Current Economic Trends
Current Economic Trends from 15 to 19 April 2019: labour market, wages, construction, Slovenian industrial producer prices
Growth in employment continues at the beginning of the year; labour shortages are reflected in increased employment of foreigners; wage growth has also strengthened. The growth of construction activity is accelerating.
Labour market conditions continued to improve at the beginning of the year. The number of employed persons increased further, particularly in manufacturing and construction. Labour market conditions are increasingly marked by labour shortages and increased hiring of foreigners, who already contribute almost two thirds to total employment growth. The number of registered unemployed declined further in the first three months, though more slowly than in previous years amid the already low level of unemployment. At the end of March, 76,533 persons were registered as unemployed, 5.8% fewer than in the same period of 2018.
The value of construction output rose significantly in February. After January’s growth, this was also due to favourable weather conditions. Their impact was particularly pronounced in comparison with February 2018, as activity was up 40.3% year on year. The increase was the largest in the construction of flats (up 79.6% year on year) and followed the growth of construction permits in previous months. The indicators of contracts, which suggest future activity in construction, also strengthened after a long period of decline. The stock of contracts in construction nevertheless remains lower year on year.