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Slovenia: Economy Overview

11 November 2009
by Ina Dimireva -- last modified 15 December 2010

Slovenia became the first 2004 European Union entrant to adopt the euro (on 1 January 2007) and has become a model of economic success and stability for the region.


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Economy Overview

With the highest per capita GDP in Central Europe, Slovenia has excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe. Privatization has lagged since 2002, and the economy has one of highest levels of state control in the EU. Structural reforms to improve the business environment have allowed for somewhat greater foreign participation in Slovenia's economy and have helped to lower unemployment. In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. In December 2007, Slovenia was invited to begin the accession process for joining the OECD. Despite its economic success, foreign direct investment (FDI) in Slovenia has lagged behind the region average, and taxes remain relatively high. Furthermore, the labor market is often seen as inflexible, and legacy industries are losing sales to more competitive firms in China, India, and elsewhere. In 2009, the world recession caused the economy to contract - through falling exports and industrial production - by more than 7%, and unemployment to rise above 9%.

GDP (purchasing power parity):

$55.41 billion (2009 est.)
country comparison to the world: 87
$60.3 billion (2008 est.)
$58.14 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):

$48.6 billion (2009 est.)

GDP - real growth rate:

-8.1% (2009 est.)
country comparison to the world: 208
3.7% (2008 est.)
6.9% (2007 est.)

GDP - per capita (PPP):

$27,600 (2009 est.)
country comparison to the world: 50
$30,000 (2008 est.)
$28,900 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:

agriculture: 2.4%
industry: 31.3%
services: 66.3% (2009 est.)

Labor force:

945,000 (2009 est.)
country comparison to the world: 143

Labor force - by occupation:

agriculture: 2.2%
industry: 35%
services: 62.8% (2009)

Unemployment rate:

9.2% (2009 est.)
country comparison to the world: 109
6.7% (2008 est.)

Investment (gross fixed):

23.9% of GDP (2009 est.)
country comparison to the world: 54

Budget:

revenues: $20.07 billion
expenditures: $22.8 billion (2009 est.)

Inflation rate (consumer prices):

0.9% (2009 est.)
country comparison to the world: 45
5.7% (2008 est.)

Commercial bank prime lending rate:

5.47% (31 December 2009 est.)
country comparison to the world: 123
7.41% (31 December 2008 est.)

Stock of domestic credit:

$52.67 billion (31 December 2009 est.)
country comparison to the world: 61
$50.46 billion (31 December 2008 est.)

Agriculture - products:

potatoes, hops, wheat, sugar beets, corn, grapes; cattle, sheep, poultry

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:

-15.7% (2009 est.)
country comparison to the world: 158

Oil - production:

5 bbl/day (2009 est.)
country comparison to the world: 114

Natural gas - production:

0 cu m (2009 est.)
country comparison to the world: 129

Current account balance:

$-732.4 million (2009 est.)
country comparison to the world: 123
$-3.323 billion (2008 est.)

Exports:

$22.53 billion (2009 est.)
country comparison to the world: 64
$29.61 billion (2008 est.)

Exports - commodities:

manufactured goods, machinery and transport equipment, chamicals, food

Exports - partners:

Germany 19.36%, Italy 11.31%, Croatia 7.75%, Austria 7.42%, France 7.35% (2009)

Imports:

$23.5 billion (2009 est.)
country comparison to the world: 62
$33.49 billion (2008 est.)

Imports - commodities:

machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food

Imports - partners:

Germany 16.46%, Italy 15.89%, Austria 11.81%, France 4.98%, Croatia 4.32% (2009)

Debt - external:

$55 billion (31 August 2009)
country comparison to the world: 51
$54.61 billion (31 December 2008)

Stock of direct foreign investment - at home:

$15.13 billion (31 December 2009 est.)
country comparison to the world: 73
$15.64 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:

$7.901 billion (31 December 2009 est.)
country comparison to the world: 50
$7.901 billion (31 December 2008 est.)

Exchange rates:

euros (EUR) per US dollar - 0.72 (2009), 0.6827 (2008), 0.7345 (2007)note: Slovenia adopted the euro as its currency on 1 January 2007


Source: CIA - The World Factbook

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