Slovenian industrial producer prices were 0.5% higher year-on-year in February, marking the first increase after more than a year of decline. In addition to a 0.4% monthly rise, this was also driven by a lower base. Prices increased year-on-year in the domestic market (0.2%) and even more so in foreign markets (0.9%). Broken down by industrial groups, consumer goods prices rose year-on-year, with non-durable goods standing out, increasing by 3.6%. The prices of durable goods remained almost unchanged year-on-year (+0.2%). Prices declined in the energy (-2.6%), capital goods (-0.5%), and intermediate goods (-0.3%) groups. However, the downward trend in intermediate goods prices continues to moderate gradually. 

Electricity consumption in the distribution network was 0.6% higher year-on-year in February. With the same number of working days, industrial consumption, which serves as an indicator of economic activity, increased by 1.2% year-on-year. Household consumption remained largely unchanged, while small business consumption, which accounts for the smallest share in total consumption, decreased by 1.9% year-on-year.

After a significant decline in December 2024, the number of persons in employment remained largely unchanged in January (down by 0.3% year-on-year). After stagnating for most of last year, the sharp decline in December is attributed to increased economic uncertainty, along with a notable rise in retirements and the non-renewal of fixed-term contracts, which is typical at the end of the year. In January, the total number of persons in employment rose slightly month-on-month (seasonally adjusted) but remained lower year-on-year in manufacturing (-1.6%) and administrative and support service activities, including employment agencies (-18.1%). For the first time since 2020, the number of persons in employment also decreased year-on-year in construction (-0.7%). However, employment increased in public service activities, such as healthcare (3.0%) and education (1.6%). 

The year-on-year nominal growth of the average gross wage was higher in January (6.9%) than at the end of last year, primarily due to stronger growth in the public sector following the implementation of the new wage system. In this sector, wages rose by 10.2% year-on-year in January, driven by the first instalment of the agreed wage increase. Growth in the private sector was higher (5%) than in December last year but lower than in previous months. In our view, this could be partly due to increased economic uncertainty and partly to the lower minimum wage increase at the beginning of this year compared to last year. 
In real terms, the average gross wage increased by 4.8% in January – 2.9% in the private sector and by 8% in the public sector.
 

After robust growth in November last year, construction activity slightly decreased in December and January. It had been gradually decreasing until the summer of last year, then remained at that level from June to October. In November, activity rebounded significantly but declined slightly again in December and January. Given the summer low, the recovery was strongest in building construction. Activity also increased in specialised construction work, while in civil engineering it remained at similarly low levels as during the summer. Due to the low base in January of last year, it was 4% higher year-on-year this January, marking the first increase in a while. 
The lower civil engineering activity was related to government investment activity. Capital expenditure (based on the consolidated general government budgetary accounts) declined by 9% year-on-year, while expenditure on new construction, reconstruction, and renovation – considered most closely tied to construction activity – fell by 25%. In January, these expenditures increased by 77%, though this has not (yet) been reflected in overall activity.

The 12-month current account surplus decreased by EUR 180,3 million compared to the previous 12-month period, reaching EUR 2.7 billion (3.9% of estimated GDP). The primary driver of this decline was a higher goods trade deficit with EU countries, as growth of imports was higher than that of exports. The services surplus remained high, increasing primarily in transport and technical trade-related services. The primary income deficit was lower year-on-year, mainly due to higher subsidies from the EU budget and partly also due to higher net interest receipts from abroad. The secondary income deficit increased, primarily due to lower net general government transfer receipts.