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Monday, October 3, 2022

Slovenia’s Debt is Declining

By: Domen Mezeg / Nova24tv

The Statistical Office of the Republic of Slovenia published data that shows that the government’s consolidated gross debt at the end of the second quarter of this year was estimated at 80 percent of GDP. Debt in Slovenia is lower than the average within the euro area and is expected to decrease further in the future. Of course, there was no way to avoid the increase of debt during the pandemic, as both Slovenian and other governments have allocated greater financial resources for measures with which they tried to control the epidemic.

Both Slovenia’s deficit, as well as its debt, are linked to the measures to mitigate the consequences of the epidemic. This year, the government has allocated lots of financial resources from its budget for the managing of consequences of the health crisis; however, in times of crisis, the indebtedness in relation to GDP increased by less than the known average of the countries within both the euro area and the European Union, the Government of the Republic of Slovenia reports.

We also have to mention a significant reduction in debt interest. Interest expenditures for debt management related to the state budget only amounted to 1.7 percent of GDP last year, which is over 300 million euros less than in 2014, when they amounted to 2.9 percent of GDP. In autumn of this year, the Institute of Macroeconomic Analysis and Development forecasts economic growth of 6.1 percent.

Employment is also expected to increase, namely, by 1.5 percent next year and by 1.2 percent in 2023. The fact that household consumption has strengthened significantly as the measures eased gives us another reason to be optimistic. The government will also strive for further economic recovery and resilience by promoting investments. In addition to state funds, the EU funds are also provided for this area.

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