Economy of Slovenia

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Slovenia today is a developed country that enjoys prosperity and stability, as well as a GDP per capita at 91% of the EU27 average.[12]

Contents

History

Although it comprised only about one-thirteenth of Yugoslavia's total population, it was the most productive of the Yugoslav republics, accounting for one-fifth of its GDP and one-third of its exports.[13]

It thus gained independence in 1991 with an already relatively prosperous economy and strong market ties to the West.

Since that time, it has pursued diversification of its trade with the West and integration into Western and transatlantic institutions vigorously. Slovenia is a founding member of the World Trade Organization, joined CEFTA in 1996, and joined the European Union on 1 May 2004. In June 2004 it joined the European Exchange Rate Mechanism. The euro was introduced at the beginning of 2007 and circulated alongside the tolar until 14 January 2007. Slovenia also participates in SECI (Southeast European Cooperation Initiative), as well as in the Central European Initiative, the Royaumont Process, and the Black Sea Economic Council.

Current situation

Today, Slovenia is a prosperous country and has achieved the rank of a mainstream modern postindustrial economy. It advanced to the rank of advanced economies in 2007.[14] It benefits from a well-educated and productive work force, and its political and economic institutions are vigorous and effective. Its 2008 GDP per capita is now 91% of the European Union average.[15] Although Slovenia has taken a cautious, deliberate approach to economic management and reform, with heavy emphasis on achieving consensus before proceeding, its overall record is one of success.

The current account deficit began in 1998 (-US$147.2 million), deepened in 1999 to -$782.6 million, and improved slightly in 2000 on stronger exports to -$594.2 million. In 2008, Slovenia's economic growth reached 4.5%, annual inflation stood at 6% in 2008, and the debt to GDP ratio was well within Maastricht parameters. Due to its macroeconomic stability, favourable foreign debt position, and obvious interest in EU membership, Slovenia consistently receives the highest credit rating of all transition economies.

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