Charts of the Week


Charts of the Week

Charts of the week from 2 to 6 December 2024: unemployment, value of fiscally verified invoices and exports and imports of goods

In November, the number of unemployed persons increased slightly. However, when seasonally adjusted, it remained similar to the previous months. Year-on-year, it was 3.1% lower in November, although this decrease was smaller than in previous months. Year-on-year growth in the nominal value of fiscally verified invoices remained largely unchanged in November compared to October (2%); growth in tourism-related services doubled, while it halved in trade. Real exports and imports of goods decreased month-on-month in October, while they were higher in the first ten months than in the same period last year. Total goods exports was 3.3% higher year-on-year and imports was 3.2% higher.
 

In November, the number of unemployed persons (seasonally adjusted) remained similar to the previous months. According to original data, 45,709 people were unemployed at the end of November, 0.5% more than at the end of October. Year-on-year, the number of unemployed was 3.1% lower in November, marking a smaller decrease compared to previous months. This was mainly driven by a year-on-year increase in the inflow of unemployed persons attributed to redundancies and bankruptcies in the last two months (in the third quarter, the rise in unemployment was linked to a higher year-on-year inflow of first-time jobseekers). Amid ongoing labour shortages and the retirement of older employees, the numbers of long-term unemployed (those unemployed for more than one year) and of unemployed over 55 fell year-on-year at the end of November, by 12.2% and 9.6% respectively. However, the number of unemployed young people (aged 15–29) increased slightly year-on-year for the second month in a row. 

 

In November, which had one fewer working day compared to the same month last year, the nominal value of fiscally verified invoices increased by 2% year-on-year, similar to the growth observed in October. Year-on-year growth in the value halved in trade (to 1%), while it doubled in tourism-related services (to 8%). Growth in retail trade, which accounted for half of the total value of fiscally verified invoices, halved to 2%. Year-on-year growth in the nominal value of fiscally verified invoices in the sales of motor vehicles (3%) was also significantly lower than in October, while the value in wholesale trade remained lower than last year (-7%). Year-on-year value growth in arts, entertainment and recreation increased in November and, amid favourable weather conditions, growth in accommodation and food service activities more than doubled (to 9%), mainly due to high growth in accommodation (18%).

 

 

Real exports and imports of goods decreased month-on-month in October but remained higher year-on-year in the first ten months. Exports of goods have fallen month-on-month for the third month in a row; amid low sentiment in industry among Slovenia’s main trading partners, trade with EU countries in particular has declined (seasonally adjusted). Exports of road vehicles saw a sharp decline, reaching their lowest level since the end of 2022. Exports of some other main product groups (e.g. metals and metal products, pharmaceuticals, other chemical products) also declined. Imports decreased even more sharply than exports in October, especially for intermediate goods (seasonally adjusted).
In the first ten months, total goods exports increased by 3.3% year-on-year, while imports grew by 3.2%. Year-on-year, export growth was stronger with EU countries (EU 3.6%, non-EU 2.1%), while import growth was more pronounced from non-EU countries (EU 1.7%, non-EU 5.4%). 
Sentiment in export-oriented manufacturing activities and export expectations remained at very low levels in November.