According to the latest report from Slovenia’s Institute of Macroeconomic Analysis and Development (IMAD), the forecast for Gross Domestic Product (GDP) growth in 2024 has been revised. Previously projected at 2.8 percent in September, the new estimate now stands at 2.4 percent.
The Slovenian economy experienced a growth of 1.6 percent in 2023, and IMAD anticipates that exports will increase by 1.5 percent this year following a 2 percent decline in the previous year. However, export growth may be constrained by reduced competitiveness resulting from higher labor costs in Slovenia.
Despite a significant 10.3 percent increase in average wages in the public sector last year, certain trade unions are advocating for further wage hikes. The country is currently facing its longest-ever strike involving doctors and dentists that commenced on January 15.
IMAD reported that the health sector saw the steepest price increase of 10.9 percent last year, while holiday packages experienced a significant price drop of 12.2 percent. These fluctuations reflect the diverse economic conditions across different sectors in Slovenia.
In other economic news, Slovenia’s annual inflation rate rose by 3.4 percent in February, marking a notable decrease from the previous year’s 9.3 percent. This decline in inflation suggests some stabilization in price levels within the country.
