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Slovenia Economy 1996

Overview:

Slovenia appears to be making a solid economic recovery, fulfilling the promise it showed at the time of Yugoslavia's breakup. It was by far the most prosperous of the former Yugoslav republics, with a per capita income more than twice the national average. It also benefited from strong ties to Western Europe and suffered comparatively small physical damage in the dismemberment process. The beginning was difficult, however. Real GDP fell 15% during 1991-92, while inflation jumped to 247% in 1991 and unemployment topped 8% - nearly three times the 1989 level. The turning point came in 1993 when real GDP grew 1%, unemployment leveled off at about 9%, and inflation slowed dramatically to 23%. In 1994, the rate of growth of GDP rose to 4%, unemployment remained stable, and inflation dropped to 20%. This was accomplished, moreover, without balance-of-payments problems. The government gets generally good economic marks from foreign observers, particularly with regard to fiscal policy - the budget deficit in 1994 was only about 1% of GDP, following several years of small surpluses. Prospects for 1995 appear good, with economic growth expected to remain strong while unemployment and inflation may decline slightly. Privatization, sluggish to date, is expected to pick up in 1995.

National product:

GDP - purchasing power parity - $16 billion (1994 est.)

National product real growth rate:

4% (1994 est.)

National product per capita:

$8,110 (1994 est.)

Inflation rate (consumer prices):

20% (1994)

Unemployment rate:

9% (1994 est.)

Budget:

revenues:

$9.9 billion

expenditures:

$9.8 billion, including capital expenditures of $NA (1993)

Exports:

$6.5 billion (f.o.b., 1994 est.)

commodities:

machinery and transport equipment 27%, intermediate manufactured goods 26%, chemicals 9%, food 4.8%, raw materials 3%, consumer goods 26% (1993)

partners:

Germany 29.5%, former Yugoslavia 15.8%, Italy 12.4%, France 8.7%, Austria 5.0% (1993)

Imports:

$6.5 billion (f.o.b., 1994 est.)

commodities:

machinery and transport equipment 30%, intermediate manufactured goods 17.6%, chemicals 11.5%, raw materials 5.3%, fuels and lubricants 10.8%, food 8.4% (1993)

partners:

Germany 25.0%, Italy 16.1%, former Yugoslavia 10.7%, France 8.0%, Austria 8.5% (1993)

External debt:

$2.1 billion (1994)

Industrial production:

growth rate 6% (1994 est.); accounts for 37% of GDP (1993)

Electricity:

capacity:

2,700,000 kW

production:

8.9 billion kWh

consumption per capita:

4,470 kWh (1993)

Industries:

ferrous metallurgy and rolling mill products, aluminum reduction and rolled products, lead and zinc smelting, electronics (including military electronics), trucks, electric power equipment, wood products, textiles, chemicals, machine tools

Agriculture:

accounts for 4.8% of GDP (1993); dominated by stock breeding (sheep and cattle) and dairy farming; main crops - potatoes, hops, hemp, flax; an export surplus in these commodities; Slovenia must import many other agricultural products and has a negative overall trade balance in this sector

Illicit drugs:

Economic aid:

$NA

Currency:

1 tolar (SlT) = 100 stotins

Exchange rates:

tolars (SIT) per US$1 - 127 (January 1995), 112 (June 1993), 28 (January 1992)

Fiscal year:

calendar year

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