Since its independence in 1991, Slovenia’s economic development has been very successful, making it one of the most thriving countries in transition, and has often been cited as the ideal transition economy.
This is a highly relevant aspect to all those actively involved in international business relationships, as many might not be aware yet that the Slovenian economy has German punctuality, Balkan creativity and Mediterranean charm.
Slovenia’s economic growth was twice the EU average, partly because of its strong export sector, which grew 8.4 percent year-on-year in the last quarter of 2014, according to Hypo Alpe Adria. Slovenia’s current trade is orientated towards other EU countries, mainly Germany, Austria, Italy and France.
The economy had already been reknown for important global brands even before gaining its independence. Such examples are Elan skis, PipiStrel aircraft (awarded by NASA), motor homes Adria Mobil, Akrapovič exhaust systems and world-class Gorenje household appliances.
A strong performance is expected in 2016 and 2017 as well. Slovenian banks are now perceived as safe, due to recapitalization programmes and the establishment of an emergency fund, neutralising fiscal risks from the banking sector. The country also boasts exceptional levels of expertise and knowledge. More foreign direct investment is stimulated, corporate governance is being improved, new technologies attracted and innovative activities are supported.
Slovenia is continuing the shift towards the service economy like all other Western economies, whereas industrial and manufacturing sectors are in decline. Slovenia’s largest companies operate in diverse sectors, such as energy services, pharmaceuticals, financial services, wood industry, automobile production, breweries, and the manufacturing of household appliances.
Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroad. Slovenian companies are making use of innovation and focus on the excellence of their products, thus maintaining the trust of consumers in the quality of Slovenian brands. Slovenians have also the lowest gender pay gap of any other country in the EU. You can also read more about the Slovenian economy here.
The traditional primary industries of agriculture, forestry, and fishing comprise a comparatively low 2.5 percent of GDP and engage only 6 percent of the population. Part of Slovenia lies in the Alpe-Adria bioregion, which is currently involved in a major initiative in organic farming.
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