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Slovenia Weekly

Favourable Prospects for Slovenia

01.04.2016

Photo: Mostphotos
Several good news resounded during the past week. One of them was the information that the International Monetary Fund, at the end of its mission to Slovenia, improved its economic growth forecast for the country. In comparison to October, when the growth for 2016 was projected at 1.8 percent, the forecast has now been increased to 1.9–2.0 percent for the 2016–2017 period. Another good news was published by the Statistical Office of the Republic of Slovenia, namely that the general government deficit remained under 3 percent of GDP in the last year.

It must be pointed out that the 2015 budget was prepared on the assumption that the economic growth would be significantly lower (1.6 percent of GDP) than it actually was. Government’s great efforts, which resulted in a very high economic growth (2.9 percent of GDP) and an unplanned increase in the public revenue, as well as numerous Government measures to reduce government expenditure, which contributed to a decrease in public consumption, all led to a significantly lower deficit as initially planned.

The Ministry of Finance pointed out that the general government deficit had already been significantly reduced one year before, so they expect the European Commission to consider this fact when assessing Slovenia’s compliance with the Stability and Growth Pact for 2016.

Although the prospects are good, many challenges still remain. IMF especially urges Slovenia to reduce its structural deficit, accelerate privatisation and implement a pension reform. The basis for this reform has already been included in the National Reform Programme that the Government will send to Brussels within the next weeks.


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