Economy of Slovenia

Slovenia today is a developed country that enjoys prosperity and stability as well as a GDP per capita by purchase power parity at 83% of the EU28 average in 2015, which is the same as in 2014 and 2 percentage points higher than in 2013.[13] Nominal GDP in 2018 is 42.534 mio EUR, nominal GDP per capita (GDP/pc) in 2018 is EUR 21,267. The highest GDP/pc is in central Slovenia, where capital city Ljubljana is located, which is part of the Western Slovenia statistical region, which has a higher GDP/pc than eastern Slovenia.[14]

In January 2007 it became the first member to have both joined the European Union and adopted the euro since the currency's creation in 1999 and it has been a member of the Organisation for Economic Co-operation and Development since 2010.[15]

Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroad.[15] On the other hand, the level of foreign direct investment is one of the lowest but has been steadily rising in the last few years. Slovenian economy has been severely hurt by the European economic crisis, which started in late 2000s.[15] After 2013 GDP per capita is rising again.[16] Almost two thirds of the working population are employed in services.[2]

Economy of Slovenia
Ljubljana made by Janez Kotar
Currency€ (EUR)
1 January – 31 December
Statistics
GDPIncrease $54.969 billion (nominal, 2018 est.)[1]
Increase $76.141 billion (PPP, 2018 est.)[1]
GDP rank82nd (nominal, 2018)
93rd (PPP, 2018)
GDP growth
3.1% (2016) 5.0% (2017)
4.4% (2018f) 3.3% (2019f)[1][2]
GDP per capita
Increase $26,586 (nominal, 2018 est.)[1]
Increase $36,825 (PPP, 2018 est.)[1]
GDP per capita rank
34th (nominal, 2017)
38th (PPP, 2017)
2.0% (2019f est.)[1]
2.0% (2018f est.)[1]
1.4% (2017 est.)[2]
Population below poverty line
13.3% (2017 est.) [3]
Positive decrease24.4 (low, 2016)[2]
Labour force
959,000 (2017 est.)[2]
Labour force by occupation
agriculture: 5.5%,
industry: 31.2%,
services: 63.3%,
(2017 est.)[2]
UnemploymentPositive decrease 4.4% (2018)[4]
Main industries
ferrous metallurgy and aluminum products, lead and zinc smelting; electronics (including military electronics), trucks, automobiles, electric power equipment, wood products, textiles, chemicals, machine tools [5]
Decrease 37th (2018)[6]
External
ExportsIncrease€30,9 billion (2018)[7]
Export goods
manufactured goods, machinery and transport equipment, chemicals, food [5]
Main export partners
 Germany 20.3%
 Italy 12.4%
 Croatia 8.1%
 Austria 7.6%
 France 5.6% (2018)
ImportsIncrease€30,6 billion (2018)[8]
Import goods
machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food
Main import partners
 Germany 18.1%
 Italy 15.0%
 Austria 10.5%
 Croatia 5.5% (2018)[9]
FDI stock
Increase $19.23 billion (31 December 2017 est.)[2]
Increase Abroad: $9.914 billion (31 December 2017 est.)[2]
Increase $3.475 billion (2017 est.)[2]
Positive decrease$46.3 billion (31 January 2017 est.)[2]
Public finances
Positive decrease73.6% of GDP (2017)[2] [10]
0% (of GDP) (2017 est.)[2]
Revenues21.07 billion (2017 est.)[2]
Expenses21.06 billion (2017 est.)[2]
Foreign reserves
Increase $889.9 million (31 December 2017 est.)[2]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
Slo world GNI percapita
GNI per capita:
  Slovenia ($23,520)
  Higher GNI per capita compared to Slovenia
  Lower GNI per capita compared to Slovenia

History

Although it comprised only about one-eleventh of Yugoslavia's total population, it was the most productive of the Yugoslav republics, accounting for one-fifth of its GDP and one-third of its exports.[17] Slovenia thus gained independence in 1991 with an already relatively prosperous economy and strong market ties to the West.

Since that time it has vigorously pursued diversification of its trade with the West and integration into Western and transatlantic institutions. Slovenia is a founding member of the World Trade Organization, joined CEFTA in 1996, and joined the European Union on 1 May 2004. In June 2004 it joined the European Exchange Rate Mechanism. The euro was introduced at the beginning of 2007 and circulated alongside the tolar until 14 January 2007. Slovenia also participates in SECI (Southeast European Cooperation Initiative), as well as in the Central European Initiative, the Royaumont Process, and the Black Sea Economic Council.

In the late 2000s economic crisis, the Slovenian economy suffered a severe setback. In 2009 the Slovenian GDP per capita shrank by −7.9%, which was the biggest fall in the European Union after the Baltic countries and Finland. After a slow recovery from the 2009 recession thanks to exports,[18] the economy of Slovenia again slid into recession in the last quarter of 2011.[19] This has been attributed to the fall in domestic consumption and the slowdown in growth of exports.[19] Slovenia mainly exports to countries of the eurozone.[15] The reasons for the decrease in domestic consumption have been multiple: fiscal austerity, the freeze on budget expenditure in the final months of 2011,[20] a failure in the efforts to implement economic reforms, inappropriate financing, and the decrease in exports.[21] In addition the construction industry was severely hit in 2010 and 2011.[19] From 2014 onwards GDP of Slovenia is rising again.[22] The main factors of GDP growth are export and in year 2016 also domestic consumption, which has started to revive after the economic crisis. The GDP growth in 2015 was 2,3%,[11] in first half of 2016 2,5% and in 2nd quarter of 2016 2,7%.[23] It means that GDP growth is accelerating in 2016.

Trade

Slovenia's trade is orientated towards other EU countries, mainly Germany, Austria, Italy, and France. This is the result of a wholesale reorientation of trade toward the West and the growing markets of central and eastern Europe in the face of the collapse of its Yugoslav markets. Slovenia's economy is highly dependent on foreign trade. Trade equals about 120% of GDP (exports and imports combined). About two-thirds of Slovenia's trade is with other EU members.

This high level of openness makes it extremely sensitive to economic conditions in its main trading partners and changes in its international price competitiveness. However, despite the economic slowdown in Europe in 2001-03, Slovenia maintained a 3% GDP growth. Keeping labour costs in line with productivity is thus a key challenge for Slovenia's economic well-being, and Slovenian firms have responded by specializing in mid- to high-tech manufacturing. Industry and construction comprise about one quarter of GDP. As in most industrial economies, services make up an increasing share of output (57.1 percent), notably in financial services.

Economic performance

The traditional primary industries of agriculture, forestry, and fishing comprise a comparatively low 2.5 percent of GDP and engage only 6 percent of the population. The average farm is only 5.5 hectares. Part of Slovenia lies in the Alpe-Adria bioregion, which is currently involved in a major initiative in organic farming. Between 1998 and 2003, the organic sector grew from less than 0.1% of Slovenian agriculture to roughly the European Union average of 3.3%.[24]

Public finances have shown a deficit in recent years. This averaged around $650 million per annum between 1999 and 2007, however this amounted to less than 23 percent of GDP.[25] There was a slight surplus in 2008 with revenues totalling $23.16 billion and expenditures $22.93 billion.[26] Government expenditure equalled 38 percent of GDP. As of January 2011, the total national debt of Slovenia was unknown. The Statistical Office of the Republic of Slovenia (SURS) reported it to be (not counting state-guaranteed loans) 19.5 billion euros or 54.2% of GDP at the end of September 2010. According to the data provided by the Slovenian Ministry of Finance in January 2011, it was just below 15 billion euros or 41,6% of the 2009 GDP. However, the Slovenian financial newspaper Finance calculated in January 2011 that it is actually 22.4 billion euros or almost 63% of GDP, surpassing the limit of 60% allowed by the European Union.[27][28] On 12 January 2011, the Slovenian Court of Audit rejected the data reported by the ministry as incorrect and demanded the dismissal of the finance minister Franc Križanič.[29]

Slovenia's traditional anti-inflation policy relied heavily on capital inflow restrictions. Its privatization process favoured insider purchasers and prescribed long lag time on share trading, complicated by a cultural wariness of being "bought up" by foreigners. As such, Slovenia has had a number of impediments to foreign participation in its economy. Slovenia has garnered some notable foreign investments, including the investment of $125 million by Goodyear in 1997. At the end of 2008 there was around $11.5 billion of foreign capital in Slovenia. Slovenians had invested $7.5 billion abroad. As of 31 December 2007, the value of shares listed on the Ljubljana Stock Exchange was $29 billion.

Investments from neighboring Croatia have begun in Slovenia. On 1 July 2010, Droga Kolinska was purchased by Atlantic Group of Croatia for 382 million euros. Mercator was sold to Croatia's Agrocor in June 2014.[30]

At the end of year 2014 there were 10,1 billion of foreign direct investment in Slovenia, 13,9% more than at the end of year 2013. In 2013 (latest published data) direct foreign investments accounted for 24,7% of GDP of Slovenia. The most important investor countries are: Austria (33,6%), Switzerland (11,3%), Germany (10,4%), Italy (7,9%), Croatia (7,7%).[31]

The following table shows the main economic indicators in 1993–2017.[32]

Year 1993 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GDP in €
(PPP)
7.78 Bln. 10.52 Bln. 18.90 Bln. 29.23 Bln. 31.56 Bln. 35.15 Bln. 37.95 Bln. 36.17 Bln. 36.25 Bln. 36.90 Bln. 36.08 Bln. 36.24 Bln. 37.62 Bln. 38.84 Bln. 40.42 Bln. 43.28 Bln.
GDP per capita in €
(PPP)
3,908 5,289 9,509 14,630 15,751 17,486 18,879 17,795 17,710 17,997 17,551 17,601 18,250 18,826 19,581 20,949
GDP growth
(real)
2.8 % 4.1 % 4.2 % 4.0 % 5.7 % 6.9 % 3.3 % −7.8 % 1.2 % 0.6 % −2.7 % −1.1 % 3.0 % 2.3 % 3.1 % 5.0 %
Inflation
(in Percent)
31.9 % 13.7 % 8.9 % 2.5 % 2.5 % 3.7 % 5.7 % 0.8 % 1.8 % 1.8 % 2.6 % 1.8 % 0.2 % −0.5 % −0.1 % 1.4 %
Unemployment rate
(in Percent)
8.6 % 7.0 % 6.7 % 6.5 % 6.0 % 4.9 % 4.4 % 5.9 % 7.3 % 8.2 % 8.9 % 10.1 % 9.7 % 9.0 % 8.0 % 6.8 %
Government debt
(Percentage of GDP)
... 17 % 29 % 26 % 26 % 23 % 22 % 34 % 38 % 46 % 54 % 70 % 80 % 83 % 78 % 75 %

See also

References

  1. ^ a b c d e f g "World Economic Outlook Database, October 2018". IMF.org. International Monetary Fund. Retrieved 28 February 2019.
  2. ^ a b c d e f g h i j k l m n o "CIA World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 11 January 2019.
  3. ^ "Income, poverty and social exclusion indicators, Slovenia, 2017". www.stat.si.
  4. ^ "March 2018 Euro area unemployment at 8.5% EU28 at 7.1%" (Press release). Eurostat. 2 May 2018.
  5. ^ a b "Aktivno prebivalsto". Statistical Office of the Republic of Slovenia, Slovenia. 18 November 2014. Demographic. Archived from the original on 12 December 2014.
  6. ^ "Ease of Doing Business in Slovenia". Doingbusiness.org. Retrieved 21 November 2017.
  7. ^ "Izvoz in uvoz blaga, Slovenija, december 2018". www.stat.si.
  8. ^ "Izvoz in uvoz blaga, Slovenija, december 2018". www.stat.si.
  9. ^ "IIzvoz in uvoz blaga, Slovenija, december 2018". www.stat.si.
  10. ^ "Debt". Statistical Office of the Republic of Slovenia, Slovenia. 17 October 2014. Economy.
  11. ^ a b "Ministrstvo za finance". www.mf.gov.si.
  12. ^ "Scope affirms credit rating of A- for Slovenia with Stable Outlook". Scope Ratings. Retrieved 17 August 2018.
  13. ^ "Paritete kupne moči in bruto domači proizvod na prebivalca v standardih kupne moči, evropske države, 2013–2015". www.stat.si.
  14. ^ "Bruto domači proizvod po regijah, Slovenija, 2015". www.stat.si.
  15. ^ a b c d "Osnovni gospodarski podatki o Sloveniji" [Basic Economic Data about Slovenia] (in Slovenian). Embassy of the Republic of Slovenia Vienna. Archived from the original on 18 June 2012. Retrieved 15 March 2012.
  16. ^ "SURS". www.stat.si.
  17. ^ "Background Note: Slovenia". Retrieved 4 May 2009.
  18. ^ "Slovenia Country Assessment". European Bank for Reconstruction and Development. Archived from the original on 20 February 2012. Retrieved 16 February 2012.
  19. ^ a b c "Double Dip Recession is the 'Slovenian' Reality". The Slovenia Times. 13 March 2012.
  20. ^ Cerni, Boris (29 February 2012). "Slovenia's Economy Falls Into a Recession as Exports Weaken". Bloomberg.
  21. ^ "Zdrs v recesijo so ekonomisti pričakovali" [The Slid into Recession Was Expected by Economists]. MMC RTV Slovenija (in Slovenian). RTV Slovenija. 29 February 2012. ISSN 1581-372X.
  22. ^ http://www.stat.si/statweb#graphBDP
  23. ^ "Bruto domači proizvod, Slovenija, 2. četrtletje 2016". www.stat.si.
  24. ^ Food First/Institute for Food and Development Policy | For Land, Liberty, Jobs and Justice Archived 12 November 2004 at the Wayback Machine
  25. ^ The Economist
  26. ^ "The World Factbook — Central Intelligence Agency". www.cia.gov.
  27. ^ Lipnik, Karel; Monika Weiss (14 January 2011). "Kolikšen je dejansko državni dolg Slovenije?". Finance. Časnik Finance.
  28. ^ "SURS: Vsi dolgovi države znašajo 22,43 milijarde evrov" [SURS: All the Debts of Slovenia Sum to 22.43 Billion Euros] (in Slovenian). MMC RTV Slovenia. 14 January 2011.
  29. ^ "Auditing Body Demands Dismissal of Finance Minister". Slovenian Press Agency. 12 January 2011.
  30. ^ Delo.si, Ma. G., gospodarstvo, Ti. K., Pi. K.,. "Mercator prodan Agrokorju".
  31. ^ "Tuje neposredne investicije - Ministrstvo za gospodarski razvoj in tehnologijo". www.mgrt.gov.si.
  32. ^ "Report for Selected Countries and Subjects". Retrieved 4 September 2018.
Adria Mobil

Adria Mobil is a company based in Novo Mesto, Slovenia, that produces caravans and motorhomes, under the ADRIA brandname and sells 99 percent of the total turnover to the West European markets.

Bank of Slovenia

The Bank of Slovenia (Slovene: Banka Slovenije) is the bank of issue and the central bank of the Republic of Slovenia. Based in Ljubljana, it was established on 25 June 1991. Its primary task is to take care of the stability of the domestic currency and to ensure the liquidity of payments within the country and with foreign countries. It also acts as the supervisor of the banking system. It is a non-governmental independent institution, obliged to periodically present a report on its operation to the National Assembly of Slovenia.

The Bank of Slovenia joined the Eurosystem in 2007, when the euro replaced the tolar as the official currency of Slovenia.

Court of Audit of Slovenia

The Court of Audit of the Republic of Slovenia (in Slovene: Računsko sodišče Republike Slovenije) is the highest body for supervising state accounts, the state budget and all public spending in Slovenia. The Constitution of Slovenia further provides that the Court of Audit is independent in the performance of its duties and bound by the Constitution and law. The Court of Audit Act also defines that the acts with which Court of Audit exercises its powers of audit cannot be challenged before the courts or other state bodies.

Economy of the Socialist Federal Republic of Yugoslavia

Despite common origins, the economy of the Socialist Federal Republic of Yugoslavia (SFRY) was significantly different from the economies of the Soviet Union and other Eastern European socialist states, especially after the Yugoslav-Soviet break-up of 1948. The occupation and liberation struggle in World War II left Yugoslavia's infrastructure devastated. Even the most developed parts of the country were largely rural and the little industry the country had was largely damaged or destroyed.

Industrija motornih vozil

Industrija Motornih Vozil (Industry of motor vehicles; TLA IMV) was a car manufacturer based in Novo Mesto, Slovenia.

Established in 1954, IMV assembled cars by license from Austin between 1967 and 1972. The cars built were the Austin 1300, the Mini 1000, and the Austin Maxi 1500/1750. In 1972 they signed an agreement with and began cooperating with Renault instead. Independently, IMV produced touring caravans and commercial vehicles of their own design. In 1989, Renault took the complete ownership of IMV's car manufacturing division under the name Revoz, while its touring caravan and motor home division was established as separate business entity in 1995 under the name Adria Mobil.

List of Slovenian regions by Human Development Index

This is a list of Slovenian statistical regions by Human Development Index as of 2017.

List of companies of Slovenia

Slovenia is a nation state in southern Central Europe, located at the crossroads of main European cultural and trade routes. The economy of Slovenia is small, open, and export-oriented and has been strongly influenced by international conditions. It has been severely hurt by the Eurozone crisis, started in the late 2000s. The main economic field is services, followed by industry and construction.For further information on the types of business entities in this country and their abbreviations, see "Business entities in Slovenia".

Outline of Slovenia

The following outline is provided as an overview of and topical guide to Slovenia:

Slovenia – sovereign country located in southern Central Europe bordering Italy to the west, the Adriatic Sea to the southwest, Croatia to the south and east, Hungary to the northeast, and Austria to the north. The capital of Slovenia is Ljubljana. At various points in Slovenia's history, the country has been part of the Roman Empire, the Byzantine Empire, the Republic of Venice, the Duchy of Carantania (only modern Slovenia's northern part), the Holy Roman Empire, the Habsburg Monarchy, the Austrian Empire (later known as Austria-Hungary), the State of Slovenes, Croats and Serbs, the Kingdom of Serbs, Croats and Slovenes (renamed to Kingdom of Yugoslavia in 1929) between the two World Wars, and the Socialist Federal Republic of Yugoslavia from 1945 until gaining independence in 1991. Slovenia is the only former communist state to be at the same time a member of the European Union, the Eurozone, the Schengen area, the Organization for Security and Co-operation in Europe, the Council of Europe and NATO.

Prekmurje

Prekmurje (Slovene pronunciation: [prɛkˈmúːrjɛ] (listen); dialectically: Prèkmürsko or Prèkmüre; Hungarian: Muravidék) is a geographically, linguistically, culturally and ethnically defined region settled by Slovenes and a Hungarian minority, lying between the Mur River in Slovenia and the Rába Valley (the watershed of the Rába) (Slovene: Porabje) in the most western part of Hungary. It maintains certain specific linguistic, cultural and religious features that differentiate it from other Slovenian traditional regions. It covers an area of 938 km2 and has a population of 78,000 people.

Revoz

Revoz (Slovene pronunciation: [ˈɾɛʋɔz]) is a manufacturing subsidiary of Renault in Novo Mesto, Slovenia. It is the only automaker in the country and one of its largest exporters. The company was established in June 1988 as a joint venture between Renault and Industrija motornih vozil. Today, it is wholly owned by Renault.

Slovenia

Slovenia ( (listen) sloh-VEE-nee-ə; Slovene: Slovenija [slɔˈʋèːnija]), officially the Republic of Slovenia (Slovene: Republika Slovenija , abbr.: RS), is a sovereign state located in southern Central Europe at a crossroads of important European cultural and trade routes. It is bordered by Italy to the west, Austria to the north, Hungary to the northeast, Croatia to the southeast, and the Adriatic Sea to the southwest. It covers 20,273 square kilometers (7,827 sq mi) and has a population of 2.07 million. One of the successor states of the former Yugoslavia, Slovenia is a parliamentary republic and a member of the United Nations, of the European Union, and of NATO. The capital and largest city is Ljubljana.Slovenia has a mostly mountainous terrain with a mainly continental climate, with the exception of the Slovene Littoral, which has a sub-Mediterranean climate, and of the northwest, which has an Alpine climate. Additionally, the Dinaric Alps and the Pannonian Plain meet on the territory of Slovenia. The country, marked by a significant biological diversity, is one of the most water-rich in Europe, with a dense river network, a rich aquifer system, and significant karst underground watercourses. Over half of the territory is covered by forest. The human settlement of Slovenia is dispersed and uneven.Slovenia has historically been the crossroads of Slavic, Germanic, and Romance languages and cultures. Although the population is not homogeneous, Slovenes comprise the majority. The South Slavic language Slovene is the official language throughout the country. Slovenia is a largely secularized country, but Catholicism and Lutheranism have significantly influenced its culture and identity. The economy of Slovenia is small, open and export-oriented and has been strongly influenced by international conditions. It has been severely hurt by the Eurozone crisis which started in 2009. The main economic field is services, followed by industry and construction.Historically, the current territory of Slovenia has formed part of many different states, including the Roman Empire, Byzantine Empire, Carolingian Empire and the Holy Roman Empire, the Habsburg Monarchy, the Republic of Venice, the French-administered Illyrian Provinces of Napoleon I, the Austrian Empire and Austria-Hungary. In October 1918 the Slovenes exercised self-determination for the first time by co-founding the State of Slovenes, Croats and Serbs. In December 1918 they merged with the Kingdom of Serbia into the Kingdom of Serbs, Croats and Slovenes (renamed Kingdom of Yugoslavia in 1929).

During World War II (1939–1945) Germany, Italy, and Hungary occupied and annexed Slovenia (1941–1945), with a tiny area transferred to the Independent State of Croatia, a Nazi puppet state. In 1945 Slovenia became a founding member of the Federal People's Republic of Yugoslavia, renamed in 1963 as the Socialist Federal Republic of Yugoslavia. In the first years after World War II this state was initially allied with the Eastern Bloc, but it never subscribed to the Warsaw Pact and in 1961 became one of the founders of the Non-Aligned Movement.

In June 1991, after the introduction of multi-party representative democracy, Slovenia became the first republic that split from Yugoslavia and became an independent country. In 2004, it entered NATO and the European Union; in 2007 became the first formerly communist country to join the Eurozone; and in 2010 it joined the OECD, a global association of high-income developed countries.

Slovenian brands

The following are brands and firms of Slovenia some of which are also known also around the world.

Slovenian tolar

The tolar was the currency of Slovenia from 8 October 1991 until the introduction of the euro on 1 January 2007. It was subdivided into 100 stotinov (cents). The ISO 4217 currency code for the Slovenian tolar was SIT. From October 1991 until June 1992, the acronym SLT was in use.

Tomos

Tomos (Slovene: To-Tovarna, Mo-motorjev, S-Sežana, "Motorcycle Company Sežana") is a moped manufacturer based in Koper, Slovenia. Tomos acquired a production license from Puch to produce moped models under the Tomos name in 1954. Tomos has since produced various goods for the Eastern European market, including motorcycles, mopeds, outboard motors and Citroën cars for the home market.

Tomos mopeds are also produced in Epe, Netherlands since 1966. A very good-selling model was the Tomos "4L", produced from 1969 until 1980. The Dutch development team is responsible for the introduction of models like the Colibri, Targa and Revival. Tomos is the last remaining moped factory in the Netherlands, surviving at least 36 others since 1966. Tomos mopeds were sold in the U.S. from 1976 to 2014. Recently Tomos has also expanded to the United Kingdom.Tomos went bankrupt on 3. January 2019

Tovarna avtomobilov Maribor

TAM (Tovarna avtomobilov Maribor – translated: Maribor Automobile Factory) was a Yugoslavian later Slovenian commercial vehicle manufacturer based in the city of Maribor.

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