EACC Insights: Country Spotlight on Slovenia

About The Republic of Slovenia:

The Republic of Slovenia lies at the heart of Europe, where the Alps and the Mediterranean meet the Pannonian plains and the mysterious Karst.

In Slovenia, the sun shines approximately 2,000 hours per year. And there is plenty of snow in winter. Green is the dominant color with many woods and forests covering more than half of the country – and numerous preserved and protected plant and animal species.

Slovenia makes a great tourist destination. The country is known for its great wines and delicious traditional food. You can ski in the morning and surrender yourself to the luxury of the Adriatic Sea in the afternoon.

The highest mountain is called Triglav – and is a true national symbol, featured on the national coat of arms and the flag.

Date of EU Membership:

Slovenia became a member of the European Union on May 1, 2004. On January 1, 2007 Slovenia joined EMU (Economic and Monetary Union) and abandoned the former currency, the Slovenian tolar.

Economic Growth Forecast:

According to the June 2017 OECD report: Economic growth is projected to remain solid and broad-based. Investment will accelerate as more EU structural funds are disbursed and capacity constraints bite. A strong labor market will lead to faster wage gains, supporting private consumption. Euro area growth should help exports remain buoyant despite cost increases. Higher energy prices and the disappearance of economic slack should push up inflation.

Employment:

Slovenia has a small population with just over 2 million inhabitants. In 2016 there were 995,000 active persons in Slovenia, among them 915,000 are employed.

Languages other than Slovenian:

English is the most popular foreign language in Slovenia followed by German, Italian, Croatian and/or Serbian, French and Spanish language.

Major industries:

Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroad. Slovenia has a long tradition of fashion designing, Mura was one of the biggest manufacturers of textile goods in Slovenia and also produced for global brands like Hugo Boss.

The economy is geared towards services, and Slovenia can boast top-class services in the field of information technology. It also has developed pharmaceutical and automobile manufacturing. Industries produce electrical equipment, electronics, trucks, chemicals, processed food, textiles, paper and paper products, and wood products.

Other major economic sectors include the food industry, electrical devices, metal processing and chemicals.

Meanwhile tourism is becoming an increasingly important sector.