Economy of Slovenia
Slovenian One Euro coin
Currency	1 Euro = 100 eurocent
Fiscal year	Calendar year
Trade organisations	EU and WTO
Statistics
GDP (PPP)	$45.21 bn(2005) (84th [1])
GDP growth	4% (2005 est.)
GDP per capita	$21,500 (2005 est.)
GDP by sector	agriculture (2.8%), manufacturing (36.9%), services (60.3%) (2005)
Inflation (CPI)	2.5% (2005)
Pop below poverty line	10% (2003 est.)
Labour force	920,000 (2005)
Labour force by occupation	services (56.1%), manufacturing (39.1%), agriculture (4.8%) (2004)
Unemployment	6.3% (2005)
Main industries	ferrous metallurgy and aluminum products, lead and zinc smelting; electronics (including military electronics), trucks, electric power equipment, wood products, textiles, chemicals, machine tools
Trading Partners
Exports	$18.53 billion f.o.b. (2005 est.)
Export goods	manufactured goods, machinery and transport equipment, chemicals, food
Main export partners	Germany 19.9%, Italy 12.7%, Croatia 9.4%, Austria 8.1%, France 8.1% (2005)
Imports	$19.62 billion f.o.b. (2005 est.)
Import goods	machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food
Main import partners	Germany 19.5%, Italy 18.6%, Austria 12%, France 7.2%, Croatia 4.2% (2005)
Public finances
Public debt	$18.97 billion (28.5% of GDP) (2005)
Revenues	$16.02 bn (2005)
Expenses	$16.73 billion (2005)
Economic aid	recipient: ODA, $484 mn (2005)
Main source [2] All values, unless otherwise stated, are in US dollars

Slovenia today enjoys both a prosperity and stability, as well as a GDP per capita substantially higher than that of the other transitioning economies of Central Europe. Image File history File links Download high-resolution version (2221x2208, 3236 KB) Slovenian 1 Euro coin reverse. ... “EUR” redirects here. ... For other uses of the initials WTO, see WTO (disambiguation). ... The Purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... Map of world GDP (PPP) by country using the IMF list for 2005 There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... In economics, a consumer price index (CPI) or retail price index (RPI) is a statistical time-series measure of a weighted average of prices of a specified set of goods and services purchased by consumers. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... An 1837 political cartoon about unemployment in the United States. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... It has been suggested that this article or section be merged into Development aid. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory,[1] the British Virgin Islands, Cambodia, East Timor, Ecuador, El Salvador, Maldives the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ... Central Europe The Alpine Countries and the Visegrád Group (Political map, 2004) Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. ...

History

Although it comprised only about one-thirteenth of Yugoslavia's total population, it was the most productive of the Yugoslav republics, accounting for one-fifth of its GDP and one-third of its exports. It thus gained independence in 1991 with an already relatively prosperous economy and strong market ties to the West. Capital Belgrade Language(s) Serbo-Croatian, Serbian, Croatian, Slovenian, Macedonian Government Socialist republic President  - 1945 - 1953 Ivan Ribar  - 1991 Stjepan Mesić Prime Minister  - 1945 - 1963 Josip Broz Tito  - 1989 - 1991 Ante Marković Historical era Cold War  - Proclamation November 29, 1943  - UN membership October 24, 1945  - Constitution February 21, 1974  - Secessions... Capital Belgrade Language(s) Serbo-Croatian, Serbian, Croatian, Slovenian, Macedonian Government Socialist republic President  - 1945 - 1953 Ivan Ribar  - 1991 Stjepan Mesić Prime Minister  - 1945 - 1963 Josip Broz Tito  - 1989 - 1991 Ante Marković Historical era Cold War  - Proclamation November 29, 1943  - UN membership October 24, 1945  - Constitution February 21, 1974  - Secessions...

Since that time, it has pursued diversification of its trade with the West and integration into Western and transatlantic institutions vigorously. Slovenia is a founding member of the World Trade Organization, joined CEFTA in 1996, and joined the European Union on May 1, 2004. In June 2004 it joined the European Exchange Rate Mechanism; Slovenia introduced the Euro at the beginning of 2007 which circulated allongside the Tolar until 14th January 2007. Slovenia also participates in SECI (Southeast European Cooperation Initiative), as well as in the Central European Initiative, the Royaumont Process, and the Black Sea Economic Council. This article or section does not cite its references or sources. ... Member states of CEFTA The Central European Free Trade Agreement (CEFTA) is a trade agreement between Czech Republic, Slovakia, Hungary, Romania, Croatia. ... May 1 is the 121st day of the year in the Gregorian calendar (122nd in leap years). ... shelby was here 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for... “EUR” redirects here. ... The tolar has been the currency of Slovenia since October 1991. ... (Redirected from 14th January) January 14 is the 14th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the CE era. ... The Central European Initiative or CEI, is a cultural and scientific international cooperative of at present 17 countries, founded in 1991/92 as a successor of the Pentagonale group1. ...

Current situation

Today, Slovenia is the most prosperous country of transition Europe and is well-poised to join the mainstream of modern industrial economies. It benefits from a well-educated and productive work force, and its political and economic institutions are vigorous and effective. Its per capita income is now 84% of the EU average. Although Slovenia has taken a cautious, deliberate approach to economic management and reform, with heavy emphasis on achieving consensus before proceeding, its overall record is one of success. World map showing the location of Europe. ...

The current account deficit began in 1998 (-US$147.2 million), deepened in 1999 to -$782.6 million, and improved slightly in 2000 on stronger exports to -$594.2 million. In 2000, Slovenia's economic growth reached 4.8 % (2004), annual inflation, 2.8% (2005), and the debt to GDP ratio was well within Maastricht parameters. Due to its macroeconomic stability, favourable foreign debt position, and obvious interest in EU membership, Slovenia consistently receives the highest credit rating of all transition economies.

Trade

Slovenia's trade is oriented towards Western (EU) countries, mainly Germany, Austria, Italy, and France. This is the result of a wholesale reorientation of trade toward the West and the growing markets of central and eastern Europe in the face of the collapse of its Yugoslav markets. Slovenia's economy is highly dependent on foreign trade. Trade equals about 120 % of GDP (exports and imports combined). About two-thirds of Slovenia's trade is with EU members, a primary motivation for seeking EU membership.

This high level of openness makes it extremely sensitive to economic conditions in its main trading partners and changes in its international price competitiveness. However, despite the economic slowdown in Europe in 2001-03, Slovenia maintained 3% GDP growth. Keeping labour costs in line with productivity is thus a key challenge for Slovenia's economic well-being, and Slovenian firms have responded by specializing in mid- to high-tech manufacturing. Industry and construction comprise over one-third of GDP. As in most industrial economies, services make up an increasing share of output (57.1%), notably in financial services. 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...

Economic performance

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Agriculture, forestry, and fishing is a comparatively low 2% of GDP and engages only 6% of the population. The average farm is only 5.5 hectares. Part of Slovenia lies in the Alpe-Adria bioregion, which is currently involved in a major initiative in organic farming. Between 1998 and 2003, the organic sector grew from less than 0.1% of Slovenian agriculture to roughly the European Union average of 3.3%. ^[1] Image File history File links Current_event_marker. ... Image File history File links This is a lossless scalable vector image. ... A decidous beech forest in Slovenia. ... Fishing is the activity of hunting for fish by hooking, trapping, or gathering. ... Alpe-Adria is a bioregion in Slovenia, the Austrian provinces of Carinthia and Styria, and the Italian provinces of Venezia-Giulia and Veneto. ... An ecoregion is a relatively large area of land or water that contains a geographically distinct assemblage of natural communities. ... Organic cultivation of mixed vegetables in Capay, California. ...

Public finances have recently shown modest deficits on the order of 1.2% of GDP through 1999. Slovenia has an increasing current account deficit, declining from a balance in 1997 to -$594.2 million in 2000. While the authorities have been successful in stabilizing the Slovenian tolar and bringing inflation down from more than 200% in 1992 to an estimated 2.8% in 2005, inflation edged up from 1999 with the introduction of a value-added tax. Value added tax (VAT) is a sales tax levied on the sale of goods and services. ...

Slovenia's traditional anti-inflation policy relied heavily on capital inflow restrictions. Its privatization process favoured insider purchasers and prescribed long lag time on share trading, complicated by a cultural wariness of being "bought up" by foreigners. As such, Slovenia has had a number of impediments to foreign participation in its economy. Slovenia has garnered some notable foreign investments, including United States investments of $125 million by Goodyear in 1997. This article does not adequately cite its references or sources. ... Goodyear Tire and Rubber Company was founded in 1898 by Frank Seiberling. ...

The Euro January 1 2007

16 May 2007

A sign in Brussels welcoming Slovenia into the Eurozone.

Location of Slovenia in Europe.

On January 1 2007, Slovenia officially joined the Eurozone and adopted the euro as its new official currency. At the same time, Slovenian euro coins, which were available as a "starter kit" from December 15, became legal tender everywhere in the Eurozone. Image File history File linksMetadata Size of this preview: 450 × 600 pixelsFull resolution (2112 × 2816 pixel, file size: 2. ... Image File history File linksMetadata Size of this preview: 450 × 600 pixelsFull resolution (2112 × 2816 pixel, file size: 2. ... Image File history File links LocationSlovenia. ... Image File history File links LocationSlovenia. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) is the subset of European Union member states which have adopted the euro, creating a currency union. ... “EUR” redirects here. ...

A period of dual circulation, when both the former currency, the tolar and the euro were accepted, lasted only until January 14, 2007. All banks exchanged tolars into euros at the official rate of 239.64 SIT per 1 EUR at no commission until March 1, 2007. After that date it is possible to exchange tolar banknotes (unlimited) and coins (until 2016) only at the Bank of Slovenia.

Most ATMs already dispense euro banknotes with the rest to follow in the following days. Commercial banks automatically converted all tolar accounts into euros, and online banking systems were accessible to their users on January 3, 2007. Even though January 1 and 2 were non-working days in Slovenia, many banks were opened from 10:00 to 14:00 on both days, available only for one service: exchanging tolars to euros and larger euro banknotes into smaller units.

External links

• Bank of Slovenia
• Official site of the conversion

Sources

This article has been cited as a source or otherwise recommended by the mainstream press. See Wikipedia:Wikipedia as a press source for details.

This article has been cited as a source or otherwise recommended by the mainstream press. See Wikipedia:Wikipedia as a press source for details.

This article has been cited as a source or otherwise recommended by the mainstream press. See Wikipedia:Wikipedia as a press source for details.

Image File history File links Nuvola_apps_knewsticker. ...

See also

• Economy of Europe
• Slovenia
• Bank of Slovenia
• Collection euro Site de l’association EuroMismatique, des collectionneurs de monnaies en euro.
• Forum euro Forum des collectionneurs de monnaies en euro.

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1 Referred to by the EU as the "Former Yugoslav Republic of Macedonia".