Economy



Economy

Currency: euro (since 1 January 2007)
GDP per capita in 2004: EUR 13,103
Growth in GDP in 2004: 4.2%
Inflation in 2005 (annual average): 2.3%
Exports of goods and services in 2004: EUR 15.5 billion
Imports of goods and services in 2004: EUR 15.7 billion
Balance of trade in 2004: EUR -168 million
Unemployment in 2005: 5.8% (surveyed unemployment level according to ILO standards)

On 1 May 2004, Slovenia became a member of the European Union.
On 1 January 2007 Slovenia changed over to the common currency of European Union euro

Slovenia is among the most successful of the countries in transition from socialism to a market economy. It boasts a stable growth in GDP and is viewed as a safe country, ranked among the countries with the lowest degree of risk. Since its independence, Slovenia has privatised its economy, stabilised inflation and wage growth, halted rising unemployment, strengthened its currency, relaxed the flow of capital and modernised its taxation system.

Throughout its history Slovenia has always been a part of larger countries or even great empires. The country saw many changes in its economic system – from the mainly agricultural and artisanal period of the Austro-Hungarian Monarchy, the slightly more industrialised Kingdom of Serbs, Croats and Slovenes, the socialist state-centered industrialisation of the former SFR Yugoslavia, to today’s independent Slovenia, directed towards development and a market economy.

At the time of its independence in 1991, Slovenia was the wealthiest and most open Yugoslav Republic. Although Slovenes represented only 8% of the Yugoslav population, Slovenia exported almost one-third of all goods exported from Yugoslavia.

After gaining independence, Slovenia managed to overcome the loss of the markets in the former Yugoslavia in a short period of time, as its trade flows were redirected towards the EU and the associated partners.
In the economic sphere, Slovenia's level of development is quickly catching up with that of the EU. Its major trade partners are Germany, Italy, Croatia, Austria and France.

Related Links:
Bank of Slovenia
Statistical Office of the Republic of Slovenia