Slovenia Economy Profile 2008

Economy - overview

Slovenia, which on 1 January 2007 became the first 2004 European Union entrant to adopt the euro, is a model of economic success and stability for the region. With the highest per capita GDP in Central Europe, Slovenia has excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe. Privatization has lagged since 2002, and the economy has one of highest levels of state control in the EU. Structural reforms to improve the business environment have allowed for somewhat greater foreign participation in Slovenia's economy and have helped to lower unemployment. In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. In December 2007, Slovenia was invited to begin the accession process for joining the OECD. Despite its economic success, foreign direct investment (FDI) in Slovenia has lagged behind the region average, and taxes remain relatively high. Furthermore, the labor market is often seen as inflexible, and legacy industries are losing sales to more competitive firms in China, India, and elsewhere.

GDP (purchasing power parity)

$54.79 billion (2007 est.)

GDP (official exchange rate)

$44.57 billion (2007 est.)

GDP - real growth rate

5.8% (2007 est.)

GDP - per capita (PPP)

$27,300 (2007 est.)

GDP - composition by sector

agriculture: 2.2%
industry: 33.5%
services: 64.4% (2007 est.)

Population below poverty line

12.9% (2004)

Household income or consumption by percentage share

lowest 10%: 3.6%
highest 10%: 21.4% (1998)

Inflation rate (consumer prices)

5.6% (2007 est.)

Investment (gross fixed)

27.6% of GDP (2007 est.)

Labor force

920,000 (2007 est.)

Labor force - by occupation

agriculture: 2.5%
industry: 36%
services: 61.5% (2007)

Unemployment rate

4.6% (2007 est.)

Distribution of family income - Gini index

24 (2005)

Budget

revenues: $19.17 billion
expenditures: $19.41 billion (2007 est.)

Public debt

25.7% of GDP (2007 est.)

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

Industrial production growth rate

10.1% (2007 est.)

Electricity - production

14.9 billion kWh (2006)

Electricity - consumption

13.71 billion kWh (2006)

Electricity - exports

4.8 billion kWh (2006)

Electricity - imports

4.07 billion kWh (2006)

Oil - production

5 bbl/day (2005 est.)

Oil - consumption

54,000 bbl/day (2005 est.)

Oil - imports

55,880 bbl/day (2004)

Oil - exports

2,276 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

4.795 million cu m (2005 est.)

Natural gas - consumption

1.078 billion cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

1.073 billion cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$1.165 billion (2007 est.)

Agriculture - products

potatoes, hops, wheat, sugar beets, corn, grapes; cattle, sheep, poultry

Exports

$28.18 billion f.o.b. (2007 est.)

Exports - commodities

manufactured goods, machinery and transport equipment, chemicals, food

Exports - partners

Germany 20%, Italy 13%, Croatia 9.1%, Austria 8.8%, France 6.5%, Russia 4.4% (2006)

Imports

$30.22 billion f.o.b. (2007 est.)

Imports - commodities

machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food

Imports - partners

Germany 19.8%, Italy 18.1%, Austria 11.9%, France 5.9%, Croatia 4.7% (2006)

Reserves of foreign exchange and gold

$1.031 billion (30 September 2007 est.)

Debt - external

$40.42 billion (30 June 2007)

Stock of direct foreign investment - at home

$8.916 billion (2006 est.)

Stock of direct foreign investment - abroad

$4.557 billion (2006 est.)

Market value of publicly traded shares

$15.18 billion (2006)

Economic aid - recipient

ODA, $484 million (2004-06)

Currency (code)

euro (EUR)
note: on 1 January 2007, the euro became Slovenia's currency; both the tolar and the euro were in circulation from 1 January until 15 January 2007

Exchange rates

euros per US dollar - 0.7345 (2007), tolars per US dollar - 190.85 (2006), 192.71 (2005), 192.38 (2004), 207.11 (2003)
note: Slovenia adopted the euro as its currency on 1 January 2007

Fiscal year

calendar year