Slovenia’s long industrial tradition and good education, extensive training and personal qualities of its people explain why so many industries have such a large footprint in international markets. A recent drop in less technology intensive and less competitive manufacturing industries is offset by a significant increase in the share of industries of higher technology intensity.
Slovenia’s export competitiveness attribute to the restructuring of the Slovenian economy towards high-tech products and the markets. Slovenia exports a relatively large number of intermediate products and the share of domestic value added in exports has to rise particularly in the high- and medium-high technology industries: manufacture of vehicles and vessels, the manufacture of electrical and optical equipment, and the manufacture of machinery and equipment.
Knowledge-intensive services lead to manufacturing or technological innovations and sharpen the competitive edge of Slovenia’s manufacturing industries at home and abroad. The flagship industries include: pharmaceuticals and chemicals, electronics and electrical engineering, machine building, wood processing, food processing, textile, life science and hospitality and entertainment.
Source: www.sloveniapartner.eu
Economy – Overview:
Slovenia became the first 2004 European Union entrant to adopt the euro (on 1 January 2007) and has experienced one of the most stable political and economic transitions in Central and Southeastern Europe. 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 the 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 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 2007, Slovenia was invited to begin the process for joining the OECD; it became a member in 2012. 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 global recession caused the economy to contract – through falling exports and industrial production – by 8%, and unemployment to rise. Although growth resumed in 2010, it dipped into negative territory in 2012 and the unemployment rate continued to rise, approaching 12% in 2012.
GDP (purchasing power parity):
$57.22 billion (2012 est.)
$58.71 billion (2011 est.)
$58.3 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate):
$44.81 billion (2012 est.)
GDP – real growth rate:
-2.5% (2012 est.)
0.7% (2011 est.)
1.3% (2010 est.)
GDP – per capita (PPP):
$27,800 (2012 est.)
$28,600 (2011 est.)
$28,500 (2010 est.)
note: data are in 2012 US dollars
Gross national saving:
19.8% of GDP (2012 est.)
20.1% of GDP (2011 est.)
20.1% of GDP (2010 est.)
GDP – composition, by end use:
household consumption: 56.9%
government consumption: 20.8%
investment in fixed capital: 17.8%
investment in inventories: -0.3%
exports of goods and services: 76.1%
imports of goods and services: -71.3%
(2012 est.)
GDP – composition, by sector of origin:
agriculture: 2.7%
industry: 27.7%
services: 69.6% (2012 est.)
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:
0.2% (2012 est.)
Labor force:
920,200 (2012 est.)
Labor force – by occupation:
agriculture: 2.2%
industry: 35%
services: 62.8% (2009)
Unemployment rate:
12% (2012 est.)
11.8% (2011 est.)
Population below poverty line:
13.6% (2011)
Budget:
revenues: $19.28 billion
expenditures: $20.73 billion (2012 est.)
Taxes and other revenues:
43% of GDP (2012 est.)
Budget surplus (+) or deficit (-):
-3.2% of GDP (2012 est.)
Public debt:
47.6% of GDP (2012 est.)
41.9% of GDP (2011 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 subsectors: central government, state government, local government, and social security funds
Inflation rate (consumer prices):
2.6% (2012 est.)
1.8% (2011 est.)
Exports:
$27.81 billion (2012 est.)
$29.85 billion (2011 est.)
Exports – commodities:
manufactured goods, machinery and transport equipment, chemicals, food
Exports – partners:
Germany 20%, Italy 12%, Austria 7.9%, Croatia 6.2%, France 4.8%, Russia 4.6% (2012)
Imports:
$27.95 billion (2012 est.)
$31.18 billion (2011 est.)
Imports – commodities:
machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food
Imports – partners:
Italy 16.5%, Germany 16.3%, Austria 10.4%, Croatia 4.8%, Hungary 4% (2012)
Exchange rates:
euros (EUR) per US dollar –
0.7752 (2012 est.)
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Source: The World Factbook 2013-14.
