Charts of the Week


Charts of the Week

Charts of the week from 4 to 8 November 2024: unemployment, value of fiscally verified invoices, exports and imports of goods

In October, unemployment decreased by 3.7% compared to the same month last year. However, the number of unemployed rose month-on-month, largely due to a seasonal higher inflow of first-time job seekers into unemployment. The nominal value of fiscally verified invoices rose by 2% year-on-year in October, driven by higher turnover in retail trade and the sales of motor vehicles. Real exports of goods increased in the third quarter compared to the second quarter. Year-on-year, both exports and imports saw significant growth in the third quarter (10.1% and 5.8% respectively), mainly due to a low base from last year and a higher number of working days in the third quarter of this year.
 

In October, the number of unemployed persons (seasonally adjusted) remained similar to the previous month. According to original data, 45,463 people were unemployed at the end of October, 3.7% more than at the end of September. This increase largely reflects seasonal trends, driven by a higher inflow of first-time job seekers into unemployment. Year-on-year, the number of unemployed was 3.7% lower in October, although this decrease was smaller than in previous months. Amid labour shortages and retirement of older employees, the numbers of long-term unemployed (those unemployed for more than one year) and of unemployed over 55 fell year-on-year at the end of October, by 12.7% and 9.9% respectively.

 

After a decline in September, the nominal value of fiscally verified invoices rose by 2% year-on-year in October. Year-on-year growth in total turnover was primarily driven by a 2% increase in trade, which accounted for more than three-quarters of the total value of fiscally verified invoices issued. Turnover in retail trade, which had declined in September, was 4% higher year-on-year in October (6% higher on average in the first eight months). Turnover growth continued in the sales of motor vehicles (7%), while turnover in wholesale trade remained lower year-on-year (-6%). Following a moderation of growth in September, partly due to unfavourable weather conditions, turnover growth in accommodation and food service activities doubled in October (to 4%), although this growth was still significantly below the average for the first eight months (9%). Turnover growth in certain creative, arts, entertainment, and sports services, and betting and gambling remained at a similar level to the previous month (4%) but still well below the average for the first eight months (11%).

 

Real exports of goods increased in the third quarter compared to the second quarter, while imports declined (seasonally adjusted); however, both exports and imports increased  significantly year-on-year. Amid major monthly fluctuations, the quarterly increase in exports (by 2.6%) was primarily driven by stronger trade with Germany and non-EU countries. Notably, exports of intermediate goods (e.g. chemicals, metals and metal products) saw significant growth, along with certain products in the machinery and equipment group. Exports of pharmaceutical products (excluding goods processing) have been on a strong upward trend for several quarters, rising by approximately 30% in the third quarter compared to the same period last year. In contrast, exports to France declined sharply, mainly due to a drop in exports of road vehicles. In terms of imports (–2.3%), imports of intermediate goods and capital goods fell month-on-month, while imports of consumer goods remained at the level of the previous quarter (all seasonally adjusted). Year-on-year, both exports and imports saw significant growth in the third quarter (by 10.1% and 5.8% respectively), which is primarily due to the low base of the previous year and a higher number of working days in the third quarter of this year. 
At the beginning of the last quarter of this year, sentiment in export-oriented manufacturing activities remained very low in Slovenia. As in the previous quarters, companies reported that the uncertain economic situation, weak domestic and foreign demand and a shortage of skilled labour are the main obstacles to their business activity.