Currency | Euro (EUR, €) |
---|---|
1 January – 31 December | |
Trade organisations | EU, WTO, OECD |
Country group | |
Statistics | |
Population | 2,120,547 (February 2024) [3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| |
Population below poverty line | |
23.4 low (2023) [9] | |
| |
56 out of 100 points (2023, 42nd rank) | |
Labour force | |
Labour force by occupation |
|
Unemployment | |
Average gross salary | €2,427 / $2,639 monthly (November 2023) |
€1,594 / $1,733 monthly (November 2023) | |
Main industries | ferrous metallurgy and aluminum products, lead and zinc smelting; electronics (including military electronics), trucks, automobiles, electric power equipment, wood products, textiles, chemicals, pharmaceuticals, machine tools [15] |
External | |
Exports | €52.9 billion (2022) [16] |
Export goods | manufactured goods, machinery and transport equipment, chemicals, food [15] |
Main export partners | |
Imports | €56.8 billion (2022) [16] |
Import goods | machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food |
Main import partners | |
FDI stock | |
$3.475 billion (2017 est.) [6] | |
Gross external debt | $46.3 billion (31 January 2017 est.) [6] |
Public finances | |
Revenues | 44.2% of GDP (2019) [17] |
Expenses | 43.7% of GDP (2019) [17] |
Economic aid |
|
| |
$889.9 million (31 December 2017 est.) [6] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Slovenia is a developed mixed economy. [22] [23] The country enjoys a high level of prosperity and stability as well as above-average GDP per capita by purchasing power parity at 91% of the EU average in 2023. [24] The nominal GDP in 2023 is 68.108 billion USD, nominal GDP per capita (GDP/pc) in 2023 is USD 32,350. [4] The highest GDP/pc is in central Slovenia, where the capital city Ljubljana is located. It is part of the Western Slovenia statistical region, which has a higher GDP/pc than eastern Slovenia. [25]
In January 2007, Slovenia became the first member to have both joined the European Union and adopted the euro, and the first ex-Yugoslav republic to join the eurozone. It has also been a member of the Organisation for Economic Co-operation and Development since 2010. [26]
Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroads. [26] The level of foreign direct investment is one of the lowest but has been steadily rising in the last few years. The Slovenian economy has been affected by the European economic crisis, which occurred in the late 2000s. [26] After 2013, GDP per capita began rising again. [27] Almost two-thirds of the working population is employed in services. [6]
Although it comprised only about one-eleventh of Yugoslavia's total population, it was the most productive of the Yugoslav republics, accounting for one-fifth of its GDP and one-third of its exports. [28] Slovenia thus gained independence in 1991 with an already relatively prosperous economy and strong market ties to the West.
Since that time it has vigorously pursued diversification of its trade with the West and integration into Western and transatlantic institutions. Slovenia is a founding member of the World Trade Organization, joined CEFTA in 1996, and joined the European Union on 1 May 2004. In June 2004 it joined the European Exchange Rate Mechanism. The euro was introduced at the beginning of 2007 and circulated alongside the tolar until 14 January 2007. Slovenia also participates in SECI (Southeast European Cooperation Initiative), as well as in the Central European Initiative, the Royaumont Process, and the Black Sea Economic Council.
During the Great Recession, the Slovenian economy suffered a severe setback. In 2009 the Slovenian GDP per capita shrank by 7.9%. After a slow recovery from the 2009 recession, thanks to exports, [29] the economy of Slovenia again slid into recession in the last quarter of 2011. [30] This has been attributed to the fall in domestic consumption and the slowdown in the growth of exports. [30] Slovenia mainly exports to countries of the eurozone. [26] The reasons for the decrease in domestic consumption have been multiple: fiscal austerity, the freeze in budget expenditure in the final months of 2011, [31] a failure in the efforts to implement economic reforms, inappropriate financing, and the decrease in exports. [32] In addition, the construction industry was severely hit in 2010 and 2011. [30] From 2014 onwards GDP of Slovenia is rising again. [33] The main factors of GDP growth are export and in the year 2016 also domestic consumption, which started to revive after the economic crisis. The GDP growth in 2015 was 2.3%; [20] in the first half of 2016 it was 2.5%, and in the 2nd quarter of 2016 it was 2.7%. [34] This means that GDP growth accelerated in 2016.
During the EU accession negotiations, Slovenia insisted on numerous derogations, refusing to open up certain key sectors of the economy to full competition. The country is the only one in Central and Eastern Europe to have retained control of its banking sector. The country has also preserved an important public service built during the socialist period: Slovenia still has one of the best healthcare systems in the world, and education is free up to the postgraduate level. [35]
Slovenia's trade is orientated towards other EU countries, mainly Germany and Italy. This is the result of a wholesale reorientation of trade toward the West and the growing markets of central and eastern Europe in the face of the collapse of its Yugoslav markets. Slovenia's economy is highly dependent on foreign trade. Trade equals about 120% of GDP (exports and imports combined).[ clarification needed ] About two-thirds of Slovenia's trade is with other EU members.
This high level of openness makes it extremely sensitive to economic conditions in its main trading partners and changes in its international price competitiveness. However, despite the economic slowdown in Europe in 2001–03, Slovenia maintained a 3% GDP growth. Keeping labour costs in line with productivity is thus a key challenge for Slovenia's economic well-being, and Slovenian firms have responded by specializing in mid- to high-tech manufacturing. Industry and construction comprise about one-quarter of the GDP. As in most industrial economies, services make up an increasing share of output (57.1 percent), notably in financial services.
Slovenia produced in 2018:
in addition to smaller amounts of other agricultural products. [36]
Neonicotinoids are commonly used as they are throughout the world, including the use of thiacloprid in the country's apple orchards. Smodiš Škerl et al (2009) found that thiacloprid/apple application practices leave a residue in the pollen but not in bee bread. [37]
The historical primary industries of agriculture, forestry, and fishing contribute a comparatively low 2.5 percent of GDP, and engage only 6 percent of the population. The average farm is only 5.5 hectares. Part of Slovenia lies in the Alpe-Adria bioregion, which is currently involved in a major initiative in organic farming. Between 1998 and 2003, the organic sector grew from less than 0.1% of Slovenian agriculture to roughly the European Union average of 3.3%. [38]
Public finances have shown a deficit in recent years. This averaged around $650 million per annum between 1999 and 2007; however, this amounted to less than 23 percent of GDP. [39] There was a slight surplus in 2008 with revenues totalling $23.16 billion and expenditures $22.93 billion. [40] Government expenditure equalled 38 percent of GDP.[ citation needed ]As of January 2011 [update] , the total national debt of Slovenia was unknown. The Statistical Office of the Republic of Slovenia (SURS) reported it to be (not counting state-guaranteed loans) 19.5 billion euros or 54.2% of GDP at the end of September 2010. According to the data provided by the Slovenian Ministry of Finance in January 2011, it was just below 15 billion euros or 41.6% of the 2009 GDP. However, the Slovenian financial newspaper Finance calculated in January 2011 that it was actually 22.4 billion euros or almost 63% of GDP, surpassing the limit of 60% allowed by the European Union. [41] [42] On 12 January 2011, the Slovenian Court of Audit rejected the data reported by the ministry as incorrect and demanded the dismissal of the finance minister Franc Križanič. [43]
Slovenia's traditional anti-inflation policy relied heavily on capital inflow restrictions. Its privatization process favoured insider purchasers and prescribed a long lag time on share trading, complicated by a cultural wariness of being "bought up" by foreigners. As such, Slovenia has had a number of impediments to foreign participation in its economy. Slovenia has garnered some notable foreign investments, including the investment of $125 million by Goodyear in 1997. At the end of 2008, there was around $11.5 billion of foreign capital in Slovenia. Slovenians had invested $7.5 billion abroad. As of 31 December 2007, the value of shares listed on the Ljubljana Stock Exchange was $29 billion.
Investments from neighboring Croatia have begun in Slovenia. On 1 July 2010, Droga Kolinska was purchased by the Atlantic Group of Croatia for 382 million euros. Mercator was sold to Croatia's Agrocor in June 2014. [44]
At the end of the year 2014, there were 10 billion[ clarification needed ] foreign direct investment in Slovenia, 13.9% more than at the end of the year 2013. In 2013 (latest published data) direct foreign investments accounted for 24.7% of the GDP of Slovenia. The most important investor countries are Austria (33.6%), Switzerland (11.3%), Germany (10.4%), Italy (7.9%), and Croatia (7.7%). [45]
The following table shows the main economic indicators from 1993–2019. [46]
Year | GDP (in bil. US$ PPP) | GDP (in bil. EUR PPP) | GDP per capita (in EUR PPP) | GDP (in bil. US$ nominal) | GDP growth (real) | Inflation (in Percent) | Unemployment rate | Government debt (in % of GDP) |
---|---|---|---|---|---|---|---|---|
1993 | 23.5 | 7.8 | 3,908 | 16.6 | 2.8 % | 31.9 % | 8.6 % | ... |
1995 | 26.9 | 10.6 | 8,311 | 21.4 | 4.1 % | 13.7 % | 7.0 % | 18.2 % |
2000 | 35.8 | 18.9 | 11,076 | 20.4 | 3.7 % | 8.9 % | 6.7 % | 25.9 % |
2005 | 47.8 | 29.1 | 14,551 | 36.3 | 3.8 % | 2.5 % | 6.5 % | 26.4 % |
2006 | 52.2 | 31.5 | 15,676 | 39.5 | 5.7 % | 2.5 % | 6.0 % | 26.1 % |
2007 | 57.3 | 35.1 | 17,373 | 48.1 | 7.0 % | 3.7 % | 4.9 % | 22.8 % |
2008 | 60.5 | 37.9 | 18,757 | 55.8 | 3.5 % | 5.7 % | 4.4 % | 21.8 % |
2009 | 56.2 | 36.3 | 17,758 | 50.5 | −7.5 % | 0.8 % | 5.1 % | 34.5 % |
2010 | 57.7 | 36.4 | 17,749 | 48.2 | 1.3 % | 1.8 % | 5.4 % | 38.3 % |
2011 | 59.4 | 37.1 | 18,052 | 51.6 | 0.9 % | 1.8 % | 7.1 % | 46.5 % |
2012 | 59.7 | 36.3 | 17,626 | 46.6 | −2.6 % | 2.6 % | 8.5 % | 53.6 % |
2013 | 61.7 | 36.5 | 17,700 | 48.4 | −1.0 % | 1.8 % | 11.1 % | 70 % |
2014 | 63.7 | 37.6 | 18,253 | 50.0 | 2.8 % | 0.2 % | 10.8 % | 80.3 % |
2015 | 65.3 | 38.9 | 18,830 | 43.1 | 2.2 % | −0.5 % | 9.8 % | 82.6 % |
2016 | 70.1 | 40.4 | 19,589 | 44.8 | 3.2 % | −0.1 % | 8.9 % | 78.5 % |
2017 | 75.8 | 43.0 | 20,820 | 48.6 | 4.8 % | 1.4 % | 7.8 % | 74.1 % |
2018 | 81.1 | 45.9 | 22,136 | 54.2 | 4.4 % | 1.7 % | 5.9 % | 70.3 % |
2019 | 85.4 | 48.4 | 23,167 | 54.4 | 3.3 % | 1.6 % | 4.8 % | 65.6 % |
In 2022, the sector with the highest number of companies registered in Slovenia is Services with 60,260 companies followed by Wholesale Trade and Construction with 9,980 and 9,010 companies respectively. [47]
The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised high-income country according to the World Bank, and is a member of the European Union (EU), the World Trade Organization (WTO), the Organization for Security and Co-operation in Europe (OSCE) and the Organization of the Black Sea Economic Cooperation (BSEC). The Bulgarian economy has experienced significant growth (538%), starting from $13.15 billion and reaching estimated gross domestic product (GDP) of $107 billion or $229 billion, GDP per capita of $36,000, average gross monthly salary of 2,310 leva, and average net monthly salary of $2,191. The national currency is the lev, pegged to the euro at 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe.
The economy of Croatia is a developed mixed economy. It is one of the largest economies in Southeast Europe by nominal gross domestic product (GDP). It is an open economy with accommodative foreign policy, highly dependent on international trade in Europe. Within Croatia, economic development varies among its counties, with strongest growth in Central Croatia and its financial centre, Zagreb. It has a very high level of human development, low levels of income inequality, and a high quality of life. Croatia's labor market has been perennially inefficient, with inconsistent business standards as well as ineffective corporate and income tax policy.
The economy of Cyprus is a high-income economy as classified by the World Bank, and was included by the International Monetary Fund in its list of advanced economies in 2001. Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.
The economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing, and innovation that maintains a high-income welfare state and the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union. It uses its own currency, the Czech koruna, instead of the euro. It is a member of the Organisation for Economic Co-operation and Development (OECD). The Czech Republic ranks 16th in inequality-adjusted human development and 24th in World Bank Human Capital Index, ahead of countries such as the United States, the United Kingdom or France. It was described by The Guardian as "one of Europe's most flourishing economies".
The economy of Estonia is rated advanced by the World Bank, i.e. with high quality of life and advanced infrastructure relative to less industrialized nations. Estonia is a member of the European Union, eurozone and OECD The economy is heavily influenced by developments in the Finnish and Swedish economies.
The economy of Greece is the 52nd largest in the world, with a nominal gross domestic product (GDP) of $252.732 billion per annum. In terms of purchasing power parity, Greece is the world's 54th largest economy, at $436.757 billion per annum. As of 2023, Greece is the sixteenth largest economy in the European Union and eleventh largest in the eurozone. According to the International Monetary Fund's figures for 2024, Greece's GDP per capita is $24,342 at nominal value and $42,066 at purchasing power parity. Among OECD nations, Greece has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.
The economy of Hungary is a developing, high-income mixed economy, ranked as the 9th most complex economy according to the Economic Complexity Index. Hungary is a member of the Organisation for Economic Co-operation and Development (OECD) with a very high human development index and a skilled labour force, with the 22nd lowest income inequality by Gini index in the world. The Hungarian economy is the 53rd-largest economy in the world with $265.037 billion annual output, and ranks 41st in the world in terms of GDP per capita measured by purchasing power parity. Hungary has an export-oriented market economy with a heavy emphasis on foreign trade; thus the country is the 35th largest export economy in the world. The country had more than $100 billion of exports in 2015, with a high trade surplus of $9.003 billion, of which 79% went to the European Union (EU) and 21% was extra-EU trade. Hungary's productive capacity is more than 80% privately owned, with 39.1% overall taxation, which funds the country's welfare economy. On the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%.
The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. Latvia is ranked the 14th in the world by the Ease of Doing Business Index prepared by the World Bank Group. According to the Human Development Report 2023/24 by the United Nations Development Programme, has a HDI score of a 0.879. Due to its geographical location, transit services are highly developed, along with timber and wood processing, agriculture and food products, and manufacturing of machinery and electronic devices.
The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market, and a Greek economic embargo hindered economic growth until 1996.
The economy of Poland is an emerging and developing, high-income, industrialized, mixed economy that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP). Poland boasts the extensive public services characteristic of most developed economies and is one of few countries in Europe to provide no tuition fees for undergraduate and postgraduate education and with universal public healthcare that is free at a point of use. Since 1988, Poland has pursued a policy of economic liberalisation but retained an advanced public welfare system. It ranks 20th worldwide in terms of GDP (PPP), 21st in terms of GDP (nominal), and 21st in the 2023 Economic Complexity Index. Among OECD nations, Poland has a highly efficient and strong social security system; social expenditure stood at roughly 22.7% of GDP.
The economy of Romania is a high-income mixed economy, with a high degree of complexity. It ranks 12th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power (PPP). The World Bank notes that Romania's efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with 2022 seeing a better-than-expected 4.8% increase.
The economy of San Marino is a developed free-market economy focused on industries such as tourism, banking, and the manufacture of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. Taken together, the manufacturing and financial sector make up more than half of the national GDP. The primary sector contribution to the GDP of the country is marginal, with the main agricultural products being wine and cheeses. In addition, San Marino sells collectible postage stamps to philatelists.
The economy of Slovakia is based upon Slovakia becoming an EU member state in 2004, and adopting the euro at the beginning of 2009. Its capital, Bratislava, is the largest financial centre in Slovakia. As of Q1 2018, the unemployment rate was 5.72%.
The economy of the Netherlands is a highly developed market economy focused on trade and logistics, manufacturing, services, innovation and technology and sustainable and renewable energy. It is the world's 18th largest economy by nominal GDP and the 28th largest by purchasing power parity (PPP) and is the fifth largest economy in European Union by nominal GDP. It has the world's 11th highest per capita GDP (nominal) and the 13th highest per capita GDP (PPP) as of 2023 making it one of the highest earning nations in the world. Many of the world's largest tech companies are based in its capital Amsterdam or have established their European headquarters in the city, such as IBM, Microsoft, Google, Oracle, Cisco, Uber, Netflix and Tesla. Its second largest city Rotterdam is a major trade, logistics and economic center of the world and is Europe's largest seaport. Netherlands is ranked fifth on global innovation index and fourth on the Global Competitiveness Report. Among OECD nations, Netherlands has a highly efficient and strong social security system; social expenditure stood at roughly 25.3% of GDP.
The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12 billion, but by 2018 it had increased to a nominal GDP of US$27 billion. With a population of 387,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates. The 2008–2011 Icelandic financial crisis produced a decline in GDP and employment that has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism accounted for more than 10% of Iceland's GDP in 2017. After a period of robust growth, Iceland's economy is slowing down according to an economic outlook for the years 2018–2020 published by Arion Research in April 2018.
The economy of Belgium is a highly developed, high-income, mixed economy.
The economy of Austria is a highly developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP per capita. Until the 1980s, many of Austria's largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level comparable to other European economies. Among OECD nations, Austria has a highly efficient and strong social security system; social expenditure stood at roughly 29.4% of GDP.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.35 trillion (nominal) in 2024 or $26.64 trillion (PPP), representing around one-sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy. In 2022, the social welfare expenditure of the European Union (EU) as a whole was 19.5% of its GDP.
The economy of Montenegro is currently in a process of transition, as it navigates the impacts of the Yugoslav Wars, the decline of industry following the dissolution of the Yugoslavia, and economic sanctions imposed by the United Nations. Montenegro joined the World Trade Organization on 29 April 2012. Montenegro joined the North Atlantic Treaty Organization on 5 June 2017.
The economy of Lithuania is the largest economy among the three Baltic states. Lithuania is a member of the European Union and belongs to the group of very high human development countries and is a member of the WTO and OECD.
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