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The government expects GDP growth of 4.4 percent this year. Foto: BoBo

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Slovenian government institute highlights positive economic moves

14. November 2017 ob 22:35
Ljubljana - MMC RTV SLO

Economic conditions in Slovenia have been improving this year and are expected to improve further in the future, the government's forecasting institute UMAR said on Tuesday.

"Higher foreign demand and improved competitiveness stimulate further growth of exports and manufacturing, particularly in export-oriented sectors which reflects in growth of market shares on foreign markets," UMAR said in a report.

"Private consumption is increasing amid positive movements on the labour market and high consumer confidence... Economic climate is improving and indicates further positive movements," it added.

The institute said average monthly wage in Slovenia rose by about 2 percent year-on-year in the first eight months of the year while the number of jobless people fell by 14.7 percent year-on-year in October.

It said total bank loans to companies were 8.1 percent higher at the end of September compared to a year before, while loans to households rose by 7 percent in the same period.

Personal bankruptcies that started this year fell to 1,822 in the first nine months of 2017, down by a third compared to the same period of 2016, UMAR said.

Export-oriented Slovenia, which narrowly avoided an international bailout for its banks in 2013, returned to growth a year later. Main export include cars, car parts, pharmaceuticals and household appliances.

The government expects GDP growth of 4.4 percent this year versus 3.1 percent in 2016, boosted by higher exports and investments.

Last month the statistics office reported that October business sentiment in Slovenia reached the highest level in 10 years while October consumer confidence was at the highest level ever.

Reuters