Slovenia Economic Forecast

Slovenia Economic Outlook

May 31, 2022

Annual growth remained at one of the highest levels in the Euro area in Q1, but largely due to a base effect. Quarter-on-quarter growth slowed due to a contraction in the export sector, which continues to be hampered by supply shocks. Turning to Q2, activity is set to weaken further. Harmonized inflation rose to the highest level since 2002 in April, stoked by the impact of the war in Ukraine on commodity prices and supply chains. This fed in to lower business and consumer confidence in Q2 so far compared to Q4, potentially depressing investment and private spending. In politics, on 14 May the Freedom Movement penned an agreement with other left-wing parties to form a coalition government, boding well for political stability. Key policy proposals include improving relations with the EU and providing handouts to households and firms to alleviate the cost of living crisis.

Slovenia Economic Growth

GDP growth should ease this year on a tougher base effect. Nonetheless, it will remain above its pre-pandemic average, supported by private spending. The boost from loosened Covid-19 restrictions should be enough to offset the drag from higher inflation. A volatile global energy market poses a strong downside risk to the growth outlook. FocusEconomics analysts project the economy to expand 4.3% in 2022, which is up 0.1 percentage points from last month’s forecast. In 2023, the economy is seen growing 2.9%.

Slovenia Economy Data

2015 2016 2017 2018 2019
Population (million)
GDP per capita (EUR)18,83219,55920,80822,12323,204
GDP (EUR bn)38.940.443.045.848.0
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)-1.2-3.710.49.13.2
Industrial Production (annual variation in %)
Retail Sales (annual variation in %)
Unemployment Rate9.
Fiscal Balance (% of GDP)-2.8-
Public Debt (% of GDP)82.678.774.170.466.1
Money (annual variation in %)
Inflation Rate (CPI, annual variation in %, eop)-
Inflation Rate (HICP, annual variation in %)-0.8-
Inflation (PPI, annual variation in %)-0.2-
Policy Interest Rate (%)-  -  -  -  -  
Exchange Rate (vs USD)-  -  -  -  -  
Exchange Rate (vs USD, aop)-  -  -  -  -  
Current Account (% of GDP)
Current Account Balance (EUR bn)
Trade Balance (EUR billion)
Exports (EUR billion)
Imports (EUR billion)22.623.526.829.530.7
Exports (annual variation in %)
Imports (annual variation in %)

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Slovenia Facts

Value Change Date
Bond Yield0.30-0.79 %Dec 31
Exchange Rate1.120.65 %Dec 31

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