Slovenia Economy Profile 2009

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)

$59.34 billion (2008 est.)
$57.34 billion (2007 est.)
$53.69 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$54.64 billion (2008 est.)

GDP - real growth rate

3.5% (2008 est.)
6.8% (2007 est.)
5.9% (2006 est.)

GDP - per capita (PPP)

$29,600 (2008 est.)
$28,500 (2007 est.)
$26,700 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 2.2%
industry: 33.4%
services: 64.3% (2008 est.)

Population below poverty line

12.9% (2004)

Labor force

940,000 (2008 est.)

Labor force - by occupation

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

Unemployment rate

6.7% (2008 est.)
7.7% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 3.4%
highest 10%: 24.6% (2004)

Distribution of family income - Gini index

24 (2005)
28.4 (1998)

Investment (gross fixed)

28% of GDP (2008 est.)

Budget

revenues: $22.55 billion
expenditures: $22.7 billion (2008 est.)

Public debt

23% of GDP (2008 est.)
31.5% of GDP (2004 est.)

Inflation rate (consumer prices)

5.7% (2008 est.)
3.6% (2007 est.)

Central bank discount rate

3% (31 December 2008)
5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate

NA% (31 December 2008)
6.82% (31 December 2007)

Stock of money

$NA (31 December 2008)
$9.347 billion (31 December 2006)
note: the figure for 2006 represents the US dollar value of tolars in circulation prior to Slovenia joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders

Stock of quasi money

$NA (31 December 2008)
$12.69 billion (31 December 2006)

Stock of domestic credit

$45.19 billion (31 December 2008)
$41.63 billion (31 December 2007)

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

1.7% (2008 est.)

Electricity - production

14.13 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 35.2%
hydro: 27.3%
nuclear: 36.8%
other: 0.7% (2001)

Electricity - consumption

13.4 billion kWh (2006 est.)

Electricity - exports

5.894 billion kWh (2007 est.)

Electricity - imports

6.14 billion kWh (2007 est.)

Oil - production

5 bbl/day (2007 est.)

Oil - consumption

54,310 bbl/day (2006 est.)

Oil - imports

59,110 bbl/day (2005)

Oil - exports

4,535 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

4 million cu m (2006 est.)

Natural gas - consumption

1.105 billion cu m (2006 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

1.073 billion cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$2.92 billion (2008 est.)
-$1.982 billion (2007 est.)

Agriculture - products

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

Exports

$29.59 billion (2008 est.)
$27.09 billion (2007 est.)

Exports - commodities

manufactured goods, machinery and transport equipment, chemicals, food

Exports - partners

Germany 18.6%, Italy 11.7%, Croatia 8.3%, Austria 7.5%, France 5.7%, Russia 4.8% (2008)

Imports

$33.43 billion (2008 est.)
$29.42 billion (2007 est.)

Imports - commodities

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

Imports - partners

Germany 17.2%, Italy 16.6%, Austria 11.2%, France 4.7%, Croatia 4.1% (2008)

Reserves of foreign exchange and gold

$7.57 billion (31 December 2008 est.)
$5.682 billion (31 December 2007 est.)

Debt - external

$54.41 billion (31 December 2008)
$50.58 billion (31 December 2007)

Stock of direct foreign investment - at home

$11.96 billion (31 December 2008 est.)
$10.41 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$7.627 billion (31 December 2008 est.)
$6.127 billion (31 December 2007 est.)

Market value of publicly traded shares

$11.77 billion (31 December 2008)
$28.96 billion (31 December 2007)
$15.18 billion (31 December 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

Currency (code)

SIT

Exchange rates

euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007)
note: Slovenia adopted the euro as its currency on 1 January 2007

Fiscal year

calendar year