Slovenia flag Slovenia: Economic outline

Economic Outline

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Slovenia has been an open market since its successful economic transition of the 2000s. As a member of the European Union since May 2004 and of the Eurozone since 2007, Slovenia is an advanced, independent, and stable country. The weak performance of Slovenia’s main trading partners (the country maintains a long tradition of trading with neighbouring countries, making it vulnerable to its neighbours’ economic health) had already slowed down growth in 2020 (-4.2%) with the situation worsening due to the COVID-19 pandemic, which caused a contraction in all demand components except government consumption. Overall, the IMF estimated the country’s GDP to have grown to 6.3% in 2021 thanks to a rebound in private consumption as well as increased investments both from the public and private sectors. The IMF also forecast growth will reach 4.6% in 2022 and 3.7% in 2023.

Similarly, the government budget was burdened by the measures taken to cushion the effects of the pandemic, which had a total budgetary impact of around 7% of GDP (including wage compensations, exemptions from pension and disability insurance contributions, tourism vouchers, a monthly basic income for self-employed workers and farmers, etc.). Therefore, the overall deficit was estimated at 7% by the IMF, with a forecast of -4.1 for 2022 and -2.5% in 2023. The drop in GDP and the large deficit caused a sharp increase in the debt-to-GDP ratio, which went from 65.6% in 2019 to approximately 77.2% in 2021. It is then projected to gradually fall to 74.9% and 73.0% in 2022 and 2023, respectively, on the back of the economic recovery. Inflation got back to its pre-crisis level in 2021 (at 1.4%) but is expected to keep growing over the course of 2022 (1.8%).

Unemployment has been on a declining trend in recent years, and after an increase to 5.0% throughout 2020 it has stabilized at 4.5% in 2021. Job losses have been uneven and largely concentrated in some service sectors. The unemployment rate is forecast to reach 4.3% in 2022 and 4.2% in 2023 (IMF). According to the latest data from Eurostat, 14.3% of the population is at risk of poverty or social exclusion, well below the EU average of 21.9%. Nevertheless, poverty amongst the senior population, consisting of mostly women and marginalized minorities, is an area of severe concern; to address this, the government deployed a specific strategy for elder people.

 
Main Indicators 20202021 (e)2022 (e)2023 (e)2024 (e)
GDP (billions USD) 53.6661.7962.1965.2070.04
GDP (Constant Prices, Annual % Change) -4.38.25.71.73.0
GDP per Capita (USD) 2529293033
General Government Balance (in % of GDP) -6.5-6.0-3.9-3.2-2.7
General Government Gross Debt (in % of GDP) 79.674.469.566.763.6
Inflation Rate (%) -0.11.98.95.13.3
Unemployment Rate (% of the Labour Force) 5.04.84.34.34.3
Current Account (billions USD) 4.052.35-0.050.270.59
Current Account (in % of GDP) 7.63.8-0.10.40.8

Source: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated Data

 
Monetary Indicators 20162017201820192020
Euro (EUR) - Average Annual Exchange Rate For 1 GHS 0.240.200.180.170.16

Source: World Bank, 2015

 

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Latest Update: November 2022