N
o.
 6
, V
ol
. X
XI
II,
 2
01
7

Slovenian Economic Mirror
ISSN 1318-3826 (print)
ISSN 1581-1026 (pdf )
No. 6 / Vol. XXIII / 2017
Publisher: IMAD, Ljubljana, Gregorčičeva 27
Responsible Person: Boštjan Vasle, MSc, Director
Editor in Chief: Barbara Bratuž Ferk, MSc
Authors of Current Economic Trends (listed alphabetically): 
Marjan Hafner, MSc; Matevž Hribernik, MSc; Slavica Jurančič; 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 Selan, MSc, Ana 
Vidrih, MSc.
Authors of Selected Topics:
Matevž Hribernik, MSc (WEF Global Competitiveness Report 2017–2018)
Branka Tavčar (Insolvency in 2017)
Helena Mervic (Social protection expenditure in 2015)
Valerija Korošec, PhD (Income inequality, social exclusion and poverty risk in Slovenia in 2016)
Janja Pečar (How is life in Slovenian regions?)
Barbara Bratuž Ferk, MSc, Tanja Čelebič, MSc, Helena Mervic, Janja Pečar, Mitja Perko, MSc, Ana Selan, MSc, Urška Sodja 
(Overview of the current situation of gender equality in selected areas in Slovenia)
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
© The contents of this publication may be reproduced in whole or in part provided that the source is acknowledged.
In the spotlight................................................................................................................................................................ 3
Current economic trends .............................................................................................................................................. 5
International environment ............................................................................................................................................... 7
Economic developments in Slovenia ............................................................................................................................. 9
Labour market .................................................................................................................................................................. 13
Prices .................................................................................................................................................................................. 15
Balance of payments ....................................................................................................................................................... 18
Financial markets ............................................................................................................................................................. 19
Public finance .................................................................................................................................................................... 20
Selected topics ...............................................................................................................................................21
WEF Global Competitiveness Report 2017–2018 ...................................................................................................... 25
Insolvency in 2017 ................................................................................................................................................................................. 26
Social protection expenditure in 2015 ......................................................................................................................................... 28
Income inequality, social exclusion and poverty risk in Slovenia in 2016 ............................................................ 29
How is life in Slovenian regions? ..................................................................................................................................................... 31
Overview of the current situation of gender equality in selected areas in Slovenia ................................................ 32
Statistical appendix .....................................................................................................................................................35
Contents
On 1 January 2008, the new classification of activities of business entities NACE Rev. 2, which replaced NACE Rev. 1.1, came into force 
in all EU Member States. In the Republic of Slovenia the national version of the standard classification, SKD 2008, took effect. It includes 
the entire European classification of activities but also adds some national subclasses. All analyses in the Slovenian Economic Mirror are 
based on SKD 2008, except when the previous classification, SKD 2002, is explicitly referred to. For more information on the introduction 
of the new classification see the SURS website http://www.stat.si/eng/skd_nace_2008.asp.
All current comparisons (at the monthly, quarterly levels) in the Slovenian Economic Mirror are made on the basis of seasonally adjusted 
data, while year-on-year comparisons are based on original data. Unless otherwise indicated, all seasonally adjusted data for Slovenia 
are calculations by IMAD.
The Economic Mirror is prepared based on statistical data available by 7th November 2017. 
3Slovenian Economic Mirror, No. 6/2017
In the Spotlight
Economic growth in the euro area continued in the third quarter; in October the IMF improved its world 
economic growth forecast for this year and next. Growth is expected to strengthen further to 3.6% and 3.7% 
this year and in 2018 respectively. Owing to the more favourable conditions, the IMF also raised its outlook for the 
volume of global trade. According to the IMF, world GDP growth could increase even more than forecast, supported 
by stronger business confidence and the continuation of relatively favourable financial market conditions. Downside 
risks to growth are related to a faster-than-expected hike in Fed interest rates, uncertainty over US trade policy and 
the continuation of strong credit expansion in China.
In Slovenia favourable developments continue in most sectors; the prospects also remain good. Higher 
foreign demand and competitiveness gains are contributing to further growth in exports and manufacturing 
production, particularly in export-oriented industries, which is reflected in further growth in Slovenia’s merchandise 
market share on foreign markets. The improvement in economic conditions and the recovery of the property market 
are reflected in stronger activity in the residential construction segment, though activity in other construction 
segments has been declining in recent months. As a result of positive labour market developments and high 
consumer confidence, private consumption continues to expand, particularly in the segments of durable goods and 
leisure-related services. Lending to households is also on the increase. With stronger domestic and foreign demand, 
turnover is also rising in other market services. Economic sentiment continues to improve, indicating a continuation 
of positive trends.
The labour market situation continues to improve under the impact of favourable economic conditions, 
while the growth of wages remains moderate. The number of employed persons, which continues to increase 
across most sectors, is now at a level comparable to that in 2007. However, a certain segment of enterprises, 
particularly in manufacturing, is already facing a shortage of skilled labour. Increased hiring and a smaller inflow 
into unemployment are reflected in a decline in the number of unemployed. At the end of October, 83,000 persons 
were registered as unemployed, 14.7% fewer than in October 2016. Average earnings rose by a good 2% in the first 
eight months of the year.
In October inflation was significantly lower than in previous months. This was mainly attributable to a decline 
in prices of clothing, which recorded slightly different movements than in the past owing to the removal of regulation 
of seasonal sales. The prices of durable goods also remained down year on year. Prices of services continue to rise 
moderately, supported by favourable economic developments and consumption. The contributions of oil products 
and food (unprocessed food in particular) rose again, as, owing to higher excise duties on tobacco products, did the 
contributions of the alcohol and tobacco component. 
The volume of loans to domestic non-banking sectors is rising further; the quality of claims continues to 
improve steadily. The volume of household loans, in particular housing and consumer loans related to stronger 
consumption of durable goods and the rebounding property market, is still increasing gradually. Since mid-year the 
volume of corporate and NFI loans has also been picking up. The structure of bank liabilities continues to change at 
an accelerated pace in favour of non-banking-sector deposits; however, owing to near-zero deposit interest rates, 
only overnight deposits are on the rise. The quality of banking system claims continues to improve steadily.
Amid favourable economic developments, the general government deficit on a cash basis was almost 
balanced in the first eight months of 2017. Growth in general government revenue remained strong, which, in 
addition to certain measures taken and one-off factors, was primarily due to favourable labour market conditions. 
Expenditure growth remained moderate.
In the spotlight
4 Slovenian Economic Mirror, No. 6/2017
In the Spotlight
Euro area growth remains favourable in Q3; short-term 
indicators confirm the continuation of these trends. 
Activity in Slovenia continues to increase across most sectors; the 
prospects also remain favourable.
30
40
50
60
70
80
90
100
110
120
130
140
Ja
n 
08
Ja
n 
09
Ja
n 
10
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
re
al
 in
de
x 
20
08
=
10
0,
 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Merchandise exports
Industrial production in manufacturing
Value of construction put in place
Turnover in retail trade
70
80
90
100
110
120
70
80
90
100
110
120
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ju
l 1
7
Lo
ng
-t
er
m
 a
ve
ra
ge
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e 
Source: Eurostat; calculations by IMAD.
Industrial production in manufacturing
Construction output
Turnover in retail trade
ESI (right axis)
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
The number of employed persons is high, comparable to that in 
2007; short-term expectations of enterprises about employment 
remain high.
Year-on-year consumer price growth in October was considerably 
lower than in previous months.
-8
-6
-4
-2
0
2
4
6
8
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
35
40
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
 (i
n 
%
)
Se
as
on
al
ly
 a
dj
us
te
d 
in
di
ca
to
r v
al
ue
, 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS.
Industry
Construction
Trade
Services
Employed persons (right axis)
-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
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
, i
n 
%
C
on
tr
ib
ut
io
n 
to
 y
-o
-y
 g
ro
w
th
, i
n 
pp
s
Source: SURS; calculations by IMAD.
Fuels and energy Services
Food Other
Inflation, right axis
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
In
de
x 
20
08
=
10
0,
 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
In
de
x 
20
08
=
10
0,
 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Transactions in existing 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)
-2,000
-1,500
-1,000
-500
0
500
1,000
2011 2012 2013 2014 2015 2016 Jan-Aug
2016
Jan-Aug
2017
In
 E
U
R 
m
General government balance Primary general government balance
Source: MF, Bulletin of Government Finance; calculations by IMAD.
Positive labour market developments and low interest rates 
are boosting the revival of the property market and household 
borrowing.
The favourable fiscal movements at the beginning of the year 
reflect rapid year-on-year revenue growth and moderate 
expenditure growth.
cu
rr
en
t e
co
no
m
ic
 tr
en
ds

7Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
In October the IMF improved its world economic growth 
forecast for this year and next. Growth is expected to 
strengthen further to 3.6% and 3.7% this year and in 
2018 respectively. Advanced economies, in particular 
the euro area and Japan, are also expected to make a 
considerable contribution to this growth. The growth 
of the Chinese economy should remain stable; after 
several years of recession, Russia is also projected to see 
economic growth this year. Owing to the more favourable 
conditions, the IMF also raised its outlook for global trade. 
According to the IMF, world GDP growth could increase 
even more than forecast, supported by even stronger 
business confidence and the continuation of relatively 
favourable financial market trends. Downside risks to 
growth are related to a faster-than-expected hike in Fed 
interest rates, uncertainty over US trade policy and the 
continuation of strong credit expansion in China.
In the third quarter, economic growth in the euro area 
continued. According to preliminary data, GDP rose by 
0.6% and was up 2.5% year on year. In manufacturing, 
activity increased further during the summer months, 
while remaining similar to previous months in retail 
trade and construction. The continuation of favourable 
economic developments is corroborated by the economic 
sentiment indicator (ESI) and the composite Purchasing 
Managers’ Index (PMI), which have reached the highest 
values in five years and continue to rise.
Figure 1: IMF forecasts for 2017 and 2018
0
1
2
3
4
5
W
or
ld
gr
ow
th
Ad
va
nc
ed
ec
on
om
ie
s
Em
er
gi
ng
m
ar
ke
t a
nd
de
ve
lo
pi
ng
ec
on
om
ie
s
Eu
ro
ar
ea
Re
al
 G
D
P 
gr
ow
th
, i
n 
%
Source: IMF.
2016 outturn Forecast for 2017 (Oct 17)
Forecast for 2018 (Oct 17)  Forecast for 2017 and 2018 (Jul 17)
Figure 2: Short-term indicators of economic activity in 
the euro area and the economic sentiment indicator 
(ESI)
70
80
90
100
110
120
70
80
90
100
110
120
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ju
l 1
7
Lo
ng
-t
er
m
 a
ve
ra
ge
=
10
0,
 3
-m
on
th
 m
ov
in
g 
av
er
ag
e 
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Industrial production in manufacturing
Construction output
Turnover in retail trade
ESI (right axis)
In view of favourable economic developments in the euro 
area and expecting a further gradual convergence of 
inflation rates towards the inflation target, the ECB decided 
at the end of October to reduce its monthly bond purchases 
next year. At the beginning of 2018, its monthly purchases 
will thus be halved to EUR 30 billion. The announced 
measures will remain in force at least to September 2018 
and thereafter until a sustained convergence of inflation 
with the inflation goal is achieved. Inter-bank interest 
rates did not change significantly, given that the ECB’s key 
interest rates remained unchanged. The ECB intends to 
reinvest the principal payments from maturing securities 
purchased under the bond purchase programme for an 
extended period of time after the end of the programme 
and for as long as necessary. This will have a favourable 
impact on the liquidity of the banking system. 
Figure 3: Volume and share in the Eurosystem balance 
sheet of securities held for monetary policy purposes
0
10
20
30
40
50
60
0
500
1000
1500
2000
2500
2011 2012 2013 2014 2015 2016 X 2017
In
 %
In
 E
U
R 
bi
lli
on
Source: ECB; calculations by IMAD.
Volume of securities
Share of securities (right axis)
International environment
8 Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Table 1: Brent Crude prices, the USD/EUR exchange rate and EURIBOR
average change, in %*
2016 IX 17 X 17 X 17/IX 17 X 17/X 16 I-X 17/I-X 16
Brent USD, per barrel 43.64 56.15 57.32 2.1 15.8 23.3
Brent EUR, per barrel 39.46 47.14 48.74 3.4 8.5 23.0
EUR/USD 1.107 1.103 1.176 -1.3 6.6 0.4
3-month EURIBOR, in % -0.265 -0.309 -0.330 0.0 -0.2 -0.8
Source: EIA, ECB, EMMI Euribor; calculations by IMAD. 
Note: * in Euribor change in basis points.
9Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
In Slovenia favourable developments continue in most 
sectors; the prospects also remain good. Higher foreign 
demand and competitiveness gains are boosting 
exports and manufacturing production, particularly 
in export-oriented industries, which is reflected in 
further growth in Slovenia’s merchandise market share 
on foreign markets. The improvement in economic 
conditions and the recovery of the property market are 
reflected in stronger activity in residential construction, 
while activity in other construction segments has been 
declining in recent months. As a result of positive labour 
market developments and high consumer confidence, 
private consumption continues to expand, particularly 
in the segments of durable goods and leisure-related 
services. Lending to households is also on the increase. 
With stronger domestic and foreign demand, turnover is 
also rising in other market services. Economic sentiment 
continues to improve, indicating a continuation of 
positive trends.
Figure 4: Short-term indicators of economic activity in 
Slovenia
30
40
50
60
70
80
90
100
110
120
130
140
Ja
n 
08
Ja
n 
09
Ja
n 
10
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Merchandise exports
Industrial production in manufacturing
Value of construction output
Turnover in retail trade
1 The estimate of real merchandise exports was made on the basis of 
nominal exports according to the external trade statistics and industrial 
producer prices on foreign markets, while real imports were estimated 
based on nominal imports according to the external trade statistics and 
the index of import prices. 
The growth of real merchandise exports and imports 
continued during the summer months.1 Exports were up 
9.2% year on year in the first eight months of 2017, their 
growth stemming mainly from exports of machinery and 
motor vehicles. Imports recorded 9.9% growth during the 
same period, reflecting not only favourable export trends 
but also stronger domestic consumption.
Figure 5: Merchandise trade – real
80
85
90
95
100
105
110
115
120
125
130
135
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
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Exports Imports
Table 2: Selected monthly indicators of economic activity in Slovenia
In % 2016 VIII 17/VII 17 VIII 17/VIII 16 I-VIII 17/I-VIII 16
Merchandise exports, real1 5.7 4.63 15.0 9.2
Merchandise imports, real1 4.8 3.83 14.7 9.9
Services exports, nominal2 8.1 -1.93 9.1 12.2
Services imports, nominal2 5.5 -1.83 5.1 7.6
Industrial production, real 7.1 1.53 8.34 7.34
  -manufacturing 8.2 1.63 8.94 7.74
Construction -value of construction put in place, real -17.7 -3.63 7.6 15.5
Real turnover in retail trade 4.5 -0.93 7.44 10.34
Market services (without trade) - nominal turnover 4.1 -1.43 5.54 8.04
Sources: BoS, Eurostat, SURS; calculations by IMAD. 
Notes: 1External trade statistics; deflated by IMAD, 2balance of payments statistics, 3seasonally adjusted, 4working-day adjusted data.
Economic developments in Slovenia
10 Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Nominal exports and imports of services maintained 
their high levels in the summer months.2 In the first eight 
months of the year, exports were up 10.9% year on year, 
mainly as a consequence of higher exports of technical, 
trade-related business services, travel and transport 
services. Year-on-year import growth (7.6%) is mainly 
underpinned by higher imports of transport services 
(maritime and road transport) and technical, trade-
related business services.
Figure 6: Trade in services – nominal 
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
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
2 According to the balance of payments statistics.
After strengthening at the beginning of the year, the 
value of construction output has fallen slightly in recent 
months. Activity dropped the most in the construction 
of non-residential buildings but was also lower in civil-
engineering works. On the other hand, with favourable 
labour market conditions and the improvement in 
household creditworthiness, activity continues to rise in 
the construction of residential buildings. 
Figure 8: Value of completed construction works
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
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Total Residential buildings
Non-residential buildings Civil-engineering works
Production volume in manufacturing is increasing amid 
a further strengthening of foreign demand. In recent 
months industrial production has again been rising in all 
technology categories, most modestly in low-technology 
industries, which generate the bulk of turnover on 
the domestic market, where sales are recovering 
at a slower pace. In the first eight months of 2017 
production increased the most in certain export-oriented 
industries (manufacture of machinery and equipment 
and manufacture of motor vehicles among the more 
technologically intensive and the leather industry among 
the less technologically intensive sectors), where it was 
around 15% higher than in the same period of 2016. The 
prospects for the last quarter are also better for more 
export-oriented industries than for low-technology ones 
focused mainly on the domestic market, where growth 
in production and employment is expected to remain 
modest.
Figure 7: Production volume and turnover in 
manufacturing
70
90
110
130
150
170
Ja
n 
10
Ja
n 
11
Ja
n 
12
Ja
n 
13
Ja
n 
14
Ja
n 
15
Ja
n 
16
Ja
n 
17
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
10
=
10
0,
 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Productionvolume, high-technology industries
Productionvolume, medium-high-technology industries
Productionvolume, medium-low-technology industries
Productionvolume, low-technology industries
Turnover, domestic market
Turnover, foreign market
11Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
With rising sales, residential property prices increased 
further in the second quarter. They were up 8.3% year on 
year and were 11.4% higher than their 2014 lows. With 
new record sales,3 prices of existing flats – which account 
for around two-thirds of total sales – again rose the most 
in Ljubljana.4 Prices of new flats were also up,5 but the 
number of transactions in these flats was the lowest in 
ten years owing to the limited supply.
Figure 9: Prices and transactions in new and existing 
residential properties
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
In
de
x 
20
08
=
10
0,
 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
In
de
x 
20
08
=
10
0,
 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Transactions in existing 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)
The growth of land freight transport has been 
strengthening since the second half of last year. Particularly 
transport carried out by Slovenian road hauliers entirely 
abroad6 has been rising noticeably in this period, which 
is related to favourable foreign demand. The demand 
for transport services in Slovenia is nevertheless not 
significantly lower, given the ever larger share of foreign 
hauliers on Slovenian roads.7 After a long period of 
stagnation, rail freight transport has been increasing 
particularly strongly amid higher growth in export 
revenues for the third quarter in a row.
Figure 11: Road and railway freight transport
60
80
100
120
140
160
180
Q
1 
11
Q
1 
12
Q
1 
13
Q
1 
14
Q
1 
15
Q
1 
16
Q
1 
17
In
 m
ill
io
n 
tk
m
, o
ri
g.
 in
de
x 
20
08
=
10
0,
 
4-
qu
ar
te
r m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Railway
Road
     - abroad
     - exports and imports
     - national
Nominal turnover in market services increased further 
during the summer months. The increase in administrative 
and support service activities (N) continues to arise from 
growth in employment services, which, tied to the 
strengthening employment, has been very high for 
several years now. High turnover growth also continues 
in road and rail transport, boosted mainly by rising exports 
of these services. In information and communication 
services (J), growth has eased slightly in the recent period, 
despite further growth in exports of computer services, 
which are an important segment of J activities. Activity 
in professional and technical services (M) remains low; 
reflecting favourable domestic economic conditions, 
turnover is strengthening in legal and accounting 
services but it continues to decline in architectural and 
engineering services.
Figure 10: Nominal turnover in market services (other 
than trade)
75
80
85
90
95
100
105
110
115
120
125
130
135
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
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD. 
Note: Including accommodation and food service activities.
Total
Transportation and storage (H)
Information and communication activities (J)
Professional and technical activities (M)
Administrative and support service activities (N)
3 The sales of existing flats in Ljubljana and the rest of Slovenia were the 
highest in ten years, up 45.5% and 22.6% respectively on their 2007 peaks.
4 Prices were 12.8% higher year on year.
5 The increase was largely the result of flats sold in Ljubljana at very high 
prices (SURS, 25 September 2017, Residential housing price indices, 
Slovenia, 2nd quarter of 2017; available at http://www.stat.si/StatWeb/
News/Index/6933).
6 In Q2 2017 the number of passages of (domestic and foreign) hauliers 
through Slovenian motorway toll stations rose by 4% year on year (DARS). 
In national transport and that part of international transport that is at least 
partly connected to the territory of Slovenia, domestic hauliers travelled 
only 2% kilometres more, while abroad they made as much as 16% 
kilometres more than in the same period of 2016 (SURS).
7 In Q2 2017 export revenues of domestic hauliers providing transport 
services for foreign customers rose almost 17% year on year; at the same 
time, domestic businesses increased their imports of transport services 
performed by foreign hauliers by 14% (BoS).
12 Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Reflecting favourable labour market developments and high 
consumer confidence, household consumption continues 
to expand. August recorded further growth in purchases 
of durable goods, particularly passenger cars, which have 
already been rebounding for a fairly long time.8 Spending 
on semi-durable goods (products for personal care in 
particular) and services related to leisure activities at 
home and abroad also increased further.9 
Figure 12: Selected indicators of household consumption 
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
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: Ministry of Infrastructure, SURS; calculations by IMAD.
Real turnover in the sale of non-food products
Sale of passenger cars to natural persons
Real net wage bill
Nominal turnover in accommodation and food service activities
Economic sentiment is improving, recording levels similar 
to those before the crisis. Since mid-year, confidence 
has again been rising across all sectors, the fastest in 
construction. In most sectors it is now higher than, or 
similar to, that before the crisis. At the beginning of 
the last quarter of 2017, consumer confidence indeed 
reached the highest levels since measurements began.
Figure 13: Business trends
-60
-50
-40
-30
-20
-10
0
10
20
30
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ju
l 1
7
Se
as
on
al
ly
 a
dj
us
te
d 
in
di
ca
to
r v
al
ue
, 3
-m
on
th
 
m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD. Note: * Owing to 
methodological changes, data from January 2016 onwards 
are not comparable with previous data.
Economic sentiment Manufacturing
Retail trade Service activities
Construction Consumers*
8 In the eight months to August, turnover in stores selling furniture and 
household appliances was up 7.5% year on year in real terms, while sales 
of passenger cars to natural persons were up 15.4%. 
9 Turnover in accommodation and food service activities, affected not only 
by increased spending by residents, but also a high number of foreign 
tourist arrivals, was up nearly one tenth year on year in the first eight 
months as a whole. Residents’ spending on private trips abroad was 2.3% 
higher year on year in this period.
13Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
The number of employed persons10 continues to increase 
across most sectors, reaching high levels comparable with 
those in the pre-crisis year 2007. Short-term expectations 
of enterprises about future employment remain high. 
However, a certain segment of enterprises, particularly 
in manufacturing, is already facing a shortage of skilled 
labour. After last year’s relaxation of hiring restrictions, the 
number of employed persons in public service activities 
remained higher year on year, particularly in education 
(especially at the primary level) and the health sector.
Figure 14: Persons in employment by activity
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
M
an
uf
ac
tu
rin
g
C
on
st
ru
ct
io
n
M
ar
ke
t
se
rv
ic
es
 e
xc
l.
em
p
lo
ym
en
t
ac
tiv
it
ie
s
Em
p
lo
ym
en
t
ac
tiv
it
ie
s
Pu
b
lic
se
rv
ic
es
C
ha
ng
e 
of
 th
e 
av
er
ag
e
Source: SURS - statistical register.
I-VIII 2016 I-VIII 2017
The number of registered unemployed continues to 
decline, largely owing to the outflow into employment. 
In the first ten months of the year, the outflow into 
employment was in fact slightly smaller than in the same 
period last year, but the inflow into unemployment, 
stemming mainly from the termination of fixed-term 
contracts, was also smaller year on year. There were also 
fewer first-time jobseekers, which is related to better 
economic conditions and smaller generations of young 
people finishing school. At the end of October, 82,993 
persons were registered as unemployed (14.7% fewer 
than in October 2016). 
Figure 15: Employed persons according to the 
employment register and registered unemployed
80
90
100
110
120
130
140
150
160
170
180
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
N
um
b
er
 o
f r
eg
is
te
re
d 
un
em
p
lo
ye
d,
 in
 '0
00
, 
se
as
on
al
ly
 a
dj
us
te
d 
N
um
b
er
 o
f e
m
p
lo
ye
d 
ac
co
rd
in
g 
to
 S
RE
, i
n 
'0
00
, 
se
as
on
al
ly
 a
dj
us
te
d 
Source: SURS, ESS; calculations by IMAD.
Employed according to SRE (left axis)
Registered unemployed (right axis)
Despite favourable economic conditions, the growth 
of wages remains moderate. Nevertheless, having 
strengthened in the second quarter, average gross 
earnings in both private and public sectors also rose 
during the summer months. In the first eight months, 
both sectors recorded just over 2% higher nominal 
growth than one year earlier, with growth in the private 
sector rising year on year in industry and market services.
Figure 16: Average gross earnings per employee
100
105
110
115
120
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ju
l 1
7
Se
as
on
al
ly
 a
dj
us
te
d 
in
de
x 
20
08
=
10
0,
 
3-
m
on
th
 m
ov
in
g 
av
er
ag
e
Source: SURS; calculations by IMAD.
Gross earnings per employee
Private sector
Public sector
– general government  
– public corporations  
10 According to the Statistical Register of Employment; these are persons 
in paid employment and self-employed persons except farmers.
The labour market
14 Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Table 3: Indicators of labour market trends 
change, in % 2016 VIII 17/VII 17 VIII 17/VIII 16 I-VIII 17/I-VIII 16
Persons in formal employment2 1.6 0.21 3.6 3.4
Registered unemployed -8.5 -0.91 -14.4 -13.7
Average nominal gross wage 1.8 0.21 2.7 2.1
 - private sector 1.7 0.31 2.7 2.3
 - public sector 2.3 0.41 3.1 2.4
     -of which general government 3.6 -0.21 2.8 2.5
     of which public corporations -0.5 1.51 3.8 2.1
2016 VIII 16 VII 17 VIII 17
Rate of registered unemployment (in %), seasonally adjusted 11.2 11.1 9.5 9.4
Sources: ESS. SURS; calculations by IMAD. 
Note: 1seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers.
15Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Having strengthened in the third quarter, the year-on-year 
growth of prices was down considerably in October. This 
was largely due to the negative contribution of prices 
of semi-durable goods (a decline in prices of clothing 
in particular), which saw slightly different dynamics 
than in the past owing to the removal of regulation of 
seasonal sales. The prices of durable goods continue 
to fall. The growth of services prices remains at around 
1.5%, supported by favourable economic developments 
and consumption. The contributions of oil products and 
food (unprocessed food in particular) rose again, relative 
to mid-year, reflecting developments on international oil 
and food markets. The alcohol and tobacco component 
also made a larger contribution to growth, this owing to 
higher excise duties on tobacco products.
Figure 17: Gibanje in struktura inflacije v Sloveniji
-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
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
, i
n 
%
C
on
tr
ib
ut
io
n 
to
 y
-o
-y
 g
ro
w
th
, i
n 
pp
s
Source: SURS; calculations by IMAD.
Other Services
Fuels and energy Food
Inflation, right axis
Cost competitiveness is improving this year, and price 
competitiveness remains close to last year’s favourable 
levels despite the deterioration in the third quarter. This 
was a consequence of the increase in the nominal 
effective exchange rate due to the appreciation of the 
euro, particularly against non-EU currencies. In the 
first nine months, price competitiveness nevertheless 
remained close to the favourable level of 2016, partly 
also on account of the slightly lower relative prices. Cost 
competitiveness improved year on year in the first half of 
2017 as a consequence of a decline in relative unit labour 
costs.
Figure 18: Real effective exchange rates, deflated by the 
HICP and ULC 
94
96
98
100
102
104
106
108
110
112
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
In
de
x 
20
07
=
10
0
Source: ECB; calculations by IMAD. * A rise in the value 
indicates a loss in competitiveness, and vice versa.
REER HICP rel. ULC NEER
rel. HICP REER ULC
Table 4: Consumer price growth
in % 2016 X 17/IX 17 X 17/X 16 I-X 17/I-X 16
Total 0.5 0.1 1.0 1.4
  Food 1.6 0.0 1.7 2.1
  Fuels and energy -0.2 0.9 3.6 4.1
  Services 1.6 -0.8 1.5 1.7
  Other1 -0.6 0.6 -0.4 0.1
Total excluding food and energy 0.4 0.0 0.4 0.8
Administered prices2 0.4 0.1 1.0 -
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.
Prices
16 Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
This year Slovenia is in the group of euro area countries 
with more favourable price and cost competitiveness 
movements. Owing to the structure of Slovenian trade, 
the increase in the nominal effective exchange rate in 
Slovenia was among the smallest in the euro area, given 
that Slovenia performs an above-average share of its 
trade in the euro currency area. The share of trade in non-
EU currencies, against which the euro appreciated, in the 
structure of Slovenian trade is smaller than on average in 
the euro area, while the share of EU currencies, against 
which the euro depreciated this year, is above average. 
The exception is the British pound, against which the 
euro has strengthened, but its share in Slovenian trade 
is one of the smallest in the euro area. Apart from that, 
the relatively more favourable cost competitiveness 
movements were also attributable to a larger decline 
in relative unit labour costs than in most other member 
states. 
Figure 19: Real effective exchange rates of euro area 
countries deflated by the HICP and ULC
-4
-3
-2
-1
0
1
2
3
4
FI IE SI N
L
A
T ES M
T IT G
R BE FR CY D
E SK PT LU E
E LV LT
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
 (i
n 
%
)
Source: ECB; calculations by IMAD.
REER HICP (1-9 2017) REER ULC (1-6 2017)
11 In the Netherlands, Belgium, Denmark, Portugal, Luxembourg, Finland, 
Sweden, Cyprus, Estonia, Latvia, Malta and Bulgaria.
12 With a 2% or greater share in total merchandise exports in the EU on 
average in 2013–2015. Market shares on foreign markets
Slovenia’s merchandise market shares on foreign markets 
continued to increase in the first half of 2017. Further 
growth in the EU was largely the result of increases in 
market shares in Italy, Austria, France and the Czech 
Republic, coupled with renewed growth on most of 
Slovenia’s relatively less important EU markets.11 Among 
the most important products in the manufacturing 
sector,12 Slovenia increased its EU market shares of 
medical and pharmaceutical products, textile yarn, fabrics 
and textile products, power-generating machinery, 
machinery specialised for particular industries, electrical 
machinery and appliances, road vehicles, furniture, and 
miscellaneous manufactured articles. Among its main 
export markets outside the EU, Slovenia increased its 
market share in Russia. The weak growth in market share 
on the world market in the first half of the year was partly 
due to the base effect and also to more pronounced 
energy price rises and a consequent improvement in the 
market shares of energy exporters. The share of the EU on 
the world market fell in the first half of the year.
Figure 21: Market shares on foreign markets
-15
-10
-5
0
5
10
15
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
1-
6 
20
17
Ye
ar
-o
n-
ye
ar
 g
ro
w
th
 (i
n 
%
)
Source: SURS, Eurostat, UN, WIIW, WTO; calculations by IMAD.
World EU28 Partners 12
The fall in unit labour costs in the first half of the year was 
a consequence of stronger growth in labour productivity 
following two years of only modest growth. At the same 
time, growth in compensation of employees per 
employee slowed further owing to a modest increase in 
wages. The decline in real unit labour costs stemmed from 
both the tradable and the non-tradable sectors, in the 
former primarily from manufacturing, trade, transport, 
and accommodation and food service activities and 
in the latter mainly from construction. Particularly in 
manufacturing, employment and earnings increased 
more than in the economy as a whole amid strong value 
added growth. In recent years the movement of Slovenia’s 
cost competitiveness has been mostly consistent with 
the euro area average.
Figure 20: Real unit labour costs, Slovenia and the euro 
area 
98
100
102
104
106
108
110
112
114
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
In
de
x 
20
07
=
10
0,
 4
-q
ua
rt
er
 m
ov
in
g 
av
er
ag
e
Source: Eurostat; calculations by IMAD. Note: The average of 
the euro area excluding Ireland, where there was a break in 
the data series owing to a large GDP revision.
Manufacturing Slovenia Manufacturing EA 18
Economy Slovenia Economy EA18
17Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Table 5: Indicators of price and cost competitiveness
Year-on-year growth, in % 2015 2016 q1 16 q2 16 q3 16 q4 16 q1 17 q2 17
Effective exchange rate1 
Nominal -3.1 1.0 0.6 1.6 0.8 0.8 -0.2 -0.1
Real, deflator HICP -4.1 0.3 -0.6 1.0 0.4 0.5 0.0 -0.3
Real, deflator ULC -3.7 0.9 1.0 2.6 0.2 -0.4 -2.0 -1.3
Unit labour costs, ecnomy and components
Nominal unit labour costs 0.4 1.6 2.0 2.4 1.1 1.0 -0.4 0.9
Compensation of employees per employee, nominal 1.4 2.8 3.1 3.8 2.4 2.1 1.7 2.5
Labour productivity, real 1.0 1.2 1.1 1.4 1.3 1.1 2.1 1.6
Real unit labour costs -0.6 0.7 0.7 1.7 0.6 0.0 -1.5 -1.4
Labour productivity, nominal 2.0 2.1 2.4 2.1 1.8 2.1 3.3 3.9
Source: SURS, ECB; calculations by IMAD. 
Note: 1 Against 36 trading partners, according to ECB data.
18 Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
The surplus of the current account of the balance of 
payments is rising; in the last 12 months13 it totalled EUR 
2.5 billion (5.9% of estimated GDP). The higher surplus in 
current transactions in comparison with the previous 
12-month period14 was mainly due to the greater trade 
surplus in services, this primarily resulting from higher 
net revenue from travel and the surplus of trade in other, 
trade-related services. The deficit in primary income was 
also down, the main reason being lower net payments 
of interest on external debt as a result of lower yields on 
government bonds. With growth in domestic demand, 
imports of goods are on the rise, reducing the trade 
surplus in goods15 amid less favourable terms of trade.
 
Figure 22: Components of the current account of the 
balance of payments
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ju
l 1
7
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-VIII 2017, in EUR m Inflows Outflows Balance Balance, I-VIII 16
Current account 24,577.5 22,724.5 1,853.0 1,417.6
   Goods 18,433.0 17,367.5 1,065.4 1,083.8
   Services 4,625.6 2,914.8 1,710.8 1,408.1
   Primary income 1,012.4 1,722.6 -710.2 -848.8
   Secondary income 506.5 719.6 -213.0 -225.5
Capital account 428.5 592.1 -163.6 -175.9
Financial account -274.0 1,067.5 1,341.6 671.7
   Direct investment 417.3 315.6 -101.7 -948.8
   Portfolio investment 1,041.4 2,007.8 966.4 2,335.0
   Other investment -1,673.8 -1,106.2 567.6 -499.2
Net errors and omissions 0.0 -347.9 -347.9 -570.0
Source: BoS. 
Note: The methodology of the Slovenian Balance of Payments and International Investment Position statistics follows the recommendations in the sixth edition of the Balance of 
Payments and International Investment Position Manual published by the International Monetary Fund. On the current and capital accounts, the term »inflows” means total receipts 
and the term “outflows” means total expenditures; “balance” is the difference between inflows and outflows. On the financial account, “outflows” mean assets, while “inflows” mean 
liabilities abroad; “balance” is the difference between outflows and inflows. In financial inflows and outflows, the increase is recorded with a plus sign and the decrease with a minus sign.
The net outflow of external financial transactions 
continues. External financial transactions recorded a net 
outflow of EUR 1.7 billion arising from net outflows in 
portfolio investment, particularly financial investments 
of commercial banks and the BoS in foreign debt 
securities.16 Other investment recorded a net inflow, as 
the government and the BoS were withdrawing deposits 
from their accounts abroad. In direct investment – which 
is more modest this year following a significant inflow 
in 2016 – inflows of equity capital of foreign investors 
predominated. 
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
12,000
Ja
n 
11
Ju
l 1
1
Ja
n 
12
Ju
l 1
2
Ja
n 
13
Ju
l 1
3
Ja
n 
14
Ju
l 1
4
Ja
n 
15
Ju
l 1
5
Ja
n 
16
Ju
l 1
6
Ja
n 
17
Ju
l 1
7
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
13 September 2016–August 2017.
14 September 2015–August 2016.
15 The terms of trade, which had been constantly worsening year on year 
from October 2016 to May 2017, then improved slightly in the three 
months to August, mostly owing to the slower growth of energy prices. 
In the first eight months as a whole, they deteriorated 0.8% year on year.
16 Securities include securities purchased on the basis of investment 
decisions of the BoS and those purchased under the asset purchase 
programme (APP). 
Balance of payments
19Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Figure 24: Change in the volumes of household, 
corporate, NFI and government loans
In September the volume of loans to domestic non-banking 
sectors17 increased further. Household loans, in particular 
housing and consumer loans, continue to rise gradually. 
Since mid-year, the volume of corporate and NFI loans 
has also been picking up. The growth of corporate loans 
is estimated to be mainly due to lower deleveraging, 
given that the 12-month volume of new loans remained 
at around EUR 6 billion.18 The structure of banking system 
liabilities continues to change rapidly in favour of non-
banking sector deposits. Owing to near-zero deposit 
interest rates, only overnight deposits are on the rise. The 
banks continue to make net repayments of liabilities to 
foreign banks, which thus now account for only around 
5% of the banking system’s total assets. The quality of 
banking system claims continues to improve steadily.
-6,000
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17
Y
ea
r-
o
n
-y
ea
r c
h
an
g
es
, i
n
 E
U
R 
m
Source: BoS; calculations by IMAD. Note: Excluding the impact of the 
transfer of claims to the BAMC.
Households Enterprises  NFIs Government Total
Table 7: Financial market indicators
Domestic bank loans to non-banking sector 
and household savings
Nominal amounts, EUR m Nominal loan growth, %
30. IX 16 31. XII 16 30. IX 17 30. IX 17/31. VIII 17 30. IX 17/30. IX 16
Loans total 20,531.2 21,410.3 21,682.2 1.2 5.6
  Enterprises and NFI 9,773.4 10,171.2 10,568.6 2.5 8.1
  Government 1,783.5 2,085.4 1,509.9 -3.6 -15.3
  Households 8,974.2 9,153.6 9,603.6 0.7 7.0
    Consumer credits 2,093.4 2,144.0 2,359.2 1.1 12.7
    Lending for house purchase 5,655.3 5,716.5 5,927.5 0.4 4.8
    Other lending 1,225.6 1,293.1 1,316.9 1.1 7.5
Bank deposits total 16,606.5 16,935.0 17,701.7 1.1 6.6
  Overnight deposits 10,422.6 10,956.4 12,435.6 1.8 19.3
  Term deposits 6,183.9 5,978.6 5,266.1 -0.4 -14.8
Government bank deposits, total 1,019.2 1,088.0 689.6 -5.7 -32.3
Deposits of non-financial corporations, total 5,446.8 5,804.5 6,002.4 0.1 10.2
Sources: Monthly Bulletin of the BoS; calculations by IMAD. 
Note: NFI – Non-monetary Financial Institutions.
17 The analysis is made on the basis of statistical data, which differ from 
accounting data particularly in that they also include revisions. Greater 
differences between these data are seen for the volume of loans extended 
to non-financial corporations (both domestic and foreign).
18 Data to August 2017. 
Financial markets
20 Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
Under the impact of favourable economic developments, 
the general government budget on a cash basis19 was 
almost balanced in the first eight months of 2017. As a 
result of strong growth in most main revenue categories 
and moderate expenditure growth, the primary surplus 
was also significantly higher than in the same period last 
year. The deficit is still expected to widen by the end of 
the year due to the covering of losses accumulated in 
public health institutes20 and faster growth in certain 
expenditures (for example in connection with EU funds), 
but it will be lower than in 2016.
Figure 25: Budget balance and primary budget balance
-2,000
-1,500
-1,000
-500
0
500
1,000
2011 2012 2013 2014 2015 2016 Jan-Aug
2016
Jan-Aug
2017
In
 E
U
R 
m
Source: MF, Bulletin of Government Finance; 
calculations by IMAD.
General government balance Primary general government balance
19 According to the consolidated general government budgetary accounts.
20 In compliance with the Act on Intervention Measures to Ensure the 
Financial Stability of Public Health Care Institutions adopted in September.
21 The increase in the corporate income tax rate on 1 January 2017 (from 
17% to 19%) and the accrued interest on the reopened RS76 bond. 
22 According to data from the state budget, revenue from the EU budget 
remained lower year on year in the first nine months of 2017 (−9.9%), and 
Slovenia’s net budgetary position against the EU budget was negative. 
The latter is primary the result of the still unrealised refunds from the 
Cohesion Fund and very low refunds from structural funds.
The growth of general government revenue remained 
high during the first eight months (6.6%). In addition to 
certain measures and one-off factors,21 the rapid revenue 
growth in this period was attributable primarily to 
favourable economic conditions, including conditions on 
the labour market. The slight moderation of tax revenue 
growth in the last two months was due to delays in the 
payment of excise duties in the same period last year, 
fluctuations in minor personal income tax categories 
(revenue from rental income and other revenues) and 
April’s final settlement of corporate income tax. The 
absorption of EU funds remained modest.22-4
-2
0
2
4
6
8
2011 2012 2013 2014 2015 2016 Jan-Aug
2016
Jan-Aug
2017
C
on
tr
ib
ut
io
n 
to
 g
ro
w
th
, i
n 
pp
s
Source: MF; calculations by IMAD. 
Tax revenues Social security contributions
Non-tax revenues Capital and transfer reve., donations
Receipts from the EU budget TOTAL REVENUE (growth in %)
Figure 26: Contributions of revenue categories to year-
on-year revenue growth
Public finance
21Slovenian Economic Mirror, No. 6/2017
Current Economic Trends
The growth of general government expenditure is 
moderate (2.4% in the first eight months). Owing to 
the relaxation of austerity measures, the greatest 
contributions to growth came from compensation of 
employees, current transfers (particularly pensions 
and sickness benefits), and expenditure on goods and 
services. Investments are also picking up from their low 
level of 2016, while expenditure on reserves (budgetary 
funds) and payments into the EU budget are lower year 
on year.23
Figure 27: Contributions of expenditure categories to 
year-on-year expenditure growth
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
2011 2012 2013 2014 2015 2016 Jan-Aug
2016
Jan-Aug
2017
Co
nt
rib
ut
io
n 
to
 g
ro
w
th
, i
n 
pp
s
Source: MF; calculations by IMAD. 
Salaries, wages and other person. exp. Expenditure on goods and services
Interest payments Reserves
Current transfers Capital expenditure and cap. transfers
Payments to the EU budget TOTAL EXPENDITURE (growth in %)
23 Lower payments into the EU budget in 2017 compared with 2016 were 
envisaged in the adopted state budget but the payments will be even 
slightly lower than planned. This is a consequence of the lower needs of 
the EU budget due to the lower absorption of Cohesion Policy funds at the 
EU level. Specifically, owing to the requirements for a balanced EU budget, 
countries’ payments are being adjusted to payment needs. 
Table 8: Consolidated general government revenue and expenditure on a cash basis
Category
I-VIII 2016 I-VIII 2017
Category
I-VIII 2016 I-VIII 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 10,346.9 1.0 11,031.8 6.6 EXPENDITURE TOTAL 10,793.0 -1.4 11,057.1 2.4
Tax revenues*  5,570.9 2.8 5,948.9 6.8 Salaries, wages and other personnel expenditures** 2,519.1 4.5 2,623.5 4.1
Personal income tax 1,350.8 6.1 1,429.1 5.8 Expenditure on goods and services 1,476.3 3.0 1,556.3 5.4
Corporate income tax 426.7 5.3 533.9 25.1 Interest payments 785.7 4.6 773.9 -1.5
Taxes on immovable property 109.7 12.6 131.9 20.3 Reserves 117.2 8.2 78.4 -33.1
Value added tax 2,149.7 0.9 2,268.3 5.5 Transfers to individuals and households 4,386.8 1.9 4,484.8 2.2
Excise duties 1,009.5 2.2 1,038.5 2.9 Other current transfers 802.5 -0.8 824.2 2.7
Social security contributions 3,762.6 4.5 3,982.3 5.8 Investment expenditure 434.0 -46.9 464.5 7.0
Non-tax revenues 661.9 8.0 785.6 18.7 Payments to the EU budget 271.4 -11.9 251.5 -7.3
Receipts from the EU budget 301.1 -44.6 258.7 -14.1 GENERAL GOVERNMENT BALANCE -446.1 -25.3
Other 50.5 -28.3 56.3 11.6 PRIMARY BALANCE 338.3 723.7
Source: MF. Bulletin of Government Finance; calculations by IMAD. Note:* Unlike tax revenues in the consolidated balance of public finance, tax revenues in this table do not include 
social constributions.** Labour costs include social contributions by the employer. 

se
le
ct
ed
 to
pi
cs

25Slovenian Economic Mirror, No. 6/2017
Selected Topics
WEF Global Competitiveness Report 
2017–2018
Slovenia’s ranking on the WEF1 global competitiveness scale 
has improved further this year but remains lower than before 
the crisis. Relative to last year, Slovenia has advanced by 
eight places to 48th among all countries surveyed and 
by two places to 20th among EU Member States. The 
improvement has been largely due to more favourable 
macroeconomic conditions, which have contributed to 
more positive perceptions among business executives 
about doing business in Slovenia. In the last three years 
Slovenia has significantly reduced its lag behind the EU 
and OECD averages in the overall indicator. Despite the 
improvement, however, it remains one of the countries 
that rank much lower on the competitiveness scale than 
in the pre-crisis year 2008 (by six places overall and by 
four among EU Member States). Of the 137 countries 
surveyed, Switzerland, the US and Singapore top the list; 
among the top ten, five are from the EU.
Slovenia has improved its position in two of the three 
sub-indexes of competitiveness,2 the most in “basic 
requirements”. It is still among the more competitive 
countries in the areas of health and primary education 
(16th) and higher education and training (24th). Its ranking 
in innovation and business sophistication factors also 
remains high (37th place). The improvement in business 
sophistication factors is mainly due to more positive 
assessments regarding the number and quality of local 
1 World Economic Forum.
2 In this year’s report, the WEF used 114 indicators, grouped into 12 pillars 
of competitiveness, which were organised into three sub-indexes. The 
first sub-index, basic requirements, includes institutions, infrastructure, 
macroeconomic environment, and health and primary education. 
The second sub-index, efficiency enhancers, includes higher education 
and training, goods and labour market efficiency, financial market 
development, technological readiness, and market size. The third sub-
index is innovation and business sophistication factors. This methodology 
has been left basically unchanged for several years, which allows for 
comparisons to be made between individual years.
suppliers and a broader presence of companies in the 
global value chain. Slovenia’s advancement in the basic 
requirements for competitiveness is attributable primarily 
to the improvement in fiscal indicators, which is reflected 
in a higher ranking regarding the macroeconomic 
environment (up 31 places to 58th). Business executives 
also positively assess the progress made in certain areas 
concerning the functioning of the state,3 but their trust 
in public institutions and politics remains relatively low. 
Slovenia still ranks low on the indicators of government 
regulation (118th place), efficiency of the legal framework 
(90–107th place) and efficiency of government spending 
(97th place). In the sub-index of efficiency enhancers, 
Slovenia’s position has improved slightly in most areas 
but remained significantly lower than before the crisis. 
In terms of financial system development, Slovenia has 
moved up 12 places to 106th, mainly as a result of the 
intensive process of banks’ balance sheet repair in previous 
years. Business executives’ trust in the soundness of 
banks nevertheless remains low (104th place), with access 
to finance still being perceived as a problem (106th place). 
The low ranking in the area of labour market efficiency is 
mainly a consequence of dissatisfaction regarding the tax 
burden on labour income (135th place) and the rules on 
hiring and firing (132th place). 
According to the WEF survey, the most problematic factors 
when doing business in Slovenia remain related to taxes and 
tax policy. The business executes surveyed are dissatisfied 
with the high tax rates and the tax regulations in force 
(29.0% of respondents in total), emphasising that the 
level of tax rates inhibits potential, particularly foreign, 
investment. Other main barriers to doing business 
have remained similar to previous years – inefficient 
government bureaucracy (16.5%) and restrictive labour 
regulations (12.3%). 
3 For more on this, see the chapter "The role of the state and its institutions" 
in the 2017 Development Report. 
Figure 28: Comparison of overall indicator values in 
Slovenia, the EU and the OECD
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
5.0
5.1
20
06
-2
00
7
20
07
-2
00
8
20
08
-2
00
9
20
09
-2
01
0
20
10
-2
01
1
20
11
-2
01
2
20
12
-2
01
3
20
13
-2
01
4
20
14
-2
01
5
20
15
-2
01
6
20
16
-2
01
7
20
17
-2
01
8
Sc
or
es
Source: WEF; calculations by IMAD. 
EU Slovenia OECD
Figure 29: Most problematic factors when doing 
business in Slovenia (WEF survey)
38.6
0 5 10 15 20 25
Other
Corruption
Access to
financing
Policy instability
Tax regulations
Restrictive labour
regulations
Inefficient govern.
bureaucracy
Tax rates
% of responses 
Source: WEF.
2017-2018
2016-2017
2008-2009
26 Slovenian Economic Mirror, No. 6/2017
Selected Topics
Slovenia lags significantly behind innovation-driven 
countries4 on most indicators used in the WEF competitiveness 
report. The main competitive advantages of innovation-
driven countries are their efficient institutions, high-
quality infrastructure, stimulating business environment, 
technological readiness and human capital. Slovenia has 
narrowed its gap with these countries only in terms of 
health and education and lags considerably behind in 
infrastructure (rail infrastructure in particular), stability 
of financial markets and innovation. Alongside further 
development of human capital, innovation is one the 
main factors that could also enhance productivity and 
competitiveness5 in the long term.
Insolvency in 2017
Solvency is improving; the number of business entities 
subject to bankruptcy proceedings is declining, as is the 
number of those deleted from the register because of 
insolvency, though this is still higher than in previous years. 
In the first three quarters of this year, the solvency of 
legal persons and sole proprietors6 improved in terms 
of both the number of non-payers and the amounts 
owed. Payment delays shortened too, but long-term 
outstanding liabilities7 remain high, accounting for more 
than 60% of all outstanding liabilities in legal persons 
and as much as 81% of all outstanding liabilities in sole 
proprietors. The number of personal bankruptcy filings 
declined by more than a third.  
4 I.e. the top 10 – Switzerland, the US, Singapore, the Netherlands, 
Germany, Hong Kong, Sweden, the UK, Japan and Finland. 
5 For more, see the chapter "Allocative efficiency and productivity in 
Slovenia" in Economic Issues 2017. 
6 Sole proprietors and other natural persons engaging in registered 
activities registered in the Business Register of Slovenia.
7 Liabilities that are more than one year overdue.
Figure 30: Comparison of WEF indicators for Slovenia 
and innovation-driven economies
0
1
2
3
4
5
6
7
Institutions
Infrastructure
Macroeconomic
stability
Health and primary
education
Higher education
and training
Goods market
efficiency
Labour market
efficiency
Financial market
development
Technological
readiness
Market size
Business
sophistication
Innovation
Innovation-driven economies* 2016/2017
Slovenia 2017/2018
Slovenia 2008/2009
Source: WEF; calculations by IMAD. Note: *the top 10 countries. A higher 
score indicates a better outcome; the highest score is 7.
In the first three quarters of 2017, 9.3% (430) fewer legal 
entities on average had outstanding liabilities8 than in 
the same period last year and the average daily amounts 
of these liabilities were 12.4% lower. The number of non-
payers decreased in most sectors, notably construction 
and manufacturing, while the average daily amounts 
of outstanding liabilities dropped the most in water 
supply, sewerage, waste management and remediation 
activities and construction. Construction still accounts 
for almost one-fifth of total daily outstanding liabilities. 
The distributive trades sector also reached a similar 
share. These two sectors are followed by professional, 
scientific and technical activities, manufacturing, and 
8 These are matured liabilities that are outstanding for more than five 
consecutive days in a month. AJPES keeps records of outstanding 
matured liabilities from court enforcement orders and tax debt. These 
records do not include other outstanding liabilities from unpaid bills 
between creditors and debtors.
Figure 31: Legal entities with outstanding matured 
liabilities for more than five consecutive days in a month 
and the average daily amounts of their outstanding 
matured liabilities
0
100
200
300
400
500
600
700
800
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
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
In
 E
U
R 
m
N
o.
Source: AJPES.
Average No. of legal entities with outstanding matured liabilities
(left axis)
Average daily amount of outstanding matured liabilities, EUR m
(right axis)
Figure 32: Average monthly amounts of outstanding 
liabilities of legal entities
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
In
 E
U
R 
m
Source: AJPES.
Up to 3 months 3 months–1 year Over 1 year
27Slovenian Economic Mirror, No. 6/2017
Selected Topics
other activities, all with more than 12% shares. Three-
quarters of legal entities with outstanding liabilities are 
micro9 enterprises, which account for more than half of all 
outstanding matured liabilities. The corresponding share 
of large enterprises is 0.2% and their share in the average 
daily amount of outstanding liabilities is 9.4%. 
Solvency also improved for sole proprietors. In the first 
three quarters, the average monthly number (4,292) of 
sole proprietors with outstanding liabilities was 22.1% 
lower and the average daily amounts of their outstanding 
liabilities (EUR 89 million) 23% lower year on year. However, 
the problem remains the long-term nature of many non-
payments, as half of non-payers account for 81% of the 
total average daily amounts of liabilities that are more 
than one year overdue. The majority of non-payers are 
in the sectors of construction (19.4%), distributive trades 
(14.0%), accommodation and food service activities (13.9 
%), professional, scientific and technical activities (11.5%), 
and manufacturing (11.2%).
In the first nine months of the year, the number of 
bankruptcy proceedings10 initiated against legal persons 
was up 8.2% year on year, but since the first quarter of 
the year it has been declining. In the first three quarters, 
the most bankruptcy proceedings against legal entities 
were initiated in the distributive trades and construction 
(23.9% and 22.0% of all bankruptcies respectively), with 
a further 12% each in manufacturing and professional, 
scientific and technical activities. Because of insolvency11 
and consequent bankruptcy, 788 legal entities were 
struck off the business register in the first nine months 
of this year, 7.8% more than in the same period of 2016.
9 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.
10 Bankruptcy proceedings are a form of winding-up an over-indebted 
or insolvent debtor. Bankruptcy proceedings are, under the supervision 
of the courts, administered by the bankruptcy trustee, who liquidates 
all the debtor’s property to obtain financial assets for settling creditor 
claims. Upon completion of the bankruptcy proceedings, the legal entity 
is deleted from the court register.
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). 
Table 9: Number of business entities subject to proceedings and deletions from the register due to insolvency in the first nine 
months of 2017
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 232 191 970 828 872 701 921 771 963 834
Deletions from the register due to bankruptcy 208 165 589 472 868 726 880 731 919 788
Initiated compulsory settlement proceedings 7 7 35 32 13 13 10 10 11 11
Initiated simplified compulsory settlement roceedings1 - - 79 77 87 85 85 79 33 32
Initiated compulsory liquidation proceedings - - 9 4 9 0 23 13 32 22
Deletions from the register due to compulsory liquidation - - 2 0 1 0 3 0 6 1
Initiated voluntary liquidation proceedings2 70 54 77 35 84 33 95 38 117 43
Deletions from the register due to voluntary liquidation 53 38 55 19 64 26 71 25 94 38
Source: AJPES. 
Note: 1 Simplified compulsory settlement proceedings were 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 are for compulsory and voluntary liquidation proceedings together.
Figure 33: Bankruptcy proceedings initiated against 
companies, co-operatives and sole proprietors  
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
N
um
be
r
N
um
be
r
Source: AJPES, Slovenian Business Register.
No. of initiated bankruptcy proceedings against legal entities
(left axis)
No. of initiated bakruptcy proceedings against sole proprietors
(right axis)
After a record number of bankruptcies among sole 
proprietors in 2015, the situation is easing. In the first three 
quarters of 2017, one-fifth fewer sole proprietors were 
struck off the business register than in the same period 
last year. More than half of all bankruptcies against 
sole proprietors were filed in the sectors of distributive 
trades, accommodation and food service activities, and 
construction.
The number of personal bankruptcy filings12 fell considerably 
this year. In the first nine months of 2017, the number of 
initiated personal bankruptcies (1,822) was one-third 
lower than in the same period last year. The number of 
completed personal bankruptcies (2,796), on the other 
hand, was 81% higher year on year. The amounts of 
reported claims, having stood at EUR 646 million in the 
first three quarters of 2016, declined to EUR 335 million in 
the same period of this year.  
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. 
28 Slovenian Economic Mirror, No. 6/2017
Selected Topics
In compliance with the Act on Prevention of Late Payments, 
the ninth round13 of this year’s compulsory multilateral 
set-offs14 was conducted in September 2017. In this round 
3,557 debtors reported liabilities in the total amount of 
EUR 342 million, of which only 6.4% were set off. In all 78 
rounds together, the mutual indebtedness of business 
entities was reduced by EUR 3.1 billion.
Social protection expenditure in 201515
Social protection expenditure makes up a significant 
portion of household disposable income. Social protection 
systems help ensure social security and reduce poverty 
risk. In the 2008–2015 period, the growth of total social 
protection expenditure in Slovenia was marked primarily 
by higher expenditure on old age and on sickness and 
healthcare. These categories of expenditure are bound to 
grow further in the future, given the rising life expectancy 
and ever larger share of people over the age of 65. The 
challenge for the future in this area remains how to 
ensure the sustainability of pensions and long-term care 
expenditure while meeting the needs of the population 
and ensuring adequate access to services.
After a three-year standstill, social protection expenditure 
was again 2.9% higher in real terms in 2015; it accounted for 
almost one-quarter of GDP, though this is still below the EU 
average (around 29%). Relative to the pre-crisis year 2008, 
expenditure was up 6.2% or EUR 1.2 billion in real terms. 
Its 2015 growth was mainly underpinned by expenditure 
on the areas of sickness and healthcare and old age. 
Expenditure on old age makes up the largest share of total 
social protection expenditure (42%) and accounts for 
almost one-tenth of GDP. The increase in expenditure on 
social exclusion not elsewhere classified can be attributed 
to changes in social legislation16 and the consequently 
higher expenditure on financial social assistance, while 
the increase in expenditure on sickness and healthcare 
is mainly the result of higher expenditure on sickness 
benefits.17 Some 7.6% of GDP was spent on the latter in 
2015. Expenditures on disability and unemployment 
(1.3% and 0.6% of GDP respectively) continue to drop, 
which is a consequence of a falling number of disability 
13 The ZPreZP-1 (Official Gazette of the RS, No. 57/2012, 27 July 2012), 
which took effect on 28 July 2012.
14 This was the 78th round of compulsory multilateral set-offs since April 
2011, when the Act entered into force. 
15 According to the ESSPROS methodology, the most recent data for 
Slovenia are for 2015; data for the EU average are not yet available. In 
the calculations for Slovenia, final data for all individual groups of social 
benefits are taken into account. Final data for total expenditure for 2015 
are not yet available.
16 The amendment to social legislation in 2014 facilitated access to financial 
social assistance. The new regulation eased slightly the conditions for 
reimbursing such assistance from inheritance: it reduced, by one-third, 
the amount of financial social assistance received that has to be repaid 
after the death of the beneficiary from his/her estate and abolished the 
obligation to pay the financial social assistance back if it has been received 
for no more than 12 months. It also broadened the general conditions for 
income support eligibility.
17 According to NIJZ data, there were 859,615 incidences of sickness leave 
in 2015, which was 16.2% more than in 2014. The increase is also related 
to the rising numbers of the employed and older persons.
Table 10: Real changes in social protection expenditure by 
social protection function
2008 2012 2013 2014 2015
Expenditure – total* 2.3 -3.5 -1.9 0.2 2.9
Social benefits 2.5 -3.5 -1.7 0.0 3.3
1. Sickness/healthcare 7.3 -1.5 -6.1 0.3 8.3
2. Disability -1 -10.5 -3.5 -2.5 -3.4
3. Old age 0.0 -2.5 2.4 0.9 1.8
4. Survivors 3.3 -7.3 -1.9 -2.6 1.7
5. Family/children 4.9 -7.8 -7.4 -1.3 0.1
6. Unemployment 9.3 -9.6 10.2 -11.7 -7
7. Housing -24.3 94.9 31 12.3 11.7
8. Social exclusion not elsewhere 
classified -9.9 9.8 0.1 13.8 7.6
Source: SURS; calculations by IMAD. 
Note: Total expenditure is the sum of social benefits, administration costs and other 
items of expenditure.
Figure 34: Social protection expenditure as a share of 
GDP, EU-28, 2014
0 5 10 15 20 25 30 35 40
LV
LT
RO
EE
BG
SK
MT
PL
CZ
HU
IE
CR
LU
CY
SI
ES
GR
PT
UK
EU 28
DE
SE
IT
AT
BE
NL
FI
DK
FR
In %
Source: Eurostat.
pension beneficiaries18 and the improvement in labour 
market conditions. After the decline in 2012–2014 due 
to the entry into force of the ZUJF, expenditure on family 
and children remained unchanged year on year in 2015 in 
real terms, accounting for approximately the same share 
of GDP as in 2008 (1.8%). Slovenia allocates less than the 
EU average particularly on unemployment and housing, 
but more than the EU average on social exclusion not 
elsewhere classified. 
Social contributions remain the main source of financing for 
social protection schemes; in 2008–2015, however, the share 
18 Down 5.5% relative to the previous year. The decline in expenditure 
on this function is, in addition to the lower number of beneficiaries 
of disability pensions and disability benefits, mainly a consequence 
of changes in eligibility criteria for income support. With the social 
legislation reform (the Financial Social Assistance Act, Official Gazette of 
the RS, No. 61/10), income support became a social protection right as of 
1 January 2012.
29Slovenian Economic Mirror, No. 6/2017
Selected Topics
The rate of social exclusion also declined in 2016. It was 
down 2 pps on the level reached in 2014 and 2015, 
when it was the highest yet recorded (18.6%). The rate 
of the risk of social exclusion is a composite indicator 
comprising three components, the at-risk-of-poverty rate, 
the severe material deprivation rate and the proportion 
of persons in households with very low work intensity.21 
The values of the individual components improved or 
remained unchanged. The at-risk-of-poverty rate (13.9%) 
and the rate of severe material deprivation (5.4%) were 
each down 0.4 pps, while the proportion of persons in 
households with very low work intensity remained similar 
to 2015 (7.4%). The severe material deprivation rate was 
the lowest since the onset of the crisis for both women 
and men. In comparison with the pre-crisis year, the at-
risk-of-poverty rate rose slightly more for men (by 2.5 pps 
against 2.3 pps for women). In 2016 the proportion of men 
living in households with very low work intensity (6.7%) 
21 "Very low work intensity" means less than 20% of a household’s total 
work potential. Persons included in more than one sub-indicator are 
counted only once.
of the government contribution increased the most.19 The 
increasing government contribution can be attributed 
to the fall in the number of employed persons during 
the crisis and a consequent increase in the government 
contribution to the pension fund. The increase in social 
contributions paid by protected persons and those paid 
by employers in 2014 and 2015 was mainly a consequence 
of the improved situation on the labour market and 
hence a larger number of employed persons. The share 
of social contributions paid by protected persons in total 
social protection receipts is almost twice as high as on 
average in the EU, while the shares of contributions by 
the government and employers and from other sources 
are below the EU average. 
Income inequality, social exclusion and 
poverty risk in Slovenia in 2016
With the improvement in the economic situation, income 
inequality as measured by the Gini coefficient and the at-
risk-of-poverty rate declined in 2016. The at-risk-of-poverty 
rate shows income inequality as a share of population 
below the poverty threshold, calculated as 60% of the 
median equivalised disposable income.20 In 2016 the 
Gini coefficient dropped 0.1 pps to 24.4% and the at-risk-
of-poverty rate 0.4 pps to 13.9%. The at-risk-of-poverty 
threshold for a single household was approximately the 
same (EUR 616) as in 2015, but the number of persons 
living below the poverty threshold was 7,000 less 
(280,000).
19 The main categories of expenditure on social protection schemes are 
social benefits, administration costs, transfers to other programmes and 
other expenditure, i.e. funds allocated to households and individuals to 
relieve them of the burden of certain risks or needs. The main sources of 
funding social protection schemes are social contributions (contributions 
by employers and contributions by protected persons), general 
government contributions, transfers from other schemes and other 
sources. These are receipts collected to finance the above-mentioned 
expenditure. 
20 The calculation for 2016 is based on income from 2015 calculated 
according to the OECD modified equivalence scale, which assigns a value 
of 1 to the first adult, 0.5 to any other person aged 14 or older, and 0.3 to 
each child younger than 14. 
Figure 35: Structure of social protection receipts
27.5
26.1 25.7 26.3
41.5
37.6
39.1 40.0
29.1
35.0 33.8
32.4
1.9 1.3 1.4 1.3
0
5
10
15
20
25
30
35
40
45
2008 2013 2014 2015
In
 %
Source: SURS; calculations by IMAD.
Contributions by employers Contributions by protected persons
General government contributions Other sources
Figure 36: At-risk-of-poverty rate and income inequality 
indicator (Gini), Slovenia, 2005–2016
10
12
14
16
18
20
22
24
26
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
In
 %
Source: Eurostat
Gini coefficient after pensions and social transfers (%)
At-risk-of-poverty rate after pensions and social transfers (%)
Figure 37: Composite indicator of social exclusion and its 
components, Slovenia 2005–2016
10
12
14
16
18
20
22
24
26
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
In
 %
Source: Eurostat
Gini coefficient after pensions and social transfers (%)
At-risk-of-poverty rate after pensions and social transfers (%)
30 Slovenian Economic Mirror, No. 6/2017
Selected Topics
of-poverty rates by gender are also widening for the 
18–24 age group). In 2016 the at-risk-of-poverty rates 
in the 50–65 age group climbed to the highest level yet 
recorded. This group includes a large number of long-
term unemployed persons, and the at-risk-of-poverty 
rate among the unemployed is, as is to be expected, high. 
This is also estimated to be the reason why people, to 
a greater extent than elsewhere in the EU, are deciding 
to take early retirement. Slovenia is thus one of the 
countries with the lowest employment rates in the 55–64 
age group, with more early retirements and hence lower 
pensions – the at-risk-of-poverty rate rose the most for 
those who retired below 65 years of age (by 2.8 pps on 
the preceding year to 16.4%). 
Broken down by activity status, the highest at-risk-of-
poverty rate is recorded by the unemployed. In 2016 it 
totalled 44.7% (0.1 pps less than in 2015). The at-risk-of-
poverty rate for the employed (which is already 10 times 
lower than that for the unemployed) also dropped, this 
was slightly higher (by 0.3 pps) and the corresponding 
proportion of women the same (8.2%) as before the crisis.
The improvement in the economic situation did not have 
the same effect on all age groups. Compared with the 
preceding year, the at-risk-of-poverty rate for people 
under 18 years of age declined by 2.3 pps and for single-
parent families, one of the most vulnerable population 
groups, by 7.2 pps (to 25.3%). This is estimated to be a 
result of the new Scholarship Act22 from 2013 and the 
reinstatement of government scholarships for under-age 
pupils. The only age group where last year’s at-risk-of-
poverty rates were lower than before the crisis was that of 
people over 65. Nevertheless, they still have the highest 
at-risk-of-poverty rate among the selected age groups, 
which can be attributed solely to the high poverty risk 
of older women (however, given the worsening situation 
of women more generally, the differences in the at-risk-
22 Scholarships started to be granted according to the new Act 
(ZŠtip-1, Official Gazette No. 56/2013) in the 2014/2015 school year.
0
5
10
15
20
25
30
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
In
 %
Source: Eurostat.
Women
Less than 18 years 18–24 years
25–49 years 50–64 years
Figure 39: At-risk-of-poverty rate for selected age groups 
by gender, Slovenia, 2005–2016 (men) 
0
5
10
15
20
25
30
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
In
 %
Source: Eurostat.
Men
Less than 18 years 18–24 years
25–49 years 50–64 years
Figure 40: At-risk-of-poverty-rate for working-age 
people (18–64) by activity status, Slovenia, 2009–2016
0
5
10
15
20
25
30
35
40
45
50
2009 2010 2011 2012 2013 2014 2015 2016
In
 %
Source: Eurostat. Note: Data on employed and self-employed 
persons are available only from 2009 onwards.
Self-employed Employed Other inactive
Unemployed Brezposelni
Figure 41: At-risk-of-poverty rates by contract type, 
Slovenia, 2005–2016
0
2
4
6
8
10
12
14
16
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
In
 %
Source: Eurostat. 
Permanent contract Fixed-term contract
Full-time employment Part-time employment
Figure 38: At-risk-of-poverty rates for selected age 
groups by gender, Slovenia, 2005–2016 (women) 
31Slovenian Economic Mirror, No. 6/2017
Selected Topics
the Goriška region has below-average values only in 
social capital, accessibility of services and environment.
The values of the well-being indicator in the Obalno-kraška 
and Primorsko-notranjska regions stand at 6.3 and 6.2 
respectively. High values are recorded particularly in the 
areas of income, life satisfaction, accessibility of services 
and safety. The prospects for employment are also 
relatively good in both regions. However, the values of 
subjective well-being indicators are lower, particularly 
the indicator of social capital in the Obalno-kraška region.
In most regions the composite indicator totals between 5 
and 4.5. These regions are Podravska, Savinjska, Koroška, 
Jugovzhodna Slovenija and Zasavska. Some regions in 
this group are fairly diverse, such as Koroška, which stands 
out in a positive sense by having the second highest 
by 0.7 pps. It fell for persons with permanent and fixed-
term employment contracts and those working full time 
but rose again for persons with part-time jobs. The at-
risk-of-poverty rate also rose somewhat again for self-
employed persons and “other inactive persons”. In our 
view, the at-risk-of-poverty rates by activity status still 
reflect positive changes that might be attributed to the 
effects of the 2013 labour market reform,23 but these 
effects appear to be weakening. In 2016 one effect which 
might be attributed to this reform was the larger number 
of transitions from fixed-term to permanent employment, 
however amid a concurrent increase in working shorter 
hours (and thus a higher probability of lower income).
How is life in Slovenian regions?24
We measured the well-being of the population at the level 
of the regions using 14 indicators divided into 11 well-being 
areas. We took into account the OECD methodology for 
measuring well-being at the regional level, which we 
adjusted slightly owing to the lack of regional statistical 
data.25
We divided the well-being areas into three groups.26 The first 
comprises the indicators of material conditions (income, 
jobs and housing), the second the indicators that affect 
quality of life (health, education, environment, safety, 
civic engagement and accessibility of services) and 
the third the indicators of subjective well-being (social 
capital and life satisfaction). From all these indicators we 
developed a composite indicator, which we called the 
“regional well-being indicator”.
Well-being is higher in western than in eastern Slovenia 
regions; it is highest in the Osrednjeslovenska region. The 
values of the composite indicator across regions range 
between 3.2 and 8.3. The highest value is recorded for 
the Osrednjeslovenska region, which stands out in terms 
of income, education, life satisfaction, civic engagement 
and accessibility of services but is weakest in social capital 
and employment.
The values of the composite indicator are also high in the 
Gorenjska and Goriška regions (7.5 and 6.8 respectively). In 
the Gorenjska region, the high indicators of employment, 
safety, access to services and health stand out in particular; 
23 See Vodopivec, M., Laporšek, S. and Vodopivec, M. (2016). "Levelling the 
playing field: The effects of Slovenia's 2013 labour market reform", IZA 
Discussion Paper No. 9783.
24 For more on this see the working paper »How is life in Slovenian 
regions?«, 1/2017, Vol. XXVI, at http://www.umar.gov.si/fileadmin/user_
upload/publikacije/dz/2017/DZ-Kako_zivimo_v_regijah.pdf. 
25 For more on the methodology see the working paper. 
26 The indicators are as follows: (i) material conditions: 1. household 
disposable income per capita (EUR); 2. employment rate (%) (20–24 years); 
3. registered unemployment rate (%); 4. percentage of persons living in 
overcrowded dwellings; (ii) quality of life: 5. life expectancy at birth (years); 
6. age-adjusted mortality rate; 7. access to general hospitals by car (in 
minutes); 8. share of labour force with at least secondary education; 9. 
share of wastewater generated by at least secondary treatment; 10. share 
of convicted persons per 1,000 persons; 12. access by car to a motorway 
or an expressway (minutes); (iii) subjective well-being: 13. percentage of 
people who have friends or relatives to rely on in case of need; 14. average 
self-evaluation of life satisfaction on a scale from 0 to 10.
Table 12: Subjective well-being indicators and the composite 
regional well-being indicator, 201526
Regions
Subjective well-being Composite 
regional 
well-being 
indicator
Social 
capital
Life 
satisfaction
13 14
Pomurska 94.8 6.7 3.2
Podravska 98.4 6.9 5
Koroška 98.8 6.7 4.8
Savinjska 93.9 6.9 4.8
Zasavska 95.4 6.7 4.5
Posavska 90.4 6.8 3.5
Jugovzhodna Slovenija 89.6 7 4.7
Osrednjeslovenska 93.6 7.2 8.3
Gorenjska 94.7 7.1 7.5
Primorsko-notranjska 94.1 7 6.2
Goriška 90.8 7.1 6.8
Obalno-kraška 90.5 7 6.3
Slovenija 94.5 7 5.5
Sources: FDV, SURS; own calculations. 
Note: The numbers in the 3rd line of the table refer to the indicator numbers in Note 26.
Table 11: Material well-being indicators, 201526
Regions Income Jobs Housing
1 2 3 4
Pomurska 9,213 54.1 18.9 10.8
Podravska 9,767 58.7 13.6 14.3
Koroška 10,728 60.4 11.5 11.2
Savinjska 10,032 63.1 13.3 13.2
Zasavska 9,879 60.6 15.2 22.1
Posavska 9,992 62.9 13.6 19.2
Jugovzhodna Slovenija 10,559 64.8 13 14.9
Osrednjeslovenska 10,735 64.2 11 15.9
Gorenjska 10,551 66 8.6 16
Primorsko-notranjska 10,507 66.3 11.1 10.8
Goriška 10,672 63.4 10.3 12
Obalno-kraška 10,422 62.2 11 16.5
Slovenija 10,303 62.4 12.3 14.7
Source: SURS; own calculations. 
Note: The numbers in the 3rd line of the table refer to the indicator numbers in Note 26.
32 Slovenian Economic Mirror, No. 6/2017
Selected Topics
Table 13: Quality of life indicators, 201526
Regions Health Education Environment Safety Civic engagement
Accessibility 
of services
5 6 7 8 9 10 11 12
Pomurska 79.4 628.7 24 24.1 45.4 3.6 46.4 18
Podravska 79.1 618.2 21 28.9 56.7 3.6 48.2 13
Koroška 79.5 592.5 24 26.5 22.2 2.7 51.7 60
Savinjska 79.4 599.4 27 28.3 20.5 2.9 50.9 18
Zasavska 79.1 599.3 18 27.3 45.6 1.8 53.7 24
Posavska 79.4 608.1 24 27 35.6 3.1 48.2 19
Jugovzhodna Slovenija 79.7 597.6 34 29 64.8 4.9 50.4 29
Osrednjeslovenska 81.5 480 26 39.4 60.3 2.4 56.2 10
Gorenjska 81.5 490.3 30 32.2 52.8 1.8 53.5 14
Primorsko-notranjska 80.3 561 39 29.8 27.7 2.4 51.6 21
Goriška 80.9 528.3 32 30.9 43.6 1.6 54.3 25
Obalno-kraška 81.4 497.8 13 31.8 74.8 3 48 9
Slovenija 80.6 552.2 … 31.8 45.9 3.3 51.7 …
Source: SURS; own calculations. 
Note: The numbers in the 3rd line of the table refer to the number of indicators in Note 26.
disposable income per capita and in a negative sense 
for its lowest life satisfaction, thus corroborating the idea 
that well-being does not depend on income alone.
The lowest values of the composite indicator are recorded 
in the Posavska (3.5) and Pomurska (3.2) regions. Posavska 
has the lowest values of all regions in most indicators. 
Pomurska, on the other hand, is very diverse. While 
achieving very high scores in some areas, for example 
housing, accessibility of services and social capital, it is 
at the bottom of the scale on most others, for example 
income, employment, education of workers and civic 
engagement.
We also compared the composite regional well-being 
indicator with the development risk index (DRI). The 
development risk index is another composite indicator 
we use to monitor regional development. It consists 
of 14 indicators, among which economic indicators 
predominate and none of which are subjective. The DRI 
also shows a gap between eastern and western Slovenia, 
with the latter being at lower development risk. A 
more detailed comparison of regions reveals that some 
regions that are more successful according to economic 
indicators and thus at a lower development risk have 
lower well-being than one would expect with regard to 
their economic performance (for example Jugovzhodna 
Slovenija) or vice versa (for example the Primorsko-
notranjska region). Specifically, because of its favourable 
economic indicators, Jugovzhodna Slovenija is one of the 
regions at the lowest development risk, while it is below 
average in terms of the well-being of its population. 
Well-being does not depend on income alone. The survey 
shows that well-being is a complex and multidimensional 
concept affected not only by a number of quality-of-
life factors but also by subjective perceptions, which is 
also corroborated by our comparison of the composite 
indicator of regional well-being with the development 
risk index. 
Overview of the current situation of 
gender equality in selected areas in 
Slovenia27
A balanced representation of men and women in society 
is vital for its development. In this context, the use of 
the work and educational potential of both sexes and 
a gender-balanced representation in decision-making 
positions play an important role. The untapped potential 
of women may reduce welfare, as indicated, for example, 
27 For more on this see the working paper “A review of gender differences 
in Slovenia in selected fields”, 3/2017, Vol. XXVI, at http://www.umar.
gov.si/fileadmin/user_upload/publikacije/dz/2017/DZ_razlike_med_
spoloma_koncna03_17.pdf.
Figure 42: Comparison of the ranks on the composite 
regional well-being indicator and the development risk 
index
Osrednjeslovenska
Gorenjska
Goriška
Obalno-kraška
Primorsko-notranjska
Podravska
Savinjska
Koroška
Jugovzhodna Slovenija
Zasavska
Posavska
Pomurska
0
1
2
3
4
5
6
7
8
9
10
11
12
13
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Ra
nk
 a
cc
or
di
ng
 to
 th
e 
de
ve
lo
pm
en
t r
isk
 in
de
x 
(D
RI
)
Sources: SURS, SILC survey, FDV, NIJZ, DVK, Drobne, S., FGG; 
calculations by IMAD. Note: * A lower rank on the DRI means 
lower development risk while a lower rank on the RWI means 
greater well-being.
Rank according to the regional well-being indicator (RWI)
33Slovenian Economic Mirror, No. 6/2017
Selected Topics
increased slightly since the onset of the crisis (from 4.1% in 
2008 to 7.5% in 2015). The relatively small gap in Slovenia is 
a consequence of several factors, particularly the above-
average employment and education of women and the 
fact that they mainly work full-time. The gaps are wider, 
however, if monitored at lower levels (by occupation, 
education, sector or region). In terms of sectors, the pay 
gap is the highest in financial and insurance activities; 
broken down by age, in the 40–49 age group; by 
education, among 2nd and 3rd Bologna-cycle graduates 
(20.4%); and by occupation, in non-industrial occupations 
and among managers. By place of residence and place of 
work, it is greatest in the Gorenjska region and smallest in 
Jugovzhodna Slovenija.  
in the earnings of women and men. In the EU it is based on data from 
the Structure of Earnings Survey carried out in all Member States. It is 
used in unadjusted form, i.e. it is not corrected for national differences 
in individual characteristics of employment of women and men that may 
explain part of the earnings difference, and gives a general picture of 
gender inequalities in terms of pay.
by estimates of the costs that arise from women’s lower 
employment rate.28
In Slovenia more than half of the population are women, 
as women live longer on average than men. In 2015 the 
life expectancy of women (83.9 years) was considerably 
greater than that of men (77.8 years). In Slovenia it is rising 
for both women and men, but the gap has declined more 
visibly only in the last ten years. Women are expected to 
live the longest in the Obalno-kraška region (85 years), 
while men in the Zasavska region, the region with the 
lowest life expectancy in Slovenia, are expected to live 
almost 10 years less. 
The average educational attainment of women is higher 
than that of men and women generally achieve better results 
through the process of education. Fewer women of 15–19 
years of age participate in upper-secondary education 
than men, but the share of women in programmes that 
enable enrolment in tertiary education is higher than the 
corresponding share of men. The participation of women 
of 20–24 years of age in tertiary education is consequently 
also higher, which holds true for all regions; however, the 
gender gap is wider than on average in the EU, where the 
participation in tertiary education is generally lower than 
in Slovenia.29 In 2016 the share of adult women (25–64 
years of age) with at least upper secondary education was 
smaller than that of men (also in all individual regions), 
while the share of women (in both the 25–64 and 30–34 
age groups) with tertiary education was larger. More 
women also participate in lifelong learning. Women tend 
to achieve better results in reading and science literacy 
but score lower in numeracy skills. 
Despite the higher educational attainment of women, their 
labour market situation is worse than that of men. The 
activity rate30 of women is lower than the rate of men, 
although the gender gap has decreased slightly since 
the crisis. Their employment rate is also lower and their 
unemployment rate consequently higher (in all regions 
and in most municipalities). Women mainly work in 
service sectors and their share in the highest occupational 
groups (managers, legislators and senior officials) is 
below average. They are more likely to work in fixed-term 
or part-time jobs and, on average, work fewer hours than 
men. Compared with other countries, Slovenia has one of 
the smallest labour-market participation gaps between 
women with young children and women without children 
in the EU; it also has a high activity rate for women in the 
most active age group (30–54 years).
Women on average earn less than men, but the gender pay 
gap31 is one of the smallest in the EU, even though it has 
28 According to Eurofound estimates (see "The gender employment gap 
– Challenges and solutions", 2016), in 2013 the cost of the lower female 
employment rate corresponded to 3.1% of Slovenia’s GDP and 2.8% of 
that of the EU (in the EU, the costs range between 1% of GDP for Lithuania 
and 8.2% for Malta). 
29 In 2015 it was 58.3% in Slovenia for women (EU: 35.9%) and 39.3% for 
men (EU: 28.5%).
30 The active population is the population employed or unemployed.
31 The gender pay gap is a global indicator showing the relative differences 
Figure 43: Labour market indicators for women and 
men, 2016
0
10
20
30
40
50
60
70
80
A
ct
iv
ity
 ra
te
Em
pl
oy
m
en
t
ra
te
U
ne
m
pl
oy
-
m
en
t  
ra
te
Sh
ar
e 
of
fix
ed
-t
er
m
em
pl
oy
m
en
t
Sh
ar
e 
of
pa
rt
-t
im
e
em
pl
oy
m
en
t
In
 %
Source: Eurostat
Women Men
Figure 44: Gender pay gap, 2015
0
5
10
15
20
25
30
RO LU I
T BE S
I
PL M
T LV SE IE CY BG P
T ES H
U FR D
K
N
L
EU L
T FI SK U
K A
T
D
E
CZ E
E
G
en
de
r p
ay
 g
ap
, i
n 
%
Source: Eurostat.
34 Slovenian Economic Mirror, No. 6/2017
Selected Topics
Figure 45: Paid and unpaid working hours, by gender, 
EU, 2015
30
41
33
40
40
41
35
40
37
43
29
38
32
37
38
41
38
44
34
40
35
39
35
39
38
42
38
41
31
41
30
38
37
41
33
41
37
41
36
43
26
37
36
40
37
39
40
42
37
40
38
43
39
42
31
40
2
3
3
4
3
2
2
2
3
3
3
4
3
3
3
3
2
3
3
3
3
3
3
4
3
3
3
3
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3
2
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3
3
4
3
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3
3
3
3
3
2
2
2
3
3
3
4
3
3
2
3
3
4
24
7
23
12
21
7
24
4
22
8
20
7
28
21
24
12
23
4
25
12
20
12
21
11
23
7
19
7
27
14
27
9
22
8
27
14
18
9
29
11
29
15
18
5
23
9
16
5
24
17
32
15
16
7
23
11
0 10 20 30 40 50 60 70 80
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
women
men
AT
BE
BG
CY
CZ
DE
DK
EE
EL
ES
FI
FR
HR
HU
IE
IT
LT
LU
LV
M
T
NL
PL
PT
RO
SE
SI
SK
UK
Hours worked in main and second job
Commuting time
Unpaid working hours
Source: European Working Conditions Survey (EWCS), "2015 report 
on equality between women and men in the EU", 2017.
Time spent on work and family and other responsibilities 
is unevenly distributed between women and men. Men in 
Slovenia perform more hours of paid work per week in 
their main and second jobs (43 hours) than women (38 
hours). Employed women dedicate more time (32 hours) 
to care work (particularly caring for children or other 
dependent relatives) and unpaid housework (men: 15 
hours). Both spend more time on paid and unpaid work 
than, on average, their counterparts in the EU. It is mostly 
women who take parental leave. In 2013 more than 
three-quarters of employed women with a child younger 
than one year took parental leave, which is one of the 
largest shares in the EU (OECD data). Among fathers, only 
6.4% took parental leave in 2015.32 Participation in formal 
32 According to the Parental Protection and Family Benefit Act (Official 
child care has increased, to 37.4% in 2015 for children 
aged less than three years (EU: 30.3%) and 90.9% for 
those from three years of age to the mandatory school 
age (EU: 83.3%). Having access to child care and the 
system of parental leave both contribute to the fairly high 
employment rate among women in Slovenia. 
Female pensioners receive smaller pensions on average 
than their male counterparts, which is attributable to 
their lower labour market participation before retirement. 
In 2015 female and male old-age pensioners were on 
average of equal age (women on average retired earlier 
but live longer), but women had fewer years of service. 
As a result, they received on average an approximately 
15% lower old-age pension than men, which makes older 
women more exposed to the poverty risk. However, in 
2015 the old-age pensions of new women pensioners 
were on average already higher than those of new men 
pensioners; specifically, the average pension-qualifying 
period of women increased and almost reached that 
of men. The gender gap in pensions for the age group 
over 65 totalled 21% in 2015, which is lower than the EU 
average (38%). 
The representation of women in decision-making processes 
is more modest than that of men, though it is increasing. The 
proportion of women in leading positions in the economy 
is rising but is still low. According to data from October 
2016, women account for 24.8% of board members in 
the largest publicly listed companies registered in the 
country (EU: 23.9%). The representation of women in 
decision-making positions in the Bank of Slovenia, the 
Parliament and the Government has also increased in the 
last ten years.
A more balanced representation of the sexes in society could 
be achieved by certain measures. As educational attainment 
affects an individual’s position on the labour market, the 
challenges in this area are to increase the enrolment of 
women in traditionally male-dominated study fields 
and to improve the educational attainment of men and 
increase their participation in lifelong learning. From the 
aspect of demographic trends, a significant challenge is 
how to increase employment of women, older women in 
particular. It is also necessary to step up efforts towards 
equal pay for equal work (or work of equal value) and 
to reduce the horizontal and vertical segregation of the 
sexes. For a more balanced representation of the sexes 
in decision-making processes, further efforts will be 
required to attain at least 40% participation of each sex in 
each specific field of social life or part thereof.33
Gazette of the RS, No. 26/2014), each parent has the right to 130 days of 
parental leave; the mother can transfer to the father 100 days of parental 
leave and the father can transfer to the mother 130 days of parental leave, 
while 30 days are not transferrable. Were the attitude of employers to 
fathers’ use of parental leave more positive, the number of fathers that 
take parental leave would be significantly higher.
33 Article 7 of the Equal Opportunities for Women and Men Act (Official 
Gazette of the RS, No. 59/2002).
st
at
is
ti
ca
l a
pp
en
di
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37Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
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
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
Inflation,2 year average 1.8 2.6 1.8 0.2 -0.5 -0.1 1.5 1.6 2.1
Inflation,2 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 43,520*
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: 1Measured in purchasing power standard; 2Consumer price index; 3 Balance of payments statistics; *End August 2017. 
38 Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
PRODUCTION 2014 2015 2016
2015 2016 2017 2015
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11 12
INDUSTRIAL PRODUCTION, y-o-y growth rates, %
 Industry B+C+D 2.2 5.6 7.0 5.2 5.5 5.2 6.3 8.8 6.7 6.6 7.9 5.8 6.2 3.5 8.4 3.6
 B Mining and quarrying -3.8 0.4 1.7 -14.4 -1.9 23.3 8.3 -7.9 10.1 -1.6 10.8 8.9 -21.1 -10.8 27.4 77.5
 C Manufacturing 4.3 6.0 8.3 5.8 6.3 5.3 7.4 10.2 7.7 7.4 8.1 6.5 7.3 4.0 8.6 3.1
 D Electricity, gas & steam supply1 -14.2 2.5 -5.6 2.4 -0.5 2.2 -5.0 -4.2 -4.0 -0.4 4.4 -1.3 -0.1 2.6 3.6 0.7
CONSTRUCTION,2 real indices of construction put in place,  y-o-y growth rates, %
 Construction, total 19.5 -8.1 -17.7 -8.9 -12.5 -8.3 -31.3 -21.4 -12.7 -9.2 19.8 17.4 -10.7 -11.6 7.0 -22.2
  Buildings 3.8 -4.0 2.4 -1.1 -5.6 -4.2 -6.6 -11.6 5.7 19.1 36.8 40.1 -1.7 -7.0 2.6 -8.1
     Civil engineering 26.5 -9.8 -24.7 -11.5 -15.2 -10.0 -39.9 -24.9 -19.3 -19.0 15.2 9.1 -14.1 -13.2 8.5 -28.3
MARKET SERVICES, year-on-year growth rates, %
Services, total 3.7 5.4 4.1 4.2 5.0 8.4 5.0 4.4 3.5 3.6 7.0 8.5 4.7 6.4 12.3 7.0
Transportation and storage 6.2 3.2 3.6 3.1 2.2 5.2 3.7 4.5 3.0 3.3 11.0 9.7 0.6 3.9 8.6 3.3
Information and 
communication activities 1.1 4.6 3.5 1.7 4.5 10.2 4.0 5.0 4.3 1.2 3.5 7.6 6.6 4.6 15.0 10.9
Professional, scientific and 
technical activities -1.8 3.5 -0.8 -0.4 2.6 7.7 0.8 0.9 -4.5 -0.2 0.8 2.4 2.9 7.2 13.6 3.1
Administrative and support 
service activities 2.5 11.6 10.1 15.5 9.7 8.0 12.2 6.5 8.7 13.8 10.8 14.3 10.5 9.7 10.8 3.6
Distributive trades,  y-o-y growth rates, %
Total real turnover* 2.4 5.7 10.2 6.8 4.5 6.6 9.0 9.1 8.8 13.6 13.4 9.8 5.1 3.8 7.8 8.3
Real turnover in retail trade 0.0 1.0 4.5 1.4 0.4 1.6 2.1 2.2 3.1 10.1 12.2 8.1 0.8 0.4 1.8 2.8
Real turnover in the sale and 
maintenance of motor vehicles 6.9 14.0 21.7 15.9 12.6 15.2 23.0 24.1 18.9 20.8 15.8 12.7 13.1 9.4 19.9 16.8
Nominal turnover in wholesale trade 
& commission trade 3.7 1.4 2.0 1.5 0.6 2.9 0.2 1.2 0.1 6.2 13.7 8.4 0.8 -2.1 5.6 5.9
TOURISM, y-o-y growth rates, %,  new methodology from 2009 onwards
Total, overnight stays -0.5 7.2 7.6 7.0 9.1 3.3 9.6 0.9 9.0 11.3 4.7 18.0 7.0 1.1 0.6 8.8
Domestic tourists, overnight stays -3.5 6.3 2.8 4.9 8.7 3.4 1.3 1.0 4.6 3.4 4.1 5.1 6.4 0.9 5.0 5.1
Foreign tourists, overnight stays 1.4 7.7 10.3 8.2 9.3 3.2 17.4 0.8 10.9 17.1 5.2 24.7 7.3 1.2 -3.0 11.7
Accommodation and food service 
activities 0.2 7.4 11.0 6.6 8.5 9.3 9.9 8.3 13.2 12.2 7.9 12.4 7.0 6.2 8.7 13.0
AGRICULTURE, y-o-y growth rates, %
Purchase of agricultural products, 
SIT bn, since 2007 in EUR m 506.9 472.9 465.7 111.3 123.6 135.5 104.6 110.1 118.2 132.9 108.7 119.8 44.2 49.0 40.3 46.2
BUSSINES TENDENCY (indicator values**)
Sentiment indicator -2.3 5.2 5.5 4.9 5.5 5.8 3.7 4.5 6.1 7.8 11.0 11.1 5.9 5.5 5.3 6.6
  Confidence indicator
- in manufacturing 2 6 6 5 6 7 4 6 5 7 10 8 4 6 7 7
- in construction -11 -14 -10 -14 -17 -15 -17 -15 -7 -1 4 11 -19 -16 -14 -15
- in services 5 16 19 16 16 18 17 19 19 21 24 25 17 18 18 19
- in retail trade 9 15 19 16 14 13 24 13 24 16 19 19 23 13 15 12
Consumer confidence indicator -22 -11 -14 -10 -8 -12 -18 -17 -12 -10 -7 -5 -6 -11 -14 -10
Source of data: SURS. Note: 1Only companies with activity of electricity supply are included. 2The survey covers all larger construction enterprises and some other enterprises 
that perform construction work. *Total real turnover in retail trade, the sale and repair of motor wehicles, and retail sale of automotive fuels. **Seasonally adjusted data.
39Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
2016 2017
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10
5.6 8.8 4.5 8.9 10.2 7.5 2.7 10.4 7.5 3.0 7.9 9.2 7.1 3.3 12.8 1.2 8.3 7.6 7.2 7.6 - -
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 2.2 - -
6.7 10.3 5.4 10.6 11.7 8.5 3.8 12.2 7.8 3.2 9.2 10.4 6.6 3.4 13.8 1.3 9.1 8.7 7.9 8.1 - -
-3.9 -4.7 -6.5 -5.8 -3.5 -3.3 -5.0 -4.1 -2.8 -5.1 -1.1 4.8 10.4 1.3 1.6 0.3 -0.6 -3.7 -2.1 2.9 - -
-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 - -
-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 13.4 3.0 - -
-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 - -
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 9.2 6.0 - -
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 6.2 17.0 4.9 15.9 8.3 13.0 9.9
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 5.6 2.9
-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 1.3 -5.1
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 13.9 14.2 9.5 - -
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 - -
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 - -
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 12.0 18.9 - -
-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 8.7 16.2 3.6 11.7 9.9 11.1 12.8 - -
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 - -
6.8 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 - -
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 - -
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 13.1 9.7 14.5 11.9 10.8 - -
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 - -
4.0 3.5 3.5 5.5 3.7 4.4 5.4 6.6 6.2 6.9 8.1 8.5 10.1 10.5 12.4 11.6 9.5 12.3 11.5 11.4 12.3 15.4
4 5 4 8 5 5 5 7 3 6 7 7 9 10 12 9 6 9 8 8 10 12
-15 -16 -19 -16 -15 -13 -13 -8 -1 -3 -2 1 -1 8 6 10 8 14 18 17 17 22
16 17 19 21 17 18 20 18 19 21 22 21 22 23 26 27 24 23 24 24 23 27
28 23 21 9 13 18 20 23 30 10 19 19 13 17 27 13 11 33 24 18 23 27
-16 -19 -19 -17 -18 -16 -13 -12 -11 -11 -11 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0
40 Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
LABOUR MARKET 2014 2015 2016
2015 2016 2017 2015
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 10 11
FORMAL LABOUR FORCE (A=B+E) 917.9 917.4 920.4 917.5 914.5 917.8 917.8 919.7 917.7 926.2 927.6 934.3 914.8 917.9 918.8
PERSONS IN FORMAL EMPLOYMENT 
(B=C+D)1 797.8 804.6 817.2 805.0 807.1 808.5 803.0 817.2 820.3 828.3 827.5 846.5 810.1 810.4 811.4
In agriculture, forestry, fishing 35.4 29.9 23.1 30.5 29.4 26.9 23.9 23.8 22.1 22.8 22.3 27.3 29.3 27.0 26.8
  In industry, construction 252.4 255.2 260.3 255.2 257.3 257.9 254.7 260.7 262.5 263.3 261.2 268.7 258.4 259.6 259.8
    Of which: in manufacturing 178.3 181.0 186.7 179.9 181.6 183.6 184.1 186.2 187.3 189.0 189.7 192.8 182.5 183.6 184.1
    in construction 54.0 54.3 53.9 55.3 55.7 54.5 50.9 54.6 55.4 54.7 52.2 56.3 56.0 56.1 55.7
In services 510.0 519.6 533.8 519.3 520.4 523.7 524.4 532.7 535.7 542.3 544.0 550.6 522.3 523.8 524.8
Of which: in public administration 48.8 48.1 48.4 48.2 48.3 48.0 48.1 48.4 48.6 48.6 48.6 48.8 48.2 47.9 48.3
in education, health-services, social 
work 122.2 124.0 127.7 124.1 123.3 125.5 125.9 127.6 127.3 130.0 130.8 131.4 124.5 125.2 125.7
FORMALLY EMPLOYED (C)1 703.0 713.1 730.5 712.9 715.9 719.3 716.2 730.2 734.6 741.1 740.5 754.3 718.8 721.2 722.1
In enterprises and organisations 652.6 662.3 680.2 661.5 664.6 668.6 667.5 679.6 683.6 690.2 691.1 702.6 667.4 669.7 670.9
By those self-employed 50.5 50.8 50.3 51.4 51.4 50.6 48.7 50.7 51.0 50.9 49.4 51.7 51.4 51.4 51.2
SELF-EMPLOYED AND FARMERS (D) 94.8 91.6 86.7 92.1 91.1 89.2 86.9 87.0 85.8 87.2 87.0 92.1 91.3 89.3 89.2
REGISTERED UNEMPLOYMENT (E) 120.1 112.7 103.2 112.5 107.4 109.3 114.8 102.5 97.4 97.9 100.1 87.8 104.8 107.5 107.4
Female 59.6 57.5 52.4 57.7 55.9 56.2 56.6 52.3 50.6 50.2 49.5 45.5 54.6 56.2 55.8
By age: 15 to 29 30.4 26.7 22.5 26.5 23.9 26.4 26.1 21.7 20.5 21.6 20.7 17.0 22.9 26.2 26.9
              aged over 50 37.3 36.7 36.5 36.8 36.2 36.1 38.6 36.8 35.4 35.0 36.9 34.3 35.7 35.6 35.6
Primary education or less 33.8 32.3 30.2 32.0 30.5 31.2 33.8 30.0 28.2 28.8 30.6 26.3 30.1 30.3 30.4
For more than 1 year 59.9 59.7 55.1 60.1 59.1 58.4 58.5 56.0 53.5 52.3 51.2 48.1 58.9 58.8 58.2
Those receiving benefits 26.6 23.7 23.1 22.4 21.4 22.2 28.9 21.3 20.5 21.5 27.3 19.5 20.8 20.6 20.7
RATE OF REGISTERED 
UNEMPLOYMENT, E/A, in % 13.1 12.3 11.2 12.3 11.7 11.9 12.5 11.1 10.6 10.6 11.1 9.4 11.5 11.7 11.7
Male 12.0 11.1 10.2 11.0 10.3 10.7 11.8 10.1 9.4 9.5 10.4 8.3 10.1 10.3 10.4
Female 14.3 13.7 12.4 13.8 13.4 13.4 13.4 12.4 12.0 11.8 11.8 10.7 13.1 13.4 13.3
FLOWS OF FORMAL LABOUR FORCE -4.6 -6.4 -13.5 -7.9 -5.5 8.3 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.2 2.7 -0.1
New unemployed first-job seekers 18.5 15.8 14.2 2.2 2.8 7.4 3.0 2.0 2.7 6.5 1.8 1.8 1.4 5.0 1.3
Redundancies 83.9 81.3 75.7 16.3 17.3 23.3 23.8 15.4 16.3 20.3 17.1 13.7 5.8 6.5 6.5
Registered unemployed who found 
employment 74.0 71.0 74.9 19.0 16.9 13.3 23.6 20.6 16.1 14.5 12.6 18.5 7.0 5.4 4.8
Other outflows from unemployment 
(net) 33.2 32.6 28.6 7.5 8.6 9.1 6.0 7.2 7.5 7.9 4.6 7.4 3.4 3.3 3.1
WORK PERMITS FOR FOREIGNERS 25.1 23.2 19.2 23.3 23.7 23.3 21.6 20.0 18.2 17.1 16.8 17.2 24.1 23.8 23.3
As % of labour force 2.7 2.5 2.1 2.5 2.6 2.5 2.4 2.2 2.0 1.8 1.8 1.8 2.6 2.6 2.5
Source of data: SURS, PDII, ESS. Note: 1In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for 
employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based 
on quarterlyFigure for farmers from the Labour Force Survey. 
41Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
2015 2016 2017
12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
42 Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
WAGES
EUR m
2014 2015 2016
2015 2016 2017
2016 Q2 17 Aug17 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
GROSS WAGE PER EMPLOYEE, nominal y-o-y growth rates, %
TOTAL 1,584 1,602 1,614 1.1 0.7 1.8 0.6 0.4 1.3 2.3 1.5 1.7 1.9 1.5 2.3
Private sector activities (A–N; 
R–S) 1,526 1,537 1,558 1.5 0.8 1.3 0.8 0.6 1.2 1.8 1.1 1.0 1.5 1.6 2.3
Public service activities (OPQ) 1,765 1,807 1,791 0.3 0.6 3.3 0.2 -0.1 1.7 3.9 2.8 3.7 2.9 1.3 2.7
Industry (B–E) 1,585 1,588 1,624 3.2 1.7 1.9 1.9 1.2 2.1 2.2 1.6 1.3 2.5 2.3 2.7
Trad. market services (GHI) 1,394 1,417 1,414 1.0 0.9 0.9 1.4 1.0 1.0 1.6 0.8 0.5 0.8 1.7 2.2
Other market services (J–N; R–S) 1,691 1,699 1,723 -0.3 -0.4 0.7 -0.9 -0.5 0.1 1.2 0.3 0.5 0.9 0.7 1.7
A Agriculture, forestry and fishing 1,310 1,285 1,317 0.7 0.2 -0.4 0.0 -0.2 1.6 2.2 -0.8 0.7 -3.3 0.2 0.3
B Mining and quarrying 2,057 2,101 2,117 5.9 -5.9 2.7 -4.8 -4.8 -4.9 1.1 1.6 2.4 5.6 4.2 3.2
C Manufacturing 1,546 1,547 1,579 3.3 2.1 2.1 2.3 1.8 2.3 2.4 1.7 1.5 2.8 2.2 2.7
D Electricity, gas, steam and air 
conditioning supply 2,347 2,373 2,555 2.5 -1.0 1.3 1.7 -3.0 1.9 2.3 1.9 0.0 0.9 4.2 3.1
E Water supply sewerage, waste 
management and remediation 
activities
1,524 1,558 1,561 1.4 1.5 1.9 0.3 1.8 2.2 2.3 2.6 1.7 1.2 4.2 4.0
F Constrution 1,205 1,229 1,257 0.3 -0.2 1.3 -0.8 -0.5 1.0 1.5 1.5 1.9 0.4 1.1 2.7
G Wholesale and retail trade, 
repair of motor vehicles and 
motorcycles
1,437 1,468 1,460 1.2 1.4 1.6 1.8 1.6 1.8 2.4 1.6 1.0 1.3 2.5 2.6
H Transportation and storage 1,467 1,476 1,470 1.1 0.5 -0.5 1.4 0.6 -0.5 -0.1 -0.6 -0.7 -0.5 0.5 1.5
I Accommodation and food 
service activities 1,085 1,110 1,138 -0.2 -1.0 1.4 -1.0 -1.0 -0.1 2.0 0.3 1.0 2.2 1.1 2.9
J Information and communication 2,107 2,106 2,166 0.1 1.0 0.5 -0.2 1.0 0.7 1.1 0.6 -0.2 0.6 1.8 1.4
K Financial and insurance 
activities 2,293 2,326 2,325 1.2 2.1 1.5 1.9 1.8 1.0 2.0 -0.1 1.9 2.4 2.3 2.4
L Real estate activities 1,489 1,500 1,518 -1.2 -0.7 0.7 -1.6 -0.5 0.5 0.4 0.5 0.5 1.2 1.5 2.7
M Professional, scientific and 
technical activities 1,739 1,769 1,838 1.1 0.8 0.8 1.7 0.5 -0.1 1.3 0.7 0.3 1.0 1.4 3.4
N Administrative and support 
service activities 1,054 1,070 1,067 2.5 0.4 3.4 -0.6 0.0 1.9 3.7 3.8 3.1 2.9 1.0 2.5
O Public administration and 
defence, compulsory social security 1,873 1,930 1,945 1.0 2.1 4.7 0.7 0.4 5.2 6.8 4.3 5.4 2.3 1.5 4.5
P Education 1,688 1,730 1,682 0.0 -0.2 2.5 -0.1 -0.6 -0.3 1.8 2.2 2.9 3.0 1.4 1.9
Q Human health and social work 
activities 1,760 1,794 1,786 -0.1 0.3 3.1 0.1 0.1 0.8 3.6 2.2 3.0 3.4 1.0 2.2
R Arts, entertainment and 
recreation 1,650 1,678 1,661 -0.5 -0.5 2.3 -0.3 -1.6 0.3 1.6 2.4 1.7 3.3 1.9 1.6
S Other service activities 1,335 1,345 1,337 -1.1 -2.2 -0.9 -2.8 -2.5 -1.5 -0.1 -1.0 -1.0 -1.4 -1.0 1.5
Source of data: SURS, calculations by IMAD.
43Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
2015 2016 2017
12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8
1.5 1.1 3.5 2.4 1.4 1.8 1.3 0.2 2.8 2.1 1.5 0.5 3.7 2.1 0.5 1.9 1.3 3.4 2.4 2.8 2.7
0.6 0.0 3.3 2.0 0.9 1.6 0.8 -1.0 2.7 1.2 0.3 -0.4 4.8 2.5 0.2 2.1 0.7 3.6 2.4 2.6 2.8
4.1 4.0 4.0 3.6 3.0 2.7 2.8 3.6 3.1 4.4 4.8 3.0 0.9 1.0 1.4 1.5 2.9 2.8 2.6 3.4 2.7
0.5 -0.2 4.4 2.5 0.2 2.7 1.9 -1.8 4.0 1.7 0.3 0.4 7.1 4.1 0.2 2.6 1.4 4.6 2.1 2.9 2.8
0.6 0.6 2.8 1.4 1.7 0.7 0.0 -0.7 1.3 0.9 0.2 -2.9 5.4 2.3 0.2 2.5 0.3 3.5 2.9 2.9 3.2
0.6 -0.6 2.5 1.7 0.8 0.6 -0.4 -0.5 1.5 0.5 0.1 1.2 1.5 0.9 0.1 1.0 0.4 2.4 2.1 2.1 2.3
0.2 1.4 2.9 2.5 -0.9 1.3 -2.7 -0.2 2.7 -0.3 0.2 -7.1 -2.5 -0.6 -0.7 1.7 -0.5 2.1 -0.6 -3.2 1.1
-5.1 -1.5 1.4 3.4 -3.9 -0.4 9.2 -6.6 10.1 4.9 4.9 7.3 4.7 6.5 6.7 -0.3 6.4 1.9 1.5 2.0 -1.0
1.1 0.0 4.7 2.4 0.5 2.9 1.6 -1.1 3.8 1.8 0.2 0.8 7.5 4.1 -0.2 2.7 1.4 4.5 2.2 3.2 2.8
-4.5 -0.7 3.4 4.3 -2.4 1.7 6.5 -7.1 5.9 1.8 3.5 -5.4 6.0 3.9 6.2 2.6 1.9 8.5 -0.7 0.9 6.2
0.1 0.3 2.6 4.1 1.3 3.7 2.6 -2.7 5.6 2.3 -0.9 -0.1 4.7 6.3 2.1 4.3 1.9 4.1 5.8 2.2 1.7
1.0 0.5 1.8 2.3 1.5 2.0 1.1 -0.4 4.4 1.8 0.3 -1.2 2.2 1.2 -0.3 2.4 -0.2 4.4 3.8 2.8 3.0
1.3 1.2 4.2 1.9 3.3 1.1 0.6 -0.1 1.8 1.4 0.4 -0.3 4.1 2.8 0.5 4.0 0.2 3.9 3.8 3.6 3.7
-0.4 -0.8 -0.3 0.7 -0.9 0.2 -0.9 -2.2 0.7 -0.4 -0.3 -10.7 10.7 1.5 -0.3 0.3 -0.3 3.2 1.6 1.2 2.0
-0.2 1.5 3.3 1.2 0.0 0.7 0.3 0.2 1.2 1.8 1.7 3.7 1.1 2.4 0.6 0.4 3.0 3.1 2.5 3.3 3.8
1.2 0.1 1.4 1.8 0.7 1.5 -0.6 -1.9 1.8 -0.5 0.2 -0.5 1.9 2.5 0.6 2.2 0.5 2.0 1.9 2.0 3.8
3.0 -2.4 5.8 2.9 1.1 -0.4 -1.1 0.6 3.6 1.4 -1.2 7.1 1.2 1.8 1.4 3.6 2.6 2.2 2.4 2.9 1.9
0.7 0.2 1.0 -0.1 -0.7 0.0 2.3 -0.7 0.8 1.2 0.5 -3.9 7.2 1.3 1.6 1.6 3.4 4.5 0.3 1.9 4.1
-0.3 -0.9 2.7 2.0 0.4 1.6 0.0 -0.5 0.5 0.8 1.1 -0.4 2.4 2.1 0.7 1.5 0.9 4.5 4.9 4.1 5.7
1.4 2.1 4.2 4.6 4.0 4.2 3.2 2.6 3.9 2.9 2.4 1.2 5.4 1.9 0.0 1.0 0.8 4.0 2.6 2.6 1.2
9.7 7.3 7.0 6.2 5.3 3.6 4.0 4.9 4.8 6.6 5.5 3.0 -1.4 1.1 1.6 1.9 4.2 5.1 4.2 7.2 4.7
1.1 1.7 1.6 2.0 2.1 2.2 2.4 2.6 2.6 3.5 4.1 2.9 1.8 1.1 1.6 1.4 1.7 1.9 2.3 1.6 1.8
2.6 3.7 4.0 3.1 2.0 2.4 2.3 3.4 2.1 3.6 4.9 3.3 2.0 0.9 0.9 1.2 3.1 1.8 1.7 2.2 2.0
-0.4 1.5 2.1 1.3 4.9 1.1 1.3 2.4 0.2 2.6 4.1 3.5 2.2 1.1 2.1 2.6 2.9 1.2 1.0 1.8 2.2
-1.8 0.3 -0.6 0.2 -1.4 -1.2 -0.3 -1.9 0.0 -1.1 -1.5 -2.0 -0.6 -0.8 -0.5 -1.7 0.0 3.3 1.1 1.2 0.6
44 Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
PRICES AND INDICATORS OF 
OVERALL COMPETITIVENESS 2014 2015 2016
2015 2016 2017 2015
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 10 11 12
CPI, y-o-y growth rates, % 0.2 -0.5 0.5 -0.5 -0.6 -0.7 -0.2 0.1 0.6 1.8 1.4 1.2 -0.6 -0.8 -0.5 -0.5
Food, non-alcoholic beverages -0.3 0.9 1.7 1.5 1.2 0.4 0.2 1.3 1.7 2.9 1.9 1.6 1.2 1.1 1.0 1.5
Alcoholic beverages, tobacco 3.6 1.9 0.4 1.0 0.6 0.1 0.3 0.3 0.3 1.3 1.8 2.8 0.9 0.7 0.9 0.1
Clothing and footwear -0.9 -0.9 -2.9 -0.4 -0.4 0.5 0.6 -1.7 -0.5 -0.9 0.6 2.4 -0.4 -2.0 0.1 0.8
Housing, water, electricity, gas 0.1 -1.3 -0.1 -1.2 -1.0 -1.1 -1.3 -1.0 -0.5 2.5 2.6 2.0 -0.9 -0.9 -1.1 -1.0
Furnishings, household equipment -1.2 -1.2 0.9 -0.4 -0.8 0.0 0.2 0.2 0.5 0.4 -0.2 -0.5 -0.2 0.0 -1.4 -1.1
Medical, pharmaceutical products -0.1 0.5 0.8 1.2 0.8 0.2 0.5 0.5 0.7 0.8 0.4 -0.1 0.9 0.8 0.7 0.7
Transport 0.2 -5.1 -0.1 -5.3 -6.3 -5.4 -4.8 -3.1 -0.3 3.9 1.8 0.7 -6.5 -6.7 -7.0 -5.2
Communications -1.9 1.1 2.9 1.7 4.3 4.0 5.2 2.6 2.2 2.8 1.1 -0.8 1.7 3.3 4.3 5.3
Recreation and culture 0.8 1.0 0.2 0.3 -1.6 -2.0 0.8 1.7 0.5 0.0 0.4 0.8 0.6 -0.8 -1.8 -2.3
Education 0.1 0.6 0.3 0.8 0.0 0.1 0.0 0.0 0.3 0.5 0.5 0.5 0.6 0.1 0.0 0.0
Catering services 1.1 0.5 1.0 -0.1 1.0 1.7 2.1 2.8 1.4 0.8 1.5 2.0 0.0 0.2 1.4 1.4
Miscellaneous goods & services 1.6 1.4 1.6 1.1 2.9 0.5 1.0 1.5 1.5 1.8 1.3 1.4 1.0 1.2 6.5 1.1
HCPI 0.4 -0.8 0.6 -0.8 -0.9 -0.9 -0.4 0.0 0.7 2.0 1.4 1.3 -1.0 -1.2 -0.9 -0.6
Core inflation (excluding fresh food 
and energy) 1.0 0.7 0.4 0.7 0.9 0.3 1.2 0.9 0.6 0.7 0.9 0.9 0.8 0.8 1.2 0.7
PRODUCER PRICE INDICES, y-o-y growth rates, % 
Total -0.6 -0.2 0.5 -0.4 -1.2 -1.8 -2.2 -1.3 -0.1 1.7 2.3 2.3 -1.0 -1.1 -1.2 -1.4
 Domestic market -1.1 -0.5 -0.2 -0.5 -1.2 -1.6 -1.9 -1.5 -0.4 0.6 1.3 1.5 -0.9 -0.9 -1.3 -1.4
 Non-domestic market -0.1 0.1 1.2 -0.3 -1.2 -2.0 -2.6 -1.2 0.5 2.8 3.2 3.1 -1.1 -1.2 -1.2 -1.3
  euro area -0.7 0.1 0.6 0.1 -1.3 -2.3 -2.5 -1.9 0.1 2.1 2.6 2.8 -0.6 -1.0 -1.3 -1.6
  non-euro area 1.1 -0.1 2.3 -1.1 -1.1 -1.4 -2.6 0.1 1.3 4.4 4.6 3.9 -2.2 -1.6 -0.9 -0.7
Import price indices -1.4 -0.7 2.7 -0.5 -1.6 -2.2 -2.3 -1.7 1.2 4.8 3.8 2.4 -0.8 -1.8 -1.7 -1.4
INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, %
Effective exchange rate,2 nominal 0.3 -2.8 0.8 -2.7 -2.1 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 -1.8 -1.7 -2.5 -2.0
Real (deflator HICP) -0.1 -3.8 0.2 -3.7 -3.3 -0.6 1.0 0.4 0.5 0.0 -0.3 0.7 -3.0 -3.1 -3.7 -3.0
Real (deflator ULC) -1.7 -3.5 1.1 -3.1 -2.3 1.0 2.6 0.2 -0.4 -2.0 -1.3
USD / EUR 1.32881.1096 1.1066 1.1119 1.0949 1.1018 1.1293 1.1164 1.0789 1.0652 1.0600 1.0647 1.1221 1.1235 1.0736 1.0877
Source of data: SURS, ECB; calculations by IMAD.  
Note: 1 Source for effective exchange rate series  ECB; 2 Harmonised effective exchange rate – a group of 19 EU Member States and 18 euro area countries; an increase in 
value indicates appreciation of the national currency and vice versa.
45Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
2016 2017
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9
-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
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
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
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 0.6 0.3 3.4 1.2 2.7
-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
-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
-0.1 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
-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
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
-1.8 -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
0.2 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
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
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
-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
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
-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
-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
-1.7 -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
-2.0 -2.3 -2.6 -2.7 -2.6 -2.3 -2.3 -2 -1.3 -0.4 0.1 0.6 1.5 2.1 2.5 2.5 2.7 2.5 2.9 2.9 2.6
-1.1 -1.1 -2 -3.4 -2.4 -1.8 -0.7 0.3 0.8 0.8 0.8 2.3 3.9 5.1 4.0 4.7 4.6 4.5 4.1 3.7 4.0
-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
-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
-1.6 -0.4 0.3 1.2 0.9 0.9 0.9 0.1 0.0 0.4 1.1 -0.2 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.3 0.8 0.8
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
46 Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
BALANCE OF PAYMENTS 2014 2015 2016
2015 2016 2017 2015
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 9 10 11
BALANCE OF PAYMENTS, BPM6 methodology, EUR m
Current account 2,179 1,698 2,108 332 553 416 677 530 557 343 596 795 88 257 204 196
Goods 1,181 1,476 1,536 377 419 338 484 449 376 227 381 461 -7 229 181 170
Exports 22,961 24,039 24,991 6,063 5,934 6,160 6,065 6,400 6,119 6,407 6,869 7,147 1,595 2,193 2,177 2,116
Imports 21,780 22,563 23,454 5,687 5,516 5,822 5,581 5,950 5,743 6,180 6,488 6,685 1,602 1,964 1,996 1,946
Services 1,697 1,860 2,174 433 554 485 467 526 655 526 536 668 212 172 179 147
Exports 5,558 5,866 6,410 1,419 1,678 1,515 1,370 1,529 1,812 1,699 1,528 1,736 580 527 505 466
Imports 3,862 4,007 4,236 985 1,124 1,030 902 1,003 1,157 1,173 992 1,068 368 355 326 319
Primary income -428 -1,263 -1,294 -406 -354 -326 -163 -393 -379 -358 -233 -257 -98 -129 -144 -92
Receipts 1,093 1,345 1,436 341 301 330 430 351 336 319 435 374 85 112 96 92
Expenditures 1,521 2,608 2,730 747 654 656 593 744 715 678 667 631 183 241 240 184
Secondary income -271 -375 -309 -72 -65 -81 -111 -53 -95 -51 -88 -77 -19 -15 -12 -29
Receipts 709 733 745 185 175 217 163 181 184 217 179 200 53 60 77 61
Expenditures 980 1,108 1,054 257 240 297 274 234 278 267 267 277 72 75 89 90
Capital account 79 412 -302 82 131 168 -53 -89 -54 -106 -47 -65 42 50 76 62
Financial account 2,251 1,658 1,129 533 435 142 331 224 419 156 381 664 5 297 138 463
Direct investment -584 -1,269 -880 -45 -223 -657 -299 -376 -306 101 -217 133 -75 -99 -384 -7
Assets 155 292 431 305 26 -134 161 74 55 142 158 213 -55 7 70 -7
Liabilities 739 1,560 1,311 350 248 523 460 451 360 41 375 80 20 107 454 0
Portfolio investment -3,968 2,929 5,079 1,684 -993 1,549 584 1,099 702 2,693 -330 556 -151 202 491 526
Financial derivatives -51 -98 -215 -26 -40 -21 -30 -107 -33 -44 -73 -117 -16 -10 -11 -14
Other investment 6,765 208 -2,758 -1,102 1,739 -663 64 -351 106 -2,577 959 59 270 239 19 2
Assets 4,737 -617 -2,335 -1,471 1,218 -817 64 -637 -1,079 -684 -30 -348 -142 268 170 187
Other equity 84 10 0 1 0 -2 1 -1 2 -2 0 0 1 0 0 0
Currency and deposits 5,037 -516 -2,205 -1,265 1,266 -625 -325 -578 -1,020 -282 -626 -460 31 141 111 177
Loans -299 -408 -203 -224 -27 -78 10 -67 -36 -111 -49 7 -27 4 -20 -13
Insurance, pension schemes, 
and standardised guarantee 
schemes
8 -8 10 -3 -15 -2 7 2 0 1 3 -1 -5 -5 -1 -1
Trade credit and advances -16 -5 161 27 -15 -358 316 119 -73 -202 517 161 -143 114 15 42
Other assets -77 309 -96 -7 8 249 54 -112 49 -87 125 -55 1 14 65 -18
Liabilities -2,028 -825 423 -369 -521 -153 0 -285 -1,185 1,893 -990 -407 -412 29 151 185
Other equity 7 11 4 0 1 0 0 4 0 0 0 0 0 0 0 0
Currency and deposits -831 -400 1,175 -301 -37 116 548 -320 -406 1,353 -837 78 13 -114 112 66
Loans -1,246 -315 -818 -82 -376 -235 -495 -123 -533 334 -381 -496 -361 43 -37 167
Insurance, pension schemes, 
and standardised guarantee 
schemes
-54 3 -8 4 2 4 11 12 -28 -3 19 -8 1 1 1 1
Trade credit and advances -144 -100 137 3 -122 11 -78 153 -171 233 191 53 -31 82 45 -4
Other liabilities 240 -25 -67 7 12 -48 15 -12 -46 -24 18 -34 -34 18 30 -44
Special drawing rights (SDR) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve assets 89 -113 -97 23 -49 -67 10 -40 -50 -17 43 33 -23 -35 21 -43
Net errors and omissions -6 -453 -677 119 -250 -442 -293 -217 -84 -82 -168 -65 -124 -10 -141 205
EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m
Export of investment goods 2,343 2,596 2,781 632 630 753 644 691 674 772 752 795 167 231 246 243
Intermediate goods 12,924 13,355 13,731 3,406 3,348 3,322 3,371 3,544 3,360 3,456 3,821 3,876 935 1,206 1,219 1,160
Consumer goods 7,668 7,989 8,459 2,040 1,904 2,042 2,057 2,178 2,058 2,166 2,258 2,431 471 737 701 694
Import of investment goods 2,774 2,968 3,292 713 720 877 724 830 796 941 823 881 210 262 271 283
Intermediate goods 13,417 13,803 13,792 3,541 3,376 3,432 3,330 3,542 3,361 3,559 3,974 4,026 976 1,201 1,205 1,161
Consumer goods 6,389 6,534 7,028 1,637 1,592 1,701 1,695 1,756 1,734 1,843 1,890 1,951 459 565 590 565
Source of data: BS, SURS. Note: The methodology of the Slovenian balance of payments and international investment position statistics follows the 
recommendations in the sixth edition of the Balance of Payments and International Investment Position Manual released by the International Monetary Fund.
47Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
2015 2016 2017
12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8
16 226 152 299 186 153 190 126 85 347 252 68 23 197 205 194 287 187 320 262 200
-13 170 141 173 143 117 189 145 5 226 134 43 49 86 112 183 162 86 214 178 45
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 2,117 2,151 2,600 2,205 2,427 2,515 2,338 2,079
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 2,032 2,039 2,418 2,043 2,341 2,301 2,160 2,034
159 151 115 202 186 169 172 175 239 240 227 155 143 188 164 185 245 198 225 230 277
544 420 440 509 508 489 533 583 628 602 574 535 589 487 482 559 580 555 601 677 685
385 269 325 308 322 321 361 407 389 362 347 380 446 299 318 375 335 357 376 447 408
-90 -89 -35 -39 -124 -109 -160 -158 -135 -87 -94 -111 -153 -48 -39 -146 -89 -79 -89 -113 -107
142 93 155 182 105 112 134 95 108 133 94 101 125 179 158 97 120 132 122 109 95
233 182 190 221 229 221 294 252 243 220 188 211 278 228 197 243 209 211 210 222 203
-40 -5 -69 -37 -18 -23 -11 -37 -25 -33 -14 -20 -16 -28 -32 -28 -30 -17 -30 -33 -15
79 58 55 50 64 57 61 62 59 62 73 67 76 62 58 59 68 70 62 63 65
119 64 123 87 82 80 72 99 84 95 87 87 93 90 90 86 98 88 92 95 80
30 -18 -18 -17 -43 -19 -27 -22 -12 -20 8 -35 -78 -11 -17 -18 -15 -18 -32 -142 90
-460 196 125 10 -123 389 -43 281 -165 302 -1,288 1,824 -380 403 60 -82 200 224 240 112 184
-266 -238 82 -143 -379 26 -24 -72 -201 -32 56 -78 123 27 -95 -149 80 35 17 13 -30
-197 30 78 54 28 31 15 134 -107 28 129 -65 77 62 77 18 124 16 73 59 -114
69 268 -5 197 407 4 39 206 94 60 73 13 -45 35 173 167 43 -19 56 47 -84
532 373 1,040 -829 477 506 116 321 331 50 574 1,454 666 -667 314 23 358 -302 500 481 260
3 -13 -8 -9 -27 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -3 3
-684 47 -1,018 1,036 -165 -112 -74 43 -255 318 -1,894 493 -1,177 1,022 -81 18 -201 525 -266 -387 -63
-1,174 -122 -244 430 -978 39 302 -41 -940 -97 -520 317 -481 -6 235 -259 297 -356 -288 -430 -298
-2 0 0 1 0 0 0 0 1 0 0 0 -2 0 0 0 1 0 0 0 0
-913 -121 -394 190 -891 131 182 -2 -736 -282 -705 412 10 -276 15 -365 311 -428 -343 -448 -152
-45 -12 -22 44 -31 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -15
-1 2 2 2 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0
-415 72 118 126 -4 4 118 -33 -205 165 146 3 -351 193 189 135 74 1 85 23 -172
201 -64 51 67 -52 -59 -1 15 15 19 61 -72 -76 100 57 -32 -67 44 -32 3 42
-490 -169 775 -606 -812 152 375 -84 -685 -415 1,374 -176 696 -1,028 316 -277 497 -881 -23 -43 -235
0 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-62 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -112 583 -568 64 182 82
-365 10 -256 -249 -96 -101 73 -99 -310 -124 395 -117 56 -72 21 -330 -45 -310 -141 -162 -294
1 4 4 4 4 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 0 0
-30 -254 133 43 -1 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -97
-34 32 98 -115 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 74
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-45 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14
-506 -13 -9 -271 -266 255 -206 177 -237 -25 -1,548 1,792 -325 217 -127 -258 -73 55 -48 -9 -106
264 177 221 247 226 231 234 231 191 251 248 259 265 228 230 294 240 278 277 263 N/A
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 1,210 1,193 1,418 1,205 1,351 1,321 1,263 N/A
646 602 685 769 692 699 787 723 535 800 709 735 721 664 699 895 739 786 906 801 N/A
322 207 239 278 277 267 286 309 223 263 299 315 327 259 249 315 261 300 320 271 N/A
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 1,277 1,242 1,455 1,225 1,402 1,400 1,317 N/A
546 484 583 628 595 575 586 547 551 636 619 650 574 557 612 722 607 703 642 636 N/A
48 Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
MONETARY INDICATORS 
AND INTEREST RATES 2014 2015 2016
2015 2016
5 6 7 8 9 10 11 12 1 2 3
SELECTED CLAIMS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m
Claims of the BS on central 
government 263 2,327 4,618 838 1,045 1,299 1,488 1699 1,942 2,175 2,327 2,539 2,759 2,987
Central government (S. 1311) 7,240 7,112 6,273 7,380 7,387 7,449 7,445 7,301 7,380 7,387 7,112 7,212 6,957 7,022
Other government (S. 1312, 
1313, 1314) 685 622 576 633 635 634 631 624 623 618 622 630 614 601
Households (S. 14, 15) 8,762 8,856 9,154 8,847 8,836 8,821 8,812 8,825 8,873 8,857 8,856 8,815 8,789 8,830
Non-financial corporations 
(S. 11) 11,729 10,502 9,664 11,493 11,396 11,190 11,137 10,941 10,819 10,688 10,502 10,527 10,046 9,904
Non-monetary financial 
institutions (S. 123, 124, 125) 1,485 1,432 1,411 1,511 1,466 1,470 1,405 1,435 1,417 1,411 1,432 1,422 1,328 1,397
Monetary financial 
institutions (S. 121, 122) 3,684 3,206 3,541 3,365 3,007 3,181 3,442 3,312 3,904 3,713 3,206 3,574 4,030 3,318
Claims on domestic sectors, TOTAL
In domestic currency 25,155 23,816 23,969 24,661 24,240 24,316 24,469 24078 24,532 24,226 23,789 24,152 24,088 23,407
In foreign currency 950 824 672 955 937 904 874 845 839 839 823 794 802 778
Securities, total 7,469 7,059 5,889 7,574 7,512 7,486 7,494 7,478 7,606 7,568 7,079 7,178 6,795 6,812
SELECTED OBLIGATIONS OF OTHER MFI ON DOMESTIC SECTORS, end of the month, in EUR m
Deposits in domestic 
currency, total 25,843 25,885 26,497 25,894 25,715 25,974 26,073 25,652 26,330 26,442 25,885 26,315 26,067 25,869
Overnight 10,157 12,717 15,081 11,458 11,533 12,080 12,278 12,130 12,991 13,244 12,717 13,255 13,553 13,405
With agreed maturity – 
short-term 5,955 4,481 3,955 5,217 5,032 4,896 4,743 4,664 4,341 4,325 4,481 4,393 4,251 4,174
With agreed maturity – 
long-term 9,267 8,196 6,829 8,707 8,574 8,411 8,513 8,349 8,410 8,322 8,196 8,148 7,702 7,595
Short-term deposits 
redeemable at notice 464 491 632 512 576 587 539 509 588 551 491 519 561 695
Deposits in foreign currency, 
total 510 655 687 612 620 616 616 623 618 651 655 0 687 686
Overnight 354 508 564 464 469 468 475 484 478 498 508 529 544 550
With agreed maturity – 
short-term 84 80 65 71 77 73 69 71 71 82 80 79 78 75
With agreed maturity – 
long-term 72 67 58 77 74 75 72 68 69 71 67 66 65 61
Short-term deposits 
redeemable at notice 0 0 0 0 0 0 0 0 0 0 0 0 0 0
INTEREST RATES OF MONETARY FINANCIAL INSTITUTIONS, %
New deposits in domestic currency
Households
Overnight deposits 0.07 0.04 0.02 0.05 0.05 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02
Time deposits with maturity 
of up to one year 0.98 0.37 0.21 0.37 0.36 0.31 0.33 0.31 0.28 0.28 0.28 0.25 0.25 0.24
New loans to households in domestic currency
Housing loans, 5-10 year 
fixed interest rate   5.06 3.54 2.66 3.5 3.39 3.38 3.36 3.34 3.39 3.14 3.16 3.06 2.91 2.75
New loans to non-financial corporations in domestic currency
Loan over EUR 1 million, 1-5 
year fixed interest rate 4.25 2.46 2.07 .. .. 1.90 .. 0.81 1.71 .. 1.00 0.75 .. 1.85
INTEREST RATES OF THE EUROPEAN CENTRAL BANK, %
Main refinancing operations 0.16 0.05 0.01 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.00
INTERBANK INTEREST RATES 
EURIBOR
3-month rates 0.210 -0.019 -0.264 -0.010 -0.014 -0.019 -0.028 -0.037 -0.054 -0.088 -0.126 -0.146 -0.184 -0.229
6-month rates 0.309 0.054 -0.164 0.057 0.049 0.049 0.044 0.035 0.020 -0.015 -0.040 -0.061 -0.115 -0.134
LIBOR
3-month rates 0.012 -0.755 -0.747 -0.791 -0.782 -0.762 -0.729 -0.729 -0.728 -0.784 -0.792 -0.752 -0.775 -0.760
6-month rates 0.066 -0.688 -0.671 -0.704 -0.711 -0.710 -0.681 -0.672 -0.674 -0.754 -0.737 -0.685 -0.723 -0.698
Source of data: BS, EUROSTAT.
49Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
2016 2017
4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9
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
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
602 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559
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
9,953 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
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
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
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
758 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571
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
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 27,205 27,289 27,403
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 16,414 16,515 16,792
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 3,281 3,292 3,290
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
629 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660
658 684 708 683 686 705 680 705 687 711 695 705 682 684 699 857 694 656
529 553 561 540 550 565 549 567 564 586 567 582 561 557 582 666 573 551
69 70 86 82 75 81 72 78 65 69 72 69 68 74 67 101 74 58
60 61 61 61 61 59 59 60 58 56 56 54 53 53 50 90 47 47
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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
0.20 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
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
2.58 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 ..
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
-0.249 -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
-0.138 -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
-0.727 -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
-0.653 -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
50 Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
PUBLIC FINANCE 2014 2015 2016
2015 2016 2017 2016
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1 2
CONSOLIDATED BALANCE OF PUBLIC FINANCING (GFS–IMF methodology), current prices, EUR m
GENERAL GOVERNMENT REVENUES
TOTAL REVENUES 15,492.0 12,078.3 15,842.2 3,972.6 3,864.3 4,241.4 3,685.8 4,108.9 3,884.6 4,162.9 3,958.2 4,444.7 1,329.1 1,179.0
 Current revenues 14,377.0 11,289.0 15,203.9 3,756.8 3,596.3 3,935.9 3,511.7 3,948.8 3,802.7 3,940.7 3,798.9 4,312.1 1,234.0 1,132.3
 Tax revenues 13,191.6 10,494.0 14,240.5 3,524.1 3,277.4 3,692.4 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 1,176.4 1,080.9
Taxes on income and 
profit 2,385.9 1,982.9 2,680.8 786.4 504.0 692.5 634.2 811.4 542.4 692.8 669.3 944.3 214.8 212.6
Social security 
contributions 5,272.5 4,134.5 5,720.6 1,353.4 1,357.7 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 465.0 460.6
Taxes on payroll and 
workforce 20.2 15.2 19.8 4.9 4.6 5.6 4.8 5.1 4.8 5.2 5.0 5.4 1.7 1.7
Taxes on property 244.2 211.0 256.2 41.7 85.2 84.1 27.2 46.3 104.5 78.2 27.4 70.9 11.6 9.0
Domestic taxes on 
goods and services 5,191.2 4,101.1 5,432.9 1,322.2 1,305.9 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 462.9 393.8
Taxes on international 
trade & transactions 77.7 61.2 81.9 21.5 20.2 19.6 22.3 19.8 20.8 19.0 21.4 20.4 6.7 7.7
Other taxes -0.2 -11.9 48.2 -6.0 -0.2 -5.8 27.0 -11.7 -10.8 43.6 59.1 -52.4 13.7 -4.5
Non-tax revenues 1,185.4 795.0 963.4 232.7 318.8 243.5 167.5 289.0 286.3 220.6 217.4 401.4 57.6 51.3
 Capital revenues 51.4 85.5 96.2 16.2 26.2 43.2 14.7 17.5 21.2 42.8 16.5 24.3 4.8 6.0
 Grants 18.9 9.9 10.4 1.7 4.7 3.4 1.3 1.8 5.7 1.6 0.6 1.3 0.2 0.3
 Transferred revenues 4.5 19.4 51.1 0.3 19.3 -0.2 0.7 0.0 50.0 0.3 0.1 0.9 0.0 0.0
  Receipts from the 
  EU budget  1,040.3 674.5 480.5 197.5 217.9 259.1 157.3 140.8 5.0 177.4 142.2 106.1 90.2 40.4
GENERAL GOVERNMENT EXPENDITURES
TOTAL EXPENDITURES 16,751.2 12,665.9 16,496.7 3,980.9 3,974.9 4,710.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.4 3,931.7 1,302.6 1,416.7
 Current expenditures 7,042.1 5,198.7 7,407.1 1,678.3 1,608.5 1,912.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.8 1,782.9 617.6 641.3
Wages, salaries and other 
personnel expenditures 3,610.4 2,686.5 3,785.4 903.4 875.0 908.2 925.4 970.7 928.6 960.8 961.2 1,016.2 305.8 308.4
Expenditures on goods 
and services 2,232.3 1,808.6 2,371.4 558.9 546.1 703.7 535.5 552.6 569.3 714.0 558.0 592.2 157.6 178.2
Interest payments 1,097.4 545.4 1,074.2 178.4 148.0 218.9 489.5 181.5 206.1 197.1 518.4 144.2 143.6 145.0
Reserves 102.1 158.2 176.1 37.6 39.5 81.1 27.5 69.6 29.2 49.8 27.1 30.2 10.5 9.7
Current transfers 7,591.9 5,603.6 7,700.0 1,863.9 1,899.4 1,840.3 1,974.0 1,896.0 1,918.5 1,911.5 2,039.0 1,881.9 615.9 654.7
Subsidies 467.4 197.8 397.0 79.1 47.7 71.0 186.4 78.4 42.9 89.2 170.4 67.1 30.6 54.2
Current transfers 
to individuals and 
households
6,335.0 4,806.6 6,495.5 1,592.7 1,657.7 1,556.2 1,604.7 1,619.1 1,678.9 1,592.8 1,643.9 1,652.2 529.0 534.0
Current transfers to 
non-profit institutions, 
other current domestic 
transfers
714.3 557.2 727.8 180.5 186.0 190.7 167.5 179.3 186.8 194.2 210.3 146.6 47.4 63.7
Current transfers abroad 75.2 42.0 79.7 11.6 8.1 22.3 15.4 19.2 9.8 35.3 14.4 16.0 8.9 2.8
 Capital expenditures 1,444.4 1,344.8 784.3 285.2 350.4 709.1 98.6 115.5 213.6 356.6 108.9 145.4 25.8 34.3
 Capital transfers 270.0 257.1 177.8 58.7 60.8 137.5 32.9 26.9 23.7 94.4 22.7 23.1 9.8 14.4
 Payments to the EU budget 402.9 261.7 427.4 94.8 55.8 111.2 139.9 69.3 96.6 121.7 98.0 98.4 33.6 71.9
 SURPLUS / DEFICIT -1,259.2 -587.5 -654.5 -8.4 -110.6 -468.6 -537.4 226.9 -101.0 -243.0 -375.2 513.0 26.6 -237.7
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. 
51Slovenian Economic Mirror, No. 6/2017
Statistical Appendix
2016 2017
3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8
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 1,451.6 1,460.5 1,284.0 1,344.9
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 1,428.6 1,148.3 1,221.9 1,460.7 1,427.7 1,423.7 1,269.7 1,336.1
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
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
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
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
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
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
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
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
58.6 54.9 80.7 153.4 56.6 148.7 80.9 66.1 74.2 80.4 98.2 55.3 63.9 116.5 197.1 87.7 87.8 79.0
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 5.6
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
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 0.2 0.7 0.0 0.0
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
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 1,328.2 1,361.5 1,463.9 1,328.1
719.0 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.9 821.1 562.5 589.6 630.8 581.7 602.8
311.2 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 317.7 317.2 326.3 312.4 319.1 384.7 324.1 322.0
199.7 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.1 176.3 171.2 210.5 168.9 195.5 227.9 201.5 204.6
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
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
703.4 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.5 679.0 599.8 641.9 640.1 772.1 616.0
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 43.2 16.3
541.6 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.3 560.1 546.8 552.8 552.6 659.8 528.9
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 62.6 60.2 62.2 63.3
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
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
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 9.8
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
-326.3 92.9 85.0 49.1 -213.0 77.3 34.7 -13.1 -84.3 -145.6 -7.0 -120.0 -248.2 290.6 123.4 99.0 -179.9 16.8
52 Slovenian Economic Mirror, No. 6/2017
Acronyms
Acronyms in the text
AJPES – Agency of the Republic of Slovenia for Public Legal Records and Related Services, APP – Asset Purchase Programme, 
SMA – Securities Market Agency, BoS – Bank of Slovenia, VAT – value added tax, BAMC - Bank Asset Management Company, 
DV – Value added, DVK - National Electoral Commission. 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, EU – European union, EUR – Euro, EUROSTAT – Statistical 
Office of the European Union, TSA – Treasury Single Account, FED – Federal Reserve System, GD – Companies, HICP-
Harmonised Index of Consumer Prices, IC – Interest Coverage, CPI – consumer price index, IEA – International Energy 
Agency, ICT – Information and Communication Technology, 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, NIJZ - National Institute of Public Heath, NFI – Non-monetary Financial Institutions, OPEC 
-Organization of Petroleum Exporting Countries, PMI – Purchasing Managers Index, PPI – Producer Price Index, RS – 
Republic of Slovenia, SKD – Standard Classification of Activities, SITC – Standard International Trade Classification, SRE 
– Statistical Register of Employment, SURS – Statistical Office of the Republic of Slovenia, UL – Official Gazette, ULC – 
Unit Labour Costs, IMAD – Institute of Macroeconomic Analysis and Development, USD – US Dollar, PDII – Pension and 
Disability Insurance Institute, ESS – Employment Service of Slovenia. 
Acronyms 
Acronyms of Standard Classification of Activities 
A – Agriculture, forestry and fishing, B – Mining and quarrying, C – Manufacturing, 10 – Manufacture of food products, 
11 – Manufacture of beverages, 12 – Manufacture of tobacco products, 13 – Manufacture of textiles, 14 – Manufacture of 
wearing apparel, 15 – Manufacture of leather and related products, 16 – Manufacture of wood and of products of wood and 
cork, except furniture, manufacture of articles of straw and plaiting materials, 17 – Manufacture of paper and paper products, 
18 – Printing and reproduction of recorded media, 19– Manufacture of coke and refined petroleum products, 20 – Manufacture 
of chemicals and chemical products, 21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations, 
22 – Manufacture of rubber and plastic products, 23 – Manufacture of other non-metallic mineral products, 24 – Manufacture 
of basic metals, 25 – Manufacture of fabricated metal products, except machinery and equipment, 26 – Manufacture of 
computer, electronic and optical products, 27 – Manufacture of electrical equipment, 28 – Manufacture of machinery and 
equipment n.e.c., 29 – Manufacture of motor vehicles, trailers and semi-trailers, 30 – Manufacture of other transport equipment, 
31 – Manufacture of furniture, 32 – Other manufacturing, 33 – Repair and installation of machinery and equipment, 
D – Electricity, gas, steam and air conditioning supply, E – Water supply sewerage, waste management and remediation activities, 
F – Construction, G – Wholesale and retail trade, repair of motor vehicles and motorcycles, H – Transportation and storage, 
I – Accommodation and food service activities, J – Information and communication, K – Financial and insurance activities, 
L – Real estate activities, M – Professional, scientific and technical activities, N – Administrative and support service activities, 
O – Public administration and defence, compulsory social security, P – Education, Q – Human health and social work activities, 
R – Arts, entertainment and recreation, S – Other service activities, T – Activities of households as employers, undifferentiated 
goods- and services- producing activities of households for own use, U – Activities of extraterritorial organizations and bodies.
Acronyms of Countries
AU – Australia, AT-Austria, BA-Bosnia and Herzegovina, BE-Belgium, BG-Bulgaria, BY-Belarus, CA – Canada CH-Switzerland, 
CL – Chile, HR-Croatia, CZ-Czech Republic, CY-Cyprus, DE-Germany, DK-Denmark, ES-Spain, EE-Estonia, GR-Greece, FR-
France, FI-Finland, HU-Hungary, IE-Ireland, IL-Israel, IS – Iceland, IT-Italy, JP-Japan, KR - South Korea, LU-Luxembourg, 
LT-Lithuania, LV-Latvia, MT-Malta, MX – Mexiko, NL-Netherlands, NZ - New Zealand, NO-Norway, PL-Poland, PT-Portugal, 
RO-Romania, RS-Republic of Serbia, RU-Russia, SE-Sweden, SI-Slovenia, SK-Slovakia, TR-Turkey, UA-Ukraine, UK-United 
Kingdom, US-United States of America
No. 6, Vol. XXIII, 2017