Economy
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SLOVENIAN ECONOMY OVERVIEW
The export-oriented part of the Slovenian economy was not notably affected due to the deterioration in epidemiological conditions at the end of 2020 and the beginning of 2021; export market share strengthened significantly in the last quarter of last year.
In the first two months of 2021, household consumption was still lower than a year earlier, but in March it picked up significantly according to data on fiscal verification of invoices and reached pre-crisis levels. The decline in domestic demand during the epidemic, together with energy prices, had a strong impact on the movement of consumer prices, as well as on the widening of the current account surplus.
The decline in the number of registered unemployed persons strengthened somewhat further in March. At the beginning of the year, employment otherwise fell the most year on year in accommodation and food service activities and administrative and support service activities, which were hit hardest by containment measures, while it rose the most in health and social work. This segment also recorded the largest year-on-year increase in wages, particularly due to allowances for hazardous working conditions and additional workload.
As a consequence of measures to mitigate the impact of the epidemic, the deficit of the consolidated general government budgetary accounts was significantly higher year on year at the beginning of the year.
Economic prospects for the international environment are improving gradually. With the continuation of considerable monetary and fiscal policy support, euro area economic activity should grow by 4.4% this year and by 3.8% in 2022, according to the IMF forecast. The IMF assumes that in the first half of the year, economic activity will still be affected by high infection rates, the spread of virus mutations and thus the extension or tightening of containment measures, but then it should strengthen with a gradual easing of containment measures due to higher vaccination coverage.