Charts of the week from 10 to 14 February 2025: GDP, production volume in manufacturing, activity in construction and current account of the balance of payments
In 2024, GDP expanded by 1.6% in real terms. As expected, government consumption grew strongly, and exports performed better than anticipated. Private consumption increased year-on-year, while fixed capital formation declined. The volume of construction investment declined. Construction activity picked up at the end of the…
Charts of the week from 3 to 7 February 2025: consumer prices, unemployment, value of fiscally verified invoices and exports and imports of goods
Consumer prices fell month-on-month in January (by 0.4%), but their year-on-year growth edged up slightly (to 2.0%)…
Charts of the week from 27 to 31 January 2025: economic sentiment, turnover in trade and turnover in market services
The value of the economic sentiment indicator remained at a similarly low level in January as in the previous month.…
Charts of the week from 20 to 24 January 2025: average gross wage per employee, Slovenian industrial producer prices and electricity consumption by consumption group
In November, the average wage growth (4.4% in real terms) was slightly lower than in the previous months. In the public…
National productivity board
IMAD analyses productivity and competitiveness as the national productivity board
GDP and prices
Economic growth is expected to slow this year (to 1.5%) and thus be lower than expected in the spring (2.4%). We expect GDP growth to pick up again in the next two years. Inflation is expected to remain low until November, before rising towards the end of the year and the beginning of next year due to the low base effect and the expiry of measures to curb high energy prices; we estimate that it will approach 2% again in 2026.
Labour market
Employment is at a record high, while unemployment is at a historic low. Given the already high level of employment, growth will be dampened by severe labour shortages over the next two years. The tight labour market will be somewhat alleviated by measures to facilitate the attraction and recruitment of foreign labour, so that growth will continue to be supported mainly by the hiring of foreign nationals.
International trade
Exports of goods are expected to increase again this year (after a decline last year), while exports of services will decline. Growth will be dampened by a further deterioration in competitiveness as a result of increased domestic cost pressure. Amid strong growth in domestic consumption, import growth is expected to significantly outpace export growth, resulting in a negative foreign trade balance. Over the next two years, gradually higher growth in foreign demand will be followed by higher growth in exports and related activities.
IMAD
The Institute of Macroeconomic Analysis and Development of the Republic of Slovenia is an independent government office.
The Institute performs the following tasks:
- it monitors and analyses current trends and development in its economic, social and environmental dimensions;
- it monitors and analyses the achieving of the development objectives of the country;
- it prepares macroeconomic forecasts and other expert groundwork that serve as the basis for budgetary planning and formulating economic policy measures;
- it analyses productivity and competitiveness as the national productivity board;
- it carries out research work.