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Recovery in Slovenia faster than in the EU-27

Throughout the epidemic, international benefit agencies confirmed Slovenia’s favourable benefit ratings, and one of them even raised it during this time. Similarly encouraging news came in late last week. The agencies state that despite the COVID-19 epidemic in Slovenia, a solid framework of macroeconomic policies is reflected.

Data on economic growth, continued growth in the export part of the economy, and a recovery in services and private consumption also show that Slovenia is doing very well.

Real gross domestic product (GDP) increased by 1.4 percent in the first quarter of this year, the increase was higher than the average of the 27 member states of the European Union. In the EU-27, GDP fell by 0.4 percent in the same period and by 1.7 percent during the year. In Slovenia, growth was 1.4%.

Macroeconomists also note that the adaptation of the economy and consumers to the changed conditions related to the COVID-19 pandemic in Slovenia is extremely favourable.

The recovery of investments in fixed assets, especially in equipment and machinery, also continues. Sales in the store are higher than a year ago. It is also important that the economic expectations of both businesses and consumers are improving day by day.

The situation on the labour market is also very favourable. After a seasonal increase in December and January, the number of unemployed is declining as the labour market is recovering and intervention measures are being relaxed. At the end of May, according to unofficial (daily) data from the Employment Service of Slovenia, it was about 17 percent lower than a year ago, when it rose sharply due to the impact of the epidemic, and only about 5 percent higher than in May 2019, when the economy was booming.

With all this, expectations in the economy for 2021 are high. And perhaps most importantly, confidence in the economy has been growing in recent months, and after a long time in services as well.

A really nice trip for the summer and especially the second half of 2021, when Slovenia, as one of the most successful countries in managing the epidemic and its consequences, will chair the Council of the European Union.

By: Vida Kocjan

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