Flag of Slovenia

Slovenia Economy Profile

Home > Factbook > Countries > Slovenia

Economy - overview

With excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe, Slovenia has one of the highest per capita GDPs in Central Europe, despite having suffered a protracted recession in the 2008-09 period in the wake of the global financial crisis. Slovenia became the first 2004 EU entrant to adopt the euro (on 1 January 2007) and has experienced a stable political and economic transition.

 

In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. In 2007, Slovenia was invited to begin the process for joining the OECD; it became a member in 2012. From 2014 to 2016, export-led growth, fueled by demand in larger European markets, pushed annual GDP growth above 2.3%. Growth reached 5.0% in 2017 and is projected to near or reach 5% in 2018. What used to be stubbornly high unemployment fell below 5.5% in early 2018, driven by strong exports and increasing consumption that boosted labor demand. Continued fiscal consolidation through increased tax collection and social security contributions will likely result in a balanced government budget in 2019.

 

Prime Minister CERAR’s government took office in September 2014, pledging to press ahead with commitments to privatize a select group of state-run companies, rationalize public spending, and further stabilize the banking sector. Efforts to privatize Slovenia’s largely state-owned banking sector have largely stalled, however, amid concerns about an ongoing dispute over Yugoslav-era foreign currency deposits.

GDP (purchasing power parity)
$71.23 billion (2017 est.)
$67.84 billion (2016 est.)
$65.77 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$48.87 billion (2017 est.)
GDP - real growth rate
2.4% (2019 est.)
4.24% (2018 est.)
5.14% (2017 est.)
GDP - per capita (PPP)
$34,500 (2017 est.)
$32,900 (2016 est.)
$31,900 (2015 est.)

note: data are in 2017 dollars

Gross national saving
26.4% of GDP (2017 est.)
24.2% of GDP (2016 est.)
23.9% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 52.6% (2017 est.)
government consumption: 18.2% (2017 est.)
investment in fixed capital: 18.4% (2017 est.)
investment in inventories: 1.1% (2017 est.)
exports of goods and services: 82.3% (2017 est.)
imports of goods and services: -72.6% (2017 est.)
GDP - composition by sector
agriculture: 1.8% (2017 est.)
industry: 32.2% (2017 est.)
services: 65.9% (2017 est.)
Population below poverty line
13.9% (2016 est.)
Labor force
885,000 (2020 est.)
Labor force - by occupation
agriculture: 5.5%
industry: 31.2%
services: 63.3% (2017 est.)
Unemployment rate
7.64% (2019 est.)
8.25% (2018 est.)
Unemployment, youth ages 15-24
total: 8.8%
male: 8.3%
female: 9.6% (2018 est.)
Household income or consumption by percentage share
lowest 10%: 3.8%
highest 10%: 20.1% (2016)
Distribution of family income - Gini index
24.4 (2016)
24.5 (2015)
Budget
revenues: 21.07 billion (2017 est.)
expenditures: 21.06 billion (2017 est.)
Taxes and other revenues
43.1% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
0% (of GDP) (2017 est.)
Public debt
73.6% of GDP (2017 est.)
78.6% of GDP (2016 est.)

note: defined by the EU's Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding financial derivatives, and loans; general government sector comprises the central, state, local government, and social security funds

Inflation rate (consumer prices)
1.4% (2017 est.)
-0.1% (2016 est.)
Central bank discount rate
0% (31 December 2017)
0% (16 March 2016)

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
2.59% (31 December 2017 est.)
2.81% (31 December 2016 est.)
Stock of narrow money
$21.53 billion (31 December 2017 est.)
$16.54 billion (31 December 2016 est.)

note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders

Stock of broad money
$21.53 billion (31 December 2017 est.)
$16.54 billion (31 December 2016 est.)
Stock of domestic credit
$35.34 billion (31 December 2017 est.)
$30.23 billion (31 December 2016 est.)
Market value of publicly traded shares
$6.328 billion (31 December 2017 est.)
$5.6 billion (31 December 2016 est.)
$5.94 billion (31 December 2015 est.)
Agriculture - products
hops, wheat, coffee, corn, apples, pears; cattle, sheep, poultry
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
8.6% (2017 est.)
Current Account Balance
$3.05 billion (2019 est.)
$3.17 billion (2018 est.)
Exports
$32.14 billion (2017 est.)
$27.65 billion (2016 est.)
Exports - commodities
manufactured goods, machinery and transport equipment, chemicals, food
Exports - partners
Germany 18.9%, Italy 10.7%, Austria 7.4%, Croatia 7.1%, France 4.8%, Poland 4.2%, Hungary 4.2% (2017)
Imports
$30.38 billion (2017 est.)
$25.95 billion (2016 est.)
Imports - commodities
machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food
Imports - partners
Germany 16.5%, Italy 13.5%, Austria 9.3%, Turkey 5.8%, Croatia 4.8%, China 4.5% (2017)
Reserves of foreign exchange and gold
$889.9 million (31 December 2017 est.)
$853 million (31 December 2016 est.)
Debt - external
$46.3 billion (31 January 2017 est.)
$48.2 billion (31 January 2016 est.)
Stock of direct foreign investment - at home
$19.23 billion (31 December 2017 est.)
$14.83 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad
$9.914 billion (31 December 2017 est.)
$7.837 billion (31 December 2016 est.)
Exchange rates
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020

Economy Comparison