The number of persons in employment declined in December 2025 (by 1.3%, seasonally adjusted) after stagnating throughout the year. Employment fell month-on-month in all activities, with the most significant declines in construction (though still slightly higher year-on-year) and manufacturing (-1.3% year-on-year). The number of both Slovenian citizens and foreign nationals in employment declined. Notably, there was a sharp drop in employment among older age groups (over 60), likely due to retirements at the end of the year. In our opinion, the pronounced monthly decline in December could be related to the increased economic uncertainty, as companies often respond by initially reducing more flexible forms of employment, such as not renewing fixed-term contracts, and retirements at the end of the year. On average, the total number of persons in employment increased by 1.1% in 2024, partly due to a methodological change at the beginning of the year. The number of foreign persons in employment averaged 15.7% in 2024, with the highest figure in construction (49.8%).

Year-on-year nominal growth in the overall average gross wage was significantly lower in December last year than in the previous months (3.9%), mainly due to lower growth in the private sector as a result of the relatively lower contribution of overdue and extra payments. The volume of these payments was around 13% lower than in December 2023, and their share in the total wage bill was 3 p.p. lower. In our view, this could be partly related to the increased economic uncertainty. Wage growth in the private sector has more than halved compared to previous months (to 3.4%). In the public sector, on the other hand, the lower growth (4.8%) could be influenced by the lower volume of promotions (which are carried out in December) compared to previous years.
In 2024, the average gross wage increased by 6.2% in nominal terms (4.1% in real terms), which is less than in 2023 (9.7%, but only 2.2% in real terms due to high inflation). Amid persistent labour shortages, wages in the private sector rose by 7% (4.9% in real terms). In the public sector, wages increased by 4.6% (2.5% in real terms), primarily due to the adjustment of pay scale grades as a result of the partial adjustment to inflation in June.

Electricity consumption in the distribution network was 1.5% lower year-on-year in January. With the same number of working days, industrial consumption was 2.4% lower year-on-year, which could be the result of somewhat less favourable distribution of this year’s New Year holidays from the aspect of the functioning of the economy. Household consumption was also down year-on-year, which could be related to the response to the changes in the billing method for network charges. On the other hand, mall business consumption in January was 3.2% higher year-on-year.