Charts of the Week

The number of registered unemployed continued to decline in September (by 0.5%, seasonally adjusted), with the pace of decline picking up somewhat in recent months compared with the first half of the year. With inflows remaining broadly unchanged, the decline was driven by a somewhat larger overall outflow from the unemployment register, mainly reflecting a higher number of deregistrations for reasons other than employment (e.g. failure to comply with obligations and voluntary deregistration). Outflows into employment remained broadly unchanged. At the end of September, 42,439 people were registered as unemployed, 3.4% fewer than in the same month last year. The number of unemployed young people (aged 15–29) was lower year-on-year for the second consecutive month (8,862 persons were registered as unemployed in September, 2.5% fewer than a year earlier). The number of long-term unemployed was also lower (by 3.2%), as was the number of unemployed persons aged 50 and over (by 5.2%).

Goods exports remained unchanged month-on-month in August, while imports declined further; both were higher than a year earlier. Following growth in the second quarter, real goods exports declined in July and remained almost unchanged in August (+0.1%, seasonally adjusted). As a result, their average level in July and August was lower than in the second quarter. Among the main product groups, exports of pharmaceutical products, road vehicles and other chemical products continued to increase in August. By contrast, exports of other machinery and equipment (e.g. power-generating machinery and equipment) declined in particular. Imports declined for the fifth consecutive month in August (by 2.6%, seasonally adjusted), mainly due to lower imports of capital and consumer goods. Imports of intermediate goods increased, however, indicating greater demand for production inputs. With one more working day, exports and imports were, on average, higher year-on-year in the first eight months (by 6.8% and 5.2% respectively), with growth remaining broad-based. 
Amid improving sentiment in manufacturing among Slovenia’s main trading partners, as also reflected in the Purchasing Managers’ Index (PMI), export orders increased again in September, reaching their highest level since the beginning of 2023. 
 

Manufacturing production increased again in August (seasonally adjusted) and was 2.7% higher year-on-year in the first eight months. Growth in production in medium-high-technology industries has accelerated further since mid-year, driven, in our assessment, mainly by the manufacture of motor vehicles, trailers and semi-trailers (following the start of production of electric passenger cars). Production in high-technology industries remained at a relatively high level despite considerable monthly fluctuations, while production in medium-low- and low-technology industries has increased only modestly this year (all seasonally adjusted). After eight months, production in most manufacturing industries was higher than a year earlier. Production was higher year-on-year in most high- and medium-high-technology industries (except the manufacture of electrical equipment and the energy-intensive chemical industry). Production increased more markedly in the manufacture of motor vehicles, trailers and semi-trailers, which had contracted over the previous four years, and in the manufacture of machinery and equipment, which had declined over the past two years. Production in the pharmaceutical industry, which fluctuates considerably from month to month, was, in our assessment, slightly higher in the first eight months than in the same period last year. Production in the energy-intensive manufacture of non-metallic mineral products and basic metals also exceeded year-earlier levels, as did production in other medium-low-technology industries. Production was lower year-on-year in most low-technology industries and slightly lower in the energy-intensive paper industry.