The number of persons in employment increased slightly month-on-month in July (seasonally adjusted), with year-on-year growth (1.1%) slightly below the average for the first six months but still higher than at the end of last year. This year’s acceleration of year-on-year growth is largely due to a change in the definition of persons in employment at the beginning of the year, which now includes workers posted abroad. In July, growth in the number of persons in employment was once again strongest in construction, which is facing a severe labour shortage, further impacted by the aforementioned change in definition. As in the recent year, the year-on-year increase in the overall number of persons in employment was due to a higher number of employed foreign nationals, while the number of employed Slovenian citizens fell. The share of foreign citizens among all persons in employment was 15.8% in July, 1.1 p.p. higher than a year earlier. The activities with the highest shares of foreign workers were construction (50%), transportation and storage (34%) and administrative and support service activities (28%).

The year-on-year growth in the average gross wage in July (5.8%) was higher in real terms than in the previous months. In the public sector, it was similar (3%) as in June and higher than in the previous months, which was related to the increase in the value of the pay scale grades in June, in line with the agreement on the partial adjustment of wages to inflation. Wage growth in the private sector (7.4%) was higher in real terms than on average in the first six months, which is related mainly to lower year-on-year inflation and a severe labour shortage. In the first seven months, overall average gross wage increased by 6.6% in nominal terms – by 7.8% in the public sector and by 4.4% in the private sector.

The year-on-year decline in Slovenian industrial producer prices slowed slightly in August (to -1%; compared to -1.9% in July). In addition to the lower base, a somewhat stronger monthly price increase of 0.4%, the highest since February 2023, also contributed to the smaller year-on-year decline this time. Prices were higher both on the domestic (by 0.2%) and foreign markets (by 0.5%). On a monthly basis, prices increased in most industrial groups, with the most pronounced increase in non-durable consumer goods (by 2%), while only the prices of durable consumer goods fell (by 2.2%). Lower prices in the raw materials group (by 1.8%) continued to contribute the most to the year-on-year price decline, while energy prices also fell by around a tenth. The strongest price increase was recorded for non-durable consumer goods (2%). Slovenian industrial producer prices continued to be lower year-on-year, both on the domestic market (-1.9%) and on the foreign market (-0.2%).