Slovenian Economic Mirror


Slovenian Economic Mirror

Slovenian Economic Mirror 6/2021

Economic activity in the international environment strengthened in the second quarter. After contracting in the first quarter, economic activity in the euro area recovered significantly in the second quarter, according to available economic indicators. In Slovenia, most short-term indicators point to a relatively high year-on-year growth and the outlook for economic growth remains favourable. The export-oriented part of the economy was less affected by the epidemic, and the volume of trade in goods and manufacturing production in May were also well above comparable levels before the outbreak of the epidemic. Confidence in manufacturing and construction remained high compared to a year ago. Preliminary data on turnover in trade and service activities for May and data on sales according to data on the fiscal verification of invoices for June also point to growth. The situation on the labour market is much better than last year, with the number of unemployed and employed people almost the same as before the crisis. In addition to seasonal influences, which were not significantly different from those in the pre-epidemic period, the decline can also be attributed to the gradual relaxation of containment measures and the economic recovery. Consumer price growth slowed slightly to 1.4% in June and continues to be driven mainly by higher energy prices. In June, the prices of food and services remained lower year-on-year, although they gradually approached year-earlier levels. The growth in industrial producer prices intensifies with the growth of commodity prices. The overall deficit of the consolidated balance of public finances amounted to EUR 1,266 million in the first five months and was slightly lower than a year ago.