On the other hand, the government announced on September 13 that persons entering interior places will be required to have a negative test or confirmation of antibodies or vaccine, which should encourage immunizations. A number of hydroelectric plants on the Drava, Soa, and Sava rivers generate about another one-fourth of the countrys total power. The economy is expected to increase 4.1 percent in 2022, down 0.2 percentage points from last month's prediction. [34], The traditional primary industries of agriculture, forestry, and fishing comprise a comparatively low 2.5 percent of GDP and engage only 6 percent of the population. The state fund retains 20 percent stakes, while the
Tourism and hospitality industry has been growing steadily for the last two decades. It issues Slovenias currency, the euro, which replaced the Slovene toler in 2007.
Important part of the transport conducted through the Port of Koper are the logistic companies which then organize the inland transport of the cargo. Chief Slovene industries produce electrical equipment, electronics, Slovenia's economic success clearly illustrates the benefits of embracing liberal trade, following the rule of law, and rewarding enterprise.
Owing in part to this head start, Slovenia made great progress under Yugoslavias market-oriented self-management form of socialism (communism). The most important investor countries are: Austria (33.6%), Switzerland (11.3%), Germany (10.4%), Italy (7.9%), Croatia (7.7%). There is a stock exchange in Ljubljana. By the early 21st century, Slovenia had begun to manufacture pharmaceuticals for export and specialized electronics as well. From May 2010, the results are based on NACE Rev. With a special emphasis on the main tourist hubs, such as the capital Ljubljana, the alpine resort Bled, the karst caves in Postojna and the coastal towns, the growth of accommodation capacities and various forms of activities and attractions have resulted in over 15 million overnight stays. Piran, Ptuj, Celje etc. The country is the only one in Central and Eastern Europe to have retained control of its banking sector. Monthly Confidence Indicators (sectoral CIs) are created for six sectors to reflect overall views and expectations in a one-dimensional index. Timber remains crucial to the Slovene industry, but wood is often imported. remaining 20 percent are sold in With limitations removed and confidence indicators rising in Slovenia and its trading partners' economies, growth is expected to remain positive in the second quarter and accelerate in the third. Most of the annual 3.7 billion sales is export based (80%). Real GDP growth is expected to be 5.7 percent in 2021 and 5.0 percent in 2022 on an annual basis. By the early 21st century, agriculture was making a relatively small contribution to Slovenias gross domestic product (GDP) and employing less than one-tenth of the countrys workforce. Slovenia's trade is orientated towards other EU countries, mainly Germany and Italy. Several successful companies are experiencing the benefits of this turn. Latvia economy briefing: Inflation Levels in Latvia Exceed Records: what to expect in the near future? Slovenia is a founding member of the World Trade Organization, joined CEFTA in 1996, and joined the European Union on 1 May 2004. This success, however, is not unprecedented for Slovenia. They proved efficient, especially in raising poultry and cattle, but operated at high cost.
Under communist rule, private plots were limited to 25 acres (10 hectares), and expropriated lands were turned over to collective and state farms. The survey data collected by the BCS program is particularly relevant for tracking economic developments at the national, EU, and eurozone levels. In the third quarter of 2000, industrial production grew Small industries evolved because of good transportation, electrification, and a skilled, highly motivated labour force, so that by 1939 the number of industrial employees had doubled. The country already enjoyed a relatively prosperous economy and strong market ties to the West when it gained independence in 1991. 2 (Sl), June 2019. Two main wholesale distributors of pharmaceutical products are Salus and Kemofarmacija. The Slovenian economy has been affected by the European economic crisis, which occurred in the late 2000s. The transition to NACE Rev. Since Slovenia produces about four-fifths of its food requirements, it is not wholly self-sufficient; however, progress in the agrarian sector has been immense. This is greater than expected in the spring, owing to better-than-expected first-quarter results. accepting bids for its 3 main steel producers, Store, Ravne, and 
Budget: Income .. $22.55 Billion Foreign strategic investors are allowed under Slovene law to acquire Capital controls were fully lifted upon Slovenias entry into the European Union (EU). In addition to this the previous Cerar government was determined to start the project of building another chain of hydroelectric plants on the middle course of Sava river, but due to many concerns on the side of the investor, the Holding Slovenske elektrarne d. o. o., the future of the project is currently unclear. There is also some viticulture. Three biggest projects in the recent period are the building of the Block VI of the thermoelectric plant otanj, the building of a chain of hydroelectricity plants on lower Sava River. For almost twenty years, the industry has been in stagnation. Slovenia's traditional anti-inflation policy relied heavily on capital inflow restrictions. The most important suppliers are Akrapovi (exhaust systems), Cimos, Hidria, Kolektor, Riko, Letrika, Iskra Mehanizmi, LTH Castings, Unior, Kovinoplastika Lo, Kolektor Liv, Hella Saturnus, Impol, Domel, Talum and Magna Steyr. Recycling and waste management are an important part industry within this same framework. In the early 21st century the Slovene economy was based primarily on services and trade. After a slow recovery from the 2009 recession, thanks to exports,[26] the economy of Slovenia again slid into recession in the last quarter of 2011. In June 2004 it joined the European Exchange Rate Mechanism. Formerly state-owned farms have been privatized. Address:1052 Budapest Petfi Sndor utca 11. Slovenia thus gained independence in 1991 with an already relatively prosperous economy and strong market ties to the West. Pervasives can and do not provide advice unless/until engaged by you. 2 in May 2010 resulted in a statistical break in the time series, particularly at the branch level, due to a shift in the identification and grouping of related economic activity. Furthermore, they are utilized to detect economic cycle turning points. by 6.2 percent, although there was a slowdown in the largely loss-making [23] After 2013, GDP per capita began rising again. Chemical industry is represented mostly by successful company Cinkarna Celje, a chemical processing company (especially the the production and marketing of titanium dioxide pigment), which is one of the largest chemical processing companies in Slovenia. Slovenia is heavily forested, with more than three-fifths of its land covered with trees. In the immediate aftermath of the collapse of communism, about half of Slovenias workforce was employed in the manufacturing sector, while employment in agriculture shrank to less than one-fifth. It is part of the Western Slovenia statistical region, which has a higher GDP/pc than eastern Slovenia. The recent period, however, has brought a revival of this industry, especially due to the reorientation towards sustainable and low carbon footprint materials and building techniques. Ferrous metallurgy and rolling mill products, The biggest trader in energy products is the company Petrol, also one of the strongest companies in Slovenia. This is the result of a wholesale reorientation of trade toward the West and the growing markets of central and eastern Europe in the face of the collapse of its Yugoslav markets.
A large increase in imports, combined with robust domestic demand, lowered the overall figure slightly. Factor Banka and Probanka), several merges and takeovers happened and in general the financial system is estimated to be more robust and resistant than it was before the financial crisis. Because production had been oriented toward Yugoslavias needs, not all Slovene industry could compete in more-developed markets. Some traditionally strong industries are still doing well (car industry, pharmaceutical etc. [clarification needed] About two-thirds of Slovenia's trade is with other EU members. Nuclear power, produced at a plant in Krko (near the Croatian border), is also important, contributing about one-third of Slovenias power. The GDP growth in 2015 was 2,3%,[19] in the first half of 2016 2,5% and in the 2nd quarter of 2016 2,7%. In the late 2000s economic crisis, the Slovenian economy suffered a severe setback. The Bank of Slovenia is the countrys central bank. Strategic development-investment partnerships. Wellness and spa tourism is developing on the coast and in the east of Slovenia, and the growing sports tourism on lakes, rivers and in the Alps. The separation of the financial services sector from the general services sector survey is due to the sensitivity of the financial services industry in terms of secrecy, as well as its idiosyncrasies in terms of cyclical behavior. have recently acquired stakes in Slovene manufacturing firms. Since independence, Slovenia has pursued diversification of its trade toward the West and integration into Western and transatlantic institutions vigorously. Slovenia enjoys prosperity and stability that are too often the exception in central and eastern Europe. Gorenje. [35], Public finances have shown a deficit in recent years. Slovenia has garnered some notable foreign investments, including the investment of $125 million by Goodyear in 1997. stake in Sava tire unit and 75 percent in its engineered rubber European Economic Sentiment Indicator - Eurostat. Since that time it has vigorously pursued diversification of its trade with the West and integration into Western and transatlantic institutions. Major Industries: Ferrous metallurgy and rolling mill products, aluminum reduction and rolled products, lead and zinc smelting, electronics (including military electronics), trucks, electric power equipment, wood products, textiles, chemicals, machine tools . In the period of recovery after the 2008/9 financial crisis, Slovenian economy underwent many structural changes. Fossil fuel-fired thermoelectricity provides about two-fifths of Slovenias power. also developed. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. This occurred as restrictions were gradually lifted and the state of emergency was lifted in mid-June. Inflation has increased since then, reaching 2.2 percent on an annual basis in April-May. [31] It means that GDP growth is accelerating in 2016. This averaged around $650 million per annum between 1999 and 2007, however this amounted to less than 23 percent of GDP. The biggest company in this industry is Revoz from Novo mesto, a manufacturing subsidiary of Renault and in full ownership of Renault. As of 31 December 2007, the value of shares listed on the Ljubljana Stock Exchange was $29 billion. Slovenia became a new EU member state on May 1, 2004. Livestock raising (especially pigs, cattle, and sheep) is an important agricultural activity. The resulting 250 social enterprises (collectives and state farms) were linked to food processing. Slovenia shares the power generated at Krko with Croatia. Expenditure $22.77Billion The shift to a market economy has improved the standard of living in rural localities despite only modest changes in the traditional smallholding pattern of landownership. Many of the key companies in the wood processing industry collapsed and so did the largest furniture producers. Traditionally, two main large companies operate in this industry in Slovenia, Krka and Lek (part of the Sandoz group, the generic division of Novartis). On 1 July 2010, Droga Kolinska was purchased by Atlantic Group of Croatia for 382 million euros. [41], At the end of year 2014 there were 10 billion of foreign direct investment in Slovenia, 13,9% more than at the end of year 2013. Riko) etc. [37] Government expenditure equalled 38 percent of GDP.
Between 1998 and 2003, the organic sector grew from less than 0.1% of Slovenian agriculture to roughly the European Union average of 3.3%. Ljubljana Airport was privatized in 2014/5 when a German transport company Fraport gradually took over 100% of the shares. Companies in SRIP ACS+ partnership together employ more than 25,000 people and indirectly guarantee around 150,000 jobs. Slovenia's economy is highly dependent on foreign trade. [24] Almost two-thirds of the working population are employed in services.[5]. aluminum reduction and rolled products, and lead and zinc smelting are Its privatization process favoured insider purchasers and prescribed long lag time on share trading, complicated by a cultural wariness of being "bought up" by foreigners. and wood products. In Additional stimulus should come from EU recovery funding. In the period after the crisis, Slovenian financial industry has undergone a radical change. Inexa (Sweden) has recently expressed an interest in Store. An important segment of this industry are also the broadcasting companies, most notably, the national Radio and TV station, Radiotelevizija Slovenija, and the biggest commercial broadcaster PRO Plus, also the provider of high-rating TV programs, such as PopTV and KanalA. Montenegro economy briefing: Overview of the industry sector in Montenegro, Slovenia economy briefing: The increasing prices of food and energy products and the lowered, Poland economy briefing: National Bank of Poland: inflation in 2022 at 14.3%. The government plans to sell the entire steel industry by On a quarterly basis, a few more questions are asked. Some industries are recently experiencing a revived growth due to the global changes, such as is the case with wood industry, where the new emphasis on the sustainable building has brought many new possibilities. in which job cuts had played the primary role in boosting productivity. Energy has been one of the fastest growing industries in Slovenia in the past decade, mostly due to the large-scale investments in this field.
The Recovery and Resilience Plan's execution is projected to boost private and public investment in the future.
2 and are provided only as totals. Tire Slovenia is a founding member of the WTO andjoined the Central European Free Trade Agreement (CEFTA) in 1996. It has also been a member of the Organisation for Economic Co-operation and Development since 2010. Leading agricultural crops include wheat, corn (maize), sugar beets, barley, potatoes, apples, and pears. The port is part of the North Adriatic Ports association NAPA. 19, No. Manufacturing contributed about one-fifth to GDP and employed about one-fourth of the labour force. In order to track overall economic activity, a monthly Economic Sentiment Indicator (ESI) is created based on a selection of questions from industry, services, retail trade, construction, and consumers at the country level and at the aggregate level (EU and euro area). The company holds about a 40 percent market share in This industry is export oriented, makes total around 2 billion Euros income and around 200 million profit. Archaic Slovene farming methods began to change in the late 1700s with the introduction of modern crop rotation and new plants such as potatoes, corn (maize), beans, and alfalfa, which helped to end a cycle of famine. household products that have captured part of the market once reserved More than 25% of all the award-winning innovations in Slovenia also originate in this industry. A recent political debate on the last state help for the New Bank of Ljubljana has, however, shed some doubt on the finance sector as a whole. well in terms of quality with popular Italian imports like Candy. According to the data provided by the SRIP ACS+, there are more than 100 Tier 1 and Tier 2 suppliers and more than 600 sub suppliers of supply chain. [29] In addition the construction industry was severely hit in 2010 and 2011. However, forests have been damaged by factory and motor-vehicle emissions, and the bark beetle has reduced the quality of wood in older forests.