Slovenia

slovenia

Quick facts:

Territory 20,273 km2
Population 2.05 million (2013)
Currency Euro (EUR)
Capital Ljubljana
Official language Slovenian
Memberships EU, Eurozone, NATO, OECD, WTO, CEFTA etc.
Real GDP per capita 15,000 EUR per inhabitant (2012)
Growth of GDP, % -2.5% (2012). Forecast: -2.7% in 2013, -1.0% in 2014, 0.7% in 2015
Average gross salary 1534 EUR (Dec 2012)
VAT rate 22% – general rate and 9.5% reduced rate for certain categories of goods and services
Company Income Tax 2013: 17%, 2014: 16%, from 2015 – 15%
Phone code +386
Top domain .si

Slovenia is located in Southern Central Europe. It borders with Italy, Austria, Croatia, and Hungary. On its territory the country has the Alps, the Dinaric Mountains, the Pannonian Plain and the Mediterranean Sea.

Slovenia has been an independent country since 1991, when it separated from Yugoslavia. In 2004 the country joined the European Union and NATO. In 2007 Slovenia was the first post-communist country to adopt the euro.

The Slovenian economy is small and export orientated with the main economy sectors including services, manufacturing and construction. In the Human Development Index the country ranks 21st (very high). The country has a well educated work force. Around 2/3 of the working population is employed within the services sector. The economy is strongly influenced by the global economic conditions thus following its trends.

Slovenia was among the countries that were hit by the global financial crisis the most, thus, in 2009 the country’s GDP fell by a dramatic 7.9%. In 2010, thanks to increased exports, the economy showed a slight sign of recovery and in 2011 started to decline again. Although during 2012 and 2013 important economic measures were taken by the Government, at the end of 2013 the country was still in a deep banking recession.

According to Eurostat, in 2008 Slovenia’s GDP (at current prices) amounted to 37.2 million EUR, a 7% increase against the previous year. In 2013, the GDP is expected to shrink by 2.7% against 2012 and amount to 34.9 billion EUR. According to the European Commission forecast, in 2015 Slovenia’s economy will grow by 0.7-1% which will be the slowest growth rate in the EU. The main reasons for the country’s poor economic performance are problems within the banking sector, low export growth and low domestic consumption.