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Economy of Slovenia

 

The national currency of Slovenia is Euro. Slovenia was the first country among the countries that joined the European Union in 2004 to use Euro.

The average wage after paying all the taxes is 800 EUR and the minimum wage is about 500 EUR.

The main advantage of the Slovenian economy is its stability. The competitive manufacturing industry, strong export industry, constant increase in trade – all these branches of Slovenian economy are very prospective especially due to the help of the European Union. Revoz (Renault Clio) car factory is notable for the high productivity and Unior d.d. is one of the biggest importers particularly for the German automotive industry. There is a big sea port in Koper. Among all the countries of the Eastern Europe Slovenia is the country to have the smallest amount of debts.

 

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One of the weaknesses of the Slovenian economy is partial liberalization of the economy that holds back attraction of the foreign investors. Privatization (including the banking sector) is going very slowly. A big oil company called Petrol is wholly owned by the state and according to a special decision made by the Slovenian Government it may not be privatized.

The Bank of Slovenia is the bank of issue and the central bank of the Republic of Slovenia. Along with that there is a Bank Association that incorporates about thirty Slovenian commercial banks. The world economy crisis of 2009 affected the Slovenian economy as well. Exporting and industrial production suffered the 6% fall and the unemployment rate reached 9%.

 

In 2005 the Slovenian Government adopted the Slovenia’s Development Strategy with the following four main strategic goals: The economic development objective is to exceed the average level of the EU’s economic development (measured in GDP per capita in PPP) and increase employment in line with the Lisbon Strategy goals;

 

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The social development objective is to improve the quality of living and the welfare of all individuals, measured by the indicators of human development, social risks and social cohesion. The cross-generational and sustainable development objective is to enforce the sustainability principle as the fundamental quality measure in all areas of development, including the objective of a sustained increase in the population.

Slovenia’s development objective in the international environment is to employ its distinct development pattern, cultural identity and active engagement in the international community to become a recognizable and distinguished country around the world.

 


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