of goods increased, largely owing to higher prices of food, particularly fruit and meat at the end of the year. The higher prices of meat are mainly related to growth in pork prices due to the outbreak of the African swine fever in Asia. Prices of non-energy industrial goods were also somewhat higher, while prices of durable goods dropped further. The growth of energy prices eased in 2019, to 1.2%, which is only one third of that in 2018. Price growth in services slowed towards the end of the year, but was still more than twice that in goods. Prices of services related to housing, health insurance and hotels and restaurants continued to rise rapidly. Core inflation strengthened slightly in 2019, but remained below 2%. f Figure 15: Year-on-year growth in Slovenian industrial producer prices on the domestic and foreign markets Domestic market -Foreign market Source: SURS. The total year-on-year growth of Slovenian industrial producer prices rose somewhat in November, but remained modest. The fall in prices on foreign markets was less pronounced than in previous months, primarily owing to a somewhat smaller decline in raw material prices, which account for almost half of the index value. Price growth on the domestic market remained around 2%, which was still largely due to strong growth in energy prices (on account of higher prices in electricity, gas and steam supply, where year-on-year growth totals around 15%). Year-on-year growth in non-durable consumer goods is hovering around 2%. Growth in investment goods is also stable. # Table 4: Consumer price growth, in % XII 18/XII 17 I -XII 19/I -XII 18 XII19/XI19 XII19/XII18 I-XII18/I-XII17 Total 1.4 1.6 -0.1 1.9 1.7 Food 0.5 1.6 0.1 3.5 2.8 Fuels and energy 3.8 1.2 0.7 1.2 5.7 Services 3.0 3.1 -0.3 2.6 2.2 Other1 -0.3 0.5 -0.3 0.9 -0.4 Core inflation - excluding food and energy 1.2 1.7 -0.3 1.6 0.8 Core inflation - trimmed mean2 1.5 1.4 -0.1 1.5 1.6 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. 14 Current Economic Trends Slovenian Economic Mirror, No 1/2020 Balance of payments f Figure 16: Components of the current account balance ■ Secondary income Trade in goods -Current account ■ Primary income Trade in services The current account surplus increased in October and was higher year on year in the last twelve-month period (at 5.9% of estimated GDP). The higher surplus in comparison with the previous 12-month period was mostly due to a higher surplus in trade in transport, construction and processing services. The surplus in goods trade was also higher, which is attributable to volume factors amid the otherwise unchanged terms of trade. On the other hand, the net outflows of primary and secondary incomes increased further owing to higher payments of dividends to foreign investors (primary income) and higher VAT- and GNI-based contributions to the EU budget (secondary income). Source: BoS; calculations by IMAD. f Table 5: Balance of payments I-X 2019, in EUR million Balance, I-X 18, Inflows Outflows Balance EUR million Current account 35,998.4 33,332.9 2,665.5 2,409.3 Goods 27,008.6 25,738.4 1,270.2 1,132.7 Services 7,090.9 4,587.3 2,503.5 2,264.6 Primary income 1,263.7 1,889.9 -626.3 -624.1 Secondary income 635.3 1,117.2 -481.9 -364.0 Capital account 1,329.5 1,390.2 -60.7 -102.9 Financial account 2,184.3 4,192.8 2,008.5 2,648.0 Direct investment 1,104.1 520.9 -583.2 -603.9 Portfolio investment 138.5 563.9 425.3 1,355.1 Other investment 1,033.0 3,311.7 2,278.7 1,908.5 Net errors and omissions 0.0 -596.3 -596.3 341.6 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. Slovenian Economic Mirror, No 1/2020 Financial markets Current Economic Trends 15 # Figure 17: Year-on-year growth rates of loans in the Slovenian banking sector -Consumer loans -Lending for house purchase -Enterprises and NFIs -Total Source: Bos. The growth of loans in the banking system remained moderate in November. Year-on-year growth in loans to domestic non-banking sectors strengthened somewhat in November for the second consecutive month, but remained moderate. After modest growth or even decline at the beginning of 2019, the volume of corporate loans has been steadily strengthening from June onwards. This has mainly been a consequence of slower deleveraging, while the volume of new corporate borrowing has remained modest. The growth of household loans has already been stable since 2018 (at around 6%). The year-on-year growth of consumer loans has otherwise slowed slightly. In November their volume dropped at the monthly level, in our estimation largely as a consequence of stronger borrowing in October, i.e. before the introduction of a binding macroprudential instrument. Meanwhile, the growth of housing loans strengthened in November, which may indicate a shift of a portion of consumer lending to lending for housing purposes. The quality of banks' assets was good, the share of claims more than 90 days in arrears having stabilised at around 1.5% in recent months. f Figure 18: Yields to maturity of euro area bonds, selected countries -Austria -Ireland -Italy -Germany -Portugal -Slovenia -Spain Source: Bloomberg. f Table 6: Financial market indicators The yields to maturity of government bonds increased somewhat in the last quarter of 2019 but remained low. We estimate that this could be a consequence of increased uncertainties in the international environment in the last quarter of 2019. In the last quarter, the yield to maturity of the Slovenian bond thus rose by slightly more than 10 basis points to 0.13%, while the spread to the German bond remained at around 50 basis points. Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. XI 18 31. XII 18 31. XI 19 30. XI 19/31. X 19 30. XI 19/30. XI 18 Loans total 22,469.6 22,371.2 23,286.2 0.3 3.6 Enterprises and NFI 10,376.6 10,247.2 10,654.2 0.4 2.7 Government 1,753.6 1,754.1 1,653.7 0.3 -5.7 Households 10,339.4 10,370.0 10,978.3 0.3 6.2 Consumer credits 2,673.2 2,683.0 2,948.5 -0.5 10.3 Lending for house purchase 6,217.6 6,238.7 6,568.0 0.6 5.6 Other lending 1,448.5 1,448.3 1,461.9 0.4 0.9 Bank deposits total 18,842.8 19,117.0 20,285.7 0.5 7.7 Overnight deposits 14,082.9 14,372.6 15,724.2 1.0 11.7 Term deposits 4,759.9 4,744.4 4,561.5 -0.9 -4.2 Government bank deposits, total 745.6 665.6 721.6 9.6 -3.2 Deposits of non-financial corporations, total 6,663.7 6,833.3 6,834.0 -0.5 2.6 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI - Non-monetary Financial Institutions. 16 Current Economic Trends Slovenian Economic Mirror, No 1/2020 Public finance f Figure 19: Revenue, expenditure and balance of the consolidated general government budgetary accounts ■ General government balance (right axis) -Revenue -Expenditure 7,000 6,000 J 5,000 Ü3 4,000 e 3,000 -I al 2,000 I 1,000 § 0 cht -1,000 I -2,000 £ -3,000 Source: MF, Bulletin of Government Finance; calculations by IMAD. In the absence of one-off revenues and amid measures that accelerated expenditure growth, the surplus of the consolidated balance2 in the first eleven months of 2019 was lower than in the same period of 2018. Revenue growth was considerably lower in this period, primarily on account of year-on-year lower nontax revenues (which were at a high level in 2018 due to high dividend payments in October3) and lower receipts from the EU budget (also as a consequence of one-off payments in 2018).4 The weaker revenue growth was also due to lower growth in revenues from taxes (personal income tax and VAT). Expenditure growth has already been stronger since the beginning of the year. It is mainly related to the adopted agreements on wage rises and further growth in employment, but also to measures in the area of transfers to individuals and households. Payments into the EU budget increased as well. Investment growth declined somewhat more year on year than planned. We expect that the surplus will decline from its current level (EUR 346 million) in December, with an increase particularly in some flexible expenditures (expenditure on goods and services) and expenditure related to the financing of EU projects (particularly investment). According to the consolidated general government budgetary accounts on a cash basis. The inflow of NLB dividends in the amount of EUR 270.6 million in October 2018, which also included retained profits from previous years. In the same period of last year, EUR 168.3 million was reimbursed to the state budget from the previous financial perspective (2007-2013). Revenue from the EU budget under the current financial perspective increased by 33.3% year on year in the first ten months of 2019. This revenue was also lower than envisaged at the adoption of the revised budget for 2019. f Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-XI 2018 I-XI 2019 EUR m Y-o-y growth. in % EUR m Y-o-y growth. in % REVENUES TOTAL 16,824.8 10.1 17,415.5 3.5 Tax revenues1 8,855.6 6.8 9,300.1 5.0 Personal income tax 2,202.3 11.3 2,302.0 4.5 Corporate income tax 775.2 9.3 917.3 18.3 Taxes on immovable property 215.3 2.1 224.4 4.2 Value added tax 3,447.3 7.6 3,578.1 3.8 Excise duties 1,438.5 -1.5 1,426.2 -0.9 Social security contributions 5,926.0 7.4 6,356.9 7.3 Non-tax revenues 1,253.3 23.9 1,030.7 -17.8 Receipts from the EU budget 587.8 84.6 539.2 -8.3 Other 202.1 46.1 188.5 -6.7 Category I-XI 2018 I-XI 2019 EUR m Y-o-y growth. in % EUR m Y-o-y growth. in % EXPENDITURE TOTAL 16,044.6 4.7 17,069.2 6.4 Salaries. wages and other personnel expenditures2 3,786.6 5.5 4,088.3 8.0 Expenditure on goods and services 2,302.2 0.1 2,430.9 5.6 Interest payments 863.2 -12.0 778.2 -9.8 Reserves 161.0 36.0 175.2 8.8 Transfers to individuals and households 6,343.5 4.1 6,719.5 5.9 Other current transfers 1,127.7 1.2 1,228.0 8.9 Investment expenditure 1,064.9 35.5 1,162.8 9.2 Payments to the EU budget 395.6 14.0 486.4 22.9 GENERAL GOVERNMENT BALANCE 780.2 346.2 PRIMARY BALANCE 1,633.1 1,115.4 Source: MF. Bulletin of Government Finance; calculations by IMAD. Note: 1 Unlike tax revenues in the consolidated balance of public finance. Tax revenues in this table do not include social constributions. 2 Labour costs include social contributions by the employer. Slovenian Economic Mirror, No 1/2020 Current Economic Trends 17 f Figure 20: Receipts from the EU budget I Total receipts (January-November 2019) I Expected reimbursements to the budget 2019 Total receipts (January-November 2018) I Expected reimbursements to the budget 2018 Common Agricultural Policy Structural Funds Other 0 100 400 200 300 In EUR m Source: MF. * One third of receipts were refunds of the suspended funds from the previous programming period. Slovenia's net budgetary position against the EU budget was positive in the first eleven months of 2019 (at EUR 49.2 million). During this period, Slovenia received EUR 535.6 million from the EU budget (52.7% of the revenue planned in the budget for 2019). The bulk of revenue was accounted for by funds for the implementation of the Common Agricultural and Fisheries Policy (81.0% of planned revenue), while reimbursements from structural funds5 were somewhat lower (48.8%). Significantly lower were reimbursements from the EU Cohesion Fund (27.6%). In the same period, Slovenia paid EUR 486.4 million into the EU budget (98.1% of planned payments into the EU budget). In 2019, the differences between the amounts of EU funds paid and certified expenditures6 declined significantly. The still low reimbursements from the EU budget into the state budget are a consequence of delays in implementing EU projects.7 5 ERDF, ESF, YEI. 6 According to data from the SVRK Report on the Implementation of EU Cohesion Policy 2014-2020 for the period from January 2014 to the end of October 2019, the difference between the amount of EU funds paid and certified expenditures totalled EUR 59.6 million. 7 According to the Implementation Plan for the Operational Programme for the Implementation of EU Cohesion policy 2014-2020 9.3 (INOP), EUR 471 million was allocated for payments to beneficiaries in 2019 (EUR 408 million without FI), but by the end of October 2019, only EUR 194 million was paid (without FI) (the SVRK Report on the Implementation of EU Cohesion Policy 2014-2020 for the period from January 2014). statistical appendix Slovenian Economic Mirror, No 1/2020 Statistical Appendix 21 Main indicators 2013 2014 2015 2016 2017 2018 2019 2020 2021 Autumn forecast 2019 GDP (real growth rates, in %) -1.0 2.8 2.2 3.1 4.8 4.1 2.8 3.0 2.7 GDP in EUR million (current prices) 36,454 37,634 38,853 40,367 42,987 45,755 48,242 50,910 53,581 GDP per capita in EUR (current prices) 17,700 18,253 18,830 19,551 20,809 22,083 23,350 24,641 25,934 GDP per capita (PPS)1 21,900 22,700 23,800 24100 25500 27000 GDP per capita (PPS EU28=100)1 82 82 82 83 85 87 Rate of registered unemployment 13.1 13.1 12.3 11.2 9.5 8.2 7.7 7.2 6.9 Standardised rate of unemployment (ILO) 10.1 9.7 9.0 8.0 6.6 5.1 4.3 4.0 3.8 Labour productivity (GDP per employee) 0.1 2.4 0.9 1.3 1.8 0.9 0.3 1.5 1.9 Inflation2, year average 1.8 0.2 -0.5 -0.1 1.4 1.7 1.8 2.0 2.3 Inflation2, end of the year 0.7 0.2 -0.4 0.5 1.7 1.4 2.3 2.2 2.3 INTERNATIONAL TRADE Exports of goods and services (real growth rates, in %) 3.1 6.0 4.7 6.5 10.8 6.6 7.8 5.0 4.8 Exports of goods 3.3 6.3 5.3 6.2 11.0 6.5 8.1 4.9 4.7 Exports of services 2.0 5.0 2.4 7.7 9.9 7.2 6.8 5.6 5.0 Imports of goods and services (real growth rates, in %) 2.1 4.2 4.3 6.7 10.7 7.7 9.2 5.8 5.5 Imports of goods 2.9 3.8 5.1 7.0 11.1 8.5 9.9 5.8 5.6 Imports of services -2.3 6.1 0.1 4.7 8.6 3.0 5.4 5.7 5.0 Current account balance3, in EUR million 1,204 1,924 1,482 1,942 2,635 2,593 2,348 2,398 2,289 As a per cent share relative to GDP 3.3 5.1 3.8 4.8 6.1 5.7 4.9 4.7 4.3 Gross external debt, in EUR million 41,143 46,779 46,148 44,293 43,191 42,100 44,495* As a per cent share relative to GDP 112.9 124.3 118.8 109.7 100.5 92.0 Ratio of USD to EUR 1.328 1.329 1.110 1.107 1.129 1.181 1.123 1.115 1.115 DOMESTIC DEMAND Private consumption (real growth rates, in %) -3.9 1.6 2.0 4.4 2.3 3.4 3.4 2.7 2.2 As a % of GDP 56.1 55.0 54.0 53.9 52.7 52.3 52.4 52.2 51.8 Government consumption (real growth rates, in %) -2.0 -0.2 2.3 2.5 0.3 3.2 2.2 1.7 1.4 As a % of GDP 19.6 18.9 18.8 19.1 18.4 18.3 18.5 18.5 18.6 Gross fixed capital formation (real growth rates, in %) 3.4 -0.1 -1.2 -3.7 10.4 9.4 6.8 6.8 7.0 As a % of GDP 19.6 19.1 18.7 17.4 18.3 19.2 19.9 20.7 21.6 Sources: SURS, BoS, Eurostat, calculations and forecasts by IMAD (Autumn Forecast 2019). Notes: 1 Measured in purchasing power standard; 2 Consumer price index; 3 Balance of payments statistics; * End October 2019. 22 Statistical Appendix Slovenian Economic Mirror, No 1/2020 Production 2016 2017 2018 2017 2018 2019 2017 2018 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 12 1 2 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 7.1 7.7 4.9 7.8 9.8 7.8 5.6 3.5 2.5 3.1 4.0 3.7 9.8 6.0 11.9 8.1 B Mining and quarrying 1.7 2.6 -1.0 3.0 -10.6 -16.9 6.6 6.5 0.3 9.0 -1.2 -10.5 -3.0 -8.3 -7.2 -18.8 C Manufacturing 8.2 8.3 5.3 8.4 10.8 8.6 6.0 3.8 2.9 3.4 4.2 4.5 10.8 6.9 13.7 8.7 D Electricity, gas & steam supply1 -3.4 1.9 1.1 1.3 2.7 4.1 0.7 0.4 -1.0 -0.3 2.2 -3.2 1.5 -1.9 -0.9 5.8 CONSTRUCTION2, real indices of construction put in place, y-o-y growth rates, % Construction, total -17.7 17.7 19.8 8.3 26.0 18.6 17.1 28.8 14.9 23.1 8.6 -5.4 26.0 20.0 77.2 6.6 Buildings 2.4 27.6 16.8 9.4 30.7 25.5 16.5 28.5 2.4 18.7 5.9 -9.3 30.4 17.7 65.5 19.7 Civil engineering -24.8 14.4 21.1 8.3 25.0 13.3 17.8 29.4 20.5 24.1 10.0 -3.5 23.8 24.9 79.4 -1.0 MARKET SERVICES, year-on-year growth rates, % Services, total 5.0 8.2 8.2 8.2 10.1 7.3 8.5 8.8 8.2 7.4 5.3 6.3 10.3 8.6 11.2 5.3 Transportation and storage 3.6 10.8 9.3 10.9 11.4 8.6 10.1 9.6 9.0 8.3 5.8 3.9 12.4 6.5 13.5 6.3 Information and communication activities 3.5 5.8 3.9 4.5 7.2 6.1 1.0 4.2 4.6 4.8 5.8 3.4 6.5 6.7 5.2 4.7 Professional, scientific and technical activities -0.8 3.7 16.1 1.2 7.8 10.9 18.5 16.5 17.3 11.2 2.9 16.2 3.9 11.6 15.5 9.5 Administrative and support service activities 7.7 12.2 7.3 9.2 15.6 8.5 11.2 7.9 2.0 2.5 4.5 6.8 22.6 10.1 12.7 9.6 DISTRIBUTIVE TRADES, y-o-y growth rates, % Total real turnover* 6.7 8.5 8.1 8.3 11.7 3.9 7.8 8.3 11.7 10.1 5.2 4.5 8.7 0.9 5.7 2.5 Real turnover in retail trade 4.4 7.4 4.6 4.2 11.9 -0.9 2.5 4.2 11.9 9.1 6.7 4.1 6.2 -1.6 -1.0 -2.2 Real turnover in the sale and maintenance of motor vehicles 21.8 14.1 11.6 15.8 3.3 12.3 15.9 15.8 3.3 9.0 2.7 0.0 16.1 6.3 14.2 12.0 Nominal turnover in wholesale trade & commission trade 3.5 6.9 9.3 9.2 14.6 4.1 8.8 9.2 14.6 11.2 5.1 6.6 7.3 0.1 7.2 2.3 TOURISM, y-o-y growth rates, % Total, overnight stays 8.5 12.3 10.5 12.8 8.5 2.4 10.7 11.8 14.4 3.1 4.4 -0.1 7.7 11.3 6.0 -0.7 Domestic tourists, overnight stays 3.3 5.0 -0.1 3.3 6.4 -2.9 3.2 -1.8 2.4 4.4 -3.8 -5.1 0.3 3.5 11.1 -3.9 Foreign tourists, overnight stays 11.5 16.1 15.4 16.6 9.8 6.4 14.0 16.7 21.7 2.2 7.5 1.4 13.6 16.9 3.2 2.5 Accommodation and food service activities 11.0 CO 9 7.1 9.2 6.4 6.5 6.7 8.0 6.7 10.1 7.5 7.1 7.2 5.7 10.8 3.7 AGRICULTURE Purchase of agricultural products, in EUR m 465.7 518.7 524.8 135.2 155.0 110.9 122.0 140.9 151.0 118.5 127.0 145.6 48.4 49.0 37.2 34.0 BUSSINES TENDENCY (indicator values**) Sentiment indicator 5.5 12.5 11.9 12.1 15.7 14.0 12.9 9.7 10.8 10.0 6.5 5.8 16.1 15.8 15.8 14.3 Confidence indicator in manufacturing 6 10 8 9 13 12 8 4 8 4 0 0 13 13 13 13 in construction 19 25 25 18 18 24 25 25 25 24 21 20 29 28 24 24 in services -10 12 22 24 28 22 25 21 19 17 12 9 13 20 22 22 in retail trade 19 21 14 22 26 18 12 13 14 23 19 20 30 22 32 18 consumer confidence indicator -14 -4 -2 -4 0 0 1 -5 -6 -5 -6 -8 -1 1 2 0 Source: SURS. Notes: 1 Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data. Slovenian Economic Mirror, No 1/2020 Statistical Appendix 23 2018 2019 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 4.3 10.0 6.4 1.2 8.1 5.3 -2.1 7.2 2.7 -3.1 5.6 3.5 0.5 11.2 3.4 -2.2 7.8 -2.0 4.5 2.4 - - -23.6 6.2 6.5 7.1 4.8 15.3 0.3 19.1 -7.0 -15.9 -7.5 13.4 22.1 5.6 -0.7 -8.3 -7.2 -14.9 -9.3 -9.9 - - 4.5 10.8 6.9 1.1 8.7 5.6 -2.1 7.7 2.7 -2.5 5.3 4.2 1.0 12.3 3.5 -2.6 8.8 -1.6 5.4 3.3 - - 7.8 0.8 0.3 0.9 1.5 2.0 -2.2 -0.4 3.6 -5.9 10.2 -3.5 -7.5 -0.3 2.8 4.1 -0.4 -4.9 -4.3 -6.7 - - -2.0 12.7 30.7 9.8 25.8 34.0 26.9 18.5 19.5 4.3 2.9 39.0 29.1 9.7 11.2 5.1 -0.3 -7.8 -7.9 -4.0 - - 3.9 13.1 29.3 8.5 27.7 29.6 28.5 7.0 6.4 -7.5 -4.0 44.9 20.7 6.7 5.7 5.3 -15.1 1.5 -13.3 -4.2 - - -5.5 12.5 31.5 11.2 25.1 36.5 26.8 23.6 25.4 9.6 5.8 32.9 32.7 11.0 13.8 5.5 7.2 -11.6 -5.2 -3.4 - - 5.7 9.9 8.4 7.3 9.0 10.0 7.3 11.6 7.7 5.7 7.0 10.3 5.3 9.9 4.1 2.2 9.1 4.3 5.6 2.3 - - 6.5 11.8 8.0 10.7 12.3 8.7 7.8 13.8 9.3 3.6 8.6 12.6 4.5 12.8 5.0 0.2 8.4 2.4 0.8 -1.3 - - 8.1 2.2 2.6 -1.6 7.0 4.2 1.6 6.1 3.5 4.3 8.2 3.8 2.6 8.2 7.5 1.9 2.3 4.2 3.7 2.3 - - 8.5 23.0 19.4 13.8 11.5 24.1 14.7 22.0 16.7 14.2 8.0 13.4 12.2 8.2 -1.9 2.9 25.2 8.6 15.2 6.4 - - 4.1 8.7 13.6 11.3 8.1 11.4 4.3 4.7 -2.73 3.99 0.85 4.01 2.60 7.05 3.5 3.3 7.5 4.7 8.4 5.3 - - 3.6 8.3 8.9 6.4 10.9 7.6 6.5 16.0 9.2 9.9 10.4 14.3 6.3 11.9 4.2 0.0 7.5 0.6 5.2 -1.0 - - 0.3 -0.3 4.8 2.9 3.0 4.3 5.2 15.9 8.9 11.0 9.8 12.9 5.2 14.7 4.7 1.4 7.5 2.9 1.8 -4.8 - - 11.1 19.2 16.8 12.0 27.4 18.5 2.3 5.3 3.1 1.4 9.8 13.0 5.3 6.7 5.5 -4.0 0.1 -10.5 10.6 3.8 - - 3.1 10.8 8.8 7.1 11.8 7.0 8.9 20.1 11.8 11.9 11.2 15.9 7.4 12.0 3.3 0.7 10.6 2.5 6.1 0.4 - - 2.0 5.4 20.2 7.6 11.5 10.3 15.4 13.1 17.0 13.9 -2.1 10.7 0.9 8.6 -4.4 8.5 0.9 1.2 -4.0 2.0 - - -12.2 7.5 0.5 2.2 -3.4 -2.4 2.1 -1.3 5.5 3.8 -8.8 12.7 6.9 -14.4 4.0 -1.6 -7.6 -2.7 -5.2 5.2 - - 13.0 4.5 28.4 9.9 17.1 14.6 20.1 20.8 24.9 20.2 2.0 8.8 -2.7 19.2 -7.2 12.5 3.6 2.3 -3.7 0.6 - - 5.2 6.7 8.5 5.2 6.3 8.4 9.6 5.3 7.9 7.0 5.0 15.8 10.0 7.7 4.4 10.2 6.2 7.2 7.0 9.9 - - 39.7 39.6 41.5 40.9 42.9 42.2 55.8 59.3 45.3 46.4 39.8 36.7 42.0 42.9 42.8 41.3 52.3 42.1 51.3 56.9 - - 12.0 13.2 12.2 13.3 10.5 10.6 8.1 11.5 9.9 11.0 12.2 9.0 8.8 6.7 7.6 5.3 6.7 5.9 4.7 4.0 2.2 3.0 10 9 8 8 5 6 2 10 7 6 7 2 3 0 3 -4 0 0 -1 -1 -3 -3 23 25 26 24 24 25 25 24 23 27 25 25 23 23 20 20 21 19 20 19 20 18 23 25 25 26 23 22 17 19 23 16 17 17 16 12 12 13 9 9 9 6 6 7 5 12 2 23 11 11 16 18 9 15 27 17 24 14 26 18 18 23 19 18 4 20 -1 1 0 1 -2 -4 -9 -7 -6 -4 -3 -5 -6 -7 -6 -5 -5 -7 -11 -13 -15 -14 24 Statistical Appendix Slovenian Economic Mirror, No 1/2020 Labour market 2016 2017 2018 2017 2018 2019 2017 2018 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 FORMAL LABOUR FORCE (A=B+E) 920.4 934.1 951.2 932.5 942.0 943.1 948.8 949.2 963.9 965.3 967.8 965.6 941.4 943.4 941.3 942.3 PERSONS IN FORMAL EMPLOYMENT (B=C+D)' 817.2 845.5 872.8 849.3 858.5 858.1 872.0 874.0 886.9 885.3 895.5 894.6 858.4 861.0 856.2 854.4 In agriculture, forestry, fishing 23.1 25.0 26.3 25.2 25.2 24.7 27.2 25.2 27.9 25.6 25.4 23.8 25.3 25.3 25.1 24.7 In industry, construction 260.3 269.1 280.9 271.9 274.8 273.7 279.6 283.0 287.1 287.5 292.7 292.7 275.2 276.3 272.9 272.0 - in manufacturing 186.7 193.9 202.6 195.0 198.0 199.3 201.6 203.2 206.4 207.4 208.5 207.6 197.6 198.3 198.1 198.4 - in construction 53.9 55.7 58.4 57.2 57.2 54.9 58.1 59.8 60.7 60.4 64.2 65.1 58.0 58.4 55.3 54.2 In services 533.8 551.3 565.7 552.3 558.5 559.7 565.2 565.8 571.9 572.2 577.5 578.0 557.9 559.4 558.2 557.7 - in public administration 48.4 48.8 49.0 49.0 49.0 48.8 49.1 49.1 49.0 48.7 48.9 49.0 49.1 49.0 48.8 48.7 - in education, health-services and social work 127.7 131.6 135.0 130.8 133.5 134.3 135.0 133.9 136.7 137.0 137.8 137.0 133.2 133.7 133.7 134.0 FORMALLY EMPLOYED (C)1 730.5 755.3 780.2 758.9 767.4 767.5 778.9 782.5 792.0 792.7 803.0 803.3 767.3 769.7 765.1 763.8 In enterprises and organisations 680.2 704.3 729.3 707.3 716.2 718.1 727.7 730.9 740.3 741.6 749.7 750.0 715.5 718.1 715.1 714.8 By those self-employed 50.3 51.0 50.9 51.6 51.2 49.4 51.2 51.5 51.7 51.1 53.2 53.4 51.8 51.6 50.0 49.0 SELF-EMPLOYED AND FARMERS (D) 86.7 90.2 92.6 90.4 91.2 90.6 93.2 91.5 94.9 92.6 92.6 91.2 91.1 91.3 91.1 90.6 REGISTERED UNEMPLOYMENT (E) 103.2 88.6 78.5 83.2 83.5 84.9 76.7 75.3 77.0 80.0 72.2 71.1 83.0 82.4 85.1 87.9 Female 52.4 45.4 39.9 43.7 42.9 42.1 39.3 38.9 39.2 39.6 36.8 36.6 43.4 42.8 42.5 43.1 By age: 15 to 29 22.5 17.5 15.1 15.2 17.1 16.4 14.1 13.7 16.1 15.5 13.1 12.6 17.3 16.9 17.0 17.2 Aged over 50 36.5 34.3 31.5 33.2 32.7 33.8 31.7 30.5 29.9 31.5 29.6 29.0 32.4 32.4 33.2 34.5 Primary education or less 30.2 26.7 24.3 24.6 25.2 26.6 23.7 23.0 24.0 25.8 22.8 22.1 24.5 24.6 26.4 27.7 For more than 1 year 55.1 47.0 40.6 45.2 43.7 42.9 40.8 39.5 39.1 39.2 38.3 37.9 44.2 43.7 43.3 43.7 Those receiving benefits 23.1 21.5 20.0 19.8 20.2 24.4 18.7 18.3 18.5 23.5 17.4 17.9 19.0 19.2 22.2 25.7 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 11.2 9.5 8.3 CO 9 9 9.0 8.1 7.9 8.0 8.3 7.5 7.4 8.8 8.7 9.0 9.3 Male 10.2 8.5 7.5 7.8 7.9 8.4 7.3 7.0 7.2 7.7 6.7 6.5 7.8 7.7 8.3 8.8 Female 12.4 10.6 9.2 10.2 9.9 9.7 9.0 9.0 8.9 9.0 8.4 8.4 10.1 9.9 9.9 10.0 FLOWS OF FORMAL LABOUR FORCE -13.5 -14.6 -6.5 -3.8 4.1 -3.8 -6.2 -1.2 4.8 -0.7 -1.9 -0.3 2.0 -0.6 2.6 2.9 New unemployed first-job seekers 14.2 12.3 11.4 2.3 5.7 2.1 1.6 2.1 5.6 0.6 0.4 0.6 4.0 1.0 0.7 0.9 Redundancies 75.7 70.0 65.1 15.5 18.6 19.5 13.4 14.9 17.4 6.5 4.1 4.8 5.6 5.4 7.6 10.3 Registered unemployed who found employment 74.9 68.6 61.5 14.3 13.6 20.0 16.4 12.7 12.4 6.2 4.8 3.9 5.1 4.8 3.7 6.2 Other outflows from unemployment (net) 28.6 28.3 21.6 7.3 6.7 5.4 4.8 5.5 5.8 1.7 1.7 1.8 2.6 2.2 1.9 2.2 FIXED TERM WORK PERMITS FOR FOREIGNERS 19.2 18.0 24.0 18.4 19.4 21.0 23.6 24.2 27.0 29.6 32.3 34.2 18.6 19.8 19.8 20.2 As % of labour force 2.1 1.9 2.5 2.0 2.1 2.2 2.5 2.5 2.8 3.1 3.3 3.5 2.0 2.1 2.1 2.1 Sources: SURS, PDII, ESS. Notes: 1 In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterly figure for farmers from the Labour Force Survey. Slovenian Economic Mirror, No 1/2020 Statistical Appendix 25 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 942.5 944.4 947.9 949.0 949.6 947.7 948.4 951.7 961.9 964.1 965.7 964.0 965.4 966.5 967.2 968.1 968.0 965.6 964.7 966.6 973.7 856.8 863.2 869.3 872.3 874.6 871.6 872.4 877.9 885.7 888.0 887.2 881.2 884.7 890.0 893.2 896.1 897.2 893.8 893.2 896.8 901.3 24.5 24.9 27.2 27.2 27.2 25.3 25.2 25.2 27.9 27.9 27.9 25.5 25.5 25.7 25.4 25.4 25.4 23.8 23.8 23.8 24.8 272.7 276.4 278.3 279.6 281.1 281.8 282.7 284.5 286.5 287.3 287.5 285.5 287.0 290.0 292.0 292.9 293.2 292.9 292.4 292.9 293.8 199.0 200.4 200.9 201.6 202.4 202.5 203.1 204.1 205.6 206.3 207.4 206.9 207.3 207.8 208.5 208.5 208.5 207.6 207.4 207.7 208.3 54.2 56.3 57.4 58.1 58.8 59.4 59.7 60.4 60.9 61.0 60.3 58.9 59.9 62.3 63.5 64.3 64.7 65.2 65.0 65.1 65.6 559.5 561.9 563.9 565.5 566.3 564.6 564.6 568.2 571.3 572.7 571.8 570.2 572.2 574.4 575.8 577.9 578.7 577.1 577.0 580.0 582.7 48.8 48.9 49.0 49.2 49.2 49.0 49.1 49.1 49.0 49.1 48.9 48.7 48.8 48.8 48.6 49.1 49.0 49.0 49.0 49.1 49.2 134.2 134.6 134.9 135.0 135.1 133.3 133.1 135.4 136.3 136.9 136.8 136.5 137.0 137.4 137.7 137.9 137.8 136.5 136.3 138.2 139.1 766.3 772.3 776.2 779.0 781.4 780.3 781.0 786.1 790.9 792.9 792.3 788.7 792.1 797.3 800.7 803.5 804.6 802.7 802.0 805.3 808.4 717.3 722.2 725.3 727.8 730.0 728.8 729.6 734.4 738.9 740.8 741.2 738.3 741.3 745.2 747.8 750.3 751.2 749.4 748.7 751.9 754.7 49.0 50.1 50.9 51.2 51.4 51.5 51.4 51.7 52.1 52.1 51.1 50.4 50.7 52.1 53.0 53.3 53.4 53.4 53.3 53.5 53.7 90.5 90.9 93.1 93.2 93.2 91.3 91.5 91.8 94.8 95.1 94.9 92.5 92.6 92.7 92.5 92.6 92.6 91.0 91.2 91.4 92.9 85.7 81.2 78.6 76.7 75.0 76.1 75.9 73.8 76.2 76.1 78.5 82.8 80.8 76.5 74.0 72.0 70.7 71.9 71.5 69.8 72.4 42.1 41.0 40.2 39.3 38.4 39.4 39.5 37.9 39.3 39.1 39.1 40.4 39.7 38.6 37.7 36.7 36.1 37.1 37.1 35.7 36.9 16.4 15.5 14.7 14.0 13.4 13.8 13.8 13.5 16.3 15.9 15.9 16.2 15.7 14.5 13.7 13.1 12.6 12.8 12.6 12.4 15.1 34.0 32.8 32.2 31.7 31.1 31.0 30.6 29.9 29.7 29.6 30.5 32.3 31.7 30.6 30.0 29.6 29.3 29.3 29.1 28.6 28.4 27.0 25.2 24.2 23.7 23.2 23.1 23.0 23.0 23.3 23.6 25.1 26.8 26.2 24.4 23.4 22.8 22.3 22.3 22.1 22.1 22.4 42.9 42.2 41.5 41.0 40.1 39.9 39.6 39.1 39.3 39.2 39.0 39.7 39.1 38.7 38.4 38.4 38.0 38.0 37.8 37.9 37.6 24.6 23.0 19.3 18.6 18.1 18.0 18.9 17.9 17.0 18.2 20.5 24.8 23.8 21.8 17.3 17.7 17.1 17.5 18.4 17.9 18.2 9.1 8.6 8.3 8.1 7.9 8.0 8.0 7.8 7.9 7.9 8.1 8.6 8.4 7.9 7.6 7.4 7.3 7.4 7.4 7.2 7.4 8.5 7.9 7.5 7.3 7.1 7.1 7.1 6.9 7.1 7.0 7.5 8.1 7.8 7.2 6.9 6.7 6.5 6.6 6.5 6.5 6.7 9.7 9.5 9.2 9.0 8.8 9.1 9.1 8.8 9.0 8.9 8.9 9.2 9.0 8.8 8.6 8.4 8.2 8.5 8.5 8.1 8.3 -2.2 -4.5 -2.7 -1.9 -1.7 1.1 -0.1 -2.1 2.5 -0.1 2.4 4.3 -2.0 -4.2 -2.6 -2.0 -1.3 1.1 -0.3 -1.7 2.6 0.6 0.6 0.6 0.6 0.5 0.4 0.5 1.1 4.1 1.0 0.6 0.8 0.5 0.6 0.4 0.4 0.4 0.4 0.3 1.0 3.6 4.6 4.6 4.7 4.5 4.2 6.0 4.2 4.6 5.5 5.2 6.7 10.6 4.6 4.5 4.5 4.1 3.8 5.8 3.9 4.8 5.9 5.6 8.2 6.5 5.3 4.6 3.6 3.2 5.9 4.8 4.4 3.3 5.3 5.6 7.6 5.9 4.7 3.8 3.3 2.9 5.4 4.6 1.7 1.5 1.4 1.6 1.8 1.8 1.7 2.0 2.3 1.9 1.6 1.8 1.6 1.7 1.6 1.7 1.6 1.8 1.6 2.0 2.3 21.1 21.8 22.5 23.6 24.6 23.3 24.2 25.1 26.2 27.1 27.9 28.6 29.5 30.6 31.6 32.3 32.9 33.5 34.1 35.0 35.4 2.2 2.3 2.4 2.5 2.6 2.5 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.2 3.3 3.3 3.4 3.5 3.5 3.6 3.6 2018 2019 26 Statistical Appendix Slovenian Economic Mirror, No 1/2020 Wages in EUR 2016 2017 2018 2017 2018 2019 2018 J Q3 18 J Oct 19 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 GROSS WAGE PER EMPLOYEE, nominal in € y-o-y growth rates, % TOTAL 1,682 1,725 1,742 1.8 2.7 3.4 2.8 3.9 3.6 3.6 3.0 3.3 4.6 3.9 4.5 Private sector activities (A-N; R-S) 1,627 1,652 1,671 1.3 2.7 3.8 2.6 4.1 3.8 4.0 3.4 4.1 4.0 3.2 4.0 Public service activities (OPQ) 1,857 1,967 1,975 3.3 2.8 2.4 3.6 3.5 3.2 3.0 2.2 1.3 6.4 6.1 6.0 Industry (B-E) 1,697 1,713 1,739 1.9 3.2 3.8 2.6 4.8 4.0 4.0 3.8 3.5 3.5 3.2 3.9 Trad. market services (GHI) 1,489 1,509 1,521 0.9 2.7 4.0 2.8 4.0 3.7 4.3 3.5 4.5 4.3 3.1 3.8 Other market services (J-N; R-S) 1,794 1,849 1,862 0.7 2.1 3.9 2.5 3.5 3.8 3.9 2.7 5.1 5.7 4.4 5.4 A Agriculture, forestry and fishing 1,381 1,422 1,511 -0.4 0.2 5.3 -1.2 1.5 1.1 5.6 6.0 7.8 5.4 3.0 3.8 B Mining and quarrying 2,239 2,227 2,294 2.7 1.2 7.6 0.5 -2.8 12.6 4.7 3.9 9.1 -3.0 -1.8 2.6 C Manufacturing 1,659 1,676 1,700 2.1 3.2 3.9 2.8 5.0 4.2 4.1 4.1 3.5 3.6 3.5 3.9 D Electricity, gas, steam and air conditioning supply 2,519 2,544 2,572 1.3 4.3 2.9 3.6 6.2 1.5 6.5 1.3 2.2 4.6 2.4 4.7 E Water supply sewerage, waste management and remediation activities 1,624 1,647 1,687 1.9 3.5 3.0 1.4 4.2 2.2 1.4 3.7 4.5 3.7 2.0 3.9 F Constrution 1,290 1,322 1,348 1.3 2.7 4.2 2.3 4.4 4.8 4.3 4.0 3.9 2.0 1.6 2.8 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,548 1,571 1,585 1.6 3.3 4.2 3.4 4.5 4.2 4.7 3.6 4.4 4.9 3.2 4.5 H Transportation and storage 1,542 1,537 1,548 -0.5 1.7 3.3 1.5 3.1 2.4 3.1 2.9 4.6 2.7 2.3 2.0 I Accommodation and food service activities 1,170 1,224 1,225 1.4 2.8 4.9 3.3 3.8 4.4 5.2 4.9 5.1 5.2 4.6 4.3 J Information and communication 2,245 2,336 2,344 0.6 2.4 4.1 3.1 3.2 1.8 3.6 4.4 6.3 6.8 5.9 4.6 K Financial and insurance activities 2,480 2,483 2,463 1.5 3.2 4.8 2.8 5.3 6.3 5.8 2.1 4.8 6.0 2.8 5.3 L Real estate activities 1,530 1,580 1,598 0.7 1.8 0.9 2.5 0.6 1.1 0.1 0.2 2.3 3.7 5.8 5.4 M Professional, scientific and technical activities 1,883 1,946 1,964 0.7 3.9 4.2 4.9 5.8 5.7 4.2 2.8 4.1 4.3 4.1 5.0 N Administrative and support service activities 1,143 1,191 1,203 3.4 2.5 5.8 2.3 4.2 5.7 5.6 4.9 7.0 6.1 4.4 6.1 O Public administration and defence, compulsory social security 2,010 2,215 2,178 4.7 4.0 3.2 6.0 4.0 4.0 2.6 2.9 3.4 9.5 9.4 8.6 P Education 1,732 1,808 1,834 2.5 1.7 0.9 2.3 1.2 1.3 0.9 0.5 0.8 5.3 5.4 5.3 Q Human health and social work activities 1,877 1,951 1,974 3.1 3.1 3.4 3.2 5.9 4.6 5.6 3.5 0.1 5.0 4.1 4.5 R Arts, entertainment and recreation 1,706 1,739 1,762 2.7 1.7 1.7 3.1 0.1 1.0 2.4 0.5 2.8 5.1 2.7 3.8 S Other service activities 1,363 1,413 1,434 -0.8 0.9 1.2 1.3 1.7 1.3 0.1 1.3 2.3 4.5 3.2 4.5 Source: SURS, calculations by IMAD. Slovenian Economic Mirror, No 1/2020 Statistical Appendix 27 2018 2019 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 3.6 2.9 4.6 3.1 3.2 3.6 3.5 1.8 3.4 3.2 3.4 4.2 4.7 4.9 4.0 3.9 3.9 5.2 3.4 4.9 3.9 3.9 3.1 5.4 3.2 3.4 3.9 3.6 2.5 4.6 3.9 3.9 3.6 4.2 4.4 3.4 3.3 2.9 5.0 2.7 4.4 2.9 3.0 2.7 2.8 3.0 3.1 3.2 3.2 0.2 0.5 1.1 2.3 6.3 6.3 6.6 5.8 5.8 6.7 6.2 5.4 6.3 6.7 4.1 2.1 5.5 3.2 3.3 5.0 4.2 2.2 4.7 4.0 1.8 3.3 4.4 2.9 4.2 3.2 2.3 4.9 2.2 4.5 3.0 4.4 3.3 6.3 3.1 3.5 3.9 3.4 3.3 4.5 3.0 6.0 4.5 3.9 4.6 2.4 3.1 3.8 4.4 3.0 3.8 2.5 3.0 4.7 4.6 3.3 3.8 2.3 3.7 2.2 4.8 5.2 5.2 4.4 5.5 7.3 4.3 4.9 4.0 6.8 3.9 5.7 3.9 1.9 -2.9 6.9 5.7 4.3 6.8 4.1 7.0 8.5 7.5 7.4 6.0 5.4 4.8 3.8 2.7 2.6 5.4 2.3 3.6 5.8 2.7 6.5 6.7 10.9 -2.8 4.0 5.5 2.2 8.3 7.3 11.8 -11.9 3.6 1.5 -2.0 -1.7 -1.8 5.8 -2.5 4.6 3.8 4.5 2.4 5.6 3.5 3.1 5.2 4.5 2.5 4.6 4.1 2.0 3.5 4.7 2.8 4.6 3.5 2.4 5.0 2.3 4.5 3.0 -0.5 0.6 5.0 0.7 14.0 3.1 1.9 -1.2 7.5 3.3 -3.2 4.2 2.7 6.9 4.1 1.4 2.0 5.2 3.9 5.0 2.9 4.6 -0.1 3.5 2.8 -1.9 4.9 3.7 2.6 5.4 4.8 3.4 6.2 2.4 2.3 0.6 2.7 2.9 5.2 2.2 4.3 3.0 5.8 2.2 6.8 3.5 2.7 5.1 2.6 4.2 4.8 3.7 3.2 1.0 2.1 3.0 2.2 1.0 1.6 3.1 2.3 3.0 2.4 5.0 3.7 7.3 3.7 3.0 4.0 3.4 3.4 4.3 4.3 4.6 5.0 4.5 5.3 2.0 3.4 4.1 4.4 3.9 5.1 3.3 3.3 2.3 4.5 1.2 3.7 3.4 2.8 2.4 4.4 0.2 9.1 3.2 2.6 2.4 2.8 1.8 2.4 4.1 1.1 0.8 -0.2 4.2 4.5 5.6 4.5 5.4 4.7 5.1 4.8 5.5 3.3 6.4 4.8 4.7 6.0 3.7 4.8 5.3 5.0 3.3 4.7 4.5 3.9 -0.6 5.0 3.3 2.7 5.5 5.5 2.2 8.1 3.8 7.1 5.0 6.4 8.8 5.9 6.0 5.9 4.3 3.3 6.4 2.9 -0.7 14.7 5.1 4.4 8.0 2.7 0.8 2.8 4.4 5.0 4.8 0.6 3.8 12.5 0.6 5.9 1.8 5.9 3.5 6.7 2.0 1.2 1.1 0.5 -1.0 0.8 1.0 -1.3 0.8 2.1 2.5 2.5 4.1 3.8 3.3 6.5 4.8 6.2 5.3 5.6 5.4 5.8 5.8 4.3 5.9 4.4 2.3 3.6 3.3 1.4 3.2 4.6 4.4 4.4 5.0 3.5 5.6 2.9 3.7 5.4 4.5 5.1 5.2 7.2 6.0 6.6 4.5 5.6 1.2 8.3 5.6 6.5 9.0 5.6 7.4 5.2 5.7 5.7 3.9 3.7 11.1 3.2 4.1 4.0 3.5 3.5 2.5 2.5 2.9 4.0 3.6 1.0 2.9 2.3 4.9 10.1 9.4 8.9 9.1 9.3 9.6 10.3 7.4 8.0 8.0 1.4 0.9 1.3 0.9 0.7 1.6 1.4 -1.3 0.5 0.5 1.2 5.0 5.2 5.8 5.6 5.3 5.4 5.1 5.0 5.8 6.0 4.7 4.3 4.9 5.8 6.2 4.5 4.9 1.1 -1.6 0.6 1.3 4.4 4.8 5.6 3.4 3.5 5.6 3.8 4.4 5.4 6.3 1.2 0.0 1.3 2.7 3.2 1.3 1.8 -1.5 2.1 1.3 4.9 4.1 5.0 6.3 -1.3 5.1 4.6 3.8 3.7 3.7 3.0 1.1 1.1 1.0 -0.8 0.1 1.6 2.2 0.0 2.0 2.5 2.4 4.4 5.0 4.1 2.1 3.1 4.4 4.2 3.9 5.4 4.1 28 Statistical Appendix Slovenian Economic Mirror, No 1/2020 Prices and indicators of overall competitiveness 2017 2018 2019 2017 2018 2019 2017 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12 1 2 3 CPI, y-o-y growth rates, % 1.7 1.4 1.8 1.3 1.3 1.9 1.9 1.9 1.3 1.6 2.0 1.5 1.7 1.5 1.2 1.2 Food, non-alcoholic beverages 2.9 0.6 3.3 2.4 3.0 3.5 2.6 1.7 0.4 1.1 2.5 2.4 2.9 2.9 2.4 3.6 Alcoholic beverages, tobacco 3.0 0.4 1.9 3.0 2.6 2.5 1.1 0.8 0.4 0.4 1.6 1.6 3.0 3.6 2.1 2.2 Clothing and footwear 1.3 0.3 0.5 -1.0 0.1 -1.6 -1.3 -0.2 0.7 0.5 3.6 0.5 1.3 0.1 1.5 -1.2 Housing, water, electricity, gas 3.6 4.7 2.7 3.1 3.1 3.3 4.3 5.4 4.2 5.3 4.5 2.6 3.6 3.8 2.9 2.5 Furnishing, household equipm. 0.4 0.9 0.4 0.2 0.2 1.5 0.6 0.9 0.9 1.0 1.9 0.9 0.4 0.7 -0.2 0.2 Medical, pharmaceutical produ. 0.2 1.3 1.4 0.3 1.0 1.7 1.3 1.1 1.7 2.0 1.3 1.5 0.2 0.5 0.6 2.0 Transport 1.6 -0.7 0.1 1.2 -0.2 0.8 1.9 0.6 -1.3 0.1 -1.3 -0.8 1.6 0.0 0.2 -0.7 Communications -2.3 3.3 -0.4 -1.8 -1.6 0.2 0.8 2.0 3.0 0.0 -0.2 0.4 -2.3 -1.3 -2.5 -1.0 Recreation and culture 0.8 1.9 0.6 0.4 -0.6 1.8 1.2 2.5 2.4 1.3 2.1 0.5 0.8 -0.5 -0.3 -1.0 Education 3.7 1.7 5.6 3.8 3.9 4.1 4.4 1.8 2.2 3.5 4.2 5.6 3.7 4.0 3.9 3.9 Catering services 1.6 2.4 3.2 1.6 2.6 2.5 2.7 2.6 2.8 3.3 3.0 3.0 1.6 2.7 2.5 2.5 Miscellaneous goods & services 1.3 1.7 4.4 1.2 1.5 1.9 1.8 1.7 1.3 2.1 2.4 4.1 1.3 1.7 1.4 1.4 HICP 1.9 1.4 2.0 1.5 1.5 2.1 2.1 1.9 1.4 1.8 2.0 1.6 1.9 1.7 1.4 1.5 Core inflation (excluding fresh food and energy) 0.9 1.2 1.6 0.6 0.6 0.9 0.8 1.0 1.5 1.5 2.1 1.7 0.9 0.9 0.5 0.4 PRODUCER PRICE INDICES, y-o-y growth rates, % Total 2.2 1.4 2.3 2.2 2.1 2.4 1.6 1.1 0.9 0.3 2.2 2.2 2.1 2.2 Domestic market 1.8 1.2 1.9 2.1 2.0 2.2 1.4 1.5 2.1 1.9 1.8 1.8 2.1 2.5 Non-domestic market 2.6 1.6 2.7 2.2 2.2 2.6 1.8 0.9 -0.3 -1.4 2.6 2.7 2.0 1.9 Euro area 2.3 1.6 2.2 2.1 2.4 2.9 1.9 1.2 -0.3 -1.6 2.3 2.3 2.1 1.9 Non-euro area 3.6 1.7 4.0 2.5 1.6 2.1 1.7 0.0 -0.3 -0.7 3.6 3.6 2.0 2.1 mport price indices 1.6 1.7 2.4 0.5 2.4 4.3 2.8 1.4 0.2 -1.9 1.6 0.6 0.4 0.4 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate2, nominal 0.5 0.7 1.2 1.6 0.9 0.3 0.1 -0.5 -0.1 -0.3 1.3 1.4 1.8 1.7 Real (deflator HICP) 0.4 0.8 1.0 1.6 1.2 0.3 0.1 -0.7 -0.1 0.2 1.6 1.6 1.7 1.6 Real (deflator ULC) 0.0 1.0 0.6 2.2 1.2 -0.3 1.0 0.2 1.8 1.6 USD/EUR 1.1293 1.1815 1.1777 1.2294 1.1922 1.1631 1.1412 1.1357 1.1239 1.1116 1.1836 1.2200 1.2348 1.2336 Sources: SURS, ECB; calculations by IMAD. Notes: 1 Source for effective exchange rate series ECB; 2 Harmonised effective exchange rate - a group of 18 EU Member States and 18 euro area countries; an increase in value indicates appreciation of the national currency and vice versa. Slovenian Economic Mirror, No 1/2020 Statistical Appendix 29 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1.5 2.0 2.1 1.9 1.8 2 2.2 2 1.4 1.1 1.2 1.6 1.7 1.4 1.8 2 2.3 1.7 1.4 1.4 1.8 3.7 3.4 3.3 2.5 2.8 2.5 2.7 1.9 0.6 0.8 0.4 0.1 0.5 0.7 2.2 2.9 2.9 1.7 1.5 2.4 3.3 2.2 2.7 2.5 1.2 0.9 1.1 1.2 0.9 0.4 0.8 0.3 0.1 0.2 -0.2 1.1 1.6 1.7 1.6 1.4 1.6 1.9 -1.7 -1.4 -1.8 -1.8 -1.1 -1 0.1 -1 0.3 0.5 -0.5 2.1 -0.2 0.1 1.5 3.2 5.2 2.3 0.6 0.5 0.5 3.2 3.3 3.4 4 3.8 5.2 5.9 5.5 4.7 3.5 3.9 5.1 5.1 5.6 5.2 4.8 4.9 3.9 2.9 2.1 2.7 1.6 1.4 1.4 0.4 0.3 1 0.4 1.4 0.9 0.5 1.5 0.7 0.9 0.5 1.5 2.2 2.7 0.7 1.3 1 0.4 1.9 1.7 1.4 1.6 1.5 0.9 0.8 1.3 1.3 1.6 1.5 2 1.9 2.1 2.1 1.2 1.4 1.4 1.7 1.4 1.4 -0.3 0.5 2.2 2.1 1.9 1.6 1.5 1 -0.7 -2 -1.6 -0.2 0.8 0.3 -0.9 -1.3 -0.7 -2 -0.9 -1.6 0.1 -1.5 1.5 0.6 0.2 0.8 1.3 1.4 1.2 3.3 2.1 3.9 3.1 1.7 -0.9 -0.7 -0.5 -1.2 1.1 0.5 1.2 -0.4 1.1 2.8 1.6 1.4 1 1.2 2.6 3 1.9 2.7 2.5 1.9 2 0.7 1.3 2 2.1 2.2 0.8 0.2 0.6 3.9 4.1 4.4 4.4 4.4 4.5 1.8 1.8 1.7 1.6 2.5 2.6 3.1 3.8 3.5 3.5 3.5 5.6 5.5 5.6 5.6 2.4 2.6 2.6 2.6 2.5 3.1 2.6 2.7 2.4 3.1 2.7 2.6 3.2 3 3.6 2.9 3.3 2.8 2.9 2.8 3.2 1.5 2.0 2.1 2.3 1.6 1.6 1.5 1.9 1.7 0.8 1.2 2 2.5 1.9 1.8 1.8 2 3.5 3.4 4.5 4.4 1.9 2.2 2.3 2.1 2 2.2 2.3 2.1 1.4 1.2 1.3 1.6 1.8 1.6 1.9 2 2.4 1.7 1.5 1.4 2 0.5 1.2 0.9 0.8 0.7 0.9 1 1 1.2 1.3 1.4 1.7 1.7 1.2 1.7 1.9 2.3 2.1 1.8 1.8 1.6 2018 2019 2.0 1.9 2.3 2.4 2.5 2.2 1.9 1.6 1.4 1.1 1.2 1.1 1.2 1 0.5 0.2 0.2 0.4 0.2 0.5 2.1 1.7 2.2 2.2 2.3 2.0 1.7 1.4 1.2 1.2 1.6 1.6 2 2.2 2 1.8 1.9 2.1 1.9 2 1.9 2.2 2.6 2.6 2.8 2.5 2.1 1.8 1.6 1.1 0.8 0.7 0.3 -0.3 -0.9 -1.3 -1.5 -1.3 -1.5 -1.1 2.2 2.4 2.7 2.9 2.9 2.8 2.3 1.8 1.6 1.5 1.1 1 0.3 -0.3 -0.9 -1.6 -1.8 -1.5 -1.7 -1.1 1.0 1.7 2.1 2.0 2.4 2.0 1.6 1.7 1.7 0.1 0.1 -0.2 0.3 -0.4 -0.9 -0.5 -0.8 -0.8 -1 -1 1.1 2.1 3.8 4.0 4.4 4.4 4.1 2.6 1.7 1.6 1.3 1.4 1.2 0.5 -1.2 -1.3 -2.2 -2.2 -2.4 -2 1.6 0.7 0.5 0.6 0.1 0.2 0.2 0.1 0.0 -0.3 -0.5 -0.7 -0.6 0.2 0.2 -0.5 0.0 -0.4 -0.3 -0.3 1.9 0.9 0.7 0.6 0.0 0.3 0.2 0.2 -0.2 -0.5 -0.8 -0.9 -0.6 0.0 0.4 -0.1 0.8 0.0 -0.2 -0.4 1.2276 1.1812 1.1678 1.1686 1.1549 1.1659 1.1484 1.1367 1.1384 1.1416 1.1351 1.1302 1.1238 1.1185 1.1293 1.1218 1.1126 1.1004 1.1053 1.1051 30 Statistical Appendix Slovenian Economic Mirror, No 1/2020 Balance of payments 2016 2017 2018 2017 2018 2019 2017 2018 Q3 Q4 Q1 | Q2 | Q3 | Q4 Q1 | Q2 | Q3 10 | 11 | 12 1 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 1,942 2,635 2,593 892 571 693 699 800 401 671 856 718 421 23 127 236 Goods 1,536 1,579 1,128 479 317 328 427 371 2 421 438 202 240 56 21 74 Exports 24,991 28,478 31,133 7,035 7,443 7,537 7,932 7,605 8,059 7,984 8,297 7,839 2,644 2,581 2,218 2,387 Imports 23,454 26,899 30,005 6,556 7,126 7,209 7,506 7,234 8,056 7,563 7,860 7,636 2,404 2,525 2,197 2,314 Services 1,925 2,241 2,678 684 508 531 642 803 702 587 748 851 245 109 154 188 Exports 6,501 7,288 7,963 2,121 1,874 1,651 1,918 2,286 2,109 1,798 2,099 2,434 651 554 669 541 Imports 4,575 5,047 5,285 1,437 1,366 1,120 1,276 1,483 1,407 1,212 1,351 1,583 406 445 515 353 Primary income -1,139 -886 -807 -204 -208 -28 -296 -254 -228 -121 -232 -216 -47 -121 -40 3 Receipts 1,259 1,374 1,592 299 353 421 438 320 413 418 400 324 106 112 135 152 Expenditures 2,398 2,260 2,399 503 561 449 734 574 642 539 632 540 154 232 175 149 Secondary income -381 -299 -406 -67 -46 -138 -73 -120 -75 -215 -98 -119 -17 -21 -8 -28 Receipts 713 828 789 205 239 175 201 172 241 182 185 200 76 74 89 58 Expenditures 1,094 1,127 1,196 272 285 314 274 292 316 397 283 319 92 95 98 86 Capital account -303 -324 -225 -59 -59 -41 -35 -28 -120 -21 -6 -27 31 -5 -85 -12 Financial account 1,187 2,088 2,527 729 40 915 701 699 213 604 377 581 319 -67 -212 584 Direct investment -864 -495 -933 -100 -256 -25 -226 -465 -217 -441 -132 -125 97 -174 -180 32 Assets 434 570 362 107 23 259 -10 18 94 415 -86 40 171 -102 -46 40 Liabilities 1,298 1,065 1,295 206 279 284 216 483 311 856 46 166 74 71 134 8 Portfolio investment 5,023 2,987 750 666 2,064 -1,290 1,559 996 -515 548 -108 -125 1,057 412 595 -1,456 Financial derivatives -270 -185 -86 -24 18 2 -76 24 -36 -184 5 19 7 5 7 4 Other investment -2,606 -308 2,743 162 -1,774 2,239 -534 73 965 659 567 846 -855 -274 -645 2,008 Assets -2,221 -1,381 2,031 -1,092 -139 814 374 -371 1,214 698 1,411 1,012 -141 25 -22 353 Other equity 35 72 68 15 -8 42 35 16 -25 45 15 12 -9 -9 10 14 Currency and deposits -2,132 -2,076 1,590 -1,259 132 227 137 -286 1,512 19 1,144 1,088 -239 46 325 217 Loans -203 -115 207 -38 -34 -6 91 50 72 51 324 53 14 -17 -32 2 Insurance, pension schemes, and standardised guarantee schemes 10 5 -7 3 0 1 1 -1 -8 8 1 0 0 0 0 0 Trade credit and advances 167 615 303 115 -197 463 105 54 -318 569 -62 -139 115 9 -321 68 Other assets -97 118 -130 73 -31 87 5 -205 -18 6 -10 -2 -23 -4 -5 51 Liabilities 385 -1,073 -713 -1,255 1,635 -1,426 908 -444 249 39 844 166 714 299 622 -1,655 Other equity 4 20 2 0 0 0 0 0 2 0 -1 0 0 0 0 0 Currency and deposits 1,128 365 -524 -430 1,679 -1,318 187 242 365 110 425 322 707 243 729 -1,365 Loans -818 -1,853 -490 -695 -262 -237 131 -85 -299 -109 145 57 -115 -127 -19 -160 Insurance, pension schemes, and standardised guarantee schemes -8 5 20 2 -8 27 21 -14 -14 40 13 0 -3 -3 -3 9 Trade credit and advances 137 411 331 -56 224 112 243 -201 179 2 115 -141 151 135 -62 -184 Other liabilities -57 -21 -52 -76 2 -10 327 -385 16 -4 145 -72 -25 51 -23 45 Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve assets -97 89 52 25 -12 -12 -22 70 16 21 44 -33 14 -36 11 -4 Net errors and omissions -452 -223 158 -104 -473 263 37 -73 -68 -47 -473 -111 -134 -85 -254 360 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR million Export of investment goods 2,781 3,201 3,557 786 877 831 892 853 980 925 948 951 311 284 282 242 Intermediate goods 13,731 15,335 16,674 3,746 3,898 4,086 4,207 4,103 4,274 4,322 4,394 4,247 1,389 1,403 1,106 1,311 Consumer goods 8,459 9,730 10,639 2,444 2,594 2,623 2,775 2,534 2,701 2,989 3,224 3,110 907 876 811 824 Import of investment goods 3,292 3,660 4,208 858 1,066 1,016 1,023 1,028 1,171 1,041 1,100 1,040 345 364 357 356 Intermediate goods 13,792 16,185 17,913 3,943 4,262 4,307 4,549 4,297 4,716 4,629 4,790 4,645 1,439 1,525 1,298 1,379 Consumer goods 7,028 7,761 8,585 1,919 1,977 2,076 2,127 2,058 2,340 2,424 2,817 2,720 683 701 593 643 Sources: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund. Slovenian Economic Mirror, No 1/2020 Statistical Appendix 31 2018 2019 2 3 4 5 6 1 7 1 8 9 10 11 12 1 2 3 4 5 1 6 7 8 9 10 158 299 252 182 265 280 212 307 217 183 1 269 148 255 266 320 270 307 217 194 421 67 188 164 64 199 196 75 101 6 91 -95 108 159 154 44 148 246 143 35 24 209 2,365 2,785 2,507 2,679 2,746 2,738 2,245 2,623 2,906 2,859 2,293 2,544 2,590 2,850 2,787 2,837 2,673 2,874 2,201 2,764 2,889 2,298 2,597 2,343 2,616 2,547 2,542 2,170 2,522 2,899 2,768 2,388 2,436 2,431 2,697 2,743 2,690 2,427 2,731 2,166 2,739 2,679 146 197 219 208 216 263 261 279 288 226 188 212 170 205 300 229 219 292 296 263 318 503 607 645 619 654 786 777 723 739 650 720 568 576 653 738 660 702 858 815 761 759 356 410 426 411 439 522 516 444 451 424 532 357 407 448 438 431 483 567 519 497 441 9 -40 -93 -62 -141 -131 -79 -44 -45 -98 -85 19 -78 -62 -53 -32 -147 -75 -77 -64 -57 151 117 130 145 164 112 96 112 116 110 188 204 95 119 123 152 125 111 102 111 121 143 157 223 206 305 244 175 155 161 208 273 185 173 181 176 184 272 186 179 175 178 -63 -47 -38 -27 -8 -47 -45 -28 -32 -35 -7 -70 -103 -42 -25 -26 -48 -52 -37 -30 -49 56 61 67 60 73 59 53 60 81 65 96 58 66 58 70 59 55 66 61 73 68 119 108 105 87 81 106 97 89 113 100 103 128 169 100 95 85 103 118 98 103 118 -15 -15 -9 -8 -18 -24 7 -11 2 -7 -115 -15 -17 11 -7 17 -17 -8 -10 -9 -7 384 -54 217 536 -53 313 77 309 334 251 -372 450 361 -207 143 280 -46 536 -282 327 448 -52 -4 -57 20 -189 -226 -147 -91 112 -89 -240 -2 -445 6 -108 -53 29 42 -72 -95 115 116 103 0 -48 38 108 -210 121 231 -20 -117 73 172 170 -31 39 -94 95 -99 44 151 168 107 57 -68 227 334 -63 212 119 69 123 75 617 164 77 92 -123 53 -27 139 36 321 -156 320 1,281 -42 233 455 308 90 -687 82 -1,506 2,166 -112 168 34 -310 -293 -29 196 111 2 -4 -28 -26 -23 5 12 7 -11 -14 -11 -62 -56 -66 3 -2 5 8 0 11 3 147 84 -11 -741 218 296 -260 38 131 1,031 -196 1,993 -1,272 -62 54 294 218 816 -193 222 207 95 366 -101 71 404 -61 -411 101 285 1,038 -108 1,770 -1,302 231 196 748 467 823 73 115 191 14 14 12 11 11 5 6 5 -8 -8 -9 4 37 5 5 5 5 3 5 4 4 -211 221 30 4 103 -63 -30 -193 131 1,005 376 1,300 -1,454 173 206 571 367 912 204 -28 25 14 -22 8 28 55 5 -17 62 38 7 27 32 14 5 12 133 179 -5 29 29 -27 0 0 0 0 0 0 0 0 -3 -3 -3 3 3 3 0 0 0 0 0 0 0 138 257 -46 -17 168 24 -196 226 93 25 -436 179 195 195 17 -29 -50 -81 -179 120 184 140 -104 -106 45 67 -32 -174 1 34 13 -65 253 -97 -150 -44 68 -34 -6 15 -11 5 -52 282 -90 811 186 -356 -151 64 154 6 88 -223 -30 292 141 453 249 7 266 -107 -16 0 0 0 0 0 0 0 0 0 0 2 0 0 0 -1 0 0 0 0 0 0 -149 196 -78 365 -100 65 131 46 121 5 239 -70 105 75 124 149 152 75 218 29 152 -18 -59 32 84 15 0 -55 -31 -51 -3 -245 8 -186 69 48 72 25 151 176 -270 -239 9 9 7 7 7 -5 -5 -5 -5 -5 -5 13 13 13 4 4 4 0 0 0 0 70 226 -13 -5 260 -53 -227 78 67 52 60 -288 151 139 -70 153 32 -173 -113 145 44 36 -90 -38 361 4 -364 4 -25 22 -43 37 114 -114 -4 36 74 35 -46 -15 -11 28 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -34 26 -6 1 -17 6 18 47 13 10 -7 27 -33 27 25 7 12 -37 11 -7 12 240 -338 -26 362 -299 57 -142 12 115 74 -258 196 229 -473 -116 -57 -299 237 -490 142 34 270 319 278 308 306 305 252 296 319 332 328 288 310 327 310 324 314 339 262 350 N/A 1,306 1,469 1,337 1,419 1,452 1,454 1,228 1,421 1,609 1,536 1,129 1,423 1,395 1,504 1,490 1,496 1,409 1,558 1,224 1,465 N/A 807 992 872 937 965 948 730 856 947 956 798 982 959 1,048 1,025 1,135 1,065 1,131 825 1,155 N/A 304 356 315 367 341 351 298 379 376 405 390 337 321 383 368 371 362 380 264 397 N/A 1,379 1,549 1,397 1,596 1,556 1,529 1,241 1,527 1,755 1,646 1,314 1,494 1,507 1,628 1,733 1,621 1,436 1,661 1,317 1,667 N/A 674 759 691 729 707 718 663 678 826 786 728 806 770 847 1,065 852 901 1,028 751 942 N/A 32 Statistical Appendix Slovenian Economic Mirror, No 1/2020 Monetary indicators and interest rates 2016 2017 2018 2017 2018 7 | 8 | 9 | 10 | 11 | 12 1 1 2 | 3 | 4 | 5 SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Claims of the BoS on central government 4,618 6,247 6,290 5,297 5,485 5,600 5,781 6,041 6,247 6,290 6,273 6,471 6,524 6,600 Central government (S.1311) 6,273 5,170 5,154 5,524 5,489 5,491 5,136 5,114 5,170 5,154 5,099 4,927 4,859 4,904 Other government (S.1312,1313,1314) 576 571 576 572 563 559 556 550 571 576 571 563 568 565 Households (S.14, 15) 9,154 9,733 9,765 9,476 9,541 9,604 9,660 9,699 9,733 9,765 9,778 9,860 9,905 9,996 Non-financial corporations (S.11) 9,664 9,644 9,682 9,824 9,828 9,816 9,780 9,716 9,644 9,682 9,687 9,598 9,628 9,582 Non-monetary financial nstitutions (S.123, 124, 125) 1,411 1,566 1,627 1,247 1,241 1,545 1,558 1,548 1,566 1,627 1,621 1,528 1,547 1,616 Monetary financial institutions (S.121, 122) 3,541 3,886 3,682 3,635 3,625 3,440 3,705 3,824 3,886 3,682 3,798 3,884 3,955 3,800 Claims on domestic sectors, TOTAL n domestic currency 23,969 25,496 25,363 24,338 24,377 24,478 24,840 24,940 25,496 25,363 25,448 25,461 25,580 25,444 n foreign currency 672 528 545 597 596 571 567 554 528 545 535 529 498 518 Securities, total 5,889 4,450 4,487 5,254 5,224 5,308 4,887 4,858 4,450 4,487 4,474 4,266 4,266 4,399 SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR million Deposits in domestic currency, total 26,497 28,021 28,115 27,148 27,289 27,403 27,541 27,770 28,021 28,115 28,191 28,201 28,253 28,453 Overnight 15,081 17,331 17,476 16,377 16,515 16,792 16,825 17,075 17,331 17,476 17,601 17,727 17,889 18,084 With agreed maturity - short-term 3,955 3,398 3,294 3,261 3,292 3,290 3,303 3,257 3,398 3,294 3,287 3,260 3,232 3,184 With agreed maturity - long-term 6,829 6,734 6,679 6,821 6,763 6,661 6,708 6,718 6,734 6,679 6,664 6,566 6,550 6,497 Short-term deposits redeemable at notice 632 558 666 689 719 660 705 720 558 666 639 648 582 688 Deposits in foreign currency, total 687 636 638 699 694 656 658 664 636 638 641 660 665 690 Overnight 564 547 542 582 573 551 542 549 547 542 540 552 573 585 With agreed maturity - short-term 65 45 53 69 74 58 69 69 45 53 58 66 49 61 With agreed maturity - long-term 58 44 43 48 47 47 47 46 44 43 43 42 43 44 Short-term deposits redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, % New deposits in domestic currency Households Overnight deposits 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Time deposits with maturity of up to one year 0.21 0.13 0.16 0.11 0.11 0.14 0.13 0.13 0.14 0.14 0.15 0.16 0.16 0.16 New loans to households in domestic currency Housing loans, 5-10 year fixed nterest rate 2.66 2.63 2.65 2.72 2.72 2.68 2.64 2.51 2.65 2.60 2.57 2.56 2.58 2.63 New loans to non-financial corporations in domestic currency Loan over EUR 1 million, 1-5 year fixed interest rate 2.07 1.53 2.02 0.75 1.15 1.56 0.8 1.15 1.06 1.78 2.02 2.53 1.68 INTEREST RATES OF THE EUROPEAN CENTRAL BANK, v % Main refinancing operations 0.01 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 -0.264 -0.329 -0.321 -0.330 -0.329 -0.329 -0.330 -0.329 -0.328 -0.329 -0.329 -0.328 -0.329 -0.325 6-month rates -0.164 -0.260 -0.266 -0.273 -0.272 -0.273 -0.274 -0.274 -0.271 -0.274 -0.275 -0.271 -0.270 -0.270 LIBOR 3-month rates -0.747 -0.732 -0.735 -0.728 -0.726 -0.726 -0.726 -0.745 -0.755 -0.740 -0.745 -0.740 -0.733 -0.726 6-month rates -0.671 -0.658 -0.653 -0.651 -0.651 -0.650 -0.649 -0.653 -0.653 -0.644 -0.662 -0.657 -0.650 -0.647 Sources: BoS, EUROSTAT. Slovenian Economic Mirror, No 1/2020 Statistical Appendix 33 2018 2019 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 6,791 6,915 7,042 7,041 7,059 7,088 7,165 7,256 7,023 7,152 7,219 7,327 7,606 7,631 7,913 7,791 7,819 7,817 4,912 4,870 4,877 4,831 4,905 4,939 4,937 4,980 4,805 4,819 4,944 5,089 5,058 5,070 5,007 5,037 4,959 4,928 564 560 562 554 559 558 580 588 587 583 577 581 577 570 567 574 573 577 10,033 10,075 10,161 10,231 10,296 10,339 10,370 10,397 10,426 10,507 10,570 10,628 10,642 10,703 10,781 10,833 10,950 10,978 9,627 9,648 9,647 9,647 9,656 9,628 9,496 9,665 9,676 9,681 9,637 9,571 9,749 9,738 9,878 9,868 9,869 9,882 1,611 1,605 1,592 1,593 1,497 1,503 1,502 1,503 1,490 1,486 1,484 1,482 1,496 1,503 1,493 1,486 1,479 1,481 3,954 4,269 4,186 4,060 3,614 3,904 4,275 4,247 4,380 4,207 3,963 4,099 4,001 4,335 4,067 3,894 4,011 4,531 25,584 25,959 26,051 25,973 25,600 25,921 26,181 26,367 26,516 26,385 26,138 26,329 26,381 26,725 26,651 26,509 26,728 27,331 533 489 491 485 467 451 446 435 432 434 420 422 419 416 420 412 398 392 4,481 4,477 4,381 4,356 4,354 4,393 4,429 4,475 4,397 4,433 4,580 4,659 4,685 4,727 4,666 4,704 4,642 4,581 28,499 28,888 28,940 28,943 29,065 29,227 29,442 29,468 29,903 29,916 29,994 30,177 30,260 30,709 30,733 30,585 30,678 30,838 18,260 18,664 18,752 18,740 18,786 19,014 19,440 19,389 19,615 19,717 19,830 20,009 20,099 20,474 20,521 20,676 20,611 20,911 3,160 3,147 3,214 3,280 3,333 3,299 3,261 3,212 3,353 3,320 3,316 3,343 3,342 3,408 3,423 3,340 3,448 3,369 6,419 6,414 6,349 6,275 6,276 6,228 6,166 6,210 6,175 6,127 6,047 6,042 6,054 6,059 6,010 5,823 5,806 5,770 660 663 625 648 670 686 575 657 760 752 801 783 765 768 779 746 813 788 670 661 636 657 644 644 651 625 634 645 643 674 686 681 686 685 646 658 568 585 562 583 568 570 581 552 564 575 575 606 621 616 622 620 585 598 61 36 34 34 36 33 31 33 29 29 28 28 29 28 27 28 26 25 41 40 40 40 40 41 39 40 41 41 40 40 36 37 37 37 35 35 0 0 0 0 0 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.16 0.15 0.18 0.16 0.16 0.17 0.17 0.16 0.18 0.17 0.16 0.19 0.17 0.15 0.16 0.16 0.16 2.65 2.79 2.62 2.69 2.66 2.71 2.74 2.81 2.72 2.69 2.66 2.80 2.65 2.7 2.75 2.62 2.51 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 -0.322 -0.321 -0.319 -0.319 -0.318 -0.316 -0.312 -0.308 -0.308 -0.309 -0.311 -0.312 -0.329 -0.365 -0.408 -0.418 -0.413 -0.401 -0.269 -0.269 -0.267 -0.268 -0.264 -0.257 -0.241 -0.236 -0.232 -0.230 -0.231 -0.237 -0.279 -0.347 -0.405 -0.394 -0.362 -0.337 -0.732 -0.725 -0.726 -0.731 -0.741 -0.745 -0.735 -0.704 -0.713 -0.707 -0.715 -0.713 -0.717 -0.751 -0.817 -0.812 -0.774 -0.712 -0.645 -0.647 -0.649 -0.652 -0.662 -0.667 -0.659 -0.639 -0.652 -0.648 -0.650 -0.656 -0.673 -0.719 -0.802 -0.771 -0.711 -0.650 34 Statistical Appendix Slovenian Economic Mirror, No 1/2020 Public finance 2016 2017 2018 2017 2018 2019 2017 2018 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 1 1 2 | 3 CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS-IMF methodology), current prices GENERAL GOVERNMENT REVENUES, EUR m TOTAL REVENUES 15,842.2 16,803.3 18,593.6 4,026.9 4,372.9 4,170.8 4,712.5 4,607.9 5,102.5 4,518.6 4,944.0 4,671.5 1,525.5 1,465.5 1,322.9 1,382.4 Current revenues 15,203.9 16,251.4 17,575.9 3,927.5 4,212.6 3,994.9 4,525.9 4,251.7 4,803.5 4,275.8 4,730.5 4,478.1 1,430.3 1,431.0 1,302.2 1,261.7 Tax revenues 14,240.5 15,162.0 16,225.3 3,678.7 3,991.2 3,782.0 4,230.9 3,914.8 4,297.6 4,103.3 4,350.6 4,169.7 1,352.5 1,376.0 1,245.0 1,161.1 Taxes on income and profit 2,680.8 2,967.0 3,296.4 582.5 770.8 785.5 990.7 651.8 868.3 850.4 1,058.4 717.7 274.5 263.2 252.9 269.4 Social security contributions 5,720.6 6,092.1 6,549.8 1,510.5 1,598.2 1,592.8 1,619.6 1,622.4 1,715.0 1,710.3 1,734.9 1,745.5 574.1 542.8 507.7 542.3 Taxes on payroll and workforce 19.8 21.3 21.6 4.9 6.1 5.0 5.6 5.0 6.1 5.3 5.9 5.4 2.2 1.8 1.5 1.7 Taxes on property 256.2 274.2 277.9 100.1 75.9 28.1 65.0 106.7 78.2 26.3 67.6 120.9 15.4 12.2 7.6 8.3 Domestic taxes on goods and services 5,432.9 5,722.8 5,989.3 1,463.5 1,521.3 1,336.8 1,519.5 1,500.6 1,632.4 1,427.8 1,490.3 1,565.7 473.9 516.9 457.1 362.8 Taxes on international trade & transactions 81.9 83.3 89.8 21.7 19.9 22.6 21.4 22.7 23.2 25.5 25.6 25.5 6.1 6.7 9.6 6.4 Other taxes 48.2 1.3 0.5 -4.4 -1.0 11.2 9.3 5.6 -25.6 57.8 -32.0 -11.1 6.2 32.3 8.6 -29.7 Non-tax revenues 963.4 1,089.4 1,350.6 248.8 221.4 212.9 295.0 336.9 505.9 172.5 379.9 308.4 77.8 55.0 57.2 100.6 Capital revenues 96.2 91.2 152.8 17.4 33.0 28.6 37.3 43.9 43.1 23.8 31.2 34.4 14.1 7.7 11.1 9.7 Grants 10.4 9.5 12.4 6.0 1.5 0.2 1.5 7.1 3.6 5.2 1.1 6.3 0.3 -0.7 0.2 0.7 Transferred revenues 51.1 52.3 55.6 50.0 1.1 0.4 0.5 51.4 3.3 1.8 3.1 50.3 0.2 0.1 0.1 0.2 Receipts from the EU budget 480.5 399.0 796.9 25.9 124.8 146.7 147.4 253.8 249.0 212.1 178.0 102.5 80.6 27.5 9.2 110.0 GENERAL GOVERNMENT EXPENDITURES, EUR m TOTAL EXPENDITURES 16,496.7 17,102.0 18,068.0 4,115.7 4,721.1 4,337.0 4,282.8 4,387.6 5,060.6 4,689.6 4,506.0 4,705.5 1,773.3 1,412.4 1,418.1 1,506.5 Current expenditures 7,407.1 7,733.0 7,966.5 1,782.3 2,103.4 2,027.9 1,919.2 1,877.2 2,142.1 2,116.1 2,010.6 2,007.6 744.8 651.8 613.8 762.3 Wages, salaries and other personnel expenditures 3,785.4 3,938.1 4,167.9 956.5 1,008.5 980.7 1,091.2 1,016.8 1,079.1 1,067.7 1,176.4 1,099.7 348.9 321.1 329.5 330.0 Expenditures on goods and services 2,371.4 2,626.6 2,633.7 586.2 886.0 552.0 642.6 640.6 798.5 602.3 669.5 675.7 326.3 176.1 178.5 197.4 Interest payments 1,074.2 985.3 867.9 206.5 116.2 462.5 145.7 190.3 69.5 404.2 122.7 175.7 4.9 147.5 94.0 221.0 Reserves 176.1 183.0 296.9 33.0 92.7 32.7 39.7 29.4 195.0 42.0 42.1 56.4 64.6 7.0 11.8 13.9 Current transfers 7,700.0 7,912.9 8,236.6 2,001.8 1,989.8 2,034.4 2,027.4 2,071.1 2,103.7 2,187.9 2,107.1 2,200.9 705.3 683.3 706.8 644.3 Subsidies 397.0 425.4 443.9 79.8 108.2 159.9 103.9 52.7 127.5 161.8 113.4 53.5 42.4 73.5 76.6 9.8 Current transfers to individuals and households 6,495.5 6,665.1 6,925.8 1,718.8 1,650.0 1,678.4 1,715.1 1,811.9 1,720.5 1,784.6 1,816.5 1,912.6 571.8 551.7 561.9 564.7 Current transfers to nonprofit institutions, other current domestic transfers 727.8 748.0 793.5 184.6 206.5 174.8 192.4 193.4 232.9 216.6 163.1 215.1 80.9 51.6 62.5 60.8 Current transfers abroad 79.7 74.3 73.4 18.7 25.2 21.3 16.0 13.1 22.9 25.0 14.1 19.8 10.2 6.5 5.7 9.0 Capital expenditures 784.3 891.0 1,159.9 208.1 428.5 111.2 197.5 292.4 558.9 156.1 240.3 315.4 237.5 30.4 34.2 46.6 Capital transfers 177.8 186.6 271.6 37.0 103.8 29.7 54.4 42.1 145.3 24.7 49.3 57.8 54.1 8.4 6.9 14.4 Payments to the EU budget 427.4 378.5 433.4 86.5 95.6 133.8 84.4 104.8 110.5 204.8 98.8 123.8 31.6 38.6 56.4 38.7 SURPLUS / DEFICIT -654.5 -298.7 525.6 -88.8 -348.2 -166.2 429.7 220.3 41.8 -171.0 438.0 -34.0 -247.8 53.1 -95.2 -124.1 Source: Bulletin of Government Finance. Note: In line with the changed methodology of the International Monetary Fund of 2001, social security contributions paid by the general government are not consolidated. Slovenian Economic Mirror, No 1/2020 Statistical Appendix 35 2018 2019 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 1,717.1 1,418.4 1,577.0 1,461.6 1,682.9 1,463.3 1,790.8 1,542.8 1,768.8 1,547.5 1,401.3 1,569.9 1,702.7 1,622.5 1,618.8 1,461.5 1,556.0 1,654.1 1,669.3 1,612.1 1,582.6 1,391.2 1,552.0 1,390.2 1,471.5 1,390.0 1,764.5 1,498.0 1,541.0 1,529.5 1,372.4 1,373.9 1,623.1 1,542.0 1,565.4 1,438.2 1,539.6 1,500.3 1,626.8 1,576.5 1,515.1 1,275.0 1,440.8 1,237.8 1,367.4 1,309.6 1,418.4 1,435.5 1,443.7 1,473.5 1,315.3 1,314.5 1,545.1 1,400.4 1,405.1 1,308.2 1,461.2 1,400.2 1,535.2 1,498.3 347.6 284.7 358.4 115.2 279.3 257.3 271.5 280.8 316.1 289.6 275.3 285.4 426.4 300.1 332.0 126.7 308.1 282.9 305.1 313.3 543.5 537.1 539.0 541.0 537.8 543.6 540.7 550.6 623.7 575.5 563.7 571.1 580.1 576.6 578.2 583.8 582.3 579.4 579.4 586.8 1.9 1.8 1.9 1.9 1.5 1.6 1.8 1.9 2.3 1.9 1.7 1.7 1.9 1.8 2.1 2.1 1.6 1.6 2.0 2.1 18.2 16.8 29.9 33.1 38.3 35.3 39.2 23.3 15.7 10.6 8.1 7.6 18.8 19.9 28.9 35.7 36.6 48.5 35.8 30.4 590.1 418.9 510.4 533.5 518.1 449.0 591.4 561.5 479.6 531.1 503.3 393.4 541.8 492.5 456.0 564.8 522.0 478.9 601.5 575.0 8.3 5.5 7.5 7.5 8.1 7.1 7.8 8.6 6.9 7.3 8.9 9.2 9.3 8.3 8.0 10.2 8.1 7.2 8.0 7.4 5.5 10.1 -6.3 5.5 -15.7 15.7 -33.9 8.9 -0.5 57.6 -45.8 46.0 -33.1 1.2 -0.1 -15.2 2.5 1.6 3.4 -16.6 67.5 116.2 111.3 152.4 104.1 80.4 346.1 62.5 97.3 56.0 57.1 59.4 78.0 141.6 160.4 130.0 78.4 100.1 91.6 78.2 10.3 9.4 17.6 17.6 8.8 17.4 16.2 12.9 14.0 7.6 8.2 8.0 10.4 11.5 9.3 15.0 7.3 12.1 15.3 11.4 0.5 0.2 0.8 1.2 0.4 5.5 1.0 0.7 2.0 0.0 5.0 0.1 0.5 0.2 0.4 0.2 0.5 5.6 1.2 3.7 0.0 0.4 0.0 50.1 1.1 0.1 0.5 0.0 2.7 0.1 1.7 0.0 1.5 0.0 1.6 0.0 0.2 50.1 0.0 -0.2 123.7 17.2 6.5 2.5 201.0 50.3 8.7 31.3 209.0 10.2 13.9 187.9 67.2 68.7 42.1 8.1 8.4 85.9 25.9 20.7 1,448.8 1,379.5 1,454.5 1,554.8 1,454.6 1,378.2 1,439.2 1,598.1 2,023.4 1,572.4 1,502.3 1,614.9 1,491.8 1,454.3 1,559.9 1,700.8 1,487.7 1,516.9 1,540.6 1,627.6 678.4 587.1 653.7 638.6 646.6 592.0 582.7 706.0 853.5 689.2 648.0 779.0 700.9 605.5 704.2 691.1 657.8 658.6 642.3 696.0 326.2 336.2 428.8 341.4 343.9 331.5 349.7 348.2 381.2 341.7 359.9 366.1 355.2 362.5 458.7 374.4 367.7 357.6 374.8 369.7 219.4 216.7 206.5 242.8 217.3 180.5 215.3 251.8 331.5 194.8 187.4 220.2 221.6 223.1 224.7 251.5 205.2 218.9 246.8 236.6 118.7 21.6 5.4 44.9 75.2 70.2 7.9 56.8 4.8 145.4 91.9 166.9 114.8 4.1 3.8 47.2 56.3 72.2 8.8 66.9 14.1 12.6 13.0 9.5 10.1 9.7 9.8 49.3 136.0 7.3 8.9 25.8 9.3 15.8 17.0 18.0 28.6 9.9 11.9 22.8 679.9 681.5 666.0 776.0 653.9 641.3 658.1 680.2 765.5 766.3 693.7 727.9 677.8 715.9 713.4 849.6 668.4 682.9 711.6 740.0 39.3 37.4 27.2 13.9 15.4 23.4 21.1 22.2 84.1 122.5 8.6 30.6 26.5 39.8 47.1 19.9 16.5 17.0 33.1 49.3 573.6 573.7 567.7 688.6 564.7 558.6 567.5 570.6 582.4 576.9 607.1 600.5 613.0 600.3 603.2 745.7 578.4 588.4 605.9 599.9 59.5 65.7 67.3 67.9 68.2 57.2 67.8 72.4 92.6 56.2 68.3 92.1 33.1 69.9 60.1 77.0 63.0 75.1 70.2 75.2 7.6 4.7 3.7 5.6 5.5 2.1 1.7 14.9 6.3 10.6 9.7 4.7 5.1 6.0 3.0 6.9 10.5 2.3 2.4 15.5 47.6 64.0 85.9 94.5 106.2 91.7 132.0 151.1 275.8 44.2 55.2 56.7 67.0 88.2 85.2 102.0 100.3 113.1 122.9 141.7 10.0 19.4 25.0 13.0 12.8 16.3 30.0 24.5 90.9 7.2 8.1 9.3 15.3 16.9 17.0 17.1 19.7 21.0 23.8 30.9 32.9 27.5 23.9 32.8 35.1 37.0 36.4 36.2 37.8 65.6 97.3 41.9 30.9 27.7 40.1 41.0 41.5 41.3 40.0 19.0 268.3 39.0 122.5 -93.2 228.3 85.1 351.7 -55.2 -254.6 -25.0 -101.1 -44.9 210.9 168.2 58.9 -239.4 68.2 137.2 128.7 -15.5 36 Acronyms Slovenian Economic Mirror, No 1/2020 Acronyms Acronyms in the text BoS - Bank of Slovenia, EC - European Commission, ECB - European Central Bank, EIA - Energy Information Administration, EMMI - European Money Markets Institute, EMU - European Monetary Union, ESI - Economic Sentiment Indicator, ESS - Employment Service of Slovenia, EU - European union, EUR - Euro, Euribor - Euro Interbank Offer Rate, reference interest rate for short-term interbank deposits in euros, EUROSTAT - Statistical Office of the European Union, FI - Financial instruments, GDP - Gross domestic product, GNI - gross national income, IMAD - Institute of Macroeconomic Analysis and Development, IMF - International Monetary Fund, LFS- Labour Force Survey, MF - Ministry of Finance, NFI - nedenarne financne institucije, OECD - Organisation for Economic Co-operation and Development, PMI - Purchasing Managers' Index, SRE - Statistical Register of Employment, SURS - Statistical Office of the Republic of Slovenia, SVRK -Government Office for Development and European Cohesion Policy, USD - US Dollar, VAT - value added tax. Acronyms of Standard Classification of Activities A - Agriculture, forestry and fishing, B - Mining and quarrying, C - Manufacturing, 10 - Manufacture of food products, 11 - Manufacture of beverages, 12 - Manufacture of tobacco products, 13 - Manufacture of textiles, 14 - Manufacture of wearing apparel, 15 - Manufacture of leather and related products, 16 - Manufacture of wood and of products of wood and cork, except furniture, manufacture of articles of straw and plaiting materials, 17 - Manufacture of paper and paper products, 18 - Printing and reproduction ofrecorded media, 19- Manufacture of coke and refined petroleum products, 20 - Manufacture of chemicals and chemical products, 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations, 22 - Manufacture of rubber and plastic products, 23 - Manufacture of other non-metallic mineral products, 24 - Manufacture of basic metals, 25 - Manufacture of fabricated metal products, except machinery and equipment, 26 - Manufacture of computer, electronic and optical products, 27 - Manufacture of electrical equipment, 28 - Manufacture of machinery and equipment n.e.c., 29- Manufacture ofmotor vehicles, trailers and semi-trailers, 30- Manufacture of other transport equipment, 31 - Manufacture of furniture, 32 - Other manufacturing, 33 - Repair and installation of machinery and equipment, D-Electricity, gas, steam andair conditioning supply,E-Water supply sewerage, waste management and remediation activities, F - Construction, G - Wholesale and retail trade, repair of motor vehicles and motorcycles, H - Transportation and storage, I - Accommodation and food service activities, J - Information and communication, K - Financial and insurance activities, L - Real estate activities, M - Professional, scientific and technical activities, N - Administrative and support service activities, O - Public administration and defence, compulsory social security, P - Education, Q - Human health and social work activities, R - Arts, entertainment and recreation, S - Other service activities, T - Activities of households as employers, undifferentiated goods- and services- producing activities ofhouseholds for own use, U - Activities of extraterritorial organizations and bodies. Acronyms of Countries AU-Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA-Canada, CH-Switzerland, CL-Chile, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, HR-Croatia, FR-France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS-Iceland, IT-Italy, JP-Japan, KR-South Korea, LU-Luxembourg, LT-Lithuania, LV-Latvia, MT-Malta, MX-Mexico, NL-Netherlands, NO-Norway, PL-Poland, PT-Portugal, RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United Kingdom, US-United States of America. slovenian economic mirror No. 1, Vol. XXVI, 2020 ISSN 1318-3826 9 ff J IU JULUUI 9771318382607