Current Economic Trends
Current economic trends from 18 to 22 November 2019: labour market, Slovenian industrial producer prices
Growth in employment is easing, but remains considerable and arises mainly from the hiring of foreigners. The total growth of Slovenian industrial producer prices remains low, owing to the slowdown in foreign demand, which is reducing producer prices on foreign markets.
The growth of employment and the decline in unemployment are easing. The number of employed persons increased year on year in the first nine months, by 2.7%, which is somewhat less than in the same period last year (3.2%). It rose the most in construction, transportation and storage, and accommodation and food service activities, i.e. sectors with a high job vacancy rate and a large share of foreign workers. The contribution of the hiring of foreign workers to total employment growth remains high (around 70%).
The number of registered unemployed persons continues to decline, although at a slower pace than in previous years. At the end of October it amounted to 72,416, which is 5.0% less than one year before.
Total year-on-year growth in Slovenian industrial producer prices remains low (October 0.2%) due to lower prices on foreign markets. Producer prices on foreign markets have been around 1.5% lower year on year on average in recent months; the decline outside the euro area was somewhat smaller. Price growth on the domestic market remains at around 2%. This is still primarily a consequence of strong growth in energy prices (owing to higher prices in the supply of electricity, gas and steam, where year-on-year growth totals around 15%). Among other product groups, above average price rises are also recorded for investment goods and non-durable goods (2.0%). In the latter, this is also a consequence of household consumption according to our estimate.