Slovenia
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Capital
Ljubljana
Largest city
Ljubljana
Administrative divisions
62 administrative districts
Currency
Euro (€)(EUR)
Area
20,273km2
Population
(2012) 2,055,496
Calling code
+386
Official language
Slovene
Latest Business Opportunities
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Ease of trading across borders
Importing a standard container of goods into Slovenia requires:
Introduction
Slovenia is a developed country, strategically located between the Balkans and Western Europe. It was the first new member of the European Union to adopt the euro as a currency in January 2007 and it has been a member of the Organisation for Economic Co-operation and Development since 2010. Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroad.
Economic snapshot (% annual growth rate)
| 2012 | 2013 | 2014-17 | |
|---|---|---|---|
| GDP | -2.4 | -1.8 | 1.0 |
| Export of goods and services | 1.6 | 1.9 | 2.1 |
| Import of goods and services | -3.8 | -1.5 | 2.2 |
| Inflation rate (%) | 2.6 | 1.8 | 2.0 |
| Short-Term interest rates (%) | 0.6 | 0.2 | 0.3 |
| Exchange rate (per £) | 2.08 | 2.05 | 1.76 |
| Population | 0.1 | 0.1 | -0.1 |
| Source: Oxford Economics |
Economic outlook
Slovenia’s economy continues to face considerable headwinds in both 2013 and 2014. Domestic demand remains depressed by the combination of a severe credit crunch, fiscal consolidation measures and rising unemployment levels, leaving net exports as the sole source of growth. Slovenia’s economy is expected to shrink by 1.4% in 2014.
Trade outlook
Slovenia has embarked on a sluggish export-driven recovery, as domestic demand suffers from ongoing corporate deleveraging and weak credit growth on the back of substantial problems in the country’s banking sector. Slovenia’s main trading partners are Germany and Italy, both accounting for 18% of its exports in 2012. Likewise, Slovenia’s imports also largely come from these two countries. In the medium to long term, Asian countries including, Singapore, Malaysia, China and India will increase their share of exports into Slovenia.
SWOT analysis
| Strengths Excellent infrastructure, Well-educated work force. |
Weaknesses Slow structural reforms. |
| Opportunities Strategic location, situated between the Balkans and Western Europe. |
Threats Vulnerable to shocks due to its reliance on trade and the weakness of the corporate sector. |
Slovenia's trade with the UK
Sector segmentation growth
Sectors to watch:
- sector
- sector
Manufacturing
- manufacturing
- manufacturing
Fastest-growing exporters into Slovenia
| Rank | 2012 |
|---|---|
| 1 | UAE |
| 2 | Hong Kong |
| 3 | Singapore |
| 4 | Morocco |
| 5 | Malaysia |
| 6 | Australia |
| 7 | Cambodia |
| 8 | China |
| 9 | India |
| 10 | Vietnam |
Total merchandise trade - Leading import partners
Opportunities for UK businesses
Slovenia is a Central European market which offers numerous opportunities for UK companies; it is a sophisticated market with a high purchasing power. Slovenia lies right in the middle of one of the world's most exciting business regions. It sits on the intersection of several of Europe's historical crossroads. British services and goods are recognised as quality products. Slovenia is investing in infrastructure development, environmental projects and regional development. There are opportunities for UK businesses in several sectors including education & skills, tourism, infrastructure, urban regeneration, ICT and financial & business services.
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