Slovenia Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$76.75 billion (2020 est.)

$81.25 billion (2019 est.)

$78.74 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.4% (2019 est.)

4.24% (2018 est.)

5.14% (2017 est.)

Real GDP per capita

$36,500 (2020 est.)

$38,900 (2019 est.)

$38,000 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$54.16 billion (2019 est.)

Inflation rate (consumer prices)

1.6% (2019 est.)

1.7% (2018 est.)

1.4% (2017 est.)

Credit ratings

Fitch rating: A (2019)

Moody's rating: A3 (2020)

Standard & Poors rating: AA- (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.8% (2017 est.)

industry: 32.2% (2017 est.)

services: 65.9% (2017 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.)

Agricultural products

milk, maize, wheat, grapes, barley, potatoes, poultry, apples, beef, pork

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.)

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.)

Youth unemployment rate (ages 15-24)

total: 12.8%

male: 11.5%

female: 14.4% (2021 est.)

Population below poverty line

12% (2018 est.)

Gini Index coefficient - distribution of family income

24.2 (2017 est.)

24.5 (2015)

Household income or consumption by percentage share

lowest 10%: 3.8%

highest 10%: 20.1% (2016)

Budget

revenues: 21.07 billion (2017 est.)

expenditures: 21.06 billion (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

Taxes and other revenues

43.1% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$3.05 billion (2019 est.)

$3.17 billion (2018 est.)

Exports

$41.73 billion (2020 est.) note: data are in current year dollars

$45.41 billion (2019 est.) note: data are in current year dollars

$45.93 billion (2018 est.) note: data are in current year dollars

Exports - partners

Germany 18%, Italy 11%, Croatia 8%, Austria 7%, France 5%, Switzerland 5% (2019)

Exports - commodities

packaged medicines, cars and vehicle parts, refined petroleum, electrical lighting/signaling equipment, electricity (2019)

Imports

$36.6 billion (2020 est.) note: data are in current year dollars

$40.8 billion (2019 est.) note: data are in current year dollars

$41.32 billion (2018 est.) note: data are in current year dollars

Imports - partners

Germany 14%, Italy 12%, Austria 8%, Switzerland 8%, China 7% (2019)

Imports - commodities

packaged medicines, cars and vehicle parts, refined petroleum, delivery trucks, electricity (2019)

Reserves of foreign exchange and gold

$889.9 million (31 December 2017 est.)

$853 million (31 December 2016 est.)

Debt - external

$48.656 billion (2019 est.)

$50.004 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

0.82771 (2020 est.)

0.90338 (2019 est.)

0.87789 (2018 est.)

0.885 (2014 est.)

0.7634 (2013 est.)

NOTE: The information regarding Slovenia on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Slovenia 2022 information contained here. All suggestions for corrections of any errors about Slovenia 2022 should be addressed to the CIA or the source cited on each page.