Slovenia

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Economics

Economy - overview

Slovenia became the first 2004 European Union entrant to adopt the euro (on 1 January 2007) and has become 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. In 2009, the world recession caused the economy to contract - through falling exports and industrial production - by more than 8%, and unemployment to rise above 9%. Although growth resumed in 2010, the unemployment rate continued to rise, topping 10%.

GDP (purchasing power parity):

$56.58 billion (2010 est.)

country comparison to the world: 90

$55.91 billion (2009 est.)

$60.85 billion (2008 est.)

note: data are in 2010 US dollars

 

GDP (official exchange rate):

$47.85 billion (2010 est.)

 

GDP - real growth rate:

1.2% (2010 est.)

country comparison to the world: 167

-8.1% (2009 est.)

3.7% (2008 est.)

 

GDP - per capita (PPP):

$28,200 (2010 est.)

country comparison to the world: 50

$27,900 (2009 est.)

$30,300 (2008 est.)

note: data are in 2010 US dollars

 

GDP - composition by sector:

agriculture: 2.4%

industry: 31.2%

services: 66.4% (2010 est.)

 

Labor force:

935,500 (2010 est.)

country comparison to the world: 144

 

Labor force - by occupation:

agriculture: 2.2%

industry: 35%

services: 62.8% (2009)

 

Unemployment rate:

10.7% (2010 est.)

country comparison to the world: 115

9.2% (2009 est.)

 

Population below poverty line:

12.3% (2008)

 

Household income or consumption by percentage share:

lowest 10%: 3.4%

highest 10%: 24.6% (2004)

 

Distribution of family income - Gini index:

23.8 (2010)

23.8 (2004)

 

Investment (gross fixed):

23.2% of GDP (2010 est.)

country comparison to the world: 75

 

Budget:

revenues: $19.64 billion

expenditures: $22.16 billion (2010 est.)

 

Taxes and other revenues:

41% of GDP (2010 est.)

country comparison to the world: 38

 

Budget surplus (+) or deficit (-):

-5.3% of GDP (2010 est.)

country comparison to the world: 149

 

Public debt:

33% of GDP (2010 est.)

country comparison to the world: 88

31.4% of GDP (2009 est.)

 

Inflation rate (consumer prices):

1.8% (2010 est.)

country comparison to the world: 58

0.9% (2009 est.)

 

Central bank discount rate:

1.75% (31 December 2010)

country comparison to the world: 124

1.75% (31 December 2009)

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:

5.681% (31 December 2010 est.)

country comparison to the world: 151

5.908% (31 December 2009 est.)

 

Stock of narrow money:

$11.28 billion (31 December 2010 est.)

country comparison to the world: 72

$10.63 billion (31 December 2009 est.)

note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 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:

$25.57 billion (31 December 2010 est.)

country comparison to the world: 78

$26.93 billion (31 December 2009 est.)

 

Stock of domestic credit:

$50.74 billion (31 December 2010 est.)

country comparison to the world: 63

$52.4 billion (31 December 2009 est.)

 

Market value of publicly traded shares:

$9.428 billion (31 December 2010)

country comparison to the world: 65

$11.77 billion (31 December 2009)

$11.77 billion (31 December 2008)

 

Agriculture - products:

potatoes, hops, wheat, sugar beets, corn, grapes; 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:

6.4% (2010 est.)

country comparison to the world: 67

 

Electricity - production:

13 billion kWh (2009 est.)

country comparison to the world: 84

 

Electricity - consumption:

14.7 billion kWh (2009 est.)

country comparison to the world: 77

 

Electricity - exports:

9.197 billion kWh (2009 est.)

 

Electricity - imports:

3.041 billion kWh (2009 est.)

 

Oil - production:

5 bbl/day (2010 est.)

country comparison to the world: 125

 

Oil - consumption:

63,000 bbl/day (2010 est.)

country comparison to the world: 92

 

Oil - exports:

8,958 bbl/day (2009 est.)

country comparison to the world: 96

 

Oil - imports:

60,270 bbl/day (2009 est.)

country comparison to the world: 83

 

Oil - proved reserves:

0 bbl (1 January 2011 est.)

country comparison to the world: 188

 

Natural gas - production:

0 cu m (2009 est.)

country comparison to the world: 122

 

Natural gas - consumption:

890 million cu m (2009 est.)

country comparison to the world: 90

 

Natural gas - exports:

0 cu m (2009 est.)

country comparison to the world: 176

 

Natural gas - imports:

890 million cu m (2009 est.)

country comparison to the world: 61

 

Natural gas - proved reserves:

0 cu m (1 January 2011 est.)

country comparison to the world: 189

 

Current account balance:

-$542.7 million (2010 est.)

country comparison to the world: 115

-$634.9 million (2009 est.)

 

Exports:

$24.39 billion (2010 est.)

country comparison to the world: 66

$22.53 billion (2009 est.)

 

Exports - commodities:

manufactured goods, machinery and transport equipment, chemicals, food

 

Exports - partners:

Germany 19.2%, Italy 12.5%, Austria 7.4%, France 6.8%, Croatia 6.4%, Hungary 4.4% (2010)

 

Imports:

$25.99 billion (2010 est.)

country comparison to the world: 63

$23.5 billion (2009 est.)

 

Imports - commodities:

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

 

Imports - partners:

Germany 16.2%, Italy 15.5%, Austria 10.6%, France 4.8%, Croatia 4.6%, China 4.1% (2010)

 

Reserves of foreign exchange and gold:

$1.108 billion (31 December 2010 est.)

country comparison to the world: 133

$1.08 billion (31 December 2009 est.)

 

Debt - external:

$61.23 billion (30 June 2011)

country comparison to the world: 54

$51.57 billion (30 June 2010)

 

Stock of direct foreign investment - at home:

$15.02 billion (31 December 2010 est.)

country comparison to the world: 75

$15.13 billion (31 December 2009 est.)

 

Stock of direct foreign investment - abroad:

$7.603 billion (31 December 2010 est.)

country comparison to the world: 54

$7.901 billion (31 December 2009 est.)

 

Exchange rates:

euros (EUR) per US dollar -

0.755 (2010)

0.7198 (2009)

0.6827 (2008)

0.7345 (2007)

note: on 1 January 2007 Slovenia adopted the euro as legal tender