Slovenia Economy 2008

Economy - overview:
Slovenia, which on 1 January 2007 became the first 2004 European Union entrant to adopt the euro, is a model of economic success and stability for the region. With the highest per capita GDP in Central Europe, Slovenia has excellent infrastructure, a well-educated work force, and a stategic 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. 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.

GDP (purchasing power parity):
$54.79 billion (2007 est.)

GDP (official exchange rate):
$41.19 billion (2007 est.)

GDP - real growth rate:
5.6% (2007 est.)

GDP - per capita (PPP):
$27,300 (2007 est.)

GDP - composition by sector:
agriculture: 2.2%
industry: 33.5%
services: 64.4% (2007 est.)

Labor force:
920,000 (2007 est.)

Labor force - by occupation:
agriculture: 4.8%
industry: 39.1%
services: 56.1% (2004)

Unemployment rate:
7.8% (2007 est.)

Population below poverty line:
12.9% (2004)

Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 21.4% (1998)

Distribution of family income - Gini index:
24 (2005)

Inflation rate (consumer prices):
3.2% (2007 est.)

Investment (gross fixed):
27.6% of GDP (2007 est.)

Budget:
revenues: $19.17 billion
expenditures: $19.41 billion (2007 est.)

Public debt:
25.7% of GDP (2007 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:
6% (2007 est.)

Electricity - production:
14.9 billion kWh (2006)

Electricity - consumption:
13.71 billion kWh (2006)

Electricity - exports:
4.8 billion kWh (2006)

Electricity - imports:
4.07 billion kWh (2006)

Oil - production:
5 bbl/day (2005 est.)

Oil - consumption:
54,000 bbl/day (2005 est.)

Oil - exports:
2,276 bbl/day (2004)

Oil - imports:
55,880 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
4.795 million cu m (2005 est.)

natural gas - consumption:
1.078 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
1.073 billion cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$1.429 billion (2007 est.)

Exports:
$28.18 billion f.o.b. (2007 est.)

Exports - commodities:
manufactured goods, machinery and transport equipment, chemicals, food

Exports - partners:
Germany 20.1%, Italy 13%, Croatia 9.1%, Austria 8.8%, France 6.5%, Russia 4.4% (2006)

Imports:
$30.22 billion f.o.b. (2007 est.)

Imports - partners:
Germany 19.7%, Italy 18.1%, Austria 11.9%, France 6%, Croatia 4.7% (2006)

Economic aid - recipient:
ODA, $484 million (2004-06)
note: in March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank (2004-06)

Reserves of foreign exchange and gold:
$8.971 billion (31 December 2007 est.)

Debt - external:
$40.42 billion (30 June 2007)

Stock of direct foreign investment - at home:
$7.459 billion (2006 est.)

Stock of direct foreign investment - abroad:
$4.259 billion (2006 est.)

Market value of publicly traded shares:
$15.18 billion (2006)

Currency (code):
euro (EUR)
note: on 1 January 2007, the euro became Slovenia's currency; both the tolar and the euro were in circulation from 1 January until 15 January 2007

Exchange rates:
tolars per US dollar - 0.73 (2007), 190.85 (2006), 192.71 (2005), 192.38 (2004), 207.11 (2003)
note: Slovenia adopted the euro as its currency on 1 January 2007