Economic update
Annual inflation edges lower in October
“Slovenia's annual inflation rate dropped 0.1% in October to 1.9%, the Statistics Office said. The harmonized consumer price index, the EU benchmark, remained level at 2.1%.
The highest annual growth was recorded in the groups housing, water, electricity, gas and other (11.7%), followed by alcoholic beverages and tobacco (8.2%), health (5.1%) and communication (2.5%).
Prices decreased year-on-year only in the groups restaurants and hotels (10.9%), clothing and footwear (1.1%) and transport (0.6%).
Compared to October 2009, goods prices went up by 3.0% while service prices dropped by 0.4%.”
Source: www.investslovenia.org
IMAD says Slovenia must boost its competitiveness
“Director of the Institute of Macroeconomic Analysis and Development (IMAD) Bostjan Vasle said that while a modest growth of about 1% is expected in Slovenia by the end of the year, the key issue that requires more attention in the country was a drop in competitiveness.
Various short-term indicators and some global surveys show Slovenia's competitive position has been slightly deteriorating in recent years, the head of the government think-tank said at a panel of Slovenian suppliers in October.
Since Slovenia as a small and open economy is very much dependent on the developments on the global market, improving its competitiveness is crucial for the future, he believes. Current economic growth on the global scale has a positive effect on Slovenia's exports, according to Vasle. While export figures are therefore encouraging, those tied to the domestic market remain relatively weak.
Since Slovenia as a small and open economy is very much dependent on the developments on the global market, improving its competitiveness is crucial for the future, he believes. Current economic growth on the global scale has a positive effect on Slovenia's exports, according to Vasle. While export figures are therefore encouraging, those tied to the domestic market remain relatively weak.
Source: www.ukom.gov.si
Rise in jobless rate in August
“The unemployment rate was 10.6% in August, up from 10.5% recorded in the previous month, the Statistical Office of the Republic of Slovenia said. There were 99,032 registered unemployed persons in August, while the figure of employed was 833,978. The country's labor force totaled 933,010.
The jobless rate for men was 9.8% in August, same as in the previous month, but the jobless rate for women rose to 11.6% from 11.5% in July.
The Slovenian economy expanded for the first time in six quarters during the April to June period, largely driven by higher external demand. Gross domestic product rose 2.2% annually in the second quarter, compared to a 1.1% decline in the first three months of the year.”
Source: www.rttnews.com
Tourism industry: Statistics September 2010
“The total number of tourist arrivals increased 2% year-on-year in September. At the same time, the number of arrivals of foreign tourists grew by 5% and domestic tourists slipped 5%. For the first nine months of the year, tourist arrivals remained unchanged compared to the same period of the previous year.
Meanwhile, the number of overnight stays remained stable in September from the previous year. Overnight stays made by foreign tourists increased 4% and for domestic tourists slipped 7%. In the January to September period, overnight stays decreased 2% over a year ago.”
Source: www.rttnews.com
Company news: Krka receives award for fastest growing company 2010
“Drug maker Krka received the 2010 Golden Gazelle award for the fastest growing company in Slovenia. The Novo mesto-based company was handed the award by Economy Minister Darja Radic at a ceremony in Ljubljana organised by publisher Dnevnik.
The commission determining the award winners said that Krka was the third biggest exporter in Slovenia and had posted the biggest profit among Slovenian companies (238 Mio USD), contributing the highest share of taxes to the budget.
Added value per employee in Krka exceeds 128,000 USD, which is three times more than Slovenia's average, and the company has also received highest credit rating from banks and rating firms, the commission added.
Added value per employee in Krka exceeds 128,000 USD, which is three times more than Slovenia's average, and the company has also received highest credit rating from banks and rating firms, the commission added.
Source: www.investslovenia.org
Prepared by Office of Commercial Affairs, Vienna November 3, 2010
Exchange Rate: 1 EUR = 1.392616 USD, 1 USD = 0.718073 EUR
Source: Bank of Thailand accessed on November 2nd 2010
Source : http://www.depthai.go.th