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Monday, July 4, 2022

Confidence indicators are high, the epidemic still has many pitfalls

By: Vida Kocjan

Slovenia is among the best in the EU in terms of economic growth, employment and unemployment indicators, and the best in the European Union in terms of growth in construction.

According to the latest published data, most confidence indicators remain at a higher level than a year ago. The labour market situation remains good. The number of unemployed in October was a fifth lower than the year before and almost a tenth lower than in October 2019. The number of employed is also increasing. Economic growth is high.

Slovenia is among the best in the EU in terms of economic growth, employment and unemployment indicators, and the best in the European Union in terms of growth in construction. Sales have also been increasing for several months, as evidenced by data on tax certification of invoices. Household spending has also accelerated in recent months, which has been linked to tourism services.

By the end of September this year, household savings were a tenth higher. Within a year, the deposits of the population increased by a tenth, and the assets in the funds by as much as a third.

At the end of September, households already had around 24 billion euros in accounts as sight deposits, which increased by 5 billion euros in one year. Household savings in banks have increased by almost seven billion euros in two years.

The solvency of Slovenian business entities is also higher. There are fewer corporate bankruptcies and fewer personal bankruptcies of citizens.

The reason for this is a number of state intervention measures to mitigate the effects of the epidemic in 2020 and 2021.

The epidemic still has many pitfalls. The latest data show that economic activity in the export part of the Slovenian economy has slowed down. Disruptions in international supply chains are also causing problems.

Available indicators suggest that the growth of economic activity in the euro area will slow down in the last quarter. The reason is the deepening supply bottlenecks, high energy prices, inflationary pressures and the resurgence of the epidemic. These are therefore uncertainties that also worsen the economic climate.

The bright spot is that the European Commission has improved its forecasts for Slovenia in 2021.

Vida Kocjan is a journalist for Demokracija.

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