N o. 7 , V ol . X XI II, 2 01 7 Slovenian Economic Mirror ISSN 1318-3826 (print) ISSN 1581-1026 (pdf ) No. 7 / Vol. XXIII / 2017 Publisher: IMAD, Ljubljana, Gregorčičeva 27 Responsible Person: Boštjan Vasle, MSc, Director Editor in Chief: Tanja Kosi Antolič, PhD; Tina Nenadič, MSc Authors of Current Economic Trends (listed alphabetically): Lejla Fajić; Marjan Hafner, MSc; Matevž Hribernik, MSc; Katarina Ivas, MSc; Mojca Koprivnikar Šušteršič; Tanja Kosi Antolič PhD; Janez Kušar, MSc; Jože Markič, PhD; Tina Nenadič, MSc; Mitja Perko, MSc; Jure Povšnar; Dragica Šuc, MSc; Ana Vidrih, MSc. 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 ....................................................................................................................................................... 16 Financial markets ............................................................................................................................................................. 17 Public finance .................................................................................................................................................................... 18 Statistical appendix .....................................................................................................................................................19 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 8th December 2017. 3Slovenian Economic Mirror, No. 7/2017 In the Spotlight Economic growth in the euro area continued in the third quarter; in the autumn international institutions significantly improved their forecasts for the euro area economy for this year and next. Economic growth continued in all of Slovenia’s main trading partners from the euro area, owing primarily to higher domestic demand in addition to exports. The higher forecasts for euro area GDP growth for this year and next are mainly a consequence of the stronger-than-expected growth and favourable economic prospects. Risks to growth are mostly balanced. In the third quarter high economic growth in Slovenia continued and remained broad-based. This year’s GDP growth continues to be mainly driven by exports; the components of domestic consumption also remain higher year on year. The improvement in labour market conditions and consumer confidence is contributing to further growth in private consumption as well as to the growth of housing investment that started last year. Investment in machinery and equipment and investment in the construction of civil-engineering works, which has rebounded this year, remain higher year on year. Economic growth in Slovenia continues to exceed that in the euro area. Slovenia is thereby closing the gap relative to the pre-crisis level, which was wider than in the euro area owing to a steeper fall in GDP in the first years of the crisis. The labour market situation continues to improve with favourable economic conditions and high labour demand, while the growth of wages remains moderate. The number of employed persons continues to rise across most sectors, reaching a level comparable to that in 2007. However, with enterprises increasingly facing a shortage of labour, the employment of foreigners continues to increase in certain sectors. Increased hiring and a reduced inflow into unemployment are reflected in the smaller number of unemployed. At the end of November 82,415 persons were registered as unemployed, 14.9% fewer than in the same month last year. Wage growth remains moderate, having risen around 2.5% in the public and private sectors in the first nine months. Year-on-year growth in consumer prices remains relatively low. The main contributors to growth are prices of energy and services; in November the contribution of food prices also went up. The contributions of other price groups remain relatively low. The movement of core inflation does not indicate any major pressures on price growth. The year-on-year growth in the volume of loans to domestic non-banking sectors continued in October. The volume of household loans (consumer loans in particular) continues to rise steadily. Since mid-year the volume of corporate loans has also been picking up, in our assessment owing mainly to the further slowdown in deleveraging, given that the volume of new loans has dwindled slightly in recent months. With favourable economic developments and moderate growth in expenditure, the general government balance on a cash basis recorded a surplus of 0.1% of GDP in the first nine months. The strong revenue growth is underpinned primarily by favourable economic conditions, while in the third quarter revenue from EU funds was also up year on year after a relatively long period. Expenditure growth mainly reflects growth in employee compensation, some transfers (pensions and sickness benefits) and expenditure on goods and services. Towards the end of the year growth in expenditure is expected to strengthen. In the spotlight 4 Slovenian Economic Mirror, No. 7/2017 In the Spotlight Euro area economic growth continues; the most recent forecasts by international institutions are higher than those in the spring. Economic growth in Slovenia remains higher than that in the euro area. 95 100 105 110 115 120 125 Q 1 05 Q 1 06 Q 1 07 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Re al in de x 20 05 = 10 0, s ea so na lly a dj us te d Source: Eurostat, SURS; calculations by IMAD. Slovenia Euro area 0 0.5 1 1.5 2 2.5 IMF Apr EC May OECD Jun Consen. Jun IMF Oct EK Nov OECD Nov Consen. Dec 2017 2018 Re al G D P gr ow th , % Source: Consensus, EC, IMF, OECD. Spring Autumn With favourable economic conditions, the number of employed persons continues to increase. Year-on-year consumer price growth is relatively low; the movement of core inflation does not indicate major pressures on price growth. 700 710 720 730 740 750 760 770 780 790 800 810 820 830 840 850 860 Ja n 07 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 N um be r o f e m pl oy ed a cc or di ng to S RE , i n '0 00 , se as on al ly a dj us te d Source: SURS; calculations by IMAD. -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 In % Source: SURS. Consumer prices Consumer prices excluding food and energy prices -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 Ja n 15 A p r 1 5 Ju l 1 5 O ct 1 5 Ja n 16 A p r 1 6 Ju l 1 6 O ct 1 6 Ja n 17 A p r 1 7 Ju l 1 7 O ct 1 7 12 -m on th m ov in g su m s, in E U R m Source: BoS; calculations by IMAD. Households Government Enterprises NFIs Total -3,000 -2,500 -2,000 -1,500 -1,000 -500 0 500 1,000 14,000 14,500 15,000 15,500 16,000 16,500 17,000 17,500 18,000 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 12 -m on th m ov in g su m s, in E U R m 12 -m on th m ov in g su m s, in E U R m Revenue Expenditure Balance (right axis) Source: MF, Bulletin of Government Finance; calculations by IMAD. Favourable labour market trends, low household indebtedness and the generally low level of interest rates contribute to the growth of household loans, but the volume of new corporate loans remains moderate. Favourable public finance developments are underpinned by strong 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. 7/2017 Current Economic Trends In the third quarter economic growth continued in all Slovenia’s main euro area trading partners. Seasonally adjusted, euro area GDP rose 0.6% quarter on quarter and 2.5% year on year. This growth mainly reflects growth in exports, private consumption and investment. Business confidence indicates a continuation of growth in the last quarter of the year, as economic sentiment indicators (ESI, PMI, Ifo) improved further in the autumn months, reaching ten-year highs. In the autumn international institutions significantly improved their growth forecasts for the euro area. The autumn forecasts for the euro area by the IMF, EC, OECD and Consensus are higher than earlier forecasts, mainly as a consequence of stronger-than-expected growth and favourable economic prospects. Economic growth in 2018 is expected to be mainly driven by private consumption and investment. Risks to the forecast are mostly balanced. Downside risks are mainly related to external factors (geopolitical risks, protectionist policies, a global tightening of financial conditions), while the upside risks arise from the euro area (a further improvement in business confidence). Figure 1: Economic growth in the euro area -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Re al q ua rt er ly g ro w th , i n % (s ea so na lly a dj us te d) C on tr ib ut io n to q ua rt er ly G D P gr ow th , in p ps (s ea so na lly a dj us te d) Source: Eurostat. Private consumption Government consumption Gross fixed capital formation Changes in inventories and valuables Exports of products and services Imports of products and services GDP (right axis) Figure 2: GDP growth forecasts for 2018 for Slovenia’s main trading partners 0.0 0.5 1.0 1.5 2.0 2.5 Euro area Germany France Italy Austria Re al G D P g ro w th , i n % Source: Consensus, EC, IMF, OECD. IMF Apr 17 EC May 17 OECD Jun 17 CONS Jun 17 IMF Oct 17 EC Nov 17 OECD Nov 17 CONS Dec 17 Prices of Brent crude have risen significantly in recent months. In November they were one third higher than in June, reaching their highest value in more than two years. According to the IEA, the main reasons include political uncertainty in some of the largest oil producers and the announced oil output reduction at the end of this year. Figure 3: Prices of Brent crude oil and USD/EUR exchange rate 1.0 1.1 1.2 1.3 1.4 1.5 20 30 40 50 60 70 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 U SD fo r 1 E U R U SD /E U R pe r b ar re l Source: ECB, EIA; calculations by IMAD. Price in EUR (left axis) Price in USD (left axis) Exchange rate USD/EUR (right axis) International environment 8 Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Table 1: Brent crude prices, USD/EUR exchange rate and EURIBOR average change, in %* 2016 X 17 XI 17 XI 17/X 17 XI 17/XI 16 I-XI 17/I-XI 16 Brent USD, per barrel 43.64 57.51 62.71 9.1 40.3 24.9 Brent EUR, per barrel 39.46 48.92 53.43 9.2 28.9 23.7 EUR/USD 1.107 1.176 1.174 -0.2 8.7 1.2 3-month EURIBOR, in % -0.265 -0.330 -0.329 0.0 -0.2 -0.7 Source: EIA, ECB, EMMI Euribor; calculations by IMAD. Note: * in Euribor change in basis points. 9Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Table 2: Selected monthly indicators of economic activity in Slovenia In % 2016 X 17/IX 17 X 17/X 16 I-X 17/I-X 16 Merchandise exports, real1 5.7 0.73 17.3 9.9 Merchandise imports, real1 4.8 0.43 14.3 10.4 Services exports, nominal2 8.1 2.53 12.7 12.8 Services imports, nominal2 5.5 -0.43 8.8 7.7 Industrial production, real 7.1 0.33 10.74 7.94 -manufacturing 8.2 0.03 11.14 8.44 In % 2016 IX 17/VIII 17 IX 17/IX 16 I-IX 17/I-IX 16 Construction -value of construction put in place, real -17.7 4.03 7.0 14.2 Real turnover in retail trade 4.5 0.73 7.04 9.94 Market services (without trade) - nominal turnover 4.1 0.63 7.34 8.14 Sources: BoS, Eurostat, SURS; calculations by IMAD. Notes: 1External trade statistics; deflated by IMAD, 2balance of payments statistics, 3seasonally adjusted, 4working-day adjusted data. Box 1: Gross domestic product, Q3 2017 In the third quarter high economic growth continued. GDP was up 4.5% year on year in real terms. Quarterly GDP growth rates in Slovenia have exceeded the euro area average in the last two years. Slovenia has thereby closed the gap relative to the pre-crisis level, which was wider than on average in the euro area owing to a steeper fall in GDP in the first years of the crisis. Year-on-year GDP growth continues to be mostly driven by exports. Reflecting the improving economic picture in Slovenia’s trading partners, the growth of foreign demand strengthened further in the third quarter. The export competitiveness of Slovenian companies also improved further. A significant contribution to GDP growth in the first nine months also came from investment and private consumption. Year-on-year growth was recorded not only for investment in machinery and equipment, but also for housing investment (which had started to recover last year) and investment in civil-engineering works (which has rebounded this year). The continuation of growth in private consumption is related to the further improvement in labour market conditions and consumer confidence. Figure 4: Real GDP changes in Slovenia and the euro area 95 100 105 110 115 120 125 Q 1 05 Q 1 06 Q 1 07 Q 1 08 Q 1 09 Q 1 10 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Re al in de x 20 05 = 10 0, s ea so na lly a dj us te d Source: Eurostat, SURS; calculations by IMAD. Slovenia Euro area Figure 5: Expenditure structure of Slovenia's GDP growth -6 -4 -2 0 2 4 6 8 -12 -8 -4 0 4 8 12 16 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Re al G D P gr ow th , i n % C on tr ib ut io ns to y ea r- on -y ea r gr ow th , i n p p s Source: SURS. Private consumption Government consumption Gross fixed capital formation Changes in inventories and valuables Exports of goods and services Imports of goods and services Real GDP growth (right axis) Economic developments in Slovenia 10 Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Growth in real merchandise exports and imports continues.1 We assess that export growth in the first nine months of 2017 was mainly driven by exports of motor vehicles and electrical equipment, which together account for around one quarter of total manufacturing exports.2 Export growth continues to stem from rising foreign demand and the favourable competitive position of manufacturing. Further, albeit somewhat slower, growth in imports was underpinned by high production activity and the strengthening of private consumption. Figure 6: Merchandise trade – real 80 85 90 95 100 105 110 115 120 125 130 135 140 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 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 1 According to the national accounts statistics. 2 Estimated on the basis of data available for the first nine months of 2017, according to the Standard Classification of Activities (SKD). 3 According to the balance of payments statistics. Production volume in manufacturing continues to increase in most activities. The first ten months recorded the strongest growth in the manufacture of transport equipment (by around one fifth) and machinery and equipment (by 15.0%). The prospects remain favourable, as most enterprises surveyed expect further growth in production at the beginning of 2018. The main limiting factor to production remains the shortage of skilled labour (cited by one third of enterprises surveyed); insufficient demand is highlighted by one fifth (compared with almost one third last year). Figure 8: Production volume in manufacturing 70 90 110 130 150 170 190 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 10 = 10 0, 3 -m on th m ov in g av er ag e Source: SURS; calculations by IMAD. High-technology industries Medium-high-technology industries Medium-low-technology industries Low-technology industries Manufacturing, total Nominal exports of services have increased further in recent months, and imports have remained high.3 The growth of exports is, in addition to higher spending by foreign tourists in Slovenia and exports of transport (road) services, largely due to exports of technical, trade related business services. Imports of such services also make a significant contribution to the growth of services imports. Figure 7: 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 11Slovenian Economic Mirror, No. 7/2017 Current Economic Trends After growth in previous quarters, activity in construction recorded a decline in the third. It nevertheless remained higher year on year, and in the first nine months was up 14.2%. The higher level of construction of buildings year on year reflects stronger investment activity and the recovery of the housing market and, particularly in the construction of civil-engineering works, the rebound of government investment. Figure 9: Value of completed construction works 0 10 20 30 40 50 60 70 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d in de x 20 08 = 10 0 Source: SURS; calculations by IMAD. Construction Residential buildings Civil-engineering works Non-residential buildings Most trade segments recorded further sales growth in the third quarter. In the main three segments sales were around one tenth higher year on year in the first nine months. The strong growth of sales in durable and semi-durable goods in retail trade was boosted by further growth in household consumption. Alongside the higher sales of cars to legal persons and for export, this contributed to further turnover growth in the sale of motor vehicles. With high activity in trade-related sectors (particularly manufacturing and transport), turnover also rose in wholesale trade. Figure 11: Real turnover in trade segments 70 90 110 130 150 170 80 85 90 95 100 105 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d in de x 20 08 = 10 0 Se as on al ly a dj us te d in de x 20 08 = 10 0 Source: SURS; calculations by IMAD. Note: *nominal. Wholesale trade* (left axis) Retail sale of food products (left axis) Retail sale of non-food products (left axis) Sale and repair of motor vehicles (right axis) Retail sale of automotive fuels (right axis) In the third quarter nominal turnover rose further in most market services. Growth in administrative and support services is mainly due to the further strengthening of turnover in employment services related to the rising demand for labour in the favourable economic conditions. Growth in road transport has resulted primarily from higher exports of these services. Further growth in accommodation and food service activities is boosted by increased spending of domestic and foreign tourists. Turnover in information and communication services remained similar to the previous quarter, but stagnated in computer and telecommunication services. The low activity in professional and technical services stems particularly from architectural and engineering services. Figure 10: Nominal turnover in market services (other than trade) 75 80 85 90 95 100 105 110 115 120 125 130 135 140 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d in de x 20 08 = 10 0 Source: SURS; calculations by IMAD. Total Transportation and storage (H) Information and communication activities (J) Professional and technical activities (M) Administrative and support service activities (N) Accommodation and food service activities (I) 12 Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Economic sentiment continues to improve in the second half of the year, recording levels similar to those before the crisis. Since mid-year, confidence has been rising across all sectors, the fastest in manufacturing and construction. Consumer confidence is reaching the highest levels since these data have been available.4 Figure 12: 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* 4 Seasonally adjusted consumer confidence data have been available since January 2005. 13Slovenian Economic Mirror, No. 7/2017 Current Economic Trends With favourable economic conditions, the number of employed persons5 rose further in the third quarter, to a level comparable to that in the pre-crisis year 2007. High labour demand is also indicated by an increase of approximately one third in the number of vacancies than in the same period last year, and by high expectations of enterprises about future employment. Particularly in manufacturing, enterprises are facing a shortage of skilled labour and some sectors continue to increase the employment of foreigners.6 The year-on-year rise in the number of employed persons in public services has resulted mainly from employment growth in the sectors of education (primary education in particular) and health. Figure 13: Persons in employment by activity -2 0 2 4 6 8 10 12 M an uf ac tu rin g (C ) C on st ru ct io n (F ) M ar ke t s er vi ce s ex cl . e m p lo ym en t ac tiv it ie s (G -N e xc l. N 78 ) Em p lo ym en t ac tiv it ie s (N 78 ) Pu b lic s er vi ce s (O -Q ) Ye ar -o n- ye ar c ha ng e, in '0 00 Source: SURS; calculations by IMAD. 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 Registered unemployment continues to decline. The inflow into unemployment in the first eleven months was smaller year on year, mainly on account of the lower number of expired fixed-term employment contracts. There were fewer first-time jobseekers, which is related to better economic conditions and smaller generations of young people finishing school. The outflow into employment in the first eleven months was somewhat smaller than in the same period last year. At the end of November 82,415 persons were registered as unemployed, 14.9% fewer than in November 2016. Figure 14: Employed according to SRE and registered unemployed 60 80 100 120 140 160 180 200 220 680 700 720 740 760 780 800 820 840 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) 5 According to the Statistical Register of Employment; these are persons in paid employment and self-employed persons except farmers. 6 The number of employed foreign nationals increased by 12.3% in the first nine months of 2017 and the number of employed Slovenian citizens by 2.5% The higher growth in the number of employed foreigners has been seen since the beginning of labour market recovery in 2014, which is in part a consequence of strong activity growth in sectors that typically stand out in terms of the share of employed foreigners (transportation and storage; accommodation and food service activities; manufacturing; and administrative and support service activities, which include employment activities). The share of foreign nationals in total employed persons stood at 8.2% in the first nine months, up 0.7 pps over the same period of 2016. The employment of foreigners is estimated to be also due to the decline in the supply of labour on the domestic labour market. The labour market 14 Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Table 3: Indicators of labour market trends change, in % 2016 IX 17/VIII 17 IX 17/IX 16 I-IX 17/I-IX 16 Persons in formal employment2 1.6 0.21 3.5 3.4 Registered unemployed -8.5 -1.41 -14.9 -13.9 Average nominal gross wage 1.8 0.41 3.0 2.2 - private sector 1.7 0.21 2.6 2.4 - public sector 2.3 0.61 4.1 2.6 -of which general government 3.6 2.01 4.5 2.7 of which public corporations -0.5 -0.11 3.2 2.2 2016 IX 16 VIII 17 IX 17 Rate of registered unemployment (in %), seasonally adjusted 11.2 10.9 9.4 9.2 Sources: ESS. SURS; calculations by IMAD. Note: 1seasonally adjusted, 2 Persons in paid employment, self-employed persons and farmers. Wage growth remained moderate in the third quarter. It was similar to that in the previous quarter in both the private and public sectors. In the first nine months it was around 2.5% higher in nominal terms in both sectors. Among private sector activities, manufacturing and some market services stood out in terms of growth, similar to last year.7 The moderate growth is, in our assessment, attributable particularly to the relatively low growth of prices and productivity and hiring in activities with below-average wages.8 Figure 15: Average gross earnings per employee 100 105 110 115 120 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17 Se as on al ly a dj us te d in de x 20 08 = 10 0 Source: SURS; calculations by IMAD. Gross earnings per employee Private sector Public sector – general government – public corporations 7 Particularly trade, accommodation and food-service activities, and scientific and technical activities. 8 The assessment is based on the econometric decomposition of the historical relation between the above-mentioned factors. 15Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Year-on-year consumer price growth remains relatively low. The contribution of food prices, the main driver of inflation in addition to prices of energy and services, strengthened in November. The contributions of other price groups remained relatively low. The decline in prices of durable and semi-durable goods slowed slightly in November. The movement of core inflation indicates no major pressures on price growth. The year-on-year growth of industrial producer and import prices continues, exceeding slightly the growth of consumer prices. The main drivers of growth are price rises in commodities, energy and non-durable consumer goods. Growth in domestic producer prices for industrial products sold on the domestic market has strengthened somewhat in recent months, while it has slowed slightly for industrial products sold abroad. Figure 16: Year-on-year growth of consumer, industrial producer and import prices -4 -2 0 2 4 6 8 10 12 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 % Source: SURS. Import price indices Consumer prices Producer prices Consumer prices excluding food and energy prices The price competitiveness of Slovenia’s economy remains relatively favourable despite this year’s deterioration. The appreciation of the euro against the currencies of main trading partners, particularly those outside the EU, has eased in recent months. The increase in the nominal effective exchange rate9 in Slovenia was in any case among the smallest in the euro area this year, given that Slovenia performs an above-average share of its external trade in the euro area and is thus less sensitive to exchange rate fluctuations. Price competitiveness also continues to be favourably affected by lower growth in relative prices (inflation) in Slovenia. Figure 17: Price competitiveness (real effective exchange rate) of euro area countries, January – October 2017 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 SK IE FI SI GR FR PT CY IT MT NL DE AT LU LV ES BE EE LT Ye ar -o n- ye ar c ha ng e (in % ) Source: ECB; calculations by IMAD. * A rise in the value indicates a loss in competitiveness, and vice versa. Relative HICP Nominal effective exchange rate Real effecitve exchange rate (deflated by rel. HICP) Table 4: Consumer price growth in % 2016 XI 17/X 17 XI 17/XI 16 I-XI 17/I-XI 16 Total 0.5 0.3 1.2 1.4 Food 1.6 0.3 2.9 2.2 Fuels and energy -0.2 0.8 3.3 4.0 Services 1.6 -0.3 1.3 1.7 Other1 -0.6 0.6 -0.2 0.1 Total excluding food and energy 0.4 0.2 0.5 0.8 Administered prices2 0.4 0.3 1.1 - 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. 9 This shows the movement of the domestic currency (euro) compared with the weighted average of currencies of the main trading partners including the countries in the euro area. Prices 16 Slovenian Economic Mirror, No. 7/2017 Current Economic Trends The surplus of the current account of the balance of payments continues to rise; in the last twelve months10 it totalled EUR 2.7 billion (6.3% of GDP). The higher surplus in current transactions in comparison with the previous 12-month period11 was mainly due to the greater trade surplus in services resulting from higher net revenue from travel and the surplus of trade in other, trade-related services. The surplus in merchandise trade was lower year on year, mostly due to the deteriorated terms of trade.12 The deficit in primary income was down largely because of lower net payments of interest on external debt as a result of lower yields on government bonds. The deficit of secondary income was also lower, owing to higher transfers to the private sector. Figure 18: 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 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17Fo ur -q ua rt er m ov in g s um o f t ra n sa ct io n s, in E U R m Source: BoS; calculations by IMAD. Merchandise trade Trade in services Primary income Secondary income Current account Table 5: Balance of payments I-IX 2017, in EUR m Inflows Outflows Balance Balance, I-IX 16 Current account 28,078.9 25,768.1 2,310.8 1,764.4 Goods 21,073.6 19,708.3 1,365.3 1,309.9 Services 5,292.2 3,320.1 1,972.1 1,648.5 Primary income 1,133.4 1,933.6 -800.2 -935.6 Secondary income 579.7 806.1 -226.4 -258.4 Capital account 524.9 697.0 -172.1 -196.1 Financial account -643.8 957.0 1,600.7 973.3 Direct investment 770.5 428.8 -341.7 -980.7 Portfolio investment 1,234.7 2,201.0 966.3 2,385.5 Other investment -2,586.1 -1,520.9 1,065.2 -181.0 Net errors and omissions 0.0 -538.0 -538.0 -595.0 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 in the last twelve months, with the net outflow of the private sector exceeding the net inflow of the government sector and the BoS. The government was withdrawing deposits from its accounts abroad, as did the BoS, which also increased its liabilities within the Eurosystem. At the same time, it increased investment in foreign securities, but the outflows from these transactions were lower than the inflows. Within the private sector, commercial banks were strengthening financial investments in foreign debt securities and repaying foreign loans. Short-term trade credits of enterprises to the rest of the world rose, reflecting favourable export trends. Figure 19: 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 Q 1 11 Q 1 12 Q 1 13 Q 1 14 Q 1 15 Q 1 16 Q 1 17Fo ur -q ua rt er m ov in g su m o f t ra ns ac tio ns , i n EU R m Source: BoS; calculations by IMAD. Direct investment Portfolio investment Financial derivatives Other investment Financial transactions 10 October 2016–September 2017. 11 October 2015–September 2016. 12 As a result of higher euro prices of industrial products and primary commodities, the year-on-year growth for import prices was higher (2.6%) than for export prices (2.0%). Balance of payments 17Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Figure 20: Change in the volume of loans to domestic non-banking sectors in the Slovenian banking system The year-on-year growth in loans to domestic non- banking sectors13 continued in October. The volume of household loans (consumer loans in particular) continues to rise steadily. Banks’ willingness to extend loans for consumption is related to the relatively high level of interest rates for consumer loans compared with housing loans, and their shorter maturities. This is easing the pressures on maturity matching in the banking system’s balance sheets, given that overnight deposits in particular are rising among the sources of funding for banks. Since mid-year the volume of corporate loans has also been picking up, in our assessment owing mainly to the further moderation of deleveraging, given that the volume of new loans has dwindled slightly in recent months. -7000 -6000 -5000 -4000 -3000 -2000 -1000 0 1000 2000 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Ye ar -o n- ye ar c ha ng es , i n EU R m Source: BoS; calculations by IMAD. Households Enterprises NFIs Government Total Table 6: Financial market indicators Domestic bank loans to non-banking sector and household savings Nominal amounts, EUR m Nominal loan growth, % 31. X 16 31. XII 16 31. X 17 31. X 17/30. IX 17 31. X 17/31. X 16 Loans total 20,638.4 21,410.3 21,774.9 0.4 5.5 Enterprises and NFI 9,843.5 10,171.2 10,587.2 0.2 7.6 Government 1,753.7 2,085.4 1,527.9 1.2 -12.9 Households 9,041.2 9,153.6 9,659.8 0.6 6.8 Consumer credits 2,113.0 2,144.0 2,384.2 1.1 12.8 Lending for house purchase 5,683.5 5,716.5 5,941.7 0.2 4.5 Other lending 1,244.7 1,293.1 1,334.0 1.3 7.2 Bank deposits total 16,667.2 16,935.0 17,646.3 -0.3 5.9 Overnight deposits 10,542.6 10,956.4 12,389.5 -0.4 17.5 Term deposits 6,124.5 5,978.6 5,256.8 -0.2 -14.2 Government bank deposits, total 942.7 1,088.0 680.3 -1.4 -27.8 Deposits of non-financial corporations, total 5,638.6 5,804.5 6,194.3 3.2 9.9 Sources: Monthly Bulletin of the BoS; calculations by IMAD. Note: NFI – Non-monetary Financial Institutions. 13 The analysis is made on the basis of statistical data, which differ from accounting data particularly in that they also include revisions. The differences are particularly significant for the volume of loans extended to non-financial corporations (both domestic and foreign). Financial markets 18 Slovenian Economic Mirror, No. 7/2017 Current Economic Trends Favourable public finance movements continue. In the first nine months the general government balance on a cash basis14 recorded a surplus of 0.1% of GDP, which has arisen from strong revenue growth and the retention of moderate expenditure growth. Strong revenue growth is underpinned primarily15 by favourable economic conditions, while in the third quarter revenue from EU funds was also up year on year after a relatively long period. Expenditure growth has resulted mainly from growth in employee compensation, some transfers (pensions and sickness benefits) and expenditure on goods and services. Towards the end of the year, expenditure growth is expected to strengthen owing to the settlement of matured financial liabilities of hospitals and the payments of cohesion policy funds, which tend to accumulate at this time of the year. Figure 21: General government balance on a cash flow basis -3,000 -2,500 -2,000 -1,500 -1,000 -500 0 500 1,000 14,000 14,500 15,000 15,500 16,000 16,500 17,000 17,500 18,000 Ja n 11 Ju l 1 1 Ja n 12 Ju l 1 2 Ja n 13 Ju l 1 3 Ja n 14 Ju l 1 4 Ja n 15 Ju l 1 5 Ja n 16 Ju l 1 6 Ja n 17 Ju l 1 7 12 -m on th s um , i n EU R m 12 -m on th s um , i n EU R m Revenue Expenditure Balance (right axis) Source: MF, Bulletin of Government Finance; calculations by IMAD. 14 According to the consolidated general government budgetary accounts. 15 In addition to economic conditions, revenue growth was also affected by the increase in the corporate income tax rate and the accrued interest on the reopened RS76 bond. Table 7: Consolidated general government revenue and expenditure on a cash basis Category I-IX 2016 I-IX 2017 Category I-IX 2016 I-IX 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 11,679.3 1.8 12,429.9 6.4 EXPENDITURE TOTAL 12,090.7 -1.3 12,380.6 2.4 Tax revenues* 6,277.5 4.6 6,676.9 6.4 Salaries, wages and other personnel expenditures** 2,824.7 4.5 2,938.9 4.0 Personal income tax 1,518.3 5.4 1,599.6 5.4 Expenditure on goods and services 1,657.4 3.1 1,731.7 4.5 Corporate income tax 467.3 4.1 590.7 26.4 Interest payments 877.1 6.5 869.1 -0.9 Taxes on immovable property 146.1 17.1 158.7 8.7 Reserves 126.4 2.5 90.4 -28.5 Value added tax 2,404.2 2.2 2,535.2 5.5 Transfers to individuals and households 4,902.7 1.8 5,015.0 2.3 Excise duties 1,156.5 8.7 1,183.8 2.4 Other current transfers 885.7 0.1 907.8 2.5 Social security contributions 4,242.8 4.7 4,493.9 5.9 Investment expenditure 511.1 -47.2 545.0 6.6 Non-tax revenues 742.8 4.2 867.6 16.8 Payments to the EU budget 305.7 -5.0 282.9 -7.5 Receipts from the EU budget 303.1 -51.4 274.2 -9.6 GENERAL GOVERNMENT BALANCE -411.4 49.3 Other 113.0 36.6 117.3 3.8 PRIMARY BALANCE 434.5 881.0 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. Public finance st at is ti ca l a pp en di x 21Slovenian Economic Mirror, No. 7/2017 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 23,900 24,100 GDP per capita (PPS EU28=100)1 83 82 81 83 Rate of registered unemployment 11.8 12.0 13.1 13.1 12.3 11.2 9.5 8.7 8.4 Standardised rate of unemployment (ILO) 8.2 8.9 10.1 9.7 9.0 8.0 6.8 6.2 5.8 Labour productivity (GDP per employee) 2.4 -1.8 0.0 2.6 1.0 1.1 1.6 2.2 2.3 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 43,240* 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 September 2017. 22 Slovenian Economic Mirror, No. 7/2017 Statistical Appendix PRODUCTION 2014 2015 2016 2015 2016 2017 2015 2016 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 INDUSTRIAL PRODUCTION, y-o-y growth rates, % Industry B+C+D 2.2 5.6 7.1 5.5 5.2 6.3 8.8 6.7 6.6 7.3 5.0 6.9 3.5 8.4 3.6 5.6 B Mining and quarrying -3.8 0.4 1.7 -1.9 23.3 8.3 -7.9 10.1 -1.6 13.8 5.5 0.5 -10.8 27.4 77.5 10.0 C Manufacturing 4.3 6.0 8.2 6.3 5.3 7.4 10.2 7.7 7.4 7.3 6.1 7.8 4.0 8.6 3.1 6.7 D Electricity, gas & steam supply1 -14.2 2.5 -3.4 -0.5 2.2 -5.0 -4.2 -4.0 -0.4 4.4 -1.3 1.2 2.6 3.6 0.7 -3.9 CONSTRUCTION,2 real indices of construction put in place, y-o-y growth rates, % Construction, total 19.5 -8.1 -17.7 -12.5 -8.3 -31.3 -21.4 -12.7 -9.2 19.8 17.4 8.3 -11.6 7.0 -22.2 -25.9 Buildings 3.8 -4.0 2.4 -5.6 -4.2 -6.6 -11.6 5.7 19.1 36.8 40.1 9.4 -7.0 2.6 -8.1 -9.4 Civil engineering 26.5 -9.8 -24.7 -15.2 -10.0 -39.9 -24.9 -19.3 -19.0 15.2 9.1 8.3 -13.2 8.5 -28.3 -32.2 MARKET SERVICES, year-on-year growth rates, % Services, total 3.7 5.4 4.1 5.0 8.4 5.0 4.4 3.5 3.6 7.0 8.5 7.2 6.4 12.3 7.0 4.7 Transportation and storage 6.2 3.2 3.6 2.2 5.2 3.7 4.5 3.0 3.3 11.0 9.7 10.7 3.9 8.6 3.3 3.6 Information and communication activities 1.1 4.6 3.5 4.5 10.2 4.0 5.0 4.3 1.2 3.5 7.6 4.0 4.6 15.0 10.9 3.5 Professional, scientific and technical activities -1.8 3.5 -0.8 2.6 7.7 0.8 0.9 -4.5 -0.2 0.8 2.4 -0.9 7.2 13.6 3.1 -0.7 Administrative and support service activities 2.5 11.6 10.1 9.7 8.0 12.2 6.5 8.7 13.8 10.8 14.3 12.2 9.7 10.8 3.6 11.4 Distributive trades, y-o-y growth rates, % Total real turnover* 2.4 5.7 10.2 4.5 6.6 9.0 9.1 8.8 13.6 13.4 9.8 9.9 3.8 7.8 8.3 6.0 Real turnover in retail trade 0.0 1.0 4.5 0.4 1.6 2.1 2.2 3.1 10.1 12.2 8.1 8.2 0.4 1.8 2.8 0.8 Real turnover in the sale and maintenance of motor vehicles 6.9 14.0 21.7 12.6 15.2 23.0 24.1 18.9 20.8 15.8 12.7 13.5 9.4 19.9 16.8 15.7 Nominal turnover in wholesale trade & commission trade 3.7 1.4 2.0 0.6 2.9 0.2 1.2 0.1 6.2 13.7 8.4 10.6 -2.1 5.6 5.9 -0.2 TOURISM, y-o-y growth rates, %, new methodology from 2009 onwards Total, overnight stays -0.5 7.2 7.6 9.1 3.3 9.6 0.9 9.0 11.3 4.7 18.0 11.5 1.1 0.6 8.8 9.3 Domestic tourists, overnight stays -3.5 6.3 2.8 8.7 3.4 1.3 1.0 4.6 3.4 4.1 5.1 2.8 0.9 5.0 5.1 6.8 Foreign tourists, overnight stays 1.4 7.7 10.3 9.3 3.2 17.4 0.8 10.9 17.1 5.2 24.7 15.1 1.2 -3.0 11.7 11.0 Accommodation and food service activities 0.2 7.4 11.0 8.5 9.3 9.9 8.3 13.2 12.2 7.9 12.4 9.5 6.2 8.7 13.0 7.8 AGRICULTURE, y-o-y growth rates, % Purchase of agricultural products, SIT bn, since 2007 in EUR m 506.9 472.9 465.7 123.6 135.5 104.6 110.1 118.2 132.9 108.7 119.8 135.2 49.0 40.3 46.2 33.7 BUSSINES TENDENCY (indicator values**) Sentiment indicator -2.3 5.2 5.5 5.5 5.8 3.6 4.5 6.1 7.8 11.0 11.1 11.8 5.6 5.1 6.6 3.9 Confidence indicator - in manufacturing 2 6 5 6 6 4 6 5 7 10 8 9 6 6 7 4 - in construction -11 -14 -10 -17 -15 -16 -15 -8 -1 5 10 16 -16 -14 -14 -14 - in services 5 16 19 17 18 17 19 19 21 23 25 24 18 18 19 16 - in retail trade 9 15 19 14 13 24 13 25 16 19 19 22 14 14 12 28 Consumer confidence indicator -22 -11 -14 -8 -12 -18 -17 -12 -10 -7 -5 -4 -11 -14 -10 -16 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. 23Slovenian Economic Mirror, No. 7/2017 Statistical Appendix 2016 2017 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 8.8 4.5 8.9 10.2 7.5 2.7 10.4 7.5 3.0 7.9 9.2 6.8 2.8 11.9 0.8 7.3 6.7 6.7 7.5 6.7 - - 7.1 7.9 -8.4 -6.1 -9.3 -24.6 9.7 50.3 33.2 -15.1 -18.4 11.2 14.5 15.5 4.9 5.4 6.1 36.2 -1.9 -18.2 - - 10.3 5.4 10.6 11.7 8.5 3.8 12.2 7.8 3.2 9.2 10.4 5.8 2.6 13.1 1.0 8.4 8.5 7.4 7.9 8.0 - - -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 2.9 - - -29.7 -36.0 -27.4 -19.5 -17.9 -15.8 -14.9 -7.4 -15.2 -15.1 9.3 -9.5 21.1 41.5 26.8 4.8 21.7 10.5 7.6 7.0 - - -2.8 -7.5 -12.3 -13.4 -9.4 6.6 1.3 9.4 8.6 14.3 37.5 24.3 25.7 56.5 53.7 33.8 34.7 13.6 3.4 11.0 - - -39.3 -45.1 -32.5 -21.7 -21.0 -23.7 -20.9 -13.5 -23.1 -24.5 -2.0 -20.7 21.7 37.1 17.4 -5.0 16.1 9.9 10.0 5.6 - - 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 9.0 7.1 5.6 - - 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 12.9 11.1 8.4 3.7 4.6 4.1 4.4 6.3 1.7 3.9 7.2 1.9 0.5 1.3 4.0 1.9 4.5 5.4 9.5 8.0 5.5 4.2 2.5 2.1 0.9 0.0 2.9 -0.3 -7.4 0.2 -5.7 -7.3 -0.3 6.4 4.2 -3.7 2.0 -2.1 3.3 5.7 0.5 -3.7 0.3 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 13.6 13.5 9.9 13.0 - - 13.3 7.9 8.6 10.9 8.0 5.2 13.8 8.0 10.7 15.4 14.6 15.8 8.9 15.5 7.0 10.6 11.8 10.1 11.1 8.6 - - 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 7.9 7.6 - - 33.0 21.1 25.4 30.6 17.1 12.2 27.7 18.6 16.9 22.8 22.6 19.5 9.0 18.8 9.5 12.7 15.7 11.9 18.8 10.5 - - 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 12.9 8.0 - - 7.0 12.8 -0.4 2.5 0.4 8.1 6.9 14.6 13.7 12.6 7.2 5.0 2.5 6.5 27.1 5.0 22.6 13.2 12.6 6.7 - - 2.7 -5.0 8.5 -0.5 -3.1 2.3 1.5 15.3 -5.9 11.4 7.0 -2.8 -3.6 20.9 -1.6 5.8 9.7 5.5 3.8 -3.3 - - 12.5 28.8 -5.7 3.9 2.3 10.9 9.2 14.3 26.9 13.6 7.4 10.0 9.7 -3.0 46.7 4.7 29.1 16.5 16.1 10.9 - - 12.8 9.2 9.0 6.6 9.2 12.4 10.8 16.9 14.2 10.3 11.8 6.8 6.0 10.7 13.2 9.7 14.4 11.9 11.6 4.7 - - 34.2 36.7 36.0 37.3 36.8 39.1 36.3 42.9 46.3 42.9 43.6 35.0 34.2 39.5 36.8 42.0 41.1 45.8 42.3 47.1 - - 3.5 3.4 5.5 3.6 4.4 5.4 6.7 6.3 7 7.9 8.5 10.1 10.5 12.4 11.6 9.5 12.3 11.5 11.5 12.4 15.5 16.1 5 4 7.0 5 5 5 7 3 6 7 7 9 10 12 9 6 9 8 8 10 12 14 -16 -19 -16.0 -15 -14 -13 -8 -2 -4 0 2 0 9 7 10 8 13 17 16 16 21 13 17 19 21.0 17 18 20 18 19 21 22 21 22 22 26 27 24 24 24 25 23 27 29 23 21 9.0 13 18 20 24 30 10 18 19 13 17 27 13 11 33 24 18 24 27 29 -19 -19 -17.0 -18 -16 -13 -12 -11 -11 -10 -9 -3 -8 -9 -5 -6 -3 -4 -4 -3 0 0 24 Slovenian Economic Mirror, No. 7/2017 Statistical Appendix LABOUR MARKET 2014 2015 2016 2015 2016 2017 2015 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 FORMAL LABOUR FORCE (A=B+E) 917.9 917.4 920.4 914.5 917.8 917.8 919.7 917.7 926.2 927.6 934.3 932.5 917.9 918.8 916.7 PERSONS IN FORMAL EMPLOYMENT (B=C+D)1 797.8 804.6 817.2 807.1 808.5 803.0 817.2 820.3 828.3 827.5 846.5 849.3 810.4 811.4 803.6 In agriculture, forestry, fishing 35.4 29.9 23.1 29.4 26.9 23.9 23.8 22.1 22.8 22.3 27.3 25.2 27.0 26.8 26.9 In industry, construction 252.4 255.2 260.3 257.3 257.9 254.7 260.7 262.5 263.3 261.2 268.7 271.9 259.6 259.8 254.3 Of which: in manufacturing 178.3 181.0 186.7 181.6 183.6 184.1 186.2 187.3 189.0 189.7 192.8 195.0 183.6 184.1 183.0 in construction 54.0 54.3 53.9 55.7 54.5 50.9 54.6 55.4 54.7 52.2 56.3 57.2 56.1 55.7 51.6 In services 510.0 519.6 533.8 520.4 523.7 524.4 532.7 535.7 542.3 544.0 550.6 552.3 523.8 524.8 522.5 Of which: in public administration 48.8 48.1 48.4 48.3 48.0 48.1 48.4 48.6 48.6 48.6 48.8 49.0 47.9 48.3 48.0 in education, health-services, social work 122.2 124.0 127.7 123.3 125.5 125.9 127.6 127.3 130.0 130.8 131.4 130.8 125.2 125.7 125.5 FORMALLY EMPLOYED (C)1 703.0 713.1 730.5 715.9 719.3 716.2 730.2 734.6 741.1 740.5 754.3 758.9 721.2 722.1 714.5 In enterprises and organisations 652.6 662.3 680.2 664.6 668.6 667.5 679.6 683.6 690.2 691.1 702.6 707.3 669.7 670.9 665.3 By those self-employed 50.5 50.8 50.3 51.4 50.6 48.7 50.7 51.0 50.9 49.4 51.7 51.6 51.4 51.2 49.2 SELF-EMPLOYED AND FARMERS (D) 94.8 91.6 86.7 91.1 89.2 86.9 87.0 85.8 87.2 87.0 92.1 90.4 89.3 89.2 89.1 REGISTERED UNEMPLOYMENT (E) 120.1 112.7 103.2 107.4 109.3 114.8 102.5 97.4 97.9 100.1 87.8 83.2 107.5 107.4 113.1 Female 59.6 57.5 52.4 55.9 56.2 56.6 52.3 50.6 50.2 49.5 45.5 43.7 56.2 55.8 56.6 By age: 15 to 29 30.4 26.7 22.5 23.9 26.4 26.1 21.7 20.5 21.6 20.7 17.0 15.2 26.2 26.9 26.9 aged over 50 37.3 36.7 36.5 36.2 36.1 38.6 36.8 35.4 35.0 36.9 34.3 33.2 35.6 35.6 37.2 Primary education or less 33.8 32.3 30.2 30.5 31.2 33.8 30.0 28.2 28.8 30.6 26.3 24.6 30.3 30.4 33.0 For more than 1 year 59.9 59.7 55.1 59.1 58.4 58.5 56.0 53.5 52.3 51.2 48.1 45.2 58.8 58.2 58.2 Those receiving benefits 26.6 23.7 23.1 21.4 22.2 28.9 21.3 20.5 21.5 27.3 19.5 19.8 20.6 20.7 25.3 RATE OF REGISTERED UNEMPLOYMENT, E/A, in % 13.1 12.3 11.2 11.7 11.9 12.5 11.1 10.6 10.6 11.1 9.4 8.9 11.7 11.7 12.3 Male 12.0 11.1 10.2 10.3 10.7 11.8 10.1 9.4 9.5 10.4 8.3 7.8 10.3 10.4 11.4 Female 14.3 13.7 12.4 13.4 13.4 13.4 12.4 12.0 11.8 11.8 10.7 10.2 13.4 13.3 13.5 FLOWS OF FORMAL LABOUR FORCE -4.6 -6.4 -13.5 -5.5 8.3 -2.9 -10.4 -4.7 4.5 1.7 -10.4 -3.8 2.7 -0.1 5.7 New unemployed first-job seekers 18.5 15.8 14.2 2.8 7.4 3.0 2.0 2.7 6.5 1.8 1.8 2.3 5.0 1.3 1.1 Redundancies 83.9 81.3 75.7 17.3 23.3 23.8 15.4 16.3 20.3 17.1 13.7 15.5 6.5 6.5 10.3 Registered unemployed who found employment 74.0 71.0 74.9 16.9 13.3 23.6 20.6 16.1 14.5 12.6 18.5 14.3 5.4 4.8 3.1 Other outflows from unemployment (net) 33.2 32.6 28.6 8.6 9.1 6.0 7.2 7.5 7.9 4.6 7.4 7.3 3.3 3.1 2.6 WORK PERMITS FOR FOREIGNERS 25.1 23.2 19.2 23.7 23.3 21.6 20.0 18.2 17.1 16.8 17.2 18.4 23.8 23.3 22.8 As % of labour force 2.7 2.5 2.1 2.6 2.5 2.4 2.2 2.0 1.8 1.8 1.8 2.0 2.6 2.5 2.5 Source of data: SURS, PDII, ESS. Note: 1In January 2005, the SORS adopted new methodology of obtaining data on persons in paid employment. The new source of data for employed and self-employed persons excluding farmers is the Statistical Register of Employment (SRE), while data on farmers are forecast using the ARIMA model based on quarterlyFigure for farmers from the Labour Force Survey. 25Slovenian Economic Mirror, No. 7/2017 Statistical Appendix 2016 2017 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 916.2 918.0 919.4 919.3 919.9 919.8 916.9 916.6 919.6 926.6 927.9 924.1 926.4 927.5 928.8 933.4 934.4 935.1 931.6 931.7 934.2 798.0 801.9 809.2 813.9 817.6 820.0 817.8 818.7 824.4 829.3 831.1 824.5 822.7 826.2 833.6 842.3 846.8 850.3 846.9 847.9 853.2 23.9 23.9 24.0 23.8 23.8 23.7 22.2 22.1 22.2 22.9 22.8 22.6 22.2 22.3 22.4 27.3 27.2 27.3 25.1 25.2 25.2 252.7 254.1 257.4 259.7 260.7 261.7 262.1 262.0 263.5 264.6 265.1 260.1 258.7 260.4 264.6 266.6 268.9 270.5 271.1 271.6 273.0 183.2 184.1 184.9 185.6 186.2 186.8 186.8 187.1 188.1 188.9 189.6 188.6 188.6 189.6 190.9 191.5 193.0 193.9 194.5 194.8 195.8 49.8 50.2 52.7 54.2 54.6 55.0 55.3 55.2 55.7 56.0 55.9 52.2 50.8 51.5 54.3 55.6 56.3 56.9 56.9 57.1 57.5 521.4 524.0 527.8 530.4 533.2 534.6 533.5 534.6 538.8 541.8 543.2 541.8 541.7 543.6 546.6 548.5 550.8 552.4 550.7 551.1 555.0 47.9 48.1 48.3 48.3 48.4 48.5 48.5 48.6 48.7 48.7 48.7 48.4 48.4 48.5 48.7 48.6 48.9 48.9 49.0 49.0 49.1 125.0 125.8 126.8 127.4 127.7 127.8 126.5 126.5 128.8 129.7 130.3 130.1 130.3 130.8 131.2 131.3 131.6 131.4 130.0 130.0 132.4 711.3 715.0 722.2 727.0 730.6 733.0 732.2 733.1 738.4 742.2 743.8 737.4 735.8 739.2 746.4 750.3 754.7 758.0 756.8 757.5 762.5 663.2 666.7 672.6 676.6 679.9 682.2 681.4 682.2 687.3 690.7 692.4 687.6 687.1 690.3 695.9 699.0 703.0 705.9 705.1 705.9 710.9 48.2 48.3 49.6 50.4 50.7 50.8 50.8 50.9 51.2 51.5 51.5 49.8 48.7 48.9 50.5 51.3 51.8 52.1 51.7 51.6 51.6 86.7 86.9 87.0 86.9 87.0 87.0 85.6 85.7 86.0 87.1 87.2 87.1 86.8 87.0 87.2 92.1 92.1 92.2 90.1 90.4 90.7 118.2 116.0 110.2 105.5 102.3 99.8 99.1 97.9 95.1 97.3 96.8 99.6 103.7 101.3 95.2 91.1 87.7 84.8 84.7 83.8 81.0 57.9 56.9 54.9 53.5 52.3 51.3 51.4 51.0 49.4 50.6 50.1 49.7 50.5 49.8 48.3 46.9 45.5 44.1 44.5 44.3 42.3 27.3 26.4 24.7 22.9 21.5 20.5 20.1 19.6 21.8 21.8 21.5 21.5 21.6 20.9 19.4 18.2 17.0 15.9 15.7 15.3 14.6 39.1 38.9 37.9 37.2 36.8 36.3 36.0 35.6 34.7 34.7 34.7 35.7 37.6 37.2 35.8 35.0 34.3 33.6 33.6 33.3 32.7 34.6 34.3 32.4 30.8 30.0 29.2 28.6 28.2 27.9 28.0 28.1 30.1 32.0 31.2 28.6 27.2 26.3 25.4 24.9 24.6 24.3 59.2 58.5 57.8 56.6 56.1 55.4 54.3 53.6 52.7 52.8 52.2 51.9 52.1 51.3 50.3 49.1 48.1 46.9 46.0 45.2 44.3 30.2 29.5 26.9 22.1 21.3 20.7 21.2 20.1 20.2 20.1 20.5 23.8 28.4 26.8 24.7 20.3 19.2 19.1 19.8 20.0 19.4 12.9 12.6 12.0 11.5 11.1 10.8 10.8 10.7 10.3 10.5 10.4 10.8 11.2 10.9 10.2 9.8 9.4 9.1 9.1 9.0 8.7 12.2 11.9 11.1 10.5 10.1 9.8 9.6 9.4 9.2 9.3 9.3 10.0 10.6 10.3 9.3 8.7 8.3 8.0 8.0 7.8 7.6 13.7 13.5 13.0 12.7 12.4 12.1 12.2 12.1 11.7 11.9 11.8 11.7 11.9 11.7 11.3 11.0 10.7 10.3 10.4 10.4 9.9 5.1 -2.1 -5.8 -4.8 -3.2 -2.5 -0.7 -1.2 -2.8 2.1 -0.4 2.8 4.1 -2.4 -6.2 -4.1 -3.4 -2.9 -0.1 -0.8 -2.9 1.2 0.9 0.9 0.7 0.7 0.7 0.6 0.6 1.4 4.5 1.3 0.7 1.0 0.8 0.8 0.6 0.6 0.6 0.5 0.6 1.2 12.9 5.7 5.2 5.3 5.1 5.0 6.1 4.8 5.4 5.9 6.1 8.3 12.0 5.2 5.1 4.6 4.6 4.4 6.0 4.5 5.0 6.7 6.9 10.0 8.4 6.5 5.7 5.0 4.3 6.8 5.3 5.1 4.0 6.3 6.3 9.7 6.9 6.1 5.4 4.3 3.5 6.4 2.2 1.8 1.9 2.4 2.4 2.5 2.4 2.3 2.8 3.0 2.7 2.3 2.6 2.0 2.4 2.4 2.6 2.4 2.4 2.3 2.6 22.1 21.8 21.0 20.3 20.3 19.5 19.0 18.2 17.6 17.1 17.1 17.0 16.9 16.8 16.8 16.9 17.2 17.6 18.0 18.5 18.8 2.4 2.4 2.3 2.2 2.2 2.1 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.9 1.9 2.0 2.0 26 Slovenian Economic Mirror, No. 7/2017 Statistical Appendix WAGES EUR m 2014 2015 2016 2015 2016 2017 2016 Q3 17 Sep17 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 GROSS WAGE PER EMPLOYEE, nominal y-o-y growth rates, % TOTAL 1,584 1,604 1,604 1.1 0.7 1.8 0.4 1.3 2.3 1.5 1.7 1.9 1.5 2.3 2.8 Private sector activities (A–N; R–S) 1,526 1,537 1,525 1.5 0.8 1.3 0.6 1.2 1.8 1.1 1.0 1.5 1.6 2.3 2.6 Public service activities (OPQ) 1,765 1,817 1,856 0.3 0.6 3.3 -0.1 1.7 3.9 2.8 3.7 2.9 1.3 2.7 3.6 Industry (B–E) 1,585 1,589 1,573 3.2 1.7 1.9 1.2 2.1 2.2 1.6 1.3 2.5 2.3 2.7 2.6 Trad. market services (GHI) 1,394 1,405 1,395 1.0 0.9 0.9 1.0 1.0 1.6 0.8 0.5 0.8 1.7 2.2 2.8 Other market services (J–N; R–S) 1,691 1,707 1,701 -0.3 -0.4 0.7 -0.5 0.1 1.2 0.3 0.5 0.9 0.7 1.7 2.5 A Agriculture, forestry and fishing 1,310 1,293 1,283 0.7 0.2 -0.4 -0.2 1.6 2.2 -0.8 0.7 -3.3 0.2 0.3 -1.2 B Mining and quarrying 2,057 2,090 2,082 5.9 -5.9 2.7 -4.8 -4.9 1.1 1.6 2.4 5.6 4.2 3.2 0.5 C Manufacturing 1,546 1,550 1,535 3.3 2.1 2.1 1.8 2.3 2.4 1.7 1.5 2.8 2.2 2.7 2.8 D Electricity, gas, steam and air conditioning supply 2,347 2,399 2,342 2.5 -1.0 1.3 -3.0 1.9 2.3 1.9 0.0 0.9 4.2 3.1 3.6 E Water supply sewerage, waste management and remediation activities 1,524 1,528 1,510 1.4 1.5 1.9 1.8 2.2 2.3 2.6 1.7 1.2 4.2 4.0 1.4 F Constrution 1,205 1,236 1,222 0.3 -0.2 1.3 -0.5 1.0 1.5 1.5 1.9 0.4 1.1 2.7 2.3 G Wholesale and retail trade, repair of motor vehicles and motorcycles 1,437 1,452 1,445 1.2 1.4 1.6 1.6 1.8 2.4 1.6 1.0 1.3 2.5 2.6 3.4 H Transportation and storage 1,467 1,464 1,448 1.1 0.5 -0.5 0.6 -0.5 -0.1 -0.6 -0.7 -0.5 0.5 1.5 1.5 I Accommodation and food service activities 1,085 1,119 1,107 -0.2 -1.0 1.4 -1.0 -0.1 2.0 0.3 1.0 2.2 1.1 2.9 3.3 J Information and communication 2,107 2,138 2,154 0.1 1.0 0.5 1.0 0.7 1.1 0.6 -0.2 0.6 1.8 1.4 3.1 K Financial and insurance activities 2,293 2,308 2,256 1.2 2.1 1.5 1.8 1.0 2.0 -0.1 1.9 2.4 2.3 2.4 2.8 L Real estate activities 1,489 1,496 1,495 -1.2 -0.7 0.7 -0.5 0.5 0.4 0.5 0.5 1.2 1.5 2.7 2.5 M Professional, scientific and technical activities 1,739 1,803 1,795 1.1 0.8 0.8 0.5 -0.1 1.3 0.7 0.3 1.0 1.4 3.4 4.9 N Administrative and support service activities 1,054 1,069 1,069 2.5 0.4 3.4 0.0 1.9 3.7 3.8 3.1 2.9 1.0 2.5 2.3 O Public administration and defence, compulsory social security 1,873 1,983 2,014 1.0 2.1 4.7 0.4 5.2 6.8 4.3 5.4 2.3 1.5 4.5 6.0 P Education 1,688 1,708 1,761 0.0 -0.2 2.5 -0.6 -0.3 1.8 2.2 2.9 3.0 1.4 1.9 2.3 Q Human health and social work activities 1,760 1,803 1,835 -0.1 0.3 3.1 0.1 0.8 3.6 2.2 3.0 3.4 1.0 2.2 3.2 R Arts, entertainment and recreation 1,650 1,667 1,696 -0.5 -0.5 2.3 -1.6 0.3 1.6 2.4 1.7 3.3 1.9 1.6 3.1 S Other service activities 1,335 1,335 1,343 -1.1 -2.2 -0.9 -2.5 -1.5 -0.1 -1.0 -1.0 -1.4 -1.0 1.5 1.3 Source of data: SURS, calculations by IMAD. 27Slovenian Economic Mirror, No. 7/2017 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 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 3.0 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 2.4 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 4.8 -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 2.2 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 2.4 -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 3.1 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 -1.5 -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 0.5 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 2.3 -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 3.7 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 0.3 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 1.1 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 2.9 -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 1.4 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 2.7 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 3.5 -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 3.6 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 1.6 -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 5.0 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 3.1 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 6.3 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 3.3 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 5.3 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 5.4 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 2.2 28 Slovenian Economic Mirror, No. 7/2017 Statistical Appendix PRICES AND INDICATORS OF OVERALL COMPETITIVENESS 2014 2015 2016 2015 2016 2017 2015 2016 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 11 12 1 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 -0.8 -0.5 -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 1.1 1.0 1.5 0.4 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 0.7 0.9 0.1 0.2 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 -2.0 0.1 0.8 0.3 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 -1.1 -1.0 -0.7 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 0.0 -1.4 -1.1 -0.7 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 0.8 0.7 0.7 -0.1 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 -6.7 -7.0 -5.2 -4.5 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 3.3 4.3 5.3 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 -0.8 -1.8 -2.3 -1.8 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 0.1 0.0 0.0 0.2 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 0.2 1.4 1.4 1.2 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 1.2 6.5 1.1 0.6 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 -1.2 -0.9 -0.6 -0.8 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 1.2 0.7 0.1 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 -1.1 -1.2 -1.4 -1.6 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 -1.3 -1.4 -1.5 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 -1.2 -1.2 -1.3 -1.7 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 -1.0 -1.3 -1.6 -2.0 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 -1.6 -0.9 -0.7 -1.1 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 -1.8 -1.7 -1.4 -1.9 INDICATORS OF OVERALL COMPETITIVENESS1, y-o-y growth rates, % Effective exchange rate,2 nominal 0.2 -3.1 1.0 -2.7 -2.1 0.6 1.6 0.8 0.8 -0.2 -0.1 1.1 -1.7 -2.5 -2.0 -0.3 Real (deflator HICP) -0.2 -4.1 0.3 -3.7 -3.3 -0.6 1.0 0.4 0.5 0.0 -0.2 0.7 -3.1 -3.7 -3.0 -1.6 Real (deflator ULC) -1.6 -3.7 0.9 -3.1 -2.3 1.0 2.6 0.2 -0.4 -2.0 -1.3 USD / EUR 1.32881.1096 1.1066 1.2515 1.2974 1.2886 1.3255 1.3078 1.3116 1.3204 1.3066 1.2991 1.1235 1.0736 1.0877 1.0860 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. 29Slovenian Economic Mirror, No. 7/2017 Statistical Appendix 2016 2017 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 -0.7 -0.9 -0.6 -0.4 0.3 0.2 0 0.2 0.6 0.6 0.5 1.3 2.2 1.9 1.8 1.5 0.9 1.0 1.2 1.4 1.0 0.5 0.4 -0.2 -0.2 1.1 1.3 1.4 1.1 2.1 1.3 1.7 2.8 3.6 2.4 1.8 2.6 1.3 1.5 1.4 2.0 1.7 0.2 0.0 0.3 0.2 0.5 0.4 0.2 0.4 0.3 0.1 0.4 0.0 1.8 2.1 1.9 1.9 1.6 2.8 2.9 2.8 2.9 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 -2.4 -1.1 -1.4 -1.5 -1.3 -1.2 -0.4 -1.4 -1.1 -1.2 -0.3 -0.1 1.4 2.9 3.1 2.8 2.6 2.4 1.5 2.2 2.3 2.8 0.4 0.2 0.2 0 0.5 0.1 0.5 0.1 -0.3 0.8 0.9 0.3 0.1 0.7 -0.3 0.1 -0.4 -0.3 -1.0 -0.2 0.5 0.4 0.2 0.1 0.3 1.1 0.6 0.5 0.4 0.6 0.7 0.8 0.7 0.9 0.9 0.8 0.7 -0.1 -0.3 -0.2 0.4 0.5 -5.5 -6.2 -5.2 -5.3 -4 -3.8 -4.5 -0.9 -1 0.1 -0.1 3.3 4.3 4.0 3.1 2.2 0.1 0.0 1.5 0.6 0.8 2.9 3.9 4.5 5.2 6 2.3 2.2 3.4 2 1.8 2.9 3.0 3.4 2.1 2.9 -0.4 0.7 -0.1 -0.2 -2.1 -1.7 -2.4 -1.9 0.1 0.5 1.7 2.7 2.3 0.2 0.5 0.9 0.2 -0.9 1.5 -0.5 0.4 0.2 0.6 0.3 0.7 1.5 0.4 0.0 0.0 0.0 0 0 0 0 -0.1 0.3 0.2 0.3 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 3.8 2.1 1.9 1.8 2.2 2.3 2.7 3.1 2.5 2.4 0.9 1.0 0.8 0.8 0.9 1.2 1.7 1.6 2.1 2.1 1.8 1.7 0.4 0.4 0.6 1.2 1.2 1.3 1.7 1.6 1.6 1.4 1.6 1.6 1.9 2.0 1.9 1.1 1.0 1.2 1.5 1.4 1.2 -0.9 -0.9 -0.7 -0.5 0.1 -0.1 -0.2 0.2 0.7 0.7 0.6 1.5 2.5 2.0 1.7 1.5 0.9 1.2 1.4 1.4 1.3 0.3 0.4 0.8 1.2 1.6 1.2 1.1 0.5 0.8 0.6 0.4 0.2 1.0 0.8 1.2 0.8 0.7 1.0 0.8 0.9 0.4 -1.7 -2.2 -2.5 -2.2 -2.0 -1.8 -1.4 -0.9 -0.6 -0.2 0.5 1.3 1.9 1.9 2.3 2.4 2.2 2.3 2.3 2.3 2.3 -1.4 -1.9 -2 -1.9 -1.8 -1.7 -1.6 -1.1 -0.2 -0.7 -0.2 0.3 0.7 0.9 1.3 1.5 1.2 1.4 1.5 1.6 1.8 -1.9 -2.4 -2.9 -2.5 -2.2 -1.8 -1.3 -0.6 0.0 0.4 1.2 2.3 3.0 3.0 3.2 3.2 3.1 3.2 3.2 3.0 2.8 -2.3 -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 2.2 -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 4.1 -2.4 -2.4 -3.1 -2.2 -1.7 -1.8 -1.9 -1.4 0.1 0.1 2.7 4.5 5.3 4.7 4.9 4.0 2.5 1.9 2.7 2.7 2.7 0.8 1.5 2.1 1.6 1.1 1.3 0.6 0.4 0.5 1.3 0.5 0.0 -0.6 -0.1 -0.4 -0.1 0.2 0.8 1.2 1.2 1.1 -0.4 0.3 1.2 0.9 0.9 0.9 0.1 0.0 0.4 1.1 -0.1 -0.2 -0.1 0.2 -0.4 -0.1 -0.3 0.3 0.8 0.8 0.6 1.1093 1.1100 1.1339 1.1311 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799 1.0543 1.0614 1.0643 1.0685 1.0723 1.1058 1.1229 1.1511 1.1807 1.1915 1.1756 30 Slovenian Economic Mirror, No. 7/2017 Statistical Appendix BALANCE OF PAYMENTS 2014 2015 2016 2015 2016 2017 2015 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9 10 11 12 BALANCE OF PAYMENTS, BPM6 methodology, EUR m Current account 2,179 1,698 2,108 553 416 677 530 557 343 585 805 921 257 204 196 16 Goods 1,181 1,476 1,536 419 338 484 449 376 227 368 467 531 229 181 170 -13 Exports 22,961 24,039 24,991 5,934 6,160 6,065 6,400 6,119 6,407 6,876 7,157 7,041 2,193 2,177 2,116 1,867 Imports 21,780 22,563 23,454 5,516 5,822 5,581 5,950 5,743 6,180 6,508 6,691 6,510 1,964 1,996 1,946 1,880 Services 1,697 1,860 2,174 554 485 467 526 655 526 536 667 768 172 179 147 159 Exports 5,558 5,866 6,410 1,678 1,515 1,370 1,529 1,812 1,699 1,528 1,736 2,028 527 505 466 544 Imports 3,862 4,007 4,236 1,124 1,030 902 1,003 1,157 1,173 992 1,069 1,260 355 326 319 385 Primary income -428 -1,263 -1,294 -354 -326 -163 -393 -379 -358 -231 -249 -320 -129 -144 -92 -90 Receipts 1,093 1,345 1,436 301 330 430 351 336 319 436 384 314 112 96 92 142 Expenditures 1,521 2,608 2,730 654 656 593 744 715 678 667 633 634 241 240 184 233 Secondary income -271 -375 -309 -65 -81 -111 -53 -95 -51 -88 -80 -58 -15 -12 -29 -40 Receipts 709 733 745 175 217 163 181 184 217 179 201 200 60 77 61 79 Expenditures 980 1,108 1,054 240 297 274 234 278 267 267 281 258 75 89 90 119 Capital account 79 412 -302 131 168 -53 -89 -54 -106 -47 -66 -59 50 76 62 30 Financial account 2,251 1,658 1,129 435 142 331 224 419 156 387 650 564 297 138 463 -460 Direct investment -584 -1,269 -880 -223 -657 -299 -376 -306 101 -212 119 -248 -99 -384 -7 -266 Assets 155 292 431 26 -134 161 74 55 142 159 211 59 7 70 -7 -197 Liabilities 739 1,560 1,311 248 523 460 451 360 41 371 93 307 107 454 0 69 Portfolio investment -3,968 2,929 5,079 -993 1,549 584 1,099 702 2,693 -330 556 740 202 491 526 532 Financial derivatives -51 -98 -215 -40 -21 -30 -107 -33 -44 -73 -117 0 -10 -11 -14 3 Other investment 6,765 208 -2,758 1,739 -663 64 -351 106 -2,577 959 59 47 239 19 2 -684 Assets 4,737 -617 -2,335 1,218 -817 64 -637 -1,079 -684 -30 -348 -1,143 268 170 187 -1,174 Other equity 84 10 0 0 -2 1 -1 2 -2 0 0 0 0 0 0 -2 Currency and deposits 5,037 -516 -2,205 1,266 -625 -325 -578 -1,020 -282 -626 -460 -1,273 141 111 177 -913 Loans -299 -408 -203 -27 -78 10 -67 -36 -111 -49 7 -38 4 -20 -13 -45 Insurance, pension schemes, and standardised guarantee schemes 8 -8 10 -15 -2 7 2 0 1 3 -1 0 -5 -1 -1 -1 Trade credit and advances -16 -5 161 -15 -358 316 119 -73 -202 517 161 98 114 15 42 -415 Other assets -77 309 -96 8 249 54 -112 49 -87 125 -55 71 14 65 -18 201 Liabilities -2,028 -825 423 -521 -153 0 -285 -1,185 1,893 -990 -407 -1,190 29 151 185 -490 Other equity 7 11 4 1 0 0 4 0 0 0 0 -35 0 0 0 0 Currency and deposits -831 -400 1,175 -37 116 548 -320 -406 1,353 -837 78 -389 -114 112 66 -62 Loans -1,246 -315 -818 -376 -235 -495 -123 -533 334 -381 -496 -686 43 -37 167 -365 Insurance, pension schemes, and standardised guarantee schemes -54 3 -8 2 4 11 12 -28 -3 19 -8 0 1 1 1 1 Trade credit and advances -144 -100 137 -122 11 -78 153 -171 233 191 53 -53 82 45 -4 -30 Other liabilities 240 -25 -67 12 -48 15 -12 -46 -24 18 -34 -28 18 30 -44 -34 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 -49 -67 10 -40 -50 -17 43 33 25 -35 21 -43 -45 Net errors and omissions -6 -453 -677 -250 -442 -293 -217 -84 -82 -151 -89 -298 -10 -141 205 -506 EXPORTS AND IMPORTS BY END-USE OF PRODUCTS, in EUR m Export of investment goods 2,343 2,596 2,781 630 753 644 691 674 772 754 803 N/A 231 246 243 264 Intermediate goods 12,924 13,355 13,731 3,348 3,322 3,371 3,544 3,360 3,456 3,826 3,879 N/A 1,206 1,219 1,160 944 Consumer goods 7,668 7,989 8,459 1,904 2,042 2,057 2,178 2,058 2,166 2,258 2,430 N/A 737 701 694 646 Import of investment goods 2,774 2,968 3,292 720 877 724 830 796 941 837 882 N/A 262 271 283 322 Intermediate goods 13,417 13,803 13,792 3,376 3,432 3,330 3,542 3,361 3,559 3,974 4,026 N/A 1,201 1,205 1,161 1,067 Consumer goods 6,389 6,534 7,028 1,592 1,701 1,695 1,756 1,734 1,843 1,890 1,952 N/A 565 590 565 546 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. 31Slovenian Economic Mirror, No. 7/2017 Statistical Appendix 2016 2017 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 226 152 299 186 153 190 126 85 347 252 68 23 199 192 194 291 190 324 261 201 460 170 141 173 143 117 189 145 5 226 134 43 49 87 99 182 164 87 216 176 46 309 1,841 2,023 2,202 2,090 2,103 2,207 2,073 1,744 2,302 2,163 2,225 2,018 2,120 2,153 2,603 2,209 2,430 2,518 2,340 2,075 2,627 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 2,054 2,421 2,045 2,343 2,302 2,164 2,028 2,318 151 115 202 186 169 172 175 239 240 227 155 143 188 164 185 245 198 225 230 277 262 420 440 509 508 489 533 583 628 602 574 535 589 487 482 559 580 555 601 677 696 655 269 325 308 322 321 361 407 389 362 347 380 446 299 318 375 335 357 376 447 420 393 -89 -35 -39 -124 -109 -160 -158 -135 -87 -94 -111 -153 -48 -38 -145 -86 -77 -86 -112 -106 -103 93 155 182 105 112 134 95 108 133 94 101 125 180 158 98 123 136 125 111 98 105 182 190 221 229 221 294 252 243 220 188 211 278 228 196 243 210 212 211 222 204 208 -5 -69 -37 -18 -23 -11 -37 -25 -33 -14 -20 -16 -28 -32 -28 -31 -18 -31 -33 -16 -8 58 55 50 64 57 61 62 59 62 73 67 76 62 58 58 68 71 62 63 65 72 64 123 87 82 80 72 99 84 95 87 87 93 90 90 86 99 89 93 96 81 80 -18 -18 -17 -43 -19 -27 -22 -12 -20 8 -35 -78 -11 -17 -18 -15 -18 -32 -141 91 -9 196 125 10 -123 389 -43 281 -165 302 -1,288 1,824 -380 403 60 -77 190 224 237 113 192 259 -238 82 -143 -379 26 -24 -72 -201 -32 56 -78 123 27 -95 -144 70 35 14 13 -21 -240 30 78 54 28 31 15 134 -107 28 129 -65 77 62 78 19 124 16 72 59 -108 107 268 -5 197 407 4 39 206 94 60 73 13 -45 35 173 163 53 -19 59 47 -86 347 373 1,040 -829 477 506 116 321 331 50 574 1,454 666 -667 314 23 358 -302 500 481 255 4 -13 -8 -9 -27 -33 -48 8 -21 -21 -23 -12 -9 -6 -32 -35 -36 -37 -44 -3 3 0 47 -1,018 1,036 -165 -112 -74 43 -255 318 -1,894 493 -1,177 1,022 -81 18 -201 525 -266 -387 -59 493 -122 -244 430 -978 39 302 -41 -940 -97 -520 317 -481 -6 235 -259 297 -356 -288 -430 -297 -416 0 0 1 0 0 0 0 1 0 0 0 -2 0 0 0 1 0 0 0 0 0 -121 -394 190 -891 131 182 -2 -736 -282 -705 412 10 -276 15 -365 311 -428 -343 -448 -151 -674 -12 -22 44 -31 -38 2 -21 -15 0 -22 -27 -62 -24 -27 2 -22 26 2 -8 -16 -14 2 2 2 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 72 118 126 -4 4 118 -33 -205 165 146 3 -351 193 189 135 74 1 85 23 -171 246 -64 51 67 -52 -59 -1 15 15 19 61 -72 -76 100 57 -32 -67 44 -32 3 42 26 -169 775 -606 -812 152 375 -84 -685 -415 1,374 -176 696 -1,028 316 -277 497 -881 -23 -43 -238 -909 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -35 39 797 -288 -734 187 228 101 -333 -174 691 -12 673 -908 184 -112 583 -568 64 182 82 -652 10 -256 -249 -96 -101 73 -99 -310 -124 395 -117 56 -72 21 -330 -45 -310 -141 -162 -297 -227 4 4 4 4 4 4 -9 -9 -9 -1 -1 -1 6 6 6 -3 -3 -3 0 0 0 -254 133 43 -1 76 78 -68 -141 39 156 80 -4 -50 110 131 -7 -14 74 -50 -95 93 32 98 -115 11 -15 -8 -8 108 -146 132 -127 -29 -5 -5 28 -30 13 -17 -12 73 -89 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27 28 -45 -29 2 -13 -18 -18 -15 0 -33 17 27 -45 61 -2 2 33 10 14 2 -13 -9 -271 -266 255 -206 177 -237 -25 -1,548 1,792 -325 215 -114 -252 -86 52 -55 -7 -99 -192 177 221 247 226 231 234 231 191 251 248 259 265 228 230 296 243 281 279 267 224 N/A 1,062 1,124 1,184 1,178 1,171 1,196 1,113 1,005 1,242 1,204 1,223 1,029 1,212 1,194 1,419 1,206 1,352 1,321 1,260 1,118 N/A 602 685 769 692 699 787 723 535 800 709 735 721 664 699 895 739 786 906 802 702 N/A 207 239 278 277 267 286 309 223 263 299 315 327 259 263 315 261 301 320 273 265 N/A 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 1,399 1,317 1,222 N/A 484 583 628 595 575 586 547 551 636 619 650 574 557 612 722 607 703 642 636 599 N/A 32 Slovenian Economic Mirror, No. 7/2017 Statistical Appendix MONETARY INDICATORS AND INTEREST RATES 2014 2015 2016 2015 2016 5 7 8 9 10 11 12 1 2 3 4 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. 33Slovenian Economic Mirror, No. 7/2017 Statistical Appendix 2016 2017 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 3,378 3,631 3,861 4,012 4,219 4,390 4,432 4,618 4,621 4,770 4,823 4,937 5,041 5,173 5,297 5,485 5,600 5,781 6,853 6,813 6,861 6,850 6,872 6,769 6,391 6,273 6,350 6,246 6,029 5,856 5,784 5,699 5,524 5,489 5,491 5,136 594 591 589 587 571 564 561 576 591 587 588 588 581 573 572 563 559 556 8,891 8,920 8,892 8,930 8,974 9,041 9,075 9,154 9,174 9,208 9,305 9,352 9,413 9,447 9,476 9,541 9,604 9,660 9,870 9,771 9,706 9,520 9,455 9,485 9,473 9,664 9,759 9,814 9,720 9,790 9,745 9,800 9,824 9,828 9,816 9,780 1,332 1,298 1,298 1,283 1,310 1,352 1,376 1,408 1,382 1,397 1,222 1,222 1,248 1,254 1,247 1,241 1,545 1,558 3,572 3,240 3,578 3,625 3,610 3,642 4,100 3,541 3,555 3,573 4,212 3,910 3,860 3,550 3,635 3,625 3,440 3,705 23,552 23,026 23,272 23,149 23,172 23,314 23,796 23,969 24,066 24,020 24,759 24,613 24,492 24,313 24,338 24,377 24,478 24,840 751 759 743 717 714 711 714 672 683 670 656 642 630 624 597 596 571 567 6,735 6,777 6,836 6,848 6,823 6,743 6,379 5,885 5,968 6,038 5,562 5,366 5,412 5,291 5,254 5,224 5,308 4,887 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 27,541 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 16,825 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 3,303 7,390 7,110 7,077 7,040 7,047 7,084 7,041 6,829 6,730 6,667 7,026 6,976 6,969 6,901 6,821 6,763 6,661 6,708 697 658 677 621 629 638 654 632 732 647 657 705 717 689 689 719 660 705 684 708 683 686 705 680 705 687 711 695 705 682 684 699 857 694 656 658 553 561 540 550 565 549 567 564 586 567 582 561 557 582 666 573 551 542 70 86 82 75 81 72 78 65 69 72 69 68 74 67 101 74 58 69 61 61 61 61 59 59 60 58 56 56 54 53 53 50 90 47 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 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.20 0.19 0.20 0.21 0.19 0.20 0.19 0.23 0.19 0.18 0.11 0.15 0.10 0.11 0.11 0.11 0.14 0.13 2.57 2.54 2.62 2.45 2.53 2.68 2.57 2.49 2.55 2.63 2.60 2.66 2.53 2.63 2.72 2.72 2.68 2.64 3.84 2.16 .. .. .. 1.60 2.74 1.06 1.31 1.06 3.28 2.99 1.60 1.17 0.75 .. 1.15 1.56 0.00 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 -0.257 -0.268 -0.295 -0.298 -0.302 -0.309 -0.313 -0.316 -0.326 -0.329 -0.329 -0.330 -0.330 -0.330 -0.330 -0.329 -0.329 -0.330 -0.145 -0.162 -0.188 -0.189 -0.199 -0.207 -0.215 -0.218 -0.236 -0.241 -0.241 -0.246 -0.251 -0.267 -0.273 -0.272 -0.273 -0.274 -0.734 -0.763 -0.766 -0.743 -0.741 -0.730 -0.738 -0.738 -0.728 -0.726 -0.727 -0.731 -0.729 -0.730 -0.728 -0.726 -0.726 -0.726 -0.646 -0.676 -0.688 -0.658 -0.647 -0.647 -0.663 -0.669 -0.662 -0.666 -0.667 -0.669 -0.661 -0.663 -0.651 -0.651 -0.650 -0.649 34 Slovenian Economic Mirror, No. 7/2017 Statistical Appendix PUBLIC FINANCE 2014 2015 2016 2015 2016 2017 2016 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2 3 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 3,864.3 4,241.4 3,685.8 4,108.9 3,884.6 4,162.9 3,958.2 4,444.9 4,026.8 1,179.0 1,177.6 Current revenues 14,377.0 11,289.0 15,203.9 3,596.3 3,935.9 3,511.7 3,948.8 3,802.7 3,940.7 3,798.9 4,312.1 3,927.4 1,132.3 1,145.5 Tax revenues 13,191.6 10,494.0 14,240.5 3,277.4 3,692.4 3,344.3 3,659.7 3,516.4 3,720.1 3,581.5 3,910.7 3,678.7 1,080.9 1,086.9 Taxes on income and profit 2,385.9 1,982.9 2,680.8 504.0 692.5 634.2 811.4 542.4 692.8 669.3 944.3 582.5 212.6 206.8 Social security contributions 5,272.5 4,134.5 5,720.6 1,357.7 1,423.3 1,395.1 1,423.5 1,424.2 1,477.8 1,472.6 1,510.8 1,510.5 460.6 469.4 Taxes on payroll and workforce 20.2 15.2 19.8 4.6 5.6 4.8 5.1 4.8 5.2 5.0 5.4 4.9 1.7 1.5 Taxes on property 244.2 211.0 256.2 85.2 84.1 27.2 46.3 104.5 78.2 27.4 70.9 100.1 9.0 6.6 Domestic taxes on goods and services 5,191.2 4,101.1 5,432.9 1,305.9 1,473.1 1,233.7 1,365.4 1,430.5 1,403.4 1,326.7 1,411.3 1,463.5 393.8 376.9 Taxes on international trade & transactions 77.7 61.2 81.9 20.2 19.6 22.3 19.8 20.8 19.0 21.4 20.4 21.7 7.7 7.9 Other taxes -0.2 -11.9 48.2 -0.2 -5.8 27.0 -11.7 -10.8 43.6 59.1 -52.4 -4.4 -4.5 17.8 Non-tax revenues 1,185.4 795.0 963.4 318.8 243.5 167.5 289.0 286.3 220.6 217.4 401.4 248.8 51.3 58.6 Capital revenues 51.4 85.5 96.2 26.2 43.2 14.7 17.5 21.2 42.8 16.5 24.3 17.4 6.0 3.9 Grants 18.9 9.9 10.4 4.7 3.4 1.3 1.8 5.7 1.6 0.6 1.3 6.0 0.3 0.8 Transferred revenues 4.5 19.4 51.1 19.3 -0.2 0.7 0.0 50.0 0.3 0.1 1.1 50.0 0.0 0.7 Receipts from the EU budget 1,040.3 674.5 480.5 217.9 259.1 157.3 140.8 5.0 177.4 142.2 106.1 25.9 40.4 26.8 GENERAL GOVERNMENT EXPENDITURES TOTAL EXPENDITURES 16,751.2 12,665.9 16,496.7 3,974.9 4,710.0 4,223.2 3,882.0 3,985.6 4,405.9 4,333.4 3,931.9 4,115.4 1,416.7 1,504.0 Current expenditures 7,042.1 5,198.7 7,407.1 1,608.5 1,912.0 1,977.9 1,774.3 1,733.2 1,921.7 2,064.7 1,782.9 1,782.4 641.3 719.0 Wages, salaries and other personnel expenditures 3,610.4 2,686.5 3,785.4 875.0 908.2 925.4 970.7 928.6 960.8 961.2 1,016.2 961.4 308.4 311.2 Expenditures on goods and services 2,232.3 1,808.6 2,371.4 546.1 703.7 535.5 552.6 569.3 714.0 558.0 592.3 581.4 178.2 199.7 Interest payments 1,097.4 545.4 1,074.2 148.0 218.9 489.5 181.5 206.1 197.1 518.4 144.2 206.5 145.0 200.9 Reserves 102.1 158.2 176.1 39.5 81.1 27.5 69.6 29.2 49.8 27.1 30.2 33.0 9.7 7.3 Current transfers 7,591.9 5,603.6 7,700.0 1,899.4 1,840.3 1,974.0 1,896.0 1,918.5 1,911.5 2,039.0 1,882.0 2,001.7 654.7 703.4 Subsidies 467.4 197.8 397.0 47.7 71.0 186.4 78.4 42.9 89.2 170.4 67.1 79.7 54.2 101.7 Current transfers to individuals and households 6,335.0 4,806.6 6,495.5 1,657.7 1,556.2 1,604.7 1,619.1 1,678.9 1,592.8 1,643.9 1,652.2 1,718.9 534.0 541.6 Current transfers to non-profit institutions, other current domestic transfers 714.3 557.2 727.8 186.0 190.7 167.5 179.3 186.8 194.2 210.3 146.7 184.5 63.7 56.4 Current transfers abroad 75.2 42.0 79.7 8.1 22.3 15.4 19.2 9.8 35.3 14.4 16.0 18.7 2.8 3.7 Capital expenditures 1,444.4 1,344.8 784.3 350.4 709.1 98.6 115.5 213.6 356.6 108.9 145.4 207.9 34.3 38.5 Capital transfers 270.0 257.1 177.8 60.8 137.5 32.9 26.9 23.7 94.4 22.7 23.1 36.9 14.4 8.7 Payments to the EU budget 402.9 261.7 427.4 55.8 111.2 139.9 69.3 96.6 121.7 98.0 98.4 86.5 71.9 34.4 SURPLUS / DEFICIT -1,259.2 -587.5 -654.5 -110.6 -468.6 -537.4 226.9 -101.0 -243.0 -375.2 513.0 -88.6 -237.7 -326.3 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. 35Slovenian Economic Mirror, No. 7/2017 Statistical Appendix 2016 2017 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 1,352.7 1,391.7 1,364.5 1,161.5 1,390.7 1,332.4 1,354.5 1,306.7 1,501.7 1,444.7 1,190.4 1,323.1 1,532.6 1,451.8 1,460.6 1,284.0 1,345.1 1,397.7 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 1,269.6 1,336.2 1,321.6 1,244.9 1,217.0 1,197.8 1,096.1 1,233.4 1,186.9 1,246.3 1,213.6 1,260.2 1,330.4 1,093.1 1,158.0 1,344.2 1,230.6 1,335.9 1,181.9 1,257.2 1,239.6 219.0 289.0 303.4 63.8 270.6 208.1 210.2 222.5 260.1 217.0 228.4 223.8 330.5 273.5 340.3 102.0 253.1 227.4 473.5 478.6 471.4 482.7 461.3 480.3 464.8 475.0 538.0 496.7 484.3 491.7 508.2 499.0 503.6 497.1 501.7 511.6 1.5 1.8 1.8 1.7 1.6 1.5 1.4 1.9 2.0 1.9 1.6 1.6 1.9 1.7 1.8 1.9 1.5 1.5 6.2 12.0 28.1 29.7 35.1 39.7 27.4 34.1 16.7 11.0 7.5 8.8 15.1 23.8 31.9 25.2 44.1 30.8 469.4 502.9 393.0 507.2 472.8 450.4 482.9 471.7 448.8 534.2 415.0 377.6 512.6 440.6 458.2 523.5 477.7 462.3 7.2 6.2 6.4 5.5 7.8 7.5 6.7 6.1 6.3 6.1 7.2 8.1 6.4 6.2 7.7 7.0 7.1 7.6 68.0 -73.4 -6.3 5.5 -15.9 -0.5 53.1 2.3 -11.7 63.5 -50.8 46.4 -30.6 -14.2 -7.6 25.3 -28.0 -1.8 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 87.8 87.8 79.0 82.0 6.5 4.7 6.3 7.2 5.6 8.4 5.6 9.8 27.4 5.4 4.4 6.7 6.2 7.3 10.8 5.6 5.8 6.0 0.6 0.9 0.2 0.3 1.3 4.1 0.4 0.7 0.5 0.2 0.2 0.2 0.5 0.4 0.4 0.3 1.2 4.6 0.0 0.0 0.0 0.0 0.0 50.0 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.4 0.7 0.0 0.0 50.0 45.8 88.4 6.6 1.2 1.7 2.0 36.1 8.2 133.1 10.5 37.4 94.3 65.2 16.1 24.9 8.4 2.0 15.5 1,259.8 1,306.7 1,315.4 1,374.4 1,313.4 1,297.8 1,367.6 1,391.0 1,647.3 1,451.7 1,310.4 1,571.3 1,242.0 1,328.3 1,361.5 1,463.9 1,327.9 1,323.5 575.1 592.2 607.1 548.2 597.9 587.2 631.4 617.1 673.1 648.7 594.9 821.1 562.5 589.6 630.8 581.7 602.7 598.0 299.6 305.3 365.7 309.5 313.6 305.5 315.6 321.6 323.6 317.7 317.2 326.3 312.4 319.1 384.7 324.1 322.0 315.4 167.6 197.9 187.2 183.3 205.0 181.0 179.7 210.2 324.1 176.3 171.2 210.5 168.9 195.5 227.9 201.5 204.6 175.3 98.2 77.5 5.7 45.0 69.7 91.4 122.9 69.7 4.5 149.4 96.0 273.0 71.4 66.9 5.8 44.9 66.4 95.3 9.6 11.5 48.5 10.4 9.6 9.2 13.2 15.7 20.9 5.3 10.5 11.4 9.8 8.1 12.4 11.2 9.8 12.0 621.6 642.2 632.2 717.3 602.0 599.1 603.0 632.3 676.2 724.5 635.5 679.0 599.8 642.1 640.1 772.1 616.0 613.6 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 20.2 542.1 535.0 542.1 635.0 528.0 515.9 523.7 528.2 540.9 541.5 542.3 560.1 546.8 552.8 552.6 659.8 528.9 530.2 55.0 56.9 67.4 66.4 62.0 58.4 55.8 62.5 75.9 86.5 27.9 95.8 23.8 62.8 60.2 62.2 63.3 58.9 12.1 4.1 2.9 5.6 0.8 3.4 5.0 13.7 16.6 5.5 3.0 6.0 8.8 2.1 5.1 6.9 7.5 4.2 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 77.7 62.4 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 18.3 20.6 29.2 19.5 30.9 31.3 34.3 34.4 34.4 52.9 32.8 37.2 28.0 33.0 33.4 32.1 33.5 21.7 31.3 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 17.2 74.1 36 Slovenian Economic Mirror, No. 7/2017 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, EC – 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. 7, Vol. XXIII, 2017