User:Poojakaushal csc104/sandbox
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Slovenia today is a developed country that enjoys prosperity and stability as well as a GDP per capita at 88% of the EU27 average. Due to its excellent infrastructure and well-educated work force, Slovenia has one of the highest per Capita GDP in Central Europe. [10] 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. In 2007, Slovenia also become the first transition country to graduate from borrower status to donor partner at the World Bank. In 2007, Slovenia was invited to begin the process for joining the OECD; it became a member in 2012. However, long-delayed privatizations, particularly within Slovenia’s largely state-owned and increasingly indebted banking sector, have fueled investor concerns since 2012 that the country would need EU-IMF financial assistance. In 2013, the European Commission granted Slovenia permission to begin recapitalizing ailing lenders and transferring their nonperforming assets into a “bad bank” established to restore bank balance sheets. Yield-seeking bond investors’ strong demand for Slovenian debt helped the government in 2013 to continue to finance itself independently on international markets. The government has embarked on a program of state asset sales intended to bolster investor confidence in the economy, which in 2014 is poised to contract 1%, its third-year of recession. [11]
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Currency | € (EUR) |
---|---|
1 January – 31 December | |
Statistics | |
GDP | $56.5 billion (PPP, 2013 est.)[1] |
GDP rank | 74th (nominal) / 90th (PPP) |
GDP growth | -2.6% (Real, 2013 est.)[1] |
GDP per capita | $27,400 (PPP, 2013 est.), €16,522 (2014) [2] /> (30th, nominal; 30th, PPP) |
GDP by sector | Agriculture 2.7%, Industry 28.9%, Services 68.3% (2013 est.)[1] |
2.1%% (CPI, 2013 est.)[1] | |
Population below poverty line | 13.6% (2011)[3] |
23.8[3] (List of countries) | |
Labour force | 923,200 (2013 est.)[1] |
Labour force by occupation | agriculture: 2.2%, industry: 35%, services: 62.8%, (2009 est.)[1] |
Unemployment | 12.4% (2013 est.)[1] |
Main industries | ferrous metallurgy and aluminum products, lead and zinc smelting; electronics (including military electronics), trucks, automobiles, electric power equipment, wood products, textiles, chemicals, machine tools [1] |
External | |
Exports | $28.29 billion (2013 est.)[1] |
Export goods | manufactured goods, machinery and transport equipment, chemicals, food [1] |
Main export partners | Germany 20.0% Italy 12.0% Austria 7.9% Croatia 6.2% France 4.8% Russia 4.6% (2012 est.)[4] |
Imports | $28.02 billion (2013 est.)[1] |
Import goods | machinery and transport equipment, manufactured goods, chemicals, fuels and lubricants, food |
Main import partners | Italy 16.5% Germany 16.3% Austria 10.4% Croatia 4.8% Hungary 4.0% (2012 est.)[5] |
FDI stock | 17.91 billion (31 December 2012 est.)[1] |
Public finances | |
53.2% of GDP (2012 est.) | |
Revenues | $20.5 billion (2012 est.)[1] |
Expenses | $22.59 billion (2012 est.)[1] |
$993.7 million (31 December 2013 est.)[1] | |
All values, unless otherwise stated, are in US dollars. |
Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroad.[11] On the other hand, the level of foreign direct investment is one of the lowest and the Slovenian economy has been severely hurt by the European economic crisis, which started in late 2000s.[11] Almost two thirds of the working population are employed in services.[1]
Slovenia’s economic freedom score is 62.7, making its economy the 74th freest in the 2014 Index. Its score has increased by 1.0 point since last year, with substantial improvements in labor and business freedom, and freedom from corruption. Slovenia is ranked 34th out of 43 countries in the Europe region, with an overall score that is above the world average.
Slovenia was first graded in the 1996 Index, and its economic freedom score has advanced since then by 12.3 points. The best improvement is among advanced economies, with an overall increase that has been broad-based in seven of the 10 economic freedoms. This has included investment freedom, trade freedom, property rights, and freedom from corruption, all of which have improved by about 30 points or more over the years. These substantial gains have been partially offset by deteriorations in the management of public finance and financial freedom.
Despite several setbacks over its 19-year history in the Index, Slovenia’s economy has been largely rated “moderately free.” Further growth in economic freedom in Slovenia calls for strengthened management of public finance as well as implementation of deeper institutional reform to advance the rule of law. The judicial system remains inefficient and vulnerable to political interference, and corruption remains a cause for concern.